1
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
US
Quality
Low
Volatility
Index
Fund
July
31,
2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
99.7%
Aerospace
&
Defense
-
3.0%
General
Dynamics
Corp.
2,706
$
808,309
Huntington
Ingalls
Industries,
Inc.
2,542
711,709
Lockheed
Martin
Corp.
2,870
1,555,311
Northrop
Grumman
Corp.
1,722
833,999
3,909,328
Air
Freight
&
Logistics
-
0.7%
CH
Robinson
Worldwide,
Inc.
9,594
854,346
Expeditors
International
of
Washington,
Inc.
328
40,941
895,287
Automobile
Components
-
0.4%
Mobileye
Global,
Inc.,
Class
A*(a)
22,140
464,940
Banks
-
0.2%
JPMorgan
Chase
&
Co.
1,148
244,294
Beverages
-
1.7%
PepsiCo,
Inc.
12,628
2,180,477
Biotechnology
-
6.3%
AbbVie,
Inc.
9,840
1,823,549
Alkermes
plc*
3,772
103,051
Amgen,
Inc.
3,444
1,145,027
BioMarin
Pharmaceutical,
Inc.*
7,790
656,931
Gilead
Sciences,
Inc.
16,892
1,284,805
Neurocrine
Biosciences,
Inc.*
4,756
673,307
Regeneron
Pharmaceuticals,
Inc.*
902
973,429
Vertex
Pharmaceuticals,
Inc.*
3,198
1,585,313
8,245,412
Broadline
Retail
-
2.6%
Amazon.com,
Inc.*
16,236
3,035,808
Dillard's,
Inc.,
Class
A
902
359,528
3,395,336
Capital
Markets
-
0.8%
CME
Group,
Inc.
5,330
1,032,474
Chemicals
-
0.2%
Linde
plc
534
242,169
Investments
Shares
Value
Commercial
Services
&
Supplies
-
2.5%
Republic
Services,
Inc.
3,854
$
748,909
Tetra
Tech,
Inc.
2,952
629,485
Waste
Connections,
Inc.
4,264
758,011
Waste
Management,
Inc.
5,494
1,113,414
3,249,819
Consumer
Staples
Distribution
&
Retail
-
0.6%
Sprouts
Farmers
Market,
Inc.*
8,282
827,289
Containers
&
Packaging
-
2.4%
AptarGroup,
Inc.
4,592
674,932
Avery
Dennison
Corp.
4,346
942,344
Packaging
Corp.
of
America
5,330
1,065,307
Silgan
Holdings,
Inc.
8,528
438,595
3,121,178
Diversified
Consumer
Services
-
0.5%
Service
Corp.
International
8,692
694,578
Diversified
Telecommunication
Services
-
3.0%
AT&T,
Inc.
89,872
1,730,036
Verizon
Communications,
Inc.
52,398
2,123,167
3,853,203
Electric
Utilities
-
2.8%
American
Electric
Power
Co.,
Inc.
7,544
740,217
Duke
Energy
Corp.(a)
10,906
1,191,699
IDACORP,
Inc.
3,116
304,589
Pinnacle
West
Capital
Corp.(a)
7,954
680,783
Xcel
Energy,
Inc.
12,710
740,739
3,658,027
Electronic
Equipment,
Instruments
&
Components
-
0.3%
Badger
Meter,
Inc.
1,640
338,102
Entertainment
-
0.2%
Electronic
Arts,
Inc.
1,804
272,296
Financial
Services
-
2.6%
Berkshire
Hathaway,
Inc.,
Class
B*
1,640
719,140
Visa,
Inc.,
Class
A(a)
10,086
2,679,548
‌
3,398,688
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
US
Quality
Low
Volatility
Index
Fund
(cont.)
2
Investments
Shares
Value
COMMON
STOCKS
(continued)
Food
Products
-
2.6%
Campbell
Soup
Co.
13,858
$
649,386
Flowers
Foods,
Inc.
24,436
550,299
General
Mills,
Inc.
14,596
979,975
Hershey
Co.
(The)
3,362
663,928
Hormel
Foods
Corp.
18,040
579,264
3,422,852
Gas
Utilities
-
0.9%
Southwest
Gas
Holdings,
Inc.(a)
8,282
614,193
Spire,
Inc.
7,708
513,276
1,127,469
Ground
Transportation
-
0.7%
Landstar
System,
Inc.
4,920
936,030
Health
Care
Equipment
&
Supplies
-
1.0%
Abbott
Laboratories
12,546
1,329,123
Health
Care
Providers
&
Services
-
1.5%
Cencora
,
Inc.
1,066
253,580
Chemed
Corp.
1,722
981,815
McKesson
Corp.
738
455,361
UnitedHealth
Group,
Inc.
356
205,113
1,895,869
Hotels,
Restaurants
&
Leisure
-
2.3%
McDonald's
Corp.
9,184
2,437,434
Restaurant
Brands
International,
Inc.
8,692
608,353
3,045,787
Household
Durables
-
0.0%(b)
Helen
of
Troy
Ltd.*(a)
1,066
63,011
Household
Products
-
4.0%
Clorox
Co.
(The)
492
64,910
Procter
&
Gamble
Co.
(The)
25,912
4,165,613
WD-40
Co.(a)
3,936
1,029,697
5,260,220
Insurance
-
6.1%
Allstate
Corp.
(The)
6,232
1,066,420
American
Financial
Group,
Inc.
7,216
945,007
Assurant,
Inc.
5,330
932,057
Chubb
Ltd.
3,280
904,165
Cincinnati
Financial
Corp.
5,658
739,048
Markel
Group,
Inc.*
410
671,929
Investments
Shares
Value
Insurance
(continued)
Ryan
Specialty
Holdings,
Inc.,
Class
A(a)
11,726
$
722,204
Selective
Insurance
Group,
Inc.
6,560
592,499
Travelers
Cos.,
Inc.
(The)
3,362
727,671
W
R
Berkley
Corp.
11,685
644,194
7,945,194
Interactive
Media
&
Services
-
2.9%
Alphabet,
Inc.,
Class
A
7,708
1,322,230
Alphabet,
Inc.,
Class
C
5,986
1,036,476
Meta
Platforms,
Inc.,
Class
A
2,870
1,362,762
3,721,468
IT
Services
-
2.2%
Amdocs
Ltd.
11,808
1,032,846
International
Business
Machines
Corp.
9,184
1,764,614
2,797,460
Life
Sciences
Tools
&
Services
-
0.5%
QIAGEN
NV*
14,514
645,728
Media
-
0.4%
TEGNA,
Inc.
31,816
506,829
Metals
&
Mining
-
1.4%
Agnico
Eagle
Mines
Ltd.
10,250
790,992
Royal
Gold,
Inc.
7,216
996,674
1,787,666
Multi-Utilities
-
2.6%
Ameren
Corp.
9,102
721,516
CMS
Energy
Corp.
10,578
685,454
Consolidated
Edison,
Inc.
10,496
1,023,570
WEC
Energy
Group,
Inc.
11,808
1,016,196
3,446,736
Oil,
Gas
&
Consumable
Fuels
-
1.5%
Chesapeake
Energy
Corp.(a)
7,052
538,279
Coterra
Energy,
Inc.
23,862
615,640
DT
Midstream,
Inc.(a)
9,676
729,183
Exxon
Mobil
Corp.
902
106,968
1,990,070
Pharmaceuticals
-
6.3%
Eli
Lilly
&
Co.
4,428
3,561,307
Johnson
&
Johnson
6,642
1,048,440
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
US
Quality
Low
Volatility
Index
Fund
(cont.)
3
Investments
Shares
Value
COMMON
STOCKS
(continued)
Pharmaceuticals
(continued)
Merck
&
Co.,
Inc.
31,816
$
3,599,344
8,209,091
Professional
Services
-
2.5%
Automatic
Data
Processing,
Inc.
4,182
1,098,277
Booz
Allen
Hamilton
Holding
Corp.
4,428
634,576
FTI
Consulting,
Inc.*
2,870
625,574
Verisk
Analytics,
Inc.
3,608
944,394
3,302,821
Retail
REITs
-
0.6%
Agree
Realty
Corp.,
REIT(a)
10,742
740,876
Semiconductors
&
Semiconductor
Equipment
-
6.7%
Broadcom,
Inc.
9,020
1,449,334
Cirrus
Logic,
Inc.*
3,116
406,576
NVIDIA
Corp.
48,380
5,661,427
Texas
Instruments,
Inc.
5,658
1,153,157
8,670,494
Software
-
12.1%
CCC
Intelligent
Solutions
Holdings,
Inc.*
56,252
577,146
Check
Point
Software
Technologies
Ltd.*
6,478
1,188,389
Clearwater
Analytics
Holdings,
Inc.,
Class
A*(a)
23,370
456,884
Microsoft
Corp.
26,650
11,149,027
Qualys,
Inc.*
6,478
966,129
Roper
Technologies,
Inc.
410
223,347
Tyler
Technologies,
Inc.*
2,050
1,164,626
15,725,548
Specialized
REITs
-
2.2%
Digital
Realty
Trust,
Inc.,
REIT
7,298
1,090,978
Equinix,
Inc.,
REIT
902
712,796
Public
Storage,
REIT
3,526
1,043,414
2,847,188
Specialty
Retail
-
1.1%
AutoZone,
Inc.*
246
770,888
Tractor
Supply
Co.
2,460
647,767
‌
1,418,655
Investments
Shares
Value
Technology
Hardware,
Storage
&
Peripherals
-
5.6%
Apple,
Inc.
32,718
$
7,266,013
Tobacco
-
0.2%
Philip
Morris
International,
Inc.
2,132
245,521
Wireless
Telecommunication
Services
-
1.0%
T-Mobile
US,
Inc.
7,380
1,345,226
Total
Common
Stocks
(Cost
$107,359,118)
129,715,842
Principal
Amount
SECURITIES
LENDING
REINVESTMENTS
-
1.0%(c)
REPURCHASE
AGREEMENTS
-
1.0%
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$1,286,139,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$1,316,788  
(Cost
$1,285,949)
$1,285,949
1,285,949
SHORT-TERM
INVESTMENTS
-
0.0%(b)(d)
U.S.
TREASURY
OBLIGATIONS
-
0.0%(b)
U.S.
Treasury
Bills
5.29%,
10/3/2024(d)(e)
(Cost
$34,684)
$
35,000
34,683
Total
Investments
-
100.7%
(Cost
$108,679,751)
131,036,474
Liabilities
in
excess
of
other
assets
-
(0.7%)
(902,522)
NET
ASSETS
-
100.0%
$130,133,952
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
US
Quality
Low
Volatility
Index
Fund
(cont.)
4
*
Non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$8,032,637,
collateralized
in
the
form
of
cash
with
a
value
of
$1,285,949
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments;
$6,196,877
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
6.13%,
and
maturity
dates
ranging
from
August
1,
2024
–
February
15,
2054
and
$791,301
of
collateral
in
the
form
of
Foreign
Government
Fixed
Income
Securities,
interest
rates
ranging
from
0.00%
–
5.75%,
and
maturity
dates
ranging
from
August
15,
2024
–
June
30,
2120;
a
total
value
of
$8,274,127.
(b)
Represents
less
than
0.05%
of
net
assets.
(c)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$1,285,949.
(d)
All
or
a
portion
of
the
security
pledged
as
collateral
for
Futures
Contracts.
(e)
The
rate
shown
was
the
current
yield
as
of
July
31,
2024.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
REIT
Real
Estate
Investment
Trust
Futures
Contracts
FlexShares
®
US
Quality
Low
Volatility
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
/
(
Depreciation
)
Long
Contracts
‌
S&P
500
E-Mini
Index
1
09/20/2024
USD
$
277,900
$
2,754
S&P
500
Micro
E-Mini
Index
5
09/20/2024
USD
138,950
(2,370)
$
384
Abbreviations:
USD
—
US
Dollar
Security
Type
%
of
Net
Assets
Common
Stocks
99.7
%
Securities
Lending
Reinvestments
1.0
Short-Term
Investments
0.0
†
Others
(1)
(0.7)
100.0%
†
Amount
represents
less
than
0.05%.
(1)
Includes
any
other
net
assets/(liabilities).
5
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
Developed
Markets
ex-US
Quality
Low
Volatility
Index
Fund
July
31,
2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
98
.9
%
Aerospace
&
Defense
-
1
.9
%
BAE
Systems
plc
29,767
$
495,898
Safran
SA
680
149,447
Singapore
Technologies
Engineering
Ltd.
20,400
67,410
Thales
SA
1,139
181,117
893,872
Air
Freight
&
Logistics
-
0
.5
%
Yamato
Holdings
Co.
Ltd.
(a)
18,700
227,070
Automobile
Components
-
0
.4
%
Bridgestone
Corp.
5,100
209,647
Automobiles
-
0
.9
%
Ferrari
NV
1,037
426,861
Banks
-
9
.2
%
AIB
Group
plc
4,488
25,422
Bank
Hapoalim
BM
41,208
380,609
Bank
Leumi
Le-Israel
BM(a)
23,188
201,225
BOC
Hong
Kong
Holdings
Ltd.
59,500
173,275
CaixaBank
SA
29,512
172,001
Chiba
Bank
Ltd.
(The)
6,800
64,561
DBS
Group
Holdings
Ltd.
18,700
511,538
Hang
Seng
Bank
Ltd.
11,900
146,008
HSBC
Holdings
plc
8,058
72,865
Japan
Post
Bank
Co.
Ltd.
35,700
373,823
Mizrahi
Tefahot
Bank
Ltd.
4,896
177,811
Mizuho
Financial
Group,
Inc.
23,800
545,410
Oversea-Chinese
Banking
Corp.
Ltd.
39,100
434,087
Royal
Bank
of
Canada(a)
459
51,261
Sumitomo
Mitsui
Financial
Group,
Inc.
5,700
413,502
Toronto-Dominion
Bank
(The)
4,403
259,855
United
Overseas
Bank
Ltd.
12,400
299,895
4,303,148
Beverages
-
0
.3
%
Suntory
Beverage
&
Food
Ltd.
3,400
122,523
Broadline
Retail
-
1
.6
%
Dollarama,
Inc.
2,703
253,248
Investments
Shares
Value
Broadline
Retail
(continued)
Pan
Pacific
International
Holdings
Corp.
14,500
$
379,799
Wesfarmers
Ltd.
2,635
126,726
759,773
Capital
Markets
-
1
.7
%
Deutsche
Boerse
AG
2,159
442,486
Singapore
Exchange
Ltd.
51,000
375,561
818,047
Chemicals
-
1
.7
%
Air
Liquide
SA
4,469
816,204
Commercial
Services
&
Supplies
-
1
.7
%
Brambles
Ltd.
19,176
194,841
Dai
Nippon
Printing
Co.
Ltd.
5,200
171,767
Secom
Co.
Ltd.
5,600
358,123
TOPPAN
Holdings,
Inc.
3,400
96,604
821,335
Construction
&
Engineering
-
0
.7
%
ACS
Actividades
de
Construccion
y
Servicios
SA(a)
4,348
194,127
Obayashi
Corp.
5,100
67,301
Taisei
Corp.(a)
1,700
72,594
334,022
Consumer
Staples
Distribution
&
Retail
-
2
.6
%
Koninklijke
Ahold
Delhaize
NV
12,767
411,416
Loblaw
Cos.
Ltd.
3,332
410,636
Metro,
Inc.,
Class
A
6,698
398,646
1,220,698
Containers
&
Packaging
-
0
.5
%
CCL
Industries,
Inc.,
Class
B
4,386
238,469
Diversified
Consumer
Services
-
0
.4
%
Pearson
plc
13,617
184,698
Diversified
Telecommunication
Services
-
4
.9
%
Deutsche
Telekom
AG
(Registered)
20,689
541,108
Elisa
OYJ
7,684
357,705
HKT
Trust
&
HKT
Ltd.
17,000
20,586
Koninklijke
KPN
NV
98,566
387,809
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Developed
Markets
ex-US
Quality
Low
Volatility
Index
Fund
(cont.)
6
Investments
Shares
Value
COMMON
STOCKS
(continued)
Diversified
Telecommunication
Services
(continued)
Nippon
Telegraph
&
Telephone
Corp.
290,700
$
309,905
Orange
SA
18,326
203,263
Singapore
Telecommunications
Ltd.
105,400
242,697
Spark
New
Zealand
Ltd.
4,488
11,516
Swisscom
AG
(Registered)
340
207,805
2,282,394
Electric
Utilities
-
4
.0
%
CK
Infrastructure
Holdings
Ltd.
25,500
170,229
CLP
Holdings
Ltd.
42,500
364,775
Fortis,
Inc.
4,947
206,696
Hydro
One
Ltd.(b)
5,712
178,912
Iberdrola
SA(a)
37,555
494,974
Kansai
Electric
Power
Co.,
Inc.
(The)
11,300
193,203
Power
Assets
Holdings
Ltd.
34,000
216,744
Terna
-
Rete
Elettrica
Nazionale
6,511
54,180
1,879,713
Entertainment
-
0
.6
%
Nintendo
Co.
Ltd.
1,700
94,773
Toho
Co.
Ltd.
5,100
183,649
278,422
Financial
Services
-
0
.1
%
HAL
Trust
238
29,360
Food
Products
-
5
.2
%
Danone
SA
1,258
81,895
MEIJI
Holdings
Co.
Ltd.
8,500
214,619
Nestle
SA
(Registered)
14,688
1,487,405
Nissin
Foods
Holdings
Co.
Ltd.
10,700
318,098
WH
Group
Ltd.(b)
238,000
154,767
Yakult
Honsha
Co.
Ltd.
10,200
209,206
2,465,990
Gas
Utilities
-
1
.2
%
Hong
Kong
&
China
Gas
Co.
Ltd.
85,000
69,310
Osaka
Gas
Co.
Ltd.
8,500
192,473
Snam
SpA
33,745
161,289
Investments
Shares
Value
Gas
Utilities
(continued)
Tokyo
Gas
Co.
Ltd.
7,200
$
158,011
581,083
Ground
Transportation
-
3
.3
%
Canadian
National
Railway
Co.
5,270
609,725
Canadian
Pacific
Kansas
City
Ltd.
1,054
88,336
Central
Japan
Railway
Co.
8,500
200,269
East
Japan
Railway
Co.
10,200
191,513
Hankyu
Hanshin
Holdings,
Inc.
5,100
145,922
Keisei
Electric
Railway
Co.
Ltd.(a)
500
14,951
Kintetsu
Group
Holdings
Co.
Ltd.
5,100
118,162
West
Japan
Railway
Co.
8,500
166,994
1,535,872
Hotels,
Restaurants
&
Leisure
-
1
.3
%
Compass
Group
plc
8,568
263,684
La
Francaise
des
Jeux
SAEM(b)
221
8,585
McDonald's
Holdings
Co.
Japan
Ltd.
3,400
140,330
Sodexo
SA
1,921
181,991
594,590
Household
Durables
-
0
.4
%
Sekisui
Chemical
Co.
Ltd.
11,900
179,813
Industrial
Conglomerates
-
0
.8
%
CK
Hutchison
Holdings
Ltd.
34,000
178,444
Jardine
Matheson
Holdings
Ltd.
5,100
179,520
Siemens
AG
(Registered)
68
12,466
370,430
Insurance
-
7
.0
%
Fairfax
Financial
Holdings
Ltd.
204
240,442
Great-West
Lifeco,
Inc.
663
19,903
Hannover
Rueck
SE
799
198,598
Insurance
Australia
Group
Ltd.
42,670
206,190
Japan
Post
Insurance
Co.
Ltd.
8,500
176,994
Medibank
Pvt
Ltd.
147,033
382,130
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Developed
Markets
ex-US
Quality
Low
Volatility
Index
Fund
(cont.)
7
Investments
Shares
Value
COMMON
STOCKS
(continued)
Insurance
(continued)
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Registered)
1,326
$
653,724
Sampo
OYJ,
Class
A
8,738
382,660
Sompo
Holdings,
Inc.
16,200
373,291
Talanx
AG
204
15,508
Tryg
A/S
8,517
186,497
Zurich
Insurance
Group
AG
816
447,931
3,283,868
IT
Services
-
2
.4
%
CGI,
Inc.*
2,006
228,604
Obic
Co.
Ltd.
2,300
348,531
Otsuka
Corp.
8,500
188,180
SCSK
Corp.
18,700
367,077
1,132,392
Machinery
-
0
.8
%
Kone
OYJ,
Class
B
7,089
361,765
Schindler
Holding
AG
(Registered)
68
17,806
379,571
Marine
Transportation
-
0
.5
%
Kuehne
+
Nagel
International
AG
(Registered)(a)
714
221,034
Metals
&
Mining
-
0
.8
%
BHP
Group
Ltd.
867
23,948
Franco-Nevada
Corp.
1,985
255,653
Wheaton
Precious
Metals
Corp.
1,751
104,633
384,234
Oil,
Gas
&
Consumable
Fuels
-
4
.7
%
ENEOS
Holdings,
Inc.
23,800
125,311
Galp
Energia
SGPS
SA
8,823
185,744
Imperial
Oil
Ltd.
2,567
183,794
Pembina
Pipeline
Corp.
5,848
226,520
Shell
plc
18,309
667,883
TotalEnergies
SE
10,880
735,593
Tourmaline
Oil
Corp.(a)
2,125
93,448
2,218,293
Passenger
Airlines
-
2
.5
%
ANA
Holdings,
Inc.
10,800
206,475
Investments
Shares
Value
Passenger
Airlines
(continued)
Cathay
Pacific
Airways
Ltd.(a)
306,000
$
319,631
Japan
Airlines
Co.
Ltd.
19,400
317,574
Singapore
Airlines
Ltd.
62,900
327,761
1,171,441
Personal
Care
Products
-
3
.2
%
Beiersdorf
AG
1,292
187,621
Unilever
plc
21,845
1,340,089
1,527,710
Pharmaceuticals
-
12
.0
%
AstraZeneca
plc
1,581
251,159
GSK
plc
27,608
536,172
Novartis
AG
(Registered)
10,693
1,197,519
Novo
Nordisk
A/S,
Class
B
5,695
753,178
Roche
Holding
AG
85
29,915
Roche
Holding
AG
-
BR
5,355
1,738,664
Sanofi
SA
11,084
1,143,387
5,649,994
Professional
Services
-
3
.4
%
Computershare
Ltd.
11,390
205,651
RELX
plc
3,621
170,831
SGS
SA
(Registered)
3,706
404,597
Thomson
Reuters
Corp.
2,380
385,483
Wolters
Kluwer
NV
2,720
456,508
1,623,070
Real
Estate
Management
&
Development
-
3
.8
%
CK
Asset
Holdings
Ltd.
76,500
292,800
Daito
Trust
Construction
Co.
Ltd.
3,400
409,803
Daiwa
House
Industry
Co.
Ltd.
14,300
408,015
PSP
Swiss
Property
AG
(Registered)
2,737
365,037
Sino
Land
Co.
Ltd.
7,764
8,030
Sun
Hung
Kai
Properties
Ltd.
34,000
295,302
1,778,987
Semiconductors
&
Semiconductor
Equipment
-
1
.2
%
ASML
Holding
NV
612
563,240
Software
-
2
.2
%
Constellation
Software,
Inc.
85
268,041
Nice
Ltd.*
884
161,229
Oracle
Corp.
Japan
4,200
341,393
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Developed
Markets
ex-US
Quality
Low
Volatility
Index
Fund
(cont.)
8
Investments
Shares
Value
COMMON
STOCKS
(continued)
Software
(continued)
SAP
SE
1,156
$
243,952
1,014,615
Specialty
Retail
-
1
.1
%
Industria
de
Diseno
Textil
SA
10,489
509,168
Technology
Hardware,
Storage
&
Peripherals
-
0
.7
%
Canon,
Inc.
10,200
321,470
Textiles,
Apparel
&
Luxury
Goods
-
0
.4
%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
272
192,198
Tobacco
-
0
.9
%
Japan
Tobacco,
Inc.
14,400
424,363
Trading
Companies
&
Distributors
-
2
.0
%
Bunzl
plc
4,607
192,791
Ferguson
plc
2,074
461,776
ITOCHU
Corp.
5,100
263,813
918,380
Transportation
Infrastructure
-
1
.5
%
Aena
SME
SA(b)
1,751
331,772
Flughafen
Zurich
AG
(Registered)
816
188,554
Getlink
SE
9,265
165,172
685,498
Wireless
Telecommunication
Services
-
1
.9
%
KDDI
Corp.
15,100
453,622
SoftBank
Corp.
34,000
444,038
897,660
Total
Common
Stocks
(Cost
$41,798,563)
46,471,220
Number
of
Warrants
WARRANTS
-
0
.0
%
Software
-
0.0%
Constellation
Software,
Inc.,
expiring
3/31/2040
(Cost
$–)*‡
28
—
Investments
Principal
Amount
Value
SECURITIES
LENDING
REINVESTMENTS
-
1
.6
%
(c)
REPURCHASE
AGREEMENTS
-
1
.6
%
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$732,623,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$750,081  
(Cost
$732,514)
$732,514
$
732,514
Total
Investments
-
100.5%
(Cost
$42,531,077)
47,203,734
Liabilities
in
excess
of
other
assets
-
(0.5%)
(224,162)
NET
ASSETS
-
100.0%
$46,979,572
*
Non-income
producing
security.
‡
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$1,576,939,
collateralized
in
the
form
of
cash
with
a
value
of
$732,514
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments;
$281,313
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.13%
–
5.34%,
and
maturity
dates
ranging
from
November
15,
2024
–
August
15,
2053
and
$667,677
of
collateral
in
the
form
of
Foreign
Government
Fixed
Income
Securities,
interest
rates
ranging
from
0.00%
–
5.75%,
and
maturity
dates
ranging
from
August
15,
2024
–
June
30,
2120;
a
total
value
of
$1,681,504.
(b)
Security
exempt
from
registration
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933.
Regulation
S
applies
to
securities
offerings
that
are
made
outside
of
the
United
States
and
do
not
involve
direct
selling
efforts
in
the
United
States
and
as
such
may
have
restrictions
on
resale.
(c)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$732,514.
Percentages
shown
are
based
on
Net
Assets.
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Developed
Markets
ex-US
Quality
Low
Volatility
Index
Fund
(cont.)
9
Abbreviations
OYJ
Public
Limited
Company
Futures
Contracts
FlexShares®
Developed
Markets
ex-US
Quality
Low
Volatility
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
Long
Contracts
‌
MSCI
EAFE
E-Mini
Index
4
09/20/2024
USD
$
477,940
$
11,538
Forward
Foreign
Currency
Contracts
FlexShares®
Developed
Markets
ex-US
Quality
Low
Volatility
Index
Fund
had
the
following
outstanding
contracts
as
of
July
31,
2024:
Contracts
to
Receive
Counterparty
In
Exchange
For
Maturity
Date
Unrealized
Appreciation/
(Depreciation)
EUR
90,000
JPMorgan
Chase
Bank
NA
USD
96,529
09/18/2024
$
1,080
JPY
15,020,000
Morgan
Stanley
USD
95,342
09/18/2024
5,202
SGD
16,357
JPMorgan
Chase
Bank
NA
USD
12,143
09/18/2024
114
USD
79,603
Citibank
NA
AUD
119,288
09/18/2024
1,612
USD
36,563
JPMorgan
Chase
Bank
NA
CAD
50,000
09/18/2024
319
USD
44,113
JPMorgan
Chase
Bank
NA
DKK
303,190
09/18/2024
24
USD
12,452
Citibank
NA
NOK
131,563
09/18/2024
406
USD
25,501
Citibank
NA
NZD
41,229
09/18/2024
1,012
USD
74,071
Morgan
Stanley
SEK
767,599
09/18/2024
2,273
Total
unrealized
appreciation
$
12,042
AUD
60,000
JPMorgan
Chase
Bank
NA
USD
39,912
09/18/2024
$
(
684
)
CAD
91,112
Toronto-Dominion
Bank
(The)
USD
66,543
09/18/2024
(
496
)
ILS
73,522
Citibank
NA
USD
19,907
09/18/2024
(
296
)
SEK
600,000
Morgan
Stanley
USD
57,217
09/18/2024
(
1,095
)
USD
189,806
Citibank
NA
CHF
167,993
09/18/2024
(
2,154
)
USD
302,884
Citibank
NA
EUR
279,420
09/18/2024
(
160
)
USD
25,481
Morgan
Stanley
GBP
19,939
09/18/2024
(
140
)
USD
25,261
Citibank
NA
JPY
3,903,131
09/18/2024
(
867
)
HKD
282,833
JPMorgan
Chase
Bank
NA
USD
36,307
09/19/2024
(
50
)
Total
unrealized
depreciation
$
(
5,942
)
Net
unrealized
appreciation
$
6,100
Abbreviations:
AUD
—
Australian
Dollar
CAD
—
Canadian
Dollar
CHF
—
Swiss
Franc
DKK
—
Danish
Krone
EUR
—
Euro
GBP
—
British
Pound
HKD
—
Hong
Kong
Dollar
ILS
—
Israeli
Shekel
JPY
—
Japanese
Yen
NOK
—
Norwegian
Krone
NZD
—
New
Zealand
Dollar
SEK
—
Swedish
Krona
SGD
—
Singapore
Dollar
USD
—
US
Dollar
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Developed
Markets
ex-US
Quality
Low
Volatility
Index
Fund
(cont.)
10
FlexShares®
Developed
Markets
ex-US
Quality
Low
Volatility
Index
invested,
as
a
percentage
of
net
assets,
in
companies
domiciled
in
the
following
countries
as
of
July
31,
2024:
Australia
2‌
.4
%
Canada
10‌
.0
Denmark
2‌
.0
Finland
2‌
.3
France
8‌
.2
Germany
4‌
.9
Hong
Kong
5‌
.1
Ireland
0‌
.1
Israel
2‌
.0
Italy
0‌
.5
Japan
24‌
.1
Netherlands
4‌
.8
New
Zealand
0‌
.0
†
Portugal
0‌
.4
Singapore
5‌
.2
Spain
3‌
.6
Switzerland
13‌
.4
United
Kingdom
9‌
.9
Other
1
1‌
.1
100.0%
†
Amount
represents
less
than
0.05%.
1
Includes
any
non-equity
securities,
securities
lending
reinvestments
and
net
other
assets
(liabilities).
Security
Type
%
of
Net
Assets
Common
Stocks
98‌
.9
%
Warrants
–‌
Securities
Lending
Reinvestments
1‌
.6
Others
(1)
(
0‌
.5
)
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
11
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
Emerging
Markets
Quality
Low
Volatility
Index
Fund
July
31,
2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
99
.5
%
Air
Freight
&
Logistics
-
0
.8
%
Hyundai
Glovis
Co.
Ltd.
1,210
$
106,784
Automobile
Components
-
1
.5
%
Balkrishna
Industries
Ltd.
145
5,755
Bosch
Ltd.
110
45,954
Cheng
Shin
Rubber
Industry
Co.
Ltd.
40,000
58,716
Hyundai
Mobis
Co.
Ltd.
20
3,203
MRF
Ltd.
45
76,452
190,080
Automobiles
-
2
.6
%
Bajaj
Auto
Ltd.
1,005
116,000
Hero
MotoCorp
Ltd.
1,715
112,419
Kia
Corp.
30
2,443
Maruti
Suzuki
India
Ltd.
650
101,820
332,682
Banks
-
16
.1
%
Agricultural
Bank
of
China
Ltd.,
Class
H
175,000
78,405
Banco
BBVA
Peru
SA
4,815
1,748
Bank
Central
Asia
Tbk.
PT
224,500
141,866
Bank
of
China
Ltd.,
Class
H
335,000
149,232
Boubyan
Bank
KSCP
32,225
62,436
Chang
Hwa
Commercial
Bank
Ltd.
160,000
91,269
China
Construction
Bank
Corp.,
Class
H
370,000
259,076
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
H
5,000
2,592
Commercial
International
Bank
-
Egypt
(CIB)
10,640
18,235
Credicorp
Ltd.
675
115,182
Dubai
Islamic
Bank
PJSC
55,470
88,347
Emirates
NBD
Bank
PJSC
14,485
75,323
First
Financial
Holding
Co.
Ltd.
115,000
102,685
Grupo
Elektra
SAB
de
CV
950
48,184
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
675
5,058
HDFC
Bank
Ltd.
2,905
56,059
Hong
Leong
Bank
Bhd.
15,500
65,043
Hong
Leong
Financial
Group
Bhd.
12,500
46,795
ICICI
Bank
Ltd.
5,845
84,811
Investments
Shares
Value
Banks
(continued)
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
240,000
$
133,333
Itau
Unibanco
Holding
SA
(Preference)
2,500
14,984
Kuwait
Finance
House
KSCP
40,684
98,132
Malayan
Banking
Bhd.
38,500
85,639
National
Bank
of
Kuwait
SAKP
34,545
102,318
Qatar
International
Islamic
Bank
QSC
21,545
61,718
RHB
Bank
Bhd.
40,500
50,333
Sberbank
of
Russia
PJSC‡
12,360
—
2,038,803
Beverages
-
0
.4
%
Nongfu
Spring
Co.
Ltd.,
Class
H(a)
13,000
50,672
Broadline
Retail
-
3
.1
%
Alibaba
Group
Holding
Ltd.,
ADR
3,810
300,418
PDD
Holdings,
Inc.,
ADR*
740
95,379
Robinson
PCL*‡
600
—
395,797
Capital
Markets
-
0
.9
%
HDFC
Asset
Management
Co.
Ltd.(a)
430
21,129
Macquarie
Korea
Infrastructure
Fund
10,690
95,583
116,712
Chemicals
-
2
.3
%
Asian
Paints
Ltd.
2,750
101,306
Berger
Paints
India
Ltd.
510
3,380
Fertiglobe
plc
92,230
62,274
PhosAgro
PJSC‡
1,158
—
Pidilite
Industries
Ltd.
2,100
79,918
SABIC
Agri-Nutrients
Co.
1,245
39,023
285,901
Construction
&
Engineering
-
0
.1
%
Larsen
&
Toubro
Ltd.
300
13,669
Construction
Materials
-
1
.0
%
Asia
Cement
Corp.
27,000
34,048
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Emerging
Markets
Quality
Low
Volatility
Index
Fund
(cont.)
12
Investments
Shares
Value
COMMON
STOCKS
(continued)
Construction
Materials
(continued)
LafargeHolcim
Maroc
SA
470
$
92,788
126,836
Consumer
Finance
-
0
.9
%
Bajaj
Finance
Ltd.
85
6,910
Samsung
Card
Co.
Ltd.
3,200
97,854
Sundaram
Finance
Ltd.
95
4,907
109,671
Consumer
Staples
Distribution
&
Retail
-
1
.0
%
Grupo
Comercial
Chedraui
SA
de
CV
500
3,727
Nahdi
Medical
Co.
150
5,309
President
Chain
Store
Corp.
12,000
101,308
Wal-Mart
de
Mexico
SAB
de
CV
5,000
16,629
126,973
Diversified
Telecommunication
Services
-
3
.9
%
Chunghwa
Telecom
Co.
Ltd.
32,000
118,284
Emirates
Integrated
Telecommunications
Co.
PJSC
60,955
100,403
Itissalat
Al-Maghrib
6,870
62,694
KT
Corp.
2,360
68,310
Saudi
Telecom
Co.
8,530
87,530
Telefonica
Brasil
SA
6,000
51,490
488,711
Electric
Utilities
-
2
.7
%
CPFL
Energia
SA
12,500
71,823
CTEEP-Cia
de
Transmissao
de
Energia
Eletrica
Paulista
(Preference)
11,000
47,793
Manila
Electric
Co.
8,700
58,124
Power
Grid
Corp.
of
India
Ltd.
39,200
163,020
340,760
Electronic
Equipment,
Instruments
&
Components
-
1
.2
%
Hon
Hai
Precision
Industry
Co.
Ltd.
13,700
82,525
WPG
Holdings
Ltd.
25,000
65,333
‌
147,858
Investments
Shares
Value
Entertainment
-
0
.5
%
NetEase,
Inc.,
ADR
730
$
67,240
Food
Products
-
4
.4
%
Almarai
Co.
JSC
3,410
54,896
Britannia
Industries
Ltd.*
1,180
81,521
CJ
CheilJedang
Corp.
265
74,395
Marico
Ltd.
2,895
23,308
Nestle
India
Ltd.
3,725
109,280
Nestle
Malaysia
Bhd.
3,200
75,638
Uni-President
Enterprises
Corp.
15,000
38,287
Want
Want
China
Holdings
Ltd.
165,000
99,059
556,384
Gas
Utilities
-
0
.8
%
Petronas
Gas
Bhd.
25,500
101,012
Ground
Transportation
-
0
.3
%
GMexico
Transportes
SAB
de
CV(a)
19,500
37,910
Health
Care
Providers
&
Services
-
1
.7
%
Bumrungrad
Hospital
PCL,
NVDR
12,500
86,267
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
780
59,874
IHH
Healthcare
Bhd.
46,000
63,075
Sinopharm
Group
Co.
Ltd.,
Class
H
2,000
4,701
213,917
Hotels,
Restaurants
&
Leisure
-
1
.2
%
Americana
Restaurants
International
plc
46,630
39,229
Jubilant
Foodworks
Ltd.
2,345
16,771
Meituan,
Class
B*(a)
6,100
85,347
Trip.com
Group
Ltd.*
300
12,972
154,319
Independent
Power
and
Renewable
Electricity
Producers
-
1
.5
%
ACWA
Power
Co.
395
41,585
Engie
Brasil
Energia
SA
9,500
74,333
NTPC
Ltd.
15,265
75,843
Unipro
PJSC*‡
726,000
—
191,761
Industrial
Conglomerates
-
2
.4
%
Far
Eastern
New
Century
Corp.
60,000
62,062
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Emerging
Markets
Quality
Low
Volatility
Index
Fund
(cont.)
13
Investments
Shares
Value
COMMON
STOCKS
(continued)
Industrial
Conglomerates
(continued)
International
Holding
Co.
PJSC*
1,375
$
155,282
Samsung
C&T
Corp.
585
65,989
Sime
Darby
Bhd.
39,500
22,353
305,686
Insurance
-
3
.3
%
BB
Seguridade
Participacoes
SA
15,000
93,326
Bupa
Arabia
for
Cooperative
Insurance
Co.
1,120
68,778
Caixa
Seguridade
Participacoes
SA
12,000
30,612
DB
Insurance
Co.
Ltd.
205
16,453
ICICI
Lombard
General
Insurance
Co.
Ltd.(a)
670
16,066
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
58,000
76,027
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
280
75,758
Samsung
Life
Insurance
Co.
Ltd.
525
36,799
413,819
Interactive
Media
&
Services
-
3
.9
%
Baidu,
Inc.,
ADR*
135
11,957
Tencent
Holdings
Ltd.
10,300
477,555
489,512
IT
Services
-
5
.7
%
Arabian
Internet
&
Communications
Services
Co.
285
22,317
HCL
Technologies
Ltd.
7,925
155,474
Infosys
Ltd.
3,975
88,695
Samsung
SDS
Co.
Ltd.
860
92,200
Tata
Consultancy
Services
Ltd.
6,855
359,035
717,721
Life
Sciences
Tools
&
Services
-
1
.7
%
Divi's
Laboratories
Ltd.
2,180
128,183
Samsung
Biologics
Co.
Ltd.*(a)
135
91,977
220,160
Marine
Transportation
-
0
.6
%
MISC
Bhd.
38,000
72,700
Investments
Shares
Value
Metals
&
Mining
-
0
.3
%
Industrias
CH
SAB
de
CV,
Class
B,
Series
B*
131
$
1,316
Polyus
PJSC*‡
546
—
Vale
SA
2,800
30,527
31,843
Multi-Utilities
-
1
.4
%
Dubai
Electricity
&
Water
Authority
PJSC
163,250
105,782
Qatar
Electricity
&
Water
Co.
QSC
16,725
70,648
176,430
Oil,
Gas
&
Consumable
Fuels
-
3
.8
%
China
Shenhua
Energy
Co.
Ltd.,
Class
H
28,000
116,667
PetroChina
Co.
Ltd.,
Class
H
26,000
22,665
Petroleo
Brasileiro
SA
1,500
10,773
Petroleo
Brasileiro
SA
(Preference)
2,500
16,545
Petronas
Dagangan
Bhd.
11,500
44,403
Petronet
LNG
Ltd.
1,745
7,680
Qatar
Fuel
QSC
23,665
95,804
Qatar
Gas
Transport
Co.
Ltd.
58,520
72,326
Reliance
Industries
Ltd.
2,755
99,069
Surgutneftegas
PJSC
(Preference)‡
156,600
—
485,932
Personal
Care
Products
-
2
.2
%
Colgate-Palmolive
India
Ltd.
270
11,003
Dabur
India
Ltd.
3,020
22,929
Hengan
International
Group
Co.
Ltd.
24,000
74,961
Hindustan
Unilever
Ltd.
5,240
169,328
278,221
Pharmaceuticals
-
3
.6
%
Alkem
Laboratories
Ltd.
405
25,682
Cipla
Ltd.*
4,635
85,488
Dr
Reddy's
Laboratories
Ltd.
1,520
122,548
Kalbe
Farma
Tbk.
PT
424,500
41,510
Lupin
Ltd.
1,970
44,983
Sun
Pharmaceutical
Industries
Ltd.
4,910
100,826
Torrent
Pharmaceuticals
Ltd.
195
7,387
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Emerging
Markets
Quality
Low
Volatility
Index
Fund
(cont.)
14
Investments
Shares
Value
COMMON
STOCKS
(continued)
Pharmaceuticals
(continued)
Zydus
Lifesciences
Ltd.
1,775
$
26,440
454,864
Real
Estate
Management
&
Development
-
0
.3
%
Wharf
Holdings
Ltd.
(The)
12,000
32,949
Semiconductors
&
Semiconductor
Equipment
-
9
.3
%
MediaTek,
Inc.
1,500
55,674
Novatek
Microelectronics
Corp.
1,300
20,684
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
38,530
1,094,829
1,171,187
Software
-
0
.5
%
Tata
Elxsi
Ltd.
800
66,735
Specialty
Retail
-
1
.4
%
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
62,855
61,092
Jarir
Marketing
Co.
22,270
77,045
MR
DIY
Group
M
Bhd.(a)
72,500
33,138
171,275
Technology
Hardware,
Storage
&
Peripherals
-
2
.4
%
Advantech
Co.
Ltd.
7,600
80,115
Catcher
Technology
Co.
Ltd.
10,000
64,801
Compal
Electronics,
Inc.
60,000
57,408
Pegatron
Corp.
32,000
97,840
Quanta
Computer,
Inc.
300
2,487
302,651
Tobacco
-
0
.9
%
ITC
Ltd.
7,570
44,785
KT&G
Corp.
1,105
74,884
119,669
Transportation
Infrastructure
-
2
.6
%
Airports
of
Thailand
PCL,
NVDR
33,500
53,100
Jiangsu
Expressway
Co.
Ltd.,
Class
H
90,000
85,599
Salik
Co.
PJSC
104,275
95,673
Investments
Shares
Value
Transportation
Infrastructure
(continued)
Taiwan
High
Speed
Rail
Corp.
100,000
$
90,508
324,880
Wireless
Telecommunication
Services
-
4
.3
%
Advanced
Info
Service
PCL,
NVDR
12,500
82,059
Bharti
Airtel
Ltd.
3,190
56,827
Etihad
Etisalat
Co.
4,825
66,873
Far
EasTone
Telecommunications
Co.
Ltd.
27,000
70,806
Intouch
Holdings
PCL,
NVDR
40,000
92,299
SK
Telecom
Co.
Ltd.
2,520
99,024
Taiwan
Mobile
Co.
Ltd.
21,800
69,970
TIM
SA
3,000
9,282
547,140
Total
Common
Stocks
(Cost
$11,298,580)
12,577,826
Total
Investments
-
99.5%
(Cost
$11,298,580)
12,577,826
Other
assets
less
liabilities
-
0.5%
68,936
NET
ASSETS
-
100.0%
$12,646,762
*
Non-income
producing
security.
‡
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(a)
Security
exempt
from
registration
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933.
Regulation
S
applies
to
securities
offerings
that
are
made
outside
of
the
United
States
and
do
not
involve
direct
selling
efforts
in
the
United
States
and
as
such
may
have
restrictions
on
resale.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
ADR
American
Depositary
Receipt
NVDR
Non-Voting
Depositary
Receipt
PJSC
Public
Joint
Stock
Company
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Emerging
Markets
Quality
Low
Volatility
Index
Fund
(cont.)
15
Futures
Contracts
FlexShares®
Emerging
Markets
Quality
Low
Volatility
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
Long
Contracts
‌
MSCI
Emerging
Markets
E-Mini
Index
4
09/20/2024
USD
$
219,300
$
747
Forward
Foreign
Currency
Contracts
FlexShares®
Emerging
Markets
Quality
Low
Volatility
Index
Fund
had
the
following
outstanding
contracts
as
of
July
31,
2024:
Contracts
to
Receive
Counterparty
In
Exchange
For
Maturity
Date
Unrealized
Appreciation/
(Depreciation)
USD
39,368
Citibank
NA
INR
*
3,300,000
09/18/2024
$
14
Net
unrealized
appreciation
$
14
*
Non-deliverable
forward.
Abbreviations:
INR
—
Indian
Rupee
USD
—
US
Dollar
FlexShares®
Emerging
Markets
Quality
Low
Volatility
Index
invested,
as
a
percentage
of
net
assets,
in
companies
domiciled
in
the
following
countries
as
of
July
31,
2024:
Brazil
3‌
.6
%
China
17‌
.7
Egypt
0‌
.1
India
23‌
.2
Indonesia
1‌
.5
Kuwait
2‌
.1
Malaysia
5‌
.2
Mexico
0‌
.9
Morocco
1‌
.2
Peru
0‌
.9
Philippines
0‌
.5
Qatar
2‌
.4
Saudi
Arabia
4‌
.4
South
Korea
7‌
.9
Taiwan
19‌
.5
Thailand
2‌
.5
United
Arab
Emirates
5‌
.9
Other
1
0‌
.5
100.0%
1
Includes
any
non-equity
securities
and
net
other
assets
(liabilities).
Security
Type
%
of
Net
Assets
Common
Stocks
99‌
.5
%
Others
(1)
0‌
.5
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
16
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
Schedule
of
Investments
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
July
31,2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
99.2%
Aerospace
&
Defense
-
1.7%
AAR
Corp.*
2,430
$
156,978
AeroVironment,
Inc.*
1,134
202,464
Axon
Enterprise,
Inc.*
1,458
437,415
Boeing
Co.
(The)*
18,032
3,436,899
BWX
Technologies,
Inc.
3,726
370,700
Curtiss-Wright
Corp.
1,932
569,360
Ducommun,
Inc.*
486
31,187
General
Dynamics
Corp.
6,601
1,971,785
General
Electric
Co.
25,116
4,274,743
HEICO
Corp.(a)
1,288
310,846
HEICO
Corp.,
Class
A
1,620
307,978
Hexcel
Corp.
2,898
191,877
Howmet
Aerospace,
Inc.
10,304
986,093
Huntington
Ingalls
Industries,
Inc.
1,134
317,497
Kratos
Defense
&
Security
Solutions,
Inc.*
3,726
83,984
L3Harris
Technologies,
Inc.
4,508
1,022,820
Lockheed
Martin
Corp.
6,118
3,315,467
Mercury
Systems,
Inc.*(a)
3,864
137,365
Moog,
Inc.,
Class
A
1,771
347,293
Northrop
Grumman
Corp.
4,025
1,949,388
Rocket
Lab
USA,
Inc.*(a)
21,413
112,204
RTX
Corp.
38,801
4,558,729
Spirit
AeroSystems
Holdings,
Inc.,
Class
A*(a)
3,220
116,725
Textron,
Inc.
5,635
523,491
TransDigm
Group,
Inc.
1,288
1,666,955
Triumph
Group,
Inc.*
6,156
100,897
V2X,
Inc.*(a)
805
41,965
Woodward,
Inc.
2,916
454,867
27,997,972
Air
Freight
&
Logistics
-
0.4%
Air
Transport
Services
Group,
Inc.*(a)
4,830
77,956
CH
Robinson
Worldwide,
Inc.(a)
3,864
344,089
Expeditors
International
of
Washington,
Inc.
4,025
502,401
FedEx
Corp.
6,923
2,092,477
Forward
Air
Corp.
805
20,415
GXO
Logistics,
Inc.*(a)
6,440
360,511
Hub
Group,
Inc.,
Class
A
4,991
233,429
United
Parcel
Service,
Inc.,
Class
B
20,930
2,728,644
‌
6,359,922
Investments
Shares
Value
Automobile
Components
-
0.6%
Adient
plc*
20,769
$
535,009
American
Axle
&
Manufacturing
Holdings,
Inc.*
4,991
37,083
Aptiv
plc*
8,533
592,105
Autoliv,
Inc.(a)
13,202
1,335,250
BorgWarner,
Inc.(a)
42,987
1,517,871
Dana,
Inc.
34,776
442,003
Dorman
Products,
Inc.*
1,610
163,206
Fox
Factory
Holding
Corp.*
4,025
214,895
Garrett
Motion,
Inc.*(a)
22,057
193,219
Gentex
Corp.
10,465
325,043
Gentherm,
Inc.*
2,737
151,028
Goodyear
Tire
&
Rubber
Co.
(The)*
49,910
583,947
LCI
Industries(a)
1,932
225,445
Lear
Corp.
11,431
1,395,039
Mobileye
Global,
Inc.,
Class
A*(a)
3,864
81,144
Modine
Manufacturing
Co.*
3,220
378,865
Patrick
Industries,
Inc.(a)
5,152
659,765
Phinia,
Inc.
10,143
453,392
QuantumScape
Corp.,
Class
A*(a)
58,443
377,542
Standard
Motor
Products,
Inc.(a)
2,576
84,313
Visteon
Corp.*
4,669
539,456
XPEL,
Inc.*(a)(b)
1,134
46,347
10,331,967
Automobiles
-
1.4%
Ford
Motor
Co.
108,514
1,174,122
General
Motors
Co.
34,615
1,534,137
Harley-Davidson,
Inc.(a)
26,404
990,150
Lucid
Group,
Inc.*(a)
80,983
285,060
Rivian
Automotive,
Inc.,
Class
A*(a)
156,492
2,568,034
Tesla,
Inc.*(a)
64,078
14,870,581
Thor
Industries,
Inc.(a)
10,465
1,110,755
Winnebago
Industries,
Inc.(a)
5,152
322,103
22,854,942
Banks
-
6.5%
1st
Source
Corp.
2,093
133,010
Amalgamated
Financial
Corp.
5,796
184,371
Amerant
Bancorp,
Inc.,
Class
A
6,118
137,594
Ameris
Bancorp(a)
14,007
852,886
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
17
Investments
Shares
Value
COMMON
STOCKS
(continued)
Banks
(continued)
Associated
Banc-Corp.(a)
34,937
$
802,852
Atlantic
Union
Bankshares
Corp.(a)
15,295
631,531
Axos
Financial,
Inc.*
10,692
780,623
Banc
of
California,
Inc.
28,658
400,639
BancFirst
Corp.(a)
1,454
156,203
Bancorp,
Inc.
(The)*(a)
9,016
467,389
Bank
of
America
Corp.
197,064
7,943,650
Bank
of
Hawaii
Corp.(a)
483
33,129
Bank
OZK(a)
23,345
1,094,647
BankUnited,
Inc.
14,973
576,760
Banner
Corp.(a)
8,694
514,859
Berkshire
Hills
Bancorp,
Inc.
14,007
386,593
BOK
Financial
Corp.
4,025
413,931
Brookline
Bancorp,
Inc.
4,347
45,600
Byline
Bancorp,
Inc.
7,084
198,706
Cadence
Bank(a)
34,615
1,137,795
Capitol
Federal
Financial,
Inc.
46,690
295,081
Cathay
General
Bancorp(a)
14,329
635,061
Central
Pacific
Financial
Corp.
2,415
63,007
Citigroup,
Inc.
53,613
3,478,411
Citizens
Financial
Group,
Inc.
15,617
666,377
City
Holding
Co.
324
39,496
Coastal
Financial
Corp.*(a)
3,220
169,694
Columbia
Banking
System,
Inc.(a)
48,300
1,263,528
Comerica,
Inc.
28,658
1,570,745
Commerce
Bancshares,
Inc.(a)
4,025
260,458
Community
Financial
System,
Inc.(a)
4,669
287,984
Community
Trust
Bancorp,
Inc.
1,782
90,383
ConnectOne
Bancorp,
Inc.
1,127
27,296
CrossFirst
Bankshares,
Inc.*(a)
5,474
101,488
Cullen/Frost
Bankers,
Inc.(a)
13,363
1,564,273
Customers
Bancorp,
Inc.*(a)
4,186
269,913
CVB
Financial
Corp.(a)
25,116
478,711
Dime
Community
Bancshares,
Inc.(a)
1,610
40,701
East
West
Bancorp,
Inc.
(a)
27,853
2,448,000
Eastern
Bankshares,
Inc.
(a)
40,515
674,170
Investments
Shares
Value
Banks
(continued)
Enterprise
Financial
Services
Corp.
9,660
$
510,724
FB
Financial
Corp.
966
45,103
Fifth
Third
Bancorp
20,286
858,909
First
Bancorp/NC
3,078
128,660
First
Bancorp/PR
38,479
825,375
First
Bancshares,
Inc.
(The)
2,254
75,103
First
Busey
Corp.
14,168
388,770
First
Citizens
BancShares,
Inc.,
Class
A
324
676,412
First
Commonwealth
Financial
Corp.
22,032
398,339
First
Financial
Bancorp
16,362
447,664
First
Financial
Bankshares,
Inc.
2,576
99,073
First
Hawaiian,
Inc.(a)
25,760
645,030
First
Horizon
Corp.
116,081
1,942,035
First
Interstate
BancSystem,
Inc.,
Class
A
14,812
467,615
First
Merchants
Corp.
14,651
591,168
First
Mid
Bancshares,
Inc.
6,923
265,774
FNB
Corp.(a)
67,781
1,039,761
Fulton
Financial
Corp.(a)
33,488
648,663
Glacier
Bancorp,
Inc.(a)
1,932
86,380
Great
Southern
Bancorp,
Inc.(a)
322
20,160
Hancock
Whitney
Corp.
15,939
872,341
Heartland
Financial
USA,
Inc.
5,957
324,776
Heritage
Commerce
Corp.
22,057
228,290
Heritage
Financial
Corp.
13,685
317,081
Hilltop
Holdings,
Inc.(a)
4,508
148,719
Home
BancShares,
Inc.
36,225
1,026,254
Hope
Bancorp,
Inc.
16,905
222,470
Horizon
Bancorp,
Inc.
18,515
295,685
Huntington
Bancshares,
Inc.
41,055
613,772
Independent
Bank
Corp.
6,279
402,798
Independent
Bank
Group,
Inc.
8,050
475,433
International
Bancshares
Corp.
11,664
786,620
JPMorgan
Chase
&
Co.
81,949
17,438,747
KeyCorp
28,658
462,254
Lakeland
Financial
Corp.
(a)
648
44,407
Live
Oak
Bancshares,
Inc.
644
29,070
M&T
Bank
Corp.
5,313
914,739
Mercantile
Bank
Corp.
2,093
101,217
National
Bank
Holdings
Corp.,
Class
A
7,567
316,906
NBT
Bancorp,
Inc.(a)
322
15,784
New
York
Community
Bancorp,
Inc.(a)
50,607
532,386
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
18
Investments
Shares
Value
COMMON
STOCKS
(continued)
Banks
(continued)
Nicolet
Bankshares,
Inc.
1,427
$
143,499
Northwest
Bancshares,
Inc.(a)
24,633
345,847
OceanFirst
Financial
Corp.
12,719
231,104
OFG
Bancorp
11,753
533,821
Old
National
Bancorp
64,561
1,292,511
Old
Second
Bancorp,
Inc.
4,025
68,103
Origin
Bancorp,
Inc.(a)
3,381
116,171
Pacific
Premier
Bancorp,
Inc.
24,794
670,926
Park
National
Corp.(a)
324
57,335
Pathward
Financial,
Inc.
2,592
175,064
Peoples
Bancorp,
Inc.
5,184
172,472
Pinnacle
Financial
Partners,
Inc.(a)
16,744
1,612,782
PNC
Financial
Services
Group,
Inc.
(The)
11,109
2,011,840
Popular,
Inc.
14,812
1,520,156
Preferred
Bank(a)
3,703
318,680
Premier
Financial
Corp.
10,948
277,422
Prosperity
Bancshares,
Inc.(a)
17,710
1,284,329
Provident
Financial
Services,
Inc.
23,604
437,618
QCR
Holdings,
Inc.
1,782
136,216
Regions
Financial
Corp.
28,014
626,673
S&T
Bancorp,
Inc.
6,923
307,243
Sandy
Spring
Bancorp,
Inc.
4,025
123,286
ServisFirst
Bancshares,
Inc.(a)
3,703
297,129
Simmons
First
National
Corp.,
Class
A
20,608
443,690
Southside
Bancshares,
Inc.(a)
10,304
360,537
SouthState
Corp.(a)
14,490
1,434,075
Stellar
Bancorp,
Inc.
15,617
427,906
Stock
Yards
Bancorp,
Inc.(a)
486
30,239
Synovus
Financial
Corp.
(a)
31,234
1,460,190
Texas
Capital
Bancshares,
Inc.*
2,898
191,558
TFS
Financial
Corp.(a)
11,270
152,821
Tompkins
Financial
Corp.
5,152
324,267
Towne
Bank
7,084
235,472
TriCo
Bancshares
4,347
202,266
Triumph
Financial,
Inc.*(a)
2,093
189,898
Truist
Financial
Corp.
36,547
1,633,285
TrustCo
Bank
Corp.
NY
8,050
286,661
Trustmark
Corp.
15,134
525,604
UMB
Financial
Corp.
8,211
837,686
United
Bankshares,
Inc.
(a)
28,980
1,128,191
Investments
Shares
Value
Banks
(continued)
United
Community
Banks,
Inc.
28,336
$
876,999
Univest
Financial
Corp.
4,347
120,195
US
Bancorp
44,919
2,015,965
Valley
National
Bancorp(a)
88,389
742,468
Veritex
Holdings,
Inc.
11,270
282,539
WaFd,
Inc.(a)
20,447
727,709
Webster
Financial
Corp.
35,581
1,765,529
Wells
Fargo
&
Co.
100,947
5,990,195
WesBanco,
Inc.
15,939
508,135
Westamerica
Bancorp(a)
5,474
295,377
Western
Alliance
Bancorp
22,701
1,826,522
Wintrust
Financial
Corp.
11,826
1,279,573
WSFS
Financial
Corp.(a)
10,465
591,168
Zions
Bancorp
NA
32,361
1,672,093
108,367,052
Beverages
-
1.0%
Boston
Beer
Co.,
Inc.
(The),
Class
A*
322
90,228
Brown-Forman
Corp.,
Class
A
1,296
59,085
Brown-Forman
Corp.,
Class
B(a)
4,347
196,310
Celsius
Holdings,
Inc.*(a)
4,347
203,570
Coca-Cola
Co.
(The)
90,965
6,071,004
Coca-Cola
Consolidated,
Inc.
322
368,977
Constellation
Brands,
Inc.,
Class
A
3,864
947,298
Duckhorn
Portfolio,
Inc.
(The)*(a)
17,388
126,237
Keurig
Dr
Pepper,
Inc.
24,955
855,457
MGP
Ingredients,
Inc.(a)
161
13,129
Molson
Coors
Beverage
Co.,
Class
B(a)
5,994
316,783
Monster
Beverage
Corp.*
17,820
916,839
National
Beverage
Corp.
972
47,424
PepsiCo,
Inc.
31,878
5,504,374
Vita
Coco
Co.,
Inc.
(The)*(a)
3,864
99,846
15,816,561
Biotechnology
-
2.3%
89bio,
Inc.*(a)
30,107
275,780
AbbVie,
Inc.
50,876
9,428,340
ACADIA
Pharmaceuticals,
Inc.*(a)
6,440
122,489
Agios
Pharmaceuticals,
Inc.*(a)
4,452
206,573
Akero
Therapeutics,
Inc.*
7,245
193,659
Alkermes
plc*
31,395
857,711
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
19
Investments
Shares
Value
COMMON
STOCKS
(continued)
Biotechnology
(continued)
Alnylam
Pharmaceuticals,
Inc.*
2,737
$
649,928
Amgen,
Inc.
15,617
5,192,184
Amicus
Therapeutics,
Inc.*
6,318
65,139
AnaptysBio,
Inc.*(a)
2,415
84,139
Apellis
Pharmaceuticals,
Inc.*
3,220
127,512
Arcus
Biosciences,
Inc.*(a)
6,118
100,396
Arrowhead
Pharmaceuticals,
Inc.*(a)
2,093
59,776
Aurinia
Pharmaceuticals,
Inc.*(a)
12,719
74,788
Beam
Therapeutics,
Inc.*(a)
19,320
611,285
Biogen,
Inc.*
2,898
617,854
Biohaven
Ltd.*
6,440
253,285
BioMarin
Pharmaceutical,
Inc.*
4,508
380,160
Blueprint
Medicines
Corp.*(a)
3,059
331,290
Bridgebio
Pharma,
Inc.*(a)
4,991
129,516
Catalyst
Pharmaceuticals,
Inc.*
8,676
149,574
Celldex
Therapeutics,
Inc.*(a)
483
18,407
Cerevel
Therapeutics
Holdings,
Inc.*
2,754
123,820
Crinetics
Pharmaceuticals,
Inc.*
483
25,657
CRISPR
Therapeutics
AG*(a)
5,313
304,382
Cytokinetics,
Inc.*(a)
2,576
152,010
Denali
Therapeutics,
Inc.*(a)
10,626
258,956
Dynavax
Technologies
Corp.*(a)
12,558
140,524
Exact
Sciences
Corp.*(a)
1,771
80,899
Exelixis,
Inc.*
16,905
396,422
Geron
Corp.*
22,862
108,366
Gilead
Sciences,
Inc.
37,030
2,816,502
Halozyme
Therapeutics,
Inc.*
6,762
373,668
Immunovant,
Inc.*(a)
2,093
60,843
Incyte
Corp.*
3,703
240,954
Insmed,
Inc.*
5,635
409,946
Intellia
Therapeutics,
Inc.*(a)
8,694
227,870
Ionis
Pharmaceuticals,
Inc.*(a)
6,118
302,596
Iovance
Biotherapeutics,
Inc.*(a)
13,202
115,253
Investments
Shares
Value
Biotechnology
(continued)
Ironwood
Pharmaceuticals,
Inc.,
Class
A*
322
$
2,199
Keros
Therapeutics,
Inc.*(a)
2,415
121,136
Krystal
Biotech,
Inc.*(a)
1,449
302,058
Kura
Oncology,
Inc.*(a)
7,728
160,820
Kymera
Therapeutics,
Inc.*(a)
2,898
133,888
Madrigal
Pharmaceuticals,
Inc.*(a)
966
274,982
Moderna,
Inc.*
6,923
825,360
Morphic
Holding,
Inc.*
8,050
456,113
Myriad
Genetics,
Inc.*(a)
2,754
77,029
Natera,
Inc.*(a)
3,864
395,635
Neurocrine
Biosciences,
Inc.*
1,944
275,212
Novavax,
Inc.*(a)
22,701
290,800
PTC
Therapeutics,
Inc.*
1,610
54,498
Recursion
Pharmaceuticals,
Inc.,
Class
A*(a)
11,592
95,054
Regeneron
Pharmaceuticals,
Inc.*
2,415
2,606,244
REVOLUTION
Medicines,
Inc.*
8,050
367,402
Rocket
Pharmaceuticals,
Inc.*(a)
6,118
148,056
Roivant
Sciences
Ltd.*(a)
7,728
83,849
Sage
Therapeutics,
Inc.*
161
1,763
Sana
Biotechnology,
Inc.*(a)
12,075
73,537
Sarepta
Therapeutics,
Inc.*
3,059
435,112
SpringWorks
Therapeutics,
Inc.*(a)
3,864
138,756
Summit
Therapeutics,
Inc.*(a)
4,991
53,903
TG
Therapeutics,
Inc.*(a)
1,610
31,814
Twist
Bioscience
Corp.*(a)
2,737
152,752
Ultragenyx
Pharmaceutical,
Inc.*
3,059
137,716
United
Therapeutics
Corp.*
1,449
453,957
Vaxcyte,
Inc.*(a)
5,474
431,844
Veracyte,
Inc.*
8,533
204,792
Vertex
Pharmaceuticals,
Inc.*
6,118
3,032,815
Viking
Therapeutics,
Inc.*
4,186
238,602
Vir
Biotechnology,
Inc.*
12,236
124,318
Viridian
Therapeutics,
Inc.*(a)
11,270
189,899
Xencor,
Inc.*(a)
6,118
124,930
Zymeworks,
Inc.*
14,329
149,881
‌
38,715,179
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
20
Investments
Shares
Value
COMMON
STOCKS
(continued)
Broadline
Retail
-
2.8%
Amazon.com,
Inc.*
218,316
$
40,820,726
Coupang,
Inc.,
Class
A*
29,946
621,379
Dillard's,
Inc.,
Class
A(a)
322
128,346
eBay,
Inc.(a)
15,939
886,368
Etsy,
Inc.*
4,830
314,626
Kohl's
Corp.(a)
20,769
449,857
Macy's,
Inc.
54,096
934,779
MercadoLibre,
Inc.*
1,127
1,880,850
Nordstrom,
Inc.(a)
20,608
470,481
Ollie's
Bargain
Outlet
Holdings,
Inc.*(a)
2,916
284,718
Savers
Value
Village,
Inc.*(a)
5,796
59,061
46,851,191
Building
Products
-
0.9%
A
O
Smith
Corp.
3,078
261,753
AAON,
Inc.(a)
3,402
301,179
Advanced
Drainage
Systems,
Inc.(a)
2,254
399,048
Allegion
plc(a)
1,771
242,290
American
Woodmark
Corp.*
3,864
394,708
Apogee
Enterprises,
Inc.
2,737
187,868
Armstrong
World
Industries,
Inc.
1,127
148,088
AZEK
Co.,
Inc.
(The),
Class
A*
4,347
195,137
AZZ,
Inc.
2,415
193,103
Builders
FirstSource,
Inc.*
4,025
673,664
Carlisle
Cos.,
Inc.
1,296
542,480
Carrier
Global
Corp.
21,060
1,434,397
CSW
Industrials,
Inc.(a)
322
104,463
Fortune
Brands
Innovations,
Inc.
4,508
364,291
Gibraltar
Industries,
Inc.*
810
60,159
Griffon
Corp.
3,220
232,033
Hayward
Holdings,
Inc.*(a)
11,109
164,302
Insteel
Industries,
Inc.
2,415
82,714
JELD-WEN
Holding,
Inc.*(a)
12,397
206,906
Johnson
Controls
International
plc
17,227
1,232,420
Lennox
International,
Inc.
805
469,717
Masco
Corp.
6,480
504,468
Masterbrand,
Inc.*(a)
23,345
421,377
Owens
Corning
3,059
570,136
Quanex
Building
Products
Corp.(a)
4,669
155,945
Resideo
Technologies,
Inc.*
25,760
585,267
Simpson
Manufacturing
Co.,
Inc.
1,458
280,067
Investments
Shares
Value
Building
Products
(continued)
Trane
Technologies
plc
5,184
$
1,732,908
Trex
Co.,
Inc.*
5,635
471,255
UFP
Industries,
Inc.
11,988
1,581,577
Zurn
Elkay
Water
Solutions
Corp.(a)
4,212
136,722
14,330,442
Capital
Markets
-
3.1%
Affiliated
Managers
Group,
Inc.(a)
7,084
1,314,932
Ameriprise
Financial,
Inc.
2,415
1,038,619
Ares
Management
Corp.,
Class
A
3,542
542,634
Artisan
Partners
Asset
Management,
Inc.,
Class
A(a)
1,932
85,317
B.
Riley
Financial,
Inc.(a)
2,415
46,368
Bank
of
New
York
Mellon
Corp.
(The)
20,608
1,340,963
BGC
Group,
Inc.,
Class
A
27,531
253,561
BlackRock,
Inc.
4,186
3,669,029
Blackstone,
Inc.
16,261
2,311,501
Blue
Owl
Capital,
Inc.,
Class
A(a)
17,496
333,649
Brightsphere
Investment
Group,
Inc.
4,860
127,283
Carlyle
Group,
Inc.
(The)
(a)
4,830
240,244
Charles
Schwab
Corp.
(The)
34,293
2,235,561
CME
Group,
Inc.
8,211
1,590,553
Cohen
&
Steers,
Inc.(a)
1,449
124,353
Coinbase
Global,
Inc.,
Class
A*(a)
4,347
975,293
Donnelley
Financial
Solutions,
Inc.*(a)
1,127
76,050
Evercore,
Inc.,
Class
A
1,771
443,441
FactSet
Research
Systems,
Inc.(a)
810
334,603
Federated
Hermes,
Inc.,
Class
B
13,685
469,806
Franklin
Resources,
Inc.
8,855
202,514
Goldman
Sachs
Group,
Inc.
(The)
9,499
4,835,276
Hamilton
Lane,
Inc.,
Class
A(a)
2,415
348,654
Houlihan
Lokey,
Inc.,
Class
A(a)
1,620
243,405
Interactive
Brokers
Group,
Inc.,
Class
A
3,220
384,049
Intercontinental
Exchange,
Inc.
13,358
2,024,538
Invesco
Ltd.
66,171
1,142,111
Janus
Henderson
Group
plc
27,853
1,036,967
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
21
Investments
Shares
Value
COMMON
STOCKS
(continued)
Capital
Markets
(continued)
Jefferies
Financial
Group,
Inc.
30,751
$
1,798,011
KKR
&
Co.,
Inc.
18,354
2,265,801
LPL
Financial
Holdings,
Inc.
2,093
463,641
MarketAxess
Holdings,
Inc.
2,093
467,848
Moelis
&
Co.,
Class
A
3,078
209,304
Moody's
Corp.
3,864
1,763,839
Morgan
Stanley
36,708
3,788,633
Morningstar,
Inc.
486
154,378
MSCI,
Inc.
1,782
963,634
Nasdaq,
Inc.
8,050
544,824
Northern
Trust
Corp.(c)
6,440
570,906
Open
Lending
Corp.*(a)
9,338
58,829
Piper
Sandler
Cos.
966
263,988
PJT
Partners,
Inc.,
Class
A(a)
324
43,073
Raymond
James
Financial,
Inc.
5,152
597,632
Robinhood
Markets,
Inc.,
Class
A*
16,744
344,424
S&P
Global,
Inc.
7,245
3,511,869
SEI
Investments
Co.
3,542
240,289
State
Street
Corp.
9,177
779,770
Stifel
Financial
Corp.(a)
20,447
1,813,035
StoneX
Group,
Inc.*
6,041
503,457
T.
Rowe
Price
Group,
Inc.(a)
7,084
809,064
TPG,
Inc.,
Class
A
2,106
107,385
Tradeweb
Markets,
Inc.,
Class
A
3,542
395,571
Victory
Capital
Holdings,
Inc.,
Class
A(a)
6,279
328,957
Virtu
Financial,
Inc.,
Class
A(a)
20,608
563,011
Virtus
Investment
Partners,
Inc.
1,127
254,702
WisdomTree,
Inc.(a)
162
1,934
51,379,083
Chemicals
-
1.4%
AdvanSix,
Inc.
5,796
162,114
Air
Products
and
Chemicals,
Inc.
6,118
1,614,234
Albemarle
Corp.(a)
2,737
256,375
Arcadium
Lithium
plc*(a)
217,350
691,173
Ashland,
Inc.
1,782
172,230
Avient
Corp.
5,796
262,211
Axalta
Coating
Systems
Ltd.*
8,262
294,540
Balchem
Corp.
1,782
316,234
Cabot
Corp.
3,220
322,934
Celanese
Corp.(a)
3,059
431,778
Investments
Shares
Value
Chemicals
(continued)
CF
Industries
Holdings,
Inc.
6,279
$
479,653
Chemours
Co.
(The)(a)
32,361
782,165
Corteva,
Inc.
15,295
858,050
Dow,
Inc.
18,837
1,026,051
DuPont
de
Nemours,
Inc.
10,787
902,872
Eastman
Chemical
Co.
3,381
349,359
Ecolab,
Inc.
5,474
1,262,797
Ecovyst,
Inc.*(a)
9,499
90,620
Element
Solutions,
Inc.
12,474
336,174
FMC
Corp.(a)
3,542
206,711
Hawkins,
Inc.(a)
486
50,495
HB
Fuller
Co.(a)
1,458
125,680
Huntsman
Corp.(a)
2,576
61,644
Ingevity
Corp.*
161
7,388
Innospec,
Inc.
648
84,979
International
Flavors
&
Fragrances,
Inc.
4,830
480,488
Koppers
Holdings,
Inc.(a)
3,381
137,641
Kronos
Worldwide,
Inc.(a)
5,957
71,246
Linde
plc
11,270
5,110,945
LSB
Industries,
Inc.*(a)
805
7,334
LyondellBasell
Industries
NV,
Class
A
7,290
725,063
Mativ
Holdings,
Inc.
12,075
230,512
Minerals
Technologies,
Inc.
2,254
176,669
Mosaic
Co.
(The)
10,626
316,336
NewMarket
Corp.(a)
1,288
722,401
Olin
Corp.
3,542
161,551
Perimeter
Solutions
SA*
19,159
185,651
PPG
Industries,
Inc.
4,991
633,757
PureCycle
Technologies,
Inc.*(a)
18,837
145,233
Quaker
Chemical
Corp.
644
116,931
RPM
International,
Inc.(a)
2,592
314,824
Scotts
Miracle-Gro
Co.
(The)(a)
3,381
265,747
Sensient
Technologies
Corp.
966
75,396
Sherwin-Williams
Co.
(The)
5,313
1,863,800
Stepan
Co.
322
27,251
Tronox
Holdings
plc
4,508
72,849
Westlake
Corp.
483
71,416
23,061,502
Commercial
Services
&
Supplies
-
0.8%
ABM
Industries,
Inc.
11,592
644,052
ACV
Auctions,
Inc.,
Class
A*
1,127
19,249
Brady
Corp.,
Class
A
972
69,605
Brink's
Co.
(The)
9,396
1,033,466
Casella
Waste
Systems,
Inc.,
Class
A*(a)
1,944
201,321
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
22
Investments
Shares
Value
COMMON
STOCKS
(continued)
Commercial
Services
&
Supplies
(continued)
Cimpress
plc*(a)
1,610
$
146,945
Cintas
Corp.
1,944
1,485,099
Clean
Harbors,
Inc.*
1,610
384,355
Copart,
Inc.*
20,608
1,078,417
CoreCivic,
Inc.*
10,143
141,393
Deluxe
Corp.(a)
9,821
239,436
Ennis,
Inc.(a)
4,347
103,632
Enviri
Corp.*
17,227
203,623
GEO
Group,
Inc.
(The)*
21,574
312,823
HNI
Corp.
3,240
178,038
Interface,
Inc.,
Class
A
9,660
166,925
Matthews
International
Corp.,
Class
A
10,787
312,284
MillerKnoll,
Inc.(a)
17,549
544,370
MSA
Safety,
Inc.
2,093
394,844
OPENLANE,
Inc.*
2,898
51,816
Pitney
Bowes,
Inc.
10,143
66,944
Republic
Services,
Inc.
4,860
944,395
Rollins,
Inc.
5,994
287,173
Steelcase,
Inc.,
Class
A(a)
25,277
366,264
Stericycle,
Inc.*
5,152
301,650
Tetra
Tech,
Inc.(a)
1,771
377,648
UniFirst
Corp.
805
156,605
Veralto
Corp.
6,440
686,246
Viad
Corp.*
2,106
70,024
Waste
Management,
Inc.
8,748
1,772,870
12,741,512
Communications
Equipment
-
0.7%
Arista
Networks,
Inc.*
5,796
2,008,604
Calix,
Inc.*
4,347
178,792
Ciena
Corp.*
5,313
280,208
Cisco
Systems,
Inc.
116,242
5,631,925
Digi
International,
Inc.*(a)
3,240
88,452
Extreme
Networks,
Inc.*
8,855
126,627
F5,
Inc.*
1,127
229,502
Harmonic,
Inc.*
4,186
61,367
Infinera
Corp.*(a)
2,254
13,389
Juniper
Networks,
Inc.
9,821
370,153
Lumentum
Holdings,
Inc.*(a)
4,830
250,097
Motorola
Solutions,
Inc.
4,050
1,615,626
NetScout
Systems,
Inc.*
9,177
186,752
Viasat,
Inc.*(a)
7,728
156,260
Viavi
Solutions,
Inc.*
4,347
34,950
11,232,704
Construction
&
Engineering
-
0.3%
AECOM
4,105
371,954
Ameresco,
Inc.,
Class
A*
8,694
274,470
API
Group
Corp.*
6,923
262,313
Arcosa,
Inc.
1,296
120,411
Investments
Shares
Value
Construction
&
Engineering
(continued)
Argan,
Inc.
1,620
$
127,867
Comfort
Systems
USA,
Inc.
805
267,598
Construction
Partners,
Inc.,
Class
A*
810
52,367
Dycom
Industries,
Inc.*
1,296
237,829
EMCOR
Group,
Inc.
1,288
483,567
Fluor
Corp.*(a)
5,508
264,935
Granite
Construction,
Inc.(a)
3,240
221,810
IES
Holdings,
Inc.*
1,288
198,313
MasTec,
Inc.*(a)
2,415
265,722
MDU
Resources
Group,
Inc.
11,914
320,963
MYR
Group,
Inc.*(a)
1,127
158,321
Primoris
Services
Corp.
4,186
236,383
Quanta
Services,
Inc.
3,703
982,702
Sterling
Infrastructure,
Inc.*
2,254
262,275
Tutor
Perini
Corp.*
3,703
92,168
Valmont
Industries,
Inc.
644
192,144
WillScot
Holdings
Corp.*(a)
5,957
244,237
5,638,349
Construction
Materials
-
0.2%
CRH
plc
18,354
1,572,938
Eagle
Materials,
Inc.
1,620
441,126
Knife
River
Corp.*
644
51,211
Martin
Marietta
Materials,
Inc.
1,458
865,104
Summit
Materials,
Inc.,
Class
A*(a)
4,789
200,085
Vulcan
Materials
Co.
2,916
800,471
3,930,935
Consumer
Finance
-
0.8%
Ally
Financial,
Inc.
9,982
449,290
American
Express
Co.
16,583
4,196,162
Bread
Financial
Holdings,
Inc.
7,406
404,219
Capital
One
Financial
Corp.
11,270
1,706,278
Credit
Acceptance
Corp.*(a)
277
159,247
Discover
Financial
Services
7,406
1,066,390
Encore
Capital
Group,
Inc.*(a)
5,957
301,126
Enova
International,
Inc.*
6,966
602,350
EZCORP,
Inc.,
Class
A*(a)
3,220
33,552
FirstCash
Holdings,
Inc.
1,296
144,634
LendingClub
Corp.*
15,939
199,397
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
23
Investments
Shares
Value
COMMON
STOCKS
(continued)
Consumer
Finance
(continued)
Navient
Corp.(a)
22,032
$
361,545
Nelnet,
Inc.,
Class
A
1,449
163,317
NerdWallet,
Inc.,
Class
A*
9,982
146,037
OneMain
Holdings,
Inc.
22,218
1,161,113
PROG
Holdings,
Inc.
6,762
304,696
SLM
Corp.
48,783
1,106,886
SoFi
Technologies,
Inc.*(a)
41,055
309,555
Synchrony
Financial
9,499
482,454
Upstart
Holdings,
Inc.*(a)
3,864
107,922
World
Acceptance
Corp.*
324
39,567
13,445,737
Consumer
Staples
Distribution
&
Retail
-
1.4%
Albertsons
Cos.,
Inc.,
Class
A
8,211
162,824
Andersons,
Inc.
(The)
2,737
149,249
BJ's
Wholesale
Club
Holdings,
Inc.*
3,969
349,113
Casey's
General
Stores,
Inc.
1,127
437,096
Chefs'
Warehouse,
Inc.
(The)*(a)
3,381
140,616
Costco
Wholesale
Corp.
10,304
8,469,888
Dollar
General
Corp.
5,796
697,780
Dollar
Tree,
Inc.*
4,669
487,163
Grocery
Outlet
Holding
Corp.*
644
12,597
Ingles
Markets,
Inc.,
Class
A(a)
1,288
104,392
Kroger
Co.
(The)
19,964
1,088,038
Maplebear,
Inc.*
6,601
227,668
Performance
Food
Group
Co.*
3,542
244,398
PriceSmart,
Inc.
324
29,591
SpartanNash
Co.
7,728
163,215
Sprouts
Farmers
Market,
Inc.*
5,635
562,880
Sysco
Corp.
11,270
863,846
Target
Corp.
13,202
1,985,713
United
Natural
Foods,
Inc.*(a)
10,465
162,208
US
Foods
Holding
Corp.*
6,762
367,785
Walgreens
Boots
Alliance,
Inc.(a)
20,447
242,706
Walmart,
Inc.
101,108
6,940,053
Weis
Markets,
Inc.
1,595
120,343
24,009,162
Containers
&
Packaging
-
0.6%
Amcor
plc
32,683
344,152
AptarGroup,
Inc.
2,254
331,293
Avery
Dennison
Corp.
1,620
351,265
Investments
Shares
Value
Containers
&
Packaging
(continued)
Ball
Corp.
8,050
$
513,832
Berry
Global
Group,
Inc.
23,989
1,576,557
Crown
Holdings,
Inc.(a)
4,025
357,018
Graphic
Packaging
Holding
Co.(a)
59,892
1,802,749
Greif,
Inc.,
Class
A
5,346
356,471
Greif,
Inc.,
Class
B
161
11,378
International
Paper
Co.(a)
7,567
351,714
Myers
Industries,
Inc.
2,576
38,382
O-I
Glass,
Inc.*
36,708
490,419
Packaging
Corp.
of
America
2,415
482,686
Pactiv
Evergreen,
Inc.(a)
12,558
165,012
Sealed
Air
Corp.
26,243
998,546
Silgan
Holdings,
Inc.
5,152
264,967
Smurfit
WestRock
plc*
14,329
642,512
Sonoco
Products
Co.
18,676
1,007,010
TriMas
Corp.
1,296
31,856
10,117,819
Distributors
-
0.1%
A-Mark
Precious
Metals,
Inc.(a)
3,381
129,966
Genuine
Parts
Co.
3,703
544,748
LKQ
Corp.
8,748
363,042
Pool
Corp.(a)
1,127
421,543
1,459,299
Diversified
Consumer
Services
-
0.2%
ADT,
Inc.(a)
45,724
355,733
Adtalem
Global
Education,
Inc.*
5,957
467,088
Bright
Horizons
Family
Solutions,
Inc.*
3,059
367,845
Duolingo,
Inc.,
Class
A*(a)
1,127
193,776
Frontdoor,
Inc.*(a)
2,254
88,943
Graham
Holdings
Co.,
Class
B
161
124,751
Grand
Canyon
Education,
Inc.*
1,127
175,756
H&R
Block,
Inc.(a)
8,050
466,417
Laureate
Education,
Inc.
(a)
8,694
134,757
OneSpaWorld
Holdings
Ltd.*(a)
8,262
132,935
Perdoceo
Education
Corp.
7,567
187,586
Service
Corp.
International(a)
4,212
336,581
Strategic
Education,
Inc.
(a)
1,620
170,748
Stride,
Inc.*(a)
3,220
244,656
‌
3,447,572
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
24
Investments
Shares
Value
COMMON
STOCKS
(continued)
Diversified
REITs
-
0.1%
Alexander
&
Baldwin,
Inc.,
REIT
2,754
$
54,281
Armada
Hoffler
Properties,
Inc.,
REIT(a)
23,989
284,989
Broadstone
Net
Lease,
Inc.,
REIT
14,651
255,074
Empire
State
Realty
Trust,
Inc.,
Class
A,
REIT
14,651
157,791
Essential
Properties
Realty
Trust,
Inc.,
REIT(a)
6,923
204,851
Gladstone
Commercial
Corp.,
REIT
8,533
128,422
Global
Net
Lease,
Inc.,
REIT(a)
56,028
487,444
WP
Carey,
Inc.,
REIT
6,923
400,219
1,973,071
Diversified
Telecommunication
Services
-
0.8%
Anterix,
Inc.*
3,059
123,155
AT&T,
Inc.
204,631
3,939,146
Frontier
Communications
Parent,
Inc.*(a)
41,216
1,207,629
Globalstar,
Inc.*(a)
42,504
51,430
Iridium
Communications,
Inc.
5,957
170,966
Liberty
Global
Ltd.,
Class
A*(a)
27,370
533,441
Liberty
Global
Ltd.,
Class
C*(a)
36,225
728,485
Liberty
Latin
America
Ltd.,
Class
A*
20,125
210,910
Liberty
Latin
America
Ltd.,
Class
C*(a)
14,490
153,594
Lumen
Technologies,
Inc.*(a)
201,572
634,952
Shenandoah
Telecommunications
Co.
966
20,566
Verizon
Communications,
Inc.
120,267
4,873,219
12,647,493
Electric
Utilities
-
1.5%
ALLETE,
Inc.
10,143
654,224
Alliant
Energy
Corp.
6,118
340,528
American
Electric
Power
Co.,
Inc.
14,168
1,390,164
Avangrid,
Inc.
4,347
155,057
Constellation
Energy
Corp.
7,084
1,344,543
Duke
Energy
Corp.
21,413
2,339,799
Investments
Shares
Value
Electric
Utilities
(continued)
Edison
International
10,143
$
811,541
Entergy
Corp.(a)
5,313
616,149
Evergy,
Inc.
8,533
494,914
Eversource
Energy
8,050
522,525
Exelon
Corp.
25,116
934,315
FirstEnergy
Corp.(a)
15,134
634,266
Hawaiian
Electric
Industries,
Inc.(a)
22,379
370,596
IDACORP,
Inc.(a)
1,127
110,164
MGE
Energy,
Inc.(a)
972
85,380
NextEra
Energy,
Inc.
58,604
4,476,760
NRG
Energy,
Inc.
7,084
532,504
OGE
Energy
Corp.
6,762
262,163
Otter
Tail
Corp.(a)
2,898
280,874
PG&E
Corp.
56,511
1,031,326
Pinnacle
West
Capital
Corp.(a)
21,735
1,860,299
PNM
Resources,
Inc.
21,574
897,047
Portland
General
Electric
Co.(a)
23,506
1,113,714
PPL
Corp.
17,066
507,202
Southern
Co.
(The)(a)
30,590
2,554,877
Xcel
Energy,
Inc.
17,227
1,003,990
25,324,921
Electrical
Equipment
-
0.9%
Acuity
Brands,
Inc.
1,771
445,141
AMETEK,
Inc.
4,991
865,839
Atkore,
Inc.(a)
8,050
1,086,750
Bloom
Energy
Corp.,
Class
A*(a)
1,932
26,159
Eaton
Corp.
plc
9,234
2,814,431
Emerson
Electric
Co.
15,295
1,791,197
EnerSys
7,406
814,142
Fluence
Energy,
Inc.,
Class
A*(a)
8,050
131,859
GE
Vernova,
Inc.*
5,796
1,033,079
Generac
Holdings,
Inc.*
2,898
451,161
Hubbell,
Inc.,
Class
B(a)
1,134
448,667
NEXTracker,
Inc.,
Class
A*
24,150
1,186,731
nVent
Electric
plc
4,991
362,496
Plug
Power,
Inc.*(a)
166,313
410,793
Regal
Rexnord
Corp.
1,944
312,362
Rockwell
Automation,
Inc.
2,592
722,261
Sensata
Technologies
Holding
plc(a)
27,692
1,079,711
Sunrun,
Inc.*(a)
38,640
677,359
Vertiv
Holdings
Co.,
Class
A
8,855
696,889
Vicor
Corp.*(a)
483
20,339
‌
15,377,366
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
25
Investments
Shares
Value
Electronic
Equipment,
Instruments
&
Components
-
1.0%
Advanced
Energy
Industries,
Inc.(a)
972
$
113,112
Amphenol
Corp.,
Class
A
26,404
1,696,721
Arrow
Electronics,
Inc.*
10,465
1,294,416
Avnet,
Inc.
18,792
1,010,258
Badger
Meter,
Inc.(a)
1,771
365,109
Bel
Fuse,
Inc.,
Class
B
644
47,830
Belden,
Inc.(a)
2,576
238,769
Benchmark
Electronics,
Inc.(a)
7,776
372,237
CDW
Corp.
2,916
636,009
Cognex
Corp.(a)
7,728
383,463
Coherent
Corp.*
7,085
493,652
Corning,
Inc.
20,608
824,526
Crane
NXT
Co.
4,025
253,092
CTS
Corp.
810
39,593
ePlus,
Inc.*(a)
2,576
236,786
Fabrinet*(a)
1,944
428,769
Flex
Ltd.*
14,973
481,382
Insight
Enterprises,
Inc.*(a)
6,118
1,373,491
IPG
Photonics
Corp.*
1,932
155,333
Itron,
Inc.*
1,782
184,330
Jabil,
Inc.
4,186
471,637
Keysight
Technologies,
Inc.*
4,025
561,769
Kimball
Electronics,
Inc.*(a)
3,220
76,314
Knowles
Corp.*
2,430
44,396
Littelfuse,
Inc.
966
258,028
Mirion
Technologies,
Inc.,
Class
A*(a)
15,617
164,603
Novanta,
Inc.*
1,782
322,863
OSI
Systems,
Inc.*
483
71,474
PC
Connection,
Inc.
162
11,594
Plexus
Corp.*
644
82,542
Sanmina
Corp.*(a)
12,558
945,994
ScanSource,
Inc.*
3,726
193,938
TD
SYNNEX
Corp.(a)
648
77,222
TE
Connectivity
Ltd.
7,728
1,192,662
Teledyne
Technologies,
Inc.*
1,134
478,389
Trimble,
Inc.*
5,152
280,990
TTM
Technologies,
Inc.*
19,602
379,887
Vishay
Intertechnology,
Inc.(a)
9,660
234,835
Vontier
Corp.
8,855
347,382
Zebra
Technologies
Corp.,
Class
A*
966
339,250
17,164,647
Energy
Equipment
&
Services
-
0.6%
Archrock,
Inc.
11,109
230,290
Atlas
Energy
Solutions,
Inc.,
Class
A(a)
8,050
170,982
Investments
Shares
Value
Energy
Equipment
&
Services
(continued)
Baker
Hughes
Co.
25,277
$
978,725
Cactus,
Inc.,
Class
A(a)
4,050
255,636
ChampionX
Corp.
10,626
364,047
Diamond
Offshore
Drilling,
Inc.*(a)
11,592
190,341
Dril-Quip,
Inc.*
2,254
39,039
Halliburton
Co.
24,794
859,856
Helix
Energy
Solutions
Group,
Inc.*(a)
13,202
155,784
Helmerich
&
Payne,
Inc.
(a)
16,583
670,285
Liberty
Energy,
Inc.,
Class
A(a)
36,869
890,386
Nabors
Industries
Ltd.*(a)
2,737
281,472
NOV,
Inc.(a)
20,608
429,059
Oceaneering
International,
Inc.*
7,889
236,828
Patterson-UTI
Energy,
Inc.
70,679
776,762
ProFrac
Holding
Corp.,
Class
A*(a)
16,261
151,065
ProPetro
Holding
Corp.*(a)
25,921
248,582
RPC,
Inc.
11,592
86,592
Schlumberger
NV
39,928
1,928,123
Select
Water
Solutions,
Inc.,
Class
A
11,753
138,920
Tidewater,
Inc.*(a)
1,288
127,461
Transocean
Ltd.*(a)
132,503
767,192
US
Silica
Holdings,
Inc.*
9,177
142,152
Valaris
Ltd.*(a)
1,449
113,877
Weatherford
International
plc*
3,864
455,411
10,688,867
Entertainment
-
1.0%
AMC
Entertainment
Holdings,
Inc.,
Class
A*(a)
54,740
290,670
Atlanta
Braves
Holdings,
Inc.,
Class
C*
194
8,426
Cinemark
Holdings,
Inc.*(a)
9,338
220,190
Electronic
Arts,
Inc.
5,796
874,848
Endeavor
Group
Holdings,
Inc.,
Class
A
9,660
264,877
IMAX
Corp.*(a)
1,782
37,600
Liberty
Media
Corp.-
Liberty
Formula
One,
Class
A*
1,620
119,832
Liberty
Media
Corp.-
Liberty
Formula
One,
Class
C*(a)
5,022
406,129
Lions
Gate
Entertainment
Corp.,
Class
B*
9,660
79,598
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
26
Investments
Shares
Value
COMMON
STOCKS
(continued)
Entertainment
(continued)
Live
Nation
Entertainment,
Inc.*(a)
4,186
$
402,651
Madison
Square
Garden
Sports
Corp.*
322
64,532
Netflix,
Inc.*
9,982
6,272,190
Playtika
Holding
Corp.
22,540
171,980
ROBLOX
Corp.,
Class
A*
10,787
447,876
Roku,
Inc.*
5,152
299,898
Sphere
Entertainment
Co.*
4,508
200,516
Take-Two
Interactive
Software,
Inc.*(a)
4,025
605,883
TKO
Group
Holdings,
Inc.,
Class
A(a)
2,093
228,870
Walt
Disney
Co.
(The)
52,325
4,902,329
Warner
Bros
Discovery,
Inc.*
80,339
694,932
Warner
Music
Group
Corp.,
Class
A(a)
2,898
86,969
16,680,796
Financial
Services
-
4.0%
Affirm
Holdings,
Inc.,
Class
A*(a)
10,626
300,610
Apollo
Global
Management,
Inc.
12,397
1,553,468
AvidXchange
Holdings,
Inc.*
10,626
94,996
Berkshire
Hathaway,
Inc.,
Class
B*
51,681
22,662,119
Block,
Inc.,
Class
A*
12,880
797,014
Compass
Diversified
Holdings
7,567
182,062
Corebridge
Financial,
Inc.
2,898
85,636
Corpay,
Inc.*
1,443
421,096
Enact
Holdings,
Inc.
3,381
115,055
Equitable
Holdings,
Inc.
11,270
491,485
Essent
Group
Ltd.
20,447
1,284,889
Euronet
Worldwide,
Inc.*(a)
8,533
870,281
EVERTEC,
Inc.(a)
4,830
166,490
Federal
Agricultural
Mortgage
Corp.,
Class
C(a)
805
166,007
Fidelity
National
Information
Services,
Inc.
15,939
1,224,593
Fiserv,
Inc.*
16,422
2,686,147
Flywire
Corp.*
4,991
91,385
Global
Payments,
Inc.
6,601
670,926
HA
Sustainable
Infrastructure
Capital,
Inc.(a)
23,667
775,568
Investments
Shares
Value
Financial
Services
(continued)
International
Money
Express,
Inc.*
2,268
$
50,372
Jack
Henry
&
Associates,
Inc.(a)
1,782
305,577
Jackson
Financial,
Inc.,
Class
A(a)
13,363
1,176,746
Marqeta,
Inc.,
Class
A*
23,506
126,697
Mastercard,
Inc.,
Class
A
18,998
8,809,563
Merchants
Bancorp
2,916
131,220
MGIC
Investment
Corp.(a)
55,384
1,375,739
Mr
Cooper
Group,
Inc.*
13,685
1,230,008
NCR
Atleos
Corp.*
12,880
414,092
NMI
Holdings,
Inc.,
Class
A*
17,820
701,217
PayPal
Holdings,
Inc.*
29,946
1,969,848
PennyMac
Financial
Services,
Inc.
4,508
442,325
Radian
Group,
Inc.(a)
34,293
1,272,270
Remitly
Global,
Inc.*(a)
8,372
110,594
Repay
Holdings
Corp.,
Class
A*(a)
24,150
232,323
Rocket
Cos.,
Inc.,
Class
A*(a)
6,762
109,477
Shift4
Payments,
Inc.,
Class
A*(a)
1,932
132,902
Toast,
Inc.,
Class
A*(a)
20,125
526,470
Visa,
Inc.,
Class
A(a)
36,547
9,709,442
Voya
Financial,
Inc.
20,769
1,510,529
Walker
&
Dunlop,
Inc.
2,576
275,374
Western
Union
Co.
(The)
68,425
813,573
WEX,
Inc.*(a)
1,449
265,819
66,332,004
Food
Products
-
0.9%
Archer-Daniels-Midland
Co.
15,456
958,426
B&G
Foods,
Inc.(a)
17,227
148,497
Bunge
Global
SA
3,703
389,667
Cal-Maine
Foods,
Inc.
6,762
483,956
Campbell
Soup
Co.(a)
3,703
173,523
Conagra
Brands,
Inc.
13,524
410,048
Darling
Ingredients,
Inc.*
28,980
1,151,375
Flowers
Foods,
Inc.
4,669
105,146
Fresh
Del
Monte
Produce,
Inc.
6,601
165,355
Freshpet,
Inc.*(a)
2,093
254,718
General
Mills,
Inc.(a)
14,490
972,859
Hain
Celestial
Group,
Inc.
(The)*
12,558
97,199
Hershey
Co.
(The)(a)
3,059
604,091
Hormel
Foods
Corp.
9,982
320,522
Ingredion,
Inc.(a)
13,122
1,631,983
J
&
J
Snack
Foods
Corp.
(a)
1,134
191,306
J
M
Smucker
Co.
(The)
3,703
436,769
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
27
Investments
Shares
Value
COMMON
STOCKS
(continued)
Food
Products
(continued)
John
B
Sanfilippo
&
Son,
Inc.
1,127
$
118,188
Kellanova
9,338
543,005
Kraft
Heinz
Co.
(The)(a)
22,057
776,627
Lamb
Weston
Holdings,
Inc.(a)
3,402
204,188
Lancaster
Colony
Corp.
1,127
217,579
McCormick
&
Co.,
Inc.
(Non-Voting)
6,440
495,944
Mission
Produce,
Inc.*(a)
9,660
108,578
Mondelez
International,
Inc.,
Class
A
38,479
2,630,040
Pilgrim's
Pride
Corp.*
5,313
219,055
Post
Holdings,
Inc.*(a)
10,143
1,109,238
Simply
Good
Foods
Co.
(The)*(a)
2,268
76,931
Tootsie
Roll
Industries,
Inc.
2,400
74,016
Tyson
Foods,
Inc.,
Class
A
6,279
382,391
Utz
Brands,
Inc.
6,966
103,375
Westrock
Coffee
Co.*(a)
8,372
82,883
WK
Kellogg
Co.(a)
8,855
155,848
15,793,326
Gas
Utilities
-
0.2%
Atmos
Energy
Corp.
2,916
372,898
Chesapeake
Utilities
Corp.
1,610
190,028
National
Fuel
Gas
Co.(a)
16,583
971,598
New
Jersey
Resources
Corp.
5,474
255,910
Northwest
Natural
Holding
Co.
161
6,437
ONE
Gas,
Inc.(a)
644
44,842
Southwest
Gas
Holdings,
Inc.
1,127
83,578
Spire,
Inc.(a)
13,363
889,842
UGI
Corp.
47,495
1,176,926
3,992,059
Ground
Transportation
-
0.9%
ArcBest
Corp.(a)
1,610
202,941
Avis
Budget
Group,
Inc.
(a)
3,542
357,777
CSX
Corp.
54,901
1,927,025
Heartland
Express,
Inc.(a)
9,016
116,938
JB
Hunt
Transport
Services,
Inc.(a)
1,944
336,604
Knight-Swift
Transportation
Holdings,
Inc.,
Class
A
4,212
229,259
Landstar
System,
Inc.
1,620
308,205
Investments
Shares
Value
Ground
Transportation
(continued)
Lyft,
Inc.,
Class
A*
18,193
$
219,226
Marten
Transport
Ltd.
2,430
45,708
Norfolk
Southern
Corp.
5,313
1,325,912
Old
Dominion
Freight
Line,
Inc.(a)
4,536
953,377
Ryder
System,
Inc.
9,396
1,316,943
Saia,
Inc.*(a)
805
336,369
Schneider
National,
Inc.,
Class
B(a)
3,864
103,980
Uber
Technologies,
Inc.*
47,817
3,082,762
U-Haul
Holding
Co.*(a)
162
10,820
U-Haul
Holding
Co.(a)
2,254
143,647
Union
Pacific
Corp.
14,168
3,495,671
XPO,
Inc.*
3,542
406,940
14,920,104
Health
Care
Equipment
&
Supplies
-
1.9%
Abbott
Laboratories
40,089
4,247,029
Align
Technology,
Inc.*
1,449
335,994
Alphatec
Holdings,
Inc.*(a)
162
1,636
Atrion
Corp.
161
73,786
Avanos
Medical,
Inc.*(a)
6,279
150,194
Axonics,
Inc.*(a)
1,932
132,303
Baxter
International,
Inc.
12,719
455,595
Becton
Dickinson
&
Co.
8,372
2,018,154
Boston
Scientific
Corp.*
34,454
2,545,461
CONMED
Corp.(a)
1,932
133,385
Cooper
Cos.,
Inc.
(The)*
4,536
423,345
Dentsply
Sirona,
Inc.(a)
13,363
362,672
Dexcom,
Inc.*
9,072
615,263
Edwards
Lifesciences
Corp.*
13,846
872,990
Embecta
Corp.
2,576
40,366
Enovis
Corp.*(a)
3,542
168,757
Envista
Holdings
Corp.*
41,538
709,054
GE
HealthCare
Technologies,
Inc.
7,889
667,646
Glaukos
Corp.*(a)
2,268
265,741
Globus
Medical,
Inc.,
Class
A*(a)
3,381
243,297
Haemonetics
Corp.*(a)
2,093
188,475
Hologic,
Inc.*(a)
6,601
538,708
ICU
Medical,
Inc.*(a)
1,771
224,882
IDEXX
Laboratories,
Inc.*
1,932
919,864
Inari
Medical,
Inc.*
644
29,985
Inspire
Medical
Systems,
Inc.*(a)
1,127
158,963
Insulet
Corp.*
1,288
250,323
Integer
Holdings
Corp.*(a)
810
96,196
Integra
LifeSciences
Holdings
Corp.*
5,152
127,821
Intuitive
Surgical,
Inc.*
8,050
3,579,110
iRhythm
Technologies,
Inc.*(a)
1,449
124,976
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
28
Investments
Shares
Value
COMMON
STOCKS
(continued)
Health
Care
Equipment
&
Supplies
(continued)
Lantheus
Holdings,
Inc.*
3,951
$
414,183
LeMaitre
Vascular,
Inc.(a)
162
14,076
LivaNova
plc*
805
39,767
Masimo
Corp.*(a)
1,932
206,685
Medtronic
plc
37,513
3,013,044
Merit
Medical
Systems,
Inc.*
1,610
137,317
Neogen
Corp.*(a)
48,300
822,549
Omnicell,
Inc.*
5,957
174,004
OrthoPediatrics
Corp.*(a)
4,347
133,801
Penumbra,
Inc.*(a)
1,610
269,015
PROCEPT
BioRobotics
Corp.*(a)
2,254
142,723
QuidelOrtho
Corp.*
161
6,326
ResMed,
Inc.(a)
3,059
652,332
SI-BONE,
Inc.*
10,626
161,515
Solventum
Corp.*(a)
1,932
113,756
STAAR
Surgical
Co.*(a)
4,347
179,314
STERIS
plc(a)
2,592
618,866
Stryker
Corp.
8,050
2,635,972
Tandem
Diabetes
Care,
Inc.*(a)
4,347
160,752
Teleflex,
Inc.
805
177,841
TransMedics
Group,
Inc.*
1,296
184,369
Varex
Imaging
Corp.*
9,177
135,728
Zimmer
Biomet
Holdings,
Inc.
3,864
430,256
31,526,162
Health
Care
Providers
&
Services
-
2.5%
Acadia
Healthcare
Co.,
Inc.*
2,898
187,935
Accolade,
Inc.*
16,905
69,311
Addus
HomeCare
Corp.*
966
117,234
agilon
health,
Inc.*(a)
29,946
206,328
Amedisys,
Inc.*
1,610
157,861
Astrana
Health,
Inc.*
2,576
135,137
Brookdale
Senior
Living,
Inc.*(a)
47,117
364,214
Cardinal
Health,
Inc.
7,889
795,448
Castle
Biosciences,
Inc.*
2,415
58,274
Cencora,
Inc.(a)
4,347
1,034,064
Centene
Corp.*
16,422
1,263,180
Chemed
Corp.
483
275,387
Cigna
Group
(The)
8,372
2,919,065
CorVel
Corp.*(a)
161
49,395
Cross
Country
Healthcare,
Inc.*(a)
6,966
127,060
CVS
Health
Corp.
36,386
2,195,167
DaVita,
Inc.*
1,932
263,950
Elevance
Health,
Inc.
6,601
3,511,930
Encompass
Health
Corp.
3,381
314,230
Ensign
Group,
Inc.
(The)
1,771
249,268
Investments
Shares
Value
Health
Care
Providers
&
Services
(continued)
Fulgent
Genetics,
Inc.*
4,186
$
100,171
Guardant
Health,
Inc.*
8,855
311,076
HCA
Healthcare,
Inc.
5,474
1,987,336
HealthEquity,
Inc.*(a)
3,564
279,703
Henry
Schein,
Inc.*(a)
24,633
1,772,098
Hims
&
Hers
Health,
Inc.*
3,381
71,813
Humana,
Inc.
3,059
1,106,165
Labcorp
Holdings,
Inc.
2,754
593,322
McKesson
Corp.
3,703
2,284,825
Molina
Healthcare,
Inc.*
1,449
494,500
National
Research
Corp.
(a)
2,106
53,682
NeoGenomics,
Inc.*
2,093
37,109
Option
Care
Health,
Inc.*(a)
8,748
259,728
Owens
&
Minor,
Inc.*
2,415
39,654
Patterson
Cos.,
Inc.(a)
16,905
426,851
Pediatrix
Medical
Group,
Inc.*(a)
2,415
20,141
Premier,
Inc.,
Class
A
21,252
445,867
Privia
Health
Group,
Inc.*(a)
11,109
230,401
Progyny,
Inc.*
2,254
63,563
Quest
Diagnostics,
Inc.
3,220
458,206
R1
RCM,
Inc.*
1,932
24,884
RadNet,
Inc.*
972
58,077
Select
Medical
Holdings
Corp.
19,159
761,762
Surgery
Partners,
Inc.*(a)
3,078
93,448
Tenet
Healthcare
Corp.*
3,220
482,034
UnitedHealth
Group,
Inc.
26,243
15,120,167
Universal
Health
Services,
Inc.,
Class
B
1,771
378,569
US
Physical
Therapy,
Inc.
162
15,795
42,265,385
Health
Care
REITs
-
0.2%
Alexandria
Real
Estate
Equities,
Inc.,
REIT(a)
2,737
321,023
CareTrust
REIT,
Inc.,
REIT
6,804
183,436
Community
Healthcare
Trust,
Inc.,
REIT
5,796
126,121
Global
Medical
REIT,
Inc.,
REIT
14,812
141,455
Healthpeak
Properties,
Inc.,
REIT
10,626
231,859
Medical
Properties
Trust,
Inc.,
REIT(a)
121,555
584,679
National
Health
Investors,
Inc.,
REIT
644
48,210
Omega
Healthcare
Investors,
Inc.,
REIT(a)
8,050
293,020
Sabra
Health
Care
REIT,
Inc.,
REIT
10,626
172,460
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
29
Investments
Shares
Value
COMMON
STOCKS
(continued)
Health
Care
REITs
(continued)
Universal
Health
Realty
Income
Trust,
REIT
2,737
$
117,007
Ventas,
Inc.,
REIT
7,084
385,653
Welltower,
Inc.,
REIT
13,846
1,540,367
4,145,290
Health
Care
Technology
-
0.1%
Definitive
Healthcare
Corp.,
Class
A*
10,787
42,069
Doximity,
Inc.,
Class
A*(a)
1,288
36,064
Evolent
Health,
Inc.,
Class
A*
5,474
127,654
HealthStream,
Inc.(a)
162
4,813
Teladoc
Health,
Inc.*(a)
34,454
324,901
Veeva
Systems,
Inc.,
Class
A*
3,059
587,114
1,122,615
Hotel
&
Resort
REITs
-
0.1%
Apple
Hospitality
REIT,
Inc.,
REIT(a)
14,168
209,545
DiamondRock
Hospitality
Co.,
REIT
16,679
137,268
Host
Hotels
&
Resorts,
Inc.,
REIT
15,390
269,479
Park
Hotels
&
Resorts,
Inc.,
REIT
38,479
579,494
Pebblebrook
Hotel
Trust,
REIT
4,991
68,327
RLJ
Lodging
Trust,
REIT
13,041
123,107
Ryman
Hospitality
Properties,
Inc.,
REIT(a)
3,078
309,370
Service
Properties
Trust,
REIT(a)
35,742
202,657
Summit
Hotel
Properties,
Inc.,
REIT(a)
32,683
207,210
Sunstone
Hotel
Investors,
Inc.,
REIT
8,100
83,916
Xenia
Hotels
&
Resorts,
Inc.,
REIT(a)
9,097
126,266
2,316,639
Hotels,
Restaurants
&
Leisure
-
1.9%
Airbnb,
Inc.,
Class
A*
9,177
1,280,742
Aramark
7,728
264,839
BJ's
Restaurants,
Inc.*
1,944
61,392
Bloomin'
Brands,
Inc.(a)
16,362
341,148
Booking
Holdings,
Inc.
805
2,990,583
Boyd
Gaming
Corp.
11,914
725,205
Brinker
International,
Inc.*(a)
7,245
484,038
Investments
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Caesars
Entertainment,
Inc.*
11,592
$
463,100
Carnival
Corp.*
22,540
375,516
Cava
Group,
Inc.*(a)
1,932
162,713
Cheesecake
Factory,
Inc.
(The)(a)
2,898
112,703
Chipotle
Mexican
Grill,
Inc.*
32,200
1,749,104
Choice
Hotels
International,
Inc.(a)
805
102,597
Churchill
Downs,
Inc.
1,620
232,567
Cracker
Barrel
Old
Country
Store,
Inc.(a)
7,084
324,660
Darden
Restaurants,
Inc.
(a)
2,592
379,184
Dave
&
Buster's
Entertainment,
Inc.*(a)
2,898
108,994
Dine
Brands
Global,
Inc.
(a)
5,796
207,729
Domino's
Pizza,
Inc.
644
276,083
DoorDash,
Inc.,
Class
A*(a)
6,279
695,211
DraftKings,
Inc.,
Class
A*(a)
12,880
475,916
Dutch
Bros,
Inc.,
Class
A*(a)
2,576
98,532
Everi
Holdings,
Inc.*
21,735
279,729
Expedia
Group,
Inc.*
3,703
472,762
Hilton
Grand
Vacations,
Inc.*(a)
17,010
735,002
Hilton
Worldwide
Holdings,
Inc.
5,994
1,286,732
Hyatt
Hotels
Corp.,
Class
A(a)
2,254
332,082
Jack
in
the
Box,
Inc.(a)
2,898
172,257
Las
Vegas
Sands
Corp.
6,923
274,635
Life
Time
Group
Holdings,
Inc.*(a)
7,084
147,135
Light
&
Wonder,
Inc.*
4,830
517,776
Marriott
International,
Inc.,
Class
A
5,957
1,354,026
Marriott
Vacations
Worldwide
Corp.(a)
6,440
544,695
McDonald's
Corp.
16,422
4,358,399
MGM
Resorts
International*
8,211
352,827
Norwegian
Cruise
Line
Holdings
Ltd.*(a)
14,329
264,083
Papa
John's
International,
Inc.(a)
3,542
156,663
Penn
Entertainment,
Inc.*(a)
27,370
546,579
Planet
Fitness,
Inc.,
Class
A*(a)
3,381
249,180
Portillo's,
Inc.,
Class
A*(a)
13,685
141,777
Red
Rock
Resorts,
Inc.,
Class
A(a)
1,944
110,808
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
30
Investments
Shares
Value
COMMON
STOCKS
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
Royal
Caribbean
Cruises
Ltd.*(a)
6,601
$
1,034,509
Sabre
Corp.*(a)
33,166
113,759
Shake
Shack,
Inc.,
Class
A*
805
70,534
Starbucks
Corp.
32,522
2,535,090
Sweetgreen,
Inc.,
Class
A*(a)
6,923
190,244
Texas
Roadhouse,
Inc.,
Class
A
3,381
590,356
Travel
+
Leisure
Co.
12,719
586,219
United
Parks
&
Resorts,
Inc.*(a)
3,059
161,056
Vail
Resorts,
Inc.(a)
2,093
380,947
Wendy's
Co.
(The)
10,626
179,898
Wingstop,
Inc.
805
300,973
Wyndham
Hotels
&
Resorts,
Inc.(a)
2,898
219,437
Wynn
Resorts
Ltd.
2,898
240,012
Yum!
Brands,
Inc.(a)
7,084
940,968
31,753,705
Household
Durables
-
1.2%
Cavco
Industries,
Inc.*
322
133,508
Century
Communities,
Inc.
6,804
712,447
DR
Horton,
Inc.
9,234
1,661,474
Ethan
Allen
Interiors,
Inc.
(a)
4,050
125,023
Garmin
Ltd.
3,703
634,139
Green
Brick
Partners,
Inc.*(a)
7,245
529,972
Helen
of
Troy
Ltd.*(a)
4,669
275,985
Installed
Building
Products,
Inc.(a)
648
175,187
KB
Home
15,134
1,302,735
La-Z-Boy,
Inc.(a)
6,923
305,581
Leggett
&
Platt,
Inc.
36,386
479,204
Lennar
Corp.,
Class
A
7,406
1,310,344
Lennar
Corp.,
Class
B
486
80,171
LGI
Homes,
Inc.*(a)
4,508
518,735
M/I
Homes,
Inc.*
6,440
1,074,385
Meritage
Homes
Corp.
7,776
1,577,517
Mohawk
Industries,
Inc.*
10,465
1,685,597
Newell
Brands,
Inc.
87,262
749,581
NVR,
Inc.*
70
602,524
PulteGroup,
Inc.
6,923
913,836
Skyline
Champion
Corp.*
3,381
275,585
Sonos,
Inc.*
6,279
84,766
Taylor
Morrison
Home
Corp.,
Class
A*
22,218
1,490,383
Tempur
Sealy
International,
Inc.(a)
8,855
463,559
Toll
Brothers,
Inc.
3,542
505,479
Investments
Shares
Value
Household
Durables
(continued)
TopBuild
Corp.*(a)
966
$
462,270
Tri
Pointe
Homes,
Inc.*
21,413
968,938
Vizio
Holding
Corp.,
Class
A*(a)
9,982
109,602
Whirlpool
Corp.(a)
11,109
1,132,785
Worthington
Enterprises,
Inc.(a)
7,084
353,562
20,694,874
Household
Products
-
0.8%
Central
Garden
&
Pet
Co.*(a)
1,458
58,087
Central
Garden
&
Pet
Co.,
Class
A*
4,669
160,427
Church
&
Dwight
Co.,
Inc.
6,279
615,405
Clorox
Co.
(The)
2,737
361,092
Colgate-Palmolive
Co.
18,998
1,884,412
Energizer
Holdings,
Inc.
(a)
11,109
342,046
Kimberly-Clark
Corp.
7,245
978,437
Procter
&
Gamble
Co.
(The)
55,223
8,877,650
Reynolds
Consumer
Products,
Inc.(a)
322
8,958
Spectrum
Brands
Holdings,
Inc.(a)
2,415
204,333
WD-40
Co.(a)
322
84,238
13,575,085
Independent
Power
and
Renewable
Electricity
Producers
-
0.1%
AES
Corp.
(The)
15,778
280,691
Altus
Power,
Inc.,
Class
A*(a)
11,109
46,658
Clearway
Energy,
Inc.,
Class
A
5,152
126,894
Clearway
Energy,
Inc.,
Class
C(a)
966
25,773
Ormat
Technologies,
Inc.
(a)
1,127
87,500
Sunnova
Energy
International,
Inc.*(a)
28,980
204,888
Vistra
Corp.
7,567
599,458
1,371,862
Industrial
Conglomerates
-
0.3%
3M
Co.
14,812
1,889,271
Honeywell
International,
Inc.
15,134
3,098,686
‌
4,987,957
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
31
Investments
Shares
Value
COMMON
STOCKS
(continued)
Industrial
REITs
-
0.3%
Americold
Realty
Trust,
Inc.,
REIT(a)
6,923
$
206,928
EastGroup
Properties,
Inc.,
REIT(a)
1,610
301,054
First
Industrial
Realty
Trust,
Inc.,
REIT
6,440
352,397
Innovative
Industrial
Properties,
Inc.,
REIT
1,771
217,496
LXP
Industrial
Trust,
REIT
18,676
192,363
Plymouth
Industrial
REIT,
Inc.,
REIT(a)
5,152
123,236
Prologis,
Inc.,
REIT
21,574
2,719,403
Rexford
Industrial
Realty,
Inc.,
REIT(a)
11,270
564,740
STAG
Industrial,
Inc.,
REIT(a)
9,660
394,224
Terreno
Realty
Corp.,
REIT(a)
3,726
254,896
5,326,737
Insurance
-
2.7%
Aflac,
Inc.
15,939
1,520,262
Allstate
Corp.
(The)
7,084
1,212,214
Ambac
Financial
Group,
Inc.*(a)
6,279
82,820
American
Financial
Group,
Inc.
2,254
295,184
American
International
Group,
Inc.
20,125
1,594,504
AMERISAFE,
Inc.
324
15,383
Aon
plc,
Class
A(a)
4,860
1,596,559
Arch
Capital
Group
Ltd.*
11,753
1,125,702
Arthur
J
Gallagher
&
Co.
4,669
1,323,615
Assurant,
Inc.(a)
10,948
1,914,477
Assured
Guaranty
Ltd.
3,542
291,754
Axis
Capital
Holdings
Ltd.
14,580
1,104,435
Brighthouse
Financial,
Inc.*
14,168
706,558
Brown
&
Brown,
Inc.
5,346
531,553
Chubb
Ltd.
11,431
3,151,069
Cincinnati
Financial
Corp.
3,381
441,626
CNO
Financial
Group,
Inc.
25,925
903,745
Employers
Holdings,
Inc.
2,576
123,674
Enstar
Group
Ltd.*
2,576
835,654
Erie
Indemnity
Co.,
Class
A(a)
322
142,050
Everest
Group
Ltd.
972
381,870
F&G
Annuities
&
Life,
Inc.
1,449
62,495
Fidelity
National
Financial,
Inc.
9,016
499,577
First
American
Financial
Corp.
20,574
1,246,373
Globe
Life,
Inc.
18,515
1,717,081
Investments
Shares
Value
Insurance
(continued)
Goosehead
Insurance,
Inc.,
Class
A*(a)
2,093
$
188,977
Hanover
Insurance
Group,
Inc.
(The)
6,440
885,436
Hartford
Financial
Services
Group,
Inc.
(The)
9,016
1,000,055
Horace
Mann
Educators
Corp.
4,991
172,539
Kemper
Corp.
11,431
732,270
Kinsale
Capital
Group,
Inc.(a)
805
367,941
Lincoln
National
Corp.
32,683
1,088,344
Loews
Corp.
6,279
502,006
Markel
Group,
Inc.*
404
662,095
Marsh
&
McLennan
Cos.,
Inc.
11,914
2,651,699
Mercury
General
Corp.
7,406
443,397
MetLife,
Inc.
18,515
1,422,878
Old
Republic
International
Corp.(a)
51,037
1,766,901
Oscar
Health,
Inc.,
Class
A*
7,245
128,092
Primerica,
Inc.(a)
1,288
324,280
Principal
Financial
Group,
Inc.
7,406
603,663
Progressive
Corp.
(The)
14,007
2,999,179
Prudential
Financial,
Inc.
10,692
1,339,921
Reinsurance
Group
of
America,
Inc.
1,449
326,648
RenaissanceRe
Holdings
Ltd.
1,771
410,713
RLI
Corp.(a)
1,288
193,960
Ryan
Specialty
Holdings,
Inc.,
Class
A(a)
2,737
168,572
Safety
Insurance
Group,
Inc.(a)
161
13,774
Selective
Insurance
Group,
Inc.
3,381
305,372
SiriusPoint
Ltd.*
13,122
188,563
Stewart
Information
Services
Corp.(a)
2,576
182,123
Travelers
Cos.,
Inc.
(The)
6,923
1,498,414
Trupanion,
Inc.*(a)
483
17,900
United
Fire
Group,
Inc.
4,669
104,632
Unum
Group
5,474
314,919
W
R
Berkley
Corp.
6,561
361,708
White
Mountains
Insurance
Group
Ltd.
(a)
161
287,546
Willis
Towers
Watson
plc
2,592
731,670
45,206,421
Interactive
Media
&
Services
-
4.3%
Alphabet,
Inc.,
Class
A
135,723
23,281,923
Alphabet,
Inc.,
Class
C
121,555
21,047,248
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
32
Investments
Shares
Value
COMMON
STOCKS
(continued)
Interactive
Media
&
Services
(continued)
Bumble,
Inc.,
Class
A*
14,973
$
139,848
Cargurus,
Inc.,
Class
A*
3,703
91,909
Cars.com,
Inc.*(a)
7,084
146,072
IAC,
Inc.*(a)
15,778
833,236
Match
Group,
Inc.*(a)
14,651
558,789
Meta
Platforms,
Inc.,
Class
A
50,876
24,157,451
Pinterest,
Inc.,
Class
A*(a)
13,202
421,804
Snap,
Inc.,
Class
A*(a)
22,862
304,522
Taboola.com
Ltd.*(a)
37,352
129,612
TripAdvisor,
Inc.*
2,254
39,738
Vimeo,
Inc.*(a)
23,828
95,789
Yelp,
Inc.,
Class
A*
4,347
158,361
Ziff
Davis,
Inc.*
8,855
423,977
ZipRecruiter,
Inc.,
Class
A*(a)
15,778
144,527
ZoomInfo
Technologies,
Inc.,
Class
A*(a)
2,576
29,263
72,004,069
IT
Services
-
1.1%
Accenture
plc,
Class
A
14,168
4,684,224
Akamai
Technologies,
Inc.*(a)
3,240
318,427
ASGN,
Inc.*(a)
2,898
274,354
Cloudflare,
Inc.,
Class
A*(a)
6,118
474,145
Cognizant
Technology
Solutions
Corp.,
Class
A
12,719
962,574
Core
Scientific,
Inc.*(a)
36,225
353,194
DigitalOcean
Holdings,
Inc.*(a)
1,771
58,673
DXC
Technology
Co.*(a)
35,903
730,267
EPAM
Systems,
Inc.*
1,449
311,723
Gartner,
Inc.*
1,932
968,299
GoDaddy,
Inc.,
Class
A*
3,726
541,947
International
Business
Machines
Corp.
26,082
5,011,395
Kyndryl
Holdings,
Inc.*
13,685
367,716
MongoDB,
Inc.*
1,288
325,040
Okta,
Inc.*
2,737
257,114
Perficient,
Inc.*
805
60,705
Snowflake,
Inc.,
Class
A*
8,211
1,070,550
Squarespace,
Inc.,
Class
A*
1,620
71,588
Twilio,
Inc.,
Class
A*
4,186
247,518
VeriSign,
Inc.*
2,093
391,412
17,480,865
Leisure
Products
-
0.3%
Acushnet
Holdings
Corp.
(a)
972
70,548
Investments
Shares
Value
Leisure
Products
(continued)
Brunswick
Corp.(a)
15,066
$
1,227,126
Hasbro,
Inc.(a)
4,186
269,829
Malibu
Boats,
Inc.,
Class
A*
5,635
214,355
Mattel,
Inc.*(a)
63,595
1,226,747
Peloton
Interactive,
Inc.,
Class
A*(a)
40,089
142,717
Polaris,
Inc.(a)
10,304
858,117
Sturm
Ruger
&
Co.,
Inc.
(a)
161
7,263
Topgolf
Callaway
Brands
Corp.*(a)
2,576
42,504
Vista
Outdoor,
Inc.*(a)
8,855
359,779
YETI
Holdings,
Inc.*(a)
1,932
79,888
4,498,873
Life
Sciences
Tools
&
Services
-
1.0%
10X
Genomics,
Inc.,
Class
A*
161
3,328
Agilent
Technologies,
Inc.
6,440
910,616
Avantor,
Inc.*(a)
14,007
374,687
Azenta,
Inc.*(a)
3,381
210,602
BioLife
Solutions,
Inc.*(a)
5,313
127,618
Bio-Rad
Laboratories,
Inc.,
Class
A*(a)
1,127
381,332
Bio-Techne
Corp.
4,347
354,672
Bruker
Corp.
2,268
155,381
Charles
River
Laboratories
International,
Inc.*
1,449
353,701
CryoPort,
Inc.*(a)
322
2,972
Danaher
Corp.
15,939
4,416,378
Fortrea
Holdings,
Inc.*(a)
2,415
66,630
Illumina,
Inc.*
2,737
335,556
IQVIA
Holdings,
Inc.*
4,669
1,149,648
Medpace
Holdings,
Inc.*
805
307,929
Mesa
Laboratories,
Inc.(a)
1,288
147,502
Mettler-Toledo
International,
Inc.*
486
739,220
OmniAb,
Inc.*‡(a)
562
—
Repligen
Corp.*(a)
2,254
377,207
Revvity,
Inc.(a)
2,093
262,902
Sotera
Health
Co.*(a)
9,660
133,984
Thermo
Fisher
Scientific,
Inc.
9,016
5,529,873
Waters
Corp.*(a)
1,610
541,411
West
Pharmaceutical
Services,
Inc.(a)
1,932
591,520
17,474,669
Machinery
-
2.1%
AGCO
Corp.(a)
11,753
1,109,718
Alamo
Group,
Inc.
324
62,441
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
33
Investments
Shares
Value
COMMON
STOCKS
(continued)
Machinery
(continued)
Albany
International
Corp.,
Class
A
1,944
$
181,920
Allison
Transmission
Holdings,
Inc.
17,227
1,526,140
Astec
Industries,
Inc.(a)
322
11,299
Barnes
Group,
Inc.
644
25,979
Caterpillar,
Inc.
14,007
4,849,223
Chart
Industries,
Inc.*(a)
1,610
259,339
CNH
Industrial
NV
15,134
161,177
Columbus
McKinnon
Corp.
486
18,546
Crane
Co.
1,449
232,449
Cummins,
Inc.
4,050
1,181,790
Deere
&
Co.
6,923
2,575,218
Donaldson
Co.,
Inc.
6,279
469,795
Douglas
Dynamics,
Inc.
324
9,367
Dover
Corp.
3,240
597,002
Energy
Recovery,
Inc.*
161
2,347
Enerpac
Tool
Group
Corp.,
Class
A
4,536
182,347
Enpro,
Inc.(a)
1,134
193,846
Esab
Corp.(a)
3,220
327,152
Federal
Signal
Corp.
1,620
161,951
Flowserve
Corp.
6,480
327,564
Fortive
Corp.
7,245
520,553
Franklin
Electric
Co.,
Inc.
1,127
120,161
Gates
Industrial
Corp.
plc*(a)
31,073
577,647
Gorman-Rupp
Co.
(The)
483
19,953
Graco,
Inc.
4,886
415,554
Greenbrier
Cos.,
Inc.
(The)
6,440
328,504
Hillenbrand,
Inc.(a)
13,202
583,924
Hyster-Yale,
Inc.
2,093
171,082
IDEX
Corp.
1,932
402,783
Illinois
Tool
Works,
Inc.
6,762
1,672,107
Ingersoll
Rand,
Inc.
8,533
856,713
ITT,
Inc.
4,212
595,830
John
Bean
Technologies
Corp.(a)
644
63,357
Kadant,
Inc.(a)
324
113,883
Kennametal,
Inc.(a)
2,898
75,754
Lincoln
Electric
Holdings,
Inc.(a)
1,771
363,781
Lindsay
Corp.(a)
324
40,821
Middleby
Corp.
(The)*
1,620
219,640
Miller
Industries,
Inc.
483
32,815
Mueller
Industries,
Inc.(a)
24,472
1,736,044
Mueller
Water
Products,
Inc.,
Class
A
4,698
97,155
Nordson
Corp.
1,134
283,874
Omega
Flex,
Inc.
1,127
59,258
Oshkosh
Corp.
13,122
1,425,705
Otis
Worldwide
Corp.(a)
9,882
933,849
PACCAR,
Inc.
14,490
1,429,583
Investments
Shares
Value
Machinery
(continued)
Parker-Hannifin
Corp.
3,059
$
1,716,588
Pentair
plc
4,347
381,971
RBC
Bearings,
Inc.*(a)
966
280,951
REV
Group,
Inc.(a)
5,796
169,127
Snap-on,
Inc.
1,458
418,490
SPX
Technologies,
Inc.*(a)
1,296
191,212
Standex
International
Corp.
162
30,262
Stanley
Black
&
Decker,
Inc.
2,737
289,082
Tennant
Co.
1,610
173,381
Terex
Corp.(a)
12,798
809,601
Timken
Co.
(The)(a)
4,025
349,974
Titan
International,
Inc.*(a)
9,338
79,560
Toro
Co.
(The)(a)
3,381
323,663
Trinity
Industries,
Inc.
2,592
85,692
Wabash
National
Corp.
7,728
166,075
Watts
Water
Technologies,
Inc.,
Class
A(a)
810
168,091
Westinghouse
Air
Brake
Technologies
Corp.
4,374
704,870
Xylem,
Inc.
6,279
838,246
34,783,776
Marine
Transportation
-
0.1%
Genco
Shipping
&
Trading
Ltd.
6,279
121,875
Kirby
Corp.*
3,381
415,457
Matson,
Inc.
6,440
854,653
1,391,985
Media
-
1
.0%
Altice
USA,
Inc.,
Class
A*(a)
31,717
66,289
Boston
Omaha
Corp.,
Class
A*(a)
5,474
80,468
Cable
One,
Inc.(a)
1,127
465,879
Charter
Communications,
Inc.,
Class
A*(a)
3,059
1,161,564
Clear
Channel
Outdoor
Holdings,
Inc.*
66,332
110,111
Comcast
Corp.,
Class
A
112,056
4,624,551
EchoStar
Corp.,
Class
A*(a)
23,184
465,535
Fox
Corp.,
Class
A
5,152
195,982
Fox
Corp.,
Class
B
1,771
62,747
Integral
Ad
Science
Holding
Corp.*(a)
6,440
65,559
Interpublic
Group
of
Cos.,
Inc.
(The)(a)
11,914
383,273
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
34
Investments
Shares
Value
COMMON
STOCKS
(continued)
Media
(continued)
Liberty
Broadband
Corp.,
Class
A*
5,635
$
373,150
Liberty
Broadband
Corp.,
Class
C*
24,472
1,649,168
Liberty
Media
Corp.-
Liberty
SiriusXM*
31,073
699,453
Liberty
Media
Corp.-
Liberty
SiriusXM,
Class
A*
6,923
156,598
New
York
Times
Co.
(The),
Class
A
8,372
448,656
News
Corp.,
Class
A
8,424
232,334
News
Corp.,
Class
B(a)
2,754
78,461
Nexstar
Media
Group,
Inc.,
Class
A(a)
6,762
1,249,550
Omnicom
Group,
Inc.(a)
6,156
603,534
Paramount
Global,
Class
B
126,224
1,441,478
PubMatic,
Inc.,
Class
A*
5,474
120,209
Scholastic
Corp.
648
20,302
Sirius
XM
Holdings,
Inc.
(a)
23,184
79,985
Stagwell,
Inc.,
Class
A*(a)
5,152
34,415
TEGNA,
Inc.
41,538
661,700
Thryv
Holdings,
Inc.*(a)
805
15,681
Trade
Desk,
Inc.
(The),
Class
A*
9,660
868,241
16,414,873
Metals
&
Mining
-
0.8%
Alcoa
Corp.
5,957
196,819
Alpha
Metallurgical
Resources,
Inc.(a)
2,415
713,415
Arch
Resources,
Inc.
3,726
546,045
ATI,
Inc.*(a)
7,245
490,559
Carpenter
Technology
Corp.
3,220
469,701
Century
Aluminum
Co.*
8,748
132,182
Cleveland-Cliffs,
Inc.*(a)
16,524
253,643
Coeur
Mining,
Inc.*(a)
32,039
207,933
Commercial
Metals
Co.
25,116
1,509,472
Compass
Minerals
International,
Inc.(a)
11,592
154,174
Freeport-McMoRan,
Inc.
35,259
1,601,111
Haynes
International,
Inc.
1,127
67,113
Hecla
Mining
Co.(a)
12,960
74,909
Ivanhoe
Electric,
Inc.*(a)
9,821
97,424
Kaiser
Aluminum
Corp.(a)
1,771
139,360
Materion
Corp.
486
58,529
Metallus,
Inc.*
8,100
181,602
MP
Materials
Corp.*(a)
644
8,707
Newmont
Corp.(a)
26,243
1,287,744
Nucor
Corp.
7,567
1,232,967
Radius
Recycling,
Inc.
2,415
43,760
Investments
Shares
Value
Metals
&
Mining
(continued)
Reliance,
Inc.
1,932
$
588,410
Royal
Gold,
Inc.(a)
2,576
355,797
Ryerson
Holding
Corp.
3,381
80,434
Southern
Copper
Corp.(a)
1,637
174,521
Steel
Dynamics,
Inc.
5,152
686,350
SunCoke
Energy,
Inc.
8,855
103,604
United
States
Steel
Corp.
(a)
44,114
1,812,644
Warrior
Met
Coal,
Inc.(a)
9,016
623,096
Worthington
Steel,
Inc.
3,059
121,962
14,013,987
Mortgage
Real
Estate
Investment
Trusts
(REITs)
-
0.6%
AGNC
Investment
Corp.
(a)
144,578
1,447,226
Annaly
Capital
Management,
Inc.
96,439
1,920,101
Apollo
Commercial
Real
Estate
Finance,
Inc.(a)
19,320
210,588
Arbor
Realty
Trust,
Inc.(a)
30,912
417,312
ARMOUR
Residential
REIT,
Inc.(a)
15,778
318,716
Blackstone
Mortgage
Trust,
Inc.,
Class
A(a)
29,624
528,788
BrightSpire
Capital,
Inc.,
Class
A(a)
25,599
146,682
Claros
Mortgage
Trust,
Inc.(a)
34,776
330,720
Ellington
Financial,
Inc.(a)
10,143
128,715
Franklin
BSP
Realty
Trust,
Inc.(a)
10,304
142,607
Invesco
Mortgage
Capital,
Inc.
1
6
Ladder
Capital
Corp.
29,624
355,488
MFA
Financial,
Inc.(a)
12,880
144,127
New
York
Mortgage
Trust,
Inc.(a)
19,159
124,150
PennyMac
Mortgage
Investment
Trust(a)
18,676
257,169
Ready
Capital
Corp.(a)
27,048
251,005
Redwood
Trust,
Inc.(a)
33,327
242,287
Rithm
Capital
Corp.
104,489
1,213,117
Starwood
Property
Trust,
Inc.(a)
60,214
1,201,269
TPG
RE
Finance
Trust,
Inc.
11,270
98,500
Two
Harbors
Investment
Corp.
12,236
164,819
9,643,392
Multi-Utilities
-
0.6%
Ameren
Corp.
9,177
727,461
Avista
Corp.
12,719
498,330
Black
Hills
Corp.
11,914
703,522
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
35
Investments
Shares
Value
COMMON
STOCKS
(continued)
Multi-Utilities
(continued)
CenterPoint
Energy,
Inc.
16,422
$
455,710
CMS
Energy
Corp.(a)
8,372
542,506
Consolidated
Edison,
Inc.
8,855
863,540
Dominion
Energy,
Inc.(a)
24,794
1,325,487
DTE
Energy
Co.
6,762
815,024
NiSource,
Inc.(a)
11,527
360,219
Northwestern
Energy
Group,
Inc.(a)
14,007
753,156
Public
Service
Enterprise
Group,
Inc.
12,397
988,909
Sempra
16,422
1,314,745
Unitil
Corp.(a)
1,932
118,393
WEC
Energy
Group,
Inc.
6,118
526,515
9,993,517
Office
REITs
-
0.2%
Brandywine
Realty
Trust,
REIT(a)
52,164
262,907
BXP,
Inc.,
REIT(a)
3,059
218,137
COPT
Defense
Properties,
REIT(a)
2,737
79,291
Cousins
Properties,
Inc.,
REIT
2,093
57,578
Douglas
Emmett,
Inc.,
REIT(a)
32,683
525,869
Highwoods
Properties,
Inc.,
REIT(a)
8,211
254,295
Hudson
Pacific
Properties,
Inc.,
REIT(a)
2,576
15,430
JBG
SMITH
Properties,
REIT(a)
24,472
400,117
Kilroy
Realty
Corp.,
REIT(a)
1,449
53,570
Paramount
Group,
Inc.,
REIT(a)
51,037
267,434
Piedmont
Office
Realty
Trust,
Inc.,
Class
A,
REIT
37,835
327,273
SL
Green
Realty
Corp.,
REIT(a)
4,508
300,413
Vornado
Realty
Trust,
REIT(a)
10,304
309,017
3,071,331
Oil,
Gas
&
Consumable
Fuels
-
4.0%
Antero
Midstream
Corp.
19,803
284,371
Antero
Resources
Corp.*
6,762
196,233
APA
Corp.
10,626
331,425
Berry
Corp.
10,304
70,685
California
Resources
Corp.(a)
13,524
695,675
Cheniere
Energy,
Inc.
5,796
1,058,581
Investments
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Chesapeake
Energy
Corp.(a)
3,420
$
261,049
Chevron
Corp.
49,588
7,957,386
Chord
Energy
Corp.
12,558
2,155,706
Civitas
Resources,
Inc.
14,007
977,134
Clean
Energy
Fuels
Corp.*(a)
31,878
90,852
CNX
Resources
Corp.*(a)
10,465
277,009
Comstock
Resources,
Inc.(a)
9,499
89,956
ConocoPhillips
34,132
3,795,478
CONSOL
Energy,
Inc.*
5,635
562,429
Coterra
Energy,
Inc.
23,491
606,067
Crescent
Energy
Co.,
Class
A(a)
14,812
181,151
CVR
Energy,
Inc.(a)
7,567
216,416
Delek
US
Holdings,
Inc.
4,186
99,543
Devon
Energy
Corp.
19,481
916,191
Diamondback
Energy,
Inc.(a)
5,508
1,114,324
Dorian
LPG
Ltd.(a)
7,290
297,869
DT
Midstream,
Inc.(a)
5,635
424,654
EOG
Resources,
Inc.
16,261
2,061,895
EQT
Corp.
13,040
450,010
Exxon
Mobil
Corp.
128,478
15,236,206
Green
Plains,
Inc.*(a)
4,374
77,551
Gulfport
Energy
Corp.*
1,932
284,410
Hess
Corp.
6,923
1,062,127
HF
Sinclair
Corp.
5,313
273,460
HighPeak
Energy,
Inc.(a)
5,635
94,724
International
Seaways,
Inc.
5,796
324,576
Kinder
Morgan,
Inc.(a)
52,808
1,115,833
Kosmos
Energy
Ltd.*(a)
84,676
468,258
Magnolia
Oil
&
Gas
Corp.,
Class
A(a)
11,753
320,152
Marathon
Oil
Corp.
19,964
559,990
Marathon
Petroleum
Corp.
10,626
1,881,015
Matador
Resources
Co.
22,218
1,365,963
Murphy
Oil
Corp.
29,946
1,239,165
New
Fortress
Energy,
Inc.(a)
15,778
311,458
NextDecade
Corp.*(a)
2,916
23,649
Northern
Oil
&
Gas,
Inc.
(a)
16,905
730,127
Occidental
Petroleum
Corp.
18,032
1,096,706
ONEOK,
Inc.
16,744
1,395,278
Ovintiv,
Inc.
8,546
396,876
Par
Pacific
Holdings,
Inc.*
10,143
269,297
PBF
Energy,
Inc.,
Class
A
22,400
912,800
Peabody
Energy
Corp.(a)
22,518
500,125
Permian
Resources
Corp.
104,167
1,597,922
Phillips
66
12,558
1,826,938
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
36
Investments
Shares
Value
COMMON
STOCKS
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Range
Resources
Corp.
(a)
8,050
$
251,402
Sitio
Royalties
Corp.,
Class
A
966
23,522
SM
Energy
Co.(a)
21,735
1,004,157
Southwestern
Energy
Co.*
226,849
1,463,176
Talos
Energy,
Inc.*(a)
10,143
120,093
Targa
Resources
Corp.
5,957
805,863
Texas
Pacific
Land
Corp.
(a)
486
410,621
Uranium
Energy
Corp.*(a)
3,078
18,253
VAALCO
Energy,
Inc.(a)
11,914
85,304
Valero
Energy
Corp.(a)
9,821
1,588,252
Vital
Energy,
Inc.*(a)
4,508
196,594
Vitesse
Energy,
Inc.(a)
1,288
33,436
Williams
Cos.,
Inc.
(The)
29,946
1,285,881
World
Kinect
Corp.(a)
10,626
296,784
66,120,033
Paper
&
Forest
Products
-
0.1%
Clearwater
Paper
Corp.*
1,610
89,307
Louisiana-Pacific
Corp.
3,864
379,290
Mercer
International,
Inc.
7,084
53,980
Sylvamo
Corp.(a)
5,796
427,223
949,800
Passenger
Airlines
-
0.3%
Alaska
Air
Group,
Inc.*
25,921
972,815
Allegiant
Travel
Co.(a)
3,220
180,545
American
Airlines
Group,
Inc.*(a)
123,326
1,312,189
Delta
Air
Lines,
Inc.(a)
16,905
727,253
Frontier
Group
Holdings,
Inc.*(a)
38,801
152,876
JetBlue
Airways
Corp.*(a)
45,080
288,963
Joby
Aviation,
Inc.*(a)
4,669
27,921
SkyWest,
Inc.*
6,762
540,554
Southwest
Airlines
Co.(a)
18,837
507,469
United
Airlines
Holdings,
Inc.*(a)
7,567
343,693
5,054,278
Personal
Care
Products
-
0.2%
BellRing
Brands,
Inc.*
4,536
232,606
Coty,
Inc.,
Class
A*(a)
14,007
139,370
Edgewell
Personal
Care
Co.(a)
4,037
158,049
elf
Beauty,
Inc.*
1,932
333,425
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
4,508
449,042
Investments
Shares
Value
Personal
Care
Products
(continued)
Herbalife
Ltd.*(a)
13,685
$
168,052
Inter
Parfums,
Inc.
486
68,370
Kenvue,
Inc.
46,368
857,344
Nu
Skin
Enterprises,
Inc.,
Class
A
483
5,419
Olaplex
Holdings,
Inc.*(a)
60,536
125,915
USANA
Health
Sciences,
Inc.*
1,449
64,625
2,602,217
Pharmaceuticals
-
3.1%
Amneal
Pharmaceuticals,
Inc.*(a)
9,338
68,448
Amphastar
Pharmaceuticals,
Inc.*(a)
972
42,301
ANI
Pharmaceuticals,
Inc.*(a)
162
10,647
Arvinas,
Inc.*
4,025
110,728
Axsome
Therapeutics,
Inc.*
1,620
141,442
Bristol-Myers
Squibb
Co.
47,173
2,243,548
Cassava
Sciences,
Inc.*(a)
1,932
42,929
Catalent,
Inc.*
8,211
487,241
Collegium
Pharmaceutical,
Inc.*(a)
8,372
322,908
Corcept
Therapeutics,
Inc.*(a)
3,943
152,476
Elanco
Animal
Health,
Inc.*
101,269
1,320,548
Eli
Lilly
&
Co.
19,481
15,667,984
Evolus,
Inc.*
1,782
22,132
Innoviva,
Inc.*(a)
8,533
160,762
Intra-Cellular
Therapies,
Inc.*
4,991
392,891
Jazz
Pharmaceuticals
plc*
13,685
1,508,771
Johnson
&
Johnson
68,747
10,851,714
Ligand
Pharmaceuticals,
Inc.*
322
35,095
Merck
&
Co.,
Inc.
72,450
8,196,268
Organon
&
Co.(a)
48,461
1,059,357
Pacira
BioSciences,
Inc.*
13,363
275,946
Perrigo
Co.
plc(a)
23,184
655,412
Pfizer,
Inc.
165,186
5,044,780
Pliant
Therapeutics,
Inc.*
4,991
71,421
Prestige
Consumer
Healthcare,
Inc.*(a)
3,220
228,008
Royalty
Pharma
plc,
Class
A
15,617
439,931
Scilex
Holding
Co.*
14,036
22,317
Supernus
Pharmaceuticals,
Inc.*(a)
4,186
124,827
Tilray
Brands,
Inc.*
104,167
211,459
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
37
Investments
Shares
Value
COMMON
STOCKS
(continued)
Pharmaceuticals
(continued)
Viatris,
Inc.(a)
25,921
$
312,607
Zoetis,
Inc.
11,270
2,029,051
52,253,949
Professional
Services
-
1.0%
Alight,
Inc.,
Class
A*
86,940
658,136
Automatic
Data
Processing,
Inc.
9,821
2,579,191
Barrett
Business
Services,
Inc.(a)
3,240
118,066
Booz
Allen
Hamilton
Holding
Corp.
2,916
417,892
Broadridge
Financial
Solutions,
Inc.(a)
2,415
516,810
CACI
International,
Inc.,
Class
A*
1,127
520,088
CBIZ,
Inc.*
1,620
112,428
Clarivate
plc*(a)
59,892
403,672
Concentrix
Corp.(a)
6,923
488,071
Conduent,
Inc.*(a)
34,454
140,572
CSG
Systems
International,
Inc.
2,592
121,409
Dayforce,
Inc.*(a)
1,449
85,897
Dun
&
Bradstreet
Holdings,
Inc.(a)
66,976
728,699
Equifax,
Inc.(a)
3,059
854,593
ExlService
Holdings,
Inc.*
4,669
164,629
Exponent,
Inc.(a)
1,127
119,552
FTI
Consulting,
Inc.*
1,127
245,652
Genpact
Ltd.(a)
27,853
965,663
Heidrick
&
Struggles
International,
Inc.
5,313
213,264
Huron
Consulting
Group,
Inc.*
486
53,465
ICF
International,
Inc.
486
71,491
Insperity,
Inc.(a)
1,127
115,765
Jacobs
Solutions,
Inc.
3,381
494,809
KBR,
Inc.
4,508
300,188
Kelly
Services,
Inc.,
Class
A(a)
4,991
117,438
Kforce,
Inc.(a)
324
22,508
Korn
Ferry
3,703
272,985
Legalzoom.com,
Inc.*
10,626
70,982
Leidos
Holdings,
Inc.
3,402
491,249
ManpowerGroup,
Inc.
8,855
678,116
Maximus,
Inc.
3,381
314,061
Parsons
Corp.*
2,898
264,790
Paychex,
Inc.(a)
7,290
933,266
Paycom
Software,
Inc.(a)
483
80,559
Paycor
HCM,
Inc.*
161
1,998
Paylocity
Holding
Corp.*
2,576
386,580
Robert
Half,
Inc.
3,240
207,976
Science
Applications
International
Corp.(a)
2,737
340,483
Investments
Shares
Value
Professional
Services
(continued)
SS&C
Technologies
Holdings,
Inc.
4,508
$
328,859
Sterling
Check
Corp.*(a)
6,279
98,455
TransUnion
3,381
305,169
TriNet
Group,
Inc.
1,771
184,627
Upwork,
Inc.*
26,565
321,968
Verisk
Analytics,
Inc.
3,564
932,877
Verra
Mobility
Corp.,
Class
A*
9,720
292,864
17,137,812
Real
Estate
Management
&
Development
-
0.3%
Anywhere
Real
Estate,
Inc.*(a)
8,050
37,996
CBRE
Group,
Inc.,
Class
A*
5,796
653,267
Compass,
Inc.,
Class
A*(a)
39,606
173,870
CoStar
Group,
Inc.*
9,499
741,112
Cushman
&
Wakefield
plc*(a)
31,717
415,810
DigitalBridge
Group,
Inc.
(a)
8,372
118,296
eXp
World
Holdings,
Inc.
966
13,872
Forestar
Group,
Inc.*
6,118
193,512
Howard
Hughes
Holdings,
Inc.*(a)
1,932
143,297
Jones
Lang
LaSalle,
Inc.*
2,254
565,529
Kennedy-Wilson
Holdings,
Inc.(a)
33,971
353,638
Newmark
Group,
Inc.,
Class
A
36,547
474,380
Redfin
Corp.*(a)
6,923
56,353
St
Joe
Co.
(The)
486
29,977
Zillow
Group,
Inc.,
Class
A*(a)
4,508
213,679
Zillow
Group,
Inc.,
Class
C*(a)
5,313
258,743
4,443,331
Residential
REITs
-
0.3%
American
Homes
4
Rent,
Class
A,
REIT
5,313
191,746
AvalonBay
Communities,
Inc.,
REIT
3,059
626,850
Camden
Property
Trust,
REIT
1,771
196,138
Centerspace,
REIT(a)
1,932
134,912
Elme
Communities,
REIT(a)
10,143
166,954
Equity
LifeStyle
Properties,
Inc.,
REIT
3,864
265,379
Equity
Residential,
REIT
8,855
616,574
Essex
Property
Trust,
Inc.,
REIT
1,288
358,528
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
38
Investments
Shares
Value
COMMON
STOCKS
(continued)
Residential
REITs
(continued)
Independence
Realty
Trust,
Inc.,
REIT
4,991
$
93,082
Invitation
Homes,
Inc.,
REIT
11,592
408,850
Mid-America
Apartment
Communities,
Inc.,
REIT
2,737
382,550
NexPoint
Residential
Trust,
Inc.,
REIT
3,864
168,818
Sun
Communities,
Inc.,
REIT
2,898
367,264
UDR,
Inc.,
REIT
6,279
251,599
UMH
Properties,
Inc.,
REIT(a)
7,889
140,109
4,369,353
Retail
REITs
-
0.4%
Acadia
Realty
Trust,
REIT(a)
9,177
198,590
Agree
Realty
Corp.,
REIT(a)
5,796
399,750
Alexander's,
Inc.,
REIT(a)
322
78,021
Brixmor
Property
Group,
Inc.,
REIT(a)
9,882
251,695
Federal
Realty
Investment
Trust,
REIT
3,381
377,489
Getty
Realty
Corp.,
REIT(a)
6,279
185,984
Kimco
Realty
Corp.,
REIT
19,481
423,322
Kite
Realty
Group
Trust,
REIT
13,363
329,532
Macerich
Co.
(The),
REIT
48,944
783,593
NNN
REIT,
Inc.,
REIT
9,660
433,637
Phillips
Edison
&
Co.,
Inc.,
REIT(a)
3,059
107,371
Realty
Income
Corp.,
REIT(a)
22,057
1,266,734
Regency
Centers
Corp.,
REIT
3,864
260,202
Retail
Opportunity
Investments
Corp.,
REIT
11,270
168,486
Simon
Property
Group,
Inc.,
REIT
7,084
1,086,969
SITE
Centers
Corp.,
REIT
4,698
72,584
Tanger,
Inc.,
REIT(a)
7,245
209,381
Urban
Edge
Properties,
REIT(a)
4,374
88,792
Whitestone
REIT,
REIT
2,898
39,992
‌
6,762,124
Investments
Shares
Value
Semiconductors
&
Semiconductor
Equipment
-
7.8%
Advanced
Micro
Devices,
Inc.*
37,721
$
5,449,930
Allegro
MicroSystems,
Inc.*
322
7,741
Alpha
&
Omega
Semiconductor
Ltd.*
3,703
153,304
Ambarella,
Inc.*
483
25,425
Amkor
Technology,
Inc.
7,567
247,138
Analog
Devices,
Inc.
11,753
2,719,409
Applied
Materials,
Inc.
19,320
4,099,704
Axcelis
Technologies,
Inc.*(a)
972
122,812
Broadcom,
Inc.
105,540
16,958,167
Cirrus
Logic,
Inc.*
1,610
210,073
Cohu,
Inc.*
1,134
36,277
Credo
Technology
Group
Holding
Ltd.*
5,474
151,904
Diodes,
Inc.*(a)
3,381
264,394
Enphase
Energy,
Inc.*
4,025
463,318
Entegris,
Inc.
3,703
438,028
First
Solar,
Inc.*
2,093
452,067
FormFactor,
Inc.*(a)
2,106
112,797
Ichor
Holdings
Ltd.*
3,542
120,428
Impinj,
Inc.*(a)
1,296
206,440
indie
Semiconductor,
Inc.,
Class
A*(a)
8,694
51,990
Intel
Corp.
97,727
3,004,128
KLA
Corp.
3,220
2,650,285
Kulicke
&
Soffa
Industries,
Inc.(a)
1,127
53,161
Lam
Research
Corp.
3,059
2,818,073
Lattice
Semiconductor
Corp.*
4,025
213,325
MACOM
Technology
Solutions
Holdings,
Inc.*(a)
1,449
146,233
Marvell
Technology,
Inc.
19,964
1,337,189
Microchip
Technology,
Inc.
12,075
1,072,019
Micron
Technology,
Inc.
26,082
2,864,325
MKS
Instruments,
Inc.
3,220
405,398
Monolithic
Power
Systems,
Inc.
1,127
972,702
Navitas
Semiconductor
Corp.,
Class
A*(a)
12,880
47,785
NVIDIA
Corp.
552,552
64,659,635
NXP
Semiconductors
NV
6,118
1,610,013
ON
Semiconductor
Corp.*
10,948
856,681
Onto
Innovation,
Inc.*
2,576
492,789
PDF
Solutions,
Inc.*(a)
324
11,369
Photronics,
Inc.*(a)
14,094
358,129
Power
Integrations,
Inc.(a)
2,415
176,392
Qorvo,
Inc.*(a)
2,576
308,605
QUALCOMM,
Inc.
31,717
5,739,191
Rambus,
Inc.*
3,542
182,200
Semtech
Corp.*(a)
6,279
199,170
Silicon
Laboratories,
Inc.*
1,771
212,750
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
39
Investments
Shares
Value
COMMON
STOCKS
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
SiTime
Corp.*(a)
161
$
22,854
Skyworks
Solutions,
Inc.
5,152
585,370
SMART
Global
Holdings,
Inc.*
5,635
131,859
SolarEdge
Technologies,
Inc.*(a)
14,007
404,242
Synaptics,
Inc.*(a)
2,576
224,936
Teradyne,
Inc.
3,381
443,452
Texas
Instruments,
Inc.
21,252
4,331,370
Ultra
Clean
Holdings,
Inc.*
4,025
174,121
Universal
Display
Corp.(a)
2,430
540,967
Veeco
Instruments,
Inc.*(a)
1,296
53,667
Wolfspeed,
Inc.*(a)
2,415
45,523
129,641,254
Software
-
7.8%
ACI
Worldwide,
Inc.*
2,576
111,360
Adeia,
Inc.
19,642
230,793
Adobe,
Inc.*
10,626
5,861,833
Agilysys,
Inc.*
324
36,317
Alarm.com
Holdings,
Inc.*(a)
1,127
79,510
Alkami
Technology,
Inc.*(a)
4,991
163,355
Altair
Engineering,
Inc.,
Class
A*(a)
3,220
284,519
Amplitude,
Inc.,
Class
A*(a)
9,338
79,933
ANSYS,
Inc.*
2,254
706,922
Appfolio,
Inc.,
Class
A*
1,288
285,266
Appian
Corp.,
Class
A*(a)
3,059
112,999
AppLovin
Corp.,
Class
A*(a)
4,669
359,980
Asana,
Inc.,
Class
A*(a)
13,202
192,089
Aspen
Technology,
Inc.*(a)
810
152,239
Atlassian
Corp.,
Class
A*
3,703
653,839
Aurora
Innovation,
Inc.,
Class
A*(a)
51,198
204,792
Autodesk,
Inc.*
4,830
1,195,522
Bentley
Systems,
Inc.,
Class
B(a)
5,152
251,108
BILL
Holdings,
Inc.*
6,440
321,742
Blackbaud,
Inc.*(a)
2,592
205,753
BlackLine,
Inc.*(a)
161
7,651
Box,
Inc.,
Class
A*(a)
4,698
132,108
Braze,
Inc.,
Class
A*
3,381
148,967
C3.ai,
Inc.,
Class
A*(a)
4,186
111,976
Cadence
Design
Systems,
Inc.*
6,318
1,691,076
CCC
Intelligent
Solutions
Holdings,
Inc.*
11,753
120,586
Cleanspark,
Inc.*(a)
6,440
103,040
Investments
Shares
Value
Software
(continued)
Clearwater
Analytics
Holdings,
Inc.,
Class
A*(a)
2,093
$
40,918
CommVault
Systems,
Inc.*
2,592
396,187
Confluent,
Inc.,
Class
A*
6,923
173,213
Crowdstrike
Holdings,
Inc.,
Class
A*
5,313
1,232,403
Datadog,
Inc.,
Class
A*
7,084
824,861
DocuSign,
Inc.*
2,576
142,916
Dolby
Laboratories,
Inc.,
Class
A
2,576
202,886
DoubleVerify
Holdings,
Inc.*
5,474
115,611
Dropbox,
Inc.,
Class
A*
9,821
234,918
Dynatrace,
Inc.*
6,118
268,703
E2open
Parent
Holdings,
Inc.*(a)
16,100
75,187
Elastic
NV*
4,186
459,079
Enfusion,
Inc.,
Class
A*
648
6,143
Envestnet,
Inc.*
644
39,915
EverCommerce,
Inc.*(a)
8,050
97,083
Fair
Isaac
Corp.*
648
1,036,800
Five9,
Inc.*(a)
483
21,518
Fortinet,
Inc.*
15,390
893,236
Freshworks,
Inc.,
Class
A*
9,177
114,712
Gen
Digital,
Inc.
15,295
397,517
Gitlab,
Inc.,
Class
A*
3,703
189,705
Guidewire
Software,
Inc.*
4,186
628,193
HashiCorp,
Inc.,
Class
A*
4,347
146,711
HubSpot,
Inc.*
1,288
640,175
Informatica,
Inc.,
Class
A*
4,186
100,213
Intapp,
Inc.*
648
23,218
InterDigital,
Inc.(a)
644
79,057
Intuit,
Inc.
6,440
4,168,934
JFrog
Ltd.*
5,474
211,077
LiveRamp
Holdings,
Inc.*
1,127
34,126
Manhattan
Associates,
Inc.*
1,771
452,278
Marathon
Digital
Holdings,
Inc.*(a)
8,211
161,510
MeridianLink,
Inc.*(a)
4,669
110,328
Microsoft
Corp.
172,431
72,136,509
MicroStrategy,
Inc.,
Class
A*(a)
322
519,850
Nutanix,
Inc.,
Class
A*
7,084
357,813
Olo,
Inc.,
Class
A*
29,946
143,142
Oracle
Corp.
36,869
5,141,382
PagerDuty,
Inc.*(a)
9,338
195,444
Palantir
Technologies,
Inc.,
Class
A*
42,826
1,151,591
Palo
Alto
Networks,
Inc.*
7,245
2,352,669
Pegasystems,
Inc.
644
44,900
PowerSchool
Holdings,
Inc.,
Class
A*
1,944
43,857
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
40
Investments
Shares
Value
COMMON
STOCKS
(continued)
Software
(continued)
Procore
Technologies,
Inc.*
2,898
$
205,845
Progress
Software
Corp.
(a)
644
37,610
PTC,
Inc.*
2,415
429,508
Q2
Holdings,
Inc.*(a)
4,025
271,567
Qualys,
Inc.*
1,296
193,285
Rapid7,
Inc.*
2,737
107,674
RingCentral,
Inc.,
Class
A*
19,964
699,738
Riot
Platforms,
Inc.*(a)
7,406
75,467
Roper
Technologies,
Inc.
2,415
1,315,571
Salesforce,
Inc.
21,252
5,500,018
Samsara,
Inc.,
Class
A*(a)
7,567
289,665
SentinelOne,
Inc.,
Class
A*
12,719
291,265
ServiceNow,
Inc.*
4,669
3,802,387
Smartsheet,
Inc.,
Class
A*
5,796
277,976
SolarWinds
Corp.
8,694
103,719
Sprinklr,
Inc.,
Class
A*(a)
8,855
87,045
SPS
Commerce,
Inc.*
1,127
242,778
Synopsys,
Inc.*
3,542
1,977,569
Tenable
Holdings,
Inc.*
3,381
155,256
Teradata
Corp.*
2,737
88,734
Tyler
Technologies,
Inc.*
1,127
640,260
UiPath,
Inc.,
Class
A*(a)
15,456
188,100
Varonis
Systems,
Inc.*
4,347
239,650
Verint
Systems,
Inc.*
5,635
203,649
Workday,
Inc.,
Class
A*
5,152
1,170,122
Workiva,
Inc.,
Class
A*(a)
2,415
178,155
Zoom
Video
Communications,
Inc.,
Class
A*
8,694
525,118
Zscaler,
Inc.*
1,771
317,629
129,227,123
Specialized
REITs
-
0.8%
American
Tower
Corp.,
REIT
10,626
2,341,970
Crown
Castle,
Inc.,
REIT
8,855
974,758
CubeSmart,
REIT
7,567
360,038
Digital
Realty
Trust,
Inc.,
REIT(a)
6,762
1,010,851
EPR
Properties,
REIT(a)
4,860
218,700
Equinix,
Inc.,
REIT
2,106
1,664,245
Extra
Space
Storage,
Inc.,
REIT
5,313
848,061
Four
Corners
Property
Trust,
Inc.,
REIT(a)
5,152
139,825
Gaming
and
Leisure
Properties,
Inc.,
REIT
6,318
317,164
Iron
Mountain,
Inc.,
REIT(a)
6,480
664,589
Investments
Shares
Value
Specialized
REITs
(continued)
Lamar
Advertising
Co.,
Class
A,
REIT
3,059
$
366,652
National
Storage
Affiliates
Trust,
REIT(a)
4,830
205,613
PotlatchDeltic
Corp.,
REIT
6,118
271,395
Public
Storage,
REIT(a)
3,564
1,054,659
Rayonier,
Inc.,
REIT
6,923
209,975
Safehold,
Inc.,
REIT(a)
5,957
137,845
SBA
Communications
Corp.,
REIT
2,737
600,881
Uniti
Group,
Inc.,
REIT(a)
38,157
146,523
VICI
Properties,
Inc.,
Class
A,
REIT
29,624
926,046
Weyerhaeuser
Co.,
REIT
17,066
542,016
13,001,806
Specialty
Retail
-
2.5%
Abercrombie
&
Fitch
Co.,
Class
A*
2,737
403,653
Academy
Sports
&
Outdoors,
Inc.(a)
16,261
879,232
Advance
Auto
Parts,
Inc.
(a)
2,576
163,138
American
Eagle
Outfitters,
Inc.(a)
40,572
894,613
Arko
Corp.(a)
2,430
15,916
Asbury
Automotive
Group,
Inc.*(a)
4,212
1,133,955
AutoNation,
Inc.*
6,118
1,166,825
AutoZone,
Inc.*
401
1,256,610
Bath
&
Body
Works,
Inc.
(a)
43,148
1,585,689
Best
Buy
Co.,
Inc.
6,279
543,259
Boot
Barn
Holdings,
Inc.*
1,288
171,922
Buckle,
Inc.
(The)(a)
6,156
265,878
Burlington
Stores,
Inc.*
1,288
335,292
Caleres,
Inc.(a)
8,372
322,824
Camping
World
Holdings,
Inc.,
Class
A(a)
5,152
117,878
CarMax,
Inc.*(a)
3,864
326,276
Carvana
Co.*
4,991
664,951
Chewy,
Inc.,
Class
A*
6,118
147,933
Dick's
Sporting
Goods,
Inc.(a)
1,932
417,988
Five
Below,
Inc.*
2,254
163,956
Floor
&
Decor
Holdings,
Inc.,
Class
A*(a)
3,059
299,782
Foot
Locker,
Inc.(a)
14,168
411,722
GameStop
Corp.,
Class
A*
11,431
259,141
Gap,
Inc.
(The)(a)
45,402
1,066,039
Group
1
Automotive,
Inc.
(a)
3,059
1,118,737
Guess?,
Inc.(a)
5,474
131,650
Home
Depot,
Inc.
(The)
28,336
10,432,182
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
41
Investments
Shares
Value
COMMON
STOCKS
(continued)
Specialty
Retail
(continued)
Leslie's,
Inc.*(a)
42,826
$
126,337
Lithia
Motors,
Inc.,
Class
A(a)
5,635
1,557,120
Lowe's
Cos.,
Inc.
16,583
4,071,292
MarineMax,
Inc.*
4,830
168,422
Monro,
Inc.(a)
3,542
109,164
Murphy
USA,
Inc.
805
406,461
ODP
Corp.
(The)*
8,855
374,124
O'Reilly
Automotive,
Inc.*
1,449
1,632,067
Penske
Automotive
Group,
Inc.(a)
1,127
196,222
RH*(a)
161
46,703
Ross
Stores,
Inc.
7,614
1,090,553
Sally
Beauty
Holdings,
Inc.*(a)
15,778
180,658
Shoe
Carnival,
Inc.(a)
5,796
246,156
Signet
Jewelers
Ltd.(a)
8,262
695,082
Sonic
Automotive,
Inc.,
Class
A(a)
4,186
249,234
TJX
Cos.,
Inc.
(The)
26,565
3,002,376
Tractor
Supply
Co.
2,592
682,525
Ulta
Beauty,
Inc.*
1,134
413,785
Upbound
Group,
Inc.(a)
9,982
376,621
Urban
Outfitters,
Inc.*
9,821
452,257
Valvoline,
Inc.*
7,614
354,051
Victoria's
Secret
&
Co.*(a)
8,372
148,603
Warby
Parker,
Inc.,
Class
A*(a)
9,338
153,797
Wayfair,
Inc.,
Class
A*(a)
4,991
271,660
Williams-Sonoma,
Inc.(a)
2,898
448,263
42,150,574
Technology
Hardware,
Storage
&
Peripherals
-
4.8%
Apple,
Inc.
334,880
74,370,150
Corsair
Gaming,
Inc.*
12,075
99,136
Dell
Technologies,
Inc.,
Class
C
6,923
787,007
Diebold
Nixdorf,
Inc.*
3,703
161,266
Hewlett
Packard
Enterprise
Co.
38,693
770,377
HP,
Inc.
27,531
993,594
IonQ,
Inc.*(a)
11,431
93,163
NetApp,
Inc.(a)
5,635
715,532
Pure
Storage,
Inc.,
Class
A*
8,372
501,734
Seagate
Technology
Holdings
plc
5,635
575,728
Super
Micro
Computer,
Inc.*(a)
1,288
903,725
Western
Digital
Corp.*(a)
9,177
615,318
Xerox
Holdings
Corp.(a)
20,125
216,645
‌
80,803,375
Investments
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
-
0.8%
Capri
Holdings
Ltd.*(a)
23,023
$
772,191
Carter's,
Inc.(a)
5,635
341,199
Columbia
Sportswear
Co.(a)
1,610
131,537
Crocs,
Inc.*(a)
12,312
1,654,363
Deckers
Outdoor
Corp.*
609
561,882
G-III
Apparel
Group
Ltd.*(a)
11,109
306,275
Hanesbrands,
Inc.*(a)
52,486
311,767
Kontoor
Brands,
Inc.
10,143
711,531
Lululemon
Athletica,
Inc.*
2,592
670,447
NIKE,
Inc.,
Class
B
27,209
2,036,866
Oxford
Industries,
Inc.(a)
2,415
254,372
PVH
Corp.
12,236
1,247,950
Ralph
Lauren
Corp.
2,093
367,510
Skechers
USA,
Inc.,
Class
A*
5,670
369,287
Steven
Madden
Ltd.
3,381
153,295
Tapestry,
Inc.
45,241
1,813,712
Under
Armour,
Inc.,
Class
A*
38,318
267,076
Under
Armour,
Inc.,
Class
C*(a)
21,574
146,488
VF
Corp.(a)
66,815
1,133,182
13,250,930
Tobacco
-
0.5%
Altria
Group,
Inc.
49,266
2,414,527
Philip
Morris
International,
Inc.
44,597
5,135,790
Universal
Corp.(a)
3,220
172,012
Vector
Group
Ltd.
23,184
296,292
8,018,621
Trading
Companies
&
Distributors
-
0.9%
Air
Lease
Corp.,
Class
A(a)
19,481
966,647
Applied
Industrial
Technologies,
Inc.
2,093
456,672
Beacon
Roofing
Supply,
Inc.*
11,592
1,191,658
BlueLinx
Holdings,
Inc.*
1,782
214,891
Boise
Cascade
Co.(a)
7,776
1,104,892
Core
&
Main,
Inc.,
Class
A*
5,796
309,912
Custom
Truck
One
Source,
Inc.*(a)
15,939
79,854
DNOW,
Inc.*
13,202
202,783
DXP
Enterprises,
Inc.*
483
26,449
Fastenal
Co.
12,312
871,074
Ferguson
plc
4,347
967,860
FTAI
Aviation
Ltd.(a)
3,220
358,869
GATX
Corp.(a)
2,093
291,973
GMS,
Inc.*(a)
9,016
867,610
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
42
Investments
Shares
Value
COMMON
STOCKS
(continued)
Trading
Companies
&
Distributors
(continued)
H&E
Equipment
Services,
Inc.
6,440
$
336,812
Herc
Holdings,
Inc.
5,313
827,978
McGrath
RentCorp
1,771
194,509
MRC
Global,
Inc.*
16,422
237,791
MSC
Industrial
Direct
Co.,
Inc.,
Class
A(a)
2,737
243,456
Rush
Enterprises,
Inc.,
Class
A(a)
5,152
262,804
Rush
Enterprises,
Inc.,
Class
B
730
34,514
SiteOne
Landscape
Supply,
Inc.*(a)
2,106
308,908
Titan
Machinery,
Inc.*
805
14,353
United
Rentals,
Inc.
1,771
1,340,824
Watsco,
Inc.(a)
648
317,190
WESCO
International,
Inc.
9,234
1,615,488
WW
Grainger,
Inc.(a)
972
949,459
14,595,230
Water
Utilities
-
0.1%
American
States
Water
Co.
483
39,862
American
Water
Works
Co.,
Inc.
5,313
756,359
California
Water
Service
Group
805
43,035
Essential
Utilities,
Inc.
8,694
353,411
Middlesex
Water
Co.
486
32,309
SJW
Group
966
58,549
York
Water
Co.
(The)(a)
1,932
79,811
1,363,336
Wireless
Telecommunication
Services
-
0.2%
Gogo,
Inc.*(a)
7,614
69,135
Telephone
and
Data
Systems,
Inc.
20,608
436,890
T-Mobile
US,
Inc.
11,914
2,171,684
2,677,709
Total
Common
Stocks
(Cost
$863,831,455)
1,652,470,480
Number
of
Warrants
WARRANTS
-
0.0%(d)
Oil,
Gas
&
Consumable
Fuels
-
0.0%(d)
Occidental
Petroleum
Corp.,
expiring
8/3/2027,
price
22.00
(Cost
$21,117)*
4,266
166,161
Investments
Number
of
Warrants
Value
Number
of
Rights
RIGHTS
-
0.0%
Health
Care
Equipment
&
Supplies
-
0.0%
ABIOMED,
Inc.,
CVR*‡
1,110
—
Paper
&
Forest
Products
-
0.0%
Resolute
Forest
Products,
Inc.,
CVR*‡
6,734
—
Total
Rights
(Cost
$1,132)
—
Principal
Amount
SECURITIES
LENDING
REINVESTMENTS
-
8.9%(e)
CERTIFICATES
OF
DEPOSIT
-
1.9%
Bank
of
Montreal,
London
(SOFR
+
0.20%),
5.53%,
12/17/2024(f)
$
5,000,000
$
5,000,000
Cooperatieve
Rabobank
UA,
London
5.68%,
7/3/2025
2,000,000
2,001,400
Credit
Agricole
CIB,
New
York
(SOFR
+
0.17%),
5.50%,
9/11/2024(f)
5,000,000
5,000,000
MUFG
Bank
Ltd.,
London
Branch
5.54%,
9/23/2024
2,000,000
2,000,000
Natixis
SA,
New
York
(SOFR
+
0.22%),
5.55%,
11/1/2024(f)
2,000,000
2,000,100
Nordea
Bank
Abp,
New
York
Branch
(SOFR
+
0.32%),
5.65%,
7/18/2025(f)
4,000,000
4,000,736
Oversea-Chinese
Banking
Corp.
Ltd.,
New
York
(SOFR
+
0.20%),
5.55%,
10/22/2024(f)
5,000,000
5,000,515
Svenska
Handelsbanken,
New
York
(SOFR
+
0.20%),
5.53%,
10/30/2024(f)
2,000,000
2,000,248
The
Sumitomo
Bank
Ltd.,
New
York
(SOFR
+
0.17%),
5.50%,
8/7/2024(f)
5,000,000
5,000,000
Total
Certificates
of
Deposit
(Cost
$31,999,772)
32,002,999
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
43
Investments
Principal
Amount
Value
SECURITIES
LENDING
REINVESTMENTS
(continued)
REPURCHASE
AGREEMENTS
-
7.0%
BofA
Securities,
Inc.
5.77%,
dated
7/31/2024,
due
10/31/2024,
repurchase
price
$6,088,473,
collateralized
by
various
Common
Stocks;
total
market
value
$6,724,567
$
6,000,000
$
6,000,000
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$7,523,867,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$7,703,161
7,522,751
7,522,751
National
Bank
of
Canada
Financial
Inc.
5.47%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$60,009,117,
collateralized
by
various
Common
Stocks,
U.S.
Treasury
Securities,
0.63%,
1/15/2026;
total
market
value
$65,974,797
60,000,000
60,000,000
Societe
Generale
5.45%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$18,002,725,
collateralized
by
various
Common
Stocks;
total
market
value
$20,194,386
18,000,000
18,000,000
Investments
Principal
Amount
Value
REPURCHASE
AGREEMENTS
(continued)
TD
Prime
Services
LLC
5.42%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$25,003,764,
collateralized
by
various
Common
Stocks;
total
market
value
$27,903,684
$
25,000,000
$
25,000,000
Total
Repurchase
Agreements
(Cost
$116,522,751)
116,522,751
Total
Securities
Lending
Reinvestments
(Cost
$148,522,523)
148,525,750
Total
Investments
-
108.1%
(Cost
$1,012,376,227)
1,801,162,391
Liabilities
in
excess
of
other
assets
-
(8.1%)
(134,530,922)
NET
ASSETS
-
100.0%
$1,666,631,469
*
Non-income
producing
security.
‡
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$219,425,379,
collateralized
in
the
form
of
cash
with
a
value
of
$148,522,496
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments;
$65,842,469
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
7.63%,
and
maturity
dates
ranging
from
August
1,
2024
–
May
15,
2054
and
$9,001,850
of
collateral
in
the
form
of
Foreign
Government
Fixed
Income
Securities,
interest
rates
ranging
from
0.00%
–
5.75%,
and
maturity
dates
ranging
from
August
15,
2024
–
June
30,
2120;
a
total
value
of
$223,366,815.
(b)
Security
exempt
from
registration
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933.
Regulation
S
applies
to
securities
offerings
that
are
made
outside
of
the
United
States
and
do
not
involve
direct
selling
efforts
in
the
United
States
and
as
such
may
have
restrictions
on
resale.
(c)
Investment
in
affiliated
company.
Northern
Trust
Investments,
Inc.,
the
Investment
Adviser
of
the
Fund,
is
a
subsidiary
of
Northern
Trust
Corporation.
(d)
Represents
less
than
0.05%
of
net
assets.
(e)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$148,525,750.
(f)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
is
the
rate
in
effect
as
of
July
31,
2024.
Percentages
shown
are
based
on
Net
Assets.
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
US
Market
Factor
Tilt
Index
Fund
(cont.)
44
Abbreviations
CVR
Contingent
Value
Rights
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
Investment
in
a
company
which
was
affiliated
for
the
period
ended
July
31,
2024,
was
as
follows:
Security
Value
October
31,
2023
Purchases
at
Cost
Sales
Proceeds
Shares
July
31,
2024
Value
July
31,
2024
Change
in
Unrealized
Appreciation
(Depreciation)
Dividend
Income
Realized
Gain
Northern
Trust
Corp.
$
459,393
$
16,776
$
60,411
6,440
$
570,906
$
144,906
$
14,916
$
10,242
Futures
Contracts
FlexShares®
Morningstar
US
Market
Factor
Tilt
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
Long
Contracts
‌
Russell
2000
E-Mini
Index
20
09/20/2024
USD
$
2,273,000
$
216,800
S&P
500
E-Mini
Index
29
09/20/2024
USD
8,059,100
64,810
S&P
Midcap
400
E-Mini
Index
9
09/20/2024
USD
2,808,090
163,247
$
444,857
Abbreviations:
USD
—
US
Dollar
Security
Type
%
of
Net
Assets
Common
Stocks
99.2
%
Warrants
0.0
†
Rights
–‌
Securities
Lending
Reinvestments
8.9
Others
(1)
(8.1)
100.0%
†
Amount
represents
less
than
0.05%.
(1)
Includes
any
other
net
assets/(liabilities).
45
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
July
31,
2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
98
.8
%
Aerospace
&
Defense
-
1
.2
%
Airbus
SE
7,922
$
1,199,793
Babcock
International
Group
plc
25,534
174,153
BAE
Systems
plc
40,834
680,267
Bombardier,
Inc.,
Class
B*
1,886
127,212
CAE,
Inc.*
4,476
81,391
Chemring
Group
plc
15,334
81,540
Dassault
Aviation
SA
369
74,309
Elbit
Systems
Ltd.
412
74,015
Hensoldt
AG
800
29,641
INVISIO
AB
2,552
59,528
Kongsberg
Gruppen
ASA
1,417
142,030
Leonardo
SpA
6,732
160,336
LISI
SA
880
24,235
Melrose
Industries
plc
19,321
146,122
Montana
Aerospace
AG*(a)
1,326
28,170
MTU
Aero
Engines
AG
714
202,194
QinetiQ
Group
plc
26,724
165,861
Rheinmetall
AG
646
352,175
Rolls-Royce
Holdings
plc*
113,866
657,563
Saab
AB,
Class
B
5,868
135,290
Safran
SA
4,488
986,348
Singapore
Technologies
Engineering
Ltd.
17,900
59,149
Thales
SA
1,326
210,853
5,852,175
Air
Freight
&
Logistics
-
0
.6
%
Cargojet,
Inc.(b)
608
57,404
Cia
de
Distribucion
Integral
Logista
Holdings
SA
2,419
71,513
Deutsche
Post
AG
19,414
866,575
DSV
A/S
2,380
436,248
Freightways
Group
Ltd.(b)
7,410
40,051
ID
Logistics
Group
SACA*(b)
81
39,180
InPost
SA*
3,608
62,389
International
Distribution
Services
plc*
14,455
64,055
Kerry
Logistics
Network
Ltd.
119,000
104,193
Konoike
Transport
Co.
Ltd.
10,200
163,447
Mainfreight
Ltd.(b)
1,312
58,063
Mitsui-Soko
Holdings
Co.
Ltd.(b)
6,800
217,839
Nippon
Express
Holdings,
Inc.
1,600
79,330
Oesterreichische
Post
AG
136
4,489
Investments
Shares
Value
Air
Freight
&
Logistics
(continued)
Sankyu,
Inc.
1,333
$
45,715
SBS
Holdings,
Inc.
6,800
125,054
Senko
Group
Holdings
Co.
Ltd.(b)
40,800
312,386
SG
Holdings
Co.
Ltd.(b)
3,800
38,477
Yamato
Holdings
Co.
Ltd.
(b)
3,800
46,142
2,832,550
Automobile
Components
-
1
.8
%
Aisan
Industry
Co.
Ltd.
10,500
107,750
Aisin
Corp.
3,600
123,222
Amotiv
Ltd.
46,172
325,925
ARB
Corp.
Ltd.(b)
2,686
73,824
Brembo
NV(b)
1,435
16,096
Bridgestone
Corp.
10,200
419,294
CIE
Automotive
SA(b)
2,091
61,092
Cie
Generale
des
Etablissements
Michelin
SCA
12,444
492,843
Continental
AG
1,938
118,906
Denso
Corp.
40,800
681,717
Dometic
Group
AB(c)
5,962
40,887
Dowlais
Group
plc
477,224
391,688
Eagle
Industry
Co.
Ltd.
8,200
115,975
Exedy
Corp.
10,200
216,935
FCC
Co.
Ltd.
13,600
213,681
Forvia
SE
3,876
45,444
Gestamp
Automocion
SA(a)
43,928
127,392
G-Tekt
Corp.
7,400
90,250
Hella
GmbH
&
Co.
KGaA
328
31,021
Johnson
Electric
Holdings
Ltd.(b)
119,000
164,516
JTEKT
Corp.
3,800
27,706
Koito
Manufacturing
Co.
Ltd.(b)
5,000
74,621
KYB
Corp.
6,800
237,272
Linamar
Corp.(b)
13,770
686,482
Magna
International,
Inc.
(b)
4,216
186,988
Musashi
Seimitsu
Industry
Co.
Ltd.
17,000
240,775
NHK
Spring
Co.
Ltd.
2,900
31,976
Nifco,
Inc.
2,400
61,795
Niterra
Co.
Ltd.
2,700
81,111
NOK
Corp.
4,100
60,576
Nokian
Renkaat
OYJ(b)
8,364
76,315
Opmobility
13,770
144,610
Pacific
Industrial
Co.
Ltd.
20,400
214,223
Pirelli
&
C
SpA(a)
3,854
24,130
PWR
Holdings
Ltd.
3,772
29,311
Seiren
Co.
Ltd.(b)
4,100
64,609
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
46
Investments
Shares
Value
COMMON
STOCKS
(continued)
Automobile
Components
(continued)
Shoei
Co.
Ltd.(b)
3,800
$
50,638
Stanley
Electric
Co.
Ltd.
3,400
67,397
Sumitomo
Electric
Industries
Ltd.
13,600
208,800
Sumitomo
Riko
Co.
Ltd.
13,600
138,206
Sumitomo
Rubber
Industries
Ltd.
3,800
40,081
TI
Fluid
Systems
plc(a)
106,556
180,115
Tokai
Rika
Co.
Ltd.
17,000
233,770
Topre
Corp.
17,000
236,368
Toyo
Tire
Corp.
4,500
74,546
Toyoda
Gosei
Co.
Ltd.
2,000
37,046
Toyota
Boshoku
Corp.
2,700
36,796
Valeo
SE
72,018
824,896
Vitesco
Technologies
Group
AG
5,780
350,880
Yokohama
Rubber
Co.
Ltd.
(The)
3,800
87,310
8,667,807
Automobiles
-
2
.2
%
Aston
Martin
Lagonda
Global
Holdings
plc*(a)
(b)
16,400
32,735
Bayerische
Motoren
Werke
AG
5,066
470,458
Bayerische
Motoren
Werke
AG
(Preference)
1,660
142,535
Dr
Ing
hc
F
Porsche
AG
(Preference)(a)
1,428
107,796
Ferrari
NV
1,632
671,781
Honda
Motor
Co.
Ltd.
91,800
1,004,882
Isuzu
Motors
Ltd.
10,200
140,160
Mazda
Motor
Corp.
10,900
99,394
Mercedes-Benz
Group
AG
15,368
1,017,073
Mitsubishi
Motors
Corp.(b)
13,500
39,398
Nissan
Motor
Co.
Ltd.(b)
30,600
98,882
Nissan
Shatai
Co.
Ltd.
3,800
23,715
Piaggio
&
C
SpA(b)
49,708
136,947
PIERER
Mobility
AG
3,060
98,205
Porsche
Automobil
Holding
SE
(Preference)
3,876
173,347
Renault
SA
3,536
171,571
Stellantis
NV
40,800
680,082
Subaru
Corp.
10,600
210,401
Suzuki
Motor
Corp.
34,000
397,601
Toyota
Motor
Corp.
227,800
4,464,856
Trigano
SA
2,414
283,423
Volkswagen
AG
(Preference)
3,468
387,281
Investments
Shares
Value
Automobiles
(continued)
Yamaha
Motor
Co.
Ltd.
20,400
$
191,852
11,044,375
Banks
-
11
.3
%
ABN
AMRO
Bank
NV,
CVA(a)
7,512
130,995
AIB
Group
plc
22,406
128,501
Aichi
Financial
Group,
Inc.(b)
13,600
247,306
Aktia
Bank
OYJ(b)
17,204
173,691
Alandsbanken
Abp,
Class
B
1,972
73,406
Alior
Bank
SA
2,640
63,105
AMCO
-
Asset
Management
Co.
SpA*‡
239
—
ANZ
Group
Holdings
Ltd.
38,522
730,749
Awa
Bank
Ltd.
(The)(b)
10,200
190,292
Banca
Monte
dei
Paschi
di
Siena
SpA
7,182
39,169
Banca
Popolare
di
Sondrio
SpA
15,368
117,073
Banco
Bilbao
Vizcaya
Argentaria
SA(b)
107,508
1,128,909
Banco
BPM
SpA
26,713
184,999
Banco
Comercial
Portugues
SA,
Class
R
189,546
79,951
Banco
de
Sabadell
SA
104,482
220,693
Banco
Santander
SA
289,544
1,395,821
Bank
Hapoalim
BM
22,474
207,576
Bank
Leumi
Le-Israel
BM
27,812
241,352
Bank
Millennium
SA*
25,740
58,765
Bank
of
Cyprus
Holdings
plc(b)
126,310
572,703
Bank
of
East
Asia
Ltd.
(The)
24,600
31,081
Bank
of
Georgia
Group
plc
11,424
669,114
Bank
of
Ireland
Group
plc
18,326
207,725
Bank
of
Montreal
13,702
1,155,017
Bank
of
Nova
Scotia
(The)
22,372
1,044,064
Bank
of
Queensland
Ltd.
(b)
8,126
33,483
Bank
Polska
Kasa
Opieki
SA
3,499
141,425
Bankinter
SA
12,812
109,358
Banque
Cantonale
de
Geneve
578
189,767
Banque
Cantonale
Vaudoise
(Registered)
(b)
410
43,504
Barclays
plc
293,284
880,745
BAWAG
Group
AG(a)
1,885
137,582
Bendigo
&
Adelaide
Bank
Ltd.
7,372
60,126
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
47
Investments
Shares
Value
COMMON
STOCKS
(continued)
Banks
(continued)
Berner
Kantonalbank
AG
(Registered)
328
$
87,939
BNP
Paribas
SA
19,584
1,344,835
BPER
Banca
SpA
25,203
147,324
CaixaBank
SA
74,936
436,741
Canadian
Imperial
Bank
of
Commerce
18,661
964,490
Canadian
Western
Bank(b)
31,722
1,095,557
Chiba
Bank
Ltd.
(The)
15,000
142,413
Chugin
Financial
Group,
Inc.
2,600
29,195
Close
Brothers
Group
plc
49,334
323,806
Commerzbank
AG
18,734
305,905
Commonwealth
Bank
of
Australia
22,542
2,023,843
Concordia
Financial
Group
Ltd.
20,400
130,161
Credit
Agricole
SA
22,542
342,230
Credito
Emiliano
SpA
6,256
68,509
Dah
Sing
Banking
Group
Ltd.
149,600
118,539
Daishi
Hokuetsu
Financial
Group,
Inc.(b)
13,600
545,952
Danske
Bank
A/S
12,070
369,317
DBS
Group
Holdings
Ltd.
40,861
1,117,751
DNB
Bank
ASA
16,864
347,783
EQB,
Inc.(b)
8,466
590,588
Erste
Group
Bank
AG
6,120
318,407
FIBI
Holdings
Ltd.
533
21,979
FinecoBank
Banca
Fineco
SpA
7,616
129,388
First
International
Bank
of
Israel
Ltd.
(The)
1,144
46,444
Fukuoka
Financial
Group,
Inc.
2,800
79,519
Graubuendner
Kantonalbank
7
13,598
Gunma
Bank
Ltd.
(The)
8,400
57,699
Hachijuni
Bank
Ltd.
(The)
10,200
73,249
Hang
Seng
Bank
Ltd.
13,600
166,866
Heartland
Group
Holdings
Ltd.(b)
302,804
192,440
Hirogin
Holdings,
Inc.
9,200
75,393
Hokkoku
Financial
Holdings,
Inc.
1,300
49,249
Hokuhoku
Financial
Group,
Inc.
3,800
53,909
HSBC
Holdings
plc
357,034
3,228,490
Hyakugo
Bank
Ltd.
(The)
(b)
74,800
337,559
Hyakujushi
Bank
Ltd.
(The)
10,200
224,731
ING
Bank
Slaski
SA
532
40,485
ING
Groep
NV(b)
62,016
1,124,051
Investments
Shares
Value
Banks
(continued)
Intesa
Sanpaolo
SpA
297,364
$
1,206,827
Israel
Discount
Bank
Ltd.,
Class
A
24,770
127,299
Iyogin
Holdings,
Inc.
8,200
83,003
Japan
Post
Bank
Co.
Ltd.
20,400
213,613
Judo
Capital
Holdings
Ltd.*(b)
82,840
75,191
Juroku
Financial
Group,
Inc.
10,200
329,809
Jyske
Bank
A/S
(Registered)
1,190
97,155
KBC
Ancora(b)
803
39,102
KBC
Group
NV
5,202
403,268
Keiyo
Bank
Ltd.
(The)
37,400
212,280
Kyoto
Financial
Group,
Inc.
6,400
120,803
Kyushu
Financial
Group,
Inc.
12,000
74,515
Liechtensteinische
Landesbank
AG
1,025
86,867
Lloyds
Banking
Group
plc
1,211,046
926,784
Luzerner
Kantonalbank
AG
(Registered)
304
23,070
Mebuki
Financial
Group,
Inc.
28,010
118,213
Mediobanca
Banca
di
Credito
Finanziario
SpA
11,424
185,367
Mitsubishi
UFJ
Financial
Group,
Inc.
163,200
1,898,179
Mizrahi
Tefahot
Bank
Ltd.
2,622
95,225
Mizuho
Financial
Group,
Inc.
47,600
1,090,820
Musashino
Bank
Ltd.
(The)
10,200
221,002
Nanto
Bank
Ltd.
(The)
1,500
35,242
National
Australia
Bank
Ltd.
42,466
1,069,835
National
Bank
of
Canada
6,494
542,855
NatWest
Group
plc
121,380
573,892
Nishi-Nippon
Financial
Holdings,
Inc.
3,800
52,153
Nordea
Bank
Abp
62,594
733,250
Norion
Bank
AB*
20,842
78,758
North
Pacific
Bank
Ltd.(b)
105,400
360,767
Oberbank
AG
902
68,324
Oma
Saastopankki
OYJ
4,420
66,386
Oversea-Chinese
Banking
Corp.
Ltd.
64,600
717,187
Permanent
TSB
Group
Holdings
plc*(b)
54,196
90,314
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
13,867
206,025
Raiffeisen
Bank
International
AG
3,344
65,170
Resona
Holdings,
Inc.
34,000
246,763
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
48
Investments
Shares
Value
COMMON
STOCKS
(continued)
Banks
(continued)
Ringkjoebing
Landbobank
A/S
492
$
87,186
Royal
Bank
of
Canada
19,278
2,152,962
San-In
Godo
Bank
Ltd.
(The)
47,600
455,563
Santander
Bank
Polska
SA
748
98,390
Senshu
Ikeda
Holdings,
Inc.
88,400
229,137
Shiga
Bank
Ltd.
(The)
14,600
395,421
Shizuoka
Financial
Group,
Inc.
11,900
120,020
Skandinaviska
Enskilda
Banken
AB,
Class
A
29,784
458,532
Skandinaviska
Enskilda
Banken
AB,
Class
C(b)
684
10,760
Societe
Generale
SA
13,566
352,021
Spar
Nord
Bank
A/S
22,066
449,902
SpareBank
1
Nord
Norge
28,118
277,464
Sparebank
1
Oestlandet
1,329
18,287
SpareBank
1
SMN
3,103
46,216
SpareBank
1
Sorost-Norge
22,236
146,010
SpareBank
1
SR-Bank
ASA
4,796
61,493
Sparebanken
Vest
28,016
358,703
St
Galler
Kantonalbank
AG
(Registered)
41
20,215
Standard
Chartered
plc
41,684
410,767
Sumitomo
Mitsui
Financial
Group,
Inc.
18,300
1,327,559
Sumitomo
Mitsui
Trust
Holdings,
Inc.
13,600
347,186
Suruga
Bank
Ltd.(b)
10,200
81,283
Svenska
Handelsbanken
AB,
Class
A
21,794
220,022
Svenska
Handelsbanken
AB,
Class
B(b)
3,808
47,007
Swedbank
AB,
Class
A
18,496
393,473
Sydbank
A/S
17,136
924,403
TBC
Bank
Group
plc
14,960
595,677
Tokyo
Kiraboshi
Financial
Group,
Inc.(b)
10,100
307,779
Toronto-Dominion
Bank
(The)
33,320
1,966,470
Unicaja
Banco
SA(a)
55,420
74,483
UniCredit
SpA
30,906
1,269,344
United
Overseas
Bank
Ltd.
27,200
657,835
Valiant
Holding
AG
(Registered)
4,794
542,984
Virgin
Money
UK
plc
30,176
83,488
Walliser
Kantonalbank
(Registered)
485
63,363
Westpac
Banking
Corp.
44,744
870,691
Investments
Shares
Value
Banks
(continued)
Yamaguchi
Financial
Group,
Inc.
4,100
$
51,448
Zuger
Kantonalbank(b)
10
94,064
56,057,302
Beverages
-
1
.0
%
Anheuser-Busch
InBev
SA/NV
13,158
782,535
Asahi
Group
Holdings
Ltd.
6,200
228,905
Britvic
plc
12,104
197,291
Carlsberg
A/S,
Class
B
1,156
139,708
Coca-Cola
Europacific
Partners
plc
2,697
198,958
Coca-Cola
HBC
AG
3,321
121,145
Davide
Campari-Milano
NV(b)
6,802
61,386
Diageo
plc
29,070
903,229
Fevertree
Drinks
plc(b)
5,658
67,042
Heineken
Holding
NV
1,598
117,758
Heineken
NV
3,604
319,869
Ito
En
Ltd.
800
19,019
Kirin
Holdings
Co.
Ltd.
10,200
144,431
Olvi
OYJ,
Class
A
912
31,235
Pernod
Ricard
SA
3,026
406,030
Primo
Water
Corp.
7,310
160,281
Remy
Cointreau
SA
398
31,482
Royal
Unibrew
A/S*
836
65,647
Sapporo
Holdings
Ltd.(b)
1,900
81,880
Suntory
Beverage
&
Food
Ltd.(b)
1,800
64,865
Takara
Holdings,
Inc.
68,000
517,480
Treasury
Wine
Estates
Ltd.(b)
12,433
100,266
4,760,442
Biotechnology
-
0
.6
%
Argenx
SE*
782
398,646
Bavarian
Nordic
A/S*(b)
2,074
55,776
BioArctic
AB,
Class
B*(a)
(b)
2,108
31,568
BioGaia
AB,
Class
B
5,670
67,452
BoneSupport
Holding
AB*(a)
2,665
75,044
CSL
Ltd.
6,630
1,340,899
Galapagos
NV*(b)
4,050
108,774
Genmab
A/S*
1,020
289,172
Genus
plc
4,454
104,464
GNI
Group
Ltd.*
3,800
57,937
Grifols
SA*(b)
2,888
29,057
PeptiDream,
Inc.*
2,500
46,075
Swedish
Orphan
Biovitrum
AB*
3,273
85,447
Takara
Bio,
Inc.
400
3,063
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
49
Investments
Shares
Value
COMMON
STOCKS
(continued)
Biotechnology
(continued)
Telix
Pharmaceuticals
Ltd.*(b)
4,018
$
50,061
Vitrolife
AB(b)
880
18,918
Zealand
Pharma
A/S,
Class
A*
952
128,389
2,890,742
Broadline
Retail
-
0
.7
%
Allegro.eu
SA*(a)
6,278
57,584
ASKUL
Corp.(b)
1,000
14,150
B&M
European
Value
Retail
SA
14,042
84,428
Canadian
Tire
Corp.
Ltd.,
Class
A(b)
968
99,347
Dollarama,
Inc.
3,434
321,736
Europris
ASA(a)
8,968
53,433
Harvey
Norman
Holdings
Ltd.(b)
5,586
17,472
Isetan
Mitsukoshi
Holdings
Ltd.
5,000
100,724
J
Front
Retailing
Co.
Ltd.
4,100
49,813
Next
plc
1,836
213,988
Pan
Pacific
International
Holdings
Corp.
6,800
178,112
Pepco
Group
NV*(a)
4,066
19,636
Prosus
NV
19,754
686,484
Puuilo
OYJ
2,622
28,798
Rakuten
Group,
Inc.*(b)
21,000
123,158
Ryohin
Keikaku
Co.
Ltd.
6,000
113,313
Seria
Co.
Ltd.
1,000
22,631
Takashimaya
Co.
Ltd.
4,300
80,393
THG
plc,
Class
B*(b)
267,784
228,558
Tokmanni
Group
Corp.(b)
15,776
193,075
Wesfarmers
Ltd.
15,300
735,830
3,422,663
Building
Products
-
0
.8
%
AGC,
Inc.
4,300
154,298
Assa
Abloy
AB,
Class
B
13,328
405,277
Belimo
Holding
AG
(Registered)
123
74,408
Bunka
Shutter
Co.
Ltd.
6,800
78,955
Carel
Industries
SpA(a)(b)
2,318
42,792
Cie
de
Saint-Gobain
SA
9,044
777,441
Daikin
Industries
Ltd.
3,700
538,671
dormakaba
Holding
AG
126
76,151
Fletcher
Building
Ltd.
16,948
31,407
Forbo
Holding
AG
(Registered)(b)
41
44,016
Geberit
AG
(Registered)
408
259,748
Genuit
Group
plc
15,480
101,802
Inwido
AB(b)
16,286
268,810
Investments
Shares
Value
Building
Products
(continued)
James
Halstead
plc
18,023
$
43,521
Kingspan
Group
plc
2,041
190,820
Lindab
International
AB(b)
4,346
107,458
Lixil
Corp.(b)
3,800
43,945
Munters
Group
AB(a)
2,720
58,777
Nibe
Industrier
AB,
Class
B(b)
24,344
106,779
Nitto
Boseki
Co.
Ltd.(b)
1,900
72,863
Noritz
Corp.
3,800
47,532
Reliance
Worldwide
Corp.
Ltd.
13,860
46,610
ROCKWOOL
A/S,
Class
A
88
38,730
ROCKWOOL
A/S,
Class
B
174
76,908
Sanwa
Holdings
Corp.
3,400
73,441
Systemair
AB
4,018
30,329
Takara
Standard
Co.
Ltd.
3,800
43,996
TOTO
Ltd.(b)
3,000
82,328
Volution
Group
plc
3,838
26,966
3,944,779
Capital
Markets
-
3
.5
%
3i
Group
plc
17,952
721,268
abrdn
plc
31,578
68,973
AJ
Bell
plc
21,520
126,874
Allfunds
Group
plc
4,048
24,355
Alpha
Group
International
plc(a)(b)
760
25,283
Amundi
SA(a)
1,312
95,902
Anima
Holding
SpA(a)
57,324
301,591
Antin
Infrastructure
Partners
SA(b)
4,332
58,690
Ashmore
Group
plc
22,554
49,886
ASX
Ltd.
1,938
82,221
Avanza
Bank
Holding
AB
2,704
60,475
Azimut
Holding
SpA
2,537
63,581
Banca
Generali
SpA
1,397
60,770
Brederode
SA
285
33,492
Bridgepoint
Group
plc(a)
(b)
28,968
109,019
Brookfield
Asset
Management
Ltd.,
Class
A
5,950
259,544
Brookfield
Corp.,
Class
A
25,127
1,224,632
Bure
Equity
AB
968
36,236
CI
Financial
Corp.
44,846
541,807
Cie
Financiere
Tradition
SA
266
43,364
Daiwa
Securities
Group,
Inc.
23,800
198,913
Deutsche
Bank
AG
(Registered)
36,040
562,988
Deutsche
Boerse
AG
2,448
501,717
EFG
International
AG
1,680
24,048
EQT
AB(b)
9,078
293,831
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
50
Investments
Shares
Value
COMMON
STOCKS
(continued)
Capital
Markets
(continued)
Euronext
NV(a)
1,250
$
126,471
Fairfax
India
Holdings
Corp.*(a)
4,510
64,493
flatexDEGIRO
AG
2,128
30,096
Galaxy
Digital
Holdings
Ltd.*
5,508
66,106
Gimv
NV(b)
7,143
311,883
GMO
Financial
Holdings,
Inc.(b)
8,200
35,152
Hargreaves
Lansdown
plc
5,061
71,832
Hong
Kong
Exchanges
&
Clearing
Ltd.
15,358
455,707
HUB24
Ltd.
2,584
83,625
iFAST
Corp.
Ltd.
16,400
91,956
IG
Group
Holdings
plc
2,698
32,489
IGM
Financial,
Inc.
2,200
62,300
Insignia
Financial
Ltd.(b)
198,152
358,419
IntegraFin
Holdings
plc(a)
15,498
76,640
Intermediate
Capital
Group
plc
5,610
158,239
Investec
plc
14,888
117,701
JAFCO
Group
Co.
Ltd.
5,000
63,489
Japan
Exchange
Group,
Inc.
6,800
160,396
JTC
plc(a)
4,522
61,103
Julius
Baer
Group
Ltd.
3,876
211,578
London
Stock
Exchange
Group
plc
5,814
707,200
Macquarie
Group
Ltd.
5,202
712,671
Magellan
Financial
Group
Ltd.
60,690
405,024
Man
Group
plc
29,718
93,291
Monex
Group,
Inc.
12,300
60,331
Ninety
One
plc
15,252
33,715
Nomura
Holdings,
Inc.
40,800
254,925
Nordnet
AB
publ
2,420
49,359
Okasan
Securities
Group,
Inc.(b)
17,000
82,932
Onex
Corp.
684
46,844
Partners
Group
Holding
AG
272
366,014
Perpetual
Ltd.
35,734
517,322
Pinnacle
Investment
Management
Group
Ltd.(b)
10,281
110,101
Plus500
Ltd.
25,262
761,225
Quilter
plc(a)
431,528
741,067
Rathbones
Group
plc
20,706
511,704
Ratos
AB,
Class
B
61,982
199,058
SBI
Holdings,
Inc.
4,800
125,790
Schroders
plc
18,389
92,778
Singapore
Exchange
Ltd.
12,300
90,576
St
James's
Place
plc
5,474
48,163
Investments
Shares
Value
Capital
Markets
(continued)
Swissquote
Group
Holding
SA
(Registered)
205
$
65,349
Tamburi
Investment
Partners
SpA
2,546
25,677
Tel
Aviv
Stock
Exchange
Ltd.(b)
4,141
33,084
TMX
Group
Ltd.
3,740
113,598
Tokai
Tokyo
Financial
Holdings,
Inc.
22,800
89,860
TP
ICAP
Group
plc
243,610
693,084
UBS
Group
AG
(Registered)
45,152
1,367,512
UOB-Kay
Hian
Holdings
Ltd.
74,867
77,240
Van
Lanschot
Kempen
NV,
CVA
10,574
457,113
Vontobel
Holding
AG
(Registered)
339
22,183
VZ
Holding
AG
285
38,399
XTB
SA(a)
3,608
57,441
Yangzijiang
Financial
Holding
Ltd.
768,400
195,317
17,455,082
Chemicals
-
2
.8
%
ADEKA
Corp.
2,300
49,222
Aica
Kogyo
Co.
Ltd.
1,500
34,734
Air
Liquide
SA
7,779
1,420,732
Air
Water,
Inc.
4,100
60,563
Akzo
Nobel
NV
3,060
189,137
Arkema
SA
1,326
119,955
Artience
Co.
Ltd.
13,600
289,698
Asahi
Kasei
Corp.
13,600
98,886
ASAHI
YUKIZAI
Corp.
3,600
115,326
BASF
SE
16,218
756,383
Borregaard
ASA
1,692
28,936
C
Uyemura
&
Co.
Ltd.
600
43,347
Clariant
AG
(Registered)
2,166
32,161
Corbion
NV
3,706
82,852
Covestro
AG*(a)
1,870
110,201
Croda
International
plc
1,972
102,381
Daicel
Corp.
8,900
86,687
Denka
Co.
Ltd.
3,400
49,635
DIC
Corp.
2,899
59,691
DSM-Firmenich
AG
3,196
408,263
Elementis
plc
23,522
48,280
Elkem
ASA*(a)
101,320
211,081
EMS-Chemie
Holding
AG
(Registered)
126
104,994
Evonik
Industries
AG
4,998
101,487
FUCHS
SE
711
24,658
FUCHS
SE
(Preference)
1,182
51,443
Fuso
Chemical
Co.
Ltd.(b)
1,100
28,549
Givaudan
SA
(Registered)
119
582,259
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
51
Investments
Shares
Value
COMMON
STOCKS
(continued)
Chemicals
(continued)
Hexpol
AB
5,784
$
64,599
ICL
Group
Ltd.
10,602
44,734
Incitec
Pivot
Ltd.
47,940
92,349
Israel
Corp.
Ltd.
104
21,982
JCU
Corp.
1,400
35,079
Johnson
Matthey
plc
4,794
100,924
K+S
AG
(Registered)
10,404
134,310
Kaneka
Corp.
1,300
36,945
Kansai
Paint
Co.
Ltd.
3,800
62,483
Kemira
OYJ
2,992
67,667
Keppel
Infrastructure
Trust
41,800
15,000
KH
Neochem
Co.
Ltd.
10,200
152,464
Konishi
Co.
Ltd.(b)
20,400
163,650
Kumiai
Chemical
Industry
Co.
Ltd.(b)
20,400
107,654
Kuraray
Co.
Ltd.
8,000
98,844
Kureha
Corp.(b)
17,000
337,718
LANXESS
AG
3,434
89,851
Lenzing
AG*
6,120
212,912
Lintec
Corp.
3,800
85,870
Methanex
Corp.
1,290
62,677
Mitsubishi
Chemical
Group
Corp.
27,200
161,653
Mitsubishi
Gas
Chemical
Co.,
Inc.(b)
6,200
118,099
Mitsui
Chemicals,
Inc.
4,800
139,636
Nihon
Parkerizing
Co.
Ltd.
4,100
34,008
Nippon
Kayaku
Co.
Ltd.
13,600
114,343
Nippon
Paint
Holdings
Co.
Ltd.
13,600
86,575
Nippon
Sanso
Holdings
Corp.
2,800
92,490
Nippon
Soda
Co.
Ltd.(b)
8,539
307,599
Nissan
Chemical
Corp.(b)
2,900
93,943
Nitto
Denko
Corp.
1,800
157,198
NOF
Corp.
3,600
51,646
Novonesis
(Novozymes)
B
4,625
294,432
Nufarm
Ltd.(b)
20,418
62,132
Nutrien
Ltd.
9,350
479,260
OCI
NV
1,933
46,540
Orica
Ltd.
4,446
52,142
Resonac
Holdings
Corp.
(b)
3,800
95,417
Shin-Etsu
Chemical
Co.
Ltd.
27,200
1,219,896
Shin-Etsu
Polymer
Co.
Ltd.
800
8,603
Sika
AG
(Registered)
2,108
638,926
SOL
SpA(b)
1,802
67,371
Solvay
SA(b)
1,558
54,826
Sumitomo
Chemical
Co.
Ltd.(b)
47,600
123,002
Syensqo
SA
1,496
132,306
Investments
Shares
Value
Chemicals
(continued)
Symrise
AG,
Class
A
1,802
$
227,656
T
Hasegawa
Co.
Ltd.
900
19,470
Taiyo
Holdings
Co.
Ltd.
1,800
43,068
Teijin
Ltd.
4,100
39,512
Toagosei
Co.
Ltd.(b)
10,200
109,722
Tokai
Carbon
Co.
Ltd.(b)
74,800
481,482
Tokuyama
Corp.
23,800
469,483
Tokyo
Ohka
Kogyo
Co.
Ltd.
2,100
54,503
Toray
Industries,
Inc.
13,600
70,983
Tosoh
Corp.
7,000
95,514
Toyobo
Co.
Ltd.(b)
34,000
233,657
Umicore
SA(b)
5,406
74,234
Victrex
plc
700
9,890
Wacker
Chemie
AG
256
25,707
Yara
International
ASA
1,462
41,582
Zeon
Corp.
3,600
31,978
13,939,737
Commercial
Services
&
Supplies
-
1
.0
%
Befesa
SA(a)(b)
850
26,379
Bilfinger
SE
12,104
679,773
Boyd
Group
Services,
Inc.(b)
372
62,333
Brambles
Ltd.
19,822
201,405
Bravida
Holding
AB(a)
11,803
95,315
Cleanaway
Waste
Management
Ltd.(b)
35,024
64,495
Dai
Nippon
Printing
Co.
Ltd.
3,400
112,309
Daiseki
Co.
Ltd.
1,499
35,966
DO
&
CO
AG*
369
62,210
Downer
EDI
Ltd.
37,910
123,529
Duskin
Co.
Ltd.
4,100
107,582
Element
Fleet
Management
Corp.
6,392
122,200
Elis
SA
4,277
100,057
GFL
Environmental,
Inc.
2,416
93,688
ISS
A/S(b)
2,508
45,862
Japan
Elevator
Service
Holdings
Co.
Ltd.
4,200
77,574
Kokuyo
Co.
Ltd.
4,100
68,969
Loomis
AB,
Class
B
984
31,308
Mitie
Group
plc
84,830
132,059
Mitsubishi
Pencil
Co.
Ltd.
1,800
28,030
Nippon
Kanzai
Holdings
Co.
Ltd.
1,300
23,855
Okamura
Corp.
3,800
56,194
Pilot
Corp.
3,400
102,321
Prestige
International,
Inc.
4,000
18,982
RB
Global,
Inc.
2,346
186,787
Rentokil
Initial
plc
35,564
216,844
Sdiptech
AB,
Class
B*
912
27,911
Secom
Co.
Ltd.
2,700
172,666
Securitas
AB,
Class
B(b)
10,091
108,371
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
52
Investments
Shares
Value
COMMON
STOCKS
(continued)
Commercial
Services
&
Supplies
(continued)
Serco
Group
plc
349,078
$
858,635
SG
Fleet
Group
Ltd.(b)
36,108
74,744
Societe
BIC
SA
1,462
91,758
Sohgo
Security
Services
Co.
Ltd.
9,500
61,170
SPIE
SA
2,752
106,491
TOPPAN
Holdings,
Inc.
4,000
113,651
Veridis
Environment
Ltd.*(b)
2,870
13,887
Waste
Connections,
Inc.
(b)
3,502
622,474
5,127,784
Communications
Equipment
-
0
.2
%
Nokia
OYJ
87,244
341,847
Spirent
Communications
plc
25,338
56,304
Telefonaktiebolaget
LM
Ericsson,
Class
A
306
2,098
Telefonaktiebolaget
LM
Ericsson,
Class
B
33,796
231,012
VTech
Holdings
Ltd.(b)
47,600
313,495
944,756
Construction
&
Engineering
-
2
.4
%
Ackermans
&
van
Haaren
NV(b)
454
87,152
ACS
Actividades
de
Construccion
y
Servicios
SA(b)
4,471
199,619
AF
Gruppen
ASA
5,586
68,762
Ashtrom
Group
Ltd.*(b)
238
3,011
AtkinsRealis
Group,
Inc.
2,068
89,040
Badger
Infrastructure
Solutions
Ltd.
1,564
44,154
Balfour
Beatty
plc
170,884
924,500
Bouygues
SA
3,706
128,088
Burkhalter
Holding
AG
615
61,902
Chiyoda
Corp.*(b)
51,000
104,739
Chudenko
Corp.
1,500
35,092
Dai-Dan
Co.
Ltd.
10,200
210,494
Deme
Group
NV
272
49,036
Eiffage
SA
1,360
135,539
Elco
Ltd.(b)
4,284
122,896
Elecnor
SA(b)
3,910
84,832
Electra
Ltd.
76
27,987
Ferrovial
SE
5,992
238,220
Fugro
NV
5,984
159,422
Gold
Finance
Holdings
Ltd.*‡
89,827
—
Hazama
Ando
Corp.
47,600
385,014
HOCHTIEF
AG
442
52,612
Investments
Shares
Value
Construction
&
Engineering
(continued)
INFRONEER
Holdings,
Inc.
4,100
$
35,670
Instalco
AB(a)(b)
4,332
20,594
JGC
Holdings
Corp.
6,800
58,120
Johns
Lyng
Group
Ltd.(b)
11,210
43,628
Kajima
Corp.
10,300
199,894
Keller
Group
plc
22,984
439,875
Kinden
Corp.(b)
2,300
48,901
Kumagai
Gumi
Co.
Ltd.
11,000
265,386
Kvutzat
Acro
Ltd.
2,108
22,418
Maire
SpA
11,458
91,006
MIRAIT
ONE
Corp.
30,600
435,225
Monadelphous
Group
Ltd.(b)
7,216
61,115
Morgan
Sindall
Group
plc
12,988
477,118
Mota-Engil
SGPS
SA(b)
23,392
91,783
NCC
AB,
Class
B
25,534
393,817
Nippon
Road
Co.
Ltd.
(The)
6,800
76,108
Nishimatsu
Construction
Co.
Ltd.
10,200
332,046
NRW
Holdings
Ltd.
140,964
307,445
Obayashi
Corp.
10,500
138,560
Okumura
Corp.(b)
10,200
348,451
OX2
AB,
Class
B*(b)
8,588
47,477
Peab
AB,
Class
B
55,012
409,603
Penta-Ocean
Construction
Co.
Ltd.
98,600
438,543
Raito
Kogyo
Co.
Ltd.
3,200
46,428
Raiznext
Corp.
3,400
41,941
Renew
Holdings
plc
1,462
20,394
Sacyr
SA
26,654
94,084
Sanki
Engineering
Co.
Ltd.
3,800
59,503
Shapir
Engineering
and
Industry
Ltd.*(b)
2,525
14,118
Shikun
&
Binui
Ltd.*(b)
115,396
263,298
Shimizu
Corp.
7,600
48,022
Shinnihon
Corp.
11,400
127,365
SHO-BOND
Holdings
Co.
Ltd.
1,200
46,162
Skanska
AB,
Class
B(b)
5,338
104,144
Stantec,
Inc.
1,533
134,807
Sumitomo
Densetsu
Co.
Ltd.
3,000
82,846
Sweco
AB,
Class
B
4,708
75,951
Taihei
Dengyo
Kaisha
Ltd.
4,700
165,247
Taikisha
Ltd.
1,000
34,760
Taisei
Corp.
3,400
145,188
Takamatsu
Construction
Group
Co.
Ltd.(b)
6,800
142,137
Thyssenkrupp
Nucera
AG
&
Co.
KGaA*
1,748
16,522
Toa
Corp.
20,400
138,431
Toda
Corp.
5,200
37,688
Toenec
Corp.
3,500
116,310
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
53
Investments
Shares
Value
COMMON
STOCKS
(continued)
Construction
&
Engineering
(continued)
Toyo
Construction
Co.
Ltd.(b)
3,800
$
38,844
Veidekke
ASA
3,088
34,454
Ventia
Services
Group
Pty.
Ltd.
28,618
82,038
Vinci
SA
6,698
765,379
Webuild
SpA(b)
124,066
324,889
Worley
Ltd.(b)
7,728
76,604
WSP
Global,
Inc.
1,462
242,712
Yokogawa
Bridge
Holdings
Corp.
12,700
230,096
Yurtec
Corp.
3,400
34,258
11,779,514
Construction
Materials
-
0
.8
%
Breedon
Group
plc
93,160
516,330
Brickworks
Ltd.(b)
1,435
27,006
Buzzi
SpA(b)
2,380
93,384
Cementir
Holding
NV
14,994
169,065
Heidelberg
Materials
AG
2,550
266,222
Holcim
AG
9,554
892,611
Imerys
SA
10,982
373,621
James
Hardie
Industries
plc,
CHDI*
5,134
183,281
Krosaki
Harima
Corp.(b)
7,200
127,433
RHI
Magnesita
NV(b)
6,494
306,123
Shinagawa
Refractories
Co.
Ltd.(b)
6,800
83,475
Sumitomo
Osaka
Cement
Co.
Ltd.
10,200
286,625
Taiheiyo
Cement
Corp.
3,400
93,350
Titan
Cement
International
SA(b)
12,138
430,812
Vicat
SACA(b)
5,304
184,524
Wienerberger
AG
2,596
92,027
4,125,889
Consumer
Finance
-
0
.3
%
Acom
Co.
Ltd.
20,500
59,105
Aiful
Corp.
98,600
256,887
Cembra
Money
Bank
AG(b)
1,428
124,509
Credit
Saison
Co.
Ltd.
2,100
48,934
goeasy
Ltd.(b)
952
140,024
Hong
Leong
Finance
Ltd.
47,600
86,474
Isracard
Ltd.
69,020
241,306
Jaccs
Co.
Ltd.
10,200
332,520
KRUK
SA
494
55,195
Latitude
Group
Holdings
Ltd.*(b)
43,434
32,617
Marui
Group
Co.
Ltd.
3,200
51,820
Investments
Shares
Value
Consumer
Finance
(continued)
Orient
Corp.
23,800
$
166,882
1,596,273
Consumer
Staples
Distribution
&
Retail
-
1
.5
%
Aeon
Co.
Ltd.(b)
11,713
267,408
Ain
Holdings,
Inc.
800
30,897
Alimentation
Couche-
Tard,
Inc.
9,826
605,372
Axfood
AB
1,496
37,073
Axial
Retailing,
Inc.
30,600
208,867
Belc
Co.
Ltd.
800
33,391
Carrefour
SA
10,404
155,363
Coles
Group
Ltd.
19,346
228,656
Colruyt
Group
NV(b)
342
16,402
Cosmos
Pharmaceutical
Corp.
200
17,832
Create
SD
Holdings
Co.
Ltd.
500
11,199
Dino
Polska
SA*(a)
884
78,410
Empire
Co.
Ltd.,
Class
A
2,242
59,237
Endeavour
Group
Ltd.
8,976
32,179
Fuji
Co.
Ltd.(b)
4,200
55,187
George
Weston
Ltd.
952
147,350
GrainCorp
Ltd.,
Class
A
9,652
56,914
H2O
Retailing
Corp.
37,400
654,985
Heiwado
Co.
Ltd.
3,800
62,382
HelloFresh
SE*
2,894
18,094
J
Sainsbury
plc
31,977
113,115
Jeronimo
Martins
SGPS
SA
4,280
74,797
Kato
Sangyo
Co.
Ltd.
7,500
213,844
Kesko
OYJ,
Class
A(b)
2,248
41,937
Kesko
OYJ,
Class
B
4,715
85,205
Kobe
Bussan
Co.
Ltd.
1,900
49,981
Koninklijke
Ahold
Delhaize
NV
18,190
586,172
Kusuri
no
Aoki
Holdings
Co.
Ltd.
1,800
37,337
Life
Corp.
10,200
248,458
Loblaw
Cos.
Ltd.
2,040
251,410
M
Yochananof
&
Sons
Ltd.
1,180
58,886
Marks
&
Spencer
Group
plc
40,466
170,639
MatsukiyoCocokara
&
Co.
7,000
114,007
Maxvalu
Tokai
Co.
Ltd.
500
10,534
Metcash
Ltd.
18,608
44,473
Metro,
Inc.,
Class
A
2,992
178,075
Mitsubishi
Shokuhin
Co.
Ltd.
6,800
240,436
Nishimoto
Co.
Ltd.(b)
6,900
64,478
North
West
Co.,
Inc.
(The)
2,419
78,290
Ocado
Group
plc*(b)
12,619
65,742
Redcare
Pharmacy
NV*(a)(b)
672
100,786
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
54
Investments
Shares
Value
COMMON
STOCKS
(continued)
Consumer
Staples
Distribution
&
Retail
(continued)
Seven
&
i
Holdings
Co.
Ltd.
47,600
$
572,775
Sheng
Siong
Group
Ltd.
17,900
20,609
Shufersal
Ltd.
12,206
83,110
Sugi
Holdings
Co.
Ltd.(b)
2,400
41,018
Sundrug
Co.
Ltd.
1,600
44,344
Tesco
plc
125,290
533,640
Tsuruha
Holdings,
Inc.(b)
900
55,516
United
Super
Markets
Holdings,
Inc.(b)
2,000
11,937
Valor
Holdings
Co.
Ltd.
13,600
230,493
Welcia
Holdings
Co.
Ltd.
(b)
2,300
30,741
Woolworths
Group
Ltd.
17,850
402,134
7,632,117
Containers
&
Packaging
-
0
.2
%
Billerud
Aktiebolag(b)
5,485
55,169
CCL
Industries,
Inc.,
Class
B
2,290
124,508
DS
Smith
plc
23,600
137,864
FP
Corp.
1,200
20,688
Huhtamaki
OYJ
2,051
83,138
Mayr
Melnhof
Karton
AG
2,414
275,325
Metsa
Board
OYJ,
Class
B
3,813
29,130
Orora
Ltd.(b)
26,585
35,414
Rengo
Co.
Ltd.
5,200
36,220
SIG
Group
AG(b)
2,516
52,735
Toyo
Seikan
Group
Holdings
Ltd.
5,600
96,174
Verallia
SA(a)
1,364
40,147
Vidrala
SA(b)
510
52,980
Winpak
Ltd.
1,716
59,078
1,098,570
Distributors
-
0
.1
%
Arata
Corp.
10,300
246,102
Bapcor
Ltd.(b)
10,184
34,115
D'ieteren
Group
343
78,834
Inchcape
plc
10,222
110,683
Inter
Cars
SA
205
25,493
PALTAC
Corp.
800
24,634
519,861
Diversified
Consumer
Services
-
0
.0
%
(d)
IDP
Education
Ltd.(b)
5,016
48,935
Pearson
plc
11,152
151,264
‌
200,199
Investments
Shares
Value
Diversified
REITs
-
0
.5
%
Argosy
Property
Ltd.,
REIT(b)
68,432
$
42,881
British
Land
Co.
plc
(The),
REIT
19,108
101,020
Centuria
Capital
Group,
REIT(b)
44,642
49,557
Charter
Hall
Group,
REIT(b)
8,140
67,399
Charter
Hall
Long
Wale
REIT,
REIT(b)
17,272
40,152
Covivio
SA,
REIT
1,732
89,474
Daiwa
House
REIT
Investment
Corp.,
REIT
8
12,872
GPT
Group
(The),
REIT
8,738
26,418
Growthpoint
Properties
Australia
Ltd.,
REIT
73,746
112,204
H&R
REIT,
REIT
49,266
342,717
Hankyu
Hanshin
REIT,
Inc.,
REIT
68
60,154
Heiwa
Real
Estate
REIT,
Inc.,
REIT
76
66,271
Hulic
Reit,
Inc.,
REIT(b)
102
96,739
ICADE,
REIT(b)
11,968
266,782
KDX
Realty
Investment
Corp.,
REIT
68
69,871
Land
Securities
Group
plc,
REIT
3,706
30,251
LondonMetric
Property
plc,
REIT
42,870
110,900
Merlin
Properties
Socimi
SA,
REIT
4,522
51,624
Mirvac
Group,
REIT(b)
66,711
93,223
Mori
Trust
Reit,
Inc.,
REIT
38
17,629
NIPPON
REIT
Investment
Corp.,
REIT
18
39,479
Nomura
Real
Estate
Master
Fund,
Inc.,
REIT(b)
38
37,303
NTT
UD
REIT
Investment
Corp.,
REIT
126
97,310
Reit
1
Ltd.,
REIT
62,492
235,098
Sella
Capital
Real
Estate
Ltd.,
REIT
81,600
150,845
Star
Asia
Investment
Corp.,
REIT(b)
152
57,381
Stockland,
REIT(b)
32,402
97,329
Suntec
REIT,
REIT
43,500
38,375
2,501,258
Diversified
Telecommunication
Services
-
1
.3
%
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
38,130
43,389
BT
Group
plc(b)
94,894
171,677
Cellnex
Telecom
SA(a)
6,698
233,238
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
55
Investments
Shares
Value
COMMON
STOCKS
(continued)
Diversified
Telecommunication
Services
(continued)
Chorus
Ltd.(b)
8,733
$
40,977
Cogeco
Communications,
Inc.(b)
4,420
202,531
Deutsche
Telekom
AG
(Registered)
65,450
1,711,803
Elisa
OYJ
1,972
91,800
Gamma
Communications
plc
2,584
49,321
Helios
Towers
plc*
60,268
98,003
HKT
Trust
&
HKT
Ltd.
53,400
64,665
Infrastrutture
Wireless
Italiane
SpA(a)
5,179
57,611
Koninklijke
KPN
NV
44,404
174,708
Nippon
Telegraph
&
Telephone
Corp.
584,800
623,434
NOS
SGPS
SA
51,306
197,367
Orange
Polska
SA
26,182
52,398
Orange
SA
33,252
368,815
Proximus
SADP
45,934
332,031
Quebecor,
Inc.,
Class
B
4,144
91,492
RAI
Way
SpA(a)
8,120
43,758
Singapore
Telecommunications
Ltd.
112,200
258,355
Spark
New
Zealand
Ltd.
29,138
74,764
Swisscom
AG
(Registered)
374
228,585
Telecom
Italia
SpA*
288,082
77,965
Telefonica
SA(b)
80,104
362,238
Telekom
Austria
AG,
Class
A
4,091
37,894
Telenor
ASA
7,093
84,328
Telia
Co.
AB(b)
35,720
103,751
Telstra
Group
Ltd.
75,480
194,196
TELUS
Corp.
7,438
120,014
United
Internet
AG
(Registered)
1,720
38,155
6,229,263
Electric
Utilities
-
1
.5
%
Acciona
SA(b)
666
86,121
BKW
AG
440
79,377
Chubu
Electric
Power
Co.,
Inc.
13,600
171,152
Chugoku
Electric
Power
Co.,
Inc.
(The)
4,206
30,442
CK
Infrastructure
Holdings
Ltd.(b)
11,000
73,432
CLP
Holdings
Ltd.
22,000
188,825
Contact
Energy
Ltd.
11,528
58,200
EDP
SA
66,368
272,904
Elia
Group
SA/NV(b)
640
66,415
Emera,
Inc.(b)
3,366
121,439
Endesa
SA(b)
8,432
163,324
Investments
Shares
Value
Electric
Utilities
(continued)
Enea
SA*
70,448
$
195,627
Enel
SpA(b)
145,486
1,038,096
EVN
AG
748
24,444
Fortis,
Inc.
6,086
254,286
Fortum
OYJ(b)
6,512
99,992
Genesis
Energy
Ltd.(b)
17,284
22,790
HK
Electric
Investments
&
HK
Electric
Investments
Ltd.(a)
44,500
30,134
Hokkaido
Electric
Power
Co.,
Inc.(b)
64,600
437,722
Hokuriku
Electric
Power
Co.(b)
54,400
345,252
Hydro
One
Ltd.(a)
3,842
120,340
Iberdrola
SA(b)
80,216
1,057,245
Kansai
Electric
Power
Co.,
Inc.
(The)
13,600
232,527
Kyushu
Electric
Power
Co.,
Inc.
6,800
71,408
Manawa
Energy
Ltd.
5,123
13,084
Mercury
NZ
Ltd.
11,193
45,739
Origin
Energy
Ltd.
33,626
230,337
Orsted
A/S*(a)(b)
2,380
141,642
PGE
Polska
Grupa
Energetyczna
SA*
25,070
46,116
Power
Assets
Holdings
Ltd.
20,500
130,684
Redeia
Corp.
SA
3,420
60,582
Romande
Energie
Holding
SA
(Registered)
816
49,317
Shikoku
Electric
Power
Co.,
Inc.
7,600
66,019
SSE
plc
14,654
353,954
Tauron
Polska
Energia
SA*
342,686
327,967
Terna
-
Rete
Elettrica
Nazionale
17,762
147,804
Tohoku
Electric
Power
Co.,
Inc.
10,900
92,331
Tokyo
Electric
Power
Co.
Holdings,
Inc.*
20,400
101,390
Verbund
AG
1,258
100,735
7,149,195
Electrical
Equipment
-
1
.3
%
ABB
Ltd.
(Registered)
21,522
1,192,665
Accelleron
Industries
AG
2,448
120,975
AQ
Group
AB
17,884
238,017
Daihen
Corp.
3,400
168,124
Fagerhult
Group
AB
6,336
38,722
Fuji
Electric
Co.
Ltd.
1,500
85,059
Fujikura
Ltd.
5,300
107,754
Furukawa
Electric
Co.
Ltd.
3,400
93,666
Huber
+
Suhner
AG
(Registered)
867
75,841
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
56
Investments
Shares
Value
COMMON
STOCKS
(continued)
Electrical
Equipment
(continued)
Legrand
SA
3,536
$
382,171
Mabuchi
Motor
Co.
Ltd.
3,200
49,374
Mitsubishi
Electric
Corp.
27,200
470,206
NEL
ASA*
97,622
52,567
Nexans
SA
760
98,359
Nidec
Corp.(b)
6,910
307,611
NKT
A/S*(b)
1,311
117,965
Nordex
SE*
7,130
108,324
Prysmian
SpA
3,264
224,422
Sanyo
Denki
Co.
Ltd.(b)
3,400
165,187
Schneider
Electric
SE
7,582
1,828,369
Siemens
Energy
AG*
6,324
184,150
Signify
NV(a)
2,730
67,650
TKH
Group
NV,
CVA(b)
2,141
93,598
Ushio,
Inc.
3,800
54,540
Vestas
Wind
Systems
A/S*
12,954
319,816
6,645,132
Electronic
Equipment,
Instruments
&
Components
-
1
.5
%
ALSO
Holding
AG
(Registered)(b)
266
80,533
Amano
Corp.
800
20,284
Anritsu
Corp.(b)
8,200
70,359
Audinate
Group
Ltd.*(b)
3,496
33,947
Azbil
Corp.
2,100
61,244
Barco
NV(b)
22,848
294,708
Canon
Electronics,
Inc.
3,800
58,392
Canon
Marketing
Japan,
Inc.(b)
1,500
46,487
Celestica,
Inc.*
2,312
121,186
Citizen
Watch
Co.
Ltd.(b)
8,200
55,862
Codan
Ltd.
7,304
62,576
Comet
Holding
AG
(Registered)
306
122,539
FIT
Hon
Teng
Ltd.*(a)
544,000
187,322
Hakuto
Co.
Ltd.(b)
3,400
114,117
Halma
plc
5,406
184,842
Hamamatsu
Photonics
KK
2,700
78,043
Hexagon
AB,
Class
B
24,582
250,004
Hirose
Electric
Co.
Ltd.
582
73,204
Horiba
Ltd.(b)
800
63,778
Hosiden
Corp.
17,000
233,770
Ibiden
Co.
Ltd.(b)
2,800
108,736
Inficon
Holding
AG
(Registered)
74
110,128
Japan
Aviation
Electronics
Industry
Ltd.
3,400
57,420
Jenoptik
AG
2,585
73,847
Kaga
Electronics
Co.
Ltd.
6,900
250,851
Keyence
Corp.
2,600
1,138,602
Kitron
ASA
9,471
31,511
Kyocera
Corp.
17,000
214,788
Investments
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Lagercrantz
Group
AB,
Class
B
2,640
$
44,486
Landis+Gyr
Group
AG
1,073
96,908
LEM
Holding
SA
(Registered)
27
39,384
Macnica
Holdings,
Inc.
1,600
64,921
Meiko
Electronics
Co.
Ltd.(b)
3,400
138,070
Murata
Manufacturing
Co.
Ltd.
23,900
532,294
Mycronic
AB
924
32,330
NCAB
Group
AB(b)
4,028
29,409
Nichicon
Corp.
17,000
125,189
Nohmi
Bosai
Ltd.
2,500
41,340
Oki
Electric
Industry
Co.
Ltd.
30,600
208,257
Omron
Corp.
2,800
103,674
Oxford
Instruments
plc
3,036
97,880
Renishaw
plc
880
42,895
Restar
Corp.
6,800
133,957
Riken
Keiki
Co.
Ltd.(b)
2,400
70,823
Sensirion
Holding
AG*(a)
(b)
266
24,900
Sesa
SpA
294
32,291
Shimadzu
Corp.
4,200
124,442
Softwareone
Holding
AG
5,162
102,624
Spectris
plc
2,057
80,267
Taiyo
Yuden
Co.
Ltd.(b)
2,500
75,535
TDK
Corp.
6,000
420,112
Telsys
Ltd.
1,258
62,846
Tokyo
Electron
Device
Ltd.(b)
5,100
133,889
Topcon
Corp.
4,100
42,782
Vaisala
OYJ,
Class
A
836
41,251
Venture
Corp.
Ltd.
7,600
85,852
VSTECS
Holdings
Ltd.
208,000
114,490
VusionGroup(b)
246
35,910
Yokogawa
Electric
Corp.
4,900
124,438
7,502,526
Energy
Equipment
&
Services
-
0
.6
%
Aker
Solutions
ASA
7,560
36,056
Borr
Drilling
Ltd.(b)
4,018
27,266
DOF
Group
ASA*
48,926
505,167
John
Wood
Group
plc*
33,661
88,201
Lapidoth
Capital
Ltd.
986
13,616
Odfjell
Drilling
Ltd.
13,034
68,064
Precision
Drilling
Corp.*(b)
4,590
352,926
SBM
Offshore
NV
43,146
699,390
Secure
Energy
Services,
Inc.
71,740
633,038
Subsea
7
SA
3,608
69,359
Technip
Energies
NV
3,656
93,365
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
57
Investments
Shares
Value
COMMON
STOCKS
(continued)
Energy
Equipment
&
Services
(continued)
Tenaris
SA(b)
8,126
$
128,732
TGS
ASA
1,927
23,562
Vallourec
SACA*(b)
5,275
85,509
2,824,251
Entertainment
-
0
.5
%
Bollore
SE
12,858
80,143
Capcom
Co.
Ltd.
4,000
85,126
CD
Projekt
SA
1,193
47,814
CTS
Eventim
AG
&
Co.
KGaA
704
62,087
Daiichikosho
Co.
Ltd.
6,800
82,367
DeNA
Co.
Ltd.
1,100
11,383
Embracer
Group
AB,
Class
B*(b)
13,161
33,634
EVT
Ltd.(b)
6,232
47,084
GungHo
Online
Entertainment,
Inc.(b)
3,400
66,165
Kinepolis
Group
NV(b)
1,030
41,740
Koei
Tecmo
Holdings
Co.
Ltd.
2,492
24,339
Konami
Group
Corp.
1,000
75,834
MIXI,
Inc.
10,200
202,563
Modern
Times
Group
MTG
AB,
Class
B*
3,952
30,329
Nexon
Co.
Ltd.
6,800
148,013
Nintendo
Co.
Ltd.
15,200
847,385
Paradox
Interactive
AB
952
13,635
Square
Enix
Holdings
Co.
Ltd.
1,800
60,917
Toei
Animation
Co.
Ltd.
1,000
15,546
Toho
Co.
Ltd.
1,200
43,211
Ubisoft
Entertainment
SA*
1,425
29,290
Universal
Music
Group
NV
12,954
308,245
2,356,850
Financial
Services
-
1
.7
%
Adyen
NV*(a)
408
499,156
AMP
Ltd.
65,142
50,407
Banca
IFIS
SpA
7,718
181,231
Banca
Mediolanum
SpA
4,444
52,465
BFF
Bank
SpA(a)
54,162
612,461
Edenred
SE
3,366
140,267
Eurazeo
SE
1,054
83,031
EXOR
NV
2,176
222,750
Financial
Partners
Group
Co.
Ltd.
3,800
66,398
First
National
Financial
Corp.(b)
123
3,295
Fuyo
General
Lease
Co.
Ltd.
1,000
82,015
GRENKE
AG
8,840
273,103
Investments
Shares
Value
Financial
Services
(continued)
Groupe
Bruxelles
Lambert
NV
510
$
38,079
HAL
Trust
570
70,315
Helia
Group
Ltd.
90,678
236,259
Hypoport
SE*
252
75,044
Industrivarden
AB,
Class
A(b)
2,992
102,454
Industrivarden
AB,
Class
C(b)
2,173
73,578
Investor
AB,
Class
A
8,534
240,948
Investor
AB,
Class
B
23,086
654,393
Japan
Securities
Finance
Co.
Ltd.
4,700
53,916
Kinnevik
AB,
Class
B*
1,700
14,222
L
E
Lundbergforetagen
AB,
Class
B(b)
1,836
92,677
Liberty
Financial
Group
Ltd.(a)(b)
26,714
64,195
M&G
plc
49,028
133,694
Mitsubishi
HC
Capital,
Inc.
13,600
98,570
Network
International
Holdings
plc*(a)
14,574
73,381
Nexi
SpA*(a)(b)
6,992
42,945
Nuvei
Corp.(a)(b)
19,890
656,833
ORIX
Corp.
21,900
533,309
OSB
Group
plc
129,914
861,039
Paragon
Banking
Group
plc
64,770
668,878
Peugeot
Invest
SA
308
27,896
Ricoh
Leasing
Co.
Ltd.(b)
4,700
171,182
Sofina
SA
316
74,680
Tokyo
Century
Corp.
2,400
25,745
Washington
H
Soul
Pattinson
&
Co.
Ltd.(b)
2,856
66,206
Wendel
SE
272
26,092
Wise
plc,
Class
A*
8,348
76,827
Worldline
SA*(a)
80,716
917,099
Zenkoku
Hosho
Co.
Ltd.
600
24,840
8,461,875
Food
Products
-
2
.4
%
a2
Milk
Co.
Ltd.
(The)*
12,579
59,247
AAK
AB
2,860
82,190
Agrana
Beteiligungs
AG
6,188
84,370
Ajinomoto
Co.,
Inc.
6,800
281,608
Ariake
Japan
Co.
Ltd.(b)
800
28,659
Aryzta
AG*
55,944
107,090
Associated
British
Foods
plc
4,182
133,322
Austevoll
Seafood
ASA
3,432
28,280
Bakkafrost
P/F
820
42,745
Barry
Callebaut
AG
(Registered)(b)
68
109,310
Bell
Food
Group
AG
(Registered)(b)
714
201,567
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
58
Investments
Shares
Value
COMMON
STOCKS
(continued)
Food
Products
(continued)
Bumitama
Agri
Ltd.
60,800
$
32,273
Calbee,
Inc.(b)
600
13,746
Chocoladefabriken
Lindt
&
Spruengli
AG
22
275,172
Chocoladefabriken
Lindt
&
Spruengli
AG
(Registered)
2
246,748
Cranswick
plc
2,495
152,704
Danone
SA
8,534
555,556
DyDo
Group
Holdings,
Inc.(b)
1,000
18,085
Ebro
Foods
SA(b)
19,176
332,421
Elders
Ltd.(b)
43,624
271,191
Emmi
AG
(Registered)
41
42,991
First
Pacific
Co.
Ltd.
680,000
302,919
First
Resources
Ltd.
173,400
191,860
Fuji
Oil
Holdings,
Inc.
1,200
25,131
Glanbia
plc(b)
3,500
70,028
Golden
Agri-Resources
Ltd.
213,400
43,873
Grieg
Seafood
ASA
17,272
100,541
Hilton
Food
Group
plc
7,220
86,617
House
Foods
Group,
Inc.
2,400
47,351
Inghams
Group
Ltd.(b)
117,062
288,184
Itoham
Yonekyu
Holdings,
Inc.
1,240
36,633
JDE
Peet's
NV
1,804
39,589
Kagome
Co.
Ltd.
900
20,996
Kameda
Seika
Co.
Ltd.
900
26,170
Kerry
Group
plc,
Class
A
2,584
241,587
Kikkoman
Corp.
15,800
198,471
Kotobuki
Spirits
Co.
Ltd.
2,500
32,035
KWS
Saat
SE
&
Co.
KGaA
1,064
73,917
Leroy
Seafood
Group
ASA
5,456
23,651
Lotus
Bakeries
NV
6
65,186
Maple
Leaf
Foods,
Inc.(b)
3,772
68,835
Maruha
Nichiro
Corp.(b)
13,600
304,793
Megmilk
Snow
Brand
Co.
Ltd.
17,000
323,368
MEIJI
Holdings
Co.
Ltd.
3,400
85,847
Mitsui
DM
Sugar
Holdings
Co.
Ltd.
3,800
83,597
Morinaga
&
Co.
Ltd.
2,200
42,301
Morinaga
Milk
Industry
Co.
Ltd.
2,400
57,615
Mowi
ASA
4,974
83,791
Nestle
SA
(Registered)
35,360
3,580,790
Nichirei
Corp.(b)
1,600
42,015
Nippn
Corp.(b)
4,000
62,927
Nisshin
Seifun
Group,
Inc.
2,690
33,361
Nissin
Foods
Holdings
Co.
Ltd.
4,200
124,861
Nissui
Corp.
11,400
68,320
Investments
Shares
Value
Food
Products
(continued)
Orkla
ASA
8,856
$
74,593
Premier
Foods
plc
46,494
107,495
Premium
Brands
Holdings
Corp.,
Class
A(b)
2,924
197,650
Prima
Meat
Packers
Ltd.
3,800
63,342
Riken
Vitamin
Co.
Ltd.
1,800
33,880
S
Foods,
Inc.(b)
3,400
67,747
Sakata
Seed
Corp.
1,400
32,427
Salmar
ASA
788
45,257
Saputo,
Inc.
1,893
43,480
Schouw
&
Co.
A/S(b)
3,774
311,403
Showa
Sangyo
Co.
Ltd.
10,200
222,697
Societe
LDC
SADIR
1,156
180,756
Strauss
Group
Ltd.
952
13,974
Suedzucker
AG
1,979
26,083
Tate
&
Lyle
plc
4,012
33,882
Toyo
Suisan
Kaisha
Ltd.
(b)
1,800
122,564
Viscofan
SA(b)
1,996
133,048
WH
Group
Ltd.(a)
133,000
86,487
Wilmar
International
Ltd.
47,600
113,164
Yakult
Honsha
Co.
Ltd.
1,400
28,715
Yamazaki
Baking
Co.
Ltd.
2,900
71,681
11,986,760
Gas
Utilities
-
0
.4
%
AltaGas
Ltd.(b)
5,032
119,913
APA
Group
16,218
83,770
Brookfield
Infrastructure
Corp.,
Class
A(b)
1,802
70,126
Enagas
SA(b)
6,052
90,636
Hong
Kong
&
China
Gas
Co.
Ltd.(b)
136,000
110,896
Italgas
SpA
6,936
37,062
Naturgy
Energy
Group
SA
3,034
72,819
Nippon
Gas
Co.
Ltd.
1,900
29,669
Osaka
Gas
Co.
Ltd.
4,700
106,426
Rubis
SCA(b)
30,566
957,866
Snam
SpA(b)
20,808
99,455
Superior
Plus
Corp.(b)
10,208
58,967
Tokyo
Gas
Co.
Ltd.
6,800
149,233
1,986,838
Ground
Transportation
-
1
.3
%
Aurizon
Holdings
Ltd.
29,146
70,800
Ayvens
SA(a)(b)
6,498
43,068
Canadian
National
Railway
Co.
7,276
841,813
Canadian
Pacific
Kansas
City
Ltd.
12,750
1,068,584
Central
Japan
Railway
Co.
20,400
480,646
ComfortDelGro
Corp.
Ltd.
73,800
77,243
East
Japan
Railway
Co.
20,400
383,025
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
59
Investments
Shares
Value
COMMON
STOCKS
(continued)
Ground
Transportation
(continued)
Firstgroup
plc
207,400
$
467,257
Fukuyama
Transporting
Co.
Ltd.(b)
10,200
274,897
Hankyu
Hanshin
Holdings,
Inc.
3,600
103,004
Jungfraubahn
Holding
AG
(Registered)(b)
287
65,535
Keikyu
Corp.(b)
6,800
53,646
Keisei
Electric
Railway
Co.
Ltd.(b)
2,900
86,715
Kelsian
Group
Ltd.(b)
6,900
23,655
Kintetsu
Group
Holdings
Co.
Ltd.
2,200
50,972
Maruzen
Showa
Unyu
Co.
Ltd.
6,800
244,504
MTR
Corp.
Ltd.(b)
34,264
110,968
Nankai
Electric
Railway
Co.
Ltd.
3,000
53,087
Nikkon
Holdings
Co.
Ltd.
20,400
514,000
Nishi-Nippon
Railroad
Co.
Ltd.
1,100
18,244
Odakyu
Electric
Railway
Co.
Ltd.
4,600
46,517
Sakai
Moving
Service
Co.
Ltd.
6,800
120,625
Seibu
Holdings,
Inc.
3,800
71,146
Seino
Holdings
Co.
Ltd.
(b)
3,100
48,480
Sixt
SE
308
21,514
Sixt
SE
(Preference)
298
16,542
Stef
SA
1,156
167,872
TFI
International,
Inc.
1,054
163,969
Tobu
Railway
Co.
Ltd.
3,700
64,945
Tokyu
Corp.(b)
4,300
52,057
West
Japan
Railway
Co.
10,200
200,393
Zigup
plc
71,026
386,812
6,392,535
Health
Care
Equipment
&
Supplies
-
1
.2
%
Alcon,
Inc.
6,528
618,352
Ambu
A/S,
Class
B*(b)
3,468
70,382
Ansell
Ltd.(b)
2,720
48,614
Arjo
AB,
Class
B
11,562
44,748
Asahi
Intecc
Co.
Ltd.
3,200
50,639
BioMerieux(b)
825
87,220
Carl
Zeiss
Meditec
AG
715
49,014
Cochlear
Ltd.
822
185,190
Coloplast
A/S,
Class
B(b)
1,972
256,398
ConvaTec
Group
plc(a)
26,387
79,377
Demant
A/S*
1,821
69,714
DiaSorin
SpA(b)
293
32,023
Elekta
AB,
Class
B
2,128
13,363
EssilorLuxottica
SA
2,687
617,284
EssilorLuxottica
SA
1,629
373,172
Investments
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
8,466
$
162,668
Fukuda
Denshi
Co.
Ltd.
1,000
44,995
Getinge
AB,
Class
B
2,980
58,084
Hogy
Medical
Co.
Ltd.
1,200
32,939
Hoya
Corp.
5,100
641,991
Koninklijke
Philips
NV*
9,053
255,486
Mani,
Inc.(b)
3,400
47,861
Medacta
Group
SA(a)
336
48,095
Medartis
Holding
AG*(a)
(b)
304
25,902
Menicon
Co.
Ltd.
5,700
53,322
Nakanishi,
Inc.
3,400
58,844
Nihon
Kohden
Corp.
4,600
70,715
Nipro
Corp.(b)
4,100
35,888
Olympus
Corp.
13,600
235,374
Paramount
Bed
Holdings
Co.
Ltd.
1,600
26,957
Revenio
Group
OYJ
1,710
53,106
Siemens
Healthineers
AG(a)
3,536
189,900
Smith
&
Nephew
plc
8,228
118,684
Sonova
Holding
AG
(Registered)
652
199,470
Straumann
Holding
AG
(Registered)
1,518
195,646
Surgical
Science
Sweden
AB*(b)
1,584
19,184
Sysmex
Corp.
8,100
133,107
Terumo
Corp.
20,400
366,891
Vimian
Group
AB*(b)
12,578
39,667
Xvivo
Perfusion
AB*
1,892
89,502
Ypsomed
Holding
AG
(Registered)
123
56,382
5,856,150
Health
Care
Providers
&
Services
-
0
.4
%
Alfresa
Holdings
Corp.
1,500
23,568
Amplifon
SpA
2,112
67,191
Arvida
Group
Ltd.(b)
243,814
234,598
As
One
Corp.
1,600
34,508
Chartwell
Retirement
Residences
5,304
52,600
CVS
Group
plc
4,250
62,232
EBOS
Group
Ltd.(b)
2,099
44,881
Emeis
SA*(b)
26,894
301,264
Fagron
3,775
77,777
Fresenius
Medical
Care
AG
3,876
150,489
Fresenius
SE
&
Co.
KGaA*
6,460
232,010
Galenica
AG(a)
792
68,785
Medicover
AB,
Class
B
3,403
61,153
Medipal
Holdings
Corp.
3,400
61,623
NMC
Health
plc*‡
2,074
—
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
60
Investments
Shares
Value
COMMON
STOCKS
(continued)
Health
Care
Providers
&
Services
(continued)
Raffles
Medical
Group
Ltd.
60,824
$
42,744
Ramsay
Health
Care
Ltd.
(b)
3,570
108,331
Ryman
Healthcare
Ltd.*(b)
11,375
30,605
Ship
Healthcare
Holdings,
Inc.
1,900
29,044
Sigma
Healthcare
Ltd.(b)
66,606
56,542
Sonic
Healthcare
Ltd.
6,188
111,768
Spire
Healthcare
Group
plc(a)
14,036
46,423
Summerset
Group
Holdings
Ltd.
6,847
45,548
Suzuken
Co.
Ltd.
1,880
68,723
Terveystalo
OYJ(a)
4,480
49,932
2,062,339
Health
Care
REITs
-
0
.2
%
Aedifica
SA,
REIT
832
52,938
Assura
plc,
REIT(b)
201,960
105,579
Cofinimmo
SA,
REIT
11,322
728,354
Parkway
Life
REIT,
REIT
19,000
51,562
Primary
Health
Properties
plc,
REIT(b)
81,974
97,237
Vital
Healthcare
Property
Trust,
REIT(b)
30,574
34,503
1,070,173
Health
Care
Technology
-
0
.1
%
CompuGroup
Medical
SE
&
Co.
KGaA
1,599
27,719
M3,
Inc.
6,500
60,719
Medley,
Inc.*
1,000
26,984
Pro
Medicus
Ltd.(b)
1,100
103,263
Sectra
AB,
Class
B*(b)
2,948
66,950
285,635
Hotel
&
Resort
REITs
-
0
.0
%
(d)
CapitaLand
Ascott
Trust,
REIT
32,566
21,912
CDL
Hospitality
Trusts,
REIT
38,294
27,627
Far
East
Hospitality
Trust,
REIT
53,976
25,221
Hoshino
Resorts
REIT,
Inc.,
REIT
12
41,393
Invincible
Investment
Corp.,
REIT(b)
38
17,199
Investments
Shares
Value
Hotel
&
Resort
REITs
(continued)
Japan
Hotel
REIT
Investment
Corp.,
REIT
77
$
39,303
172,655
Hotels,
Restaurants
&
Leisure
-
1
.8
%
Accor
SA
2,856
109,928
Amadeus
IT
Group
SA
5,610
368,727
AmRest
Holdings
SE*
6,191
38,533
Aristocrat
Leisure
Ltd.
8,806
311,782
Basic-Fit
NV*(a)(b)
2,632
63,341
Betsson
AB,
Class
B*
39,372
468,162
Carnival
plc*
7,242
112,135
Colowide
Co.
Ltd.(b)
3,500
48,164
Compass
Group
plc
23,460
721,991
Corporate
Travel
Management
Ltd.(b)
7,144
62,698
Create
Restaurants
Holdings,
Inc.(b)
4,400
31,437
Dalata
Hotel
Group
plc
68,816
305,682
Deliveroo
plc,
Class
A*(a)
58,525
99,152
Delivery
Hero
SE*(a)
3,145
70,140
Domino's
Pizza
Enterprises
Ltd.(b)
1,425
30,493
Domino's
Pizza
Group
plc
19,346
80,511
Entain
plc
8,621
63,228
Evolution
AB(a)
2,448
236,975
Flight
Centre
Travel
Group
Ltd.(b)
4,576
66,366
Flutter
Entertainment
plc*
2,176
429,726
Fuji
Kyuko
Co.
Ltd.
1,000
20,504
Galaxy
Entertainment
Group
Ltd.(b)
36,000
151,383
Genting
Singapore
Ltd.
104,400
66,343
Greggs
plc
1,558
62,717
Heiwa
Corp.
19,450
279,094
HIS
Co.
Ltd.*(b)
3,800
43,364
Ichibanya
Co.
Ltd.(b)
5,000
35,558
InterContinental
Hotels
Group
plc
2,414
243,092
J
D
Wetherspoon
plc*
4,294
41,173
Just
Eat
Takeaway.com
NV*(a)(b)
3,403
43,368
Kindred
Group
plc,
SDR
5,043
59,523
KOMEDA
Holdings
Co.
Ltd.
1,200
21,470
Kyoritsu
Maintenance
Co.
Ltd.(b)
2,200
42,732
La
Francaise
des
Jeux
SAEM(a)
2,878
111,803
Lottery
Corp.
Ltd.
(The)
27,988
90,833
Lottomatica
Group
Spa
3,990
48,746
McDonald's
Holdings
Co.
Japan
Ltd.
1,100
45,401
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
61
Investments
Shares
Value
COMMON
STOCKS
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
Melia
Hotels
International
SA
9,988
$
76,467
Mitchells
&
Butlers
plc*
81,668
326,234
Monogatari
Corp.
(The)(b)
1,500
34,095
MOS
Food
Services,
Inc.
2,100
49,339
MTY
Food
Group,
Inc.
418
13,786
Ohsho
Food
Service
Corp.
704
42,906
Oriental
Land
Co.
Ltd.
15,200
432,583
Playtech
plc*
86,836
630,181
Restaurant
Brands
International,
Inc.(b)
3,706
259,336
Round
One
Corp.
11,400
68,191
Royal
Holdings
Co.
Ltd.
1,600
26,989
Sands
China
Ltd.*
30,400
57,049
Scandic
Hotels
Group
AB*(a)
37,366
227,140
Shangri-La
Asia
Ltd.(b)
476,000
333,907
SJM
Holdings
Ltd.*
114,000
36,774
SkiStar
AB
2,828
41,638
SKYCITY
Entertainment
Group
Ltd.(b)
203,796
188,830
Skylark
Holdings
Co.
Ltd.
(b)
3,700
50,756
Societe
des
Bains
de
Mer
et
du
Cercle
des
Etrangers
a
Monaco
1,700
189,476
Sodexo
SA
1,156
109,517
SSP
Group
plc
35,938
84,474
Star
Entertainment
Grp
Ltd.
(The)*(b)
146,381
55,440
Tabcorp
Holdings
Ltd.
168,436
70,943
Toridoll
Holdings
Corp.(b)
1,100
28,783
Trainline
plc*(a)
27,540
120,483
TUI
AG*
8,772
56,649
Webjet
Ltd.*(b)
12,750
74,182
Whitbread
plc
2,136
79,838
Wynn
Macau
Ltd.(b)
12,800
9,454
Yoshinoya
Holdings
Co.
Ltd.(b)
3,400
65,397
Zensho
Holdings
Co.
Ltd.
(b)
1,800
73,060
9,040,172
Household
Durables
-
1
.0
%
Atal
SA
3,740
46,933
Azorim-Investment
Development
&
Construction
Co.
Ltd.*(b)
5,535
25,194
Barratt
Developments
plc
18,802
127,175
Bellway
plc
2,640
97,185
Berkeley
Group
Holdings
plc
1,312
85,608
Investments
Shares
Value
Household
Durables
(continued)
Breville
Group
Ltd.(b)
2,420
$
46,333
Cairn
Homes
plc(b)
172,652
352,603
Casio
Computer
Co.
Ltd.
3,600
29,083
Chervon
Holdings
Ltd.(b)
6,800
15,564
Danya
Cebus
Ltd.
2,870
63,287
De'
Longhi
SpA
1,012
31,911
Dom
Development
SA
2,448
104,127
ES-Con
Japan
Ltd.(b)
17,000
117,958
Fiskars
OYJ
Abp(b)
2,204
37,921
Fujitsu
General
Ltd.(b)
2,100
27,656
GN
Store
Nord
A/S*(b)
2,244
58,785
Haseko
Corp.
3,500
43,826
Iida
Group
Holdings
Co.
Ltd.
3,400
51,070
JM
AB(b)
3,876
75,295
JVCKenwood
Corp.
47,600
293,901
Man
Wah
Holdings
Ltd.(b)
52,000
30,753
Nagawa
Co.
Ltd.(b)
500
25,621
Nikon
Corp.
5,800
66,901
Open
House
Group
Co.
Ltd.
1,800
64,123
Panasonic
Holdings
Corp.
37,400
309,720
Persimmon
plc
5,054
103,119
Pressance
Corp.(b)
7,800
106,119
Redrow
plc
18,904
181,138
Rinnai
Corp.
1,800
44,264
Sangetsu
Corp.(b)
2,256
44,982
SEB
SA
616
61,691
Sekisui
Chemical
Co.
Ltd.
6,800
102,750
Sekisui
House
Ltd.(b)
13,600
341,672
Sony
Group
Corp.
15,600
1,402,818
Sumitomo
Forestry
Co.
Ltd.(b)
3,300
140,918
Tamron
Co.
Ltd.
3,800
108,095
Taylor
Wimpey
plc
39,508
80,864
Vistry
Group
plc*
7,278
129,380
5,076,343
Household
Products
-
0
.3
%
Earth
Corp.(b)
600
20,019
Essity
AB,
Class
A
1,020
28,647
Essity
AB,
Class
B
6,528
183,519
Henkel
AG
&
Co.
KGaA
748
57,994
Henkel
AG
&
Co.
KGaA
(Preference)
2,584
221,175
Pigeon
Corp.
10,200
103,620
Reckitt
Benckiser
Group
plc
8,806
472,568
Unicharm
Corp.
5,600
186,766
1,274,308
Independent
Power
and
Renewable
Electricity
Producers
-
0
.5
%
Boralex,
Inc.,
Class
A
5,406
134,069
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
62
Investments
Shares
Value
COMMON
STOCKS
(continued)
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Brookfield
Renewable
Corp.,
Class
A(b)
1,904
$
53,490
Capital
Power
Corp.(b)
3,230
99,768
Drax
Group
plc
121,924
1,015,585
EDP
Renovaveis
SA
5,542
85,997
Electric
Power
Development
Co.
Ltd.
(b)
3,100
51,076
Encavis
AG*
6,732
126,025
Enlight
Renewable
Energy
Ltd.*
1,428
21,994
ERG
SpA
704
18,664
Greenvolt-Energias
Renovaveis
SA*(b)
6,900
62,121
Innergex
Renewable
Energy,
Inc.
9,690
66,566
Meridian
Energy
Ltd.
20,828
80,410
Neoen
SA(a)
382
15,923
Northland
Power,
Inc.(b)
5,661
94,620
OY
Nofar
Energy
Ltd.*
1,496
33,311
Polenergia
SA*
1,596
27,187
RENOVA,
Inc.*(b)
1,000
6,095
RWE
AG
12,954
483,464
Scatec
ASA*(a)
8,405
67,720
Solaria
Energia
y
Medio
Ambiente
SA*(b)
2,380
28,355
TransAlta
Corp.
6,766
50,937
2,623,377
Industrial
Conglomerates
-
1
.2
%
Aker
ASA,
Class
A
264
15,452
Bonheur
ASA
6,426
167,195
Brookfield
Business
Corp.,
Class
A
7,004
156,715
CK
Hutchison
Holdings
Ltd.
51,356
269,534
DCC
plc
1,768
121,721
Hikari
Tsushin,
Inc.
400
74,997
Hitachi
Ltd.
65,000
1,420,444
Infratil
Ltd.
8,272
52,964
Investment
AB
Latour,
Class
B(b)
2,024
59,355
Italmobiliare
SpA
1,024
33,187
Jardine
Cycle
&
Carriage
Ltd.
3,800
73,750
Jardine
Matheson
Holdings
Ltd.
3,400
119,680
Keihan
Holdings
Co.
Ltd.
3,400
69,170
Keppel
Ltd.
18,500
91,836
Lifco
AB,
Class
B
4,096
121,379
Nisshinbo
Holdings,
Inc.
(b)
54,400
398,979
Nolato
AB,
Class
B
11,029
59,119
Investments
Shares
Value
Industrial
Conglomerates
(continued)
Noritsu
Koki
Co.
Ltd.
6,800
$
185,524
NWS
Holdings
Ltd.
38,000
34,050
Siemens
AG
(Registered)
9,792
1,795,161
Smiths
Group
plc
6,698
153,654
Storskogen
Group
AB,
Class
B(b)
463,454
375,949
TOKAI
Holdings
Corp.(b)
4,100
27,522
5,877,337
Industrial
REITs
-
0
.4
%
Advance
Logistics
Investment
Corp.,
REIT
68
54,008
ARGAN
SA,
REIT
556
45,424
CapitaLand
Ascendas
REIT,
REIT
50,235
102,153
Centuria
Industrial
REIT,
REIT
6,256
12,991
CRE
Logistics
REIT,
Inc.,
REIT(b)
68
65,261
Dream
Industrial
REIT,
REIT(b)
7,125
69,525
ESR-LOGOS
REIT,
REIT
95,200
19,572
Frasers
Logistics
&
Commercial
Trust,
REIT(a)
49,400
36,562
GLP
J-REIT,
REIT(b)
38
33,186
Goodman
Group,
REIT
22,576
517,449
Goodman
Property
Trust,
REIT
19,085
23,408
Granite
REIT,
REIT(b)
484
25,993
Industrial
&
Infrastructure
Fund
Investment
Corp.,
REIT(b)
68
55,861
LaSalle
Logiport
REIT,
REIT
44
43,339
Mapletree
Industrial
Trust,
REIT
35,086
60,593
Mapletree
Logistics
Trust,
REIT
62,253
60,038
Mitsubishi
Estate
Logistics
REIT
Investment
Corp.,
REIT(b)
34
85,531
Montea
NV,
REIT
695
60,240
Nippon
Prologis
REIT,
Inc.,
REIT
7
11,496
Property
for
Industry
Ltd.,
REIT(b)
26,697
35,360
Segro
plc,
REIT
18,206
214,157
SOSiLA
Logistics
REIT,
Inc.,
REIT
68
52,426
Tritax
Big
Box
REIT
plc,
REIT
32,912
69,963
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
63
Investments
Shares
Value
COMMON
STOCKS
(continued)
Industrial
REITs
(continued)
Warehouses
De
Pauw
CVA,
REIT
3,179
$
86,275
1,840,811
Insurance
-
4
.6
%
Admiral
Group
plc
3,638
128,690
Aegon
Ltd.
30,193
195,051
Ageas
SA/NV
3,060
146,157
AIA
Group
Ltd.
156,400
1,051,075
Allianz
SE
(Registered)
7,480
2,110,943
Alm
Brand
A/S(b)
51,636
98,466
ASR
Nederland
NV
2,800
140,496
AUB
Group
Ltd.(b)
2,926
61,677
Aviva
plc
50,286
323,078
AXA
SA
33,014
1,160,687
Baloise
Holding
AG
(Registered)
816
146,004
Beazley
plc
12,768
112,093
Clal
Insurance
Enterprises
Holdings
Ltd.*
2,546
38,956
Coface
SA
31,722
480,913
Conduit
Holdings
Ltd.
48,620
326,613
Dai-ichi
Life
Holdings,
Inc.
17,000
525,163
Definity
Financial
Corp.
1,025
35,630
Direct
Line
Insurance
Group
plc
426,938
1,033,697
Fairfax
Financial
Holdings
Ltd.
442
520,958
Generali
18,156
470,143
Gjensidige
Forsikring
ASA
4,360
73,607
Great-West
Lifeco,
Inc.
4,904
147,214
Grupo
Catalana
Occidente
SA
704
30,472
Hannover
Rueck
SE
850
211,275
Harel
Insurance
Investments
&
Financial
Services
Ltd.
3,957
35,696
Helvetia
Holding
AG
(Registered)(b)
733
109,253
Hiscox
Ltd.
7,174
117,118
iA
Financial
Corp.,
Inc.
1,972
133,270
Insurance
Australia
Group
Ltd.
35,122
169,717
Intact
Financial
Corp.
2,312
419,907
Japan
Post
Holdings
Co.
Ltd.
37,400
398,708
Japan
Post
Insurance
Co.
Ltd.
4,400
91,620
Just
Group
plc
327,862
508,716
Lancashire
Holdings
Ltd.
72,896
593,622
Legal
&
General
Group
plc
121,652
362,045
Lifenet
Insurance
Co.*(b)
3,800
42,935
Mandatum
OYJ
10,146
47,001
Investments
Shares
Value
Insurance
(continued)
Manulife
Financial
Corp.
34,306
$
913,370
Mapfre
SA
22,440
54,344
Medibank
Pvt
Ltd.
40,555
105,400
Menora
Mivtachim
Holdings
Ltd.
492
12,688
Migdal
Insurance
&
Financial
Holdings
Ltd.
95,812
114,197
MS&AD
Insurance
Group
Holdings,
Inc.
27,200
647,550
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Registered)
2,516
1,240,400
nib
holdings
Ltd.(b)
11,260
55,366
NN
Group
NV
5,322
266,869
Phoenix
Group
Holdings
plc
19,108
134,252
Phoenix
Holdings
Ltd.
(The)
5,085
49,346
Poste
Italiane
SpA(a)
9,479
128,369
Power
Corp.
of
Canada(b)
10,005
289,406
Powszechny
Zaklad
Ubezpieczen
SA
10,318
126,152
Protector
Forsikring
ASA
2,660
54,857
Prudential
plc
31,178
280,006
QBE
Insurance
Group
Ltd.
28,254
333,573
Sampo
OYJ,
Class
A
6,188
270,989
SCOR
SE(b)
2,204
47,246
Sompo
Holdings,
Inc.
17,000
391,725
Steadfast
Group
Ltd.
17,908
75,894
Storebrand
ASA
10,971
109,966
Sun
Life
Financial,
Inc.
10,914
541,493
Suncorp
Group
Ltd.
16,014
186,242
Swiss
Life
Holding
AG
(Registered)
442
338,335
Swiss
Re
AG
5,440
670,228
T&D
Holdings,
Inc.
6,800
128,760
Talanx
AG
968
73,585
Tokio
Marine
Holdings,
Inc.
27,200
1,088,651
Topdanmark
A/S
880
47,931
Trisura
Group
Ltd.*
874
29,217
Tryg
A/S
4,368
95,646
Unipol
Gruppo
SpA
6,080
65,528
Wuestenrot
&
Wuerttembergische
AG
3,536
47,752
Zurich
Insurance
Group
AG
1,972
1,082,500
22,696,499
Interactive
Media
&
Services
-
0
.2
%
Auto
Trader
Group
plc(a)
12,308
128,938
Baltic
Classifieds
Group
plc
16,280
56,669
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
64
Investments
Shares
Value
COMMON
STOCKS
(continued)
Interactive
Media
&
Services
(continued)
Better
Collective
A/S*(b)
2,464
$
56,441
CAR
Group
Ltd.
5,679
129,237
Domain
Holdings
Australia
Ltd.(b)
12,956
27,158
Hemnet
Group
AB
925
34,160
Infocom
Corp.
1,600
64,549
Kakaku.com,
Inc.
1,600
22,161
LY
Corp.
36,800
91,230
MONY
Group
plc
28,412
86,855
REA
Group
Ltd.(b)
900
120,255
Rightmove
plc
12,896
95,443
Scout24
SE(a)
1,232
97,586
SEEK
Ltd.(b)
4,962
71,187
Trustpilot
Group
plc*(a)
14,960
40,064
1,121,933
IT
Services
-
1
.0
%
Addnode
Group
AB,
Class
B(b)
5,472
54,273
Alten
SA(b)
616
67,857
Atea
ASA
2,420
32,135
Bechtle
AG
1,364
60,338
BIPROGY,
Inc.
1,100
35,962
Bouvet
ASA
5,054
29,304
CANCOM
SE
1,981
70,311
Capgemini
SE
2,142
425,559
CGI,
Inc.*
2,686
306,097
Computacenter
plc
1,092
37,759
Data#3
Ltd.
12,760
73,491
Digital
Garage,
Inc.
1,300
24,227
DTS
Corp.
2,100
60,435
Exclusive
Networks
SA*
1,634
41,110
Formula
Systems
1985
Ltd.
782
61,167
Fujitsu
Ltd.
34,000
617,473
GMO
internet
group,
Inc.
1,200
19,855
Indra
Sistemas
SA(b)
7,480
150,065
Kainos
Group
plc
4,469
63,027
Keywords
Studios
plc
3,876
118,887
Kontron
AG
3,168
67,259
Megaport
Ltd.*(b)
6,954
49,814
NEC
Corp.
3,400
293,766
NEC
Networks
&
System
Integration
Corp.
2,400
44,424
NET
One
Systems
Co.
Ltd.
3,400
68,402
Netcompany
Group
A/S*(a)(b)
2,482
105,602
NEXTDC
Ltd.*(b)
10,642
116,400
Nomura
Research
Institute
Ltd.
5,745
178,314
NS
Solutions
Corp.
1,600
36,634
NTT
Data
Group
Corp.
8,600
134,864
Investments
Shares
Value
IT
Services
(continued)
Obic
Co.
Ltd.
800
$
121,228
One
Software
Technologies
Ltd.
3,880
48,793
Otsuka
Corp.
5,000
110,694
OVH
Groupe
SAS*(b)
3,078
19,851
Reply
SpA(b)
484
68,714
SCSK
Corp.
2,700
53,001
Secunet
Security
Networks
AG
123
16,291
Shopify,
Inc.,
Class
A*
16,490
1,009,370
Softcat
plc(b)
2,394
49,999
Sopra
Steria
Group
396
73,533
TietoEVRY
OYJ
408
8,269
TIS,
Inc.
4,600
98,751
Wavestone
532
30,914
5,154,219
Leisure
Products
-
0
.5
%
Bandai
Namco
Holdings,
Inc.
10,200
217,341
Beneteau
SACA(b)
8,874
86,615
BRP,
Inc.(b)
11,968
866,596
Games
Workshop
Group
plc
684
90,492
MIPS
AB(a)
1,517
75,301
Mizuno
Corp.
3,400
172,644
Sanlorenzo
SpA(b)
984
40,089
Sega
Sammy
Holdings,
Inc.
2,600
42,294
Shimano,
Inc.
1,100
195,421
Technogym
SpA(a)(b)
4,905
48,114
Thule
Group
AB(a)
2,024
55,937
Tomy
Co.
Ltd.
4,600
105,018
Universal
Entertainment
Corp.*
10,200
103,857
Yamaha
Corp.
2,800
66,902
Yonex
Co.
Ltd.
5,600
82,031
2,248,652
Life
Sciences
Tools
&
Services
-
0
.3
%
AddLife
AB,
Class
B(b)
6,847
100,428
Bachem
Holding
AG(b)
328
29,456
Biotage
AB
3,690
69,134
Eurofins
Scientific
SE
1,700
100,882
Evotec
SE*
9,622
90,792
Gerresheimer
AG
574
59,473
Lonza
Group
AG
(Registered)
918
612,591
QIAGEN
NV*(b)
3,399
151,830
Sartorius
AG
(Preference)
340
96,651
Sartorius
Stedim
Biotech
350
70,047
Siegfried
Holding
AG
(Registered)
38
44,205
SKAN
Group
AG
451
40,630
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
65
Investments
Shares
Value
COMMON
STOCKS
(continued)
Life
Sciences
Tools
&
Services
(continued)
Tecan
Group
AG
(Registered)
220
$
81,777
Wuxi
Biologics
Cayman,
Inc.*(a)
19,500
28,756
1,576,652
Machinery
-
3
.6
%
Aalberts
NV
2,210
84,418
Alfa
Laval
AB
4,080
180,063
Alstom
SA*(b)
3,883
76,137
Amada
Co.
Ltd.
7,200
85,538
ANDRITZ
AG
1,394
89,225
Atlas
Copco
AB,
Class
A
33,252
591,348
Atlas
Copco
AB,
Class
B
21,454
335,394
ATS
Corp.*
1,476
44,330
AutoStore
Holdings
Ltd.*(a)(b)
15,006
18,856
Beijer
Alma
AB
2,304
47,079
Bodycote
plc
8,296
74,377
Bucher
Industries
AG
(Registered)(b)
82
33,163
Burckhardt
Compression
Holding
AG
132
91,924
Cargotec
OYJ,
Class
B
684
34,876
CKD
Corp.
4,100
82,431
Construcciones
y
Auxiliar
de
Ferrocarriles
SA
5,202
196,736
Daetwyler
Holding
AG
407
84,429
Daifuku
Co.
Ltd.
6,900
125,701
Daimler
Truck
Holding
AG
9,724
376,068
Danieli
&
C
Officine
Meccaniche
SpA(b)
3,570
139,071
Danieli
&
C
Officine
Meccaniche
SpA
(Retirement
Savings
Plan)
11,526
332,386
DMG
Mori
Co.
Ltd.
2,100
54,028
Duerr
AG
16,184
356,559
Ebara
Corp.
5,500
80,201
Electrolux
Professional
AB,
Class
B
5,882
36,990
Epiroc
AB,
Class
A(b)
7,888
147,197
Epiroc
AB,
Class
B
4,256
71,439
FANUC
Corp.
13,400
401,662
FLSmidth
&
Co.
A/S
2,380
121,418
Fluidra
SA
912
20,310
Fuji
Corp.
1,000
16,848
Fujitec
Co.
Ltd.
2,400
69,786
GEA
Group
AG
2,516
111,190
Georg
Fischer
AG
(Registered)
1,360
99,963
Glory
Ltd.
17,000
309,076
Harmonic
Drive
Systems,
Inc.
1,500
41,323
Investments
Shares
Value
Machinery
(continued)
Hitachi
Construction
Machinery
Co.
Ltd.
2,800
$
70,568
Hitachi
Zosen
Corp.
51,000
373,196
Hoshizaki
Corp.
2,400
75,720
Husqvarna
AB,
Class
B(b)
7,480
50,501
IHI
Corp.
2,500
92,217
IMI
plc
1,824
44,373
Indutrade
AB
4,382
128,546
Interpump
Group
SpA(b)
1,584
68,733
Interroll
Holding
AG
(Registered)(b)
34
109,696
Iveco
Group
NV(b)
64,226
660,240
Jungheinrich
AG
(Preference)
15,198
481,861
Kardex
Holding
AG
(Registered)
264
80,227
Kawasaki
Heavy
Industries
Ltd.(b)
2,800
104,325
KION
Group
AG
1,419
56,230
Kitz
Corp.(b)
23,800
176,056
Knorr-Bremse
AG
918
73,956
Komatsu
Ltd.
17,000
492,284
Komax
Holding
AG
(Registered)(b)
76
11,552
Kone
OYJ,
Class
B
4,760
242,912
Konecranes
OYJ
1,394
97,370
Krones
AG
246
33,328
KSB
SE
&
Co.
KGaA
(Preference)
238
162,765
Kubota
Corp.
17,000
246,311
Kurita
Water
Industries
Ltd.
2,500
107,371
Kyokuto
Kaihatsu
Kogyo
Co.
Ltd.
3,400
61,013
Makita
Corp.
3,900
127,995
Manitou
BF
SA(b)
3,545
82,091
Max
Co.
Ltd.
2,800
70,716
Meidensha
Corp.
3,400
78,187
Metso
OYJ(b)
10,506
106,614
MINEBEA
MITSUMI,
Inc.
(b)
7,311
176,288
MISUMI
Group,
Inc.
4,100
75,822
Mitsubishi
Heavy
Industries
Ltd.
46,100
560,701
Mitsubishi
Logisnext
Co.
Ltd.
7,600
67,484
Mitsuboshi
Belting
Ltd.
1,300
38,233
Mitsui
E&S
Co.
Ltd.(b)
30,600
272,321
Miura
Co.
Ltd.
2,100
48,725
Morgan
Advanced
Materials
plc
93,262
409,084
Nabtesco
Corp.(b)
3,400
67,238
Namura
Shipbuilding
Co.
Ltd.(b)
20,400
271,304
NFI
Group,
Inc.*(b)
4,826
59,912
NGK
Insulators
Ltd.
3,400
46,246
Nitta
Corp.(b)
6,800
185,298
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
66
Investments
Shares
Value
COMMON
STOCKS
(continued)
Machinery
(continued)
Noritake
Co.
Ltd.(b)
10,200
$
271,168
NSK
Ltd.
15,200
80,384
NTN
Corp.
166,600
339,379
OC
Oerlikon
Corp.
AG
(Registered)(b)
55,862
313,881
OKUMA
Corp.
700
35,214
OSG
Corp.(b)
3,800
52,520
Pfeiffer
Vacuum
Technology
AG
220
37,519
Rational
AG
55
48,178
Rotork
plc
13,640
63,387
Ryobi
Ltd.(b)
10,200
141,211
Sandvik
AB
13,090
267,721
Schindler
Holding
AG
546
145,765
Schindler
Holding
AG
(Registered)
370
96,887
Seatrium
Ltd.*
32,477
40,790
SFS
Group
AG
220
32,041
Shibaura
Machine
Co.
Ltd.
6,800
168,576
SKF
AB,
Class
A
1,408
26,117
SKF
AB,
Class
B
5,156
95,710
SMC
Corp.
700
344,975
Spirax
Group
plc
1,122
130,568
Stabilus
SE
1,140
55,820
Stadler
Rail
AG(b)
3,094
94,727
Sulzer
AG
(Registered)
280
41,606
Sumitomo
Heavy
Industries
Ltd.
3,300
89,727
Tadano
Ltd.
3,400
25,524
Techtronic
Industries
Co.
Ltd.(b)
17,000
217,832
Tocalo
Co.
Ltd.(b)
3,800
50,057
TOMRA
Systems
ASA
3,872
63,669
Toyota
Industries
Corp.
2,300
196,125
Trelleborg
AB,
Class
B
2,924
108,529
Troax
Group
AB
1,806
40,947
Tsubakimoto
Chain
Co.
9,000
390,004
Valmet
OYJ(b)
3,228
91,412
VAT
Group
AG(a)
374
187,074
Vesuvius
plc
65,178
404,776
Volvo
AB,
Class
A
3,212
83,375
Volvo
AB,
Class
B
28,900
736,953
Wacker
Neuson
SE
8,738
136,158
Wartsila
OYJ
Abp
5,720
117,943
Weir
Group
plc
(The)
3,604
94,065
Yaskawa
Electric
Corp.(b)
3,400
118,817
17,984,281
Marine
Transportation
-
0
.7
%
AP
Moller
-
Maersk
A/S,
Class
A
65
105,570
Investments
Shares
Value
Marine
Transportation
(continued)
AP
Moller
-
Maersk
A/S,
Class
B
68
$
112,710
Belships
ASA
26,724
56,212
Clarkson
plc
1,408
82,016
D/S
Norden
A/S
6,834
295,523
Dfds
A/S(b)
9,010
246,942
Golden
Ocean
Group
Ltd.
4,796
59,476
Hoegh
Autoliners
ASA
1,824
19,867
Iino
Kaiun
Kaisha
Ltd.
30,600
261,135
Kawasaki
Kisen
Kaisha
Ltd.(b)
10,200
158,634
Klaveness
Combination
Carriers
ASA
3,196
30,339
Kuehne
+
Nagel
International
AG
(Registered)(b)
680
210,508
Mitsui
OSK
Lines
Ltd.(b)
7,900
252,657
MPC
Container
Ships
ASA
114,920
240,571
Nippon
Yusen
KK(b)
10,200
332,114
NS
United
Kaiun
Kaisha
Ltd.(b)
3,500
113,868
Odfjell
SE,
Class
A
6,118
92,991
Pacific
Basin
Shipping
Ltd.
1,666,000
501,165
SITC
International
Holdings
Co.
Ltd.
24,000
53,456
Stolt-Nielsen
Ltd.
1,435
56,169
Wallenius
Wilhelmsen
ASA
2,952
27,375
Wilh
Wilhelmsen
Holding
ASA,
Class
A
1,632
57,686
3,366,984
Media
-
1
.0
%
4imprint
Group
plc
1,394
109,401
Ascential
plc(a)
306
2,244
Atresmedia
Corp.
de
Medios
de
Comunicacion
SA
27,914
140,910
CyberAgent,
Inc.
6,300
40,465
Cyfrowy
Polsat
SA*
84,898
277,363
Dentsu
Group,
Inc.(b)
3,400
90,457
Eutelsat
Communications
SACA*(b)
41,548
214,815
Future
plc
35,292
507,705
Hakuhodo
DY
Holdings,
Inc.(b)
4,700
38,485
Informa
plc
16,320
182,204
IPSOS
SA
2,618
161,902
ITV
plc
48,868
50,403
JCDecaux
SE*
968
20,174
Metropole
Television
SA
15,674
204,887
MFE-MediaForEurope
NV,
Class
A(b)
51,838
176,471
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
67
Investments
Shares
Value
COMMON
STOCKS
(continued)
Media
(continued)
MFE-MediaForEurope
NV,
Class
B(b)
21,558
$
100,030
Next
15
Group
plc
3,774
41,349
Nine
Entertainment
Co.
Holdings
Ltd.(b)
118,216
112,319
Perion
Network
Ltd.*
16,728
137,560
ProSiebenSat.1
Media
SE
52,598
361,134
Publicis
Groupe
SA
3,162
330,595
Sanoma
OYJ
3,895
28,787
Schibsted
ASA,
Class
A
1,862
53,402
SES
SA,
Class
A,
ADR(b)
119,544
647,440
SKY
Perfect
JSAT
Holdings,
Inc.
6,200
36,674
Stroeer
SE
&
Co.
KGaA
1,496
101,176
Television
Francaise
1
SA
25,976
228,664
TV
Asahi
Holdings
Corp.
7,800
109,022
TX
Group
AG
205
37,635
Vivendi
SE
9,010
96,249
WPP
plc
15,674
151,114
YouGov
plc
4,715
27,980
4,819,016
Metals
&
Mining
-
4
.7
%
Acerinox
SA
54,842
575,049
Agnico
Eagle
Mines
Ltd.
7,433
573,193
Alamos
Gold,
Inc.,
Class
A
4,027
68,591
Alleima
AB
54,468
394,880
Anglo
American
plc
18,054
544,952
Antofagasta
plc
4,807
124,722
Aperam
SA(b)
13,362
361,765
ArcelorMittal
SA
8,772
198,766
ARE
Holdings,
Inc.
23,800
324,589
Aurubis
AG
738
57,538
AVZ
Minerals
Ltd.*‡(b)
111,012
10,149
B2Gold
Corp.(b)
43,044
128,996
Barrick
Gold
Corp.
22,406
411,808
Bekaert
SA
10,302
421,610
Bellevue
Gold
Ltd.*(b)
49,941
44,678
BHP
Group
Ltd.
68,612
1,895,194
BlueScope
Steel
Ltd.
8,466
122,507
Boliden
AB
4,862
148,161
Calibre
Mining
Corp.*(b)
219,164
339,506
Capricorn
Metals
Ltd.*(b)
19,272
67,705
Capstone
Copper
Corp.*
11,016
74,001
Centamin
plc
380,154
618,662
Centerra
Gold,
Inc.
8,892
59,604
Champion
Iron
Ltd.(b)
6,468
26,524
De
Grey
Mining
Ltd.*(b)
86,240
68,704
Deterra
Royalties
Ltd.
21,148
55,100
Dowa
Holdings
Co.
Ltd.(b)
1,100
40,510
Dundee
Precious
Metals,
Inc.
57,732
487,699
Investments
Shares
Value
Metals
&
Mining
(continued)
Eldorado
Gold
Corp.*
8,807
$
149,243
Emerald
Resources
NL*(b)
21,402
51,709
Endeavour
Mining
plc
3,876
86,129
Equinox
Gold
Corp.*(b)
118,150
662,827
Eramet
SA(b)
2,584
219,637
ERO
Copper
Corp.*(b)
4,268
83,417
Evolution
Mining
Ltd.(b)
35,786
91,837
Falcon
Metals
Ltd.*
1
—
(e)
Filo
Corp.*
4,428
102,410
First
Majestic
Silver
Corp.
(b)
14,596
90,231
First
Quantum
Minerals
Ltd.
11,492
140,588
Foran
Mining
Corp.*(b)
11,210
31,485
Fortescue
Ltd.(b)
29,682
365,745
Fortuna
Mining
Corp.*(b)
16,720
80,486
Franco-Nevada
Corp.
2,456
316,314
Genesis
Minerals
Ltd.*(b)
52,288
71,361
Glencore
plc
189,550
1,046,423
Gold
Road
Resources
Ltd.(b)
59,580
65,945
Granges
AB
5,662
69,048
Grupa
Kety
SA
308
63,836
Hill
&
Smith
plc
3,280
96,899
Hochschild
Mining
plc*
99,926
233,084
Hudbay
Minerals,
Inc.
18,292
152,538
IAMGOLD
Corp.*(b)
25,911
106,724
IGO
Ltd.(b)
16,378
59,356
Ivanhoe
Mines
Ltd.,
Class
A*
9,174
119,867
Jastrzebska
Spolka
Weglowa
SA*
19,380
130,292
JFE
Holdings,
Inc.
10,200
149,821
K92
Mining,
Inc.*(b)
5,700
32,596
KGHM
Polska
Miedz
SA
3,160
108,374
Kinross
Gold
Corp.
19,065
173,199
Kobe
Steel
Ltd.
10,000
125,349
Kyoei
Steel
Ltd.
6,800
90,841
Labrador
Iron
Ore
Royalty
Corp.
5,372
119,304
Liontown
Resources
Ltd.*(b)
27,470
17,041
Lundin
Gold,
Inc.
4,218
72,974
Lundin
Mining
Corp.(b)
11,390
114,935
Lynas
Rare
Earths
Ltd.*(b)
13,899
56,998
MAG
Silver
Corp.*
4,656
63,734
Maruichi
Steel
Tube
Ltd.
2,000
48,837
Mineral
Resources
Ltd.
2,448
86,769
Mitsubishi
Materials
Corp.
3,800
71,146
Mongolian
Mining
Corp.*(b)
102,000
109,025
New
Gold,
Inc.*
35,768
82,594
Nickel
Industries
Ltd.(b)
41,914
23,401
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
68
Investments
Shares
Value
COMMON
STOCKS
(continued)
Metals
&
Mining
(continued)
Nippon
Light
Metal
Holdings
Co.
Ltd.
17,000
$
200,439
Nippon
Steel
Corp.(b)
17,015
370,924
Nittetsu
Mining
Co.
Ltd.
3,400
108,128
Norsk
Hydro
ASA
24,820
137,101
Northern
Star
Resources
Ltd.
14,560
133,868
Novagold
Resources,
Inc.*
18,278
87,192
OceanaGold
Corp.
228,358
562,031
Orla
Mining
Ltd.*(b)
10,780
40,109
OSAKA
Titanium
Technologies
Co.
Ltd.
(b)
1,300
21,350
Osisko
Gold
Royalties
Ltd.(b)
9,452
165,647
Outokumpu
OYJ(b)
7,392
26,604
Pan
American
Silver
Corp.
4,560
104,770
Perseus
Mining
Ltd.(b)
437,138
722,191
Pilbara
Minerals
Ltd.(b)
34,446
65,905
Ramelius
Resources
Ltd.
(b)
54,536
69,087
Red
5
Ltd.*
213,354
54,335
Regis
Resources
Ltd.*(b)
40,098
43,858
Rio
Tinto
Ltd.
5,644
432,976
Rio
Tinto
plc
19,346
1,248,909
Salzgitter
AG
7,582
135,866
Sandfire
Resources
Ltd.*(b)
11,931
67,781
Sandstorm
Gold
Ltd.
13,772
79,056
Sanyo
Special
Steel
Co.
Ltd.(b)
7,200
102,358
Seabridge
Gold,
Inc.*
3,604
59,769
SilverCrest
Metals,
Inc.*(b)
9,416
92,085
Sims
Ltd.(b)
3,162
21,020
South32
Ltd.(b)
84,796
169,991
SSAB
AB,
Class
A
6,150
31,675
SSAB
AB,
Class
B
12,333
62,369
SSR
Mining,
Inc.
68,374
379,127
Stelco
Holdings,
Inc.
9,520
457,928
Sumitomo
Metal
Mining
Co.
Ltd.
5,200
159,325
Teck
Resources
Ltd.,
Class
B
7,276
356,466
thyssenkrupp
AG
8,316
31,847
Toho
Titanium
Co.
Ltd.(b)
1,700
15,604
Tokyo
Steel
Manufacturing
Co.
Ltd.(b)
20,400
259,644
Torex
Gold
Resources,
Inc.*
28,628
453,630
UACJ
Corp.
13,100
373,515
voestalpine
AG
1,880
48,133
Investments
Shares
Value
Metals
&
Mining
(continued)
Wesdome
Gold
Mines
Ltd.*
3,534
$
33,998
Wheaton
Precious
Metals
Corp.
6,324
377,897
Yamato
Kogyo
Co.
Ltd.
1,300
68,974
Yodogawa
Steel
Works
Ltd.(b)
9,700
366,184
Zimplats
Holdings
Ltd.(b)
4,902
52,208
23,331,406
Multi-Utilities
-
0
.8
%
A2A
SpA
29,479
62,427
ACEA
SpA
3,026
52,489
AGL
Energy
Ltd.
12,344
83,670
Algonquin
Power
&
Utilities
Corp.(b)
5,134
32,035
Atco
Ltd.,
Class
I
3,026
93,817
Canadian
Utilities
Ltd.,
Class
A(b)
2,278
53,312
Centrica
plc
110,330
187,841
E.ON
SE
42,398
594,820
Engie
SA
35,224
554,205
Hera
SpA
19,272
70,487
Iren
SpA
200,328
407,537
National
Grid
plc
94,282
1,194,051
REN
-
Redes
Energeticas
Nacionais
SGPS
SA
6,188
15,702
Sembcorp
Industries
Ltd.
16,300
58,127
Telecom
Plus
plc
4,728
115,385
Veolia
Environnement
SA
11,050
347,237
3,923,142
Office
REITs
-
0
.3
%
Abacus
Group,
REIT(b)
35,454
25,467
Allied
Properties
REIT,
REIT(b)
24,446
292,867
Champion
REIT,
REIT(b)
748,000
152,243
Derwent
London
plc,
REIT(b)
4,454
131,467
Dexus,
REIT(b)
9,792
44,887
Gecina
SA,
REIT
440
43,660
Global
One
Real
Estate
Investment
Corp.,
REIT(b)
48
32,285
Great
Portland
Estates
plc,
REIT
20,480
92,069
Ichigo
Office
REIT
Investment
Corp.,
REIT
41
22,835
Japan
Prime
Realty
Investment
Corp.,
REIT(b)
13
28,210
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
69
Investments
Shares
Value
COMMON
STOCKS
(continued)
Office
REITs
(continued)
Japan
Real
Estate
Investment
Corp.,
REIT
24
$
82,946
Keppel
REIT,
REIT
3,800
2,486
Nippon
Building
Fund,
Inc.,
REIT
24
92,357
Orix
JREIT,
Inc.,
REIT
68
70,549
Precinct
Properties
Group,
REIT(b)
67,298
48,366
Workspace
Group
plc,
REIT
4,978
39,131
1,201,825
Oil,
Gas
&
Consumable
Fuels
-
5
.9
%
Advantage
Energy
Ltd.*
8,466
59,016
Aker
BP
ASA
4,250
102,961
Ampol
Ltd.(b)
4,556
99,576
ARC
Resources
Ltd.
12,478
215,787
Athabasca
Oil
Corp.*
178,398
730,922
Avance
Gas
Holding
Ltd.
(a)(b)
5,472
83,973
Baytex
Energy
Corp.(b)
20,558
76,342
Beach
Energy
Ltd.(b)
39,336
38,273
Birchcliff
Energy
Ltd.(b)
15,130
65,604
Bluenord
ASA*
7,140
333,019
Boss
Energy
Ltd.*(b)
21,197
50,522
BP
plc
325,550
1,918,694
BRIGHTOIL*‡
50,147
—
BW
Energy
Ltd.*
16,694
47,329
BW
LPG
Ltd.(a)
2,774
44,980
Cameco
Corp.(b)
5,610
255,190
Canadian
Natural
Resources
Ltd.(b)
30,464
1,080,998
Cenovus
Energy,
Inc.
26,112
525,850
Cool
Co.
Ltd.(b)
7,714
93,828
Cosmo
Energy
Holdings
Co.
Ltd.(b)
1,600
86,902
Denison
Mines
Corp.*(b)
51,797
101,985
DNO
ASA
253,402
257,933
Enbridge,
Inc.
27,710
1,036,430
ENEOS
Holdings,
Inc.
57,800
304,328
Energean
plc(b)
50,218
644,380
Eni
SpA
43,486
696,338
Equinor
ASA
18,292
485,132
Esso
SA
Francaise
714
112,493
Etablissements
Maurel
et
Prom
SA
17,813
109,099
FLEX
LNG
Ltd.(b)
1,176
31,641
Freehold
Royalties
Ltd.(b)
5,060
51,866
Galp
Energia
SGPS
SA
7,990
168,208
Gaztransport
Et
Technigaz
SA
410
60,515
Gibson
Energy,
Inc.(b)
9,452
154,357
Hafnia
Ltd.
7,872
62,201
Investments
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Harbour
Energy
plc
179,860
$
724,251
Headwater
Exploration,
Inc.(b)
77,860
411,999
Idemitsu
Kosan
Co.
Ltd.
23,800
158,814
Imperial
Oil
Ltd.(b)
3,604
258,042
Inpex
Corp.
19,000
293,726
International
Petroleum
Corp.*(b)
4,726
68,147
Ithaca
Energy
plc
41,458
68,693
Itochu
Enex
Co.
Ltd.
17,100
195,367
Iwatani
Corp.
1,397
88,968
Japan
Petroleum
Exploration
Co.
Ltd.
1,700
70,730
Karoon
Energy
Ltd.*(b)
237,932
289,764
Keyera
Corp.
3,108
87,630
Koninklijke
Vopak
NV
1,224
54,543
MEG
Energy
Corp.*
4,529
93,796
Naphtha
Israel
Petroleum
Corp.
Ltd.*
10,742
60,118
Neste
OYJ(b)
9,248
186,736
New
Hope
Corp.
Ltd.
17,010
54,094
NexGen
Energy
Ltd.*(b)
10,944
72,883
NuVista
Energy
Ltd.*
54,672
529,129
Oil
Refineries
Ltd.
709,716
171,709
Okeanis
Eco
Tankers
Corp.(a)
4,080
130,596
OMV
AG
3,162
132,416
ORLEN
SA
8,364
136,300
Paladin
Energy
Ltd.*(b)
5,712
42,559
Paramount
Resources
Ltd.,
Class
A(b)
2,772
60,097
Parex
Resources,
Inc.(b)
31,450
471,483
Parkland
Corp.
2,923
81,949
Paz
Oil
Co.
Ltd.
3,095
294,971
Pembina
Pipeline
Corp.
8,092
313,441
Peyto
Exploration
&
Development
Corp.(b)
58,990
630,274
PrairieSky
Royalty
Ltd.(b)
3,977
79,888
Repsol
SA
21,896
312,164
San-Ai
Obbli
Co.
Ltd.(b)
17,000
233,544
Santos
Ltd.
66,538
347,160
Saras
SpA
131,886
228,342
Serica
Energy
plc(b)
99,246
168,397
Shell
plc
121,890
4,446,350
Suncor
Energy,
Inc.
25,228
1,006,965
Tamar
Petroleum
Ltd.(a)
11,628
59,048
Tamarack
Valley
Energy
Ltd.(b)
160,378
475,985
TC
Energy
Corp.
13,022
552,571
Topaz
Energy
Corp.
3,731
70,193
TORM
plc,
Class
A(b)
1,292
50,025
TotalEnergies
SE
41,752
2,822,836
Tourmaline
Oil
Corp.(b)
6,052
266,140
United
Energy
Group
Ltd.*(b)
2,380,000
102,061
Var
Energi
ASA
7,339
23,370
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
70
Investments
Shares
Value
COMMON
STOCKS
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Veren,
Inc.(b)
13,801
$
107,695
Vermilion
Energy,
Inc.(b)
51,782
556,634
Viva
Energy
Group
Ltd.(a)
17,630
37,530
Whitecap
Resources,
Inc.(b)
11,932
91,901
Whitehaven
Coal
Ltd.
16,702
84,197
Woodside
Energy
Group
Ltd.
36,347
655,073
29,197,966
Paper
&
Forest
Products
-
0
.2
%
Daio
Paper
Corp.
3,745
22,245
Hokuetsu
Corp.(b)
10,200
78,774
Holmen
AB,
Class
B(b)
1,540
60,464
Mondi
plc
3,536
69,058
Navigator
Co.
SA
(The)
5,269
21,381
Nippon
Paper
Industries
Co.
Ltd.(b)
34,000
219,421
Oji
Holdings
Corp.
11,400
48,347
Semapa-Sociedade
de
Investimento
e
Gestao
4,873
78,885
Stella-Jones,
Inc.
1,224
82,303
Stora
Enso
OYJ,
Class
R(b)
5,168
64,535
Svenska
Cellulosa
AB
SCA,
Class
A(b)
2,068
28,364
Svenska
Cellulosa
AB
SCA,
Class
B(b)
6,314
85,777
UPM-Kymmene
OYJ
6,936
229,141
West
Fraser
Timber
Co.
Ltd.
1,139
100,943
1,189,638
Passenger
Airlines
-
0
.3
%
Air
Canada*(b)
5,192
59,796
Air
France-KLM*(b)
45,220
402,226
Air
New
Zealand
Ltd.
11,968
4,123
Cathay
Pacific
Airways
Ltd.(b)
38,000
39,693
Deutsche
Lufthansa
AG
(Registered)
11,161
70,024
easyJet
plc
6,806
39,391
Exchange
Income
Corp.
(b)
2,255
79,316
International
Consolidated
Airlines
Group
SA*(b)
73,882
157,340
JET2
plc
4,018
73,285
Norwegian
Air
Shuttle
ASA*
138,516
144,286
Qantas
Airways
Ltd.*
22,968
96,888
Singapore
Airlines
Ltd.
23,899
124,533
Investments
Shares
Value
Passenger
Airlines
(continued)
Wizz
Air
Holdings
plc*(a)
(b)
15,980
$
392,653
1,683,554
Personal
Care
Products
-
1
.0
%
Beiersdorf
AG
1,360
197,496
Fancl
Corp.
3,400
65,600
Haleon
plc
102,714
461,231
Intercos
SpA
2,166
38,673
Interparfums
SA
174
8,859
Kao
Corp.
6,800
298,466
Kobayashi
Pharmaceutical
Co.
Ltd.
900
36,046
Kose
Corp.
700
46,454
L'Occitane
International
SA(b)
4,500
19,499
L'Oreal
SA
3,230
1,400,345
Milbon
Co.
Ltd.
1,000
22,232
Noevir
Holdings
Co.
Ltd.
(b)
1,000
38,681
Pola
Orbis
Holdings,
Inc.
2,000
18,829
Rohto
Pharmaceutical
Co.
Ltd.
3,900
91,629
Shiseido
Co.
Ltd.
5,700
178,812
Unilever
plc
34,102
2,090,705
5,013,557
Pharmaceuticals
-
5
.2
%
ALK-Abello
A/S,
Class
B*
2,958
66,745
Almirall
SA(b)
4,661
46,578
Astellas
Pharma,
Inc.
20,400
236,933
AstraZeneca
plc
21,080
3,348,785
Bausch
Health
Cos.,
Inc.*(b)
108,392
652,808
Bayer
AG
(Registered)
18,904
562,438
Camurus
AB*
1,054
66,627
Chugai
Pharmaceutical
Co.
Ltd.(b)
7,900
347,010
Daiichi
Sankyo
Co.
Ltd.
24,900
1,017,448
Eisai
Co.
Ltd.
3,800
145,474
Faes
Farma
SA
17,897
68,654
Financiere
de
Tubize
SA(b)
510
67,439
GSK
plc
53,142
1,032,065
H
Lundbeck
A/S,
Class
A
5,650
30,397
Haw
Par
Corp.
Ltd.
51,000
397,675
Hikma
Pharmaceuticals
plc
2,800
68,477
Hutchmed
China
Ltd.*
12,540
48,321
Indivior
plc*
6,324
86,915
Ipsen
SA
732
82,378
JCR
Pharmaceuticals
Co.
Ltd.
2,400
9,379
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
71
Investments
Shares
Value
COMMON
STOCKS
(continued)
Pharmaceuticals
(continued)
Kaken
Pharmaceutical
Co.
Ltd.
1,500
$
40,725
Kissei
Pharmaceutical
Co.
Ltd.
1,400
32,520
Kyowa
Kirin
Co.
Ltd.(b)
4,300
90,853
Laboratorios
Farmaceuticos
Rovi
SA
680
65,489
Merck
KGaA
1,734
311,101
Mochida
Pharmaceutical
Co.
Ltd.
900
21,175
Nippon
Shinyaku
Co.
Ltd.
1,400
32,092
Novartis
AG
(Registered)
27,642
3,095,653
Novo
Nordisk
A/S,
Class
B
46,002
6,083,879
Nxera
Pharma
Co.
Ltd.*(b)
3,400
37,964
Ono
Pharmaceutical
Co.
Ltd.
10,200
151,685
Orion
OYJ,
Class
A
352
16,093
Orion
OYJ,
Class
B
1,855
85,250
Otsuka
Holdings
Co.
Ltd.
6,900
356,006
Recordati
Industria
Chimica
e
Farmaceutica
SpA
1,628
88,699
Roche
Holding
AG
476
167,526
Roche
Holding
AG
-
BR
9,350
3,035,763
Sandoz
Group
AG
5,848
253,585
Sanofi
SA
15,402
1,588,818
Santen
Pharmaceutical
Co.
Ltd.
1,100
13,218
Shionogi
&
Co.
Ltd.
3,700
162,228
Sumitomo
Pharma
Co.
Ltd.*(b)
64,600
179,468
Takeda
Pharmaceutical
Co.
Ltd.
20,400
583,283
Teva
Pharmaceutical
Industries
Ltd.*
20,808
356,827
Torii
Pharmaceutical
Co.
Ltd.
800
19,912
Tsumura
&
Co.
900
23,956
UCB
SA
1,428
238,971
Virbac
SACA
132
50,279
ZERIA
Pharmaceutical
Co.
Ltd.
1,800
26,236
25,591,800
Professional
Services
-
1
.4
%
Adecco
Group
AG
(Registered)
2,368
80,597
AFRY
AB(b)
5,938
107,373
ALS
Ltd.(b)
8,712
87,837
APM
Human
Services
International
Ltd.
56,950
52,808
Investments
Shares
Value
Professional
Services
(continued)
Applus
Services
SA*(b)
8,432
$
116,608
Arcadis
NV
1,189
84,852
BayCurrent
Consulting,
Inc.(b)
1,400
42,290
Bell
System24
Holdings,
Inc.(b)
3,800
39,526
Benefit
Systems
SA
76
50,750
Bureau
Veritas
SA
4,182
131,235
Computershare
Ltd.
7,378
133,213
Danel
Adir
Yeoshua
Ltd.
533
43,930
dip
Corp.
1,400
28,612
en
Japan,
Inc.
2,000
37,472
Experian
plc
12,342
582,111
Funai
Soken
Holdings,
Inc.
2,700
39,443
GlobalData
plc(b)
15,742
43,473
Hays
plc
512,040
618,886
Hilan
Ltd.
646
34,917
Infomart
Corp.
17,600
37,549
Intertek
Group
plc
2,380
154,378
IPH
Ltd.
14,593
58,414
JAC
Recruitment
Co.
Ltd.
(b)
5,200
25,126
McMillan
Shakespeare
Ltd.
3,198
37,401
MEITEC
Group
Holdings,
Inc.
2,400
54,393
Pagegroup
plc
18,632
102,093
Persol
Holdings
Co.
Ltd.
42,000
72,159
Randstad
NV
2,006
97,594
Recruit
Holdings
Co.
Ltd.
20,400
1,173,888
RELX
plc
25,160
1,186,995
SGS
SA
(Registered)
1,904
207,866
SmartGroup
Corp.
Ltd.
7,766
43,866
SMS
Co.
Ltd.
2,000
28,852
TechnoPro
Holdings,
Inc.
1,100
21,077
Teleperformance
SE
1,156
149,108
Thomson
Reuters
Corp.
1,938
313,893
Tinexta
Spa
1,056
17,300
Transcosmos,
Inc.
6,800
156,826
UT
Group
Co.
Ltd.
10,200
221,341
Wolters
Kluwer
NV
3,230
542,103
7,058,155
Real
Estate
Management
&
Development
-
2
.0
%
Aeon
Mall
Co.
Ltd.(b)
1,990
27,305
AFI
Properties
Ltd.*
578
24,726
Africa
Israel
Residences
Ltd.
510
30,075
Airport
City
Ltd.*
1,928
26,783
Allreal
Holding
AG
(Registered)
612
108,877
Alony
Hetz
Properties
&
Investments
Ltd.
43,962
295,125
Altus
Group
Ltd.(b)
1,672
69,908
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
72
Investments
Shares
Value
COMMON
STOCKS
(continued)
Real
Estate
Management
&
Development
(continued)
Amot
Investments
Ltd.
5,448
$
22,176
Aroundtown
SA*(b)
232,968
497,887
Atrium
Ljungberg
AB,
Class
B
792
16,922
Aura
Investments
Ltd.(b)
20,178
80,202
Azrieli
Group
Ltd.
532
32,829
Big
Shopping
Centers
Ltd.*
287
28,164
Blue
Square
Real
Estate
Ltd.
1,598
110,208
CA
Immobilien
Anlagen
AG
572
18,693
Capitaland
India
Trust
55,054
44,863
CapitaLand
Investment
Ltd.
10,200
20,589
Castellum
AB*(b)
9,010
112,650
Catena
AB
924
46,986
Cibus
Nordic
Real
Estate
AB
publ(b)
4,386
68,465
Citycon
OYJ(b)
38,420
169,124
CK
Asset
Holdings
Ltd.
34,000
130,133
Colliers
International
Group,
Inc.(b)
748
100,750
Corem
Property
Group
AB,
Class
B
17,612
15,685
CTP
NV(a)
1,467
25,621
Daito
Trust
Construction
Co.
Ltd.
1,100
132,583
Daiwa
House
Industry
Co.
Ltd.
13,200
376,629
Deutsche
EuroShop
AG
3,420
89,744
Deutsche
Wohnen
SE
1,012
20,106
Dios
Fastigheter
AB
7,480
59,916
Electra
Real
Estate
Ltd.(b)
1,476
14,402
Fabege
AB(b)
5,412
45,371
Fastighets
AB
Balder,
Class
B*(b)
12,348
90,810
FastPartner
AB,
Class
A
3,124
20,316
FirstService
Corp.
608
105,949
G
City
Ltd.*(b)
9,284
25,843
Grainger
plc
36,312
112,405
Grand
City
Properties
SA*
6,358
74,992
Great
Eagle
Holdings
Ltd.(b)
102,451
139,539
GuocoLand
Ltd.
108,800
120,383
Hang
Lung
Group
Ltd.(b)
238,000
260,789
Hang
Lung
Properties
Ltd.
68,000
50,051
Heiwa
Real
Estate
Co.
Ltd.
1,300
37,585
Henderson
Land
Development
Co.
Ltd.
33,239
93,394
Ho
Bee
Land
Ltd.
49,400
68,693
Hufvudstaden
AB,
Class
A
304
3,679
Hulic
Co.
Ltd.
10,200
99,756
Investments
Shares
Value
Real
Estate
Management
&
Development
(continued)
Hysan
Development
Co.
Ltd.(b)
170,000
$
232,847
Ichigo,
Inc.
17,800
50,516
IMMOFINANZ
AG*
2,132
63,213
International
Workplace
Group
plc
28,576
63,425
Intershop
Holding
AG
350
46,600
Israel
Canada
T.R
Ltd.(b)
12,240
43,444
Isras
Holdings
Ltd.*
1,224
95,642
Isras
Investment
Co.
Ltd.
(b)
477
87,062
Kerry
Properties
Ltd.
34,000
57,972
Kojamo
OYJ*
1,596
15,794
LEG
Immobilien
SE
1,154
100,973
Leopalace21
Corp.
54,400
200,303
Lifestyle
Communities
Ltd.(b)
1,054
6,194
Mainstreet
Equity
Corp.
266
37,538
Mega
Or
Holdings
Ltd.,
REIT(b)
1,216
30,649
Melisron
Ltd.
460
32,409
Mitsubishi
Estate
Co.
Ltd.
17,000
290,885
Mitsui
Fudosan
Co.
Ltd.
40,800
426,684
Mivne
Real
Estate
KD
Ltd.
14,248
33,063
Mobimo
Holding
AG
(Registered)
228
68,122
Morguard
Corp.
884
71,439
New
World
Development
Co.
Ltd.(b)
476,000
444,194
Nomura
Real
Estate
Holdings,
Inc.
1,400
39,462
NP3
Fastigheter
AB
1,462
34,921
Nyfosa
AB(b)
7,888
80,590
Pandox
AB,
Class
B
5,412
100,488
PEXA
Group
Ltd.*(b)
7,380
66,504
Prashkovsky
Investments
and
Construction
Ltd.
850
18,131
PSP
Swiss
Property
AG
(Registered)
717
95,627
Raysum
Co.
Ltd.
3,400
76,944
Relo
Group,
Inc.
2,270
26,991
Sagax
AB,
Class
B(b)
2,420
59,701
SAMTY
HOLDINGS
Co.
Ltd.(b)
13,600
249,204
Savills
plc
9,724
159,372
Sino
Land
Co.
Ltd.(b)
9,768
10,103
Sirius
Real
Estate
Ltd.,
REIT
58,680
71,000
Starts
Corp.,
Inc.
10,200
236,256
StorageVault
Canada,
Inc.
12,833
43,568
Sumitomo
Realty
&
Development
Co.
Ltd.
6,800
226,109
Sun
Frontier
Fudousan
Co.
Ltd.
10,200
139,516
Sun
Hung
Kai
Properties
Ltd.
34,000
295,302
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
73
Investments
Shares
Value
COMMON
STOCKS
(continued)
Real
Estate
Management
&
Development
(continued)
Swire
Pacific
Ltd.,
Class
A(b)
10,500
$
90,524
Swire
Properties
Ltd.
13,600
21,518
Swiss
Prime
Site
AG
(Registered)
1,047
104,730
TAG
Immobilien
AG*
11,458
172,962
Tokyo
Tatemono
Co.
Ltd.
(b)
5,200
91,309
Tokyu
Fudosan
Holdings
Corp.
11,200
81,510
Tosei
Corp.(b)
3,400
56,878
UOL
Group
Ltd.
6,799
27,347
VGP
NV
738
80,019
Vonovia
SE
9,520
292,668
Wallenstam
AB,
Class
B
8,888
44,782
Wharf
Holdings
Ltd.
(The)
(b)
17,000
46,678
Wharf
Real
Estate
Investment
Co.
Ltd.
25,000
61,508
Wihlborgs
Fastigheter
AB
7,304
73,942
YH
Dimri
Construction
&
Development
Ltd.(b)
452
36,028
9,978,841
Residential
REITs
-
0
.1
%
Advance
Residence
Investment
Corp.,
REIT(b)
18
37,685
Altarea
SCA,
REIT(b)
1,820
196,745
Boardwalk
REIT,
REIT(b)
1,000
56,462
Canadian
Apartment
Properties
REIT,
REIT
1,012
35,163
Comforia
Residential
REIT,
Inc.,
REIT(b)
19
39,336
Daiwa
Securities
Living
Investments
Corp.,
REIT
26
17,609
Ingenia
Communities
Group,
REIT
8,284
28,400
InterRent
REIT,
REIT(b)
4,600
42,455
Killam
Apartment
REIT,
REIT(b)
2,624
35,197
Nippon
Accommodations
Fund,
Inc.,
REIT(b)
8
34,135
UNITE
Group
plc
(The),
REIT
7,484
91,610
Xior
Student
Housing
NV,
REIT(a)
1,648
55,461
670,258
Retail
REITs
-
0
.7
%
AEON
REIT
Investment
Corp.,
REIT
68
58,572
Investments
Shares
Value
Retail
REITs
(continued)
BWP
Trust,
REIT(b)
14,098
$
32,957
CapitaLand
China
Trust,
REIT
513,400
264,837
CapitaLand
Integrated
Commercial
Trust,
REIT
41,800
65,000
Carmila
SA,
REIT
18,088
326,870
Charter
Hall
Retail
REIT,
REIT
41,582
94,764
Choice
Properties
REIT,
REIT(b)
3,957
39,700
Crombie
REIT,
REIT(b)
3,256
32,149
Eurocommercial
Properties
NV,
REIT(b)
13,655
339,850
First
Capital
REIT,
REIT(b)
2,774
32,872
Fortune
REIT,
REIT(b)
544,000
260,440
Frasers
Centrepoint
Trust,
REIT
12,749
21,064
Hammerson
plc,
REIT
207,094
76,662
HMC
Capital
Ltd.,
REIT
9,954
50,375
HomeCo
Daily
Needs
REIT,
REIT(a)(b)
107,008
88,743
Japan
Metropolitan
Fund
Invest,
REIT(b)
103
64,075
Kiwi
Property
Group
Ltd.,
REIT
77,266
41,303
Klepierre
SA,
REIT
3,366
96,449
Lendlease
Global
Commercial
REIT,
REIT
45,600
20,284
Link
REIT,
REIT
40,823
172,447
Mapletree
Pan
Asia
Commercial
Trust,
REIT
3,400
3,254
Region
RE
Ltd.,
REIT
72,420
107,349
Retail
Estates
NV,
REIT
3,672
250,726
Scentre
Group,
REIT
69,360
157,164
Shaftesbury
Capital
plc,
REIT(b)
63,172
123,578
SmartCentres
REIT,
REIT(b)
26,180
454,447
Unibail-Rodamco-
Westfield,
REIT
1,632
122,383
Unibail-Rodamco-
Westfield,
REIT,
CHDI
5
19
Vicinity
Ltd.,
REIT
65,692
90,512
Waypoint
REIT
Ltd.,
REIT
33,326
55,058
3,543,903
Semiconductors
&
Semiconductor
Equipment
-
2
.2
%
Advantest
Corp.
10,600
424,747
AIXTRON
SE
5,440
127,151
ams-OSRAM
AG*
33,796
45,285
ASM
International
NV
612
419,599
ASML
Holding
NV
5,338
4,912,700
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
74
Investments
Shares
Value
COMMON
STOCKS
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
ASMPT
Ltd.(b)
5,000
$
52,163
BE
Semiconductor
Industries
NV
1,224
157,813
Camtek
Ltd.
510
51,525
Disco
Corp.
1,200
394,470
Elmos
Semiconductor
SE
410
33,585
Ferrotec
Holdings
Corp.
(b)
13,600
227,149
Infineon
Technologies
AG
17,442
604,911
Japan
Material
Co.
Ltd.
2,500
33,198
Lasertec
Corp.
1,100
196,152
Melexis
NV(b)
495
43,146
Micronics
Japan
Co.
Ltd.
1,900
75,768
Nordic
Semiconductor
ASA*
3,828
47,261
Nova
Ltd.*
352
71,144
Renesas
Electronics
Corp.
19,400
332,402
Rohm
Co.
Ltd.
6,200
84,433
Sanken
Electric
Co.
Ltd.
(b)
1,600
78,054
SCREEN
Holdings
Co.
Ltd.(b)
1,300
111,415
Shinko
Electric
Industries
Co.
Ltd.
1,400
52,972
Siltronic
AG
999
81,563
SMA
Solar
Technology
AG
4,624
124,791
Socionext,
Inc.
3,000
61,372
SOITEC*(b)
369
47,636
STMicroelectronics
NV
8,432
279,203
SUMCO
Corp.(b)
5,700
94,463
Tokyo
Electron
Ltd.
6,300
1,298,857
Towa
Corp.
1,100
63,751
Tower
Semiconductor
Ltd.*
2,139
86,726
Ulvac,
Inc.(b)
1,000
61,884
X-Fab
Silicon
Foundries
SE*(a)
18,088
115,872
10,893,161
Software
-
1
.4
%
Altium
Ltd.
1,716
76,758
Appier
Group,
Inc.*(b)
4,100
33,626
Asseco
Poland
SA
16,150
341,846
Atoss
Software
SE
352
51,955
BlackBerry
Ltd.*
2,822
6,802
Bytes
Technology
Group
plc
10,526
68,682
Constellation
Software,
Inc.
272
857,730
Crayon
Group
Holding
ASA*(a)
4,100
48,857
Darktrace
plc*
5,244
39,781
Dassault
Systemes
SE
9,418
357,100
Investments
Shares
Value
Software
(continued)
Descartes
Systems
Group,
Inc.
(The)*
1,231
$
125,127
Docebo,
Inc.*
988
39,421
Enghouse
Systems
Ltd.
1,292
28,740
Fortnox
AB
7,995
49,264
Freee
KK*
3,800
61,650
Fuji
Soft,
Inc.
1,400
67,274
GB
Group
plc
8,897
39,791
Hansen
Technologies
Ltd.(b)
5,576
16,421
IRESS
Ltd.*(b)
10,123
70,268
Kinaxis,
Inc.*
520
63,938
Lectra
798
22,495
Lightspeed
Commerce,
Inc.*
5,472
73,240
Nemetschek
SE
884
84,514
Nice
Ltd.*
817
149,009
Open
Text
Corp.
4,862
153,168
Oracle
Corp.
Japan
800
65,027
Sage
Group
plc
(The)
14,586
203,462
Sansan,
Inc.*
3,400
50,980
SAP
SE
14,450
3,049,400
Sinch
AB*(a)
4,046
10,933
SiteMinder
Ltd.*
17,179
62,820
Systena
Corp.
11,400
25,761
TeamViewer
SE*(a)
7,718
104,187
Technology
One
Ltd.
5,166
69,425
Temenos
AG
(Registered)
779
53,895
Text
SA
950
21,138
Trend
Micro,
Inc.
2,500
120,447
Truecaller
AB,
Class
B(b)
16,113
50,906
Vitec
Software
Group
AB,
Class
B
1,025
53,557
WiseTech
Global
Ltd.
2,686
166,731
7,036,126
Specialized
REITs
-
0
.1
%
Arena
REIT,
REIT
15,843
39,934
Big
Yellow
Group
plc,
REIT
9,248
143,731
Keppel
DC
REIT,
REIT
21,100
31,864
National
Storage
REIT,
REIT
21,427
34,560
Safestore
Holdings
plc,
REIT
11,288
116,933
Shurgard
Self
Storage
Ltd.,
REIT
532
20,782
387,804
Specialty
Retail
-
1
.4
%
ABC-Mart,
Inc.
2,100
41,139
Accent
Group
Ltd.(b)
42,845
61,271
AOKI
Holdings,
Inc.
7,600
69,706
Aoyama
Trading
Co.
Ltd.
13,600
139,200
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
75
Investments
Shares
Value
COMMON
STOCKS
(continued)
Specialty
Retail
(continued)
ARCLANDS
Corp.(b)
17,018
$
205,854
Aritzia,
Inc.*
4,794
157,273
Autobacs
Seven
Co.
Ltd.
2,100
23,176
Avolta
AG(b)
1,330
50,163
Bic
Camera,
Inc.
4,200
47,399
Bilia
AB,
Class
A(b)
18,734
233,179
CCC
SA*
952
30,226
CECONOMY
AG*
45,662
137,856
DCM
Holdings
Co.
Ltd.(b)
37,400
360,179
Delek
Automotive
Systems
Ltd.(b)
6,290
34,667
Douglas
AG*
12,580
262,319
Dunelm
Group
plc
6,498
102,911
Eagers
Automotive
Ltd.(b)
4,180
28,988
EDION
Corp.(b)
7,600
88,446
Fast
Retailing
Co.
Ltd.
2,300
636,681
Fenix
Outdoor
International
AG
369
21,449
Fielmann
Group
AG
152
6,883
Fox
Wizel
Ltd.(b)
533
35,186
Frasers
Group
plc*
4,620
53,140
H
&
M
Hennes
&
Mauritz
AB,
Class
B(b)
7,820
121,303
Hornbach
Holding
AG
&
Co.
KGaA
2,176
178,482
Hour
Glass
Ltd.
(The)
74,800
88,355
IDOM,
Inc.(b)
3,400
26,077
Industria
de
Diseno
Textil
SA
14,280
693,194
JB
Hi-Fi
Ltd.(b)
1,722
78,319
JD
Sports
Fashion
plc
52,515
88,768
Joyful
Honda
Co.
Ltd.
2,000
28,965
Kingfisher
plc
34,783
123,443
Kohnan
Shoji
Co.
Ltd.(b)
8,300
223,415
Komeri
Co.
Ltd.
10,200
250,831
K's
Holdings
Corp.
3,800
40,952
Leon's
Furniture
Ltd.
6,120
121,386
Lovisa
Holdings
Ltd.(b)
1,530
34,908
Luk
Fook
Holdings
International
Ltd.(b)
102,672
201,874
Nextage
Co.
Ltd.(b)
3,800
51,320
Nishimatsuya
Chain
Co.
Ltd.(b)
3,800
57,634
Nitori
Holdings
Co.
Ltd.
1,100
130,609
Nojima
Corp.
20,400
224,392
PAL
GROUP
Holdings
Co.
Ltd.
13,600
183,491
Pet
Valu
Holdings
Ltd.
1,716
33,899
Pets
at
Home
Group
plc
23,584
92,937
Premier
Investments
Ltd.
(b)
1,517
32,829
Sanrio
Co.
Ltd.(b)
2,600
55,574
Shimamura
Co.
Ltd.
1,000
48,810
Super
Retail
Group
Ltd.
5,324
55,521
USS
Co.
Ltd.
3,600
32,445
Investments
Shares
Value
Specialty
Retail
(continued)
Watches
of
Switzerland
Group
plc*(c)
75,412
$
394,038
WH
Smith
plc
7,548
127,974
Yamada
Holdings
Co.
Ltd.
27,200
82,526
Yellow
Hat
Ltd.(b)
10,400
182,135
Zalando
SE*(a)
3,444
88,361
ZOZO,
Inc.(b)
2,800
81,622
7,083,680
Technology
Hardware,
Storage
&
Peripherals
-
0
.4
%
Brother
Industries
Ltd.
4,000
82,759
Canon,
Inc.(b)
13,600
428,627
Eizo
Corp.
1,500
48,651
Elecom
Co.
Ltd.
1,600
17,535
FUJIFILM
Holdings
Corp.
16,800
399,734
Konica
Minolta,
Inc.
14,200
41,970
Logitech
International
SA
(Registered)
2,176
195,735
MCJ
Co.
Ltd.(b)
20,400
185,615
Ricoh
Co.
Ltd.
11,800
110,698
Riso
Kagaku
Corp.
1,700
38,359
Seiko
Epson
Corp.
6,800
118,885
Toshiba
TEC
Corp.
1,100
24,784
Wacom
Co.
Ltd.
7,600
36,773
1,730,125
Textiles,
Apparel
&
Luxury
Goods
-
1
.6
%
adidas
AG
2,040
510,591
Asics
Corp.
9,600
157,916
Brunello
Cucinelli
SpA
660
61,670
Burberry
Group
plc
7,548
75,136
Cie
Financiere
Richemont
SA
(Registered)
7,208
1,097,270
Coats
Group
plc
93,931
107,981
Crystal
International
Group
Ltd.(a)
209,500
91,717
Delta
Galil
Ltd.
272
12,149
Descente
Ltd.
1,200
31,783
Dr.
Martens
plc(b)
33,087
30,174
Gildan
Activewear,
Inc.
2,703
110,002
Goldwin,
Inc.(b)
1,000
61,917
Hermes
International
SCA
476
1,042,006
HUGO
BOSS
AG
1,232
48,993
Kering
SA
850
261,679
LPP
SA
24
91,865
LVMH
Moet
Hennessy
Louis
Vuitton
SE
3,502
2,474,553
Moncler
SpA
2,550
151,985
New
Wave
Group
AB,
Class
B
3,468
36,694
Pandora
A/S
1,020
159,895
Puma
SE
1,558
77,383
Samsonite
International
SA(a)(b)
24,600
71,010
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
76
Investments
Shares
Value
COMMON
STOCKS
(continued)
Textiles,
Apparel
&
Luxury
Goods
(continued)
Stella
International
Holdings
Ltd.
153,000
$
255,000
Swatch
Group
AG
(The)
(b)
578
118,752
Wacoal
Holdings
Corp.
4,100
119,408
Yue
Yuen
Industrial
Holdings
Ltd.
255,000
416,513
7,674,042
Tobacco
-
0
.5
%
British
American
Tobacco
plc
37,060
1,306,667
Imperial
Brands
plc
17,068
470,029
Japan
Tobacco,
Inc.
13,600
400,787
Scandinavian
Tobacco
Group
A/S(a)(b)
15,198
222,596
2,400,079
Trading
Companies
&
Distributors
-
2
.5
%
AddTech
AB,
Class
B
2,432
78,286
Ashtead
Group
plc
5,746
413,453
Azelis
Group
NV
1,148
21,739
Beijer
Ref
AB,
Class
B(b)
3,876
61,480
Bossard
Holding
AG
(Registered),
Class
A
38
9,648
Brenntag
SE
1,943
138,388
Bufab
AB
968
40,318
Bunzl
plc
4,624
193,502
Chori
Co.
Ltd.
4,100
103,413
Diploma
plc
1,979
113,065
DKSH
Holding
AG(b)
660
51,585
Finning
International,
Inc.
(b)
2,562
73,386
Grafton
Group
plc
10,166
141,023
Hanwa
Co.
Ltd.
13,000
503,722
Howden
Joinery
Group
plc
9,786
118,217
IMCD
NV
816
117,438
Inaba
Denki
Sangyo
Co.
Ltd.
4,100
107,909
Inabata
&
Co.
Ltd.(b)
17,000
381,331
ITOCHU
Corp.(b)
26,100
1,350,102
Kanamoto
Co.
Ltd.
10,200
191,242
Kanematsu
Corp.
27,200
462,975
Marubeni
Corp.
30,600
581,758
Mitani
Corp.
13,600
149,685
Mitsubishi
Corp.
77,600
1,621,523
Mitsui
&
Co.
Ltd.
57,600
1,351,376
MonotaRO
Co.
Ltd.(b)
5,600
78,719
Nagase
&
Co.
Ltd.
2,200
48,515
Nishio
Holdings
Co.
Ltd.
7,100
193,473
OEM
International
AB,
Class
B(b)
7,174
82,734
Investments
Shares
Value
Trading
Companies
&
Distributors
(continued)
Reece
Ltd.
3,403
$
61,421
Rexel
SA
3,850
97,986
Richelieu
Hardware
Ltd.
(b)
3,062
90,389
RS
GROUP
plc
2,788
29,293
Russel
Metals,
Inc.(b)
18,734
544,343
Seven
Group
Holdings
Ltd.(b)
3,423
87,576
Sojitz
Corp.
3,899
93,316
Sumitomo
Corp.
22,600
567,478
Theme
International
Holdings
Ltd.(b)
1,480,000
85,254
Toromont
Industries
Ltd.
1,102
102,426
Totech
Corp.
10,200
174,158
Toyota
Tsusho
Corp.
12,900
260,041
Travis
Perkins
plc
65,110
801,181
Trusco
Nakayama
Corp.
1,800
29,250
Yamazen
Corp.(b)
20,400
211,376
Yellow
Cake
plc*(a)
7,602
54,339
Yuasa
Trading
Co.
Ltd.
6,800
254,446
12,324,278
Transportation
Infrastructure
-
0
.4
%
Aena
SME
SA(a)
850
161,054
Aeroports
de
Paris
SA
850
111,754
Atlas
Arteria
Ltd.
25,772
88,184
Auckland
International
Airport
Ltd.
19,809
88,006
Dalrymple
Bay
Infrastructure
Ltd.
15,200
30,174
Enav
SpA(a)
12,657
54,154
Flughafen
Zurich
AG
(Registered)
320
73,943
Fraport
AG
Frankfurt
Airport
Services
Worldwide*
890
45,245
Getlink
SE
5,712
101,831
Hamburger
Hafen
und
Logistik
AG
9,009
151,104
Hutchison
Port
Holdings
Trust
1,570,800
191,638
Kamigumi
Co.
Ltd.(b)
3,100
70,876
Mitsubishi
Logistics
Corp.
1,700
59,872
Port
of
Tauranga
Ltd.
5,225
17,131
Qube
Holdings
Ltd.
36,652
91,427
SATS
Ltd.
8,200
20,108
Sumitomo
Warehouse
Co.
Ltd.
(The)
4,100
77,198
Transurban
Group
36,550
310,512
Westshore
Terminals
Investment
Corp.
1,647
27,600
‌
1,771,811
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
77
Investments
Shares
Value
Water
Utilities
-
0
.1
%
Pennon
Group
plc
13,600
$
108,305
Severn
Trent
plc
3,196
105,542
United
Utilities
Group
plc
8,670
115,037
328,884
Wireless
Telecommunication
Services
-
0
.6
%
1&1
AG
11,628
187,230
Airtel
Africa
plc(a)(b)
34,804
51,052
Cellcom
Israel
Ltd.*
4,930
18,678
Freenet
AG
2,356
65,214
KDDI
Corp.
20,400
612,841
Millicom
International
Cellular
SA,
SDR*
1,482
36,865
Partner
Communications
Co.
Ltd.*
10,619
44,043
Rogers
Communications,
Inc.,
Class
B
8,296
320,622
SoftBank
Corp.
37,400
488,442
SoftBank
Group
Corp.
13,600
828,148
StarHub
Ltd.
61,500
58,392
Tele2
AB,
Class
B
8,052
82,792
Vodafone
Group
plc
349,350
325,055
3,119,374
Total
Common
Stocks
(Cost
$378,114,695)
489,210,045
Investments
Shares
Value
CLOSED
END
FUNDS
-
0
.0
%
(d)
Independent
Power
and
Renewable
Electricity
Producers
-
0
.0
%
(d)
Renewables
Infrastructure
Group
Ltd.
(The)
(Cost
$28,710)
20,740
27,758
Number
of
Warrants
WARRANTS
-
0
.0
%
Construction
&
Engineering
-
0.0%
Webuild
SpA,
expiring
8/2/2030*‡(b)
10,785
—
Software
-
0.0%
Constellation
Software,
Inc.,
expiring
3/31/2040*‡
280
—
Total
Warrants
(Cost
$–)
—
Investments
Principal
Amount
Value
SECURITIES
LENDING
REINVESTMENTS
-
2
.3
%
(f)
REPURCHASE
AGREEMENTS
-
2
.3
%
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$4,067,368,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$4,164,294
$
4,066,765
$
4,066,765
MetLife,
Inc.
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$4,000,593,
collateralized
by
various
U.S.
Treasury
Securities,
0.00%,
5/15/2046;
total
market
value
$4,123,535
4,000,000
4,000,000
National
Bank
of
Canada
Financial
Inc.
5.47%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$2,000,304,
collateralized
by
various
Common
Stocks,
U.S.
Treasury
Securities,
0.63%,
1/15/2026;
total
market
value
$2,199,160
2,000,000
2,000,000
Societe
Generale
5.45%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$1,000,151,
collateralized
by
various
Common
Stocks;
total
market
value
$1,121,910
1,000,000
1,000,000
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
78
Investments
Principal
Amount
Value
SECURITIES
LENDING
REINVESTMENTS
(continued)
REPURCHASE
AGREEMENTS
(continued)
TD
Prime
Services
LLC
5.42%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$125,019,
collateralized
by
various
Common
Stocks;
total
market
value
$139,518
$
125,000
$
125,000
11,191,765
Total
Securities
Lending
Reinvestments
(Cost
$11,191,765)
11,191,765
Total
Investments
-
101.1%
(Cost
$389,335,170)
500,429,568
Liabilities
in
excess
of
other
assets
-
(1.1%)
(5,557,432)
NET
ASSETS
-
100.0%
$494,872,136
*
Non-income
producing
security.
‡
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(a)
Security
exempt
from
registration
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933.
Regulation
S
applies
to
securities
offerings
that
are
made
outside
of
the
United
States
and
do
not
involve
direct
selling
efforts
in
the
United
States
and
as
such
may
have
restrictions
on
resale.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$53,311,896,
collateralized
in
the
form
of
cash
with
a
value
of
$11,191,765
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments;
$30,312,115
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
6.00%,
and
maturity
dates
ranging
from
August
8,
2024
–
November
15,
2053
and
$15,260,123
of
collateral
in
the
form
of
Foreign
Government
Fixed
Income
Securities,
interest
rates
ranging
from
0.00%
–
5.75%,
and
maturity
dates
ranging
from
August
15,
2024
–
June
30,
2120;
a
total
value
of
$56,764,003.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
At
July
31,
2024,
the
value
of
these
securities
amounted
to
approximately
$434,925
or
0.09%
of
net
assets.
(d)
Represents
less
than
0.05%
of
net
assets.
(e)
Amount
less
than
one
dollar.
(f)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$11,191,765.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
ADR
American
Depositary
Receipt
CHDI
Clearing
House
Electronic
Subregister
System
(CHESS)
Depository
Interest
CVA
Dutch
Certification
OYJ
Public
Limited
Company
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
REIT
Real
Estate
Investment
Trust
SCA
Limited
partnership
with
share
capital
SDR
Swedish
Depositary
Receipt
Futures
Contracts
FlexShares®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
/
(
Depreciation
)
Long
Contracts
‌
EURO
STOXX
50
Index
29
09/20/2024
EUR
$
1,537,037
$
(
9,797
)
FTSE
100
Index
16
09/20/2024
GBP
1,717,567
26,358
Nikkei
225
Index
10
09/12/2024
JPY
1,303,170
(
6,857
)
S&P/TSX
60
Index
6
09/19/2024
CAD
1,203,344
63,900
SPI
200
Index
4
09/19/2024
AUD
526,383
23,313
$
96,917
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
79
Forward
Foreign
Currency
Contracts
FlexShares®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
had
the
following
outstanding
contracts
as
of
July
31,
2024:
Contracts
to
Receive
Counterparty
In
Exchange
For
Maturity
Date
Unrealized
Appreciation/
(Depreciation)
GBP
323,203
Morgan
Stanley
USD
413,052
09/18/2024
$
2,268
JPY
6,928,298
Citibank
NA
USD
44,840
09/18/2024
1,539
JPY
109,000,000
Morgan
Stanley
USD
691,899
09/18/2024
37,753
USD
329,071
JPMorgan
Chase
Bank
NA
CAD
450,000
09/18/2024
2,869
Total
unrealized
appreciation
$
44,429
CAD
203,792
Citibank
NA
USD
148,755
09/18/2024
$
(
1,028
)
USD
271,338
JPMorgan
Chase
Bank
NA
CHF
240,000
09/18/2024
(
2,903
)
USD
482,647
JPMorgan
Chase
Bank
NA
EUR
450,000
09/18/2024
(
5,400
)
Total
unrealized
depreciation
$
(
9,331
)
Net
unrealized
appreciation
$
35,098
Abbreviations:
AUD
—
Australian
Dollar
CAD
—
Canadian
Dollar
CHF
—
Swiss
Franc
EUR
—
Euro
GBP
—
British
Pound
JPY
—
Japanese
Yen
USD
—
US
Dollar
FlexShares®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
invested,
as
a
percentage
of
net
assets,
in
companies
domiciled
in
the
following
countries
as
of
July
31,
2024:
Australia
6‌
.0
%
Austria
0‌
.4
Belgium
1‌
.2
Bermuda
0‌
.1
Canada
10‌
.4
Chile
0‌
.1
Colombia
0‌
.0
†
Cyprus
0‌
.1
Denmark
2‌
.6
Egypt
0‌
.1
Faeroe
Islands
0‌
.0
†
Finland
0‌
.7
France
7‌
.4
Gabon
0‌
.0
†
Georgia
0‌
.3
Germany
6‌
.1
Greece
0‌
.0
†
Guernsey
0‌
.0
†
Hong
Kong
1‌
.9
India
0‌
.0
†
Indonesia
0‌
.1
Ireland
0‌
.4
Israel
1‌
.3
Italy
2‌
.8
Japan
24‌
.6
Jersey
0‌
.0
†
Jordan
0‌
.0
†
Kyrgyzstan
0‌
.0
†
Liechtenstein
0‌
.0
†
Luxembourg
0‌
.2
Macao
0‌
.1
Malta
0‌
.0
†
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
(cont.)
80
Monaco
0‌
.1
%
Mongolia
0‌
.0
†
Netherlands
2‌
.8
New
Zealand
0‌
.4
Norway
1‌
.2
Peru
0‌
.1
Poland
0‌
.6
Portugal
0‌
.2
Singapore
1‌
.3
South
Africa
0‌
.1
Spain
2‌
.0
Sweden
3‌
.3
Switzerland
5‌
.9
Taiwan
0‌
.0
†
United
Arab
Emirates
0‌
.0
†
United
Kingdom
12‌
.9
United
States
1‌
.0
Zambia
0‌
.0
†
Other
1
1‌
.2
100.0%
†
Amount
represents
less
than
0.05%.
1
Includes
any
non-equity
securities,
securities
lending
reinvestments
and
net
other
assets
(liabilities).
Security
Type
%
of
Net
Assets
Common
Stocks
98‌
.8
%
Closed
End
Funds
0‌
.0
†
Warrants
–‌
Securities
Lending
Reinvestments
2‌
.3
Others
(1)
(
1‌
.1
)
100‌
.0
%
†
Amount
represents
less
than
0.05%.
(1)
Includes
any
other
net
assets/(liabilities).
81
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
July
31,
2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
99
.7
%
Aerospace
&
Defense
-
0
.4
%
AECC
Aviation
Power
Co.
Ltd.,
Class
A
4,700
$
25,857
Aselsan
Elektronik
Sanayi
ve
Ticaret
A/S
26,450
49,928
AviChina
Industry
&
Technology
Co.
Ltd.,
Class
H
52,000
25,428
Bharat
Dynamics
Ltd.(a)
1,410
24,588
Bharat
Electronics
Ltd.
70,300
265,361
Colt
CZ
Group
SE
144
4,075
Data
Patterns
India
Ltd.
588
22,391
EHang
Holdings
Ltd.,
ADR*(b)
1,440
18,374
Embraer
SA*
15,000
116,253
Hanwha
Aerospace
Co.
Ltd.
650
135,972
Hanwha
Systems
Co.
Ltd.
689
9,459
Hindustan
Aeronautics
Ltd.(a)
3,750
220,482
Korea
Aerospace
Industries
Ltd.
1,200
49,682
Kuang-Chi
Technologies
Co.
Ltd.,
Class
A*
10,200
25,405
LIG
Nex1
Co.
Ltd.
250
36,318
Mazagon
Dock
Shipbuilders
Ltd.
528
33,066
United
Aircraft
Corp.
PAO*‡
25,155,036
—
1,062,639
Air
Freight
&
Logistics
-
0
.4
%
Abu
Dhabi
Aviation
Co.
45,700
79,132
Agility
Public
Warehousing
Co.
KSC
58,250
52,235
Allcargo
Logistics
Ltd.*
10,100
7,867
Aramex
PJSC*
32,940
22,331
Blue
Dart
Express
Ltd.
96
9,374
CJ
Logistics
Corp.
245
17,529
Delhivery
Ltd.*
11,250
54,282
Hyundai
Glovis
Co.
Ltd.
1,000
88,251
J&T
Global
Express
Ltd.*
100,000
78,725
JD
Logistics,
Inc.*(a)
61,400
63,271
Kerry
TJ
Logistics
Co.
Ltd.
76,700
95,437
SAL
Saudi
Logistics
Services
422
35,318
SCGJWD
Logistics
PCL,
NVDR
149,300
53,194
SF
Holding
Co.
Ltd.,
Class
A
5,200
25,219
Sinotrans
Ltd.,
Class
A
4,700
3,187
Sinotrans
Ltd.,
Class
H
47,000
21,839
Investments
Shares
Value
Air
Freight
&
Logistics
(continued)
T3EX
Global
Holdings
Corp.
40,900
$
115,471
TVS
Supply
Chain
Solutions
Ltd.*
6,816
15,894
YTO
Express
Group
Co.
Ltd.,
Class
A
4,700
9,326
Yunda
Holding
Co.
Ltd.,
Class
A
5,800
5,923
ZTO
Express
Cayman,
Inc.
7,500
143,241
997,046
Automobile
Components
-
1
.3
%
Actron
Technology
Corp.
2,688
14,393
Apollo
Tyres
Ltd.
4,465
29,634
Asahi
India
Glass
Ltd.
4,900
38,999
Balkrishna
Industries
Ltd.
1,815
72,040
Bharat
Forge
Ltd.
5,350
110,765
Bosch
Ltd.
147
61,411
CALB
Group
Co.
Ltd.*(a)
10,000
17,281
Ceat
Ltd.*
799
25,659
Cheng
Shin
Rubber
Industry
Co.
Ltd.
50,000
73,395
CIE
Automotive
India
Ltd.
1,715
12,052
Cub
Elecparts,
Inc.
3,269
11,288
Depo
Auto
Parts
Ind
Co.
Ltd.
4,200
34,116
DN
Automotive
Corp.
1,200
79,753
Endurance
Technologies
Ltd.(a)
350
10,872
Eurocharm
Holdings
Co.
Ltd.
6,552
41,760
Exide
Industries
Ltd.
8,526
53,287
Fras-Le
SA*
30,000
101,154
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
A
4,800
29,894
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H(a)
14,000
73,118
Hankook
&
Co.
Co
Ltd.
907
10,370
Hankook
Tire
&
Technology
Co.
Ltd.
2,100
68,106
Hanon
Systems
2,756
8,888
HL
Mando
Co.
Ltd.
1,045
29,602
Hota
Industrial
Manufacturing
Co.
Ltd.
12,134
24,770
Hu
Lane
Associate,
Inc.
2,544
12,422
Huayu
Automotive
Systems
Co.
Ltd.,
Class
A
9,400
20,277
Hyundai
Mobis
Co.
Ltd.
1,800
288,288
Hyundai
Wia
Corp.
583
22,274
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
82
Investments
Shares
Value
COMMON
STOCKS
(continued)
Automobile
Components
(continued)
Iljin
Hysolus
Co.
Ltd.*
383
$
5,953
JBM
Auto
Ltd.
784
19,169
JK
Tyre
&
Industries
Ltd.
38,600
205,035
Kordsa
Teknik
Tekstil
A/S*
5,328
15,762
Kumho
Tire
Co.,
Inc.*
5,635
20,915
Mahle
Metal
Leve
SA
15,000
89,558
Minda
Corp.
Ltd.
3,724
21,940
Minth
Group
Ltd.*
12,000
16,836
Motherson
Sumi
Wiring
India
Ltd.
30,126
26,575
MRF
Ltd.
50
84,946
Myoung
Shin
Industrial
Co.
Ltd.
8,700
82,656
Nan
Kang
Rubber
Tire
Co.
Ltd.*
14,000
22,489
Nexen
Tire
Corp.
9,850
55,519
Nexteer
Automotive
Group
Ltd.
300,000
130,184
Ningbo
Tuopu
Group
Co.
Ltd.,
Class
A
2,465
12,487
Samvardhana
Motherson
International
Ltd.
58,300
136,871
Sebang
Global
Battery
Co.
Ltd.
1,750
117,069
SL
Corp.
550
14,801
SNT
Motiv
Co.
Ltd.
2,350
73,483
Sona
Blw
Precision
Forgings
Ltd.(a)
7,500
60,844
Sri
Trang
Agro-Industry
PCL,
NVDR
250,000
138,869
Sundram
Fasteners
Ltd.
1,504
25,178
Sungwoo
Hitech
Co.
Ltd.
14,550
79,686
Tianneng
Power
International
Ltd.(b)
210,000
141,936
Tong
Yang
Industry
Co.
Ltd.
9,072
25,612
Tube
Investments
of
India
Ltd.
2,450
121,099
TVS
Holdings
Ltd.
150
24,706
TYC
Brother
Industrial
Co.
Ltd.
59,800
119,345
UNO
Minda
Ltd.
4,931
61,307
Weifu
High-Technology
Group
Co.
Ltd.,
Class
A
4,700
11,036
ZF
Commercial
Vehicle
Control
Systems
India
Ltd.
96
18,153
3,355,887
Automobiles
-
2
.2
%
BAIC
BluePark
New
Energy
Technology
Co.
Ltd.,
Class
A*
5,000
6,635
Investments
Shares
Value
Automobiles
(continued)
Bajaj
Auto
Ltd.
1,300
$
150,050
Brilliance
China
Automotive
Holdings
Ltd.
102,000
49,877
BYD
Co.
Ltd.,
Class
A
3,100
105,971
BYD
Co.
Ltd.,
Class
H
20,500
598,310
China
Motor
Corp.
7,000
20,806
Chongqing
Changan
Automobile
Co.
Ltd.,
Class
A
17,108
34,538
Chongqing
Changan
Automobile
Co.
Ltd.,
Class
B
4,890
2,416
Dongfeng
Motor
Group
Co.
Ltd.,
Class
H*(b)
700,000
205,197
DRB-Hicom
Bhd.
280,000
81,663
Eicher
Motors
Ltd.
3,100
183,741
Ford
Otomotiv
Sanayi
A/S
1,844
55,358
Geely
Automobile
Holdings
Ltd.
150,000
152,842
Great
Wall
Motor
Co.
Ltd.,
Class
A
4,700
15,361
Great
Wall
Motor
Co.
Ltd.,
Class
H
50,000
68,356
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
A
13,500
15,392
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
H(b)
104,000
38,341
Hero
MotoCorp
Ltd.
2,600
170,431
Hyundai
Motor
Co.
4,100
741,529
Hyundai
Motor
Co.
(2nd
Preference)
950
114,959
Hyundai
Motor
Co.
(3rd
Preference)
104
12,283
Hyundai
Motor
Co.
(Preference)
663
79,844
Kia
Corp.
7,000
569,965
Li
Auto,
Inc.,
Class
A*
20,000
196,365
Lotus
Technology,
Inc.*(b)
4,661
26,335
Mahindra
&
Mahindra
Ltd.
19,250
668,530
Maruti
Suzuki
India
Ltd.
2,600
407,280
NIO,
Inc.,
Class
A*(b)
23,500
106,640
Oriental
Holdings
Bhd.
8,500
12,765
SAIC
Motor
Corp.
Ltd.,
Class
A*
25,000
50,781
Sanyang
Motor
Co.
Ltd.
21,700
50,504
Seres
Group
Co.
Ltd.,
Class
A*
2,200
24,240
Tata
Motors
Ltd.
35,650
492,478
Tata
Motors
Ltd.,
Class
A
8,572
81,186
Tofas
Turk
Otomobil
Fabrikasi
A/S
3,233
27,340
TVS
Motor
Co.
Ltd.
4,650
140,563
XPeng,
Inc.,
Class
A*
20,000
82,821
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
83
Investments
Shares
Value
COMMON
STOCKS
(continued)
Automobiles
(continued)
Yadea
Group
Holdings
Ltd.(a)(b)
12,000
$
16,160
Yulon
Motor
Co.
Ltd.
18,120
33,627
Zhejiang
Leapmotor
Technology
Co.
Ltd.*(a)(b)
15,200
48,643
5,940,123
Banks
-
14
.7
%
Absa
Group
Ltd.
24,350
213,901
Abu
Dhabi
Commercial
Bank
PJSC
81,150
196,413
Abu
Dhabi
Islamic
Bank
PJSC
42,500
141,860
AFFIN
Bank
Bhd.
7,157
4,751
Agricultural
Bank
of
China
Ltd.,
Class
H
800,000
358,423
Ajman
Bank
PJSC*
39,120
19,917
Akbank
TAS,
ADR
39,763
148,117
Al
Ahli
Bank
of
Kuwait
KSCP
13,327
13,347
Al
Rajhi
Bank
38,680
882,488
Alinma
Bank
23,211
200,441
Alliance
Bank
Malaysia
Bhd.
27,600
24,750
Alpha
Services
and
Holdings
SA
64,300
118,493
AMMB
Holdings
Bhd.
55,000
53,988
AU
Small
Finance
Bank
Ltd.(a)
5,304
40,926
Axis
Bank
Ltd.
44,750
623,238
Banco
BBVA
Peru
SA
126,099
45,785
Banco
Bradesco
SA
46,500
92,379
Banco
Bradesco
SA
(Preference)
150,000
329,839
Banco
de
Bogota
SA
3,242
19,984
Banco
de
Chile
1,218,300
144,685
Banco
de
Credito
e
Inversiones
SA
2,900
84,534
Banco
del
Bajio
SA(a)
20,000
59,601
Banco
do
Brasil
SA
50,000
234,841
Banco
do
Estado
do
Rio
Grande
do
Sul
SA
(Preference),
Class
B
65,000
131,547
Banco
Itau
Chile
SA
768
8,544
Banco
Pan
SA
(Preference)*
105,000
161,231
Banco
Santander
Brasil
SA
10,000
50,683
Banco
Santander
Chile
1,896,500
94,138
Bancolombia
SA
7,750
69,729
Bancolombia
SA
(Preference)
14,027
117,151
Bandhan
Bank
Ltd.(a)
11,877
30,935
Investments
Shares
Value
Banks
(continued)
Bangkok
Bank
PCL,
NVDR
20,000
$
76,869
Bank
Aladin
Syariah
Tbk.
PT*
279,300
15,631
Bank
AlBilad
10,667
104,626
Bank
Al-Jazira*
7,582
34,759
Bank
Central
Asia
Tbk.
PT
1,090,000
688,792
Bank
Islam
Malaysia
Bhd.
44,100
23,900
Bank
Jago
Tbk.
PT*
144,000
23,911
Bank
Mandiri
Persero
Tbk.
PT
1,027,880
404,578
Bank
Negara
Indonesia
Persero
Tbk.
PT
440,000
134,490
Bank
OCBC
Nisp
Tbk.
PT
1,115,000
88,802
Bank
of
Baroda
32,344
97,984
Bank
of
Beijing
Co.
Ltd.,
Class
A
71,400
52,658
Bank
of
Changsha
Co.
Ltd.,
Class
A
9,400
9,794
Bank
of
Chengdu
Co.
Ltd.,
Class
A
10,600
21,414
Bank
of
China
Ltd.,
Class
H
2,300,000
1,024,578
Bank
of
Chongqing
Co.
Ltd.,
Class
A
14,700
14,808
Bank
of
Communications
Co.
Ltd.,
Class
A
104,100
106,015
Bank
of
Communications
Co.
Ltd.,
Class
H
206,000
149,780
Bank
of
Hangzhou
Co.
Ltd.,
Class
A
18,800
35,014
Bank
of
India
21,338
32,060
Bank
of
Jiangsu
Co.
Ltd.,
Class
A
41,780
44,456
Bank
of
Nanjing
Co.
Ltd.,
Class
A
31,200
43,560
Bank
of
Ningbo
Co.
Ltd.,
Class
A
16,650
49,510
Bank
of
Qingdao
Co.
Ltd.,
Class
H(a)
23,500
7,039
Bank
of
Shanghai
Co.
Ltd.,
Class
A
45,000
45,392
Bank
of
the
Philippine
Islands
62,000
128,831
Bank
of
Xi'an
Co.
Ltd.,
Class
A*
4,900
2,251
Bank
of
Zhengzhou
Co.
Ltd.,
Class
A*
19,239
4,818
Bank
Pan
Indonesia
Tbk.
PT*
1,190,000
88,921
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
1,270,000
364,754
Bank
Tabungan
Negara
Persero
Tbk.
PT
1,825,024
147,596
Banque
Saudi
Fransi
17,150
169,128
BDO
Unibank,
Inc.
61,500
144,333
BNK
Financial
Group,
Inc.
8,550
59,122
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
84
Investments
Shares
Value
COMMON
STOCKS
(continued)
Banks
(continued)
BOC
Hong
Kong
Holdings
Ltd.
108,500
$
315,972
Boubyan
Bank
KSCP
22,843
44,258
Burgan
Bank
SAK
33,079
20,678
Canara
Bank
49,685
68,069
Capitec
Bank
Holdings
Ltd.
2,050
319,593
Chang
Hwa
Commercial
Bank
Ltd.
119,791
68,332
China
Banking
Corp.
44,100
30,218
China
Bohai
Bank
Co.
Ltd.,
Class
H*(a)(b)
875,000
105,287
China
CITIC
Bank
Corp.
Ltd.,
Class
A
70,000
60,730
China
CITIC
Bank
Corp.
Ltd.,
Class
H
250,000
149,770
China
Construction
Bank
Corp.,
Class
A
28,200
29,031
China
Construction
Bank
Corp.,
Class
H
2,801,000
1,961,274
China
Everbright
Bank
Co.
Ltd.,
Class
A
120,000
52,470
China
Everbright
Bank
Co.
Ltd.,
Class
H
53,000
16,011
China
Merchants
Bank
Co.
Ltd.,
Class
A
45,000
203,797
China
Merchants
Bank
Co.
Ltd.,
Class
H
105,500
438,908
China
Minsheng
Banking
Corp.
Ltd.,
Class
A
85,000
41,753
China
Minsheng
Banking
Corp.
Ltd.,
Class
H
175,000
62,052
China
Zheshang
Bank
Co.
Ltd.,
Class
A
61,100
23,841
China
Zheshang
Bank
Co.
Ltd.,
Class
H(b)
107,900
29,282
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
18,800
13,449
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
H
47,000
24,366
CIMB
Group
Holdings
Bhd.
235,140
380,257
City
Union
Bank
Ltd.
19,584
40,294
CNPC
Capital
Co.
Ltd.,
Class
A
28,800
22,236
Commercial
Bank
of
Dubai
PSC
30,350
53,379
Commercial
Bank
of
Kuwait
KPSC
38,200
64,636
Commercial
Bank
PSQC
(The)
93,150
106,914
Commercial
International
Bank
-
Egypt
(CIB)
60,593
103,843
Investments
Shares
Value
Banks
(continued)
Commercial
International
Bank
-
Egypt
(CIB)
(Registered),
GDR(a)
400
$
659
Credicorp
Ltd.
1,900
324,216
Credit
Bank
of
Moscow
PJSC*‡
229,590
—
CTBC
Financial
Holding
Co.
Ltd.
581,600
628,135
DGB
Financial
Group,
Inc.
5,243
31,037
Doha
Bank
QPSC
776,400
316,232
Dubai
Islamic
Bank
PJSC
86,150
137,211
Dukhan
Bank
42,700
43,931
E.Sun
Financial
Holding
Co.
Ltd.
312,028
252,034
Emirates
NBD
Bank
PJSC
68,850
358,028
Equitas
Small
Finance
Bank
Ltd.*(a)
23,177
22,358
Eurobank
Ergasias
Services
and
Holdings
SA
68,150
156,192
Faisal
Islamic
Bank
of
Egypt
128,400
128,143
Far
Eastern
International
Bank*
107,625
50,424
Federal
Bank
Ltd.
52,400
126,036
First
Abu
Dhabi
Bank
PJSC
127,550
452,832
First
Financial
Holding
Co.
Ltd.
228,650
204,164
Grupo
Aval
Acciones
y
Valores
SA
(Preference)
116,179
12,165
Grupo
Bolivar
SA
15,200
215,324
Grupo
Elektra
SAB
de
CV
1,000
50,721
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
83,600
626,467
Grupo
Financiero
Inbursa
SAB
de
CV,
Class
O*
68,850
167,667
Grupo
Security
SA
626,150
176,264
Gulf
Bank
KSCP
48,400
49,263
Haci
Omer
Sabanci
Holding
A/S
41,400
124,224
Hana
Financial
Group,
Inc.
8,500
399,455
HDFC
Bank
Ltd.
110,950
2,141,050
Hong
Leong
Bank
Bhd.
20,000
83,926
Hong
Leong
Financial
Group
Bhd.
4,900
18,344
Hua
Nan
Financial
Holdings
Co.
Ltd.
203,450
171,760
Huaxia
Bank
Co.
Ltd.,
Class
A
47,000
40,841
ICICI
Bank
Ltd.
101,750
1,476,387
IDFC
First
Bank
Ltd.*
71,150
64,574
Indian
Bank
7,733
56,227
IndusInd
Bank
Ltd.
11,400
194,401
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
85
Investments
Shares
Value
COMMON
STOCKS
(continued)
Banks
(continued)
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
2,100,000
$
1,166,667
Industrial
Bank
Co.
Ltd.,
Class
A
55,000
127,472
Industrial
Bank
of
Korea
7,600
77,283
Intercorp
Financial
Services,
Inc.(a)
1,040
23,410
Itau
Unibanco
Holding
SA
(Preference)
140,000
839,096
Itausa
SA
31,693
57,076
Itausa
SA
(Preference)
154,365
277,722
Jammu
&
Kashmir
Bank
Ltd.
(The)
147,750
193,333
JB
Financial
Group
Co.
Ltd.
3,370
35,346
Jiangsu
Changshu
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
7,370
7,393
KakaoBank
Corp.
6,950
108,030
Karnataka
Bank
Ltd.
(The)
60,850
172,727
Karur
Vysya
Bank
Ltd.
(The)
195,250
538,164
Kasikornbank
PCL,
NVDR
34,600
127,645
KB
Financial
Group,
Inc.
10,800
689,537
Kiatnakin
Phatra
Bank
PCL,
NVDR
9,800
10,585
King's
Town
Bank
Co.
Ltd.
29,450
52,682
Komercni
Banka
A/S
2,200
75,911
Kotak
Mahindra
Bank
Ltd.
21,450
463,156
Krung
Thai
Bank
PCL,
NVDR
114,600
58,192
Kuwait
Finance
House
KSCP
238,750
575,875
Kuwait
International
Bank
KSCP
39,646
24,264
Kuwait
Projects
Co.
Holding
KSCP*
56,513
19,605
Malayan
Banking
Bhd.
185,000
411,514
Masraf
Al
Rayan
QSC
134,250
85,911
MBSB
Bhd.
14,100
2,501
Mega
Financial
Holding
Co.
Ltd.
227,150
298,536
Metropolitan
Bank
&
Trust
Co.
45,000
52,959
Moneta
Money
Bank
A/S(a)
10,000
45,723
National
Bank
of
Greece
SA
21,950
192,629
National
Bank
of
Kuwait
SAKP
164,550
487,376
Nedbank
Group
Ltd.
13,050
199,474
O-Bank
Co.
Ltd.
47,000
14,585
Optima
bank
SA(b)
19,850
262,911
OTP
Bank
Nyrt.
6,250
319,986
Investments
Shares
Value
Banks
(continued)
Ping
An
Bank
Co.
Ltd.,
Class
A
48,000
$
68,210
Piraeus
Financial
Holdings
SA
16,306
68,814
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
A
70,000
46,783
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
H(a)(b)
250,000
133,769
Public
Bank
Bhd.
420,000
384,851
Punjab
National
Bank
43,700
64,692
Qatar
International
Islamic
Bank
QSC
25,000
71,615
Qatar
Islamic
Bank
QPSC
50,100
271,071
Qatar
National
Bank
QPSC
128,100
537,943
Qingdao
Rural
Commercial
Bank
Corp.,
Class
A
18,800
6,842
RBL
Bank
Ltd.(a)
147,100
413,214
Regional
SAB
de
CV
5,100
37,016
RHB
Bank
Bhd.
107,151
133,166
Riyad
Bank
43,031
314,827
Saudi
Awwal
Bank
28,455
298,437
Saudi
Investment
Bank
(The)
17,937
61,098
Saudi
National
Bank
(The)
84,271
853,514
Sberbank
of
Russia
PJSC‡
369,050
—
Sberbank
of
Russia
PJSC
(Preference)‡
39,708
—
SCB
X
PCL,
NVDR
24,600
71,084
Security
Bank
Corp.
98,000
108,114
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
146,500
185,855
Shanghai
Pudong
Development
Bank
Co.
Ltd.,
Class
A
75,000
87,173
Shanghai
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
38,400
35,387
Sharjah
Islamic
Bank
424,900
255,657
Shinhan
Financial
Group
Co.
Ltd.
13,600
590,725
SinoPac
Financial
Holdings
Co.
Ltd.
350,000
283,237
South
Indian
Bank
Ltd.
(The)
422,800
135,128
Standard
Bank
Group
Ltd.
37,986
463,109
State
Bank
of
India
51,450
536,076
Taichung
Commercial
Bank
Co.
Ltd.
57,181
30,965
Taishin
Financial
Holding
Co.
Ltd.*
335,568
207,242
Taiwan
Business
Bank
207,656
118,453
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
86
Investments
Shares
Value
COMMON
STOCKS
(continued)
Banks
(continued)
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
230,134
$
187,986
Tamilnad
Mercantile
Bank
Ltd.
25,350
140,058
Thanachart
Capital
PCL,
NVDR
19,300
25,448
Tisco
Financial
Group
PCL,
NVDR
9,300
24,134
TMBThanachart
Bank
PCL,
NVDR
1,315,100
62,351
Turkiye
Garanti
Bankasi
A/S
13,849
51,782
Turkiye
Is
Bankasi
A/S,
Class
C
252,250
114,277
Turkiye
Vakiflar
Bankasi
TAO,
Class
D*
32,550
20,015
Ujjivan
Small
Finance
Bank
Ltd.(a)
17,904
9,588
Union
Bank
of
India
Ltd.
45,500
73,253
Union
Bank
of
Taiwan
56,175
25,550
Union
Bank
of
the
Philippines
27,432
16,941
VTB
Bank
PJSC‡
27,302
—
Warba
Bank
KSCP*
14,564
8,627
Woori
Financial
Group,
Inc.
17,800
203,502
Yapi
ve
Kredi
Bankasi
A/S
81,063
73,938
Yes
Bank
Ltd.*
409,800
129,750
39,444,768
Beverages
-
1
.1
%
Ambev
SA
80,000
163,885
Anadolu
Efes
Biracilik
ve
Malt
Sanayii
A/S,
Class
B
5,350
43,142
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
A
600
15,625
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
B
1,100
14,672
Arca
Continental
SAB
de
CV
10,000
98,409
Becle
SAB
de
CV(b)
4,700
7,740
Beijing
Shunxin
Agriculture
Co.
Ltd.,
Class
A*
6,800
16,155
Beijing
Yanjing
Brewery
Co.
Ltd.,
Class
A
15,600
20,355
Carabao
Group
PCL,
NVDR
4,600
8,517
Carlsberg
Brewery
Malaysia
Bhd.
4,900
19,986
China
Foods
Ltd.(b)
200,000
69,636
Investments
Shares
Value
Beverages
(continued)
China
Resources
Beer
Holdings
Co.
Ltd.
26,607
$
83,104
Chongqing
Brewery
Co.
Ltd.,
Class
A
2,400
20,576
Cia
Cervecerias
Unidas
SA
2,156
11,868
Coca-Cola
Femsa
SAB
de
CV
10,000
90,744
Coca-Cola
Icecek
A/S
1,836
46,911
Eastroc
Beverage
Group
Co.
Ltd.,
Class
A
600
19,384
Embotelladora
Andina
SA
(Preference),
Class
B
12,864
40,981
Emperador,
Inc.
67,600
21,516
Fomento
Economico
Mexicano
SAB
de
CV
42,600
470,440
Fraser
&
Neave
Holdings
Bhd.
4,900
32,891
Guangzhou
Zhujiang
Brewery
Co.
Ltd.,
Class
A
17,800
20,295
Hebei
Hengshui
Laobaigan
Liquor
Co.
Ltd.,
Class
A
2,300
5,617
Heineken
Malaysia
Bhd.
5,100
25,553
Hite
Jinro
Co.
Ltd.
432
6,527
Jiangsu
Yanghe
Distillery
Co.
Ltd.,
Class
A
3,500
39,615
JiuGui
Liquor
Co.
Ltd.,
Class
A
500
2,830
Kweichow
Moutai
Co.
Ltd.,
Class
A
1,800
353,990
Lotte
Chilsung
Beverage
Co.
Ltd.
47
4,858
Luzhou
Laojiao
Co.
Ltd.,
Class
A
2,900
52,430
Nongfu
Spring
Co.
Ltd.,
Class
H(a)(b)
38,600
150,457
Osotspa
PCL,
NVDR
31,700
21,433
Radico
Khaitan
Ltd.
1,344
27,665
Shanghai
Bairun
Investment
Holding
Group
Co.
Ltd.,
Class
A
5,200
12,829
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.,
Class
A
2,060
52,541
Tsingtao
Brewery
Co.
Ltd.,
Class
H
10,000
63,940
United
Breweries
Ltd.
1,379
33,187
United
Spirits
Ltd.
5,700
96,213
Varun
Beverages
Ltd.
10,050
189,336
Vina
Concha
y
Toro
SA
158,950
198,677
Wuliangye
Yibin
Co.
Ltd.,
Class
A
5,700
100,055
Yantai
Changyu
Pioneer
Wine
Co.
Ltd.,
Class
A
5,800
17,768
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
87
Investments
Shares
Value
COMMON
STOCKS
(continued)
Beverages
(continued)
ZJLD
Group,
Inc.(a)
25,800
$
23,680
2,816,033
Biotechnology
-
0
.6
%
3SBio,
Inc.*(a)
52,000
40,804
ABLBio,
Inc.*
1,585
32,926
Akeso,
Inc.*(a)(b)
7,000
37,903
Alteogen,
Inc.*
800
183,040
BeiGene
Ltd.*
14,100
177,243
Biocon
Ltd.
6,644
28,753
Bioneer
Corp.*
392
8,997
Bloomage
Biotechnology
Corp.
Ltd.,
Class
A*
2,647
22,705
CanSino
Biologics,
Inc.,
Class
H*(a)(b)
800
1,933
Celltrion,
Inc.
2,900
430,761
Ever
Supreme
Bio
Technology
Co.
Ltd.
2,728
16,059
Everest
Medicines
Ltd.*(a)
10,500
26,264
Green
Cross
Corp.
163
15,829
Green
Cross
Holdings
Corp.
10,000
110,550
Hugel,
Inc.*
204
36,377
Innovent
Biologics,
Inc.*(a)(b)
25,000
123,848
Medigen
Vaccine
Biologics
Corp.*
11,148
15,856
Medytox,
Inc.
48
6,035
Naturecell
Co.
Ltd.*
1,833
14,526
PharmaEngine,
Inc.
6,816
19,326
PharmaEssentia
Corp.*
5,800
115,753
PharmaResearch
Co.
Ltd.
96
9,351
Remegen
Co.
Ltd.,
Class
A*
245
922
Seegene,
Inc.
637
9,971
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
A*
1,113
4,636
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
H*(a)
10,000
15,719
Shanghai
RAAS
Blood
Products
Co.
Ltd.,
Class
A
9,400
10,015
SK
Bioscience
Co.
Ltd.*
468
18,866
TaiMed
Biologics,
Inc.*
5,600
14,072
Voronoi,
Inc.*
384
21,337
Zai
Lab
Ltd.*
9,800
18,692
1,589,069
Broadline
Retail
-
3
.4
%
Alibaba
Group
Holding
Ltd.
485,000
4,799,091
Investments
Shares
Value
Broadline
Retail
(continued)
Central
Retail
Corp.
PCL,
NVDR
54,475
$
48,522
Easyhome
New
Retail
Group
Co.
Ltd.,
Class
A
14,400
5,121
El
Puerto
de
Liverpool
SAB
de
CV,
Class
C1
5,200
36,499
Falabella
SA*
21,962
72,521
Far
Eastern
Department
Stores
Ltd.
21,120
19,629
Global
Digital
Niaga
Tbk.
PT*
387,100
10,761
GoTo
Gojek
Tokopedia
Tbk.
PT,
Class
A*
14,670,000
47,817
Hyundai
Department
Store
Co.
Ltd.
4,400
150,209
Hyundai
Home
Shopping
Network
Corp.
2,079
73,692
JD.com,
Inc.,
Class
A
72,500
965,182
Lotte
Shopping
Co.
Ltd.
245
10,998
Magazine
Luiza
SA*
5,815
11,388
MINISO
Group
Holding
Ltd.,
ADR(b)
2,650
44,175
Mitra
Adiperkasa
Tbk.
PT
171,500
15,294
momo.com,
Inc.
1,716
21,822
Naspers
Ltd.,
Class
N
3,500
677,674
PDD
Holdings,
Inc.,
ADR*(b)
13,150
1,694,904
Poya
International
Co.
Ltd.
1,018
15,919
RattanIndia
Enterprises
Ltd.*
116,550
110,831
Shinsegae,
Inc.
306
33,739
Shoppers
Stop
Ltd.*
1,421
13,246
Vipshop
Holdings
Ltd.,
ADR(b)
10,150
138,446
Woolworths
Holdings
Ltd.
13,300
44,013
Zhejiang
China
Commodities
City
Group
Co.
Ltd.,
Class
A
22,400
23,928
9,085,421
Building
Products
-
0
.3
%
Astral
Ltd.
2,355
61,562
Beijing
New
Building
Materials
plc,
Class
A
5,200
18,700
Blue
Star
Ltd.
2,592
53,361
Cera
Sanitaryware
Ltd.
312
33,288
China
Lesso
Group
Holdings
Ltd.
300,000
119,048
Electrosteel
Castings
Ltd.
7,950
20,557
Kajaria
Ceramics
Ltd.
1,150
20,352
KCC
Glass
Corp.
3,250
99,147
Kyung
Dong
Navien
Co.
Ltd.
2,050
85,469
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
88
Investments
Shares
Value
COMMON
STOCKS
(continued)
Building
Products
(continued)
Prince
Pipes
&
Fittings
Ltd.*
1,960
$
15,767
Taiwan
Glass
Industry
Corp.*
60,504
32,120
Xinyi
Glass
Holdings
Ltd.
47,975
50,788
Xxentria
Technology
Materials
Corp.
58,860
120,334
Zhuzhou
Kibing
Group
Co.
Ltd.,
Class
A
5,300
4,481
734,974
Capital
Markets
-
1
.8
%
360
ONE
WAM
Ltd.
4,560
61,667
Anand
Rathi
Wealth
Ltd.
768
34,657
Angel
One
Ltd.
867
22,430
B3
SA
-
Brasil
Bolsa
Balcao
110,000
211,136
Banco
BTG
Pactual
SA
25,000
144,222
Bangkok
Commercial
Asset
Management
PCL,
NVDR
620,000
117,408
Bengal
&
Assam
Co.
Ltd.
1,450
161,711
Bolsa
Mexicana
de
Valores
SAB
de
CV
189,550
295,051
Boursa
Kuwait
Securities
Co.
KPSC
1,296
8,776
Bursa
Malaysia
Bhd.
20,000
41,615
Caitong
Securities
Co.
Ltd.,
Class
A
12,220
11,650
Capital
Securities
Corp.
49,000
34,883
Changjiang
Securities
Co.
Ltd.,
Class
A
14,100
10,106
China
Bills
Finance
Corp.
21,312
9,693
China
Cinda
Asset
Management
Co.
Ltd.,
Class
H
3,050,000
249,872
China
CITIC
Financial
Asset
Management
Co.
Ltd.,
Class
H*(a)
(b)
423,000
20,305
China
Everbright
Ltd.
200,000
100,102
China
Galaxy
Securities
Co.
Ltd.,
Class
A
5,200
7,836
China
Galaxy
Securities
Co.
Ltd.,
Class
H(b)
97,500
49,923
China
International
Capital
Corp.
Ltd.,
Class
A
5,000
20,928
China
International
Capital
Corp.
Ltd.,
Class
H(a)(b)
19,600
21,853
China
Merchants
Securities
Co.
Ltd.,
Class
A
21,220
43,690
Investments
Shares
Value
Capital
Markets
(continued)
China
Merchants
Securities
Co.
Ltd.,
Class
H(a)
16,600
$
13,196
CITIC
Securities
Co.
Ltd.,
Class
A
30,000
82,191
CITIC
Securities
Co.
Ltd.,
Class
H
50,000
75,269
Coronation
Fund
Managers
Ltd.
8,000
16,443
CRISIL
Ltd.
624
32,662
CSC
Financial
Co.
Ltd.,
Class
A
10,900
30,014
CSC
Financial
Co.
Ltd.,
Class
H(a)(b)
275,000
194,668
Daishin
Securities
Co.
Ltd.
8,400
102,990
Daishin
Securities
Co.
Ltd.
(Preference)
8,350
92,916
Daou
Technology,
Inc.
7,500
101,435
Dubai
Financial
Market
PJSC
33,628
11,719
EFG
Holding
S.A.E.*
378,780
164,606
Egypt
Kuwait
Holding
Co.
SAE
27,716
21,258
Everbright
Securities
Co.
Ltd.,
Class
A
4,700
9,872
Founder
Securities
Co.
Ltd.,
Class
A
12,200
13,117
GF
Securities
Co.
Ltd.,
Class
A
14,100
24,505
GF
Securities
Co.
Ltd.,
Class
H
28,800
24,774
Guangzhou
Yuexiu
Capital
Holdings
Group
Co.
Ltd.,
Class
A
32,764
24,164
Guosen
Securities
Co.
Ltd.,
Class
A
24,000
29,356
Guotai
Junan
Securities
Co.
Ltd.,
Class
A
20,800
41,387
Guotai
Junan
Securities
Co.
Ltd.,
Class
H(a)(b)
21,200
22,090
Haitong
Securities
Co.
Ltd.,
Class
A*
18,800
23,594
Haitong
Securities
Co.
Ltd.,
Class
H
83,200
38,447
Hanwha
Investment
&
Securities
Co.
Ltd.*
3,300
9,024
HDFC
Asset
Management
Co.
Ltd.(a)
2,050
100,733
Huatai
Securities
Co.
Ltd.,
Class
A
14,400
26,500
Huatai
Securities
Co.
Ltd.,
Class
H(a)
50,000
55,363
IBF
Financial
Holdings
Co.
Ltd.
57,768
26,713
ICICI
Securities
Ltd.(a)
1,880
17,359
IDFC
Ltd.
37,500
50,462
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
89
Investments
Shares
Value
COMMON
STOCKS
(continued)
Capital
Markets
(continued)
Indian
Energy
Exchange
Ltd.(a)
16,732
$
38,390
Industrial
Securities
Co.
Ltd.,
Class
A
34,450
26,027
Investec
Ltd.
7,900
61,754
Is
Yatirim
Menkul
Degerler
A/S
14,639
16,536
JM
Financial
Ltd.
149,000
186,444
KIWOOM
Securities
Co.
Ltd.
392
37,812
Korea
Investment
Holdings
Co.
Ltd.
1,100
58,486
Minmetals
Capital
Co.
Ltd.,
Class
A
14,400
8,568
Mirae
Asset
Securities
Co.
Ltd.
7,474
42,073
Mirae
Asset
Securities
Co.
Ltd.
(Preference)
5,733
15,949
Moscow
Exchange
MICEX-RTS
PJSC‡
29,911
—
Motilal
Oswal
Financial
Services
Ltd.
5,904
46,430
Multi
Commodity
Exchange
of
India
Ltd.
912
46,725
NH
Investment
&
Securities
Co.
Ltd.
4,300
43,414
Ninety
One
Ltd.
78,950
172,602
Nippon
Life
India
Asset
Management
Ltd.(a)
2,736
21,077
Norte
Grande
SA
2,626,526
22,586
Orient
Securities
Co.
Ltd.,
Class
A
12,032
14,151
Orient
Securities
Co.
Ltd.,
Class
H(a)(b)
20,400
8,513
Pihsiang
Machinery
Manufacturing
Co.
Ltd.*‡
5,000
—
President
Securities
Corp.
34,450
28,717
PSG
Financial
Services
Ltd.
36,144
33,578
Reinet
Investments
SCA
3,700
99,745
Samsung
Securities
Co.
Ltd.
2,050
66,633
Saratoga
Investama
Sedaya
Tbk.
PT
500,000
51,507
Saudi
Tadawul
Group
Holding
Co.
811
50,062
SDIC
Capital
Co.
Ltd.,
Class
A
19,200
15,967
Shenwan
Hongyuan
Group
Co.
Ltd.,
Class
A
47,900
30,356
Shenwan
Hongyuan
Group
Co.
Ltd.,
Class
H(a)
78,400
14,452
Investments
Shares
Value
Capital
Markets
(continued)
Shinyoung
Securities
Co.
Ltd.
1,200
$
63,541
SPIC
Industry-Finance
Holdings
Co.
Ltd.,
Class
A
10,000
5,203
Tata
Investment
Corp.
Ltd.
240
18,192
UTI
Asset
Management
Co.
Ltd.
3,250
40,277
Western
Securities
Co.
Ltd.,
Class
A
10,000
9,035
Woori
Technology
Investment
Co.
Ltd.*
18,000
110,347
Yuanta
Futures
Co.
Ltd.
27,800
74,426
Yuanta
Securities
Korea
Co.
Ltd.
24,400
53,257
Zheshang
Securities
Co.
Ltd.,
Class
A
4,700
7,557
4,796,730
Chemicals
-
2
.9
%
Aarti
Industries
Ltd.
2,880
25,758
Abou
Kir
Fertilizers
&
Chemical
Industries
9,849
12,565
Advanced
Nano
Products
Co.
Ltd.
147
9,983
Advanced
Petrochemical
Co.*
2,025
21,589
AECI
Ltd.
34,400
201,034
Akzo
Nobel
India
Ltd.
539
19,157
Alkyl
Amines
Chemicals
220
5,581
Allied
Supreme
Corp.
2,352
28,479
Alpek
SAB
de
CV,
Class
A*(b)
123,950
82,432
Anupam
Rasayan
India
Ltd.
980
9,176
Archean
Chemical
Industries
Ltd.
2,352
21,676
Asia
Polymer
Corp.
17,150
10,018
Asian
Paints
Ltd.
14,550
536,002
Atul
Ltd.
408
38,828
Avia
Avian
Tbk.
PT
277,300
8,220
Balaji
Amines
Ltd.
1,150
34,334
Barito
Pacific
Tbk.
PT
516,699
34,637
Bayer
CropScience
Ltd.
141
11,715
Berger
Paints
India
Ltd.
6,526
43,250
Boubyan
Petrochemicals
Co.
KSCP
7,344
13,989
Braskem
SA
(Preference),
Class
A*
4,900
15,213
Carborundum
Universal
Ltd.
2,499
51,300
Castrol
India
Ltd.
9,900
30,995
Chambal
Fertilisers
and
Chemicals
Ltd.
6,650
41,141
Chemplast
Sanmar
Ltd.*
2,585
16,962
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
90
Investments
Shares
Value
COMMON
STOCKS
(continued)
Chemicals
(continued)
Chengxin
Lithium
Group
Co.
Ltd.,
Class
A
4,900
$
8,814
China
Hainan
Rubber
Industry
Group
Co.
Ltd.,
Class
A
9,600
5,818
China
Lumena
New
Materials
Corp.*‡
22,200
—
China
Petrochemical
Development
Corp.*
51,168
16,345
China
Risun
Group
Ltd.
(a)(b)
49,000
18,692
Chunbo
Co.
Ltd.*
47
2,117
Clean
Science
&
Technology
Ltd.
1,708
33,079
CNNC
Hua
Yuan
Titanium
Dioxide
Co.
Ltd.,
Class
A
7,975
3,763
Coromandel
International
Ltd.
1,898
37,675
Cosmochemical
Co.
Ltd.*
583
9,062
Deepak
Fertilisers
&
Petrochemicals
Corp.
Ltd.
21,750
241,584
Deepak
Nitrite
Ltd.
1,105
40,810
DL
Holdings
Co.
Ltd.
3,550
144,914
Dongjin
Semichem
Co.
Ltd.
725
19,037
Dongyue
Group
Ltd.(b)
48,000
41,782
Eastern
Polymer
Group
PCL,
NVDR
63,600
8,208
EID
Parry
India
Ltd.
3,871
37,952
Enchem
Co.
Ltd.*
150
19,012
Eternal
Materials
Co.
Ltd.
24,850
23,209
Fertiglobe
plc
27,552
18,603
Fine
Organic
Industries
Ltd.
343
22,676
Finolex
Industries
Ltd.
9,600
36,495
Foosung
Co.
Ltd.*
2,009
9,222
Formosa
Chemicals
&
Fibre
Corp.
93,850
142,331
Formosa
Plastics
Corp.
98,850
174,123
Fufeng
Group
Ltd.(b)
50,000
29,570
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
A
5,180
20,162
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
H(a)(b)
9,680
20,346
Grand
Pacific
Petrochemical*
317,500
140,059
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
Class
A
5,000
10,855
Gubre
Fabrikalari
TAS*
833
4,093
Gujarat
Fluorochemicals
Ltd.
715
28,909
Investments
Shares
Value
Chemicals
(continued)
Gujarat
Narmada
Valley
Fertilizers
&
Chemicals
Ltd.
28,400
$
241,877
Han
Kuk
Carbon
Co.
Ltd.
1,470
13,144
Hangzhou
Oxygen
Plant
Group
Co.
Ltd.,
Class
A
5,200
14,016
Hansol
Chemical
Co.
Ltd.
141
16,663
Hanwha
Solutions
Corp.
2,850
51,235
Hektas
Ticaret
TAS*
42,672
15,620
Hengli
Petrochemical
Co.
Ltd.,
Class
A
14,100
27,256
Hengyi
Petrochemical
Co.
Ltd.,
Class
A
14,100
12,603
Himadri
Speciality
Chemical
Ltd.
8,256
42,321
Huabao
International
Holdings
Ltd.
17,000
5,070
Huafon
Chemical
Co.
Ltd.,
Class
A
14,400
15,422
Hyosung
Advanced
Materials
Corp.
100
22,662
Hyosung
TNC
Corp.
98
21,497
Indorama
Ventures
PCL,
NVDR
43,200
23,391
Inner
Mongolia
Junzheng
Energy
&
Chemical
Industry
Group
Co.
Ltd.,
Class
A
23,500
12,194
Inner
Mongolia
Yuan
Xing
Energy
Co.
Ltd.,
Class
A
14,100
13,247
International
CSRC
Investment
Holdings
Co.*
48,000
24,971
Jiangsu
Eastern
Shenghong
Co.
Ltd.,
Class
A
11,000
12,070
Jinan
Acetate
Chemical
Co.
Ltd.
1,400
36,714
Jubilant
Ingrevia
Ltd.
2,701
19,523
Kansai
Nerolac
Paints
Ltd.
3,294
12,086
KCC
Corp.
153
36,507
Kimteks
Poliuretan
Sanayi
ve
Ticaret
A/S
2,950
4,749
Kolon
Industries,
Inc.
6,000
161,685
Korea
Petrochemical
Ind
Co.
Ltd.
144
11,913
KuibyshevAzot
PJSC‡
9,900
—
Kum
Yang
Co.
Ltd.*
586
28,731
Kumho
Petrochemical
Co.
Ltd.
450
45,335
Lake
Materials
Co.
Ltd.*
1,715
19,806
Laxmi
Organic
Industries
Ltd.(a)
2,107
6,504
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
91
Investments
Shares
Value
COMMON
STOCKS
(continued)
Chemicals
(continued)
LB
Group
Co.
Ltd.,
Class
A
4,700
$
11,218
Levima
Advanced
Materials
Corp.,
Class
A
4,800
9,033
LG
Chem
Ltd.
1,350
299,564
LG
Chem
Ltd.
(Preference)
200
30,942
Linde
India
Ltd.
282
27,490
Lotte
Chemical
Corp.
595
43,823
Lotte
Chemical
Titan
Holding
Bhd.*(a)
250,000
58,222
LOTTE
Fine
Chemical
Co.
Ltd.
4,650
156,886
Luxi
Chemical
Group
Co.
Ltd.,
Class
A
6,500
10,163
Meihua
Holdings
Group
Co.
Ltd.,
Class
A
15,600
22,017
Mesaieed
Petrochemical
Holding
Co.
118,050
54,243
Misr
Fertilizers
Production
Co.
SAE
9,954
9,401
Miwon
Commercial
Co.
Ltd.
50
7,391
Nan
Pao
Resins
Chemical
Co.
Ltd.
2,000
20,049
Nan
Ya
Plastics
Corp.
100,000
152,114
Nantex
Industry
Co.
Ltd.
9,120
11,098
National
Industrialization
Co.*
11,700
34,677
Navin
Fluorine
International
Ltd.
645
29,280
Ningxia
Baofeng
Energy
Group
Co.
Ltd.,
Class
A
10,600
22,045
Nizhnekamskneftekhim
PJSC‡
28,600
—
Nizhnekamskneftekhim
PJSC
(Preference)‡
26,400
—
OCI
Holdings
Co.
Ltd.
414
22,102
Orbia
Advance
Corp.
SAB
de
CV
23,344
29,959
Organichesky
Sintez
PJSC‡
11,550
—
Oriental
Union
Chemical
Corp.
38,000
20,694
PCBL
Ltd.
7,440
28,901
Petkim
Petrokimya
Holding
A/S*
38,400
27,996
Petronas
Chemicals
Group
Bhd.
55,000
69,431
PhosAgro
PJSC‡
1,540
—
PI
Advanced
Materials
Co.
Ltd.*
520
10,538
PI
Industries
Ltd.
1,264
66,888
Investments
Shares
Value
Chemicals
(continued)
Pidilite
Industries
Ltd.
5,100
$
194,087
PTT
Global
Chemical
PCL,
NVDR
49,600
37,918
Qinghai
Salt
Lake
Industry
Co.
Ltd.,
Class
A*
20,000
43,005
Rashtriya
Chemicals
&
Fertilizers
Ltd.
45,400
118,525
Rongsheng
Petrochemical
Co.
Ltd.,
Class
A
24,000
30,120
SABIC
Agri-Nutrients
Co.
4,571
143,274
Sahara
International
Petrochemical
Co.
5,355
40,749
Sasa
Polyester
Sanayi
A/S*
38,300
53,788
Sasol
Ltd.
16,150
130,816
Satellite
Chemical
Co.
Ltd.,
Class
A
4,662
11,257
Saudi
Aramco
Base
Oil
Co.
784
27,165
Saudi
Basic
Industries
Corp.
17,818
374,226
Saudi
Industrial
Investment
Group
6,346
34,505
Saudi
Kayan
Petrochemical
Co.*
11,808
25,650
Scientex
Bhd.
34,300
31,653
Shandong
Hualu
Hengsheng
Chemical
Co.
Ltd.,
Class
A
6,110
21,009
Shanghai
Chlor-Alkali
Chemical
Co.
Ltd.,
Class
B
10,000
5,160
Shanghai
Putailai
New
Energy
Technology
Co.
Ltd.,
Class
A
4,060
7,303
Shinkong
Synthetic
Fibers
Corp.
41,300
21,548
Sichuan
Hebang
Biotechnology
Co.
Ltd.,
Class
A*
37,600
8,949
Sichuan
Yahua
Industrial
Group
Co.
Ltd.,
Class
A
3,600
4,493
Sinoma
Science
&
Technology
Co.
Ltd.,
Class
A
4,700
7,453
Sinon
Corp.
120,900
168,458
Sinopec
Shanghai
Petrochemical
Co.
Ltd.,
Class
H*
98,000
13,548
SK
Chemicals
Co.
Ltd.
250
9,025
SKC
Co.
Ltd.*
294
29,106
Solar
Applied
Materials
Technology
Corp.
24,096
46,330
Solar
Industries
India
Ltd.
405
52,160
Soulbrain
Co.
Ltd.
47
8,995
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
92
Investments
Shares
Value
COMMON
STOCKS
(continued)
Chemicals
(continued)
Soulbrain
Holdings
Co.
Ltd.
1,950
$
77,476
SRF
Ltd.
2,150
67,916
Sumitomo
Chemical
India
Ltd.
2,585
16,016
Supreme
Industries
Ltd.
1,228
78,531
Taiwan
Fertilizer
Co.
Ltd.
16,360
32,103
Tata
Chemicals
Ltd.
2,679
35,824
Tianqi
Lithium
Corp.,
Class
A
5,500
22,268
TKG
Huchems
Co.
Ltd.
5,450
75,411
Tongkun
Group
Co.
Ltd.,
Class
A
9,400
18,274
TSRC
Corp.
26,350
18,237
Unid
Co.
Ltd.
1,250
78,264
Unipar
Carbocloro
SA
(Preference),
Class
B
20,000
184,300
UPC
Technology
Corp.
299,350
114,294
UPL
Ltd.
10,800
73,788
USI
Corp.
245,950
118,224
Vinati
Organics
Ltd.
539
14,203
Wanhua
Chemical
Group
Co.
Ltd.,
Class
A
8,100
86,973
Xinfengming
Group
Co.
Ltd.,
Class
A
10,400
19,211
Yanbu
National
Petrochemical
Co.
5,012
54,035
Yunnan
Yuntianhua
Co.
Ltd.,
Class
A
4,700
12,740
Zangge
Mining
Co.
Ltd.,
Class
A
4,700
14,958
Zhejiang
Longsheng
Group
Co.
Ltd.,
Class
A
9,600
11,942
Zhejiang
NHU
Co.
Ltd.,
Class
A
4,800
13,881
7,887,472
Commercial
Services
&
Supplies
-
0
.1
%
Catrion
Catering
Holding
Co.
624
19,293
China
Everbright
Environment
Group
Ltd.
98,000
44,283
Cleanaway
Co.
Ltd.
1,000
5,476
Dynagreen
Environmental
Protection
Group
Co.
Ltd.,
Class
H(a)(b)
168,000
57,419
Ecopro
HN
Co.
Ltd.
561
21,108
Frontken
Corp.
Bhd.
14,400
13,477
GPS
Participacoes
e
Empreendimentos
SA(c)
4,800
14,775
Investments
Shares
Value
Commercial
Services
&
Supplies
(continued)
Indian
Railway
Catering
&
Tourism
Corp.
Ltd.
5,150
$
60,749
ION
Exchange
India
Ltd.
3,312
27,511
KEPCO
Plant
Service
&
Engineering
Co.
Ltd.
100
2,858
L&K
Engineering
Co.
Ltd.
2,508
17,702
PNB
Holdings
Corp.*‡
46,815
31,799
S-1
Corp.
347
14,190
Sungeel
Hitech
Co.
Ltd.*
98
4,314
Sunny
Friend
Environmental
Technology
Co.
Ltd.
622
1,879
Taiwan
Secom
Co.
Ltd.
3,165
12,710
Taiwan
Shin
Kong
Security
Co.
Ltd.
5,520
6,818
Tuhu
Car,
Inc.,
Class
A*(a)
10,000
21,838
378,199
Communications
Equipment
-
0
.4
%
Accton
Technology
Corp.
11,029
170,116
Advanced
Ceramic
X
Corp.
2,000
10,952
Arcadyan
Technology
Corp.
2,832
12,665
BYD
Electronic
International
Co.
Ltd.
25,000
97,286
Gemtek
Technology
Corp.
129,100
167,119
Glarun
Technology
Co.
Ltd.,
Class
A
10,400
19,772
Hengtong
Optic-electric
Co.
Ltd.,
Class
A
4,700
10,113
Intelbras
SA
Industria
de
Telecomunicacao
Eletronica
Brasileira
4,900
18,247
Intellian
Technologies,
Inc.
254
9,963
Lanner
Electronics,
Inc.
31,350
89,462
LuxNet
Corp.*
3,840
12,150
Seojin
System
Co.
Ltd.*
5,650
111,215
Sercomm
Corp.
6,960
24,139
Tejas
Networks
Ltd.*(a)
2,202
32,623
Tianjin
712
Communication
&
Broadcasting
Co.
Ltd.,
Class
A
5,000
12,509
Wistron
NeWeb
Corp.
5,357
22,898
ZTE
Corp.,
Class
A
7,700
29,214
ZTE
Corp.,
Class
H(b)
20,000
44,752
Zyxel
Group
Corp.
91,700
101,687
996,882
Construction
&
Engineering
-
1
.5
%
Acter
Group
Corp.
Ltd.
38,150
279,713
BES
Engineering
Corp.*
50,496
24,119
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
93
Investments
Shares
Value
COMMON
STOCKS
(continued)
Construction
&
Engineering
(continued)
Central
New
Energy
Holding
Group
Ltd.*
15,000
$
16,225
CH
Karnchang
PCL,
NVDR
4,900
2,667
China
Communications
Services
Corp.
Ltd.,
Class
H
800,000
411,674
China
Conch
Venture
Holdings
Ltd.
500,000
437,148
China
Energy
Engineering
Corp.
Ltd.,
Class
A*
80,000
24,464
China
Energy
Engineering
Corp.
Ltd.,
Class
H
198,000
21,290
China
Railway
Group
Ltd.,
Class
A
44,300
38,127
China
Railway
Group
Ltd.,
Class
H
121,000
59,013
China
Railway
Hi-tech
Industry
Co.
Ltd.,
Class
A
19,200
19,925
Continental
Holdings
Corp.
11,800
12,726
CTCI
Corp.
22,200
36,201
Daewoo
Engineering
&
Construction
Co.
Ltd.*
3,901
11,816
DL
E&C
Co.
Ltd.
799
20,428
Engineers
India
Ltd.
9,696
30,346
Enka
Insaat
ve
Sanayi
A/S
17,350
24,429
Estithmar
Holding
QPSC*
30,456
15,726
G
R
Infraprojects
Ltd.*
1,392
29,584
Gamuda
Bhd.
75,000
128,306
GEK
Terna
SA
1,470
28,473
GS
Engineering
&
Construction
Corp.*
2,450
35,324
Guangdong
Construction
Engineering
Group
Co.
Ltd.,
Class
A
4,900
2,414
HDC
Hyundai
Development
Co-Engineering
&
Construction,
Class
E
12,350
206,319
Hyundai
Engineering
&
Construction
Co.
Ltd.
2,326
56,513
IJM
Corp.
Bhd.
37,600
28,643
IRB
Infrastructure
Developers
Ltd.
48,040
38,086
IRCON
International
Ltd.
(a)
9,792
33,769
IS
Dongseo
Co.
Ltd.
4,500
80,243
Jeio
Co.
Ltd.*
931
12,105
Kalpataru
Projects
International
Ltd.
2,050
33,566
KEC
International
Ltd.*
2,064
22,811
Investments
Shares
Value
Construction
&
Engineering
(continued)
KEPCO
Engineering
&
Construction
Co.,
Inc.
141
$
7,794
KNR
Constructions
Ltd.
6,325
30,594
Kontrolmatik
Enerji
ve
Muhendislik
A/S*
1,656
3,224
Larsen
&
Toubro
Ltd.
12,950
590,051
Larsen
&
Toubro
Ltd.,
GDR(a)
296
13,498
Metallurgical
Corp.
of
China
Ltd.,
Class
A
42,300
18,496
Metallurgical
Corp.
of
China
Ltd.,
Class
H
106,000
20,353
National
Marine
Dredging
Co.
6,200
45,778
NBCC
India
Ltd.
14,150
30,624
NCC
Ltd.
12,500
53,439
PNC
Infratech
Ltd.(a)
2,700
16,320
Power
Construction
Corp.
of
China
Ltd.,
Class
A
66,700
50,761
Praj
Industries
Ltd.
2,950
24,850
PSG
Corp.
PCL,
NVDR*
1,112,800
16,858
Rail
Vikas
Nigam
Ltd.(a)
9,261
66,530
Ruentex
Engineering
&
Construction
Co.
1,850
12,832
Run
Long
Construction
Co.
Ltd.
6,768
25,326
Samsung
E&A
Co.
Ltd.*
4,150
86,060
Shaanxi
Construction
Engineering
Group
Corp.
Ltd.,
Class
A
4,900
2,448
Shanghai
Construction
Group
Co.
Ltd.,
Class
A
23,500
7,609
Shanghai
Tunnel
Engineering
Co.
Ltd.,
Class
A
14,100
13,403
Sichuan
Road
and
Bridge
Group
Co.
Ltd.,
Class
A
20,440
17,818
Sinoma
International
Engineering
Co.,
Class
A
15,600
22,017
Sinopec
Engineering
Group
Co.
Ltd.,
Class
H
475,000
302,803
Sterling
and
Wilson
Renewable*(a)
2,650
21,767
Techno
Electric
&
Engineering
Co.
Ltd.
1,150
23,443
Tekfen
Holding
A/S*
62,700
109,359
United
Integrated
Services
Co.
Ltd.
3,550
36,828
Voltas
Ltd.
4,133
75,899
Waskita
Karya
Persero
Tbk.
PT*‡
173,900
—
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
94
Investments
Shares
Value
COMMON
STOCKS
(continued)
Construction
&
Engineering
(continued)
Yankey
Engineering
Co.
Ltd.
1,980
$
18,794
3,987,769
Construction
Materials
-
1
.4
%
ACC
Ltd.
1,376
42,575
Afrimat
Ltd.
38,650
145,708
Akcansa
Cimento
A/S
13,500
60,914
Ambuja
Cements
Ltd.
14,250
115,722
Anhui
Conch
Cement
Co.
Ltd.,
Class
A
9,800
32,775
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
26,000
63,502
Asia
Cement
Corp.
73,700
92,938
Baticim
Bati
Anadolu
Cimento
Sanayii
A/S*
27,650
154,407
BBMG
Corp.,
Class
A
42,300
8,253
Berkah
Beton
Sadaya
Tbk.
PT*
425,000
131
Birla
Corp.
Ltd.
750
13,701
Cementos
Argos
SA
13,950
28,697
Cemex
SAB
de
CV
402,688
260,238
Chia
Hsin
Cement
Corp.
160,600
87,946
China
Jushi
Co.
Ltd.,
Class
A
9,600
14,134
China
National
Building
Material
Co.
Ltd.,
Class
H
104,000
34,480
China
Resources
Building
Materials
Technology
Holdings
Ltd.(b)
700,000
161,290
Cimsa
Cimento
Sanayi
ve
Ticaret
A/S
115,850
117,983
CSG
Holding
Co.
Ltd.,
Class
B
4,700
1,426
Dalmia
Bharat
Ltd.
2,150
47,519
GCC
SAB
de
CV
5,000
42,455
Goldsun
Building
Materials
Co.
Ltd.
20,000
32,005
Grasim
Industries
Ltd.
7,400
245,411
Grupo
Argos
SA
8,750
35,742
Grupo
Argos
SA
(Preference)
5,950
17,151
Hanil
Cement
Co.
Ltd.
7,200
76,092
Huaxin
Cement
Co.
Ltd.,
Class
A
3,700
7,500
Huaxin
Cement
Co.
Ltd.,
Class
H(b)
10,400
10,650
Indocement
Tunggal
Prakarsa
Tbk.
PT
440,000
196,187
JK
Cement
Ltd.
530
27,959
JK
Lakshmi
Cement
Ltd.
2,744
29,069
Nuh
Cimento
Sanayi
A/S
2,068
19,065
Nuvoco
Vistas
Corp.
Ltd.*
3,650
15,460
Investments
Shares
Value
Construction
Materials
(continued)
Oyak
Cimento
Fabrikalari
A/S*
4,416
$
10,570
Qassim
Cement
Co.
(The)
725
10,415
Ramco
Cements
Ltd.
(The)
2,289
22,583
Rhi
Magnesita
India
Ltd.
1,850
13,281
Riyadh
Cement
Co.
1,967
12,991
Saudi
Cement
Co.
1,872
21,280
Semen
Indonesia
Persero
Tbk.
PT
1,080,017
259,709
Shree
Cement
Ltd.
350
115,960
Siam
Cement
PCL
(The),
NVDR
10,000
62,000
Siam
City
Cement
PCL,
NVDR
4,800
18,247
Southern
Province
Cement
Co.
1,634
15,613
Star
Cement
Ltd.*
7,008
17,587
Tangshan
Jidong
Cement
Co.
Ltd.,
Class
A*
4,700
2,933
TCC
Group
Holdings
Co.
Ltd.
136,350
143,734
TianShan
Material
Co.
Ltd.,
Class
A
26,000
19,535
Tipco
Asphalt
PCL,
NVDR
265,000
117,464
TPI
Polene
PCL,
NVDR
1,990,100
63,647
UltraTech
Cement
Ltd.
2,400
340,735
Universal
Cement
Corp.
154,683
156,942
Yamama
Cement
Co.
1,525
13,515
Yanbu
Cement
Co.
2,888
19,975
3,697,801
Consumer
Finance
-
0
.8
%
AEON
Credit
Service
M
Bhd.
65,000
101,578
Bajaj
Finance
Ltd.
5,500
447,137
BFI
Finance
Indonesia
Tbk.
PT
2,455,000
135,131
Capri
Global
Capital
Ltd.
7,792
19,447
Cholamandalam
Financial
Holdings
Ltd.
1,776
32,191
Cholamandalam
Investment
and
Finance
Co.
Ltd.
8,400
142,119
CreditAccess
Grameen
Ltd.
1,166
18,489
FinVolution
Group,
ADR(b)
49,050
273,699
Five-Star
Business
Finance
Ltd.*
1,680
15,190
Gentera
SAB
de
CV(b)
48,600
57,625
Hotai
Finance
Co.
Ltd.
3,221
10,142
JMT
Network
Services
PCL,
NVDR
14,200
4,541
Krungthai
Card
PCL,
NVDR
9,800
10,722
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
95
Investments
Shares
Value
COMMON
STOCKS
(continued)
Consumer
Finance
(continued)
Mahindra
&
Mahindra
Financial
Services
Ltd.
9,024
$
32,683
Manappuram
Finance
Ltd.
182,500
466,447
Muangthai
Capital
PCL,
NVDR
9,300
10,501
Muthoot
Finance
Ltd.
2,410
52,907
Ngern
Tid
Lor
PCL,
NVDR
27,640
12,097
Poonawalla
Fincorp
Ltd.
5,720
25,212
Samsung
Card
Co.
Ltd.
539
16,482
SBFC
Finance
Ltd.*
11,952
12,095
SBI
Cards
&
Payment
Services
Ltd.
5,252
45,593
Shriram
Finance
Ltd.
5,250
183,841
Srisawad
Corp.
PCL,
NVDR
15,400
14,041
Sundaram
Finance
Ltd.
2,050
105,896
Yulon
Finance
Corp.*
4,672
21,960
2,267,766
Consumer
Staples
Distribution
&
Retail
-
1
.2
%
Abdullah
Al
Othaim
Markets
Co.
7,595
23,684
Al-Dawaa
Medical
Services
Co.
686
16,383
Alibaba
Health
Information
Technology
Ltd.*(b)
100,000
42,371
Almunajem
Foods
Co.
450
11,922
Atacadao
SA*
20,000
32,763
Avenue
Supermarts
Ltd.*(a)
3,150
185,698
Berli
Jucker
PCL
500
290
Berli
Jucker
PCL,
NVDR
13,800
8,014
BGF
retail
Co.
Ltd.
141
10,590
Bid
Corp.
Ltd.
6,650
165,712
BIM
Birlesik
Magazalar
A/S
13,531
255,619
Cencosud
SA
35,400
65,229
Clicks
Group
Ltd.
4,250
82,705
Corporativo
Fragua
SAB
de
CV
2,050
108,274
CP
ALL
PCL,
NVDR
85,000
138,904
CP
Axtra
PCL,
NVDR
14,400
12,322
DaShenLin
Pharmaceutical
Group
Co.
Ltd.,
Class
A
4,320
7,866
Dis-Chem
Pharmacies
Ltd.(a)
17,952
35,319
Dongsuh
Cos.,
Inc.
859
11,624
East
Buy
Holding
Ltd.*(a)
(b)
3,000
4,171
E-MART,
Inc.
392
17,198
Great
Tree
Pharmacy
Co.
Ltd.
1,543
11,219
Investments
Shares
Value
Consumer
Staples
Distribution
&
Retail
(continued)
Grupo
Comercial
Chedraui
SA
de
CV
9,100
$
67,821
Grupo
Mateus
SA*
9,800
11,598
GS
Retail
Co.
Ltd.
1,332
20,511
JD
Health
International,
Inc.*(a)(b)
17,500
48,723
La
Comer
SAB
de
CV
18,800
34,985
Magnit
PJSC‡
2,296
—
Migros
Ticaret
A/S
2,688
42,824
Nahdi
Medical
Co.
1,124
39,784
Philippine
Seven
Corp.
10,780
22,917
Pick
n
Pay
Stores
Ltd.*(b)
6,784
8,671
Ping
An
Healthcare
and
Technology
Co.
Ltd.*(a)(b)
9,600
14,009
President
Chain
Store
Corp.
9,840
83,073
Puregold
Price
Club,
Inc.
345,000
155,433
Raia
Drogasil
SA
24,964
121,889
Robinsons
Retail
Holdings,
Inc.
145,000
89,421
Sendas
Distribuidora
SA*
35,000
60,802
Shoprite
Holdings
Ltd.
8,900
148,990
SMU
SA
866,050
142,990
Sok
Marketler
Ticaret
A/S
6,048
10,923
SPAR
Group
Ltd.
(The)*
63,400
437,287
Sumber
Alfaria
Trijaya
Tbk.
PT
351,600
61,411
Sun
Art
Retail
Group
Ltd.
70,500
11,461
Wal-Mart
de
Mexico
SAB
de
CV
99,200
329,912
3,213,312
Containers
&
Packaging
-
0
.1
%
Cheng
Loong
Corp.
26,600
21,283
CPMC
Holdings
Ltd.
100,000
88,966
Klabin
SA
25,000
97,696
Pantai
Indah
Kapuk
Dua
Tbk.
PT
24,000
7,860
SCG
Packaging
PCL,
NVDR
18,700
14,820
Taiwan
Hon
Chuan
Enterprise
Co.
Ltd.
4,752
22,625
Ton
Yi
Industrial
Corp.
226,100
102,147
Youlchon
Chemical
Co.
Ltd.
470
8,347
363,744
Distributors
-
0
.1
%
Autohellas
Tourist
and
Trading
SA
6,350
81,494
China
Tobacco
International
HK
Co.
Ltd.(a)
56,000
112,115
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
96
Investments
Shares
Value
COMMON
STOCKS
(continued)
Distributors
(continued)
Silicon2
Co.
Ltd.*
750
$
24,133
Wuchan
Zhongda
Group
Co.
Ltd.,
Class
A
13,800
8,325
226,067
Diversified
Consumer
Services
-
0
.4
%
Advtech
Ltd.
24,310
40,532
China
Education
Group
Holdings
Ltd.(a)(b)
302,552
156,466
Cogna
Educacao
SA*
620,000
166,715
Fenbi
Ltd.*
24,500
8,562
Fu
Shou
Yuan
International
Group
Ltd.
50,000
31,362
Humansoft
Holding
Co.
KSC
3,413
29,433
Lung
Yen
Life
Service
Corp.*
8,448
13,108
MegaStudyEdu
Co.
Ltd.
2,400
90,823
National
Co.
for
Learning
&
Education
735
36,202
New
Oriental
Education
&
Technology
Group,
Inc.*
30,000
210,253
Offcn
Education
Technology
Co.
Ltd.,
Class
A*
4,700
1,079
Taaleem
Holdings
PJSC
16,512
16,813
TAL
Education
Group,
ADR*
8,000
80,160
Tianli
International
Holdings
Ltd.(a)
50,000
27,202
YDUQS
Participacoes
SA
85,000
164,504
1,073,214
Diversified
REITs
-
0
.4
%
Axis
REIT,
REIT
70,973
27,960
Concentradora
Fibra
Danhos
SA
de
CV,
REIT
330,050
362,106
Fibra
Uno
Administracion
SA
de
CV,
REIT
75,000
95,327
Growthpoint
Properties
Ltd.,
REIT
94,300
63,968
KLCCP
Stapled
Group,
REIT
9,600
15,775
Redefine
Properties
Ltd.,
REIT
2,162,750
506,470
SK
REITs
Co.
Ltd.,
REIT
6,195
23,489
‌
1,095,095
Investments
Shares
Value
Diversified
Telecommunication
Services
-
1
.0
%
AL
Yah
Satellite
Communications
Co.
PJSC
43,340
$
24,897
Chief
Telecom,
Inc.
1,104
14,392
China
Tower
Corp.
Ltd.,
Class
H(a)(b)
1,300,000
159,754
Chunghwa
Telecom
Co.
Ltd.
76,350
282,219
CITIC
Telecom
International
Holdings
Ltd.(b)
634,000
168,807
Converge
Information
and
Communications
Technology
Solutions,
Inc.*
760,000
150,241
Dayamitra
Telekomunikasi
PT
202,100
8,638
Emirates
Telecommunications
Group
Co.
PJSC
69,100
308,156
Hellenic
Telecommunications
Organization
SA
5,750
94,389
HFCL
Ltd.
20,750
33,342
Indus
Towers
Ltd.*
14,100
72,943
Jasmine
Technology
Solution
PCL,
NVDR*
4,100
7,160
LG
Uplus
Corp.
7,617
55,492
Magyar
Telekom
Telecommunications
plc
9,650
28,883
Ooredoo
QPSC
32,600
93,565
Operadora
De
Sites
Mexicanos
SAB
de
CV,
Series
A-1(b)
9,400
8,154
PT
Tower
Bersama
Infrastructure
Tbk.
42,300
5,203
Railtel
Corp.
of
India
Ltd.
3,796
22,673
Rostelecom
PJSC‡
33,770
—
Rostelecom
PJSC
(Preference)‡
15,392
—
Sarana
Menara
Nusantara
Tbk.
PT
315,700
15,436
Saudi
Telecom
Co.
35,507
364,354
Sitios
Latinoamerica
SAB
de
CV*(b)
63,700
13,232
Tata
Communications
Ltd.
1,646
39,136
Tata
Teleservices
Maharashtra
Ltd.*
8,112
9,313
Telefonica
Brasil
SA
10,000
85,817
Telekom
Malaysia
Bhd.
40,000
60,681
Telkom
Indonesia
Persero
Tbk.
PT
1,370,000
242,657
Telkom
SA
SOC
Ltd.*
92,550
120,118
TIME
dotCom
Bhd.
25,000
27,968
True
Corp.
PCL,
NVDR*
160,000
41,521
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
97
Investments
Shares
Value
COMMON
STOCKS
(continued)
Diversified
Telecommunication
Services
(continued)
Turk
Telekomunikasyon
A/S*
19,746
$
30,474
2,589,615
Electric
Utilities
-
1
.3
%
Adani
Energy
Solutions
Ltd.*
6,350
86,310
Alupar
Investimento
SA
5,033
27,423
Can2
Termik
A/S*
88,048
4,813
Celsia
SA
ESP
166,550
162,488
Centrais
Eletricas
Brasileiras
SA
30,000
210,004
Centrais
Eletricas
Brasileiras
SA
(Preference),
Class
B
5,000
38,574
CESC
Ltd.
21,500
44,300
CEZ
A/S(b)
4,700
180,647
Cia
Energetica
de
Minas
Gerais
6,110
13,608
Cia
Energetica
de
Minas
Gerais
(Preference)
62,012
119,137
Cia
Paranaense
de
Energia
-
Copel
25,000
39,715
Cia
Paranaense
de
Energia
-
Copel
(Preference)
25,000
44,624
CPFL
Energia
SA
4,700
27,006
CTEEP-Cia
de
Transmissao
de
Energia
Eletrica
Paulista
(Preference)
10,000
43,448
Enel
Americas
SA
539,968
50,377
Enel
Chile
SA
845,971
48,170
Energisa
SA
5,000
38,857
Enerjisa
Enerji
A/S(a)
7,676
15,660
Engie
Energia
Chile
SA*
140,550
127,333
Equatorial
Energia
SA
35,000
202,096
Federal
Grid
Co.
-
Rosseti
PJSC
(Registered)*‡
22,532,366
—
Inter
RAO
UES
PJSC‡
1,596,292
—
Interconexion
Electrica
SA
ESP
13,200
56,911
Korea
Electric
Power
Corp.*
6,750
96,831
Manila
Electric
Co.
9,000
60,128
Mosenergo
PJSC‡
4,455,000
—
Neoenergia
SA
15,000
48,083
Power
Grid
Corp.
of
India
Ltd.
127,000
528,151
Public
Power
Corp.
SA
6,450
82,149
Reliance
Infrastructure
Ltd.*
81,900
202,645
RusHydro
PJSC*‡
2,361,000
—
Saudi
Electricity
Co.
21,204
96,528
Investments
Shares
Value
Electric
Utilities
(continued)
SJVN
Ltd.
13,152
$
23,322
Tata
Power
Co.
Ltd.
(The)
34,550
187,175
Tenaga
Nasional
Bhd.
130,000
398,389
Torrent
Power
Ltd.
3,350
74,677
Transmissora
Alianca
de
Energia
Eletrica
SA
5,000
29,888
3,409,467
Electrical
Equipment
-
1
.6
%
ABB
India
Ltd.
1,065
100,445
AcBel
Polytech,
Inc.*
9,312
10,170
Allis
Electric
Co.
Ltd.
7,960
33,419
Amara
Raja
Energy
&
Mobility
Ltd.
2,250
43,703
Astor
Transformator
Enerji
Turizm
Insaat
ve
Petrol
Sanayi
Ticaret
A/S
7,000
19,630
Bharat
Heavy
Electricals
Ltd.
26,500
99,776
Bizlink
Holding,
Inc.
3,936
45,383
CG
Power
&
Industrial
Solutions
Ltd.
13,000
114,274
Cheryong
Electric
Co.
Ltd.
3,600
192,715
Chicony
Power
Technology
Co.
Ltd.
5,232
21,250
China
XD
Electric
Co.
Ltd.,
Class
A
5,000
4,954
Chung-Hsin
Electric
&
Machinery
Manufacturing
Corp.
7,728
44,435
CS
Wind
Corp.
581
20,109
CyberPower
Systems,
Inc.
23,900
184,322
Dongfang
Electric
Corp.
Ltd.,
Class
A
5,000
11,305
Dongfang
Electric
Corp.
Ltd.,
Class
H(b)
10,000
13,415
Doosan
Enerbility
Co.
Ltd.*
8,850
121,043
Doosan
Fuel
Cell
Co.
Ltd.*
690
10,049
Ecopro
BM
Co.
Ltd.*
1,000
130,670
Ecopro
Co.
Ltd.*
1,820
122,016
Ecopro
Materials
Co.
Ltd.*
400
23,534
Elecon
Engineering
Co.
Ltd.
3,552
26,731
Electrical
Industries
Co.
10,708
19,407
Fangda
Carbon
New
Material
Co.
Ltd.,
Class
A
5,300
3,271
Farasis
Energy
Gan
Zhou
Co.
Ltd.,
Class
A*
784
1,045
Finolex
Cables
Ltd.
1,850
33,875
Fortune
Electric
Co.
Ltd.
4,840
102,189
GE
T&D
India
Ltd.*
1,350
25,557
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
98
Investments
Shares
Value
COMMON
STOCKS
(continued)
Electrical
Equipment
(continued)
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
A
9,600
$
10,640
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
H(b)
15,000
7,738
GoodWe
Technologies
Co.
Ltd.,
Class
A
480
4,006
Gotion
High-tech
Co.
Ltd.,
Class
A
4,600
12,431
Graphite
India
Ltd.
3,381
21,490
Gulf
Cables
&
Electrical
Industries
Group
Co.
KSCP
40,250
227,892
Havells
India
Ltd.
4,550
100,525
HBL
Power
Systems
Ltd.
4,272
31,562
HD
Hyundai
Electric
Co.
Ltd.
425
95,696
Hitachi
Energy
India
Ltd.
250
34,657
Hyosung
Heavy
Industries
Corp.
96
21,686
Inox
Wind
Ltd.*
13,632
29,895
Jiangsu
Zhongtian
Technology
Co.
Ltd.,
Class
A
4,500
9,321
Jiangxi
Special
Electric
Motor
Co.
Ltd.,
Class
A*
4,900
5,078
KEI
Industries
Ltd.
1,202
62,159
Korea
Electric
Terminal
Co.
Ltd.
2,650
118,377
L&F
Co.
Ltd.*
436
36,007
LG
Energy
Solution
Ltd.*
900
211,803
LS
Corp.
700
58,827
LS
Electric
Co.
Ltd.
300
40,094
Ming
Yang
Smart
Energy
Group
Ltd.,
Class
A
4,500
6,189
NARI
Technology
Co.
Ltd.,
Class
A
15,300
50,851
Ningbo
Ronbay
New
Energy
Technology
Co.
Ltd.,
Class
A
658
2,079
Olectra
Greentech
Ltd.
1,392
28,414
Phihong
Technology
Co.
Ltd.*
11,472
14,763
Polycab
India
Ltd.
1,200
98,292
POSCO
Future
M
Co.
Ltd.
550
84,492
Pylon
Technologies
Co.
Ltd.,
Class
A
480
2,779
Riyadh
Cables
Group
Co.
720
18,749
RR
Kabel
Ltd.
768
16,465
Sarkuysan
Elektrolitik
Bakir
Sanayi
ve
Ticaret
A/S
123,750
124,010
Investments
Shares
Value
Electrical
Equipment
(continued)
Schneider
Electric
Infrastructure
Ltd.*
1,400
$
13,429
Shanghai
Electric
Group
Co.
Ltd.,
Class
A*
24,000
12,852
Shihlin
Electric
&
Engineering
Corp.
5,136
37,579
Shinsung
Delta
Tech
Co.
Ltd.
554
21,367
SK
IE
Technology
Co.
Ltd.*(a)
349
9,455
Sociedad
Quimica
y
Minera
de
Chile
SA
(Preference),
Class
B
4,150
156,847
SPG
Co.
Ltd.
686
11,734
Suzlon
Energy
Ltd.*
243,550
201,812
Ta
Ya
Electric
Wire
&
Cable*
15,600
25,723
Taihan
Electric
Wire
Co.
Ltd.*
3,089
30,941
Tatung
Co.
Ltd.*
38,350
58,336
TBEA
Co.
Ltd.,
Class
A
15,350
28,759
Teco
Electric
and
Machinery
Co.
Ltd.
22,000
32,528
Triveni
Turbine
Ltd.
2,700
19,174
V-Guard
Industries
Ltd.
6,399
35,133
Voltronic
Power
Technology
Corp.
1,500
84,652
Walsin
Lihwa
Corp.
69,050
72,474
WEG
SA
30,000
268,860
XTC
New
Energy
Materials
Xiamen
Co.
Ltd.,
Class
A
539
2,349
Zhejiang
Chint
Electrics
Co.
Ltd.,
Class
A
4,700
12,538
Zhejiang
HangKe
Technology,
Inc.
Co.,
Class
A
490
1,165
4,303,366
Electronic
Equipment,
Instruments
&
Components
-
3
.3
%
AAC
Technologies
Holdings,
Inc.
25,000
91,366
Ability
Opto-Electronics
Technology
Co.
Ltd.
3,072
22,103
Asia
Optical
Co.,
Inc.
7,296
19,910
AUO
Corp.
136,050
73,882
Aurora
Corp.
4,316
9,152
Avary
Holding
Shenzhen
Co.
Ltd.,
Class
A
9,600
49,521
BH
Co.
Ltd.
8,100
127,670
BOE
Technology
Group
Co.
Ltd.,
Class
A
95,000
51,792
Cal-Comp
Electronics
Thailand
PCL,
NVDR
1,150,000
120,017
Chang
Wah
Electromaterials,
Inc.
10,200
14,228
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
99
Investments
Shares
Value
COMMON
STOCKS
(continued)
Electronic
Equipment,
Instruments
&
Components
(continued)
Channel
Well
Technology
Co.
Ltd.
66,950
$
134,837
Cheng
Uei
Precision
Industry
Co.
Ltd.
101,400
216,867
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
A
31,500
25,498
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
H(a)(b)
52,000
21,567
Chin-Poon
Industrial
Co.
Ltd.
117,650
159,814
Chroma
ATE,
Inc.
7,850
71,885
Chunghwa
Precision
Test
Tech
Co.
Ltd.
720
9,430
Compeq
Manufacturing
Co.
Ltd.
36,050
85,217
Coretronic
Corp.
9,168
20,919
Co-Tech
Development
Corp.
10,464
20,597
Daeduck
Electronics
Co.
Ltd.
11,250
180,588
Daejoo
Electronic
Materials
Co.
Ltd.*
432
36,901
Delta
Electronics
Thailand
PCL,
NVDR
80,000
228,924
Delta
Electronics,
Inc.
37,578
473,869
Dreamtech
Co.
Ltd.
13,650
89,728
Dynamic
Holding
Co.
Ltd.
9,216
16,430
E
Ink
Holdings,
Inc.
17,800
145,942
Elite
Material
Co.
Ltd.
6,300
83,949
EM-Tech
Co.
Ltd.
300
6,515
Everdisplay
Optronics
Shanghai
Co.
Ltd.,
Class
A*
63,754
17,908
FLEXium
Interconnect,
Inc.
15,294
41,178
Fositek
Corp.*
1,000
21,661
Foxconn
Industrial
Internet
Co.
Ltd.,
Class
A*
25,000
82,468
Foxconn
Technology
Co.
Ltd.
35,000
69,531
General
Interface
Solution
Holding
Ltd.*
86,050
164,403
Genius
Electronic
Optical
Co.
Ltd.
2,150
34,274
Genus
Power
Infrastructures
Ltd.
5,088
23,019
Global
Brands
Manufacture
Ltd.
8,016
15,071
GoerTek,
Inc.,
Class
A
3,800
11,315
Gold
Circuit
Electronics
Ltd.
5,240
34,992
Investments
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Hana
Microelectronics
PCL,
NVDR
26,000
$
33,918
Hannstar
Board
Corp.
8,448
12,568
HannStar
Display
Corp.*
69,288
19,245
Hengdian
Group
DMEGC
Magnetics
Co.
Ltd.,
Class
A
10,400
17,556
Holy
Stone
Enterprise
Co.
Ltd.
3,250
8,800
Hon
Hai
Precision
Industry
Co.
Ltd.
350,000
2,108,305
Honeywell
Automation
India
Ltd.
52
33,821
Innolux
Corp.
175,000
81,723
IsuPetasys
Co.
Ltd.
950
31,155
ITEQ
Corp.
6,096
16,877
Jaymart
Group
Holdings
PCL,
NVDR*
189,000
63,627
Kaynes
Technology
India
Ltd.*
768
40,743
KCE
Electronics
PCL,
NVDR
26,000
32,459
Kingboard
Holdings
Ltd.
25,000
51,011
Kingboard
Laminates
Holdings
Ltd.
27,500
24,747
Largan
Precision
Co.
Ltd.
1,900
162,717
Lelon
Electronics
Corp.
44,918
115,336
LG
Display
Co.
Ltd.*
8,551
69,812
LG
Innotek
Co.
Ltd.
450
83,675
Lingyi
iTech
Guangdong
Co.,
Class
A
15,900
15,840
Lotes
Co.
Ltd.
2,050
86,690
Lotte
Energy
Materials
Corp.
235
6,555
Luxshare
Precision
Industry
Co.
Ltd.,
Class
A
10,600
56,072
MH
Development
Ltd.*‡
22,000
—
Nan
Ya
Printed
Circuit
Board
Corp.
5,664
28,604
Nationgate
Holdings
Bhd.
15,000
6,889
Nex
Point
Parts
PCL,
NVDR*
47,500
1,026
Nichidenbo
Corp.
62,150
121,577
OFILM
Group
Co.
Ltd.,
Class
A*
4,700
5,404
Pan-International
Industrial
Corp.
136,000
145,227
Park
Systems
Corp.
200
24,042
Primax
Electronics
Ltd.
14,600
40,642
Promate
Electronic
Co.
Ltd.
5,500
14,825
Quest
Holdings
SA
10,650
62,001
Raytron
Technology
Co.
Ltd.,
Class
A
343
1,308
Redington
Ltd.
18,350
46,534
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
100
Investments
Shares
Value
COMMON
STOCKS
(continued)
Electronic
Equipment,
Instruments
&
Components
(continued)
RoboSense
Technology
Co.
Ltd.*
5,000
$
10,612
Samsung
Electro-
Mechanics
Co.
Ltd.
1,100
127,518
Samsung
SDI
Co.
Ltd.
1,050
243,672
Scientech
Corp.
1,000
12,200
Shanghai
BOCHU
Electronic
Technology
Corp.
Ltd.,
Class
A
526
10,662
Shengyi
Technology
Co.
Ltd.,
Class
A
9,600
25,969
Shenzhen
Kaifa
Technology
Co.
Ltd.,
Class
A
4,700
9,358
Simplo
Technology
Co.
Ltd.
4,656
50,994
Sinbon
Electronics
Co.
Ltd.
3,000
29,890
SOLUM
Co.
Ltd.*
588
7,718
Solus
Advanced
Materials
Co.
Ltd.
754
8,325
Sunny
Optical
Technology
Group
Co.
Ltd.
12,400
69,683
SUPCON
Technology
Co.
Ltd.,
Class
A
1,771
9,253
Supreme
Electronics
Co.
Ltd.
14,160
33,472
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.,
Class
A
10,400
35,846
Synnex
Technology
International
Corp.
42,450
91,822
Syrma
SGS
Technology
Ltd.
2,160
12,757
Taiwan
Surface
Mounting
Technology
Corp.
6,816
25,506
Taiwan
Union
Technology
Corp.
4,128
20,094
TCL
Technology
Group
Corp.,
Class
A
41,360
22,434
Test
Research,
Inc.
4,350
19,255
Thinking
Electronic
Industrial
Co.
Ltd.
2,688
13,493
Tianma
Microelectronics
Co.
Ltd.,
Class
A*
15,600
15,412
Tong
Hsing
Electronic
Industries
Ltd.
2,783
11,642
TPK
Holding
Co.
Ltd.*
109,050
146,639
Tripod
Technology
Corp.
14,000
84,545
TXC
Corp.
4,608
14,439
Unimicron
Technology
Corp.
26,750
146,079
Investments
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Unisplendour
Corp.
Ltd.,
Class
A
4,900
$
15,696
Unitech
Printed
Circuit
Board
Corp.
2,878
3,100
Universal
Scientific
Industrial
Shanghai
Co.
Ltd.,
Class
A
4,700
10,483
VS
Industry
Bhd.
137,700
36,264
Wah
Lee
Industrial
Corp.
6,400
26,577
Walsin
Technology
Corp.
5,952
20,643
Weikeng
Industrial
Co.
Ltd.
125,950
127,214
Wintek
Corp.*‡
64,000
—
WPG
Holdings
Ltd.
32,200
84,149
WT
Microelectronics
Co.
Ltd.
21,650
68,500
WUS
Printed
Circuit
Kunshan
Co.
Ltd.,
Class
A
9,970
46,187
Yageo
Corp.
10,512
253,286
Zen
Technologies
Ltd.
1,440
29,326
Zhejiang
Dahua
Technology
Co.
Ltd.,
Class
A
5,200
10,793
Zhen
Ding
Technology
Holding
Ltd.
17,150
71,219
8,908,995
Energy
Equipment
&
Services
-
0
.2
%
Ades
Holding
Co.*
7,817
42,503
ADNOC
Drilling
Co.
PJSC
40,585
48,618
Arabian
Drilling
Co.
384
13,264
Bumi
Armada
Bhd.*
890,000
105,572
China
Oilfield
Services
Ltd.,
Class
A
5,000
10,461
China
Oilfield
Services
Ltd.,
Class
H
18,000
15,875
China
Petroleum
Engineering
Corp.,
Class
A
27,800
12,232
COFCO
Capital
Holdings
Co.
Ltd.,
Class
A
4,900
5,478
Dialog
Group
Bhd.
110,000
60,812
Gulf
International
Services
QSC
299,350
284,140
Velesto
Energy
Bhd.
340,800
15,948
Yinson
Holdings
Bhd.
57,600
29,963
644,866
Entertainment
-
0
.7
%
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.,
Class
A
4,700
8,591
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
101
Investments
Shares
Value
COMMON
STOCKS
(continued)
Entertainment
(continued)
Bilibili,
Inc.,
Class
Z*(b)
4,000
$
62,519
China
Ruyi
Holdings
Ltd.*(b)
176,000
47,087
CJ
CGV
Co.
Ltd.*
27,000
112,373
CJ
ENM
Co.
Ltd.*
392
21,753
Gamania
Digital
Entertainment
Co.
Ltd.
50,000
115,607
HYBE
Co.
Ltd.
400
51,135
International
Games
System
Co.
Ltd.
4,640
105,448
iQIYI,
Inc.,
ADR*(b)
7,595
25,291
JYP
Entertainment
Corp.
480
20,117
Kakao
Games
Corp.*
956
12,957
Kingsoft
Corp.
Ltd.(b)
20,000
56,708
Krafton,
Inc.*
600
128,128
Maoyan
Entertainment*(a)
(b)
110,000
112,647
MD
Entertainment
Tbk.
PT
28,800
6,766
MNC
Digital
Entertainment
Tbk.
PT*
37,600
6,429
NCSoft
Corp.
296
37,689
NetEase,
Inc.
35,000
655,018
Netmarble
Corp.*(a)
410
18,851
Nexon
Games
Co.
Ltd.*
1,034
17,875
NHN
Corp.
4,500
62,855
Pearl
Abyss
Corp.*
517
15,922
Perfect
World
Co.
Ltd.,
Class
A
4,100
4,448
PVR
Inox
Ltd.*
1,152
20,642
Saregama
India
Ltd.
1,900
12,572
SM
Entertainment
Co.
Ltd.
144
7,384
SMI
Holdings
Group
Ltd.*‡
72,000
—
Studio
Dragon
Corp.*
188
5,169
Tencent
Music
Entertainment
Group,
ADR(b)
8,401
119,126
Tencent
Music
Entertainment
Group,
Class
A
10,000
71,109
Wemade
Co.
Ltd.*
388
10,568
XPEC
Entertainment,
Inc.*‡
14,800
—
YG
Entertainment,
Inc.
605
16,896
Zhejiang
Century
Huatong
Group
Co.
Ltd.,
Class
A*
11,280
5,119
Zx,
Inc.*(a)
10,400
14,990
1,989,789
Financial
Services
-
1
.6
%
Aavas
Financiers
Ltd.*
2,058
41,186
Investments
Shares
Value
Financial
Services
(continued)
Aditya
Birla
Capital
Ltd.*
13,950
$
37,800
Al
Waha
Capital
PJSC
306,650
130,241
Aptus
Value
Housing
Finance
India
Ltd.
6,960
26,259
AVIC
Industry-Finance
Holdings
Co.
Ltd.,
Class
A*
23,500
7,837
Bajaj
Finserv
Ltd.
7,650
150,905
Bajaj
Holdings
&
Investment
Ltd.
585
67,210
Can
Fin
Homes
Ltd.
2,250
22,805
Chailease
Holding
Co.
Ltd.
48,450
224,046
Cielo
SA
32,900
33,582
Corp.
Financiera
Colombiana
SA
37,200
120,976
CSSC
Hong
Kong
Shipping
Co.
Ltd.(a)
600,000
120,584
E-Finance
for
Digital
&
Financial
Investments
9,861
4,937
Far
East
Horizon
Ltd.
52,000
35,479
Fawry
for
Banking
&
Payment
Technology
Services
SAE*
44,933
6,370
FirstRand
Ltd.
162,700
730,713
Genertec
Universal
Medical
Group
Co.
Ltd.(a)
225,000
126,152
Grupo
de
Inversiones
Suramericana
SA
2,695
21,512
Grupo
de
Inversiones
Suramericana
SA
(Preference)
3,587
19,000
Home
First
Finance
Co.
India
Ltd.(a)
1,225
15,217
Housing
&
Urban
Development
Corp.
Ltd.
7,450
27,783
IIFL
Finance
Ltd.
6,900
36,429
Indian
Railway
Finance
Corp.
Ltd.(a)
28,464
65,832
Indian
Renewable
Energy
Development
Agency
Ltd.*
11,500
36,072
Inversiones
La
Construccion
SA
11,100
86,674
Jio
Financial
Services
Ltd.*
74,400
291,900
Kakaopay
Corp.*
398
7,300
L&T
Finance
Ltd.
11,562
24,841
LIC
Housing
Finance
Ltd.
10,300
94,384
Meritz
Financial
Group,
Inc.
2,700
165,520
National
Investments
Co.
KSCP
20,286
16,864
One
97
Communications
Ltd.*
4,128
24,368
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
102
Investments
Shares
Value
COMMON
STOCKS
(continued)
Financial
Services
(continued)
Piramal
Enterprises
Ltd.
3,456
$
42,989
PNB
Housing
Finance
Ltd.*(a)
1,056
10,159
Power
Finance
Corp.
Ltd.
37,350
248,379
REC
Ltd.
31,272
240,622
Remgro
Ltd.
13,200
101,580
Sammaan
Capital
Ltd.
148,150
308,354
Shandong
Hi-Speed
Holdings
Group
Ltd.*(b)
53,500
39,242
Turkiye
Sinai
Kalkinma
Bankasi
A/S*
410,400
156,176
Yuanta
Financial
Holding
Co.
Ltd.
353,120
352,368
4,320,647
Food
Products
-
2
.2
%
Adani
Wilmar
Ltd.*
2,491
10,358
Agthia
Group
PJSC
91,350
178,074
Alicorp
SAA*
132,300
236,625
Almarai
Co.
JSC
4,656
74,955
Anjoy
Foods
Group
Co.
Ltd.,
Class
A
500
5,490
AVI
Ltd.
5,424
29,161
Balrampur
Chini
Mills
Ltd.
3,850
22,110
Beijing
Dabeinong
Technology
Group
Co.
Ltd.,
Class
A
5,300
2,999
Betagro
PCL
24,400
16,155
Binggrae
Co.
Ltd.
1,700
110,884
Bombay
Burmah
Trading
Co.
6,950
189,217
BRF
SA*
20,400
76,003
Britannia
Industries
Ltd.*
2,600
179,622
CCL
Products
India
Ltd.
2,597
20,936
Century
Pacific
Food,
Inc.
17,700
10,461
Charoen
Pokphand
Enterprise
4,272
13,192
Charoen
Pokphand
Foods
PCL,
NVDR*
43,200
29,087
Charoen
Pokphand
Indonesia
Tbk.
PT
117,500
37,758
Cherkizovo
Group
PJSC‡
2,594
—
China
Feihe
Ltd.(a)
100,000
45,315
China
Huiyuan
Juice
Group
Ltd.*‡
24,000
—
China
Mengniu
Dairy
Co.
Ltd.
96,000
160,983
Chongqing
Fuling
Zhacai
Group
Co.
Ltd.,
Class
A
3,120
5,392
CJ
CheilJedang
Corp.
300
84,220
CJ
CheilJedang
Corp.
(Preference)
205
23,080
Investments
Shares
Value
Food
Products
(continued)
COFCO
Joycome
Foods
Ltd.*(a)(b)
900,000
$
182,028
Daesang
Corp.
6,350
112,540
Dekon
Food
and
Agriculture
Group*(a)
10,000
63,940
Dongwon
F&B
Co.
Ltd.
1,600
48,404
First
Milling
Co.
330
6,236
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
9,980
48,526
Great
Wall
Enterprise
Co.
Ltd.*
24,650
43,121
Gruma
SAB
de
CV,
Class
B
3,096
57,883
Grupo
Bimbo
SAB
de
CV,
Class
A,
Series
A(b)
23,898
83,596
Grupo
Herdez
SAB
de
CV
36,500
106,382
Grupo
Nutresa
SA
3,150
42,683
Guan
Chong
Bhd.
29,400
24,508
Guangdong
Haid
Group
Co.
Ltd.,
Class
A
4,800
29,177
Harim
Holdings
Co.
Ltd.
16,700
71,446
Heilongjiang
Agriculture
Co.
Ltd.,
Class
A
10,200
18,446
Henan
Shuanghui
Investment
&
Development
Co.
Ltd.,
Class
A
7,400
23,622
Huishan
Dairy*‡
158,000
—
Indofood
CBP
Sukses
Makmur
Tbk.
PT
51,800
34,804
Indofood
Sukses
Makmur
Tbk.
PT
130,000
48,970
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.,
Class
A
10,400
36,105
IOI
Corp.
Bhd.
60,000
49,886
JBS
SA*
20,100
119,901
Jonjee
Hi-Tech
Industrial
And
Commercial
Holding
Co.
Ltd.,
Class
A
4,800
13,058
KRBL
Ltd.
23,850
90,710
Kuala
Lumpur
Kepong
Bhd.
10,000
45,881
Lian
HWA
Food
Corp.*
6,240
22,781
Lien
Hwa
Industrial
Holdings
Corp.
18,685
35,585
Lotte
Wellfood
Co.
Ltd.
850
110,946
M
Dias
Branco
SA
4,800
22,876
Marfrig
Global
Foods
SA*
105,000
210,084
Marico
Ltd.
12,650
101,845
Mayora
Indah
Tbk.
PT
83,900
13,467
Monde
Nissin
Corp.(a)
107,400
16,871
Mrs
Bectors
Food
Specialities
Ltd.(a)
1,104
18,491
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
103
Investments
Shares
Value
COMMON
STOCKS
(continued)
Food
Products
(continued)
MSM
Malaysia
Holdings
Bhd.*
80,000
$
33,431
Muyuan
Foods
Co.
Ltd.,
Class
A*
15,020
90,863
Namchow
Holdings
Co.
Ltd.
62,850
113,769
National
Agriculture
Development
Co.
(The)*
2,168
16,642
Nestle
India
Ltd.
7,050
206,826
Nestle
Malaysia
Bhd.
700
16,546
New
Hope
Liuhe
Co.
Ltd.,
Class
A*
9,000
11,793
NongShim
Co.
Ltd.
100
35,046
Orion
Corp.
550
34,995
Orion
Holdings
Corp.
8,550
92,719
Ottogi
Corp.
50
15,834
Patanjali
Foods
Ltd.
1,030
21,160
PPB
Group
Bhd.
14,080
45,416
QL
Resources
Bhd.
25,395
36,922
Samyang
Foods
Co.
Ltd.
100
44,816
Samyang
Holdings
Corp.
1,650
83,893
San
Miguel
Food
and
Beverage,
Inc.
19,470
15,542
Sao
Martinho
SA
3,500
17,993
Sarawak
Oil
Palms
Bhd.
120,000
75,220
Saudia
Dairy
&
Foodstuff
Co.
294
26,925
Savola
Group
(The)*
5,419
65,934
SD
Guthrie
Bhd.
65,003
63,242
Shree
Renuka
Sugars
Ltd.*
30,100
18,334
SLC
Agricola
SA
55,000
174,747
Tata
Consumer
Products
Ltd.
11,600
164,720
Thai
Union
Group
PCL,
NVDR
58,800
23,919
Thaifoods
Group
PCL,
NVDR
655,000
73,135
Tiger
Brands
Ltd.
4,150
50,837
Tingyi
Cayman
Islands
Holding
Corp.
68,000
82,954
Tres
Tentos
Agroindustrial
SA
40,000
75,574
Triveni
Engineering
&
Industries
Ltd.
4,263
21,527
Ulker
Biskuvi
Sanayi
A/S*
6,672
33,793
Uni-President
China
Holdings
Ltd.
50,000
41,219
Uni-President
Enterprises
Corp.
98,700
251,930
United
Plantations
Bhd.
5,000
28,512
Universal
Robina
Corp.
13,530
27,581
Want
Want
China
Holdings
Ltd.
100,000
60,036
Investments
Shares
Value
Food
Products
(continued)
Yihai
International
Holding
Ltd.
3,000
$
4,493
Yuan
Longping
High-tech
Agriculture
Co.
Ltd.,
Class
A
5,100
7,022
Zad
Holding
Co.
3,286
12,346
Zydus
Wellnes
Ltd.
882
25,258
5,860,340
Gas
Utilities
-
0
.4
%
Adani
Total
Gas
Ltd.
4,541
48,570
Aygaz
A/S
2,928
15,167
Beijing
Enterprises
Holdings
Ltd.(b)
25,000
83,045
China
Gas
Holdings
Ltd.
70,000
63,710
China
Resources
Gas
Group
Ltd.(b)
24,600
83,449
ENN
Energy
Holdings
Ltd.
20,500
144,067
ENN
Natural
Gas
Co.
Ltd.,
Class
A*
10,000
27,162
GAIL
India
Ltd.
56,600
162,894
Grupo
Energia
Bogota
SA
ESP
78,000
47,273
Gujarat
Gas
Ltd.
2,679
21,722
Gujarat
State
Petronet
Ltd.
4,080
16,531
Indraprastha
Gas
Ltd.
4,564
29,871
Korea
Gas
Corp.*
999
32,290
Kunlun
Energy
Co.
Ltd.
100,000
97,030
Mahanagar
Gas
Ltd.(a)
1,456
32,510
National
Gas
&
Industrialization
Co.
1,155
32,755
Perusahaan
Gas
Negara
Tbk.
PT
311,200
30,622
Petronas
Gas
Bhd.
15,000
59,419
Towngas
Smart
Energy
Co.
Ltd.
300,000
107,527
1,135,614
Ground
Transportation
-
0
.4
%
Beijing-Shanghai
High
Speed
Railway
Co.
Ltd.,
Class
A
93,400
73,923
BTS
Group
Holdings
PCL,
NVDR
234,040
28,233
Container
Corp.
of
India
Ltd.
4,666
57,982
Daqin
Railway
Co.
Ltd.,
Class
A
42,400
40,892
Full
Truck
Alliance
Co.
Ltd.,
ADR(b)
14,500
110,200
GMexico
Transportes
SAB
de
CV(a)(b)
9,400
18,275
Grupo
Traxion
SAB
de
CV,
Class
A*(a)(b)
101,750
122,228
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
104
Investments
Shares
Value
COMMON
STOCKS
(continued)
Ground
Transportation
(continued)
Localiza
Rent
a
Car
SA
15,148
$
117,454
Lotte
Rental
Co.
Ltd.
4,400
96,357
Lumi
Rental
Co.*
576
13,970
Rumo
SA
20,000
78,369
SIMPAR
SA*
105,000
117,580
United
International
Transportation
Co.
996
23,733
Vamos
Locacao
de
Caminhoes
Maquinas
e
Equipamentos
SA
165,000
251,904
1,151,100
Health
Care
Equipment
&
Supplies
-
0
.2
%
Beijing
Chunlizhengda
Medical
Instruments
Co.
Ltd.,
Class
H
13,000
13,562
Classys,
Inc.
144
4,890
Dentium
Co.
Ltd.
147
10,015
Hartalega
Holdings
Bhd.*
30,800
20,446
HLB,
Inc.*
2,301
135,030
iRay
Technology
Co.
Ltd.,
Class
A
604
8,973
Kangji
Medical
Holdings
Ltd.(b)
25,000
18,241
Kossan
Rubber
Industries
Bhd.
35,000
16,150
Lifetech
Scientific
Corp.*(b)
100,000
18,689
Microport
Scientific
Corp.*(b)
11,498
7,874
Poly
Medicure
Ltd.
850
19,000
Qingdao
Haier
Biomedical
Co.
Ltd.,
Class
A
539
2,375
SD
Biosensor,
Inc.*
990
6,910
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.,
Class
H
80,000
40,451
Shanghai
MicroPort
Endovascular
MedTech
Group
Co.
Ltd.,
Class
A
146
2,020
Sri
Trang
Gloves
Thailand
PCL,
NVDR
68,600
17,321
Supermax
Corp.
Bhd.*
48,000
9,403
TaiDoc
Technology
Corp.
2,900
14,293
Top
Glove
Corp.
Bhd.*
120,000
26,902
Visco
Vision,
Inc.
3,264
24,477
Won
Tech
Co.
Ltd.
1,728
8,196
425,218
Health
Care
Providers
&
Services
-
1
.0
%
Al
Hammadi
Holding
1,862
23,276
Investments
Shares
Value
Health
Care
Providers
&
Services
(continued)
Apollo
Hospitals
Enterprise
Ltd.
2,150
$
169,869
Aster
DM
Healthcare
Ltd.
(a)
6,324
26,213
Bangkok
Chain
Hospital
PCL,
NVDR
20,800
10,037
Bangkok
Dusit
Medical
Services
PCL,
NVDR
73,400
54,054
Bumrungrad
Hospital
PCL,
NVDR
4,900
33,817
Chabiotech
Co.
Ltd.*
1,200
14,190
China
Meheco
Group
Co.
Ltd.,
Class
A
4,700
6,731
Chularat
Hospital
PCL,
NVDR
101,400
6,827
Dallah
Healthcare
Co.
585
25,820
Dr
Lal
PathLabs
Ltd.(a)
822
30,342
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
1,708
131,108
Fleury
SA
110,000
295,007
Fortis
Healthcare
Ltd.
7,920
47,475
Future
Care
Trading
Co.*
2,775
9,467
Global
Health
Ltd.*
2,401
35,613
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
A
5,200
21,068
Gushengtang
Holdings
Ltd.(b)
4,800
21,567
Hanmi
Science
Co.
Ltd.
671
15,109
Hapvida
Participacoes
e
Investimentos
SA*(a)
80,000
57,600
HLB
Life
Science
Co.
Ltd.*
3,047
23,460
Huadong
Medicine
Co.
Ltd.,
Class
A
5,100
20,599
Hygeia
Healthcare
Holdings
Co.
Ltd.*(a)
(b)
10,400
28,024
IHH
Healthcare
Bhd.
45,000
61,704
Jinxin
Fertility
Group
Ltd.
(a)(b)
73,500
23,710
Jointown
Pharmaceutical
Group
Co.
Ltd.,
Class
A
26,832
17,116
KPJ
Healthcare
Bhd.
49,024
19,846
Krishna
Institute
of
Medical
Sciences
Ltd.*(a)
864
22,153
Life
Healthcare
Group
Holdings
Ltd.
451,600
331,415
Max
Healthcare
Institute
Ltd.
11,750
129,423
Medikaloka
Hermina
Tbk.
PT(a)
367,500
30,625
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
105
Investments
Shares
Value
COMMON
STOCKS
(continued)
Health
Care
Providers
&
Services
(continued)
Meinian
Onehealth
Healthcare
Holdings
Co.
Ltd.,
Class
A
9,400
$
4,773
Metropolis
Healthcare
Ltd.(a)
1,104
27,939
Middle
East
Healthcare
Co.*
1,555
32,742
Mitra
Keluarga
Karyasehat
Tbk.
PT(a)
100,200
18,610
MLP
Saglik
Hizmetleri
A/S,
Class
B*(a)
3,216
35,719
Mouwasat
Medical
Services
Co.
1,776
57,087
Narayana
Hrudayalaya
Ltd.*(a)
1,200
18,005
National
Medical
Care
Co.
506
27,863
Netcare
Ltd.(b)
428,300
306,076
New
Horizon
Health
Ltd.*‡(a)(b)
4,000
6,645
Odontoprev
SA
9,490
19,004
Rainbow
Children's
Medicare
Ltd.
2,496
35,312
Ramkhamhaeng
Hospital
PCL,
NVDR
9,300
7,566
Rede
D'Or
Sao
Luiz
SA(a)
25,000
122,020
Saudi
Chemical
Co.
Holding
7,297
21,977
Selcuk
Ecza
Deposu
Ticaret
ve
Sanayi
A/S
40,450
70,674
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
A
4,700
12,616
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
H
24,000
36,006
Sikarin
PCL,
NVDR
44,000
12,097
Siloam
International
Hospitals
Tbk.
PT
24,000
4,103
Sinopharm
Group
Co.
Ltd.,
Class
H
40,000
94,009
Thonburi
Healthcare
Group
PCL,
NVDR
9,300
7,044
Topchoice
Medical
Corp.,
Class
A
700
4,317
Universal
Vision
Biotechnology
Co.
Ltd.
2,226
15,170
2,740,639
Health
Care
Technology
-
0
.0
%
(d)
Lunit,
Inc.*
288
8,179
Investments
Shares
Value
Hotels,
Restaurants
&
Leisure
-
1
.5
%
Abu
Dhabi
National
Hotels
240,502
$
40,531
Alsea
SAB
de
CV
9,840
29,709
Ambassador
Hotel
(The)
7,800
16,991
Americana
Restaurants
International
plc
48,650
40,928
Ananti,
Inc.*
23,400
95,521
Asset
World
Corp.
PCL,
NVDR
171,900
17,554
Atour
Lifestyle
Holdings
Ltd.,
ADR(b)
1,976
33,078
Bloomberry
Resorts
Corp.*
93,100
13,189
Central
Plaza
Hotel
PCL
1,600
1,852
Central
Plaza
Hotel
PCL,
NVDR
5,700
6,596
Chalet
Hotels
Ltd.*
2,891
29,126
China
Travel
International
Investment
Hong
Kong
Ltd.
122,000
17,179
Devyani
International
Ltd.*
8,064
17,272
DoubleUGames
Co.
Ltd.
3,600
121,591
Easy
Trip
Planners
Ltd.
16,003
7,901
EIH
Ltd.
4,500
23,685
Erawan
Group
PCL
(The),
NVDR
137,100
14,616
Genting
Bhd.
50,000
51,475
Genting
Malaysia
Bhd.
105,000
59,419
Grand
Korea
Leisure
Co.
Ltd.
1,323
11,570
H
World
Group
Ltd.(b)
40,000
120,584
Haichang
Ocean
Park
Holdings
Ltd.*(a)(b)
54,000
4,908
Haidilao
International
Holding
Ltd.(a)
37,164
60,418
Hana
Tour
Service,
Inc.
300
11,048
Indian
Hotels
Co.
Ltd.
(The),
Class
A
18,300
140,328
Jahez
International
Co.*
3,648
24,599
Jiumaojiu
International
Holdings
Ltd.(a)(b)
300,000
111,367
Jollibee
Foods
Corp.
7,840
30,890
Jubilant
Foodworks
Ltd.
8,112
58,014
Kangwon
Land,
Inc.
2,240
23,494
Leejam
Sports
Co.
JSC
499
26,600
Lemon
Tree
Hotels
Ltd.*(a)
19,505
35,076
Lotte
Tour
Development
Co.
Ltd.*
1,961
13,816
Meituan,
Class
B*(a)
105,000
1,469,086
Minor
International
PCL,
NVDR
49,500
40,272
MK
Restaurants
Group
PCL,
NVDR
4,800
3,535
OPAP
SA
2,650
46,196
Paradise
Co.
Ltd.
421
3,608
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
106
Investments
Shares
Value
COMMON
STOCKS
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
Sapphire
Foods
India
Ltd.*
800
$
15,783
Seera
Group
Holding*
3,046
20,134
Smartfit
Escola
de
Ginastica
e
Danca
SA
4,800
18,002
Tongcheng
Travel
Holdings
Ltd.(a)(b)
19,200
33,475
Travellers
International
Hotel
Group,
Inc.*‡
209,900
—
TravelSky
Technology
Ltd.,
Class
H
10,000
11,278
Trip.com
Group
Ltd.*
10,600
458,356
Tsogo
Sun
Ltd.(b)
175,450
108,600
Westlife
Foodworld
Ltd.
3,000
29,692
Wowprime
Corp.
3,259
20,871
Yum
China
Holdings,
Inc.
6,850
207,144
Zomato
Ltd.*
124,900
342,276
4,139,233
Household
Durables
-
0
.7
%
Amber
Enterprises
India
Ltd.*
400
20,707
Arcelik
A/S
5,782
29,338
Bajaj
Electricals
Ltd.
2,173
25,919
Beijing
Roborock
Technology
Co.
Ltd.,
Class
A
484
21,072
Coway
Co.
Ltd.
1,500
67,877
Crompton
Greaves
Consumer
Electricals
Ltd.
12,850
69,277
Cury
Construtora
e
Incorporadora
SA
40,000
157,092
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
90,000
310,309
Dixon
Technologies
India
Ltd.(a)
689
99,624
Eureka
Forbes
Ltd.*
1,960
11,847
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
15,000
83,063
Haier
Smart
Home
Co.
Ltd.,
Class
A
10,400
39,271
Haier
Smart
Home
Co.
Ltd.,
Class
H
41,400
135,933
Hanssem
Co.
Ltd.
303
13,953
Hisense
Home
Appliances
Group
Co.
Ltd.,
Class
H(b)
4,000
12,929
LG
Electronics,
Inc.
3,050
230,398
LG
Electronics,
Inc.
(Preference)
584
20,446
Merry
Electronics
Co.
Ltd.
5,800
21,704
Investments
Shares
Value
Household
Durables
(continued)
Nien
Made
Enterprise
Co.
Ltd.
3,000
$
36,279
PIK-Spetsializirovannyy
Zastroyshchik
PAO*‡
4,646
—
Shenzhen
MTC
Co.
Ltd.,
Class
A
9,600
6,708
Skyworth
Group
Ltd.(b)
400,000
145,417
Taiwan
Sakura
Corp.
5,000
14,801
TCL
Electronics
Holdings
Ltd.
250,000
165,451
TTK
Prestige
Ltd.*
1,825
21,023
Vestel
Beyaz
Esya
Sanayi
ve
Ticaret
A/S
18,669
11,288
Vestel
Elektronik
Sanayi
ve
Ticaret
A/S*
49,100
104,768
Whirlpool
of
India
Ltd.
674
17,263
1,893,757
Household
Products
-
0
.0
%
(d)
Blue
Moon
Group
Holdings
Ltd.(a)
48,000
12,412
Jyothy
Labs
Ltd.
6,860
43,161
Kimberly-Clark
de
Mexico
SAB
de
CV,
Class
A
25,000
44,470
Unilever
Indonesia
Tbk.
PT
75,200
11,285
111,328
Independent
Power
and
Renewable
Electricity
Producers
-
1
.7
%
Aboitiz
Power
Corp.
34,200
19,363
ACEN
Corp.
100,197
9,423
ACWA
Power
Co.
2,581
271,728
Adani
Green
Energy
Ltd.*
7,050
155,535
Adani
Power
Ltd.*
31,050
272,364
AES
Brasil
Energia
SA
9,600
19,174
Akfen
Yenilenebilir
Enerji
A/S*
114,200
82,502
Aksa
Enerji
Uretim
A/S,
Class
B
3,760
4,688
Auren
Energia
SA
5,000
10,508
B
Grimm
Power
PCL,
NVDR
19,500
11,816
Banpu
Power
PCL,
NVDR
19,300
6,552
BCPG
PCL,
NVDR
288,300
44,484
Canvest
Environmental
Protection
Group
Co.
Ltd.(a)(b)
200,000
112,647
CECEP
Solar
Energy
Co.
Ltd.,
Class
A
9,600
5,911
CGN
New
Energy
Holdings
Co.
Ltd.(b)
400,000
119,304
CGN
Power
Co.
Ltd.,
Class
A
44,000
28,493
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
107
Investments
Shares
Value
COMMON
STOCKS
(continued)
Independent
Power
and
Renewable
Electricity
Producers
(continued)
CGN
Power
Co.
Ltd.,
Class
H(a)
350,000
$
142,921
China
Longyuan
Power
Group
Corp.
Ltd.,
Class
A
18,300
44,085
China
Longyuan
Power
Group
Corp.
Ltd.,
Class
H
100,000
89,862
China
National
Nuclear
Power
Co.
Ltd.,
Class
A
42,300
64,559
China
Power
International
Development
Ltd.(b)
150,000
70,660
China
Resources
Power
Holdings
Co.
Ltd.(b)
60,000
165,131
China
Three
Gorges
Renewables
Group
Co.
Ltd.,
Class
A
47,000
31,606
China
Yangtze
Power
Co.
Ltd.,
Class
A
35,000
144,609
CK
Power
PCL,
NVDR
112,600
12,257
Colbun
SA
330,818
42,891
Datang
International
Power
Generation
Co.
Ltd.,
Class
A
62,400
25,816
Datang
International
Power
Generation
Co.
Ltd.,
Class
H(b)
128,000
25,724
Electricity
Generating
PCL,
NVDR
4,900
13,472
Energy
Absolute
PCL,
NVDR
15,600
1,576
Eneva
SA*
20,000
44,686
Engie
Brasil
Energia
SA
5,700
44,600
First
Gen
Corp.
185,000
54,826
Fujian
Funeng
Co.
Ltd.,
Class
A
12,740
18,880
Galata
Wind
Enerji
A/S
75,500
75,111
GD
Power
Development
Co.
Ltd.,
Class
A
42,500
32,697
Global
Power
Synergy
PCL,
NVDR
13,700
15,278
Guangdong
Electric
Power
Development
Co.
Ltd.,
Class
A
4,900
3,221
Guangdong
Electric
Power
Development
Co.
Ltd.,
Class
B
14,400
3,853
Gulf
Energy
Development
PCL,
NVDR
95,000
127,262
Huadian
Power
International
Corp.
Ltd.,
Class
A
26,500
21,744
Investments
Shares
Value
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Huadian
Power
International
Corp.
Ltd.,
Class
H(b)
38,000
$
19,554
Huaneng
Power
International,
Inc.,
Class
A
24,000
26,401
Huaneng
Power
International,
Inc.,
Class
H
102,000
60,584
Hubei
Energy
Group
Co.
Ltd.,
Class
A
36,400
25,939
Inner
Mongolia
MengDian
HuaNeng
Thermal
Power
Corp.
Ltd.,
Class
A
9,800
5,817
Jaiprakash
Power
Ventures
Ltd.*
178,320
42,275
Jilin
Electric
Power
Co.
Ltd.,
Class
A
28,800
20,842
JSW
Energy
Ltd.
12,350
107,380
Malakoff
Corp.
Bhd.
815,000
148,117
Mega
First
Corp.
Bhd.
20,000
21,069
NHPC
Ltd.
57,950
72,700
NLC
India
Ltd.
8,784
30,199
NTPC
Ltd.
93,200
463,057
OGK-2
PJSC*‡
11,431,280
—
Ratch
Group
PCL,
NVDR
24,500
19,073
Reliance
Power
Ltd.*
1,016,150
398,553
SDIC
Power
Holdings
Co.
Ltd.,
Class
A
22,700
53,365
Serena
Energia
SA*
75,000
114,634
Shamal
Az-Zour
Al-Oula
for
the
First
Phase
of
Az-Zour
Power
Plant
KSC
195,650
103,092
Shanghai
Electric
Power
Co.
Ltd.,
Class
A
10,000
13,007
Shenergy
Co.
Ltd.,
Class
A
4,900
5,661
Shenzhen
Energy
Group
Co.
Ltd.,
Class
A
10,600
9,900
Shinfox
Energy
Co.
Ltd.
4,032
19,442
Sichuan
Chuantou
Energy
Co.
Ltd.,
Class
A
9,400
24,362
Terna
Energy
SA
1,276
26,552
TPI
Polene
Power
PCL,
NVDR
1,083,600
86,335
Unipro
PJSC*‡
5,337,000
—
Wintime
Energy
Group
Co.
Ltd.,
Class
A*
76,800
11,689
Xinyi
Energy
Holdings
Ltd.(b)
1,000,000
113,927
Zhejiang
Zheneng
Electric
Power
Co.
Ltd.,
Class
A
28,800
26,421
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
108
Investments
Shares
Value
COMMON
STOCKS
(continued)
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Zorlu
Enerji
Elektrik
Uretim
A/S*
49,256
$
8,137
4,569,903
Industrial
Conglomerates
-
2
.4
%
3M
India
Ltd.
100
46,920
Aamal
Co.*
690,700
150,622
Aboitiz
Equity
Ventures,
Inc.
68,500
41,598
AG
Anadolu
Grubu
Holding
A/S
3,478
44,774
Alarko
Holding
A/S
2,646
8,375
Alfa
SAB
de
CV,
Class
A
95,000
54,612
Alliance
Global
Group,
Inc.
56,400
8,676
Alpha
Dhabi
Holding
PJSC*
41,950
138,882
AntarChile
SA
3,206
25,788
Apar
Industries
Ltd.
240
26,455
Astra
Industrial
Group
693
29,516
Astra
International
Tbk.
PT
585,000
169,815
Ayala
Corp.
7,000
70,329
Bidvest
Group
Ltd.
(The)
9,300
139,746
China
Baoan
Group
Co.
Ltd.,
Class
A
10,400
12,131
CITIC
Ltd.
200,000
184,588
CJ
Corp.
343
32,961
DMCI
Holdings,
Inc.
121,000
23,547
Doosan
Co.
Ltd.
352
44,743
Dubai
Investments
PJSC
52,704
29,272
Far
Eastern
New
Century
Corp.
100,000
103,438
Fosun
International
Ltd.
48,000
25,008
Godrej
Industries
Ltd.*
1,296
14,035
Grupo
Carso
SAB
de
CV,
Series
A1(b)
10,000
64,303
GS
Holdings
Corp.
2,000
71,037
GT
Capital
Holdings,
Inc.
2,400
24,257
Hanwha
Corp.
1,692
38,344
HAP
Seng
Consolidated
Bhd.
11,900
11,137
Hong
Leong
Industries
Bhd.
30,000
74,176
Hosken
Consolidated
Investments
Ltd.(b)
19,600
200,792
Hyosung
Corp.
2,290
76,264
Industries
Qatar
QSC
58,900
211,755
International
Holding
Co.
PJSC*
14,700
1,660,103
JG
Summit
Holdings,
Inc.
80,011
38,103
KOC
Holding
A/S
20,900
135,776
LG
Corp.
3,250
204,667
Investments
Shares
Value
Industrial
Conglomerates
(continued)
Lotte
Corp.
672
$
12,056
LT
Group,
Inc.
98,000
16,536
LX
Holdings
Corp.
752
3,900
Metlen
Energy
&
Metals
SA
2,856
112,741
Multiply
Group
PJSC*
69,200
43,332
National
Industries
Group
Holding
SAK
37,648
27,723
Nava
Ltd.*
27,350
298,852
Q
Holding
PJSC*
66,900
56,646
Quinenco
SA
8,136
28,261
Reunert
Ltd.
62,550
246,882
Samsung
C&T
Corp.
2,606
293,962
San
Miguel
Corp.
13,510
23,109
Shanghai
Industrial
Holdings
Ltd.
150,000
223,886
Siemens
Ltd.
1,800
153,343
Sime
Darby
Bhd.
83,000
46,969
SK
Square
Co.
Ltd.*
1,700
106,439
SK,
Inc.
1,100
119,768
SM
Investments
Corp.
10,000
155,545
Sunway
Bhd.
44,700
41,738
Turkiye
Sise
ve
Cam
Fabrikalari
A/S
36,850
52,353
6,300,586
Industrial
REITs
-
0
.6
%
Equites
Property
Fund
Ltd.,
REIT
259,250
186,550
ESR
Kendall
Square
REIT
Co.
Ltd.,
REIT
3,896
13,965
FIBRA
Macquarie
Mexico,
REIT(a)
253,550
423,389
Frasers
Property
Thailand
Industrial
Freehold
&
Leasehold
REIT,
REIT
630,000
173,208
Prologis
Property
Mexico
SA
de
CV,
REIT(b)
16,200
54,086
TF
Administradora
Industrial
S
de
RL
de
CV,
REIT(b)
256,000
550,598
WHA
Premium
Growth
Freehold
&
Leasehold
Real
Estate
InvestmentTrust,
Class
F,
REIT
485,000
129,941
1,531,737
Insurance
-
2
.6
%
Al
Rajhi
Co.
for
Co-
operative
Insurance*
700
40,710
Allianz
Malaysia
Bhd.
20,000
95,331
Anadolu
Anonim
Turk
Sigorta
Sirketi*
6,624
20,326
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
109
Investments
Shares
Value
COMMON
STOCKS
(continued)
Insurance
(continued)
BB
Seguridade
Participacoes
SA
20,000
$
124,435
BKI
Holdings
PCL,
NVDR
10,000
79,394
Bupa
Arabia
for
Cooperative
Insurance
Co.
1,408
86,464
Caixa
Seguridade
Participacoes
SA
15,000
38,265
Capital
Financial
Indonesia
Tbk.
PT*
156,800
4,725
Cathay
Financial
Holding
Co.
Ltd.
284,050
539,237
Central
Reinsurance
Co.
Ltd.
122,800
99,189
China
Development
Financial
Holding
Corp.
316,400
154,975
China
Life
Insurance
Co.
Ltd.,
Class
H
150,000
208,525
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
A
19,500
79,732
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
H
70,000
186,380
China
Taiping
Insurance
Holdings
Co.
Ltd.
31,800
33,909
Co.
for
Cooperative
Insurance
(The)
1,216
46,671
DB
Insurance
Co.
Ltd.
1,200
96,314
Dhipaya
Group
Holdings
PCL,
NVDR
125,000
99,067
Discovery
Ltd.
14,200
111,469
Fubon
Financial
Holding
Co.
Ltd.
250,000
670,824
Hanwha
Life
Insurance
Co.
Ltd.
12,318
27,870
HDFC
Life
Insurance
Co.
Ltd.(a)
19,350
165,354
Hyundai
Marine
&
Fire
Insurance
Co.
Ltd.
1,262
33,045
ICICI
Lombard
General
Insurance
Co.
Ltd.(a)
4,550
109,108
ICICI
Prudential
Life
Insurance
Co.
Ltd.(a)
5,670
49,838
Korean
Reinsurance
Co.
38,750
233,893
LPI
Capital
Bhd.
4,900
13,310
Max
Financial
Services
Ltd.*
5,050
67,069
Mercuries
&
Associates
Holding
Ltd.*
217,550
131,046
Mercuries
Life
Insurance
Co.
Ltd.*
92,750
21,727
Momentum
Group
Ltd.
41,582
61,306
Investments
Shares
Value
Insurance
(continued)
New
China
Life
Insurance
Co.
Ltd.,
Class
A
4,700
$
20,791
New
China
Life
Insurance
Co.
Ltd.,
Class
H
25,000
48,771
Old
Mutual
Ltd.
130,900
88,652
OUTsurance
Group
Ltd.
10,487
27,844
PB
Fintech
Ltd.*
5,300
91,974
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
229,000
77,096
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
200,000
262,161
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
25,100
147,814
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H(b)
179,000
782,495
Porto
Seguro
SA
5,000
27,066
Qatar
Insurance
Co.
SAQ
81,900
47,237
Qualitas
Controladora
SAB
de
CV
5,000
46,091
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
900
243,508
Samsung
Life
Insurance
Co.
Ltd.
2,600
182,241
Sanlam
Ltd.
49,750
223,026
Santam
Ltd.
723
12,836
SBI
Life
Insurance
Co.
Ltd.(a)
8,050
168,603
Shin
Kong
Financial
Holding
Co.
Ltd.*
324,344
107,062
Shinkong
Insurance
Co.
Ltd.
7,450
21,464
Star
Health
&
Allied
Insurance
Co.
Ltd.*
4,900
35,470
Sunshine
Insurance
Group
Co.
Ltd.
775,000
283,730
Syarikat
Takaful
Malaysia
Keluarga
Bhd.
200,000
162,368
Thai
Life
Insurance
PCL,
NVDR
63,600
13,025
Tongyang
Life
Insurance
Co.
Ltd.
13,669
79,130
ZhongAn
Online
P&C
Insurance
Co.
Ltd.,
Class
H*(a)
20,000
34,204
6,964,167
Interactive
Media
&
Services
-
3
.0
%
Autohome,
Inc.,
Class
A
5,000
31,042
Baidu,
Inc.,
Class
A*
65,000
729,711
Dear
U
Co.
Ltd.*
423
7,527
Hello
Group,
Inc.,
ADR(b)
48,050
324,337
Info
Edge
India
Ltd.
1,650
138,482
JOYY,
Inc.,
ADR
1,092
36,353
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
110
Investments
Shares
Value
COMMON
STOCKS
(continued)
Interactive
Media
&
Services
(continued)
Kakao
Corp.
5,100
$
145,212
Kuaishou
Technology*(a)
55,000
308,372
Meitu,
Inc.(a)(b)
48,000
15,545
NAVER
Corp.
2,850
360,196
SOOP
Co.
Ltd.
275
20,674
Tencent
Holdings
Ltd.
121,500
5,633,295
Weibo
Corp.,
Class
A(b)
31,000
243,056
7,993,802
IT
Services
-
1
.7
%
Al
Moammar
Information
Systems
Co.*
505
24,631
Arabian
Internet
&
Communications
Services
Co.
384
30,070
Chinasoft
International
Ltd.
78,000
38,041
Coforge
Ltd.
1,350
101,667
Cyient
Ltd.
1,392
29,207
Elm
Co.
549
133,742
GDS
Holdings
Ltd.,
Class
A*
14,700
20,059
Happiest
Minds
Technologies
Ltd.
2,940
28,556
HCL
Technologies
Ltd.
21,000
411,980
Hyundai
Autoever
Corp.
94
11,218
Infosys
Ltd.
80,650
1,799,553
LTIMindtree
Ltd.(a)
1,850
125,018
Mphasis
Ltd.
1,296
44,772
Perfect
Presentation
For
Commercial
Services
Co.*
3,500
14,982
Persistent
Systems
Ltd.
1,874
108,155
Posco
DX
Co.
Ltd.
816
17,129
Samsung
SDS
Co.
Ltd.
1,200
128,651
Sonata
Software
Ltd.
5,490
48,314
Systex
Corp.
8,208
30,465
Tata
Consultancy
Services
Ltd.
19,700
1,031,801
Tata
Technologies
Ltd.
1,650
19,694
Tech
Mahindra
Ltd.
13,850
257,121
Wipro
Ltd.
28,350
176,746
Zensar
Technologies
Ltd.
2,950
27,952
4,659,524
Leisure
Products
-
0
.1
%
Ferretti
SpA
50,000
150,090
Fusheng
Precision
Co.
Ltd.
3,950
34,369
Giant
Manufacturing
Co.
Ltd.
5,181
37,356
Johnson
Health
Tech
Co.
Ltd.
2,000
6,936
Investments
Shares
Value
Leisure
Products
(continued)
Merida
Industry
Co.
Ltd.
2,745
$
20,878
Topkey
Corp.
24,100
136,740
386,369
Life
Sciences
Tools
&
Services
-
0
.2
%
Divi's
Laboratories
Ltd.
2,850
167,578
EirGenix,
Inc.*
6,144
16,374
Genscript
Biotech
Corp.*(b)
8,000
12,739
LigaChem
Biosciences,
Inc.*
816
50,083
Peptron,
Inc.*
672
32,215
Samsung
Biologics
Co.
Ltd.*(a)
350
238,460
Syngene
International
Ltd.(a)
4,200
40,521
WuXi
AppTec
Co.
Ltd.,
Class
A
4,760
28,019
WuXi
AppTec
Co.
Ltd.,
Class
H(a)(b)
5,218
21,408
607,397
Machinery
-
1
.2
%
Action
Construction
Equipment
Ltd.
1,488
24,763
AIA
Engineering
Ltd.
600
33,117
Airtac
International
Group
3,000
76,392
Ashok
Leyland
Ltd.
24,550
75,381
BEML
Ltd.
450
24,536
China
CSSC
Holdings
Ltd.,
Class
A*
10,300
58,405
China
International
Marine
Containers
Group
Co.
Ltd.,
Class
A
9,600
10,534
China
International
Marine
Containers
Group
Co.
Ltd.,
Class
H
9,400
7,316
Cochin
Shipyard
Ltd.(a)
1,450
45,375
Craftsman
Automation
Ltd.
343
22,898
Creative
&
Innovative
System*
2,703
18,534
CSBC
Corp.
Taiwan*
29,992
15,329
Cummins
India
Ltd.
2,424
111,528
Doosan
Bobcat,
Inc.
1,300
38,903
Doosan
Robotics,
Inc.*
336
17,377
Elgi
Equipments
Ltd.
3,360
27,802
Escorts
Kubota
Ltd.
564
28,112
Grindwell
Norton
Ltd.
771
23,836
Haitian
International
Holdings
Ltd.
15,000
43,491
Hanwha
Ocean
Co.
Ltd.*
2,050
45,489
HD
Hyundai
Construction
Equipment
Co.
Ltd.
3,850
166,388
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
111
Investments
Shares
Value
COMMON
STOCKS
(continued)
Machinery
(continued)
HD
Hyundai
Heavy
Industries
Co.
Ltd.*
282
$
43,219
HD
Hyundai
Infracore
Co.
Ltd.
3,822
22,126
HD
Hyundai
Mipo*
400
34,138
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.*
1,350
202,978
Hiwin
Technologies
Corp.
5,535
33,762
Hyundai
Elevator
Co.
Ltd.
676
20,942
Hyundai
Rotem
Co.
Ltd.
1,175
41,734
Jiangsu
Hengli
Hydraulic
Co.
Ltd.,
Class
A
2,000
12,675
Jupiter
Wagons
Ltd.
4,848
35,279
Kaori
Heat
Treatment
Co.
Ltd.
2,214
23,676
Kenmec
Mechanical
Engineering
Co.
Ltd.
8,075
24,345
Kinik
Co.
2,800
26,492
Kirloskar
Brothers
Ltd.
700
20,374
Kirloskar
Oil
Engines
Ltd.
3,216
47,405
KSB
Ltd.
2,695
30,953
Lakshmi
Machine
Works
Ltd.
150
28,009
Marcopolo
SA
70,000
58,326
Marcopolo
SA
(Preference)
229,800
246,762
Ningbo
Deye
Technology
Co.
Ltd.,
Class
A
1,260
16,911
Otokar
Otomotiv
ve
Savunma
Sanayi
A/S
1,440
26,551
Pentamaster
Corp.
Bhd.
30,600
32,568
People
&
Technology,
Inc.*
6,100
241,031
Rainbow
Robotics*
144
14,622
Sam
Engineering
&
Equipment
M
Bhd.
4,700
5,831
Samsung
Heavy
Industries
Co.
Ltd.*
11,450
97,388
Sany
Heavy
Equipment
International
Holdings
Co.
Ltd.
12,000
7,204
Sany
Heavy
Industry
Co.
Ltd.,
Class
A
20,000
44,693
Schaeffler
India
Ltd.
846
43,118
SFA
Engineering
Corp.
5,550
101,990
Shanghai
Zhenhua
Heavy
Industries
Co.
Ltd.,
Class
B*
4,800
1,042
Shin
Zu
Shing
Co.
Ltd.
5,760
36,975
Shuangliang
Eco-Energy
Systems
Co.
Ltd.,
Class
A
15,600
9,584
Sinotruk
Hong
Kong
Ltd.
25,000
65,764
SK
oceanplant
Co.
Ltd.*
1,219
11,245
Investments
Shares
Value
Machinery
(continued)
SKF
India
Ltd.
385
$
25,765
Sunonwealth
Electric
Machine
Industry
Co.
Ltd.
5,022
14,530
Thermax
Ltd.
576
34,891
Tian
Di
Science
&
Technology
Co.
Ltd.,
Class
A
4,900
3,939
Timken
India
Ltd.
329
16,770
Titagarh
Rail
System
Ltd.
2,400
46,718
Turk
Traktor
ve
Ziraat
Makineleri
A/S
1,352
31,625
UWC
Bhd.*
20,400
12,788
Vesuvius
India
Ltd.
336
20,740
Waffer
Technology
Corp.
5,280
11,967
Weichai
Power
Co.
Ltd.,
Class
A
25,000
47,737
Weichai
Power
Co.
Ltd.,
Class
H
50,000
79,877
XCMG
Construction
Machinery
Co.
Ltd.,
Class
A
28,800
26,102
Yangzijiang
Shipbuilding
Holdings
Ltd.
75,000
150,830
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.,
Class
A
4,800
12,234
Zhengzhou
Coal
Mining
Machinery
Group
Co.
Ltd.,
Class
A
10,400
17,513
Zhengzhou
Coal
Mining
Machinery
Group
Co.
Ltd.,
Class
H
10,000
11,073
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
H(b)
11,800
43,578
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
A
17,700
16,483
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
H
29,200
16,484
3,266,862
Marine
Transportation
-
0
.5
%
Cia
Sud
Americana
de
Vapores
SA
402,367
27,565
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
A
35,300
64,230
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
75,000
106,951
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
112
Investments
Shares
Value
COMMON
STOCKS
(continued)
Marine
Transportation
(continued)
Evergreen
Marine
Corp.
Taiwan
Ltd.
29,750
$
154,316
Far-Eastern
Shipping
Co.
plc*‡
302,500
—
Gulf
Navigation
Holding
PJSC*
14,976
24,423
HMM
Co.
Ltd.
6,650
87,910
Korea
Line
Corp.*
61,350
96,476
MISC
Bhd.
70,000
133,921
Orient
Overseas
International
Ltd.(b)
3,500
49,418
Pan
Ocean
Co.
Ltd.
6,321
17,791
Qatar
Navigation
QSC
31,300
101,869
Shanghai
Zhonggu
Logistics
Co.
Ltd.,
Class
A
7,252
8,850
Shipping
Corp.
of
India
Ltd.
56,250
192,609
Taiwan
Navigation
Co.
Ltd.
82,334
84,664
Transcoal
Pacific
Tbk.
PT
14,100
6,786
U-Ming
Marine
Transport
Corp.
14,000
21,977
Wan
Hai
Lines
Ltd.
28,150
66,714
Wisdom
Marine
Lines
Co.
Ltd.
11,898
25,700
Yang
Ming
Marine
Transport
Corp.
34,900
67,315
1,339,485
Media
-
0
.4
%
Affle
India
Ltd.*
1,450
26,152
Arabian
Contracting
Services
Co.*
240
14,457
Cheil
Worldwide,
Inc.
1,392
17,947
China
Literature
Ltd.*(a)
(b)
10,400
33,748
China
South
Publishing
&
Media
Group
Co.
Ltd.,
Class
A
9,600
15,688
Chinese
Universe
Publishing
and
Media
Group
Co.
Ltd.,
Class
A
4,800
8,654
Elang
Mahkota
Teknologi
Tbk.
PT
201,600
5,059
Focus
Media
Information
Technology
Co.
Ltd.,
Class
A
38,100
30,577
Grupo
Televisa
SAB,
Series
CPO(b)
918,800
405,879
Innocean
Worldwide,
Inc.
7,050
101,237
Megacable
Holdings
SAB
de
CV
20,200
47,479
Investments
Shares
Value
Media
(continued)
MultiChoice
Group*
7,200
$
43,260
Network18
Media
&
Investments
Ltd.*
9,120
10,696
Saudi
Research
&
Media
Group*
605
42,054
Sun
TV
Network
Ltd.
1,950
20,988
VGI
PCL,
NVDR*
2,560,000
117,066
Zee
Entertainment
Enterprises
Ltd.*
18,512
32,870
973,811
Metals
&
Mining
-
4
.0
%
Adaro
Minerals
Indonesia
Tbk.
PT*
120,400
9,922
African
Rainbow
Minerals
Ltd.(b)
3,744
44,456
Al
Masane
Al
Kobra
Mining
Co.
1,403
22,212
Alrosa
PJSC‡
85,800
—
Aluminum
Corp.
of
China
Ltd.,
Class
A
19,600
18,713
Aluminum
Corp.
of
China
Ltd.,
Class
H
100,000
56,068
Amman
Mineral
Internasional
PT*
200,000
145,449
Aneka
Tambang
Tbk.
201,400
16,288
Angang
Steel
Co.
Ltd.,
Class
H*(b)
38,000
5,886
Anglo
American
Platinum
Ltd.(b)
1,500
58,256
APL
Apollo
Tubes
Ltd.
3,429
60,837
Baoshan
Iron
&
Steel
Co.
Ltd.,
Class
A
60,000
56,455
Beijing
Shougang
Co.
Ltd.,
Class
A
10,600
4,092
Borusan
Birlesik
Boru
Fabrikalari
Sanayi
ve
Ticaret
A/S*
720
9,128
Bradespar
SA
(Preference)
80,000
262,103
Bumi
Resources
Minerals
Tbk.
PT*
1,235,000
11,925
CAP
SA*
21,600
121,391
Century
Iron
&
Steel
Industrial
Co.
Ltd.
2,544
16,988
China
Gold
International
Resources
Corp.
Ltd.*
4,900
26,720
China
Hongqiao
Group
Ltd.
75,000
93,510
China
Metal
Products*
89,950
119,039
China
Metal
Recycling
Holdings
Ltd.*‡(b)
51,000
—
China
Nonferrous
Mining
Corp.
Ltd.(b)
50,000
35,586
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
113
Investments
Shares
Value
COMMON
STOCKS
(continued)
Metals
&
Mining
(continued)
China
Northern
Rare
Earth
Group
High-Tech
Co.
Ltd.,
Class
A
9,300
$
22,494
China
Steel
Corp.
234,050
165,195
China
Zhongwang
Holdings
Ltd.*‡
699,600
—
Chun
Yuan
Steel
Industry
Co.
Ltd.
159,400
89,957
Chung
Hung
Steel
Corp.
23,000
14,974
Cia
Siderurgica
Nacional
SA
20,000
41,962
Citic
Pacific
Special
Steel
Group
Co.
Ltd.,
Class
A
10,600
18,261
CMOC
Group
Ltd.,
Class
A
43,200
44,652
CMOC
Group
Ltd.,
Class
H
51,000
40,672
CSN
Mineracao
SA
9,600
8,695
Dongkuk
Steel
Mill
Co.
Ltd.
9,850
64,462
DRDGOLD
Ltd.
10,054
10,252
East
Pipes
Integrated
Co.
for
Industry*
289
12,124
Eregli
Demir
ve
Celik
Fabrikalari
TAS
41,200
69,744
EVERGREEN
Steel
Corp.
6,672
24,764
Ezz
Steel
Co.
SAE*
75,744
128,266
Feng
Hsin
Steel
Co.
Ltd.
15,408
37,219
GEM
Co.
Ltd.,
Class
A
28,800
24,667
Gerdau
SA
(Preference)
37,764
121,989
Gloria
Material
Technology
Corp.
8,139
11,650
GMK
Norilskiy
Nickel
PAO‡
209,000
—
Godawari
Power
and
Ispat
Ltd.
21,550
289,011
Gold
Fields
Ltd.
17,550
307,948
Grupo
Mexico
SAB
de
CV,
Series
B
90,000
507,233
Harmony
Gold
Mining
Co.
Ltd.
15,033
147,113
Henan
Shenhuo
Coal
Industry
&
Electricity
Power
Co.
Ltd.,
Class
A
9,700
22,079
Hesteel
Co.
Ltd.,
Class
A
37,600
10,093
Hindalco
Industries
Ltd.
44,800
358,277
Hindustan
Copper
Ltd.
6,750
25,927
Hsin
Kuang
Steel
Co.
Ltd.
81,750
148,727
Huaibei
Mining
Holdings
Co.
Ltd.,
Class
A
9,400
19,393
Hunan
Valin
Steel
Co.
Ltd.,
Class
A
23,500
15,120
Hyundai
Steel
Co.
2,152
43,220
Investments
Shares
Value
Metals
&
Mining
(continued)
Impala
Platinum
Holdings
Ltd.
25,724
$
131,793
Industrias
CH
SAB
de
CV,
Class
B,
Series
B*
1,900
19,081
Industrias
Penoles
SAB
de
CV*(b)
2,585
37,765
Inner
Mongolia
BaoTou
Steel
Union
Co.
Ltd.,
Class
A*
70,500
14,242
Inner
Mongolia
ERDOS
Resources
Co.
Ltd.,
Class
A
6,272
7,359
Inner
Mongolia
ERDOS
Resources
Co.
Ltd.,
Class
B
10,388
8,799
Jai
Balaji
Industries
Ltd.*
2,016
22,445
Jiangxi
Copper
Co.
Ltd.,
Class
A
9,400
27,899
Jiangxi
Copper
Co.
Ltd.,
Class
H(b)
50,000
87,942
Jindal
Saw
Ltd.
4,128
31,965
Jindal
Stainless
Ltd.
6,100
53,949
Jindal
Steel
&
Power
Ltd.
8,900
105,047
JSW
Steel
Ltd.
24,700
273,834
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
A/S,
Class
A
79,250
57,157
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
A/S,
Class
D
258,000
235,634
KG
DONGBUSTEEL
16,800
76,877
Kirloskar
Ferrous
Industries
Ltd.
21,550
193,935
KISWIRE
Ltd.
2,850
41,712
Korea
Zinc
Co.
Ltd.
350
123,043
Koza
Altin
Isletmeleri
A/S*
27,440
19,210
Koza
Anadolu
Metal
Madencilik
Isletmeleri
A/S*
57,800
106,399
Kumba
Iron
Ore
Ltd.(b)
1,560
34,070
Lloyds
Metals
&
Energy
Ltd.*
2,064
18,031
Maanshan
Iron
&
Steel
Co.
Ltd.,
Class
A*
21,200
5,984
Maanshan
Iron
&
Steel
Co.
Ltd.,
Class
H*
22,000
3,070
Magnitogorsk
Iron
&
Steel
Works
PJSC‡
45,174
—
Maharashtra
Seamless
Ltd.
1,680
13,034
Merdeka
Battery
Materials
Tbk.
PT*
456,000
16,686
Merdeka
Copper
Gold
Tbk.
PT*
225,762
34,156
Metalurgica
Gerdau
SA
(Preference)
23,400
44,004
Minsur
SA
295,350
379,703
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
114
Investments
Shares
Value
COMMON
STOCKS
(continued)
Metals
&
Mining
(continued)
MMG
Ltd.*(b)
156,000
$
48,525
Nanjing
Iron
&
Steel
Co.
Ltd.,
Class
A
31,200
19,427
National
Aluminium
Co.
Ltd.
25,680
59,568
Nickel
Asia
Corp.
1,250,000
71,734
NMDC
Ltd.
22,150
63,917
NMDC
Steel
Ltd.*
33,350
23,198
Northam
Platinum
Holdings
Ltd.
10,750
84,304
Novolipetsk
Steel
PJSC‡
51,150
—
Pangang
Group
Vanadium
Titanium
&
Resources
Co.
Ltd.,
Class
A*
14,100
4,721
PMB
Technology
Bhd.*
4,700
1,841
Polyus
PJSC*‡
1,155
—
Poongsan
Corp.
500
21,209
POSCO
Holdings,
Inc.
1,950
497,857
Posco
M-Tech
Co.
Ltd.
931
12,402
Press
Metal
Aluminium
Holdings
Bhd.
80,000
93,329
PTC
Industries
Ltd.*
100
16,616
Qatar
Aluminum
Manufacturing
Co.
111,124
39,676
Ramkrishna
Forgings
Ltd.
3,648
37,376
Raspadskaya
OJSC*‡
4,240
—
Ratnamani
Metals
&
Tubes
Ltd.*
576
24,922
Sam-A
Aluminum
Co.
Ltd.
96
3,619
Sarda
Energy
&
Minerals
Ltd.
3,700
11,917
Saudi
Arabian
Mining
Co.*
23,291
267,245
SeAH
Besteel
Holdings
Corp.
5,850
80,479
SeAH
Steel
Holdings
Corp.
550
71,629
Severstal
PAO‡
5,995
—
Shandong
Gold
Mining
Co.
Ltd.,
Class
A
5,200
21,168
Shandong
Gold
Mining
Co.
Ltd.,
Class
H(a)
12,250
25,403
Shandong
Nanshan
Aluminum
Co.
Ltd.,
Class
A
18,800
9,417
Shanxi
Meijin
Energy
Co.
Ltd.,
Class
A*
9,400
5,723
Shanxi
Taigang
Stainless
Steel
Co.
Ltd.,
Class
A*
15,900
7,898
Shougang
Fushan
Resources
Group
Ltd.
96,000
33,794
Shyam
Metalics
&
Energy
Ltd.*
1,950
17,238
Sibanye
Stillwater
Ltd.(b)
80,950
92,826
Investments
Shares
Value
Metals
&
Mining
(continued)
Steel
Authority
of
India
Ltd.
28,100
$
51,361
TA
Chen
Stainless
Pipe*
59,800
71,316
Tata
Steel
Ltd.
160,950
317,810
TCC
Steel
240
6,398
Thye
Ming
Industrial
Co.
Ltd.
39,787
91,872
Tianshan
Aluminum
Group
Co.
Ltd.,
Class
A
24,700
23,514
Tongling
Nonferrous
Metals
Group
Co.
Ltd.,
Class
A
29,400
12,814
Trimegah
Bangun
Persada
Tbk.
PT
225,600
12,695
Tung
Ho
Steel
Enterprise
Corp.
17,050
38,229
United
Co.
RUSAL
International
PJSC*‡
75,100
—
Usha
Martin
Ltd.
6,762
30,669
Usinas
Siderurgicas
de
Minas
Gerais
SA
Usiminas
(Preference),
Class
A
155,000
170,554
Vale
Indonesia
Tbk.
PT*
29,912
6,880
Vale
SA
105,000
1,144,780
Vedanta
Ltd.
38,700
208,340
VSMPO-AVISMA
Corp.
PJSC‡
53
—
Welspun
Corp.
Ltd.
5,280
40,403
Western
Mining
Co.
Ltd.,
Class
A
4,800
10,706
Western
Superconducting
Technologies
Co.
Ltd.,
Class
A
1,052
5,619
Xiamen
Tungsten
Co.
Ltd.,
Class
A
3,900
9,174
Yieh
Phui
Enterprise
Co.
Ltd.
59,059
27,311
Young
Poong
Corp.
150
34,265
Yunnan
Aluminium
Co.
Ltd.,
Class
A
6,300
10,522
Yunnan
Copper
Co.
Ltd.,
Class
A
4,800
7,565
Yunnan
Tin
Co.
Ltd.,
Class
A
9,600
18,676
Zhaojin
Mining
Industry
Co.
Ltd.,
Class
H
24,500
43,844
Zhejiang
Huayou
Cobalt
Co.
Ltd.,
Class
A
4,840
15,725
Zhongjin
Gold
Corp.
Ltd.,
Class
A
15,600
34,666
Zijin
Mining
Group
Co.
Ltd.,
Class
A
35,000
80,296
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
115
Investments
Shares
Value
COMMON
STOCKS
(continued)
Metals
&
Mining
(continued)
Zijin
Mining
Group
Co.
Ltd.,
Class
H(b)
100,000
$
203,021
10,763,992
Multi-Utilities
-
0
.1
%
Dubai
Electricity
&
Water
Authority
PJSC
177,050
114,723
Power
&
Water
Utility
Co.
for
Jubail
&
Yanbu
1,225
20,080
Qatar
Electricity
&
Water
Co.
QSC
13,350
56,392
YTL
Corp.
Bhd.
100,000
74,219
YTL
Power
International
Bhd.
81,631
82,795
348,209
Office
REITs
-
0
.1
%
AREIT,
Inc.,
REIT
30,000
19,015
Embassy
Office
Parks
REIT,
REIT
8,680
37,598
JR
Global
Reit,
REIT
3,800
10,972
RL
Commercial
REIT,
Inc.,
REIT
1,460,000
141,309
Shinhan
Alpha
REIT
Co.
Ltd.,
REIT
3,773
18,526
227,420
Oil,
Gas
&
Consumable
Fuels
-
5
.5
%
3R
Petroleum
Oleo
E
Gas
SA
75,000
359,029
Adaro
Energy
Indonesia
Tbk.
PT
390,100
77,252
ADNOC
Logistics
&
Services
21,792
27,885
Aegis
Logistics
Ltd.
2,650
26,257
AKR
Corporindo
Tbk.
PT
140,000
13,044
Aldrees
Petroleum
and
Transport
Services
Co.
768
23,090
Bangchak
Corp.
PCL,
NVDR
14,000
12,372
Bangchak
Sriracha
PCL,
NVDR
300,000
62,281
Banpu
PCL,
NVDR
93,200
12,969
Bashneft
PJSC‡
1,305
—
Bashneft
PJSC
(Preference)‡
1,163
—
Bayan
Resources
Tbk.
PT
169,800
178,050
Bharat
Petroleum
Corp.
Ltd.
57,978
242,392
Bukit
Asam
Tbk.
PT
106,000
17,471
Bumi
Resources
Tbk.
PT*
5,042,100
23,257
CGN
Mining
Co.
Ltd.*
25,000
7,008
Investments
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Chennai
Petroleum
Corp.
Ltd.
16,000
$
190,510
China
Coal
Energy
Co.
Ltd.,
Class
A*
16,100
26,622
China
Coal
Energy
Co.
Ltd.,
Class
H(b)
51,000
51,705
China
Merchants
Energy
Shipping
Co.
Ltd.,
Class
A
14,100
15,218
China
Petroleum
&
Chemical
Corp.,
Class
A
130,000
116,742
China
Petroleum
&
Chemical
Corp.,
Class
H
700,000
449,821
China
Shenhua
Energy
Co.
Ltd.,
Class
A
15,000
82,503
China
Shenhua
Energy
Co.
Ltd.,
Class
H
100,000
416,667
China
Suntien
Green
Energy
Corp.
Ltd.,
Class
H
50,000
21,441
Coal
India
Ltd.
64,100
399,779
Cosan
SA
35,000
82,783
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
A
8,600
18,326
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
H(b)
12,000
14,409
Dana
Gas
PJSC*
1,844,450
343,983
Ecopetrol
SA
149,450
80,082
Empresas
Copec
SA
11,750
81,579
Enauta
Participacoes
SA*
30,000
114,847
Exxaro
Resources
Ltd.
6,250
66,952
Formosa
Petrochemical
Corp.
20,736
40,627
Gazprom
PJSC*‡
412,500
—
Great
Eastern
Shipping
Co.
Ltd.
(The)
33,750
559,344
Guanghui
Energy
Co.
Ltd.,
Class
A
15,100
12,724
Guangzhou
Development
Group,
Inc.,
Class
A
26,000
22,233
Gujarat
Mineral
Development
Corp.
Ltd.
3,024
14,472
Harum
Energy
Tbk.
PT*
850,000
62,208
HD
Hyundai
Co.
Ltd.
1,150
70,082
Helleniq
Energy
Holdings
SA(b)
1,316
10,538
Hibiscus
Petroleum
Bhd.
291,880
153,103
Hindustan
Petroleum
Corp.
Ltd.
27,900
130,705
Indian
Oil
Corp.
Ltd.
109,950
238,563
Indo
Tambangraya
Megah
Tbk.
PT
130,000
210,271
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
116
Investments
Shares
Value
COMMON
STOCKS
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Inner
Mongolia
Dian
Tou
Energy
Corp.
Ltd.,
Class
A
10,200
$
26,703
Inner
Mongolia
Yitai
Coal
Co.
Ltd.,
Class
B
32,100
58,197
IRPC
PCL,
NVDR
401,800
16,570
Jinneng
Holding
Shanxi
Coal
Industry
Co.
Ltd.,
Class
A
4,900
10,170
Jizhong
Energy
Resources
Co.
Ltd.,
Class
A
4,800
3,766
Kinetic
Development
Group
Ltd.
700,000
95,878
LUKOIL
PJSC‡
12,265
—
Mangalore
Refinery
&
Petrochemicals
Ltd.
5,520
14,537
Medco
Energi
Internasional
Tbk.
PT
178,600
14,499
MOL
Hungarian
Oil
&
Gas
plc
9,850
76,760
Motor
Oil
Hellas
Corinth
Refineries
SA
1,678
42,707
Nanjing
Tanker
Corp.,
Class
A*
9,800
4,529
Novatek
PJSC‡
20,020
—
Oil
&
Natural
Gas
Corp.
Ltd.
120,450
480,771
Oil
India
Ltd.
19,335
133,370
Petrindo
Jaya
Kreasi
Tbk.
PT*
24,000
12,509
PetroChina
Co.
Ltd.,
Class
H
600,000
523,041
Petroleo
Brasileiro
SA
105,000
754,146
Petroleo
Brasileiro
SA
(Preference)
130,000
860,342
Petronas
Dagangan
Bhd.
4,900
18,920
Petronet
LNG
Ltd.
20,850
91,763
Petroreconcavo
SA
45,000
164,469
Pingdingshan
Tianan
Coal
Mining
Co.
Ltd.,
Class
A
9,800
14,238
PRIO
SA
25,000
212,507
PTT
Exploration
&
Production
PCL
469
1,934
PTT
Exploration
&
Production
PCL,
NVDR
44,531
183,646
PTT
PCL,
NVDR
235,000
210,969
Qatar
Fuel
QSC
22,750
92,100
Qatar
Gas
Transport
Co.
Ltd.
69,350
85,711
Rabigh
Refining
&
Petrochemical
Co.*
10,752
20,232
Reliance
Industries
Ltd.
80,700
2,901,937
Investments
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Rosneft
Oil
Co.
PJSC‡
72,122
$
—
Rosneft
Oil
Co.
PJSC,
GDR*‡(a)(e)
1,920
—
Saudi
Arabian
Oil
Co.(a)
114,956
845,648
Semirara
Mining
&
Power
Corp.,
Class
A
42,200
24,181
Shaanxi
Coal
Industry
Co.
Ltd.,
Class
A
25,000
80,911
Shan
Xi
Hua
Yang
Group
New
Energy
Co.
Ltd.,
Class
A
7,050
6,994
Shanxi
Coking
Coal
Energy
Group
Co.
Ltd.,
Class
A
9,400
10,770
Shanxi
Lu'an
Environmental
Energy
Development
Co.
Ltd.,
Class
A
10,000
21,516
Sinopec
Kantons
Holdings
Ltd.
300,000
163,210
SK
Discovery
Co.
Ltd.
3,200
88,789
SK
Gas
Ltd.
48
6,248
SK
Innovation
Co.
Ltd.*
1,700
128,665
S-Oil
Corp.
1,389
68,504
Star
Petroleum
Refining
PCL,
NVDR*
33,500
7,237
Surgutneftegas
PJSC‡
319,000
—
Surgutneftegas
PJSC
(Preference)‡
225,500
—
Tatneft
PJSC‡
22,094
—
Tatneft
PJSC,
ADR*‡
4,806
—
Tatneft
PJSC
(Preference)‡
3,870
—
Thai
Oil
PCL,
NVDR
35,002
49,589
Thungela
Resources
Ltd.
42,800
284,286
Transneft
PJSC
(Preference)‡
5,500
—
Turkiye
Petrol
Rafinerileri
A/S
23,600
116,395
Ultrapar
Participacoes
SA
20,000
78,581
United
Tractors
Tbk.
PT
40,000
63,469
Vista
Energy
SAB
de
CV,
ADR*
2,200
99,132
Yancoal
Australia
Ltd.
(a)(b)
9,400
42,777
Yankuang
Energy
Group
Co.
Ltd.,
Class
A
10,335
21,451
Yankuang
Energy
Group
Co.
Ltd.,
Class
H(b)
89,699
117,119
14,633,589
Paper
&
Forest
Products
-
0
.4
%
Century
Plyboards
India
Ltd.
3,256
27,523
Century
Textiles
&
Industries
Ltd.
1,050
29,288
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
117
Investments
Shares
Value
COMMON
STOCKS
(continued)
Paper
&
Forest
Products
(continued)
Chung
Hwa
Pulp
Corp.*
16,800
$
10,452
Dexco
SA
105,000
135,784
Dongwha
Enterprise
Co.
Ltd.*
1,102
10,918
Empresas
CMPC
SA
25,861
44,778
Indah
Kiat
Pulp
&
Paper
Tbk.
PT
87,500
44,934
Lee
&
Man
Paper
Manufacturing
Ltd.(b)
800,000
247,824
Longchen
Paper
&
Packaging
Co.
Ltd.*
266,200
112,975
Nine
Dragons
Paper
Holdings
Ltd.*
55,000
21,473
Pabrik
Kertas
Tjiwi
Kimia
Tbk.
PT
415,000
205,458
Sappi
Ltd.
16,314
47,710
Shandong
Sun
Paper
Industry
JSC
Ltd.,
Class
A
13,900
26,311
Shihlin
Paper
Corp.*
9,648
17,494
Suzano
SA
20,000
190,562
YFY,
Inc.
22,472
20,407
1,193,891
Passenger
Airlines
-
0
.4
%
Aegean
Airlines
SA(b)
1,056
13,141
Aeroflot
PJSC*‡
74,029
—
Air
Arabia
PJSC
66,300
47,473
Asiana
Airlines,
Inc.*
12,600
91,337
Bangkok
Airways
PCL,
NVDR
39,100
23,036
China
Airlines
Ltd.
61,000
42,591
China
Eastern
Airlines
Corp.
Ltd.,
Class
A*
14,300
7,895
China
Eastern
Airlines
Corp.
Ltd.,
Class
H*(b)
46,000
12,012
China
Southern
Airlines
Co.
Ltd.,
Class
A*
14,100
11,550
China
Southern
Airlines
Co.
Ltd.,
Class
H*
24,000
8,817
Eva
Airways
Corp.
82,300
86,256
Hainan
Airlines
Holding
Co.
Ltd.,
Class
A*
67,200
10,228
Hanjin
Kal
Corp.
816
40,837
InterGlobe
Aviation
Ltd.*(a)
3,350
178,933
Jazeera
Airways
Co.
KSCP
4,053
12,283
Jeju
Air
Co.
Ltd.*
13,550
94,582
Jin
Air
Co.
Ltd.*
7,800
59,545
Korean
Air
Lines
Co.
Ltd.
5,200
80,261
Latam
Airlines
Group
SA
7,263,077
89,631
Pegasus
Hava
Tasimaciligi
A/S*
5,283
35,741
Investments
Shares
Value
Passenger
Airlines
(continued)
Turk
Hava
Yollari
AO*
20,035
$
175,024
1,121,173
Personal
Care
Products
-
0
.6
%
Amorepacific
Corp.
661
87,237
AMOREPACIFIC
Group
611
13,802
APR
Corp.*
100
18,195
Colgate-Palmolive
India
Ltd.
2,600
105,955
Cosmax,
Inc.
144
16,202
Dabur
India
Ltd.
13,650
103,636
EIS
Eczacibasi
Ilac
ve
Sinai
ve
Finansal
Yatirimlar
Sanayi
ve
Ticaret
A/S
5,880
9,625
Emami
Ltd.
3,696
36,062
Giant
Biogene
Holding
Co.
Ltd.(a)
10,000
51,843
Gillette
India
Ltd.
192
17,943
Godrej
Consumer
Products
Ltd.
8,100
139,380
Grape
King
Bio
Ltd.
4,752
20,601
Hengan
International
Group
Co.
Ltd.
25,000
78,085
Hindustan
Unilever
Ltd.
17,600
568,735
Hyundai
Bioscience
Co.
Ltd.*
576
7,966
Industri
Jamu
Dan
Farmasi
Sido
Muncul
Tbk.
PT
456,000
20,332
Kolmar
Korea
Co.
Ltd.
240
11,279
LG
H&H
Co.
Ltd.
144
36,817
LG
H&H
Co.
Ltd.
(Preference)
43
4,850
Microbio
Co.
Ltd.*
1,580
1,944
Natura
&
Co.
Holding
SA
14,958
39,507
Procter
&
Gamble
Hygiene
&
Health
Care
Ltd.
256
51,686
Raymond
Lifestyle
Ltd.*‡
1,052
19,633
Sarantis
SA
1,666
19,795
TCI
Co.
Ltd.
1,000
4,366
1,485,476
Pharmaceuticals
-
1
.6
%
Ajanta
Pharma
Ltd.
576
18,541
Alembic
Pharmaceuticals
Ltd.
2,000
28,175
Alkem
Laboratories
Ltd.
1,350
85,608
Aspen
Pharmacare
Holdings
Ltd.
11,500
159,219
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
700
7,181
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
118
Investments
Shares
Value
COMMON
STOCKS
(continued)
Pharmaceuticals
(continued)
Aurobindo
Pharma
Ltd.
6,900
$
118,187
Beijing
Tong
Ren
Tang
Chinese
Medicine
Co.
Ltd.(b)
5,000
5,504
Bora
Pharmaceuticals
Co.
Ltd.*
1,008
25,146
Boryung
11,000
83,494
BrightGene
Bio-Medical
Technology
Co.
Ltd.,
Class
A
3,959
14,829
Caplin
Point
Laboratories
Ltd.
912
17,145
Caregen
Co.
Ltd.
144
2,364
Celltrion
Pharm,
Inc.*
142
10,355
Center
Laboratories,
Inc.
11,446
17,411
Changchun
High-Tech
Industry
Group
Co.
Ltd.,
Class
A
600
7,871
China
Medical
System
Holdings
Ltd.
50,000
41,475
China
Resources
Pharmaceutical
Group
Ltd.(a)
51,000
34,862
China
Shineway
Pharmaceutical
Group
Ltd.
100,000
103,303
China
Traditional
Chinese
Medicine
Holdings
Co.
Ltd.*(b)
100,000
42,243
Chong
Kun
Dang
Pharmaceutical
Corp.
302
24,458
Cipla
Ltd.*
11,050
203,807
Concord
Biotech
Ltd.
1,056
20,689
CSPC
Pharmaceutical
Group
Ltd.
182,080
135,651
Daewoong
Co.
Ltd.
7,350
114,781
Daewoong
Pharmaceutical
Co.
Ltd.
49
4,435
Dong-A
Socio
Holdings
Co.
Ltd.
1,100
89,087
DongKook
Pharmaceutical
Co.
Ltd.
720
9,225
Dr
Reddy's
Laboratories
Ltd.
2,650
213,652
Eris
Lifesciences
Ltd.*(a)
2,150
29,087
Gland
Pharma
Ltd.*(a)
971
24,836
GlaxoSmithKline
Pharmaceuticals
Ltd.
376
12,262
Glenmark
Pharmaceuticals
Ltd.
2,400
42,100
Grand
Pharmaceutical
Group
Ltd.
52,000
29,688
Granules
India
Ltd.
5,750
43,272
Investments
Shares
Value
Pharmaceuticals
(continued)
Hanall
Biopharma
Co.
Ltd.*
576
$
14,810
Hanmi
Pharm
Co.
Ltd.
150
31,487
Hansoh
Pharmaceutical
Group
Co.
Ltd.(a)(b)
14,000
30,609
HK
inno
N
Corp.
192
5,536
Hua
Han
Health
Industry
Holdings
Ltd.*‡
3,780,000
—
Hypera
SA*
10,000
50,949
Ipca
Laboratories
Ltd.
3,800
59,361
Jamjoom
Pharmaceuticals
Factory
Co.
480
20,137
JB
Chemicals
&
Pharmaceuticals
Ltd.
1,152
26,480
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
A
10,200
59,574
Joincare
Pharmaceutical
Group
Industry
Co.
Ltd.,
Class
A
4,700
6,868
JW
Pharmaceutical
Corp.
4,000
92,537
Kalbe
Farma
Tbk.
PT
358,400
35,046
Laurus
Labs
Ltd.(a)
8,100
44,878
Livzon
Pharmaceutical
Group,
Inc.,
Class
H
3,930
12,049
Lotus
Pharmaceutical
Co.
Ltd.*
2,000
16,124
Lupin
Ltd.
5,450
124,444
Luye
Pharma
Group
Ltd.*(a)
24,000
8,571
Mankind
Pharma
Ltd.*
2,068
50,092
Mezzion
Pharma
Co.
Ltd.*
600
14,098
Natco
Pharma
Ltd.
2,500
40,648
Oneness
Biotech
Co.
Ltd.*
4,406
21,246
Oscotec,
Inc.*
1,034
31,131
Pfizer
Ltd.
341
23,014
Pharmally
International
Holding
Co.
Ltd.*‡
2,564
—
Piramal
Pharma
Ltd.
15,800
33,221
Richter
Gedeon
Nyrt.
4,089
116,547
Sam
Chun
Dang
Pharm
Co.
Ltd.*
240
31,849
Sanofi
Consumer
Healthcare
India
Ltd.*‡
144
6,488
Sanofi
India
Ltd.
144
11,367
Saudi
Pharmaceutical
Industries
&
Medical
Appliances
Corp.*
1,470
11,284
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
A
6,900
22,513
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
H(b)
19,000
31,569
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
119
Investments
Shares
Value
COMMON
STOCKS
(continued)
Pharmaceuticals
(continued)
Shanghai
Shyndec
Pharmaceutical
Co.
Ltd.,
Class
A
14,400
$
24,289
Shenzhen
Salubris
Pharmaceuticals
Co.
Ltd.,
Class
A
5,200
20,866
Shijiazhuang
Yiling
Pharmaceutical
Co.
Ltd.,
Class
A
4,700
10,288
Shin
Poong
Pharmaceutical
Co.
Ltd.*
1,824
15,713
Sichuan
Kelun
Pharmaceutical
Co.
Ltd.,
Class
A
4,800
19,952
Sino
Biopharmaceutical
Ltd.
178,999
64,386
SK
Biopharmaceuticals
Co.
Ltd.*
330
20,542
SSY
Group
Ltd.
10,000
4,992
ST
Pharm
Co.
Ltd.
141
9,135
Strides
Pharma
Science
Ltd.
2,300
29,371
Sun
Pharmaceutical
Industries
Ltd.
23,050
473,326
Suven
Pharmaceuticals
Ltd.*
3,300
39,303
Synmosa
Biopharma
Corp.
16,272
20,247
Tianjin
Pharmaceutical
Da
Re
Tang
Group
Corp.
Ltd.,
Class
S
9,600
22,656
Torrent
Pharmaceuticals
Ltd.
2,300
87,127
TTY
Biopharm
Co.
Ltd.
2,575
5,805
United
Laboratories
International
Holdings
Ltd.
(The)(b)
24,000
27,650
YiChang
HEC
ChangJiang
Pharmaceutical
Co.
Ltd.,
Class
H*(a)
144,600
171,588
Yuhan
Corp.
1,151
78,921
Yunnan
Baiyao
Group
Co.
Ltd.,
Class
A
5,000
34,945
Zhangzhou
Pientzehuang
Pharmaceutical
Co.
Ltd.,
Class
A
600
17,663
Zydus
Lifesciences
Ltd.
4,658
69,384
4,172,619
Professional
Services
-
0
.1
%
BLS
International
Services
Ltd.
3,626
15,567
Investments
Shares
Value
Professional
Services
(continued)
Computer
Age
Management
Services
Ltd.
1,007
$
54,532
CTOS
Digital
Bhd.
84,900
26,240
eClerx
Services
Ltd.
679
19,427
Firstsource
Solutions
Ltd.
6,900
22,534
L&T
Technology
Services
Ltd.(a)
510
31,771
My
EG
Services
Bhd.
88,989
19,175
NICE
Information
Service
Co.
Ltd.
11,000
82,695
RITES
Ltd.
2,100
17,935
Sporton
International,
Inc.
3,150
21,514
311,390
Real
Estate
Management
&
Development
-
2
.9
%
Advancetek
Enterprise
Co.
Ltd.*
111,650
228,599
Aldar
Properties
PJSC
107,700
216,690
Allos
SA
10,000
38,636
Amata
Corp.
PCL,
NVDR
159,300
105,470
Anant
Raj
Ltd.
3,840
25,458
Arabian
Centres
Co.(a)
4,032
21,472
Arriyadh
Development
Co.
2,145
13,652
Ayala
Land,
Inc.
86,700
43,814
Barwa
Real
Estate
Co.
70,750
54,000
Brigade
Enterprises
Ltd.
3,200
48,068
Bumi
Serpong
Damai
Tbk.
PT*
2,125,000
135,263
C&D
International
Investment
Group
Ltd.
(b)
32,004
53,668
Cathay
Real
Estate
Development
Co.
Ltd.
20,550
19,443
Cencosud
Shopping
SA
11,750
18,293
Central
Pattana
PCL,
NVDR
30,700
47,585
China
Dili
Group*‡
50,001
—
China
Jinmao
Holdings
Group
Ltd.(b)
1,800,000
142,857
China
Merchants
Shekou
Industrial
Zone
Holdings
Co.
Ltd.,
Class
A
19,600
23,839
China
Overseas
Land
&
Investment
Ltd.
100,000
162,058
China
Overseas
Property
Holdings
Ltd.
15,000
9,025
China
Resources
Land
Ltd.
78,500
235,641
China
Resources
Mixc
Lifestyle
Services
Ltd.
(a)
9,800
27,536
China
Vanke
Co.
Ltd.,
Class
A
24,000
23,545
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
120
Investments
Shares
Value
COMMON
STOCKS
(continued)
Real
Estate
Management
&
Development
(continued)
China
Vanke
Co.
Ltd.,
Class
H*(b)
60,000
$
32,949
Chong
Hong
Construction
Co.
Ltd.
7,150
29,692
Ciputra
Development
Tbk.
PT
2,885,049
222,678
Commercial
Real
Estate
Co.
KSC
478,050
228,425
Corp.
Inmobiliaria
Vesta
SAB
de
CV(b)
15,000
43,928
Country
Garden
Holdings
Co.
Ltd.*‡
282,000
11,075
Country
Garden
Services
Holdings
Co.
Ltd.(b)
52,000
31,352
Dar
Al
Arkan
Real
Estate
Development
Co.*
7,655
27,626
Delpha
Construction
Co.
Ltd.
8,965
15,764
DLF
Ltd.
16,550
175,751
Eco
World
Development
Group
Bhd.
370,000
142,540
Emaar
Development
PJSC
26,438
61,110
Emaar
Economic
City*
9,847
18,897
Emaar
Properties
PJSC
178,750
419,987
Fortress
Real
Estate
Investments
Ltd.,
Class
B
28,150
26,477
Gemdale
Corp.,
Class
A
14,100
6,165
Godrej
Properties
Ltd.*
2,100
80,750
Greenland
Holdings
Corp.
Ltd.,
Class
A*
33,600
6,695
Greentown
China
Holdings
Ltd.
25,000
18,913
Greentown
Service
Group
Co.
Ltd.(a)
500,000
218,894
Hainan
Airport
Infrastructure
Co.
Ltd.,
Class
A*
9,800
4,638
Hangzhou
Binjiang
Real
Estate
Group
Co.
Ltd.,
Class
A
4,300
4,843
Hanson
International
Tbk.
PT*‡
2,409,275
—
Highwealth
Construction
Corp.
50,000
97,353
Hopson
Development
Holdings
Ltd.*(b)
24,816
9,530
Huaku
Development
Co.
Ltd.
5,702
28,885
Huang
Hsiang
Construction
Corp.*
5,050
9,971
Iguatemi
SA
78,900
294,231
IOI
Properties
Group
Bhd.
52,800
24,478
KE
Holdings,
Inc.,
ADR
11,500
159,275
Investments
Shares
Value
Real
Estate
Management
&
Development
(continued)
KE
Holdings,
Inc.,
Class
A
10,000
$
46,467
Kindom
Development
Co.
Ltd.
12,950
23,836
LAMDA
Development
SA*
1,368
11,265
Land
&
Houses
PCL,
NVDR
150,800
24,326
Longfor
Group
Holdings
Ltd.(a)(b)
52,488
68,264
LSR
Group
PJSC,
Class
A‡
21,295
—
Mabanee
Co.
KPSC
16,577
45,518
Macrotech
Developers
Ltd.(a)
5,450
85,191
Mah
Sing
Group
Bhd.
535,000
218,914
MAS
P.L.C.*(b)
162,200
164,507
Matrix
Concepts
Holdings
Bhd.
275,000
113,723
MBK
PCL,
NVDR
147,444
67,424
Megaworld
Corp.
3,100,000
96,119
Metropolitan
Kentjana
Tbk.
PT
9,600
15,882
Multiplan
Empreendimentos
Imobiliarios
SA*
5,000
21,193
Oberoi
Realty
Ltd.
2,400
53,384
Onewo,
Inc.,
Class
H
5,000
12,340
OSK
Holdings
Bhd.
320,000
110,045
Pakuwon
Jati
Tbk.
PT
5,090,000
133,354
Parque
Arauco
SA
224,950
357,120
Phoenix
Mills
Ltd.
(The)
1,666
71,576
Plaza
SA
8,634
13,341
Poly
Developments
and
Holdings
Group
Co.
Ltd.,
Class
A
31,200
38,077
Prestige
Estates
Projects
Ltd.
2,208
47,887
Prince
Housing
&
Development
Corp.
50,000
18,938
Pruksa
Holding
PCL,
NVDR
305,000
76,154
Quality
Houses
PCL,
NVDR
1,850,000
92,902
Radiance
Holdings
Group
Co.
Ltd.*(a)(b)
200,000
61,444
Red
Star
Macalline
Group
Corp.
Ltd.,
Class
A*
14,700
5,227
Redco
Properties
Group
Ltd.*‡(a)
294,000
8,656
Retal
Urban
Development
Co.,
Class
A
5,400
17,703
Robinsons
Land
Corp.
570,000
144,317
Ruentex
Development
Co.
Ltd.
50,000
77,883
Salhia
Real
Estate
Co.
KSCP
17,090
23,771
Sansiri
PCL,
NVDR
2,660,000
125,370
Saudi
Real
Estate
Co.*
3,478
20,802
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
121
Investments
Shares
Value
COMMON
STOCKS
(continued)
Real
Estate
Management
&
Development
(continued)
Seazen
Group
Ltd.*(b)
900,000
$
161,290
Seazen
Holdings
Co.
Ltd.,
Class
A*
4,700
6,302
Shanghai
Jinqiao
Export
Processing
Zone
Development
Co.
Ltd.,
Class
B
4,800
4,042
Shanghai
Lujiazui
Finance
&
Trade
Zone
Development
Co.
Ltd.,
Class
B
4,900
2,269
Shanghai
Zhangjiang
High-Tech
Park
Development
Co.
Ltd.,
Class
A*
4,700
12,727
Shenzhen
Investment
Ltd.(b)
800,000
96,262
Shenzhen
Overseas
Chinese
Town
Co.
Ltd.,
Class
A*
22,200
6,328
Shoucheng
Holdings
Ltd.
98,000
15,681
Sichuan
Languang
Justbon
Services
Group
Co.
Ltd.,
Class
H*‡
26,500
—
SignatureGlobal
India
Ltd.*
765
13,596
Sime
Darby
Property
Bhd.
86,400
29,712
Sinic
Holdings
Group
Co.
Ltd.*‡
318,000
—
SK
D&D
Co.
Ltd.
1
7
SM
Prime
Holdings,
Inc.
195,000
96,205
Sobha
Ltd.
900
19,350
SP
Setia
Bhd.
Group
50,000
17,412
Sunac
China
Holdings
Ltd.*(b)
1,850,000
251,024
Supalai
PCL,
NVDR
23,800
11,284
Talaat
Moustafa
Group
19,728
22,833
United
Development
Co.
QSC
582,650
176,187
UOA
Development
Bhd.
28,000
11,518
Valor
Estate
Ltd.*
8,592
21,631
WHA
Corp.
PCL,
NVDR
117,490
17,305
Youngor
Fashion
Co.
Ltd.,
Class
A
14,400
14,246
Yuexiu
Property
Co.
Ltd.
(b)
57,079
36,533
Yungshin
Construction
&
Development
Co.
Ltd.
1,600
14,116
Zhuhai
Huafa
Properties
Co.
Ltd.,
Class
A
4,900
4,061
‌
7,722,325
Investments
Shares
Value
Residential
REITs
-
0
.0
%
(d)
Emlak
Konut
Gayrimenkul
Yatirim
Ortakligi
A/S,
REIT*
111,256
$
38,978
Retail
REITs
-
0
.4
%
CPN
Retail
Growth
Leasehold
REIT,
REIT
870,100
263,630
Hyprop
Investments
Ltd.,
REIT(b)
125,800
223,299
IGB
REIT,
REIT
53,900
22,993
LOTTE
Reit
Co.
Ltd.,
REIT
1,828
5,045
Pavilion
REIT,
REIT
15,000
4,375
Resilient
REIT
Ltd.,
REIT(b)
96,500
266,564
Sunway
REIT,
REIT
53,900
19,005
Vukile
Property
Fund
Ltd.,
REIT(b)
362,670
328,354
1,133,265
Semiconductors
&
Semiconductor
Equipment
-
8
.1
%
3peak,
Inc.,
Class
A*
245
3,048
ADATA
Technology
Co.
Ltd.
8,352
23,707
Advanced
Wireless
Semiconductor
Co.*
5,104
16,615
Airoha
Technology
Corp.
1,250
23,426
Alchip
Technologies
Ltd.
1,600
127,533
Amlogic
Shanghai
Co.
Ltd.,
Class
A
1,536
14,034
Andes
Technology
Corp.*
1,507
17,078
Anji
Microelectronics
Technology
Shanghai
Co.
Ltd.,
Class
A
165
2,624
AP
Memory
Technology
Corp.
2,224
21,584
Ardentec
Corp.
12,672
24,673
ASE
Technology
Holding
Co.
Ltd.
100,000
456,343
ASMedia
Technology,
Inc.
464
23,503
ASPEED
Technology,
Inc.
709
88,005
Cambricon
Technologies
Corp.
Ltd.,
Class
A*
500
18,269
China
Resources
Microelectronics
Ltd.,
Class
A
1,350
7,427
Chipbond
Technology
Corp.
21,776
42,200
ChipMOS
Technologies,
Inc.
15,504
18,608
D&O
Green
Technologies
Bhd.
15,300
11,555
Daqo
New
Energy
Corp.,
ADR*(b)
16,900
296,257
DB
HiTek
Co.
Ltd.
988
38,967
Duk
San
Neolux
Co.
Ltd.*
423
10,569
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
122
Investments
Shares
Value
COMMON
STOCKS
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Elan
Microelectronics
Corp.
3,378
$
14,182
Elite
Semiconductor
Microelectronics
Technology,
Inc.
12,360
31,887
eMemory
Technology,
Inc.
1,350
94,668
Ennostar,
Inc.
7,000
8,731
Eo
Technics
Co.
Ltd.
144
18,377
Episil
Technologies,
Inc.*
6,292
11,811
Eugene
Technology
Co.
Ltd.
350
11,643
Everlight
Electronics
Co.
Ltd.
11,850
28,120
Faraday
Technology
Corp.
4,154
37,471
Fitipower
Integrated
Technology,
Inc.
1,488
11,815
Flat
Glass
Group
Co.
Ltd.,
Class
A
5,200
13,563
Flat
Glass
Group
Co.
Ltd.,
Class
H(b)
1,000
1,449
FocalTech
Systems
Co.
Ltd.
9,176
23,059
Formosa
Advanced
Technologies
Co.
Ltd.
13,950
15,703
Formosa
Sumco
Technology
Corp.
1,000
4,609
Foxsemicon
Integrated
Technology,
Inc.
2,650
24,549
GCL
System
Integration
Technology
Co.
Ltd.,
Class
A*
9,800
2,644
GCL
Technology
Holdings
Ltd.*(b)
550,000
77,445
Global
Mixed
Mode
Technology,
Inc.
2,448
18,619
Global
Unichip
Corp.
1,432
50,100
Globalwafers
Co.
Ltd.
5,616
84,744
Grand
Process
Technology
Corp.
500
23,578
Greatek
Electronics,
Inc.
7,632
14,326
Gudeng
Precision
Industrial
Co.
Ltd.
1,812
25,165
HAESUNG
DS
Co.
Ltd.
3,750
98,738
Hana
Materials,
Inc.
318
11,618
Hangzhou
First
Applied
Material
Co.
Ltd.,
Class
A
5,213
11,195
Hangzhou
Silan
Microelectronics
Co.
Ltd.,
Class
A*
5,200
15,506
Hanmi
Semiconductor
Co.
Ltd.
969
92,343
Holtek
Semiconductor,
Inc.
5,712
9,245
HPSP
Co.
Ltd.
768
18,102
Investments
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Hua
Hong
Semiconductor
Ltd.(a)(b)
6,000
$
15,899
Inari
Amertron
Bhd.
39,200
32,251
Innox
Advanced
Materials
Co.
Ltd.
4,500
98,220
ISC
Co.
Ltd.
144
5,156
ITE
Technology,
Inc.
4,100
18,710
JA
Solar
Technology
Co.
Ltd.,
Class
A
9,992
14,918
JCET
Group
Co.
Ltd.,
Class
A
4,800
22,177
Jentech
Precision
Industrial
Co.
Ltd.
1,287
45,419
Jinko
Solar
Co.
Ltd.,
Class
A
35,651
36,060
Jusung
Engineering
Co.
Ltd.
1,152
23,889
King
Yuan
Electronics
Co.
Ltd.
18,480
59,033
Kinsus
Interconnect
Technology
Corp.
4,000
12,960
Koh
Young
Technology,
Inc.
1,692
14,232
LEENO
Industrial,
Inc.
200
29,127
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
15,248
30,593
LX
Semicon
Co.
Ltd.
3,650
198,838
M31
Technology
Corp.
460
15,604
Macronix
International
Co.
Ltd.
50,000
44,722
Marketech
International
Corp.
4,550
20,833
Materials
Analysis
Technology,
Inc.
1,000
8,092
MediaTek,
Inc.
30,500
1,132,035
Montage
Technology
Co.
Ltd.,
Class
A
3,875
31,956
MPI
Corp.
2,428
39,962
Nanya
Technology
Corp.*
26,600
46,208
NAURA
Technology
Group
Co.
Ltd.,
Class
A
800
37,924
NEXTIN,
Inc.
265
10,779
Novatek
Microelectronics
Corp.
12,100
192,525
Nuvoton
Technology
Corp.
4,000
12,778
Orient
Semiconductor
Electronics
Ltd.
14,256
20,818
Pan
Jit
International,
Inc.*
8,000
13,264
Parade
Technologies
Ltd.
1,400
31,433
Phison
Electronics
Corp.
2,776
43,325
Pixart
Imaging,
Inc.
4,200
20,827
Powerchip
Semiconductor
Manufacturing
Corp.*
52,000
36,386
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
123
Investments
Shares
Value
COMMON
STOCKS
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Powertech
Technology,
Inc.
14,550
$
72,374
Radiant
Opto-Electronics
Corp.
9,350
50,633
Raydium
Semiconductor
Corp.
1,824
20,726
RDC
Semiconductor
Co.
Ltd.
1,500
12,435
Realtek
Semiconductor
Corp.
9,850
153,429
S&S
Tech
Corp.
423
9,171
Sanan
Optoelectronics
Co.
Ltd.,
Class
A
4,800
7,910
SDI
Corp.
1,781
6,448
Seoul
Semiconductor
Co.
Ltd.
1,911
12,701
SFA
Semicon
Co.
Ltd.*
3,381
11,665
Shanghai
Aiko
Solar
Energy
Co.
Ltd.,
Class
A*
4,800
6,263
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.,
Class
A
1,050
4,819
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.,
Class
H
4,000
6,103
Sigurd
Microelectronics
Corp.
16,300
38,085
Silergy
Corp.
6,650
90,535
Silicon
Integrated
Systems
Corp.
5,959
14,159
SIMMTECH
Co.
Ltd.
7,100
156,259
Sino-American
Silicon
Products,
Inc.
16,352
95,764
Sitronix
Technology
Corp.
2,160
16,330
SK
Hynix,
Inc.
10,650
1,505,350
Sunplus
Technology
Co.
Ltd.*
5,116
5,058
Taiwan
Mask
Corp.*
7,000
15,163
Taiwan
Semiconductor
Co.
Ltd.
75,300
144,552
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
477,510
13,568,431
Taiwan-Asia
Semiconductor
Corp.
13,000
14,950
TCL
Zhonghuan
Renewable
Energy
Technology
Co.
Ltd.,
Class
A
10,375
12,533
TechWing,
Inc.
750
29,689
Tokai
Carbon
Korea
Co.
Ltd.
86
7,109
TongFu
Microelectronics
Co.
Ltd.,
Class
A
5,200
16,369
Tongwei
Co.
Ltd.,
Class
A
15,300
38,382
Investments
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Topco
Scientific
Co.
Ltd.
2,704
$
22,088
Trina
Solar
Co.
Ltd.,
Class
A
10,325
24,916
TSEC
Corp.*
26,708
22,467
Unisem
M
Bhd.
14,700
11,646
United
Microelectronics
Corp.
350,000
536,660
United
Renewable
Energy
Co.
Ltd.*
50,256
19,417
UPI
Semiconductor
Corp.
2,688
21,098
Vanguard
International
Semiconductor
Corp.
13,440
47,635
Verisilicon
Microelectronics
Shanghai
Co.
Ltd.,
Class
A*
528
2,450
Via
Technologies,
Inc.
5,424
19,967
VisEra
Technologies
Co.
Ltd.
1,392
13,869
Visual
Photonics
Epitaxy
Co.
Ltd.
4,000
18,254
ViTrox
Corp.
Bhd.
9,400
8,163
Wafer
Works
Corp.
26,154
29,281
Will
Semiconductor
Co.
Ltd.
Shanghai,
Class
A*
900
12,823
Win
Semiconductors
Corp.*
6,961
28,589
Winbond
Electronics
Corp.
59,371
41,814
WinWay
Technology
Co.
Ltd.
650
20,665
WONIK
IPS
Co.
Ltd.*
329
9,045
Wonik
QnC
Corp.
400
8,949
Xinjiang
Daqo
New
Energy
Co.
Ltd.,
Class
A
5,488
15,415
XinTec,
Inc.
3,000
21,402
Xinyi
Solar
Holdings
Ltd.
124,000
58,889
21,766,880
Software
-
0
.3
%
360
Security
Technology,
Inc.,
Class
A
9,800
10,143
Ahnlab,
Inc.
1,950
82,008
Beijing
Kingsoft
Office
Software,
Inc.,
Class
A
611
17,808
Beijing
Shiji
Information
Technology
Co.
Ltd.,
Class
A
6,370
4,936
Birlasoft
Ltd.
5,614
45,302
CE
Info
Systems
Ltd.
480
13,642
Douzone
Bizon
Co.
Ltd.
350
15,558
EMRO,
Inc.*
294
10,955
Hundsun
Technologies,
Inc.,
Class
A
4,550
11,534
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
124
Investments
Shares
Value
COMMON
STOCKS
(continued)
Software
(continued)
Iflytek
Co.
Ltd.,
Class
A
4,800
$
26,381
Intellect
Design
Arena
Ltd.
3,072
35,573
Kingdee
International
Software
Group
Co.
Ltd.*
50,000
40,131
KPIT
Technologies
Ltd.
2,593
57,064
NavInfo
Co.
Ltd.,
Class
A*
4,700
4,585
Newgen
Software
Technologies
Ltd.
1,920
23,601
Oracle
Financial
Services
Software
Ltd.
450
59,360
Qi
An
Xin
Technology
Group,
Inc.,
Class
A*
539
1,802
Rategain
Travel
Technologies
Ltd.*
1,968
19,302
Route
Mobile
Ltd.
954
18,544
Shanghai
Baosight
Software
Co.
Ltd.,
Class
A
3,200
14,231
Shanghai
Baosight
Software
Co.
Ltd.,
Class
B
9,949
16,276
Tanla
Platforms
Ltd.
2,652
31,457
Tata
Elxsi
Ltd.
650
54,222
TOTVS
SA
10,000
49,091
Yonyou
Network
Technology
Co.
Ltd.,
Class
A*
4,700
6,230
669,736
Specialty
Retail
-
0
.9
%
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
49,400
48,015
Aditya
Birla
Fashion
and
Retail
Ltd.*
6,536
26,830
Ali
Alghanim
Sons
Automotive
Co.
KSCC
40,550
140,807
Aurora
Design
PCL,
NVDR
29,300
12,412
Bermaz
Auto
Bhd.
330,000
174,535
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
A
4,600
43,670
Chow
Tai
Fook
Jewellery
Group
Ltd.(b)
49,000
44,534
Com7
PCL,
NVDR
9,300
5,322
Detsky
Mir
PJSC*‡(a)
258,500
—
Dogan
Sirketler
Grubu
Holding
A/S
39,249
19,891
Dogus
Otomotiv
Servis
ve
Ticaret
A/S
893
6,486
EEKA
Fashion
Holdings
Ltd.
100,000
116,615
Investments
Shares
Value
Specialty
Retail
(continued)
Foschini
Group
Ltd.
(The)
11,250
$
83,129
FSN
E-Commerce
Ventures
Ltd.*
18,240
42,042
HLA
Group
Corp.
Ltd.,
Class
A
4,900
4,448
Home
Product
Center
PCL,
NVDR
78,600
20,066
Hotai
Motor
Co.
Ltd.
9,550
187,978
Hotel
Shilla
Co.
Ltd.
470
17,069
Italtile
Ltd.(b)
142,050
93,704
Jarir
Marketing
Co.
7,312
25,296
JUMBO
SA
1,800
48,227
Lojas
Renner
SA
30,000
70,373
M.Video
PJSC*‡
31,680
—
Map
Aktif
Adiperkasa
PT
240,000
11,956
Metro
Brands
Ltd.
1,785
28,820
Motus
Holdings
Ltd.(b)
46,050
261,346
MR
DIY
Group
M
Bhd.(a)
57,600
26,327
Mr
Price
Group
Ltd.
6,950
82,638
National
Petroleum
Co.
Ltd.
2,000
3,918
Padini
Holdings
Bhd.
9,600
7,083
Pan
German
Universal
Motors
Ltd.
10,320
92,933
Pepkor
Holdings
Ltd.(a)
50,750
56,884
Pop
Mart
International
Group
Ltd.(a)
9,800
51,998
PTT
Oil
&
Retail
Business
PCL,
NVDR
29,400
13,032
Shanghai
Yuyuan
Tourist
Mart
Group
Co.
Ltd.,
Class
A
9,400
7,102
Shinsegae
International,
Inc.
5,850
60,338
Siam
Global
House
PCL,
NVDR
42,188
18,227
Super
Group
Ltd.(b)
108,300
180,984
Topsports
International
Holdings
Ltd.(a)
52,000
23,231
Truworths
International
Ltd.
9,740
48,445
United
Electronics
Co.
310
7,585
Vibra
Energia
SA
30,000
122,914
Wilcon
Depot,
Inc.
34,300
10,283
Zhongsheng
Group
Holdings
Ltd.
26,000
40,671
2,388,164
Technology
Hardware,
Storage
&
Peripherals
-
4
.0
%
Acer,
Inc.
69,444
92,641
Advantech
Co.
Ltd.
8,734
92,070
AIC,
Inc.
9,350
107,950
Asia
Vital
Components
Co.
Ltd.
6,650
128,671
ASROCK,
Inc.
2,736
16,606
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
125
Investments
Shares
Value
COMMON
STOCKS
(continued)
Technology
Hardware,
Storage
&
Peripherals
(continued)
Asustek
Computer,
Inc.
20,000
$
277,457
AURAS
Technology
Co.
Ltd.
1,550
31,594
Catcher
Technology
Co.
Ltd.
13,550
87,805
Chenbro
Micom
Co.
Ltd.
3,360
28,264
Chicony
Electronics
Co.
Ltd.
13,050
61,736
China
Greatwall
Technology
Group
Co.
Ltd.,
Class
A*
5,500
6,606
Clevo
Co.
13,536
24,914
CMC
Magnetics
Corp.*
350,000
131,503
Compal
Electronics,
Inc.
123,700
118,356
CosmoAM&T
Co.
Ltd.*
450
42,426
Darfon
Electronics
Corp.
68,800
115,957
Elitegroup
Computer
Systems
Co.
Ltd.
100,900
88,100
Ennoconn
Corp.
2,304
21,239
Getac
Holdings
Corp.
13,624
42,484
Gigabyte
Technology
Co.
Ltd.
11,550
91,009
HTC
Corp.*
11,432
15,320
Ibase
Technology,
Inc.*
4,512
11,242
IEI
Integration
Corp.
43,500
108,915
Innodisk
Corp.
1,321
11,032
Inventec
Corp.
63,200
91,714
King
Slide
Works
Co.
Ltd.
1,104
37,114
Kinpo
Electronics
407,500
290,717
Legend
Holdings
Corp.,
Class
H*(a)(b)
195,000
139,036
Lenovo
Group
Ltd.
208,000
268,387
Lite-On
Technology
Corp.
64,300
193,859
Micro-Star
International
Co.
Ltd.
21,000
108,290
Mitac
Holdings
Corp.
14,304
18,386
Ninestar
Corp.,
Class
A*
5,200
19,434
Pegatron
Corp.
58,304
178,264
Qisda
Corp.
50,000
53,088
Quanta
Computer,
Inc.
56,450
467,984
Quanta
Storage,
Inc.
5,200
15,804
Samsung
Electronics
Co.
Ltd.
99,763
6,079,619
Samsung
Electronics
Co.
Ltd.
(Preference)
15,950
751,883
Shenzhen
Transsion
Holdings
Co.
Ltd.,
Class
A
1,842
20,609
Wistron
Corp.
56,000
164,916
Wiwynn
Corp.
2,150
132,781
‌
10,785,782
Investments
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
-
1
.1
%
361
Degrees
International
Ltd.
250,000
$
110,087
Aksa
Akrilik
Kimya
Sanayii
A/S
38,400
11,748
Alok
Industries
Ltd.*
23,980
7,713
Alpargatas
SA
(Preference)*
5,500
8,368
ANTA
Sports
Products
Ltd.
28,200
253,049
Arvind
Ltd.
4,000
18,030
Bata
India
Ltd.
848
16,167
Bosideng
International
Holdings
Ltd.(b)
100,000
50,051
Eclat
Textile
Co.
Ltd.
3,546
56,961
F&F
Co.
Ltd.
245
10,250
Feng
TAY
Enterprise
Co.
Ltd.
11,872
50,565
FF
Group*‡
3,536
—
Fila
Holdings
Corp.
1,167
36,279
Fuguiniao
Group
Ltd.*‡
334,800
—
Fulgent
Sun
International
Holding
Co.
Ltd.
45,850
165,294
Grendene
SA
90,000
93,618
Grupo
de
Moda
Soma
SA*
25,000
26,271
Hansae
Co.
Ltd.
5,750
82,068
JNBY
Design
Ltd.(a)
52,000
84,936
Kalyan
Jewellers
India
Ltd.
4,224
29,230
KPR
Mill
Ltd.
1,754
18,223
Lao
Feng
Xiang
Co.
Ltd.,
Class
B
7,400
26,574
Li
Ning
Co.
Ltd.
50,000
93,446
Makalot
Industrial
Co.
Ltd.
4,334
58,938
Mavi
Giyim
Sanayi
ve
Ticaret
A/S,
Class
B(a)
9,850
33,527
Page
Industries
Ltd.
104
52,661
Pou
Chen
Corp.
79,600
87,422
Rajesh
Exports
Ltd.*
38,750
145,621
Raymond
Ltd.
1,316
30,955
Relaxo
Footwears
Ltd.
987
10,240
Ruentex
Industries
Ltd.
24,300
59,364
Safari
Industries
India
Ltd.
864
21,371
Shenzhou
International
Group
Holdings
Ltd.
15,000
127,400
Shinkong
Textile
Co.
Ltd.
7,600
11,098
Sports
Gear
Co.
Ltd.
13,263
40,753
Swan
Energy
Ltd.
2,940
26,607
Tainan
Spinning
Co.
Ltd.*
49,000
26,311
Taiwan
Paiho
Ltd.
7,000
14,268
Titan
Co.
Ltd.
7,950
328,426
Trident
Ltd.
22,165
10,425
Vardhman
Textiles
Ltd.
40,300
262,630
Vedant
Fashions
Ltd.
864
11,873
VIP
Industries
Ltd.
3,025
16,816
Viva
Goods
Co.
Ltd.
1,200,000
89,094
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
126
Investments
Shares
Value
COMMON
STOCKS
(continued)
Textiles,
Apparel
&
Luxury
Goods
(continued)
Vivara
Participacoes
SA
5,300
$
22,549
Vulcabras
SA
30,000
82,155
Welspun
Living
Ltd.
7,370
16,155
Xtep
International
Holdings
Ltd.
27,500
16,545
Youngone
Corp.
480
13,545
Youngone
Holdings
Co.
Ltd.
1,800
106,032
2,971,709
Tobacco
-
0
.3
%
British
American
Tobacco
Malaysia
Bhd.
55,000
99,837
Eastern
Co.
SAE
37,292
17,150
Gudang
Garam
Tbk.
PT*
14,900
14,433
ITC
Ltd.
57,250
338,698
KT&G
Corp.
3,001
203,372
RLX
Technology,
Inc.,
ADR(b)
15,484
27,716
Smoore
International
Holdings
Ltd.(a)(b)
50,000
58,436
759,642
Trading
Companies
&
Distributors
-
0
.4
%
Adani
Enterprises
Ltd.
8,100
306,611
ALAFCO
Aviation
Lease
&
Finance
Co.
KSCP*
3,260
2,369
Barloworld
Ltd.
47,600
243,217
BOC
Aviation
Ltd.(a)
5,100
44,752
Chin
Hin
Group
Bhd.*
18,800
13,380
COSCO
SHIPPING
Development
Co.
Ltd.,
Class
A
37,600
12,747
HextarTechnologies
Solutions
Bhd.*
88,400
20,780
IndiaMart
InterMesh
Ltd.
(a)
480
16,882
LX
International
Corp.
9,000
201,017
Posco
International
Corp.
1,150
44,271
Realord
Group
Holdings
Ltd.*(b)
14,000
9,588
Shanghai
Waigaoqiao
Free
Trade
Zone
Group
Co.
Ltd.,
Class
B
65,000
46,735
Shanxi
Coal
International
Energy
Group
Co.
Ltd.,
Class
A
11,600
20,705
SK
Networks
Co.
Ltd.
31,750
107,121
Investments
Shares
Value
Trading
Companies
&
Distributors
(continued)
Xiamen
C
&
D,
Inc.,
Class
A
9,400
$
10,314
1,100,489
Transportation
Infrastructure
-
0
.9
%
Abu
Dhabi
Ports
Co.
PJSC*
13,395
18,964
Adani
Ports
&
Special
Economic
Zone
Ltd.
18,050
338,435
Airports
of
Thailand
PCL
54,000
85,215
Airports
of
Thailand
PCL,
NVDR
21,000
33,287
Athens
International
Airport
SA(b)
2,950
25,416
Bangkok
Expressway
&
Metro
PCL,
NVDR
148,000
32,386
CCR
SA
20,382
44,638
China
Merchants
Expressway
Network
&
Technology
Holdings
Co.
Ltd.,
Class
A
9,600
16,365
China
Merchants
Port
Holdings
Co.
Ltd.
22,521
33,153
COSCO
SHIPPING
Ports
Ltd.
11,464
6,824
EcoRodovias
Infraestrutura
e
Logistica
SA
80,000
100,341
GMR
Airports
Infrastructure
Ltd.*
50,434
61,277
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV,
Class
B
5,200
44,641
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
7,750
123,651
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
3,600
108,558
Guangdong
Provincial
Expressway
Development
Co.
Ltd.,
Class
B
9,800
9,032
International
Container
Terminal
Services,
Inc.
16,500
100,624
Jasa
Marga
Persero
Tbk.
PT
39,723
13,559
Jiangsu
Expressway
Co.
Ltd.,
Class
H
32,000
30,435
JSW
Infrastructure
Ltd.
5,850
23,682
Malaysia
Airports
Holdings
Bhd.
20,808
46,376
Ningbo
Zhoushan
Port
Co.
Ltd.,
Class
A
23,500
11,544
Novorossiysk
Commercial
Sea
Port
PJSC‡
189,696
—
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
127
Investments
Shares
Value
COMMON
STOCKS
(continued)
Transportation
Infrastructure
(continued)
Piraeus
Port
Authority
SA(b)
2,750
$
77,221
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
4,394
41,269
Qingdao
Port
International
Co.
Ltd.,
Class
A
20,800
26,219
Qingdao
Port
International
Co.
Ltd.,
Class
H(a)
49,000
36,568
Salik
Co.
PJSC
24,346
22,338
Santos
Brasil
Participacoes
SA
20,000
46,385
Saudi
Ground
Services
Co.*
1,815
24,768
Shanghai
International
Airport
Co.
Ltd.,
Class
A
5,200
24,881
Shanghai
International
Port
Group
Co.
Ltd.,
Class
A
43,200
36,104
Shenzhen
International
Holdings
Ltd.
24,500
19,633
Sociedad
Matriz
SAAM
SA
1,314,200
149,161
Taiwan
High
Speed
Rail
Corp.
51,000
46,159
TangShan
Port
Group
Co.
Ltd.,
Class
A
4,900
3,566
TAV
Havalimanlari
Holding
A/S*
5,712
44,638
Westports
Holdings
Bhd.
17,500
17,064
Wilson
Sons
SA
9,600
26,731
Yuexiu
Transport
Infrastructure
Ltd.
292,000
139,795
Zhejiang
Expressway
Co.
Ltd.,
Class
H(b)
600,000
394,009
2,484,912
Water
Utilities
-
0
.5
%
Aguas
Andinas
SA,
Class
A
908,850
269,235
AlKhorayef
Water
&
Power
Technologies
Co.*
411
19,828
Beijing
Capital
Eco-
Environment
Protection
Group
Co.
Ltd.,
Class
A
24,000
9,730
Beijing
Enterprises
Water
Group
Ltd.
132,000
40,722
China
Water
Affairs
Group
Ltd.(b)
300,000
195,085
Investments
Shares
Value
Water
Utilities
(continued)
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
5,600
$
87,417
Cia
de
Saneamento
de
Minas
Gerais
Copasa
MG
60,000
233,196
Cia
De
Sanena
Do
Parana
80,000
386,644
Emirates
Central
Cooling
Systems
Corp.
34,496
15,496
Guangdong
Investment
Ltd.
100,000
52,483
National
Central
Cooling
Co.
PJSC
5,029
4,190
1,314,026
Wireless
Telecommunication
Services
-
1
.1
%
Advanced
Info
Service
PCL,
NVDR
20,000
131,295
America
Movil
SAB
de
CV,
Series
B
539,000
450,167
Axiata
Group
Bhd.
49,004
25,598
Bharti
Airtel
Ltd.
52,050
927,222
Celcomdigi
Bhd.
65,000
53,760
Empresa
Nacional
de
Telecomunicaciones
SA
45,200
126,704
Etihad
Etisalat
Co.
8,667
120,122
Far
EasTone
Telecommunications
Co.
Ltd.
38,300
100,440
Indosat
Tbk.
PT
31,800
21,708
Intouch
Holdings
PCL,
NVDR
11,100
25,613
Kuwait
Telecommunications
Co.
3,699
6,489
Maxis
Bhd.
60,000
46,099
Mobile
Telecommunications
Co.
KSCP
64,200
95,601
Mobile
Telecommunications
Co.
Saudi
Arabia
8,508
24,672
Mobile
TeleSystems
PJSC‡
31,356
—
MTN
Group
Ltd.
50,800
220,919
PLDT,
Inc.
3,000
77,858
Sistema
AFK
PAO‡
122,643
—
SK
Telecom
Co.
Ltd.
2,850
111,992
Taiwan
Mobile
Co.
Ltd.
32,300
103,670
TIM
SA
25,000
77,352
Turkcell
Iletisim
Hizmetleri
A/S
29,150
92,969
Vodacom
Group
Ltd.
15,100
84,850
Vodafone
Idea
Ltd.*
577,750
112,267
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
128
Investments
Shares
Value
COMMON
STOCKS
(continued)
Wireless
Telecommunication
Services
(continued)
Vodafone
Qatar
QSC
44,198
$
20,515
XL
Axiata
Tbk.
PT
102,900
13,733
3,071,615
Total
Common
Stocks
(Cost
$227,017,217)
267,701,089
Number
of
Rights
RIGHTS
-
0
.0
%
(d)
Chemicals
-
0.0%
Eternal
Materials
Co.
Ltd.,
expiring
7/26/2024,
price
100.00
TWD*‡
158
—
Construction
&
Engineering
-
0.0%(d)
Kontrolmatik
Enerji
ve
Muhendislik
A/S,
expiring
8/2/2024,
price
1.00
TRY*
736
1,410
Consumer
Staples
Distribution
&
Retail
-
0.0%(d)
Pick
n
Pay
Stores
Ltd.,
expiring
8/2/2024,
price
1,586.00
ZAR*(b)
3,467
1,408
Food
Products
-
0.0%(d)
Tata
Consumer
Products
Ltd.,
expiring
8/19/2024,
price
818.00
INR*
446
1,976
Ground
Transportation
-
0.0%(d)
Localiza
Rent
a
Car
SA,
expiring
8/6/2024,
price
33.48
BRL*
153
314
Machinery
-
0.0%(d)
Shin
Zu
Shing
Co.
Ltd.,
expiring
9/13/2024,
price
1.00
TWD
184
230
Semiconductors
&
Semiconductor
Equipment
-
0.0%(d)
Winbond
Electronics
Corp.,
expiring
8/12/2024,
price
23.00
TWD*
3,636
17
Total
Rights
(Cost
$6,891)
5,355
Principal
Amount
CORPORATE
BONDS
-
0
.0
%
(d)
Independent
Power
and
Renewable
Electricity
Producers
-
0
.0
%
(d)
NTPC
Ltd.
Series
54,
8.49%,
3/25/2025
(Cost
$–)
$
19,650
1,213
Investments
Principal
Amount
Value
SECURITIES
LENDING
REINVESTMENTS
-
1
.2
%
(f)
REPURCHASE
AGREEMENTS
-
1
.2
%
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$3,181,247,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$3,257,056
$
3,180,775
$
3,180,775
TD
Prime
Services
LLC
5.42%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$100,015,
collateralized
by
various
Common
Stocks;
total
market
value
$111,615
100,000
100,000
3,280,775
Total
Securities
Lending
Reinvestments
(Cost
$3,280,775)
3,280,775
Total
Investments
-
100.9%
(Cost
$230,304,883)
270,988,432
Liabilities
in
excess
of
other
assets
-
(0.9%)
(2,436,625)
NET
ASSETS
-
100.0%
$268,551,807
*
Non-income
producing
security.
‡
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(a)
Security
exempt
from
registration
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933.
Regulation
S
applies
to
securities
offerings
that
are
made
outside
of
the
United
States
and
do
not
involve
direct
selling
efforts
in
the
United
States
and
as
such
may
have
restrictions
on
resale.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$10,002,420,
collateralized
in
the
form
of
cash
with
a
value
of
$3,280,775
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments;
$4,029,991
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
7.63%,
and
maturity
dates
ranging
from
August
1,
2024
–
November
15,
2053
and
$3,284,385
of
collateral
in
the
form
of
Foreign
Government
Fixed
Income
Securities,
interest
rates
ranging
from
0.00%
–
5.75%,
and
maturity
dates
ranging
from
August
15,
2024
–
June
30,
2120;
a
total
value
of
$10,595,151.
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
129
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
At
July
31,
2024,
the
value
of
these
securities
amounted
to
approximately
$14,775
or
0.01%
of
net
assets.
(d)
Represents
less
than
0.05%
of
net
assets.
(e)
Security
fair
valued
as
of
July
31,
2024
in
accordance
with
procedures
approved
by
the
Board
of
Trustees.
Total
value
of
all
such
securities
at
July
31,
2024
amounted
to
$0,
which
represents
approximately
0.00%
of
net
assets
of
the
Fund.
(f)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$3,280,775.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
NVDR
Non-Voting
Depositary
Receipt
OJSC
Open
Joint
Stock
Company
PJSC
Public
Joint
Stock
Company
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
REIT
Real
Estate
Investment
Trust
SCA
Limited
partnership
with
share
capital
Futures
Contracts
FlexShares®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
Long
Contracts
‌
MSCI
Emerging
Markets
E-Mini
Index
71
09/20/2024
USD
$
3,892,575
$
5,419
Forward
Foreign
Currency
Contracts
FlexShares®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
had
the
following
outstanding
contracts
as
of
July
31,
2024:
Contracts
to
Receive
Counterparty
In
Exchange
For
Maturity
Date
Unrealized
Appreciation/
(Depreciation)
USD
234,690
Goldman
Sachs
&
Co.
BRL
*
1,270,000
09/18/2024
$
11,135
USD
111,644
Goldman
Sachs
&
Co.
INR
*
9,340,000
09/18/2024
260
USD
254,896
Goldman
Sachs
&
Co.
TWD
*
8,206,120
09/18/2024
3,930
USD
294,244
JPMorgan
Chase
Bank
NA
TWD
*
9,600,000
09/18/2024
649
USD
113,940
UBS
AG
ZAR
2,080,000
09/18/2024
27
ZAR
1,130,000
BNP
Paribas
SA
USD
60,308
09/18/2024
1,577
USD
5,922
JPMorgan
Chase
Bank
NA
HKD
46,137
09/19/2024
8
Total
unrealized
appreciation
$
17,586
INR
*
4,031,500
Citibank
NA
USD
48,089
09/18/2024
$
(
12
)
TWD
*
3,940,000
JPMorgan
Chase
Bank
NA
USD
122,235
09/18/2024
(
1,739
)
KRW
*
140,093,410
Citibank
NA
USD
102,198
09/19/2024
(
141
)
USD
155,863
Citibank
NA
KRW
*
215,060,000
09/19/2024
(
805
)
Total
unrealized
depreciation
$
(
2,697
)
Net
unrealized
appreciation
$
14,889
*
Non-deliverable
forward.
Abbreviations:
BRL
—
Brazilian
Real
HKD
—
Hong
Kong
Dollar
INR
—
Indian
Rupee
KRW
—
Korean
Won
TWD
—
Taiwan
Dollar
USD
—
US
Dollar
ZAR
—
South
African
Rand
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
(cont.)
130
FlexShares®
Morningstar
Emerging
Markets
Factor
Tilt
Index
invested,
as
a
percentage
of
net
assets,
in
companies
domiciled
in
the
following
countries
as
of
July
31,
2024:
Australia
0‌
.0
†
Brazil
5‌
.5
%
Cayman
Islands
0‌
.0
†
Chile
1‌
.1
China
21‌
.1
Colombia
0‌
.5
Czech
Republic
0‌
.1
Egypt
0‌
.2
Germany
0‌
.0
†
Greece
0‌
.6
Hungary
0‌
.2
India
19‌
.2
Indonesia
2‌
.0
Italy
0‌
.0
†
Kuwait
0‌
.9
Luxembourg
0‌
.0
†
Malaysia
2‌
.3
Mexico
2‌
.6
Peru
0‌
.4
Philippines
0‌
.9
Qatar
1‌
.1
Romania
0‌
.1
Saudi
Arabia
2‌
.8
Singapore
0‌
.0
†
South
Africa
4‌
.1
South
Korea
12‌
.0
Taiwan
16‌
.2
Thailand
1‌
.9
Turkey
1‌
.4
United
Arab
Emirates
2‌
.2
United
Kingdom
0‌
.0
†
United
States
0‌
.3
Other
1
0‌
.3
100.0%
†
Amount
represents
less
than
0.05%.
1
Includes
any
non-equity
securities,
securities
lending
reinvestments
and
net
other
assets
(liabilities).
Security
Type
%
of
Net
Assets
Common
Stocks
99‌
.7
%
Rights
0‌
.0
†
Corporate
Bonds
0‌
.0
†
Securities
Lending
Reinvestments
1‌
.2
Others
(1)
(
0‌
.9
)
100‌
.0
%
†
Amount
represents
less
than
0.05%.
(1)
Includes
any
other
net
assets/(liabilities).
131
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
US
Quality
Large
Cap
Index
Fund
July
31,2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
99
.4
%
Aerospace
&
Defense
-
1
.6
%
General
Electric
Co.
13,050
$
2,221,110
Lockheed
Martin
Corp.
2,610
1,414,411
Textron,
Inc.
580
53,882
3,689,403
Air
Freight
&
Logistics
-
0
.8
%
Expeditors
International
of
Washington,
Inc.
7,830
977,340
United
Parcel
Service,
Inc.,
Class
B
6,670
869,568
1,846,908
Automobile
Components
-
0
.0
%
(a)
Mobileye
Global,
Inc.,
Class
A*(b)
4,350
91,350
Automobiles
-
0
.6
%
Tesla,
Inc.*
5,510
1,278,706
Banks
-
4
.7
%
Bank
of
America
Corp.
51,185
2,063,267
Citigroup,
Inc.
44,805
2,906,948
Fifth
Third
Bancorp
13,485
570,955
JPMorgan
Chase
&
Co.
20,590
4,381,552
Wells
Fargo
&
Co.
14,355
851,826
10,774,548
Beverages
-
0
.3
%
Molson
Coors
Beverage
Co.,
Class
B(b)
10,730
567,081
Biotechnology
-
2
.2
%
AbbVie,
Inc.
2,610
483,685
Amgen,
Inc.
9,280
3,085,322
Gilead
Sciences,
Inc.
4,060
308,804
Regeneron
Pharmaceuticals,
Inc.*
216
233,105
United
Therapeutics
Corp.*
870
272,562
Vertex
Pharmaceuticals,
Inc.*
1,160
575,035
4,958,513
Broadline
Retail
-
3
.1
%
Amazon.com,
Inc.*
27,985
5,232,635
eBay,
Inc.(b)
18,415
1,024,058
Investments
Shares
Value
Broadline
Retail
(continued)
MercadoLibre,
Inc.*
495
$
826,106
7,082,799
Building
Products
-
0
.6
%
A
O
Smith
Corp.
2,610
221,954
Builders
FirstSource,
Inc.*
2,755
461,104
Masco
Corp.
7,395
575,701
1,258,759
Capital
Markets
-
2
.0
%
Bank
of
New
York
Mellon
Corp.
(The)
21,750
1,415,273
Goldman
Sachs
Group,
Inc.
(The)
1,015
516,665
Morgan
Stanley
12,325
1,272,063
Robinhood
Markets,
Inc.,
Class
A*
16,240
334,057
State
Street
Corp.
11,020
936,369
4,474,427
Chemicals
-
0
.3
%
Celanese
Corp.(b)
2,320
327,468
LyondellBasell
Industries
NV,
Class
A
3,045
302,856
630,324
Communications
Equipment
-
1
.1
%
Cisco
Systems,
Inc.
52,200
2,529,090
Consumer
Finance
-
1
.2
%
Capital
One
Financial
Corp.
9,425
1,426,945
Discover
Financial
Services
2,320
334,057
Synchrony
Financial
21,025
1,067,860
2,828,862
Consumer
Staples
Distribution
&
Retail
-
0
.5
%
Kroger
Co.
(The)
19,140
1,043,130
Target
Corp.
1,160
174,476
1,217,606
Diversified
Telecommunication
Services
-
0
.7
%
AT&T,
Inc.
81,925
1,577,056
Electric
Utilities
-
2
.5
%
Edison
International
6,090
487,261
Entergy
Corp.(b)
10,585
1,227,542
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
US
Quality
Large
Cap
Index
Fund
(cont.)
132
Investments
Shares
Value
COMMON
STOCKS
(continued)
Electric
Utilities
(continued)
Evergy,
Inc.
1,305
$
75,690
Exelon
Corp.
22,910
852,252
PPL
Corp.
40,165
1,193,704
Southern
Co.
(The)
23,055
1,925,554
5,762,003
Electrical
Equipment
-
0
.1
%
Emerson
Electric
Co.
1,740
203,771
Electronic
Equipment,
Instruments
&
Components
-
0
.3
%
Flex
Ltd.*
5,365
172,485
Jabil,
Inc.
5,075
571,800
744,285
Entertainment
-
0
.9
%
Electronic
Arts,
Inc.
4,350
656,589
Netflix,
Inc.*
2,030
1,275,550
1,932,139
Financial
Services
-
3
.1
%
Berkshire
Hathaway,
Inc.,
Class
B*
12,035
5,277,347
Corebridge
Financial,
Inc.
7,105
209,953
Fidelity
National
Information
Services,
Inc.
6,670
512,456
Fiserv,
Inc.*
5,800
948,706
6,948,462
Food
Products
-
0
.6
%
Archer-Daniels-Midland
Co.
1,160
71,931
Campbell
Soup
Co.
7,830
366,914
General
Mills,
Inc.
12,905
866,442
Kraft
Heinz
Co.
(The)
2,900
102,109
1,407,396
Health
Care
Equipment
&
Supplies
-
1
.2
%
Abbott
Laboratories
2,610
276,503
Align
Technology,
Inc.*
725
168,113
GE
HealthCare
Technologies,
Inc.(b)
2,030
171,799
Hologic,
Inc.*
6,235
508,838
IDEXX
Laboratories,
Inc.*
1,251
595,626
ResMed,
Inc.(b)
3,770
803,953
Stryker
Corp.
290
94,961
‌
2,619,793
Investments
Shares
Value
Health
Care
Providers
&
Services
-
4
.4
%
Cardinal
Health,
Inc.
4,495
$
453,231
Cencora,
Inc.
5,510
1,310,719
Centene
Corp.*
12,180
936,885
Cigna
Group
(The)
5,655
1,971,729
Elevance
Health,
Inc.
725
385,722
HCA
Healthcare,
Inc.
1,305
473,780
Labcorp
Holdings,
Inc.
3,358
723,447
McKesson
Corp.
3,045
1,878,826
UnitedHealth
Group,
Inc.
3,411
1,965,282
10,099,621
Hotel
&
Resort
REITs
-
0
.5
%
Host
Hotels
&
Resorts,
Inc.,
REIT
62,495
1,094,287
Hotels,
Restaurants
&
Leisure
-
1
.5
%
Airbnb,
Inc.,
Class
A*
3,770
526,141
Booking
Holdings,
Inc.
320
1,188,803
Carnival
Corp.*
24,795
413,085
DoorDash,
Inc.,
Class
A*
3,625
401,360
DraftKings,
Inc.,
Class
A*
5,365
198,237
Expedia
Group,
Inc.*
870
111,073
Royal
Caribbean
Cruises
Ltd.*
4,205
659,007
3,497,706
Household
Durables
-
1
.4
%
Lennar
Corp.,
Class
A
7,105
1,257,088
NVR,
Inc.*
145
1,248,084
PulteGroup,
Inc.(b)
4,205
555,060
3,060,232
Household
Products
-
1
.7
%
Colgate-Palmolive
Co.
8,555
848,570
Kimberly-Clark
Corp.
1,450
195,823
Procter
&
Gamble
Co.
(The)
17,980
2,890,465
3,934,858
Industrial
Conglomerates
-
0
.2
%
3M
Co.
3,625
462,369
Insurance
-
2
.0
%
Aflac,
Inc.(b)
13,775
1,313,859
American
International
Group,
Inc.
16,530
1,309,672
MetLife,
Inc.
15,805
1,214,614
Prudential
Financial,
Inc.
5,365
672,342
‌
4,510,487
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
US
Quality
Large
Cap
Index
Fund
(cont.)
133
Investments
Shares
Value
Interactive
Media
&
Services
-
7
.9
%
Alphabet,
Inc.,
Class
A
39,701
$
6,810,309
Alphabet,
Inc.,
Class
C
38,999
6,752,677
Meta
Platforms,
Inc.,
Class
A(b)
9,425
4,475,273
18,038,259
IT
Services
-
1
.6
%
Accenture
plc,
Class
A
5,075
1,677,897
Cognizant
Technology
Solutions
Corp.,
Class
A
10,730
812,046
Gartner,
Inc.*
2,320
1,162,761
3,652,704
Life
Sciences
Tools
&
Services
-
0
.8
%
Danaher
Corp.
580
160,706
ICON
plc*
1,740
571,486
Mettler-Toledo
International,
Inc.*
640
973,459
1,705,651
Machinery
-
2
.2
%
Caterpillar,
Inc.
5,945
2,058,159
Cummins,
Inc.
2,030
592,354
Illinois
Tool
Works,
Inc.
6,815
1,685,213
PACCAR,
Inc.
6,525
643,757
4,979,483
Media
-
1
.3
%
Comcast
Corp.,
Class
A
48,430
1,998,706
Omnicom
Group,
Inc.(b)
9,425
924,027
2,922,733
Metals
&
Mining
-
0
.9
%
Nucor
Corp.
6,380
1,039,557
Steel
Dynamics,
Inc.
8,120
1,081,747
2,121,304
Multi-Utilities
-
1
.6
%
Consolidated
Edison,
Inc.
12,615
1,230,215
DTE
Energy
Co.
9,280
1,118,518
Public
Service
Enterprise
Group,
Inc.
16,385
1,307,032
3,655,765
Oil,
Gas
&
Consumable
Fuels
-
2
.2
%
Exxon
Mobil
Corp.
8,555
1,014,538
Marathon
Petroleum
Corp.
8,990
1,591,410
Investments
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Occidental
Petroleum
Corp.
10,005
$
608,504
Phillips
66
3,480
506,270
Valero
Energy
Corp.
8,265
1,336,616
5,057,338
Pharmaceuticals
-
3
.5
%
Bristol-Myers
Squibb
Co.
18,560
882,713
Eli
Lilly
&
Co.
3,682
2,961,322
Johnson
&
Johnson
23,055
3,639,232
Merck
&
Co.,
Inc.
4,060
459,308
7,942,575
Professional
Services
-
0
.5
%
Automatic
Data
Processing,
Inc.
435
114,240
Leidos
Holdings,
Inc.
5,220
753,768
Paychex,
Inc.(b)
2,610
334,132
1,202,140
Real
Estate
Management
&
Development
-
0
.6
%
CBRE
Group,
Inc.,
Class
A*
11,890
1,340,122
Residential
REITs
-
1
.2
%
AvalonBay
Communities,
Inc.,
REIT
6,090
1,247,963
Equity
Residential,
REIT
3,770
262,505
Essex
Property
Trust,
Inc.,
REIT(b)
4,350
1,210,866
Mid-America
Apartment
Communities,
Inc.,
REIT
435
60,800
2,782,134
Retail
REITs
-
0
.6
%
Simon
Property
Group,
Inc.,
REIT
8,845
1,357,177
Semiconductors
&
Semiconductor
Equipment
-
12
.1
%
Analog
Devices,
Inc.
5,655
1,308,454
Applied
Materials,
Inc.
9,425
1,999,985
Broadcom,
Inc.
28,120
4,518,322
KLA
Corp.
2,534
2,085,659
Lam
Research
Corp.
2,465
2,270,857
Microchip
Technology,
Inc.
13,485
1,197,198
NVIDIA
Corp.
105,468
12,341,865
QUALCOMM,
Inc.
9,860
1,784,167
27,506,507
Software
-
9
.6
%
Adobe,
Inc.*
3,915
2,159,710
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
US
Quality
Large
Cap
Index
Fund
(cont.)
134
Investments
Shares
Value
COMMON
STOCKS
(continued)
Software
(continued)
ANSYS,
Inc.*
580
$
181,905
Bentley
Systems,
Inc.,
Class
B(b)
1,160
56,538
Cadence
Design
Systems,
Inc.*
435
116,432
Check
Point
Software
Technologies
Ltd.*
6,380
1,170,411
Fair
Isaac
Corp.*
725
1,160,000
Fortinet,
Inc.*
12,470
723,759
Intuit,
Inc.
3,770
2,440,509
Manhattan
Associates,
Inc.*
1,015
259,211
Microsoft
Corp.
27,130
11,349,836
Oracle
Corp.
14,500
2,022,025
Roper
Technologies,
Inc.
145
78,989
Salesforce,
Inc.
145
37,526
Zoom
Video
Communications,
Inc.,
Class
A*
1,450
87,580
21,844,431
Specialized
REITs
-
0
.9
%
Public
Storage,
REIT(b)
3,480
1,029,802
Weyerhaeuser
Co.,
REIT
32,915
1,045,380
2,075,182
Specialty
Retail
-
1
.9
%
AutoZone,
Inc.*(b)
435
1,363,155
Best
Buy
Co.,
Inc.
5,075
439,089
Home
Depot,
Inc.
(The)
3,915
1,441,346
Lowe's
Cos.,
Inc.
4,060
996,771
4,240,361
Technology
Hardware,
Storage
&
Peripherals
-
8
.7
%
Apple,
Inc.
83,334
18,506,815
Dell
Technologies,
Inc.,
Class
C
5,945
675,828
NetApp,
Inc.
2,465
313,006
Super
Micro
Computer,
Inc.*
290
203,478
19,699,127
Tobacco
-
0
.6
%
Altria
Group,
Inc.
5,800
284,258
Philip
Morris
International,
Inc.
10,150
1,168,874
‌
1,453,132
Investments
Shares
Value
Trading
Companies
&
Distributors
-
0
.6
%
WW
Grainger,
Inc.(b)
1,305
$
1,274,737
Total
Common
Stocks
(Cost
$171,352,506)
225,933,703
Principal
Amount
SECURITIES
LENDING
REINVESTMENTS
-
1
.6
%
(c)
REPURCHASE
AGREEMENTS
-
1
.6
%
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$3,535,127,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$3,619,370  
(Cost
$3,534,603)
$3,534,603
3,534,603
Total
Investments
-
101.0%
(Cost
$174,887,109)
229,468,306
Liabilities
in
excess
of
other
assets
-
(1.0%)
(2,283,929)
NET
ASSETS
-
100.0%
$227,184,377
*
Non-income
producing
security.
(a)
Represents
less
than
0.05%
of
net
assets.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$11,920,779,
collateralized
in
the
form
of
cash
with
a
value
of
$3,534,603
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments
and
$8,489,941
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
6.13%,
and
maturity
dates
ranging
from
August
15,
2024
–
February
15,
2054;
a
total
value
of
$12,024,544.
(c)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$3,534,603.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
REIT
Real
Estate
Investment
Trust
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
US
Quality
Large
Cap
Index
Fund
(cont.)
135
Futures
Contracts
FlexShares®
US
Quality
Large
Cap
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
Long
Contracts
‌
S&P
500
Micro
E-Mini
Index
44
09/20/2024
USD
$
1,222,760
$
12,023
Abbreviations:
USD
—
US
Dollar
Security
Type
%
of
Net
Assets
Common
Stocks
99‌
.4
%
Securities
Lending
Reinvestments
1‌
.6
Others
(1)
(
1‌
.0
)
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
136
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
Schedule
of
Investments
FlexShares
®
STOXX
®
US
ESG
Select
Index
Fund
July
31,2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
99
.2
%
Air
Freight
&
Logistics
-
0
.3
%
Expeditors
International
of
Washington,
Inc.
486
$
60,663
FedEx
Corp.
1,350
408,037
468,700
Automobile
Components
-
0
.0
%
(a)
Aptiv
plc*
1,080
74,941
Automobiles
-
3
.6
%
Ford
Motor
Co.
11,880
128,542
General
Motors
Co.
9,882
437,970
Tesla,
Inc.*
24,462
5,676,896
6,243,408
Banks
-
5
.4
%
Bank
of
America
Corp.
40,122
1,617,318
Citigroup,
Inc.
16,848
1,093,098
Fifth
Third
Bancorp
3,132
132,609
Huntington
Bancshares,
Inc.
6,750
100,912
JPMorgan
Chase
&
Co.
25,326
5,389,373
KeyCorp
3,402
54,874
NU
Holdings
Ltd.,
Class
A*
9,774
118,559
Regions
Financial
Corp.
3,510
78,519
Truist
Financial
Corp.
7,938
354,749
US
Bancorp
13,824
620,421
9,560,432
Beverages
-
1
.9
%
Coca-Cola
Co.
(The)
34,560
2,306,535
Coca-Cola
Europacific
Partners
plc
1,728
127,475
Constellation
Brands,
Inc.,
Class
A
540
132,386
Keurig
Dr
Pepper,
Inc.
4,428
151,792
PepsiCo,
Inc.
3,996
689,989
3,408,177
Biotechnology
-
0
.8
%
Gilead
Sciences,
Inc.
5,346
406,617
Moderna,
Inc.*
1,674
199,574
Vertex
Pharmaceuticals,
Inc.*
1,512
749,529
‌
1,355,720
Investments
Shares
Value
Broadline
Retail
-
5
.0
%
Amazon.com,
Inc.*
46,332
$
8,663,157
eBay,
Inc.(b)
3,024
168,165
8,831,322
Building
Products
-
0
.5
%
Lennox
International,
Inc.
(b)
270
157,545
Masco
Corp.
1,026
79,874
Owens
Corning
378
70,451
Trane
Technologies
plc
1,674
559,585
867,455
Capital
Markets
-
3
.6
%
Bank
of
New
York
Mellon
Corp.
(The)
5,616
365,433
BlackRock,
Inc.
1,242
1,088,613
Blackstone,
Inc.(b)
2,106
299,368
FactSet
Research
Systems,
Inc.
270
111,534
Goldman
Sachs
Group,
Inc.
(The)
2,862
1,456,844
Intercontinental
Exchange,
Inc.
5,076
769,319
Moody's
Corp.
486
221,849
Morgan
Stanley
3,726
384,561
MSCI,
Inc.
324
175,206
Nasdaq,
Inc.
2,700
182,736
Northern
Trust
Corp.(b)(c)
594
52,658
S&P
Global,
Inc.
2,322
1,125,543
State
Street
Corp.
1,458
123,886
6,357,550
Chemicals
-
0
.7
%
Corteva,
Inc.
3,024
169,646
Dow,
Inc.
4,266
232,369
DuPont
de
Nemours,
Inc.
2,430
203,391
Ecolab,
Inc.
1,242
286,517
Sherwin-Williams
Co.
(The)
702
246,262
1,138,185
Commercial
Services
&
Supplies
-
0
.3
%
Cintas
Corp.
756
577,539
Communications
Equipment
-
0
.7
%
Cisco
Systems,
Inc.
23,922
1,159,021
Construction
&
Engineering
-
0
.0
%
(a)
AECOM
324
29,358
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
US
ESG
Select
Index
Fund
(cont.)
137
Investments
Shares
Value
COMMON
STOCKS
(continued)
Construction
Materials
-
0
.1
%
CRH
plc
2,916
$
249,901
Consumer
Finance
-
0
.1
%
Discover
Financial
Services
1,080
155,509
Consumer
Staples
Distribution
&
Retail
-
3
.1
%
Costco
Wholesale
Corp.
1,944
1,597,968
Dollar
General
Corp.
918
110,518
Dollar
Tree,
Inc.*
864
90,150
Kroger
Co.
(The)
5,994
326,673
Sysco
Corp.
1,512
115,895
Target
Corp.
3,348
503,573
Walgreens
Boots
Alliance,
Inc.
5,724
67,944
Walmart,
Inc.
38,718
2,657,603
5,470,324
Containers
&
Packaging
-
0
.2
%
Ball
Corp.
2,862
182,682
Smurfit
WestRock
plc*
3,024
135,596
318,278
Distributors
-
0
.0
%
(a)
LKQ
Corp.
540
22,410
Diversified
Telecommunication
Services
-
0
.4
%
Verizon
Communications,
Inc.
18,468
748,323
Electric
Utilities
-
0
.1
%
Alliant
Energy
Corp.
756
42,079
American
Electric
Power
Co.,
Inc.
1,620
158,954
201,033
Electrical
Equipment
-
0
.2
%
Emerson
Electric
Co.
1,728
202,366
nVent
Electric
plc
1,404
101,972
Rockwell
Automation,
Inc.
324
90,283
394,621
Electronic
Equipment,
Instruments
&
Components
-
0
.4
%
Corning,
Inc.
2,376
95,064
Flex
Ltd.*
1,080
34,722
Jabil,
Inc.
756
85,178
Keysight
Technologies,
Inc.*
486
67,831
TE
Connectivity
Ltd.
1,350
208,345
Investments
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Zebra
Technologies
Corp.,
Class
A*
324
$
113,786
604,926
Energy
Equipment
&
Services
-
0
.5
%
Baker
Hughes
Co.
4,428
171,452
Schlumberger
NV
12,690
612,800
784,252
Entertainment
-
0
.7
%
Walt
Disney
Co.
(The)
13,392
1,254,696
Financial
Services
-
6
.2
%
Apollo
Global
Management,
Inc.
3,780
473,672
Berkshire
Hathaway,
Inc.,
Class
B*
11,556
5,067,306
Fidelity
National
Information
Services,
Inc.
1,728
132,762
Mastercard,
Inc.,
Class
A
3,618
1,677,703
PayPal
Holdings,
Inc.*
5,994
394,285
Visa,
Inc.,
Class
A(b)
11,556
3,070,083
10,815,811
Food
Products
-
1
.1
%
Bunge
Global
SA(b)
432
45,459
Conagra
Brands,
Inc.
2,700
81,864
General
Mills,
Inc.
5,076
340,803
Hershey
Co.
(The)
1,080
213,278
J
M
Smucker
Co.
(The)
432
50,954
Kellanova
2,430
141,304
Kraft
Heinz
Co.
(The)
5,346
188,233
McCormick
&
Co.,
Inc.
(Non-Voting)
1,458
112,281
Mondelez
International,
Inc.,
Class
A
9,936
679,126
1,853,302
Ground
Transportation
-
1
.2
%
CSX
Corp.
5,940
208,494
Uber
Technologies,
Inc.*
12,150
783,310
Union
Pacific
Corp.
4,482
1,105,844
XPO,
Inc.*
756
86,857
2,184,505
Health
Care
Equipment
&
Supplies
-
2
.3
%
Abbott
Laboratories
10,206
1,081,224
Baxter
International,
Inc.
1,944
69,634
Becton
Dickinson
&
Co.
810
195,259
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
US
ESG
Select
Index
Fund
(cont.)
138
Investments
Shares
Value
COMMON
STOCKS
(continued)
Health
Care
Equipment
&
Supplies
(continued)
Boston
Scientific
Corp.*
4,428
$
327,141
Edwards
Lifesciences
Corp.*
3,618
228,115
GE
HealthCare
Technologies,
Inc.
3,672
310,761
Hologic,
Inc.*
1,350
110,173
IDEXX
Laboratories,
Inc.*
270
128,552
Medtronic
plc
7,722
620,231
Stryker
Corp.
2,646
866,433
Zimmer
Biomet
Holdings,
Inc.
540
60,129
3,997,652
Health
Care
Providers
&
Services
-
2
.9
%
Cardinal
Health,
Inc.
1,458
147,010
Cencora,
Inc.
540
128,455
Cigna
Group
(The)
1,674
583,674
CVS
Health
Corp.
9,072
547,314
Elevance
Health,
Inc.
1,674
890,618
McKesson
Corp.
756
466,467
UnitedHealth
Group,
Inc.
4,050
2,333,448
5,096,986
Health
Care
REITs
-
0
.5
%
Alexandria
Real
Estate
Equities,
Inc.,
REIT
1,188
139,340
Healthpeak
Properties,
Inc.,
REIT
6,696
146,107
Ventas,
Inc.,
REIT
2,268
123,470
Welltower,
Inc.,
REIT
4,428
492,615
901,532
Hotel
&
Resort
REITs
-
0
.0
%
(a)
Host
Hotels
&
Resorts,
Inc.,
REIT
3,186
55,787
Hotels,
Restaurants
&
Leisure
-
2
.0
%
Booking
Holdings,
Inc.
200
743,002
Carnival
Corp.*
2,754
45,882
Chipotle
Mexican
Grill,
Inc.*
8,100
439,992
Domino's
Pizza,
Inc.
162
69,449
Expedia
Group,
Inc.*
702
89,624
Hilton
Worldwide
Holdings,
Inc.
1,836
394,134
Las
Vegas
Sands
Corp.
1,566
62,123
Marriott
International,
Inc.,
Class
A
1,836
417,323
McDonald's
Corp.
2,106
558,932
MGM
Resorts
International*
1,512
64,971
Starbucks
Corp.
5,022
391,465
Investments
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Yum!
Brands,
Inc.
1,674
$
222,358
3,499,255
Household
Products
-
2
.6
%
Church
&
Dwight
Co.,
Inc.
756
74,096
Clorox
Co.
(The)
1,080
142,484
Colgate-Palmolive
Co.
6,102
605,257
Kimberly-Clark
Corp.
2,916
393,806
Procter
&
Gamble
Co.
(The)
20,736
3,333,519
4,549,162
Independent
Power
and
Renewable
Electricity
Producers
-
0
.0
%
(a)
AES
Corp.
(The)
3,186
56,679
Insurance
-
2
.3
%
Aflac,
Inc.
3,888
370,837
Allstate
Corp.
(The)
810
138,607
American
International
Group,
Inc.
3,024
239,592
Aon
plc,
Class
A
1,296
425,749
Arthur
J
Gallagher
&
Co.
972
275,552
Chubb
Ltd.
2,268
625,197
Hartford
Financial
Services
Group,
Inc.
(The)
2,106
233,598
Marsh
&
McLennan
Cos.,
Inc.
2,916
649,014
MetLife,
Inc.
4,266
327,842
Principal
Financial
Group,
Inc.
1,782
145,251
RenaissanceRe
Holdings
Ltd.
162
37,569
Travelers
Cos.,
Inc.
(The)
1,674
362,321
Willis
Towers
Watson
plc
864
243,890
4,075,019
Interactive
Media
&
Services
-
6
.2
%
Alphabet,
Inc.,
Class
C
16,524
2,861,130
Meta
Platforms,
Inc.,
Class
A(b)
16,848
7,999,936
Snap,
Inc.,
Class
A*(b)
5,724
76,244
10,937,310
IT
Services
-
2
.4
%
Accenture
plc,
Class
A
5,886
1,946,029
Akamai
Technologies,
Inc.*
702
68,992
Amdocs
Ltd.
1,080
94,468
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
US
ESG
Select
Index
Fund
(cont.)
139
Investments
Shares
Value
COMMON
STOCKS
(continued)
IT
Services
(continued)
Cognizant
Technology
Solutions
Corp.,
Class
A
3,726
$
281,984
Gartner,
Inc.*
540
270,643
International
Business
Machines
Corp.
8,100
1,556,334
Okta,
Inc.*
702
65,946
4,284,396
Life
Sciences
Tools
&
Services
-
0
.4
%
Agilent
Technologies,
Inc.
864
122,170
Avantor,
Inc.*
2,160
57,780
Illumina,
Inc.*
648
79,445
IQVIA
Holdings,
Inc.*
1,350
332,410
West
Pharmaceutical
Services,
Inc.
216
66,133
657,938
Machinery
-
1
.9
%
Caterpillar,
Inc.
2,160
747,792
Cummins,
Inc.
1,026
299,387
Deere
&
Co.
2,052
763,303
Dover
Corp.
594
109,450
Fortive
Corp.
2,592
186,235
IDEX
Corp.
324
67,548
Illinois
Tool
Works,
Inc.
864
213,650
Lincoln
Electric
Holdings,
Inc.
270
55,461
Nordson
Corp.
324
81,107
Otis
Worldwide
Corp.
3,024
285,768
Pentair
plc
1,134
99,645
Stanley
Black
&
Decker,
Inc.
810
85,552
Westinghouse
Air
Brake
Technologies
Corp.
810
130,531
Xylem,
Inc.
1,080
144,180
3,269,609
Media
-
0
.2
%
Interpublic
Group
of
Cos.,
Inc.
(The)(b)
3,672
118,128
Omnicom
Group,
Inc.
1,782
174,708
292,836
Metals
&
Mining
-
0
.5
%
Freeport-McMoRan,
Inc.
6,372
289,353
Newmont
Corp.
8,262
405,416
Nucor
Corp.
702
114,384
‌
809,153
Investments
Shares
Value
Multi-Utilities
-
0
.1
%
Public
Service
Enterprise
Group,
Inc.
1,404
$
111,997
Oil,
Gas
&
Consumable
Fuels
-
4
.6
%
Cheniere
Energy,
Inc.
702
128,213
Chevron
Corp.
15,120
2,426,306
ConocoPhillips
3,402
378,302
Diamondback
Energy,
Inc.
486
98,323
Exxon
Mobil
Corp.
39,474
4,681,222
Marathon
Oil
Corp.
3,240
90,882
Valero
Energy
Corp.
1,458
235,788
8,039,036
Personal
Care
Products
-
0
.1
%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
1,620
161,368
Pharmaceuticals
-
6
.5
%
Bristol-Myers
Squibb
Co.
11,718
557,308
Eli
Lilly
&
Co.
4,968
3,995,613
Johnson
&
Johnson
21,168
3,341,369
Merck
&
Co.,
Inc.
18,684
2,113,721
Pfizer,
Inc.
24,624
752,017
Royalty
Pharma
plc,
Class
A
3,780
106,483
Zoetis,
Inc.
3,402
612,496
11,479,007
Professional
Services
-
0
.7
%
Automatic
Data
Processing,
Inc.
3,024
794,163
Broadridge
Financial
Solutions,
Inc.
702
150,228
Verisk
Analytics,
Inc.
864
226,152
1,170,543
Real
Estate
Management
&
Development
-
0
.2
%
CBRE
Group,
Inc.,
Class
A*
2,700
304,317
Residential
REITs
-
0
.1
%
Camden
Property
Trust,
REIT
270
29,902
Essex
Property
Trust,
Inc.,
REIT
378
105,220
Sun
Communities,
Inc.,
REIT
756
95,808
230,930
Semiconductors
&
Semiconductor
Equipment
-
6
.7
%
Advanced
Micro
Devices,
Inc.*
9,504
1,373,138
Applied
Materials,
Inc.
4,914
1,042,751
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
US
ESG
Select
Index
Fund
(cont.)
140
Investments
Shares
Value
COMMON
STOCKS
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Broadcom,
Inc.
20,520
$
3,297,154
Intel
Corp.
31,050
954,477
KLA
Corp.
378
311,121
Lam
Research
Corp.
972
895,445
Micron
Technology,
Inc.
9,774
1,073,381
NXP
Semiconductors
NV
1,890
497,372
QUALCOMM,
Inc.
6,534
1,182,327
Skyworks
Solutions,
Inc.
432
49,084
Texas
Instruments,
Inc.
5,346
1,089,568
11,765,818
Software
-
8
.4
%
Adobe,
Inc.*
2,646
1,459,666
Autodesk,
Inc.*
1,890
467,813
Crowdstrike
Holdings,
Inc.,
Class
A*
1,350
313,146
Gen
Digital,
Inc.(b)
4,536
117,891
HubSpot,
Inc.*
378
187,877
Intuit,
Inc.
1,242
804,009
Microsoft
Corp.
19,278
8,064,951
Oracle
Corp.
7,074
986,469
Palo
Alto
Networks,
Inc.*
1,404
455,921
Salesforce,
Inc.
2,808
726,710
ServiceNow,
Inc.*
918
747,610
Synopsys,
Inc.*
864
482,389
14,814,452
Specialized
REITs
-
0
.9
%
American
Tower
Corp.,
REIT(b)
3,402
749,801
Crown
Castle,
Inc.,
REIT
1,296
142,664
Iron
Mountain,
Inc.,
REIT(b)
2,160
221,529
VICI
Properties,
Inc.,
Class
A,
REIT
9,288
290,343
Weyerhaeuser
Co.,
REIT
6,480
205,805
1,610,142
Specialty
Retail
-
2
.8
%
AutoZone,
Inc.*
54
169,219
Best
Buy
Co.,
Inc.
1,782
154,179
Burlington
Stores,
Inc.*
324
84,344
Dick's
Sporting
Goods,
Inc.
162
35,049
Home
Depot,
Inc.
(The)
4,374
1,610,332
Lowe's
Cos.,
Inc.
4,158
1,020,830
Ross
Stores,
Inc.
2,484
355,783
TJX
Cos.,
Inc.
(The)
10,044
1,135,173
Tractor
Supply
Co.
810
213,289
Investments
Shares
Value
Specialty
Retail
(continued)
Williams-Sonoma,
Inc.(b)
1,080
$
167,054
4,945,252
Technology
Hardware,
Storage
&
Peripherals
-
5
.7
%
Apple,
Inc.
39,744
8,826,348
Hewlett
Packard
Enterprise
Co.
9,342
185,999
HP,
Inc.
8,856
319,613
NetApp,
Inc.
1,188
150,852
Pure
Storage,
Inc.,
Class
A*
918
55,016
Seagate
Technology
Holdings
plc
594
60,689
Super
Micro
Computer,
Inc.*(b)
432
303,113
Western
Digital
Corp.*(b)
2,808
188,276
10,089,906
Textiles,
Apparel
&
Luxury
Goods
-
0
.5
%
Deckers
Outdoor
Corp.*
162
149,466
Lululemon
Athletica,
Inc.*
1,080
279,353
NIKE,
Inc.,
Class
B
7,020
525,517
954,336
Trading
Companies
&
Distributors
-
0
.5
%
Ferguson
plc
1,782
396,762
United
Rentals,
Inc.
216
163,534
WW
Grainger,
Inc.(b)
270
263,739
824,035
Water
Utilities
-
0
.1
%
American
Water
Works
Co.,
Inc.
1,404
199,873
Total
Common
Stocks
(Cost
$139,676,781)
174,314,025
Total
Investments
-
99.2%
(Cost
$139,676,781)
174,314,025
Other
assets
less
liabilities
-
0.8%
1,363,431
NET
ASSETS
-
100.0%
$175,677,456
*
Non-income
producing
security.
(a)
Represents
less
than
0.05%
of
net
assets.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$11,919,821,
collateralized
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
7.63%,
and
maturity
dates
ranging
from
August
15,
2024
–
February
15,
2054;
a
total
value
of
$11,955,046.
(c)
Investment
in
affiliated
company.
Northern
Trust
Investments,
Inc.,
the
Investment
Adviser
of
the
Fund,
is
a
subsidiary
of
Northern
Trust
Corporation.
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
US
ESG
Select
Index
Fund
(cont.)
141
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
REIT
Real
Estate
Investment
Trust
Investment
in
a
company
which
was
affiliated
for
the
period
ended
July
31,
2024,
was
as
follows:
Security
Value
October
31,
2023
Purchases
at
Cost
Sales
Proceeds
Shares
July
31,
2024
Value
July
31,
2024
Change
in
Unrealized
Appreciation
(Depreciation)
Dividend
Income
Realized
Gain
Northern
Trust
Corp.
$
77,115
$
12,799
$
61,832
594
$
52,658
$
24,070
$
1,962
$
506
Futures
Contracts
FlexShares®
STOXX®
US
ESG
Select
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
Long
Contracts
‌
S&P
500
E-Mini
Index
2
09/20/2024
USD
$
555,800
$
5,507
S&P
500
Micro
E-Mini
Index
29
09/20/2024
USD
805,910
4,011
$
9,518
Abbreviations:
USD
—
US
Dollar
Security
Type
%
of
Net
Assets
Common
Stocks
99‌
.2
%
Others
(1)
0‌
.8
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
142
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
Schedule
of
Investments
FlexShares
®
STOXX
®
Global
ESG
Select
Index
Fund
July
31,
2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
99
.1
%
Air
Freight
&
Logistics
-
0
.1
%
Deutsche
Post
AG
1,932
$
86,238
DSV
A/S
672
123,176
International
Distribution
Services
plc*
1,035
4,586
214,000
Automobile
Components
-
0
.2
%
Aisin
Corp.
700
23,960
Bridgestone
Corp.
2,300
94,547
Cie
Generale
des
Etablissements
Michelin
SCA
3,234
128,082
Continental
AG
552
33,868
Denso
Corp.
5,000
83,544
Forvia
SE
92
1,078
Niterra
Co.
Ltd.
600
18,025
383,104
Automobiles
-
1
.3
%
Bayerische
Motoren
Werke
AG
1,134
105,310
Ferrari
NV
294
121,019
General
Motors
Co.
7,812
346,228
Honda
Motor
Co.
Ltd.
21,000
229,875
Mazda
Motor
Corp.
2,300
20,973
Mercedes-Benz
Group
AG
3,864
255,724
Mitsubishi
Motors
Corp.(a)
6,900
20,137
Nissan
Motor
Co.
Ltd.
13,800
44,594
Renault
SA
1,058
51,336
Stellantis
NV
6,930
115,514
Subaru
Corp.
2,300
45,653
Suzuki
Motor
Corp.
6,800
79,520
Toyota
Motor
Corp.
35,000
685,996
Volkswagen
AG
(Preference)
756
84,424
Yamaha
Motor
Co.
Ltd.
4,200
39,499
2,245,802
Banks
-
8
.5
%
ABN
AMRO
Bank
NV,
CVA(b)
2,254
39,305
AIB
Group
plc
8,786
50,389
ANZ
Group
Holdings
Ltd.
17,262
327,454
Banco
Bilbao
Vizcaya
Argentaria
SA(a)
23,394
245,653
Banco
BPM
SpA
8,484
58,755
Banco
Santander
SA
69,678
335,901
Bank
of
Ireland
Group
plc
4,554
51,619
Bank
of
Montreal
1,722
145,157
Investments
Shares
Value
Banks
(continued)
Bank
Polska
Kasa
Opieki
SA
920
$
37,185
Bankinter
SA
3,726
31,804
Banque
Cantonale
Vaudoise
(Registered)
(a)
138
14,643
Barclays
plc
62,118
186,543
BAWAG
Group
AG(b)
422
30,801
BNP
Paribas
SA
5,082
348,981
CaixaBank
SA
17,934
104,523
Canadian
Imperial
Bank
of
Commerce
2,982
154,124
Citigroup,
Inc.
16,254
1,054,559
Commerzbank
AG
2,265
36,985
Commonwealth
Bank
of
Australia
10,122
908,763
Danske
Bank
A/S
3,234
98,954
DBS
Group
Holdings
Ltd.
5,680
155,376
Erste
Group
Bank
AG
966
50,258
FinecoBank
Banca
Fineco
SpA(a)
3,648
61,976
Hang
Seng
Bank
Ltd.
4,800
58,894
HSBC
Holdings
plc
73,122
661,208
Intesa
Sanpaolo
SpA
85,302
346,191
JPMorgan
Chase
&
Co.
24,696
5,255,309
KBC
Group
NV
966
74,886
Lloyds
Banking
Group
plc
307,608
235,405
Mediobanca
Banca
di
Credito
Finanziario
SpA
2,254
36,574
Mitsubishi
UFJ
Financial
Group,
Inc.
50,400
586,202
National
Australia
Bank
Ltd.
11,802
297,325
National
Bank
of
Canada
714
59,686
NatWest
Group
plc
33,180
156,877
Nordea
Bank
Abp
16,296
190,799
NU
Holdings
Ltd.,
Class
A*
10,794
130,931
Oversea-Chinese
Banking
Corp.
Ltd.
15,500
172,081
Ringkjoebing
Landbobank
A/S
42
7,443
Royal
Bank
of
Canada
3,696
412,768
Santander
Bank
Polska
SA
46
6,051
Skandinaviska
Enskilda
Banken
AB,
Class
A
7,350
113,155
Societe
Generale
SA
2,772
71,930
Standard
Chartered
plc
9,576
94,365
Svenska
Handelsbanken
AB,
Class
A
6,174
62,330
Swedbank
AB,
Class
A
4,494
95,603
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
ESG
Select
Index
Fund
(cont.)
143
Investments
Shares
Value
COMMON
STOCKS
(continued)
Banks
(continued)
Toronto-Dominion
Bank
(The)
4,242
$
250,353
UniCredit
SpA
4,620
189,748
US
Bancorp
7,728
346,833
Virgin
Money
UK
plc
6,946
19,217
Westpac
Banking
Corp.
21,420
416,820
14,878,692
Beverages
-
1
.4
%
Anheuser-Busch
InBev
SA/NV
3,024
179,844
Britvic
plc
1,811
29,519
Carlsberg
A/S,
Class
B
252
30,455
Coca-Cola
Co.
(The)
20,412
1,362,297
Coca-Cola
Europacific
Partners
plc
1,360
100,327
Coca-Cola
HBC
AG
982
35,822
Davide
Campari-Milano
NV(a)
222
2,003
Diageo
plc
10,290
319,719
Heineken
Holding
NV
460
33,898
Heineken
NV
1,316
116,800
Kirin
Holdings
Co.
Ltd.
2,900
41,064
Pernod
Ricard
SA
924
123,983
Treasury
Wine
Estates
Ltd.
2,394
19,306
2,395,037
Biotechnology
-
0
.8
%
CSL
Ltd.
1,386
280,314
Gilead
Sciences,
Inc.
4,494
341,814
Moderna,
Inc.*(a)
1,302
155,224
Swedish
Orphan
Biovitrum
AB*
609
15,899
Vertex
Pharmaceuticals,
Inc.*
1,344
666,248
1,459,499
Broadline
Retail
-
5
.4
%
Allegro.eu
SA*(b)
1,012
9,282
Amazon.com,
Inc.*
46,410
8,677,742
B&M
European
Value
Retail
SA
2,100
12,626
eBay,
Inc.(a)
1,722
95,760
Isetan
Mitsukoshi
Holdings
Ltd.
3,100
62,449
J
Front
Retailing
Co.
Ltd.
2,300
27,944
Next
plc
588
68,532
Prosus
NV
4,116
143,038
Rakuten
Group,
Inc.*
5,700
33,429
Ryohin
Keikaku
Co.
Ltd.
500
9,443
Investments
Shares
Value
Broadline
Retail
(continued)
Wesfarmers
Ltd.
6,510
$
313,088
9,453,333
Building
Products
-
0
.5
%
AGC,
Inc.
900
32,295
Assa
Abloy
AB,
Class
B
3,822
116,219
Belimo
Holding
AG
(Registered)
46
27,827
Cie
de
Saint-Gobain
SA
2,604
223,845
Fletcher
Building
Ltd.
2,898
5,371
Geberit
AG
(Registered)
126
80,216
Lennox
International,
Inc.
(a)
168
98,028
Lixil
Corp.
2,200
25,442
Nibe
Industrier
AB,
Class
B(a)
2,898
12,711
Reliance
Worldwide
Corp.
Ltd.
2,576
8,663
ROCKWOOL
A/S,
Class
B
49
21,658
Trane
Technologies
plc
756
252,716
904,991
Capital
Markets
-
2
.4
%
abrdn
plc
3,700
8,082
Allfunds
Group
plc
2,438
14,668
ASX
Ltd.
840
35,637
BlackRock,
Inc.
1,218
1,067,577
Daiwa
Securities
Group,
Inc.
8,800
73,548
Euronext
NV(b)
414
41,887
FactSet
Research
Systems,
Inc.
126
52,049
Goldman
Sachs
Group,
Inc.
(The)
1,680
855,170
Hong
Kong
Exchanges
&
Clearing
Ltd.
3,600
106,820
IG
Group
Holdings
plc
1,288
15,510
Intercontinental
Exchange,
Inc.
4,872
738,400
Investec
plc
714
5,645
Julius
Baer
Group
Ltd.
690
37,665
London
Stock
Exchange
Group
plc
1,890
229,895
Macquarie
Group
Ltd.
2,058
281,945
Man
Group
plc
2,576
8,087
Nasdaq,
Inc.
1,140
77,155
S&P
Global,
Inc.
1,050
508,966
Schroders
plc
3,772
19,031
4,177,737
Chemicals
-
0
.4
%
Air
Liquide
SA
1,386
253,135
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
ESG
Select
Index
Fund
(cont.)
144
Investments
Shares
Value
COMMON
STOCKS
(continued)
Chemicals
(continued)
Akzo
Nobel
NV
504
$
31,152
Arkema
SA
179
16,193
BASF
SE
2,772
129,282
Covestro
AG*(b)
610
35,948
Croda
International
plc
506
26,270
FUCHS
SE
(Preference)
528
22,980
Hexpol
AB
2,691
30,054
Incitec
Pivot
Ltd.
3,726
7,178
LANXESS
AG
92
2,407
Mitsubishi
Chemical
Group
Corp.
4,600
27,338
Nippon
Sanso
Holdings
Corp.
1,400
46,245
Novonesis
(Novozymes)
B
1,092
69,518
OCI
NV
598
14,398
Orica
Ltd.
2,346
27,514
Wacker
Chemie
AG
92
9,238
Yara
International
ASA
920
26,167
775,017
Commercial
Services
&
Supplies
-
0
.4
%
Brambles
Ltd.
6,888
69,987
Cintas
Corp.
462
352,941
Downer
EDI
Ltd.
6,762
22,034
Elis
SA
1,080
24,986
ISS
A/S(a)
598
10,935
Rentokil
Initial
plc
8,862
54,034
Securitas
AB,
Class
B
2,731
29,329
SPIE
SA
759
29,370
TOPPAN
Holdings,
Inc.
1,800
51,143
644,759
Construction
&
Engineering
-
0
.4
%
Balfour
Beatty
plc
2,990
16,176
Bouygues
SA
736
25,438
Eiffage
SA
425
42,356
Ferrovial
SE
2,490
98,993
HOCHTIEF
AG
46
5,475
Obayashi
Corp.
4,600
60,703
Shimizu
Corp.
2,300
14,533
Skanska
AB,
Class
B(a)
2,116
41,283
Sweco
AB,
Class
B
1,334
21,521
Vinci
SA
2,940
335,953
Worley
Ltd.(a)
2,024
20,063
WSP
Global,
Inc.
230
38,183
720,677
Construction
Materials
-
0
.2
%
Buzzi
SpA
368
14,439
Heidelberg
Materials
AG
184
19,210
Investments
Shares
Value
Construction
Materials
(continued)
Holcim
AG
2,394
$
223,667
Wienerberger
AG
437
15,491
272,807
Consumer
Finance
-
0
.0
%
(c)
Cembra
Money
Bank
AG(a)
46
4,011
Marui
Group
Co.
Ltd.
2,300
37,245
41,256
Consumer
Staples
Distribution
&
Retail
-
2
.0
%
Aeon
Co.
Ltd.(a)
4,200
95,886
Axfood
AB
598
14,819
Carrefour
SA
3,288
49,100
Coles
Group
Ltd.
1,512
17,871
Dollar
Tree,
Inc.*
798
83,263
Endeavour
Group
Ltd.
874
3,133
J
Sainsbury
plc
9,108
32,218
Jeronimo
Martins
SGPS
SA
1,334
23,313
Kesko
OYJ,
Class
B
1,472
26,601
Koninklijke
Ahold
Delhaize
NV
3,570
115,043
Kroger
Co.
(The)
3,444
187,698
Loblaw
Cos.
Ltd.
420
51,761
Marks
&
Spencer
Group
plc
10,166
42,868
Seven
&
i
Holdings
Co.
Ltd.
8,400
101,078
Target
Corp.
2,394
360,082
Tesco
plc
9,338
39,773
Walgreens
Boots
Alliance,
Inc.
4,452
52,845
Walmart,
Inc.
30,156
2,069,908
Woolworths
Group
Ltd.
6,678
150,445
3,517,705
Containers
&
Packaging
-
0
.1
%
Ball
Corp.
1,512
96,511
DS
Smith
plc
2,226
13,004
Huhtamaki
OYJ
230
9,323
Orora
Ltd.(a)
5,198
6,924
125,762
Distributors
-
0
.0
%
(c)
D'ieteren
Group
92
21,145
Inchcape
plc
1,656
17,931
39,076
Diversified
Consumer
Services
-
0
.0
%
(c)
Pearson
plc
3,864
52,410
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
ESG
Select
Index
Fund
(cont.)
145
Investments
Shares
Value
COMMON
STOCKS
(continued)
Diversified
REITs
-
0
.1
%
British
Land
Co.
plc
(The),
REIT
6,348
$
33,561
Covivio
SA,
REIT
349
18,029
Mirvac
Group,
REIT(a)
31,602
44,161
Stockland,
REIT(a)
10,668
32,045
127,796
Diversified
Telecommunication
Services
-
0
.7
%
BT
Group
plc(a)
12,374
22,387
Cellnex
Telecom
SA(b)
2,324
80,926
Chorus
Ltd.(a)
2,070
9,713
Deutsche
Telekom
AG
(Registered)
15,162
396,552
Elisa
OYJ
552
25,697
Infrastrutture
Wireless
Italiane
SpA(b)
1,403
15,607
Koninklijke
KPN
NV
18,018
70,892
Nippon
Telegraph
&
Telephone
Corp.
218,400
232,828
Singapore
Telecommunications
Ltd.
29,400
67,697
Spark
New
Zealand
Ltd.
3,604
9,247
Swisscom
AG
(Registered)
84
51,340
Telenor
ASA
2,967
35,275
Telia
Co.
AB(a)
13,846
40,217
Telstra
Group
Ltd.
47,973
123,426
1,181,804
Electric
Utilities
-
0
.7
%
Alliant
Energy
Corp.
922
51,319
American
Electric
Power
Co.,
Inc.
1,848
181,326
BKW
AG
42
7,577
Contact
Energy
Ltd.
782
3,948
EDP
SA
13,776
56,647
Elia
Group
SA/NV(a)
92
9,547
Endesa
SA(a)
782
15,147
Enel
SpA(a)
15,078
107,587
Fortum
OYJ(a)
2,438
37,435
Iberdrola
SA(a)
26,546
349,876
Kansai
Electric
Power
Co.,
Inc.
(The)
3,100
53,002
Origin
Energy
Ltd.
12,264
84,008
Orsted
A/S*(a)(b)
690
41,064
Redeia
Corp.
SA
2,352
41,663
SSE
plc
5,586
134,925
Terna
-
Rete
Elettrica
Nazionale
3,312
27,560
Investments
Shares
Value
Electric
Utilities
(continued)
Verbund
AG
276
$
22,101
1,224,732
Electrical
Equipment
-
0
.8
%
ABB
Ltd.
(Registered)
5,670
314,209
Legrand
SA
1,176
127,102
Nexans
SA
253
32,743
Nidec
Corp.(a)
4,200
186,971
nVent
Electric
plc
1,008
73,211
Prysmian
SpA
1,536
105,610
Schneider
Electric
SE
1,470
354,485
Siemens
Energy
AG*
1,794
52,240
Vestas
Wind
Systems
A/S*
4,736
116,925
1,363,496
Electronic
Equipment,
Instruments
&
Components
-
0
.5
%
Comet
Holding
AG
(Registered)
42
16,819
Halma
plc
690
23,592
Hexagon
AB,
Class
B
6,726
68,405
Ibiden
Co.
Ltd.
1,000
38,834
Jabil,
Inc.
588
66,250
Kyocera
Corp.
4,200
53,065
Murata
Manufacturing
Co.
Ltd.
10,700
238,307
Omron
Corp.
1,200
44,432
Shimadzu
Corp.
900
26,666
TDK
Corp.
1,000
70,019
TE
Connectivity
Ltd.
1,512
233,347
879,736
Energy
Equipment
&
Services
-
0
.3
%
Schlumberger
NV
10,164
490,820
Technip
Energies
NV
138
3,524
494,344
Entertainment
-
0
.5
%
Bollore
SE
4,117
25,661
Square
Enix
Holdings
Co.
Ltd.
900
30,459
Walt
Disney
Co.
(The)
9,534
893,240
949,360
Financial
Services
-
3
.5
%
AMP
Ltd.
46
36
Apollo
Global
Management,
Inc.(a)
2,856
357,885
Berkshire
Hathaway,
Inc.,
Class
B*
9,030
3,959,655
Edenred
SE
924
38,505
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
ESG
Select
Index
Fund
(cont.)
146
Investments
Shares
Value
COMMON
STOCKS
(continued)
Financial
Services
(continued)
EXOR
NV
296
$
30,300
Industrivarden
AB,
Class
C
460
15,576
Kinnevik
AB,
Class
B*
690
5,772
M&G
plc
14,398
39,262
Nexi
SpA*(b)
4,232
25,993
ORIX
Corp.
4,200
102,278
Visa,
Inc.,
Class
A(a)
5,418
1,439,400
Wendel
SE
82
7,866
6,022,528
Food
Products
-
0
.7
%
AAK
AB
1,400
40,233
Ajinomoto
Co.,
Inc.
2,500
103,533
Associated
British
Foods
plc
1,012
32,263
Bakkafrost
P/F
46
2,398
Danone
SA
1,386
90,227
General
Mills,
Inc.
3,024
203,031
Hershey
Co.
(The)(a)
546
107,824
JDE
Peet's
NV
92
2,019
Kellanova
1,134
65,942
Kerry
Group
plc,
Class
A
798
74,608
MEIJI
Holdings
Co.
Ltd.
2,300
58,073
Mondelez
International,
Inc.,
Class
A
4,704
321,518
Mowi
ASA
1,590
26,785
Orkla
ASA
3,726
31,384
Salmar
ASA
368
21,135
Viscofan
SA(a)
47
3,133
1,184,106
Gas
Utilities
-
0
.1
%
APA
Group
5,082
26,250
Enagas
SA(a)
322
4,822
Naturgy
Energy
Group
SA
46
1,104
Rubis
SCA(a)
276
8,649
Snam
SpA(a)
11,280
53,914
Tokyo
Gas
Co.
Ltd.
2,100
46,087
140,826
Ground
Transportation
-
0
.9
%
Canadian
National
Railway
Co.
1,932
223,527
Canadian
Pacific
Kansas
City
Ltd.
2,184
183,042
ComfortDelGro
Corp.
Ltd.
13,800
14,444
Hankyu
Hanshin
Holdings,
Inc.
1,300
37,196
MTR
Corp.
Ltd.(a)
10,000
32,386
Uber
Technologies,
Inc.*
7,350
473,855
Investments
Shares
Value
Ground
Transportation
(continued)
Union
Pacific
Corp.
2,058
$
507,770
XPO,
Inc.*
356
40,901
1,513,121
Health
Care
Equipment
&
Supplies
-
2
.3
%
Abbott
Laboratories
8,904
943,290
Alcon,
Inc.
2,394
226,767
Ansell
Ltd.(a)
322
5,755
Baxter
International,
Inc.
1,800
64,476
BioMerieux(a)
230
24,316
Carl
Zeiss
Meditec
AG
46
3,153
Cochlear
Ltd.
420
94,622
ConvaTec
Group
plc(b)
9,660
29,059
Demant
A/S*
408
15,620
Edwards
Lifesciences
Corp.*
2,226
140,349
Elekta
AB,
Class
B
920
5,777
EssilorLuxottica
SA
714
163,564
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
3,150
60,525
GE
HealthCare
Technologies,
Inc.(a)
4,452
376,773
Getinge
AB,
Class
B
1,058
20,622
Hologic,
Inc.*
966
78,835
Hoya
Corp.
1,900
239,173
Koninklijke
Philips
NV*
3,528
99,564
Medtronic
plc
4,452
357,585
Olympus
Corp.
4,000
69,228
Siemens
Healthineers
AG(b)
714
38,345
Smith
&
Nephew
plc
1,150
16,588
Sonova
Holding
AG
(Registered)
252
77,096
Straumann
Holding
AG
(Registered)
630
81,197
Stryker
Corp.
2,478
811,421
4,043,700
Health
Care
Providers
&
Services
-
2
.0
%
Cardinal
Health,
Inc.
840
84,697
Cigna
Group
(The)
1,008
351,459
CVS
Health
Corp.
4,368
263,521
Elevance
Health,
Inc.
1,596
849,120
Fresenius
Medical
Care
AG
1,058
41,078
Fresenius
SE
&
Co.
KGaA*
2,160
77,576
Galenica
AG(b)
184
15,981
Ramsay
Health
Care
Ltd.
(a)
714
21,666
UnitedHealth
Group,
Inc.
3,192
1,839,103
‌
3,544,201
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
ESG
Select
Index
Fund
(cont.)
147
Investments
Shares
Value
COMMON
STOCKS
(continued)
Health
Care
REITs
-
0
.4
%
Alexandria
Real
Estate
Equities,
Inc.,
REIT
882
$
103,450
Healthpeak
Properties,
Inc.,
REIT
6,258
136,549
Ventas,
Inc.,
REIT(a)
1,974
107,465
Welltower,
Inc.,
REIT
3,024
336,420
683,884
Hotel
&
Resort
REITs
-
0
.0
%
(c)
Host
Hotels
&
Resorts,
Inc.,
REIT
2,518
44,090
Hotels,
Restaurants
&
Leisure
-
1
.4
%
Accor
SA
1,295
49,845
Amadeus
IT
Group
SA
2,100
138,026
Aristocrat
Leisure
Ltd.
4,200
148,704
Booking
Holdings,
Inc.
114
423,511
Chipotle
Mexican
Grill,
Inc.,
Class
A*
4,550
247,156
Compass
Group
plc
6,342
195,178
Domino's
Pizza
Enterprises
Ltd.(a)
100
2,140
Entain
plc
1,380
10,121
Expedia
Group,
Inc.*
402
51,323
Greggs
plc
683
27,494
Hilton
Worldwide
Holdings,
Inc.
1,260
270,484
InterContinental
Hotels
Group
plc
672
67,671
Just
Eat
Takeaway.com
NV*(a)(b)
1,564
19,953
La
Francaise
des
Jeux
SAEM(b)
276
10,722
Lottery
Corp.
Ltd.
(The)
8,106
26,307
Marriott
International,
Inc.,
Class
A
1,260
286,398
MGM
Resorts
International*
988
42,454
Oriental
Land
Co.
Ltd.
7,200
204,908
Sodexo
SA
551
52,201
TUI
AG*
714
4,611
Whitbread
plc
736
27,510
Yum!
Brands,
Inc.
1,050
139,472
2,446,189
Household
Durables
-
0
.7
%
Berkeley
Group
Holdings
plc
460
30,015
GN
Store
Nord
A/S*(a)
506
13,255
Nikon
Corp.
2,300
26,530
Panasonic
Holdings
Corp.
10,500
86,953
SEB
SA
184
18,427
Sekisui
House
Ltd.(a)
3,100
77,881
Investments
Shares
Value
Household
Durables
(continued)
Sony
Group
Corp.
10,400
$
935,212
Sumitomo
Forestry
Co.
Ltd.(a)
800
34,162
Taylor
Wimpey
plc
22,448
45,946
Vistry
Group
plc*
920
16,355
1,284,736
Household
Products
-
1
.6
%
Clorox
Co.
(The)
546
72,034
Colgate-Palmolive
Co.
2,730
270,788
Essity
AB,
Class
B
2,324
65,334
Henkel
AG
&
Co.
KGaA
(Preference)
966
82,684
Kimberly-Clark
Corp.
1,722
232,556
Procter
&
Gamble
Co.
(The)
12,180
1,958,057
Reckitt
Benckiser
Group
plc
2,604
139,742
2,821,195
Independent
Power
and
Renewable
Electricity
Producers
-
0
.1
%
AES
Corp.
(The)
3,528
62,763
Drax
Group
plc
2,438
20,308
EDP
Renovaveis
SA
607
9,419
Meridian
Energy
Ltd.
8,142
31,433
123,923
Industrial
Conglomerates
-
0
.4
%
CK
Hutchison
Holdings
Ltd.
6,500
34,114
Hitachi
Ltd.
20,000
437,060
Investment
AB
Latour,
Class
B(a)
322
9,443
Keppel
Ltd.
4,600
22,835
Lifco
AB,
Class
B
552
16,358
Siemens
AG
(Registered)
1,218
223,295
743,105
Industrial
REITs
-
0
.2
%
CapitaLand
Ascendas
REIT,
REIT
13,800
28,062
Goodman
Group,
REIT
8,862
203,120
Segro
plc,
REIT
4,494
52,863
Tritax
Big
Box
REIT
plc,
REIT
11,025
23,436
Warehouses
De
Pauw
CVA,
REIT
522
14,167
‌
321,648
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
ESG
Select
Index
Fund
(cont.)
148
Investments
Shares
Value
Insurance
-
1
.9
%
Admiral
Group
plc
828
$
29,289
Aegon
Ltd.
5,341
34,504
Aflac,
Inc.
1,638
156,232
Ageas
SA/NV
1,012
48,337
Allianz
SE
(Registered)
672
189,646
ASR
Nederland
NV
506
25,390
Aviva
plc
11,704
75,196
AXA
SA
9,114
320,425
Beazley
plc
3,772
33,115
Direct
Line
Insurance
Group
plc
3,680
8,910
Generali
5,334
138,122
Gjensidige
Forsikring
ASA
294
4,963
Hannover
Rueck
SE
308
76,556
Hartford
Financial
Services
Group,
Inc.
(The)
924
102,490
Hiscox
Ltd.
1,518
24,782
Insurance
Australia
Group
Ltd.
10,098
48,796
Japan
Post
Holdings
Co.
Ltd.
4,200
44,775
Legal
&
General
Group
plc
8,946
26,624
Medibank
Pvt
Ltd.(a)
14,122
36,702
MetLife,
Inc.
1,890
145,247
MS&AD
Insurance
Group
Holdings,
Inc.
4,200
99,989
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Registered)
546
269,181
nib
holdings
Ltd.
3,082
15,155
NN
Group
NV
1,582
79,329
Phoenix
Group
Holdings
plc
4,554
31,996
Poste
Italiane
SpA(b)
2,244
30,389
Power
Corp.
of
Canada
2,064
59,704
Principal
Financial
Group,
Inc.
714
58,198
QBE
Insurance
Group
Ltd.
5,348
63,140
Sampo
OYJ,
Class
A
1,226
53,690
Steadfast
Group
Ltd.
5,658
23,978
Storebrand
ASA
2,760
27,664
Sun
Life
Financial,
Inc.
1,722
85,436
Swiss
Life
Holding
AG
(Registered)
84
64,299
Swiss
Re
AG
924
113,840
Travelers
Cos.,
Inc.
(The)
756
163,629
Tryg
A/S
1,492
32,670
Unipol
Gruppo
SpA
1,840
19,831
Willis
Towers
Watson
plc
504
142,269
Investments
Shares
Value
Insurance
(continued)
Zurich
Insurance
Group
AG
504
$
276,663
3,281,151
Interactive
Media
&
Services
-
4
.3
%
Auto
Trader
Group
plc(b)
5,208
54,559
CAR
Group
Ltd.
2,663
60,602
LY
Corp.
5,400
13,387
Meta
Platforms,
Inc.,
Class
A
15,120
7,179,429
REA
Group
Ltd.(a)
276
36,878
Rightmove
plc
32
237
Snap,
Inc.,
Class
A*(a)
6,224
82,904
7,427,996
IT
Services
-
2
.8
%
Accenture
plc,
Class
A
6,972
2,305,083
Akamai
Technologies,
Inc.*
588
57,789
Alten
SA
92
10,135
Amdocs
Ltd.
840
73,475
Bechtle
AG
126
5,574
Capgemini
SE
798
158,541
CGI,
Inc.*
1,176
134,017
Cognizant
Technology
Solutions
Corp.,
Class
A
2,394
181,178
Computacenter
plc
575
19,882
Fujitsu
Ltd.
9,600
174,345
Gartner,
Inc.*
378
189,450
International
Business
Machines
Corp.
6,258
1,202,412
NEC
Corp.
1,700
146,883
Nomura
Research
Institute
Ltd.
900
27,934
NTT
Data
Group
Corp.
2,000
31,364
Okta,
Inc.,
Class
A*
546
51,291
Reply
SpA
92
13,061
Softcat
plc(a)
644
13,450
Sopra
Steria
Group
92
17,083
TIS,
Inc.
1,200
25,761
4,838,708
Leisure
Products
-
0
.1
%
Bandai
Namco
Holdings,
Inc.
2,900
61,793
Thule
Group
AB(b)
690
19,070
Yamaha
Corp.
900
21,504
102,367
Life
Sciences
Tools
&
Services
-
0
.3
%
Eurofins
Scientific
SE
552
32,757
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
ESG
Select
Index
Fund
(cont.)
149
Investments
Shares
Value
COMMON
STOCKS
(continued)
Life
Sciences
Tools
&
Services
(continued)
Gerresheimer
AG
92
$
9,532
Illumina,
Inc.*
588
72,089
IQVIA
Holdings,
Inc.*
924
227,516
Lonza
Group
AG
(Registered)
168
112,108
QIAGEN
NV*(a)
713
31,849
Sartorius
AG
(Preference)
92
26,153
Sartorius
Stedim
Biotech
141
28,219
Siegfried
Holding
AG
(Registered)
23
26,756
Tecan
Group
AG
(Registered)
46
17,099
Wuxi
Biologics
Cayman,
Inc.*(b)
11,500
16,959
601,037
Machinery
-
1
.2
%
Aalberts
NV
230
8,786
Alfa
Laval
AB
621
27,407
Alstom
SA*(a)
845
16,568
ANDRITZ
AG
299
19,138
Atlas
Copco
AB,
Class
A
8,904
158,347
Cummins,
Inc.
462
134,812
Daimler
Truck
Holding
AG
1,492
57,702
Deere
&
Co.
966
359,333
Ebara
Corp.
1,500
21,873
Epiroc
AB,
Class
A
2,688
50,160
FANUC
Corp.
2,100
62,947
Fortive
Corp.
1,218
87,513
Georg
Fischer
AG
(Registered)
506
37,192
Husqvarna
AB,
Class
B(a)
1,242
8,385
IMI
plc
667
16,226
Indutrade
AB
690
20,241
Interpump
Group
SpA
322
13,972
KION
Group
AG
322
12,760
Knorr-Bremse
AG
92
7,412
Kone
OYJ,
Class
B
2,016
102,880
Konecranes
OYJ
594
41,491
Metso
OYJ(a)
3,318
33,671
MINEBEA
MITSUMI,
Inc.
2,300
55,459
Otis
Worldwide
Corp.
1,386
130,977
Pentair
plc
598
52,546
Rotork
plc
7,199
33,455
Sandvik
AB
4,428
90,563
Schindler
Holding
AG
184
49,122
Seatrium
Ltd.*
6,900
8,666
SFS
Group
AG
23
3,350
SKF
AB,
Class
B
782
14,516
Spirax
Group
plc
180
20,947
Techtronic
Industries
Co.
Ltd.
4,500
57,661
TOMRA
Systems
ASA
140
2,302
Investments
Shares
Value
Machinery
(continued)
Trelleborg
AB,
Class
B
966
$
35,855
Valmet
OYJ(a)
552
15,632
Volvo
AB,
Class
B
6,132
156,367
Wartsila
OYJ
Abp
2,881
59,405
Weir
Group
plc
(The)
1,035
27,014
Yaskawa
Electric
Corp.
400
13,978
2,126,631
Marine
Transportation
-
0
.0
%
(c)
AP
Moller
-
Maersk
A/S,
Class
B
23
38,123
Media
-
0
.3
%
Dentsu
Group,
Inc.
2,300
61,192
Informa
plc
7,140
79,714
Interpublic
Group
of
Cos.,
Inc.
(The)
1,728
55,590
ITV
plc
19,343
19,951
Omnicom
Group,
Inc.(a)
1,638
160,589
Publicis
Groupe
SA
1,218
127,345
SES
SA,
Class
A,
ADR(a)
3,036
16,443
Vivendi
SE
4,554
48,648
WPP
plc
1,426
13,748
583,220
Metals
&
Mining
-
0
.7
%
Anglo
American
plc
4,326
130,579
Antofagasta
plc
1,679
43,563
Aurubis
AG
184
14,346
BlueScope
Steel
Ltd.
1,861
26,930
Boliden
AB
1,308
39,859
Fortescue
Ltd.
9,114
112,304
IGO
Ltd.(a)
1,311
4,751
Iluka
Resources
Ltd.
2,162
8,555
Mineral
Resources
Ltd.
960
34,027
Newmont
Corp.
4,200
206,094
Norsk
Hydro
ASA
4,278
23,631
Northern
Star
Resources
Ltd.
6,947
63,872
Pilbara
Minerals
Ltd.(a)
4,928
9,429
Rio
Tinto
Ltd.
1,344
103,104
Rio
Tinto
plc
2,646
170,816
South32
Ltd.
23,230
46,569
SSAB
AB,
Class
B
3,358
16,982
Teck
Resources
Ltd.,
Class
B
1,764
86,422
thyssenkrupp
AG
1,426
5,461
voestalpine
AG
782
20,021
1,167,315
Multi-Utilities
-
0
.4
%
A2A
SpA
10,971
23,233
AGL
Energy
Ltd.
3,956
26,815
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
ESG
Select
Index
Fund
(cont.)
150
Investments
Shares
Value
COMMON
STOCKS
(continued)
Multi-Utilities
(continued)
Centrica
plc
14,122
$
24,043
Engie
SA
8,274
130,181
Hera
SpA
6,691
24,472
National
Grid
plc
18,102
229,256
Public
Service
Enterprise
Group,
Inc.
1,890
150,765
Veolia
Environnement
SA
1,386
43,554
652,319
Office
REITs
-
0
.0
%
(c)
Dexus,
REIT
8,886
40,734
Gecina
SA,
REIT
184
18,258
58,992
Oil,
Gas
&
Consumable
Fuels
-
5
.7
%
Aker
BP
ASA
322
7,801
Ampol
Ltd.
1,564
34,183
BP
plc
42,210
248,773
Chevron
Corp.
17,850
2,864,389
Eni
SpA
10,920
174,861
Equinor
ASA
3,780
100,252
Exxon
Mobil
Corp.
38,766
4,597,260
Galp
Energia
SGPS
SA
1,150
24,210
Gaztransport
Et
Technigaz
SA
184
27,158
Marathon
Oil
Corp.
1,932
54,193
ORLEN
SA
2,070
33,733
Pembina
Pipeline
Corp.
1,806
69,955
Santos
Ltd.(a)
9,996
52,154
Shell
plc
29,484
1,078,217
Suncor
Energy,
Inc.
3,612
144,171
TC
Energy
Corp.
1,428
60,595
TotalEnergies
SE
5,712
386,186
Woodside
Energy
Group
Ltd.
3,066
55,258
10,013,349
Paper
&
Forest
Products
-
0
.0
%
(c)
Holmen
AB,
Class
B(a)
460
18,061
Mondi
plc
920
17,967
Stora
Enso
OYJ,
Class
R(a)
1,610
20,105
Svenska
Cellulosa
AB
SCA,
Class
B(a)
1,218
16,547
72,680
Passenger
Airlines
-
0
.1
%
ANA
Holdings,
Inc.
2,300
43,971
International
Consolidated
Airlines
Group
SA*(a)
16,330
34,777
Investments
Shares
Value
Passenger
Airlines
(continued)
Qantas
Airways
Ltd.*
11,914
$
50,258
Ryanair
Holdings
plc,
ADR
598
60,577
Singapore
Airlines
Ltd.
6,900
35,955
225,538
Personal
Care
Products
-
0
.9
%
Beiersdorf
AG
378
54,892
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
1,260
125,509
Haleon
plc
25,200
113,159
Kao
Corp.
1,600
70,227
L'Oreal
SA
1,176
509,847
Shiseido
Co.
Ltd.
3,400
106,660
Unilever
plc
9,828
602,590
1,582,884
Pharmaceuticals
-
9
.0
%
Astellas
Pharma,
Inc.
4,800
55,749
AstraZeneca
plc
7,182
1,140,938
Bristol-Myers
Squibb
Co.
6,720
319,603
Daiichi
Sankyo
Co.
Ltd.
5,800
236,996
Eisai
Co.
Ltd.
1,300
49,767
Eli
Lilly
&
Co.
4,410
3,546,831
GSK
plc
15,792
306,695
Hikma
Pharmaceuticals
plc
828
20,250
Ipsen
SA
115
12,942
Johnson
&
Johnson
20,832
3,288,331
Kyowa
Kirin
Co.
Ltd.(a)
1,900
40,144
Merck
&
Co.,
Inc.
17,388
1,967,104
Merck
KGaA
504
90,424
Novartis
AG
(Registered)
8,484
950,131
Novo
Nordisk
A/S,
Class
B
8,190
1,083,148
Ono
Pharmaceutical
Co.
Ltd.
2,300
34,203
Orion
OYJ,
Class
B
782
35,938
Pfizer,
Inc.
19,950
609,273
Roche
Holding
AG
2,352
763,649
Sandoz
Group
AG
1,092
47,352
Sanofi
SA
4,620
476,583
Santen
Pharmaceutical
Co.
Ltd.
2,300
27,638
Shionogi
&
Co.
Ltd.
2,000
87,691
UCB
SA
288
48,196
Zoetis,
Inc.,
Class
A
2,394
431,016
15,670,592
Professional
Services
-
0
.8
%
Adecco
Group
AG
(Registered)
1,056
35,942
ALS
Ltd.
1,846
18,612
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
ESG
Select
Index
Fund
(cont.)
151
Investments
Shares
Value
COMMON
STOCKS
(continued)
Professional
Services
(continued)
Arcadis
NV
506
$
36,110
Automatic
Data
Processing,
Inc.
1,386
363,991
Bureau
Veritas
SA
1,380
43,306
Computershare
Ltd.
3,596
64,927
Intertek
Group
plc
552
35,805
Randstad
NV(a)
552
26,856
RELX
plc
9,030
426,016
SGS
SA
(Registered)
545
59,500
Teleperformance
SE
322
41,534
Wolters
Kluwer
NV
1,008
169,176
1,321,775
Real
Estate
Management
&
Development
-
0
.5
%
Castellum
AB*(a)
2,309
28,869
CBRE
Group,
Inc.,
Class
A*
2,604
293,497
CK
Asset
Holdings
Ltd.
11,500
44,016
Daito
Trust
Construction
Co.
Ltd.
300
36,159
Daiwa
House
Industry
Co.
Ltd.
2,200
62,771
Mitsubishi
Estate
Co.
Ltd.
4,200
71,866
Mitsui
Fudosan
Co.
Ltd.
7,500
78,434
Sagax
AB,
Class
B
552
13,618
Swiss
Prime
Site
AG
(Registered)
460
46,013
Tokyu
Fudosan
Holdings
Corp.
4,600
33,477
Vonovia
SE
3,990
122,662
Wharf
Real
Estate
Investment
Co.
Ltd.
12,000
29,524
Wihlborgs
Fastigheter
AB
2,346
23,750
884,656
Residential
REITs
-
0
.2
%
Camden
Property
Trust,
REIT
394
43,635
Equity
Residential,
REIT
1,260
87,734
Essex
Property
Trust,
Inc.,
REIT
308
85,735
Sun
Communities,
Inc.,
REIT
714
90,485
307,589
Retail
REITs
-
0
.1
%
CapitaLand
Integrated
Commercial
Trust,
REIT
27,600
42,919
Klepierre
SA,
REIT
1,351
38,711
Link
REIT,
REIT(a)
8,400
35,484
Region
RE
Ltd.,
REIT
12,512
18,547
Investments
Shares
Value
Retail
REITs
(continued)
Unibail-Rodamco-
Westfield,
REIT
322
$
24,146
Vicinity
Ltd.,
REIT
27,126
37,375
197,182
Semiconductors
&
Semiconductor
Equipment
-
7
.9
%
Advanced
Micro
Devices,
Inc.*
8,316
1,201,496
Advantest
Corp.
1,100
44,077
AIXTRON
SE
253
5,913
Applied
Materials,
Inc.
4,284
909,065
ASM
International
NV
252
172,776
ASML
Holding
NV
1,344
1,236,918
ASMPT
Ltd.
2,000
20,865
BE
Semiconductor
Industries
NV
336
43,321
Broadcom,
Inc.
23,940
3,846,679
Infineon
Technologies
AG
4,746
164,597
Intel
Corp.
29,274
899,883
Lam
Research
Corp.
882
812,534
Micron
Technology,
Inc.
9,450
1,037,799
NXP
Semiconductors
NV
1,722
453,162
QUALCOMM,
Inc.
5,754
1,041,186
Renesas
Electronics
Corp.
11,100
190,189
Rohm
Co.
Ltd.
2,400
32,684
SOITEC*
46
5,938
STMicroelectronics
NV(a)
2,562
84,834
SUMCO
Corp.(a)
2,300
38,117
Texas
Instruments,
Inc.
4,662
950,162
Tokyo
Electron
Ltd.
2,400
494,803
13,686,998
Software
-
9
.0
%
Adobe,
Inc.*
2,310
1,274,312
Autodesk,
Inc.*
1,806
447,021
Crowdstrike
Holdings,
Inc.,
Class
A*
1,596
370,208
Dassault
Systemes
SE
2,100
79,625
Gen
Digital,
Inc.
3,738
97,151
HubSpot,
Inc.*
336
167,002
Intuit,
Inc.
1,428
924,416
Microsoft
Corp.
19,320
8,082,522
Oracle
Corp.
5,586
778,968
Palo
Alto
Networks,
Inc.*
1,638
531,908
Sage
Group
plc
(The)
4,662
65,031
Salesforce,
Inc.
3,360
869,568
SAP
SE
4,284
904,057
ServiceNow,
Inc.*
714
581,474
Synopsys,
Inc.*
798
445,539
Temenos
AG
(Registered)
230
15,913
Xero
Ltd.*
840
75,794
‌
15,710,509
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
ESG
Select
Index
Fund
(cont.)
152
Investments
Shares
Value
COMMON
STOCKS
(continued)
Specialized
REITs
-
0
.7
%
American
Tower
Corp.,
REIT
2,394
$
527,638
Big
Yellow
Group
plc,
REIT
874
13,583
Crown
Castle,
Inc.,
REIT
1,638
180,311
Iron
Mountain,
Inc.,
REIT(a)
1,638
167,993
Keppel
DC
REIT,
REIT
2,300
3,473
Safestore
Holdings
plc,
REIT
230
2,383
VICI
Properties,
Inc.,
Class
A,
REIT
7,476
233,700
Weyerhaeuser
Co.,
REIT
4,788
152,067
1,281,148
Specialty
Retail
-
1
.5
%
Best
Buy
Co.,
Inc.
924
79,944
Fast
Retailing
Co.
Ltd.
1,000
276,818
H
&
M
Hennes
&
Mauritz
AB,
Class
B(a)
3,906
60,589
Industria
de
Diseno
Textil
SA
2,730
132,522
JB
Hi-Fi
Ltd.
748
34,020
Kingfisher
plc
11,270
39,996
Lowe's
Cos.,
Inc.
2,016
494,948
Nitori
Holdings
Co.
Ltd.
600
71,242
Ross
Stores,
Inc.
1,680
240,626
TJX
Cos.,
Inc.
(The)
7,728
873,419
Tractor
Supply
Co.
546
143,773
USS
Co.
Ltd.
4,200
37,852
Williams-Sonoma,
Inc.(a)
1,092
168,911
Zalando
SE*(b)
414
10,622
2,665,282
Technology
Hardware,
Storage
&
Peripherals
-
5
.8
%
Apple,
Inc.
39,816
8,842,337
Brother
Industries
Ltd.
900
18,621
FUJIFILM
Holdings
Corp.
4,200
99,933
Hewlett
Packard
Enterprise
Co.
8,358
166,408
HP,
Inc.
8,106
292,546
Konica
Minolta,
Inc.
4,600
13,596
Logitech
International
SA
(Registered)
330
29,684
NetApp,
Inc.
1,008
127,996
Pure
Storage,
Inc.,
Class
A*
1,008
60,409
Ricoh
Co.
Ltd.
2,300
21,577
Seiko
Epson
Corp.
2,300
40,211
Super
Micro
Computer,
Inc.*(a)
378
265,224
Investments
Shares
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
Western
Digital
Corp.*(a)
2,142
$
143,621
10,122,163
Textiles,
Apparel
&
Luxury
Goods
-
1
.3
%
adidas
AG
294
73,585
Asics
Corp.
5,200
85,538
Brunello
Cucinelli
SpA
42
3,925
Burberry
Group
plc
1,104
10,990
Christian
Dior
SE
23
15,157
Deckers
Outdoor
Corp.*
126
116,251
Hermes
International
SCA
84
183,884
HUGO
BOSS
AG
391
15,549
Kering
SA
336
103,440
Lululemon
Athletica,
Inc.*
840
217,274
LVMH
Moet
Hennessy
Louis
Vuitton
SE
1,260
890,330
Moncler
SpA
756
45,059
NIKE,
Inc.,
Class
B
4,284
320,700
Pandora
A/S
420
65,839
Puma
SE
230
11,424
Swatch
Group
AG
(The)
(a)
69
14,176
2,173,121
Trading
Companies
&
Distributors
-
1
.1
%
AddTech
AB,
Class
B
1,127
36,278
Ashtead
Group
plc
1,890
135,995
Beijer
Ref
AB,
Class
B(a)
1,656
26,267
Diploma
plc
679
38,793
DKSH
Holding
AG(a)
138
10,786
Ferguson
plc
1,806
402,106
Grafton
Group
plc
1,150
15,953
IMCD
NV
184
26,481
ITOCHU
Corp.(a)
6,300
325,887
Mitsubishi
Corp.
16,800
351,051
Mitsui
&
Co.
Ltd.
13,200
309,690
Rexel
SA
1,219
31,025
RS
GROUP
plc
2,070
21,749
Sojitz
Corp.
1,599
38,269
Sumitomo
Corp.
4,200
105,461
Toyota
Tsusho
Corp.
3,900
78,617
1,954,408
Transportation
Infrastructure
-
0
.2
%
Aena
SME
SA(b)
288
54,569
Aeroports
de
Paris
SA
92
12,096
Auckland
International
Airport
Ltd.
5,607
24,911
Flughafen
Zurich
AG
(Registered)
46
10,629
Getlink
SE
2,047
36,493
Qube
Holdings
Ltd.
10,166
25,359
SATS
Ltd.
4,600
11,280
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
ESG
Select
Index
Fund
(cont.)
153
Investments
Shares
Value
COMMON
STOCKS
(continued)
Transportation
Infrastructure
(continued)
Transurban
Group
13,776
$
117,034
292,371
Water
Utilities
-
0
.2
%
American
Water
Works
Co.,
Inc.
1,428
203,290
Pennon
Group
plc
20
159
Severn
Trent
plc
1,146
37,845
United
Utilities
Group
plc
1,512
20,062
261,356
Wireless
Telecommunication
Services
-
0
.1
%
Millicom
International
Cellular
SA,
SDR*
414
10,298
Tele2
AB,
Class
B
1,978
20,338
Vodafone
Group
plc
91,224
84,880
115,516
Total
Common
Stocks
(Cost
$122,793,924)
172,857,160
Principal
Amount
SECURITIES
LENDING
REINVESTMENTS
-
0
.6
%
(d)
REPURCHASE
AGREEMENTS
-
0
.6
%
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$1,001,914,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$1,025,790  
(Cost
$1,001,766)
$1,001,766
1,001,766
Total
Investments
-
99.7%
(Cost
$123,795,690)
173,858,926
Other
assets
less
liabilities
-
0.3%
589,564
NET
ASSETS
-
100.0%
$174,448,490
*
Non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$5,209,191,
collateralized
in
the
form
of
cash
with
a
value
of
$1,001,766
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments;
$3,932,654
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
7.63%,
and
maturity
dates
ranging
from
August
15,
2024
–
February
15,
2054
and
$428,493
of
collateral
in
the
form
of
Foreign
Government
Fixed
Income
Securities,
interest
rates
ranging
from
0.00%
–
5.75%,
and
maturity
dates
ranging
from
August
15,
2024
–
June
30,
2120;
a
total
value
of
$5,362,913.
(b)
Security
exempt
from
registration
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933.
Regulation
S
applies
to
securities
offerings
that
are
made
outside
of
the
United
States
and
do
not
involve
direct
selling
efforts
in
the
United
States
and
as
such
may
have
restrictions
on
resale.
(c)
Represents
less
than
0.05%
of
net
assets.
(d)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$1,001,766.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
ADR
American
Depositary
Receipt
CVA
Dutch
Certification
OYJ
Public
Limited
Company
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
REIT
Real
Estate
Investment
Trust
SCA
Limited
partnership
with
share
capital
SDR
Swedish
Depositary
Receipt
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
ESG
Select
Index
Fund
(cont.)
154
Futures
Contracts
FlexShares®
STOXX®
Global
ESG
Select
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
/
(
Depreciation
)
Long
Contracts
EURO
STOXX
50
Index
3
09/20/2024
EUR
$
159,004
$
(
2,634
)
MSCI
EAFE
E-Mini
Index
5
09/20/2024
USD
597,425
13,244
S&P
500
E-Mini
Index
3
09/20/2024
USD
833,700
6,002
$
16,612
Forward
Foreign
Currency
Contracts
FlexShares®
STOXX®
Global
ESG
Select
Index
Fund
had
the
following
outstanding
contracts
as
of
July
31,
2024:
Contracts
to
Receive
Counterparty
In
Exchange
For
Maturity
Date
Unrealized
Appreciation/
(Depreciation)
USD
216,795
Citibank
NA
EUR
200,000
09/18/2024
$
(
115
)
USD
161,799
Citibank
NA
JPY
25,000,000
09/18/2024
(
5,552
)
Net
unrealized
depreciation
$
(
5,667
)
Abbreviations:
EUR
—
Euro
JPY
—
Japanese
Yen
USD
—
US
Dollar
FlexShares®
STOXX®
Global
ESG
Select
Index
invested,
as
a
percentage
of
net
assets,
in
companies
domiciled
in
the
following
countries
as
of
July
31,
2024:
Australia
3‌
.1
%
Austria
0‌
.1
Belgium
0‌
.2
Brazil
0‌
.1
Canada
1‌
.2
Chile
0‌
.0
†
China
0‌
.1
Colombia
0‌
.0
†
Denmark
1‌
.0
Faeroe
Islands
0‌
.0
†
Finland
0‌
.4
France
3‌
.8
Germany
2‌
.2
Hong
Kong
0‌
.2
Ireland
0‌
.1
Italy
1‌
.0
Japan
6‌
.2
Jordan
0‌
.0
†
Luxembourg
0‌
.0
†
Morocco
0‌
.0
†
Netherlands
2‌
.4
New
Zealand
0‌
.1
Norway
0‌
.2
Poland
0‌
.1
Portugal
0‌
.1
Singapore
0‌
.4
South
Africa
0‌
.1
Spain
0‌
.9
Sweden
1‌
.0
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
ESG
Select
Index
Fund
(cont.)
155
Switzerland
2‌
.2
%
United
Kingdom
4‌
.2
United
States
67‌
.7
Other
1
0‌
.9
100.0%
†
Amount
represents
less
than
0.05%.
1
Includes
any
non-equity
securities,
securities
lending
reinvestments
and
net
other
assets
(liabilities).
Security
Type
%
of
Net
Assets
Common
Stocks
99‌
.1
%
Securities
Lending
Reinvestments
0‌
.6
Others
(1)
0‌
.3
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
156
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
Schedule
of
Investments
FlexShares
®
ESG &
Climate
US
Large
Cap
Core
Index
July
31,
2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
98
.7
%
Automobiles
-
2
.3
%
Tesla,
Inc.*
6,273
$
1,455,775
Banks
-
2
.8
%
Bank
of
America
Corp.
20,459
824,702
Citigroup,
Inc.
9,512
617,139
Fifth
Third
Bancorp
4,305
182,274
JPMorgan
Chase
&
Co.
779
165,771
1,789,886
Beverages
-
0
.7
%
PepsiCo,
Inc.
2,501
431,848
Biotechnology
-
2
.6
%
Amgen,
Inc.
2,091
695,195
Biogen,
Inc.*
943
201,047
Gilead
Sciences,
Inc.
1,599
121,620
Regeneron
Pharmaceuticals,
Inc.*
615
663,702
1,681,564
Broadline
Retail
-
4
.1
%
Amazon.com,
Inc.*
12,710
2,376,516
eBay,
Inc.
3,444
191,521
Etsy,
Inc.*
820
53,414
2,621,451
Building
Products
-
2
.0
%
Carrier
Global
Corp.
5,412
368,612
Johnson
Controls
International
plc
4,059
290,381
Owens
Corning
574
106,982
Trane
Technologies
plc
1,476
493,397
1,259,372
Capital
Markets
-
3
.8
%
BlackRock,
Inc.(a)
205
179,682
Moody's
Corp.
1,066
486,608
Morgan
Stanley
6,109
630,510
MSCI,
Inc.
492
266,054
Nasdaq,
Inc.
2,173
147,069
S&P
Global,
Inc.
1,435
695,587
2,405,510
Chemicals
-
1
.3
%
Albemarle
Corp.(a)
738
69,128
Ecolab,
Inc.
1,640
378,332
Investments
Shares
Value
Chemicals
(continued)
Sherwin-Williams
Co.
(The)
1,025
$
359,570
807,030
Commercial
Services
&
Supplies
-
0
.7
%
Cintas
Corp.
574
438,502
Communications
Equipment
-
0
.0
%
(b)
Cisco
Systems,
Inc.
574
27,810
Consumer
Finance
-
0
.1
%
American
Express
Co.
369
93,372
Consumer
Staples
Distribution
&
Retail
-
2
.3
%
Kroger
Co.
(The)
4,346
236,857
Sysco
Corp.
3,239
248,269
Target
Corp.
2,952
444,010
Walgreens
Boots
Alliance,
Inc.
4,879
57,914
Walmart,
Inc.
6,765
464,350
1,451,400
Containers
&
Packaging
-
0
.2
%
Avery
Dennison
Corp.
533
115,570
Diversified
Telecommunication
Services
-
0
.8
%
Verizon
Communications,
Inc.
12,546
508,364
Electric
Utilities
-
1
.3
%
Eversource
Energy
2,255
146,372
Exelon
Corp.
6,314
234,881
NextEra
Energy,
Inc.
2,706
206,711
PG&E
Corp.
14,719
268,622
856,586
Energy
Equipment
&
Services
-
1
.0
%
Baker
Hughes
Co.
4,346
168,277
Schlumberger
NV(a)
9,184
443,496
611,773
Financial
Services
-
4
.4
%
Berkshire
Hathaway,
Inc.,
Class
B*
902
395,527
Mastercard,
Inc.,
Class
A
2,091
969,618
PayPal
Holdings,
Inc.*
6,765
445,002
Visa,
Inc.,
Class
A(a)
3,690
980,322
‌
2,790,469
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
US
Large
Cap
Core
Index
(cont.)
157
Investments
Shares
Value
COMMON
STOCKS
(continued)
Food
Products
-
0
.1
%
Mondelez
International,
Inc.,
Class
A
615
$
42,035
Ground
Transportation
-
2
.3
%
CSX
Corp.
12,833
450,438
Norfolk
Southern
Corp.
1,435
358,119
Union
Pacific
Corp.
2,624
647,419
1,455,976
Health
Care
Equipment
&
Supplies
-
1
.5
%
Boston
Scientific
Corp.*
7,913
584,612
Medtronic
plc
4,674
375,416
960,028
Health
Care
Providers
&
Services
-
2
.5
%
Cencora,
Inc.
246
58,518
Cigna
Group
(The)
1,722
600,410
Elevance
Health,
Inc.
1,148
610,770
Humana,
Inc.
820
296,520
UnitedHealth
Group,
Inc.
41
23,623
1,589,841
Hotel
&
Resort
REITs
-
0
.1
%
Host
Hotels
&
Resorts,
Inc.,
REIT
4,428
77,534
Hotels,
Restaurants
&
Leisure
-
1
.2
%
Airbnb,
Inc.,
Class
A*(a)
2,665
371,928
Booking
Holdings,
Inc.
21
78,015
Caesars
Entertainment,
Inc.*
1,476
58,966
Expedia
Group,
Inc.*
902
115,158
Las
Vegas
Sands
Corp.
2,173
86,203
MGM
Resorts
International*
1,804
77,518
787,788
Household
Products
-
1
.8
%
Clorox
Co.
(The)
779
102,773
Colgate-Palmolive
Co.
5,043
500,215
Procter
&
Gamble
Co.
(The)
3,280
527,293
1,130,281
Industrial
REITs
-
1
.0
%
Prologis,
Inc.,
REIT
5,289
666,678
Insurance
-
2
.0
%
Aflac,
Inc.(a)
3,690
351,952
Chubb
Ltd.
1,394
384,270
Investments
Shares
Value
Insurance
(continued)
Hartford
Financial
Services
Group,
Inc.
(The)
1,968
$
218,291
MetLife,
Inc.
4,141
318,236
1,272,749
Interactive
Media
&
Services
-
8
.1
%
Alphabet,
Inc.,
Class
A
10,250
1,758,285
Alphabet,
Inc.,
Class
C
9,307
1,611,507
Meta
Platforms,
Inc.,
Class
A
3,813
1,810,527
5,180,319
IT
Services
-
2
.5
%
Accenture
plc,
Class
A
2,337
772,659
Akamai
Technologies,
Inc.*
984
96,707
International
Business
Machines
Corp.
3,854
740,508
1,609,874
Machinery
-
1
.8
%
CNH
Industrial
NV
5,740
61,131
Cummins,
Inc.
902
263,204
Deere
&
Co.
1,435
533,791
Westinghouse
Air
Brake
Technologies
Corp.
1,148
185,000
Xylem,
Inc.
738
98,523
1,141,649
Media
-
0
.1
%
Interpublic
Group
of
Cos.,
Inc.
(The)
2,378
76,500
Metals
&
Mining
-
0
.6
%
Newmont
Corp.
7,339
360,125
Multi-Utilities
-
0
.3
%
Consolidated
Edison,
Inc.
2,255
219,908
Office
REITs
-
0
.1
%
BXP,
Inc.,
REIT(a)
984
70,169
Oil,
Gas
&
Consumable
Fuels
-
2
.6
%
Cheniere
Energy,
Inc.
1,312
239,624
EQT
Corp.
3,116
107,533
Exxon
Mobil
Corp.
738
87,519
Marathon
Petroleum
Corp.
2,583
457,243
ONEOK,
Inc.
3,772
314,321
Valero
Energy
Corp.
656
106,088
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
US
Large
Cap
Core
Index
(cont.)
158
Investments
Shares
Value
COMMON
STOCKS
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Williams
Cos.,
Inc.
(The)
7,790
$
334,503
1,646,831
Personal
Care
Products
-
0
.3
%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
1,476
147,025
Kenvue,
Inc.
1,435
26,533
173,558
Pharmaceuticals
-
5
.1
%
Bristol-Myers
Squibb
Co.
12,054
573,288
Eli
Lilly
&
Co.
287
230,825
Johnson
&
Johnson
6,314
996,665
Merck
&
Co.,
Inc.
6,683
756,048
Pfizer,
Inc.
22,837
697,442
3,254,268
Professional
Services
-
1
.4
%
Automatic
Data
Processing,
Inc.
2,378
624,510
Paychex,
Inc.
2,091
267,690
Verisk
Analytics,
Inc.
41
10,732
902,932
Semiconductors
&
Semiconductor
Equipment
-
9
.7
%
Applied
Materials,
Inc.
3,157
669,915
Broadcom,
Inc.
2,460
395,273
Enphase
Energy,
Inc.*
861
99,110
First
Solar,
Inc.*
656
141,689
Intel
Corp.
19,885
611,265
NVIDIA
Corp.
36,490
4,270,060
SolarEdge
Technologies,
Inc.*
369
10,649
6,197,961
Software
-
10
.5
%
Adobe,
Inc.*
1,517
836,853
Autodesk,
Inc.*
738
182,670
Microsoft
Corp.
10,127
4,236,631
Salesforce,
Inc.
2,829
732,145
ServiceNow,
Inc.*
492
400,680
Workday,
Inc.,
Class
A*
1,312
297,981
6,686,960
Specialized
REITs
-
1
.0
%
Equinix,
Inc.,
REIT
615
485,998
Investments
Shares
Value
Specialized
REITs
(continued)
Weyerhaeuser
Co.,
REIT
4,428
$
140,633
626,631
Specialty
Retail
-
1
.9
%
Home
Depot,
Inc.
(The)
779
286,797
Lowe's
Cos.,
Inc.
123
30,198
TJX
Cos.,
Inc.
(The)
6,068
685,805
Tractor
Supply
Co.(a)
697
183,534
1,186,334
Technology
Hardware,
Storage
&
Peripherals
-
8
.9
%
Apple,
Inc.
22,181
4,925,956
Dell
Technologies,
Inc.,
Class
C
1,640
186,435
Hewlett
Packard
Enterprise
Co.
8,364
166,527
HP,
Inc.
5,617
202,718
NetApp,
Inc.
1,353
171,804
5,653,440
Textiles,
Apparel
&
Luxury
Goods
-
0
.8
%
Lululemon
Athletica,
Inc.*
164
42,420
NIKE,
Inc.,
Class
B
6,519
488,013
530,433
Water
Utilities
-
0
.1
%
American
Water
Works
Co.,
Inc.
697
99,225
Total
Common
Stocks
(Cost
$52,268,429)
62,946,309
Principal
Amount
SECURITIES
LENDING
REINVESTMENTS
-
2
.8
%
(c)
REPURCHASE
AGREEMENTS
-
2
.8
%
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$1,771,582,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$1,813,799  
(Cost
$1,771,319)
$1,771,319
1,771,319
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
US
Large
Cap
Core
Index
(cont.)
159
Investments
Principal
Amount
Value
SHORT-TERM
INVESTMENTS
-
0
.1
%
(d)
U.S.
TREASURY
OBLIGATIONS
-
0
.1
%
U.S.
Treasury
Bills
5.29%,
10/3/2024(d)(e)
(Cost
$39,639)
$
40,000
$
39,637
Total
Investments
-
101.6%
(Cost
$54,079,387)
64,757,265
Liabilities
in
excess
of
other
assets
-
(1.6%)
(1,010,533)
NET
ASSETS
-
100.0%
$63,746,732
*
Non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$2,405,092,
collateralized
in
the
form
of
cash
with
a
value
of
$1,771,319
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments;
$662,989
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
6.13%,
and
maturity
dates
ranging
from
August
15,
2024
–
February
15,
2054
and
$10,222
of
collateral
in
the
form
of
Foreign
Government
Fixed
Income
Securities,
interest
rates
ranging
from
0.00%
–
5.75%,
and
maturity
dates
ranging
from
August
15,
2024
–
June
30,
2120;
a
total
value
of
$2,444,530.
(b)
Represents
less
than
0.05%
of
net
assets.
(c)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$1,771,319.
(d)
All
or
a
portion
of
the
security
pledged
as
collateral
for
Futures
Contracts.
(e)
The
rate
shown
was
the
current
yield
as
of
July
31,
2024.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
REIT
Real
Estate
Investment
Trust
Futures
Contracts
FlexShares®
ESG &
Climate
US
Large
Cap
Core
Index
Fund
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
Long
Contracts
‌
S&P
500
Micro
E-Mini
Index
28
09/20/2024
USD
$
778,120
$
7,026
Abbreviations:
USD
—
US
Dollar
Security
Type
%
of
Net
Assets
Common
Stocks
98‌
.7
%
Securities
Lending
Reinvestments
2‌
.8
Short-Term
Investments
0‌
.1
Others
(1)
(
1‌
.6
)
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
160
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
Schedule
of
Investments
FlexShares
®
ESG &
Climate
Developed
Markets ex-US Core
Index
July
31,
2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
98.4%
Air
Freight
&
Logistics
-
0.9%
Deutsche
Post
AG
10,802
$
482,165
Automobile
Components
-
0.6%
Bridgestone
Corp.
8,400
345,301
Automobiles
-
2.3%
Honda
Motor
Co.
Ltd.
2,800
30,650
Isuzu
Motors
Ltd.
4,400
60,461
Mazda
Motor
Corp.
6,600
60,184
Mercedes-Benz
Group
AG
5,566
368,365
Nissan
Motor
Co.
Ltd.
30,800
99,528
Porsche
Automobil
Holding
SE
(Preference)
2,112
94,455
Renault
SA
748
36,294
Toyota
Motor
Corp.
18,400
360,638
Volvo
Car
AB,
Class
B*
8,778
24,841
Yamaha
Motor
Co.
Ltd.(a)
13,200
124,139
1,259,555
Banks
-
12.9%
ABN
AMRO
Bank
NV,
CVA(b)
6,908
120,462
AIB
Group
plc
4,928
27,914
Banco
Santander
SA
50,358
242,764
Bank
of
Montreal
924
77,889
Bank
of
Nova
Scotia
(The)
6,358
296,717
Barclays
plc
38,940
116,939
BNP
Paribas
SA
4,312
296,105
Commonwealth
Bank
of
Australia
10,186
914,509
Credit
Agricole
SA
4,246
64,462
Danske
Bank
A/S
10,076
308,304
DBS
Group
Holdings
Ltd.
2,400
65,652
HSBC
Holdings
plc
66,066
597,404
ING
Groep
NV(a)
34,122
618,467
Mitsubishi
UFJ
Financial
Group,
Inc.
52,800
614,117
Mizuho
Financial
Group,
Inc.
3,600
82,499
National
Australia
Bank
Ltd.
13,046
328,664
National
Bank
of
Canada
2,332
194,940
NatWest
Group
plc
24,288
114,835
Royal
Bank
of
Canada(a)
6,842
764,113
Societe
Generale
SA
5,368
139,293
Standard
Chartered
plc
10,164
100,159
Toronto-Dominion
Bank
(The)
11,792
695,937
Investments
Shares
Value
Banks
(continued)
Westpac
Banking
Corp.
21,714
$
422,541
7,204,686
Beverages
-
1.7%
Asahi
Group
Holdings
Ltd.(a)
2,700
99,684
Coca-Cola
HBC
AG
2,068
75,437
Diageo
plc
17,028
529,075
Kirin
Holdings
Co.
Ltd.(a)
11,000
155,759
Pernod
Ricard
SA
638
85,607
945,562
Biotechnology
-
0.9%
CSL
Ltd.
2,354
476,090
Grifols
SA*(a)
3,564
35,859
511,949
Broadline
Retail
-
1.1%
Canadian
Tire
Corp.
Ltd.,
Class
A
660
67,737
Dollarama,
Inc.
2,464
230,855
Next
plc
1,760
205,130
Rakuten
Group,
Inc.*
22,000
129,023
632,745
Building
Products
-
1.3%
Cie
de
Saint-Gobain
SA
3,696
317,716
Geberit
AG
(Registered)
308
196,084
Kingspan
Group
plc
2,288
213,913
727,713
Capital
Markets
-
2.7%
Amundi
SA(b)
990
72,365
Daiwa
Securities
Group,
Inc.
15,400
128,709
Deutsche
Boerse
AG
242
49,598
EQT
AB(a)
5,214
168,763
London
Stock
Exchange
Group
plc
220
26,760
Macquarie
Group
Ltd.
1,496
204,951
Nomura
Holdings,
Inc.
41,800
261,174
Schroders
plc
10,186
51,392
UBS
Group
AG
(Registered)
17,314
524,386
1,488,098
Chemicals
-
3.1%
Akzo
Nobel
NV
2,398
148,219
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Developed
Markets ex-US Core
Index
(cont.)
161
Investments
Shares
Value
COMMON
STOCKS
(continued)
Chemicals
(continued)
Covestro
AG*(b)
2,706
$
159,468
Croda
International
plc
1,914
99,370
Givaudan
SA
(Registered)
93
455,042
Nippon
Paint
Holdings
Co.
Ltd.
6,600
42,014
Nitto
Denko
Corp.
2,200
192,131
Sika
AG
(Registered)
1,254
380,082
Symrise
AG,
Class
A
2,002
252,923
Wacker
Chemie
AG
176
17,674
1,746,923
Commercial
Services
&
Supplies
-
0.6%
Brambles
Ltd.
4,202
42,695
Dai
Nippon
Printing
Co.
Ltd.
2,900
95,793
Rentokil
Initial
plc
8,294
50,571
Secom
Co.
Ltd.
2,200
140,691
329,750
Communications
Equipment
-
0.1%
Nokia
OYJ
21,076
82,582
Construction
&
Engineering
-
0.5%
Taisei
Corp.
2,200
93,945
WSP
Global,
Inc.
990
164,354
258,299
Consumer
Staples
Distribution
&
Retail
-
2.0%
Carrefour
SA
7,854
117,284
Jeronimo
Martins
SGPS
SA
3,806
66,513
Loblaw
Cos.
Ltd.
1,078
132,853
Tesco
plc
106,260
452,586
Woolworths
Group
Ltd.
16,038
361,312
1,130,548
Containers
&
Packaging
-
0.5%
SIG
Group
AG(a)
4,818
100,985
Smurfit
WestRock
plc*
3,806
168,706
269,691
Diversified
Consumer
Services
-
0.2%
Pearson
plc
9,702
131,596
Diversified
REITs
-
0.2%
GPT
Group
(The),
REIT
26,554
80,283
Investments
Shares
Value
Diversified
REITs
(continued)
Land
Securities
Group
plc,
REIT
3,256
$
26,578
106,861
Diversified
Telecommunication
Services
-
2.0%
BCE,
Inc.
5,500
185,515
Deutsche
Telekom
AG
(Registered)
16,170
422,916
Nippon
Telegraph
&
Telephone
Corp.
94,600
100,850
Swisscom
AG
(Registered)
374
228,585
Telefonica
SA(a)
6,688
30,244
Telia
Co.
AB
8,008
23,260
TELUS
Corp.
6,578
106,137
1,097,507
Electric
Utilities
-
1.9%
Acciona
SA(a)
418
54,052
EDP
SA
44,198
181,741
Iberdrola
SA(a)
29,833
393,198
Orsted
A/S*(b)
2,838
168,900
Terna
-
Rete
Elettrica
Nazionale
21,736
180,873
Verbund
AG
1,078
86,321
1,065,085
Electrical
Equipment
-
2.5%
Legrand
SA
440
47,555
Mitsubishi
Electric
Corp.
7,500
129,653
Schneider
Electric
SE
3,234
779,866
Siemens
Energy
AG*
2,156
62,781
Vestas
Wind
Systems
A/S*
14,630
361,194
1,381,049
Electronic
Equipment,
Instruments
&
Components
-
0.6%
Murata
Manufacturing
Co.
Ltd.
11,700
260,579
Omron
Corp.
2,400
88,863
349,442
Energy
Equipment
&
Services
-
0.1%
Tenaris
SA
4,840
76,675
Financial
Services
-
0.3%
Edenred
SE
2,222
92,594
M&G
plc
29,854
81,409
‌
174,003
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Developed
Markets ex-US Core
Index
(cont.)
162
Investments
Shares
Value
COMMON
STOCKS
(continued)
Food
Products
-
1.6%
Ajinomoto
Co.,
Inc.
1,300
$
53,837
Mowi
ASA
814
13,713
Nestle
SA
(Registered)
8,404
851,045
918,595
Gas
Utilities
-
0.3%
AltaGas
Ltd.(a)
1,848
44,038
Hong
Kong
&
China
Gas
Co.
Ltd.
176,000
143,512
187,550
Ground
Transportation
-
1.8%
Canadian
National
Railway
Co.
4,070
470,888
Canadian
Pacific
Kansas
City
Ltd.
2,442
204,665
East
Japan
Railway
Co.
13,200
247,840
MTR
Corp.
Ltd.
24,000
77,727
1,001,120
Health
Care
Equipment
&
Supplies
-
1.9%
Koninklijke
Philips
NV*
11,506
324,713
Olympus
Corp.
8,800
152,301
Siemens
Healthineers
AG(b)
4,312
231,574
Sonova
Holding
AG
(Registered)
726
222,109
Sysmex
Corp.
7,400
121,604
1,052,301
Hotels,
Restaurants
&
Leisure
-
1.3%
Amadeus
IT
Group
SA
6,534
429,459
Genting
Singapore
Ltd.
77,000
48,931
Oriental
Land
Co.
Ltd.
2,200
62,611
Sands
China
Ltd.*
35,200
66,056
Whitbread
plc
2,530
94,565
701,622
Household
Durables
-
1.0%
Sekisui
House
Ltd.
5,700
143,201
Sony
Group
Corp.
4,400
395,666
538,867
Household
Products
-
0.4%
Henkel
AG
&
Co.
KGaA
(Preference)
2,596
222,202
Investments
Shares
Value
Independent
Power
and
Renewable
Electricity
Producers
-
0.2%
Corp.
ACCIONA
Energias
Renovables
SA
1,276
$
26,856
EDP
Renovaveis
SA
4,070
63,155
90,011
Industrial
Conglomerates
-
2.4%
Hitachi
Ltd.
36,100
788,893
Siemens
AG
(Registered)
2,882
528,355
1,317,248
Industrial
REITs
-
0.5%
Goodman
Group,
REIT
2,618
60,005
Segro
plc,
REIT
17,974
211,428
271,433
Insurance
-
6.4%
AIA
Group
Ltd.
35,200
236,559
Allianz
SE
(Registered)
2,596
732,621
ASR
Nederland
NV
1,210
60,714
Aviva
plc
41,206
264,741
AXA
SA
14,938
525,182
Japan
Post
Insurance
Co.
Ltd.
1,000
20,823
Legal
&
General
Group
plc
89,848
267,394
MS&AD
Insurance
Group
Holdings,
Inc.
17,300
411,861
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Registered)
352
173,538
NN
Group
NV
1,242
62,279
QBE
Insurance
Group
Ltd.
15,994
188,829
Sompo
Holdings,
Inc.
1,800
41,477
Swiss
Re
AG
1,210
149,076
Tokio
Marine
Holdings,
Inc.
500
20,012
Zurich
Insurance
Group
AG
726
398,527
3,553,633
Interactive
Media
&
Services
-
0.2%
LY
Corp.
37,400
92,717
IT
Services
-
1.9%
Capgemini
SE
1,826
362,778
CGI,
Inc.*
1,540
175,498
Fujitsu
Ltd.
26,400
479,450
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Developed
Markets ex-US Core
Index
(cont.)
163
Investments
Shares
Value
COMMON
STOCKS
(continued)
IT
Services
(continued)
Nomura
Research
Institute
Ltd.
1,000
$
31,038
1,048,764
Leisure
Products
-
0.4%
Shimano,
Inc.
1,100
195,421
Machinery
-
2.0%
Atlas
Copco
AB,
Class
A
9,042
160,802
Epiroc
AB,
Class
A
5,720
106,740
GEA
Group
AG
2,244
99,169
KION
Group
AG
1,078
42,717
Komatsu
Ltd.
6,600
191,122
Kone
OYJ,
Class
B
2,464
125,743
Kubota
Corp.
700
10,142
MINEBEA
MITSUMI,
Inc.
4,400
106,096
SKF
AB,
Class
B
4,708
87,394
Spirax
Group
plc
396
46,083
Volvo
AB,
Class
B
1,672
42,636
Weir
Group
plc
(The)
858
22,394
Yaskawa
Electric
Corp.
2,800
97,849
1,138,887
Media
-
0.9%
Dentsu
Group,
Inc.
2,800
74,494
Publicis
Groupe
SA
2,684
280,619
WPP
plc
15,136
145,928
501,041
Metals
&
Mining
-
2.5%
Anglo
American
plc
3,498
105,586
Barrick
Gold
Corp.
1,672
30,960
BlueScope
Steel
Ltd.
7,128
103,146
Fortescue
Ltd.
15,422
190,032
Kinross
Gold
Corp.
17,754
161,289
Mineral
Resources
Ltd.
2,442
86,556
Norsk
Hydro
ASA
15,158
83,730
Northern
Star
Resources
Ltd.
16,940
155,750
Sumitomo
Metal
Mining
Co.
Ltd.
3,500
107,238
Wheaton
Precious
Metals
Corp.
6,688
399,648
1,423,935
Multi-Utilities
-
0.1%
National
Grid
plc
5,703
72,227
Office
REITs
-
0.1%
Gecina
SA,
REIT
616
61,125
Investments
Shares
Value
Oil,
Gas
&
Consumable
Fuels
-
5.4%
Ampol
Ltd.
3,608
$
78,856
Enbridge,
Inc.
17,182
642,654
ENEOS
Holdings,
Inc.
44,000
231,668
Neste
OYJ
6,336
127,936
Pembina
Pipeline
Corp.
8,250
319,561
Repsol
SA
15,180
216,416
Shell
plc
26,092
951,794
TotalEnergies
SE
6,358
429,862
2,998,747
Paper
&
Forest
Products
-
0.3%
Mondi
plc
5,720
111,712
West
Fraser
Timber
Co.
Ltd.
858
76,040
187,752
Personal
Care
Products
-
2.2%
Haleon
plc
65,340
293,405
Kao
Corp.
6,600
289,688
L'Oreal
SA
1,540
667,657
1,250,750
Pharmaceuticals
-
9.3%
AstraZeneca
plc
5,368
852,764
Daiichi
Sankyo
Co.
Ltd.
8,100
330,977
GSK
plc
13,970
271,310
Novartis
AG
(Registered)
6,248
699,719
Novo
Nordisk
A/S,
Class
B
12,694
1,678,813
Ono
Pharmaceutical
Co.
Ltd.
3,100
46,100
Roche
Holding
AG
154
50,001
Sanofi
SA
5,830
601,403
Takeda
Pharmaceutical
Co.
Ltd.
15,400
440,322
Teva
Pharmaceutical
Industries
Ltd.*
9,328
159,962
UCB
SA
528
88,359
5,219,730
Professional
Services
-
2.6%
Computershare
Ltd.
3,674
66,336
Recruit
Holdings
Co.
Ltd.
4,400
253,191
RELX
plc
14,762
696,439
Wolters
Kluwer
NV
2,684
450,466
1,466,432
Real
Estate
Management
&
Development
-
0.5%
Daiwa
House
Industry
Co.
Ltd.
8,800
251,086
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Developed
Markets ex-US Core
Index
(cont.)
164
Investments
Shares
Value
COMMON
STOCKS
(continued)
Retail
REITs
-
0.3%
CapitaLand
Integrated
Commercial
Trust,
REIT
77,000
$
119,737
Vicinity
Ltd.,
REIT
50,292
69,294
189,031
Semiconductors
&
Semiconductor
Equipment
-
3.1%
Advantest
Corp.
6,000
240,423
ASML
Holding
NV
1,320
1,214,830
Renesas
Electronics
Corp.
1,400
23,988
Tokyo
Electron
Ltd.
1,300
268,018
1,747,259
Software
-
2.4%
Open
Text
Corp.
3,740
117,822
SAP
SE
5,192
1,095,674
Xero
Ltd.*
1,672
150,867
1,364,363
Specialty
Retail
-
1.4%
Fast
Retailing
Co.
Ltd.
100
27,682
H
&
M
Hennes
&
Mauritz
AB,
Class
B(a)
9,636
149,472
Industria
de
Diseno
Textil
SA
11,968
580,963
JD
Sports
Fashion
plc
12,430
21,011
779,128
Technology
Hardware,
Storage
&
Peripherals
-
0.8%
Canon,
Inc.(a)
12,200
384,504
Seiko
Epson
Corp.
4,400
76,925
461,429
Textiles,
Apparel
&
Luxury
Goods
-
1.7%
Burberry
Group
plc
5,654
56,283
Hermes
International
SCA
66
144,480
Kering
SA
1,078
331,870
LVMH
Moet
Hennessy
Louis
Vuitton
SE
572
404,181
936,814
Trading
Companies
&
Distributors
-
1.5%
Ashtead
Group
plc
220
15,830
Bunzl
plc
4,774
199,779
Ferguson
plc
132
29,390
ITOCHU
Corp.
10,200
527,626
Investments
Shares
Value
Trading
Companies
&
Distributors
(continued)
Rexel
SA
2,464
$
62,711
835,336
Transportation
Infrastructure
-
0.8%
Getlink
SE
4,796
85,501
Transurban
Group
44,594
378,850
464,351
Water
Utilities
-
0.2%
Severn
Trent
plc
3,696
122,054
Wireless
Telecommunication
Services
-
1.0%
SoftBank
Corp.
30,800
402,246
Vodafone
Group
plc
169,246
157,476
559,722
Total
Common
Stocks
(Cost
$47,804,275)
55,020,468
Principal
Amount
SECURITIES
LENDING
REINVESTMENTS
-
1.7%(c)
REPURCHASE
AGREEMENTS
-
1.7%
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$927,344,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$949,443  
(Cost
$927,206)
$927,206
927,206
Total
Investments
-
100.1%
(Cost
$48,731,481)
55,947,674
Liabilities
in
excess
of
other
assets
-
(0.1%)
(51,649)
NET
ASSETS
-
100.0%
$55,896,025
*
Non-income
producing
security.
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Developed
Markets ex-US Core
Index
(cont.)
165
(a)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$2,503,432,
collateralized
in
the
form
of
cash
with
a
value
of
$927,206
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments;
$1,072,626
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.13%
–
5.34%,
and
maturity
dates
ranging
from
November
15,
2024
–
August
15,
2053
and
$616,313
of
collateral
in
the
form
of
Foreign
Government
Fixed
Income
Securities,
interest
rates
ranging
from
0.00%
–
5.75%,
and
maturity
dates
ranging
from
August
15,
2024
–
June
30,
2120;
a
total
value
of
$2,616,146.
(b)
Security
exempt
from
registration
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933.
Regulation
S
applies
to
securities
offerings
that
are
made
outside
of
the
United
States
and
do
not
involve
direct
selling
efforts
in
the
United
States
and
as
such
may
have
restrictions
on
resale.
(c)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$927,206.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
CVA
Dutch
Certification
OYJ
Public
Limited
Company
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
REIT
Real
Estate
Investment
Trust
SCA
Limited
partnership
with
share
capital
Futures
Contracts
FlexShares®
ESG &
Climate
Developed
Markets ex-US Core
Index
Fund
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
Long
Contracts
‌
MSCI
EAFE
E-Mini
Index
7
09/20/2024
USD
$
836,395
$
18,911
Forward
Foreign
Currency
Contracts
FlexShares®
ESG &
Climate
Developed
Markets ex-US Core
Index
Fund
Fund
had
the
following
outstanding
contracts
as
of
July
31,
2024:
Contracts
to
Receive
Counterparty
In
Exchange
For
Maturity
Date
Unrealized
Appreciation/
(Depreciation)
JPY
13,893,000
Morgan
Stanley
USD
88,189
09/18/2024
$
4,812
SGD
6,689
UBS
Securities
LLC
USD
4,963
09/18/2024
49
USD
45,686
Citibank
NA
AUD
69,070
09/18/2024
528
USD
24,051
Barclays
Bank
plc
NOK
257,473
09/18/2024
476
USD
22,112
Citibank
NA
NZD
36,099
09/18/2024
670
USD
37,310
Barclays
Bank
plc
SEK
390,201
09/18/2024
812
USD
20,153
Citibank
NA
HKD
157,028
09/19/2024
24
Total
unrealized
appreciation
$
7,371
CAD
74,291
UBS
Securities
LLC
USD
54,064
09/18/2024
$
(211)
USD
68,454
Barclays
Bank
plc
CHF
60,857
09/18/2024
(1,085)
USD
68,530
Citibank
NA
EUR
63,606
09/18/2024
(453)
USD
70,442
Morgan
Stanley
EUR
65,000
09/18/2024
(54)
USD
82,731
Citibank
NA
GBP
65,011
09/18/2024
(808)
USD
105,308
Goldman
Sachs
&
Co.
JPY
16,327,090
09/18/2024
(3,987)
Total
unrealized
depreciation
$
(6,598)
Net
unrealized
appreciation
$
773
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Developed
Markets ex-US Core
Index
(cont.)
166
Abbreviations:
AUD
—
Australian
Dollar
CAD
—
Canadian
Dollar
CHF
—
Swiss
Franc
EUR
—
Euro
GBP
—
British
Pound
HKD
—
Hong
Kong
Dollar
JPY
—
Japanese
Yen
NOK
—
Norwegian
Krone
NZD
—
New
Zealand
Dollar
SEK
—
Swedish
Krona
SGD
—
Singapore
Dollar
USD
—
US
Dollar
FlexShares®
ESG &
Climate
Developed
Markets ex-US Core
Index
Fund
invested,
as
a
percentage
of
net
assets,
in
companies
domiciled
in
the
following
countries
as
of
July
31,
2024:
Australia
7.5
%
Austria
0.1
Belgium
0.2
Canada
9.9
Denmark
4.5
Finland
0.6
France
10.7
Germany
9.0
Hong
Kong
0.9
Ireland
0.4
Israel
0.3
Italy
0.5
Japan
20.3
Netherlands
5.4
New
Zealand
0.3
Norway
0.2
Portugal
0.6
Singapore
0.4
Spain
3‌
.6
Sweden
1.4
Switzerland
7.6
United
Kingdom
14.0
Other
1
1.6
100.0%
1
Includes
any
non-equity
securities,
securities
lending
reinvestments
and
net
other
assets
(liabilities).
Security
Type
%
of
Net
Assets
Common
Stocks
98.4
%
Securities
Lending
Reinvestments
1.7
Others
(1)
(0.1)
100.0%
(1)
Includes
any
other
net
assets/(liabilities).
167
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
Morningstar
Global
Upstream
Natural
Resources
Index
Fund
July
31,
2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
99
.3
%
Building
Products
-
0
.7
%
Simpson
Manufacturing
Co.,
Inc.
103,140
$
19,812,162
UFP
Industries,
Inc.
151,845
20,032,911
39,845,073
Chemicals
-
17
.1
%
CF
Industries
Holdings,
Inc.
1,103,025
84,260,080
Corteva,
Inc.
4,414,965
247,679,536
FMC
Corp.(a)
776,415
45,311,579
Hektas
Ticaret
TAS*
25,280,760
9,253,975
ICL
Group
Ltd.
6,486,360
27,368,171
K+S
AG
(Registered)
1,587,210
20,490,013
Mosaic
Co.
(The)
2,051,340
61,068,392
Nutrien
Ltd.
4,910,610
251,706,753
PhosAgro
PJSC‡
308,581
—
PI
Industries
Ltd.
724,845
38,357,278
Qinghai
Salt
Lake
Industry
Co.
Ltd.,
Class
A*
14,898,050
32,034,606
SABIC
Agri-Nutrients
Co.
2,062,800
64,656,649
Scotts
Miracle-Gro
Co.
(The)(a)
254,985
20,041,821
Taiwan
Fertilizer
Co.
Ltd.
6,541,130
12,835,500
UPL
Ltd.
4,509,510
30,809,790
Yara
International
ASA
1,561,425
44,410,186
Yunnan
Yuntianhua
Co.
Ltd.,
Class
A
4,870,586
13,202,452
1,003,486,781
Food
Products
-
12
.1
%
Archer-Daniels-Midland
Co.
2,928,030
181,567,140
Bakkafrost
P/F
469,860
24,493,137
Bunge
Global
SA(a)
839,445
88,334,797
Charoen
Pokphand
Foods
PCL,
NVDR*
28,363,500
19,097,321
Charoen
Pokphand
Indonesia
Tbk.
PT
65,880,000
21,169,926
Golden
Agri-Resources
Ltd.
58,588,800
12,045,395
Mowi
ASA
4,137,060
69,691,934
Muyuan
Foods
Co.
Ltd.,
Class
A*
14,898,058
90,125,722
New
Hope
Liuhe
Co.
Ltd.,
Class
A*
12,606,084
16,518,443
PPB
Group
Bhd.
6,589,500
21,255,064
QL
Resources
Bhd.
10,314,000
14,995,651
Salmar
ASA
756,360
43,439,945
Investments
Shares
Value
Food
Products
(continued)
Tyson
Foods,
Inc.,
Class
A
1,690,350
$
102,942,315
705,676,790
Metals
&
Mining
-
28
.6
%
Agnico
Eagle
Mines
Ltd.
(a)
1,111,620
85,722,161
Anglo
American
plc
2,747,535
82,933,176
Antofagasta
plc(a)
744,900
19,327,093
Barrick
Gold
Corp.
3,922,185
72,626,221
BHP
Group
Ltd.
9,941,550
274,604,500
Boliden
AB
604,515
18,421,531
First
Quantum
Minerals
Ltd.(a)
1,489,800
18,225,502
Fortescue
Ltd.(a)
3,564,060
43,916,739
Franco-Nevada
Corp.
422,670
54,436,604
Freeport-McMoRan,
Inc.
2,546,985
115,658,589
Glencore
plc
21,745,350
120,046,642
GMK
Norilskiy
Nickel
PAO‡
5,847,273
—
Gold
Fields
Ltd.
1,939,605
34,034,050
Grupo
Mexico
SAB
de
CV,
Series
B
8,022,000
45,211,347
Hindalco
Industries
Ltd.
3,395,025
27,150,874
Ivanhoe
Mines
Ltd.,
Class
A*(a)
1,466,880
19,166,227
Kinross
Gold
Corp.
2,824,890
25,663,158
Newmont
Corp.
1,973,985
96,863,444
Norsk
Hydro
ASA
3,022,575
16,696,102
Northern
Star
Resources
Ltd.
2,552,715
23,470,274
Rio
Tinto
plc
2,286,270
147,593,491
Royal
Gold,
Inc.(a)
114,600
15,828,552
Saudi
Arabian
Mining
Co.*
2,632,935
30,210,787
South32
Ltd.(a)
10,471,575
20,992,471
Southern
Copper
Corp.(a)
160,440
17,104,508
Sumitomo
Metal
Mining
Co.
Ltd.
573,000
17,556,361
Teck
Resources
Ltd.,
Class
B
1,057,185
51,793,609
Vale
SA
8,108,600
88,405,293
Wheaton
Precious
Metals
Corp.(a)
991,290
59,235,578
Zijin
Mining
Group
Co.
Ltd.,
Class
A
13,465,500
30,891,995
1,673,786,879
Oil,
Gas
&
Consumable
Fuels
-
30
.7
%
BP
plc
18,017,985
106,192,577
Cameco
Corp.(a)
1,005,615
45,743,854
Canadian
Natural
Resources
Ltd.(a)
2,329,245
82,651,989
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Global
Upstream
Natural
Resources
Index
Fund
(cont.)
168
Investments
Shares
Value
COMMON
STOCKS
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Cenovus
Energy,
Inc.
1,484,070
$
29,886,588
Chevron
Corp.(a)
1,272,060
204,127,468
China
Petroleum
&
Chemical
Corp.,
Class
H
24,942,000
16,027,757
ConocoPhillips
799,335
88,886,052
Coterra
Energy,
Inc.
498,510
12,861,558
Devon
Energy
Corp.
435,480
20,480,624
Diamondback
Energy,
Inc.
117,465
23,764,344
Eni
SpA
2,274,810
36,426,341
EOG
Resources,
Inc.
389,640
49,406,352
EQT
Corp.(a)
275,040
9,491,631
Equinor
ASA
999,885
26,518,510
Exxon
Mobil
Corp.
2,558,445
303,405,993
Gazprom
PJSC*‡
15,937,700
—
Hess
Corp.
194,820
29,889,284
Inpex
Corp.
989,300
15,293,844
LUKOIL
PJSC‡
214,305
—
LUKOIL
PJSC,
ADR*‡
269,035
—
Marathon
Oil
Corp.
392,505
11,009,765
Novatek
PJSC‡
1,237,715
—
Occidental
Petroleum
Corp.(a)
432,615
26,311,644
Oil
&
Natural
Gas
Corp.
Ltd.
4,168,575
16,638,703
Ovintiv,
Inc.
189,090
8,781,340
PetroChina
Co.
Ltd.,
Class
H
22,920,000
19,980,184
Petroleo
Brasileiro
SA
(Preference)
4,870,500
32,233,056
Repsol
SA
1,237,680
17,645,192
Rosneft
Oil
Co.
PJSC‡
2,926,433
—
Santos
Ltd.(a)
3,240,315
16,906,246
Saudi
Arabian
Oil
Co.(b)
4,612,650
33,931,912
Shell
plc
6,684,045
243,823,134
Suncor
Energy,
Inc.
1,426,770
56,948,929
Tatneft
PJSC‡
2,021,036
—
TotalEnergies
SE
2,349,300
158,835,252
Tourmaline
Oil
Corp.(a)
349,530
15,370,768
Woodside
Energy
Group
Ltd.
2,011,231
36,248,008
1,795,718,899
Paper
&
Forest
Products
-
3
.0
%
Canfor
Corp.*(a)
189,090
2,168,146
Dexco
SA
1,146,000
1,481,980
Dongwha
Enterprise
Co.
Ltd.*
48,705
482,539
Mondi
plc
1,535,640
29,991,145
Stella-Jones,
Inc.(a)
157,575
10,595,492
Stora
Enso
OYJ,
Class
R(a)
2,137,290
26,689,268
Svenska
Cellulosa
AB
SCA,
Class
B(a)
1,971,120
26,777,923
Investments
Shares
Value
Paper
&
Forest
Products
(continued)
UPM-Kymmene
OYJ
1,876,575
$
61,995,494
West
Fraser
Timber
Co.
Ltd.(a)
186,225
16,504,055
176,686,042
Semiconductors
&
Semiconductor
Equipment
-
0
.5
%
Tongwei
Co.
Ltd.,
Class
A
12,892,587
32,342,740
Specialized
REITs
-
1
.3
%
PotlatchDeltic
Corp.,
REIT(a)
191,955
8,515,124
Rayonier,
Inc.,
REIT(a)
312,285
9,471,604
Weyerhaeuser
Co.,
REIT(a)
1,747,650
55,505,364
73,492,092
Water
Utilities
-
5
.3
%
AlKhorayef
Water
&
Power
Technologies
Co.*
65,895
3,178,921
American
States
Water
Co.
126,060
10,403,732
American
Water
Works
Co.,
Inc.
650,355
92,584,538
Beijing
Enterprises
Water
Group
Ltd.(a)
22,920,000
7,070,814
California
Water
Service
Group
194,820
10,415,077
Chengdu
Xingrong
Environment
Co.
Ltd.,
Class
A
4,297,500
4,757,128
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
1,719,000
26,833,764
Cia
de
Saneamento
de
Minas
Gerais
Copasa
MG
1,146,000
4,454,048
Cia
De
Sanena
Do
Parana
1,146,000
5,538,671
Essential
Utilities,
Inc.(a)
833,715
33,890,515
Grandblue
Environment
Co.
Ltd.,
Class
A
1,146,000
3,423,546
Guangdong
Investment
Ltd.
13,857,941
7,273,113
Pennon
Group
plc
1,538,505
12,252,023
Severn
Trent
plc
1,332,225
43,994,345
United
Utilities
Group
plc
3,389,295
44,970,415
311,040,650
Total
Common
Stocks
(Cost
$5,395,200,383)
5,812,075,946
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Global
Upstream
Natural
Resources
Index
Fund
(cont.)
169
Investments
Principal
Amount
Value
SECURITIES
LENDING
REINVESTMENTS
-
2
.8
%
(c)
CERTIFICATES
OF
DEPOSIT
-
0
.5
%
Bank
of
Montreal,
London
(SOFR
+
0.20%),
5.53%,
12/17/2024(d)
$
5,000,000
$
5,000,000
Cooperatieve
Rabobank
UA,
London
5.68%,
7/3/2025
3,000,000
3,002,100
Credit
Agricole
CIB,
New
York
(SOFR
+
0.17%),
5.50%,
9/11/2024(d)
3,000,000
3,000,000
MUFG
Bank
Ltd.,
London
Branch
5.54%,
9/23/2024
2,000,000
2,000,000
Natixis
SA,
New
York
(SOFR
+
0.22%),
5.55%,
11/1/2024(d)
2,000,000
2,000,100
Nordea
Bank
Abp,
New
York
Branch
(SOFR
+
0.32%),
5.65%,
7/18/2025(d)
4,000,000
4,000,736
Oversea-Chinese
Banking
Corp.
Ltd.,
New
York
(SOFR
+
0.20%),
5.55%,
10/22/2024(d)
3,000,000
3,000,309
Svenska
Handelsbanken,
New
York
(SOFR
+
0.20%),
5.53%,
10/30/2024(d)
3,000,000
3,000,372
The
Sumitomo
Bank
Ltd.,
New
York
(SOFR
+
0.17%),
5.50%,
8/7/2024(d)
5,000,000
5,000,000
Total
Certificates
of
Deposit
(Cost
$29,999,863)
30,003,617
REPURCHASE
AGREEMENTS
-
2
.3
%
BofA
Securities,
Inc.
5.77%,
dated
7/31/2024,
due
10/31/2024,
repurchase
price
$8,117,964,
collateralized
by
various
Common
Stocks;
total
market
value
$8,966,089
8,000,000
8,000,000
Investments
Principal
Amount
Value
REPURCHASE
AGREEMENTS
(continued)
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$14,279,583,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$14,619,866
$
14,277,465
$
14,277,465
MetLife,
Inc.
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$39,977,929,
collateralized
by
various
U.S.
Treasury
Securities,
0.00%,
5/15/2046;
total
market
value
$41,206,490
39,972,000
39,972,000
National
Bank
of
Canada
Financial
Inc.
5.47%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$63,009,573,
collateralized
by
various
Common
Stocks,
U.S.
Treasury
Securities,
0.63%,
1/15/2026;
total
market
value
$69,273,536
63,000,000
63,000,000
TD
Prime
Services
LLC
5.42%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$11,001,656,
collateralized
by
various
Common
Stocks;
total
market
value
$12,277,621
11,000,000
11,000,000
Total
Repurchase
Agreements
(Cost
$136,249,465)
136,249,465
Total
Securities
Lending
Reinvestments
(Cost
$166,249,328)
166,253,082
Total
Investments
-
102.1%
(Cost
$5,561,449,711)
5,978,329,028
Liabilities
in
excess
of
other
assets
-
(2.1%)
(124,083,268)
NET
ASSETS
-
100.0%
$5,854,245,760
*
Non-income
producing
security.
‡
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Global
Upstream
Natural
Resources
Index
Fund
(cont.)
170
(a)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$320,787,114,
collateralized
in
the
form
of
cash
with
a
value
of
$166,249,311
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments;
$153,270,915
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
6.13%,
and
maturity
dates
ranging
from
August
15,
2024
–
February
15,
2054
and
$14,853,575
of
collateral
in
the
form
of
Foreign
Government
Fixed
Income
Securities,
interest
rates
ranging
from
0.00%
–
5.75%,
and
maturity
dates
ranging
from
August
15,
2024
–
June
30,
2120;
a
total
value
of
$334,373,801.
(b)
Security
exempt
from
registration
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933.
Regulation
S
applies
to
securities
offerings
that
are
made
outside
of
the
United
States
and
do
not
involve
direct
selling
efforts
in
the
United
States
and
as
such
may
have
restrictions
on
resale.
(c)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$166,253,082.
(d)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
is
the
rate
in
effect
as
of
July
31,
2024.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
ADR
American
Depositary
Receipt
NVDR
Non-Voting
Depositary
Receipt
OYJ
Public
Limited
Company
PJSC
Public
Joint
Stock
Company
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
REIT
Real
Estate
Investment
Trust
SCA
Limited
partnership
with
share
capital
SOFR
Secured
Overnight
Financing
Rate
Futures
Contracts
FlexShares®
Morningstar
Global
Upstream
Natural
Resources
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
Long
Contracts
‌
FTSE
100
Index
83
09/20/2024
GBP
$
8,909,876
$
130,789
FTSE/JSE
Top
40
Index
22
09/19/2024
ZAR
918,204
39,138
Hang
Seng
Index
19
08/29/2024
HKD
2,109,773
2,227
MSCI
Emerging
Markets
E-Mini
Index
16
09/20/2024
USD
877,200
8,476
Russell
2000
E-Mini
Index
99
09/20/2024
USD
11,251,350
1,126,863
S&P/TSX
60
Index
92
09/19/2024
CAD
18,451,280
1,125,832
SPI
200
Index
13
09/19/2024
AUD
1,710,746
71,963
$
2,505,288
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Global
Upstream
Natural
Resources
Index
Fund
(cont.)
171
Forward
Foreign
Currency
Contracts
FlexShares®
Morningstar
Global
Upstream
Natural
Resources
Index
Fund
had
the
following
outstanding
contracts
as
of
July
31,
2024:
Contracts
to
Receive
Counterparty
In
Exchange
For
Maturity
Date
Unrealized
Appreciation/
(Depreciation)
EUR
1,223,602
Citibank
NA
USD
1,326,354
09/18/2024
$
701
GBP
3,286,860
Morgan
Stanley
USD
4,200,586
09/18/2024
23,063
GBP
740,000
Toronto-Dominion
Bank
(The)
USD
936,218
09/18/2024
14,689
JPY
9,759,416
Citibank
NA
USD
63,163
09/18/2024
2,167
USD
500,592
Morgan
Stanley
AUD
750,000
09/18/2024
10,242
USD
811,964
Toronto-Dominion
Bank
(The)
BRL
*
4,430,000
09/18/2024
32,162
USD
2,004,855
Bank
of
Montreal
CAD
2,742,000
09/18/2024
17,196
USD
449,405
Citibank
NA
MXN
8,380,000
09/18/2024
2,972
USD
455,145
Citibank
NA
NOK
4,808,952
09/18/2024
14,840
USD
48,328
Morgan
Stanley
SEK
500,827
09/18/2024
1,483
USD
1,621,035
Citibank
NA
HKD
12,630,000
09/19/2024
1,973
USD
567,943
JPMorgan
Chase
Bank
NA
HKD
4,424,345
09/19/2024
779
USD
255,362
Citibank
NA
KRW
*
350,052,156
09/19/2024
353
Total
unrealized
appreciation
$
122,620
AUD
4,324,480
Citibank
NA
USD
2,885,786
09/18/2024
$
(
58,442
)
AUD
690,000
Toronto-Dominion
Bank
(The)
USD
459,784
09/18/2024
(
8,662
)
BRL
*
102,240
Goldman
Sachs
&
Co.
USD
18,894
09/18/2024
(
896
)
CAD
6,318,539
Citibank
NA
USD
4,612,140
09/18/2024
(
31,871
)
CAD
1,010,000
Toronto-Dominion
Bank
(The)
USD
736,896
09/18/2024
(
4,753
)
EUR
2,500,000
Citibank
NA
USD
2,730,883
09/18/2024
(
19,514
)
GBP
1,885,000
JPMorgan
Chase
Bank
NA
USD
2,445,795
09/18/2024
(
23,551
)
INR
*
16,415,711
Citibank
NA
USD
195,813
09/18/2024
(
47
)
INR
*
23,000,000
Goldman
Sachs
&
Co.
USD
274,568
09/18/2024
(
282
)
NOK
3,840,000
Toronto-Dominion
Bank
(The)
USD
360,389
09/18/2024
(
8,801
)
USD
4,192,197
JPMorgan
Chase
Bank
NA
EUR
3,905,000
09/18/2024
(
42,962
)
USD
1,112,709
Citibank
NA
GBP
870,000
09/18/2024
(
5,250
)
USD
3,213,321
JPMorgan
Chase
Bank
NA
GBP
2,541,000
09/18/2024
(
51,891
)
USD
37,893
BNP
Paribas
SA
ZAR
710,000
09/18/2024
(
991
)
USD
181,119
Morgan
Stanley
ZAR
3,350,000
09/18/2024
(
2,346
)
Total
unrealized
depreciation
$
(
260,259
)
Net
unrealized
depreciation
$
(
137,639
)
*
Non-deliverable
forward.
Abbreviations:
AUD
—
Australian
Dollar
BRL
—
Brazilian
Real
CAD
—
Canadian
Dollar
EUR
—
Euro
GBP
—
British
Pound
HKD
—
Hong
Kong
Dollar
INR
—
Indian
Rupee
JPY
—
Japanese
Yen
KRW
—
Korean
Won
MXN
—
Mexican
Peso
NOK
—
Norwegian
Krone
SEK
—
Swedish
Krona
USD
—
US
Dollar
ZAR
—
South
African
Rand
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Morningstar
Global
Upstream
Natural
Resources
Index
Fund
(cont.)
172
FlexShares®
Morningstar
Global
Upstream
Natural
Resources
Index
invested,
as
a
percentage
of
net
assets,
in
companies
domiciled
in
the
following
countries
as
of
July
31,
2024:
Australia
11‌
.7
%
Austria
0‌
.5
Brazil
2‌
.7
Canada
15‌
.0
Chile
0‌
.3
China
4‌
.7
Faeroe
Islands
0‌
.4
Finland
1‌
.5
France
2‌
.7
Germany
0‌
.4
Hong
Kong
0‌
.3
India
1‌
.9
Indonesia
0‌
.4
Israel
0‌
.5
Italy
0‌
.6
Japan
0‌
.6
Malaysia
0‌
.6
Mexico
0‌
.8
Norway
3‌
.4
Saudi
Arabia
2‌
.3
Singapore
0‌
.2
South
Africa
2‌
.0
South
Korea
0‌
.0
†
Spain
0‌
.3
Sweden
0‌
.8
Taiwan
0‌
.2
Thailand
0‌
.3
Turkey
0‌
.2
United
Kingdom
7‌
.7
United
States
36‌
.0
Zambia
0‌
.3
Other
1
0‌
.7
100.0%
†
Amount
represents
less
than
0.05%.
1
Includes
any
non-equity
securities,
securities
lending
reinvestments
and
net
other
assets
(liabilities).
Security
Type
%
of
Net
Assets
Common
Stocks
99‌
.3
%
Securities
Lending
Reinvestments
2‌
.8
Others
(1)
(
2‌
.1
)
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
173
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
STOXX
®
Global
Broad
Infrastructure
Index
Fund
July
31,
2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
99.1%
Air
Freight
&
Logistics
-
2.5%
Deutsche
Post
AG
1,152,021
$
51,422,329
International
Distribution
Services
plc*
770,724
3,415,350
Oesterreichische
Post
AG
31,707
1,046,460
PostNL
NV(a)
443,898
653,265
56,537,404
Chemicals
-
0.0%(b)
PureCycle
Technologies,
Inc.*(a)
56,910
438,776
Commercial
Services
&
Supplies
-
6.3%
Befesa
SA(a)(c)
38,211
1,185,864
Casella
Waste
Systems,
Inc.,
Class
A*(a)
21,951
2,273,246
China
Everbright
Environment
Group
Ltd.
4,065,000
1,836,847
Clean
Harbors,
Inc.*
18,699
4,464,012
Cleanaway
Co.
Ltd.
112,000
613,325
Cleanaway
Waste
Management
Ltd.(a)
2,591,844
4,772,777
CoreCivic,
Inc.*
46,341
645,994
Daiei
Kankyo
Co.
Ltd.
38,300
734,894
Daiseki
Co.
Ltd.(a)
63,460
1,522,601
GEO
Group,
Inc.
(The)*
49,593
719,099
GFL
Environmental,
Inc.
404,061
15,685,648
Li-Cycle
Holdings
Corp.*(a)
25,203
87,706
Renewi
plc(a)
80,487
696,792
Republic
Services,
Inc.,
Class
A
75,609
14,692,341
Shanghai
Environment
Group
Co.
Ltd.,
Class
A
19,599
20,475
Stericycle,
Inc.*
33,333
1,951,647
TRE
Holdings
Corp.(a)
81,300
712,712
Veralto
Corp.
90,243
9,616,294
Waste
Connections,
Inc.
(a)
308,127
54,768,964
Waste
Management,
Inc.
134,958
27,350,588
144,351,826
Diversified
Telecommunication
Services
-
15.1%
AT&T,
Inc.
2,623,551
50,503,357
BCE,
Inc.(a)
766,659
25,844,808
BT
Group
plc(a)
5,312,955
9,611,921
Cellnex
Telecom
SA(c)
406,500
14,155,134
China
Tower
Corp.
Ltd.,
Class
H(a)(c)
35,772,000
4,395,945
Investments
Shares
Value
Diversified
Telecommunication
Services
(continued)
Cogent
Communications
Holdings,
Inc.(a)
15,447
$
1,090,404
Deutsche
Telekom
AG
(Registered)
2,886,963
75,506,661
Frontier
Communications
Parent,
Inc.*(a)
92,682
2,715,583
HKT
Trust
&
HKT
Ltd.
3,252,000
3,938,034
Indus
Towers
Ltd.*
1,160,151
6,001,754
Infrastrutture
Wireless
Italiane
SpA
(c)
315,444
3,508,995
Iridium
Communications,
Inc.
32,520
933,324
KINX,
Inc.
813
44,230
Koninklijke
KPN
NV
3,285,333
12,926,194
Liberty
Global
Ltd.,
Class
A*
74,796
1,457,774
Liberty
Global
Ltd.,
Class
C*(a)
52,032
1,046,363
Nippon
Telegraph
&
Telephone
Corp.
45,853,200
48,882,449
Quebecor,
Inc.,
Class
B
138,210
3,051,435
Spark
New
Zealand
Ltd.
1,573,155
4,036,502
Swisscom
AG
(Registered)
21,138
12,919,334
Verizon
Communications,
Inc.
1,534,944
62,195,931
344,766,132
Electric
Utilities
-
13.3%
American
Electric
Power
Co.,
Inc.
191,868
18,826,088
Constellation
Energy
Corp.
116,259
22,065,958
Duke
Energy
Corp.
282,111
30,826,269
Edison
International
143,088
11,448,471
Enel
SpA(a)
5,094,258
36,349,402
Exelon
Corp.
359,346
13,367,671
Iberdrola
SA(a)
3,866,627
50,962,059
NextEra
Energy,
Inc.
749,586
57,260,875
PG&E
Corp.
963,405
17,582,141
Southern
Co.
(The)
402,435
33,611,371
Xcel
Energy,
Inc.
199,185
11,608,502
303,908,807
Energy
Equipment
&
Services
-
0.1%
Secure
Energy
Services,
Inc.
197,559
1,743,273
Gas
Utilities
-
0.8%
AltaGas
Ltd.(a)
203,250
4,843,454
APA
Group
726,822
3,754,203
Enagas
SA(a)
141,462
2,118,572
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
Broad
Infrastructure
Index
Fund
(cont.)
174
Investments
Shares
Value
COMMON
STOCKS
(continued)
Gas
Utilities
(continued)
Snam
SpA
1,304,052
$
6,232,894
16,949,123
Ground
Transportation
-
16.6%
Aurizon
Holdings
Ltd.
2,290,221
5,563,313
Canadian
National
Railway
Co.(a)
695,115
80,422,911
Canadian
Pacific
Kansas
City
Ltd.
1,114,623
93,418,088
Central
Japan
Railway
Co.
1,219,500
28,732,736
CSX
Corp.
719,505
25,254,626
East
Japan
Railway
Co.
1,352,600
25,396,085
Keisei
Electric
Railway
Co.
Ltd.(a)
207,400
6,201,599
Kyushu
Railway
Co.
185,900
4,966,888
MTR
Corp.
Ltd.(a)
1,964,000
6,360,625
Norfolk
Southern
Corp.(a)
82,113
20,492,120
Odakyu
Electric
Railway
Co.
Ltd.
453,300
4,583,916
Rumo
SA
1,544,700
6,052,825
Tobu
Railway
Co.
Ltd.
243,900
4,281,137
Union
Pacific
Corp.
223,575
55,162,660
West
Japan
Railway
Co.
586,000
11,512,801
378,402,330
Health
Care
Providers
&
Services
-
3.4%
Acadia
Healthcare
Co.,
Inc.*
32,520
2,108,922
Bangkok
Chain
Hospital
PCL,
NVDR
1,382,100
666,913
Bangkok
Dusit
Medical
Services
PCL,
NVDR
16,016,100
11,794,715
Bumrungrad
Hospital
PCL,
NVDR
813,000
5,610,829
Encompass
Health
Corp.
37,398
3,475,770
HCA
Healthcare,
Inc.
70,731
25,678,890
IHH
Healthcare
Bhd.
2,520,300
3,455,847
Life
Healthcare
Group
Holdings
Ltd.
1,014,624
744,601
Mitra
Keluarga
Karyasehat
Tbk.
PT(c)
6,016,200
1,117,400
Ramsay
Health
Care
Ltd.
(a)
228,453
6,932,386
Rede
D'Or
Sao
Luiz
SA(c)
1,056,900
5,158,528
Select
Medical
Holdings
Corp.(a)
43,089
1,713,219
Tenet
Healthcare
Corp.*
36,585
5,476,775
Universal
Health
Services,
Inc.,
Class
B(a)
20,325
4,344,672
‌
78,279,467
Investments
Shares
Value
Independent
Power
and
Renewable
Electricity
Producers
-
0.7%
RWE
AG
445,524
$
16,627,681
IT
Services
-
0.3%
Fastly,
Inc.,
Class
A*(a)
31,707
256,827
NEXTDC
Ltd.*
497,556
5,442,143
5,698,970
Media
-
3.3%
Charter
Communications,
Inc.,
Class
A*(a)
35,772
13,583,344
Comcast
Corp.,
Class
A
1,426,815
58,884,655
Liberty
Broadband
Corp.,
Class
C*
40,650
2,739,403
Sirius
XM
Holdings,
Inc.
(a)
278,046
959,259
76,166,661
Multi-Utilities
-
7.9%
Consolidated
Edison,
Inc.
126,828
12,368,267
Dominion
Energy,
Inc.(a)
302,436
16,168,229
E.ON
SE
1,336,572
18,751,339
Engie
SA
1,214,622
19,110,539
National
Grid
plc
3,314,601
41,978,351
Public
Service
Enterprise
Group,
Inc.
184,551
14,721,633
Sempra(a)
230,892
18,485,214
Veolia
Environnement
SA
872,349
27,412,855
WEC
Energy
Group,
Inc.
113,007
9,725,382
178,721,809
Oil,
Gas
&
Consumable
Fuels
-
8.0%
Antero
Midstream
Corp.
135,771
1,949,671
DT
Midstream,
Inc.(a)
36,585
2,757,046
Enbridge,
Inc.
1,390,230
51,998,396
Hess
Midstream
LP,
Class
A
26,016
975,080
Keyera
Corp.
146,340
4,126,058
Kinder
Morgan,
Inc.(a)
708,936
14,979,818
Koninklijke
Vopak
NV
41,463
1,847,628
New
Fortress
Energy,
Inc.(a)
44,715
882,674
ONEOK,
Inc.
215,445
17,953,032
Pembina
Pipeline
Corp.
384,549
14,895,376
Santos
Ltd.
2,140,629
11,168,667
Targa
Resources
Corp.
82,113
11,108,247
TC
Energy
Corp.
676,416
28,702,816
Transneft
PJSC
(Preference)‡
147,300
—
Williams
Cos.,
Inc.
(The)
448,776
19,270,441
‌
182,614,950
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
Broad
Infrastructure
Index
Fund
(cont.)
175
Investments
Shares
Value
COMMON
STOCKS
(continued)
Real
Estate
Management
&
Development
-
0.0%(b)
Shanghai
SMI
Holding
Co.
Ltd.,
Class
A
45,236
$
22,220
Specialized
REITs
-
4.9%
American
Tower
Corp.,
REIT
169,917
37,449,707
Crown
Castle,
Inc.,
REIT
156,909
17,272,543
Digital
Core
REIT
Management
Pte.
Ltd.,
REIT
894,300
509,751
Digital
Realty
Trust,
Inc.,
REIT(a)
118,698
17,744,164
Equinix,
Inc.,
REIT
34,959
27,626,000
Keppel
DC
REIT,
REIT
1,219,500
1,841,649
SBA
Communications
Corp.,
Class
A,
REIT
39,024
8,567,329
Uniti
Group,
Inc.,
REIT(a)
42,276
162,340
111,173,483
Specialty
Retail
-
0.0%
GCI
Liberty,
Inc.*‡
36,294
—
Transportation
Infrastructure
-
7.0%
Adani
Ports
&
Special
Economic
Zone
Ltd.
1,213,809
22,758,715
Aena
SME
SA(c)
87,804
16,636,725
Aeroports
de
Paris
SA
28,455
3,741,125
Airports
of
Thailand
PCL,
NVDR
5,203,200
8,247,462
Atlas
Arteria
Ltd.
1,197,549
4,097,677
Auckland
International
Airport
Ltd.
1,580,472
7,021,636
Bangkok
Expressway
&
Metro
PCL,
NVDR
8,617,800
1,885,786
CCR
SA
1,382,100
3,026,916
China
Merchants
Port
Holdings
Co.
Ltd.
1,626,000
2,393,625
COSCO
SHIPPING
Ports
Ltd.
1,626,000
967,857
Flughafen
Zurich
AG
(Registered)
22,764
5,260,094
Gemadept
Corp.
325,200
1,030,439
Getlink
SE
375,606
6,696,153
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
483,735
7,718,002
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
207,315
6,251,553
International
Container
Terminal
Services,
Inc.
2,097,540
12,791,740
Japan
Airport
Terminal
Co.
Ltd.
113,700
4,157,010
Investments
Shares
Value
Transportation
Infrastructure
(continued)
Jiangsu
Expressway
Co.
Ltd.,
Class
H
1,626,000
$
1,546,490
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
235,770
2,214,381
Qube
Holdings
Ltd.
2,050,386
5,114,606
Santos
Brasil
Participacoes
SA
569,100
1,319,871
Transurban
Group
3,725,166
31,647,260
Westports
Holdings
Bhd.
1,056,900
1,030,561
Zhejiang
Expressway
Co.
Ltd.,
Class
H
1,626,000
1,067,765
158,623,449
Water
Utilities
-
2.4%
Aguas
Andinas
SA,
Class
A
3,478,827
1,030,559
American
States
Water
Co.
12,195
1,006,453
American
Water
Works
Co.,
Inc.(a)
69,918
9,953,527
Beijing
Enterprises
Water
Group
Ltd.(a)
4,878,000
1,504,862
California
Water
Service
Group
24,390
1,303,889
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
406,500
6,345,506
Cia
de
Saneamento
de
Minas
Gerais
Copasa
MG
243,900
947,943
Cia
De
Sanena
Do
Parana
(Preference)
1,138,200
1,115,497
Essential
Utilities,
Inc.(a)
86,178
3,503,136
Guangdong
Investment
Ltd.
3,252,000
1,706,759
Middlesex
Water
Co.(a)
10,569
702,627
Pennon
Group
plc
314,631
2,505,593
Ranhill
Utilities
Bhd.*
898,887
285,640
Severn
Trent
plc
325,200
10,739,148
SJW
Group
8,130
492,759
United
Utilities
Group
plc
828,447
10,992,140
54,136,038
Wireless
Telecommunication
Services
-
6.5%
KDDI
Corp.
1,247,400
37,473,402
SoftBank
Corp.
2,357,700
30,791,443
SoftBank
Group
Corp.
869,300
52,934,511
T-Mobile
US,
Inc.
148,779
27,119,436
148,318,792
Total
Common
Stocks
(Cost
$2,053,009,442)
2,257,481,191
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
Broad
Infrastructure
Index
Fund
(cont.)
176
Investments
Principal
Amount
Value
SECURITIES
LENDING
REINVESTMENTS
-
3.9%(d)
REPURCHASE
AGREEMENTS
-
3.9%
BofA
Securities,
Inc.
5.77%,
dated
7/31/2024,
due
10/31/2024,
repurchase
price
$2,029,491,
collateralized
by
various
Common
Stocks;
total
market
value
$2,241,522
$
2,000,000
$
2,000,000
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$5,601,980,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$5,735,476
5,601,149
5,601,149
ING
Financial
Markets
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$15,002,225,
collateralized
by
various
U.S.
Treasury
Securities,
3.75%,
5/31/2030;
total
market
value
$15,288,122
15,000,000
15,000,000
MetLife,
Inc.
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$45,006,675,
collateralized
by
various
U.S.
Treasury
Securities,
0.00%,
5/15/2046;
total
market
value
$46,389,774
45,000,000
45,000,000
National
Bank
of
Canada
Financial
Inc.
5.47%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$12,001,823,
collateralized
by
various
Common
Stocks,
U.S.
Treasury
Securities,
0.63%,
1/15/2026;
total
market
value
$13,194,959
12,000,000
12,000,000
Investments
Principal
Amount
Value
REPURCHASE
AGREEMENTS
(continued)
TD
Prime
Services
LLC
5.42%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$10,001,506,
collateralized
by
various
Common
Stocks;
total
market
value
$11,161,473
$
10,000,000
$
10,000,000
89,601,149
Total
Securities
Lending
Reinvestments
(Cost
$89,601,149)
89,601,149
Total
Investments
-
103.0%
(Cost
$2,142,610,591)
2,347,082,340
Liabilities
in
excess
of
other
assets
-
(3.0%)
(69,031,712)
NET
ASSETS
-
100.0%
$2,278,050,628
*
Non-income
producing
security.
‡
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$194,710,148,
collateralized
in
the
form
of
cash
with
a
value
of
$89,601,149
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments;
$94,536,810
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
7.63%,
and
maturity
dates
ranging
from
August
15,
2024
–
February
15,
2054
and
$19,300,163
of
collateral
in
the
form
of
Foreign
Government
Fixed
Income
Securities,
interest
rates
ranging
from
0.00%
–
5.75%,
and
maturity
dates
ranging
from
August
15,
2024
–
June
30,
2120;
a
total
value
of
$203,438,122.
(b)
Represents
less
than
0.05%
of
net
assets.
(c)
Security
exempt
from
registration
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933.
Regulation
S
applies
to
securities
offerings
that
are
made
outside
of
the
United
States
and
do
not
involve
direct
selling
efforts
in
the
United
States
and
as
such
may
have
restrictions
on
resale.
(d)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$89,601,149.
Percentages
shown
are
based
on
Net
Assets.
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
Broad
Infrastructure
Index
Fund
(cont.)
177
Abbreviations
NVDR
Non-Voting
Depositary
Receipt
PJSC
Public
Joint
Stock
Company
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
REIT
Real
Estate
Investment
Trust
Futures
Contracts
FlexShares®
STOXX®
Global
Broad
Infrastructure
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
/
(
Deprecia
tion
)
Long
Contracts
‌
FTSE
100
Index
47
09/20/2024
GBP
$
5,045,352
$
76,833
S&P
500
E-Mini
Index
18
09/20/2024
USD
5,002,200
13,004
S&P/TSX
60
Index
39
09/19/2024
CAD
7,821,738
408,989
SPI
200
Index
16
09/19/2024
AUD
2,105,533
82,758
TOPIX
Index
11
09/12/2024
JPY
2,044,862
(20,943)
$
560,641
Forward
Foreign
Currency
Contracts
FlexShares®
STOXX®
Global
Broad
Infrastructure
Index
Fund
had
the
following
outstanding
contracts
as
of
July
31,
2024:
Contracts
to
Receive
Counterparty
In
Exchange
For
Maturity
Date
Unrealized
Appreciation/
(Depreciation)
JPY
244,600,000
Morgan
Stanley
USD
1,552,647
09/18/2024
$
84,719
Total
unrealized
appreciation
$
84,719
USD
846,535
JPMorgan
Chase
Bank
NA
GBP
670,000
09/18/2024
$
(14,421)
USD
1,712,511
Morgan
Stanley
GBP
1,340,000
09/18/2024
(9,402)
USD
1,324,165
Citibank
NA
JPY
204,600,000
09/18/2024
(45,439)
Total
unrealized
depreciation
$
(69,262)
Net
unrealized
appreciation
$
15,457
Abbreviations:
AUD
—
Australian
Dollar
CAD
—
Canadian
Dollar
GBP
—
British
Pound
JPY
—
Japanese
Yen
USD
—
US
Dollar
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
STOXX
®
Global
Broad
Infrastructure
Index
Fund
(cont.)
178
FlexShares®
STOXX®
Global
Broad
Infrastructure
Index
invested,
as
a
percentage
of
net
assets,
in
companies
domiciled
in
the
following
countries
as
of
July
31,
2024:
Australia
3.4
%
Austria
0.1
Brazil
1.1
Canada
14.3
Chile
0.0
†
China
0.7
France
2.5
Germany
7.1
Hong
Kong
0.5
India
1.3
Indonesia
0.1
Italy
2.0
Japan
11.5
Malaysia
0.2
Mexico
0.7
Netherlands
0.7
New
Zealand
0.5
Philippines
0.6
Singapore
0.1
South
Africa
0.0
†
South
Korea
0.0
†
Spain
3.7
Switzerland
0.8
Taiwan
0.0
†
Thailand
1.2
United
Kingdom
3.6
United
States
42.4
Vietnam
0.0
†
Other
1
0.9
100.0%
†
Amount
represents
less
than
0.05%.
1
Includes
any
non-equity
securities,
securities
lending
reinvestments
and
net
other
assets
(liabilities).
Security
Type
%
of
Net
Assets
Common
Stocks
99.1
%
Securities
Lending
Reinvestments
3.9
Others
(1)
(3.0)
100.0%
(1)
Includes
any
other
net
assets/(liabilities).
179
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
Global
Quality
Real
Estate
Index
Fund
July
31,
2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
98
.1
%
Diversified
REITs
-
5
.6
%
Alexander
&
Baldwin,
Inc.,
REIT
49,842
$
982,386
American
Assets
Trust,
Inc.,
REIT
36,036
955,675
Broadstone
Net
Lease,
Inc.,
REIT(a)
90,441
1,574,578
Charter
Hall
Group,
REIT(a)
228,384
1,891,029
Covivio
SA,
REIT
5,733
296,164
Empire
State
Realty
Trust,
Inc.,
Class
A,
REIT
89,739
966,489
Essential
Properties
Realty
Trust,
Inc.,
REIT(a)
75,231
2,226,085
GPT
Group
(The),
REIT
401,310
1,213,317
Hankyu
Hanshin
REIT,
Inc.,
REIT
819
724,504
Merlin
Properties
Socimi
SA,
REIT
160,173
1,828,560
Mori
Trust
Reit,
Inc.,
REIT(a)
1,521
705,608
NIPPON
REIT
Investment
Corp.,
REIT
351
769,839
OUE
REIT,
REIT
362,700
73,212
Reit
1
Ltd.,
REIT
184,275
693,251
Stockland,
REIT(a)
1,153,737
3,465,595
Tokyu
REIT,
Inc.,
REIT(a)
585
589,821
18,956,113
Health
Care
REITs
-
2
.1
%
LTC
Properties,
Inc.,
REIT(a)
25,506
910,819
National
Health
Investors,
Inc.,
REIT
20,826
1,559,034
Sabra
Health
Care
REIT,
Inc.,
REIT
111,267
1,805,864
Welltower,
Inc.,
REIT(a)
25,623
2,850,559
7,126,276
Hotel
&
Resort
REITs
-
4
.4
%
Apple
Hospitality
REIT,
Inc.,
REIT(a)
106,002
1,567,770
CDL
Hospitality
Trusts,
REIT
1,029,600
742,796
Covivio
Hotels
SACA,
REIT(a)
5,850
102,234
DiamondRock
Hospitality
Co.,
REIT(a)
100,854
830,028
Far
East
Hospitality
Trust,
REIT
163,800
76,536
Investments
Shares
Value
Hotel
&
Resort
REITs
(continued)
Host
Hotels
&
Resorts,
Inc.,
REIT
342,459
$
5,996,457
Park
Hotels
&
Resorts,
Inc.,
REIT(a)
101,322
1,525,909
Pebblebrook
Hotel
Trust,
REIT(a)
59,436
813,679
RLJ
Lodging
Trust,
REIT
87,633
827,256
Summit
Hotel
Properties,
Inc.,
REIT(a)
125,424
795,188
Sunstone
Hotel
Investors,
Inc.,
REIT
94,302
976,969
Xenia
Hotels
&
Resorts,
Inc.,
REIT
60,957
846,083
15,100,905
Industrial
REITs
-
8
.7
%
AIMS
APAC
REIT,
REIT
783,900
767,725
First
Industrial
Realty
Trust,
Inc.,
REIT
63,882
3,495,623
Goodman
Group,
REIT
149,292
3,421,817
Innovative
Industrial
Properties,
Inc.,
REIT
13,338
1,638,040
Mapletree
Logistics
Trust,
REIT
1,684,869
1,624,911
Montea
NV,
REIT
9,692
840,066
Prologis,
Inc.,
REIT
91,260
11,503,323
STAG
Industrial,
Inc.,
REIT(a)
87,750
3,581,077
Tritax
Big
Box
REIT
plc,
REIT
1,207,323
2,566,485
29,439,067
Office
REITs
-
4
.3
%
Cousins
Properties,
Inc.,
REIT
73,944
2,034,199
Equity
Commonwealth,
REIT*
52,182
1,062,947
Global
One
Real
Estate
Investment
Corp.,
REIT(a)
1,053
708,252
Highwoods
Properties,
Inc.,
REIT
51,597
1,597,959
Hudson
Pacific
Properties,
Inc.,
REIT(a)
140,634
842,398
Keppel
REIT,
REIT
1,333,800
872,514
Kilroy
Realty
Corp.,
REIT(a)
53,703
1,985,400
Piedmont
Office
Realty
Trust,
Inc.,
Class
A,
REIT
108,927
942,219
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Global
Quality
Real
Estate
Index
Fund
(cont.)
180
Investments
Shares
Value
COMMON
STOCKS
(continued)
Office
REITs
(continued)
SL
Green
Realty
Corp.,
REIT(a)
30,889
$
2,058,441
Vornado
Realty
Trust,
REIT(a)
78,741
2,361,443
14,465,772
Real
Estate
Management
&
Development
-
16
.3
%
Aeon
Mall
Co.
Ltd.(a)
61,800
847,974
Airport
City
Ltd.*
52,650
731,396
Amot
Investments
Ltd.
186,615
759,608
Aroundtown
SA*(a)
446,823
954,927
Big
Shopping
Centers
Ltd.*
8,424
826,666
Bukit
Sembawang
Estates
Ltd.
35,100
88,695
Capitaland
India
Trust
982,800
800,876
City
Developments
Ltd.
234,000
928,932
CTP
NV(b)
53,703
937,928
Daito
Trust
Construction
Co.
Ltd.
30,100
3,627,964
DigitalBridge
Group,
Inc.
(a)
78,273
1,105,998
Fastighets
AB
Balder,
Class
B*(a)
311,922
2,293,955
Grand
City
Properties
SA*(a)
61,074
720,361
Heiwa
Real
Estate
Co.
Ltd.
29,000
838,429
Henderson
Land
Development
Co.
Ltd.
702,000
1,972,465
Hulic
Co.
Ltd.
187,200
1,830,817
Ichigo,
Inc.
292,500
830,104
International
Workplace
Group
plc
367,146
814,891
Intershop
Holding
AG
917
122,093
Israel
Canada
T.R
Ltd.
195,273
693,093
Kerry
Properties
Ltd.
409,500
698,226
Lifestyle
Communities
Ltd.(a)
66,807
392,625
Melisron
Ltd.
13,221
931,490
Mitsubishi
Estate
Co.
Ltd.
374,400
6,406,306
Mitsui
Fudosan
Co.
Ltd.
403,800
4,222,912
Nexity
SA*(a)
29,250
330,124
Nomura
Real
Estate
Holdings,
Inc.
52,300
1,474,175
Pandox
AB,
Class
B(a)
53,703
997,135
PSP
Swiss
Property
AG
(Registered)
21,996
2,933,633
Sino
Land
Co.
Ltd.(a)
1,872,000
1,936,221
Sirius
Real
Estate
Ltd.,
REIT
736,164
890,723
St
Joe
Co.
(The)(a)
16,848
1,039,185
Sumitomo
Realty
&
Development
Co.
Ltd.
140,400
4,668,491
Investments
Shares
Value
Real
Estate
Management
&
Development
(continued)
Swire
Properties
Ltd.
561,600
$
888,553
Tokyo
Tatemono
Co.
Ltd.
(a)
88,000
1,545,235
Tokyu
Fudosan
Holdings
Corp.
292,500
2,128,722
UOL
Group
Ltd.
222,300
894,119
Wihlborgs
Fastigheter
AB
134,316
1,359,753
Zug
Estates
Holding
AG,
Class
B
50
96,563
55,561,363
Residential
REITs
-
13
.5
%
American
Homes
4
Rent,
Class
A,
REIT
157,833
5,696,193
AvalonBay
Communities,
Inc.,
REIT
68,796
14,097,676
Boardwalk
REIT,
REIT(a)
15,678
885,218
Centerspace,
REIT
11,700
817,011
Equity
Residential,
REIT
174,915
12,179,331
Essex
Property
Trust,
Inc.,
REIT
30,888
8,597,984
Ingenia
Communities
Group,
REIT
262,899
901,283
InterRent
REIT,
REIT
72,657
670,583
Killam
Apartment
REIT,
REIT(a)
57,915
776,840
NexPoint
Residential
Trust,
Inc.,
REIT
21,411
935,447
UNITE
Group
plc
(The),
REIT
33,813
413,898
45,971,464
Retail
REITs
-
22
.0
%
Acadia
Realty
Trust,
REIT(a)
53,469
1,157,069
Brixmor
Property
Group,
Inc.,
REIT
145,197
3,698,168
CapitaLand
Integrated
Commercial
Trust,
REIT
2,562,300
3,984,438
Carmila
SA,
REIT
46,449
839,383
Choice
Properties
REIT,
REIT(a)
94,068
943,778
CT
REIT,
REIT(a)
65,169
679,311
Eurocommercial
Properties
NV,
REIT
33,579
835,724
Fukuoka
REIT
Corp.,
REIT(a)
702
731,580
HMC
Capital
Ltd.,
REIT
175,383
887,569
InvenTrust
Properties
Corp.,
REIT
34,983
985,471
Japan
Metropolitan
Fund
Invest,
REIT(a)
3,393
2,110,759
Kimco
Realty
Corp.,
REIT
327,132
7,108,578
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Global
Quality
Real
Estate
Index
Fund
(cont.)
181
Investments
Shares
Value
COMMON
STOCKS
(continued)
Retail
REITs
(continued)
Kite
Realty
Group
Trust,
REIT
106,704
$
2,631,321
Klepierre
SA,
REIT
104,598
2,997,152
Link
REIT,
REIT
1,251,900
5,288,364
Mercialys
SA,
REIT
67,743
859,864
NNN
REIT,
Inc.,
REIT(a)
88,569
3,975,862
PARAGON
REIT,
REIT
187,200
123,158
Realty
Income
Corp.,
REIT
16,965
974,300
Regency
Centers
Corp.,
REIT
75,231
5,066,056
Retail
Estates
NV,
REIT
1,731
118,194
Shaftesbury
Capital
plc,
REIT(a)
705,510
1,380,131
Simon
Property
Group,
Inc.,
REIT
117,936
18,096,100
SITE
Centers
Corp.,
REIT
91,962
1,420,813
SmartCentres
REIT,
REIT(a)
45,747
794,103
Tanger,
Inc.,
REIT(a)
51,129
1,477,628
Unibail-Rodamco-
Westfield,
REIT
57,330
4,299,150
Urban
Edge
Properties,
REIT(a)
57,447
1,166,174
74,630,198
Specialized
REITs
-
21
.2
%
American
Tower
Corp.,
REIT
42,003
9,257,461
Crown
Castle,
Inc.,
REIT
7,137
785,641
Digital
Realty
Trust,
Inc.,
REIT(a)
112,905
16,878,169
EPR
Properties,
REIT(a)
36,387
1,637,415
Equinix,
Inc.,
REIT
7,020
5,547,485
Iron
Mountain,
Inc.,
REIT(a)
78,039
8,003,680
Lamar
Advertising
Co.,
Class
A,
REIT(a)
42,471
5,090,574
National
Storage
Affiliates
Trust,
REIT(a)
38,376
1,633,666
National
Storage
REIT,
REIT(a)
629,577
1,015,451
Public
Storage,
REIT
6,786
2,008,113
Safestore
Holdings
plc,
REIT
106,119
1,099,296
Shurgard
Self
Storage
Ltd.,
REIT
18,374
717,759
Shurgard
Self
Storage
Ltd.,
REIT*
580
22,657
VICI
Properties,
Inc.,
Class
A,
REIT
226,278
7,073,450
Investments
Shares
Value
Specialized
REITs
(continued)
Weyerhaeuser
Co.,
REIT
352,053
$
11,181,203
71,952,020
Total
Common
Stocks
(Cost
$306,532,726)
333,203,178
Principal
Amount
SECURITIES
LENDING
REINVESTMENTS
-
7
.7
%
(c)
REPURCHASE
AGREEMENTS
-
7
.7
%
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$6,285,392,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$6,435,173
$
6,284,459
6,284,459
ING
Financial
Markets
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$10,001,483,
collateralized
by
various
U.S.
Treasury
Securities,
3.75%,
5/31/2030;
total
market
value
$10,192,081
10,000,000
10,000,000
MetLife,
Inc.
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$5,000,742,
collateralized
by
various
U.S.
Treasury
Securities,
0.00%,
5/15/2046;
total
market
value
$5,154,419
5,000,000
5,000,000
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Global
Quality
Real
Estate
Index
Fund
(cont.)
182
Investments
Principal
Amount
Value
SECURITIES
LENDING
REINVESTMENTS
(continued)
REPURCHASE
AGREEMENTS
(continued)
National
Bank
of
Canada
Financial
Inc.
5.47%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$5,000,760,
collateralized
by
various
Common
Stocks,
U.S.
Treasury
Securities,
0.63%,
1/15/2026;
total
market
value
$5,497,900
$
5,000,000
$
5,000,000
26,284,459
Total
Securities
Lending
Reinvestments
(Cost
$26,284,459)
26,284,459
Total
Investments
-
105.8%
(Cost
$332,817,185)
359,487,637
Liabilities
in
excess
of
other
assets
-
(5.8%)
(19,771,090)
NET
ASSETS
-
100.0%
$339,716,547
*
Non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$59,111,425,
collateralized
in
the
form
of
cash
with
a
value
of
$26,284,459
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments;
$30,260,186
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
6.25%,
and
maturity
dates
ranging
from
August
15,
2024
–
November
15,
2053
and
$4,311,280
of
collateral
in
the
form
of
Foreign
Government
Fixed
Income
Securities,
interest
rates
ranging
from
0.00%
–
5.75%,
and
maturity
dates
ranging
from
August
15,
2024
–
June
30,
2120;
a
total
value
of
$60,855,925.
(b)
Security
exempt
from
registration
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933.
Regulation
S
applies
to
securities
offerings
that
are
made
outside
of
the
United
States
and
do
not
involve
direct
selling
efforts
in
the
United
States
and
as
such
may
have
restrictions
on
resale.
(c)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$26,284,459.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
REIT
Real
Estate
Investment
Trust
Futures
Contracts
FlexShares®
Global
Quality
Real
Estate
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
Long
Contracts
‌
EURO
STOXX
50
Index
7
09/20/2024
EUR
$
371,009
$
744
S&P
Midcap
400
E-Mini
Index
15
09/20/2024
USD
4,680,150
261,683
SPI
200
Index
10
09/19/2024
AUD
1,315,958
56,305
$
318,732
Forward
Foreign
Currency
Contracts
FlexShares®
Global
Quality
Real
Estate
Index
Fund
had
the
following
outstanding
contracts
as
of
July
31,
2024:
Contracts
to
Receive
Counterparty
In
Exchange
For
Maturity
Date
Unrealized
Appreciation/
(Depreciation)
USD
22,928
Citibank
NA
AUD
34,359
09/18/2024
$
464
USD
219,380
JPMorgan
Chase
Bank
NA
CAD
300,000
09/18/2024
1,912
USD
30,283
Citibank
NA
ILS
111,846
09/18/2024
450
Total
unrealized
appreciation
$
2,826
CAD
209,730
Citibank
NA
USD
153,090
09/18/2024
$
(
1,058
)
USD
216,096
Citibank
NA
EUR
199,355
09/18/2024
(
114
)
USD
46,692
JPMorgan
Chase
Bank
NA
SGD
62,894
09/18/2024
(
439
)
Total
unrealized
depreciation
$
(
1,611
)
Net
unrealized
appreciation
$
1,215
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Global
Quality
Real
Estate
Index
Fund
(cont.)
183
Abbreviations:
AUD
—
Australian
Dollar
CAD
—
Canadian
Dollar
EUR
—
Euro
ILS
—
Israeli
Shekel
SGD
—
Singapore
Dollar
USD
—
US
Dollar
FlexShares®
Global
Quality
Real
Estate
Index
invested,
as
a
percentage
of
net
assets,
in
companies
domiciled
in
the
following
countries
as
of
July
31,
2024:
Australia
3‌
.9
%
Belgium
0‌
.5
Canada
1‌
.4
France
2‌
.9
Germany
0‌
.5
Hong
Kong
3‌
.2
Israel
1‌
.4
Japan
10‌
.2
Netherlands
0‌
.5
Singapore
3‌
.2
Spain
0‌
.5
Sweden
1‌
.4
Switzerland
0‌
.9
United
Kingdom
2‌
.1
United
States
65‌
.5
Other
1
1‌
.9
100.0%
1
Includes
any
non-equity
securities,
securities
lending
reinvestments
and
net
other
assets
(liabilities).
Security
Type
%
of
Net
Assets
Common
Stocks
98‌
.1
%
Securities
Lending
Reinvestments
7‌
.7
Others
(1)
(
5‌
.8
)
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
184
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
Schedule
of
Investments
FlexShares
®
Real
Assets
Allocation
Index
Fund
July
31,2024
(Unaudited)
The
underlying
index
of
the
FlexShares®
Real
Assets
Allocation
Index
Fund
is
comprised
of
securities
of
affiliated
FlexShares®
Funds.
The
Schedules
of
Investments
of
the
affiliated
FlexShares®
Funds
are
located
elsewhere
in
this
Report.
Investments
Shares
Value
EXCHANGE
TRADED
FUNDS
-
99.9%
FlexShares®
Global
Quality
Real
Estate
Index
Fund(a)
14,180
$
823,114
FlexShares®
Morningstar
Global
Upstream
Natural
Resources
Index
Fund(a)
72,600
2,968,614
FlexShares®
STOXX®
Global
Broad
Infrastructure
Index
Fund(a)
72,210
4,045,204
Total
Exchange
Traded
Funds
(Cost
$8,405,313)
7,836,932
Total
Investments
-
99.9%
(Cost
$8,405,313)
7,836,932
Other
assets
less
liabilities
-
0.1%
4,206
NET
ASSETS
-
100.0%
$7,841,138
(a)
Investment
in
affiliated
Fund.
Northern
Trust
Investments,
Inc.
is
the
Investment
Adviser
to
both
the
Fund
and
the
affiliated
Funds.
Percentages
shown
are
based
on
Net
Assets.
Investment
in
a
company
which
was
affiliated
for
the
period
ended
July
31,
2024,
was
as
follows:
Security
Value
October
31,
2023
Purchases
at
Cost
Sales
Proceeds
Shares
July
31,
2024
Value
July
31,
2024
Change
in
Unrealized
Appreciation
(Depreciation)
Dividend
Income
Realized
Loss
FlexShares®
Global
Quality
Real
Estate
Index
Fund
$
2,773,255
$
170,412
$
2,588,995
14,180
$
823,114
$
1,199,959
$
37,541
$
(
731,517
)
FlexShares®
Morningstar
Global
Upstream
Natural
Resources
Index
Fund
5,421,708
971,557
3,675,672
72,600
2,968,614
456,815
113,215
(
205,794
)
FlexShares®
STOXX®
Global
Broad
Infrastructure
Index
Fund
8,376,484
512,759
5,990,148
72,210
4,045,204
1,581,263
123,841
(
435,154
)
$16,571,447
$1,654,728
$12,254,815
158,990
$7,836,932
$3,238,037
$274,597
$(1,372,465)
Security
Type
%
of
Net
Assets
Exchange
Traded
Funds
99‌
.9
%
Others
(1)
0‌
.1
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
185
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
Quality
Dividend
Index
Fund
July
31,2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
99
.2
%
Aerospace
&
Defense
-
0
.6
%
Lockheed
Martin
Corp.
20,800
$
11,271,936
Air
Freight
&
Logistics
-
0
.5
%
CH
Robinson
Worldwide,
Inc.
95,680
8,520,304
Banks
-
2
.1
%
Bank
of
America
Corp.
22,880
922,293
Comerica,
Inc.
159,120
8,721,367
Cullen/Frost
Bankers,
Inc.(a)
55,120
6,452,347
JPMorgan
Chase
&
Co.
57,200
12,172,160
Popular,
Inc.
95,680
9,819,639
38,087,806
Beverages
-
2
.6
%
Coca-Cola
Co.
(The)
694,720
46,365,613
Biotechnology
-
4
.0
%
AbbVie,
Inc.
298,480
55,314,314
Gilead
Sciences,
Inc.
211,120
16,057,787
71,372,101
Broadline
Retail
-
0
.7
%
Dillard's,
Inc.,
Class
A(a)
7,280
2,901,735
eBay,
Inc.(a)
184,080
10,236,689
13,138,424
Building
Products
-
0
.5
%
Advanced
Drainage
Systems,
Inc.
50,960
9,021,958
Capital
Markets
-
3
.0
%
Bank
of
New
York
Mellon
Corp.
(The)
170,560
11,098,339
Invesco
Ltd.
543,920
9,388,059
Janus
Henderson
Group
plc
251,680
9,370,047
Lazard,
Inc.(a)
212,160
10,431,907
Morgan
Stanley
135,200
13,953,992
54,242,344
Chemicals
-
1
.3
%
LyondellBasell
Industries
NV,
Class
A
81,120
8,068,195
Olin
Corp.
115,440
5,265,219
Investments
Shares
Value
Chemicals
(continued)
Scotts
Miracle-Gro
Co.
(The)(a)
126,880
$
9,972,768
23,306,182
Commercial
Services
&
Supplies
-
0
.3
%
Cintas
Corp.
8,320
6,355,981
Communications
Equipment
-
1
.9
%
Cisco
Systems,
Inc.
689,520
33,407,244
Construction
Materials
-
0
.1
%
Eagle
Materials,
Inc.
5,200
1,415,960
Consumer
Finance
-
1
.0
%
Ally
Financial,
Inc.
188,240
8,472,682
OneMain
Holdings,
Inc.(a)
173,680
9,076,517
17,549,199
Consumer
Staples
Distribution
&
Retail
-
0
.3
%
Costco
Wholesale
Corp.
4,160
3,419,520
Walmart,
Inc.
17,680
1,213,555
4,633,075
Containers
&
Packaging
-
0
.6
%
Packaging
Corp.
of
America
49,920
9,977,510
Distributors
-
0
.5
%
Pool
Corp.(a)
22,880
8,558,035
Diversified
Consumer
Services
-
0
.2
%
H&R
Block,
Inc.(a)
53,040
3,073,138
Diversified
Telecommunication
Services
-
0
.3
%
Iridium
Communications,
Inc.
200,720
5,760,664
Electric
Utilities
-
1
.4
%
Edison
International
75,920
6,074,359
Evergy,
Inc.
121,680
7,057,440
OGE
Energy
Corp.(a)
220,480
8,548,010
Pinnacle
West
Capital
Corp.(a)
33,280
2,848,435
24,528,244
Electrical
Equipment
-
0
.4
%
Vertiv
Holdings
Co.,
Class
A
98,800
7,775,560
Entertainment
-
0
.9
%
Electronic
Arts,
Inc.
65,520
9,889,589
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Quality
Dividend
Index
Fund
(cont.)
186
Investments
Shares
Value
COMMON
STOCKS
(continued)
Entertainment
(continued)
Warner
Music
Group
Corp.,
Class
A(a)
230,880
$
6,928,709
16,818,298
Financial
Services
-
2
.2
%
Fidelity
National
Information
Services,
Inc.
128,960
9,907,997
Mastercard,
Inc.,
Class
A
10,400
4,822,584
Radian
Group,
Inc.
277,680
10,301,928
Visa,
Inc.,
Class
A(a)
23,920
6,354,826
Western
Union
Co.
(The)
647,920
7,703,769
39,091,104
Gas
Utilities
-
0
.5
%
UGI
Corp.(a)
344,240
8,530,267
Ground
Transportation
-
1
.4
%
Union
Pacific
Corp.
98,800
24,376,924
Health
Care
Equipment
&
Supplies
-
0
.2
%
ResMed,
Inc.(a)
13,520
2,883,140
Health
Care
Providers
&
Services
-
0
.6
%
Cencora,
Inc.
10,400
2,473,952
UnitedHealth
Group,
Inc.
15,600
8,988,096
11,462,048
Hotel
&
Resort
REITs
-
0
.8
%
Apple
Hospitality
REIT,
Inc.,
REIT(a)
414,960
6,137,258
Host
Hotels
&
Resorts,
Inc.,
REIT(a)
435,760
7,630,158
13,767,416
Hotels,
Restaurants
&
Leisure
-
0
.9
%
Domino's
Pizza,
Inc.
7,280
3,120,936
Marriott
International,
Inc.,
Class
A
3,120
709,176
Starbucks
Corp.
137,280
10,700,976
Wingstop,
Inc.
5,200
1,944,176
16,475,264
Household
Products
-
3
.6
%
Colgate-Palmolive
Co.
30,160
2,991,571
Procter
&
Gamble
Co.
(The)
330,720
53,166,547
WD-40
Co.(a)
31,200
8,162,232
‌
64,320,350
Investments
Shares
Value
Industrial
Conglomerates
-
1
.0
%
3M
Co.
99,840
$
12,734,592
Honeywell
International,
Inc.
24,960
5,110,560
17,845,152
Insurance
-
4
.3
%
Aflac,
Inc.
112,320
10,713,082
American
Financial
Group,
Inc.
48,880
6,401,325
First
American
Financial
Corp.
133,120
8,064,409
Lincoln
National
Corp.
208,000
6,926,400
MetLife,
Inc.
123,760
9,510,956
Old
Republic
International
Corp.
274,560
9,505,267
Principal
Financial
Group,
Inc.
85,280
6,951,173
Prudential
Financial,
Inc.
83,200
10,426,624
Willis
Towers
Watson
plc
33,280
9,394,278
77,893,514
Interactive
Media
&
Services
-
5
.9
%
Alphabet,
Inc.,
Class
A
194,480
33,361,099
Alphabet,
Inc.,
Class
C
169,520
29,352,388
Meta
Platforms,
Inc.,
Class
A
92,560
43,950,265
106,663,752
IT
Services
-
1
.9
%
Accenture
plc,
Class
A
101,920
33,696,790
Machinery
-
1
.4
%
Caterpillar,
Inc.
10,400
3,600,480
Illinois
Tool
Works,
Inc.
50,960
12,601,389
Snap-on,
Inc.
29,120
8,358,313
24,560,182
Media
-
1
.6
%
Comcast
Corp.,
Class
A
299,520
12,361,191
New
York
Times
Co.
(The),
Class
A
173,680
9,307,511
TEGNA,
Inc.
473,200
7,538,076
29,206,778
Metals
&
Mining
-
0
.7
%
Nucor
Corp.
53,040
8,642,337
Southern
Copper
Corp.(a)
38,480
4,102,353
‌
12,744,690
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Quality
Dividend
Index
Fund
(cont.)
187
Investments
Shares
Value
COMMON
STOCKS
(continued)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
-
0
.9
%
Blackstone
Mortgage
Trust,
Inc.,
Class
A(a)
469,040
$
8,372,364
Starwood
Property
Trust,
Inc.(a)
412,880
8,236,956
16,609,320
Multi-Utilities
-
1
.1
%
Dominion
Energy,
Inc.(a)
187,200
10,007,712
Public
Service
Enterprise
Group,
Inc.
132,080
10,536,022
20,543,734
Oil,
Gas
&
Consumable
Fuels
-
2
.5
%
Chevron
Corp.
8,320
1,335,110
ConocoPhillips
7,280
809,536
CVR
Energy,
Inc.(a)
289,120
8,268,832
Exxon
Mobil
Corp.
115,440
13,690,030
Marathon
Petroleum
Corp.
67,600
11,966,552
Peabody
Energy
Corp.(a)
320,320
7,114,307
Valero
Energy
Corp.
5,200
840,944
44,025,311
Pharmaceuticals
-
4
.2
%
Johnson
&
Johnson
360,880
56,964,908
Merck
&
Co.,
Inc.
21,840
2,470,759
Royalty
Pharma
plc,
Class
A
34,320
966,795
Zoetis,
Inc.
78,000
14,043,120
74,445,582
Professional
Services
-
1
.9
%
Automatic
Data
Processing,
Inc.
69,680
18,299,361
Paychex,
Inc.(a)
74,880
9,586,138
Robert
Half,
Inc.
94,640
6,074,942
33,960,441
Residential
REITs
-
2
.5
%
AvalonBay
Communities,
Inc.,
REIT
46,800
9,590,256
Camden
Property
Trust,
REIT
83,200
9,214,400
Equity
Residential,
REIT
137,280
9,558,807
Mid-America
Apartment
Communities,
Inc.,
REIT
65,520
9,157,730
Investments
Shares
Value
Residential
REITs
(continued)
UDR,
Inc.,
REIT
202,800
$
8,126,196
45,647,389
Retail
REITs
-
0
.1
%
Brixmor
Property
Group,
Inc.,
REIT
107,120
2,728,346
Semiconductors
&
Semiconductor
Equipment
-
10
.4
%
Broadcom,
Inc.
114,400
18,381,792
KLA
Corp.
22,880
18,831,842
Lam
Research
Corp.
22,880
21,077,971
Microchip
Technology,
Inc.
104,000
9,233,120
NVIDIA
Corp.
742,318
86,866,052
QUALCOMM,
Inc.
112,320
20,324,304
Skyworks
Solutions,
Inc.
(a)
96,720
10,989,326
185,704,407
Software
-
7
.0
%
Bentley
Systems,
Inc.,
Class
B(a)
52,000
2,534,480
Intuit,
Inc.
47,064
30,466,880
Microsoft
Corp.
218,400
91,367,640
Salesforce,
Inc.
3,120
807,456
125,176,456
Specialized
REITs
-
1
.8
%
CubeSmart,
REIT
140,400
6,680,232
National
Storage
Affiliates
Trust,
REIT(a)
192,400
8,190,468
Public
Storage,
REIT
34,320
10,155,974
Weyerhaeuser
Co.,
REIT(a)
248,560
7,894,266
32,920,940
Specialty
Retail
-
3
.4
%
Bath
&
Body
Works,
Inc.
6,240
229,320
Home
Depot,
Inc.
(The)
80,080
29,482,253
Lowe's
Cos.,
Inc.
87,360
21,447,754
Williams-Sonoma,
Inc.(a)
58,240
9,008,563
60,167,890
Technology
Hardware,
Storage
&
Peripherals
-
9
.3
%
Apple,
Inc.
747,760
166,062,541
Textiles,
Apparel
&
Luxury
Goods
-
1
.3
%
NIKE,
Inc.,
Class
B
206,960
15,493,026
Tapestry,
Inc.(a)
189,280
7,588,235
‌
23,081,261
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Quality
Dividend
Index
Fund
(cont.)
188
Investments
Shares
Value
Tobacco
-
2
.1
%
Altria
Group,
Inc.
301,600
$
14,781,416
Philip
Morris
International,
Inc.
198,640
22,875,382
37,656,798
Trading
Companies
&
Distributors
-
0
.5
%
Fastenal
Co.
137,280
9,712,560
Total
Common
Stocks
(Cost
$1,364,224,800)
1,777,139,923
Principal
Amount
SECURITIES
LENDING
REINVESTMENTS
-
6
.1
%
(b)
CERTIFICATES
OF
DEPOSIT
-
0
.4
%
Bank
of
Montreal,
London
(SOFR
+
0.20%),
5.53%,
12/17/2024(c)
$
2,000,000
2,000,000
Cooperatieve
Rabobank
UA,
London
5.68%,
7/3/2025
1,000,000
1,000,700
MUFG
Bank
Ltd.,
London
Branch
5.54%,
9/23/2024
1,000,000
1,000,000
Nordea
Bank
Abp,
New
York
Branch
(SOFR
+
0.32%),
5.65%,
7/18/2025(c)
1,000,000
1,000,184
Oversea-Chinese
Banking
Corp.
Ltd.,
New
York
(SOFR
+
0.20%),
5.55%,
10/22/2024(c)
1,000,000
1,000,103
Total
Certificates
of
Deposit
(Cost
$5,999,954)
6,000,987
REPURCHASE
AGREEMENTS
-
5
.7
%
BofA
Securities,
Inc.
5.77%,
dated
7/31/2024,
due
10/31/2024,
repurchase
price
$8,117,964,
collateralized
by
various
Common
Stocks;
total
market
value
$8,966,089
8,000,000
8,000,000
Investments
Principal
Amount
Value
REPURCHASE
AGREEMENTS
(continued)
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$10,964,735,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$11,226,026
$
10,963,109
$
10,963,109
MetLife,
Inc.
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$17,002,522,
collateralized
by
various
U.S.
Treasury
Securities,
0.00%,
5/15/2046;
total
market
value
$17,525,026
17,000,000
17,000,000
National
Bank
of
Canada
Financial
Inc.
5.47%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$33,005,014,
collateralized
by
various
Common
Stocks,
U.S.
Treasury
Securities,
0.63%,
1/15/2026;
total
market
value
$36,286,138
33,000,000
33,000,000
TD
Prime
Services
LLC
5.42%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$34,005,119,
collateralized
by
various
Common
Stocks;
total
market
value
$37,949,010
34,000,000
34,000,000
Total
Repurchase
Agreements
(Cost
$102,963,109)
102,963,109
Total
Securities
Lending
Reinvestments
(Cost
$108,963,063)
108,964,096
Total
Investments
-
105.3%
(Cost
$1,473,187,863)
1,886,104,019
Liabilities
in
excess
of
other
assets
-
(5.3%)
(95,430,724)
NET
ASSETS
-
100.0%
$1,790,673,295
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Quality
Dividend
Index
Fund
(cont.)
189
(a)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$138,119,952,
collateralized
in
the
form
of
cash
with
a
value
of
$108,963,058
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments;
$26,498,006
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
7.63%,
and
maturity
dates
ranging
from
August
1,
2024
–
February
15,
2054
and
$5,789,387
of
collateral
in
the
form
of
Foreign
Government
Fixed
Income
Securities,
interest
rates
ranging
from
0.00%
–
5.75%,
and
maturity
dates
ranging
from
August
15,
2024
–
June
30,
2120;
a
total
value
of
$141,250,451.
(b)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$108,964,096.
(c)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
is
the
rate
in
effect
as
of
July
31,
2024.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
Futures
Contracts
FlexShares®
Quality
Dividend
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
Long
Contracts
‌
S&P
500
E-Mini
Index
37
09/20/2024
USD
$
10,282,300
$
66,332
S&P
Midcap
400
E-Mini
Index
9
09/20/2024
USD
2,808,090
151,390
$
217,722
Abbreviations:
USD
—
US
Dollar
Security
Type
%
of
Net
Assets
Common
Stocks
99‌
.2
%
Securities
Lending
Reinvestments
6‌
.1
Others
(1)
(
5‌
.3
)
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
190
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
Schedule
of
Investments
FlexShares
®
Quality
Dividend
Defensive
Index
Fund
July
31,2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
99
.3
%
Aerospace
&
Defense
-
1
.9
%
BWX
Technologies,
Inc.
21,018
$
2,091,081
Lockheed
Martin
Corp.
8,136
4,409,061
Northrop
Grumman
Corp.
1,952
945,393
7,445,535
Air
Freight
&
Logistics
-
0
.5
%
Expeditors
International
of
Washington,
Inc.
14,238
1,777,187
Banks
-
2
.4
%
Bank
of
America
Corp.
5,198
209,531
Cullen/Frost
Bankers,
Inc.(a)
16,272
1,904,800
JPMorgan
Chase
&
Co.
12,204
2,597,011
Popular,
Inc.
20,566
2,110,689
UMB
Financial
Corp.(a)
21,244
2,167,313
8,989,344
Beverages
-
2
.4
%
Coca-Cola
Co.
(The)
137,182
9,155,527
Biotechnology
-
4
.7
%
AbbVie,
Inc.
63,732
11,810,814
Amgen,
Inc.
8,136
2,704,976
Gilead
Sciences,
Inc.
44,974
3,420,723
17,936,513
Broadline
Retail
-
0
.6
%
Dillard's,
Inc.,
Class
A(a)
4,147
1,652,953
eBay,
Inc.
11,526
640,961
2,293,914
Building
Products
-
0
.8
%
Carlisle
Cos.,
Inc.
4,746
1,986,581
Masco
Corp.
11,978
932,487
2,919,068
Capital
Markets
-
1
.3
%
Bank
of
New
York
Mellon
Corp.
(The)
36,386
2,367,637
CME
Group,
Inc.
12,882
2,495,372
4,863,009
Chemicals
-
0
.4
%
LyondellBasell
Industries
NV,
Class
A
15,142
1,506,023
Investments
Shares
Value
Commercial
Services
&
Supplies
-
0
.1
%
Rollins,
Inc.
9,944
$
476,417
Communications
Equipment
-
2
.5
%
Cisco
Systems,
Inc.
147,352
7,139,204
Motorola
Solutions,
Inc.
6,102
2,434,210
9,573,414
Construction
&
Engineering
-
0
.5
%
EMCOR
Group,
Inc.
5,198
1,951,537
Consumer
Finance
-
0
.5
%
OneMain
Holdings,
Inc.(a)
36,838
1,925,154
Consumer
Staples
Distribution
&
Retail
-
0
.3
%
Costco
Wholesale
Corp.
904
743,088
Walmart,
Inc.
4,068
279,228
1,022,316
Containers
&
Packaging
-
0
.5
%
Packaging
Corp.
of
America
10,396
2,077,849
Diversified
Consumer
Services
-
0
.6
%
H&R
Block,
Inc.
36,160
2,095,110
Diversified
Telecommunication
Services
-
1
.2
%
AT&T,
Inc.
109,610
2,109,992
Verizon
Communications,
Inc.
64,184
2,600,736
4,710,728
Electric
Utilities
-
3
.1
%
Duke
Energy
Corp.
27,798
3,037,488
Evergy,
Inc.
25,990
1,507,420
Exelon
Corp.
41,810
1,555,332
OGE
Energy
Corp.
46,556
1,804,976
Pinnacle
West
Capital
Corp.(a)
24,182
2,069,737
PPL
Corp.
66,896
1,988,149
11,963,102
Electrical
Equipment
-
0
.4
%
Vertiv
Holdings
Co.,
Class
A
21,018
1,654,117
Electronic
Equipment,
Instruments
&
Components
-
0
.0
%
(b)
Badger
Meter,
Inc.(a)
452
93,184
Entertainment
-
0
.6
%
Electronic
Arts,
Inc.
14,012
2,114,971
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Quality
Dividend
Defensive
Index
Fund
(cont.)
191
Investments
Shares
Value
COMMON
STOCKS
(continued)
Financial
Services
-
2
.3
%
Corebridge
Financial,
Inc.
13,334
$
394,020
Fidelity
National
Information
Services,
Inc.
27,572
2,118,357
Mastercard,
Inc.,
Class
A
2,186
1,013,670
Radian
Group,
Inc.
58,986
2,188,380
Visa,
Inc.,
Class
A(a)
5,198
1,380,953
Western
Union
Co.
(The)
138,990
1,652,591
8,747,971
Food
Products
-
1
.0
%
General
Mills,
Inc.
28,476
1,911,879
Kellanova
31,640
1,839,866
3,751,745
Health
Care
Equipment
&
Supplies
-
0
.5
%
ResMed,
Inc.
9,266
1,975,974
Health
Care
Providers
&
Services
-
3
.4
%
Cardinal
Health,
Inc.
5,650
569,689
Cencora,
Inc.(a)
9,492
2,257,957
Chemed
Corp.
2,807
1,600,439
Cigna
Group
(The)
10,622
3,703,573
McKesson
Corp.
4,879
3,010,441
UnitedHealth
Group,
Inc.
3,390
1,953,182
13,095,281
Health
Care
REITs
-
0
.6
%
Omega
Healthcare
Investors,
Inc.,
REIT
61,472
2,237,581
Hotels,
Restaurants
&
Leisure
-
2
.3
%
Domino's
Pizza,
Inc.
3,842
1,647,065
McDonald's
Corp.(a)
11,978
3,178,961
Starbucks
Corp.
40,228
3,135,773
Wendy's
Co.
(The)(a)
37,742
638,972
8,600,771
Household
Products
-
3
.8
%
Clorox
Co.
(The)
1,356
178,897
Kimberly-Clark
Corp.
9,944
1,342,937
Procter
&
Gamble
Co.
(The)
68,704
11,044,855
WD-40
Co.(a)
7,684
2,010,212
14,576,901
Independent
Power
and
Renewable
Electricity
Producers
-
0
.1
%
Vistra
Corp.
6,328
501,304
Investments
Shares
Value
Industrial
Conglomerates
-
0
.7
%
3M
Co.
21,244
$
2,709,672
Insurance
-
3
.9
%
Aflac,
Inc.
24,860
2,371,147
Allstate
Corp.
(The)
4,068
696,116
American
Financial
Group,
Inc.
14,238
1,864,608
Assurant,
Inc.
10,622
1,857,469
Loews
Corp.
24,408
1,951,420
MetLife,
Inc.
25,764
1,979,963
Old
Republic
International
Corp.
58,308
2,018,623
Willis
Towers
Watson
plc
7,006
1,977,654
14,717,000
Interactive
Media
&
Services
-
5
.1
%
Alphabet,
Inc.,
Class
A
32,544
5,582,597
Alphabet,
Inc.,
Class
C
27,572
4,774,092
Meta
Platforms,
Inc.,
Class
A
19,436
9,228,796
19,585,485
IT
Services
-
2
.2
%
Amdocs
Ltd.
23,278
2,036,127
International
Business
Machines
Corp.
32,996
6,339,851
8,375,978
Machinery
-
1
.8
%
Illinois
Tool
Works,
Inc.
11,074
2,738,379
Mueller
Industries,
Inc.
32,544
2,308,671
Otis
Worldwide
Corp.
21,018
1,986,201
7,033,251
Media
-
0
.5
%
TEGNA,
Inc.
116,616
1,857,693
Metals
&
Mining
-
0
.2
%
Southern
Copper
Corp.(a)
6,780
722,816
Mortgage
Real
Estate
Investment
Trusts
(REITs)
-
0
.9
%
AGNC
Investment
Corp.
(a)
39,324
393,633
Blackstone
Mortgage
Trust,
Inc.,
Class
A(a)
100,344
1,791,140
Starwood
Property
Trust,
Inc.(a)
66,444
1,325,558
3,510,331
Multi-Utilities
-
2
.0
%
Consolidated
Edison,
Inc.(a)
21,244
2,071,715
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Quality
Dividend
Defensive
Index
Fund
(cont.)
192
Investments
Shares
Value
COMMON
STOCKS
(continued)
Multi-Utilities
(continued)
Dominion
Energy,
Inc.(a)
39,550
$
2,114,343
Public
Service
Enterprise
Group,
Inc.
28,024
2,235,474
WEC
Energy
Group,
Inc.
11,978
1,030,827
7,452,359
Oil,
Gas
&
Consumable
Fuels
-
1
.1
%
Chevron
Corp.(a)
1,808
290,130
Chord
Energy
Corp.
2,260
387,951
Coterra
Energy,
Inc.
18,758
483,956
CVR
Energy,
Inc.(a)
6,554
187,444
DT
Midstream,
Inc.(a)
6,102
459,847
Exxon
Mobil
Corp.
21,696
2,572,929
4,382,257
Pharmaceuticals
-
4
.6
%
Bristol-Myers
Squibb
Co.
31,188
1,483,301
Johnson
&
Johnson
77,292
12,200,542
Merck
&
Co.,
Inc.
32,092
3,630,568
Zoetis,
Inc.
2,486
447,580
17,761,991
Professional
Services
-
3
.2
%
Automatic
Data
Processing,
Inc.
14,916
3,917,240
Booz
Allen
Hamilton
Holding
Corp.
3,390
485,821
Leidos
Holdings,
Inc.
13,108
1,892,795
Paychex,
Inc.(a)
15,820
2,025,277
Science
Applications
International
Corp.(a)
13,108
1,630,635
Verisk
Analytics,
Inc.
8,136
2,129,598
12,081,366
Residential
REITs
-
3
.2
%
American
Homes
4
Rent,
Class
A,
REIT
51,302
1,851,489
AvalonBay
Communities,
Inc.,
REIT
3,164
648,367
Camden
Property
Trust,
REIT
17,854
1,977,331
Equity
Residential,
REIT
29,380
2,045,729
Essex
Property
Trust,
Inc.,
REIT
7,232
2,013,100
Mid-America
Apartment
Communities,
Inc.,
REIT
14,012
1,958,457
UDR,
Inc.,
REIT
47,460
1,901,722
‌
12,396,195
Investments
Shares
Value
Semiconductors
&
Semiconductor
Equipment
-
8
.1
%
Broadcom,
Inc.
50,790
$
8,160,937
KLA
Corp.
4,972
4,092,304
NVIDIA
Corp.
158,589
18,558,085
30,811,326
Software
-
7
.6
%
Bentley
Systems,
Inc.,
Class
B(a)
31,640
1,542,134
Gen
Digital,
Inc.
76,614
1,991,198
Intuit,
Inc.
7,458
4,827,936
Microsoft
Corp.
49,042
20,516,721
Salesforce,
Inc.
678
175,466
29,053,455
Specialized
REITs
-
1
.6
%
CubeSmart,
REIT
33,900
1,612,962
Digital
Realty
Trust,
Inc.,
REIT
4,746
709,479
National
Storage
Affiliates
Trust,
REIT(a)
36,612
1,558,573
Public
Storage,
REIT
7,339
2,171,757
6,052,771
Specialty
Retail
-
3
.9
%
Home
Depot,
Inc.
(The)
30,736
11,315,766
Lowe's
Cos.,
Inc.
7,006
1,720,043
Williams-Sonoma,
Inc.(a)
12,656
1,957,630
14,993,439
Technology
Hardware,
Storage
&
Peripherals
-
6
.7
%
Apple,
Inc.
108,028
23,990,858
Dell
Technologies,
Inc.,
Class
C
13,786
1,567,193
25,558,051
Tobacco
-
0
.8
%
Altria
Group,
Inc.
64,410
3,156,734
Philip
Morris
International,
Inc.
678
78,079
3,234,813
Trading
Companies
&
Distributors
-
0
.9
%
Fastenal
Co.
28,928
2,046,656
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
17,628
1,568,011
‌
3,614,667
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Quality
Dividend
Defensive
Index
Fund
(cont.)
193
Investments
Shares
Value
COMMON
STOCKS
(continued)
Wireless
Telecommunication
Services
-
1
.0
%
T-Mobile
US,
Inc.
21,244
$
3,872,356
Total
Common
Stocks
(Cost
$297,338,879)
379,808,819
Principal
Amount
SECURITIES
LENDING
REINVESTMENTS
-
3
.3
%
(c)
REPURCHASE
AGREEMENTS
-
3
.3
%
BofA
Securities,
Inc.
5.77%,
dated
7/31/2024,
due
10/31/2024,
repurchase
price
$1,014,746,
collateralized
by
various
Common
Stocks;
total
market
value
$1,120,761
$
1,000,000
1,000,000
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$1,605,059,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$1,643,307
1,604,821
1,604,821
MetLife,
Inc.
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$3,000,445,
collateralized
by
various
U.S.
Treasury
Securities,
0.00%,
5/15/2046;
total
market
value
$3,092,652
3,000,000
3,000,000
National
Bank
of
Canada
Financial
Inc.
5.47%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$5,000,760,
collateralized
by
various
Common
Stocks,
U.S.
Treasury
Securities,
0.63%,
1/15/2026;
total
market
value
$5,497,900
5,000,000
5,000,000
Investments
Principal
Amount
Value
REPURCHASE
AGREEMENTS
(continued)
TD
Prime
Services
LLC
5.42%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$2,000,301,
collateralized
by
various
Common
Stocks;
total
market
value
$2,232,295
$
2,000,000
$
2,000,000
12,604,821
Total
Securities
Lending
Reinvestments
(Cost
$12,604,821)
12,604,821
Total
Investments
-
102.6%
(Cost
$309,943,700)
392,413,640
Liabilities
in
excess
of
other
assets
-
(2.6%)
(10,015,332)
NET
ASSETS
-
100.0%
$382,398,308
(a)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$18,929,847,
collateralized
in
the
form
of
cash
with
a
value
of
$12,604,821
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments;
$6,643,319
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
6.13%,
and
maturity
dates
ranging
from
August
15,
2024
–
February
15,
2054
and
$156,012
of
collateral
in
the
form
of
Foreign
Government
Fixed
Income
Securities,
interest
rates
ranging
from
0.00%
–
5.75%,
and
maturity
dates
ranging
from
August
15,
2024
–
June
30,
2120;
a
total
value
of
$19,404,152.
(b)
Represents
less
than
0.05%
of
net
assets.
(c)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$12,604,821.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
REIT
Real
Estate
Investment
Trust
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Quality
Dividend
Defensive
Index
Fund
(cont.)
194
Futures
Contracts
FlexShares®
Quality
Dividend
Defensive
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
/
(
Depreciation
)
Long
Contracts
‌
S&P
500
E-Mini
Index
9
09/20/2024
USD
$
2,501,100
$
22,179
S&P
500
Micro
E-Mini
Index
5
09/20/2024
USD
138,950
(
3,275
)
$
18,904
Abbreviations:
USD
—
US
Dollar
Security
Type
%
of
Net
Assets
Common
Stocks
99‌
.3
%
Securities
Lending
Reinvestments
3‌
.3
Others
(1)
(
2‌
.6
)
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
195
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
International
Quality
Dividend
Index
Fund
July
31,
2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
98
.2
%
Air
Freight
&
Logistics
-
0
.7
%
SG
Holdings
Co.
Ltd.(a)
39,900
$
404,012
Sinotrans
Ltd.,
Class
H
7,922,000
3,681,114
4,085,126
Automobile
Components
-
0
.2
%
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H(b)
206,000
1,075,883
Automobiles
-
2
.5
%
Bayerische
Motoren
Werke
AG
17,708
1,644,468
Bayerische
Motoren
Werke
AG
(Preference)
1,398
120,039
Dr
Ing
hc
F
Porsche
AG
(Preference)(b)
15,378
1,160,844
Isuzu
Motors
Ltd.
315,900
4,340,843
Kia
Corp.
13,514
1,100,359
Mercedes-Benz
Group
AG
44,503
2,945,263
Stellantis
NV
123,490
2,058,414
Subaru
Corp.
30,000
595,474
Yadea
Group
Holdings
Ltd.(a)(b)
466,000
627,537
14,593,241
Banks
-
15
.7
%
ABN
AMRO
Bank
NV,
CVA(b)
265,154
4,623,766
Banco
del
Bajio
SA(b)
1,048,500
3,124,592
Bancolombia
SA
129,548
1,165,584
Bancolombia
SA
(Preference)
135,373
1,130,613
Bank
Leumi
Le-Israel
BM
69,667
604,568
Bank
Polska
Kasa
Opieki
SA
110,442
4,463,934
Barclays
plc
1,905,474
5,722,222
BOC
Hong
Kong
Holdings
Ltd.
466,000
1,357,079
Canara
Bank
3,234,273
4,431,016
China
Construction
Bank
Corp.,
Class
H
10,485,000
7,341,647
China
Merchants
Bank
Co.
Ltd.,
Class
H
643,000
2,675,051
Commonwealth
Bank
of
Australia
1,631
146,433
FinecoBank
Banca
Fineco
SpA
267,950
4,552,195
First
Abu
Dhabi
Bank
PJSC
539,628
1,915,804
Investments
Shares
Value
Banks
(continued)
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
466,000
$
3,492,030
HSBC
Holdings
plc
98,326
889,116
ING
Bank
Slaski
SA
58,716
4,468,302
Japan
Post
Bank
Co.
Ltd.
23,300
243,979
KBC
Group
NV
64,541
5,003,324
Mitsubishi
UFJ
Financial
Group,
Inc.
267,300
3,108,966
National
Bank
of
Canada
4,893
409,022
Royal
Bank
of
Canada(a)
145,456
16,244,491
Santander
Bank
Polska
SA
12,349
1,624,357
Sberbank
of
Russia
PJSC‡
1,227,390
—
Skandinaviska
Enskilda
Banken
AB,
Class
A
313,851
4,831,811
Sumitomo
Mitsui
Financial
Group,
Inc.
56,000
4,062,475
Swedbank
AB,
Class
A
213,428
4,540,343
92,172,720
Beverages
-
0
.1
%
Nongfu
Spring
Co.
Ltd.,
Class
H(a)(b)
77,000
300,134
Broadline
Retail
-
0
.5
%
Alibaba
Group
Holding
Ltd.,
ADR
23,999
1,892,321
B&M
European
Value
Retail
SA
49,163
295,593
Next
plc
7,922
923,317
3,111,231
Building
Products
-
0
.5
%
Geberit
AG
(Registered)
4,660
2,966,730
Capital
Markets
-
3
.2
%
Brookfield
Asset
Management
Ltd.,
Class
A(a)
76,657
3,343,842
China
Galaxy
Securities
Co.
Ltd.,
Class
H(a)
6,407,500
3,280,850
Japan
Exchange
Group,
Inc.
101,600
2,396,507
Julius
Baer
Group
Ltd.
24,465
1,335,465
Macquarie
Korea
Infrastructure
Fund
434,079
3,881,251
Moscow
Exchange
MICEX-RTS
PJSC‡
775,590
—
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Index
Fund
(cont.)
196
Investments
Shares
Value
COMMON
STOCKS
(continued)
Capital
Markets
(continued)
Partners
Group
Holding
AG
3,392
$
4,564,413
18,802,328
Chemicals
-
2
.5
%
BASF
SE
50,561
2,358,090
Fertiglobe
plc
5,463,384
3,688,863
Nissan
Chemical
Corp.(a)
10,400
336,897
Nitto
Denko
Corp.
17,300
1,510,847
Sahara
International
Petrochemical
Co.
162,634
1,237,560
Shin-Etsu
Chemical
Co.
Ltd.
116,500
5,224,923
14,357,180
Consumer
Staples
Distribution
&
Retail
-
0
.8
%
Coles
Group
Ltd.
406,818
4,808,304
Diversified
Telecommunication
Services
-
3
.2
%
BCE,
Inc.
55,221
1,862,604
Elisa
OYJ
7,223
336,245
Emirates
Integrated
Telecommunications
Co.
PJSC
2,585,834
4,259,269
Koninklijke
KPN
NV
677,098
2,664,053
Orange
SA
10,019
111,126
Telenor
ASA
243,252
2,892,017
Telia
Co.
AB(a)
521,687
1,515,275
Telstra
Group
Ltd.
1,490,967
3,835,990
TELUS
Corp.
83,181
1,342,144
18,818,723
Electric
Utilities
-
1
.7
%
Fortum
OYJ(a)
282,396
4,336,190
Origin
Energy
Ltd.
698,068
4,781,745
Power
Grid
Corp.
of
India
Ltd.
236,495
983,504
10,101,439
Electrical
Equipment
-
0
.1
%
Schneider
Electric
SE
466
112,374
Voltronic
Power
Technology
Corp.
4,839
273,086
385,460
Electronic
Equipment,
Instruments
&
Components
-
0
.1
%
Largan
Precision
Co.
Ltd.
4,000
342,562
Investments
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Shimadzu
Corp.
13,200
$
391,104
733,666
Entertainment
-
1
.1
%
Capcom
Co.
Ltd.
20,800
442,653
Nintendo
Co.
Ltd.
109,100
6,082,220
6,524,873
Financial
Services
-
3
.1
%
Banca
Mediolanum
SpA
378,625
4,469,937
FirstRand
Ltd.
426,157
1,913,944
M&G
plc
504,911
1,376,836
ORIX
Corp.
178,700
4,351,700
Power
Finance
Corp.
Ltd.
98,093
652,323
REC
Ltd.
704,126
5,417,890
18,182,630
Food
Products
-
1
.9
%
China
Feihe
Ltd.(b)
3,262,000
1,478,172
Nestle
SA
(Registered)
84,389
8,545,794
Want
Want
China
Holdings
Ltd.
1,944,000
1,167,097
11,191,063
Gas
Utilities
-
0
.8
%
Kunlun
Energy
Co.
Ltd.
686,000
665,627
Snam
SpA
888,662
4,247,481
4,913,108
Ground
Transportation
-
0
.1
%
Canadian
National
Railway
Co.
2,187
253,030
Health
Care
Equipment
&
Supplies
-
0
.3
%
Hoya
Corp.
13,000
1,636,448
Health
Care
Providers
&
Services
-
0
.0
%
(c)
Sonic
Healthcare
Ltd.
11,650
210,422
Hotels,
Restaurants
&
Leisure
-
0
.4
%
InterContinental
Hotels
Group
plc
23,999
2,416,720
Household
Durables
-
0
.7
%
Nien
Made
Enterprise
Co.
Ltd.
313,710
3,793,725
Household
Products
-
0
.2
%
Unilever
Indonesia
Tbk.
PT
9,389,900
1,409,062
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Index
Fund
(cont.)
197
Investments
Shares
Value
COMMON
STOCKS
(continued)
Independent
Power
and
Renewable
Electricity
Producers
-
0
.0
%
(c)
Huadian
Power
International
Corp.
Ltd.,
Class
H(a)
242,000
$
124,532
Unipro
PJSC*‡
125,500,000
—
124,532
Industrial
Conglomerates
-
0
.8
%
Astra
International
Tbk.
PT
4,450,300
1,291,846
Hitachi
Ltd.
140,800
3,076,900
Siemens
AG
(Registered)
1,864
341,726
4,710,472
Insurance
-
1
.7
%
Admiral
Group
plc
33,836
1,196,906
BB
Seguridade
Participacoes
SA
605,800
3,769,137
Caixa
Seguridade
Participacoes
SA
256,300
653,814
Manulife
Financial
Corp.
146,790
3,908,166
Sampo
OYJ,
Class
A
12,815
561,202
10,089,225
Interactive
Media
&
Services
-
1
.0
%
Rightmove
plc
253,737
1,877,908
Tencent
Holdings
Ltd.
90,600
4,200,630
6,078,538
IT
Services
-
2
.0
%
HCL
Technologies
Ltd.
185,701
3,643,103
Infosys
Ltd.
58,716
1,310,137
Nomura
Research
Institute
Ltd.
69,900
2,169,567
Obic
Co.
Ltd.
5,200
787,983
SCSK
Corp.
198,800
3,902,405
11,813,195
Leisure
Products
-
0
.0
%
(c)
Shimano,
Inc.
600
106,593
Machinery
-
1
.3
%
Kone
OYJ,
Class
B
86,676
4,423,236
VAT
Group
AG(b)
6,058
3,030,204
‌
7,453,440
Investments
Shares
Value
Marine
Transportation
-
1
.5
%
Cia
Sud
Americana
de
Vapores
SA
38,835,508
$
2,660,552
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
2,796,000
3,987,127
Evergreen
Marine
Corp.
Taiwan
Ltd.
202,883
1,052,375
Orient
Overseas
International
Ltd.(a)
68,500
967,172
8,667,226
Metals
&
Mining
-
5
.6
%
BHP
Group
Ltd.
531,794
14,689,161
Cia
Siderurgica
Nacional
SA
466,000
977,712
Fortescue
Ltd.
266,552
3,284,483
Glencore
plc
85,083
469,706
GMK
Norilskiy
Nickel
PAO‡
1,631,500
—
Grupo
Mexico
SAB
de
CV,
Series
B
163,100
919,218
Kumba
Iron
Ore
Ltd.(a)
123,956
2,707,152
Rio
Tinto
plc
81,783
5,279,621
Severstal
PAO‡
58,985
—
Vedanta
Ltd.
850,217
4,577,105
32,904,158
Oil,
Gas
&
Consumable
Fuels
-
7
.5
%
Adaro
Energy
Indonesia
Tbk.
PT
24,348,500
4,821,782
Aker
BP
ASA
53,124
1,286,986
Ampol
Ltd.(a)
39,377
860,620
Canadian
Natural
Resources
Ltd.
97,930
3,474,993
China
Shenhua
Energy
Co.
Ltd.,
Class
H
1,026,000
4,275,000
Coal
India
Ltd.
271,678
1,694,403
Equinor
ASA
106,015
2,811,683
Exxaro
Resources
Ltd.
435,011
4,659,965
Petroleo
Brasileiro
SA
(Preference)
582,500
3,854,995
Shell
plc
62,677
2,286,355
TotalEnergies
SE
13,514
913,676
Turkiye
Petrol
Rafinerileri
A/S
344,840
1,700,746
United
Tractors
Tbk.
PT
3,192,100
5,064,956
Var
Energi
ASA
1,333,692
4,247,031
Woodside
Energy
Group
Ltd.
107,413
1,935,883
43,889,074
Passenger
Airlines
-
0
.8
%
Singapore
Airlines
Ltd.
908,700
4,735,077
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Index
Fund
(cont.)
198
Investments
Shares
Value
COMMON
STOCKS
(continued)
Personal
Care
Products
-
2
.0
%
Hengan
International
Group
Co.
Ltd.
116,500
$
363,876
L'Oreal
SA
25,344
10,987,723
Unilever
plc
7,922
485,978
11,837,577
Pharmaceuticals
-
7
.5
%
Astellas
Pharma,
Inc.
69,900
811,845
AstraZeneca
plc
15,844
2,516,990
China
Medical
System
Holdings
Ltd.
892,000
739,908
Novartis
AG
(Registered)
102,198
11,445,247
Novo
Nordisk
A/S,
Class
B
131,303
17,365,150
Roche
Holding
AG
466
164,007
Roche
Holding
AG
-
BR
32,834
10,660,559
Sanofi
SA
1,165
120,177
43,823,883
Professional
Services
-
3
.1
%
Adecco
Group
AG
(Registered)
33,319
1,134,038
Bureau
Veritas
SA
143,528
4,504,038
Randstad
NV(a)
73,162
3,559,420
Recruit
Holdings
Co.
Ltd.
43,800
2,520,407
RELX
plc
64,075
3,022,921
SGS
SA
(Registered)
29,358
3,205,116
17,945,940
Real
Estate
Management
&
Development
-
1
.3
%
CK
Asset
Holdings
Ltd.
932,000
3,567,179
Daito
Trust
Construction
Co.
Ltd.
33,400
4,025,714
7,592,893
Retail
REITs
-
0
.6
%
Link
REIT,
REIT(a)
885,400
3,740,169
Semiconductors
&
Semiconductor
Equipment
-
6
.4
%
ASML
Holding
NV
6,058
5,575,335
BE
Semiconductor
Industries
NV
12,116
1,562,143
MediaTek,
Inc.
169,004
6,272,737
Novatek
Microelectronics
Corp.
243,986
3,882,101
Realtek
Semiconductor
Corp.
81,271
1,265,919
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
439,004
12,474,285
Tokyo
Electron
Ltd.
20,100
4,143,972
Investments
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
United
Microelectronics
Corp.
932,000
$
1,429,048
Vanguard
International
Semiconductor
Corp.
304,000
1,077,457
37,682,997
Software
-
1
.3
%
Nemetschek
SE
40,076
3,831,407
Oracle
Financial
Services
Software
Ltd.
6,990
922,067
SAP
SE
8,155
1,720,959
Temenos
AG
(Registered)
16,310
1,128,406
7,602,839
Specialty
Retail
-
1
.4
%
Fast
Retailing
Co.
Ltd.
600
166,091
H
&
M
Hennes
&
Mauritz
AB,
Class
B(a)
112,073
1,738,461
Industria
de
Diseno
Textil
SA
120,461
5,847,539
Topsports
International
Holdings
Ltd.(b)
972,000
434,240
8,186,331
Technology
Hardware,
Storage
&
Peripherals
-
0
.8
%
Catcher
Technology
Co.
Ltd.
178,000
1,153,453
Lite-On
Technology
Corp.
735,421
2,217,226
Micro-Star
International
Co.
Ltd.
233,000
1,201,506
Wiwynn
Corp.
2,000
123,517
4,695,702
Textiles,
Apparel
&
Luxury
Goods
-
3
.0
%
ANTA
Sports
Products
Ltd.
139,800
1,254,478
Bosideng
International
Holdings
Ltd.(a)
5,804,000
2,904,972
Burberry
Group
plc
194,788
1,939,015
Cie
Financiere
Richemont
SA
(Registered)
2,187
332,926
Eclat
Textile
Co.
Ltd.
6,000
96,380
Feng
TAY
Enterprise
Co.
Ltd.
21,284
90,653
Hermes
International
SCA
3,088
6,759,904
LVMH
Moet
Hennessy
Louis
Vuitton
SE
3,029
2,140,325
Pandora
A/S
4,893
767,026
Shenzhou
International
Group
Holdings
Ltd.
121,500
1,031,941
‌
17,317,620
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Index
Fund
(cont.)
199
Investments
Shares
Value
COMMON
STOCKS
(continued)
Tobacco
-
3
.2
%
British
American
Tobacco
plc
238,825
$
8,420,528
Imperial
Brands
plc
192,691
5,306,442
Japan
Tobacco,
Inc.
173,200
5,104,140
18,831,110
Trading
Companies
&
Distributors
-
3
.1
%
Howden
Joinery
Group
plc
352,995
4,264,269
ITOCHU
Corp.(a)
116,500
6,026,316
Marubeni
Corp.
186,400
3,543,780
Mitsubishi
Corp.
128,200
2,678,857
Mitsui
&
Co.
Ltd.
55,800
1,309,145
17,822,367
Transportation
Infrastructure
-
0
.4
%
Jiangsu
Expressway
Co.
Ltd.,
Class
H
2,204,000
2,096,226
Wireless
Telecommunication
Services
-
1
.5
%
Intouch
Holdings
PCL,
NVDR
233,000
537,642
KDDI
Corp.
20,500
615,845
Mobile
Telecommunications
Co.
KSCP
816,898
1,216,457
Tele2
AB,
Class
B
469,262
4,825,024
Vodafone
Group
plc
1,707,657
1,588,899
8,783,867
Total
Common
Stocks
(Cost
$507,294,358)
575,374,297
Principal
Amount
SECURITIES
LENDING
REINVESTMENTS
-
0
.4
%
(d)
REPURCHASE
AGREEMENTS
-
0
.4
%
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$88,678,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$90,791
$
88,665
88,665
Investments
Principal
Amount
Value
REPURCHASE
AGREEMENTS
(continued)
MetLife,
Inc.
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$1,000,148,
collateralized
by
various
U.S.
Treasury
Securities,
0.00%,
5/15/2046;
total
market
value
$1,030,884
$
1,000,000
$
1,000,000
TD
Prime
Services
LLC
5.42%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$1,000,151,
collateralized
by
various
Common
Stocks;
total
market
value
$1,116,148
1,000,000
1,000,000
2,088,665
Total
Securities
Lending
Reinvestments
(Cost
$2,088,665)
2,088,665
Total
Investments
-
98.6%
(Cost
$509,383,023)
577,462,962
Other
assets
less
liabilities
-
1.4%
8,060,875
NET
ASSETS
-
100.0%
$585,523,837
*
Non-income
producing
security.
‡
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$34,379,427,
collateralized
in
the
form
of
cash
with
a
value
of
$2,088,665
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments;
$25,708,219
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
5.50%,
and
maturity
dates
ranging
from
August
15,
2024
–
November
15,
2053
and
$8,250,074
of
collateral
in
the
form
of
Foreign
Government
Fixed
Income
Securities,
interest
rates
ranging
from
0.00%
–
5.75%,
and
maturity
dates
ranging
from
September
7,
2024
–
June
30,
2120;
a
total
value
of
$36,046,958.
(b)
Security
exempt
from
registration
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933.
Regulation
S
applies
to
securities
offerings
that
are
made
outside
of
the
United
States
and
do
not
involve
direct
selling
efforts
in
the
United
States
and
as
such
may
have
restrictions
on
resale.
(c)
Represents
less
than
0.05%
of
net
assets.
(d)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$2,088,665.
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Index
Fund
(cont.)
200
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
ADR
American
Depositary
Receipt
CVA
Dutch
Certification
NVDR
Non-Voting
Depositary
Receipt
OYJ
Public
Limited
Company
PJSC
Public
Joint
Stock
Company
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
REIT
Real
Estate
Investment
Trust
SCA
Limited
partnership
with
share
capital
Futures
Contracts
FlexShares®
International
Quality
Dividend
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
Long
Contracts
‌
MSCI
EAFE
E-Mini
Index
66
09/20/2024
USD
$
7,886,010
$
167,371
MSCI
Emerging
Markets
E-Mini
Index
65
09/20/2024
USD
3,563,625
37,478
$
204,849
Forward
Foreign
Currency
Contracts
FlexShares®
International
Quality
Dividend
Index
Fund
had
the
following
outstanding
contracts
as
of
July
31,
2024:
Contracts
to
Receive
Counterparty
In
Exchange
For
Maturity
Date
Unrealized
Appreciation/
(Depreciation)
GBP
411,000
JPMorgan
Chase
Bank
NA
USD
519,293
09/18/2024
$
8,846
JPY
104,189,000
Morgan
Stanley
USD
661,360
09/18/2024
36,087
USD
490,762
Goldman
Sachs
&
Co.
BRL
*
2,653,155
09/18/2024
23,733
USD
244,963
Citibank
NA
HKD
1,908,608
09/19/2024
295
USD
1,061,805
Goldman
Sachs
&
Co.
HKD
8,278,000
09/19/2024
633
USD
856,449
Morgan
Stanley
HKD
6,676,000
09/19/2024
641
Total
unrealized
appreciation
$
70,235
CAD
434,313
UBS
AG
USD
316,026
09/18/2024
$
(
1,195
)
USD
509,892
Goldman
Sachs
&
Co.
CHF
453,364
09/18/2024
(
8,152
)
USD
367,382
JPMorgan
Chase
Bank
NA
DKK
2,540,779
09/18/2024
(
2,086
)
USD
1,732,107
Citibank
NA
EUR
1,607,812
09/18/2024
(
11,642
)
USD
701,149
JPMorgan
Chase
Bank
NA
GBP
550,955
09/18/2024
(
6,834
)
USD
330,877
JPMorgan
Chase
Bank
NA
INR
*
27,750,000
09/18/2024
(
55
)
USD
1,772,111
JPMorgan
Chase
Bank
NA
JPY
274,789,715
09/18/2024
(
67,347
)
USD
535,016
Citibank
NA
KRW
*
734,577,039
09/19/2024
(
114
)
Total
unrealized
depreciation
$
(
97,425
)
Net
unrealized
depreciation
$
(
27,190
)
*
Non-deliverable
forward.
Abbreviations:
BRL
—
Brazilian
Real
CAD
—
Canadian
Dollar
CHF
—
Swiss
Franc
DKK
—
Danish
Krone
EUR
—
Euro
GBP
—
British
Pound
HKD
—
Hong
Kong
Dollar
INR
—
Indian
Rupee
JPY
—
Japanese
Yen
KRW
—
Korean
Won
USD
—
US
Dollar
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Index
Fund
(cont.)
201
FlexShares®
International
Quality
Dividend
Index
invested,
as
a
percentage
of
net
assets,
in
companies
domiciled
in
the
following
countries
as
of
July
31,
2024:
Australia
5‌
.9
%
Belgium
0‌
.9
Brazil
1‌
.6
Canada
5‌
.3
Chile
0‌
.4
China
7‌
.9
Colombia
0‌
.4
Denmark
3‌
.1
Finland
1‌
.6
France
4‌
.4
Germany
2‌
.4
Hong
Kong
1‌
.5
India
4‌
.0
Indonesia
2‌
.1
Israel
0‌
.1
Italy
2‌
.6
Japan
13‌
.0
Kuwait
0‌
.2
Mexico
1‌
.3
Netherlands
3‌
.1
Norway
1‌
.9
Poland
1‌
.8
Saudi
Arabia
0‌
.2
Singapore
0‌
.8
South
Africa
1‌
.6
South
Korea
0‌
.8
Spain
1‌
.0
Sweden
3‌
.0
Switzerland
8‌
.3
Taiwan
6‌
.3
Thailand
0‌
.1
Turkey
0‌
.3
United
Arab
Emirates
1‌
.7
United
Kingdom
8‌
.6
Other
1
1‌
.8
100.0%
1
Includes
any
non-equity
securities,
securities
lending
reinvestments
and
net
other
assets
(liabilities).
Security
Type
%
of
Net
Assets
Common
Stocks
98‌
.2
%
Securities
Lending
Reinvestments
0‌
.4
Others
(1)
1‌
.4
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
202
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
Schedule
of
Investments
FlexShares
®
International
Quality
Dividend
Defensive
Index
Fund
July
31,
2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
98.4%
Aerospace
&
Defense
-
0.3%
BAE
Systems
plc
720
$
11,995
Thales
SA
340
54,065
66,060
Air
Freight
&
Logistics
-
0.5%
Deutsche
Post
AG
870
38,834
Sinotrans
Ltd.,
Class
H
150,000
69,700
108,534
Automobile
Components
-
0.2%
Bridgestone
Corp.
1,301
53,481
Automobiles
-
0.7%
Bayerische
Motoren
Werke
AG
150
13,930
Bayerische
Motoren
Werke
AG
(Preference)
40
3,435
Subaru
Corp.
7,400
146,883
164,248
Banks
-
10.7%
Abu
Dhabi
Commercial
Bank
PJSC
43,810
106,036
Arab
National
Bank
7,573
43,275
Banco
de
Chile
405,900
48,204
Bank
Hapoalim
BM
19,410
179,276
Bank
Leumi
Le-Israel
BM
7,140
61,961
Barclays
plc
73,410
220,453
CaixaBank
SA
4,030
23,488
Canara
Bank
121,550
166,526
Commonwealth
Bank
of
Australia
3,480
312,438
Credit
Agricole
SA
3,580
54,351
HSBC
Holdings
plc
3,550
32,101
Indian
Bank
2,090
15,197
IndusInd
Bank
Ltd.
2,740
46,724
KBC
Group
NV
1,600
124,035
Mizrahi
Tefahot
Bank
Ltd.
1,300
47,213
Royal
Bank
of
Canada
3,720
415,449
Saudi
Investment
Bank
(The)
7,750
26,399
Sberbank
of
Russia
PJSC‡
79,800
—
Sumitomo
Mitsui
Financial
Group,
Inc.
1,796
130,289
Swedbank
AB,
Class
A
8,090
172,102
Toronto-Dominion
Bank
(The)
200
11,804
Investments
Shares
Value
Banks
(continued)
Union
Bank
of
India
Ltd.
88,660
$
142,739
2,380,060
Broadline
Retail
-
1.9%
Alibaba
Group
Holding
Ltd.,
ADR
890
70,176
B&M
European
Value
Retail
SA
7,330
44,072
Dollarama,
Inc.
720
67,458
momo.com,
Inc.
3,000
38,150
Pan
Pacific
International
Holdings
Corp.
6,583
172,429
Woolworths
Holdings
Ltd.
11,060
36,601
428,886
Capital
Markets
-
1.9%
Deutsche
Boerse
AG
590
120,920
Macquarie
Korea
Infrastructure
Fund
15,739
140,728
Moscow
Exchange
MICEX-RTS
PJSC‡
227,100
—
NH
Investment
&
Securities
Co.
Ltd.
4,910
49,573
Singapore
Exchange
Ltd.
14,000
103,095
414,316
Chemicals
-
2.4%
Evonik
Industries
AG
1,540
31,270
Fertiglobe
plc
146,230
98,734
Gujarat
Fluorochemicals
Ltd.
1,150
46,497
Nissan
Chemical
Corp.(a)
5,596
181,277
Nutrien
Ltd.
330
16,915
Sasol
Ltd.
3,330
26,973
Saudi
Industrial
Investment
Group
7,590
41,269
Wacker
Chemie
AG
50
5,021
Yara
International
ASA
3,180
90,446
538,402
Commercial
Services
&
Supplies
-
0.6%
Brambles
Ltd.
2,780
28,247
Secom
Co.
Ltd.
1,656
105,902
134,149
Construction
&
Engineering
-
0.3%
WSP
Global,
Inc.
360
59,765
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Defensive
Index
Fund
(cont.)
203
Investments
Shares
Value
COMMON
STOCKS
(continued)
Consumer
Staples
Distribution
&
Retail
-
0.4%
Loblaw
Cos.
Ltd.
550
$
67,782
Metro,
Inc.,
Class
A
350
20,831
88,613
Containers
&
Packaging
-
0.0%(b)
Smurfit
WestRock
plc*
220
9,752
Diversified
Telecommunication
Services
-
1.8%
Elisa
OYJ
1,030
47,949
Hellenic
Telecommunications
Organization
SA
4,250
69,766
Koninklijke
KPN
NV
42,250
166,233
Nippon
Telegraph
&
Telephone
Corp.
59,400
63,324
Telenor
ASA
4,440
52,787
400,059
Electric
Utilities
-
1.4%
EDP
SA
9,370
38,529
Enel
SpA
16,920
120,730
Fortum
OYJ(a)
3,730
57,274
Hydro
One
Ltd.(c)
1,710
53,561
Iberdrola
SA(a)
3,376
44,496
314,590
Electrical
Equipment
-
0.0%(b)
Schneider
Electric
SE
20
4,823
Electronic
Equipment,
Instruments
&
Components
-
0.7%
Largan
Precision
Co.
Ltd.
332
28,433
Omron
Corp.
1,453
53,799
Shimadzu
Corp.
1,754
51,969
Synnex
Technology
International
Corp.
11,852
25,637
159,838
Entertainment
-
0.4%
Capcom
Co.
Ltd.
1,100
23,409
Nexon
Co.
Ltd.
2,789
60,707
84,116
Financial
Services
-
2.8%
M&G
plc
17,100
46,630
Meritz
Financial
Group,
Inc.
2,820
172,876
Power
Finance
Corp.
Ltd.
30,530
203,026
Investments
Shares
Value
Financial
Services
(continued)
REC
Ltd.
26,660
$
205,135
627,667
Food
Products
-
4.1%
Nestle
SA
(Registered)
5,770
584,309
Nissin
Foods
Holdings
Co.
Ltd.
5,490
163,211
WH
Group
Ltd.(c)
65,000
42,268
Yakult
Honsha
Co.
Ltd.
6,618
135,738
925,526
Gas
Utilities
-
0.4%
China
Gas
Holdings
Ltd.
46,000
41,866
Snam
SpA
9,720
46,458
88,324
Ground
Transportation
-
0.4%
Canadian
National
Railway
Co.
820
94,872
Health
Care
Equipment
&
Supplies
-
1.0%
Cochlear
Ltd.
760
171,221
Siemens
Healthineers
AG(c)
990
53,168
224,389
Hotels,
Restaurants
&
Leisure
-
1.7%
InterContinental
Hotels
Group
plc
1,790
180,254
OPAP
SA
9,120
158,986
Sodexo
SA
450
42,632
381,872
Household
Durables
-
0.2%
Sekisui
Chemical
Co.
Ltd.
3,000
45,331
Independent
Power
and
Renewable
Electricity
Producers
-
1.6%
China
Resources
Power
Holdings
Co.
Ltd.
17,145
47,186
Datang
International
Power
Generation
Co.
Ltd.,
Class
H(a)
800,000
160,778
Huadian
Power
International
Corp.
Ltd.,
Class
H(a)
280,000
144,086
‌
352,050
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Defensive
Index
Fund
(cont.)
204
Investments
Shares
Value
Industrial
Conglomerates
-
0.7%
Jardine
Matheson
Holdings
Ltd.
1,237
$
43,542
Quinenco
SA
12,910
44,844
Siemens
AG
(Registered)
430
78,832
167,218
Insurance
-
4.9%
Admiral
Group
plc
4,680
165,549
Allianz
SE
(Registered)
640
180,616
BB
Seguridade
Participacoes
SA
23,000
143,100
Caixa
Seguridade
Participacoes
SA
54,000
137,752
Medibank
Pvt
Ltd.(a)
17,880
46,469
Muenchener
Rueckversicherungs
-
Gesellschaft
AG
in
Muenchen
(Registered)
280
138,041
Sampo
OYJ,
Class
A
1,390
60,872
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
180
48,702
Zurich
Insurance
Group
AG
310
170,170
1,091,271
Interactive
Media
&
Services
-
2.4%
Tencent
Holdings
Ltd.
11,397
528,417
IT
Services
-
2.7%
Arabian
Internet
&
Communications
Services
Co.
580
45,418
Capgemini
SE
30
5,960
Elm
Co.
210
51,158
HCL
Technologies
Ltd.
8,450
165,773
Obic
Co.
Ltd.
754
114,258
SCSK
Corp.
700
13,741
Tech
Mahindra
Ltd.
10,950
203,283
599,591
Leisure
Products
-
0.3%
Shimano,
Inc.
340
60,403
Machinery
-
2.3%
Doosan
Bobcat,
Inc.
3,840
114,914
Kone
OYJ,
Class
B
3,330
169,936
SMC
Corp.
122
60,125
Techtronic
Industries
Co.
Ltd.(a)
12,946
165,885
‌
510,860
Investments
Shares
Value
Marine
Transportation
-
1.7%
Cia
Sud
Americana
de
Vapores
SA
2,075,301
$
142,175
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
105,000
149,731
Evergreen
Marine
Corp.
Taiwan
Ltd.
7,593
39,386
HMM
Co.
Ltd.
4,130
54,597
385,889
Metals
&
Mining
-
5.7%
BHP
Group
Ltd.
20,770
573,707
Jindal
Stainless
Ltd.
8,120
71,814
Kumba
Iron
Ore
Ltd.(a)
2,610
57,001
Magnitogorsk
Iron
&
Steel
Works
PJSC‡
172,884
—
Novolipetsk
Steel
PJSC‡
47,108
—
Pilbara
Minerals
Ltd.(a)
52,540
100,524
Rio
Tinto
plc
4,600
296,960
Severstal
PAO‡
6,900
—
Vedanta
Ltd.
32,200
173,347
1,273,353
Multi-Utilities
-
0.1%
Engie
SA
1,500
23,601
Oil,
Gas
&
Consumable
Fuels
-
7.5%
Adaro
Energy
Indonesia
Tbk
.
PT
922,000
182,586
Aker
BP
ASA
1,930
46,756
ARC
Resources
Ltd.
2,040
35,279
BP
plc
23,190
136,675
Cenovus
Energy,
Inc.
1,180
23,763
Equinor
ASA
5,240
138,973
Exxaro
Resources
Ltd.
1,880
20,139
Idemitsu
Kosan
Co.
Ltd.
5,155
34,399
LUKOIL
PJSC‡
240
—
Pembina
Pipeline
Corp.
1,530
59,264
Petroleo
Brasileiro
SA
(Preference)
16,710
110,587
Shell
plc
2,710
98,856
Suncor
Energy,
Inc.
5,000
199,573
Surgutneftegas
PJSC
(Preference)‡
276,000
—
TotalEnergies
SE
2,700
182,546
United
Tractors
Tbk.
PT
118,100
187,391
Var
Energi
ASA
49,450
157,469
Woodside
Energy
Group
Ltd.
2,890
52,086
‌
1,666,342
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Defensive
Index
Fund
(cont.)
205
Investments
Shares
Value
Passenger
Airlines
-
0.8%
Ryanair
Holdings
plc,
ADR(a)
1,850
$
187,405
Personal
Care
Products
-
1.6%
L'Oreal
SA
750
325,158
Unilever
plc
420
25,765
350,923
Pharmaceuticals
-
8.8%
Astellas
Pharma,
Inc.
10,864
126,179
AstraZeneca
plc
620
98,494
China
Medical
System
Holdings
Ltd.
85,248
70,713
GSK
plc
8,610
167,214
Novartis
AG
(Registered)
2,590
290,056
Novo
Nordisk
A/S,
Class
B
1,920
253,925
Roche
Holding
AG
20
7,039
Roche
Holding
AG
-
BR
2,290
743,518
Sanofi
SA
380
39,199
Shionogi
&
Co.
Ltd.
3,733
163,675
1,960,012
Professional
Services
-
2.0%
Bureau
Veritas
SA
5,770
181,068
Computershare
Ltd.
6,740
121,694
Randstad
NV(a)
410
19,947
RELX
plc
160
7,548
SGS
SA
(Registered)
898
98,038
Teleperformance
SE
190
24,507
452,802
Real
Estate
Management
&
Development
-
1.4%
CK
Asset
Holdings
Ltd.
19,228
73,594
Daito
Trust
Construction
Co.
Ltd.
1,382
166,573
Emaar
Properties
PJSC
26,880
63,157
303,324
Retail
REITs
-
0.2%
Unibail-Rodamco-
Westfield,
REIT
700
52,493
Semiconductors
&
Semiconductor
Equipment
-
5.4%
ASML
Holding
NV
425
391,139
eMemory
Technology,
Inc.
363
25,455
Novatek
Microelectronics
Corp.
5,594
89,007
Renesas
Electronics
Corp.
10,280
176,139
Silergy
Corp.
3,305
44,995
Investments
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
16,505
$
468,989
1,195,724
Software
-
1.3%
Open
Text
Corp.
1,180
37,174
SAP
SE
310
65,420
Temenos
AG
(Registered)
2,690
186,107
288,701
Specialty
Retail
-
2.4%
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
35,820
34,816
Industria
de
Diseno
Textil
SA
4,590
222,812
Jarir
Marketing
Co.
33,610
116,276
Topsports
International
Holdings
Ltd.(c)
220,000
98,285
ZOZO,
Inc.(a)
2,228
64,948
537,137
Technology
Hardware,
Storage
&
Peripherals
-
0.8%
Catcher
Technology
Co.
Ltd.
6,952
45,049
Lite-On
Technology
Corp.
44,321
133,624
178,673
Textiles,
Apparel
&
Luxury
Goods
-
1.4%
Bosideng
International
Holdings
Ltd.(a)
281,540
140,914
Burberry
Group
plc
7,950
79,138
LVMH
Moet
Hennessy
Louis
Vuitton
SE
123
86,913
306,965
Tobacco
-
1.8%
Imperial
Brands
plc
7,050
194,147
Japan
Tobacco,
Inc.
6,848
201,808
395,955
Trading
Companies
&
Distributors
-
1.8%
ITOCHU
Corp.(a)
3,303
170,858
Mitsubishi
Corp.
8,005
167,272
Sumitomo
Corp.
2,484
62,372
‌
400,502
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Defensive
Index
Fund
(cont.)
206
Investments
Shares
Value
Transportation
Infrastructure
-
1.0%
China
Merchants
Port
Holdings
Co.
Ltd.
30,000
$
44,163
International
Container
Terminal
Services,
Inc.
29,100
177,465
221,628
Wireless
Telecommunication
Services
-
3.0%
Etihad
Etisalat
Co.
12,380
171,582
Intouch
Holdings
PCL,
NVDR
43,000
99,221
KDDI
Corp.
4,028
121,006
SK
Telecom
Co.
Ltd.
1,120
44,011
SoftBank
Corp.
5,100
66,606
Tele2
AB,
Class
B
15,520
159,579
662,005
Total
Common
Stocks
(Cost
$20,615,441)
21,950,917
Principal
Amount
SECURITIES
LENDING
REINVESTMENTS
-
2.3%(d)
REPURCHASE
AGREEMENTS
-
2.3%
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$520,872,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$533,285  
(Cost
$520,795)
$520,795
520,795
Total
Investments
-
100.7%
(Cost
$21,136,236)
22,471,712
Liabilities
in
excess
of
other
assets
-
(0.7%)
(156,223)
NET
ASSETS
-
100.0%
$22,315,489
*
Non-income
producing
security.
‡
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$1,228,411,
collateralized
in
the
form
of
cash
with
a
value
of
$520,795
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments;
$446,482
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
5.50%,
and
maturity
dates
ranging
from
August
15,
2024
–
November
15,
2053
and
$328,821
of
collateral
in
the
form
of
Foreign
Government
Fixed
Income
Securities,
interest
rates
ranging
from
0.00%
–
5.75%,
and
maturity
dates
ranging
from
September
7,
2024
–
June
30,
2120;
a
total
value
of
$1,296,098.
(b)
Represents
less
than
0.05%
of
net
assets.
(c)
Security
exempt
from
registration
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933.
Regulation
S
applies
to
securities
offerings
that
are
made
outside
of
the
United
States
and
do
not
involve
direct
selling
efforts
in
the
United
States
and
as
such
may
have
restrictions
on
resale.
(d)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$520,795.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
ADR
American
Depositary
Receipt
NVDR
Non-Voting
Depositary
Receipt
OYJ
Public
Limited
Company
PJSC
Public
Joint
Stock
Company
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
REIT
Real
Estate
Investment
Trust
Futures
Contracts
FlexShares®
International
Quality
Dividend
Defensive
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
Long
Contracts
‌
MSCI
EAFE
E-Mini
Index
2
09/20/2024
USD
$
238,970
$
5,620
MSCI
Emerging
Markets
E-Mini
Index
4
09/20/2024
USD
219,300
1,754
$
7,374
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Defensive
Index
Fund
(cont.)
207
Forward
Foreign
Currency
Contracts
FlexShares®
International
Quality
Dividend
Defensive
Index
Fund
had
the
following
outstanding
contracts
as
of
July
31,
2024:
Contracts
to
Receive
Counterparty
In
Exchange
For
Maturity
Date
Unrealized
Appreciation/
(Depreciation)
EUR
30,000
JPMorgan
Chase
Bank
NA
USD
32,176
09/18/2024
$
360
JPY
6,180,000
Morgan
Stanley
USD
39,229
09/18/2024
2,140
USD
17,459
JPMorgan
Chase
Bank
NA
DKK
120,000
09/18/2024
10
Total
unrealized
appreciation
$
2,510
USD
56,492
Citibank
NA
CHF
50,000
09/18/2024
$
(641)
USD
173,436
Citibank
NA
EUR
160,000
09/18/2024
(92)
USD
12,780
Morgan
Stanley
GBP
10,000
09/18/2024
(70)
USD
56,565
Citibank
NA
JPY
8,740,000
09/18/2024
(1,941)
Total
unrealized
depreciation
$
(2,744)
Net
unrealized
depreciation
$
(234)
Abbreviations:
CHF
—
Swiss
Franc
DKK
—
Danish
Krone
EUR
—
Euro
GBP
—
British
Pound
JPY
—
Japanese
Yen
USD
—
US
Dollar
FlexShares®
International
Quality
Dividend
Defensive
Index
invested,
as
a
percentage
of
net
assets,
in
companies
domiciled
in
the
following
countries
as
of
July
31,
2024:
Australia
6.3
%
Belgium
0.6
Brazil
1.8
Canada
5.2
Chile
1‌
.1
China
7.0
Denmark
1.1
Finland
1.5
France
4.8
Germany
3.3
Greece
1.0
Hong
Kong
1.3
India
6.5
Indonesia
1.7
Ireland
0.8
Israel
1.3
Italy
0.7
Japan
14.1
Netherlands
2.6
Norway
2.2
Philippines
0.8
Portugal
0.2
Saudi
Arabia
2.2
Singapore
0.7
South
Africa
0.6
South
Korea
2.8
Spain
1.3
Sweden
1.5
Switzerland
9.3
Taiwan
4.2
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Defensive
Index
Fund
(cont.)
208
Thailand
0.4
%
United
Arab
Emirates
1.4
United
Kingdom
8.1
Other
1
1.6
100.0%
1
Includes
any
non-equity
securities,
securities
lending
reinvestments
and
net
other
assets
(liabilities).
Security
Type
%
of
Net
Assets
Common
Stocks
98.4
%
Securities
Lending
Reinvestments
2.3
Others
(1)
(0.7)
100.0%
(1)
Includes
any
other
net
assets/(liabilities).
209
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
International
Quality
Dividend
Dynamic
Index
Fund
July
31,
2024
(Unaudited)
Investments
Shares
Value
COMMON
STOCKS
-
98
.6
%
Air
Freight
&
Logistics
-
2
.0
%
Deutsche
Post
AG
10,327
$
460,963
DSV
A/S
2,668
489,037
Sinotrans
Ltd.,
Class
H
920,000
427,496
1,377,496
Automobile
Components
-
0
.2
%
Magna
International,
Inc.
(a)
3,611
160,155
Automobiles
-
2
.1
%
Dr
Ing
hc
F
Porsche
AG
(Preference)(b)
1,817
137,160
Isuzu
Motors
Ltd.
23,000
316,047
Kia
Corp.
1,127
91,764
Mercedes-Benz
Group
AG
5,152
340,966
Stellantis
NV
14,398
239,996
Yadea
Group
Holdings
Ltd.(a)(b)
224,000
301,649
1,427,582
Banks
-
15
.2
%
ABN
AMRO
Bank
NV,
CVA(b)
31,119
542,654
ANZ
Group
Holdings
Ltd.
34,845
660,998
Banco
del
Bajio
SA(b)
13,800
41,125
Bancolombia
SA
15,134
136,165
Bancolombia
SA
(Preference)
15,939
133,120
Bank
Polska
Kasa
Opieki
SA
12,903
521,524
Barclays
plc
228,321
685,658
BOC
Hong
Kong
Holdings
Ltd.
23,000
66,980
CaixaBank
SA
37,168
216,622
Canara
Bank
379,408
519,796
China
Construction
Bank
Corp.,
Class
H
1,242,000
869,654
China
Merchants
Bank
Co.
Ltd.,
Class
H
88,500
368,184
FinecoBank
Banca
Fineco
SpA
31,671
538,058
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
55,200
413,648
ING
Bank
Slaski
SA
6,992
532,093
KBC
Group
NV
7,613
590,172
Mitsubishi
UFJ
Financial
Group,
Inc.
4,600
53,503
National
Bank
of
Canada
2,530
211,491
Investments
Shares
Value
Banks
(continued)
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
37,582
$
558,363
Royal
Bank
of
Canada
9,660
1,078,827
Santander
Bank
Polska
SA
3,979
523,388
Sberbank
of
Russia
PJSC
(Preference)‡
31,920
—
Skandinaviska
Enskilda
Banken
AB,
Class
A
36,432
560,879
Swedbank
AB,
Class
A
25,047
532,835
10,355,737
Broadline
Retail
-
0
.3
%
Alibaba
Group
Holding
Ltd.,
ADR
874
68,915
B&M
European
Value
Retail
SA
18,745
112,704
181,619
Building
Products
-
0
.8
%
Geberit
AG
(Registered)
897
571,064
Capital
Markets
-
4
.2
%
3i
Group
plc
16,491
662,569
Brookfield
Asset
Management
Ltd.,
Class
A
12,489
544,781
Hong
Kong
Exchanges
&
Clearing
Ltd.
11,000
326,395
Julius
Baer
Group
Ltd.
2,806
153,171
Partners
Group
Holding
AG
405
544,984
UBS
Group
AG
(Registered)
20,286
614,399
2,846,299
Chemicals
-
2
.7
%
BASF
SE
5,934
276,753
Fertiglobe
plc
620,632
419,049
Nissan
Chemical
Corp.(a)
3,100
100,421
Shin-Etsu
Chemical
Co.
Ltd.
20,700
928,377
Sika
AG
(Registered)
345
104,568
1,829,168
Consumer
Staples
Distribution
&
Retail
-
0
.8
%
Coles
Group
Ltd.
40,135
474,368
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Dynamic
Index
Fund
(cont.)
210
Investments
Shares
Value
COMMON
STOCKS
(continued)
Consumer
Staples
Distribution
&
Retail
(continued)
Jeronimo
Martins
SGPS
SA
3,335
$
58,282
532,650
Diversified
REITs
-
0
.2
%
Land
Securities
Group
plc,
REIT
17,963
146,626
Diversified
Telecommunication
Services
-
0
.1
%
BCE,
Inc.
2,254
76,027
Electric
Utilities
-
1
.9
%
Enel
SpA
106,467
759,681
Fortum
OYJ(a)
33,419
513,149
1,272,830
Electrical
Equipment
-
0
.6
%
Voltronic
Power
Technology
Corp.
6,800
383,754
Electronic
Equipment,
Instruments
&
Components
-
0
.4
%
Nan
Ya
Printed
Circuit
Board
Corp.
23,000
116,155
Unimicron
Technology
Corp.
27,000
147,444
263,599
Entertainment
-
0
.6
%
NetEase,
Inc.,
ADR
667
61,437
Universal
Music
Group
NV
13,524
321,809
383,246
Financial
Services
-
3
.0
%
Banca
Mediolanum
SpA
45,034
531,658
FirstRand
Ltd.
144,647
649,634
M&G
plc
58,351
159,117
Power
Finance
Corp.
Ltd.
79,212
526,763
REC
Ltd.
21,988
169,187
2,036,359
Food
Products
-
0
.3
%
Nestle
SA
(Registered)
2,116
214,280
Gas
Utilities
-
1
.2
%
China
Gas
Holdings
Ltd.
142,600
129,786
Kunlun
Energy
Co.
Ltd.
154,000
149,426
Snam
SpA
105,938
506,345
‌
785,557
Investments
Shares
Value
Ground
Transportation
-
0
.1
%
TFI
International,
Inc.
391
$
60,827
Health
Care
Equipment
&
Supplies
-
2
.6
%
Hoya
Corp.
4,800
604,227
Sonova
Holding
AG
(Registered)
1,587
485,520
Straumann
Holding
AG
(Registered)
4,140
533,579
Sysmex
Corp.
7,800
128,177
1,751,503
Health
Care
Technology
-
0
.2
%
M3,
Inc.
11,500
107,426
Hotels,
Restaurants
&
Leisure
-
0
.2
%
Evolution
AB(b)
667
64,568
Haidilao
International
Holding
Ltd.(b)
46,000
74,782
139,350
Household
Durables
-
0
.8
%
Nien
Made
Enterprise
Co.
Ltd.
43,000
520,003
Household
Products
-
0
.2
%
Reckitt
Benckiser
Group
plc
2,691
144,411
Industrial
Conglomerates
-
2
.5
%
Astra
International
Tbk.
PT
517,500
150,222
GS
Holdings
Corp.
4,439
157,666
Hitachi
Ltd.
57,500
1,256,547
Quinenco
SA
40,204
139,651
1,704,086
Insurance
-
1
.7
%
BB
Seguridade
Participacoes
SA
25,300
157,410
Caixa
Seguridade
Participacoes
SA
4,600
11,734
Legal
&
General
Group
plc
57,247
170,371
Manulife
Financial
Corp.
23,989
638,688
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H(a)
45,000
196,717
1,174,920
Interactive
Media
&
Services
-
2
.3
%
REA
Group
Ltd.(a)
4,117
550,101
Rightmove
plc
70,564
522,244
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Dynamic
Index
Fund
(cont.)
211
Investments
Shares
Value
COMMON
STOCKS
(continued)
Interactive
Media
&
Services
(continued)
Tencent
Holdings
Ltd.
11,200
$
519,283
1,591,628
IT
Services
-
0
.2
%
Infosys
Ltd.
6,072
135,485
Leisure
Products
-
0
.2
%
Shimano,
Inc.
800
142,124
Life
Sciences
Tools
&
Services
-
0
.4
%
WuXi
AppTec
Co.
Ltd.,
Class
H(b)
57,500
235,903
Machinery
-
1
.3
%
Kone
OYJ,
Class
B
6,923
353,293
VAT
Group
AG(b)
1,035
517,706
870,999
Marine
Transportation
-
1
.6
%
Cia
Sud
Americana
de
Vapores
SA
5,689,027
389,745
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
322,000
459,176
Evergreen
Marine
Corp.
Taiwan
Ltd.
23,000
119,303
Orient
Overseas
International
Ltd.
9,000
127,074
1,095,298
Media
-
0
.3
%
Publicis
Groupe
SA
1,863
194,781
Metals
&
Mining
-
5
.6
%
BHP
Group
Ltd.
57,615
1,591,436
Cia
Siderurgica
Nacional
SA
52,900
110,989
Fortescue
Ltd.
32,936
405,841
GMK
Norilskiy
Nickel
PAO‡
212,800
—
Kumba
Iron
Ore
Ltd.(a)
14,720
321,479
Rio
Tinto
plc
7,751
500,377
Severstal
PAO‡
7,952
—
Vale
SA
48,300
526,599
Vedanta
Ltd.
66,125
355,981
3,812,702
Oil,
Gas
&
Consumable
Fuels
-
7
.4
%
Adaro
Energy
Indonesia
Tbk.
PT
2,870,400
568,431
Aker
BP
ASA
6,394
154,902
Investments
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Canadian
Natural
Resources
Ltd.(a)
26,266
$
932,035
China
Shenhua
Energy
Co.
Ltd.,
Class
H
31,000
129,167
Coal
India
Ltd.
87,308
544,523
Equinor
ASA
11,661
309,268
Exxaro
Resources
Ltd.
50,508
541,056
Petroleo
Brasileiro
SA
(Preference)
69,000
456,643
Shell
plc
2,668
97,324
United
Tractors
Tbk.
PT
372,600
591,210
Var
Energi
ASA
156,239
497,530
Woodside
Energy
Group
Ltd.
12,582
226,762
5,048,851
Passenger
Airlines
-
0
.7
%
Ryanair
Holdings
plc,
ADR(a)
1,288
130,475
Singapore
Airlines
Ltd.
62,100
323,592
454,067
Personal
Care
Products
-
1
.8
%
L'Oreal
SA
2,852
1,236,466
Pharmaceuticals
-
4
.2
%
Astellas
Pharma,
Inc.
12,700
147,503
AstraZeneca
plc
736
116,922
China
Medical
System
Holdings
Ltd.
552,000
457,880
CSPC
Pharmaceutical
Group
Ltd.
184,000
137,081
Hansoh
Pharmaceutical
Group
Co.
Ltd.(a)(b)
228,000
498,495
Novartis
AG
(Registered)
1,127
126,214
Novo
Nordisk
A/S,
Class
B
5,911
781,744
Roche
Holding
AG
1,771
575,009
2,840,848
Professional
Services
-
3
.4
%
Adecco
Group
AG
(Registered)
3,864
131,514
Bureau
Veritas
SA
17,986
564,417
Randstad
NV
7,590
369,263
Recruit
Holdings
Co.
Ltd.
18,600
1,070,310
Teleperformance
SE
1,357
175,034
2,310,538
Real
Estate
Management
&
Development
-
0
.7
%
CK
Asset
Holdings
Ltd.
111,000
424,846
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Dynamic
Index
Fund
(cont.)
212
Investments
Shares
Value
COMMON
STOCKS
(continued)
Real
Estate
Management
&
Development
(continued)
Daiwa
House
Industry
Co.
Ltd.
2,600
$
74,185
499,031
Retail
REITs
-
1
.2
%
Link
REIT,
REIT
117,300
495,507
Unibail-Rodamco-
Westfield,
REIT
4,600
344,952
840,459
Semiconductors
&
Semiconductor
Equipment
-
8
.5
%
ASML
Holding
NV
1,564
1,439,390
BE
Semiconductor
Industries
NV
3,036
391,438
eMemory
Technology,
Inc.
2,400
168,299
MediaTek,
Inc.
20,000
742,318
Novatek
Microelectronics
Corp.
30,000
477,335
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
46,000
1,307,089
Tokyo
Electron
Ltd.
6,100
1,257,623
United
Microelectronics
Corp.
12,000
18,400
5,801,892
Software
-
1
.2
%
Nemetschek
SE
4,692
448,572
SAP
SE
69
14,561
Temenos
AG
(Registered)
5,451
377,127
840,260
Specialty
Retail
-
2
.2
%
Fast
Retailing
Co.
Ltd.
2,300
636,681
Industria
de
Diseno
Textil
SA
14,053
682,175
ZOZO,
Inc.(a)
6,400
186,564
1,505,420
Technology
Hardware,
Storage
&
Peripherals
-
0
.0
%
(c)
Lite-On
Technology
Corp.
4,000
12,060
Textiles,
Apparel
&
Luxury
Goods
-
4
.3
%
Burberry
Group
plc
37,950
377,773
Cie
Financiere
Richemont
SA
(Registered)
6,417
976,857
Hermes
International
SCA
253
553,839
LVMH
Moet
Hennessy
Louis
Vuitton
SE
184
130,016
Pandora
A/S
3,197
501,161
Investments
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
Shenzhou
International
Group
Holdings
Ltd.
43,700
$
371,159
2,910,805
Tobacco
-
2
.4
%
British
American
Tobacco
plc
11,408
402,225
Imperial
Brands
plc
22,678
624,521
Japan
Tobacco,
Inc.
20,700
610,021
1,636,767
Trading
Companies
&
Distributors
-
2
.7
%
Howden
Joinery
Group
plc
44,896
542,355
ITOCHU
Corp.(a)
11,300
584,527
Marubeni
Corp.
30,400
577,956
Mitsui
&
Co.
Ltd.
5,200
121,999
1,826,837
Wireless
Telecommunication
Services
-
1
.1
%
Tele2
AB,
Class
B
56,120
577,034
Vodafone
Group
plc
201,296
187,297
764,331
Total
Common
Stocks
(Cost
$60,862,676)
67,054,126
Principal
Amount
SECURITIES
LENDING
REINVESTMENTS
-
1
.1
%
(d)
REPURCHASE
AGREEMENTS
-
1
.1
%
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$742,701,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$760,400  
(Cost
$742,591)
$742,591
742,591
Total
Investments
-
99.7%
(Cost
$61,605,267)
67,796,717
Other
assets
less
liabilities
-
0.3%
214,304
NET
ASSETS
-
100.0%
$68,011,021
‡
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Dynamic
Index
Fund
(cont.)
213
(a)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$4,245,620,
collateralized
in
the
form
of
cash
with
a
value
of
$742,591
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments;
$2,570,492
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
6.00%,
and
maturity
dates
ranging
from
August
15,
2024
–
November
15,
2053
and
$1,276,434
of
collateral
in
the
form
of
Foreign
Government
Fixed
Income
Securities,
interest
rates
ranging
from
0.00%
–
5.75%,
and
maturity
dates
ranging
from
September
7,
2024
–
June
30,
2120;
a
total
value
of
$4,589,517.
(b)
Security
exempt
from
registration
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933.
Regulation
S
applies
to
securities
offerings
that
are
made
outside
of
the
United
States
and
do
not
involve
direct
selling
efforts
in
the
United
States
and
as
such
may
have
restrictions
on
resale.
(c)
Represents
less
than
0.05%
of
net
assets.
(d)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$742,591.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
ADR
American
Depositary
Receipt
CVA
Dutch
Certification
OYJ
Public
Limited
Company
PJSC
Public
Joint
Stock
Company
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
REIT
Real
Estate
Investment
Trust
SCA
Limited
partnership
with
share
capital
Futures
Contracts
FlexShares®
International
Quality
Dividend
Dynamic
Index
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
Long
Contracts
‌
MSCI
EAFE
E-Mini
Index
7
09/20/2024
USD
$
836,395
$
16,892
MSCI
Emerging
Markets
E-Mini
Index
6
09/20/2024
USD
328,950
3,556
$
20,448
Forward
Foreign
Currency
Contracts
FlexShares®
International
Quality
Dividend
Dynamic
Index
Fund
had
the
following
outstanding
contracts
as
of
July
31,
2024:
Contracts
to
Receive
Counterparty
In
Exchange
For
Maturity
Date
Unrealized
Appreciation/
(Depreciation)
JPY
8,800,000
Morgan
Stanley
USD
55,860
09/18/2024
$
3,048
USD
53,833
JPMorgan
Chase
Bank
NA
DKK
370,000
09/18/2024
30
Total
unrealized
appreciation
$
3,078
CAD
85,542
Citibank
NA
USD
62,440
09/18/2024
$
(
431
)
USD
30,506
Citibank
NA
CHF
27,000
09/18/2024
(
346
)
USD
224,691
Citibank
NA
EUR
207,284
09/18/2024
(
119
)
USD
63,900
Morgan
Stanley
GBP
50,000
09/18/2024
(
351
)
USD
146,422
Citibank
NA
JPY
22,624,060
09/18/2024
(
5,025
)
Total
unrealized
depreciation
$
(
6,272
)
Net
unrealized
depreciation
$
(
3,194
)
Abbreviations:
CAD
—
Canadian
Dollar
CHF
—
Swiss
Franc
DKK
—
Danish
Krone
EUR
—
Euro
GBP
—
British
Pound
JPY
—
Japanese
Yen
USD
—
US
Dollar
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
International
Quality
Dividend
Dynamic
Index
Fund
(cont.)
214
FlexShares®
International
Quality
Dividend
Dynamic
Index
invested,
as
a
percentage
of
net
assets,
in
companies
domiciled
in
the
following
countries
as
of
July
31,
2024:
Australia
5‌
.7
%
Belgium
0‌
.9
Brazil
1‌
.9
Canada
5‌
.4
Chile
0‌
.8
China
8‌
.2
Colombia
0‌
.4
Denmark
2‌
.6
Finland
1‌
.3
France
4‌
.7
Germany
2‌
.5
Hong
Kong
1‌
.9
India
3‌
.3
Indonesia
1‌
.9
Ireland
0‌
.2
Italy
3‌
.8
Japan
13‌
.1
Mexico
0‌
.7
Netherlands
4‌
.5
Norway
1‌
.4
Poland
3‌
.1
Portugal
0‌
.1
Singapore
0‌
.5
South
Africa
2‌
.2
South
Korea
0‌
.4
Spain
1‌
.3
Sweden
2‌
.6
Switzerland
8‌
.7
Taiwan
5‌
.9
United
Arab
Emirates
0‌
.6
United
Kingdom
8‌
.0
Other
1
1‌
.4
100.0%
1
Includes
any
non-equity
securities,
securities
lending
reinvestments
and
net
other
assets
(liabilities).
Security
Type
%
of
Net
Assets
Common
Stocks
98‌
.6
%
Securities
Lending
Reinvestments
1‌
.1
Others
(1)
0‌
.3
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
215
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
iBoxx
3-Year
Target
Duration
TIPS
Index
Fund
July
31,2024
(Unaudited)
Investments
Principal
Amount
Value
U.S.
TREASURY
OBLIGATIONS
-
99
.8
%
U.S.
Treasury
Inflation
Linked
Bonds
2.00%,
1/15/2026
$
39,857,239
$
39,401,811
2.38%,
1/15/2027
32,413,750
32,566,584
1.75%,
1/15/2028
96,785,770
96,134,092
3.63%,
4/15/2028
135,328,623
143,324,460
2.50%,
1/15/2029
26,206,599
26,983,449
3.88%,
4/15/2029
47,125,563
51,465,060
3.38%,
4/15/2032
11,071,136
12,304,120
U.S.
Treasury
Inflation
Linked
Notes
0.13%,
10/15/2025
51,917,764
50,280,334
0.63%,
1/15/2026
69,949,919
67,844,916
0.13%,
4/15/2026
59,729,801
57,222,882
0.13%,
7/15/2026
60,435,281
58,053,629
0.13%,
10/15/2026
55,087,196
52,691,509
0.38%,
1/15/2027
62,569,381
59,855,002
0.13%,
4/15/2027
54,797,698
51,898,078
0.38%,
7/15/2027
60,857,334
58,249,415
1.63%,
10/15/2027
173,321,099
171,956,196
0.50%,
1/15/2028
202,550,201
192,882,561
1.25%,
4/15/2028
64,902,634
63,303,887
0.75%,
7/15/2028
57,628,560
55,435,154
2.38%,
10/15/2028
53,871,414
55,148,005
0.88%,
1/15/2029
56,519,635
54,256,352
2.13%,
4/15/2029
57,483,259
58,216,630
0.25%,
7/15/2029
61,221,561
57,004,314
0.13%,
1/15/2030
62,748,156
57,414,557
0.13%,
7/15/2030
65,788,927
59,917,331
0.13%,
1/15/2031
65,456,908
58,898,931
Total
U.S.
Treasury
Obligations
(Cost
$1,753,813,266)
1,742,709,259
Total
Investments
-
99.8%
(Cost
$1,753,813,266)
1,742,709,259
Other
assets
less
liabilities
-
0.2%
4,177,392
NET
ASSETS
-
100.0%
$1,746,886,651
Percentages
shown
are
based
on
Net
Assets.
Security
Type
%
of
Net
Assets
U.S.
Treasury
Obligations
99‌
.8
%
Others
(1)
0‌
.2
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
216
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
Schedule
of
Investments
FlexShares
®
iBoxx
5-Year
Target
Duration
TIPS
Index
Fund
July
31,
2024
(Unaudited)
Investments
Principal
Amount
Value
U.S.
TREASURY
OBLIGATIONS
-
99
.8
%
U.S.
Treasury
Inflation
Linked
Bonds
1.75%,
1/15/2028
$
14,733,744
$
14,634,539
3.63%,
4/15/2028
20,332,693
21,534,041
2.50%,
1/15/2029
13,052,832
13,439,761
3.88%,
4/15/2029
23,475,855
25,637,599
3.38%,
4/15/2032
5,509,912
6,123,547
2.13%,
2/15/2040
13,667,670
13,880,573
U.S.
Treasury
Inflation
Linked
Notes
1.63%,
10/15/2027
26,429,413
26,221,282
0.50%,
1/15/2028
30,888,014
29,413,742
1.25%,
4/15/2028
26,101,361
25,458,406
0.75%,
7/15/2028
28,708,555
27,615,875
2.38%,
10/15/2028
26,838,296
27,474,283
0.88%,
1/15/2029
28,155,336
27,027,878
2.13%,
4/15/2029
44,576,636
45,145,345
Investments
Principal
Amount
Value
0.25%,
7/15/2029
$
48,656,051
$
45,304,379
0.13%,
1/15/2030
49,895,301
45,654,195
0.13%,
7/15/2030
52,315,592
47,646,478
0.13%,
1/15/2031
52,052,805
46,837,754
0.13%,
7/15/2031
34,233,257
30,626,065
0.13%,
1/15/2032
36,107,258
31,907,500
0.63%,
7/15/2032
32,874,932
30,064,971
1.13%,
1/15/2033
32,927,663
31,095,420
1.38%,
7/15/2033
30,621,031
29,492,502
1.75%,
1/15/2034
32,728,757
32,388,577
1.88%,
7/15/2034
12,801,639
12,843,560
Total
U.S.
Treasury
Obligations
(Cost
$701,719,232)
687,468,272
Total
Investments
-
99.8%
(Cost
$701,719,232)
687,468,272
Other
assets
less
liabilities
-
0.2%
1,503,058
NET
ASSETS
-
100.0%
$688,971,330
Percentages
shown
are
based
on
Net
Assets.
Security
Type
%
of
Net
Assets
U.S.
Treasury
Obligations
99‌
.8
%
Others
(1)
0‌
.2
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
217
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
Disciplined
Duration
MBS
Index
Fund
July
31,
2024
(Unaudited)
Investments
Principal
Amount
Value
MORTGAGE-BACKED
SECURITIES
-
99
.3
%
FHLMC
2.50%,
1/1/2028
$
86,951
$
84,091
2.50%,
4/1/2028
1,391,202
1,346,410
2.50%,
7/1/2028
144,167
138,940
2.50%,
1/1/2029
19,321
18,635
2.50%,
1/1/2030
220,079
212,787
3.00%,
1/1/2032
917,665
881,091
2.50%,
2/1/2032
1,129,188
1,067,989
5.00%,
5/1/2034
35,131
35,552
5.00%,
7/1/2035
84,715
85,715
5.00%,
8/1/2035
71,653
72,494
5.00%,
10/1/2035
13,157
13,338
5.00%,
12/1/2035
69,110
69,957
6.00%,
1/1/2037
47,912
49,583
6.00%,
4/1/2037
25,684
26,577
6.00%,
5/1/2037
42,296
43,767
5.00%,
2/1/2038
36,250
36,686
5.00%,
7/1/2038
37,555
38,088
5.00%,
10/1/2038
34,450
34,939
5.00%,
2/1/2039
84,648
85,677
5.00%,
5/1/2039
48,867
49,561
5.00%,
6/1/2039
16,175
16,404
5.00%,
7/1/2039
39,271
39,829
5.00%,
9/1/2039
3,950
4,006
6.00%,
11/1/2039
26,648
27,575
5.00%,
1/1/2040
11,941
12,111
5.00%,
3/1/2040
33,122
33,593
5.00%,
4/1/2040
14,189
14,391
6.00%,
4/1/2040
31,216
32,299
5.00%,
5/1/2040
12,893
13,076
6.00%,
5/1/2040
73,291
75,834
5.00%,
7/1/2040
72,468
73,499
6.00%,
7/1/2040
113,426
117,374
4.00%,
1/1/2041
10,110
9,774
5.00%,
5/1/2041
99,942
101,362
3.50%,
11/1/2041
52,286
49,026
3.00%,
3/1/2042
8,686
7,893
3.00%,
4/1/2042
65,098
59,152
3.00%,
6/1/2042
55,163
50,124
3.50%,
7/1/2042
532,884
499,486
3.00%,
8/1/2042
31,457
28,584
3.00%,
12/1/2042
67,109
60,975
3.00%,
1/1/2043
35,144
31,919
3.00%,
2/1/2043
18,162
16,504
3.00%,
4/1/2043
22,908
20,792
3.00%,
6/1/2043
13,853
12,587
3.50%,
8/1/2043
597,103
559,659
3.00%,
10/1/2043
45,043
40,867
4.00%,
8/1/2044
10,001
9,619
5.00%,
8/1/2044
27,449
27,838
4.00%,
1/1/2045
30,555
29,369
4.00%,
2/1/2045
66,635
64,657
4.50%,
2/1/2045
338,967
331,818
4.00%,
8/1/2045
75,974
72,884
Investments
Principal
Amount
Value
4.00%,
9/1/2045
$
12,533
$
12,023
4.00%,
10/1/2045
128,315
122,988
4.00%,
11/1/2045
26,243
25,175
4.00%,
12/1/2045
10,542
10,114
4.00%,
1/1/2046
34,136
32,802
2.50%,
9/1/2046
20,410
17,682
3.00%,
11/1/2046
20,986
18,871
FHLMC
UMBS
3.00%,
8/1/2026
23,993
23,508
3.00%,
1/1/2027
41,888
40,928
3.00%,
2/1/2027
25,640
25,025
3.00%,
4/1/2027
149,618
145,997
2.50%,
6/1/2027
15,779
15,286
2.50%,
3/1/2028
572,977
552,883
3.00%,
8/1/2029
85,618
82,861
2.50%,
8/1/2030
715,149
679,358
2.50%,
11/1/2030
26,355
25,364
3.00%,
5/1/2031
43,659
42,447
2.00%,
8/1/2031
23,244
21,730
4.00%,
8/1/2031
56,011
55,108
4.00%,
9/1/2031
51,511
50,595
2.00%,
11/1/2031
37,376
34,901
2.00%,
1/1/2032
75,547
70,417
4.00%,
1/1/2032
69,170
67,922
2.00%,
2/1/2032
81,189
75,373
3.50%,
2/1/2032
128,762
124,750
4.00%,
2/1/2032
109,158
107,199
3.50%,
3/1/2032
106,877
103,429
3.50%,
7/1/2032
83,440
80,669
2.00%,
12/1/2032
623,173
580,868
3.00%,
4/1/2033
1,048,863
1,019,376
3.50%,
5/1/2033
26,114
25,215
3.00%,
10/1/2033
1,149,102
1,106,802
2.00%,
10/1/2035
973,666
879,631
1.50%,
2/1/2036
1,054,859
926,367
2.00%,
3/1/2036
361,608
327,728
1.50%,
4/1/2036
278,443
244,385
4.00%,
5/1/2036
19,621
19,297
4.50%,
9/1/2037
1,172,859
1,165,375
5.00%,
3/1/2038
42,953
43,508
5.00%,
7/1/2039
61,711
62,512
3.00%,
9/1/2039
94,178
86,550
3.00%,
10/1/2039
26,451
24,293
5.00%,
10/1/2039
21,545
21,825
3.00%,
11/1/2039
104,041
95,527
5.00%,
1/1/2040
22,337
22,706
5.00%,
3/1/2040
32,648
33,072
5.00%,
5/1/2040
46,823
47,431
2.00%,
7/1/2040
98,868
85,061
1.50%,
10/1/2040
503,354
416,815
3.50%,
12/1/2040
37,857
35,459
2.00%,
1/1/2041
154,648
132,953
2.00%,
2/1/2041
484,968
416,874
1.50%,
3/1/2041
659,070
545,311
2.00%,
3/1/2041
560,762
481,850
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Disciplined
Duration
MBS
Index
Fund
(cont.)
218
Investments
Principal
Amount
Value
MORTGAGE-BACKED
SECURITIES
(continued)
4.50%,
3/1/2041
$
63,113
$
62,573
4.50%,
4/1/2041
14,662
14,538
1.50%,
5/1/2041
543,128
449,376
2.50%,
6/1/2041
431,922
381,391
2.00%,
10/1/2041
477,578
408,733
4.00%,
1/1/2042
48,882
47,322
5.00%,
2/1/2042
39,141
39,649
3.50%,
11/1/2042
67,707
63,384
3.50%,
1/1/2043
32,635
30,553
3.50%,
2/1/2043
23,368
21,876
2.50%,
6/1/2043
351,129
305,007
4.00%,
12/1/2043
9,978
9,632
4.50%,
3/1/2044
46,716
46,241
4.00%,
6/1/2044
3,618
3,473
4.50%,
7/1/2044
17,050
16,830
4.00%,
8/1/2044
10,807
10,381
4.50%,
12/1/2044
11,478
11,324
4.00%,
2/1/2045
13,327
12,916
4.50%,
9/1/2045
8,508
8,395
4.00%,
10/1/2045
34,635
33,185
4.00%,
12/1/2045
17,271
16,650
4.50%,
12/1/2045
511,229
504,404
3.00%,
1/1/2046
36,616
32,906
4.00%,
1/1/2046
30,807
29,614
4.00%,
2/1/2046
212,359
205,050
4.50%,
4/1/2046
27,668
27,339
4.00%,
11/1/2046
156,336
148,947
4.50%,
3/1/2047
391,777
385,939
4.50%,
8/1/2048
378,766
371,364
2.00%,
5/1/2052
1,347,414
1,084,205
6.50%,
2/1/2053
87,072
90,004
6.00%,
6/1/2053
262,972
267,129
6.00%,
10/1/2053
418,417
424,269
7.00%,
12/1/2053
608,049
628,300
6.50%,
4/1/2054
281,606
288,729
FNMA
UMBS
3.50%,
12/1/2025
210,946
208,079
4.00%,
5/1/2026
127,880
126,461
3.00%,
11/1/2026
383,312
374,667
3.00%,
12/1/2026
112,677
110,088
3.50%,
12/1/2026
128,611
126,635
3.00%,
1/1/2027
35,885
35,061
3.00%,
2/1/2027
44,346
43,306
3.00%,
6/1/2027
153,227
149,331
3.00%,
8/1/2027
181,065
176,389
3.00%,
10/1/2027
52,359
50,941
3.00%,
11/1/2027
58,937
57,351
2.50%,
12/1/2027
123,527
119,331
2.50%,
1/1/2028
694,168
667,960
2.50%,
4/1/2028
40,477
39,057
2.00%,
5/1/2028
167,411
160,014
2.50%,
9/1/2028
31,978
30,898
3.50%,
12/1/2028
63,828
62,437
3.00%,
2/1/2029
82,163
79,649
2.50%,
3/1/2029
154,966
149,495
2.50%,
6/1/2029
55,795
53,980
Investments
Principal
Amount
Value
3.50%,
12/1/2029
$
518,606
$
505,955
3.50%,
4/1/2030
528,573
516,207
2.50%,
7/1/2030
142,415
137,311
3.00%,
7/1/2030
561,007
543,937
2.50%,
8/1/2030
714,369
678,640
3.00%,
9/1/2030
812,558
787,914
3.50%,
10/1/2030
40,210
39,085
3.50%,
11/1/2030
6,722
6,534
3.00%,
12/1/2030
1,132,884
1,091,085
3.50%,
2/1/2031
567,387
554,958
2.50%,
3/1/2031
299,850
288,421
4.00%,
8/1/2031
138,356
135,925
2.00%,
9/1/2031
19,381
18,108
2.00%,
11/1/2031
46,437
43,360
4.00%,
12/1/2031
48,553
47,669
4.00%,
3/1/2032
35,386
34,744
3.50%,
7/1/2032
187,135
181,101
3.50%,
10/1/2032
145,926
143,389
6.00%,
12/1/2032
7,719
7,955
6.00%,
4/1/2033
5,875
6,031
4.00%,
10/1/2033
27,517
26,988
4.00%,
3/1/2034
252,436
249,183
6.00%,
8/1/2034
26,989
27,828
6.50%,
9/1/2034
75,422
78,454
6.00%,
12/1/2034
122,350
126,003
3.00%,
2/1/2035
566,492
546,781
3.00%,
7/1/2035
816,414
784,257
5.00%,
8/1/2035
17,399
17,582
1.50%,
10/1/2035
140,177
123,285
6.00%,
11/1/2035
24,787
25,483
5.00%,
12/1/2035
38,904
39,336
6.00%,
6/1/2036
35,322
36,480
2.00%,
7/1/2036
825,015
744,252
5.00%,
7/1/2036
17,061
17,247
6.50%,
8/1/2036
12,276
12,797
2.50%,
11/1/2036
306,344
280,333
6.00%,
11/1/2036
34,332
35,479
1.50%,
2/1/2037
790,716
690,416
2.50%,
4/1/2037
725,272
663,291
1.50%,
8/1/2037
272,944
238,485
6.00%,
8/1/2037
115,709
119,194
6.00%,
9/1/2037
17,589
18,164
6.50%,
10/1/2037
27,415
28,533
5.00%,
3/1/2038
43,306
43,867
5.00%,
5/1/2038
32,906
33,252
6.00%,
5/1/2038
11,849
12,248
6.00%,
9/1/2038
21,937
22,675
5.00%,
6/1/2039
38,109
38,603
3.50%,
8/1/2039
415,326
399,778
5.00%,
10/1/2039
36,222
36,692
3.00%,
1/1/2040
33,396
30,646
5.00%,
2/1/2040
33,344
34,083
5.00%,
6/1/2040
12,260
12,419
6.00%,
6/1/2040
91,225
94,295
3.50%,
1/1/2041
30,793
28,856
1.50%,
2/1/2041
727,680
602,127
3.50%,
2/1/2041
20,172
18,905
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Disciplined
Duration
MBS
Index
Fund
(cont.)
219
Investments
Principal
Amount
Value
MORTGAGE-BACKED
SECURITIES
(continued)
1.50%,
4/1/2041
$
394,598
$
326,512
2.00%,
5/1/2041
451,273
387,382
4.50%,
5/1/2041
34,469
34,180
5.00%,
5/1/2041
28,046
28,410
6.00%,
5/1/2041
20,291
20,974
4.50%,
6/1/2041
10,544
10,456
2.50%,
7/1/2041
542,154
474,685
5.00%,
7/1/2041
360,856
365,541
6.00%,
7/1/2041
22,914
23,685
4.50%,
8/1/2041
98,384
97,558
5.00%,
8/1/2041
53,051
53,739
4.00%,
9/1/2041
154,952
149,618
4.50%,
9/1/2041
63,541
63,007
3.50%,
10/1/2041
112,763
105,583
4.00%,
10/1/2041
43,887
42,391
5.00%,
10/1/2041
55,002
55,716
4.00%,
11/1/2041
61,873
59,743
4.00%,
12/1/2041
15,545
15,010
4.00%,
1/1/2042
139,382
133,080
4.50%,
1/1/2042
15,724
15,592
6.00%,
1/1/2042
56,381
58,435
3.00%,
3/1/2042
23,680
21,490
4.00%,
3/1/2042
70,559
68,486
3.00%,
4/1/2042
43,514
39,491
4.50%,
4/1/2042
76,874
76,228
3.50%,
5/1/2042
20,872
19,540
4.50%,
5/1/2042
55,925
55,455
3.50%,
6/1/2042
38,181
35,744
3.50%,
7/1/2042
117,137
109,661
4.00%,
7/1/2042
94,561
91,619
3.50%,
8/1/2042
36,125
33,819
3.00%,
9/1/2042
61,301
55,632
3.50%,
9/1/2042
11,712
10,964
4.00%,
9/1/2042
59,484
57,649
3.00%,
10/1/2042
122,560
111,226
3.50%,
10/1/2042
22,122
20,710
2.50%,
12/1/2042
209,359
181,860
3.00%,
12/1/2042
120,235
109,115
2.50%,
1/1/2043
7,336
6,372
3.00%,
1/1/2043
120,515
109,294
3.50%,
1/1/2043
33,596
31,451
4.00%,
1/1/2043
63,002
60,834
4.50%,
1/1/2043
158,525
157,193
2.50%,
2/1/2043
279,571
242,516
3.00%,
2/1/2043
161,770
146,757
3.50%,
2/1/2043
62,810
58,800
3.50%,
3/1/2043
73,494
68,802
2.50%,
5/1/2043
11,009
9,476
2.50%,
6/1/2043
5,948
5,179
4.00%,
8/1/2043
33,882
32,710
4.00%,
9/1/2043
80,254
77,479
4.50%,
9/1/2043
23,826
23,534
4.00%,
10/1/2043
100,119
96,672
4.00%,
11/1/2043
212,500
205,840
4.50%,
11/1/2043
77,868
76,919
4.50%,
12/1/2043
57,812
57,046
Investments
Principal
Amount
Value
4.00%,
1/1/2044
$
82,708
$
79,835
4.50%,
2/1/2044
15,644
15,435
4.50%,
3/1/2044
97,078
97,351
5.00%,
3/1/2044
15,905
16,008
4.00%,
4/1/2044
780,069
749,687
4.50%,
4/1/2044
166,612
164,478
5.00%,
6/1/2044
27,749
28,038
4.00%,
10/1/2044
31,273
30,242
4.50%,
10/1/2044
7,112
7,017
4.50%,
12/1/2044
30,080
29,679
4.00%,
2/1/2045
22,849
21,942
4.50%,
2/1/2045
100,767
99,422
4.00%,
4/1/2045
21,309
20,533
4.00%,
8/1/2045
9,819
9,408
4.00%,
11/1/2045
60,797
58,473
4.50%,
11/1/2045
67,785
66,931
4.00%,
12/1/2045
132,316
128,233
4.00%,
2/1/2046
6,671
6,440
4.50%,
3/1/2046
108,795
107,372
4.00%,
4/1/2046
10,057
9,649
2.50%,
6/1/2046
65,617
57,004
4.50%,
6/1/2046
74,092
73,103
4.50%,
7/1/2046
14,996
14,782
4.50%,
8/1/2046
12,137
11,975
2.50%,
10/1/2046
54,945
47,592
4.50%,
10/1/2046
25,550
25,145
2.50%,
12/1/2046
18,385
15,864
4.50%,
1/1/2047
23,818
23,463
4.00%,
2/1/2047
25,890
24,902
4.50%,
2/1/2047
28,796
28,453
4.50%,
5/1/2047
461,379
450,679
4.50%,
7/1/2047
63,795
62,943
5.00%,
7/1/2047
24,886
25,208
5.50%,
2/1/2049
1,563,744
1,600,518
6.00%,
2/1/2049
70,213
73,543
4.50%,
7/1/2049
428,885
417,853
4.50%,
11/1/2049
425,090
419,154
4.00%,
1/1/2050
867,825
826,379
4.50%,
5/1/2050
686,026
667,682
3.50%,
7/1/2050
440,669
407,828
4.00%,
7/1/2050
667,510
633,636
4.50%,
10/1/2050
1,117,005
1,093,334
1.50%,
2/1/2051
678,104
521,644
1.50%,
10/1/2051
1,297,183
996,207
5.00%,
11/1/2052
1,538,404
1,517,645
6.50%,
11/1/2052
82,034
84,918
6.50%,
11/1/2053
899,768
922,526
7.50%,
11/1/2053
417,573
435,099
7.00%,
12/1/2053
598,708
619,162
7.50%,
3/1/2054
673,272
701,378
GNMA
5.50%,
8/20/2033
22,049
22,816
5.50%,
11/20/2033
20,585
21,301
5.50%,
3/20/2034
25,741
26,637
5.50%,
7/20/2034
16,158
16,717
5.50%,
9/20/2034
7,195
7,249
5.50%,
3/20/2036
55,659
57,599
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Disciplined
Duration
MBS
Index
Fund
(cont.)
220
Investments
Principal
Amount
Value
MORTGAGE-BACKED
SECURITIES
(continued)
5.50%,
9/20/2038
$
33,416
$
34,581
5.50%,
2/20/2039
54,930
56,846
4.50%,
5/15/2039
1,354,522
1,345,005
5.00%,
8/15/2039
934,098
947,282
5.00%,
11/15/2039
463,588
466,664
4.00%,
6/15/2040
269,665
260,607
4.00%,
8/15/2040
267,812
258,792
4.00%,
11/15/2040
201,412
194,419
5.50%,
12/20/2040
15,740
16,274
5.50%,
1/20/2041
15,789
16,339
4.00%,
9/15/2041
776,198
743,708
5.50%,
12/20/2041
41,025
41,725
5.50%,
2/20/2042
11,231
11,622
3.00%,
4/15/2042
936,277
855,721
3.50%,
6/15/2042
418,880
394,077
2.50%,
3/20/2043
35,683
31,255
2.50%,
5/20/2043
51,640
45,232
5.50%,
3/20/2044
46,028
47,630
4.50%,
10/20/2044
105,617
104,384
2.50%,
11/20/2044
32,410
28,390
5.00%,
6/20/2045
127,688
129,537
4.00%,
8/15/2045
768,984
738,675
4.50%,
12/20/2045
221,111
218,531
4.50%,
4/20/2046
255,671
252,689
Investments
Principal
Amount
Value
5.00%,
5/20/2046
$
315,065
$
319,626
3.50%,
6/15/2046
1,617,706
1,522,994
3.50%,
10/20/2047
937,819
871,110
3.00%,
1/20/2048
1,164,325
1,052,156
4.00%,
2/20/2048
834,976
798,844
5.00%,
5/20/2048
114,375
114,764
5.50%,
1/20/2049
266,058
270,015
5.50%,
7/20/2049
7,206
7,361
4.00%,
12/20/2051
375,104
356,751
5.50%,
12/20/2052
305,554
307,616
6.50%,
6/20/2053
1,345,183
1,373,260
7.00%,
8/20/2053
929,492
950,774
7.00%,
10/20/2053
267,965
274,106
7.50%,
2/20/2054
731,969
752,106
Total
Mortgage-Backed
Securities
(Cost
$79,304,027)
75,854,776
Total
Investments
-
99.3%
(Cost
$79,304,027)
75,854,776
Other
assets
less
liabilities
-
0.7%
535,636
NET
ASSETS
-
100.0%
$76,390,412
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
UMBS
Uniform
Mortgage-Backed
Securities
Security
Type
%
of
Net
Assets
Mortgage-Backed
Securities
99‌
.3
%
Others
(1)
0‌
.7
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
221
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
July
31,
2024
(Unaudited)
Investments
Principal
Amount
Value
CORPORATE
BONDS
-
98
.7
%
Aerospace
&
Defense
-
1
.4
%
Boeing
Co.
(The)
2.75%,
2/1/2026
$
50,000
$
47,976
2.20%,
2/4/2026
400,000
380,682
5.04%,
5/1/2027(a)
100,000
99,303
5.15%,
5/1/2030
350,000
344,679
6.53%,
5/1/2034(b)
100,000
104,973
GE
Capital
International
Funding
Co.
Unlimited
Co.
3.37%,
11/15/2025
200,000
196,027
General
Dynamics
Corp.
1.15%,
6/1/2026
250,000
235,139
3.50%,
4/1/2027
250,000
243,792
HEICO
Corp.
5.25%,
8/1/2028
250,000
253,981
5.35%,
8/1/2033(a)
200,000
202,832
Hexcel
Corp.
4.20%,
2/15/2027(c)
300,000
291,733
Howmet
Aerospace,
Inc.
5.90%,
2/1/2027(a)
150,000
152,912
6.75%,
1/15/2028
100,000
105,341
3.00%,
1/15/2029
400,000
368,425
Huntington
Ingalls
Industries,
Inc.
3.48%,
12/1/2027
150,000
143,270
2.04%,
8/16/2028
150,000
134,520
4.20%,
5/1/2030
50,000
48,047
Leidos,
Inc.
4.38%,
5/15/2030
252,000
242,921
2.30%,
2/15/2031
500,000
423,359
5.75%,
3/15/2033
130,000
134,625
Lockheed
Martin
Corp.
3.55%,
1/15/2026
152,000
149,513
4.45%,
5/15/2028
60,000
59,994
4.50%,
2/15/2029
100,000
100,254
3.90%,
6/15/2032(a)
140,000
133,515
4.75%,
2/15/2034
50,000
50,046
Northrop
Grumman
Corp.
3.25%,
1/15/2028
50,000
47,824
Textron,
Inc.
3.65%,
3/15/2027
325,000
315,684
3.90%,
9/17/2029
200,000
191,340
3.00%,
6/1/2030(a)
400,000
361,518
6.10%,
11/15/2033
100,000
106,034
5,670,259
Automobile
Components
-
0
.0
%
(d)
Lear
Corp.
4.25%,
5/15/2029
50,000
48,578
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
23
.3
%
Australia
&
New
Zealand
Banking
Group
Ltd.
4.75%,
1/18/2027
$
250,000
$
251,372
Banco
Bilbao
Vizcaya
Argentaria
SA
5.86%,
9/14/2026(e)
400,000
402,086
6.14%,
9/14/2028(e)
200,000
206,280
7.88%,
11/15/2034(e)
400,000
449,079
6.03%,
3/13/2035(e)
200,000
206,046
Banco
Santander
SA
5.18%,
11/19/2025(a)
481,000
479,171
1.85%,
3/25/2026(a)
110,000
104,236
4.25%,
4/11/2027
200,000
196,181
1.72%,
9/14/2027(e)
2,000
1,858
2.75%,
12/3/2030
200,000
171,831
6.92%,
8/8/2033
600,000
643,332
6.35%,
3/14/2034
400,000
412,044
Bank
of
America
Corp.
1.20%,
10/24/2026(e)
150,000
142,738
Series
N,
1.66%,
3/11/2027(e)
200,000
189,481
3.56%,
4/23/2027(e)
431,000
420,248
1.73%,
7/22/2027(e)
1,599,000
1,500,943
5.93%,
9/15/2027(a)(e)
250,000
254,855
3.25%,
10/21/2027
100,000
95,996
3.82%,
1/20/2028(e)
650,000
633,427
2.55%,
2/4/2028(e)
400,000
377,953
3.71%,
4/24/2028(e)
650,000
630,260
4.38%,
4/27/2028(e)
650,000
641,878
3.59%,
7/21/2028(e)
750,000
723,689
4.95%,
7/22/2028(e)
800,000
802,184
3.42%,
12/20/2028(e)
300,000
286,721
4.27%,
7/23/2029(e)
250,000
244,867
3.97%,
2/7/2030(e)
375,000
361,161
3.19%,
7/23/2030(e)
200,000
185,038
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
222
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
23.3%
(continued)
Bank
of
America
Corp.
(continued)
2.88%,
10/22/2030(e)
$
100,000
$
90,832
2.50%,
2/13/2031(e)
50,000
44,147
2.69%,
4/22/2032(e)
59,000
51,016
5.29%,
4/25/2034(e)
181,000
182,691
5.47%,
1/23/2035(e)
50,000
51,127
2.48%,
9/21/2036(e)
800,000
656,453
3.85%,
3/8/2037(e)
1,000,000
899,860
Bank
of
America
NA
5.65%,
8/18/2025
100,000
100,681
Bank
of
Montreal
0.95%,
1/22/2027(e)
50,000
47,163
5.20%,
2/1/2028
200,000
203,132
3.80%,
12/15/2032(e)
945,000
901,911
3.09%,
1/10/2037(e)
600,000
502,445
7.70%,
5/26/2084(a)(e)
250,000
257,323
Bank
of
Nova
Scotia
(The)
4.50%,
12/16/2025
500,000
495,737
2.15%,
8/1/2031(a)
250,000
210,833
4.59%,
5/4/2037(e)
500,000
461,759
Series
2,
3.63%,
10/27/2081(e)
300,000
259,447
8.63%,
10/27/2082(e)
200,000
211,860
8.00%,
1/27/2084(e)
400,000
418,949
Bank
OZK
2.75%,
10/1/2031(e)
201,000
164,072
BankUnited,
Inc.
4.88%,
11/17/2025
400,000
396,407
5.13%,
6/11/2030
80,000
75,022
Barclays
plc
5.20%,
5/12/2026
372,000
371,273
5.67%,
3/12/2028(e)
50,000
50,670
5.09%,
6/20/2030(e)
600,000
586,994
7.44%,
11/2/2033(e)
200,000
225,800
7.12%,
6/27/2034(e)
450,000
487,035
3.56%,
9/23/2035(e)
400,000
354,137
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
23.3%
(continued)
Canadian
Imperial
Bank
of
Commerce
5.24%,
6/28/2027
$
50,000
$
50,628
6.09%,
10/3/2033(a)
125,000
132,767
Citibank
NA
5.57%,
4/30/2034
250,000
260,047
Citigroup,
Inc.
4.60%,
3/9/2026(a)
884,000
877,584
5.61%,
9/29/2026(e)
150,000
150,639
3.20%,
10/21/2026(a)
303,000
292,561
4.30%,
11/20/2026(a)
50,000
49,302
1.12%,
1/28/2027(e)
150,000
141,335
1.46%,
6/9/2027(a)
(e)
150,000
140,620
4.45%,
9/29/2027
600,000
592,355
3.89%,
1/10/2028(e)
650,000
634,196
3.07%,
2/24/2028(e)
800,000
764,683
4.66%,
5/24/2028(a)(e)
200,000
199,021
3.67%,
7/24/2028(e)
850,000
821,165
5.17%,
2/13/2030(e)
250,000
252,750
3.98%,
3/20/2030(e)
1,107,000
1,063,643
2.98%,
11/5/2030(e)
500,000
454,569
4.41%,
3/31/2031(a)(e)
800,000
777,574
2.57%,
6/3/2031(e)
150,000
131,775
2.56%,
5/1/2032(e)
100,000
85,318
6.63%,
6/15/2032
250,000
271,870
3.06%,
1/25/2033(e)
150,000
130,292
3.79%,
3/17/2033(e)
300,000
273,540
4.91%,
5/24/2033(e)
50,000
49,115
6.27%,
11/17/2033(e)
353,000
378,081
6.17%,
5/25/2034(e)
1,400,000
1,453,352
5.83%,
2/13/2035(a)(e)
750,000
760,196
Citizens
Bank
NA
3.75%,
2/18/2026
275,000
268,282
4.58%,
8/9/2028(a)
(e)
500,000
491,181
Citizens
Financial
Group,
Inc.
2.64%,
9/30/2032
250,000
198,096
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
223
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
23.3%
(continued)
Citizens
Financial
Group,
Inc.
(continued)
5.64%,
5/21/2037(e)
$
250,000
$
238,883
Comerica
Bank
5.33%,
8/25/2033(e)
250,000
228,990
Comerica,
Inc.
4.00%,
2/1/2029
433,000
405,106
5.98%,
1/30/2030(e)
250,000
250,633
Cooperatieve
Rabobank
UA
5.50%,
10/5/2026
250,000
253,824
5.04%,
3/5/2027(a)
250,000
252,310
4.80%,
1/9/2029
250,000
251,841
Discover
Bank
4.25%,
3/13/2026
250,000
246,329
3.45%,
7/27/2026
502,000
484,399
4.65%,
9/13/2028
327,000
319,887
2.70%,
2/6/2030
303,000
266,740
Fifth
Third
Bancorp
6.36%,
10/27/2028(e)
455,000
471,330
6.34%,
7/27/2029(e)
200,000
208,442
4.77%,
7/28/2030(e)
556,000
546,375
5.63%,
1/29/2032(e)
50,000
50,833
Fifth
Third
Bank
NA
3.85%,
3/15/2026
593,000
579,788
First
Horizon
Bank
5.75%,
5/1/2030
250,000
245,671
HSBC
Holdings
plc
4.25%,
8/18/2025(a)
500,000
493,803
4.29%,
9/12/2026(e)
250,000
247,175
4.38%,
11/23/2026
1,040,000
1,024,164
5.89%,
8/14/2027(e)
650,000
660,139
2.25%,
11/22/2027(e)
400,000
376,039
4.04%,
3/13/2028(e)
614,000
598,550
5.60%,
5/17/2028(e)
200,000
202,779
4.76%,
6/9/2028(a)
(e)
480,000
477,243
5.21%,
8/11/2028(a)(e)
450,000
453,087
2.01%,
9/22/2028(e)
400,000
365,432
7.39%,
11/3/2028(a)(e)
383,000
409,859
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
23.3%
(continued)
HSBC
Holdings
plc
(continued)
6.16%,
3/9/2029(a)
(e)
$
250,000
$
259,601
4.58%,
6/19/2029(e)
620,000
609,777
2.21%,
8/17/2029(e)
450,000
404,026
5.55%,
3/4/2030(e)
200,000
203,868
3.97%,
5/22/2030(e)
1,328,000
1,265,256
2.36%,
8/18/2031(e)
150,000
128,391
7.63%,
5/17/2032
200,000
226,967
2.80%,
5/24/2032(e)
202,000
173,020
2.87%,
11/22/2032(e)
200,000
170,380
4.76%,
3/29/2033(e)
952,000
905,985
5.40%,
8/11/2033(e)
202,000
203,920
8.11%,
11/3/2033(e)
600,000
694,894
6.25%,
3/9/2034(a)
(e)
300,000
319,306
6.55%,
6/20/2034(e)
900,000
951,168
7.40%,
11/13/2034(a)(e)
250,000
277,799
Huntington
Bancshares,
Inc.
4.44%,
8/4/2028(e)
251,000
246,893
6.21%,
8/21/2029(e)
480,000
498,855
5.71%,
2/2/2035(e)
350,000
353,836
2.49%,
8/15/2036(e)
300,000
235,584
Huntington
National
Bank
(The)
4.55%,
5/17/2028(e)
250,000
246,692
5.65%,
1/10/2030
344,000
352,099
ING
Groep
NV
1.73%,
4/1/2027(e)
112,000
105,958
6.08%,
9/11/2027(a)(e)
600,000
612,433
4.02%,
3/28/2028(e)
600,000
586,394
JPMorgan
Chase
&
Co.
1.05%,
11/19/2026(e)
290,000
275,023
3.96%,
1/29/2027(a)(e)
200,000
196,943
1.58%,
4/22/2027(a)(e)
1,432,000
1,351,615
1.47%,
9/22/2027(e)
550,000
511,946
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
224
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
23.3%
(continued)
JPMorgan
Chase
&
Co.
(continued)
6.07%,
10/22/2027(e)
$
250,000
$
256,491
5.04%,
1/23/2028(e)
250,000
251,132
3.78%,
2/1/2028(a)
(e)
400,000
389,973
2.95%,
2/24/2028(e)
250,000
238,576
5.57%,
4/22/2028(e)
150,000
152,812
4.32%,
4/26/2028(e)
250,000
246,921
3.54%,
5/1/2028(e)
200,000
193,209
2.18%,
6/1/2028(e)
271,000
252,193
4.98%,
7/22/2028(e)
350,000
351,805
4.85%,
7/25/2028(e)
250,000
250,361
4.01%,
4/23/2029(e)
502,000
488,203
2.07%,
6/1/2029(e)
150,000
135,756
4.20%,
7/23/2029(e)
253,000
247,377
5.30%,
7/24/2029(e)
400,000
407,115
6.09%,
10/23/2029(e)
200,000
209,772
4.45%,
12/5/2029(e)
353,000
348,242
5.01%,
1/23/2030(e)
320,000
322,643
5.58%,
4/22/2030(e)
325,000
335,138
3.70%,
5/6/2030(a)
(e)
465,000
442,541
4.57%,
6/14/2030(e)
400,000
395,521
5.00%,
7/22/2030(e)
550,000
554,085
8.75%,
9/1/2030
60,000
71,835
2.74%,
10/15/2030(e)
225,000
203,504
4.49%,
3/24/2031(e)
100,000
98,371
2.96%,
5/13/2031(a)(e)
800,000
716,121
2.58%,
4/22/2032(e)
310,000
267,416
2.96%,
1/25/2033(e)
200,000
174,353
4.59%,
4/26/2033(e)
163,000
158,411
4.91%,
7/25/2033(e)
350,000
346,720
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
23.3%
(continued)
JPMorgan
Chase
&
Co.
(continued)
5.72%,
9/14/2033(e)
$
650,000
$
673,225
5.35%,
6/1/2034(e)
300,000
305,475
6.25%,
10/23/2034(e)
300,000
324,738
5.77%,
4/22/2035(e)
200,000
209,614
KeyBank
NA
4.15%,
8/8/2025
403,000
397,782
4.70%,
1/26/2026
250,000
247,145
3.40%,
5/20/2026
255,000
245,123
5.85%,
11/15/2027
505,000
511,721
4.90%,
8/8/2032
350,000
323,681
KeyCorp
2.25%,
4/6/2027
303,000
280,376
6.40%,
3/6/2035(e)
50,000
52,156
Lloyds
Banking
Group
plc
5.99%,
8/7/2027(a)
(e)
200,000
203,390
3.75%,
3/18/2028(e)
300,000
291,152
M&T
Bank
Corp.
4.55%,
8/16/2028(e)
371,000
362,736
7.41%,
10/30/2029(e)
350,000
376,202
6.08%,
3/13/2032(e)
175,000
179,557
5.05%,
1/27/2034(a)(e)
525,000
501,203
Manufacturers
&
Traders
Trust
Co.
5.40%,
11/21/2025
250,000
251,132
4.65%,
1/27/2026
505,000
500,326
3.40%,
8/17/2027
303,000
287,486
4.70%,
1/27/2028(a)
502,000
494,028
Mitsubishi
UFJ
Financial
Group,
Inc.
3.74%,
3/7/2029
200,000
192,629
2.31%,
7/20/2032(e)
200,000
168,431
5.44%,
2/22/2034(e)
200,000
205,780
5.43%,
4/17/2035(e)
50,000
51,134
Mizuho
Financial
Group,
Inc.
4.02%,
3/5/2028
83,000
81,143
5.74%,
5/27/2031(e)
200,000
207,237
2.56%,
9/13/2031
250,000
208,256
Morgan
Stanley
Bank
NA
5.50%,
5/26/2028(e)
450,000
458,052
National
Australia
Bank
Ltd.
4.94%,
1/12/2028
250,000
253,256
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
225
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
23.3%
(continued)
National
Bank
of
Canada
5.60%,
7/2/2027(e)
$
250,000
$
252,609
5.60%,
12/18/2028
250,000
257,611
NatWest
Group
plc
7.47%,
11/10/2026(e)
50,000
51,315
1.64%,
6/14/2027(e)
200,000
187,624
3.07%,
5/22/2028(e)
225,000
213,865
5.52%,
9/30/2028(e)
350,000
355,671
4.89%,
5/18/2029(e)
50,000
49,660
5.08%,
1/27/2030(a)(e)
143,000
143,173
4.45%,
5/8/2030(e)
535,000
521,814
6.48%,
6/1/2034(e)
250,000
259,197
3.03%,
11/28/2035(a)(e)
500,000
433,180
PNC
Bank
NA
4.05%,
7/26/2028(a)
200,000
194,168
PNC
Financial
Services
Group,
Inc.
(The)
1.15%,
8/13/2026
250,000
232,501
4.63%,
6/6/2033(a)
(e)
50,000
47,745
Regions
Financial
Corp.
1.80%,
8/12/2028(a)
260,000
229,458
5.72%,
6/6/2030(e)
150,000
152,769
Royal
Bank
of
Canada
4.88%,
1/12/2026(a)
50,000
50,028
4.65%,
1/27/2026
400,000
397,625
6.00%,
11/1/2027
250,000
260,093
5.15%,
2/1/2034
200,000
203,209
7.50%,
5/2/2084(e)
400,000
415,415
Santander
Holdings
USA,
Inc.
3.24%,
10/5/2026
400,000
383,500
2.49%,
1/6/2028(e)
800,000
745,597
6.57%,
6/12/2029(e)
100,000
103,833
Santander
UK
Group
Holdings
plc
1.67%,
6/14/2027(e)
200,000
187,274
2.47%,
1/11/2028(e)
200,000
187,134
3.82%,
11/3/2028(e)
50,000
47,925
Sumitomo
Mitsui
Financial
Group,
Inc.
5.81%,
9/14/2033
200,000
211,626
Synovus
Bank
5.63%,
2/15/2028
250,000
247,361
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
23.3%
(continued)
Toronto-Dominion
Bank
(The)
0.75%,
1/6/2026
$
50,000
$
47,230
4.69%,
9/15/2027
75,000
74,963
5.16%,
1/10/2028
50,000
50,712
3.63%,
9/15/2031(a)(e)
905,000
872,321
8.13%,
10/31/2082(e)
755,000
787,162
7.25%,
7/31/2084(e)
200,000
200,963
Truist
Bank
3.63%,
9/16/2025
752,000
737,950
3.30%,
5/15/2026
230,000
222,520
3.80%,
10/30/2026
360,000
349,660
2.25%,
3/11/2030
250,000
213,806
Truist
Financial
Corp.
6.05%,
6/8/2027(e)
500,000
508,288
4.12%,
6/6/2028(e)
700,000
683,467
3.88%,
3/19/2029(a)
350,000
333,624
7.16%,
10/30/2029(e)
675,000
727,071
5.44%,
1/24/2030(a)(e)
325,000
330,008
4.92%,
7/28/2033(e)
650,000
616,582
6.12%,
10/28/2033(e)
100,000
104,749
5.12%,
1/26/2034(e)
400,000
392,395
5.87%,
6/8/2034(e)
225,000
232,182
5.71%,
1/24/2035(e)
750,000
766,817
US
Bancorp
2.22%,
1/27/2028(e)
50,000
46,795
4.55%,
7/22/2028(e)
450,000
445,528
4.97%,
7/22/2033(e)
151,000
145,485
2.49%,
11/3/2036(e)
100,000
80,624
Wachovia
Corp.
7.57%,
8/1/2026(c)
115,000
120,507
Webster
Financial
Corp.
4.10%,
3/25/2029
115,000
108,671
Wells
Fargo
&
Co.
3.00%,
4/22/2026
250,000
242,296
3.20%,
6/17/2027(e)
300,000
290,331
3.53%,
3/24/2028(e)
250,000
241,271
5.71%,
4/22/2028(e)
200,000
203,904
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
226
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
23.3%
(continued)
Wells
Fargo
&
Co.
(continued)
3.58%,
5/22/2028(e)
$
250,000
$
241,148
2.39%,
6/2/2028(e)
675,000
630,285
4.81%,
7/25/2028(a)(e)
200,000
199,483
4.15%,
1/24/2029
100,000
97,904
5.57%,
7/25/2029(e)
250,000
256,001
6.30%,
10/23/2029(e)
100,000
105,288
2.88%,
10/30/2030(e)
225,000
203,830
2.57%,
2/11/2031(e)
150,000
132,893
Wells
Fargo
Bank
NA
5.25%,
12/11/2026
100,000
101,155
Westpac
Banking
Corp.
5.51%,
11/17/2025
50,000
50,475
2.85%,
5/13/2026
100,000
96,868
1.15%,
6/3/2026
400,000
375,200
2.70%,
8/19/2026
250,000
240,577
1.95%,
11/20/2028(a)
200,000
179,965
2.15%,
6/3/2031
100,000
85,682
4.32%,
11/23/2031(e)
454,000
444,451
5.41%,
8/10/2033(e)
500,000
500,188
6.82%,
11/17/2033
250,000
275,475
4.11%,
7/24/2034(e)
554,000
522,967
2.67%,
11/15/2035(e)
650,000
552,286
3.02%,
11/18/2036(e)
600,000
506,116
Wintrust
Financial
Corp.
4.85%,
6/6/2029
150,000
141,313
Zions
Bancorp
NA
3.25%,
10/29/2029
252,000
216,679
95,606,402
Beverages
-
1
.6
%
Coca-Cola
Co.
(The)
1.45%,
6/1/2027
250,000
231,050
2.13%,
9/6/2029
250,000
224,702
3.45%,
3/25/2030(a)
303,000
288,451
1.65%,
6/1/2030(a)
550,000
471,417
2.00%,
3/5/2031(a)
350,000
300,099
1.38%,
3/15/2031(a)
350,000
287,841
2.25%,
1/5/2032
250,000
215,713
5.00%,
5/13/2034(a)
450,000
463,140
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Beverages
-
1.6%
(continued)
Coca-Cola
Consolidated,
Inc.
5.25%,
6/1/2029
$
250,000
$
255,683
Constellation
Brands,
Inc.
4.40%,
11/15/2025
200,000
198,497
4.75%,
12/1/2025
150,000
149,453
3.70%,
12/6/2026
200,000
195,154
3.50%,
5/9/2027(a)
250,000
241,454
4.35%,
5/9/2027(a)
250,000
246,992
3.60%,
2/15/2028
300,000
288,369
4.65%,
11/15/2028
200,000
198,865
4.80%,
1/15/2029
150,000
150,355
3.15%,
8/1/2029(a)
300,000
278,190
2.88%,
5/1/2030
200,000
180,450
2.25%,
8/1/2031
325,000
273,290
4.75%,
5/9/2032(a)
500,000
491,704
4.90%,
5/1/2033
150,000
148,029
Pepsico
Singapore
Financing
I
Pte.
Ltd.
4.65%,
2/16/2027
200,000
200,741
4.55%,
2/16/2029(a)
100,000
100,360
4.70%,
2/16/2034(a)
150,000
149,569
PepsiCo,
Inc.
2.63%,
3/19/2027
100,000
95,451
7.00%,
3/1/2029
100,000
110,900
1.63%,
5/1/2030(a)
100,000
85,757
3.90%,
7/18/2032(a)
50,000
47,894
6,569,570
Biotechnology
-
0
.2
%
AbbVie,
Inc.
3.20%,
11/21/2029
67,000
62,862
Biogen,
Inc.
4.05%,
9/15/2025
102,000
100,820
2.25%,
5/1/2030
150,000
130,573
Gilead
Sciences,
Inc.
3.65%,
3/1/2026
200,000
196,347
Regeneron
Pharmaceuticals,
Inc.
1.75%,
9/15/2030
515,000
435,302
925,904
Broadline
Retail
-
0
.1
%
eBay,
Inc.
1.40%,
5/10/2026
250,000
234,926
3.60%,
6/5/2027
250,000
242,659
477,585
Building
Products
-
0
.7
%
Allegion
plc
3.50%,
10/1/2029(a)
152,000
142,690
Carlisle
Cos.,
Inc.
3.75%,
12/1/2027
300,000
290,105
2.75%,
3/1/2030
200,000
179,830
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
227
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Building
Products
-
0.7%
(continued)
Carlisle
Cos.,
Inc.
(continued)
2.20%,
3/1/2032
$
250,000
$
206,682
Lennox
International,
Inc.
5.50%,
9/15/2028
150,000
153,827
Masco
Corp.
3.50%,
11/15/2027
50,000
47,826
1.50%,
2/15/2028
201,000
179,736
2.00%,
10/1/2030
250,000
211,380
2.00%,
2/15/2031(a)
150,000
125,297
Owens
Corning
3.40%,
8/15/2026
150,000
145,522
3.95%,
8/15/2029(a)
143,000
137,267
Trane
Technologies
Financing
Ltd.
3.50%,
3/21/2026
202,000
197,531
3.80%,
3/21/2029
352,000
339,362
5.25%,
3/3/2033
130,000
133,374
Trane
Technologies
Global
Holding
Co.
Ltd.
3.75%,
8/21/2028
300,000
289,846
2,780,275
Capital
Markets
-
6
.4
%
Affiliated
Managers
Group,
Inc.
3.30%,
6/15/2030
100,000
91,328
Ameriprise
Financial,
Inc.
5.70%,
12/15/2028
250,000
259,664
5.15%,
5/15/2033
100,000
101,532
Apollo
Debt
Solutions
BDC
6.90%,
4/13/2029(b)
175,000
179,572
Ares
Capital
Corp.
3.88%,
1/15/2026
150,000
146,182
2.15%,
7/15/2026
50,000
46,794
5.88%,
3/1/2029
50,000
50,174
Bain
Capital
Specialty
Finance,
Inc.
2.55%,
10/13/2026
227,000
211,070
Bank
of
New
York
Mellon
Corp.
(The)
4.95%,
4/26/2027(e)
450,000
450,904
4.89%,
7/21/2028(e)
200,000
200,750
5.06%,
7/22/2032(e)
50,000
50,626
Series
J,
4.97%,
4/26/2034(e)
350,000
349,087
BlackRock,
Inc.
3.25%,
4/30/2029
100,000
94,891
4.75%,
5/25/2033(a)
100,000
100,080
Blackstone
Private
Credit
Fund
7.05%,
9/29/2025
500,000
507,259
2.63%,
12/15/2026
452,000
419,630
3.25%,
3/15/2027(a)
600,000
561,849
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Capital
Markets
-
6.4%
(continued)
Blackstone
Private
Credit
Fund
(continued)
7.30%,
11/27/2028(b)
$
150,000
$
157,899
4.00%,
1/15/2029
275,000
256,634
5.95%,
7/16/2029(b)
200,000
199,946
6.25%,
1/25/2031(a)(b)
175,000
178,116
Blackstone
Secured
Lending
Fund
3.63%,
1/15/2026
410,000
397,335
2.75%,
9/16/2026
252,000
236,827
2.13%,
2/15/2027
252,000
231,002
2.85%,
9/30/2028
300,000
268,711
Blue
Owl
Capital
Corp.
4.25%,
1/15/2026
350,000
343,188
3.40%,
7/15/2026
440,000
420,730
2.63%,
1/15/2027
150,000
139,234
5.95%,
3/15/2029
400,000
401,997
Blue
Owl
Capital
Corp.
II
8.45%,
11/15/2026(b)
200,000
208,660
Blue
Owl
Credit
Income
Corp.
3.13%,
9/23/2026
150,000
140,621
4.70%,
2/8/2027
200,000
193,626
7.75%,
9/16/2027(a)
350,000
365,503
7.95%,
6/13/2028
50,000
52,901
6.60%,
9/15/2029(b)
250,000
252,144
6.65%,
3/15/2031
50,000
50,357
Blue
Owl
Finance
LLC
6.25%,
4/18/2034(b)
250,000
257,338
Blue
Owl
Technology
Finance
Corp.
2.50%,
1/15/2027
105,000
96,006
Blue
Owl
Technology
Finance
Corp.
II
6.75%,
4/4/2029(b)
300,000
298,635
Brookfield
Finance,
Inc.
4.85%,
3/29/2029
100,000
100,325
6.35%,
1/5/2034
100,000
107,449
Cboe
Global
Markets,
Inc.
3.65%,
1/12/2027
151,000
147,469
1.63%,
12/15/2030
51,000
42,714
Charles
Schwab
Corp.
(The)
6.14%,
8/24/2034(a)(e)
150,000
158,857
CI
Financial
Corp.
3.20%,
12/17/2030
50,000
40,316
Deutsche
Bank
AG
2.13%,
11/24/2026(e)
150,000
143,683
7.15%,
7/13/2027(e)
350,000
361,645
2.31%,
11/16/2027(e)
750,000
701,143
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
228
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Capital
Markets
-
6.4%
(continued)
Deutsche
Bank
AG
(continued)
2.55%,
1/7/2028(e)
$
500,000
$
468,611
5.71%,
2/8/2028(e)
150,000
151,497
6.72%,
1/18/2029(e)
50,000
52,221
5.88%,
7/8/2031(e)
200,000
200,801
3.73%,
1/14/2032(e)
550,000
476,397
4.88%,
12/1/2032(e)
503,000
482,077
3.74%,
1/7/2033(e)
550,000
463,338
7.08%,
2/10/2034(e)
700,000
729,243
FactSet
Research
Systems,
Inc.
2.90%,
3/1/2027(a)
200,000
190,183
3.45%,
3/1/2032
250,000
222,479
Franklin
BSP
Capital
Corp.
7.20%,
6/15/2029(b)
150,000
152,527
Goldman
Sachs
Bank
USA
5.41%,
5/21/2027(e)
250,000
251,765
Goldman
Sachs
Group,
Inc.
(The)
3.75%,
2/25/2026
250,000
245,725
3.50%,
11/16/2026
100,000
97,162
3.85%,
1/26/2027
125,000
122,295
1.95%,
10/21/2027(e)
250,000
233,945
3.81%,
4/23/2029(e)
100,000
96,183
4.22%,
5/1/2029(a)
(e)
150,000
146,537
6.48%,
10/24/2029(e)
100,000
105,819
2.60%,
2/7/2030
100,000
89,541
3.80%,
3/15/2030
100,000
95,312
5.73%,
4/25/2030(a)(e)
100,000
103,294
5.05%,
7/23/2030(e)
100,000
100,491
1.99%,
1/27/2032(e)
100,000
82,909
2.62%,
4/22/2032(e)
150,000
128,860
2.38%,
7/21/2032(e)
151,000
126,973
2.65%,
10/21/2032(e)
150,000
127,740
6.13%,
2/15/2033
50,000
54,299
3.10%,
2/24/2033(e)
150,000
131,015
6.56%,
10/24/2034(e)
250,000
274,829
5.85%,
4/25/2035(e)
100,000
104,496
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Capital
Markets
-
6.4%
(continued)
Goldman
Sachs
Group,
Inc.
(The)
(continued)
5.33%,
7/23/2035(e)
$
150,000
$
151,114
LPL
Holdings,
Inc.
5.70%,
5/20/2027(a)
250,000
252,649
6.75%,
11/17/2028
200,000
211,158
6.00%,
5/20/2034
150,000
151,195
Moody's
Corp.
3.25%,
1/15/2028
140,000
134,258
4.25%,
2/1/2029(a)
252,000
248,606
2.00%,
8/19/2031(a)
200,000
167,013
4.25%,
8/8/2032(a)
175,000
168,369
Morgan
Stanley
0.99%,
12/10/2026(e)
100,000
94,324
5.17%,
1/16/2030(e)
100,000
101,182
4.43%,
1/23/2030(e)
113,000
111,063
5.04%,
7/19/2030(e)
500,000
503,480
2.70%,
1/22/2031(e)
100,000
89,405
3.62%,
4/1/2031(e)
50,000
46,865
1.93%,
4/28/2032(e)
50,000
41,124
2.24%,
7/21/2032(e)
100,000
83,462
6.34%,
10/18/2033(e)
153,000
165,615
5.25%,
4/21/2034(e)
125,000
125,581
5.47%,
1/18/2035(e)
250,000
254,417
5.83%,
4/19/2035(e)
250,000
261,199
5.32%,
7/19/2035(e)
450,000
453,709
Nasdaq,
Inc.
3.85%,
6/30/2026
150,000
147,623
5.35%,
6/28/2028
100,000
102,484
5.55%,
2/15/2034(a)
400,000
410,782
Nomura
Holdings,
Inc.
5.59%,
7/2/2027
50,000
50,773
5.84%,
1/18/2028
200,000
205,210
6.07%,
7/12/2028
200,000
207,661
2.68%,
7/16/2030
200,000
174,197
5.78%,
7/3/2034
100,000
102,796
S&P
Global,
Inc.
2.95%,
1/22/2027
500,000
480,408
2.45%,
3/1/2027
550,000
521,511
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
229
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Capital
Markets
-
6.4%
(continued)
S&P
Global,
Inc.
(continued)
2.70%,
3/1/2029
$
402,000
$
371,899
4.25%,
5/1/2029(a)
300,000
296,018
2.50%,
12/1/2029
250,000
226,199
1.25%,
8/15/2030
200,000
166,057
2.90%,
3/1/2032
475,000
419,635
5.25%,
9/15/2033(a)(b)
325,000
336,151
State
Street
Corp.
2.65%,
5/19/2026
450,000
434,555
2.40%,
1/24/2030
25,000
22,531
5.16%,
5/18/2034(a)(e)
150,000
151,953
Stifel
Financial
Corp.
4.00%,
5/15/2030
301,000
283,725
UBS
AG
1.25%,
6/1/2026
250,000
234,371
1.25%,
8/7/2026(a)
154,000
143,239
26,386,533
Chemicals
-
0
.9
%
Cabot
Corp.
4.00%,
7/1/2029
150,000
144,439
Celanese
US
Holdings
LLC
6.33%,
7/15/2029
150,000
156,950
DuPont
de
Nemours,
Inc.
4.49%,
11/15/2025
500,000
495,814
FMC
Corp.
3.20%,
10/1/2026
51,000
48,932
Huntsman
International
LLC
4.50%,
5/1/2029
150,000
144,647
Linde,
Inc.
3.20%,
1/30/2026
200,000
195,498
LYB
International
Finance
II
BV
3.50%,
3/2/2027
110,000
106,236
LYB
International
Finance
III
LLC
1.25%,
10/1/2025
200,000
190,983
5.50%,
3/1/2034
300,000
304,088
NewMarket
Corp.
2.70%,
3/18/2031
150,000
128,187
PPG
Industries,
Inc.
1.20%,
3/15/2026
250,000
235,399
3.75%,
3/15/2028
250,000
242,409
RPM
International,
Inc.
4.55%,
3/1/2029
250,000
246,257
2.95%,
1/15/2032
100,000
86,264
Sherwin-Williams
Co.
(The)
4.25%,
8/8/2025
250,000
247,834
3.95%,
1/15/2026
150,000
147,881
3.45%,
6/1/2027
250,000
241,490
2.95%,
8/15/2029
251,000
231,253
2.30%,
5/15/2030
250,000
219,237
‌
‌
3,813,798
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Commercial
Services
&
Supplies
-
1
.1
%
Cintas
Corp.
No.
2
3.70%,
4/1/2027
$
300,000
$
293,052
4.00%,
5/1/2032(a)
265,000
253,951
RELX
Capital,
Inc.
4.00%,
3/18/2029(a)
352,000
343,880
3.00%,
5/22/2030
352,000
323,068
4.75%,
5/20/2032
200,000
198,744
Republic
Services,
Inc.
0.88%,
11/15/2025
150,000
142,368
3.38%,
11/15/2027
50,000
48,118
3.95%,
5/15/2028(a)
551,000
539,132
4.88%,
4/1/2029
225,000
227,313
2.30%,
3/1/2030(a)
200,000
177,186
1.75%,
2/15/2032(a)
150,000
121,454
2.38%,
3/15/2033
225,000
185,557
5.00%,
12/15/2033(a)
200,000
201,039
5.00%,
4/1/2034(a)
100,000
100,484
Veralto
Corp.
5.50%,
9/18/2026(b)
350,000
353,186
5.35%,
9/18/2028(b)
225,000
229,673
5.45%,
9/18/2033(a)(b)
300,000
306,942
Waste
Connections,
Inc.
5.00%,
3/1/2034
150,000
150,612
Waste
Management,
Inc.
4.88%,
2/15/2029
150,000
152,436
4.88%,
2/15/2034(a)
275,000
276,085
4,624,280
Communications
Equipment
-
1
.0
%
Cisco
Systems,
Inc.
4.80%,
2/26/2027(a)
50,000
50,418
4.85%,
2/26/2029
475,000
483,852
4.95%,
2/26/2031
400,000
408,878
5.05%,
2/26/2034
600,000
613,644
Juniper
Networks,
Inc.
1.20%,
12/10/2025
100,000
94,661
3.75%,
8/15/2029
151,000
143,254
2.00%,
12/10/2030
200,000
166,520
Motorola
Solutions,
Inc.
4.60%,
2/23/2028
301,000
299,961
5.00%,
4/15/2029
250,000
252,122
4.60%,
5/23/2029
303,000
300,431
2.30%,
11/15/2030(a)
252,000
217,032
2.75%,
5/24/2031
400,000
348,568
5.60%,
6/1/2032
250,000
257,512
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
230
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Communications
Equipment
-
1.0%
(continued)
Motorola
Solutions,
Inc.
(continued)
5.40%,
4/15/2034
$
400,000
$
407,121
Nokia
OYJ
4.38%,
6/12/2027(a)
175,000
170,196
4,214,170
Construction
Materials
-
0
.1
%
Eagle
Materials,
Inc.
2.50%,
7/1/2031
150,000
129,079
Martin
Marietta
Materials,
Inc.
Series
CB,
2.50%,
3/15/2030
250,000
222,626
Vulcan
Materials
Co.
3.50%,
6/1/2030
175,000
163,638
515,343
Consumer
Finance
-
1
.5
%
AerCap
Ireland
Capital
DAC
5.30%,
1/19/2034
150,000
150,812
American
Express
Co.
6.34%,
10/30/2026(e)
525,000
532,684
1.65%,
11/4/2026(a)
300,000
280,127
2.55%,
3/4/2027(a)
120,000
113,793
3.30%,
5/3/2027
200,000
192,836
5.39%,
7/28/2027(a)(e)
425,000
428,940
5.10%,
2/16/2028(e)
350,000
351,853
5.28%,
7/27/2029(e)
500,000
508,809
5.53%,
4/25/2030(e)
200,000
205,931
6.49%,
10/30/2031(e)
250,000
271,952
4.99%,
5/26/2033(e)
276,000
274,023
4.42%,
8/3/2033(e)
100,000
96,448
5.04%,
5/1/2034(e)
100,000
99,897
5.63%,
7/28/2034(e)
200,000
205,386
5.92%,
4/25/2035(e)
250,000
260,713
Capital
One
Financial
Corp.
4.20%,
10/29/2025
550,000
542,110
7.15%,
10/29/2027(e)
100,000
104,264
6.38%,
6/8/2034(e)
100,000
104,895
Caterpillar
Financial
Services
Corp.
5.00%,
5/14/2027
150,000
152,092
Synchrony
Financial
3.70%,
8/4/2026
170,000
164,310
3.95%,
12/1/2027
605,000
574,992
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Consumer
Finance
-
1.5%
(continued)
Synchrony
Financial
(continued)
5.15%,
3/19/2029
$
302,000
$
295,969
2.88%,
10/28/2031
300,000
247,052
6,159,888
Consumer
Staples
Distribution
&
Retail
-
0
.8
%
Ahold
Finance
USA
LLC
6.88%,
5/1/2029
250,000
272,134
Costco
Wholesale
Corp.
1.38%,
6/20/2027(a)
625,000
575,176
1.60%,
4/20/2030
900,000
773,781
1.75%,
4/20/2032(a)
320,000
264,049
Kroger
Co.
(The)
Series
B,
7.70%,
6/1/2029
100,000
112,246
7.50%,
4/1/2031(a)
150,000
172,505
Sysco
Corp.
3.75%,
10/1/2025
150,000
147,745
3.30%,
7/15/2026
225,000
218,790
3.25%,
7/15/2027
150,000
143,984
5.75%,
1/17/2029
100,000
104,062
2.40%,
2/15/2030
100,000
88,562
5.95%,
4/1/2030
200,000
211,606
2.45%,
12/14/2031(a)
100,000
84,717
6.00%,
1/17/2034(a)
125,000
134,141
3,303,498
Containers
&
Packaging
-
0
.3
%
Amcor
Finance
USA,
Inc.
3.63%,
4/28/2026
150,000
146,368
4.50%,
5/15/2028
12,000
11,826
Amcor
Flexibles
North
America,
Inc.
2.63%,
6/19/2030
50,000
43,877
AptarGroup,
Inc.
3.60%,
3/15/2032(a)
150,000
133,644
Avery
Dennison
Corp.
4.88%,
12/6/2028
156,000
156,362
2.65%,
4/30/2030
350,000
312,169
2.25%,
2/15/2032
250,000
207,326
5.75%,
3/15/2033
100,000
104,840
Packaging
Corp.
of
America
3.00%,
12/15/2029
278,000
254,731
1,371,143
Distributors
-
0
.2
%
Genuine
Parts
Co.
6.50%,
11/1/2028
150,000
159,825
1.88%,
11/1/2030
100,000
83,161
2.75%,
2/1/2032
100,000
85,056
6.88%,
11/1/2033
100,000
112,016
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
231
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Distributors
-
0.2%
(continued)
LKQ
Corp.
5.75%,
6/15/2028
$
200,000
$
204,644
644,702
Diversified
REITs
-
1
.1
%
Broadstone
Net
Lease
LLC
REIT,
2.60%,
9/15/2031
150,000
123,116
GLP
Capital
LP
REIT,
5.38%,
4/15/2026(a)
403,000
402,282
REIT,
5.75%,
6/1/2028
300,000
303,806
REIT,
5.30%,
1/15/2029
400,000
399,226
REIT,
4.00%,
1/15/2030(a)
315,000
293,907
REIT,
4.00%,
1/15/2031
400,000
365,974
REIT,
3.25%,
1/15/2032
355,000
304,504
REIT,
6.75%,
12/1/2033
150,000
160,893
Rayonier
LP
REIT,
2.75%,
5/17/2031(a)
250,000
213,815
Store
Capital
LLC
REIT,
4.50%,
3/15/2028
225,000
217,521
REIT,
4.63%,
3/15/2029(a)
141,000
136,274
VICI
Properties
LP
REIT,
4.75%,
2/15/2028
505,000
499,155
REIT,
4.95%,
2/15/2030
403,000
394,795
REIT,
5.13%,
5/15/2032(a)
600,000
585,027
REIT,
5.75%,
4/1/2034
250,000
253,746
WP
Carey,
Inc.
REIT,
3.85%,
7/15/2029
50,000
47,608
4,701,649
Diversified
Telecommunication
Services
-
0
.4
%
Deutsche
Telekom
International
Finance
BV
8.75%,
6/15/2030(c)
750,000
891,137
Koninklijke
KPN
NV
8.38%,
10/1/2030
201,000
235,588
Orange
SA
9.00%,
3/1/2031(c)
50,000
60,675
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Diversified
Telecommunication
Services
-
0.4%
(continued)
Sprint
Capital
Corp.
6.88%,
11/15/2028(a)
$
300,000
$
321,645
8.75%,
3/15/2032
100,000
121,592
1,630,637
Electric
Utilities
-
1
.5
%
American
Electric
Power
Co.,
Inc.
Series
N,
1.00%,
11/1/2025
150,000
142,545
3.88%,
2/15/2062(a)(e)
351,000
326,655
Appalachian
Power
Co.
5.65%,
4/1/2034
250,000
255,325
Avangrid,
Inc.
3.80%,
6/1/2029
225,000
213,994
Duke
Energy
Corp.
3.25%,
1/15/2082(e)
101,000
91,573
Enel
Chile
SA
4.88%,
6/12/2028
75,000
73,745
Fortis,
Inc.
3.06%,
10/4/2026
250,000
239,931
Kentucky
Utilities
Co.
Series
KENT,
5.45%,
4/15/2033(a)
50,000
51,630
Louisville
Gas
and
Electric
Co.
Series
LOU,
5.45%,
4/15/2033
50,000
51,517
MidAmerican
Energy
Co.
3.10%,
5/1/2027
125,000
120,453
3.65%,
4/15/2029(a)
353,000
339,924
6.75%,
12/30/2031
150,000
170,375
5.35%,
1/15/2034
250,000
259,438
Nevada
Power
Co.
Series
CC,
3.70%,
5/1/2029
252,000
242,063
Series
DD,
2.40%,
5/1/2030
200,000
176,387
NextEra
Energy
Capital
Holdings,
Inc.
4.80%,
12/1/2077(e)
61,000
56,606
5.65%,
5/1/2079(e)
97,000
93,584
3.80%,
3/15/2082(e)
110,000
102,413
Oncor
Electric
Delivery
Co.
LLC
5.65%,
11/15/2033(a)
150,000
157,690
PacifiCorp
5.10%,
2/15/2029
150,000
152,105
3.50%,
6/15/2029
150,000
141,889
2.70%,
9/15/2030
150,000
132,904
5.30%,
2/15/2031
250,000
253,986
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
232
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Electric
Utilities
-
1.5%
(continued)
PacifiCorp
(continued)
5.45%,
2/15/2034
$
400,000
$
404,432
Public
Service
Electric
and
Gas
Co.
5.20%,
8/1/2033
150,000
153,776
Sierra
Pacific
Power
Co.
2.60%,
5/1/2026
200,000
192,629
Southern
Co.
(The)
5.70%,
3/15/2034
250,000
260,338
Series
B,
4.00%,
1/15/2051(e)
542,000
526,434
Series
21-
A,
3.75%,
9/15/2051(e)
450,000
424,250
System
Energy
Resources,
Inc.
6.00%,
4/15/2028
150,000
154,993
5,963,584
Electrical
Equipment
-
0
.2
%
Acuity
Brands
Lighting,
Inc.
2.15%,
12/15/2030
400,000
338,916
Hubbell,
Inc.
3.35%,
3/1/2026
351,000
342,165
3.50%,
2/15/2028
100,000
95,970
777,051
Electronic
Equipment,
Instruments
&
Components
-
2
.1
%
Allegion
US
Holding
Co.,
Inc.
3.55%,
10/1/2027
150,000
144,058
5.41%,
7/1/2032
100,000
102,138
5.60%,
5/29/2034
100,000
102,413
Amphenol
Corp.
4.75%,
3/30/2026(a)
150,000
149,901
5.05%,
4/5/2027(a)
150,000
151,599
5.05%,
4/5/2029
250,000
254,835
4.35%,
6/1/2029
243,000
240,066
2.80%,
2/15/2030
361,000
328,473
2.20%,
9/15/2031(a)
350,000
295,068
5.25%,
4/5/2034
150,000
153,231
Arrow
Electronics,
Inc.
3.88%,
1/12/2028
115,000
110,308
Avnet,
Inc.
4.63%,
4/15/2026
176,000
174,295
6.25%,
3/15/2028
100,000
103,917
CDW
LLC
2.67%,
12/1/2026
404,000
381,989
4.25%,
4/1/2028(a)
402,000
388,770
3.28%,
12/1/2028(a)
202,000
186,830
3.25%,
2/15/2029(a)
350,000
320,559
3.57%,
12/1/2031
400,000
355,801
Flex
Ltd.
3.75%,
2/1/2026
130,000
127,261
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Electronic
Equipment,
Instruments
&
Components
-
2.1%
(continued)
Flex
Ltd.
(continued)
6.00%,
1/15/2028
$
130,000
$
133,762
4.88%,
6/15/2029
200,000
197,608
4.88%,
5/12/2030
62,000
61,110
Jabil,
Inc.
1.70%,
4/15/2026
250,000
236,053
4.25%,
5/15/2027
250,000
245,500
3.95%,
1/12/2028(a)
130,000
125,246
3.60%,
1/15/2030
200,000
184,889
Keysight
Technologies,
Inc.
4.60%,
4/6/2027
350,000
348,097
3.00%,
10/30/2029
300,000
273,413
TD
SYNNEX
Corp.
1.75%,
8/9/2026
150,000
140,316
2.38%,
8/9/2028
102,000
92,456
2.65%,
8/9/2031
200,000
166,807
6.10%,
4/12/2034
200,000
205,751
Teledyne
Technologies,
Inc.
1.60%,
4/1/2026
200,000
188,983
2.25%,
4/1/2028
257,000
235,160
2.75%,
4/1/2031(a)
500,000
437,628
Tyco
Electronics
Group
SA
4.50%,
2/13/2026
200,000
199,453
3.70%,
2/15/2026
131,000
128,965
3.13%,
8/15/2027(a)
350,000
335,378
2.50%,
2/4/2032
100,000
86,521
Vontier
Corp.
2.40%,
4/1/2028
352,000
317,965
2.95%,
4/1/2031(a)
225,000
191,451
8,604,024
Energy
Equipment
&
Services
-
0
.1
%
Baker
Hughes
Holdings
LLC
2.06%,
12/15/2026(a)
200,000
188,359
3.14%,
11/7/2029
100,000
93,096
Helmerich
&
Payne,
Inc.
2.90%,
9/29/2031
250,000
213,344
Schlumberger
Investment
SA
4.85%,
5/15/2033
50,000
50,201
545,000
Entertainment
-
1
.0
%
Electronic
Arts,
Inc.
4.80%,
3/1/2026
200,000
199,988
1.85%,
2/15/2031
300,000
251,825
Netflix,
Inc.
4.38%,
11/15/2026(a)
350,000
347,908
4.88%,
4/15/2028
650,000
656,000
5.88%,
11/15/2028
815,000
854,739
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
233
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Entertainment
-
1.0%
(continued)
Netflix,
Inc.
(continued)
6.38%,
5/15/2029(a)
$
300,000
$
322,198
Take-Two
Interactive
Software,
Inc.
5.00%,
3/28/2026
200,000
200,273
3.70%,
4/14/2027
150,000
146,056
4.95%,
3/28/2028
300,000
301,511
4.00%,
4/14/2032
150,000
139,793
5.60%,
6/12/2034
150,000
152,878
Tencent
Music
Entertainment
Group
2.00%,
9/3/2030
400,000
340,531
3,913,700
Financial
Services
-
3
.7
%
Apollo
Global
Management,
Inc.
6.38%,
11/15/2033(a)
200,000
216,513
Berkshire
Hathaway,
Inc.
3.13%,
3/15/2026(a)
150,000
146,932
Block
Financial
LLC
2.50%,
7/15/2028
200,000
182,144
3.88%,
8/15/2030(a)
350,000
327,462
Citigroup
Global
Markets
Holdings,
Inc.
5.00%,
5/28/2029
100,000
98,608
Corebridge
Financial,
Inc.
6.88%,
12/15/2052(e)
400,000
407,203
Equitable
Holdings,
Inc.
4.35%,
4/20/2028
575,000
564,516
Fidelity
National
Information
Services,
Inc.
1.15%,
3/1/2026(a)
500,000
471,915
1.65%,
3/1/2028
150,000
134,698
5.10%,
7/15/2032
150,000
151,494
Fiserv,
Inc.
3.20%,
7/1/2026
900,000
873,420
5.15%,
3/15/2027(a)
250,000
252,930
2.25%,
6/1/2027
350,000
327,334
5.45%,
3/2/2028
350,000
358,226
5.38%,
8/21/2028
250,000
256,025
4.20%,
10/1/2028
596,000
583,790
3.50%,
7/1/2029(a)
1,311,000
1,239,961
2.65%,
6/1/2030(a)
550,000
491,094
5.35%,
3/15/2031(a)
200,000
205,284
5.60%,
3/2/2033(a)
400,000
413,959
5.63%,
8/21/2033
575,000
595,332
5.45%,
3/15/2034
350,000
357,914
Global
Payments,
Inc.
3.20%,
8/15/2029
25,000
22,910
Mastercard,
Inc.
2.95%,
11/21/2026
250,000
241,616
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Financial
Services
-
3.7%
(continued)
Mastercard,
Inc.
(continued)
3.30%,
3/26/2027(a)
$
403,000
$
391,895
2.95%,
6/1/2029
551,000
517,561
3.35%,
3/26/2030
653,000
618,647
1.90%,
3/15/2031(a)
250,000
213,765
2.00%,
11/18/2031(a)
275,000
231,944
4.85%,
3/9/2033(a)
250,000
254,247
4.88%,
5/9/2034
250,000
253,353
MGIC
Investment
Corp.
5.25%,
8/15/2028(a)
250,000
246,814
National
Rural
Utilities
Cooperative
Finance
Corp.
8.00%,
3/1/2032
100,000
118,034
5.25%,
4/20/2046(e)
100,000
97,952
NMI
Holdings,
Inc.
6.00%,
8/15/2029
150,000
151,042
Radian
Group,
Inc.
4.88%,
3/15/2027(a)
193,000
190,863
Synchrony
Bank
5.40%,
8/22/2025
312,000
311,202
5.63%,
8/23/2027
404,000
405,302
Visa,
Inc.
3.15%,
12/14/2025
282,000
276,346
1.90%,
4/15/2027
167,000
156,356
2.75%,
9/15/2027
260,000
248,061
2.05%,
4/15/2030(a)
675,000
594,390
1.10%,
2/15/2031(a)
250,000
203,883
Voya
Financial,
Inc.
4.70%,
1/23/2048(e)
250,000
217,429
Western
Union
Co.
(The)
1.35%,
3/15/2026
250,000
235,468
2.75%,
3/15/2031
150,000
127,635
14,983,469
Food
Products
-
1
.3
%
Bunge
Ltd.
Finance
Corp.
1.63%,
8/17/2025
250,000
240,954
3.25%,
8/15/2026
250,000
241,999
Flowers
Foods,
Inc.
3.50%,
10/1/2026
150,000
145,429
General
Mills,
Inc.
3.20%,
2/10/2027
300,000
288,909
4.20%,
4/17/2028
292,000
287,648
5.50%,
10/17/2028(a)
100,000
103,070
2.88%,
4/15/2030
177,000
160,128
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
234
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Food
Products
-
1.3%
(continued)
General
Mills,
Inc.
(continued)
4.95%,
3/29/2033
$
175,000
$
174,428
Hershey
Co.
(The)
1.70%,
6/1/2030(a)
150,000
128,686
Ingredion,
Inc.
3.20%,
10/1/2026
200,000
193,429
2.90%,
6/1/2030
200,000
181,322
Kellanova
Series
B,
7.45%,
4/1/2031
100,000
113,489
Mondelez
International,
Inc.
2.63%,
3/17/2027
452,000
429,332
4.75%,
2/20/2029(a)
150,000
150,913
2.75%,
4/13/2030(a)
323,000
292,407
1.50%,
2/4/2031
100,000
81,705
3.00%,
3/17/2032(a)
500,000
441,763
1.88%,
10/15/2032
150,000
120,953
Unilever
Capital
Corp.
2.00%,
7/28/2026
150,000
142,686
2.90%,
5/5/2027
251,000
240,993
3.50%,
3/22/2028
202,000
195,589
4.88%,
9/8/2028
100,000
101,660
2.13%,
9/6/2029(a)
325,000
291,211
1.38%,
9/14/2030(a)
100,000
83,627
1.75%,
8/12/2031
250,000
208,742
5.90%,
11/15/2032
200,000
216,895
5.00%,
12/8/2033(a)
150,000
153,767
5,411,734
Gas
Utilities
-
0
.3
%
Atmos
Energy
Corp.
2.63%,
9/15/2029
200,000
182,126
5.90%,
11/15/2033(a)
250,000
266,748
National
Fuel
Gas
Co.
5.50%,
1/15/2026
233,000
233,720
5.50%,
10/1/2026
100,000
100,840
3.95%,
9/15/2027
150,000
145,186
4.75%,
9/1/2028
51,000
50,351
2.95%,
3/1/2031
350,000
300,960
Southern
Natural
Gas
Co.
LLC
8.00%,
3/1/2032
100,000
115,897
1,395,828
Ground
Transportation
-
0
.2
%
Burlington
Northern
Santa
Fe
LLC
3.65%,
9/1/2025
250,000
246,822
7.95%,
8/15/2030(a)
100,000
117,743
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Ground
Transportation
-
0.2%
(continued)
Canadian
National
Railway
Co.
3.85%,
8/5/2032(a)
$
50,000
$
47,197
CSX
Corp.
3.35%,
11/1/2025
200,000
196,136
3.25%,
6/1/2027(a)
30,000
29,011
JB
Hunt
Transport
Services,
Inc.
3.88%,
3/1/2026
150,000
147,595
784,504
Health
Care
Equipment
&
Supplies
-
0
.9
%
Becton
Dickinson
&
Co.
3.70%,
6/6/2027
50,000
48,696
Boston
Scientific
Corp.
3.75%,
3/1/2026
250,000
245,353
4.00%,
3/1/2028
100,000
98,273
2.65%,
6/1/2030
600,000
539,300
DH
Europe
Finance
II
Sarl
2.60%,
11/15/2029
152,000
138,439
Edwards
Lifesciences
Corp.
4.30%,
6/15/2028
250,000
244,962
Smith
&
Nephew
plc
2.03%,
10/14/2030(a)
100,000
84,864
STERIS
Irish
FinCo.
UnLtd
Co.
2.70%,
3/15/2031
150,000
129,336
Stryker
Corp.
3.38%,
11/1/2025(a)
350,000
343,296
3.50%,
3/15/2026(a)
480,000
470,565
3.65%,
3/7/2028
250,000
241,677
4.85%,
12/8/2028
350,000
352,857
1.95%,
6/15/2030
300,000
258,469
Zimmer
Biomet
Holdings,
Inc.
3.05%,
1/15/2026(a)
200,000
194,697
5.35%,
12/1/2028
50,000
51,167
3.55%,
3/20/2030
50,000
46,417
3,488,368
Health
Care
Providers
&
Services
-
1
.7
%
Cardinal
Health,
Inc.
3.75%,
9/15/2025
200,000
197,038
3.41%,
6/15/2027
504,000
485,303
5.13%,
2/15/2029(a)
400,000
405,502
5.45%,
2/15/2034(a)
125,000
128,005
Cencora,
Inc.
3.45%,
12/15/2027(a)
311,000
298,811
2.80%,
5/15/2030
300,000
269,360
2.70%,
3/15/2031
430,000
376,264
5.13%,
2/15/2034
200,000
201,620
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
235
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Health
Care
Providers
&
Services
-
1.7%
(continued)
Centene
Corp.
4.25%,
12/15/2027(a)
$
480,000
$
464,735
4.63%,
12/15/2029(a)
252,000
242,540
3.38%,
2/15/2030
650,000
585,631
2.50%,
3/1/2031
100,000
83,717
Elevance
Health,
Inc.
5.35%,
10/15/2025
200,000
200,599
1.50%,
3/15/2026(a)
275,000
260,718
3.65%,
12/1/2027
100,000
96,952
4.10%,
3/1/2028(a)
100,000
98,080
2.88%,
9/15/2029
250,000
229,363
2.25%,
5/15/2030
150,000
131,322
2.55%,
3/15/2031
150,000
130,785
4.75%,
2/15/2033
50,000
49,362
HCA,
Inc.
4.13%,
6/15/2029
150,000
144,707
3.63%,
3/15/2032
100,000
90,030
Laboratory
Corp.
of
America
Holdings
1.55%,
6/1/2026
152,000
142,786
2.95%,
12/1/2029
400,000
364,737
McKesson
Corp.
0.90%,
12/3/2025(a)
225,000
213,421
1.30%,
8/15/2026
252,000
235,279
4.90%,
7/15/2028
150,000
151,896
5.10%,
7/15/2033(a)
300,000
306,484
Quest
Diagnostics,
Inc.
4.20%,
6/30/2029
100,000
97,956
UnitedHealth
Group,
Inc.
4.00%,
5/15/2029
80,000
78,317
2.00%,
5/15/2030
150,000
130,515
4.20%,
5/15/2032
150,000
144,020
7,035,855
Health
Care
REITs
-
0
.7
%
Alexandria
Real
Estate
Equities,
Inc.
REIT,
3.38%,
8/15/2031(a)
100,000
90,296
REIT,
1.88%,
2/1/2033
150,000
116,180
Healthpeak
OP
LLC
REIT,
2.88%,
1/15/2031
250,000
221,175
National
Health
Investors,
Inc.
REIT,
3.00%,
2/1/2031
200,000
170,021
Omega
Healthcare
Investors,
Inc.
REIT,
5.25%,
1/15/2026
400,000
398,925
REIT,
4.50%,
4/1/2027
391,000
383,124
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Health
Care
REITs
-
0.7%
(continued)
Omega
Healthcare
Investors,
Inc.
(continued)
REIT,
4.75%,
1/15/2028(a)
$
251,000
$
246,807
REIT,
3.63%,
10/1/2029
251,000
229,429
REIT,
3.38%,
2/1/2031
250,000
220,401
REIT,
3.25%,
4/15/2033
250,000
208,145
Sabra
Health
Care
LP
REIT,
5.13%,
8/15/2026(a)
302,000
300,497
REIT,
3.90%,
10/15/2029
151,000
139,689
REIT,
3.20%,
12/1/2031(a)
100,000
85,362
Welltower
OP
LLC
REIT,
4.13%,
3/15/2029
25,000
24,324
2,834,375
Hotel
&
Resort
REITs
-
0
.2
%
Host
Hotels
&
Resorts
LP
Series
H,
REIT,
3.38%,
12/15/2029
253,000
230,930
Series
I,
REIT,
3.50%,
9/15/2030
550,000
500,402
Series
J,
REIT,
2.90%,
12/15/2031
250,000
213,742
945,074
Hotels,
Restaurants
&
Leisure
-
2
.6
%
Choice
Hotels
International,
Inc.
3.70%,
12/1/2029(a)
250,000
229,530
3.70%,
1/15/2031
75,000
67,666
Darden
Restaurants,
Inc.
3.85%,
5/1/2027
300,000
292,115
6.30%,
10/10/2033
150,000
158,518
Las
Vegas
Sands
Corp.
5.90%,
6/1/2027(a)
650,000
660,324
3.90%,
8/8/2029
250,000
231,100
6.00%,
8/15/2029
100,000
101,860
Marriott
International,
Inc.
3.75%,
10/1/2025(a)
150,000
147,738
Series
R,
3.13%,
6/15/2026
300,000
290,446
5.45%,
9/15/2026(a)
150,000
152,142
5.00%,
10/15/2027
343,000
346,019
Series
X,
4.00%,
4/15/2028
102,000
99,392
5.55%,
10/15/2028
200,000
206,158
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
236
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Hotels,
Restaurants
&
Leisure
-
2.6%
(continued)
Marriott
International,
Inc.
(continued)
Series
AA,
4.65%,
12/1/2028
$
100,000
$
99,608
4.90%,
4/15/2029
500,000
503,104
4.88%,
5/15/2029
150,000
150,906
Series
FF,
4.63%,
6/15/2030
302,000
299,577
Series
HH,
2.85%,
4/15/2031
450,000
394,430
Series
GG,
3.50%,
10/15/2032
375,000
334,236
Series
II,
2.75%,
10/15/2033(a)
125,000
104,033
5.30%,
5/15/2034
400,000
403,180
McDonald's
Corp.
1.45%,
9/1/2025(a)
200,000
192,825
3.50%,
3/1/2027(a)
310,000
301,361
3.50%,
7/1/2027(a)
434,000
421,183
3.80%,
4/1/2028
206,000
200,791
4.80%,
8/14/2028
300,000
302,228
5.00%,
5/17/2029
100,000
101,801
2.63%,
9/1/2029(a)
190,000
174,053
2.13%,
3/1/2030
301,000
263,689
3.60%,
7/1/2030(a)
200,000
189,168
4.60%,
9/9/2032
230,000
227,562
4.95%,
8/14/2033(a)
300,000
302,717
5.20%,
5/17/2034
100,000
102,991
Sands
China
Ltd.
5.12%,
8/8/2025(c)
450,000
446,779
3.80%,
1/8/2026(c)
450,000
436,719
2.30%,
3/8/2027(c)
200,000
183,624
5.40%,
8/8/2028(c)
750,000
739,181
2.85%,
3/8/2029(c)
400,000
352,586
4.38%,
6/18/2030(a)(c)
300,000
278,119
10,489,459
Household
Durables
-
0
.5
%
DR
Horton,
Inc.
2.60%,
10/15/2025
280,000
271,935
1.30%,
10/15/2026(a)
300,000
278,119
Lennar
Corp.
5.25%,
6/1/2026
200,000
200,714
Meritage
Homes
Corp.
5.13%,
6/6/2027
50,000
49,998
NVR,
Inc.
3.00%,
5/15/2030
527,000
478,800
PulteGroup,
Inc.
5.00%,
1/15/2027
293,000
294,372
7.88%,
6/15/2032
100,000
117,203
6.38%,
5/15/2033(a)
150,000
161,888
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Household
Durables
-
0.5%
(continued)
Toll
Brothers
Finance
Corp.
4.88%,
3/15/2027
$
303,000
$
301,896
2,154,925
Household
Products
-
0
.7
%
Church
&
Dwight
Co.,
Inc.
3.15%,
8/1/2027
350,000
336,345
2.30%,
12/15/2031
150,000
127,509
5.60%,
11/15/2032
200,000
211,264
Colgate-Palmolive
Co.
3.25%,
8/15/2032(a)
200,000
183,122
4.60%,
3/1/2033
250,000
251,794
Kimberly-Clark
Corp.
1.05%,
9/15/2027(a)
150,000
135,195
3.95%,
11/1/2028
100,000
98,246
3.20%,
4/25/2029
300,000
284,531
3.10%,
3/26/2030
52,000
48,586
Procter
&
Gamble
Co.
(The)
2.45%,
11/3/2026
162,000
155,184
2.80%,
3/25/2027
316,000
304,327
3.00%,
3/25/2030(a)
264,000
247,785
1.95%,
4/23/2031
25,000
21,778
4.55%,
1/29/2034
175,000
176,028
5.50%,
2/1/2034
75,000
80,025
2,661,719
Independent
Power
and
Renewable
Electricity
Producers
-
0
.0
%
(d)
Constellation
Energy
Generation
LLC
6.13%,
1/15/2034
75,000
80,023
Industrial
Conglomerates
-
0
.2
%
Honeywell
International,
Inc.
2.50%,
11/1/2026(a)
100,000
95,706
4.25%,
1/15/2029
150,000
149,164
1.95%,
6/1/2030
50,000
43,636
1.75%,
9/1/2031
100,000
82,978
5.00%,
2/15/2033(a)
85,000
86,577
Pentair
Finance
Sarl
4.50%,
7/1/2029
100,000
98,250
5.90%,
7/15/2032
200,000
210,267
766,578
Industrial
REITs
-
0
.0
%
(d)
Prologis
LP
REIT,
4.75%,
6/15/2033
100,000
98,789
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
237
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Insurance
-
5
.4
%
ACE
Capital
Trust
II
9.70%,
4/1/2030
$
100,000
$
119,739
Aegon
Ltd.
5.50%,
4/11/2048(e)
200,000
194,741
Aflac,
Inc.
1.13%,
3/15/2026(a)
50,000
47,197
3.60%,
4/1/2030
252,000
237,814
Alleghany
Corp.
3.63%,
5/15/2030
175,000
166,674
American
Financial
Group,
Inc.
5.25%,
4/2/2030
100,000
102,247
American
International
Group,
Inc.
Series
A-9,
5.75%,
4/1/2048(e)
402,000
396,731
Aon
Corp.
8.21%,
1/1/2027(a)
230,000
246,004
2.85%,
5/28/2027
313,000
297,991
4.50%,
12/15/2028
170,000
168,060
3.75%,
5/2/2029(a)
325,000
311,223
2.80%,
5/15/2030
437,000
393,087
2.05%,
8/23/2031
200,000
165,656
2.60%,
12/2/2031
185,000
157,833
5.00%,
9/12/2032
175,000
175,084
5.35%,
2/28/2033(a)
350,000
356,112
Aon
Global
Ltd.
3.88%,
12/15/2025
335,000
330,408
Aon
North
America,
Inc.
5.13%,
3/1/2027
250,000
252,820
5.15%,
3/1/2029
250,000
253,933
5.30%,
3/1/2031(a)
150,000
152,832
5.45%,
3/1/2034
750,000
765,448
Arch
Capital
Finance
LLC
4.01%,
12/15/2026
200,000
195,487
Arch
Capital
Group
Ltd.
7.35%,
5/1/2034
150,000
173,716
Arthur
J
Gallagher
&
Co.
2.40%,
11/9/2031
150,000
124,903
5.50%,
3/2/2033
150,000
153,739
6.50%,
2/15/2034
150,000
162,775
5.45%,
7/15/2034
150,000
152,724
Assurant,
Inc.
4.90%,
3/27/2028
250,000
248,019
3.70%,
2/22/2030
201,000
186,455
2.65%,
1/15/2032
125,000
104,740
6.75%,
2/15/2034
75,000
81,554
Athene
Holding
Ltd.
4.13%,
1/12/2028
500,000
488,204
6.15%,
4/3/2030
200,000
210,949
3.50%,
1/15/2031
200,000
181,610
6.65%,
2/1/2033
150,000
161,379
5.88%,
1/15/2034
300,000
305,916
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Insurance
-
5.4%
(continued)
AXA
SA
8.60%,
12/15/2030
$
100,000
$
119,616
AXIS
Specialty
Finance
LLC
4.90%,
1/15/2040(e)
202,000
188,277
Berkshire
Hathaway
Finance
Corp.
1.85%,
3/12/2030
250,000
218,731
1.45%,
10/15/2030(a)
250,000
210,865
2.88%,
3/15/2032(a)
250,000
224,082
Brown
&
Brown,
Inc.
4.50%,
3/15/2029
250,000
245,240
2.38%,
3/15/2031(a)
252,000
211,966
4.20%,
3/17/2032(a)
200,000
186,088
5.65%,
6/11/2034(a)
250,000
253,103
Chubb
INA
Holdings
LLC
3.35%,
5/3/2026
150,000
146,385
CNA
Financial
Corp.
4.50%,
3/1/2026(a)
200,000
198,619
3.90%,
5/1/2029
300,000
289,182
2.05%,
8/15/2030
200,000
171,027
5.50%,
6/15/2033
175,000
178,740
5.13%,
2/15/2034
225,000
223,629
Enstar
Finance
LLC
5.75%,
9/1/2040(e)
200,000
191,999
5.50%,
1/15/2042(e)
200,000
178,716
Enstar
Group
Ltd.
4.95%,
6/1/2029
2,000
1,938
3.10%,
9/1/2031
400,000
329,795
F&G
Annuities
&
Life,
Inc.
7.40%,
1/13/2028
35,000
36,578
6.50%,
6/4/2029(a)
250,000
253,931
Fairfax
Financial
Holdings
Ltd.
4.63%,
4/29/2030
225,000
219,802
3.38%,
3/3/2031
150,000
133,194
5.63%,
8/16/2032(a)
125,000
126,901
6.00%,
12/7/2033(b)
150,000
155,544
Fidelity
National
Financial,
Inc.
4.50%,
8/15/2028
100,000
98,342
3.40%,
6/15/2030
250,000
226,538
2.45%,
3/15/2031
75,000
62,882
First
American
Financial
Corp.
2.40%,
8/15/2031(a)
100,000
81,486
Globe
Life,
Inc.
4.55%,
9/15/2028
50,000
48,606
Hanover
Insurance
Group,
Inc.
(The)
2.50%,
9/1/2030
300,000
257,289
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
238
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Insurance
-
5.4%
(continued)
Hartford
Financial
Services
Group,
Inc.
(The)
2.80%,
8/19/2029(a)
$
302,000
$
275,264
Horace
Mann
Educators
Corp.
4.50%,
12/1/2025
100,000
98,625
7.25%,
9/15/2028
100,000
107,425
Kemper
Corp.
3.80%,
2/23/2032
250,000
218,884
Manulife
Financial
Corp.
4.15%,
3/4/2026
252,000
249,107
2.48%,
5/19/2027
102,000
95,881
4.06%,
2/24/2032(e)
301,000
292,480
Markel
Group,
Inc.
3.35%,
9/17/2029
200,000
187,434
Marsh
&
McLennan
Cos.,
Inc.
3.75%,
3/14/2026
50,000
49,160
4.38%,
3/15/2029(a)
105,000
104,404
2.38%,
12/15/2031
150,000
127,693
5.75%,
11/1/2032(a)
200,000
213,034
5.88%,
8/1/2033
100,000
107,593
5.40%,
9/15/2033
150,000
156,174
5.15%,
3/15/2034
175,000
179,116
Old
Republic
International
Corp.
3.88%,
8/26/2026
251,000
245,162
5.75%,
3/28/2034
150,000
152,462
Primerica,
Inc.
2.80%,
11/19/2031
250,000
214,244
Principal
Financial
Group,
Inc.
3.10%,
11/15/2026
250,000
240,062
3.70%,
5/15/2029
250,000
238,541
2.13%,
6/15/2030(a)
150,000
128,713
5.38%,
3/15/2033
100,000
102,068
Progressive
Corp.
(The)
3.20%,
3/26/2030
1,000
929
Prudential
Financial,
Inc.
4.50%,
9/15/2047(a)(e)
150,000
142,796
5.70%,
9/15/2048(e)
550,000
541,535
3.70%,
10/1/2050(e)
250,000
220,289
5.13%,
3/1/2052(e)
300,000
282,158
6.00%,
9/1/2052(e)
220,000
220,623
6.75%,
3/1/2053(e)
100,000
103,254
6.50%,
3/15/2054(a)(e)
325,000
331,339
Reinsurance
Group
of
America,
Inc.
3.90%,
5/15/2029
202,000
193,263
6.00%,
9/15/2033
250,000
260,494
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Insurance
-
5.4%
(continued)
RenaissanceRe
Finance,
Inc.
3.45%,
7/1/2027
$
150,000
$
143,945
RenaissanceRe
Holdings
Ltd.
3.60%,
4/15/2029
200,000
188,851
5.75%,
6/5/2033
300,000
303,784
Trinity
Acquisition
plc
4.40%,
3/15/2026
301,000
297,562
Unum
Group
3.88%,
11/5/2025
100,000
98,284
Willis
North
America,
Inc.
4.65%,
6/15/2027
281,000
279,361
4.50%,
9/15/2028
260,000
255,913
2.95%,
9/15/2029
354,000
322,604
5.35%,
5/15/2033
390,000
391,428
22,054,833
Interactive
Media
&
Services
-
0
.3
%
Meta
Platforms,
Inc.
3.50%,
8/15/2027(a)
500,000
487,042
3.85%,
8/15/2032
150,000
142,288
4.95%,
5/15/2033
250,000
255,172
Weibo
Corp.
3.38%,
7/8/2030
200,000
177,547
1,062,049
IT
Services
-
0
.8
%
Amdocs
Ltd.
2.54%,
6/15/2030
250,000
220,281
Booz
Allen
Hamilton,
Inc.
5.95%,
8/4/2033(a)
200,000
208,292
CGI,
Inc.
1.45%,
9/14/2026(a)
251,000
233,095
2.30%,
9/14/2031
200,000
163,587
Genpact
Luxembourg
Sarl
1.75%,
4/10/2026
250,000
236,412
IBM
International
Capital
Pte.
Ltd.
4.60%,
2/5/2029
150,000
150,086
4.90%,
2/5/2034
175,000
174,192
International
Business
Machines
Corp.
3.45%,
2/19/2026
100,000
97,965
3.30%,
5/15/2026
100,000
97,681
2.20%,
2/9/2027(a)
100,000
94,301
1.70%,
5/15/2027(a)
150,000
138,955
4.15%,
7/27/2027
92,000
90,962
3.50%,
5/15/2029
705,000
670,833
VeriSign,
Inc.
4.75%,
7/15/2027
250,000
248,024
2.70%,
6/15/2031
300,000
256,996
‌
‌
3,081,662
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
239
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Life
Sciences
Tools
&
Services
-
0
.2
%
Agilent
Technologies,
Inc.
3.05%,
9/22/2026
$
100,000
$
96,223
2.75%,
9/15/2029
332,000
302,725
2.10%,
6/4/2030
200,000
173,413
2.30%,
3/12/2031
301,000
256,976
829,337
Machinery
-
1
.4
%
AGCO
Corp.
5.80%,
3/21/2034(a)
200,000
203,716
Dover
Corp.
3.15%,
11/15/2025
301,000
294,330
Flowserve
Corp.
3.50%,
10/1/2030
500,000
458,597
2.80%,
1/15/2032(a)
125,000
105,978
Fortive
Corp.
3.15%,
6/15/2026
401,000
387,444
IDEX
Corp.
3.00%,
5/1/2030(a)
250,000
225,752
2.63%,
6/15/2031
200,000
172,955
Ingersoll
Rand,
Inc.
5.40%,
8/14/2028(a)
250,000
256,212
5.70%,
8/14/2033(a)
475,000
497,987
Nordson
Corp.
5.60%,
9/15/2028
250,000
257,315
5.80%,
9/15/2033(a)
150,000
158,029
nVent
Finance
Sarl
4.55%,
4/15/2028
100,000
98,623
2.75%,
11/15/2031
50,000
42,133
5.65%,
5/15/2033(a)
100,000
101,913
Otis
Worldwide
Corp.
2.29%,
4/5/2027
200,000
187,846
5.25%,
8/16/2028(a)
250,000
255,008
2.57%,
2/15/2030
653,000
582,980
Westinghouse
Air
Brake
Technologies
Corp.
3.45%,
11/15/2026
320,000
309,775
4.70%,
9/15/2028(c)
614,000
610,608
5.61%,
3/11/2034
200,000
205,748
Xylem,
Inc.
3.25%,
11/1/2026
200,000
193,562
1.95%,
1/30/2028
150,000
136,908
2.25%,
1/30/2031
150,000
128,339
5,871,758
Media
-
0
.5
%
Fox
Corp.
4.71%,
1/25/2029
800,000
798,896
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Media
-
0.5%
(continued)
Fox
Corp.
(continued)
6.50%,
10/13/2033(a)
$
400,000
$
429,230
Interpublic
Group
of
Cos.,
Inc.
(The)
4.75%,
3/30/2030
27,000
26,815
Omnicom
Group,
Inc.
3.60%,
4/15/2026
400,000
390,782
2.45%,
4/30/2030
150,000
132,219
4.20%,
6/1/2030
100,000
96,843
2.60%,
8/1/2031
100,000
86,452
1,961,237
Metals
&
Mining
-
1
.4
%
AngloGold
Ashanti
Holdings
plc
3.38%,
11/1/2028
52,000
47,614
ArcelorMittal
SA
6.80%,
11/29/2032
100,000
108,184
BHP
Billiton
Finance
USA
Ltd.
4.88%,
2/27/2026(a)
450,000
450,374
6.42%,
3/1/2026
100,000
102,425
5.25%,
9/8/2026
700,000
707,844
4.75%,
2/28/2028
215,000
216,251
5.10%,
9/8/2028
400,000
407,448
5.25%,
9/8/2030
125,000
129,238
4.90%,
2/28/2033
100,000
100,333
5.25%,
9/8/2033
550,000
562,957
Nucor
Corp.
3.13%,
4/1/2032
150,000
133,293
Reliance,
Inc.
1.30%,
8/15/2025
252,000
241,654
2.15%,
8/15/2030
150,000
128,713
Rio
Tinto
Alcan,
Inc.
7.25%,
3/15/2031(a)
150,000
169,668
6.13%,
12/15/2033(a)
350,000
380,522
Rio
Tinto
Finance
USA
Ltd.
7.13%,
7/15/2028
132,000
144,177
Steel
Dynamics,
Inc.
1.65%,
10/15/2027
100,000
90,605
3.45%,
4/15/2030
100,000
92,802
3.25%,
1/15/2031
150,000
135,522
Vale
Canada
Ltd.
7.20%,
9/15/2032
100,000
106,500
Vale
Overseas
Ltd.
3.75%,
7/8/2030
420,000
387,968
6.13%,
6/12/2033
725,000
741,621
8.25%,
1/17/2034
150,000
177,977
5,763,690
Multi-Utilities
-
0
.9
%
Berkshire
Hathaway
Energy
Co.
3.25%,
4/15/2028(a)
250,000
238,271
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
240
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Multi-Utilities
-
0.9%
(continued)
Berkshire
Hathaway
Energy
Co.
(continued)
8.48%,
9/15/2028
$
150,000
$
171,643
3.70%,
7/15/2030
633,000
601,364
1.65%,
5/15/2031
300,000
246,256
CMS
Energy
Corp.
4.75%,
6/1/2050(e)
85,000
78,439
3.75%,
12/1/2050(e)
100,000
83,937
NiSource,
Inc.
5.35%,
4/1/2034
150,000
151,110
6.95%,
11/30/2054(e)
100,000
101,408
Public
Service
Enterprise
Group,
Inc.
0.80%,
8/15/2025(a)
152,000
145,182
5.85%,
11/15/2027
200,000
206,100
5.88%,
10/15/2028(a)
125,000
129,959
5.20%,
4/1/2029
350,000
355,966
1.60%,
8/15/2030(a)
150,000
124,807
2.45%,
11/15/2031
150,000
126,717
6.13%,
10/15/2033
100,000
106,448
5.45%,
4/1/2034
150,000
152,550
Puget
Energy,
Inc.
4.10%,
6/15/2030
50,000
47,223
Sempra
3.25%,
6/15/2027
130,000
124,470
5.50%,
8/1/2033(a)
125,000
127,920
4.13%,
4/1/2052(a)
(e)
200,000
184,540
3,504,310
Office
REITs
-
0
.1
%
COPT
Defense
Properties
LP
REIT,
2.25%,
3/15/2026
50,000
47,687
REIT,
2.00%,
1/15/2029
175,000
152,143
REIT,
2.75%,
4/15/2031
100,000
84,660
Highwoods
Realty
LP
REIT,
4.13%,
3/15/2028
100,000
95,291
REIT,
4.20%,
4/15/2029(a)
50,000
46,917
Kilroy
Realty
LP
REIT,
3.05%,
2/15/2030
25,000
21,618
448,316
Oil,
Gas
&
Consumable
Fuels
-
12
.7
%
Apache
Corp.
4.38%,
10/15/2028(a)
100,000
95,789
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
12.7%
(continued)
Apache
Corp.
(continued)
4.25%,
1/15/2030
$
250,000
$
236,410
Boardwalk
Pipelines
LP
5.95%,
6/1/2026
150,000
151,784
4.80%,
5/3/2029
302,000
300,226
3.40%,
2/15/2031(a)
100,000
89,433
3.60%,
9/1/2032
200,000
176,209
BP
Capital
Markets
America,
Inc.
4.81%,
2/13/2033
150,000
148,564
4.89%,
9/11/2033
50,000
49,780
Burlington
Resources
LLC
7.20%,
8/15/2031
100,000
114,035
7.40%,
12/1/2031
200,000
231,021
Canadian
Natural
Resources
Ltd.
3.85%,
6/1/2027
750,000
730,492
2.95%,
7/15/2030(a)
200,000
179,468
7.20%,
1/15/2032
100,000
112,364
6.45%,
6/30/2033
150,000
160,203
Cenovus
Energy,
Inc.
2.65%,
1/15/2032(a)
150,000
126,660
Cheniere
Corpus
Christi
Holdings
LLC
3.70%,
11/15/2029
350,000
331,123
Cheniere
Energy
Partners
LP
4.50%,
10/1/2029
525,000
508,077
4.00%,
3/1/2031
500,000
462,772
3.25%,
1/31/2032(a)
200,000
174,482
5.95%,
6/30/2033
250,000
258,257
Cheniere
Energy,
Inc.
5.65%,
4/15/2034(b)
350,000
355,659
Chevron
Corp.
2.95%,
5/16/2026
50,000
48,602
2.00%,
5/11/2027
50,000
46,836
2.24%,
5/11/2030(a)
50,000
44,271
Conoco
Funding
Co.
7.25%,
10/15/2031
100,000
114,446
ConocoPhillips
5.90%,
10/15/2032
100,000
107,299
ConocoPhillips
Co.
6.95%,
4/15/2029
301,000
331,017
5.05%,
9/15/2033(a)
500,000
506,726
Continental
Resources,
Inc.
4.38%,
1/15/2028
403,000
393,191
Coterra
Energy,
Inc.
3.90%,
5/15/2027
402,000
391,200
4.38%,
3/15/2029
150,000
146,108
5.60%,
3/15/2034
100,000
101,798
Devon
Energy
Corp.
5.85%,
12/15/2025
215,000
216,790
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
241
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
12.7%
(continued)
Devon
Energy
Corp.
(continued)
7.88%,
9/30/2031
$
250,000
$
288,711
7.95%,
4/15/2032
150,000
174,528
Diamondback
Energy,
Inc.
3.25%,
12/1/2026
250,000
241,563
5.20%,
4/18/2027
650,000
657,152
3.50%,
12/1/2029(a)
303,000
284,855
5.15%,
1/30/2030(a)
300,000
304,701
3.13%,
3/24/2031
200,000
179,568
6.25%,
3/15/2033
400,000
427,211
5.40%,
4/18/2034(a)
500,000
506,133
Eastern
Gas
Transmission
&
Storage,
Inc.
3.00%,
11/15/2029
202,000
185,268
El
Paso
Natural
Gas
Co.
LLC
8.38%,
6/15/2032(c)
100,000
117,966
Enbridge,
Inc.
5.70%,
3/8/2033(a)
200,000
206,506
2.50%,
8/1/2033(a)
200,000
163,078
5.63%,
4/5/2034
350,000
358,312
7.20%,
6/27/2054(e)
150,000
152,654
7.38%,
3/15/2055(e)
100,000
101,330
Series
16-
A,
6.00%,
1/15/2077(e)
300,000
292,222
5.50%,
7/15/2077(e)
400,000
380,370
6.25%,
3/1/2078(a)
(e)
352,000
338,205
Series
20-
A,
5.75%,
7/15/2080(e)
435,000
412,706
7.38%,
1/15/2083(e)
200,000
201,191
7.63%,
1/15/2083(e)
250,000
259,770
8.25%,
1/15/2084(a)(e)
350,000
367,064
8.50%,
1/15/2084(e)
400,000
437,467
Energy
Transfer
LP
5.95%,
12/1/2025
250,000
252,004
4.75%,
1/15/2026
350,000
348,587
3.90%,
7/15/2026
100,000
97,865
6.05%,
12/1/2026(a)
200,000
204,492
4.40%,
3/15/2027
350,000
345,939
4.20%,
4/15/2027
150,000
147,437
5.50%,
6/1/2027
200,000
202,957
4.00%,
10/1/2027
100,000
97,554
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
12.7%
(continued)
Energy
Transfer
LP
(continued)
5.55%,
2/15/2028
$
220,000
$
224,082
4.95%,
5/15/2028
200,000
200,473
4.95%,
6/15/2028(a)
200,000
200,567
6.10%,
12/1/2028
150,000
156,390
5.25%,
4/15/2029
400,000
405,956
5.25%,
7/1/2029
250,000
252,713
4.15%,
9/15/2029
500,000
483,929
8.25%,
11/15/2029
50,000
57,093
3.75%,
5/15/2030(a)
275,000
259,032
6.40%,
12/1/2030(a)
200,000
214,226
5.75%,
2/15/2033
350,000
358,616
6.55%,
12/1/2033
525,000
566,876
5.55%,
5/15/2034
350,000
353,142
EnLink
Midstream
LLC
5.38%,
6/1/2029
50,000
49,814
EnLink
Midstream
Partners
LP
4.85%,
7/15/2026
150,000
148,190
Enterprise
Products
Operating
LLC
5.05%,
1/10/2026
200,000
200,840
3.70%,
2/15/2026(a)
170,000
167,272
4.60%,
1/11/2027
200,000
200,095
4.15%,
10/16/2028(a)
231,000
227,173
3.13%,
7/31/2029(a)
332,000
309,875
2.80%,
1/31/2030
257,000
234,429
5.35%,
1/31/2033
502,000
518,348
Series
D,
6.88%,
3/1/2033
200,000
226,850
4.85%,
1/31/2034
350,000
348,911
Series
E,
5.25%,
8/16/2077(e)
552,000
532,943
5.38%,
2/15/2078(e)
350,000
330,706
EOG
Resources,
Inc.
4.38%,
4/15/2030
102,000
101,284
EQT
Corp.
7.00%,
2/1/2030(a)
(c)
50,000
53,928
Exxon
Mobil
Corp.
3.04%,
3/1/2026
50,000
48,792
3.48%,
3/19/2030
200,000
190,197
2.61%,
10/15/2030
126,000
113,227
Hess
Corp.
4.30%,
4/1/2027
400,000
395,052
7.88%,
10/1/2029
200,000
227,517
7.30%,
8/15/2031
250,000
283,666
7.13%,
3/15/2033
200,000
227,916
HF
Sinclair
Corp.
5.88%,
4/1/2026
400,000
402,966
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
242
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
12.7%
(continued)
HF
Sinclair
Corp.
(continued)
5.00%,
2/1/2028(b)
$
200,000
$
196,974
4.50%,
10/1/2030
100,000
95,509
Kinder
Morgan
Energy
Partners
LP
7.40%,
3/15/2031
100,000
112,541
7.75%,
3/15/2032
100,000
114,615
7.30%,
8/15/2033
175,000
198,309
Kinder
Morgan,
Inc.
7.80%,
8/1/2031(a)
102,000
117,655
7.75%,
1/15/2032
200,000
230,818
5.40%,
2/1/2034
275,000
277,042
Marathon
Oil
Corp.
4.40%,
7/15/2027
250,000
247,814
5.30%,
4/1/2029
250,000
255,511
6.80%,
3/15/2032
100,000
110,921
5.70%,
4/1/2034
250,000
260,359
Marathon
Petroleum
Corp.
3.80%,
4/1/2028
102,000
98,733
MPLX
LP
1.75%,
3/1/2026
652,000
619,703
4.13%,
3/1/2027
500,000
491,116
4.25%,
12/1/2027
200,000
196,118
4.00%,
3/15/2028
505,000
490,887
4.80%,
2/15/2029
150,000
149,938
2.65%,
8/15/2030
550,000
485,628
4.95%,
9/1/2032
300,000
293,769
5.00%,
3/1/2033
225,000
220,141
5.50%,
6/1/2034
550,000
554,018
Occidental
Petroleum
Corp.
5.88%,
9/1/2025
250,000
251,016
5.50%,
12/1/2025(a)
170,000
170,309
5.55%,
3/15/2026
300,000
300,896
3.40%,
4/15/2026
150,000
145,150
8.50%,
7/15/2027
220,000
238,242
6.38%,
9/1/2028
205,000
213,579
3.50%,
8/15/2029
100,000
92,646
8.88%,
7/15/2030(a)
412,000
481,751
6.63%,
9/1/2030(a)
703,000
750,303
6.13%,
1/1/2031
500,000
522,218
7.50%,
5/1/2031(a)
425,000
477,308
7.88%,
9/15/2031
250,000
285,845
ONEOK,
Inc.
2.20%,
9/15/2025
350,000
339,381
5.85%,
1/15/2026
150,000
151,537
5.00%,
3/1/2026
302,000
301,918
4.00%,
7/13/2027
190,000
186,212
4.55%,
7/15/2028
360,000
356,595
5.65%,
11/1/2028
150,000
154,640
4.35%,
3/15/2029
200,000
195,938
3.40%,
9/1/2029
200,000
187,204
3.10%,
3/15/2030(a)
229,000
209,169
5.80%,
11/1/2030
150,000
156,714
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
12.7%
(continued)
ONEOK,
Inc.
(continued)
6.35%,
1/15/2031
$
210,000
$
223,016
6.10%,
11/15/2032(a)
225,000
237,761
6.05%,
9/1/2033(a)
850,000
894,151
Ovintiv,
Inc.
5.38%,
1/1/2026
175,000
175,200
5.65%,
5/15/2028
150,000
153,213
8.13%,
9/15/2030
100,000
114,485
7.38%,
11/1/2031
100,000
110,760
6.25%,
7/15/2033(a)
150,000
156,880
Phillips
66
1.30%,
2/15/2026
100,000
94,581
3.90%,
3/15/2028
100,000
97,221
2.15%,
12/15/2030
250,000
214,205
Phillips
66
Co.
3.55%,
10/1/2026
155,000
150,871
4.95%,
12/1/2027
50,000
50,422
3.75%,
3/1/2028(a)
100,000
96,792
3.15%,
12/15/2029(a)
350,000
322,978
5.25%,
6/15/2031
250,000
254,955
5.30%,
6/30/2033
100,000
101,174
Pioneer
Natural
Resources
Co.
1.13%,
1/15/2026(a)
450,000
427,612
5.10%,
3/29/2026
450,000
452,473
1.90%,
8/15/2030
300,000
257,803
2.15%,
1/15/2031
225,000
193,345
Plains
All
American
Pipeline
LP
4.65%,
10/15/2025
350,000
347,614
4.50%,
12/15/2026(a)
400,000
395,619
3.55%,
12/15/2029
452,000
421,853
3.80%,
9/15/2030
300,000
280,721
Sabine
Pass
Liquefaction
LLC
5.88%,
6/30/2026
500,000
505,017
4.20%,
3/15/2028
150,000
146,769
4.50%,
5/15/2030(a)
400,000
392,298
Suncor
Energy,
Inc.
7.88%,
6/15/2026(a)
150,000
157,239
7.15%,
2/1/2032
250,000
279,252
Targa
Resources
Corp.
5.20%,
7/1/2027
235,000
237,405
6.15%,
3/1/2029
280,000
293,527
4.20%,
2/1/2033
250,000
229,960
6.13%,
3/15/2033
100,000
105,193
6.50%,
3/30/2034(a)
325,000
351,833
Targa
Resources
Partners
LP
5.00%,
1/15/2028
125,000
123,814
5.50%,
3/1/2030
175,000
175,355
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
243
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
12.7%
(continued)
Targa
Resources
Partners
LP
(continued)
4.88%,
2/1/2031
$
200,000
$
193,843
4.00%,
1/15/2032
350,000
318,837
Tennessee
Gas
Pipeline
Co.
LLC
7.00%,
10/15/2028
100,000
107,185
Texas
Eastern
Transmission
LP
7.00%,
7/15/2032
100,000
110,992
Tosco
Corp.
8.13%,
2/15/2030
152,000
178,544
TotalEnergies
Capital
International
SA
2.83%,
1/10/2030(a)
25,000
22,921
Transcanada
Trust
Series
16-
A,
5.88%,
8/15/2076(a)(e)
300,000
293,204
5.30%,
3/15/2077(e)
300,000
282,039
5.50%,
9/15/2079(a)(e)
200,000
185,930
5.60%,
3/7/2082(e)
25,000
23,188
Transcontinental
Gas
Pipe
Line
Co.
LLC
7.85%,
2/1/2026
350,000
361,574
Valero
Energy
Corp.
2.15%,
9/15/2027
500,000
462,892
4.35%,
6/1/2028
200,000
197,099
4.00%,
4/1/2029
250,000
242,227
2.80%,
12/1/2031(a)
200,000
173,273
7.50%,
4/15/2032
200,000
228,828
Valero
Energy
Partners
LP
4.50%,
3/15/2028
200,000
197,739
Western
Midstream
Operating
LP
4.65%,
7/1/2026
252,000
249,299
4.50%,
3/1/2028
150,000
146,620
4.75%,
8/15/2028
100,000
98,409
6.35%,
1/15/2029
300,000
313,552
4.05%,
2/1/2030(c)
250,000
236,854
6.15%,
4/1/2033
200,000
207,790
Williams
Cos.,
Inc.
(The)
4.90%,
3/15/2029
150,000
150,431
Series
A,
7.50%,
1/15/2031
100,000
112,369
7.75%,
6/15/2031
100,000
112,204
8.75%,
3/15/2032(c)
100,000
121,297
5.65%,
3/15/2033
25,000
25,819
5.15%,
3/15/2034
200,000
199,455
52,214,015
Paper
&
Forest
Products
-
0
.0
%
(d)
Suzano
Austria
GmbH
5.00%,
1/15/2030
200,000
192,392
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Personal
Care
Products
-
0
.2
%
Conopco,
Inc.
6.63%,
4/15/2028
$
190,000
$
203,540
Haleon
US
Capital
LLC
3.38%,
3/24/2027
350,000
338,484
3.63%,
3/24/2032
200,000
183,643
725,667
Pharmaceuticals
-
0
.7
%
Eli
Lilly
&
Co.
4.70%,
2/27/2033
300,000
301,343
Johnson
&
Johnson
2.45%,
3/1/2026
100,000
96,937
Merck
&
Co.,
Inc.
3.40%,
3/7/2029(a)
200,000
191,924
1.45%,
6/24/2030(a)
100,000
84,593
2.15%,
12/10/2031
320,000
272,188
4.50%,
5/17/2033(a)
275,000
271,620
6.50%,
12/1/2033(c)
150,000
170,468
Zoetis,
Inc.
4.50%,
11/13/2025
300,000
298,183
5.40%,
11/14/2025(a)
250,000
251,280
3.00%,
9/12/2027
376,000
356,980
3.90%,
8/20/2028
252,000
245,019
2.00%,
5/15/2030
300,000
259,085
5.60%,
11/16/2032(a)
225,000
235,035
3,034,655
Professional
Services
-
0
.5
%
Automatic
Data
Processing,
Inc.
1.25%,
9/1/2030
51,000
42,513
Broadridge
Financial
Solutions,
Inc.
3.40%,
6/27/2026(a)
200,000
194,268
2.90%,
12/1/2029
452,000
412,165
2.60%,
5/1/2031
400,000
344,238
Equifax,
Inc.
2.60%,
12/15/2025
100,000
96,599
3.25%,
6/1/2026
100,000
96,788
Jacobs
Engineering
Group,
Inc.
6.35%,
8/18/2028
150,000
156,847
5.90%,
3/1/2033
200,000
204,384
Verisk
Analytics,
Inc.
4.13%,
3/15/2029(a)
252,000
246,891
5.75%,
4/1/2033
200,000
210,230
5.25%,
6/5/2034
150,000
151,423
‌
‌
2,156,346
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
244
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Real
Estate
Management
&
Development
-
0
.2
%
CBRE
Services,
Inc.
4.88%,
3/1/2026
$
250,000
$
249,450
5.50%,
4/1/2029
150,000
153,828
2.50%,
4/1/2031
151,000
128,556
Jones
Lang
LaSalle,
Inc.
6.88%,
12/1/2028
120,000
128,737
660,571
Residential
REITs
-
0
.8
%
American
Homes
4
Rent
LP
REIT,
4.25%,
2/15/2028
350,000
340,548
REIT,
4.90%,
2/15/2029
162,000
161,214
AvalonBay
Communities,
Inc.
REIT,
5.00%,
2/15/2033
100,000
100,077
Essential
Properties
LP
REIT,
2.95%,
7/15/2031(a)
200,000
168,970
Essex
Portfolio
LP
REIT,
3.38%,
4/15/2026
150,000
145,883
REIT,
3.63%,
5/1/2027(a)
150,000
145,320
REIT,
1.70%,
3/1/2028
250,000
224,035
REIT,
4.00%,
3/1/2029
151,000
145,238
REIT,
3.00%,
1/15/2030
202,000
183,305
REIT,
1.65%,
1/15/2031
100,000
81,321
REIT,
2.55%,
6/15/2031
250,000
213,986
REIT,
2.65%,
3/15/2032(a)
150,000
127,194
REIT,
5.50%,
4/1/2034
150,000
152,550
Invitation
Homes
Operating
Partnership
LP
REIT,
2.30%,
11/15/2028
250,000
224,899
REIT,
5.45%,
8/15/2030(a)
150,000
153,554
REIT,
2.00%,
8/15/2031(a)
150,000
121,839
REIT,
5.50%,
8/15/2033
200,000
201,948
Mid-America
Apartments
LP
REIT,
3.95%,
3/15/2029
28,000
27,186
Tanger
Properties
LP
REIT,
3.13%,
9/1/2026
200,000
190,970
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Residential
REITs
-
0.8%
(continued)
Tanger
Properties
LP
(continued)
REIT,
3.88%,
7/15/2027
$
100,000
$
96,104
REIT,
2.75%,
9/1/2031
200,000
167,115
3,373,256
Retail
REITs
-
0
.6
%
Agree
LP
REIT,
2.00%,
6/15/2028
202,000
181,512
REIT,
2.90%,
10/1/2030
150,000
132,388
REIT,
4.80%,
10/1/2032
150,000
144,403
REIT,
2.60%,
6/15/2033
100,000
80,567
REIT,
5.63%,
6/15/2034
150,000
152,298
Brixmor
Operating
Partnership
LP
REIT,
4.13%,
6/15/2026
352,000
346,085
REIT,
4.13%,
5/15/2029
252,000
242,451
REIT,
4.05%,
7/1/2030
51,000
48,467
NNN
REIT,
Inc.
REIT,
4.00%,
11/15/2025
50,000
49,298
REIT,
3.60%,
12/15/2026
350,000
339,608
REIT,
3.50%,
10/15/2027
176,000
169,250
REIT,
4.30%,
10/15/2028(a)
91,000
89,104
REIT,
2.50%,
4/15/2030
100,000
87,771
REIT,
5.60%,
10/15/2033(a)
275,000
280,748
Phillips
Edison
Grocery
Center
Operating
Partnership
I
LP
REIT,
2.63%,
11/15/2031
100,000
83,373
Regency
Centers
LP
REIT,
3.90%,
11/1/2025
100,000
98,126
REIT,
2.95%,
9/15/2029
50,000
45,837
2,571,286
Semiconductors
&
Semiconductor
Equipment
-
1
.7
%
Analog
Devices,
Inc.
4.25%,
10/1/2032
150,000
145,528
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
245
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Semiconductors
&
Semiconductor
Equipment
-
1.7%
(continued)
Broadcom,
Inc.
3.42%,
4/15/2033(b)
$
415,000
$
366,388
Lam
Research
Corp.
3.75%,
3/15/2026
300,000
295,349
4.00%,
3/15/2029
300,000
294,184
1.90%,
6/15/2030(a)
300,000
259,673
Microchip
Technology,
Inc.
4.25%,
9/1/2025
400,000
395,699
5.05%,
3/15/2029
500,000
505,565
Micron
Technology,
Inc.
6.75%,
11/1/2029
25,000
26,973
NXP
BV
3.88%,
6/18/2026(a)
400,000
392,648
3.15%,
5/1/2027(a)
100,000
95,659
5.55%,
12/1/2028
100,000
102,691
4.30%,
6/18/2029
450,000
439,882
3.40%,
5/1/2030(a)
402,000
372,360
2.50%,
5/11/2031
200,000
171,227
5.00%,
1/15/2033
200,000
198,905
Qorvo,
Inc.
4.38%,
10/15/2029(a)
302,000
287,464
Skyworks
Solutions,
Inc.
1.80%,
6/1/2026
201,000
189,071
3.00%,
6/1/2031
325,000
284,012
Texas
Instruments,
Inc.
4.90%,
3/14/2033(a)
200,000
204,658
4.85%,
2/8/2034
250,000
253,702
TSMC
Arizona
Corp.
1.75%,
10/25/2026
500,000
468,621
3.88%,
4/22/2027
452,000
442,883
4.13%,
4/22/2029
200,000
197,809
2.50%,
10/25/2031
500,000
433,229
6,824,180
Software
-
1
.9
%
Adobe,
Inc.
2.15%,
2/1/2027
412,000
389,602
4.80%,
4/4/2029
200,000
203,582
2.30%,
2/1/2030(a)
373,000
334,755
4.95%,
4/4/2034
200,000
203,728
Autodesk,
Inc.
3.50%,
6/15/2027
210,000
203,338
2.85%,
1/15/2030
280,000
255,403
2.40%,
12/15/2031(a)
350,000
297,499
Fortinet,
Inc.
1.00%,
3/15/2026
200,000
187,806
2.20%,
3/15/2031
250,000
210,415
Intuit,
Inc.
1.35%,
7/15/2027
200,000
183,098
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Software
-
1.9%
(continued)
Intuit,
Inc.
(continued)
5.13%,
9/15/2028(a)
$
350,000
$
358,386
1.65%,
7/15/2030
650,000
553,912
5.20%,
9/15/2033
500,000
514,409
Oracle
Corp.
1.65%,
3/25/2026
50,000
47,438
Roper
Technologies,
Inc.
1.00%,
9/15/2025
300,000
286,574
3.85%,
12/15/2025
125,000
123,287
3.80%,
12/15/2026
400,000
391,056
1.40%,
9/15/2027
500,000
452,362
4.20%,
9/15/2028(a)
301,000
295,527
2.95%,
9/15/2029
200,000
183,999
2.00%,
6/30/2030
250,000
214,228
1.75%,
2/15/2031
477,000
393,235
ServiceNow,
Inc.
1.40%,
9/1/2030
600,000
501,453
VMware
LLC
1.40%,
8/15/2026(a)
75,000
69,953
4.65%,
5/15/2027(a)
40,000
39,810
3.90%,
8/21/2027
125,000
121,550
1.80%,
8/15/2028
50,000
44,559
4.70%,
5/15/2030
92,000
91,070
2.20%,
8/15/2031
125,000
104,400
Workday,
Inc.
3.50%,
4/1/2027
300,000
290,794
3.70%,
4/1/2029
250,000
239,232
3.80%,
4/1/2032
200,000
184,695
7,971,155
Specialized
REITs
-
1
.1
%
Crown
Castle,
Inc.
REIT,
1.05%,
7/15/2026
250,000
231,868
CubeSmart
LP
REIT,
4.00%,
11/15/2025
351,000
345,570
REIT,
2.25%,
12/15/2028
300,000
269,441
REIT,
4.38%,
2/15/2029
150,000
146,676
REIT,
3.00%,
2/15/2030(a)
150,000
135,651
REIT,
2.00%,
2/15/2031
200,000
166,119
REIT,
2.50%,
2/15/2032
200,000
168,866
EPR
Properties
REIT,
4.50%,
6/1/2027(a)
303,000
295,284
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
246
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Specialized
REITs
-
1.1%
(continued)
EPR
Properties
(continued)
REIT,
4.95%,
4/15/2028
$
153,000
$
149,761
REIT,
3.75%,
8/15/2029
200,000
183,047
REIT,
3.60%,
11/15/2031
150,000
129,926
Equinix,
Inc.
REIT,
1.45%,
5/15/2026(a)
200,000
187,868
REIT,
3.20%,
11/18/2029
2,000
1,848
REIT,
2.50%,
5/15/2031
250,000
214,684
Public
Storage
Operating
Co.
REIT,
0.88%,
2/15/2026(a)
50,000
47,107
REIT,
1.85%,
5/1/2028(a)
50,000
45,237
REIT,
1.95%,
11/9/2028
81,000
72,600
Weyerhaeuser
Co.
REIT,
4.75%,
5/15/2026(a)
305,000
304,337
REIT,
6.95%,
10/1/2027
150,000
159,600
REIT,
4.00%,
11/15/2029
276,000
265,063
REIT,
4.00%,
4/15/2030
229,000
219,335
REIT,
7.38%,
3/15/2032
350,000
398,723
REIT,
3.38%,
3/9/2033
150,000
132,210
REIT,
6.88%,
12/15/2033
100,000
110,991
4,381,812
Specialty
Retail
-
2
.7
%
AutoZone,
Inc.
3.13%,
4/21/2026
125,000
121,313
5.05%,
7/15/2026
150,000
150,796
3.75%,
6/1/2027
100,000
97,434
4.50%,
2/1/2028
100,000
99,205
6.25%,
11/1/2028(a)
200,000
211,573
3.75%,
4/18/2029
150,000
143,653
4.00%,
4/15/2030(a)
150,000
143,963
1.65%,
1/15/2031
150,000
123,361
4.75%,
8/1/2032
350,000
343,966
4.75%,
2/1/2033
175,000
170,963
5.20%,
8/1/2033
100,000
100,652
6.55%,
11/1/2033
150,000
164,218
5.40%,
7/15/2034
200,000
202,354
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Specialty
Retail
-
2.7%
(continued)
Best
Buy
Co.,
Inc.
4.45%,
10/1/2028(a)
$
51,000
$
50,432
Home
Depot,
Inc.
(The)
3.00%,
4/1/2026(a)
250,000
243,585
2.13%,
9/15/2026(a)
250,000
237,803
4.95%,
9/30/2026(a)
150,000
151,183
2.50%,
4/15/2027
100,000
94,975
2.88%,
4/15/2027
150,000
143,920
4.88%,
6/25/2027
200,000
202,230
2.80%,
9/14/2027
100,000
95,176
1.50%,
9/15/2028(a)
200,000
178,731
3.90%,
12/6/2028(a)
150,000
147,271
4.90%,
4/15/2029(a)
300,000
305,662
2.95%,
6/15/2029
726,000
678,179
2.70%,
4/15/2030
350,000
317,819
1.38%,
3/15/2031
500,000
408,480
4.85%,
6/25/2031
50,000
50,695
1.88%,
9/15/2031
350,000
292,248
3.25%,
4/15/2032
528,000
480,649
4.50%,
9/15/2032
150,000
149,221
4.95%,
6/25/2034
100,000
100,981
Lowe's
Cos.,
Inc.
3.65%,
4/5/2029
100,000
95,670
1.70%,
10/15/2030
250,000
209,402
2.63%,
4/1/2031
100,000
87,328
O'Reilly
Automotive,
Inc.
3.55%,
3/15/2026(a)
300,000
293,537
3.60%,
9/1/2027
501,000
484,532
4.35%,
6/1/2028
200,000
197,499
3.90%,
6/1/2029
250,000
241,408
4.20%,
4/1/2030
50,000
48,623
1.75%,
3/15/2031
200,000
164,985
4.70%,
6/15/2032
600,000
590,952
Ross
Stores,
Inc.
0.88%,
4/15/2026
200,000
186,903
1.88%,
4/15/2031(a)
400,000
334,025
TJX
Cos.,
Inc.
(The)
2.25%,
9/15/2026
340,000
323,885
1.15%,
5/15/2028
150,000
133,025
3.88%,
4/15/2030(a)
281,000
272,154
1.60%,
5/15/2031
400,000
330,879
Tractor
Supply
Co.
1.75%,
11/1/2030(a)
300,000
250,547
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
247
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Specialty
Retail
-
2.7%
(continued)
Tractor
Supply
Co.
(continued)
5.25%,
5/15/2033(a)
$
300,000
$
303,675
10,951,720
Technology
Hardware,
Storage
&
Peripherals
-
1
.9
%
Apple,
Inc.
0.70%,
2/8/2026(a)
150,000
141,707
3.25%,
2/23/2026
523,000
512,661
2.45%,
8/4/2026
927,000
890,818
2.05%,
9/11/2026(a)
882,000
839,274
3.35%,
2/9/2027(a)
212,000
206,876
3.20%,
5/11/2027(a)
225,000
218,361
2.90%,
9/12/2027(a)
282,000
270,569
1.20%,
2/8/2028
664,000
597,388
1.40%,
8/5/2028(a)
404,000
361,838
3.25%,
8/8/2029(a)
332,000
317,060
2.20%,
9/11/2029
542,000
490,850
1.65%,
5/11/2030
550,000
475,031
1.25%,
8/20/2030(a)
275,000
230,776
1.65%,
2/8/2031
502,000
425,630
1.70%,
8/5/2031
300,000
251,963
3.35%,
8/8/2032
275,000
255,116
HP,
Inc.
1.45%,
6/17/2026
250,000
234,981
3.00%,
6/17/2027
200,000
190,691
4.00%,
4/15/2029
2,000
1,936
5.50%,
1/15/2033
100,000
102,828
NetApp,
Inc.
2.38%,
6/22/2027(a)
500,000
468,939
2.70%,
6/22/2030(a)
250,000
222,991
Teledyne
FLIR
LLC
2.50%,
8/1/2030
250,000
218,095
7,926,379
Textiles,
Apparel
&
Luxury
Goods
-
0
.3
%
Tapestry,
Inc.
7.00%,
11/27/2026
100,000
103,390
4.13%,
7/15/2027
108,000
104,722
7.35%,
11/27/2028
225,000
236,197
7.70%,
11/27/2030
400,000
423,529
7.85%,
11/27/2033(a)
150,000
159,960
1,027,798
Tobacco
-
2
.9
%
Altria
Group,
Inc.
4.40%,
2/14/2026
401,000
397,500
2.63%,
9/16/2026
171,000
163,109
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Tobacco
-
2.9%
(continued)
Altria
Group,
Inc.
(continued)
6.20%,
11/1/2028(a)
$
400,000
$
421,618
4.80%,
2/14/2029
804,000
803,001
3.40%,
5/6/2030(a)
303,000
280,366
2.45%,
2/4/2032
750,000
622,655
6.88%,
11/1/2033(a)
200,000
221,851
BAT
Capital
Corp.
2.26%,
3/25/2028
150,000
136,704
Philip
Morris
International,
Inc.
5.00%,
11/17/2025
250,000
250,336
4.88%,
2/13/2026(a)
325,000
325,287
2.75%,
2/25/2026(a)
195,000
188,742
0.88%,
5/1/2026
461,000
430,813
4.75%,
2/12/2027
50,000
50,131
5.13%,
11/17/2027(a)
523,000
530,047
4.88%,
2/15/2028(a)
850,000
855,927
3.13%,
3/2/2028
600,000
569,447
5.25%,
9/7/2028(a)
150,000
153,153
4.88%,
2/13/2029
250,000
251,482
3.38%,
8/15/2029(a)
200,000
188,570
5.63%,
11/17/2029(a)
550,000
574,434
5.13%,
2/15/2030(a)
770,000
782,707
2.10%,
5/1/2030
400,000
347,857
5.50%,
9/7/2030(a)
250,000
259,139
1.75%,
11/1/2030(a)
750,000
628,029
5.13%,
2/13/2031
400,000
405,653
5.75%,
11/17/2032(a)
475,000
497,057
5.38%,
2/15/2033(a)
600,000
611,971
5.63%,
9/7/2033(a)
350,000
361,961
5.25%,
2/13/2034
400,000
403,063
11,712,610
Trading
Companies
&
Distributors
-
0
.2
%
Air
Lease
Corp.
2.20%,
1/15/2027
25,000
23,435
5.85%,
12/15/2027
25,000
25,654
5.30%,
2/1/2028
300,000
303,816
3.00%,
2/1/2030
50,000
45,326
3.13%,
12/1/2030
100,000
89,594
2.88%,
1/15/2032
25,000
21,457
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Corporate
Bond
Index
Fund
(cont.)
248
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Trading
Companies
&
Distributors
-
0.2%
(continued)
Aircastle
Ltd.
4.25%,
6/15/2026
$
152,000
$
149,251
658,533
Wireless
Telecommunication
Services
-
0
.3
%
Sprint
LLC
7.63%,
3/1/2026
250,000
256,796
T-Mobile
USA,
Inc.
2.25%,
2/15/2026
100,000
95,798
3.75%,
4/15/2027
250,000
243,666
4.80%,
7/15/2028
350,000
351,035
4.85%,
1/15/2029
100,000
100,489
3.88%,
4/15/2030
300,000
286,100
1,333,884
Total
Corporate
Bonds
(Cost
$399,525,595)
404,671,724
Principal
Amount
SECURITIES
LENDING
REINVESTMENTS
-
6
.4
%
(f)
REPURCHASE
AGREEMENTS
-
6
.4
%
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$26,289,732,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$26,916,218  
(Cost
$26,285,833)
$26,285,833
26,285,833
Total
Investments
-
105.1%
(Cost
$425,811,428)
430,957,557
Liabilities
in
excess
of
other
assets
-
(5.1%)
(21,050,831)
NET
ASSETS
-
100.0%
$409,906,726
(a)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$29,248,798,
collateralized
in
the
form
of
cash
with
a
value
of
$26,285,833
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments
and
$3,665,991
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
4.75%,
and
maturity
dates
ranging
from
August
15,
2024
–
November
15,
2053;
a
total
value
of
$29,951,824.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
At
July
31,
2024,
the
value
of
these
securities
amounted
to
approximately
$4,290,327
or
1.05%
of
net
assets.
(c)
Step
bond.
Interest
rate
is
a
fixed
rate
for
an
initial
period
that
either
resets
at
a
specific
date
or
may
reset
in
the
future
at
a
contingent
upon
predetermined
trigger.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2024.
(d)
Represents
less
than
0.05%
of
net
assets.
(e)
Security
issued
at
a
fixed
coupon
rate,
which
converts
to
a
variable
rate
at
a
future
date.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(f)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$26,285,833.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
OYJ
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
Security
Type
%
of
Net
Assets
Corporate
Bonds
98‌
.7
%
Securities
Lending
Reinvestments
6‌
.4
Others
(1)
(
5‌
.1
)
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
249
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
Credit-Scored
US
Long
Corporate
Bond
Index
Fund
July
31,2024
(Unaudited)
Investments
Principal
Amount
Value
CORPORATE
BONDS
-
97
.2
%
Aerospace
&
Defense
-
2
.1
%
Boeing
Co.
(The)
5.71%,
5/1/2040
$
10,000
$
9,532
5.81%,
5/1/2050
100,000
93,186
6.86%,
5/1/2054(a)
55,000
58,225
5.93%,
5/1/2060
50,000
45,987
7.01%,
5/1/2064(a)
15,000
15,899
General
Dynamics
Corp.
4.25%,
4/1/2040
50,000
44,919
Howmet
Aerospace,
Inc.
5.95%,
2/1/2037
10,000
10,509
Lockheed
Martin
Corp.
Series
B,
6.15%,
9/1/2036
35,000
38,910
5.72%,
6/1/2040(b)
25,000
26,407
2.80%,
6/15/2050
25,000
16,455
4.09%,
9/15/2052
65,000
53,946
4.15%,
6/15/2053
70,000
58,513
5.70%,
11/15/2054
100,000
105,940
5.20%,
2/15/2055
50,000
49,499
4.30%,
6/15/2062
70,000
58,880
5.90%,
11/15/2063
80,000
87,328
5.20%,
2/15/2064
80,000
78,588
Northrop
Grumman
Corp.
5.20%,
6/1/2054
10,000
9,621
Precision
Castparts
Corp.
3.90%,
1/15/2043
35,000
29,614
891,958
Automobile
Components
-
0
.1
%
Lear
Corp.
5.25%,
5/15/2049
25,000
22,739
Banks
-
6
.1
%
Bank
of
America
Corp.
2.68%,
6/19/2041(c)
70,000
50,158
3.31%,
4/22/2042(c)
5,000
3,846
4.44%,
1/20/2048(c)
50,000
44,245
3.95%,
1/23/2049(c)
10,000
8,162
4.33%,
3/15/2050(c)
15,000
12,937
4.08%,
3/20/2051(c)
40,000
32,998
2.97%,
7/21/2052(c)
15,000
10,115
Citigroup,
Inc.
6.88%,
3/5/2038
20,000
22,497
5.32%,
3/26/2041(c)
145,000
143,367
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
6.1%
(continued)
Citigroup,
Inc.
(continued)
5.88%,
1/30/2042
$
45,000
$
47,533
6.68%,
9/13/2043
75,000
84,448
5.30%,
5/6/2044
50,000
48,287
4.75%,
5/18/2046
220,000
195,898
6.88%,
2/15/2098
25,000
29,313
Cooperatieve
Rabobank
UA
5.25%,
5/24/2041
60,000
60,798
Fifth
Third
Bancorp
8.25%,
3/1/2038
40,000
49,126
HSBC
Holdings
plc
6.50%,
9/15/2037
125,000
132,183
6.80%,
6/1/2038
225,000
248,931
JPMorgan
Chase
&
Co.
6.40%,
5/15/2038
45,000
51,302
5.50%,
10/15/2040
10,000
10,355
3.11%,
4/22/2041(c)
40,000
30,769
3.16%,
4/22/2042(c)
20,000
15,314
5.63%,
8/16/2043
25,000
26,039
3.96%,
11/15/2048(c)
10,000
8,243
3.33%,
4/22/2052(c)
40,000
29,062
Lloyds
Banking
Group
plc
4.34%,
1/9/2048
250,000
201,337
Regions
Financial
Corp.
7.38%,
12/10/2037
50,000
56,580
Wells
Fargo
&
Co.
3.07%,
4/30/2041(c)
5,000
3,774
5.38%,
11/2/2043
40,000
38,653
5.61%,
1/15/2044
130,000
128,704
4.65%,
11/4/2044
20,000
17,466
3.90%,
5/1/2045
15,000
12,284
4.90%,
11/17/2045
240,000
216,419
4.40%,
6/14/2046
245,000
204,336
4.75%,
12/7/2046
140,000
122,757
5.01%,
4/4/2051(c)
40,000
37,670
4.61%,
4/25/2053(c)
10,000
8,873
Westpac
Banking
Corp.
2.96%,
11/16/2040
75,000
54,184
3.13%,
11/18/2041
75,000
54,716
2,553,679
Beverages
-
2
.1
%
Coca-Cola
Co.
(The)
2.50%,
6/1/2040
90,000
65,123
2.88%,
5/5/2041
50,000
37,768
4.20%,
3/25/2050
50,000
44,026
2.60%,
6/1/2050
140,000
89,988
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Long
Corporate
Bond
Index
Fund
(cont.)
250
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Beverages
-
2.1%
(continued)
Coca-Cola
Co.
(The)
(continued)
3.00%,
3/5/2051
$
140,000
$
97,510
2.50%,
3/15/2051
130,000
81,459
5.30%,
5/13/2054
100,000
101,757
2.75%,
6/1/2060
80,000
50,064
5.40%,
5/13/2064
75,000
76,256
Constellation
Brands,
Inc.
4.50%,
5/9/2047
85,000
72,976
4.10%,
2/15/2048
20,000
16,175
5.25%,
11/15/2048
30,000
28,548
3.75%,
5/1/2050
20,000
15,203
Diageo
Investment
Corp.
7.45%,
4/15/2035
20,000
23,979
PepsiCo,
Inc.
5.50%,
1/15/2040
35,000
36,530
3.50%,
3/19/2040
5,000
4,160
3.60%,
8/13/2042
15,000
12,213
4.60%,
7/17/2045
10,000
9,111
862,846
Biotechnology
-
0
.6
%
AbbVie,
Inc.
4.50%,
5/14/2035
5,000
4,841
4.05%,
11/21/2039
70,000
62,530
5.40%,
3/15/2054
10,000
10,131
5.50%,
3/15/2064
55,000
55,627
Amgen,
Inc.
4.66%,
6/15/2051
25,000
21,901
5.65%,
3/2/2053
25,000
25,191
5.75%,
3/2/2063
10,000
10,067
Biogen,
Inc.
5.20%,
9/15/2045
10,000
9,414
3.15%,
5/1/2050
10,000
6,662
Regeneron
Pharmaceuticals,
Inc.
2.80%,
9/15/2050
50,000
31,646
238,010
Broadline
Retail
-
0
.4
%
Alibaba
Group
Holding
Ltd.
3.15%,
2/9/2051
200,000
133,175
eBay,
Inc.
4.00%,
7/15/2042
50,000
40,963
174,138
Building
Products
-
0
.7
%
Masco
Corp.
4.50%,
5/15/2047
25,000
21,386
Owens
Corning
7.00%,
12/1/2036(b)
25,000
28,544
4.30%,
7/15/2047
65,000
53,683
4.40%,
1/30/2048
15,000
12,408
5.95%,
6/15/2054
25,000
25,709
Trane
Technologies
Financing
Ltd.
4.65%,
11/1/2044
25,000
22,710
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Building
Products
-
0.7%
(continued)
Trane
Technologies
Financing
Ltd.
(continued)
4.50%,
3/21/2049
$
20,000
$
17,530
Trane
Technologies
Global
Holding
Co.
Ltd.
5.75%,
6/15/2043
80,000
83,833
4.30%,
2/21/2048
20,000
17,072
282,875
Capital
Markets
-
2
.4
%
Bank
of
New
York
Mellon
Corp.
(The)
5.19%,
3/14/2035(c)
25,000
25,217
BlackRock
Funding,
Inc.
5.25%,
3/14/2054
15,000
14,887
Brookfield
Finance,
Inc.
5.97%,
3/4/2054
25,000
25,608
Goldman
Sachs
Group,
Inc.
(The)
6.75%,
10/1/2037
75,000
83,472
4.02%,
10/31/2038(c)
20,000
17,508
6.25%,
2/1/2041
20,000
21,978
3.21%,
4/22/2042(c)
10,000
7,597
2.91%,
7/21/2042(c)
65,000
47,032
3.44%,
2/24/2043(c)
10,000
7,782
5.15%,
5/22/2045
25,000
24,058
4.75%,
10/21/2045
15,000
14,054
Moody's
Corp.
2.75%,
8/19/2041
55,000
39,153
5.25%,
7/15/2044
50,000
49,075
4.88%,
12/17/2048
35,000
32,369
3.25%,
5/20/2050
60,000
41,847
3.75%,
2/25/2052
25,000
19,202
2.55%,
8/18/2060
50,000
27,256
3.10%,
11/29/2061
45,000
28,490
Morgan
Stanley
3.22%,
4/22/2042(c)
25,000
19,237
6.38%,
7/24/2042
15,000
16,996
4.30%,
1/27/2045
55,000
48,405
5.60%,
3/24/2051(c)
50,000
52,106
Nasdaq,
Inc.
2.50%,
12/21/2040
50,000
33,803
5.95%,
8/15/2053
60,000
62,447
6.10%,
6/28/2063
60,000
63,110
Raymond
James
Financial,
Inc.
4.95%,
7/15/2046
25,000
23,238
S&P
Global,
Inc.
6.55%,
11/15/2037
20,000
22,661
4.50%,
5/15/2048
20,000
17,048
3.25%,
12/1/2049
15,000
10,792
3.70%,
3/1/2052
75,000
58,327
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Long
Corporate
Bond
Index
Fund
(cont.)
251
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Capital
Markets
-
2.4%
(continued)
S&P
Global,
Inc.
(continued)
3.90%,
3/1/2062
$
30,000
$
23,149
977,904
Chemicals
-
2
.0
%
CF
Industries,
Inc.
4.95%,
6/1/2043
55,000
49,430
5.38%,
3/15/2044
25,000
23,626
Dow
Chemical
Co.
(The)
9.40%,
5/15/2039
10,000
13,621
6.90%,
5/15/2053
60,000
68,474
Ecolab,
Inc.
2.75%,
8/18/2055
35,000
21,984
Lubrizol
Corp.
(The)
6.50%,
10/1/2034
15,000
17,142
LYB
International
Finance
BV
5.25%,
7/15/2043
50,000
46,521
4.88%,
3/15/2044
85,000
75,942
LYB
International
Finance
III
LLC
3.38%,
10/1/2040
50,000
37,795
4.20%,
10/15/2049
85,000
66,683
4.20%,
5/1/2050
85,000
66,383
3.63%,
4/1/2051
85,000
60,066
3.80%,
10/1/2060
45,000
31,291
LyondellBasell
Industries
NV
4.63%,
2/26/2055
85,000
70,594
PPG
Industries,
Inc.
5.50%,
11/15/2040
25,000
24,564
RPM
International,
Inc.
5.25%,
6/1/2045
20,000
18,737
Sherwin-Williams
Co.
(The)
4.00%,
12/15/2042
25,000
20,674
4.55%,
8/1/2045
25,000
21,669
4.50%,
6/1/2047
90,000
78,345
3.80%,
8/15/2049
20,000
15,459
3.30%,
5/15/2050
20,000
13,994
842,994
Commercial
Services
&
Supplies
-
0
.2
%
Republic
Services,
Inc.
6.20%,
3/1/2040
20,000
21,750
5.70%,
5/15/2041
25,000
25,830
Waste
Management,
Inc.
3.90%,
3/1/2035
25,000
22,787
2.95%,
6/1/2041
15,000
11,186
81,553
Communications
Equipment
-
1
.8
%
Cisco
Systems,
Inc.
5.90%,
2/15/2039
170,000
185,416
5.50%,
1/15/2040
170,000
176,625
5.30%,
2/26/2054
195,000
196,524
5.35%,
2/26/2064
90,000
90,281
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Communications
Equipment
-
1.8%
(continued)
Juniper
Networks,
Inc.
5.95%,
3/15/2041
$
30,000
$
30,541
Motorola
Solutions,
Inc.
5.50%,
9/1/2044
30,000
29,895
Nokia
OYJ
6.63%,
5/15/2039
35,000
35,387
744,669
Construction
&
Engineering
-
0
.1
%
Valmont
Industries,
Inc.
5.00%,
10/1/2044
15,000
13,828
5.25%,
10/1/2054
10,000
9,200
23,028
Construction
Materials
-
0
.2
%
Lafarge
SA
7.13%,
7/15/2036
25,000
28,765
Vulcan
Materials
Co.
4.50%,
6/15/2047
25,000
21,611
4.70%,
3/1/2048
30,000
26,736
77,112
Consumer
Staples
Distribution
&
Retail
-
0
.5
%
Kroger
Co.
(The)
6.90%,
4/15/2038
25,000
28,714
5.40%,
7/15/2040
5,000
4,913
5.00%,
4/15/2042
25,000
23,220
5.15%,
8/1/2043
30,000
28,131
Sysco
Corp.
5.38%,
9/21/2035
5,000
5,120
6.60%,
4/1/2040
5,000
5,513
4.85%,
10/1/2045
15,000
13,572
4.50%,
4/1/2046
5,000
4,319
6.60%,
4/1/2050
60,000
67,955
3.15%,
12/14/2051
30,000
20,043
201,500
Containers
&
Packaging
-
0
.1
%
Packaging
Corp.
of
America
4.05%,
12/15/2049
30,000
24,059
Diversified
REITs
-
0
.2
%
VICI
Properties
LP
REIT,
5.63%,
5/15/2052
50,000
45,977
REIT,
6.13%,
4/1/2054
35,000
34,581
80,558
Diversified
Telecommunication
Services
-
0
.3
%
AT&T,
Inc.
4.50%,
5/15/2035
25,000
23,570
3.55%,
9/15/2055
50,000
34,659
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Long
Corporate
Bond
Index
Fund
(cont.)
252
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Diversified
Telecommunication
Services
-
0.3%
(continued)
AT&T,
Inc.
(continued)
3.80%,
12/1/2057
$
40,000
$
28,771
3.65%,
9/15/2059
75,000
51,830
138,830
Electric
Utilities
-
3
.0
%
AEP
Texas,
Inc.
3.80%,
10/1/2047
50,000
37,257
3.45%,
5/15/2051
25,000
16,954
5.25%,
5/15/2052
25,000
23,216
AEP
Transmission
Co.
LLC
3.15%,
9/15/2049
25,000
17,049
Alabama
Power
Co.
5.50%,
3/15/2041
25,000
24,883
Series
11-C,
5.20%,
6/1/2041
25,000
24,009
4.10%,
1/15/2042
25,000
20,782
Appalachian
Power
Co.
4.45%,
6/1/2045
25,000
20,693
Series
Y,
4.50%,
3/1/2049
25,000
20,423
Duke
Energy
Corp.
3.75%,
9/1/2046
25,000
18,847
5.80%,
6/15/2054
25,000
25,011
Georgia
Power
Co.
5.40%,
6/1/2040
20,000
19,870
Series
10-C,
4.75%,
9/1/2040
25,000
23,124
4.30%,
3/15/2042
10,000
8,736
4.30%,
3/15/2043
25,000
21,356
Indiana
Michigan
Power
Co.
3.25%,
5/1/2051
25,000
16,989
International
Transmission
Co.
4.63%,
8/15/2043
20,000
17,641
Interstate
Power
and
Light
Co.
3.10%,
11/30/2051
25,000
16,365
Kentucky
Utilities
Co.
5.13%,
11/1/2040
50,000
48,358
3.30%,
6/1/2050
25,000
17,531
Louisville
Gas
and
Electric
Co.
5.13%,
11/15/2040
20,000
19,020
MidAmerican
Energy
Co.
2.70%,
8/1/2052
75,000
46,691
Mississippi
Power
Co.
Series
12-A,
4.25%,
3/15/2042
25,000
20,972
Series
B,
3.10%,
7/30/2051
25,000
16,303
Nevada
Power
Co.
Series
R,
6.75%,
7/1/2037
25,000
28,109
5.38%,
9/15/2040
25,000
24,971
5.45%,
5/15/2041
25,000
25,106
Series
EE,
3.13%,
8/1/2050
25,000
16,556
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Electric
Utilities
-
3.0%
(continued)
Nevada
Power
Co.
(continued)
Series
GG,
5.90%,
5/1/2053
$
25,000
$
25,775
Ohio
Power
Co.
Series
R,
2.90%,
10/1/2051
50,000
31,389
Oklahoma
Gas
and
Electric
Co.
5.85%,
6/1/2040
10,000
10,382
Pacific
Gas
and
Electric
Co.
4.95%,
7/1/2050
15,000
12,785
6.75%,
1/15/2053
40,000
42,902
PacifiCorp
6.10%,
8/1/2036
25,000
26,580
5.75%,
4/1/2037
25,000
25,646
6.25%,
10/15/2037
50,000
53,195
6.00%,
1/15/2039
50,000
52,262
4.13%,
1/15/2049
25,000
19,657
4.15%,
2/15/2050
25,000
19,640
3.30%,
3/15/2051
25,000
16,705
2.90%,
6/15/2052
75,000
45,714
5.35%,
12/1/2053
25,000
23,236
5.50%,
5/15/2054
25,000
23,747
5.80%,
1/15/2055
25,000
24,814
Progress
Energy,
Inc.
6.00%,
12/1/2039
25,000
26,026
Public
Service
Co.
of
Oklahoma
Series
K,
3.15%,
8/15/2051
25,000
16,517
Public
Service
Electric
and
Gas
Co.
Series
K,
4.05%,
5/1/2045
5,000
4,121
Southwestern
Electric
Power
Co.
Series
J,
3.90%,
4/1/2045
25,000
19,097
Series
L,
3.85%,
2/1/2048
25,000
18,484
3.25%,
11/1/2051
50,000
32,757
Wisconsin
Electric
Power
Co.
3.65%,
12/15/2042
10,000
7,895
4.25%,
6/1/2044
10,000
8,405
4.30%,
12/15/2045
10,000
8,449
Xcel
Energy,
Inc.
4.80%,
9/15/2041
25,000
22,102
1,255,104
Electronic
Equipment,
Instruments
&
Components
-
0
.2
%
Corning,
Inc.
5.75%,
8/15/2040
20,000
20,391
4.75%,
3/15/2042
25,000
22,815
Tyco
Electronics
Group
SA
7.13%,
10/1/2037
40,000
47,548
‌
‌
90,754
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Long
Corporate
Bond
Index
Fund
(cont.)
253
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Energy
Equipment
&
Services
-
0
.0
%
(d)
NOV,
Inc.
3.95%,
12/1/2042
$
25,000
$
19,369
Entertainment
-
0
.3
%
Electronic
Arts,
Inc.
2.95%,
2/15/2051
50,000
33,576
NBCUniversal
Media
LLC
6.40%,
4/30/2040
10,000
10,992
Warnermedia
Holdings,
Inc.
5.05%,
3/15/2042
50,000
39,444
5.14%,
3/15/2052
50,000
37,197
121,209
Financial
Services
-
2
.5
%
Apollo
Global
Management,
Inc.
5.80%,
5/21/2054
50,000
50,381
Fidelity
National
Information
Services,
Inc.
3.10%,
3/1/2041
25,000
18,407
Fiserv,
Inc.
4.40%,
7/1/2049
170,000
142,451
Mastercard,
Inc.
3.80%,
11/21/2046
45,000
36,971
3.95%,
2/26/2048
80,000
66,742
3.65%,
6/1/2049
120,000
94,500
3.85%,
3/26/2050
100,000
81,347
2.95%,
3/15/2051
50,000
34,215
Shell
International
Finance
BV
6.38%,
12/15/2038
20,000
22,672
Visa,
Inc.
2.70%,
4/15/2040
80,000
60,010
4.30%,
12/14/2045
300,000
268,025
3.65%,
9/15/2047
105,000
84,147
Voya
Financial,
Inc.
5.70%,
7/15/2043
30,000
29,574
Western
Union
Co.
(The)
6.20%,
11/17/2036
35,000
36,464
6.20%,
6/21/2040
20,000
20,175
1,046,081
Food
Products
-
0
.6
%
General
Mills,
Inc.
4.55%,
4/17/2038
20,000
18,343
5.40%,
6/15/2040
25,000
24,846
Ingredion,
Inc.
6.63%,
4/15/2037
25,000
27,460
3.90%,
6/1/2050
35,000
26,694
Kellanova
5.75%,
5/16/2054
25,000
25,381
Kraft
Heinz
Foods
Co.
6.50%,
2/9/2040
50,000
54,588
5.00%,
6/4/2042
10,000
9,291
5.20%,
7/15/2045
10,000
9,420
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Food
Products
-
0.6%
(continued)
Mondelez
International,
Inc.
2.63%,
9/4/2050
$
60,000
$
37,178
233,201
Gas
Utilities
-
0
.3
%
Atmos
Energy
Corp.
2.85%,
2/15/2052
50,000
32,002
5.75%,
10/15/2052
25,000
25,894
6.20%,
11/15/2053
25,000
27,614
Piedmont
Natural
Gas
Co.,
Inc.
4.65%,
8/1/2043
25,000
22,053
107,563
Ground
Transportation
-
2
.6
%
Burlington
Northern
Santa
Fe
LLC
6.15%,
5/1/2037
25,000
27,745
5.75%,
5/1/2040
90,000
94,481
5.40%,
6/1/2041
75,000
75,940
4.40%,
3/15/2042
50,000
45,123
4.45%,
3/15/2043
75,000
67,591
5.15%,
9/1/2043
50,000
49,358
4.55%,
9/1/2044
15,000
13,598
4.15%,
12/15/2048
5,000
4,214
3.05%,
2/15/2051
75,000
51,547
3.30%,
9/15/2051
65,000
46,670
2.88%,
6/15/2052
90,000
58,896
4.45%,
1/15/2053
120,000
105,540
5.20%,
4/15/2054
180,000
176,642
Canadian
National
Railway
Co.
4.50%,
11/7/2043
25,000
22,377
Canadian
Pacific
Railway
Co.
5.75%,
1/15/2042
10,000
10,102
CSX
Corp.
6.22%,
4/30/2040
10,000
10,946
4.65%,
3/1/2068
25,000
21,594
Union
Pacific
Corp.
3.95%,
8/15/2059
25,000
19,352
3.84%,
3/20/2060
75,000
56,966
3.55%,
5/20/2061
15,000
10,726
5.15%,
1/20/2063
40,000
38,171
4.10%,
9/15/2067
25,000
19,626
3.75%,
2/5/2070
15,000
10,847
3.80%,
4/6/2071
25,000
18,276
3.85%,
2/14/2072
15,000
11,024
1,067,352
Health
Care
Equipment
&
Supplies
-
0
.9
%
Abbott
Laboratories
6.15%,
11/30/2037
40,000
44,821
6.00%,
4/1/2039
20,000
22,251
4.90%,
11/30/2046
15,000
14,540
Becton
Dickinson
&
Co.
4.67%,
6/6/2047
25,000
22,380
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Long
Corporate
Bond
Index
Fund
(cont.)
254
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Health
Care
Equipment
&
Supplies
-
0.9%
(continued)
Boston
Scientific
Corp.
6.50%,
11/15/2035(b)
$
30,000
$
34,037
7.38%,
1/15/2040
20,000
24,013
4.70%,
3/1/2049
50,000
45,510
Stryker
Corp.
4.10%,
4/1/2043
25,000
21,223
4.38%,
5/15/2044
25,000
22,103
4.63%,
3/15/2046
100,000
90,194
Zimmer
Biomet
Holdings,
Inc.
4.25%,
8/15/2035
25,000
22,635
363,707
Health
Care
Providers
&
Services
-
2
.5
%
Cardinal
Health,
Inc.
4.60%,
3/15/2043
30,000
26,129
4.50%,
11/15/2044
25,000
21,363
4.90%,
9/15/2045
55,000
49,646
4.37%,
6/15/2047
40,000
33,112
Cencora,
Inc.
4.25%,
3/1/2045
35,000
30,008
4.30%,
12/15/2047
60,000
51,120
CVS
Health
Corp.
4.78%,
3/25/2038
50,000
45,927
Elevance
Health,
Inc.
5.95%,
12/15/2034
10,000
10,643
5.85%,
1/15/2036
20,000
21,106
6.38%,
6/15/2037
25,000
27,412
4.63%,
5/15/2042
65,000
58,813
4.65%,
1/15/2043
60,000
53,982
5.10%,
1/15/2044
40,000
38,081
4.65%,
8/15/2044
10,000
8,965
4.38%,
12/1/2047
5,000
4,255
4.55%,
3/1/2048
10,000
8,697
4.55%,
5/15/2052
15,000
12,920
6.10%,
10/15/2052
15,000
16,017
5.13%,
2/15/2053
5,000
4,698
4.85%,
8/15/2054
25,000
21,872
HCA,
Inc.
5.25%,
6/15/2049
20,000
18,243
4.63%,
3/15/2052
20,000
16,517
5.90%,
6/1/2053
10,000
9,952
6.00%,
4/1/2054
105,000
105,794
6.10%,
4/1/2064
25,000
25,074
McKesson
Corp.
4.88%,
3/15/2044
25,000
22,748
OhioHealth
Corp.
2.83%,
11/15/2041
10,000
7,449
Series
2020,
3.04%,
11/15/2050
20,000
14,432
UnitedHealth
Group,
Inc.
5.95%,
2/15/2041
25,000
26,767
3.88%,
8/15/2059
45,000
33,821
4.95%,
5/15/2062
55,000
50,039
6.05%,
2/15/2063
55,000
59,093
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Health
Care
Providers
&
Services
-
2.5%
(continued)
UnitedHealth
Group,
Inc.
(continued)
5.20%,
4/15/2063
$
75,000
$
71,057
5.50%,
4/15/2064
55,000
54,507
1,060,259
Health
Care
REITs
-
0
.1
%
Alexandria
Real
Estate
Equities,
Inc.
REIT,
4.75%,
4/15/2035
25,000
23,733
Hotels,
Restaurants
&
Leisure
-
2
.1
%
Darden
Restaurants,
Inc.
4.55%,
2/15/2048
20,000
16,569
Marriott
International,
Inc.
4.50%,
10/1/2034
25,000
23,369
McDonald's
Corp.
4.70%,
12/9/2035
75,000
73,441
6.30%,
10/15/2037
100,000
111,027
6.30%,
3/1/2038
45,000
49,621
5.70%,
2/1/2039
25,000
26,261
3.70%,
2/15/2042
35,000
28,135
3.63%,
5/1/2043
60,000
47,276
4.60%,
5/26/2045
40,000
35,457
4.88%,
12/9/2045
65,000
60,049
4.45%,
3/1/2047
90,000
77,436
4.45%,
9/1/2048
50,000
42,840
3.63%,
9/1/2049
170,000
126,532
4.20%,
4/1/2050
100,000
81,940
5.15%,
9/9/2052
65,000
61,567
861,520
Household
Durables
-
0
.1
%
PulteGroup,
Inc.
6.00%,
2/15/2035
25,000
26,377
Household
Products
-
0
.4
%
Church
&
Dwight
Co.,
Inc.
3.95%,
8/1/2047
25,000
20,252
5.00%,
6/15/2052
50,000
47,513
Kimberly-Clark
Corp.
6.63%,
8/1/2037
25,000
29,186
5.30%,
3/1/2041
25,000
25,302
3.70%,
6/1/2043
25,000
20,094
3.90%,
5/4/2047
25,000
20,509
162,856
Independent
Power
and
Renewable
Electricity
Producers
-
0
.3
%
Constellation
Energy
Generation
LLC
5.75%,
10/1/2041
5,000
5,029
5.60%,
6/15/2042
25,000
24,679
Southern
Power
Co.
5.15%,
9/15/2041
45,000
42,521
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Long
Corporate
Bond
Index
Fund
(cont.)
255
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Independent
Power
and
Renewable
Electricity
Producers
-
0.3%
(continued)
Southern
Power
Co.
(continued)
5.25%,
7/15/2043
$
25,000
$
23,590
Series
F,
4.95%,
12/15/2046
25,000
22,339
118,158
Industrial
Conglomerates
-
0
.7
%
Honeywell
International,
Inc.
5.70%,
3/15/2037
50,000
53,570
5.38%,
3/1/2041
20,000
20,343
5.25%,
3/1/2054
180,000
178,491
5.35%,
3/1/2064
40,000
39,878
292,282
Industrial
REITs
-
0
.1
%
Prologis
LP
REIT,
5.25%,
6/15/2053
25,000
24,275
Insurance
-
6
.8
%
Aflac,
Inc.
6.45%,
8/15/2040
20,000
21,992
4.00%,
10/15/2046
25,000
20,326
Alleghany
Corp.
4.90%,
9/15/2044
25,000
23,905
3.25%,
8/15/2051
50,000
34,717
Allstate
Corp.
(The)
6.50%,
5/15/2057(c)
20,000
20,305
American
International
Group,
Inc.
4.75%,
4/1/2048
25,000
22,753
Aon
Corp.
6.25%,
9/30/2040
20,000
21,536
2.90%,
8/23/2051
30,000
19,050
3.90%,
2/28/2052
75,000
57,214
Aon
Global
Ltd.
4.25%,
12/12/2042
20,000
16,567
4.45%,
5/24/2043
20,000
17,016
4.60%,
6/14/2044
40,000
35,114
4.75%,
5/15/2045
30,000
26,775
Aon
North
America,
Inc.
5.75%,
3/1/2054
200,000
201,742
Arch
Capital
Finance
LLC
5.03%,
12/15/2046
30,000
27,865
Arch
Capital
Group
Ltd.
3.64%,
6/30/2050
100,000
72,577
Arch
Capital
Group
US,
Inc.
5.14%,
11/1/2043
40,000
37,585
Arthur
J
Gallagher
&
Co.
3.50%,
5/20/2051
60,000
42,588
3.05%,
3/9/2052
25,000
15,781
5.75%,
3/2/2053
95,000
94,566
6.75%,
2/15/2054
45,000
50,896
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Insurance
-
6.8%
(continued)
Arthur
J
Gallagher
&
Co.
(continued)
5.75%,
7/15/2054
$
35,000
$
35,071
Athene
Holding
Ltd.
3.95%,
5/25/2051
35,000
25,567
3.45%,
5/15/2052
40,000
26,131
6.25%,
4/1/2054
95,000
96,902
Berkshire
Hathaway
Finance
Corp.
5.75%,
1/15/2040
5,000
5,430
4.20%,
8/15/2048
150,000
130,513
2.85%,
10/15/2050
175,000
116,867
3.85%,
3/15/2052
240,000
191,935
Brown
&
Brown,
Inc.
4.95%,
3/17/2052
50,000
43,729
Cincinnati
Financial
Corp.
6.13%,
11/1/2034
25,000
26,664
Everest
Reinsurance
Holdings,
Inc.
4.87%,
6/1/2044
25,000
22,377
Fairfax
Financial
Holdings
Ltd.
6.35%,
3/22/2054(a)
35,000
36,001
Hartford
Financial
Services
Group,
Inc.
(The)
5.95%,
10/15/2036
25,000
26,849
6.63%,
3/30/2040
25,000
27,534
6.10%,
10/1/2041
25,000
26,329
4.30%,
4/15/2043
25,000
21,721
4.40%,
3/15/2048
35,000
29,821
Markel
Group,
Inc.
5.00%,
3/30/2043
25,000
23,124
5.00%,
4/5/2046
35,000
31,647
5.00%,
5/20/2049
5,000
4,496
4.15%,
9/17/2050
10,000
7,856
3.45%,
5/7/2052
30,000
20,489
6.00%,
5/16/2054
25,000
25,348
Marsh
&
McLennan
Cos.,
Inc.
4.75%,
3/15/2039
25,000
23,917
4.35%,
1/30/2047
25,000
21,560
4.20%,
3/1/2048
50,000
41,734
4.90%,
3/15/2049
135,000
124,777
2.90%,
12/15/2051
35,000
22,538
6.25%,
11/1/2052
45,000
50,245
5.45%,
3/15/2053
50,000
50,055
5.70%,
9/15/2053
75,000
78,007
5.45%,
3/15/2054
85,000
85,628
MetLife,
Inc.
10.75%,
8/1/2039
20,000
27,014
Old
Republic
International
Corp.
3.85%,
6/11/2051
50,000
36,235
Prudential
Financial,
Inc.
4.35%,
2/25/2050
50,000
42,132
3.70%,
3/13/2051
25,000
18,704
Reinsurance
Group
of
America,
Inc.
5.75%,
9/15/2034
25,000
25,573
Transatlantic
Holdings,
Inc.
8.00%,
11/30/2039
25,000
32,165
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Long
Corporate
Bond
Index
Fund
(cont.)
256
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Insurance
-
6.8%
(continued)
Travelers
Cos.,
Inc.
(The)
4.05%,
3/7/2048
$
50,000
$
41,895
Trinity
Acquisition
plc
6.13%,
8/15/2043
25,000
25,213
Unum
Group
5.75%,
8/15/2042
50,000
49,245
Willis
North
America,
Inc.
5.05%,
9/15/2048
80,000
71,572
3.88%,
9/15/2049
25,000
18,678
5.90%,
3/5/2054
50,000
50,032
2,820,190
Interactive
Media
&
Services
-
2
.0
%
Alphabet,
Inc.
1.90%,
8/15/2040
75,000
50,632
Meta
Platforms,
Inc.
4.45%,
8/15/2052
250,000
219,335
5.60%,
5/15/2053
260,000
271,066
4.65%,
8/15/2062
100,000
88,427
5.75%,
5/15/2063
185,000
194,251
823,711
IT
Services
-
1
.9
%
IBM
International
Capital
Pte.
Ltd.
5.30%,
2/5/2054
100,000
96,232
International
Business
Machines
Corp.
4.15%,
5/15/2039
190,000
168,559
5.60%,
11/30/2039
50,000
52,706
2.85%,
5/15/2040
100,000
73,737
4.00%,
6/20/2042
105,000
88,254
4.25%,
5/15/2049
170,000
141,515
2.95%,
5/15/2050
10,000
6,588
3.43%,
2/9/2052
10,000
7,114
4.90%,
7/27/2052
30,000
27,700
5.10%,
2/6/2053
120,000
115,647
7.13%,
12/1/2096
25,000
32,072
810,124
Leisure
Products
-
0
.1
%
Brunswick
Corp.
5.10%,
4/1/2052
15,000
12,097
Mattel,
Inc.
6.20%,
10/1/2040
25,000
25,100
37,197
Machinery
-
1
.0
%
Dover
Corp.
6.60%,
3/15/2038
25,000
28,144
5.38%,
3/1/2041
25,000
25,047
Illinois
Tool
Works,
Inc.
4.88%,
9/15/2041
45,000
43,878
3.90%,
9/1/2042
130,000
110,457
Ingersoll
Rand,
Inc.
5.45%,
6/15/2034
45,000
46,411
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Machinery
-
1.0%
(continued)
Otis
Worldwide
Corp.
3.11%,
2/15/2040
$
75,000
$
57,293
3.36%,
2/15/2050
50,000
36,070
Parker-Hannifin
Corp.
6.25%,
5/15/2038
15,000
16,484
Snap-on,
Inc.
4.10%,
3/1/2048
25,000
20,933
3.10%,
5/1/2050
25,000
17,302
Xylem,
Inc.
4.38%,
11/1/2046
25,000
21,417
423,436
Media
-
3
.3
%
Charter
Communications
Operating
LLC
6.38%,
10/23/2035
25,000
25,064
5.38%,
4/1/2038
25,000
22,573
6.48%,
10/23/2045
125,000
118,255
5.38%,
5/1/2047
85,000
70,361
5.75%,
4/1/2048
90,000
77,756
5.13%,
7/1/2049
50,000
39,473
4.80%,
3/1/2050
105,000
79,306
5.25%,
4/1/2053
20,000
16,179
6.83%,
10/23/2055
15,000
14,485
3.85%,
4/1/2061
30,000
18,111
4.40%,
12/1/2061
40,000
26,735
3.95%,
6/30/2062
20,000
12,245
5.50%,
4/1/2063
25,000
19,959
Comcast
Corp.
6.50%,
11/15/2035
50,000
55,874
6.45%,
3/15/2037
60,000
66,688
6.95%,
8/15/2037
25,000
29,015
3.90%,
3/1/2038
10,000
8,721
6.55%,
7/1/2039
20,000
22,540
6.40%,
3/1/2040
10,000
11,038
2.89%,
11/1/2051
25,000
16,028
5.35%,
5/15/2053
15,000
14,683
5.65%,
6/1/2054
25,000
25,492
2.94%,
11/1/2056
35,000
21,773
2.99%,
11/1/2063
5,000
3,023
Fox
Corp.
5.48%,
1/25/2039
100,000
98,538
5.58%,
1/25/2049
130,000
122,876
Interpublic
Group
of
Cos.,
Inc.
(The)
3.38%,
3/1/2041
35,000
26,381
5.40%,
10/1/2048
45,000
42,522
Time
Warner
Cable
LLC
6.55%,
5/1/2037
100,000
98,009
7.30%,
7/1/2038
75,000
78,197
6.75%,
6/15/2039
35,000
34,661
5.88%,
11/15/2040
20,000
17,941
5.50%,
9/1/2041
45,000
38,607
4.50%,
9/15/2042
25,000
18,882
‌
‌
1,391,991
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Long
Corporate
Bond
Index
Fund
(cont.)
257
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Metals
&
Mining
-
1
.5
%
BHP
Billiton
Finance
USA
Ltd.
5.00%,
9/30/2043
$
105,000
$
101,126
5.50%,
9/8/2053
75,000
76,468
Freeport-McMoRan,
Inc.
5.45%,
3/15/2043
20,000
19,171
Nucor
Corp.
6.40%,
12/1/2037
65,000
72,421
2.98%,
12/15/2055
25,000
15,699
Reliance,
Inc.
6.85%,
11/15/2036
25,000
27,891
Rio
Tinto
Alcan,
Inc.
5.75%,
6/1/2035
5,000
5,357
Rio
Tinto
Finance
USA
Ltd.
5.20%,
11/2/2040
70,000
69,588
Rio
Tinto
Finance
USA
plc
5.13%,
3/9/2053
85,000
82,206
Steel
Dynamics,
Inc.
3.25%,
10/15/2050
20,000
13,497
Vale
Overseas
Ltd.
6.88%,
11/21/2036
75,000
80,747
6.88%,
11/10/2039
65,000
69,888
634,059
Multi-Utilities
-
1
.8
%
Berkshire
Hathaway
Energy
Co.
6.13%,
4/1/2036
35,000
37,746
5.95%,
5/15/2037
25,000
26,555
5.15%,
11/15/2043
5,000
4,845
3.80%,
7/15/2048
75,000
57,349
4.45%,
1/15/2049
25,000
21,050
4.25%,
10/15/2050
75,000
60,858
2.85%,
5/15/2051
50,000
31,923
4.60%,
5/1/2053
20,000
17,205
Consolidated
Edison
Co.
of
New
York,
Inc.
5.70%,
6/15/2040
25,000
25,578
Series
12-A,
4.20%,
3/15/2042
25,000
21,337
3.20%,
12/1/2051
25,000
17,091
Series
C,
4.30%,
12/1/2056
25,000
20,364
Series
C,
4.00%,
11/15/2057
25,000
19,375
4.50%,
5/15/2058
25,000
21,035
3.70%,
11/15/2059
25,000
17,962
Series
C,
3.00%,
12/1/2060
25,000
15,272
3.60%,
6/15/2061
25,000
17,560
Consumers
Energy
Co.
4.35%,
8/31/2064
25,000
19,890
NiSource,
Inc.
5.95%,
6/15/2041
35,000
36,017
5.80%,
2/1/2042
10,000
10,105
5.25%,
2/15/2043
15,000
14,167
4.80%,
2/15/2044
50,000
44,898
5.65%,
2/1/2045
45,000
44,719
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Multi-Utilities
-
1.8%
(continued)
NiSource,
Inc.
(continued)
4.38%,
5/15/2047
$
10,000
$
8,328
Puget
Sound
Energy,
Inc.
5.76%,
7/15/2040
25,000
25,094
Southern
Co.
Gas
Capital
Corp.
6.00%,
10/1/2034
25,000
25,754
5.88%,
3/15/2041
25,000
25,885
4.40%,
6/1/2043
25,000
21,308
3.95%,
10/1/2046
25,000
19,469
4.40%,
5/30/2047
25,000
20,943
Series
21A,
3.15%,
9/30/2051
25,000
16,114
765,796
Oil,
Gas
&
Consumable
Fuels
-
19
.4
%
Apache
Corp.
5.10%,
9/1/2040
125,000
109,411
5.25%,
2/1/2042
25,000
21,766
4.75%,
4/15/2043
75,000
61,003
5.35%,
7/1/2049
25,000
21,319
Boardwalk
Pipelines
LP
5.63%,
8/1/2034
25,000
25,259
BP
Capital
Markets
America,
Inc.
3.38%,
2/8/2061
125,000
85,328
Canadian
Natural
Resources
Ltd.
6.50%,
2/15/2037
35,000
37,422
6.25%,
3/15/2038
130,000
137,564
6.75%,
2/1/2039
50,000
54,662
4.95%,
6/1/2047
50,000
44,563
Cenovus
Energy,
Inc.
5.25%,
6/15/2037
20,000
19,525
6.75%,
11/15/2039
35,000
38,658
5.40%,
6/15/2047
37,000
35,055
ConocoPhillips
Co.
5.30%,
5/15/2053
40,000
38,986
5.55%,
3/15/2054
35,000
35,265
4.03%,
3/15/2062
205,000
157,948
5.70%,
9/15/2063
70,000
71,425
Continental
Resources,
Inc.
4.90%,
6/1/2044
75,000
63,343
Devon
Energy
Corp.
5.60%,
7/15/2041
140,000
134,343
4.75%,
5/15/2042
50,000
43,053
5.00%,
6/15/2045
65,000
57,088
Diamondback
Energy,
Inc.
4.40%,
3/24/2051
50,000
41,160
4.25%,
3/15/2052
100,000
79,691
6.25%,
3/15/2053
45,000
47,535
5.75%,
4/18/2054
110,000
108,882
5.90%,
4/18/2064
95,000
94,490
Eastern
Gas
Transmission
&
Storage,
Inc.
4.80%,
11/1/2043
25,000
22,534
4.60%,
12/15/2044
25,000
21,842
3.90%,
11/15/2049
25,000
18,335
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Long
Corporate
Bond
Index
Fund
(cont.)
258
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
19.4%
(continued)
Enbridge
Energy
Partners
LP
Series
B,
7.50%,
4/15/2038
$
25,000
$
29,421
5.50%,
9/15/2040
40,000
39,231
7.38%,
10/15/2045
70,000
81,438
Enbridge,
Inc.
4.50%,
6/10/2044
45,000
38,285
5.50%,
12/1/2046
25,000
24,699
3.40%,
8/1/2051
55,000
38,227
6.70%,
11/15/2053
100,000
111,723
5.95%,
4/5/2054
55,000
55,799
Energy
Transfer
LP
5.60%,
9/1/2034
25,000
25,366
6.63%,
10/15/2036
15,000
16,286
7.50%,
7/1/2038
25,000
29,188
6.85%,
2/15/2040
10,000
10,652
6.05%,
6/1/2041
15,000
15,157
6.50%,
2/1/2042
70,000
74,259
6.10%,
2/15/2042
15,000
15,123
4.95%,
1/15/2043
15,000
13,172
5.15%,
2/1/2043
25,000
22,526
5.95%,
10/1/2043
40,000
39,639
5.30%,
4/1/2044
25,000
23,032
5.00%,
5/15/2044(b)
15,000
13,301
5.15%,
3/15/2045
35,000
31,656
5.35%,
5/15/2045
75,000
69,249
6.13%,
12/15/2045
40,000
40,472
5.30%,
4/15/2047
25,000
22,747
5.40%,
10/1/2047
60,000
55,337
6.00%,
6/15/2048
35,000
34,779
6.25%,
4/15/2049
90,000
92,148
5.00%,
5/15/2050
100,000
87,214
5.95%,
5/15/2054
90,000
88,874
6.05%,
9/1/2054
25,000
25,060
EnLink
Midstream
Partners
LP
5.60%,
4/1/2044
5,000
4,488
Enterprise
Products
Operating
LLC
Series
J,
5.75%,
3/1/2035
25,000
25,971
7.55%,
4/15/2038
15,000
18,230
6.13%,
10/15/2039
20,000
21,685
6.45%,
9/1/2040
45,000
49,701
5.95%,
2/1/2041
50,000
52,628
5.70%,
2/15/2042
55,000
56,326
4.85%,
8/15/2042
50,000
46,413
4.45%,
2/15/2043
65,000
57,334
4.85%,
3/15/2044
50,000
46,307
5.10%,
2/15/2045
40,000
38,182
4.90%,
5/15/2046
40,000
37,020
4.25%,
2/15/2048
25,000
21,039
4.80%,
2/1/2049
25,000
22,727
4.20%,
1/31/2050
20,000
16,621
3.70%,
1/31/2051
50,000
38,074
3.20%,
2/15/2052
100,000
68,698
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
19.4%
(continued)
Enterprise
Products
Operating
LLC
(continued)
3.30%,
2/15/2053
$
75,000
$
52,059
4.95%,
10/15/2054
30,000
27,644
3.95%,
1/31/2060
100,000
76,310
Hess
Corp.
5.60%,
2/15/2041
25,000
25,423
Kinder
Morgan
Energy
Partners
LP
5.80%,
3/15/2035
25,000
25,787
6.50%,
2/1/2037
25,000
26,749
6.95%,
1/15/2038
50,000
55,822
6.50%,
9/1/2039
25,000
26,803
6.55%,
9/15/2040
25,000
26,537
7.50%,
11/15/2040
25,000
28,797
6.38%,
3/1/2041
50,000
52,354
5.63%,
9/1/2041
25,000
24,327
5.00%,
8/15/2042
25,000
22,448
4.70%,
11/1/2042
25,000
21,466
5.00%,
3/1/2043
25,000
22,376
5.50%,
3/1/2044
25,000
23,838
5.40%,
9/1/2044
15,000
14,093
Kinder
Morgan,
Inc.
5.55%,
6/1/2045
65,000
62,564
5.05%,
2/15/2046
25,000
22,479
5.20%,
3/1/2048
25,000
22,742
3.60%,
2/15/2051
50,000
35,068
5.45%,
8/1/2052
35,000
33,031
Marathon
Oil
Corp.
6.60%,
10/1/2037
5,000
5,557
5.20%,
6/1/2045
25,000
23,848
Marathon
Petroleum
Corp.
6.50%,
3/1/2041
75,000
80,134
4.75%,
9/15/2044
50,000
43,742
5.85%,
12/15/2045
35,000
34,914
4.50%,
4/1/2048
15,000
12,340
5.00%,
9/15/2054
25,000
21,673
MPLX
LP
5.20%,
3/1/2047
60,000
55,188
5.20%,
12/1/2047
40,000
36,281
4.70%,
4/15/2048
125,000
105,980
5.50%,
2/15/2049
105,000
99,395
4.95%,
3/14/2052
130,000
113,290
5.65%,
3/1/2053
50,000
48,077
4.90%,
4/15/2058
45,000
37,915
Occidental
Petroleum
Corp.
6.45%,
9/15/2036
175,000
186,932
7.95%,
6/15/2039
30,000
35,560
6.20%,
3/15/2040
30,000
30,842
4.63%,
6/15/2045
25,000
20,191
6.60%,
3/15/2046
85,000
90,529
4.40%,
4/15/2046
75,000
60,590
4.10%,
2/15/2047
25,000
18,500
4.20%,
3/15/2048
10,000
7,759
4.40%,
8/15/2049
25,000
18,969
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Long
Corporate
Bond
Index
Fund
(cont.)
259
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
19.4%
(continued)
ONEOK
Partners
LP
6.65%,
10/1/2036
$
50,000
$
54,706
6.85%,
10/15/2037
50,000
55,440
6.13%,
2/1/2041
65,000
66,355
6.20%,
9/15/2043
25,000
25,752
ONEOK,
Inc.
6.00%,
6/15/2035
20,000
20,968
6.40%,
5/1/2037
15,000
15,694
4.20%,
12/1/2042
10,000
8,022
5.15%,
10/15/2043
30,000
27,838
4.20%,
3/15/2045
25,000
19,833
4.25%,
9/15/2046
40,000
32,175
4.95%,
7/13/2047
40,000
35,082
4.20%,
10/3/2047
45,000
35,423
5.20%,
7/15/2048
90,000
81,401
4.85%,
2/1/2049
40,000
34,577
4.45%,
9/1/2049
25,000
20,224
3.95%,
3/1/2050
60,000
44,996
4.50%,
3/15/2050
40,000
32,724
7.15%,
1/15/2051
20,000
22,521
6.63%,
9/1/2053
155,000
169,387
Ovintiv,
Inc.
6.50%,
2/1/2038
30,000
31,476
7.10%,
7/15/2053
30,000
33,513
Phillips
66
5.88%,
5/1/2042
30,000
30,953
4.88%,
11/15/2044
25,000
22,765
3.30%,
3/15/2052
85,000
57,016
Phillips
66
Co.
4.68%,
2/15/2045
25,000
21,958
5.65%,
6/15/2054
25,000
24,608
Plains
All
American
Pipeline
LP
6.65%,
1/15/2037
20,000
21,656
5.15%,
6/1/2042
35,000
31,954
4.30%,
1/31/2043
75,000
60,998
4.70%,
6/15/2044
50,000
42,611
4.90%,
2/15/2045
50,000
43,614
Spectra
Energy
Partners
LP
5.95%,
9/25/2043
30,000
30,391
4.50%,
3/15/2045
50,000
41,980
Suncor
Energy,
Inc.
6.80%,
5/15/2038
50,000
55,564
6.50%,
6/15/2038
80,000
88,295
6.85%,
6/1/2039
45,000
50,182
4.00%,
11/15/2047
55,000
42,581
3.75%,
3/4/2051
55,000
40,316
Targa
Resources
Corp.
4.95%,
4/15/2052
25,000
21,896
6.25%,
7/1/2052
15,000
15,559
6.50%,
2/15/2053
50,000
53,657
Tennessee
Gas
Pipeline
Co.
LLC
7.63%,
4/1/2037
15,000
17,613
TotalEnergies
Capital
International
SA
3.39%,
6/29/2060
30,000
20,688
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
19.4%
(continued)
TotalEnergies
Capital
SA
5.64%,
4/5/2064
$
115,000
$
116,857
Valero
Energy
Corp.
6.63%,
6/15/2037
75,000
82,144
4.90%,
3/15/2045
20,000
18,435
3.65%,
12/1/2051
80,000
56,963
4.00%,
6/1/2052
45,000
33,985
Western
Midstream
Operating
LP
5.45%,
4/1/2044
95,000
86,863
5.30%,
3/1/2048
75,000
66,010
5.50%,
8/15/2048
25,000
22,429
5.25%,
2/1/2050(b)
35,000
31,057
Williams
Cos.,
Inc.
(The)
6.30%,
4/15/2040
75,000
79,542
5.80%,
11/15/2043
25,000
25,016
5.40%,
3/4/2044
25,000
23,976
5.75%,
6/24/2044
25,000
24,932
4.90%,
1/15/2045
25,000
22,386
5.10%,
9/15/2045
35,000
32,338
4.85%,
3/1/2048
30,000
26,602
3.50%,
10/15/2051
50,000
35,524
5.30%,
8/15/2052
20,000
19,008
8,038,911
Pharmaceuticals
-
3
.2
%
AstraZeneca
plc
6.45%,
9/15/2037
35,000
39,939
Eli
Lilly
&
Co.
5.95%,
11/15/2037
10,000
11,027
4.15%,
3/15/2059
45,000
37,579
4.95%,
2/27/2063
85,000
81,049
5.10%,
2/9/2064
130,000
126,781
GlaxoSmithKline
Capital,
Inc.
6.38%,
5/15/2038
35,000
39,637
Johnson
&
Johnson
3.63%,
3/3/2037
25,000
22,438
5.95%,
8/15/2037
60,000
67,169
5.85%,
7/15/2038
30,000
33,421
3.70%,
3/1/2046
20,000
16,570
3.75%,
3/3/2047
5,000
4,141
5.25%,
6/1/2054
70,000
72,271
2.45%,
9/1/2060
120,000
70,401
Merck
&
Co.,
Inc.
6.55%,
9/15/2037
25,000
28,686
2.35%,
6/24/2040
25,000
17,518
3.60%,
9/15/2042
20,000
16,300
4.15%,
5/18/2043
10,000
8,757
3.70%,
2/10/2045
20,000
16,138
4.00%,
3/7/2049
15,000
12,433
2.75%,
12/10/2051
90,000
58,053
5.00%,
5/17/2053
120,000
115,165
2.90%,
12/10/2061
130,000
80,146
5.15%,
5/17/2063
100,000
97,291
Merck
Sharp
&
Dohme
Corp.
5.85%,
6/30/2039
20,000
21,496
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Long
Corporate
Bond
Index
Fund
(cont.)
260
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Pharmaceuticals
-
3.2%
(continued)
Novartis
Capital
Corp.
4.40%,
5/6/2044
$
20,000
$
18,364
Pfizer
Investment
Enterprises
Pte.
Ltd.
5.34%,
5/19/2063
50,000
48,715
Zoetis,
Inc.
4.70%,
2/1/2043
90,000
82,185
3.95%,
9/12/2047
50,000
40,319
4.45%,
8/20/2048
25,000
21,838
3.00%,
5/15/2050
50,000
33,633
1,339,460
Professional
Services
-
0
.1
%
Verisk
Analytics,
Inc.
5.50%,
6/15/2045
25,000
24,704
3.63%,
5/15/2050
50,000
36,915
61,619
Real
Estate
Management
&
Development
-
0
.1
%
CBRE
Services,
Inc.
5.95%,
8/15/2034
55,000
57,709
Retail
REITs
-
0
.0
%
(d)
Federal
Realty
OP
LP
REIT,
3.63%,
8/1/2046
25,000
17,220
Semiconductors
&
Semiconductor
Equipment
-
3
.6
%
Advanced
Micro
Devices,
Inc.
4.39%,
6/1/2052
25,000
22,089
Analog
Devices,
Inc.
2.80%,
10/1/2041
25,000
18,254
5.30%,
12/15/2045
20,000
19,924
5.30%,
4/1/2054
65,000
65,332
Applied
Materials,
Inc.
5.85%,
6/15/2041
45,000
48,928
Broadcom,
Inc.
3.14%,
11/15/2035(a)
165,000
136,162
4.93%,
5/15/2037(a)
130,000
125,450
KLA
Corp.
5.65%,
11/1/2034
25,000
26,652
5.00%,
3/15/2049
20,000
19,227
4.95%,
7/15/2052
70,000
66,706
5.25%,
7/15/2062
105,000
103,116
Lam
Research
Corp.
4.88%,
3/15/2049
30,000
28,276
3.13%,
6/15/2060
70,000
46,032
NVIDIA
Corp.
3.70%,
4/1/2060
45,000
35,315
NXP
BV
3.25%,
5/11/2041
95,000
70,985
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Semiconductors
&
Semiconductor
Equipment
-
3.6%
(continued)
NXP
BV
(continued)
3.13%,
2/15/2042
$
35,000
$
25,383
QUALCOMM,
Inc.
4.30%,
5/20/2047
65,000
56,801
4.50%,
5/20/2052
75,000
66,328
6.00%,
5/20/2053
85,000
93,645
Texas
Instruments,
Inc.
4.15%,
5/15/2048
175,000
149,847
2.70%,
9/15/2051
5,000
3,230
4.10%,
8/16/2052
10,000
8,433
5.00%,
3/14/2053
50,000
48,380
5.15%,
2/8/2054
55,000
54,463
5.05%,
5/18/2063
160,000
153,324
1,492,282
Software
-
3
.7
%
Intuit,
Inc.
5.50%,
9/15/2053
100,000
103,131
Microsoft
Corp.
3.50%,
2/12/2035
25,000
23,176
3.45%,
8/8/2036
75,000
67,382
2.53%,
6/1/2050
95,000
61,756
2.50%,
9/15/2050
25,000
16,109
2.92%,
3/17/2052
100,000
70,239
4.00%,
2/12/2055
50,000
42,874
3.95%,
8/8/2056
50,000
42,081
4.50%,
2/6/2057
50,000
47,235
2.68%,
6/1/2060
340,000
214,522
3.04%,
3/17/2062
160,000
109,442
Oracle
Corp.
3.90%,
5/15/2035
25,000
22,244
3.85%,
7/15/2036
50,000
43,286
3.80%,
11/15/2037
25,000
21,195
6.50%,
4/15/2038
75,000
82,465
6.13%,
7/8/2039
55,000
58,328
3.60%,
4/1/2040
45,000
35,611
5.38%,
7/15/2040
50,000
48,788
3.65%,
3/25/2041
25,000
19,645
4.50%,
7/8/2044
10,000
8,532
4.13%,
5/15/2045
25,000
20,094
4.00%,
7/15/2046
50,000
39,370
4.00%,
11/15/2047
25,000
19,514
3.60%,
4/1/2050
75,000
53,766
3.95%,
3/25/2051
40,000
30,381
6.90%,
11/9/2052
100,000
114,735
5.55%,
2/6/2053
25,000
24,314
4.38%,
5/15/2055
14,000
11,275
3.85%,
4/1/2060
15,000
10,655
Salesforce,
Inc.
2.70%,
7/15/2041
100,000
72,096
1,534,241
Specialty
Retail
-
3
.8
%
Dick's
Sporting
Goods,
Inc.
4.10%,
1/15/2052
55,000
39,824
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Long
Corporate
Bond
Index
Fund
(cont.)
261
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Specialty
Retail
-
3.8%
(continued)
Home
Depot,
Inc.
(The)
5.88%,
12/16/2036
$
165,000
$
179,389
3.30%,
4/15/2040
90,000
72,294
5.40%,
9/15/2040
35,000
35,701
5.95%,
4/1/2041
75,000
81,068
4.20%,
4/1/2043
10,000
8,736
4.40%,
3/15/2045
25,000
22,251
4.25%,
4/1/2046
25,000
21,677
3.90%,
6/15/2047
70,000
56,999
4.50%,
12/6/2048
75,000
66,783
3.35%,
4/15/2050
25,000
18,263
2.75%,
9/15/2051
35,000
22,460
3.63%,
4/15/2052
105,000
79,868
4.95%,
9/15/2052
120,000
113,469
3.50%,
9/15/2056
35,000
25,635
Lowe's
Cos.,
Inc.
2.80%,
9/15/2041
50,000
35,262
5.00%,
9/15/2043
20,000
18,588
3.70%,
4/15/2046
100,000
75,845
4.05%,
5/3/2047
75,000
59,679
3.00%,
10/15/2050
150,000
96,809
4.25%,
4/1/2052
50,000
40,237
5.63%,
4/15/2053
100,000
99,089
5.75%,
7/1/2053
50,000
50,379
4.45%,
4/1/2062
150,000
120,059
5.80%,
9/15/2062
75,000
74,729
5.85%,
4/1/2063
40,000
40,269
TJX
Cos.,
Inc.
(The)
4.50%,
4/15/2050
25,000
22,925
1,578,287
Technology
Hardware,
Storage
&
Peripherals
-
2
.1
%
Apple,
Inc.
2.38%,
2/8/2041
50,000
35,786
3.85%,
5/4/2043
75,000
64,969
3.45%,
2/9/2045
25,000
20,051
4.38%,
5/13/2045
25,000
23,052
4.65%,
2/23/2046
50,000
47,849
3.85%,
8/4/2046
25,000
21,163
3.75%,
11/13/2047
20,000
16,483
2.95%,
9/11/2049
25,000
17,700
2.65%,
5/11/2050
25,000
16,540
2.65%,
2/8/2051
175,000
114,761
2.70%,
8/5/2051
75,000
49,342
3.95%,
8/8/2052
75,000
63,062
4.85%,
5/10/2053
25,000
24,950
2.80%,
2/8/2061
175,000
111,199
2.85%,
8/5/2061
150,000
96,076
4.10%,
8/8/2062
100,000
84,106
HP,
Inc.
6.00%,
9/15/2041
80,000
83,495
‌
‌
890,584
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Tobacco
-
4
.8
%
Altria
Group,
Inc.
5.80%,
2/14/2039
$
125,000
$
128,609
3.40%,
2/4/2041
40,000
29,786
4.25%,
8/9/2042
120,000
98,993
4.50%,
5/2/2043
40,000
33,823
5.38%,
1/31/2044
175,000
170,001
3.88%,
9/16/2046
45,000
33,719
5.95%,
2/14/2049
225,000
227,517
3.70%,
2/4/2051
100,000
69,871
4.00%,
2/4/2061
25,000
17,994
BAT
Capital
Corp.
4.39%,
8/15/2037
90,000
79,067
3.73%,
9/25/2040
25,000
19,193
7.08%,
8/2/2043
45,000
49,259
4.54%,
8/15/2047
100,000
80,155
4.76%,
9/6/2049
75,000
61,345
5.28%,
4/2/2050
35,000
30,843
3.98%,
9/25/2050
10,000
7,338
5.65%,
3/16/2052
45,000
42,064
7.08%,
8/2/2053
70,000
77,563
Philip
Morris
International,
Inc.
6.38%,
5/16/2038
110,000
121,855
4.38%,
11/15/2041
50,000
43,441
4.50%,
3/20/2042
50,000
44,143
3.88%,
8/21/2042
50,000
40,412
4.13%,
3/4/2043
205,000
170,751
4.88%,
11/15/2043
55,000
50,562
4.25%,
11/10/2044
60,000
50,293
Reynolds
American,
Inc.
5.70%,
8/15/2035
5,000
5,053
7.25%,
6/15/2037
20,000
22,371
6.15%,
9/15/2043
70,000
69,807
5.85%,
8/15/2045
115,000
110,373
1,986,201
Trading
Companies
&
Distributors
-
0
.3
%
WW
Grainger,
Inc.
4.60%,
6/15/2045
75,000
68,687
3.75%,
5/15/2046
30,000
24,089
4.20%,
5/15/2047
30,000
25,765
118,541
Wireless
Telecommunication
Services
-
1
.1
%
T-Mobile
USA,
Inc.
4.38%,
4/15/2040
50,000
44,335
3.00%,
2/15/2041
25,000
18,411
4.50%,
4/15/2050
50,000
42,781
5.65%,
1/15/2053
50,000
50,434
5.75%,
1/15/2054
100,000
102,133
6.00%,
6/15/2054
75,000
79,320
5.50%,
1/15/2055
50,000
49,401
3.60%,
11/15/2060
25,000
17,432
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Credit-Scored
US
Long
Corporate
Bond
Index
Fund
(cont.)
262
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Wireless
Telecommunication
Services
-
1.1%
(continued)
T-Mobile
USA,
Inc.
(continued)
5.80%,
9/15/2062
$
50,000
$
51,015
455,262
Total
Corporate
Bonds
(Cost
$40,483,442)
40,369,073
U.S.
TREASURY
OBLIGATIONS
-
1
.1
%
U.S.
Treasury
Bonds
4.63%,
5/15/2044
$
350,000
359,461
U.S.
Treasury
Notes
4.00%,
2/15/2034
100,000
99,578
Total
U.S.
Treasury
Obligations
(Cost
$457,797)
459,039
Total
Investments
-
98.3%
(Cost
$40,941,239)
40,828,112
Other
assets
less
liabilities
-
1.7%
707,865
NET
ASSETS
-
100.0%
$41,535,977
(a)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
At
July
31,
2024,
the
value
of
these
securities
amounted
to
approximately
$371,737
or
0.89%
of
net
assets.
(b)
Step
bond.
Interest
rate
is
a
fixed
rate
for
an
initial
period
that
either
resets
at
a
specific
date
or
may
reset
in
the
future
at
a
contingent
upon
predetermined
trigger.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2024.
(c)
Security
issued
at
a
fixed
coupon
rate,
which
converts
to
a
variable
rate
at
a
future
date.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(d)
Represents
less
than
0.05%
of
net
assets.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
OYJ
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
Security
Type
%
of
Net
Assets
Corporate
Bonds
97‌
.2
%
U.S.
Treasury
Obligations
1‌
.1
Others
(1)
1‌
.7
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
263
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
{FamilyName}
Schedule
of
Investments
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
July
31,
2024
(Unaudited)
tS
Investments
Principal
Amount
Value
CORPORATE
BONDS
-
97
.3
%
Aerospace
&
Defense
-
2
.6
%
AAR
Escrow
Issuer
LLC
6.75%,
3/15/2029(a)
$
2,090,000
$
2,136,374
Bombardier,
Inc.
7.13%,
6/15/2026(a)
130,000
131,684
6.00%,
2/15/2028(a)
545,000
543,435
7.50%,
2/1/2029(a)
835,000
871,862
BWX
Technologies,
Inc.
4.13%,
6/30/2028(a)
805,000
765,928
4.13%,
4/15/2029(a)
1,209,000
1,140,047
F-Brasile
SpA
Series
NR,
7.38%,
8/15/2026(a)
1,650,000
1,640,129
TransDigm,
Inc.
5.50%,
11/15/2027
6,280,000
6,201,200
6.75%,
8/15/2028(a)
4,420,000
4,504,961
4.63%,
1/15/2029
6,905,000
6,530,043
6.38%,
3/1/2029(a)
2,815,000
2,867,361
4.88%,
5/1/2029(b)
3,621,000
3,445,737
6.88%,
12/15/2030(a)
1,270,000
1,306,019
7.13%,
12/1/2031(a)
850,000
882,204
6.63%,
3/1/2032(a)
2,050,000
2,096,795
Triumph
Group,
Inc.
9.00%,
3/15/2028(a)
1,914,000
2,015,999
37,079,778
Air
Freight
&
Logistics
-
0
.4
%
Cargo
Aircraft
Management,
Inc.
4.75%,
2/1/2028(a)
3,250,000
3,055,753
Rand
Parent
LLC
8.50%,
2/15/2030(a)
2,765,000
2,734,218
5,789,971
Automobile
Components
-
1
.3
%
Adient
Global
Holdings
Ltd.
8.25%,
4/15/2031(a)(b)
285,000
299,643
Allison
Transmission,
Inc.
3.75%,
1/30/2031(a)
938,000
834,861
American
Axle
&
Manufacturing,
Inc.
6.50%,
4/1/2027
565,000
566,694
6.88%,
7/1/2028
330,000
330,071
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Automobile
Components
-
1.3%
(continued)
Dornoch
Debt
Merger
Sub,
Inc.
6.63%,
10/15/2029(a)(b)
$
1,100,000
$
963,755
Garrett
Motion
Holdings,
Inc.
7.75%,
5/31/2032(a)
2,600,000
2,643,717
Icahn
Enterprises
LP
6.25%,
5/15/2026(b)
1,080,000
1,076,527
5.25%,
5/15/2027
865,000
829,613
9.75%,
1/15/2029(a)
470,000
494,939
4.38%,
2/1/2029
535,000
465,561
9.00%,
6/15/2030(a)
500,000
506,495
IHO
Verwaltungs
GmbH
4.75%,
9/15/2026(a)(c)
900,000
877,539
6.37%,
5/15/2029(a)(c)
1,680,000
1,681,648
Patrick
Industries,
Inc.
4.75%,
5/1/2029(a)
815,000
760,136
Real
Hero
Merger
Sub
2,
Inc.
6.25%,
2/1/2029(a)
845,000
725,812
Tenneco,
Inc.
8.00%,
11/17/2028(a)(b)
2,435,000
2,209,913
ZF
North
America
Capital,
Inc.
6.88%,
4/14/2028(a)
1,070,000
1,096,719
7.13%,
4/14/2030(a)
1,340,000
1,390,966
6.75%,
4/23/2030(a)
500,000
509,339
18,263,948
Automobiles
-
1
.0
%
Jaguar
Land
Rover
Automotive
plc
7.75%,
10/15/2025(a)
853,000
853,944
4.50%,
10/1/2027(a)
3,275,000
3,129,312
5.88%,
1/15/2028(a)
3,076,000
3,045,650
5.50%,
7/15/2029(a)
2,057,000
2,011,698
Mclaren
Finance
plc
7.50%,
8/1/2026(a)
2,140,000
1,870,360
Thor
Industries,
Inc.
4.00%,
10/15/2029(a)
2,565,000
2,311,329
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
264
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Automobiles
-
1.0%
(continued)
Winnebago
Industries,
Inc.
6.25%,
7/15/2028(a)
$
1,050,000
$
1,040,921
14,263,214
Banks
-
0
.5
%
Intesa
Sanpaolo
SpA
5.71%,
1/15/2026(a)
1,350,000
1,348,569
4.20%,
6/1/2032(a)
(d)
940,000
813,844
4.95%,
6/1/2042(a)
(d)
170,000
131,790
Texas
Capital
Bancshares,
Inc.
4.00%,
5/6/2031(d)
565,000
523,727
UniCredit
SpA
7.30%,
4/2/2034(a)
(d)
1,060,000
1,100,682
5.46%,
6/30/2035(a)(d)
1,565,000
1,502,369
Valley
National
Bancorp
3.00%,
6/15/2031(d)
1,625,000
1,292,180
6,713,161
Beverages
-
0
.1
%
Primo
Water
Holdings,
Inc.
4.38%,
4/30/2029(a)(b)
530,000
493,552
Triton
Water
Holdings,
Inc.
6.25%,
4/1/2029(a)
(b)
800,000
775,140
1,268,692
Biotechnology
-
0
.1
%
Grifols
SA
4.75%,
10/15/2028(a)
1,600,000
1,459,838
Broadline
Retail
-
0
.6
%
ANGI
Group
LLC
3.88%,
8/15/2028(a)
2,490,000
2,168,012
Go
Daddy
Operating
Co.
LLC
3.50%,
3/1/2029(a)
1,000,000
909,226
Liberty
Interactive
LLC
8.25%,
2/1/2030
845,000
437,205
Macy's
Retail
Holdings
LLC
5.88%,
3/15/2030(a)
100,000
95,983
6.13%,
3/15/2032(a)
190,000
181,332
6.70%,
7/15/2034(a)
1,000,000
880,216
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Broadline
Retail
-
0.6%
(continued)
Macy’s
Retail
Holdings
LLC
(continued)
5.13%,
1/15/2042
$
1,000,000
$
810,556
Millennium
Escrow
Corp.
6.63%,
8/1/2026(a)
2,630,000
1,382,716
NMG
Holding
Co.,
Inc.
7.13%,
4/1/2026(a)
705,000
708,174
Nordstrom,
Inc.
5.00%,
1/15/2044
360,000
288,081
QVC,
Inc.
4.75%,
2/15/2027(b)
650,000
569,068
4.38%,
9/1/2028
555,000
424,575
8,855,144
Building
Products
-
1
.5
%
ACProducts
Holdings,
Inc.
6.38%,
5/15/2029(a)
1,700,000
1,011,476
AmeriTex
HoldCo
Intermediate
LLC
10.25%,
10/15/2028(a)
1,785,000
1,897,814
Camelot
Return
Merger
Sub,
Inc.
8.75%,
8/1/2028(a)
(b)
1,180,000
1,173,173
CP
Atlas
Buyer,
Inc.
7.00%,
12/1/2028(a)
795,000
680,633
Eco
Material
Technologies,
Inc.
7.88%,
1/31/2027(a)
1,680,000
1,709,443
EMRLD
Borrower
LP
6.63%,
12/15/2030(a)
2,280,000
2,322,803
Griffon
Corp.
5.75%,
3/1/2028(b)
2,070,000
2,026,332
James
Hardie
International
Finance
DAC
5.00%,
1/15/2028(a)
1,100,000
1,060,505
JELD-WEN,
Inc.
4.88%,
12/15/2027(a)(b)
491,000
467,494
Miter
Brands
Acquisition
Holdco,
Inc.
6.75%,
4/1/2032(a)
1,150,000
1,166,787
MIWD
Holdco
II
LLC
5.50%,
2/1/2030(a)
840,000
784,642
Oscar
Acquisition
Co.
LLC
9.50%,
4/15/2030(a)
970,000
908,101
Smyrna
Ready
Mix
Concrete
LLC
6.00%,
11/1/2028(a)
1,387,000
1,373,969
8.88%,
11/15/2031(a)
1,755,000
1,891,283
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
265
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Building
Products
-
1.5%
(continued)
Standard
Industries,
Inc.
5.00%,
2/15/2027(a)
$
685,000
$
670,229
4.75%,
1/15/2028(a)
670,000
641,897
4.38%,
7/15/2030(a)
900,000
819,899
3.38%,
1/15/2031(a)
780,000
667,271
21,273,751
Capital
Markets
-
0
.6
%
AG
Issuer
LLC
6.25%,
3/1/2028(a)
1,000,000
958,378
AG
TTMT
Escrow
Issuer
LLC
8.63%,
9/30/2027(a)
800,000
816,831
Aretec
Group,
Inc.
10.00%,
8/15/2030(a)(b)
540,000
575,744
Brightsphere
Investment
Group,
Inc.
4.80%,
7/27/2026
225,000
218,043
Coinbase
Global,
Inc.
3.38%,
10/1/2028(a)
750,000
660,236
3.63%,
10/1/2031(a)
735,000
611,066
Compass
Group
Diversified
Holdings
LLC
5.25%,
4/15/2029(a)
835,000
800,060
Dresdner
Funding
Trust
I
8.15%,
6/30/2031(a)
2,150,000
2,351,278
Jane
Street
Group
4.50%,
11/15/2029(a)
375,000
354,987
Nomura
Holdings,
Inc.
2.65%,
1/16/2025
1,650,000
1,627,913
8,974,536
Chemicals
-
3
.8
%
Ashland,
Inc.
3.38%,
9/1/2031(a)
(b)
1,007,000
867,741
6.88%,
5/15/2043
1,060,000
1,093,583
ASP
Unifrax
Holdings,
Inc.
5.25%,
9/30/2028(a)
2,911,000
1,557,385
7.50%,
9/30/2029(a)
1,169,000
584,500
Axalta
Coating
Systems
Dutch
Holding
B
BV
7.25%,
2/15/2031(a)
1,055,000
1,106,418
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Chemicals
-
3.8%
(continued)
Axalta
Coating
Systems
LLC
4.75%,
6/15/2027(a)
$
500,000
$
489,473
Cerdia
Finanz
GmbH
10.50%,
2/15/2027(a)
1,215,000
1,251,280
Chemours
Co.
(The)
5.38%,
5/15/2027(b)
1,695,000
1,628,318
5.75%,
11/15/2028(a)(b)
1,190,000
1,113,242
Consolidated
Energy
Finance
SA
5.63%,
10/15/2028(a)
1,500,000
1,198,841
12.00%,
2/15/2031(a)
1,550,000
1,530,227
Cornerstone
Chemical
Co.
LLC
10.25%,
9/1/2027(a)
195,000
125,092
CVR
Partners
LP
6.13%,
6/15/2028(a)
2,955,000
2,854,522
Element
Solutions,
Inc.
3.88%,
9/1/2028(a)
(b)
2,695,000
2,496,449
FXI
Holdings,
Inc.
12.25%,
11/15/2026(a)(b)
2,781,000
2,766,590
GPD
Cos.,
Inc.
10.13%,
4/1/2026(a)(b)
405,000
377,730
HB
Fuller
Co.
4.25%,
10/15/2028(b)
620,000
578,953
Herens
Holdco
Sarl
4.75%,
5/15/2028(a)(b)
1,185,000
1,028,488
Illuminate
Buyer
LLC
9.00%,
7/1/2028(a)
650,000
652,127
INEOS
Finance
plc
6.75%,
5/15/2028(a)
760,000
763,096
7.50%,
4/15/2029(a)
1,985,000
2,020,589
INEOS
Quattro
Finance
2
plc
9.63%,
3/15/2029(a)
1,350,000
1,447,050
Ingevity
Corp.
3.88%,
11/1/2028(a)(b)
855,000
782,833
Innophos
Holdings,
Inc.
9.38%,
2/15/2028(a)(b)
460,000
397,900
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
266
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Chemicals
-
3.8%
(continued)
LSB
Industries,
Inc.
6.25%,
10/15/2028(a)
$
970,000
$
943,392
Methanex
Corp.
5.13%,
10/15/2027
650,000
632,885
Minerals
Technologies,
Inc.
5.00%,
7/1/2028(a)
2,205,000
2,119,887
NOVA
Chemicals
Corp.
5.25%,
6/1/2027(a)
3,450,000
3,366,841
8.50%,
11/15/2028(a)
875,000
928,661
4.25%,
5/15/2029(a)
3,220,000
2,912,918
9.00%,
2/15/2030(a)
3,600,000
3,805,853
Nufarm
Australia
Ltd.
5.00%,
1/27/2030(a)
1,750,000
1,609,724
Olympus
Water
US
Holding
Corp.
7.13%,
10/1/2027(a)
315,000
317,125
4.25%,
10/1/2028(a)
800,000
737,643
9.75%,
11/15/2028(a)
1,375,000
1,461,170
Polar
US
Borrower
LLC
6.75%,
5/15/2026(a)
245,000
68,232
Rain
Carbon,
Inc.
12.25%,
9/1/2029(a)(b)
905,000
978,194
SCIH
Salt
Holdings,
Inc.
4.88%,
5/1/2028(a)
1,728,000
1,610,976
SCIL
IV
LLC
5.38%,
11/1/2026(a)
1,380,000
1,348,361
SNF
Group
SACA
3.13%,
3/15/2027(a)
1,250,000
1,155,957
Vibrantz
Technologies,
Inc.
9.00%,
2/15/2030(a)(b)
1,260,000
1,127,857
WR
Grace
Holdings
LLC
4.88%,
6/15/2027(a)
800,000
773,695
54,611,798
Commercial
Services
&
Supplies
-
2
.9
%
ADT
Security
Corp.
(The)
4.13%,
8/1/2029(a)
(b)
700,000
653,030
4.88%,
7/15/2032(a)(b)
781,000
726,102
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Commercial
Services
&
Supplies
-
2.9%
(continued)
Allied
Universal
Holdco
LLC
9.75%,
7/15/2027(a)(b)
$
875,000
$
874,261
4.63%,
6/1/2028(a)
1,425,000
1,314,629
6.00%,
6/1/2029(a)
775,000
675,253
7.88%,
2/15/2031(a)
490,000
498,530
APi
Group
DE,
Inc.
4.13%,
7/15/2029(a)(b)
1,500,000
1,384,689
4.75%,
10/15/2029(a)(b)
1,000,000
951,525
APX
Group,
Inc.
6.75%,
2/15/2027(a)
1,320,000
1,318,470
5.75%,
7/15/2029(a)(b)
2,500,000
2,432,196
Aramark
Services,
Inc.
5.00%,
2/1/2028(a)
985,000
962,069
Brink's
Co.
(The)
4.63%,
10/15/2027(a)(b)
385,000
373,230
Cimpress
plc
7.00%,
6/15/2026(b)
605,000
605,109
Clean
Harbors,
Inc.
4.88%,
7/15/2027(a)(b)
1,000,000
978,755
CoreCivic,
Inc.
4.75%,
10/15/2027
1,370,000
1,297,392
8.25%,
4/15/2029(b)
2,055,000
2,162,812
Deluxe
Corp.
8.00%,
6/1/2029(a)
2,590,000
2,443,774
Garda
World
Security
Corp.
4.63%,
2/15/2027(a)
1,070,000
1,030,164
9.50%,
11/1/2027(a)(b)
970,000
976,126
7.75%,
2/15/2028(a)(b)
580,000
598,501
GFL
Environmental,
Inc.
4.00%,
8/1/2028(a)
2,080,000
1,955,184
4.75%,
6/15/2029(a)
485,000
462,156
4.38%,
8/15/2029(a)
185,000
173,019
Interface,
Inc.
5.50%,
12/1/2028(a)
655,000
632,182
Madison
IAQ
LLC
4.13%,
6/30/2028(a)
1,001,000
934,834
5.88%,
6/30/2029(a)
1,229,000
1,150,586
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
267
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Commercial
Services
&
Supplies
-
2.9%
(continued)
Pitney
Bowes,
Inc.
6.88%,
3/15/2027(a)
$
685,000
$
677,482
Prime
Security
Services
Borrower
LLC
5.75%,
4/15/2026(a)
2,775,000
2,772,844
3.38%,
8/31/2027(a)
2,020,000
1,885,014
6.25%,
1/15/2028(a)(b)
1,635,000
1,629,625
Reworld
Holding
Corp.
4.88%,
12/1/2029(a)(b)
720,000
658,394
Stericycle,
Inc.
3.88%,
1/15/2029(a)
185,000
175,889
VM
Consolidated,
Inc.
5.50%,
4/15/2029(a)
1,469,000
1,423,124
WASH
Multifamily
Acquisition,
Inc.
5.75%,
4/15/2026(a)
1,765,000
1,736,956
West
Technology
Group
LLC
8.50%,
4/10/2027(a)
1,225,000
1,050,565
Williams
Scotsman,
Inc.
4.63%,
8/15/2028(a)
1,760,000
1,674,811
41,249,282
Communications
Equipment
-
0
.3
%
CommScope
LLC
6.00%,
3/1/2026(a)
(b)
980,000
919,905
8.25%,
3/1/2027(a)
750,000
519,050
CommScope
Technologies
LLC
5.00%,
3/15/2027(a)
500,000
320,938
Viasat,
Inc.
5.63%,
9/15/2025(a)(b)
1,000,000
989,214
Viavi
Solutions,
Inc.
3.75%,
10/1/2029(a)(b)
1,795,000
1,556,686
4,305,793
Construction
&
Engineering
-
1
.3
%
AECOM
5.13%,
3/15/2027(b)
5,580,000
5,513,008
Arcosa,
Inc.
4.38%,
4/15/2029(a)
2,335,000
2,200,893
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Construction
&
Engineering
-
1.3%
(continued)
Artera
Services
LLC
8.50%,
2/15/2031(a)
$
1,100,000
$
1,127,793
Brand
Industrial
Services,
Inc.
10.38%,
8/1/2030(a)(b)
2,800,000
3,074,750
Brundage-Bone
Concrete
Pumping
Holdings,
Inc.
6.00%,
2/1/2026(a)
700,000
697,447
Global
Infrastructure
Solutions,
Inc.
5.63%,
6/1/2029(a)
(b)
723,000
695,189
7.50%,
4/15/2032(a)
616,000
620,618
Great
Lakes
Dredge
&
Dock
Corp.
5.25%,
6/1/2029(a)
1,530,000
1,378,191
Railworks
Holdings
LP
8.25%,
11/15/2028(a)
825,000
836,996
Tutor
Perini
Corp.
11.88%,
4/30/2029(a)
750,000
821,146
Weekley
Homes
LLC
4.88%,
9/15/2028(a)(b)
1,020,000
971,068
17,937,099
Construction
Materials
-
0
.0
%
(e)
Knife
River
Corp.
7.75%,
5/1/2031(a)
220,000
230,825
Consumer
Finance
-
1
.9
%
Bread
Financial
Holdings,
Inc.
9.75%,
3/15/2029(a)
1,335,000
1,431,350
Cobra
Acquisition
Co.
LLC
6.38%,
11/1/2029(a)
665,000
545,094
Credit
Acceptance
Corp.
6.63%,
3/15/2026
65,000
65,043
9.25%,
12/15/2028(a)
300,000
320,144
Encore
Capital
Group,
Inc.
9.25%,
4/1/2029(a)
710,000
748,126
Enova
International,
Inc.
11.25%,
12/15/2028(a)(b)
2,210,000
2,382,395
FirstCash,
Inc.
4.63%,
9/1/2028(a)
1,420,000
1,356,670
5.63%,
1/1/2030(a)
(b)
2,390,000
2,321,439
6.88%,
3/1/2032(a)
(b)
2,180,000
2,204,776
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
268
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Consumer
Finance
-
1.9%
(continued)
GGAM
Finance
Ltd.
8.00%,
2/15/2027(a)
$
500,000
$
516,963
8.00%,
6/15/2028(a)(b)
900,000
952,513
goeasy
Ltd.
4.38%,
5/1/2026(a)
675,000
655,265
9.25%,
12/1/2028(a)
130,000
139,415
7.63%,
7/1/2029(a)
1,500,000
1,534,278
LFS
Topco
LLC
5.88%,
10/15/2026(a)
490,000
455,203
Macquarie
Airfinance
Holdings
Ltd.
8.38%,
5/1/2028(a)
1,060,000
1,122,391
OneMain
Finance
Corp.
7.13%,
3/15/2026
510,000
518,728
3.88%,
9/15/2028(b)
300,000
274,056
7.50%,
5/15/2031
550,000
565,549
PRA
Group,
Inc.
7.38%,
9/1/2025(a)
115,000
114,903
PROG
Holdings,
Inc.
6.00%,
11/15/2029(a)
3,350,000
3,222,573
SLM
Corp.
3.13%,
11/2/2026(b)
200,000
189,263
Synchrony
Financial
7.25%,
2/2/2033(b)
4,235,000
4,331,377
World
Acceptance
Corp.
7.00%,
11/1/2026(a)
580,000
557,916
26,525,430
Consumer
Staples
Distribution
&
Retail
-
2
.7
%
Albertsons
Cos.,
Inc.
3.25%,
3/15/2026(a)
2,710,000
2,620,135
4.63%,
1/15/2027(a)
3,490,000
3,402,587
5.88%,
2/15/2028(a)(b)
600,000
594,907
6.50%,
2/15/2028(a)
4,385,000
4,448,420
3.50%,
3/15/2029(a)(b)
7,730,000
7,042,407
4.88%,
2/15/2030(a)(b)
3,170,000
3,028,651
C&S
Group
Enterprises
LLC
5.00%,
12/15/2028(a)(b)
1,485,000
1,102,091
Ingles
Markets,
Inc.
4.00%,
6/15/2031(a)(b)
2,020,000
1,787,031
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Consumer
Staples
Distribution
&
Retail
-
2.7%
(continued)
KeHE
Distributors
LLC
9.00%,
2/15/2029(a)
$
1,680,000
$
1,724,134
Performance
Food
Group,
Inc.
5.50%,
10/15/2027(a)
3,590,000
3,542,077
4.25%,
8/1/2029(a)
5,440,000
5,038,421
United
Natural
Foods,
Inc.
6.75%,
10/15/2028(a)(b)
555,000
507,008
US
Foods,
Inc.
6.88%,
9/15/2028(a)
1,500,000
1,541,984
4.75%,
2/15/2029(a)
730,000
699,006
4.63%,
6/1/2030(a)
1,640,000
1,537,317
7.25%,
1/15/2032(a)
295,000
308,512
38,924,688
Containers
&
Packaging
-
1
.6
%
Ardagh
Metal
Packaging
Finance
USA
LLC
6.00%,
6/15/2027(a)
770,000
765,406
3.25%,
9/1/2028(a)
(b)
1,070,000
953,004
4.00%,
9/1/2029(a)
1,570,000
1,333,488
Cascades,
Inc.
5.13%,
1/15/2026(a)
190,000
187,603
Clydesdale
Acquisition
Holdings,
Inc.
6.63%,
4/15/2029(a)
2,355,000
2,346,267
8.75%,
4/15/2030(a)(b)
6,674,000
6,549,863
Graham
Packaging
Co.,
Inc.
7.13%,
8/15/2028(a)
595,000
579,956
Intelligent
Packaging
Ltd.
Finco,
Inc.
6.00%,
9/15/2028(a)(b)
1,270,000
1,244,773
Iris
Holding,
Inc.
10.00%,
12/15/2028(a)(b)
1,345,000
1,138,405
LABL,
Inc.
10.50%,
7/15/2027(a)
1,195,000
1,163,966
5.88%,
11/1/2028(a)
567,000
523,608
9.50%,
11/1/2028(a)
745,000
752,631
8.25%,
11/1/2029(a)
700,000
613,321
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
269
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Containers
&
Packaging
-
1.6%
(continued)
Mauser
Packaging
Solutions
Holding
Co.
9.25%,
4/15/2027(a)
$
862,000
$
863,160
Pactiv
LLC
7.95%,
12/15/2025
195,000
200,215
TriMas
Corp.
4.13%,
4/15/2029(a)
2,375,000
2,193,083
Trivium
Packaging
Finance
BV
5.50%,
8/15/2026(a)(b)(f)
950,000
930,494
8.50%,
8/15/2027(a)(f)
880,000
863,897
23,203,140
Distributors
-
0
.5
%
American
Builders
&
Contractors
Supply
Co.,
Inc.
4.00%,
1/15/2028(a)
1,270,000
1,199,412
BCPE
Empire
Holdings,
Inc.
7.63%,
5/1/2027(a)
725,000
701,492
Resideo
Funding,
Inc.
4.00%,
9/1/2029(a)
660,000
601,571
Ritchie
Bros
Holdings,
Inc.
6.75%,
3/15/2028(a)
250,000
255,255
7.75%,
3/15/2031(a)
650,000
683,478
Verde
Purchaser
LLC
10.50%,
11/30/2030(a)
2,405,000
2,556,457
Windsor
Holdings
III
LLC
8.50%,
6/15/2030(a)
1,325,000
1,394,570
7,392,235
Diversified
Consumer
Services
-
0
.6
%
Adtalem
Global
Education,
Inc.
5.50%,
3/1/2028(a)
2,295,000
2,230,326
Champions
Financing,
Inc.
8.75%,
2/15/2029(a)
2,010,000
2,050,093
Grand
Canyon
University
4.38%,
10/1/2026
500,000
493,750
5.13%,
10/1/2028
1,970,000
1,804,174
Signal
Parent,
Inc.
6.13%,
4/1/2029(a)
780,000
529,036
StoneMor,
Inc.
8.50%,
5/15/2029(a)
1,010,000
844,819
‌
‌
7,952,198
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Diversified
REITs
-
1
.5
%
Global
Net
Lease,
Inc.
REIT,
3.75%,
12/15/2027(a)
$
1,390,000
$
1,258,004
Iron
Mountain
Information
Management
Services,
Inc.
REIT,
5.00%,
7/15/2032(a)(b)
2,510,000
2,344,363
Uniti
Group
LP
Series
MAY,
REIT,
10.50%,
2/15/2028(a)
10,750,000
10,873,070
REIT,
4.75%,
4/15/2028(a)
1,300,000
1,122,718
REIT,
6.50%,
2/15/2029(a)(b)
6,200,000
4,686,154
REIT,
6.00%,
1/15/2030(a)
2,000,000
1,432,892
21,717,201
Diversified
Telecommunication
Services
-
5
.4
%
Altice
Financing
SA
5.00%,
1/15/2028(a)
1,555,000
1,241,733
5.75%,
8/15/2029(a)
2,275,000
1,726,649
Altice
France
SA
8.13%,
2/1/2027(a)
(b)
835,000
675,301
5.50%,
1/15/2028(a)
800,000
585,682
5.13%,
1/15/2029(a)
435,000
302,031
5.13%,
7/15/2029(a)
1,480,000
1,037,917
5.50%,
10/15/2029(a)
1,200,000
843,910
CCO
Holdings
LLC
5.13%,
5/1/2027(a)
2,256,000
2,191,173
5.00%,
2/1/2028(a)
1,410,000
1,342,351
5.38%,
6/1/2029(a)
(b)
1,390,000
1,299,455
6.38%,
9/1/2029(a)
1,300,000
1,265,764
4.75%,
3/1/2030(a)
3,155,000
2,824,524
4.50%,
8/15/2030(a)
2,805,000
2,455,895
4.25%,
2/1/2031(a)
3,115,000
2,650,423
7.38%,
3/1/2031(a)
(b)
935,000
944,182
4.75%,
2/1/2032(a)
1,645,000
1,406,808
4.50%,
5/1/2032
3,117,000
2,609,793
4.50%,
6/1/2033(a)
5,020,000
4,123,939
4.25%,
1/15/2034(a)
1,420,000
1,121,783
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
270
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Diversified
Telecommunication
Services
-
5.4%
(continued)
Consolidated
Communications,
Inc.
5.00%,
10/1/2028(a)
$
2,350,000
$
2,034,051
6.50%,
10/1/2028(a)
4,175,000
3,760,092
Frontier
Communications
Holdings
LLC
6.75%,
5/1/2029(a)
2,400,000
2,267,674
5.88%,
11/1/2029
390,000
350,999
6.00%,
1/15/2030(a)
555,000
500,189
Iliad
Holding
SASU
6.50%,
10/15/2026(a)
950,000
951,967
7.00%,
10/15/2028(a)
1,125,000
1,127,943
Intelsat
Jackson
Holdings
SA
6.50%,
3/15/2030(a)
16,765,000
15,948,937
Level
3
Financing,
Inc.
4.63%,
9/15/2027(a)
500,000
330,200
10.50%,
4/15/2029(a)
750,000
768,750
11.00%,
11/15/2029(a)
1,735,000
1,836,740
10.50%,
5/15/2030(a)
1,200,000
1,226,400
10.75%,
12/15/2030(a)
695,000
716,719
Lumen
Technologies,
Inc.
4.00%,
2/15/2027(a)
700,000
448,490
Optics
Bidco
SpA
Series
2033,
6.38%,
11/15/2033(a)
250,000
245,125
Series
2038,
7.72%,
6/4/2038(a)
250,000
267,705
Telesat
Canada
5.63%,
12/6/2026(a)
1,725,000
819,240
4.88%,
6/1/2027(a)
1,345,000
613,613
Virgin
Media
Finance
plc
5.00%,
7/15/2030(a)
550,000
463,505
Virgin
Media
Secured
Finance
plc
5.50%,
5/15/2029(a)
550,000
512,243
4.50%,
8/15/2030(a)
515,000
446,586
Windstream
Escrow
LLC
7.75%,
8/15/2028(a)(b)
2,776,000
2,677,769
Zayo
Group
Holdings,
Inc.
4.00%,
3/1/2027(a)
(b)
7,410,000
6,301,218
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Diversified
Telecommunication
Services
-
5.4%
(continued)
Zayo
Group
Holdings,
Inc.
(continued)
6.13%,
3/1/2028(a)
$
3,910,000
$
2,669,486
77,934,954
Electric
Utilities
-
1
.9
%
Edison
International
8.13%,
6/15/2053(d)
1,920,000
2,011,467
7.88%,
6/15/2054(b)(d)
1,700,000
1,779,390
Emera,
Inc.
Series
16-
A,
6.75%,
6/15/2076(b)(d)
6,620,000
6,585,254
EUSHI
Finance,
Inc.
7.63%,
12/15/2054(a)(b)
(d)
2,750,000
2,801,798
Leeward
Renewable
Energy
Operations
LLC
4.25%,
7/1/2029(a)
1,245,000
1,132,852
NextEra
Energy
Operating
Partners
LP
3.88%,
10/15/2026(a)
1,230,000
1,180,376
4.50%,
9/15/2027(a)(b)
1,480,000
1,417,171
7.25%,
1/15/2029(a)
825,000
856,952
NRG
Energy,
Inc.
3.38%,
2/15/2029(a)
79,000
71,101
5.25%,
6/15/2029(a)
1,150,000
1,118,215
3.63%,
2/15/2031(a)(b)
1,035,000
905,630
3.88%,
2/15/2032(a)
650,000
567,668
Pattern
Energy
Operations
LP
4.50%,
8/15/2028(a)(b)
1,670,000
1,575,941
PG&E
Corp.
5.00%,
7/1/2028(b)
805,000
785,203
5.25%,
7/1/2030
905,000
874,496
Vistra
Operations
Co.
LLC
5.63%,
2/15/2027(a)
1,860,000
1,845,711
5.00%,
7/31/2027(a)
930,000
910,601
7.75%,
10/15/2031(a)
330,000
348,729
26,768,555
Electronic
Equipment,
Instruments
&
Components
-
0
.1
%
Crane
NXT
Co.
4.20%,
3/15/2048
1,070,000
758,794
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
271
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Electronic
Equipment,
Instruments
&
Components
-
0.1%
(continued)
Likewize
Corp.
9.75%,
10/15/2025(a)
$
131,000
$
132,739
891,533
Energy
Equipment
&
Services
-
2
.4
%
Archrock
Partners
LP
6.88%,
4/1/2027(a)
(b)
1,070,000
1,074,748
6.25%,
4/1/2028(a)
(b)
1,910,000
1,905,404
Borr
IHC
Ltd.
10.00%,
11/15/2028(a)
1,445,122
1,513,316
10.38%,
11/15/2030(a)
487,864
514,876
Bristow
Group,
Inc.
6.88%,
3/1/2028(a)
(b)
1,275,000
1,263,460
Helix
Energy
Solutions
Group,
Inc.
9.75%,
3/1/2029(a)
1,070,000
1,143,308
Kodiak
Gas
Services
LLC
7.25%,
2/15/2029(a)
1,575,000
1,620,190
Nabors
Industries
Ltd.
7.25%,
1/15/2026(a)
795,000
809,468
Noble
Finance
II
LLC
8.00%,
4/15/2030(a)(b)
3,365,000
3,533,825
Precision
Drilling
Corp.
6.88%,
1/15/2029(a)
705,000
704,827
Seadrill
Finance
Ltd.
8.38%,
8/1/2030(a)
2,950,000
3,109,378
Transocean,
Inc.
6.80%,
3/15/2038
250,000
214,606
USA
Compression
Partners
LP
6.88%,
9/1/2027
1,778,000
1,788,167
7.13%,
3/15/2029(a)
3,085,000
3,139,539
Valaris
Ltd.
8.38%,
4/30/2030(a)(b)
6,065,000
6,350,434
Weatherford
International
Ltd.
8.63%,
4/30/2030(a)
5,475,000
5,699,059
34,384,605
Entertainment
-
0
.8
%
Allen
Media
LLC
10.50%,
2/15/2028(a)
2,115,000
867,921
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Entertainment
-
0.8%
(continued)
Banijay
Entertainment
SAS
8.13%,
5/1/2029(a)
$
2,400,000
$
2,485,134
Cinemark
USA,
Inc.
5.25%,
7/15/2028(a)
1,665,000
1,609,604
Lions
Gate
Capital
Holdings
LLC
5.50%,
4/15/2029(a)
1,855,000
1,171,201
Live
Nation
Entertainment,
Inc.
5.63%,
3/15/2026(a)
750,000
743,564
4.75%,
10/15/2027(a)(b)
3,640,000
3,529,452
3.75%,
1/15/2028(a)
250,000
235,059
ROBLOX
Corp.
3.88%,
5/1/2030(a)
850,000
761,667
11,403,602
Financial
Services
-
2
.5
%
Armor
Holdco,
Inc.
8.50%,
11/15/2029(a)
600,000
573,368
Boost
Newco
Borrower
LLC
7.50%,
1/15/2031(a)
2,150,000
2,264,537
Freedom
Mortgage
Corp.
7.63%,
5/1/2026(a)
150,000
150,166
6.63%,
1/15/2027(a)
610,000
597,916
12.00%,
10/1/2028(a)
1,010,000
1,086,688
12.25%,
10/1/2030(a)(b)
1,300,000
1,424,864
Jefferies
Finance
LLC
5.00%,
8/15/2028(a)
2,620,000
2,433,367
Jefferson
Capital
Holdings
LLC
6.00%,
8/15/2026(a)
701,000
696,016
9.50%,
2/15/2029(a)
1,325,000
1,390,172
Midcap
Financial
Issuer
Trust
6.50%,
5/1/2028(a)
5,340,000
5,157,745
5.63%,
1/15/2030(a)
2,330,000
2,092,878
Mobius
Merger
Sub,
Inc.
9.00%,
6/1/2030(a)
2,700,000
2,673,798
Nationstar
Mortgage
Holdings,
Inc.
5.00%,
2/1/2026(a)
585,000
575,245
6.00%,
1/15/2027(a)
1,290,000
1,280,391
5.50%,
8/15/2028(a)
1,851,000
1,797,712
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
272
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Financial
Services
-
2.5%
(continued)
Nationstar
Mortgage
Holdings,
Inc.
(continued)
5.13%,
12/15/2030(a)(b)
$
275,000
$
256,102
5.75%,
11/15/2031(a)
220,000
209,963
7.13%,
2/1/2032(a)
840,000
857,427
NCR
Atleos
Corp.
9.50%,
4/1/2029(a)
1,300,000
1,420,149
Oxford
Finance
LLC
6.38%,
2/1/2027(a)
(b)
965,000
942,038
PennyMac
Financial
Services,
Inc.
4.25%,
2/15/2029(a)
75,000
69,528
5.75%,
9/15/2031(a)
225,000
214,947
Rocket
Mortgage
LLC
2.88%,
10/15/2026(a)
630,000
595,279
3.63%,
3/1/2029(a)
539,000
494,801
3.88%,
3/1/2031(a)
1,022,000
909,097
4.00%,
10/15/2033(a)
830,000
713,867
Stena
International
SA
7.25%,
1/15/2031(a)
1,650,000
1,687,895
7.63%,
2/15/2031(a)
1,000,000
1,028,271
United
Wholesale
Mortgage
LLC
5.50%,
11/15/2025(a)
620,000
615,372
5.75%,
6/15/2027(a)
715,000
704,289
5.50%,
4/15/2029(a)
1,190,000
1,147,354
36,061,242
Food
Products
-
0
.8
%
B&G
Foods,
Inc.
5.25%,
9/15/2027
900,000
843,091
Lamb
Weston
Holdings,
Inc.
4.88%,
5/15/2028(a)
300,000
290,654
4.13%,
1/31/2030(a)(b)
2,270,000
2,072,263
4.38%,
1/31/2032(a)
1,588,000
1,431,332
Post
Holdings,
Inc.
5.63%,
1/15/2028(a)
2,020,000
2,000,011
5.50%,
12/15/2029(a)(b)
1,105,000
1,072,063
4.63%,
4/15/2030(a)(b)
1,379,000
1,284,700
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Food
Products
-
0.8%
(continued)
Post
Holdings,
Inc.
(continued)
4.50%,
9/15/2031(a)(b)
$
965,000
$
877,588
6.25%,
2/15/2032(a)
500,000
506,344
Simmons
Foods,
Inc.
4.63%,
3/1/2029(a)
1,500,000
1,349,827
TreeHouse
Foods,
Inc.
4.00%,
9/1/2028
265,000
239,083
11,966,956
Gas
Utilities
-
0
.8
%
AmeriGas
Partners
LP
5.88%,
8/20/2026(b)
2,355,000
2,319,757
5.75%,
5/20/2027
2,600,000
2,515,913
9.38%,
6/1/2028(a)
(b)
2,800,000
2,931,183
Ferrellgas
LP
5.88%,
4/1/2029(a)
3,000,000
2,794,617
Suburban
Propane
Partners
LP
5.88%,
3/1/2027
405,000
401,727
10,963,197
Ground
Transportation
-
0
.8
%
Albion
Financing
1
Sarl
6.13%,
10/15/2026(a)
1,055,000
1,042,251
Albion
Financing
2
Sarl
8.75%,
4/15/2027(a)(b)
1,145,000
1,160,104
Avis
Budget
Car
Rental
LLC
8.00%,
2/15/2031(a)
100,000
99,180
Brightline
East
LLC
11.00%,
1/31/2030(a)(b)
3,000,000
2,729,538
Carriage
Purchaser,
Inc.
7.88%,
10/15/2029(a)
495,000
458,145
First
Student
Bidco,
Inc.
4.00%,
7/31/2029(a)
1,075,000
980,516
Hertz
Corp.
(The)
4.63%,
12/1/2026(a)
1,380,000
1,041,184
5.00%,
12/1/2029(a)(b)
2,844,000
1,879,741
NESCO
Holdings
II,
Inc.
5.50%,
4/15/2029(a)
1,530,000
1,424,023
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
273
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Ground
Transportation
-
0.8%
(continued)
Uber
Technologies,
Inc.
4.50%,
8/15/2029(a)
$
250,000
$
240,978
11,055,660
Health
Care
Equipment
&
Supplies
-
1
.0
%
Embecta
Corp.
5.00%,
2/15/2030(a)
1,665,000
1,426,200
6.75%,
2/15/2030(a)
1,150,000
1,025,408
Hologic,
Inc.
4.63%,
2/1/2028(a)
2,285,000
2,212,116
3.25%,
2/15/2029(a)
5,500,000
5,014,259
Medline
Borrower
LP
5.25%,
10/1/2029(a)(b)
2,540,000
2,455,151
Neogen
Food
Safety
Corp.
8.63%,
7/20/2030(a)
180,000
194,427
Teleflex,
Inc.
4.63%,
11/15/2027
1,040,000
1,011,411
4.25%,
6/1/2028(a)
500,000
474,958
Varex
Imaging
Corp.
7.88%,
10/15/2027(a)
269,000
273,010
14,086,940
Health
Care
Providers
&
Services
-
2
.9
%
180
Medical,
Inc.
3.88%,
10/15/2029(a)(b)
200,000
181,308
Acadia
Healthcare
Co.,
Inc.
5.50%,
7/1/2028(a)
930,000
912,161
5.00%,
4/15/2029(a)
250,000
239,374
AdaptHealth
LLC
6.13%,
8/1/2028(a)
(b)
575,000
560,543
AHP
Health
Partners,
Inc.
5.75%,
7/15/2029(a)
427,000
407,846
Community
Health
Systems,
Inc.
6.88%,
4/1/2028(a)
200,000
156,255
6.00%,
1/15/2029(a)(b)
250,000
232,113
6.88%,
4/15/2029(a)(b)
250,000
205,006
5.25%,
5/15/2030(a)
450,000
392,433
10.88%,
1/15/2032(a)(b)
250,000
268,746
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Health
Care
Providers
&
Services
-
2.9%
(continued)
DaVita,
Inc.
4.63%,
6/1/2030(a)
(b)
$
2,853,000
$
2,612,635
3.75%,
2/15/2031(a)(b)
1,340,000
1,159,134
Encompass
Health
Corp.
4.50%,
2/1/2028
610,000
589,738
4.75%,
2/1/2030(b)
610,000
581,500
4.63%,
4/1/2031(b)
1,335,000
1,243,689
Global
Medical
Response,
Inc.
10.00%,
10/31/2028(a)(c)
1,500,000
1,472,415
HealthEquity,
Inc.
4.50%,
10/1/2029(a)
1,820,000
1,714,367
Heartland
Dental
LLC
10.50%,
4/30/2028(a)
1,800,000
1,916,999
Kedrion
SpA
6.50%,
9/1/2029(a)
2,065,000
1,907,383
Legacy
LifePoint
Health
LLC
4.38%,
2/15/2027(a)
490,000
473,643
LifePoint
Health,
Inc.
5.38%,
1/15/2029(a)
445,000
403,148
9.88%,
8/15/2030(a)
780,000
850,057
11.00%,
10/15/2030(a)
1,300,000
1,459,060
ModivCare
Escrow
Issuer,
Inc.
5.00%,
10/1/2029(a)
500,000
338,392
Molina
Healthcare,
Inc.
4.38%,
6/15/2028(a)
2,660,000
2,532,223
3.88%,
11/15/2030(a)
3,870,000
3,499,796
3.88%,
5/15/2032(a)(b)
4,205,000
3,708,195
Option
Care
Health,
Inc.
4.38%,
10/31/2029(a)
240,000
224,155
Prime
Healthcare
Services,
Inc.
7.25%,
11/1/2025(a)
1,710,000
1,709,838
Radiology
Partners,
Inc.
7.78%,
1/31/2029(a)(c)
1,657,962
1,552,964
9.78%,
2/15/2030(a)(c)
1,500,000
1,248,461
Star
Parent,
Inc.
9.00%,
10/1/2030(a)
865,000
923,088
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
274
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Health
Care
Providers
&
Services
-
2.9%
(continued)
Tenet
Healthcare
Corp.
5.13%,
11/1/2027
$
665,000
$
653,169
6.13%,
10/1/2028(b)
1,825,000
1,829,567
6.88%,
11/15/2031(b)
115,000
123,095
Toledo
Hospital
(The)
Series
B,
5.33%,
11/15/2028
900,000
869,229
6.02%,
11/15/2048
580,000
511,867
US
Acute
Care
Solutions
LLC
9.75%,
5/15/2029(a)(b)
2,500,000
2,478,694
42,142,286
Health
Care
REITs
-
0
.2
%
CTR
Partnership
LP
REIT,
3.88%,
6/30/2028(a)(b)
2,225,000
2,078,893
Diversified
Healthcare
Trust
REIT,
4.38%,
3/1/2031
805,000
613,151
2,692,044
Hotel
&
Resort
REITs
-
0
.9
%
RHP
Hotel
Properties
LP
REIT,
4.75%,
10/15/2027
250,000
242,706
REIT,
4.50%,
2/15/2029(a)(b)
240,000
227,371
REIT,
6.50%,
4/1/2032(a)
1,350,000
1,365,249
RLJ
Lodging
Trust
LP
REIT,
4.00%,
9/15/2029(a)
1,500,000
1,338,523
Service
Properties
Trust
REIT,
5.25%,
2/15/2026
350,000
344,984
REIT,
4.75%,
10/1/2026(b)
1,495,000
1,432,172
REIT,
4.95%,
2/15/2027(b)
290,000
271,695
REIT,
5.50%,
12/15/2027
250,000
238,223
REIT,
3.95%,
1/15/2028(b)
2,310,000
1,991,226
REIT,
8.38%,
6/15/2029(b)
4,150,000
4,131,425
REIT,
4.95%,
10/1/2029(b)
400,000
318,851
REIT,
4.38%,
2/15/2030
475,000
355,451
REIT,
8.88%,
6/15/2032
450,000
428,741
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Hotel
&
Resort
REITs
-
0.9%
(continued)
XHR
LP
REIT,
4.88%,
6/1/2029(a)
$
290,000
$
273,650
12,960,267
Hotels,
Restaurants
&
Leisure
-
7
.1
%
1011778
BC
ULC
3.88%,
1/15/2028(a)
320,000
300,870
4.38%,
1/15/2028(a)
510,000
484,953
4.00%,
10/15/2030(a)
3,260,000
2,907,837
Affinity
Interactive
6.88%,
12/15/2027(a)
1,830,000
1,595,608
Boyd
Gaming
Corp.
4.75%,
12/1/2027(b)
845,000
821,225
4.75%,
6/15/2031(a)
2,245,000
2,067,937
Carnival
Corp.
7.63%,
3/1/2026(a)
1,260,000
1,272,189
5.75%,
3/1/2027(a)
1,097,000
1,091,531
10.50%,
6/1/2030(a)
1,115,000
1,211,871
Carnival
Holdings
Bermuda
Ltd.
10.38%,
5/1/2028(a)
931,000
1,006,450
CEC
Entertainment
LLC
6.75%,
5/1/2026(a)
(b)
3,579,000
3,574,772
Cedar
Fair
LP
6.50%,
10/1/2028(b)
645,000
651,127
5.25%,
7/15/2029(b)
746,000
726,479
Churchill
Downs,
Inc.
5.50%,
4/1/2027(a)
1,535,000
1,516,819
4.75%,
1/15/2028(a)(b)
1,690,000
1,631,685
5.75%,
4/1/2030(a)
1,340,000
1,313,843
6.75%,
5/1/2031(a)
275,000
279,281
Everi
Holdings,
Inc.
5.00%,
7/15/2029(a)
600,000
594,335
Fertitta
Entertainment
LLC
4.63%,
1/15/2029(a)(b)
2,820,000
2,633,635
6.75%,
1/15/2030(a)
7,095,000
6,295,223
Genting
New
York
LLC
3.30%,
2/15/2026(a)
1,800,000
1,733,387
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
275
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Hotels,
Restaurants
&
Leisure
-
7.1%
(continued)
GPS
Hospitality
Holding
Co.
LLC
7.00%,
8/15/2028(a)
$
1,240,000
$
900,583
Hilton
Domestic
Operating
Co.,
Inc.
3.75%,
5/1/2029(a)
(b)
585,000
542,353
4.88%,
1/15/2030
795,000
768,647
4.00%,
5/1/2031(a)
5,660,000
5,126,635
3.63%,
2/15/2032(a)
5,525,000
4,839,039
Hilton
Grand
Vacations
Borrower
Escrow
LLC
5.00%,
6/1/2029(a)
1,890,000
1,777,676
4.88%,
7/1/2031(a)
(b)
855,000
769,826
Jacobs
Entertainment,
Inc.
6.75%,
2/15/2029(a)
1,685,000
1,575,201
KFC
Holding
Co.
4.75%,
6/1/2027(a)
445,000
435,485
Life
Time,
Inc.
8.00%,
4/15/2026(a)
1,005,000
1,018,549
Light
&
Wonder
International,
Inc.
7.00%,
5/15/2028(a)
495,000
498,643
7.25%,
11/15/2029(a)
300,000
308,704
Marriott
Ownership
Resorts,
Inc.
4.75%,
1/15/2028(b)
1,026,000
978,215
4.50%,
6/15/2029(a)
1,110,000
1,032,290
Midwest
Gaming
Borrower
LLC
4.88%,
5/1/2029(a)
4,245,000
4,008,454
Mohegan
Tribal
Gaming
Authority
8.00%,
2/1/2026(a)
3,020,000
2,828,502
NCL
Corp.
Ltd.
5.88%,
3/15/2026(a)
885,000
881,044
5.88%,
2/15/2027(a)
745,000
739,603
8.38%,
2/1/2028(a)
(b)
440,000
463,564
Papa
John's
International,
Inc.
3.88%,
9/15/2029(a)(b)
1,920,000
1,710,410
Penn
Entertainment,
Inc.
5.63%,
1/15/2027(a)(b)
740,000
722,119
Resorts
World
Las
Vegas
LLC
4.63%,
4/16/2029(a)(b)
5,650,000
5,129,685
8.45%,
7/27/2030(a)
2,600,000
2,771,077
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Hotels,
Restaurants
&
Leisure
-
7.1%
(continued)
Resorts
World
Las
Vegas
LLC
(continued)
4.63%,
4/6/2031(a)
$
1,455,000
$
1,274,610
Royal
Caribbean
Cruises
Ltd.
4.25%,
7/1/2026(a)
1,405,000
1,368,396
5.50%,
8/31/2026(a)
2,145,000
2,135,332
5.38%,
7/15/2027(a)
810,000
805,248
3.70%,
3/15/2028
240,000
226,165
5.50%,
4/1/2028(a)
290,000
288,897
Scientific
Games
Holdings
LP
6.63%,
3/1/2030(a)
2,550,000
2,493,962
SeaWorld
Parks
&
Entertainment,
Inc.
5.25%,
8/15/2029(a)
1,495,000
1,424,061
Six
Flags
Entertainment
Corp.
5.50%,
4/15/2027(a)
555,000
551,886
7.25%,
5/15/2031(a)
650,000
670,113
Sizzling
Platter
LLC
8.50%,
11/28/2025(a)
330,000
332,475
Station
Casinos
LLC
4.50%,
2/15/2028(a)
490,000
465,043
TKC
Holdings,
Inc.
6.88%,
5/15/2028(a)
1,155,000
1,124,537
10.50%,
5/15/2029(a)
1,190,000
1,157,275
Travel
+
Leisure
Co.
6.63%,
7/31/2026(a)
1,425,000
1,438,150
6.00%,
4/1/2027(f)
850,000
852,757
4.50%,
12/1/2029(a)
720,000
669,213
4.63%,
3/1/2030(a)
85,000
78,115
VOC
Escrow
Ltd.
5.00%,
2/15/2028(a)
500,000
487,886
Wyndham
Hotels
&
Resorts,
Inc.
4.38%,
8/15/2028(a)
1,650,000
1,556,842
Wynn
Las
Vegas
LLC
5.25%,
5/15/2027(a)
735,000
720,139
Wynn
Resorts
Finance
LLC
5.13%,
10/1/2029(a)
380,000
365,797
7.13%,
2/15/2031(a)(b)
1,080,000
1,125,858
Yum!
Brands,
Inc.
4.75%,
1/15/2030(a)
2,100,000
2,023,737
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
276
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Hotels,
Restaurants
&
Leisure
-
7.1%
(continued)
Yum!
Brands,
Inc.
(continued)
3.63%,
3/15/2031
$
915,000
$
816,148
4.63%,
1/31/2032
600,000
559,546
5.38%,
4/1/2032
955,000
925,280
6.88%,
11/15/2037(b)
1,365,000
1,495,734
100,970,563
Household
Durables
-
1
.9
%
Adams
Homes,
Inc.
9.25%,
10/15/2028(a)
1,550,000
1,605,515
Ashton
Woods
USA
LLC
6.63%,
1/15/2028(a)(b)
310,000
311,567
4.63%,
4/1/2030(a)
285,000
260,168
Brookfield
Residential
Properties,
Inc.
6.25%,
9/15/2027(a)
1,990,000
1,975,513
5.00%,
6/15/2029(a)(b)
1,300,000
1,207,337
4.88%,
2/15/2030(a)
1,630,000
1,494,267
CD&R
Smokey
Buyer,
Inc.
6.75%,
7/15/2025(a)
225,000
223,458
Empire
Communities
Corp.
9.75%,
5/1/2029(a)
(b)
1,500,000
1,548,653
Installed
Building
Products,
Inc.
5.75%,
2/1/2028(a)
250,000
246,485
LGI
Homes,
Inc.
8.75%,
12/15/2028(a)
1,095,000
1,163,384
4.00%,
7/15/2029(a)
365,000
326,773
M/I
Homes,
Inc.
3.95%,
2/15/2030
5,000
4,546
Mattamy
Group
Corp.
5.25%,
12/15/2027(a)
840,000
821,442
4.63%,
3/1/2030(a)
(b)
1,225,000
1,147,112
New
Home
Co.,
Inc.
(The)
9.25%,
10/1/2029(a)
650,000
654,810
Newell
Brands,
Inc.
5.70%,
4/1/2026(f)
845,000
842,981
Shea
Homes
LP
4.75%,
2/15/2028(b)
1,200,000
1,149,584
4.75%,
4/1/2029
494,000
468,332
STL
Holding
Co.
LLC
8.75%,
2/15/2029(a)
1,000,000
1,041,108
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Household
Durables
-
1.9%
(continued)
SWF
Holdings
I
Corp.
6.50%,
10/1/2029(a)
$
2,115,000
$
1,152,675
Taylor
Morrison
Communities,
Inc.
5.75%,
1/15/2028(a)
1,440,000
1,441,571
5.13%,
8/1/2030(a)
160,000
156,004
Tempur
Sealy
International,
Inc.
4.00%,
4/15/2029(a)
2,595,000
2,370,288
3.88%,
10/15/2031(a)
4,685,000
4,032,492
TopBuild
Corp.
4.13%,
2/15/2032(a)
245,000
220,698
Tri
Pointe
Homes,
Inc.
5.70%,
6/15/2028(b)
755,000
752,986
26,619,749
Household
Products
-
0
.2
%
Central
Garden
&
Pet
Co.
4.13%,
10/15/2030(b)
265,000
239,437
4.13%,
4/30/2031(a)(b)
150,000
133,274
Energizer
Holdings,
Inc.
6.50%,
12/31/2027(a)
970,000
975,208
4.75%,
6/15/2028(a)
1,495,000
1,418,103
4.38%,
3/31/2029(a)
80,000
73,861
2,839,883
Independent
Power
and
Renewable
Electricity
Producers
-
0
.0
%
(e)
TransAlta
Corp.
6.50%,
3/15/2040
80,000
80,997
Insurance
-
1
.2
%
Acrisure
LLC
4.25%,
2/15/2029(a)(b)
500,000
460,138
Alliant
Holdings
Intermediate
LLC
4.25%,
10/15/2027(a)
550,000
523,407
7.00%,
1/15/2031(a)
900,000
916,230
AmWINS
Group,
Inc.
4.88%,
6/30/2029(a)
590,000
556,316
Ardonagh
Group
Finance
Ltd.
8.88%,
2/15/2032(a)
1,360,000
1,375,757
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
277
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Insurance
-
1.2%
(continued)
Assurant,
Inc.
7.00%,
3/27/2048(d)
$
2,200,000
$
2,237,411
Constellation
Insurance,
Inc.
6.80%,
1/24/2030(a)(f)
220,000
218,080
6.63%,
5/1/2031(a)
830,000
813,295
Global
Atlantic
Fin
Co.
4.70%,
10/15/2051(a)(b)
(d)
4,170,000
3,911,722
7.95%,
10/15/2054(a)(d)
1,500,000
1,522,257
HUB
International
Ltd.
7.25%,
6/15/2030(a)
2,355,000
2,428,898
Liberty
Mutual
Group,
Inc.
7.80%,
3/15/2037(a)(b)
325,000
348,541
4.13%,
12/15/2051(a)(d)
1,310,000
1,226,140
16,538,192
Interactive
Media
&
Services
-
0
.3
%
Cars.com,
Inc.
6.38%,
11/1/2028(a)
916,000
900,457
Ziff
Davis,
Inc.
4.63%,
10/15/2030(a)(b)
2,225,000
2,006,916
ZipRecruiter,
Inc.
5.00%,
1/15/2030(a)
1,105,000
966,785
3,874,158
IT
Services
-
1
.1
%
Acuris
Finance
US,
Inc.
5.00%,
5/1/2028(a)
609,000
542,768
Ahead
DB
Holdings
LLC
6.63%,
5/1/2028(a)
(b)
500,000
475,575
Arches
Buyer,
Inc.
4.25%,
6/1/2028(a)
770,000
687,036
6.13%,
12/1/2028(a)
850,000
703,885
ASGN,
Inc.
4.63%,
5/15/2028(a)
2,930,000
2,807,488
Cablevision
Lightpath
LLC
5.63%,
9/15/2028(a)(b)
500,000
424,457
Cogent
Communications
Group
LLC
3.50%,
5/1/2026(a)
(b)
1,275,000
1,224,920
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
IT
Services
-
1.1%
(continued)
Cogent
Communications
Group
LLC
(continued)
7.00%,
6/15/2027(a)(b)
$
875,000
$
882,672
Conduent
Business
Services
LLC
6.00%,
11/1/2029(a)(b)
600,000
568,635
ION
Trading
Technologies
Sarl
5.75%,
5/15/2028(a)(b)
640,000
591,560
9.50%,
5/30/2029(a)
1,500,000
1,558,742
Newfold
Digital
Holdings
Group,
Inc.
11.75%,
10/15/2028(a)
1,730,000
1,748,150
6.00%,
2/15/2029(a)
850,000
590,795
Twilio,
Inc.
3.63%,
3/15/2029(b)
250,000
226,781
3.88%,
3/15/2031(b)
1,300,000
1,167,353
Unisys
Corp.
6.88%,
11/1/2027(a)
1,075,000
963,117
Virtusa
Corp.
7.13%,
12/15/2028(a)
400,000
379,098
15,543,032
Machinery
-
1
.4
%
Amsted
Industries,
Inc.
4.63%,
5/15/2030(a)
200,000
184,290
Calderys
Financing
LLC
11.25%,
6/1/2028(a)(b)
1,835,000
1,962,509
Hillenbrand,
Inc.
3.75%,
3/1/2031
100,000
87,691
Husky
Injection
Molding
Systems
Ltd.
9.00%,
2/15/2029(a)
2,800,000
2,875,527
Interpipe
Holdings
plc
8.38%,
5/13/2026(a)
300,000
225,024
Maxim
Crane
Works
Holdings
Capital
LLC
11.50%,
9/1/2028(a)
2,885,000
2,967,739
OT
Merger
Corp.
7.88%,
10/15/2029(a)
1,045,000
455,333
Roller
Bearing
Co.
of
America,
Inc.
4.38%,
10/15/2029(a)(b)
1,750,000
1,633,611
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
278
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Machinery
-
1.4%
(continued)
Terex
Corp.
5.00%,
5/15/2029(a)(b)
$
675,000
$
648,697
Titan
International,
Inc.
7.00%,
4/30/2028
2,301,000
2,234,739
TK
Elevator
US
Newco,
Inc.
5.25%,
7/15/2027(a)
2,135,000
2,093,487
Trinity
Industries,
Inc.
7.75%,
7/15/2028(a)(b)
1,130,000
1,179,207
Wabash
National
Corp.
4.50%,
10/15/2028(a)(b)
2,285,000
2,074,595
Werner
FinCo.
LP
11.50%,
6/15/2028(a)
1,200,000
1,303,498
14.50%,
10/15/2028(a)(c)
435,000
428,255
20,354,202
Media
-
7
.7
%
Advantage
Sales
&
Marketing,
Inc.
6.50%,
11/15/2028(a)(b)
1,230,000
1,127,658
AMC
Networks,
Inc.
10.25%,
1/15/2029(a)
2,000,000
1,976,320
4.25%,
2/15/2029
3,570,000
2,456,307
Belo
Corp.
7.75%,
6/1/2027
450,000
466,731
7.25%,
9/15/2027
395,000
399,178
Cable
One,
Inc.
4.00%,
11/15/2030(a)
3,650,000
2,806,342
Clear
Channel
Outdoor
Holdings,
Inc.
7.75%,
4/15/2028(a)
2,235,000
1,973,913
7.50%,
6/1/2029(a)
2,355,000
2,022,167
CMG
Media
Corp.
8.88%,
12/15/2027(a)
2,965,000
1,728,299
CSC
Holdings
LLC
5.50%,
4/15/2027(a)(b)
3,000,000
2,508,094
5.38%,
2/1/2028(a)
(b)
1,150,000
912,975
7.50%,
4/1/2028(a)
5,685,000
3,187,381
11.25%,
5/15/2028(a)(b)
2,250,000
2,034,174
11.75%,
1/31/2029(a)
4,900,000
4,429,548
6.50%,
2/1/2029(a)
(b)
1,950,000
1,501,787
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Media
-
7.7%
(continued)
CSC
Holdings
LLC
(continued)
5.75%,
1/15/2030(a)
$
1,295,000
$
522,353
4.13%,
12/1/2030(a)
750,000
519,269
4.63%,
12/1/2030(a)
1,100,000
434,540
5.00%,
11/15/2031(a)
500,000
200,441
Cumulus
Media
New
Holdings,
Inc.
8.00%,
7/1/2029(a)
250,000
97,500
Directv
Financing
LLC
5.88%,
8/15/2027(a)
2,520,000
2,426,638
8.88%,
2/1/2030(a)
(b)
500,000
500,703
DISH
DBS
Corp.
7.75%,
7/1/2026
500,000
321,616
5.25%,
12/1/2026(a)(b)
950,000
790,759
DISH
Network
Corp.
11.75%,
11/15/2027(a)(b)
3,515,000
3,518,265
Gannett
Holdings
LLC
6.00%,
11/1/2026(a)
330,000
320,541
GCI
LLC
4.75%,
10/15/2028(a)(b)
1,915,000
1,777,675
Gray
Television,
Inc.
7.00%,
5/15/2027(a)(b)
1,670,000
1,616,414
4.75%,
10/15/2030(a)
3,070,000
2,061,078
5.38%,
11/15/2031(a)
1,055,000
687,699
Lamar
Media
Corp.
4.00%,
2/15/2030
310,000
285,929
3.63%,
1/15/2031
315,000
279,893
McGraw-Hill
Education,
Inc.
8.00%,
8/1/2029(a)
(b)
705,000
687,398
Neptune
Bidco
US,
Inc.
9.29%,
4/15/2029(a)
3,345,000
3,275,988
News
Corp.
3.88%,
5/15/2029(a)
3,325,000
3,078,341
5.13%,
2/15/2032(a)
3,008,000
2,857,555
Nexstar
Media,
Inc.
5.63%,
7/15/2027(a)
3,400,000
3,297,539
4.75%,
11/1/2028(a)(b)
790,000
726,858
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
279
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Media
-
7.7%
(continued)
Paramount
Global
6.25%,
2/28/2057(b)(d)
$
1,440,000
$
1,257,692
6.38%,
3/30/2062(d)
2,215,000
2,033,647
Radiate
Holdco
LLC
4.50%,
9/15/2026(a)
1,570,000
1,256,389
Scripps
Escrow
II,
Inc.
3.88%,
1/15/2029(a)
750,000
487,921
5.38%,
1/15/2031(a)
430,000
205,838
Scripps
Escrow,
Inc.
5.88%,
7/15/2027(a)
1,767,000
1,228,595
Sinclair
Television
Group,
Inc.
5.13%,
2/15/2027(a)
600,000
507,453
5.50%,
3/1/2030(a)
1,450,000
882,687
4.13%,
12/1/2030(a)
950,000
660,307
Sirius
XM
Radio,
Inc.
3.13%,
9/1/2026(a)
1,480,000
1,406,091
5.00%,
8/1/2027(a)
2,935,000
2,840,003
4.00%,
7/15/2028(a)(b)
2,255,000
2,069,534
5.50%,
7/1/2029(a)
2,472,000
2,362,949
4.13%,
7/1/2030(a)
8,395,000
7,296,722
3.88%,
9/1/2031(a)
(b)
8,390,000
7,008,591
Summer
BC
Bidco
B
LLC
5.50%,
10/31/2026(a)
700,000
687,956
Sunrise
HoldCo
IV
BV
5.50%,
1/15/2028(a)(b)
784,000
766,130
TEGNA,
Inc.
4.75%,
3/15/2026(a)
660,000
649,851
4.63%,
3/15/2028
5,702,000
5,231,232
5.00%,
9/15/2029
4,000,000
3,650,167
Townsquare
Media,
Inc.
6.88%,
2/1/2026(a)
550,000
541,807
Univision
Communications,
Inc.
6.63%,
6/1/2027(a)
(b)
905,000
900,602
8.00%,
8/15/2028(a)
765,000
768,787
4.50%,
5/1/2029(a)
(b)
630,000
550,282
7.38%,
6/30/2030(a)
545,000
524,716
Urban
One,
Inc.
7.38%,
2/1/2028(a)
2,411,000
1,840,205
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Media
-
7.7%
(continued)
Virgin
Media
Vendor
Financing
Notes
IV
DAC
5.00%,
7/15/2028(a)
$
525,000
$
491,840
VZ
Secured
Financing
BV
5.00%,
1/15/2032(a)
1,560,000
1,366,998
Ziggo
Bond
Co.
BV
6.00%,
1/15/2027(a)(b)
450,000
447,468
5.13%,
2/28/2030(a)
398,000
351,449
Ziggo
BV
4.88%,
1/15/2030(a)
870,000
792,042
110,881,817
Metals
&
Mining
-
3
.5
%
Arsenal
AIC
Parent
LLC
8.00%,
10/1/2030(a)
1,535,000
1,633,160
11.50%,
10/1/2031(a)
2,800,000
3,128,730
ATI,
Inc.
5.88%,
12/1/2027
750,000
743,709
5.13%,
10/1/2031
95,000
89,671
Century
Aluminum
Co.
7.50%,
4/1/2028(a)
830,000
842,312
Cleveland-Cliffs,
Inc.
6.75%,
4/15/2030(a)
755,000
760,131
Compass
Minerals
International,
Inc.
6.75%,
12/1/2027(a)(b)
500,000
491,924
Eldorado
Gold
Corp.
6.25%,
9/1/2029(a)
(b)
2,780,000
2,704,059
FMG
Resources
August
2006
Pty.
Ltd.
4.50%,
9/15/2027(a)
3,000,000
2,877,405
5.88%,
4/15/2030(a)
2,525,000
2,488,265
4.38%,
4/1/2031(a)
8,370,000
7,565,290
6.13%,
4/15/2032(a)
4,920,000
4,870,193
Hudbay
Minerals,
Inc.
4.50%,
4/1/2026(a)
1,215,000
1,188,174
IAMGOLD
Corp.
5.75%,
10/15/2028(a)
1,500,000
1,442,162
Infrabuild
Australia
Pty.
Ltd.
14.50%,
11/15/2028(a)
1,170,000
1,206,184
Mineral
Resources
Ltd.
8.13%,
5/1/2027(a)
1,885,000
1,910,276
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
280
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Metals
&
Mining
-
3.5%
(continued)
Mineral
Resources
Ltd.
(continued)
8.00%,
11/1/2027(a)
$
2,180,000
$
2,237,435
9.25%,
10/1/2028(a)
5,920,000
6,295,705
8.50%,
5/1/2030(a)
2,003,000
2,091,325
Novelis
Corp.
3.25%,
11/15/2026(a)
550,000
523,264
3.88%,
8/15/2031(a)
525,000
461,204
SunCoke
Energy,
Inc.
4.88%,
6/30/2029(a)
2,960,000
2,707,061
TMS
International
Corp.
6.25%,
4/15/2029(a)
1,685,000
1,564,204
Warrior
Met
Coal,
Inc.
7.88%,
12/1/2028(a)
56,000
57,404
49,879,247
Mortgage
Real
Estate
Investment
Trusts
(REITs)
-
1
.1
%
Apollo
Commercial
Real
Estate
Finance,
Inc.
4.63%,
6/15/2029(a)(b)
2,830,000
2,414,650
Blackstone
Mortgage
Trust,
Inc.
3.75%,
1/15/2027(a)
1,410,000
1,294,287
Ladder
Capital
Finance
Holdings
LLLP
5.25%,
10/1/2025(a)
564,000
561,288
4.25%,
2/1/2027(a)
1,310,000
1,267,623
4.75%,
6/15/2029(a)(b)
1,415,000
1,344,852
Rithm
Capital
Corp.
6.25%,
10/15/2025(a)
425,000
424,693
8.00%,
4/1/2029(a)
4,410,000
4,371,574
Starwood
Property
Trust,
Inc.
3.63%,
7/15/2026(a)
955,000
909,960
4.38%,
1/15/2027(a)(b)
1,015,000
974,630
7.25%,
4/1/2029(a)
2,140,000
2,200,875
15,764,432
Multi-Utilities
-
0
.1
%
Algonquin
Power
&
Utilities
Corp.
4.75%,
1/18/2082(d)
850,000
777,022
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Office
REITs
-
0
.1
%
Hudson
Pacific
Properties
LP
REIT,
5.95%,
2/15/2028
$
545,000
$
491,642
REIT,
4.65%,
4/1/2029
500,000
421,717
913,359
Oil,
Gas
&
Consumable
Fuels
-
9
.5
%
Aethon
United
BR
LP
8.25%,
2/15/2026(a)
1,280,000
1,296,828
Alliance
Resource
Operating
Partners
LP
8.63%,
6/15/2029(a)
2,250,000
2,365,472
Antero
Midstream
Partners
LP
5.75%,
3/1/2027(a)
924,000
921,749
5.75%,
1/15/2028(a)(b)
1,465,000
1,455,148
5.38%,
6/15/2029(a)
1,370,000
1,339,591
6.63%,
2/1/2032(a)
400,000
408,091
Ascent
Resources
Utica
Holdings
LLC
7.00%,
11/1/2026(a)
710,000
710,786
8.25%,
12/31/2028(a)(b)
325,000
333,627
Athabasca
Oil
Corp.
9.75%,
11/1/2026(a)
174,000
183,603
Baytex
Energy
Corp.
8.50%,
4/30/2030(a)
1,350,000
1,424,958
Berry
Petroleum
Co.
LLC
7.00%,
2/15/2026(a)(b)
405,000
400,931
Buckeye
Partners
LP
3.95%,
12/1/2026(b)
745,000
718,034
4.13%,
12/1/2027
345,000
324,334
4.50%,
3/1/2028(a)
800,000
763,070
5.85%,
11/15/2043
100,000
88,737
5.60%,
10/15/2044
465,000
385,447
California
Resources
Corp.
7.13%,
2/1/2026(a)
3,250,000
3,257,158
8.25%,
6/15/2029(a)(b)
3,150,000
3,225,710
Calumet
Specialty
Products
Partners
LP
8.13%,
1/15/2027(a)
550,000
515,661
9.75%,
7/15/2028(a)
2,300,000
2,109,361
Chesapeake
Energy
Corp.
5.88%,
2/1/2029(a)
1,185,000
1,177,680
6.75%,
4/15/2029(a)
800,000
808,295
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
281
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
9.5%
(continued)
CITGO
Petroleum
Corp.
8.38%,
1/15/2029(a)
$
1,470,000
$
1,531,699
Civitas
Resources,
Inc.
5.00%,
10/15/2026(a)
695,000
679,743
8.38%,
7/1/2028(a)
1,550,000
1,627,363
8.75%,
7/1/2031(a)
2,135,000
2,295,931
CNX
Midstream
Partners
LP
4.75%,
4/15/2030(a)
2,210,000
2,025,137
CNX
Resources
Corp.
6.00%,
1/15/2029(a)
1,520,000
1,504,587
7.38%,
1/15/2031(a)
1,115,000
1,151,135
CQP
Holdco
LP
5.50%,
6/15/2031(a)(b)
2,415,000
2,316,318
Crescent
Energy
Finance
LLC
9.25%,
2/15/2028(a)(b)
1,395,000
1,472,676
CVR
Energy,
Inc.
5.75%,
2/15/2028(a)
1,100,000
1,037,020
8.50%,
1/15/2029(a)
1,400,000
1,423,841
Delek
Logistics
Partners
LP
7.13%,
6/1/2028(a)
(b)
1,185,000
1,180,696
8.63%,
3/15/2029(a)
2,900,000
3,012,778
DT
Midstream,
Inc.
4.13%,
6/15/2029(a)
1,085,000
1,014,268
4.38%,
6/15/2031(a)(b)
830,000
765,233
Encino
Acquisition
Partners
Holdings
LLC
8.50%,
5/1/2028(a)
1,690,000
1,733,384
Energean
plc
6.50%,
4/30/2027(a)
1,000,000
983,800
Energy
Transfer
LP
8.00%,
5/15/2054(b)(d)
4,450,000
4,737,466
7.13%,
10/1/2054(d)
2,000,000
2,006,826
EnQuest
plc
11.63%,
11/1/2027(a)
1,000,000
1,022,542
Genesis
Energy
LP
8.00%,
1/15/2027
2,005,000
2,050,167
7.75%,
2/1/2028
1,100,000
1,116,232
8.88%,
4/15/2030
320,000
338,792
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
9.5%
(continued)
Global
Partners
LP
7.00%,
8/1/2027
$
750,000
$
755,770
6.88%,
1/15/2029
800,000
796,867
8.25%,
1/15/2032(a)
750,000
770,440
Greenfire
Resources
Ltd.
12.00%,
10/1/2028(a)
394,000
423,379
Gulfport
Energy
Corp.
8.00%,
5/17/2026(a)
489,000
495,564
Harbour
Energy
plc
5.50%,
10/15/2026(a)
1,060,000
1,046,488
Harvest
Midstream
I
LP
7.50%,
9/1/2028(a)
(b)
1,915,000
1,959,715
Hess
Midstream
Operations
LP
5.63%,
2/15/2026(a)
650,000
646,416
Hilcorp
Energy
I
LP
6.25%,
11/1/2028(a)
400,000
399,898
5.75%,
2/1/2029(a)
(b)
540,000
530,950
6.00%,
4/15/2030(a)
650,000
635,937
6.00%,
2/1/2031(a)
640,000
621,132
6.25%,
4/15/2032(a)
665,000
646,863
8.38%,
11/1/2033(a)
400,000
432,690
Howard
Midstream
Energy
Partners
LLC
8.88%,
7/15/2028(a)
960,000
1,021,880
Ithaca
Energy
North
Sea
plc
9.00%,
7/15/2026(a)
2,068,000
2,102,416
ITT
Holdings
LLC
6.50%,
8/1/2029(a)
(b)
3,232,000
3,032,716
Karoon
USA
Finance,
Inc.
10.50%,
5/14/2029(a)
1,200,000
1,218,271
Magnolia
Oil
&
Gas
Operating
LLC
6.00%,
8/1/2026(a)
230,000
228,787
Martin
Midstream
Partners
LP
11.50%,
2/15/2028(a)
1,186,000
1,299,246
MEG
Energy
Corp.
5.88%,
2/1/2029(a)
2,050,000
2,024,454
Moss
Creek
Resources
Holdings,
Inc.
7.50%,
1/15/2026(a)
500,000
499,550
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
282
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
9.5%
(continued)
Moss
Creek
Resources
Holdings,
Inc.
(continued)
10.50%,
5/15/2027(a)
$
1,850,000
$
1,892,228
Murphy
Oil
Corp.
7.05%,
5/1/2029
250,000
263,944
5.87%,
12/1/2042(f)
285,000
261,102
New
Fortress
Energy,
Inc.
6.75%,
9/15/2025(a)
880,000
865,135
6.50%,
9/30/2026(a)(b)
1,400,000
1,301,783
8.75%,
3/15/2029(a)(b)
750,000
680,069
NGL
Energy
Operating
LLC
8.13%,
2/15/2029(a)
1,000,000
1,013,456
8.38%,
2/15/2032(a)
1,356,000
1,385,630
Northern
Oil
&
Gas,
Inc.
8.13%,
3/1/2028(a)
2,695,000
2,749,912
8.75%,
6/15/2031(a)
1,815,000
1,912,936
NuStar
Logistics
LP
5.75%,
10/1/2025
895,000
895,112
6.00%,
6/1/2026(b)
1,095,000
1,096,145
6.38%,
10/1/2030
240,000
244,939
Parkland
Corp.
5.88%,
7/15/2027(a)
1,040,000
1,036,481
4.50%,
10/1/2029(a)
1,760,000
1,643,398
4.63%,
5/1/2030(a)
(b)
690,000
641,509
PBF
Holding
Co.
LLC
6.00%,
2/15/2028
1,715,000
1,682,286
7.88%,
9/15/2030(a)(b)
280,000
289,994
Prairie
Acquiror
LP
9.00%,
8/1/2029(a)
(b)
550,000
567,096
Rockies
Express
Pipeline
LLC
4.95%,
7/15/2029(a)
295,000
282,127
4.80%,
5/15/2030(a)
70,000
65,400
7.50%,
7/15/2038(a)
870,000
911,693
6.88%,
4/15/2040(a)
260,000
255,730
Sitio
Royalties
Operating
Partnership
LP
7.88%,
11/1/2028(a)
2,200,000
2,301,941
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
9.5%
(continued)
SM
Energy
Co.
6.75%,
9/15/2026(b)
$
385,000
$
385,415
6.63%,
1/15/2027
770,000
770,895
6.50%,
7/15/2028
1,500,000
1,496,453
Strathcona
Resources
Ltd.
6.88%,
8/1/2026(a)
1,120,000
1,124,766
Sunoco
LP
5.88%,
3/15/2028
895,000
891,569
7.00%,
9/15/2028(a)
330,000
339,439
7.00%,
5/1/2029(a)
500,000
514,631
4.50%,
5/15/2029
1,845,000
1,743,519
4.50%,
4/30/2030
1,775,000
1,656,234
7.25%,
5/1/2032(a)
250,000
259,888
Tallgrass
Energy
Partners
LP
6.00%,
3/1/2027(a)
576,000
571,853
5.50%,
1/15/2028(a)
925,000
892,487
7.38%,
2/15/2029(a)(b)
835,000
845,952
6.00%,
12/31/2030(a)
680,000
644,349
6.00%,
9/1/2031(a)
(b)
815,000
768,234
Talos
Production,
Inc.
9.00%,
2/1/2029(a)
2,000,000
2,107,333
9.38%,
2/1/2031(a)
500,000
529,925
Teine
Energy
Ltd.
6.88%,
4/15/2029(a)(b)
635,000
629,680
TGNR
Intermediate
Holdings
LLC
5.50%,
10/15/2029(a)
2,065,000
1,958,119
Topaz
Solar
Farms
LLC
5.75%,
9/30/2039(a)(b)
2,952,894
2,875,381
Venture
Global
Calcasieu
Pass
LLC
3.88%,
8/15/2029(a)
725,000
670,321
6.25%,
1/15/2030(a)
395,000
405,666
4.13%,
8/15/2031(a)
1,125,000
1,022,681
3.88%,
11/1/2033(a)(b)
970,000
841,249
Venture
Global
LNG,
Inc.
8.13%,
6/1/2028(a)
555,000
577,998
9.50%,
2/1/2029(a)
(b)
1,140,000
1,268,238
8.38%,
6/1/2031(a)
675,000
709,335
9.88%,
2/1/2032(a)
690,000
765,960
Vermilion
Energy,
Inc.
6.88%,
5/1/2030(a)
880,000
875,309
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
283
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
9.5%
(continued)
Vital
Energy,
Inc.
7.75%,
7/31/2029(a)
$
665,000
$
672,501
135,886,760
Paper
&
Forest
Products
-
0
.2
%
Clearwater
Paper
Corp.
4.75%,
8/15/2028(a)
295,000
278,540
Domtar
Corp.
6.75%,
10/1/2028(a)
2,125,000
1,934,257
Louisiana-Pacific
Corp.
3.63%,
3/15/2029(a)
755,000
698,767
2,911,564
Passenger
Airlines
-
0
.6
%
Air
Canada
3.88%,
8/15/2026(a)
2,565,000
2,467,114
American
Airlines,
Inc.
5.50%,
4/20/2026(a)
1,172,500
1,164,649
7.25%,
2/15/2028(a)
1,110,000
1,109,057
5.75%,
4/20/2029(a)
1,835,000
1,793,169
United
Airlines,
Inc.
4.38%,
4/15/2026(a)
1,960,000
1,910,975
4.63%,
4/15/2029(a)(b)
685,000
647,351
9,092,315
Personal
Care
Products
-
0
.8
%
BellRing
Brands,
Inc.
7.00%,
3/15/2030(a)(b)
4,500,000
4,637,345
Coty,
Inc.
4.75%,
1/15/2029(a)
100,000
95,680
6.63%,
7/15/2030(a)
1,300,000
1,334,883
Edgewell
Personal
Care
Co.
5.50%,
6/1/2028(a)
1,270,000
1,244,962
4.13%,
4/1/2029(a)
(b)
690,000
642,068
Herbalife
Nutrition
Ltd.
7.88%,
9/1/2025(a)
(b)
656,000
651,716
Oriflame
Investment
Holding
plc
5.13%,
5/4/2026(a)
1,895,000
464,275
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Personal
Care
Products
-
0.8%
(continued)
Prestige
Brands,
Inc.
5.13%,
1/15/2028(a)(b)
$
825,000
$
806,585
3.75%,
4/1/2031(a)
1,995,000
1,758,788
11,636,302
Pharmaceuticals
-
0
.8
%
Bausch
Health
Cos.,
Inc.
5.50%,
11/1/2025(a)(b)
625,000
585,375
9.00%,
12/15/2025(a)
250,000
222,500
4.88%,
6/1/2028(a)
211,000
162,491
11.00%,
9/30/2028(a)
60,000
56,130
Cheplapharm
Arzneimittel
GmbH
5.50%,
1/15/2028(a)
840,000
785,400
HLF
Financing
Sarl
LLC
12.25%,
4/15/2029(a)
4,650,000
4,660,593
4.88%,
6/1/2029(a)
(b)
3,325,000
2,261,000
Jazz
Securities
DAC
4.38%,
1/15/2029(a)(b)
335,000
314,618
Mallinckrodt
International
Finance
SA
14.75%,
11/14/2028(a)
900,000
979,476
Organon
&
Co.
5.13%,
4/30/2031(a)
1,857,000
1,708,991
P&L
Development
LLC
7.75%,
11/15/2025(a)
515,000
473,798
12,210,372
Professional
Services
-
0
.7
%
AMN
Healthcare,
Inc.
4.63%,
10/1/2027(a)(b)
785,000
754,085
4.00%,
4/15/2029(a)
250,000
228,944
CoreLogic,
Inc.
4.50%,
5/1/2028(a)
1,850,000
1,706,532
Dun
&
Bradstreet
Corp.
(The)
5.00%,
12/15/2029(a)
200,000
189,791
KBR,
Inc.
4.75%,
9/30/2028(a)(b)
820,000
779,858
Korn
Ferry
4.63%,
12/15/2027(a)(b)
2,275,000
2,192,529
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
284
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Professional
Services
-
0.7%
(continued)
Science
Applications
International
Corp.
4.88%,
4/1/2028(a)
(b)
$
1,583,000
$
1,529,666
TriNet
Group,
Inc.
3.50%,
3/1/2029(a)
(b)
1,751,000
1,586,640
7.13%,
8/15/2031(a)
1,000,000
1,029,477
9,997,522
Real
Estate
Management
&
Development
-
0
.8
%
Five
Point
Operating
Co.
LP
10.50%,
1/15/2028(a)(f)
1,740,000
1,788,109
Forestar
Group,
Inc.
3.85%,
5/15/2026(a)(b)
831,000
803,536
5.00%,
3/1/2028(a)
1,405,000
1,352,542
Greystar
Real
Estate
Partners
LLC
7.75%,
9/1/2030(a)
650,000
689,248
Howard
Hughes
Corp.
(The)
5.38%,
8/1/2028(a)
530,000
513,964
4.13%,
2/1/2029(a)
500,000
458,778
4.38%,
2/1/2031(a)
(b)
2,170,000
1,939,516
Hunt
Cos.,
Inc.
5.25%,
4/15/2029(a)
1,055,000
993,455
Kennedy-Wilson,
Inc.
4.75%,
3/1/2029
855,000
752,475
4.75%,
2/1/2030
1,050,000
897,405
5.00%,
3/1/2031(b)
2,295,000
1,936,847
WeWork
Cos.
LLC
12.00%,
8/15/2027(g)
3,371,664
35,553
12,161,428
Retail
REITs
-
0
.3
%
Brookfield
Property
REIT,
Inc.
REIT,
5.75%,
5/15/2026(a)(b)
2,125,000
2,101,511
REIT,
4.50%,
4/1/2027(a)(b)
2,435,000
2,301,754
4,403,265
Software
-
2
.6
%
Alteryx,
Inc.
8.75%,
3/15/2028(a)
500,000
513,749
Camelot
Finance
SA
4.50%,
11/1/2026(a)
665,000
648,293
Central
Parent
LLC
8.00%,
6/15/2029(a)
590,000
605,215
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Software
-
2.6%
(continued)
Central
Parent,
Inc.
7.25%,
6/15/2029(a)
$
570,000
$
574,889
Cloud
Software
Group,
Inc.
6.50%,
3/31/2029(a)
1,625,000
1,583,964
9.00%,
9/30/2029(a)
4,250,000
4,226,226
Consensus
Cloud
Solutions,
Inc.
6.00%,
10/15/2026(a)(b)
555,000
543,788
6.50%,
10/15/2028(a)
1,315,000
1,269,099
Crowdstrike
Holdings,
Inc.
3.00%,
2/15/2029
4,035,000
3,621,003
Elastic
NV
4.13%,
7/15/2029(a)
330,000
304,035
Fair
Isaac
Corp.
5.25%,
5/15/2026(a)
1,250,000
1,243,198
4.00%,
6/15/2028(a)
5,000,000
4,704,446
Gen
Digital,
Inc.
7.13%,
9/30/2030(a)(b)
415,000
429,031
GoTo
Group,
Inc.
5.50%,
5/1/2028(a)
4,401,000
2,435,905
Helios
Software
Holdings,
Inc.
4.63%,
5/1/2028(a)
476,000
434,020
McAfee
Corp.
7.38%,
2/15/2030(a)(b)
2,285,000
2,131,464
MicroStrategy,
Inc.
6.13%,
6/15/2028(a)
540,000
534,056
Open
Text
Corp.
3.88%,
12/1/2029(a)(b)
850,000
771,573
Open
Text
Holdings,
Inc.
4.13%,
2/15/2030(a)
746,000
680,423
4.13%,
12/1/2031(a)
200,000
178,053
PTC,
Inc.
4.00%,
2/15/2028(a)
2,980,000
2,822,426
Rackspace
Finance
LLC
3.50%,
5/15/2028(a)
2,000,000
866,186
Rocket
Software,
Inc.
6.50%,
2/15/2029(a)
1,000,000
903,256
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
285
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Software
-
2.6%
(continued)
SS&C
Technologies,
Inc.
5.50%,
9/30/2027(a)
$
1,985,000
$
1,966,321
Veritas
US,
Inc.
7.50%,
9/1/2025(a)
(b)
3,060,000
2,662,200
36,652,819
Specialized
REITs
-
0
.6
%
Iron
Mountain,
Inc.
REIT,
4.88%,
9/15/2027(a)
750,000
732,341
REIT,
5.25%,
3/15/2028(a)
1,405,000
1,376,572
REIT,
5.00%,
7/15/2028(a)(b)
300,000
290,818
REIT,
7.00%,
2/15/2029(a)
910,000
934,968
REIT,
4.88%,
9/15/2029(a)(b)
825,000
788,249
REIT,
5.25%,
7/15/2030(a)
3,375,000
3,248,136
REIT,
4.50%,
2/15/2031(a)
930,000
854,789
REIT,
5.63%,
7/15/2032(a)(b)
539,000
519,788
SBA
Communications
Corp.
REIT,
3.88%,
2/15/2027
300,000
288,840
9,034,501
Specialty
Retail
-
6
.1
%
Asbury
Automotive
Group,
Inc.
5.00%,
2/15/2032(a)(b)
400,000
368,612
At
Home
Group,
Inc.
4.88%,
7/15/2028(a)
360,000
129,605
Bath
&
Body
Works,
Inc.
6.95%,
3/1/2033
1,080,000
1,054,021
6.88%,
11/1/2035
805,000
815,598
6.75%,
7/1/2036
335,000
335,352
7.60%,
7/15/2037
1,250,000
1,212,195
BCPE
Ulysses
Intermediate,
Inc.
7.75%,
4/1/2027(a)
(b)(c)
595,000
574,477
Carvana
Co.
13.00%,
6/1/2030(a)(c)
5,390,000
5,826,152
14.00%,
6/1/2031(a)(c)
10,420,000
11,921,932
eG
Global
Finance
plc
12.00%,
11/30/2028(a)(b)
2,950,000
3,158,751
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Specialty
Retail
-
6.1%
(continued)
Evergreen
Acqco
1
LP
9.75%,
4/26/2028(a)
$
1,511,000
$
1,593,896
Foot
Locker,
Inc.
4.00%,
10/1/2029(a)
100,000
85,594
Gap,
Inc.
(The)
3.63%,
10/1/2029(a)
1,865,000
1,630,186
3.88%,
10/1/2031(a)(b)
1,523,000
1,279,320
Global
Auto
Holdings
Ltd.
8.38%,
1/15/2029(a)
1,450,000
1,415,318
8.75%,
1/15/2032(a)
1,500,000
1,433,036
GYP
Holdings
III
Corp.
4.63%,
5/1/2029(a)
(b)
750,000
707,992
Ken
Garff
Automotive
LLC
4.88%,
9/15/2028(a)(b)
165,000
156,013
LCM
Investments
Holdings
II
LLC
4.88%,
5/1/2029(a)
823,000
775,041
8.25%,
8/1/2031(a)
680,000
713,149
Michaels
Cos.,
Inc.
(The)
5.25%,
5/1/2028(a)
4,795,000
3,547,017
7.88%,
5/1/2029(a)
6,505,000
3,738,992
Murphy
Oil
USA,
Inc.
5.63%,
5/1/2027
745,000
737,584
4.75%,
9/15/2029
2,030,000
1,942,041
3.75%,
2/15/2031(a)
2,780,000
2,468,525
Park
River
Holdings,
Inc.
5.63%,
2/1/2029(a)
575,000
465,277
6.75%,
8/1/2029(a)
500,000
419,933
Penske
Automotive
Group,
Inc.
3.75%,
6/15/2029(b)
470,000
429,353
PetSmart,
Inc.
4.75%,
2/15/2028(a)(b)
5,965,000
5,604,320
7.75%,
2/15/2029(a)
6,560,000
6,366,947
Sonic
Automotive,
Inc.
4.63%,
11/15/2029(a)
505,000
461,604
Specialty
Building
Products
Holdings
LLC
6.38%,
9/30/2026(a)
2,325,000
2,288,543
Staples,
Inc.
10.75%,
9/1/2029(a)
13,500,000
13,076,962
12.75%,
1/15/2030(a)
4,500,000
3,494,507
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
286
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Specialty
Retail
-
6.1%
(continued)
Upbound
Group,
Inc.
6.38%,
2/15/2029(a)
$
2,545,000
$
2,489,821
Valvoline,
Inc.
3.63%,
6/15/2031(a)(b)
1,735,000
1,516,642
Victoria's
Secret
&
Co.
4.63%,
7/15/2029(a)
2,050,000
1,700,579
Victra
Holdings
LLC
7.75%,
2/15/2026(a)
1,450,000
1,455,621
87,390,508
Technology
Hardware,
Storage
&
Peripherals
-
0
.7
%
Seagate
HDD
Cayman
9.63%,
12/1/2032
750,000
858,878
5.75%,
12/1/2034(b)
1,535,000
1,500,756
Western
Digital
Corp.
4.75%,
2/15/2026
1,225,000
1,203,716
Xerox
Corp.
4.80%,
3/1/2035
1,397,000
953,452
Xerox
Holdings
Corp.
5.50%,
8/15/2028(a)
4,050,000
3,436,091
8.88%,
11/30/2029(a)(b)
2,710,000
2,517,627
10,470,520
Textiles,
Apparel
&
Luxury
Goods
-
0
.2
%
Kontoor
Brands,
Inc.
4.13%,
11/15/2029(a)(b)
1,250,000
1,148,972
William
Carter
Co.
(The)
5.63%,
3/15/2027(a)
250,000
247,292
Wolverine
World
Wide,
Inc.
4.00%,
8/15/2029(a)
1,825,000
1,555,922
2,952,186
Tobacco
-
0
.2
%
Turning
Point
Brands,
Inc.
5.63%,
2/15/2026(a)
270,000
266,554
Vector
Group
Ltd.
5.75%,
2/1/2029(a)
3,150,000
3,021,832
3,288,386
Trading
Companies
&
Distributors
-
0
.6
%
Beacon
Roofing
Supply,
Inc.
4.50%,
11/15/2026(a)
620,000
601,784
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Trading
Companies
&
Distributors
-
0.6%
(continued)
Beacon
Roofing
Supply,
Inc.
(continued)
4.13%,
5/15/2029(a)(b)
$
745,000
$
684,261
BlueLinx
Holdings,
Inc.
6.00%,
11/15/2029(a)(b)
640,000
610,578
Boise
Cascade
Co.
4.88%,
7/1/2030(a)
(b)
220,000
207,024
EquipmentShare.com,
Inc.
9.00%,
5/15/2028(a)
1,990,000
2,048,352
Fortress
Transportation
and
Infrastructure
Investors
LLC
5.50%,
5/1/2028(a)
825,000
808,834
7.88%,
12/1/2030(a)
310,000
328,602
Foundation
Building
Materials,
Inc.
6.00%,
3/1/2029(a)
(b)
350,000
313,662
Imola
Merger
Corp.
4.75%,
5/15/2029(a)
2,855,000
2,687,079
United
Rentals
North
America,
Inc.
4.88%,
1/15/2028
610,000
596,591
8,886,767
Transportation
Infrastructure
-
0
.1
%
Port
of
Newcastle
Investments
Financing
Pty.
Ltd.
5.90%,
11/24/2031(a)
990,000
925,858
Wireless
Telecommunication
Services
-
0
.5
%
Connect
Finco
Sarl
6.75%,
10/1/2026(a)(b)
2,505,000
2,462,475
Hughes
Satellite
Systems
Corp.
5.25%,
8/1/2026(b)
1,250,000
952,737
Rogers
Communications,
Inc.
5.25%,
3/15/2082(a)(d)
1,630,000
1,577,850
Vmed
O2
UK
Financing
I
plc
4.25%,
1/31/2031(a)
715,000
605,383
4.75%,
7/15/2031(a)
870,000
746,926
7.75%,
4/15/2032(a)
500,000
499,751
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
High
Yield
Value-Scored
US
Bond
Index
Fund
(cont.)
287
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Wireless
Telecommunication
Services
-
0.5%
(continued)
Vodafone
Group
plc
5.13%,
6/4/2081(d)
$
715,000
$
537,220
7,382,342
Total
Corporate
Bonds
(Cost
$1,369,318,695)
1,391,623,631
Principal
Amount
SECURITIES
LENDING
REINVESTMENTS
-
5
.6
%
(h)
REPURCHASE
AGREEMENTS
-
5
.6
%
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$79,856,483,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$81,759,469  
(Cost
$79,844,640)
$79,844,640
79,844,640
Total
Investments
-
102.9%
(Cost
$1,449,163,335)
1,471,468,271
Liabilities
in
excess
of
other
assets
-
(2.9%)
(40,930,433)
NET
ASSETS
-
100.0%
$1,430,537,838
(a)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
At
July
31,
2024,
the
value
of
these
securities
amounted
to
approximately
$1,217,558,444
or
85.11%
of
net
assets.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$84,533,914,
collateralized
in
the
form
of
cash
with
a
value
of
$79,844,640
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments
and
$6,558,081
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
4.75%,
and
maturity
dates
ranging
from
August
15,
2024
–
November
15,
2053;
a
total
value
of
$86,402,721.
(c)
Payment
in-kind
security.
(d)
Security
issued
at
a
fixed
coupon
rate,
which
converts
to
a
variable
rate
at
a
future
date.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(e)
Represents
less
than
0.05%
of
net
assets.
(f)
Step
bond.
Interest
rate
is
a
fixed
rate
for
an
initial
period
that
either
resets
at
a
specific
date
or
may
reset
in
the
future
at
a
contingent
upon
predetermined
trigger.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2024.
(g)
Issuer
has
defaulted
on
terms
of
debt
obligation.
Income
is
not
being
accrued.
(h)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$79,844,640.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
REIT
Real
Estate
Investment
Trust
Security
Type
%
of
Net
Assets
Corporate
Bonds
97‌
.3
%
Securities
Lending
Reinvestments
5‌
.6
Others
(1)
(
2‌
.9
)
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
288
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
Schedule
of
Investments
FlexShares
®
ESG &
Climate
Investment
Grade
Corporate
Core
Index
July
31,
2024
(Unaudited)
Investments
Principal
Amount
Value
CORPORATE
BONDS
-
97
.2
%
Air
Freight
&
Logistics
-
0
.6
%
CH
Robinson
Worldwide,
Inc.
4.20%,
4/15/2028
$
10,000
$
9,781
GXO
Logistics,
Inc.
2.65%,
7/15/2031
10,000
8,301
United
Parcel
Service,
Inc.
4.45%,
4/1/2030
147,000
146,990
5.20%,
4/1/2040
20,000
19,954
3.75%,
11/15/2047
35,000
27,484
5.05%,
3/3/2053
40,000
38,083
250,593
Automobile
Components
-
0
.2
%
Aptiv
plc
4.35%,
3/15/2029
25,000
24,492
3.10%,
12/1/2051
30,000
18,692
BorgWarner,
Inc.
2.65%,
7/1/2027
40,000
37,801
80,985
Banks
-
14
.7
%
Banco
Santander
SA
5.15%,
8/18/2025
200,000
199,415
4.18%,
3/24/2028(a)
200,000
194,929
5.54%,
3/14/2030(a)
200,000
202,620
Bank
of
America
Corp.
5.08%,
1/20/2027(a)
67,000
67,041
1.73%,
7/22/2027(a)
100,000
93,868
3.42%,
12/20/2028(a)
133,000
127,113
2.09%,
6/14/2029(a)
127,000
114,801
4.27%,
7/23/2029(a)
200,000
195,893
1.92%,
10/24/2031(a)
150,000
125,698
4.57%,
4/27/2033(a)
67,000
64,696
5.29%,
4/25/2034(a)
195,000
196,822
4.08%,
4/23/2040(a)
160,000
140,223
2.68%,
6/19/2041(a)
44,000
31,528
4.33%,
3/15/2050(a)
30,000
25,875
Bank
of
Montreal
3.09%,
1/10/2037(a)
90,000
75,367
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
14.7%
(continued)
Barclays
plc
5.83%,
5/9/2027(a)
$
193,000
$
195,163
6.49%,
9/13/2029(a)
220,000
231,489
3.81%,
3/10/2042(a)
200,000
158,533
Citigroup,
Inc.
3.20%,
10/21/2026
187,000
180,557
4.45%,
9/29/2027
417,000
411,687
3.98%,
3/20/2030(a)
67,000
64,376
2.67%,
1/29/2031(a)
107,000
95,259
4.41%,
3/31/2031(a)
100,000
97,197
2.57%,
6/3/2031(a)
73,000
64,130
3.06%,
1/25/2033(a)
77,000
66,883
5.83%,
2/13/2035(a)
150,000
152,039
8.13%,
7/15/2039
30,000
38,482
6.68%,
9/13/2043
92,000
103,590
HSBC
Holdings
plc
5.60%,
5/17/2028(a)
270,000
273,752
7.39%,
11/3/2028(a)
210,000
224,727
5.55%,
3/4/2030(a)
260,000
265,028
6.50%,
9/15/2037
150,000
159,269
ING
Groep
NV
4.02%,
3/28/2028(a)
200,000
195,465
JPMorgan
Chase
&
Co.
3.78%,
2/1/2028(a)
100,000
97,493
6.09%,
10/23/2029(a)
130,000
136,352
4.45%,
12/5/2029(a)
100,000
98,652
4.57%,
6/14/2030(a)
100,000
98,880
2.58%,
4/22/2032(a)
14,000
12,077
5.34%,
1/23/2035(a)
160,000
162,532
Mitsubishi
UFJ
Financial
Group,
Inc.
5.13%,
7/20/2033(a)
200,000
201,690
Royal
Bank
of
Canada
5.00%,
2/1/2033
20,000
20,182
5.00%,
5/2/2033
30,000
30,362
5.15%,
2/1/2034
140,000
142,246
Sumitomo
Mitsui
Financial
Group,
Inc.
1.40%,
9/17/2026
100,000
92,991
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Investment
Grade
Corporate
Core
Index
(cont.)
289
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
14.7%
(continued)
Sumitomo
Mitsui
Financial
Group,
Inc.
(continued)
5.80%,
7/13/2028
$
200,000
$
207,205
Toronto-Dominion
Bank
(The)
4.11%,
6/8/2027
17,000
16,712
4.46%,
6/8/2032
177,000
171,298
Westpac
Banking
Corp.
6.82%,
11/17/2033
50,000
55,095
6,377,282
Beverages
-
1
.2
%
Anheuser-Busch
InBev
Worldwide,
Inc.
5.00%,
6/15/2034
50,000
50,707
5.45%,
1/23/2039
62,000
64,476
4.35%,
6/1/2040
100,000
90,583
5.55%,
1/23/2049
10,000
10,287
5.80%,
1/23/2059
22,000
23,527
Pepsico
Singapore
Financing
I
Pte.
Ltd.
4.70%,
2/16/2034
20,000
19,943
PepsiCo,
Inc.
4.45%,
5/15/2028
67,000
67,501
2.63%,
7/29/2029
30,000
27,722
3.50%,
3/19/2040
133,000
110,647
2.63%,
10/21/2041
30,000
21,582
4.65%,
2/15/2053
30,000
27,729
5.25%,
7/17/2054
10,000
10,148
3.88%,
3/19/2060
5,000
4,017
528,869
Biotechnology
-
1
.3
%
Amgen,
Inc.
4.05%,
8/18/2029
26,000
25,294
3.15%,
2/21/2040
20,000
15,339
2.80%,
8/15/2041
26,000
18,816
5.60%,
3/2/2043
120,000
121,157
4.66%,
6/15/2051
284,000
248,795
4.88%,
3/1/2053
26,000
23,426
2.77%,
9/1/2053
14,000
8,610
5.75%,
3/2/2063
5,000
5,034
Biogen,
Inc.
2.25%,
5/1/2030
10,000
8,705
3.15%,
5/1/2050
43,000
28,647
3.25%,
2/15/2051
20,000
13,595
Regeneron
Pharmaceuticals,
Inc.
1.75%,
9/15/2030
54,000
45,643
2.80%,
9/15/2050
20,000
12,659
575,720
Broadline
Retail
-
0
.7
%
Alibaba
Group
Holding
Ltd.
2.70%,
2/9/2041
200,000
139,321
eBay,
Inc.
5.90%,
11/22/2025
67,000
67,675
2.70%,
3/11/2030
50,000
45,037
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Broadline
Retail
-
0.7%
(continued)
eBay,
Inc.
(continued)
6.30%,
11/22/2032
$
35,000
$
37,825
289,858
Building
Products
-
1
.4
%
Carrier
Global
Corp.
2.49%,
2/15/2027
400,000
379,615
Fortune
Brands
Innovations,
Inc.
5.88%,
6/1/2033
25,000
26,068
4.50%,
3/25/2052
10,000
8,155
Johnson
Controls
International
plc
4.90%,
12/1/2032
10,000
10,002
4.63%,
7/2/2044(b)
33,000
29,063
Owens
Corning
4.30%,
7/15/2047
26,000
21,473
5.95%,
6/15/2054
15,000
15,425
Trane
Technologies
Financing
Ltd.
3.80%,
3/21/2029
90,000
86,769
5.25%,
3/3/2033
10,000
10,259
Trane
Technologies
Global
Holding
Co.
Ltd.
4.30%,
2/21/2048
7,000
5,975
592,804
Capital
Markets
-
9
.3
%
Ameriprise
Financial,
Inc.
5.70%,
12/15/2028
50,000
51,933
Apollo
Debt
Solutions
BDC
6.90%,
4/13/2029(c)
10,000
10,261
Ares
Capital
Corp.
7.00%,
1/15/2027
70,000
72,243
Bain
Capital
Specialty
Finance,
Inc.
2.55%,
10/13/2026
7,000
6,509
Bank
of
New
York
Mellon
Corp.
(The)
3.40%,
1/29/2028
67,000
64,487
3.99%,
6/13/2028(a)
77,000
75,321
4.60%,
7/26/2030(a)
33,000
32,849
4.29%,
6/13/2033(a)
20,000
19,106
5.19%,
3/14/2035(a)
80,000
80,695
Barings
BDC,
Inc.
3.30%,
11/23/2026
7,000
6,555
7.00%,
2/15/2029
10,000
10,243
BlackRock
Funding,
Inc.
4.70%,
3/14/2029
80,000
80,869
BlackRock,
Inc.
2.40%,
4/30/2030
20,000
17,796
4.75%,
5/25/2033
25,000
25,020
Blue
Owl
Technology
Finance
Corp.
II
6.75%,
4/4/2029(c)
10,000
9,954
FactSet
Research
Systems,
Inc.
3.45%,
3/1/2032
10,000
8,899
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Investment
Grade
Corporate
Core
Index
(cont.)
290
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Capital
Markets
-
9.3%
(continued)
FS
KKR
Capital
Corp.
7.88%,
1/15/2029
$
10,000
$
10,523
Goldman
Sachs
Group,
Inc.
(The)
4.48%,
8/23/2028(a)
901,000
890,219
5.73%,
4/25/2030(a)
200,000
206,588
2.38%,
7/21/2032(a)
17,000
14,295
3.10%,
2/24/2033(a)
70,000
61,140
6.75%,
10/1/2037
87,000
96,827
4.41%,
4/23/2039(a)
100,000
91,166
3.44%,
2/24/2043(a)
135,000
105,062
Hercules
Capital,
Inc.
3.38%,
1/20/2027
14,000
13,156
HPS
Corporate
Lending
Fund
6.75%,
1/30/2029(c)
10,000
10,257
Moody's
Corp.
2.75%,
8/19/2041
43,000
30,610
3.75%,
2/25/2052
15,000
11,521
Morgan
Stanley
3.13%,
7/27/2026
100,000
96,842
0.99%,
12/10/2026(a)
26,000
24,524
5.12%,
2/1/2029(a)
133,000
134,249
2.70%,
1/22/2031(a)
133,000
118,908
2.24%,
7/21/2032(a)
30,000
25,039
5.25%,
4/21/2034(a)
135,000
135,628
5.42%,
7/21/2034(a)
64,000
64,962
5.83%,
4/19/2035(a)
50,000
52,240
5.30%,
4/20/2037(a)
33,000
32,375
5.94%,
2/7/2039(a)
30,000
30,516
4.46%,
4/22/2039(a)
150,000
138,576
5.60%,
3/24/2051(a)
78,000
81,286
Nasdaq,
Inc.
3.85%,
6/30/2026
50,000
49,207
5.35%,
6/28/2028
70,000
71,739
5.55%,
2/15/2034
40,000
41,078
3.95%,
3/7/2052
7,000
5,341
6.10%,
6/28/2063
20,000
21,037
Oaktree
Specialty
Lending
Corp.
7.10%,
2/15/2029
10,000
10,304
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Capital
Markets
-
9.3%
(continued)
S&P
Global,
Inc.
2.45%,
3/1/2027
$
40,000
$
37,928
1.25%,
8/15/2030
50,000
41,514
2.90%,
3/1/2032
50,000
44,172
5.25%,
9/15/2033(c)
25,000
25,858
4.50%,
5/15/2048
24,000
20,458
3.70%,
3/1/2052
30,000
23,331
Sixth
Street
Lending
Partners
6.50%,
3/11/2029(c)
10,000
10,140
Sixth
Street
Specialty
Lending,
Inc.
6.13%,
3/1/2029
20,000
20,167
State
Street
Corp.
5.82%,
11/4/2028(a)
50,000
51,758
2.40%,
1/24/2030
63,000
56,778
6.12%,
11/21/2034(a)
50,000
53,189
UBS
AG
1.25%,
6/1/2026
200,000
187,497
5.65%,
9/11/2028
200,000
207,073
4,027,818
Chemicals
-
1
.1
%
Albemarle
Corp.
5.05%,
6/1/2032
20,000
19,264
Dow
Chemical
Co.
(The)
5.55%,
11/30/2048
15,000
14,668
6.90%,
5/15/2053
54,000
61,627
Ecolab,
Inc.
4.80%,
3/24/2030
33,000
33,505
1.30%,
1/30/2031
63,000
51,311
3.95%,
12/1/2047
20,000
16,637
FMC
Corp.
5.15%,
5/18/2026
100,000
100,120
3.45%,
10/1/2029
10,000
9,208
5.65%,
5/18/2033
5,000
5,058
6.38%,
5/18/2053
5,000
5,129
International
Flavors
&
Fragrances,
Inc.
5.00%,
9/26/2048
17,000
15,024
Linde,
Inc.
1.10%,
8/10/2030
50,000
41,260
Nutrien
Ltd.
5.88%,
12/1/2036
20,000
20,942
6.13%,
1/15/2041
25,000
26,102
5.25%,
1/15/2045
47,000
44,431
PPG
Industries,
Inc.
3.75%,
3/15/2028
30,000
29,089
493,375
Commercial
Services
&
Supplies
-
0
.6
%
RELX
Capital,
Inc.
3.00%,
5/22/2030
33,000
30,288
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Investment
Grade
Corporate
Core
Index
(cont.)
291
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Commercial
Services
&
Supplies
-
0.6%
(continued)
Waste
Management,
Inc.
4.63%,
2/15/2030
$
210,000
$
211,063
241,351
Construction
&
Engineering
-
0
.0
%
(d)
Quanta
Services,
Inc.
3.05%,
10/1/2041
10,000
7,253
Consumer
Finance
-
5
.0
%
Ally
Financial,
Inc.
6.99%,
6/13/2029(a)
80,000
84,110
6.85%,
1/3/2030(a)
20,000
20,908
American
Express
Co.
3.13%,
5/20/2026
50,000
48,594
3.30%,
5/3/2027
50,000
48,209
5.28%,
7/27/2029(a)
100,000
101,762
4.42%,
8/3/2033(a)
40,000
38,579
5.63%,
7/28/2034(a)
60,000
61,616
4.05%,
12/3/2042
14,000
12,141
Capital
One
Financial
Corp.
3.27%,
3/1/2030(a)
30,000
27,629
5.27%,
5/10/2033(a)
57,000
56,208
6.38%,
6/8/2034(a)
40,000
41,958
Ford
Motor
Credit
Co.
LLC
6.95%,
6/10/2026
400,000
410,827
7.20%,
6/10/2030
400,000
427,579
General
Motors
Financial
Co.,
Inc.
6.00%,
1/9/2028
33,000
34,010
5.85%,
4/6/2030
33,000
34,103
3.10%,
1/12/2032
67,000
57,691
6.40%,
1/9/2033
145,000
153,246
6.10%,
1/7/2034
35,000
36,055
John
Deere
Capital
Corp.
4.80%,
1/9/2026
20,000
20,039
5.15%,
9/8/2026
140,000
141,485
4.90%,
6/11/2027
50,000
50,582
4.85%,
6/11/2029
40,000
40,604
4.70%,
6/10/2030
50,000
50,648
4.35%,
9/15/2032
67,000
65,558
Series
I,
5.15%,
9/8/2033
40,000
41,138
5.10%,
4/11/2034
20,000
20,434
Synchrony
Financial
2.88%,
10/28/2031
44,000
36,234
2,161,947
Consumer
Staples
Distribution
&
Retail
-
0
.5
%
Kroger
Co.
(The)
5.40%,
1/15/2049
28,000
27,103
3.95%,
1/15/2050
54,000
42,790
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Consumer
Staples
Distribution
&
Retail
-
0.5%
(continued)
Target
Corp.
2.65%,
9/15/2030
$
127,000
$
115,566
3.90%,
11/15/2047
10,000
8,155
4.80%,
1/15/2053
47,000
43,848
237,462
Containers
&
Packaging
-
0
.2
%
AptarGroup,
Inc.
3.60%,
3/15/2032
13,000
11,582
Avery
Dennison
Corp.
2.65%,
4/30/2030
10,000
8,919
5.75%,
3/15/2033
14,000
14,678
Berry
Global,
Inc.
1.57%,
1/15/2026
26,000
24,711
1.65%,
1/15/2027
30,000
27,721
5.50%,
4/15/2028
20,000
20,252
107,863
Diversified
REITs
-
0
.3
%
Digital
Realty
Trust
LP
REIT,
5.55%,
1/15/2028
30,000
30,601
REIT,
4.45%,
7/15/2028
33,000
32,484
REIT,
3.60%,
7/1/2029
10,000
9,442
Simon
Property
Group
LP
REIT,
6.75%,
2/1/2040
17,000
18,906
REIT,
5.85%,
3/8/2053
17,000
17,376
Store
Capital
LLC
REIT,
2.70%,
12/1/2031
20,000
16,464
125,273
Diversified
Telecommunication
Services
-
3
.2
%
Deutsche
Telekom
International
Finance
BV
8.75%,
6/15/2030(b)
60,000
71,291
Telefonica
Emisiones
SA
4.90%,
3/6/2048
150,000
130,979
Verizon
Communications,
Inc.
4.13%,
3/16/2027
100,000
98,884
4.33%,
9/21/2028
100,000
99,075
2.55%,
3/21/2031
437,000
378,593
2.36%,
3/15/2032
167,000
139,709
5.05%,
5/9/2033
55,000
55,412
2.65%,
11/20/2040
161,000
113,786
3.40%,
3/22/2041
174,000
136,410
4.86%,
8/21/2046
50,000
46,678
3.88%,
3/1/2052
154,000
120,348
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Investment
Grade
Corporate
Core
Index
(cont.)
292
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Diversified
Telecommunication
Services
-
3.2%
(continued)
Verizon
Communications,
Inc.
(continued)
2.99%,
10/30/2056
$
14,000
$
8,829
1,399,994
Electric
Utilities
-
4
.4
%
Avangrid,
Inc.
3.80%,
6/1/2029
14,000
13,315
Connecticut
Light
and
Power
Co.
(The)
4.65%,
1/1/2029
25,000
25,084
Series
A,
2.05%,
7/1/2031
117,000
97,975
4.00%,
4/1/2048
22,000
17,963
5.25%,
1/15/2053
10,000
9,883
Edison
International
4.13%,
3/15/2028
150,000
145,694
El
Paso
Electric
Co.
5.00%,
12/1/2044
10,000
8,765
Enel
Americas
SA
4.00%,
10/25/2026
7,000
6,807
Enel
Chile
SA
4.88%,
6/12/2028
20,000
19,665
Entergy
Mississippi
LLC
5.85%,
6/1/2054
50,000
51,640
Eversource
Energy
4.60%,
7/1/2027
167,000
165,680
Series
R,
1.65%,
8/15/2030
17,000
14,080
3.45%,
1/15/2050
40,000
28,455
Exelon
Corp.
5.30%,
3/15/2033
10,000
10,187
5.45%,
3/15/2034
10,000
10,201
4.95%,
6/15/2035
70,000
67,453
4.45%,
4/15/2046
53,000
45,225
FirstEnergy
Corp.
Series
C,
4.85%,
7/15/2047(b)
15,000
13,185
Florida
Power
&
Light
Co.
5.60%,
6/15/2054
130,000
135,332
Oklahoma
Gas
and
Electric
Co.
5.60%,
4/1/2053
50,000
50,294
Pacific
Gas
and
Electric
Co.
3.15%,
1/1/2026
50,000
48,584
6.10%,
1/15/2029
130,000
135,165
4.50%,
7/1/2040
60,000
51,040
4.20%,
6/1/2041
98,000
78,618
3.95%,
12/1/2047
200,000
147,981
6.70%,
4/1/2053
10,000
10,726
Public
Service
Co.
of
New
Hampshire
3.60%,
7/1/2049
10,000
7,613
Public
Service
Electric
and
Gas
Co.
4.65%,
3/15/2033
15,000
14,798
5.20%,
3/1/2034
20,000
20,487
3.60%,
12/1/2047
77,000
59,270
4.05%,
5/1/2048
60,000
49,560
5.45%,
3/1/2054
15,000
15,257
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Electric
Utilities
-
4.4%
(continued)
Southern
California
Edison
Co.
5.65%,
10/1/2028
$
40,000
$
41,351
5.95%,
11/1/2032
67,000
70,928
5.20%,
6/1/2034
100,000
100,303
Series
C,
4.13%,
3/1/2048
33,000
26,517
Series
E,
5.45%,
6/1/2052
75,000
73,035
Union
Electric
Co.
5.20%,
4/1/2034
30,000
30,486
5.25%,
1/15/2054
10,000
9,596
1,928,198
Electronic
Equipment,
Instruments
&
Components
-
0
.1
%
Flex
Ltd.
4.88%,
5/12/2030
30,000
29,569
Energy
Equipment
&
Services
-
0
.3
%
Baker
Hughes
Holdings
LLC
4.08%,
12/15/2047
45,000
37,273
Halliburton
Co.
5.00%,
11/15/2045
70,000
65,115
Schlumberger
Investment
SA
4.85%,
5/15/2033
30,000
30,120
132,508
Entertainment
-
0
.7
%
Walt
Disney
Co.
(The)
6.40%,
12/15/2035
67,000
75,115
3.50%,
5/13/2040
5,000
4,082
7.75%,
12/1/2045
54,000
70,305
4.75%,
11/15/2046
107,000
98,559
3.60%,
1/13/2051
10,000
7,648
3.80%,
5/13/2060
50,000
37,978
293,687
Financial
Services
-
2
.1
%
Corebridge
Financial,
Inc.
5.75%,
1/15/2034
10,000
10,295
6.88%,
12/15/2052(a)
7,000
7,126
Equitable
Holdings,
Inc.
5.59%,
1/11/2033
44,000
45,448
5.00%,
4/20/2048
4,000
3,677
Mastercard,
Inc.
3.30%,
3/26/2027
100,000
97,244
2.95%,
6/1/2029
96,000
90,174
2.00%,
11/18/2031
33,000
27,833
4.85%,
3/9/2033
30,000
30,510
3.95%,
2/26/2048
15,000
12,514
2.95%,
3/15/2051
30,000
20,529
PayPal
Holdings,
Inc.
4.40%,
6/1/2032
98,000
95,685
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Investment
Grade
Corporate
Core
Index
(cont.)
293
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Financial
Services
-
2.1%
(continued)
PayPal
Holdings,
Inc.
(continued)
5.05%,
6/1/2052
$
30,000
$
28,286
Shell
International
Finance
BV
3.88%,
11/13/2028
70,000
68,461
2.75%,
4/6/2030
170,000
155,063
6.38%,
12/15/2038
60,000
68,016
4.00%,
5/10/2046
33,000
27,385
3.25%,
4/6/2050
28,000
20,066
3.00%,
11/26/2051
110,000
74,146
Voya
Financial,
Inc.
4.70%,
1/23/2048(a)
30,000
26,092
908,550
Food
Products
-
0
.9
%
Campbell
Soup
Co.
4.15%,
3/15/2028
50,000
49,135
2.38%,
4/24/2030
17,000
15,008
4.80%,
3/15/2048
20,000
17,820
Conagra
Brands,
Inc.
5.40%,
11/1/2048
40,000
37,988
General
Mills,
Inc.
4.55%,
4/17/2038
20,000
18,343
Hershey
Co.
(The)
4.25%,
5/4/2028
20,000
19,940
1.70%,
6/1/2030
32,000
27,453
2.65%,
6/1/2050
10,000
6,358
Hormel
Foods
Corp.
3.05%,
6/3/2051
40,000
27,260
Ingredion,
Inc.
2.90%,
6/1/2030
33,000
29,918
Kellanova
5.25%,
3/1/2033
60,000
60,968
Mondelez
International,
Inc.
3.00%,
3/17/2032
50,000
44,176
2.63%,
9/4/2050
50,000
30,982
385,349
Gas
Utilities
-
0
.4
%
Southern
California
Gas
Co.
2.95%,
4/15/2027
187,000
178,767
Washington
Gas
Light
Co.
3.65%,
9/15/2049
20,000
15,092
193,859
Ground
Transportation
-
1
.6
%
Canadian
National
Railway
Co.
3.65%,
2/3/2048
14,000
11,118
4.45%,
1/20/2049
72,000
64,492
4.40%,
8/5/2052
7,000
6,177
CSX
Corp.
2.40%,
2/15/2030
63,000
56,332
5.20%,
11/15/2033
10,000
10,260
4.30%,
3/1/2048
82,000
70,286
3.80%,
4/15/2050
33,000
25,981
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Ground
Transportation
-
1.6%
(continued)
CSX
Corp.
(continued)
4.65%,
3/1/2068
$
3,000
$
2,591
JB
Hunt
Transport
Services,
Inc.
3.88%,
3/1/2026
30,000
29,519
Norfolk
Southern
Corp.
5.95%,
3/15/2064
105,000
110,736
Union
Pacific
Corp.
4.50%,
1/20/2033
80,000
78,826
2.89%,
4/6/2036
40,000
33,216
4.50%,
9/10/2048
55,000
48,743
5.15%,
1/20/2063
130,000
124,056
672,333
Health
Care
Equipment
&
Supplies
-
1
.6
%
Abbott
Laboratories
1.40%,
6/30/2030
98,000
83,388
4.90%,
11/30/2046
98,000
94,993
Baxter
International,
Inc.
1.73%,
4/1/2031
50,000
40,857
3.13%,
12/1/2051
53,000
34,359
Becton
Dickinson
&
Co.
2.82%,
5/20/2030
50,000
45,142
1.96%,
2/11/2031
50,000
41,917
3.79%,
5/20/2050
50,000
38,703
Boston
Scientific
Corp.
2.65%,
6/1/2030
50,000
44,942
4.55%,
3/1/2039
50,000
47,942
Medtronic
Global
Holdings
SCA
4.25%,
3/30/2028
60,000
59,512
4.50%,
3/30/2033
5,000
4,916
Solventum
Corp.
5.60%,
3/23/2034(c)
90,000
90,548
Zimmer
Biomet
Holdings,
Inc.
3.55%,
3/20/2030
30,000
27,850
2.60%,
11/24/2031
50,000
42,826
697,895
Health
Care
Providers
&
Services
-
5
.0
%
Aetna,
Inc.
3.88%,
8/15/2047
41,000
30,657
Cardinal
Health,
Inc.
4.90%,
9/15/2045
33,000
29,788
Cencora,
Inc.
2.70%,
3/15/2031
50,000
43,752
5.13%,
2/15/2034
30,000
30,243
Centene
Corp.
2.45%,
7/15/2028
150,000
135,140
2.63%,
8/1/2031
50,000
41,677
Cigna
Group
(The)
4.38%,
10/15/2028
40,000
39,445
5.25%,
2/15/2034
20,000
20,208
4.80%,
8/15/2038
40,000
37,970
6.13%,
11/15/2041
33,000
34,981
3.88%,
10/15/2047
24,000
18,631
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Investment
Grade
Corporate
Core
Index
(cont.)
294
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Health
Care
Providers
&
Services
-
5.0%
(continued)
Cigna
Group
(The)
(continued)
4.90%,
12/15/2048
$
67,000
$
60,205
3.40%,
3/15/2051
54,000
37,618
CVS
Health
Corp.
3.63%,
4/1/2027
33,000
32,048
4.30%,
3/25/2028
100,000
98,039
5.25%,
2/21/2033
80,000
79,825
4.78%,
3/25/2038
130,000
119,410
2.70%,
8/21/2040
20,000
13,694
5.05%,
3/25/2048
174,000
153,454
6.05%,
6/1/2054
30,000
30,168
Elevance
Health,
Inc.
2.25%,
5/15/2030
50,000
43,774
4.10%,
5/15/2032
164,000
155,704
4.75%,
2/15/2033
20,000
19,745
4.55%,
3/1/2048
32,000
27,830
3.60%,
3/15/2051
52,000
38,399
6.10%,
10/15/2052
14,000
14,949
5.13%,
2/15/2053
20,000
18,792
5.65%,
6/15/2054
40,000
40,416
HCA,
Inc.
3.63%,
3/15/2032
133,000
119,740
7.50%,
11/6/2033
47,000
53,269
5.60%,
4/1/2034
80,000
81,325
4.38%,
3/15/2042
15,000
12,656
4.63%,
3/15/2052
87,000
71,849
6.00%,
4/1/2054
15,000
15,113
Laboratory
Corp.
of
America
Holdings
1.55%,
6/1/2026
50,000
46,969
2.70%,
6/1/2031
50,000
43,535
Novant
Health,
Inc.
3.32%,
11/1/2061
23,000
15,529
Quest
Diagnostics,
Inc.
4.20%,
6/30/2029
43,000
42,121
2.95%,
6/30/2030
50,000
45,516
6.40%,
11/30/2033
10,000
10,928
UnitedHealth
Group,
Inc.
4.50%,
4/15/2033
10,000
9,749
5.88%,
2/15/2053
64,000
67,726
5.20%,
4/15/2063
70,000
66,320
2,148,907
Health
Care
REITs
-
0
.6
%
Alexandria
Real
Estate
Equities,
Inc.
REIT,
5.25%,
5/15/2036
160,000
158,083
Healthcare
Realty
Holdings
LP
REIT,
2.05%,
3/15/2031
7,000
5,572
Ventas
Realty
LP
REIT,
4.00%,
3/1/2028
33,000
32,001
REIT,
3.00%,
1/15/2030
48,000
43,409
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Health
Care
REITs
-
0.6%
(continued)
Ventas
Realty
LP
(continued)
REIT,
4.75%,
11/15/2030
$
10,000
$
9,847
248,912
Hotel
&
Resort
REITs
-
0
.2
%
Host
Hotels
&
Resorts
LP
Series
F,
REIT,
4.50%,
2/1/2026
50,000
49,528
Series
I,
REIT,
3.50%,
9/15/2030
10,000
9,098
Series
J,
REIT,
2.90%,
12/15/2031
10,000
8,550
67,176
Hotels,
Restaurants
&
Leisure
-
1
.5
%
Las
Vegas
Sands
Corp.
3.90%,
8/8/2029
20,000
18,488
Marriott
International,
Inc.
5.45%,
9/15/2026
50,000
50,714
5.00%,
10/15/2027
20,000
20,176
4.90%,
4/15/2029
30,000
30,186
Series
HH,
2.85%,
4/15/2031
33,000
28,925
Series
II,
2.75%,
10/15/2033
3,000
2,497
5.30%,
5/15/2034
20,000
20,159
McDonald's
Corp.
3.50%,
7/1/2027
130,000
126,161
4.70%,
12/9/2035
33,000
32,314
4.88%,
12/9/2045
33,000
30,486
4.45%,
9/1/2048
15,000
12,852
3.63%,
9/1/2049
74,000
55,079
5.15%,
9/9/2052
7,000
6,630
Sands
China
Ltd.
3.80%,
1/8/2026(b)
200,000
194,097
628,764
Household
Durables
-
0
.3
%
Leggett
&
Platt,
Inc.
4.40%,
3/15/2029
15,000
14,096
Mohawk
Industries,
Inc.
5.85%,
9/18/2028
12,000
12,459
3.63%,
5/15/2030
7,000
6,578
NVR,
Inc.
3.00%,
5/15/2030
14,000
12,719
PulteGroup,
Inc.
5.00%,
1/15/2027
26,000
26,122
Whirlpool
Corp.
4.75%,
2/26/2029
50,000
49,967
4.60%,
5/15/2050
20,000
16,191
‌
‌
138,132
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Investment
Grade
Corporate
Core
Index
(cont.)
295
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Household
Products
-
0
.1
%
Church
&
Dwight
Co.,
Inc.
5.60%,
11/15/2032
$
20,000
$
21,126
3.95%,
8/1/2047
20,000
16,202
5.00%,
6/15/2052
5,000
4,751
42,079
Independent
Power
and
Renewable
Electricity
Producers
-
0
.4
%
Constellation
Energy
Generation
LLC
5.60%,
3/1/2028
80,000
82,173
5.80%,
3/1/2033
30,000
31,204
6.13%,
1/15/2034
40,000
42,679
156,056
Industrial
REITs
-
0
.4
%
Prologis
LP
REIT,
4.88%,
6/15/2028
40,000
40,395
REIT,
4.63%,
1/15/2033
47,000
46,059
REIT,
5.13%,
1/15/2034
44,000
44,548
REIT,
4.38%,
9/15/2048
7,000
6,046
REIT,
3.00%,
4/15/2050
23,000
15,319
152,367
Insurance
-
3
.3
%
Aflac,
Inc.
3.60%,
4/1/2030
53,000
50,016
4.75%,
1/15/2049
10,000
9,100
Allstate
Corp.
(The)
1.45%,
12/15/2030
10,000
8,167
5.25%,
3/30/2033
40,000
40,804
3.85%,
8/10/2049
26,000
20,283
American
International
Group,
Inc.
Series
A-9,
5.75%,
4/1/2048(a)
30,000
29,607
Arch
Capital
Finance
LLC
5.03%,
12/15/2046
10,000
9,288
AXIS
Specialty
Finance
LLC
4.90%,
1/15/2040(a)
17,000
15,845
Brighthouse
Financial,
Inc.
4.70%,
6/22/2047
20,000
15,769
3.85%,
12/22/2051
5,000
3,301
Chubb
INA
Holdings
LLC
3.35%,
5/3/2026
170,000
165,903
1.38%,
9/15/2030
20,000
16,679
5.00%,
3/15/2034
40,000
40,439
4.35%,
11/3/2045
14,000
12,344
Everest
Reinsurance
Holdings,
Inc.
3.13%,
10/15/2052
35,000
22,175
Fidelity
National
Financial,
Inc.
3.20%,
9/17/2051
14,000
8,857
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Insurance
-
3.3%
(continued)
First
American
Financial
Corp.
2.40%,
8/15/2031
$
20,000
$
16,297
Hanover
Insurance
Group,
Inc.
(The)
2.50%,
9/1/2030
10,000
8,576
Hartford
Financial
Services
Group,
Inc.
(The)
4.40%,
3/15/2048
5,000
4,260
3.60%,
8/19/2049
33,000
24,778
2.90%,
9/15/2051
14,000
9,078
Lincoln
National
Corp.
3.05%,
1/15/2030
20,000
18,209
4.35%,
3/1/2048
18,000
14,183
4.38%,
6/15/2050
10,000
7,833
Manulife
Financial
Corp.
4.06%,
2/24/2032(a)
50,000
48,585
3.70%,
3/16/2032
27,000
25,067
MetLife,
Inc.
4.55%,
3/23/2030
60,000
60,141
5.38%,
7/15/2033
15,000
15,466
10.75%,
8/1/2039
33,000
44,573
4.60%,
5/13/2046
56,000
50,253
5.00%,
7/15/2052
33,000
30,919
5.25%,
1/15/2054
14,000
13,710
Primerica,
Inc.
2.80%,
11/19/2031
10,000
8,570
Principal
Financial
Group,
Inc.
3.70%,
5/15/2029
33,000
31,487
2.13%,
6/15/2030
33,000
28,317
5.38%,
3/15/2033
10,000
10,207
5.50%,
3/15/2053
3,000
2,949
Prudential
Financial,
Inc.
1.50%,
3/10/2026
100,000
94,994
3.00%,
3/10/2040
23,000
17,531
4.50%,
9/15/2047(a)
50,000
47,598
3.91%,
12/7/2047
35,000
27,918
4.35%,
2/25/2050
33,000
27,807
6.00%,
9/1/2052(a)
47,000
47,133
Prudential
Funding
Asia
plc
3.13%,
4/14/2030
15,000
13,775
3.63%,
3/24/2032
10,000
9,061
RenaissanceRe
Holdings
Ltd.
5.75%,
6/5/2033
22,000
22,277
Travelers
Cos.,
Inc.
(The)
4.00%,
5/30/2047
70,000
58,105
4.05%,
3/7/2048
8,000
6,703
5.45%,
5/25/2053
27,000
27,778
Unum
Group
4.00%,
6/15/2029
10,000
9,618
4.13%,
6/15/2051
24,000
18,090
W
R
Berkley
Corp.
3.15%,
9/30/2061
20,000
12,375
Willis
North
America,
Inc.
5.35%,
5/15/2033
30,000
30,110
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Investment
Grade
Corporate
Core
Index
(cont.)
296
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Insurance
-
3.3%
(continued)
Willis
North
America,
Inc.
(continued)
5.90%,
3/5/2054
$
20,000
$
20,013
1,432,921
Interactive
Media
&
Services
-
0
.8
%
Alphabet,
Inc.
0.80%,
8/15/2027
317,000
286,883
1.10%,
8/15/2030
10,000
8,386
1.90%,
8/15/2040
7,000
4,726
2.05%,
8/15/2050
60,000
35,403
Meta
Platforms,
Inc.
5.75%,
5/15/2063
23,000
24,150
359,548
IT
Services
-
0
.9
%
Amdocs
Ltd.
2.54%,
6/15/2030
10,000
8,811
IBM
International
Capital
Pte.
Ltd.
4.60%,
2/5/2029
250,000
250,144
International
Business
Machines
Corp.
1.95%,
5/15/2030
100,000
86,477
2.85%,
5/15/2040
72,000
53,091
398,523
Leisure
Products
-
0
.2
%
Brunswick
Corp.
4.40%,
9/15/2032
25,000
22,758
5.10%,
4/1/2052
20,000
16,129
Hasbro,
Inc.
3.90%,
11/19/2029
33,000
31,139
6.35%,
3/15/2040
10,000
10,396
80,422
Machinery
-
0
.7
%
AGCO
Corp.
5.80%,
3/21/2034
10,000
10,186
CNH
Industrial
NV
3.85%,
11/15/2027
10,000
9,701
Cummins,
Inc.
1.50%,
9/1/2030
107,000
89,812
2.60%,
9/1/2050
10,000
6,225
Ingersoll
Rand,
Inc.
5.40%,
8/14/2028
38,000
38,944
5.31%,
6/15/2031
80,000
82,388
Stanley
Black
&
Decker,
Inc.
4.85%,
11/15/2048
10,000
8,766
2.75%,
11/15/2050
22,000
13,055
Westinghouse
Air
Brake
Technologies
Corp.
4.70%,
9/15/2028(b)
22,000
21,879
5.61%,
3/11/2034
10,000
10,287
Xylem,
Inc.
1.95%,
1/30/2028
20,000
18,254
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Machinery
-
0.7%
(continued)
Xylem,
Inc.
(continued)
2.25%,
1/30/2031
$
17,000
$
14,545
324,042
Marine
Transportation
-
0
.0
%
(d)
Kirby
Corp.
4.20%,
3/1/2028
20,000
19,548
Media
-
2
.2
%
Comcast
Corp.
2.65%,
2/1/2030
247,000
223,502
4.65%,
2/15/2033
67,000
66,170
4.60%,
10/15/2038
20,000
18,778
4.00%,
3/1/2048
64,000
51,469
2.89%,
11/1/2051
387,000
248,111
5.35%,
5/15/2053
10,000
9,789
2.99%,
11/1/2063
170,000
102,784
5.50%,
5/15/2064
3,000
2,950
Fox
Corp.
4.71%,
1/25/2029
50,000
49,931
5.48%,
1/25/2039
20,000
19,707
5.58%,
1/25/2049
45,000
42,534
Interpublic
Group
of
Cos.,
Inc.
(The)
3.38%,
3/1/2041
30,000
22,613
Paramount
Global
4.95%,
1/15/2031
25,000
22,705
4.20%,
5/19/2032
20,000
17,056
4.38%,
3/15/2043
30,000
20,979
5.25%,
4/1/2044
30,000
22,718
4.95%,
5/19/2050
40,000
28,922
970,718
Metals
&
Mining
-
0
.5
%
Newmont
Corp.
3.25%,
5/13/2030(c)
30,000
27,827
2.60%,
7/15/2032
10,000
8,588
5.88%,
4/1/2035
57,000
60,708
4.20%,
5/13/2050(c)
25,000
20,920
Nucor
Corp.
4.30%,
5/23/2027
20,000
19,826
2.70%,
6/1/2030
30,000
27,032
3.13%,
4/1/2032
33,000
29,325
4.40%,
5/1/2048
8,000
6,999
2.98%,
12/15/2055
14,000
8,791
Steel
Dynamics,
Inc.
3.25%,
10/15/2050
20,000
13,496
‌
‌
223,512
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Investment
Grade
Corporate
Core
Index
(cont.)
297
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Multi-Utilities
-
1
.4
%
Consolidated
Edison
Co.
of
New
York,
Inc.
Series
20A,
3.35%,
4/1/2030
$
10,000
$
9,398
2.40%,
6/15/2031
50,000
43,271
5.20%,
3/1/2033
10,000
10,234
5.50%,
3/15/2034
50,000
52,211
Series
E,
4.65%,
12/1/2048
22,000
19,464
6.15%,
11/15/2052
7,000
7,659
5.90%,
11/15/2053
10,000
10,539
5.70%,
5/15/2054
30,000
30,783
4.50%,
5/15/2058
67,000
56,373
3.60%,
6/15/2061
23,000
16,156
Dominion
Energy,
Inc.
Series
B,
7.00%,
6/1/2054(a)
20,000
21,004
National
Grid
plc
5.60%,
6/12/2028
15,000
15,375
5.81%,
6/12/2033
25,000
25,788
NiSource,
Inc.
6.95%,
11/30/2054(a)
15,000
15,211
Public
Service
Enterprise
Group,
Inc.
5.85%,
11/15/2027
63,000
64,922
1.60%,
8/15/2030
10,000
8,320
San
Diego
Gas
&
Electric
Co.
Series
VVV,
1.70%,
10/1/2030
20,000
16,891
2.95%,
8/15/2051
77,000
51,774
5.55%,
4/15/2054
10,000
10,099
Sempra
3.70%,
4/1/2029
50,000
47,665
5.50%,
8/1/2033
20,000
20,467
3.80%,
2/1/2038
26,000
21,923
4.00%,
2/1/2048
33,000
25,861
601,388
Office
REITs
-
0
.5
%
Boston
Properties
LP
REIT,
3.25%,
1/30/2031
80,000
69,396
REIT,
2.45%,
10/1/2033
33,000
25,327
Highwoods
Realty
LP
REIT,
3.05%,
2/15/2030
30,000
26,120
Kilroy
Realty
LP
REIT,
4.38%,
10/1/2025
80,000
78,894
REIT,
6.25%,
1/15/2036
7,000
6,897
Piedmont
Operating
Partnership
LP
REIT,
3.15%,
8/15/2030
10,000
8,267
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Office
REITs
-
0.5%
(continued)
Piedmont
Operating
Partnership
LP
(continued)
REIT,
2.75%,
4/1/2032
$
7,000
$
5,302
220,203
Oil,
Gas
&
Consumable
Fuels
-
5
.9
%
Boardwalk
Pipelines
LP
3.40%,
2/15/2031
40,000
35,773
BP
Capital
Markets
America,
Inc.
3.38%,
2/8/2061
10,000
6,826
Canadian
Natural
Resources
Ltd.
2.95%,
7/15/2030
157,000
140,882
Cheniere
Corpus
Christi
Holdings
LLC
3.70%,
11/15/2029
17,000
16,083
2.74%,
12/31/2039
20,000
16,330
Cheniere
Energy,
Inc.
4.63%,
10/15/2028
29,000
28,438
5.65%,
4/15/2034(c)
22,000
22,356
Columbia
Pipeline
Group,
Inc.
5.80%,
6/1/2045
10,000
10,017
Enbridge,
Inc.
6.20%,
11/15/2030
10,000
10,688
5.63%,
4/5/2034
80,000
81,900
6.70%,
11/15/2053
60,000
67,034
5.50%,
7/15/2077(a)
50,000
47,546
8.50%,
1/15/2084(a)
50,000
54,683
EnLink
Midstream
LLC
5.38%,
6/1/2029
10,000
9,963
EnLink
Midstream
Partners
LP
5.45%,
6/1/2047
20,000
17,622
EQT
Corp.
5.75%,
2/1/2034
15,000
15,168
Hess
Corp.
6.00%,
1/15/2040
27,000
28,521
Kinder
Morgan,
Inc.
2.00%,
2/15/2031
14,000
11,746
5.20%,
6/1/2033
50,000
49,680
5.40%,
2/1/2034
100,000
100,742
5.55%,
6/1/2045
33,000
31,763
5.20%,
3/1/2048
27,000
24,562
3.60%,
2/15/2051
10,000
7,014
5.45%,
8/1/2052
10,000
9,437
Marathon
Petroleum
Corp.
3.80%,
4/1/2028
30,000
29,039
4.50%,
4/1/2048
48,000
39,488
MPLX
LP
1.75%,
3/1/2026
120,000
114,056
2.65%,
8/15/2030
17,000
15,010
4.50%,
4/15/2038
82,000
73,977
5.20%,
12/1/2047
30,000
27,211
5.50%,
2/15/2049
30,000
28,398
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Investment
Grade
Corporate
Core
Index
(cont.)
298
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
5.9%
(continued)
MPLX
LP
(continued)
5.65%,
3/1/2053
$
20,000
$
19,231
Occidental
Petroleum
Corp.
6.13%,
1/1/2031
70,000
73,111
7.88%,
9/15/2031
30,000
34,301
6.45%,
9/15/2036
40,000
42,727
Zero
Coupon,
10/10/2036
50,000
27,264
ONEOK,
Inc.
6.10%,
11/15/2032
25,000
26,418
6.05%,
9/1/2033
100,000
105,194
5.20%,
7/15/2048
20,000
18,089
4.85%,
2/1/2049
30,000
25,933
4.50%,
3/15/2050
60,000
49,087
Pioneer
Natural
Resources
Co.
2.15%,
1/15/2031
46,000
39,528
Plains
All
American
Pipeline
LP
4.50%,
12/15/2026
100,000
98,905
3.80%,
9/15/2030
75,000
70,180
Sabine
Pass
Liquefaction
LLC
4.50%,
5/15/2030
17,000
16,673
5.90%,
9/15/2037
40,000
41,478
Targa
Resources
Corp.
6.50%,
3/30/2034
100,000
108,256
TotalEnergies
Capital
International
SA
2.83%,
1/10/2030
50,000
45,842
3.13%,
5/29/2050
74,000
51,579
TotalEnergies
Capital
SA
5.49%,
4/5/2054
70,000
70,813
Transcanada
Trust
5.60%,
3/7/2082(a)
100,000
92,751
Valero
Energy
Corp.
4.00%,
4/1/2029
30,000
29,068
2.80%,
12/1/2031
80,000
69,309
4.00%,
6/1/2052
10,000
7,552
Williams
Cos.,
Inc.
(The)
3.75%,
6/15/2027
50,000
48,604
5.65%,
3/15/2033
73,000
75,392
5.15%,
3/15/2034
15,000
14,959
5.75%,
6/24/2044
33,000
32,911
5.10%,
9/15/2045
37,000
34,186
4.85%,
3/1/2048
29,000
25,715
5.30%,
8/15/2052
14,000
13,306
2,580,315
Paper
&
Forest
Products
-
0
.1
%
Suzano
Austria
GmbH
3.75%,
1/15/2031
20,000
17,739
Series
DM3N,
3.13%,
1/15/2032
50,000
41,413
59,152
Personal
Care
Products
-
0
.4
%
Estee
Lauder
Cos.,
Inc.
(The)
3.15%,
3/15/2027
100,000
96,612
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Personal
Care
Products
-
0.4%
(continued)
Estee
Lauder
Cos.,
Inc.
(The)
(continued)
4.38%,
5/15/2028
$
20,000
$
19,870
2.60%,
4/15/2030
30,000
26,891
1.95%,
3/15/2031
33,000
27,773
4.15%,
3/15/2047
10,000
8,301
5.15%,
5/15/2053
5,000
4,805
184,252
Pharmaceuticals
-
4
.9
%
AstraZeneca
Finance
LLC
4.88%,
3/3/2033
53,000
53,620
5.00%,
2/26/2034
30,000
30,523
AstraZeneca
plc
4.00%,
9/18/2042
30,000
25,788
4.38%,
11/16/2045
60,000
53,433
3.00%,
5/28/2051
14,000
9,688
Bristol-Myers
Squibb
Co.
5.20%,
2/22/2034
20,000
20,483
3.55%,
3/15/2042
135,000
108,099
5.00%,
8/15/2045
73,000
70,273
3.90%,
3/15/2062
91,000
67,855
6.40%,
11/15/2063
3,000
3,352
GlaxoSmithKline
Capital
plc
3.38%,
6/1/2029
33,000
31,489
GlaxoSmithKline
Capital,
Inc.
6.38%,
5/15/2038
47,000
53,227
Johnson
&
Johnson
3.63%,
3/3/2037
210,000
188,476
2.10%,
9/1/2040
80,000
55,137
3.70%,
3/1/2046
50,000
41,425
2.25%,
9/1/2050
20,000
12,295
2.45%,
9/1/2060
7,000
4,107
Merck
&
Co.,
Inc.
4.05%,
5/17/2028
133,000
132,087
3.40%,
3/7/2029
50,000
47,981
4.50%,
5/17/2033
30,000
29,631
2.35%,
6/24/2040
133,000
93,193
4.90%,
5/17/2044
55,000
52,906
2.75%,
12/10/2051
15,000
9,676
Mylan,
Inc.
5.20%,
4/15/2048
37,000
31,197
Novartis
Capital
Corp.
2.00%,
2/14/2027
50,000
47,211
2.20%,
8/14/2030
35,000
31,003
2.75%,
8/14/2050
75,000
50,328
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.45%,
5/19/2028
124,000
123,696
5.11%,
5/19/2043
30,000
29,230
5.34%,
5/19/2063
152,000
148,094
Pfizer,
Inc.
3.45%,
3/15/2029
50,000
48,145
1.75%,
8/18/2031
33,000
27,451
4.10%,
9/15/2038
275,000
248,855
7.20%,
3/15/2039
57,000
68,959
2.55%,
5/28/2040
33,000
23,656
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Investment
Grade
Corporate
Core
Index
(cont.)
299
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Pharmaceuticals
-
4.9%
(continued)
Pfizer,
Inc.
(continued)
2.70%,
5/28/2050
$
33,000
$
21,748
Sanofi
SA
3.63%,
6/19/2028
15,000
14,688
Viatris,
Inc.
3.85%,
6/22/2040
30,000
22,629
4.00%,
6/22/2050
23,000
16,070
2,147,704
Professional
Services
-
0
.1
%
Equifax,
Inc.
3.10%,
5/15/2030
37,000
33,818
Verisk
Analytics,
Inc.
3.63%,
5/15/2050
30,000
22,149
55,967
Real
Estate
Management
&
Development
-
0
.1
%
CBRE
Services,
Inc.
2.50%,
4/1/2031
20,000
17,027
5.95%,
8/15/2034
18,000
18,887
35,914
Residential
REITs
-
0
.8
%
AvalonBay
Communities,
Inc.
REIT,
2.95%,
5/11/2026
100,000
96,845
REIT,
1.90%,
12/1/2028
40,000
35,877
REIT,
5.00%,
2/15/2033
14,000
14,011
REIT,
4.35%,
4/15/2048
10,000
8,542
ERP
Operating
LP
REIT,
4.15%,
12/1/2028
30,000
29,415
REIT,
3.00%,
7/1/2029
67,000
62,055
REIT,
1.85%,
8/1/2031
8,000
6,643
Essex
Portfolio
LP
REIT,
1.65%,
1/15/2031
50,000
40,661
UDR,
Inc.
REIT,
4.40%,
1/26/2029
37,000
36,297
330,346
Retail
REITs
-
0
.6
%
Brixmor
Operating
Partnership
LP
REIT,
3.90%,
3/15/2027
33,000
32,040
REIT,
2.25%,
4/1/2028
30,000
27,247
REIT,
2.50%,
8/16/2031
7,000
5,893
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Retail
REITs
-
0.6%
(continued)
Brixmor
Operating
Partnership
LP
(continued)
REIT,
5.50%,
2/15/2034
$
7,000
$
7,030
Federal
Realty
OP
LP
REIT,
1.25%,
2/15/2026
67,000
63,166
REIT,
3.50%,
6/1/2030
10,000
9,251
REIT,
3.63%,
8/1/2046
10,000
6,888
Kimco
Realty
OP
LLC
REIT,
6.40%,
3/1/2034
60,000
65,202
Regency
Centers
LP
REIT,
4.13%,
3/15/2028
15,000
14,654
REIT,
3.70%,
6/15/2030
26,000
24,528
REIT,
4.65%,
3/15/2049
10,000
8,554
264,453
Semiconductors
&
Semiconductor
Equipment
-
2
.6
%
Applied
Materials,
Inc.
4.35%,
4/1/2047
50,000
44,902
Intel
Corp.
3.75%,
3/25/2027
100,000
97,867
2.00%,
8/12/2031
47,000
39,217
5.63%,
2/10/2043
54,000
55,050
3.73%,
12/8/2047
47,000
35,631
4.75%,
3/25/2050
197,000
173,607
3.05%,
8/12/2051
35,000
22,794
4.95%,
3/25/2060
48,000
43,324
Micron
Technology,
Inc.
3.37%,
11/1/2041
30,000
22,418
QUALCOMM,
Inc.
1.65%,
5/20/2032
180,000
145,402
TSMC
Arizona
Corp.
1.75%,
10/25/2026
200,000
187,449
3.88%,
4/22/2027
280,000
274,352
1,142,013
Software
-
3
.7
%
Adobe,
Inc.
4.80%,
4/4/2029
40,000
40,717
2.30%,
2/1/2030
33,000
29,616
Autodesk,
Inc.
2.85%,
1/15/2030
20,000
18,243
2.40%,
12/15/2031
10,000
8,500
Microsoft
Corp.
2.40%,
8/8/2026
60,000
57,719
3.30%,
2/6/2027
263,000
256,935
3.40%,
6/15/2027
300,000
293,062
3.45%,
8/8/2036
33,000
29,648
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Investment
Grade
Corporate
Core
Index
(cont.)
300
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Software
-
3.7%
(continued)
Microsoft
Corp.
(continued)
4.50%,
6/15/2047
$
15,000
$
14,244
2.53%,
6/1/2050
180,000
117,010
2.92%,
3/17/2052
40,000
28,096
2.68%,
6/1/2060
113,000
71,297
3.04%,
3/17/2062
55,000
37,621
Oracle
Corp.
3.60%,
4/1/2040
140,000
110,788
5.55%,
2/6/2053
310,000
301,496
4.10%,
3/25/2061
115,000
85,501
Salesforce,
Inc.
1.50%,
7/15/2028
50,000
44,766
2.90%,
7/15/2051
64,000
42,483
1,587,742
Specialized
REITs
-
0
.8
%
Equinix,
Inc.
REIT,
3.20%,
11/18/2029
70,000
64,682
REIT,
3.90%,
4/15/2032
140,000
130,517
Public
Storage
Operating
Co.
REIT,
5.13%,
1/15/2029
60,000
61,463
REIT,
5.10%,
8/1/2033
20,000
20,274
Weyerhaeuser
Co.
REIT,
4.00%,
4/15/2030
30,000
28,734
REIT,
3.38%,
3/9/2033
30,000
26,442
332,112
Specialty
Retail
-
2
.0
%
Dick's
Sporting
Goods,
Inc.
4.10%,
1/15/2052
10,000
7,241
Home
Depot,
Inc.
(The)
3.30%,
4/15/2040
100,000
80,327
4.50%,
12/6/2048
20,000
17,809
4.95%,
9/15/2052
180,000
170,203
Lowe's
Cos.,
Inc.
2.50%,
4/15/2026
203,000
195,601
3.65%,
4/5/2029
50,000
47,835
2.63%,
4/1/2031
50,000
43,664
5.00%,
4/15/2033
77,000
77,326
5.15%,
7/1/2033
25,000
25,397
5.50%,
10/15/2035
33,000
34,367
2.80%,
9/15/2041
138,000
97,323
3.00%,
10/15/2050
33,000
21,298
4.45%,
4/1/2062
26,000
20,810
5.85%,
4/1/2063
14,000
14,094
Tiffany
&
Co.
4.90%,
10/1/2044
10,000
9,657
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Specialty
Retail
-
2.0%
(continued)
Tractor
Supply
Co.
5.25%,
5/15/2033
$
10,000
$
10,122
873,074
Technology
Hardware,
Storage
&
Peripherals
-
2
.7
%
Apple,
Inc.
3.25%,
2/23/2026
84,000
82,339
4.30%,
5/10/2033
180,000
181,695
2.38%,
2/8/2041
130,000
93,045
4.45%,
5/6/2044
114,000
109,107
4.65%,
2/23/2046
208,000
199,053
4.85%,
5/10/2053
75,000
74,851
4.10%,
8/8/2062
47,000
39,530
Dell
International
LLC
8.10%,
7/15/2036
110,000
134,015
3.38%,
12/15/2041
30,000
22,644
Hewlett
Packard
Enterprise
Co.
5.25%,
7/1/2028
150,000
153,179
HP,
Inc.
5.50%,
1/15/2033
10,000
10,283
6.00%,
9/15/2041
53,000
55,315
1,155,056
Textiles,
Apparel
&
Luxury
Goods
-
0
.3
%
NIKE,
Inc.
2.85%,
3/27/2030
20,000
18,384
3.25%,
3/27/2040
50,000
39,997
Ralph
Lauren
Corp.
2.95%,
6/15/2030
14,000
12,764
Tapestry,
Inc.
7.70%,
11/27/2030
35,000
37,059
VF
Corp.
2.80%,
4/23/2027
15,000
13,947
2.95%,
4/23/2030
26,000
22,206
144,357
Water
Utilities
-
0
.4
%
American
Water
Capital
Corp.
3.75%,
9/1/2028
10,000
9,669
2.80%,
5/1/2030
30,000
27,026
2.30%,
6/1/2031
100,000
85,100
4.20%,
9/1/2048
5,000
4,172
Essential
Utilities,
Inc.
2.70%,
4/15/2030
48,000
42,798
5.38%,
1/15/2034
10,000
10,119
5.30%,
5/1/2052
10,000
9,425
188,309
Wireless
Telecommunication
Services
-
0
.4
%
Vodafone
Group
plc
5.00%,
5/30/2038
23,000
22,509
5.25%,
5/30/2048
40,000
37,845
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
ESG &
Climate
Investment
Grade
Corporate
Core
Index
(cont.)
301
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Wireless
Telecommunication
Services
-
0.4%
(continued)
Vodafone
Group
plc
(continued)
5.63%,
2/10/2053
$
96,000
$
94,311
154,665
Total
Corporate
Bonds
(Cost
$43,046,763)
42,189,044
Total
Investments
-
97.2%
(Cost
$43,046,763)
42,189,044
Other
assets
less
liabilities
-
2.8%
1,213,245
NET
ASSETS
-
100.0%
$43,402,289
(a)
Security
issued
at
a
fixed
coupon
rate,
which
converts
to
a
variable
rate
at
a
future
date.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(b)
Step
bond.
Interest
rate
is
a
fixed
rate
for
an
initial
period
that
either
resets
at
a
specific
date
or
may
reset
in
the
future
at
a
contingent
upon
predetermined
trigger.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2024.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
At
July
31,
2024,
the
value
of
these
securities
amounted
to
approximately
$228,121
or
0.53%
of
net
assets.
(d)
Represents
less
than
0.05%
of
net
assets.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
REIT
Real
Estate
Investment
Trust
SCA
Limited
partnership
with
share
capital
Security
Type
%
of
Net
Assets
Corporate
Bonds
97‌
.2
%
Others
(1)
2‌
.8
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
302
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
Schedule
of
Investments
FlexShares
®
Ultra-Short
Income
Fund
July
31,
2024
(Unaudited)
Investments
Principal
Amount
Value
CORPORATE
BONDS
-
96
.3
%
Aerospace
&
Defense
-
1
.6
%
General
Dynamics
Corp.
2.38%,
11/15/2024
$
9,000,000
$
8,918,978
L3Harris
Technologies,
Inc.
3.83%,
4/27/2025
2,700,000
2,669,996
Northrop
Grumman
Corp.
2.93%,
1/15/2025
5,673,000
5,608,434
RTX
Corp.
3.15%,
12/15/2024
97,000
96,130
17,293,538
Automobiles
-
4
.3
%
BMW
US
Capital
LLC
(United
States
SOFR
Compounded
Index
+
0.55%),
5.92%,
4/2/2026(a)
(b)
8,500,000
8,529,767
Hyundai
Capital
America
5.45%,
6/24/2026(b)
1,000,000
1,007,932
(SOFR
+
1.50%),
6.85%,
1/8/2027(a)
(b)
9,000,000
9,135,492
(SOFR
+
1.04%),
6.42%,
3/19/2027(a)(b)
1,000,000
1,007,304
(SOFR
+
1.04%),
6.42%,
6/24/2027(a)(b)
5,000,000
5,005,648
Kia
Corp.
2.38%,
2/14/2025(b)
730,000
718,322
Mercedes-Benz
Finance
North
America
LLC
(SOFR
+
0.93%),
6.30%,
3/30/2025(a)(b)
5,000,000
5,023,501
(SOFR
+
0.57%),
5.98%,
8/1/2025(a)
(b)
7,000,000
7,011,689
(SOFR
+
0.63%),
6.00%,
7/31/2026(a)(b)
4,100,000
4,105,523
Nissan
Motor
Acceptance
Co.
LLC
1.13%,
9/16/2024(b)
900,000
894,115
Volkswagen
Group
of
America
Finance
LLC
(SOFR
+
0.83%),
6.21%,
3/20/2026(a)(b)
5,500,000
5,527,486
‌
‌
47,966,779
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
23
.6
%
ANZ
New
Zealand
Int'l
Ltd.
(SOFR
+
0.60%),
6.01%,
2/18/2025(a)(b)
$
1,450,000
$
1,451,983
Australia
&
New
Zealand
Banking
Group
Ltd.
(SOFR
+
0.64%),
5.99%,
10/3/2025(a)(b)
500,000
501,525
Banco
Santander
SA
5.15%,
8/18/2025
1,400,000
1,395,907
Bank
of
America
NA
(SOFR
+
0.78%),
6.17%,
8/18/2025(a)
3,850,000
3,866,555
Bank
of
Montreal
Series
H,
4.25%,
9/14/2024
4,500,000
4,491,094
(United
States
SOFR
Compounded
Index
+
0.95%),
6.33%,
9/25/2025(a)
5,700,000
5,736,061
(United
States
SOFR
Compounded
Index
+
0.62%),
6.00%,
9/15/2026(a)
3,300,000
3,303,347
Bank
of
New
Zealand
(SOFR
+
0.81%),
6.16%,
1/27/2027(a)(b)
4,000,000
4,005,536
Bank
of
Nova
Scotia
(The)
(SOFR
+
0.46%),
5.81%,
1/10/2025(a)
4,355,000
4,358,440
(United
States
SOFR
Compounded
Index
+
0.55%),
5.94%,
3/2/2026(a)
5,000,000
4,994,060
(SOFR
+
0.61%),
5.99%,
9/15/2026(a)
1,780,000
1,778,327
Banque
Federative
du
Credit
Mutuel
SA
(SOFR
+
1.13%),
6.49%,
1/23/2027(a)(b)
2,940,000
2,964,017
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Ultra-Short
Income
Fund
(cont.)
303
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
23.6%
(continued)
Banque
Federative
du
Credit
Mutuel
SA
(continued)
(United
States
SOFR
Compounded
Index
+
1.07%),
6.43%,
2/16/2028(a)(b)
$
10,000,000
$
10,019,150
Barclays
plc
(SOFR
+
1.49%),
6.86%,
3/12/2028(a)
10,000,000
10,108,933
Canadian
Imperial
Bank
of
Commerce
(United
States
SOFR
Compounded
Index
+
0.94%),
6.31%,
4/7/2025(a)
7,674,000
7,697,174
Citibank
NA
4.93%,
8/6/2026
5,200,000
5,212,192
(United
States
SOFR
Compounded
Index
+
1.06%),
6.46%,
12/4/2026(a)
3,000,000
3,038,325
Citigroup,
Inc.
(SOFR
+
0.69%),
6.03%,
1/25/2026(a)
2,400,000
2,402,376
(SOFR
+
0.77%),
6.16%,
6/9/2027(a)
3,500,000
3,496,511
Commonwealth
Bank
of
Australia
(SOFR
+
0.52%),
5.90%,
6/15/2026(a)(b)
1,900,000
1,899,709
Cooperatieve
Rabobank
UA
(United
States
SOFR
Compounded
Index
+
0.90%),
6.27%,
10/5/2026(a)
5,000,000
5,034,857
Credit
Agricole
SA
3.25%,
10/4/2024(b)
3,000,000
2,986,751
(SOFR
+
0.87%),
6.26%,
3/11/2027(a)(b)
6,670,000
6,678,450
Danske
Bank
A/S
6.47%,
1/9/2026(b)
(c)
6,980,000
7,008,553
Fifth
Third
Bank
NA
5.85%,
10/27/2025(c)
8,500,000
8,503,057
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
23.6%
(continued)
HSBC
Holdings
plc
(SOFR
+
1.43%),
6.81%,
3/10/2026(a)
$
7,000,000
$
7,045,182
HSBC
USA,
Inc.
(SOFR
+
0.96%),
6.36%,
3/4/2027(a)
2,500,000
2,517,488
ING
Groep
NV
(United
States
SOFR
Compounded
Index
+
1.01%),
6.37%,
4/1/2027(a)
5,582,000
5,597,261
JPMorgan
Chase
&
Co.
0.77%,
8/9/2025(c)
1,000,000
998,941
(SOFR
+
0.60%),
5.99%,
12/10/2025(a)
1,000,000
1,003,490
(SOFR
+
0.92%),
6.30%,
2/24/2026(a)
7,000,000
7,020,968
(SOFR
+
0.77%),
6.14%,
9/22/2027(a)
2,500,000
2,503,375
Lloyds
Banking
Group
plc
4.72%,
8/11/2026(c)
2,300,000
2,285,687
Mitsubishi
UFJ
Financial
Group,
Inc.
(SOFR
+
0.94%),
6.34%,
2/20/2026(a)
5,000,000
5,013,131
(SOFR
+
1.44%),
6.79%,
4/17/2026(a)
2,500,000
2,516,608
Morgan
Stanley
Bank
NA
(SOFR
+
0.87%),
6.24%,
5/26/2028(a)
10,000,000
10,011,600
National
Australia
Bank
Ltd.
(SOFR
+
0.86%),
6.25%,
6/9/2025(a)
(b)
5,200,000
5,222,360
(SOFR
+
0.65%),
6.00%,
1/12/2027(a)(b)
4,000,000
4,004,082
(SOFR
+
0.62%),
6.01%,
6/11/2027(a)(b)
2,800,000
2,801,431
National
Bank
of
Canada
(United
States
SOFR
Compounded
Index
+
1.03%),
6.38%,
7/2/2027(a)
7,260,000
7,277,344
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Ultra-Short
Income
Fund
(cont.)
304
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
23.6%
(continued)
NatWest
Markets
plc
(SOFR
+
0.90%),
6.29%,
5/17/2027(a)(b)
$
10,250,000
$
10,273,780
Nordea
Bank
Abp
(SOFR
+
0.96%),
6.33%,
6/6/2025(a)
(b)
2,000,000
2,010,360
Royal
Bank
of
Canada
4.95%,
4/25/2025
3,000,000
2,994,244
(United
States
SOFR
Compounded
Index
+
0.53%),
5.88%,
1/20/2026(a)
2,750,000
2,749,967
(United
States
SOFR
Compounded
Index
+
0.57%),
5.92%,
4/27/2026(a)
2,000,000
1,999,147
Santander
Holdings
USA,
Inc.
6.12%,
5/31/2027(c)
3,250,000
3,292,760
Skandinaviska
Enskilda
Banken
AB
(SOFR
+
0.96%),
6.35%,
6/9/2025(a)
(b)
1,000,000
1,005,154
(SOFR
+
0.89%),
6.26%,
3/5/2027(a)
(b)
3,000,000
3,021,047
Societe
Generale
SA
2.63%,
10/16/2024(b)
1,000,000
992,966
Standard
Chartered
plc
6.17%,
1/9/2027(b)
(c)
2,100,000
2,124,741
Sumitomo
Mitsui
Financial
Group,
Inc.
(SOFR
+
0.88%),
6.23%,
1/14/2027(a)
1,480,000
1,488,942
Svenska
Handelsbanken
AB
(SOFR
+
0.66%),
6.06%,
5/28/2027(a)(b)
2,700,000
2,704,603
Swedbank
AB
(United
States
SOFR
Compounded
Index
+
1.38%),
6.76%,
6/15/2026(a)(b)
5,160,000
5,238,464
Toronto-Dominion
Bank
(The)
4.29%,
9/13/2024
3,000,000
2,995,016
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Banks
-
23.6%
(continued)
Toronto-Dominion
Bank
(The)
(continued)
(SOFR
+
0.41%),
5.76%,
1/10/2025(a)
$
2,777,000
$
2,779,707
(SOFR
+
1.02%),
6.39%,
6/6/2025(a)
3,000,000
3,016,533
(SOFR
+
0.48%),
5.83%,
10/10/2025(a)
6,000,000
6,005,130
(SOFR
+
0.59%),
5.98%,
9/10/2026(a)
2,000,000
2,000,412
US
Bank
NA
2.80%,
1/27/2025
1,250,000
1,234,184
Wells
Fargo
&
Co.
(SOFR
+
1.32%),
6.65%,
4/25/2026(a)
5,600,000
5,645,824
Wells
Fargo
Bank
NA
5.55%,
8/1/2025
1,250,000
1,256,622
(SOFR
+
0.80%),
6.20%,
8/1/2025(a)
3,125,000
3,137,337
(SOFR
+
0.71%),
6.07%,
1/15/2026(a)
1,475,000
1,480,484
Westpac
Banking
Corp.
(SOFR
+
1.00%),
6.40%,
8/26/2025(a)
5,000,000
5,031,400
(SOFR
+
0.72%),
6.11%,
11/17/2025(a)
2,350,000
2,360,714
(SOFR
+
0.42%),
5.78%,
4/16/2026(a)
3,710,000
3,707,181
(SOFR
+
0.52%),
5.92%,
6/3/2026(a)
2,568,000
2,569,822
261,868,379
Beverages
-
3
.2
%
Diageo
Capital
plc
2.13%,
10/24/2024
7,000,000
6,945,150
Keurig
Dr
Pepper,
Inc.
(United
States
SOFR
Compounded
Index
+
0.88%),
6.26%,
3/15/2027(a)
10,000,000
10,065,280
Pepsico
Singapore
Financing
I
Pte.
Ltd.
(United
States
SOFR
Compounded
Index
+
0.56%),
5.95%,
2/16/2027(a)
12,200,000
12,241,466
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Ultra-Short
Income
Fund
(cont.)
305
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Beverages
-
3.2%
(continued)
PepsiCo,
Inc.
(United
States
SOFR
Compounded
Index
+
0.40%),
5.81%,
11/12/2024(a)
$
3,330,000
$
3,332,323
(United
States
SOFR
Compounded
Index
+
0.40%),
5.81%,
2/13/2026(a)
3,000,000
3,008,266
35,592,485
Biotechnology
-
1
.2
%
AbbVie,
Inc.
2.60%,
11/21/2024
8,638,000
8,563,312
Amgen,
Inc.
1.90%,
2/21/2025
4,000,000
3,920,997
5.25%,
3/2/2025
1,000,000
999,148
13,483,457
Broadline
Retail
-
0
.9
%
eBay,
Inc.
3.45%,
8/1/2024
8,100,000
8,100,000
1.90%,
3/11/2025
1,700,000
1,665,202
9,765,202
Building
Products
-
1
.1
%
Carlisle
Cos.,
Inc.
3.50%,
12/1/2024
3,608,000
3,579,700
Trane
Technologies
Financing
Ltd.
3.55%,
11/1/2024
8,000,000
7,954,042
11,533,742
Capital
Markets
-
7
.9
%
Bank
of
New
York
Mellon
Corp.
(The)
2.10%,
10/24/2024
3,000,000
2,976,659
BlackRock
Funding,
Inc.
4.60%,
7/26/2027
14,180,000
14,267,690
Blackstone
Private
Credit
Fund
2.70%,
1/15/2025
800,000
788,670
Blue
Owl
Credit
Income
Corp.
5.50%,
3/21/2025
2,901,000
2,893,165
Charles
Schwab
Corp.
(The)
(United
States
SOFR
Compounded
Index
+
0.52%),
5.93%,
5/13/2026(a)
1,000,000
1,000,038
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Capital
Markets
-
7.9%
(continued)
Charles
Schwab
Corp.
(The)
(continued)
(United
States
SOFR
Compounded
Index
+
1.05%),
6.45%,
3/3/2027(a)
$
6,500,000
$
6,543,106
FS
KKR
Capital
Corp.
1.65%,
10/12/2024
980,000
970,799
Goldman
Sachs
Group,
Inc.
(The)
(SOFR
+
0.51%),
5.90%,
9/10/2024(a)
2,600,000
2,600,096
3.50%,
4/1/2025
1,500,000
1,481,268
Macquarie
Bank
Ltd.
5.27%,
7/2/2027(b)
6,290,000
6,397,710
Macquarie
Group
Ltd.
(SOFR
+
0.71%),
6.07%,
10/14/2025(a)(b)
5,000,000
5,000,900
Moody's
Corp.
3.75%,
3/24/2025
8,212,000
8,125,888
Morgan
Stanley
1.16%,
10/21/2025(c)
500,000
494,915
(SOFR
+
0.95%),
6.34%,
2/18/2026(a)
3,111,000
3,119,162
(SOFR
+
1.02%),
6.38%,
4/13/2028(a)
4,000,000
4,011,480
Nasdaq,
Inc.
5.65%,
6/28/2025
2,500,000
2,507,548
State
Street
Corp.
(United
States
SOFR
Compounded
Index
+
0.85%),
6.25%,
8/3/2026(a)
10,000,000
10,049,312
UBS
AG
0.70%,
8/9/2024(b)
200,000
199,773
3.63%,
9/9/2024
1,500,000
1,496,634
7.95%,
1/9/2025
1,260,000
1,273,118
3.70%,
2/21/2025
4,000,000
3,961,821
UBS
Group
AG
(SOFR
+
1.58%),
6.99%,
5/12/2026(a)(b)
6,000,000
6,045,092
6.37%,
7/15/2026(b)(c)
1,900,000
1,916,611
88,121,455
Chemicals
-
2
.0
%
Nutrien
Ltd.
5.90%,
11/7/2024
6,965,000
6,966,034
3.00%,
4/1/2025
2,000,000
1,969,765
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Ultra-Short
Income
Fund
(cont.)
306
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Chemicals
-
2.0%
(continued)
Nutrien
Ltd.
(continued)
5.95%,
11/7/2025
$
1,020,000
$
1,031,172
Sherwin-Williams
Co.
(The)
4.05%,
8/8/2024
7,400,000
7,397,258
Westlake
Corp.
0.88%,
8/15/2024
4,700,000
4,690,815
22,055,044
Commercial
Services
&
Supplies
-
1
.6
%
Element
Fleet
Management
Corp.
6.27%,
6/26/2026(b)
2,820,000
2,871,976
Republic
Services,
Inc.
2.50%,
8/15/2024
8,000,000
7,990,149
Waste
Management,
Inc.
3.13%,
3/1/2025
6,987,000
6,899,901
17,762,026
Consumer
Finance
-
10
.0
%
AerCap
Ireland
Capital
DAC
2.88%,
8/14/2024
2,000,000
1,997,797
1.65%,
10/29/2024
6,750,000
6,682,719
American
Express
Co.
(United
States
SOFR
Compounded
Index
+
0.93%),
6.33%,
3/4/2025(a)
1,914,000
1,920,947
6.34%,
10/30/2026(c)
700,000
710,246
(United
States
SOFR
Compounded
Index
+
1.35%),
6.70%,
10/30/2026(a)
3,500,000
3,535,536
(SOFR
+
0.75%),
6.11%,
4/23/2027(a)
3,000,000
3,003,598
(SOFR
+
0.93%),
6.26%,
7/26/2028(a)
5,000,000
5,007,660
American
Honda
Finance
Corp.
0.75%,
8/9/2024
2,000,000
1,997,811
2.15%,
9/10/2024
3,764,000
3,748,911
(SOFR
+
0.45%),
5.82%,
6/13/2025(a)
8,000,000
8,007,056
(United
States
SOFR
Compounded
Index
+
0.79%),
6.14%,
10/3/2025(a)
2,100,000
2,107,909
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Consumer
Finance
-
10.0%
(continued)
Capital
One
Financial
Corp.
3.20%,
2/5/2025
$
4,000,000
$
3,953,228
Caterpillar
Financial
Services
Corp.
(SOFR
+
0.52%),
5.89%,
6/13/2025(a)
5,000,000
5,013,857
(SOFR
+
0.46%),
5.86%,
2/27/2026(a)
10,000,000
10,030,363
(SOFR
+
0.52%),
5.93%,
5/14/2027(a)
4,800,000
4,811,835
Ford
Motor
Credit
Co.
LLC
4.06%,
11/1/2024
2,019,000
2,009,375
(SOFR
+
2.95%),
8.32%,
3/6/2026(a)
3,300,000
3,403,896
General
Motors
Financial
Co.,
Inc.
1.20%,
10/15/2024
1,500,000
1,486,232
3.50%,
11/7/2024
2,600,000
2,585,034
(United
States
SOFR
Compounded
Index
+
1.30%),
6.67%,
4/7/2025(a)
1,906,000
1,917,017
(United
States
SOFR
Compounded
Index
+
1.35%),
6.75%,
5/8/2027(a)
1,000,000
1,009,237
John
Deere
Capital
Corp.
(SOFR
+
0.20%),
5.56%,
10/11/2024(a)
2,500,000
2,500,423
(SOFR
+
0.56%),
5.94%,
3/7/2025(a)
1,720,000
1,723,959
(SOFR
+
0.44%),
5.82%,
3/6/2026(a)
10,000,000
10,023,271
(United
States
SOFR
Compounded
Index
+
0.79%),
6.17%,
6/8/2026(a)
1,300,000
1,310,053
(SOFR
+
0.60%),
5.99%,
6/11/2027(a)
2,000,000
2,001,106
Synchrony
Financial
4.88%,
6/13/2025
3,583,000
3,554,881
Toyota
Motor
Credit
Corp.
Series
B,
(SOFR
+
0.29%),
5.66%,
9/13/2024(a)
3,000,000
3,000,366
(SOFR
+
0.32%),
5.68%,
1/13/2025(a)
7,000,000
7,003,557
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Ultra-Short
Income
Fund
(cont.)
307
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Consumer
Finance
-
10.0%
(continued)
Toyota
Motor
Credit
Corp.
(continued)
(SOFR
+
0.65%),
6.04%,
9/11/2025(a)
$
5,000,000
$
5,016,322
111,074,202
Consumer
Staples
Distribution
&
Retail
-
1
.5
%
Dollar
General
Corp.
4.25%,
9/20/2024
8,199,000
8,180,179
Dollar
Tree,
Inc.
4.00%,
5/15/2025
8,000,000
7,909,596
16,089,775
Containers
&
Packaging
-
0
.7
%
Avery
Dennison
Corp.
0.85%,
8/15/2024
8,190,000
8,173,296
Diversified
Telecommunication
Services
-
0
.6
%
Verizon
Communications,
Inc.
3.38%,
2/15/2025
3,351,000
3,321,503
(United
States
SOFR
Compounded
Index
+
0.79%),
6.17%,
3/20/2026(a)
2,790,000
2,820,443
6,141,946
Electric
Utilities
-
0
.6
%
NextEra
Energy
Capital
Holdings,
Inc.
6.05%,
3/1/2025
2,950,000
2,962,165
(United
States
SOFR
Compounded
Index
+
0.76%),
6.11%,
1/29/2026(a)
4,000,000
4,016,430
6,978,595
Electronic
Equipment,
Instruments
&
Components
-
0
.1
%
Tyco
Electronics
Group
SA
3.45%,
8/1/2024
1,347,000
1,347,000
Energy
Equipment
&
Services
-
0
.1
%
Schlumberger
Holdings
Corp.
5.00%,
5/29/2027(b)
641,000
645,762
Entertainment
-
2
.1
%
Netflix,
Inc.
5.88%,
2/15/2025
2,552,000
2,562,514
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Entertainment
-
2.1%
(continued)
Netflix,
Inc.
(continued)
3.63%,
6/15/2025(b)
$
5,000,000
$
4,931,741
Take-Two
Interactive
Software,
Inc.
3.55%,
4/14/2025
7,380,000
7,283,164
Walt
Disney
Co.
(The)
3.35%,
3/24/2025
9,000,000
8,895,580
23,672,999
Financial
Services
-
1
.1
%
Corebridge
Financial,
Inc.
3.50%,
4/4/2025
2,300,000
2,267,007
Global
Payments,
Inc.
1.50%,
11/15/2024
240,000
237,081
JPMorgan
Chase
Bank
NA
(SOFR
+
0.62%),
5.97%,
4/29/2026(a)
6,500,000
6,527,750
(SOFR
+
1.00%),
6.39%,
12/8/2026(a)
2,000,000
2,023,826
PayPal
Holdings,
Inc.
2.40%,
10/1/2024
1,080,000
1,074,350
12,130,014
Food
Products
-
3
.1
%
Campbell
Soup
Co.
5.30%,
3/20/2026
960,000
965,861
General
Mills,
Inc.
4.00%,
4/17/2025
5,000,000
4,953,732
J
M
Smucker
Co.
(The)
3.50%,
3/15/2025
11,400,000
11,259,959
McCormick
&
Co.,
Inc.
3.15%,
8/15/2024
5,000,000
4,995,076
0.90%,
2/15/2026
620,000
583,165
Mead
Johnson
Nutrition
Co.
4.13%,
11/15/2025
3,500,000
3,462,084
Tyson
Foods,
Inc.
3.95%,
8/15/2024
8,250,000
8,243,895
34,463,772
Ground
Transportation
-
1
.7
%
Canadian
Pacific
Railway
Co.
1.35%,
12/2/2024
7,410,000
7,306,726
2.90%,
2/1/2025
2,600,000
2,567,602
CSX
Corp.
3.40%,
8/1/2024
6,628,000
6,628,000
Ryder
System,
Inc.
2.50%,
9/1/2024
2,165,000
2,157,845
18,660,173
Health
Care
Equipment
&
Supplies
-
2
.2
%
Baxter
International,
Inc.
1.32%,
11/29/2024
8,000,000
7,888,321
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Ultra-Short
Income
Fund
(cont.)
308
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Health
Care
Equipment
&
Supplies
-
2.2%
(continued)
Baxter
International,
Inc.
(continued)
(United
States
SOFR
Compounded
Index
+
0.44%),
5.84%,
11/29/2024(a)
$
1,435,000
$
1,434,860
GE
HealthCare
Technologies,
Inc.
5.55%,
11/15/2024
7,000,000
6,997,168
Zimmer
Biomet
Holdings,
Inc.
1.45%,
11/22/2024
8,350,000
8,240,793
24,561,142
Health
Care
Providers
&
Services
-
3
.9
%
Aetna,
Inc.
3.50%,
11/15/2024
830,000
824,798
CVS
Health
Corp.
3.88%,
7/20/2025
8,000,000
7,885,233
Elevance
Health,
Inc.
3.50%,
8/15/2024
5,100,000
5,095,606
3.35%,
12/1/2024
2,485,000
2,466,656
HCA,
Inc.
5.25%,
4/15/2025
3,762,000
3,754,879
Humana,
Inc.
3.85%,
10/1/2024
5,000,000
4,984,639
Laboratory
Corp.
of
America
Holdings
3.25%,
9/1/2024
5,000,000
4,988,026
3.60%,
2/1/2025
1,700,000
1,681,877
McKesson
Corp.
0.90%,
12/3/2025
7,439,000
7,056,165
UnitedHealth
Group,
Inc.
(SOFR
+
0.50%),
5.83%,
7/15/2026(a)
3,930,000
3,937,286
42,675,165
Hotels,
Restaurants
&
Leisure
-
0
.4
%
McDonald's
Corp.
3.38%,
5/26/2025
4,300,000
4,238,877
Household
Durables
-
1
.3
%
DR
Horton,
Inc.
2.50%,
10/15/2024
9,200,000
9,137,543
Lennar
Corp.
4.75%,
5/30/2025
3,000,000
2,983,746
Whirlpool
Corp.
3.70%,
5/1/2025
2,500,000
2,467,272
‌
‌
14,588,561
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Life
Sciences
Tools
&
Services
-
0
.9
%
Thermo
Fisher
Scientific,
Inc.
1.22%,
10/18/2024
$
10,090,000
$
9,998,425
Machinery
-
2
.3
%
AGCO
Corp.
5.45%,
3/21/2027
1,150,000
1,165,683
CNH
Industrial
Capital
LLC
3.95%,
5/23/2025
7,845,000
7,753,108
Daimler
Truck
Finance
North
America
LLC
5.20%,
1/17/2025(b)
4,265,000
4,259,498
(SOFR
+
0.96%),
6.33%,
9/25/2027(a)(b)
3,570,000
3,579,175
Otis
Worldwide
Corp.
2.06%,
4/5/2025
7,150,000
6,994,355
Stanley
Black
&
Decker,
Inc.
6.27%,
3/6/2026
2,020,000
2,020,353
25,772,172
Media
-
0
.5
%
Fox
Corp.
3.05%,
4/7/2025
6,000,000
5,905,564
Metals
&
Mining
-
0
.4
%
Steel
Dynamics,
Inc.
2.80%,
12/15/2024
4,800,000
4,744,957
Multi-Utilities
-
0
.5
%
Black
Hills
Corp.
1.04%,
8/23/2024
960,000
957,085
DTE
Energy
Co.
4.22%,
11/1/2024(d)
4,700,000
4,677,664
5,634,749
Oil,
Gas
&
Consumable
Fuels
-
3
.6
%
Boardwalk
Pipelines
LP
4.95%,
12/15/2024
3,800,000
3,789,127
Enterprise
Products
Operating
LLC
5.05%,
1/10/2026
720,000
723,024
Kinder
Morgan
Energy
Partners
LP
4.25%,
9/1/2024
6,870,000
6,856,332
Kinder
Morgan,
Inc.
4.30%,
6/1/2025
1,200,000
1,188,430
Marathon
Petroleum
Corp.
3.63%,
9/15/2024
1,950,000
1,944,535
Phillips
66
Co.
2.45%,
12/15/2024
1,109,000
1,096,672
3.61%,
2/15/2025
8,820,000
8,724,760
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Ultra-Short
Income
Fund
(cont.)
309
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Oil,
Gas
&
Consumable
Fuels
-
3.6%
(continued)
Sabine
Pass
Liquefaction
LLC
5.63%,
3/1/2025
$
2,028,000
$
2,026,465
TransCanada
PipeLines
Ltd.
1.00%,
10/12/2024
9,010,000
8,921,492
Western
Midstream
Operating
LP
3.95%,
6/1/2025
5,000,000
4,925,083
40,195,920
Passenger
Airlines
-
0
.9
%
Southwest
Airlines
Co.
5.25%,
5/4/2025
10,000,000
9,967,011
Personal
Care
Products
-
0
.3
%
Kenvue,
Inc.
5.50%,
3/22/2025
3,305,000
3,309,606
Pharmaceuticals
-
0
.3
%
Bristol-Myers
Squibb
Co.
(SOFR
+
0.49%),
5.90%,
2/20/2026(a)
3,182,000
3,193,996
Retail
REITs
-
0
.5
%
Kimco
Realty
OP
LLC
REIT,
3.30%,
2/1/2025
6,000,000
5,923,980
Semiconductors
&
Semiconductor
Equipment
-
0
.7
%
Analog
Devices,
Inc.
(United
States
SOFR
Compounded
Index
+
0.25%),
5.62%,
10/1/2024(a)
610,000
610,073
2.95%,
4/1/2025
2,000,000
1,970,692
KLA
Corp.
4.65%,
11/1/2024
3,579,000
3,570,747
Microchip
Technology,
Inc.
0.98%,
9/1/2024
1,870,000
1,861,651
8,013,163
Software
-
2
.4
%
Autodesk,
Inc.
4.38%,
6/15/2025
6,738,000
6,686,816
Intuit,
Inc.
0.95%,
7/15/2025
905,000
870,353
5.25%,
9/15/2026
4,950,000
5,021,928
Oracle
Corp.
2.95%,
11/15/2024
9,031,000
8,963,565
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Software
-
2.4%
(continued)
Roper
Technologies,
Inc.
2.35%,
9/15/2024
$
5,000,000
$
4,977,235
26,519,897
Specialized
REITs
-
0
.8
%
Public
Storage
Operating
Co.
REIT,
(United
States
SOFR
Compounded
Index
+
0.60%),
5.93%,
7/25/2025(a)
4,296,000
4,310,345
REIT,
(United
States
SOFR
Compounded
Index
+
0.70%),
6.06%,
4/16/2027(a)
4,180,000
4,192,874
8,503,219
Specialty
Retail
-
1
.7
%
Home
Depot,
Inc.
(The)
(SOFR
+
0.33%),
5.70%,
12/24/2025(a)
8,040,000
8,055,019
Lowe's
Cos.,
Inc.
4.00%,
4/15/2025
4,085,000
4,046,378
Ross
Stores,
Inc.
4.60%,
4/15/2025
7,011,000
6,977,873
19,079,270
Technology
Hardware,
Storage
&
Peripherals
-
0
.9
%
Dell
International
LLC
5.85%,
7/15/2025
4,000,000
4,016,109
Hewlett
Packard
Enterprise
Co.
5.90%,
10/1/2024
6,200,000
6,200,768
10,216,877
Textiles,
Apparel
&
Luxury
Goods
-
0
.5
%
VF
Corp.
2.40%,
4/23/2025
5,000,000
4,884,757
Trading
Companies
&
Distributors
-
1
.7
%
Air
Lease
Corp.
0.80%,
8/18/2024
1,980,000
1,975,242
4.25%,
9/15/2024
5,000,000
4,989,541
2.30%,
2/1/2025
3,000,000
2,950,196
WW
Grainger,
Inc.
1.85%,
2/15/2025
9,490,000
9,310,780
‌
‌
19,225,759
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Ultra-Short
Income
Fund
(cont.)
310
Investments
Principal
Amount
Value
CORPORATE
BONDS
(continued)
Wireless
Telecommunication
Services
-
0
.6
%
T-Mobile
USA,
Inc.
3.50%,
4/15/2025
$
7,000,000
$
6,901,684
Total
Corporate
Bonds
(Cost
$1,066,745,042)
1,068,874,392
ASSET-BACKED
SECURITIES
-
4
.2
%
BMW
Vehicle
Lease
Trust
Series
2023-2,
Class
A2,
5.95%,
8/25/2025
481,982
482,468
Capital
One
Multi-Asset
Execution
Trust
Series
2021-A3,
Class
A3,
1.04%,
11/15/2026
2,900,000
2,863,459
Series
2022-A3,
Class
A,
4.95%,
10/15/2027
1,882,000
1,880,613
Carmax
Auto
Owner
Trust
Series
2023-3,
Class
A2A,
5.72%,
11/16/2026
1,858,431
1,859,396
CarMax
Auto
Owner
Trust
Series
2021-4,
Class
A3,
0.56%,
9/15/2026
1,171,678
1,144,992
Chase
Issuance
Trust
Series
2023-A1,
Class
A,
5.16%,
9/15/2028
1,900,000
1,922,134
Dell
Equipment
Finance
Trust
Series
2023-1,
Class
A2,
5.65%,
9/22/2028(b)
572,003
571,970
Series
2023-1,
Class
A3,
5.65%,
9/22/2028(b)
2,300,000
2,304,997
Ford
Credit
Auto
Owner
Trust
Series
2023-A,
Class
A2A,
5.14%,
3/15/2026
177,612
177,380
Series
2023-B,
Class
A2A,
5.57%,
6/15/2026
681,533
681,695
Series
2024-B,
Class
A2A,
5.40%,
4/15/2027
1,750,000
1,754,068
GM
Financial
Automobile
Leasing
Trust
Series
2024-1,
Class
A3,
5.09%,
3/22/2027
1,018,000
1,019,517
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2023-1,
Class
A2A,
5.19%,
3/16/2026
203,928
203,761
Series
2021-2,
Class
A3,
0.51%,
4/16/2026
225,715
223,505
Series
2021-3,
Class
A3,
0.48%,
6/16/2026
390,294
384,623
Series
2023-3,
Class
A2A,
5.74%,
9/16/2026
226,369
226,574
Series
2022-1,
Class
A3,
1.26%,
11/16/2026
1,079,492
1,058,701
Investments
Principal
Amount
Value
Series
2022-3,
Class
A3,
3.64%,
4/16/2027
$
292,305
$
289,118
Harley-Davidson
Motorcycle
Trust
Series
2024-A,
Class
A2,
5.65%,
2/16/2027
1,000,000
1,001,816
Honda
Auto
Receivables
Owner
Trust
Series
2023-3,
Class
A2,
5.71%,
3/18/2026
2,278,530
2,280,304
Series
2023-4,
Class
A2,
5.87%,
6/22/2026
2,718,695
2,724,105
Series
2024-1,
Class
A2,
5.36%,
9/15/2026
2,000,000
1,999,407
Series
2024-2,
Class
A2,
5.48%,
11/18/2026
1,750,000
1,754,210
Hyundai
Auto
Receivables
Trust
Series
2023-C,
Class
A2A,
5.80%,
1/15/2027
1,690,765
1,694,348
John
Deere
Owner
Trust
Series
2024-A,
Class
A1,
5.52%,
3/17/2025
447,275
447,362
Mercedes-Benz
Auto
Receivables
Trust
Series
2023-1,
Class
A2,
5.09%,
1/15/2026
71,194
71,151
Series
2021-1,
Class
A3,
0.46%,
6/15/2026
828,080
813,058
Series
2023-2,
Class
A2,
5.92%,
11/16/2026
1,558,810
1,562,311
Nissan
Auto
Receivables
Owner
Trust
Series
2022-B,
Class
A2,
4.50%,
8/15/2025
112,854
112,791
Santander
Drive
Auto
Receivables
Trust
Series
2023-3,
Class
A2,
6.08%,
8/17/2026
329,072
329,249
Series
2023-6,
Class
A2,
6.08%,
5/17/2027
1,065,618
1,067,750
Series
2023-2,
Class
A3,
5.21%,
7/15/2027
2,500,000
2,496,143
Series
2024-2,
Class
A2,
5.80%,
9/15/2027
1,479,918
1,481,768
Toyota
Auto
Receivables
Owner
Trust
Series
2020-D,
Class
A4,
0.47%,
1/15/2026
312,539
310,681
Series
2022-D,
Class
A2A,
5.27%,
1/15/2026
246,888
246,750
Series
2023-C,
Class
A2A,
5.60%,
8/17/2026
834,878
835,327
Verizon
Master
Trust
Series
2023-2,
Class
A,
4.89%,
4/13/2028
2,000,000
1,994,121
Series
2022-2,
Class
A,
1.53%,
7/20/2028
1,300,000
1,276,238
Volkswagen
Auto
Lease
Trust
Series
2023-A,
Class
A2A,
5.87%,
1/20/2026
1,465,546
1,467,164
World
Omni
Auto
Receivables
Trust
Series
2022-C,
Class
A2,
3.73%,
3/16/2026
168,939
168,738
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Ultra-Short
Income
Fund
(cont.)
311
Investments
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Series
2021-B,
Class
A3,
0.42%,
6/15/2026
$
432,752
$
426,907
Series
2023-D,
Class
A2A,
5.91%,
2/16/2027
1,421,809
1,425,136
Total
Asset-Backed
Securities
(Cost
$46,835,309)
47,035,806
Total
Investments
-
100.5%
(Cost
$1,113,580,351)
1,115,910,198
Liabilities
in
excess
of
other
assets
-
(0.5%)
(5,869,740)
NET
ASSETS
-
100.0%
$1,110,040,458
(a)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
is
the
rate
in
effect
as
of
July
31,
2024.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
At
July
31,
2024,
the
value
of
these
securities
amounted
to
approximately
$163,606,646
or
14.74%
of
net
assets.
(c)
Security
issued
at
a
fixed
coupon
rate,
which
converts
to
a
variable
rate
at
a
future
date.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(d)
Step
bond.
Interest
rate
is
a
fixed
rate
for
an
initial
period
that
either
resets
at
a
specific
date
or
may
reset
in
the
future
at
a
contingent
upon
predetermined
trigger.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2024.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
FlexShares®
Ultra-Short
Income
invested,
as
a
percentage
of
net
assets,
in
companies
domiciled
in
the
following
countries
as
of
July
31,
2024:
Australia
3‌
.6
%
Canada
8‌
.6
Denmark
0‌
.6
Finland
0‌
.2
France
2‌
.1
Germany
3‌
.4
Ireland
0‌
.8
Japan
0‌
.8
Netherlands
1‌
.0
New
Zealand
0‌
.5
South
Korea
0‌
.1
Spain
0‌
.1
Sweden
1‌
.1
Switzerland
1‌
.3
United
Kingdom
3‌
.8
United
States
72‌
.5
Other
1
(
0‌
.5
)
100.0%
1
Includes
any
non-fixed-income
securities
and
net
other
assets
(liabilities).
Security
Type
%
of
Net
Assets
Corporate
Bonds
96‌
.3
%
Asset-Backed
Securities
4‌
.2
Others
(1)
(
0‌
.5
)
100‌
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
312
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
Schedule
of
Investments
FlexShares
®
Core
Select
Bond
Fund
July
31,
2024
(Unaudited)
Investments
Shares
Value
EXCHANGE
TRADED
FUNDS
-
99.5%
FlexShares®
Credit-Scored
US
Corporate
Bond
Index
Fund(a)
326,280
$
15,734,820
FlexShares®
Credit-
Scored
US
Long
Corporate
Bond
Index
Fund(a)
19,050
831,342
FlexShares®
Disciplined
Duration
MBS
Index
Fund(a)
1,015,995
21,010,777
FlexShares®
iBoxx
3-Year
Target
Duration
TIPS
Index
Fund(a)
142,641
3,389,150
FlexShares®
Ultra-
Short
Income
Fund(a)(b)
103,852
7,844,980
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF(b)
925
47,554
iShares
1-3
Year
Treasury
Bond
ETF(b)
68,151
5,611,553
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
268,956
13,950,748
iShares
20+
Year
Treasury
Bond
ETF
231,927
21,988,999
iShares
3-7
Year
Treasury
Bond
ETF
170,827
20,101,213
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF(b)
116,359
6,098,375
iShares
7-10
Year
Treasury
Bond
ETF
100,952
9,698,459
iShares
MBS
ETF
436,468
40,993,075
Total
Exchange
Traded
Funds
(Cost
$169,168,736)
167,301,045
Investments
Principal
Amount
Value
SECURITIES
LENDING
REINVESTMENTS
-
0
.7
%
(c)
REPURCHASE
AGREEMENTS
-
0
.7
%
CF
Secured
LLC
5.34%,
dated
7/31/2024,
due
8/1/2024,
repurchase
price
$1,131,468,
collateralized
by
various
U.S.
Treasury
Securities,
ranging
from
0.00%
-
6.88%,
maturing
8/15/2024
-
8/15/2053;
total
market
value
$1,158,431  
(Cost
$1,131,300)
$1,131,300
$
1,131,300
SHORT-TERM
INVESTMENTS
-
0
.0
%
(e)
(d)
U.S.
TREASURY
OBLIGATIONS
-
0
.0
%
(e)
U.S.
Treasury
Bills
5.28%,
10/3/2024(d)(f)
(Cost
$69,369)
$
70,000
69,365
Total
Investments
-
100.2%
(Cost
$170,369,405)
168,501,710
Liabilities
in
excess
of
other
assets
-
(0.2%)
(307,967)
NET
ASSETS
-
100.0%
$168,193,743
(a)
Investment
in
affiliated
Fund.
Northern
Trust
Investments,
Inc.
is
the
Investment
Adviser
to
both
the
Fund
and
the
affiliated
Funds.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
at
July
31,
2024.
The
total
value
of
securities
on
loan
at
July
31,
2024
was
$6,201,975,
collateralized
in
the
form
of
cash
with
a
value
of
$1,131,300
that
was
reinvested
in
the
securities
shown
in
the
Securities
Lending
Reinvestment
section
of
the
Schedule
of
Investments
and
$5,181,473
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
–
5.31%,
and
maturity
dates
ranging
from
August
1,
2024
–
February
15,
2053;
a
total
value
of
$6,312,773.
(c)
The
security
was
purchased
with
cash
collateral
held
from
securities
on
loan
at
July
31,
2024.
The
total
value
of
securities
purchased
was
$1,131,300.
(d)
All
or
a
portion
of
the
security
pledged
as
collateral
for
Futures
Contracts.
(e)
Represents
less
than
0.05%
of
net
assets.
(f)
The
rate
shown
was
the
current
yield
as
of
July
31,
2024.
Percentages
shown
are
based
on
Net
Assets.
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Core
Select
Bond
Fund
(cont.)
313
For
the
period
ended
July
31,
2024,
the
FlexShares®
Core
Select
Bond
Fund
was
invested
in
securities
of
affiliated
FlexShares®
Funds.
The
Schedules
of
Investments
of
the
affiliated
FlexShares®
Funds
are
located
elsewhere
in
this
Report.
Investment
in
a
company
which
was
affiliated
for
the
period
ended
July
31,
2024,
was
as
follows:
Security
Value
October
31,
2023
Purchases
at
Cost
Sales
Proceeds
Shares
July
31,
2024
Value
July
31,
2024
Change
in
Unrealized
Appreciation
(Depreciation)
Dividend
Income
Realized
Gain
FlexShares®
Credit-Scored
US
Corporate
Bond
Index
Fund
$
13,290,121
$
3,944,473
$
2,335,874
326,280
$
15,734,820
$
828,445
$
490,434
$
7,655
FlexShares®
Credit-Scored
US
Long
Corporate
Bond
Index
Fund
847,983
24,326
156,812
19,050
831,342
117,061
34,641
(
1,216
)
FlexShares®
Disciplined
Duration
MBS
Index
Fund
23,209,155
616,950
4,015,504
1,015,995
21,010,777
1,054,168
610,734
146,008
FlexShares®
iBoxx
3-Year
Target
Duration
TIPS
Index
Fund
3,854,121
100,530
656,412
142,641
3,389,150
93,976
122,789
(
3,065
)
FlexShares®
Ultra-
Short
Income
Fund
5,969,915
7,020,658
5,173,098
103,852
7,844,980
18,449
299,964
9,056
$47,171,295
$11,706,937
$12,337,700
1,607,818
$48,811,069
$2,112,099
$1,558,562
$158,438
Futures
Contracts
FlexShares®
Core
Select
Bond
Fund
had
the
following
open
futures
contracts
as
of
July
31,
2024:
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Value
and
Unrealized
Appreciation
Long
Contracts
‌
U.S.
Treasury
2
Year
Note
51
09/30/2024
USD
$
10,473,727
$
88,556
Abbreviations:
USD
—
US
Dollar
See
Accompanying
Notes
to
the
Schedules
of
Investments.
FlexShares
Trust
Statements
of
Operations
FlexShares
®
Core
Select
Bond
Fund
(cont.)
314
Security
Type
%
of
Net
Assets
Exchange
Traded
Funds
99‌
.5
%
Securities
Lending
Reinvestments
0‌
.7
Short-Term
Investments
0‌
.0
†
Others
(1)
(
0‌
.2
)
100‌
.0
%
†
Amount
represents
less
than
0.05%.
(1)
Includes
any
other
net
assets/(liabilities).
315
Notes
to
the
Financial
Statements
July
31,
2024
Investment
Valuation 
Various
inputs
are
used
in
determining
the
value
of
each
Fund’s
investments.
These
inputs
are
summarized
in
three
levels
listed
below:
Level
1—Quoted
prices
in
active
markets
for
identical
assets
on
the
measurement
date.
Level
2—Other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Level
3—Significant
unobservable
inputs
(including
the
Funds’
own
assumptions
in
determining
the
fair
value
of
investments).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
For
example,
short-term
debt
securities
may
be
valued
at
amortized
cost,
as
long
as
amortized
cost
approximates
the
current
fair
value
of
a
security,
but
since
the
valuation
is
not
obtained
from
a
quoted
price
in
an
active
market,
such
securities
are
reflected
as
Level
2. 
The
following
is
a
summary
of
the
valuations
as
of July
31,
2024 for
each
Fund
based
upon
the
three
levels
defined
above.
Please
refer
to
the
Schedules
of
Investments
to
view
equity
and
debt
securities
segregated
by
industry
type
where
applicable. 
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
US
Quality
Low
Volatility
Index
Fund
Investments
  Common
Stocks*
$
129‌,715,842
$
—‌
$
—‌
$
129‌,715,842
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
1‌,285,949
—‌
1‌,285,949
  Short-Term
Investments
—‌
34‌,683
—‌
34‌,683
Total
Investments
$
129‌,715,842
$
1‌,320,632
$
—‌
$
131‌,036,474
Other
Financial
Instruments
Assets
  Futures
Contracts
$
2‌,754
$
—‌
$
—‌
$
2‌,754
Liabilities
  Futures
Contracts
(
2‌,370
)
—‌
—‌
(
2‌,370
)
Total
Other
Financial
Instruments
$
384‌
$
—‌
$
—‌
$
384‌
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
Developed
Markets
ex-US
Quality
Low
Volatility
Index
Fund
Investments
  Common
Stocks*
$
46‌,471,220
$
—‌
$
—‌
$
46‌,471,220
  Warrants
—‌
—‌
—‌
—‌
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
732‌,514
—‌
732‌,514
Total
Investments
$
46‌,471,220
$
732‌,514
$
—‌
$
47‌,203,734
316
Notes
to
the
Financial
Statements
(cont.)
Level
1
—
Quoted
Prices
(continued)
Level
2
—
Other
Significant
Observable
Inputs
(continued)
Level
3
—
Significant
Unobservable
Inputs
(continued)
Total
(continued)
Other
Financial
Instruments
Assets
  Futures
Contracts
$
11‌,538
$
—‌
$
—‌
$
11‌,538
  Forward
Foreign
Currency
Contracts
—‌
12‌,042
—‌
12‌,042
Liabilities
  Forward
Foreign
Currency
Contracts
—‌
(
5‌,942
)
—‌
(
5‌,942
)
Total
Other
Financial
Instruments
$
11‌,538
$
6‌,100
$
—‌
$
17‌,638
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
Emerging
Markets
Quality
Low
Volatility
Index
Fund
Investments
  Common
Stocks
    Banks
$
1‌,990,619
$
48‌,184
$
—‌
$
2‌,038,803
    Other*
10‌,539,023
—‌
—‌
10‌,539,023
Total
Investments
$
12‌,529,642
$
48‌,184
$
—‌
$
12‌,577,826
Other
Financial
Instruments
Assets
  Futures
Contracts
$
747‌
$
—‌
$
—‌
$
747‌
  Forward
Foreign
Currency
Contracts
—‌
14‌
—‌
14‌
Total
Other
Financial
Instruments
$
747‌
$
14‌
$
—‌
$
761‌
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
Morningstar
US
Market
Factor
Tilt
Index
Fund
Investments
  Common
Stocks*
$
1‌,652,470,480
$
—‌
$
—‌
$
1‌,652,470,480
  Rights
—‌
—‌
—‌
—‌
  Warrants
166‌,161
—‌
—‌
166‌,161
  Securities
Lending
Reinvestments
      Certificates
of
Deposit
—‌
32‌,002,999
—‌
32‌,002,999
      Repurchase
Agreements
—‌
116‌,522,751
—‌
116‌,522,751
Total
Investments
$
1‌,652,636,641
$
148‌,525,750
$
—‌
$
1‌,801,162,391
Other
Financial
Instruments
Assets
  Futures
Contracts
$
444‌,857
$
—‌
$
—‌
$
444‌,857
Total
Other
Financial
Instruments
$
444‌,857
$
—‌
$
—‌
$
444‌,857
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
Morningstar
Developed
Markets
ex-US
Factor
Tilt
Index
Fund
Investments
  Closed
End
Funds
$
27‌,758
$
—‌
$
—‌
$
27‌,758
  Common
Stocks
    Metals
&
Mining
23‌,321,257
—‌
10‌,149
23‌,331,406
    Software
6‌,959,368
76‌,758
—‌
7‌,036,126
    Other*
458‌,842,513
—‌
—‌
458‌,842,513
317
Notes
to
the
Financial
Statements
(cont.)
Level
1
—
Quoted
Prices
(continued)
Level
2
—
Other
Significant
Observable
Inputs
(continued)
Level
3
—
Significant
Unobservable
Inputs
(continued)
Total
(continued)
  Warrants
$
—‌
$
—‌
$
—‌
$
—‌
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
11‌,191,765
—‌
11‌,191,765
Total
Investments
$
489‌,150,896
$
11‌,268,523
$
10‌,149
$
500‌,429,568
Other
Financial
Instruments
Assets
  Futures
Contracts
$
113‌,571
$
—‌
$
—‌
$
113‌,571
  Forward
Foreign
Currency
Contracts
—‌
44‌,429
—‌
44‌,429
Liabilities
  Futures
Contracts
(
16‌,654
)
—‌
—‌
(
16‌,654
)
  Forward
Foreign
Currency
Contracts
—‌
(
9‌,331
)
—‌
(
9‌,331
)
Total
Other
Financial
Instruments
$
96‌,917
$
35‌,098
$
—‌
$
132‌,015
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
Morningstar
Emerging
Markets
Factor
Tilt
Index
Fund
Investments
  Common
Stocks
    Banks
$
39‌,394,047
$
50‌,721
$
—‌
$
39‌,444,768
    Commercial
Services
&
Supplies
346‌,400
—‌
31‌,799
378‌,199
    Consumer
Staples
Distribution
&
Retail
3‌,213,022
290‌
—‌
3‌,213,312
    Diversified
Telecommunication
Services
2‌,281,459
308‌,156
—‌
2‌,589,615
    Food
Products
5‌,844,185
16‌,155
—‌
5‌,860,340
    Health
Care
Providers
&
Services
2‌,733,994
—‌
6‌,645
2‌,740,639
    Hotels,
Restaurants
&
Leisure
4‌,137,381
1‌,852
—‌
4‌,139,233
    Independent
Power
and
Renewable
Electricity
Producers
4‌,536,470
33‌,433
—‌
4‌,569,903
    Industrial
REITs
1‌,228,588
303‌,149
—‌
1‌,531,737
    Personal
Care
Products
1‌,465,843
—‌
19‌,633
1‌,485,476
    Pharmaceuticals
4‌,166,131
—‌
6‌,488
4‌,172,619
    Real
Estate
Management
&
Development
7‌,702,594
—‌
19‌,731
7‌,722,325
    Retail
REITs
869‌,635
263‌,630
—‌
1‌,133,265
    Other*
188‌,719,658
—‌
—‌
188‌,719,658
  Corporate
Bonds*
$
—‌
$
1‌,213
$
—‌
$
1‌,213
  Rights
314‌
5‌,041
—‌
5‌,355
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
3‌,280,775
—‌
3‌,280,775
Total
Investments
$
266‌,639,721
$
4‌,264,415
$
84‌,296
$
270‌,988,432
Other
Financial
Instruments
Assets
  Futures
Contracts
$
5‌,419
$
—‌
$
—‌
$
5‌,419
  Forward
Foreign
Currency
Contracts
—‌
17‌,586
—‌
17‌,586
Liabilities
  Forward
Foreign
Currency
Contracts
—‌
(
2‌,697
)
—‌
(
2‌,697
)
Total
Other
Financial
Instruments
$
5‌,419
$
14‌,889
$
—‌
$
20‌,308
318
Notes
to
the
Financial
Statements
(cont.)
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
US
Quality
Large
Cap
Index
Fund
Investments
  Common
Stocks*
$
225‌,933,703
$
—‌
$
—‌
$
225‌,933,703
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
3‌,534,603
—‌
3‌,534,603
Total
Investments
$
225‌,933,703
$
3‌,534,603
$
—‌
$
229‌,468,306
Other
Financial
Instruments
Assets
  Futures
Contracts
$
12‌,023
$
—‌
$
—‌
$
12‌,023
Total
Other
Financial
Instruments
$
12‌,023
$
—‌
$
—‌
$
12‌,023
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
STOXX®
US
ESG
Select
Index
Fund
Investments
  Common
Stocks*
$
174‌,314,025
$
—‌
$
—‌
$
174‌,314,025
Total
Investments
$
174‌,314,025
$
—‌
$
—‌
$
174‌,314,025
Other
Financial
Instruments
Assets
  Futures
Contracts
$
9‌,518
$
—‌
$
—‌
$
9‌,518
Total
Other
Financial
Instruments
$
9‌,518
$
—‌
$
—‌
$
9‌,518
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
STOXX®
Global
ESG
Select
Index
Fund
Investments
  Common
Stocks*
$
172‌,857,160
$
—‌
$
—‌
$
172‌,857,160
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
1‌,001,766
—‌
1‌,001,766
Total
Investments
$
172‌,857,160
$
1‌,001,766
$
—‌
$
173‌,858,926
Other
Financial
Instruments
Assets
  Futures
Contracts
$
19‌,246
$
—‌
$
—‌
$
19‌,246
Liabilities
  Futures
Contracts
(
2‌,634
)
—‌
—‌
(
2‌,634
)
  Forward
Foreign
Currency
Contracts
—‌
(
5‌,667
)
—‌
(
5‌,667
)
Total
Other
Financial
Instruments
$
16‌,612
$
(
5‌,667
)
$
—‌
$
10‌,945
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
ESG &
Climate
US
Large
Cap
Core
Index
Fund
Fund
Investments
  Common
Stocks*
$
62‌,946,309
$
—‌
$
—‌
$
62‌,946,309
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
1‌,771,319
—‌
1‌,771,319
  Short-Term
Investments
—‌
39‌,637
—‌
39‌,637
Total
Investments
$
62‌,946,309
$
1‌,810,956
$
—‌
$
64‌,757,265
319
Notes
to
the
Financial
Statements
(cont.)
Level
1
—
Quoted
Prices
(continued)
Level
2
—
Other
Significant
Observable
Inputs
(continued)
Level
3
—
Significant
Unobservable
Inputs
(continued)
Total
(continued)
Other
Financial
Instruments
Assets
  Futures
Contracts
$
7‌,026
$
—‌
$
—‌
$
7‌,026
Total
Other
Financial
Instruments
$
7‌,026
$
—‌
$
—‌
$
7‌,026
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
ESG &
Climate
Developed
Markets ex-US Core
Index
Fund
Fund
Investments
  Common
Stocks*
$
55‌,020,468
$
—‌
$
—‌
$
55‌,020,468
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
927‌,206
—‌
927‌,206
Total
Investments
$
55‌,020,468
$
927‌,206
$
—‌
$
55‌,947,674
Other
Financial
Instruments
Assets
  Futures
Contracts
$
18‌,911
$
—‌
$
—‌
$
18‌,911
  Forward
Foreign
Currency
Contracts
—‌
7‌,371
—‌
7‌,371
Liabilities
  Forward
Foreign
Currency
Contracts
—‌
(
6‌,598
)
—‌
(
6‌,598
)
Total
Other
Financial
Instruments
$
18‌,911
$
773‌
$
—‌
$
19‌,684
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
Morningstar
Global
Upstream
Natural
Resources
Index
Fund
Investments
  Common
Stocks*
$
5‌,812,075,946
$
—‌
$
—‌
$
5‌,812,075,946
  Securities
Lending
Reinvestments
      Certificates
of
Deposit
—‌
30‌,003,617
—‌
30‌,003,617
      Repurchase
Agreements
—‌
136‌,249,465
—‌
136‌,249,465
Total
Investments
$
5‌,812,075,946
$
166‌,253,082
$
—‌
$
5‌,978,329,028
Other
Financial
Instruments
Assets
  Futures
Contracts
$
2‌,505,288
$
—‌
$
—‌
$
2‌,505,288
  Forward
Foreign
Currency
Contracts
—‌
122‌,620
—‌
122‌,620
Liabilities
  Forward
Foreign
Currency
Contracts
—‌
(
260‌,259
)
—‌
(
260‌,259
)
Total
Other
Financial
Instruments
$
2‌,505,288
$
(
137‌,639
)
$
—‌
$
2‌,367,649
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
STOXX®
Global
Broad
Infrastructure
Index
Fund
Investments
  Common
Stocks*
$
2‌,257,481,191
$
—‌
$
—‌
$
2‌,257,481,191
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
89‌,601,149
—‌
89‌,601,149
Total
Investments
$
2‌,257,481,191
$
89‌,601,149
$
—‌
$
2‌,347,082,340
320
Notes
to
the
Financial
Statements
(cont.)
Level
1
—
Quoted
Prices
(continued)
Level
2
—
Other
Significant
Observable
Inputs
(continued)
Level
3
—
Significant
Unobservable
Inputs
(continued)
Total
(continued)
Other
Financial
Instruments
Assets
  Futures
Contracts
$
581‌,584
$
—‌
$
—‌
$
581‌,584
  Forward
Foreign
Currency
Contracts
—‌
84‌,719
—‌
84‌,719
Liabilities
  Futures
Contracts
(
20‌,943
)
—‌
—‌
(
20‌,943
)
  Forward
Foreign
Currency
Contracts
—‌
(
69‌,262
)
—‌
(
69‌,262
)
Total
Other
Financial
Instruments
$
560‌,641
$
15‌,457
$
—‌
$
576‌,098
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
Global
Quality
Real
Estate
Index
Fund
Investments
  Common
Stocks*
$
333‌,203,178
$
—‌
$
—‌
$
333‌,203,178
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
26‌,284,459
—‌
26‌,284,459
Total
Investments
$
333‌,203,178
$
26‌,284,459
$
—‌
$
359‌,487,637
Other
Financial
Instruments
Assets
  Futures
Contracts
$
318‌,732
$
—‌
$
—‌
$
318‌,732
  Forward
Foreign
Currency
Contracts
—‌
2‌,826
—‌
2‌,826
Liabilities
  Forward
Foreign
Currency
Contracts
—‌
(
1‌,611
)
—‌
(
1‌,611
)
Total
Other
Financial
Instruments
$
318‌,732
$
1‌,215
$
—‌
$
319‌,947
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
Real
Assets
Allocation
Index
Fund
Investments
  Exchange
Traded
Funds
$
7‌,836,932
$
—‌
$
—‌
$
7‌,836,932
Total
Investments
$
7‌,836,932
$
—‌
$
—‌
$
7‌,836,932
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
Quality
Dividend
Index
Fund
Investments
  Common
Stocks*
$
1‌,777,139,923
$
—‌
$
—‌
$
1‌,777,139,923
  Securities
Lending
Reinvestments
      Certificates
of
Deposit
—‌
6‌,000,987
—‌
6‌,000,987
      Repurchase
Agreements
—‌
102‌,963,109
—‌
102‌,963,109
Total
Investments
$
1‌,777,139,923
$
108‌,964,096
$
—‌
$
1‌,886,104,019
Other
Financial
Instruments
Assets
  Futures
Contracts
$
217‌,722
$
—‌
$
—‌
$
217‌,722
Total
Other
Financial
Instruments
$
217‌,722
$
—‌
$
—‌
$
217‌,722
321
Notes
to
the
Financial
Statements
(cont.)
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
Quality
Dividend
Defensive
Index
Fund
Investments
  Common
Stocks*
$
379‌,808,819
$
—‌
$
—‌
$
379‌,808,819
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
12‌,604,821
—‌
12‌,604,821
Total
Investments
$
379‌,808,819
$
12‌,604,821
$
—‌
$
392‌,413,640
Other
Financial
Instruments
Assets
  Futures
Contracts
$
22‌,179
$
—‌
$
—‌
$
22‌,179
Liabilities
  Futures
Contracts
(
3‌,275
)
—‌
—‌
(
3‌,275
)
Total
Other
Financial
Instruments
$
18‌,904
$
—‌
$
—‌
$
18‌,904
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
International
Quality
Dividend
Index
Fund
Investments
  Common
Stocks*
$
575‌,374,297
$
—‌
$
—‌
$
575‌,374,297
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
2‌,088,665
—‌
2‌,088,665
Total
Investments
$
575‌,374,297
$
2‌,088,665
$
—‌
$
577‌,462,962
Other
Financial
Instruments
Assets
  Futures
Contracts
$
204‌,849
$
—‌
$
—‌
$
204‌,849
  Forward
Foreign
Currency
Contracts
—‌
70‌,235
—‌
70‌,235
Liabilities
  Forward
Foreign
Currency
Contracts
—‌
(
97‌,425
)
—‌
(
97‌,425
)
Total
Other
Financial
Instruments
$
204‌,849
$
(
27‌,190
)
$
—‌
$
177‌,659
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
International
Quality
Dividend
Defensive
Index
Fund
Investments
  Common
Stocks*
$
21‌,950,917
$
—‌
$
—‌
$
21‌,950,917
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
520‌,795
—‌
520‌,795
Total
Investments
$
21‌,950,917
$
520‌,795
$
—‌
$
22‌,471,712
Other
Financial
Instruments
Assets
  Futures
Contracts
$
7‌,374
$
—‌
$
—‌
$
7‌,374
  Forward
Foreign
Currency
Contracts
—‌
2‌,510
—‌
2‌,510
Liabilities
  Forward
Foreign
Currency
Contracts
—‌
(
2‌,744
)
—‌
(
2‌,744
)
Total
Other
Financial
Instruments
$
7‌,374
$
(
234‌
)
$
—‌
$
7‌,140
322
Notes
to
the
Financial
Statements
(cont.)
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
International
Quality
Dividend
Dynamic
Index
Fund
Investments
  Common
Stocks*
$
67‌,054,126
$
—‌
$
—‌
$
67‌,054,126
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
742‌,591
—‌
742‌,591
Total
Investments
$
67‌,054,126
$
742‌,591
$
—‌
$
67‌,796,717
Other
Financial
Instruments
Assets
  Futures
Contracts
$
20‌,448
$
—‌
$
—‌
$
20‌,448
  Forward
Foreign
Currency
Contracts
—‌
3‌,078
—‌
3‌,078
Liabilities
  Forward
Foreign
Currency
Contracts
—‌
(
6‌,272
)
—‌
(
6‌,272
)
Total
Other
Financial
Instruments
$
20‌,448
$
(
3‌,194
)
$
—‌
$
17‌,254
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
iBoxx
3-Year
Target
Duration
TIPS
Index
Fund
Investments
  U.S.
Treasury
Obligations
$
—‌
$
1‌,742,709,259
$
—‌
$
1‌,742,709,259
Total
Investments
$
—‌
$
1‌,742,709,259
$
—‌
$
1‌,742,709,259
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
iBoxx
5-Year
Target
Duration
TIPS
Index
Fund
Investments
  U.S.
Treasury
Obligations
$
—‌
$
687‌,468,272
$
—‌
$
687‌,468,272
Total
Investments
$
—‌
$
687‌,468,272
$
—‌
$
687‌,468,272
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
Disciplined
Duration
MBS
Index
Fund
Investments
  Mortgage-Backed
Securities
$
—‌
$
75‌,854,776
$
—‌
$
75‌,854,776
Total
Investments
$
—‌
$
75‌,854,776
$
—‌
$
75‌,854,776
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
Credit-Scored
US
Corporate
Bond
Index
Fund
Investments
  Corporate
Bonds*
$
—‌
$
404‌,671,724
$
—‌
$
404‌,671,724
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
26‌,285,833
—‌
26‌,285,833
Total
Investments
$
—‌
$
430‌,957,557
$
—‌
$
430‌,957,557
323
Notes
to
the
Financial
Statements
(cont.)
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
Credit-Scored
US
Long
Corporate
Bond
Index
Fund
Investments
  Corporate
Bonds*
$
—‌
$
40‌,369,073
$
—‌
$
40‌,369,073
  U.S.
Treasury
Obligations
—‌
459‌,039
—‌
459‌,039
Total
Investments
$
—‌
$
40‌,828,112
$
—‌
$
40‌,828,112
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
High
Yield
Value-Scored
Bond
Index
Fund
Investments
  Corporate
Bonds*
$
—‌
$
1‌,391,623,631
$
—‌
$
1‌,391,623,631
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
79‌,844,640
—‌
79‌,844,640
Total
Investments
$
—‌
$
1‌,471,468,271
$
—‌
$
1‌,471,468,271
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
ESG &
Climate
Investment
Grade
Corporate
Core
Index
Fund
Fund
Investments
  Corporate
Bonds*
$
—‌
$
42‌,189,044
$
—‌
$
42‌,189,044
Total
Investments
$
—‌
$
42‌,189,044
$
—‌
$
42‌,189,044
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
Ultra-Short
Income
Fund
Investments
  Asset-Backed
Securities
$
—‌
$
47‌,035,806
$
—‌
$
47‌,035,806
  Corporate
Bonds*
—‌
1‌,068,874,392
—‌
1‌,068,874,392
Total
Investments
$
—‌
$
1‌,115,910,198
$
—‌
$
1‌,115,910,198
Level
1
—
Quoted
Prices
Level
2
—
Other
Significant
Observable
Inputs
Level
3
—
Significant
Unobservable
Inputs
Total
FlexShares®
Core
Select
Bond
Fund
Investments
  Exchange
Traded
Funds
$
167‌,301,045
$
—‌
$
—‌
$
167‌,301,045
  Securities
Lending
Reinvestments
      Repurchase
Agreements
—‌
1‌,131,300
—‌
1‌,131,300
  Short-Term
Investments
—‌
69‌,365
—‌
69‌,365
Total
Investments
$
167‌,301,045
$
1‌,200,665
$
—‌
$
168‌,501,710
Other
Financial
Instruments
Assets
  Futures
Contracts
$
88‌,556
$
—‌
$
—‌
$
88‌,556
Total
Other
Financial
Instruments
$
88‌,556
$
—‌
$
—‌
$
88‌,556
*
See
Schedules
of
Investments
for
segregation
by
industry
type.