FLEXSHARES^{^®}US QUALITY LOW VOLATILITY INDEX FUND

Ticker: QLV - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} US Quality Low Volatility Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® US Quality Low Volatility Index Fund	$10	0.10%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, the U.S. equity market moved higher. Within the U.S. market higher volatility stocks outperformed lower volatility stocks, leading the Fund to underperform the Russell 1000^{^®} Index. The quality factor was positive for the fiscal year, but was not enough to offset the negative performance derived from the low volatility exposure.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust Quality Low Volatility Index^SM (“Underlying Index”). Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 10.76%, differing from the 10.85% return of the Underlying Index, which is reflective of the Fund's management fee (-10 basis points, “bps”), stock selection/futures (+3 bps), securities lending (+1 bp) and the compounding effect of tracking error over time (-3 bps).

FLEXSHARES^{^®} US QUALITY LOW VOLATILITY INDEX FUND

Fund Performance

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and a style specific index for the same period.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®US Quality Low Volatility Index Fund NAV	Russell 1000^® Index	Northern Trust Quality Low Volatility Index℠
7/15/2019	$10,000	$10,000	$10,000
2019	$10,130	$10,100	$10,154
2020	$10,396	$11,199	$10,446
2021	$14,040	$16,073	$14,139
2022	$13,040	$13,440	$13,170
2023	$13,635	$14,715	$13,798
2024	$17,679	$20,317	$17,911
2025	$19,582	$24,611	$19,853

Average Annual Total Returns	1 Year	5 years	Since Inception (7/15/19)
FlexShares^® US Quality Low Volatility Index Fund (Based on NAV)	10.76%	13.50%	11.26%
Russell 1000^® Index	21.14%	17.05%	15.37%
Northern Trust Quality Low Volatility Index℠	10.85%	13.70%	11.49%

The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, Fund performance would have been reduced.

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} US QUALITY LOW VOLATILITY INDEX FUND

KEY FUND STATISTICS

Net Assets	$144,391,051
Number of Portfolio Holdings	119
Portfolio Turnover Rate	46%
Net Investment Advisory Fees Paid	$118,650

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Information Technology	29.3%
Health Care	13.5%
Financials	13.1%
Consumer Staples	8.3%
Communication Services	7.2%
Utilities	6.4%
Consumer Discretionary	6.3%
Industrials	5.1%
Materials	5.0%
Energy	4.6%
Other	0.1%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

How has the Fund Changed?

Effective December 20, 2024, the Board of Trustees of FlexShares Trust (the "Trust") approved the reduction in the contractual unitary management fee rate the Fund pays to its investment adviser, Northern Trust Investments, Inc, ("NTI"), under the Fund's investment advisory agreement from 0.17% to 0.08%, with a corresponding reduction of NTI's expense limitation agreement with the Trust.

Where can I find more information?

Scan the QR code or visit https://connect.rightprospectus.com/FlexSharesETFs, to find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information.

An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/FlexSharesETFs/

You can also request this information by contacting us at 1-855-353-9383.

Householding

Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

QLV1025

FLEXSHARES^{^®} US QUALITY LOW VOLATILITY INDEX FUND

FLEXSHARES^{^®}DEVELOPED MARKETS EX-US QUALITY LOW VOLATILITY INDEX FUND

Ticker: QLVD - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Developed Markets ex-US Quality Low Volatility Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund	$16	0.15%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, international developed equity markets moved higher. Within developed markets higher volatility stocks outperformed lower volatility stocks, leading the Fund to underperform the MSCI World ex-US Index. The quality factor was also negative for the fiscal year, contributing to the Underlying Index’s underperformance to its policy benchmark.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust Developed Markets ex-US Quality Low Volatility Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 14.84%, differing from the 14.70% return of the Underlying Index, which is reflective of the Fund's management fee (-15 basis points, “bps”), stock selection/futures (+3 bps), securities lending (+2 bps) and dividend tax differential (+24 bps).

FLEXSHARES^{^®} DEVELOPED MARKETS EX-US QUALITY LOW VOLATILITY INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Developed Markets ex-US Quality Low Volatility Index Fund NAV	MSCI World ex-US Index	Northern Trust Developed Markets ex-US Quality Low Volatility Index℠
7/15/2019	$10,000	$10,000	$10,000
2019	$10,276	$10,206	$10,291
2020	$9,635	$9,511	$9,674
2021	$11,760	$12,897	$11,819
2022	$9,600	$10,055	$9,675
2023	$10,576	$11,318	$10,672
2024	$12,751	$14,015	$12,891
2025	$14,643	$17,321	$14,786

Average Annual Total Returns	1 Year	5 years	Since Inception (7/15/19)
FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund (Based on NAV)	14.84%	8.73%	6.24%
MSCI World ex-US Index	23.59%	12.73%	9.12%
Northern Trust Developed Markets ex-US Quality Low Volatility Index℠	14.70%	8.85%	6.41%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} DEVELOPED MARKETS EX-US QUALITY LOW VOLATILITY INDEX FUND

KEY FUND STATISTICS

Net Assets	$60,183,254
Number of Portfolio Holdings	189
Portfolio Turnover Rate	40%
Net Investment Advisory Fees Paid	$57,030

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

Japan	20.1%
Canada	13.3%
Switzerland	10.7%
France	10.2%
United Kingdom	9.9%
Hong Kong	6.0%
Singapore	5.6%
Germany	5.2%
Netherlands	3.7%
Spain	3.4%
Other	10.5%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

How has the Fund Changed?

Effective December 20, 2024, the Board of Trustees of FlexShares Trust (the "Trust") approved the reduction in the contractual unitary management fee rate the Fund pays to its investment adviser, Northern Trust Investments, Inc. ("NTI"), under the Fund's investment advisory agreement from 0.32% to 0.12%, with a corresponding reduction of NTI's expense limitation agreement with the Trust.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

QLVD1025

FLEXSHARES^{^®} DEVELOPED MARKETS EX-US QUALITY LOW VOLATILITY INDEX FUND

FLEXSHARES^{^®}EMERGING MARKETS QUALITY LOW VOLATILITY INDEX FUND

Ticker: QLVE - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Emerging Markets Quality Low Volatility Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Emerging Markets Quality Low Volatility Index Fund	$23	0.21%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, emerging market equities moved higher. Within emerging markets higher volatility stocks outperformed lower volatility stocks, leading the Fund to underperform the MSCI Emerging Markets Index. The quality factor was positive for the fiscal year, but was not enough to offset the negative performance derived from the low volatility exposure.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust Emerging Markets Quality Low Volatility Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 18.14%, differing from the 18.27% return of the Underlying Index, which is reflective of the Fund's management fee (-22 basis points, “bps”), stock selection/futures (-18 bps), dividend tax differential (+7 bps), Indian Capital Gains Taxes (+6 bps), the compounding effect of tracking error over time (+10 bps) and other non-recurring factors (+4 bps).

FLEXSHARES^{^®} EMERGING MARKETS QUALITY LOW VOLATILITY INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Emerging Markets Quality Low Volatility Index Fund NAV	MSCI Emerging Markets Index	Northern Trust Emerging Markets Quality Low Volatility Index℠
7/15/2019	$10,000	$10,000	$10,000
2019	$10,019	$9,923	$10,038
2020	$9,878	$10,743	$9,938
2021	$11,072	$12,565	$11,276
2022	$8,884	$8,667	$9,117
2023	$9,640	$9,603	$9,973
2024	$11,891	$12,034	$12,467
2025	$14,049	$15,393	$14,745

Average Annual Total Returns	1 Year	5 years	Since Inception (7/15/19)
FlexShares^® Emerging Markets Quality Low Volatility Index Fund (Based on NAV)	18.14%	7.30%	5.55%
MSCI Emerging Markets Index	27.91%	7.45%	7.09%
Northern Trust Emerging Markets Quality Low Volatility Index℠	18.27%	8.21%	6.36%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} EMERGING MARKETS QUALITY LOW VOLATILITY INDEX FUND

KEY FUND STATISTICS

Net Assets	$14,958,316
Number of Portfolio Holdings	166
Portfolio Turnover Rate	48%
Net Investment Advisory Fees Paid	$27,321

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

China	22.2%
India	21.3%
Taiwan	19.0%
South Korea	7.8%
United Arab Emirates	4.6%
Malaysia	4.6%
Brazil	3.8%
Qatar	3.6%
Saudi Arabia	3.5%
Kuwait	1.8%
Other	7.5%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

How has the Fund Changed?

Effective December 20, 2024, the Board of Trustees of FlexShares Trust (the "Trust") approved the reduction in the contractual unitary management fee rate the Fund pays to its investment adviser, Northern Trust Investments, Inc. ("NTI"), under the Fund's investment advisory agreement from 0.40% to 0.18%, with a corresponding reduction of NTI's expense limitation agreement with the Trust.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

QLVE1025

FLEXSHARES^{^®} EMERGING MARKETS QUALITY LOW VOLATILITY INDEX FUND

FLEXSHARES^{^®}MORNINGSTAR US MARKET FACTOR TILT INDEX FUND

Ticker: TILT - Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Morningstar US Market Factor Tilt Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Morningstar US Market Factor Tilt Index Fund	$28	0.25%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, the U.S. equity market moved higher. Within the U.S. market small cap stocks underperformed large caps, leading the Fund to underperform the Russell 3000 Index. The value factor was also negative for the fiscal year, contributing to the underperformance to the Russell 3000 Index.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Morningstar^{^®} US Market Factor Tilt Index^SM (“Underlying Index”). Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 18.07%, differing from the 18.49% return of the Underlying Index, which is reflective of the Fund's management fee (-25 basis points, “bps”), stock selection/futures (-17 bps), securities lending (+3 bps), the compounding effect of tracking error over time (-5 bps) and other non-recurring factors (+2 bps).

FLEXSHARES^{^®} MORNINGSTAR US MARKET FACTOR TILT INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Morningstar US Market Factor Tilt Index Fund NAV	Russell 3000 Index	Morningstar^® US Market Factor Tilt Index℠
2015	$10,000	$10,000	$10,000
2016	$10,470	$10,424	$10,483
2017	$12,957	$12,924	$12,980
2018	$13,504	$13,776	$13,532
2019	$14,910	$15,635	$14,994
2020	$15,400	$17,222	$15,446
2021	$23,050	$24,782	$23,196
2022	$19,747	$20,688	$19,888
2023	$20,866	$22,422	$21,047
2024	$28,445	$30,910	$28,764
2025	$33,584	$37,343	$34,083

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Morningstar US Market Factor Tilt Index Fund (Based on NAV)	18.07%	16.88%	12.88%
Russell 3000 Index	20.81%	16.73%	14.08%
Morningstar^® US Market Factor Tilt Index℠	18.49%	17.14%	13.04%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} MORNINGSTAR US MARKET FACTOR TILT INDEX FUND

KEY FUND STATISTICS

Net Assets	$1,847,313,629
Number of Portfolio Holdings	2,017
Portfolio Turnover Rate	13%
Net Investment Advisory Fees Paid	$4,217,233

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Information Technology	27.7%
Financials	16.2%
Consumer Discretionary	10.9%
Industrials	10.5%
Health Care	9.5%
Communication Services	9.0%
Consumer Staples	4.2%
Energy	3.7%
Materials	2.7%
Utilities	2.6%
Other	2.4%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

TILT1025

FLEXSHARES^{^®} MORNINGSTAR US MARKET FACTOR TILT INDEX FUND

FLEXSHARES^{^®}MORNINGSTAR DEVELOPED MARKETS EX-US FACTOR TILT INDEX FUND

Ticker: TLTD - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Morningstar Developed Markets ex-US Factor Tilt Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund	$45	0.39%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, international developed equity markets moved higher. Within developed markets value stocks outperformed growth stocks, leading the Fund to outperform the broad based securities market benchmark, the MSCI World ex-USA Index. The size factor was also positive for the fiscal year, contributing to the outperformance of the MSCI World ex-USA Index.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Morningstar^{^®} Developed Markets ex-US Factor Tilt Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 29.37%, differing from the 29.54% return of the Underlying Index, which is reflective of the Fund's management fee (-39 basis points, “bps”), stock selection/futures (-12 bps), securities lending (+6 bps), dividend tax differential (+30 bps) and the compounding effect of tracking error over time (-2 bps).

FLEXSHARES^{^®} MORNINGSTAR DEVELOPED MARKETS EX-US FACTOR TILT INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Morningstar Developed Markets ex-US Factor Tilt Index Fund NAV	MSCI World ex-USA Index	Morningstar^® Developed Markets ex-US Factor Tilt Index℠
2015	$10,000	$10,000	$10,000
2016	$10,020	$9,773	$10,027
2017	$12,483	$11,995	$12,507
2018	$11,408	$11,183	$11,432
2019	$12,335	$12,423	$12,343
2020	$11,031	$11,580	$11,046
2021	$15,311	$15,701	$15,345
2022	$11,816	$12,241	$11,833
2023	$13,376	$13,778	$13,408
2024	$16,452	$17,063	$16,482
2025	$21,283	$21,087	$21,351

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (Based on NAV)	29.37%	14.05%	7.85%
MSCI World ex-USA Index	23.59%	12.73%	7.74%
Morningstar^® Developed Markets ex-US Factor Tilt Index℠	29.54%	14.13%	7.90%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} MORNINGSTAR DEVELOPED MARKETS EX-US FACTOR TILT INDEX FUND

KEY FUND STATISTICS

Net Assets	$569,104,971
Number of Portfolio Holdings	2,383
Portfolio Turnover Rate	25%
Net Investment Advisory Fees Paid	$1,871,216

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

Japan	25.3%
United Kingdom	10.7%
Canada	10.6%
France	6.9%
Germany	6.3%
Australia	5.9%
United States	5.2%
Netherlands	2.9%
Switzerland	2.8%
Sweden	2.7%
Other	18.9%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

TLTD1025

FLEXSHARES^{^®} MORNINGSTAR DEVELOPED MARKETS EX-US FACTOR TILT INDEX FUND

FLEXSHARES^{^®}MORNINGSTAR EMERGING MARKETS FACTOR TILT INDEX FUND

Ticker: TLTE - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Morningstar Emerging Markets Factor Tilt Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund	$64	0.57%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, emerging market equities moved higher. Within emerging markets small cap stocks underperformed large caps, leading the Fund to underperform the broad based securities market benchmark, the MSCI Emerging Markets Index. The value factor was positive for the fiscal year, but was not enough to offset the negative performance derived from size exposure.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Morningstar^{^®} Emerging Markets Factor Tilt Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 23.35%, differing from the 23.69% return of the Underlying Index, which is reflective of the Fund's management fee (-57 basis points, “bps”), stock selection/futures (+1 bp), securities lending (+7 bps), dividend tax differential (+7 bps), performance calculation differences between the Underlying Index and the Fund (+4 bps), Indian Capital Gains Taxes (-4 bps), the compounding effect of tracking error over time (-5 bps) and other non-recurring factors (+13 bps).

FLEXSHARES^{^®} MORNINGSTAR EMERGING MARKETS FACTOR TILT INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Morningstar Emerging Markets Factor Tilt Index Fund NAV	MSCI Emerging Markets Index	Morningstar^® Emerging Markets Factor Tilt Index℠
2015	$10,000	$10,000	$10,000
2016	$10,941	$10,927	$11,036
2017	$13,508	$13,817	$13,729
2018	$11,618	$12,088	$11,859
2019	$12,581	$13,521	$12,924
2020	$12,348	$14,636	$12,766
2021	$15,922	$17,119	$16,646
2022	$11,572	$11,807	$12,208
2023	$13,149	$13,083	$13,990
2024	$16,096	$16,394	$17,346
2025	$19,854	$20,971	$21,456

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (Based on NAV)	23.35%	9.96%	7.10%
MSCI Emerging Markets Index	27.91%	7.45%	7.68%
Morningstar^® Emerging Markets Factor Tilt Index℠	23.69%	10.96%	7.94%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} MORNINGSTAR EMERGING MARKETS FACTOR TILT INDEX FUND

KEY FUND STATISTICS

Net Assets	$294,157,538
Number of Portfolio Holdings	2,992
Portfolio Turnover Rate	30%
Net Investment Advisory Fees Paid	$1,483,143

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

China	24.3%
Taiwan	17.2%
South Korea	14.7%
India	13.1%
Brazil	5.2%
South Africa	4.4%
Mexico	2.6%
United Arab Emirates	2.3%
Indonesia	2.1%
Saudi Arabia	2.1%
Other	10.8%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

TLTE1025

FLEXSHARES^{^®} MORNINGSTAR EMERGING MARKETS FACTOR TILT INDEX FUND

FLEXSHARES^{^®}US QUALITY LARGE CAP INDEX FUND

Ticker: QLC - Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} US Quality Large Cap Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® US Quality Large Cap Index Fund	$29	0.25%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, the U.S. equity market moved higher. Within the U.S. market higher quality stocks outperformed poorer quality stocks and higher momentum stocks outperformed poorer momentum stocks, leading the Fund to outperform the S&P 500^{^®} Index. The value factor was negative for the fiscal year, but was not enough to offset the positive performance derived from both the quality and momentum exposures.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust Quality Large Cap Index^SM (“Underlying Index”). Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 25.00%, differing from the 25.41% return of the Underlying Index, which is reflective of the Fund's management fee (-25 basis points, “bps”), stock selection/futures (-7 bps), performance calculation differences between the Underlying Index and the Fund (+1 bp), and the compounding effect of tracking error over time (-10 bps).

FLEXSHARES^{^®} US QUALITY LARGE CAP INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®US Quality Large Cap Index Fund NAV	S&P 500^® Index	Northern Trust Quality Large Cap Index℠
2015	$10,000	$10,744	$10,651
2016	$10,012	$11,229	$10,708
2017	$12,380	$13,882	$13,295
2018	$13,201	$14,902	$14,215
2019	$13,999	$17,037	$15,088
2020	$14,577	$18,691	$15,742
2021	$20,876	$26,712	$22,632
2022	$18,167	$22,809	$19,755
2023	$19,901	$25,123	$21,708
2024	$27,853	$34,674	$30,477
2025	$34,814	$42,112	$38,220

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® US Quality Large Cap Index Fund (Based on NAV)	25.00%	19.02%	13.29%
S&P 500^® Index	21.45%	17.63%	14.63%
Northern Trust Quality Large Cap Index℠	25.41%	19.41%	13.62%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} US QUALITY LARGE CAP INDEX FUND

KEY FUND STATISTICS

Net Assets	$690,349,393
Number of Portfolio Holdings	169
Portfolio Turnover Rate	19%
Net Investment Advisory Fees Paid	$1,115,131

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Information Technology	33.3%
Financials	14.8%
Communication Services	11.8%
Health Care	9.7%
Consumer Discretionary	8.4%
Industrials	6.8%
Utilities	3.7%
Consumer Staples	2.8%
Real Estate	2.3%
Materials	1.5%
Other	1.4%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

QLC1025

FLEXSHARES^{^®} US QUALITY LARGE CAP INDEX FUND

FLEXSHARES^{^®}STOXX^® US ESG SELECT INDEX FUND

Ticker: ESG - Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} STOXX^® US ESG Select Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^®STOXX^® US ESG Select Index Fund	$36	0.32%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, the U.S. equity market moved higher. Within the U.S. market, higher sustainability-tilted stocks underperformed poorer sustainability-tilted stocks, leading the Fund to underperform the Russell 1000^{^®} Index.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the STOXX^{^®} USA ESG Select KPIs Index^SM (“Underlying Index”). Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 18.79%, differing from the 18.70% return of the Underlying Index, which is reflective of the Fund's management fee (-32 basis points, “bps”), stock selection/futures (-3 bps), dividend tax differential (+42 bps) and the compounding effect of tracking error over time (+2 bps).

FLEXSHARES^{^®} STOXX^® US ESG SELECT INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®STOXX^® US ESG Select Index Fund NAV	Russell 1000^® Index	STOXX^® USA ESG Select KPIs Index℠
7/13/2016	$10,000	$10,000	$10,000
2016	$10,024	$9,935	$10,017
2017	$12,349	$12,287	$12,275
2018	$13,353	$13,144	$13,108
2019	$15,251	$15,005	$14,912
2020	$16,990	$16,635	$16,555
2021	$24,490	$23,873	$23,846
2022	$20,448	$19,963	$19,886
2023	$22,883	$21,856	$22,237
2024	$30,041	$30,177	$29,150
2025	$35,687	$36,555	$34,601

Average Annual Total Returns	1 Year	5 years	Since Inception (7/13/16)
FlexShares^®STOXX^® US ESG Select Index Fund (Based on NAV)	18.79%	16.00%	14.66%
Russell 1000^® Index	21.14%	17.05%	14.96%
STOXX^® USA ESG Select KPIs Index℠	18.70%	15.88%	14.28%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} STOXX^® US ESG SELECT INDEX FUND

KEY FUND STATISTICS

Net Assets	$129,152,805
Number of Portfolio Holdings	261
Portfolio Turnover Rate	25%
Net Investment Advisory Fees Paid	$411,662

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Information Technology	28.2%
Financials	17.9%
Consumer Discretionary	13.8%
Health Care	9.5%
Consumer Staples	9.3%
Communication Services	6.6%
Industrials	5.4%
Energy	3.7%
Real Estate	1.7%
Utilities	1.6%
Other	1.2%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

ESG1025

FLEXSHARES^{^®} STOXX^® US ESG SELECT INDEX FUND

FLEXSHARES^{^®}STOXX^® GLOBAL ESG SELECT INDEX FUND

Ticker: ESGG - Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} STOXX^® Global ESG Select Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^®STOXX^® Global ESG Select Index Fund	$47	0.42%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, global equity markets moved higher. Higher sustainability-tilted stocks underperformed poorer sustainability-tilted stocks, leading the Fund to underperform the MSCI World Index.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the STOXX^{^®} Global ESG Select KPIs Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 22.47%, differing from the 22.58% return of the Underlying Index which is reflective of the Fund's management fee (-42 basis points, “bps”), stock selection/futures (-2 bps), securities lending (+1 bp), dividend tax differential (+35 bps), and the compounding effect of tracking error over time (-3 bps).

FLEXSHARES^{^®} STOXX^® GLOBAL ESG SELECT INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®STOXX^® Global ESG Select Index Fund NAV	MSCI World Index	STOXX^® Global ESG Select KPIs Index℠
7/13/2016	$10,000	$10,000	$10,000
2016	$10,100	$10,030	$10,104
2017	$12,561	$12,314	$12,541
2018	$12,733	$12,457	$12,730
2019	$14,451	$14,038	$14,438
2020	$15,322	$14,650	$15,320
2021	$21,773	$20,573	$21,789
2022	$17,560	$16,771	$17,583
2023	$20,049	$18,529	$20,097
2024	$25,839	$24,769	$25,915
2025	$31,646	$30,223	$31,769

Average Annual Total Returns	1 Year	5 years	Since Inception (7/13/16)
FlexShares^®STOXX^® Global ESG Select Index Fund (Based on NAV)	22.47%	15.61%	13.19%
MSCI World Index	22.02%	15.58%	12.63%
STOXX^® Global ESG Select KPIs Index℠	22.58%	15.70%	13.23%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} STOXX^® GLOBAL ESG SELECT INDEX FUND

KEY FUND STATISTICS

Net Assets	$100,666,953
Number of Portfolio Holdings	765
Portfolio Turnover Rate	47%
Net Investment Advisory Fees Paid	$391,088

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

United States	70.4%
Japan	5.7%
United Kingdom	3.9%
France	3.0%
Australia	2.8%
Germany	1.7%
Canada	1.5%
Netherlands	1.4%
Spain	1.3%
Switzerland	1.2%
Other	6.0%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

ESGG1025

FLEXSHARES^{^®} STOXX^® GLOBAL ESG SELECT INDEX FUND

FLEXSHARES^{^®}ESG & CLIMATE US LARGE CAP CORE INDEX FUND

Ticker: FEUS - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} ESG & Climate US Large Cap Core Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® ESG & Climate US Large Cap Core Index Fund	$10	0.09%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, the U.S. equity market moved higher. Within the U.S. market, higher sustainability stocks underperformed poorer sustainability stocks, leading the Fund to underperform the S&P 500^{^®} Index.

The Fund is passively managed and seeks investment results (before fees and expenses) of the Northern Trust ESG & Climate US Large Cap Core Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 17.89%, differing from the 18.05% return of the Underlying Index, which is reflective of the Fund's management fee (-9 basis points, “bps”), stock selection/futures (-3 bps), performance calculation differences between the Underlying Index and the Fund (-1 bp), and the compounding effect of tracking error over the fiscal year ended October 31, 2025 (-3 bps).

FLEXSHARES^{^®} ESG & CLIMATE US LARGE CAP CORE INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®ESG & Climate US Large Cap Core Index Fund NAV	Russell 1000^® Index	S&P 500^® Index	Northern Trust ESG & Climate US Large Cap Core Index℠
9/20/2021	$10,000	$10,000	$10,000	$10,000
2021	$10,678	$10,203	$10,581	$10,684
2022	$8,960	$8,532	$9,035	$8,965
2023	$9,797	$9,341	$9,951	$9,815
2024	$13,254	$12,897	$13,734	$13,280
2025	$15,625	$15,623	$16,681	$15,677

Average Annual Total Returns	1 Year	Since Inception (9/20/21)
FlexShares^® ESG & Climate US Large Cap Core Index Fund (Based on NAV)	17.89%	11.46%
Russell 1000^® Index	21.14%	12.42%
S&P 500^® Index	21.45%	13.25%
Northern Trust ESG & Climate US Large Cap Core Index℠	18.05%	11.56%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} ESG & CLIMATE US LARGE CAP CORE INDEX FUND

KEY FUND STATISTICS

Net Assets	$83,299,180
Number of Portfolio Holdings	128
Portfolio Turnover Rate	32%
Net Investment Advisory Fees Paid	$60,221

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Information Technology	35.4%
Financials	13.1%
Consumer Discretionary	11.2%
Communication Services	11.0%
Health Care	8.8%
Industrials	7.4%
Consumer Staples	4.6%
Energy	2.5%
Utilities	2.0%
Real Estate	1.7%
Other	1.7%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

FEUS 1025

FLEXSHARES^{^®} ESG & CLIMATE US LARGE CAP CORE INDEX FUND

FLEXSHARES^{^®}ESG & CLIMATE DEVELOPED MARKETS EX-US CORE INDEX FUND

Ticker: FEDM - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} ESG & Climate Developed Markets ex-US Core Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund	$14	0.12%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, the international developed equity markets moved higher. Within developed markets, higher sustainability stocks underperformed poorer sustainability stocks, leading the Fund to underperform the MSCI World ex-US Index.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust ESG & Climate Developed Markets ex-US Core Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 17.97%, differing from the 17.87% return of the Underlying Index, which is reflective of the Fund's management fee (-12 basis points, “bps”), stock selection/futures (+1 bp), securities lending (+3 bps), dividend tax differential (+16 bps), and performance calculation differences between the Underlying Index and the Fund (+2 bps).

FLEXSHARES^{^®} ESG & CLIMATE DEVELOPED MARKETS EX-US CORE INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®ESG & Climate Developed Markets ex-US Core Index Fund NAV	MSCI World ex-US Index	Northern Trust ESG & Climate Developed Markets ex-US Core Index℠
9/20/2021	$10,000	$10,000	$10,000
2021	$10,238	$10,175	$10,229
2022	$7,846	$7,933	$7,832
2023	$8,794	$8,929	$8,789
2024	$10,915	$11,058	$10,912
2025	$12,876	$13,665	$12,861

Average Annual Total Returns	1 Year	Since Inception (9/20/21)
FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund (Based on NAV)	17.97%	6.34%
MSCI World ex-US Index	23.59%	7.89%
Northern Trust ESG & Climate Developed Markets ex-US Core Index℠	17.87%	6.31%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} ESG & CLIMATE DEVELOPED MARKETS EX-US CORE INDEX FUND

KEY FUND STATISTICS

Net Assets	$70,634,284
Number of Portfolio Holdings	235
Portfolio Turnover Rate	20%
Net Investment Advisory Fees Paid	$49,629

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

Japan	19.4%
United Kingdom	14.2%
Canada	11.1%
France	10.3%
Germany	9.6%
Switzerland	7.1%
Australia	5.9%
Netherlands	4.9%
Spain	4.4%
Denmark	2.4%
Other	9.4%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

FEDM 1025

FLEXSHARES^{^®} ESG & CLIMATE DEVELOPED MARKETS EX-US CORE INDEX FUND

FLEXSHARES^{^®}MORNINGSTAR GLOBAL UPSTREAM NATURAL RESOURCES INDEX FUND

Ticker: GUNR - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Morningstar Global Upstream Natural Resources Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Morningstar Global Upstream Natural Resources Index Fund	$49	0.46%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, global natural resource equities moved higher, but trailed global equity markets. Within global natural resources timber, energy and agriculture trailed global risk markets while metals outperformed, leading the Fund to underperform the MSCI ACWI Index.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Morningstar^{^®} Global Upstream Natural Resources Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 12.77%, differing from the 12.96% return of the Underlying Index, which is reflective of the Fund's management fee (-46 basis points, “bps”), stock selection/futures (-6 bps), securities lending (+2 bps), dividend tax differential (+34 bps), Indian Capital Gains Taxes (-1 bp), and the compounding effect of tracking error over time (-2 bps).

FLEXSHARES^{^®} MORNINGSTAR GLOBAL UPSTREAM NATURAL RESOURCES INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Morningstar Global Upstream Natural Resources Index Fund NAV	MSCI ACWI Index	Morningstar^® Global Upstream Natural Resources Index℠
2015	$10,000	$10,000	$10,000
2016	$11,384	$10,205	$11,460
2017	$13,411	$12,573	$13,545
2018	$13,723	$12,508	$13,931
2019	$14,157	$14,082	$14,426
2020	$12,477	$14,771	$12,782
2021	$18,677	$20,277	$19,245
2022	$20,955	$16,230	$21,739
2023	$20,134	$17,935	$21,018
2024	$21,489	$23,816	$22,450
2025	$24,234	$29,208	$25,359

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Morningstar Global Upstream Natural Resources Index Fund (Based on NAV)	12.77%	14.20%	9.26%
MSCI ACWI Index	22.64%	14.60%	11.31%
Morningstar^® Global Upstream Natural Resources Index℠	12.96%	14.68%	9.75%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} MORNINGSTAR GLOBAL UPSTREAM NATURAL RESOURCES INDEX FUND

KEY FUND STATISTICS

Net Assets	$5,274,577,645
Number of Portfolio Holdings	173
Portfolio Turnover Rate	28%
Net Investment Advisory Fees Paid	$22,800,931

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

United States	39.2%
Canada	16.7%
Australia	11.6%
Brazil	5.5%
Saudi Arabia	2.8%
France	2.5%
Norway	2.5%
South Africa	2.3%
India	2.0%
China	2.0%
Other	12.4%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

GUNR1025

FLEXSHARES^{^®} MORNINGSTAR GLOBAL UPSTREAM NATURAL RESOURCES INDEX FUND

FLEXSHARES^{^®}STOXX^® GLOBAL BROAD INFRASTRUCTURE INDEX FUND

Ticker: NFRA - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} STOXX^® Global Broad Infrastructure Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^®STOXX^® Global Broad Infrastructure Index Fund	$50	0.47%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, global listed infrastructure moved higher. Within global listed infrastructure transportation, communication infrastructure and government outsourced infrastructure outperformed while energy and utilities detracted from performance.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the STOXX^{^®} Global Broad Infrastructure Index (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 12.16%, differing from the 12.08% return of the Underlying Index, which is reflective of the Fund's management fee (-47 basis points, “bps”), stock selection/futures (+7 bps), securities lending (+3 bp), dividend tax differential (+54 bps), Indian Capital Gains Taxes (-8 bps), and the compounding effect of tracking error over time (-1 bp).

FLEXSHARES^{^®} STOXX^® GLOBAL BROAD INFRASTRUCTURE INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®STOXX^® Global Broad Infrastructure Index Fund NAV	MSCI ACWI Index	STOXX^® Global Broad Infrastructure Index
2015	$10,000	$10,000	$10,000
2016	$10,309	$10,205	$10,306
2017	$11,695	$12,573	$11,674
2018	$11,355	$12,508	$11,319
2019	$13,572	$14,082	$13,515
2020	$12,726	$14,771	$12,653
2021	$15,635	$20,277	$15,528
2022	$13,459	$16,230	$13,356
2023	$13,626	$17,935	$13,502
2024	$16,871	$23,816	$16,712
2025	$18,922	$29,208	$18,730

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^®STOXX^® Global Broad Infrastructure Index Fund (Based on NAV)	12.16%	8.26%	6.59%
MSCI ACWI Index	22.64%	14.60%	11.31%
STOXX^® Global Broad Infrastructure Index	12.08%	8.16%	6.47%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} STOXX^® GLOBAL BROAD INFRASTRUCTURE INDEX FUND

KEY FUND STATISTICS

Net Assets	$2,995,777,474
Number of Portfolio Holdings	195
Portfolio Turnover Rate	13%
Net Investment Advisory Fees Paid	$12,053,445

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

United States	42.2%
Japan	12.4%
Canada	11.3%
Germany	7.5%
Spain	4.3%
United Kingdom	3.3%
Australia	3.2%
India	2.6%
France	2.4%
Italy	2.0%
Other	8.1%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

NFRA1025

FLEXSHARES^{^®} STOXX^® GLOBAL BROAD INFRASTRUCTURE INDEX FUND

FLEXSHARES^{^®}GLOBAL QUALITY REAL ESTATE INDEX FUND

Ticker: GQRE - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Global Quality Real Estate Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Global Quality Real Estate Index Fund	$46	0.45%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, global real estate equities moved higher. Within global real estate value Real Estate Investment Trusts ("REITs") underperformed growth REITs, and higher momentum equities underperformed poorer momentum equities, leading the Fund to underperform the FTSE EPRA/NAREIT Developed Index^SM. The quality factor of the Fund's investments was positive for the fiscal year, but was not enough to offset the negative performance derived from both the value and momentum exposures.

The Fund is passively managed and seeks the investment results (before fees and expenses) of the Northern Trust Global Quality Real Estate Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 3.37%, differing from the 3.25% return of the Underlying Index, which is reflective of the Fund's management fee (-45 basis points, “bps”), stock selection/futures (+4 bps), securities lending (+3 bps), dividend tax differential (+46 bps), performance calculation differences between the Underlying Index and the Fund (+2 bps), and the compounding effect of tracking error over time (+2 bps).

FLEXSHARES^{^®} GLOBAL QUALITY REAL ESTATE INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Global Quality Real Estate Index Fund NAV	MSCI World Index	FTSE EPRA/NAREIT Developed Index℠	Northern Trust Global Quality Real Estate Index℠
2015	$10,000	$10,000	$10,000	$10,000
2016	$10,228	$10,118	$10,249	$10,233
2017	$11,426	$12,423	$10,876	$11,424
2018	$11,004	$12,567	$10,908	$11,000
2019	$13,026	$14,162	$13,121	$13,038
2020	$10,382	$14,780	$10,112	$10,372
2021	$14,595	$20,755	$14,371	$14,539
2022	$11,165	$16,919	$10,786	$11,085
2023	$10,366	$18,693	$10,136	$10,267
2024	$13,520	$24,988	$13,021	$13,399
2025	$13,976	$30,490	$13,465	$13,834

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Global Quality Real Estate Index Fund (Based on NAV)	3.37%	6.12%	3.40%
MSCI World Index	22.02%	15.58%	11.79%
FTSE EPRA/NAREIT Developed Index℠	3.42%	5.89%	3.02%
Northern Trust Global Quality Real Estate Index℠	3.25%	5.93%	3.30%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} GLOBAL QUALITY REAL ESTATE INDEX FUND

KEY FUND STATISTICS

Net Assets	$355,944,269
Number of Portfolio Holdings	155
Portfolio Turnover Rate	49%
Net Investment Advisory Fees Paid	$1,737,730

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

United States	62.7%
Japan	7.5%
Hong Kong	5.3%
Singapore	4.2%
Australia	3.3%
United Kingdom	3.1%
France	3.1%
Canada	2.5%
Israel	2.2%
Switzerland	2.1%
Other	2.1%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

GQRE1025

FLEXSHARES^{^®} GLOBAL QUALITY REAL ESTATE INDEX FUND

FLEXSHARES^{^®}QUALITY DIVIDEND INDEX FUND

Ticker: QDF - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Quality Dividend Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Quality Dividend Index Fund	$40	0.37%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, the U.S. equity market moved higher. Within the U.S. market dividend paying stocks underperformed non-dividend payers, leading the Fund to underperform the Russell 1000^{^®} Index. The quality factor was positive for the fiscal year, but was not enough to offset the negative performance derived from the yield exposure.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust Quality Dividend Index^SM (“Underlying Index”). Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 15.84%, differing from the 16.28% return of the Underlying Index, which is reflective of the Fund's management fee (-37 basis points, “bps”), stock selection/futures (-3 bps), securities lending (+1 bp), and the compounding effect of tracking error over time (-5 bps).

FLEXSHARES^{^®} QUALITY DIVIDEND INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Quality Dividend Index Fund NAV	Russell 1000^® Index	Northern Trust Quality Dividend Index℠
2015	$10,000	$10,000	$10,000
2016	$10,641	$10,426	$10,684
2017	$12,567	$12,894	$12,702
2018	$13,500	$13,793	$13,671
2019	$14,640	$15,745	$14,935
2020	$14,204	$17,456	$14,611
2021	$19,498	$25,052	$20,128
2022	$17,882	$20,949	$18,527
2023	$19,049	$22,936	$19,817
2024	$25,221	$31,667	$26,322
2025	$29,216	$38,360	$30,607

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Quality Dividend Index Fund (Based on NAV)	15.84%	15.52%	11.32%
Russell 1000^® Index	21.14%	17.05%	14.38%
Northern Trust Quality Dividend Index℠	16.28%	15.93%	11.83%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} QUALITY DIVIDEND INDEX FUND

KEY FUND STATISTICS

Net Assets	$2,002,250,092
Number of Portfolio Holdings	142
Portfolio Turnover Rate	41%
Net Investment Advisory Fees Paid	$6,784,142

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Information Technology	36.6%
Industrials	12.3%
Financials	10.9%
Health Care	10.0%
Consumer Discretionary	7.2%
Communication Services	6.8%
Consumer Staples	5.7%
Real Estate	4.9%
Energy	2.6%
Utilities	1.6%
Other	0.7%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

QDF1025

FLEXSHARES^{^®} QUALITY DIVIDEND INDEX FUND

FLEXSHARES^{^®}QUALITY DIVIDEND DEFENSIVE INDEX FUND

Ticker: QDEF - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Quality Dividend Defensive Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Quality Dividend Defensive Index Fund	$40	0.37%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, the U.S. equity market moved higher. Within the U.S. market dividend paying stocks underperformed non-dividend payers, leading the Fund to underperform the Russell 1000^{^®} Index. The quality factor was positive for the fiscal year, but was not enough to offset the negative performance derived from the yield exposure.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust Quality Dividend Defensive Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 15.69%, differing from the 15.98% return of the Underlying Index, which is reflective of the Fund's management fee (-37 basis points, “bps”), stock selection/futures (+1 bp), securities lending (+1 bp), the compounding effect of tracking error over time (-4 bps), and other non-recurring factors (+10 bps).

FLEXSHARES^{^®} QUALITY DIVIDEND DEFENSIVE INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Quality Dividend Defensive Index Fund NAV	Russell 1000^® Index	Northern Trust Quality Dividend Defensive Index℠
2015	$10,000	$10,000	$10,000
2016	$10,596	$10,426	$10,623
2017	$12,444	$12,894	$12,549
2018	$13,525	$13,793	$13,775
2019	$15,066	$15,745	$15,451
2020	$14,396	$17,456	$14,794
2021	$19,331	$25,052	$19,938
2022	$17,875	$20,949	$18,525
2023	$19,273	$22,936	$20,044
2024	$26,031	$31,667	$27,166
2025	$30,114	$38,360	$31,506

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Quality Dividend Defensive Index Fund (Based on NAV)	15.69%	15.91%	11.65%
Russell 1000^® Index	21.14%	17.05%	14.38%
Northern Trust Quality Dividend Defensive Index℠	15.98%	16.31%	12.16%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} QUALITY DIVIDEND DEFENSIVE INDEX FUND

KEY FUND STATISTICS

Net Assets	$478,936,864
Number of Portfolio Holdings	133
Portfolio Turnover Rate	41%
Net Investment Advisory Fees Paid	$1,568,761

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Information Technology	33.0%
Health Care	12.1%
Financials	12.0%
Industrials	8.3%
Consumer Discretionary	7.3%
Consumer Staples	7.1%
Communication Services	6.9%
Utilities	4.9%
Real Estate	3.6%
Materials	2.0%
Other	1.8%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

QDEF1025

FLEXSHARES^{^®} QUALITY DIVIDEND DEFENSIVE INDEX FUND

FLEXSHARES^{^®}INTERNATIONAL QUALITY DIVIDEND INDEX FUND

Ticker: IQDF - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} International Quality Dividend Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® International Quality Dividend Index Fund	$53	0.47%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, international equity markets moved higher. Within international markets dividend paying stocks underperformed non-dividend payers, leading the Fund to underperform the MSCI ACWI ex USA Index. The quality factor was positive for the fiscal year, but was not enough to offset the negative performance derived from the yield exposure.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust International Quality Dividend Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 24.44%, differing from the 24.50% return of the Underlying Index, which is reflective of the Fund's management fee (-47 basis points, “bps”), stock selection/futures (-4 bps), securities lending (+4 bps), dividend tax differential (+17 bps), Indian Capital Gains Taxes (+3 bps), the compounding effect of tracking error over time (-2 bps), and other non-recurring factors (+23 bps).

FLEXSHARES^{^®} INTERNATIONAL QUALITY DIVIDEND INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®International Quality Dividend Index Fund NAV	MSCI ACWI ex USA Index	Northern Trust International Quality Dividend Index℠
2015	$10,000	$10,000	$10,000
2016	$10,116	$10,023	$10,172
2017	$12,292	$12,393	$12,402
2018	$11,003	$11,371	$11,097
2019	$11,929	$12,653	$12,030
2020	$10,862	$12,322	$10,991
2021	$14,383	$15,977	$14,610
2022	$10,915	$12,027	$11,095
2023	$12,820	$13,478	$13,118
2024	$16,246	$16,758	$16,729
2025	$20,217	$20,936	$20,828

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® International Quality Dividend Index Fund (Based on NAV)	24.44%	13.23%	7.29%
MSCI ACWI ex USA Index	24.93%	11.18%	7.66%
Northern Trust International Quality Dividend Index℠	24.50%	13.63%	7.61%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} INTERNATIONAL QUALITY DIVIDEND INDEX FUND

KEY FUND STATISTICS

Net Assets	$851,081,714
Number of Portfolio Holdings	231
Portfolio Turnover Rate	61%
Net Investment Advisory Fees Paid	$3,132,597

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

Japan	12.1%
China	10.2%
Taiwan	7.9%
United Kingdom	7.5%
Switzerland	5.8%
Canada	5.5%
Sweden	4.2%
Australia	4.2%
France	4.0%
Hong Kong	3.6%
Other	33.1%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

IQDF1025

FLEXSHARES^{^®} INTERNATIONAL QUALITY DIVIDEND INDEX FUND

FLEXSHARES^{^®}INTERNATIONAL QUALITY DIVIDEND DYNAMIC INDEX FUND

Ticker: IQDY - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} International Quality Dividend Dynamic Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® International Quality Dividend Dynamic Index Fund	$54	0.47%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, international equity markets moved higher. Within international markets, higher quality dividend payers outperformed poorer quality dividend payers, and the higher beta of the strategy was additive to performance, leading the Fund to outperform the MSCI ACWI ex USA Index. The yield factor was negative for the fiscal year, but was not enough to offset the positive performance derived from the quality exposure.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust International Quality Dividend Dynamic Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 28.01%, differing from the 28.06% return of the Underlying Index, which is reflective of the Fund's management fee (-47 basis points, “bps”), stock selection/futures (-5 bps), securities lending (+5 bps), dividend tax differential (+20 bps), performance calculation differences between the Underlying Index and the Fund (+1 bp), the compounding effect of tracking error over time (-1 bp), and other non-recurring factors (+22 bps).

FLEXSHARES^{^®} INTERNATIONAL QUALITY DIVIDEND DYNAMIC INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®International Quality Dividend Dynamic Index Fund NAV	MSCI ACWI ex USA Index	Northern Trust International Quality Dividend Dynamic Index℠
2015	$10,000	$10,000	$10,000
2016	$10,317	$10,023	$10,373
2017	$12,625	$12,393	$12,740
2018	$11,193	$11,371	$11,298
2019	$12,457	$12,653	$12,607
2020	$11,587	$12,322	$11,780
2021	$16,206	$15,977	$16,543
2022	$12,077	$12,027	$12,331
2023	$14,419	$13,478	$14,843
2024	$18,486	$16,758	$19,162
2025	$23,663	$20,936	$24,539

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® International Quality Dividend Dynamic Index Fund (Based on NAV)	28.01%	15.35%	9.00%
MSCI ACWI ex USA Index	24.93%	11.18%	7.66%
Northern Trust International Quality Dividend Dynamic Index℠	28.06%	15.80%	9.39%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} INTERNATIONAL QUALITY DIVIDEND DYNAMIC INDEX FUND

KEY FUND STATISTICS

Net Assets	$84,429,395
Number of Portfolio Holdings	204
Portfolio Turnover Rate	65%
Net Investment Advisory Fees Paid	$308,051

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

Japan	16.4%
China	10.2%
Taiwan	7.6%
United Kingdom	7.6%
Switzerland	7.4%
Canada	5.3%
Australia	3.9%
France	3.8%
Sweden	3.4%
Italy	3.3%
Other	29.8%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

IQDY1025

FLEXSHARES^{^®} INTERNATIONAL QUALITY DIVIDEND DYNAMIC INDEX FUND

FLEXSHARES^{^®}IBOXX 3-YEAR TARGET DURATION TIPS INDEX FUND

Ticker: TDTT - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} iBoxx 3-Year Target Duration TIPS Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund	$19	0.18%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

U.S. Treasury Inflation Protected Securities (“TIPS”) inflation breakeven spreads were little changed during the fiscal year ended October 31, 2025, yet oscillated considerably throughout the period. 5-year, 10-year, and 30-year breakevens declined to a low in April 2025 before trending wider throughout the remaining fiscal year. During the fiscal year, the short-to-intermediate segment of the TIPS yield curve outperformed the broader U.S. bond market.

The Fund is passively managed and seeks to provide investment results (before fees and expenses) of the iBoxx 3-Year Target Duration TIPS Index (“Underlying Index”). Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 6.26%, differing from the 6.36% return of the Underlying Index, which is reflective of the Fund’s management fee (-18 basis points ("bps")), and small net positive contributions from duration/curve positioning, security selection, and trading costs (+8 bps).

FLEXSHARES^{^®} IBOXX 3-YEAR TARGET DURATION TIPS INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®iBoxx 3-Year Target Duration TIPS Index Fund NAV	Bloomberg U.S. Aggregate Bond Index	iBoxx 3-Year Target Duration TIPS Index
2015	$10,000	$10,000	$10,000
2016	$10,255	$10,437	$10,264
2017	$10,298	$10,531	$10,328
2018	$10,256	$10,315	$10,295
2019	$10,800	$11,502	$10,852
2020	$11,428	$12,214	$11,525
2021	$12,218	$12,155	$12,335
2022	$11,679	$10,249	$11,818
2023	$11,894	$10,286	$12,053
2024	$12,729	$11,370	$12,918
2025	$13,521	$12,071	$13,740

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund (Based on NAV)	6.26%	3.42%	3.06%
Bloomberg U.S. Aggregate Bond Index	6.16%	(0.24)%	1.90%
iBoxx 3-Year Target Duration TIPS Index	6.36%	3.58%	3.23%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} IBOXX 3-YEAR TARGET DURATION TIPS INDEX FUND

KEY FUND STATISTICS

Net Assets	$2,556,859,648
Number of Portfolio Holdings	22
Portfolio Turnover Rate	86%
Net Investment Advisory Fees Paid	$4,142,682

YEARS TO MATURITY (% of Net Assets)^{Footnote
Reference1}

3-5 years	48.7%
1-3 years	47.6%
5-10 years	3.5%
0-1 year	0.0%
Cash and/or Derivatives	0.2%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

TDTT1025

FLEXSHARES^{^®} IBOXX 3-YEAR TARGET DURATION TIPS INDEX FUND

FLEXSHARES^{^®}IBOXX 5-YEAR TARGET DURATION TIPS INDEX FUND

Ticker: TDTF - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} iBoxx 5-Year Target Duration TIPS Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund	$19	0.18%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

U.S. Treasury Inflation Protected Securities (“TIPS”) inflation breakeven spreads were little changed during the fiscal year ended October 31, 2025, yet oscillated considerably throughout the period. 5-year, 10-year, and 30-year breakevens declined to a low in April 2025 before trending wider throughout the remaining fiscal year. During the fiscal year, the broad U.S. TIPS market underperformed the U.S. bond market.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the iBoxx 5-Year Target Duration TIPS Index (“Underlying Index”). Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 6.89%, differing from the 6.99% return of the Underlying Index, which is reflective of the Fund’s management fee (-18 basis points ("bps")), and small net positive contributions from duration/curve positioning, security selection, trading costs, and other factors (+8 bps).

FLEXSHARES^{^®} IBOXX 5-YEAR TARGET DURATION TIPS INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®iBoxx 5-Year Target Duration TIPS Index Fund NAV	Bloomberg U.S. Aggregate Bond Index	iBoxx 5-Year Target Duration TIPS Index
2015	$10,000	$10,000	$10,000
2016	$10,481	$10,437	$10,474
2017	$10,489	$10,531	$10,497
2018	$10,331	$10,315	$10,349
2019	$11,212	$11,502	$11,252
2020	$12,153	$12,214	$12,242
2021	$12,985	$12,155	$13,101
2022	$11,761	$10,249	$11,890
2023	$11,748	$10,286	$11,913
2024	$12,712	$11,370	$12,906
2025	$13,582	$12,071	$13,809

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund (Based on NAV)	6.89%	2.25%	3.11%
Bloomberg U.S. Aggregate Bond Index	6.16%	(0.24)%	1.90%
iBoxx 5-Year Target Duration TIPS Index	6.99%	2.44%	3.28%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} IBOXX 5-YEAR TARGET DURATION TIPS INDEX FUND

KEY FUND STATISTICS

Net Assets	$897,259,876
Number of Portfolio Holdings	19
Portfolio Turnover Rate	59%
Net Investment Advisory Fees Paid	$1,409,199

YEARS TO MATURITY (% of Net Assets)^{Footnote
Reference1}

3-5 years	51.8%
5-10 years	48.0%
0-1 year	0.0%
Cash and/or Derivatives	0.2%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

TDTF1025

FLEXSHARES^{^®} IBOXX 5-YEAR TARGET DURATION TIPS INDEX FUND

FLEXSHARES^{^®}DISCIPLINED DURATION MBS INDEX FUND

Ticker: MBSD - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Disciplined Duration MBS Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Disciplined Duration MBS Index Fund	$21	0.20%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, interest rates declined and the yield curve steepened, which brought the 10-year and 2-year spread from 12 basis points to 50 basis points("bps"). Overall, mortgage-backed security spreads generally tightened throughout the trailing 12-month period. During the fiscal year, the mortgage-backed market, represented by the Bloomberg U.S. Mortgage Backed Securities Index, outperformed the total aggregate bond market, defined by the Bloomberg U.S. Aggregate Bond Index, by 116 bps. During the fiscal year ended October 31, 2025, the Fund underperformed the Bloomberg U.S. Mortgage Backed Securities Index by -109 bps due to exposure to a selection of higher coupon, more seasoned mortgage backed securities with a significantly lower overall duration.

The Fund is passively managed and seeks to track the investment results (before fee and expenses) of the ICE BofA^® Constrained Duration US Mortgage-Backed Securities Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets in the components of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 6.23%, differing from the 6.67% return of the Underlying Index, which is reflective of the Fund’s management fee (-20 bps), trading costs and fees (-20 bps), yield curve positioning (-4 bps), sector allocation (-1 bp), and combined effect of security selection and other factors (+1 bp).

FLEXSHARES^{^®} DISCIPLINED DURATION MBS INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Disciplined Duration MBS Index Fund NAV	Bloomberg U.S. Aggregate Bond Index	ICE BofA^® Constrained Duration US Mortgage Backed Securities Index℠
2015	$10,000	$10,000	$10,000
2016	$10,302	$10,437	$10,302
2017	$10,257	$10,531	$10,324
2018	$10,087	$10,315	$10,210
2019	$10,829	$11,502	$11,039
2020	$11,391	$12,214	$11,582
2021	$11,360	$12,155	$11,667
2022	$9,978	$10,249	$10,317
2023	$10,076	$10,286	$10,479
2024	$10,925	$11,370	$11,416
2025	$11,605	$12,071	$12,174

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Disciplined Duration MBS Index Fund (Based on NAV)	6.23%	0.37%	1.50%
Bloomberg U.S. Aggregate Bond Index	6.16%	(0.24)%	1.90%
ICE BofA^® Constrained Duration US Mortgage Backed Securities Index℠	6.67%	1.01%	1.99%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} DISCIPLINED DURATION MBS INDEX FUND

KEY FUND STATISTICS

Net Assets	$88,794,499
Number of Portfolio Holdings	383
Portfolio Turnover Rate	38%
Net Investment Advisory Fees Paid	$168,175

YEARS TO MATURITY (% of Net Assets)^{Footnote
Reference1}

20+ years	41.8%
10-20 years	38.1%
5-10 years	10.7%
3-5 years	4.5%
1-3 years	4.2%
0-1 year	0.0%
Cash and/or Derivatives	0.7%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

MBSD1025

FLEXSHARES^{^®} DISCIPLINED DURATION MBS INDEX FUND

FLEXSHARES^{^®}CREDIT-SCORED US CORPORATE BOND INDEX FUND

Ticker: SKOR - NASDAQ

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Credit-Scored US Corporate Bond Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Credit-Scored US Corporate Bond Index Fund	$16	0.15%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

Credit fundamentals remained strong through most of the fiscal year ended October 31, 2025, with low defaults relative to historical averages, resilient earnings, and manageable leverage levels. The introduction of "reciprocal" tariffs in April 2025 did introduce economic uncertainty, which resulted in spread volatility and widening, but spreads across investment grade and high yield retraced back to tight levels during the remainder of the fiscal year. During the fiscal year ended October 31, 2025, the Fund’s net asset value (“NAV”) outperformed the Bloomberg U.S. Intermediate Corporate Bond Index return of 7.12% by 8 basis points (“bps”).

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust US Corporate Bond Quality Value Index^SM (“Underlying Index”). Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund's performance on a NAV basis was 7.20%, differing from the 7.29% return of the Underlying Index, which is reflective of the Fund’s management fee (-15 bps), trading costs (-3 bps), sampling and other factors (+9 bps).

FLEXSHARES^{^®} CREDIT-SCORED US CORPORATE BOND INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Credit-Scored US Corporate Bond Index Fund NAV	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Intermediate Corporate Bond Index	Hybrid Northern Trust Credit-Scored US Long Corporate Bond Index℠/Northern Trust US Long Corporate Bond Quality Value Index℠*
2015	$10,000	$10,000	$10,000	$10,000
2016	$10,471	$10,437	$10,499	$10,505
2017	$10,667	$10,531	$10,745	$10,734
2018	$10,448	$10,315	$10,606	$10,563
2019	$11,666	$11,502	$11,746	$11,836
2020	$12,507	$12,214	$12,738	$12,766
2021	$12,594	$12,155	$12,910	$12,938
2022	$10,969	$10,249	$11,311	$11,336
2023	$11,398	$10,286	$11,810	$11,835
2024	$12,702	$11,370	$13,197	$13,225
2025	$13,617	$12,071	$13,209	$14,189

*The hybrid index performance information reflects the performance of the Northern Trust Credit-Scored US Corporate Bond Index^SM (Previous Index) through April 30, 2020 and the Northern Trust US Corporate Bond Quality Value Index^SM thereafter. The Previous Index

terminated as of May 1, 2020.

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Credit-Scored US Corporate Bond Index Fund (Based on NAV)	7.20%	1.72%	3.14%
Bloomberg U.S. Aggregate Bond Index	6.16%	(0.24)%	1.90%
Bloomberg U.S. Intermediate Corporate Bond Index	7.12%	1.76%	3.13%
Hybrid Northern Trust Credit-Scored US Long Corporate Bond Index℠/Northern Trust US Long Corporate Bond Quality Value Index℠*	7.29%	2.14%	3.56%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} CREDIT-SCORED US CORPORATE BOND INDEX FUND

KEY FUND STATISTICS

Net Assets	$639,731,084
Number of Portfolio Holdings	1,800
Portfolio Turnover Rate	65%
Net Investment Advisory Fees Paid	$748,577

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Financials	38.6%
Information Technology	10.4%
Energy	7.3%
Industrials	6.5%
Consumer Staples	6.4%
Real Estate	6.3%
Consumer Discretionary	6.1%
Health Care	5.4%
Utilities	5.0%
Materials	3.7%
Other	3.6%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

SKOR1025

FLEXSHARES^{^®} CREDIT-SCORED US CORPORATE BOND INDEX FUND

FLEXSHARES^{^®}CREDIT-SCORED US LONG CORPORATE BOND INDEX FUND

Ticker: LKOR - Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Credit-Scored US Long Corporate Bond Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Credit-Scored US Long Corporate Bond Index Fund	$16	0.15%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

Credit fundamentals remained strong through most of the fiscal year ended October 31, 2025 with low defaults relative to historical averages, resilient earnings, and manageable leverage levels. The introduction of "reciprocal" tariffs in April 2025 did introduce economic uncertainty, which resulted in spread volatility and widening, but spreads across investment grade and high yield retraced back to tight levels during the remainder of the fiscal year. During the fiscal year ended October 31, 2025, the Fund’s net asset value (“NAV”) outperformed the Bloomberg Long U.S. Corporate Bond Index return of 5.69% by 7 basis points (“bps”).

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust US Long Corporate Bond Quality Value Index^SM (“Underlying Index”). Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund's performance on a NAV basis was 5.76%, differing from the 5.75% return of the Underlying Index, which is reflective of fees (-15 bps), trading costs (-7 bps), sampling and other factors (+23 bps).

FLEXSHARES^{^®} CREDIT-SCORED US LONG CORPORATE BOND INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Credit-Scored US Long Corporate Bond Index Fund NAV	Bloomberg U.S. Aggregate Bond Index	Bloomberg Long U.S. Corporate Bond Index	Hybrid Northern Trust Credit-Scored US Long Corporate Bond Index℠/Northern Trust US Long Corporate Bond Quality Value Index℠*
2015	$10,000	$10,000	$10,000	$10,000
2016	$11,164	$10,509	$11,341	$11,249
2017	$11,789	$10,604	$12,015	$11,946
2018	$10,936	$10,386	$11,213	$11,149
2019	$13,726	$11,582	$14,050	$14,058
2020	$15,145	$12,299	$15,258	$15,719
2021	$15,924	$12,240	$15,952	$16,643
2022	$10,895	$10,320	$11,000	$11,459
2023	$11,069	$10,357	$11,056	$11,732
2024	$13,297	$11,449	$13,182	$14,123
2025	$14,063	$12,154	$13,933	$14,934

*The hybrid index performance information reflects the performance of the Northern Trust Credit-Scored US Long Corporate Bond Index^SM (Previous Index) through April 30, 2020 and the Northern Trust US Long Corporate Bond Quality Value Index^SM thereafter. The Previous Index terminated as of May 1, 2020.

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (Based on NAV)	5.76%	(1.47)%	3.47%
Bloomberg U.S. Aggregate Bond Index	6.16%	(0.24)%	1.90%
Bloomberg Long U.S. Corporate Bond Index	5.69%	(1.80)%	3.29%
Hybrid Northern Trust Credit-Scored US Long Corporate Bond Index℠/Northern Trust US Long Corporate Bond Quality Value Index℠*	5.75%	(1.02)%	4.03%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} CREDIT-SCORED US LONG CORPORATE BOND INDEX FUND

KEY FUND STATISTICS

Net Assets	$47,735,092
Number of Portfolio Holdings	825
Portfolio Turnover Rate	88%
Net Investment Advisory Fees Paid	$57,572

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Financials	17.5%
Information Technology	12.2%
Energy	11.3%
Utilities	10.7%
Communication Services	9.8%
Health Care	9.6%
Consumer Staples	7.8%
Industrials	6.8%
Consumer Discretionary	5.5%
Materials	3.8%
Other	3.4%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

LKOR1025

FLEXSHARES^{^®} CREDIT-SCORED US LONG CORPORATE BOND INDEX FUND

FLEXSHARES^{^®}HIGH YIELD VALUE-SCORED BOND INDEX FUND

Ticker: HYGV - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} High Yield Value-Scored Bond Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® High Yield Value-Scored Bond Index Fund	$39	0.37%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

Credit fundamentals remained strong through most of the fiscal year ended October 31, 2025 with low defaults relative to historical averages, resilient earnings, and manageable leverage levels. The introduction of "reciprocal" tariffs in April 2025 did introduce economic uncertainty, which resulted in spread volatility and widening, but spreads across investment grade and high yield retraced back to tight levels during the remainder of the fiscal year. During the fiscal year ended October 31, 2025, the Fund’s net asset value (“NAV”) performance underperformed the ICE BofA^{^®} US High Yield Index return of 8.03% by 54 basis points (“bps”).

The Fund is passively managed and investment results (before fees and expenses) of the Northern Trust High Yield Value-Scored US Corporate Bond Index^SM (“Underlying Index”). Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund's performance on a NAV basis was 7.49%, differing from the 7.93% return of the Underlying Index, which is reflective of the Fund’s management fee (-37 bps), trading costs (-26 bps), sampling and other factors (+19 bps).

FLEXSHARES^{^®} HIGH YIELD VALUE-SCORED BOND INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®High Yield Value-Scored Bond Index Fund NAV	Bloomberg Universal Index	ICE BofA^® US High Yield Index	Northern Trust High Yield Value-Scored US Corporate Bond Index℠
7/17/2018	$10,000	$10,000	$10,000	$10,000
2018	$10,018	$9,943	$10,020	$10,043
2019	$10,763	$11,072	$10,854	$10,852
2020	$11,093	$11,733	$11,128	$11,490
2021	$12,577	$11,789	$12,323	$13,119
2022	$10,935	$9,927	$10,912	$11,554
2023	$11,530	$10,046	$11,547	$12,379
2024	$13,323	$11,171	$13,448	$14,485
2025	$14,320	$11,898	$14,524	$15,634

Average Annual Total Returns	1 Year	5 years	Since Inception (7/17/18)
FlexShares^® High Yield Value-Scored Bond Index Fund (Based on NAV)	7.49%	5.24%	5.05%
Bloomberg Universal Index	6.51%	0.28%	2.36%
ICE BofA^® US High Yield Index	8.03%	5.48%	5.26%
Northern Trust High Yield Value-Scored US Corporate Bond Index℠	7.93%	6.34%	6.32%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} HIGH YIELD VALUE-SCORED BOND INDEX FUND

KEY FUND STATISTICS

Net Assets	$1,230,481,014
Number of Portfolio Holdings	1,054
Portfolio Turnover Rate	100%
Net Investment Advisory Fees Paid	$4,888,238

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Consumer Discretionary	19.4%
Financials	14.0%
Energy	14.0%
Communication Services	12.7%
Industrials	11.5%
Materials	8.1%
Health Care	4.9%
Information Technology	4.5%
Consumer Staples	4.4%
Real Estate	3.3%
Other	2.1%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

HYGV1025

FLEXSHARES^{^®} HIGH YIELD VALUE-SCORED BOND INDEX FUND

FLEXSHARES^{^®}ESG & CLIMATE INVESTMENT GRADE CORPORATE CORE INDEX FUND

Ticker: FEIG - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} ESG & Climate Investment Grade Corporate Core Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund	$13	0.12%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

Credit fundamentals remained strong through most of the fiscal year ended October 31, 2025 with low defaults relative to historical averages, resilient earnings, and manageable leverage levels. The introduction of "reciprocal" tariffs in April 2025 did introduce economic uncertainty, which resulted in spread volatility and widening, but spreads across investment grade and high yield retraced back to tight levels during the remainder of the fiscal year. During the fiscal year ended October 31, 2025, the Fund’s net asset value (“NAV”) underperformed the Bloomberg U.S. Corporate Total Return Value Unhedged Index return of 6.62% by 29 basis points (“bps”).

The Fund is passively managed and seeks investment results (before fees and expenses) of the Northern Trust ESG & Climate Investment Grade U.S. Corporate Core Index^SM (the “Underlying Index”). Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund's performance on a NAV basis was 6.33%, differing from the 6.54% return of the Underlying Index, which is reflective of the Fund’s management fee (-12 bps), trading costs (-3 bps), and sampling (-6 bps).

FLEXSHARES^{^®} ESG & CLIMATE INVESTMENT GRADE CORPORATE CORE INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®ESG & Climate Investment Grade Corporate Core Index Fund NAV	Bloomberg U.S. Aggregate Bond Index	Bloomberg US Corporate Total Return Value Unhedged Index	Northern Trust ESG & Climate Investment Grade U.S. Corporate Core Index℠
9/20/2021	$10,000	$10,000	$10,000	$10,000
2021	$9,868	$9,911	$9,876	$9,871
2022	$7,921	$8,356	$7,944	$7,942
2023	$8,112	$8,386	$8,164	$8,171
2024	$9,205	$9,271	$9,276	$9,298
2025	$9,788	$9,842	$9,890	$9,906

Average Annual Total Returns	1 Year	Since Inception (9/20/21)
FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (Based on NAV)	6.33%	(0.52)%
Bloomberg U.S. Aggregate Bond Index	6.16%	(0.44)%
Bloomberg US Corporate Total Return Value Unhedged Index	6.62%	(0.27)%
Northern Trust ESG & Climate Investment Grade U.S. Corporate Core Index℠	6.54%	(0.23)%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} ESG & CLIMATE INVESTMENT GRADE CORPORATE CORE INDEX FUND

KEY FUND STATISTICS

Net Assets	$41,692,734
Number of Portfolio Holdings	739
Portfolio Turnover Rate	39%
Net Investment Advisory Fees Paid	$51,464

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Financials	32.7%
Health Care	13.5%
Information Technology	9.2%
Communication Services	6.8%
Energy	6.4%
Industrials	5.6%
Consumer Discretionary	5.2%
Utilities	5.1%
Consumer Staples	4.3%
Real Estate	4.1%
Other	2.3%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

FEIG 1025

FLEXSHARES^{^®} ESG & CLIMATE INVESTMENT GRADE CORPORATE CORE INDEX FUND

FLEXSHARES^{^®}ULTRA-SHORT INCOME FUND

Ticker: RAVI - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Ultra-Short Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Ultra-Short Income Fund	$26	0.25%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, interest rates declined and the yield curve steepened. Overall, credit performed well as investment grade spreads generally tightened throughout the trailing 12-month period.

The Fund is actively managed and seeks maximum current income consistent with the preservation of capital and liquidity. The Fund attempts to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in a portfolio of fixed-income instruments, including bonds, debt securities and other similar instruments issued by U.S. and non-U.S. public and private sector entities. Such issuers include, without limitation, U.S. and non-U.S. governments and their agencies, instrumentalities or sponsored enterprises, U.S. state and local governments and municipalities and U.S. and non-U.S. private-sector entities, such as corporations and banks.

For the fiscal year ended October 31, 2025, the Fund’s return of 4.99% outperformed the Bloomberg 1-3 Month U.S. Treasury Bill Index return of 4.44% by 55 basis points, net of fees. During this period, Treasury rates declined as the inflation rate declined and the Federal Open Market Committee continued to normalize monetary policy. The Fund's underweight to Treasuries, as well as its long to duration positioning, contributed to the Fund’s relative outperformance. The Fund’s exposure to the Investment Grade sector contributed to performance.

FLEXSHARES^{^®} ULTRA-SHORT INCOME FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Ultra-Short Income Fund NAV	Bloomberg Global Aggregate Bond Index	Bloomberg 1-3 Month U.S. Treasury Bill Index
2015	$10,000	$10,000	$10,000
2016	$10,119	$10,559	$10,023
2017	$10,239	$10,683	$10,092
2018	$10,423	$10,464	$10,255
2019	$10,758	$11,462	$10,494
2020	$10,992	$12,108	$10,577
2021	$11,030	$11,957	$10,582
2022	$10,926	$9,472	$10,672
2023	$11,501	$9,635	$11,193
2024	$12,199	$10,554	$11,803
2025	$12,808	$11,154	$12,327

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Ultra-Short Income Fund (Based on NAV)	4.99%	3.10%	2.51%
Bloomberg Global Aggregate Bond Index	5.69%	(1.63)%	1.10%
Bloomberg 1-3 Month U.S. Treasury Bill Index	4.44%	3.11%	2.11%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} ULTRA-SHORT INCOME FUND

KEY FUND STATISTICS

Net Assets	$1,365,806,797
Number of Portfolio Holdings	267
Portfolio Turnover Rate	68%
Net Investment Advisory Fees Paid	$3,092,628

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Financials	44.9%
Health Care	8.9%
Information Technology	7.6%
Asset-Backed Securities	7.4%
Consumer Staples	5.9%
Industrials	5.1%
Consumer Discretionary	5.0%
Energy	4.2%
Materials	3.5%
Communication Services	2.5%
Other	6.9%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

RAVI1025

FLEXSHARES^{^®} ULTRA-SHORT INCOME FUND

FLEXSHARES^{^®}CORE SELECT BOND FUND

Ticker: BNDC - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Core Select Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Core Select Bond Fund	$16	0.15%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, interest rates declined and the yield curve steepened. Credit markets experienced significant volatility in April 2025 driven by tariff related uncertainty, however, investment grade spreads tightened over the fiscal year. Mortgage spreads tightened meaningfully over this period.

The Fund is actively managed and seeks total return and preservation of capital. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in U.S. dollar-denominated investment-grade fixed-income securities either directly or indirectly through exchange-traded funds (“ETFs”) and other registered investment companies (together with ETFs, “Underlying Funds”).

For the fiscal year ended October 31, 2025, the Fund underperformed the broad fixed income market, as defined by the Bloomberg U.S. Aggregate Bond Index, by 4 basis points, net of fees. The Fund had an overweight to duration periodically during the year, and this contributed to performance. Additionally, the Fund had a modest overweight to mortgage-backed securities (“MBS”) through the 12-month period. Overall, the allocation to MBS had a modest positive effect, which was partially offset by other factors.

FLEXSHARES^{^®} CORE SELECT BOND FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Core Select Bond Fund NAV	Bloomberg U.S. Aggregate Bond Index
11/18/2016	$10,000	$10,000
2017	$10,286	$10,335
2018	$10,005	$10,122
2019	$11,143	$11,288
2020	$11,889	$11,986
2021	$11,920	$11,929
2022	$9,981	$10,058
2023	$9,966	$10,094
2024	$11,007	$11,158
2025	$11,681	$11,845

Average Annual Total Returns	1 Year	5 years	Since Inception (11/18/16)
FlexShares^® Core Select Bond Fund (Based on NAV)	6.12%	(0.35)%	1.75%
Bloomberg U.S. Aggregate Bond Index	6.16%	(0.24)%	1.91%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} CORE SELECT BOND FUND

KEY FUND STATISTICS

Net Assets	$144,913,074
Number of Portfolio Holdings	19
Portfolio Turnover Rate	23%
Net Investment Advisory Fees Paid	$202,899

TOP HOLDINGS (% of Net Assets)

iShares MBS ETF	24.57%
iShares 5-10 Year Investment Grade Corporate Bond ETF	17.27%
CF Secured LLC	15.00%
FlexShares^® Ultra-Short Income Fund	12.77%
FlexShares^® Disciplined Duration MBS Index Fund	12.53%
iShares 20+ Year Treasury Bond ETF	12.33%
U.S. Treasury 2 Year Note	12.07%
FlexShares^® Credit-Scored US Corporate Bond Index Fund	9.46%
U.S. Treasury 5 Year Note	5.13%
iShares 3-7 Year Treasury Bond ETF	5.03%

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

BNDC1025

FLEXSHARES^{^®} CORE SELECT BOND FUND

(b) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule. Not applicable.

Item 2. Code of Ethics.

(a)

As of the end of the period, October 31, 2025, the Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code of Ethics”).

(b)	Not Applicable.

(c)	The Registrant has not amended its Code of Ethics during the period covered by this report.

(d)	The Registrant has not granted any waivers, including an implicit waiver, from any provisions of its Code of Ethics during the period covered by this report.

(e)	Not Applicable.

(f)	A copy of the Registrant’s Code of Ethics is attached as exhibit 13(a)(1) to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that the Registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR), serving on its audit committee. Philip G. Hubbard is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

Under applicable securities laws and regulations, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the Registrant’s Audit Committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the Registrant’s Audit Committee or Board of Trustees.

Item 4. Principal Accountant Fees and Services.

In response to Items 4(a)-4(d), aggregate fees for professional services rendered for FlexShares^® Trust by Deloitte & Touche, LLP (“Deloitte”) for the fiscal years ended October 31, 2025 and October 31, 2024 were:

	2025
	All fees and services to the Trust that were pre-approved	All fees and services to Service Affiliates^(a) that were pre- approved
Audit Fees	$687,420	N/A
Audit Related Fees^(b)	$0	$0
Tax Fees^(c)	$209,599	$0
All Other Fees^(d)	$0	$0
Total:	$897,019	$0

	2024
	All fees and services to the Trust that were pre-approved	All fees and services to Service Affiliates^(a) that were pre- approved
Audit Fees	$723,840	N/A
Audit Related Fees^(b)	$0	$0
Tax Fees^(c)	$82,360	$0
All Other Fees^(d)	$0	$0
Total:	$806,200	$0

(a)

“Service affiliates” as it relates to the aggregate “Audit Fees,” “Audit-Related Fees,” “Tax Fees” and “All Other Fees” that were billed by Deloitte for the periods ended October 31, 2025 and October 31, 2024 are Northern Trust Investments, Inc. (“NTI”) and entities controlling, controlled by or under common control with NTI that provide ongoing services to the Registrant.

(b)	“Audit-Related Fees” are fees for assurance and related services rendered by Deloitte that are reasonably related to the performance of the audit or review of the Registrant’s financial statements, but not reported as “Audit Fees.”

(c)	“Tax Fees” are fees for professional services rendered by Deloitte for tax compliance, tax advice and tax planning.

(d)	“All Other Fees” are for products and services provided by Deloitte other than those reported as Audit, Audit-Related or Tax Fees.

(e)(1)

The Registrant’s Audit Committee Charter provides that the Audit Committee is responsible for the approval of, prior to the appointment of, the engagement of the principal accountant to annually audit the Registrant’s financial statements. The Audit Committee must also pre-approve the engagement of the principal accountant to provide non-audit services to the Registrant, NTI or to any entity controlling, controlled by or under common control with NTI that provides ongoing services to the Registrant, if the engagement has a direct impact on the operations or financial reporting of the Registrant. The pre-approvals may be delegated to a designated representative (or representatives) of the audit committee and such pre-approvals and approvals must be reported to the full Audit Committee at its next meeting. Each designated representative must be a member of the Audit Committee.

(e)(2)      No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) or (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(f)            Not Applicable.

(g)           The aggregate non-audit fees and services billed by Deloitte for services rendered to the Registrant and Service Affiliates for the periods ended October 31, 2025 and October 31, 2024, respectively, were $4,953,585 and $4,358,755.

(h)           The Registrant’s Audit Committee has considered whether the provision of non-audit services to Service Affiliates, not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the registered public accountant’s independence in performing audit services.

(i) Not Applicable.

(j) Not Applicable.

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. All of the Board’s independent Trustees, Philip G. Hubbard, Eric T. McKissack and Sarah N. Garvey, are members of the Audit Committee.

(b) Not Applicable.

Item 6. Investments.

(a) Schedule is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Securities divested of in accordance with Section 13(c) of the 1940 Act.

Not Applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

FlexShares

Trust

Annual

Financial

Statements

and

Additional

Information

October

31,

2025

MANAGED

NORTHERN

TRUST

MANAGED

NORTHERN

TRUST

Table

Contents

MANAGED

NORTHERN

TRUST

Statements

Assets

and

Liabilities

Statements

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Schedules

Investments

FlexShares

Quality

Low

Volatility

Index

Fund

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

124

FlexShares

Quality

Large

Cap

Index

Fund

163

FlexShares

STOXX

ESG

Select

Index

Fund

167

FlexShares

STOXX

Global

ESG

Select

Index

Fund

172

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

184

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

188

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

194

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

199

FlexShares

Global

Quality

Real

Estate

Index

Fund

205

FlexShares

Quality

Dividend

Index

Fund

209

FlexShares

Quality

Dividend

Defensive

Index

Fund

214

FlexShares

International

Quality

Dividend

Index

Fund

218

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

225

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

231

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

232

FlexShares

Disciplined

Duration

MBS

Index

Fund

233

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

237

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

262

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

275

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

294

FlexShares

Ultra-Short

Income

Fund

306

FlexShares

Core

Select

Bond

Fund

315

Notes

the

Financial

Statements

319

Report

Independent

Registered

Public

Accounting

Firm

360

Form

N-CSR

Items

363

Approval

Advisory

Agreement

364

Tax

Information

376

FLEXSHARES

ANNUAL

REPORT

FlexShares

Trust

Statements

Assets

and

Liabilities

October

31,

2025

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Quality

Low

Volatility

Index

Fund

FlexShares

Developed

Markets

ex-

Quality

Low

Volatility

Index

Fund

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

ASSETS

Securities,

cost

118,211,063

52,326,887

11,606,639

852,446,696

Affiliate

securities,

cost

—

414,476

Securities

Lending

Reinvestments,

cost

3,900,134

3,541,516

469,488

160,129,281

Securities,

value†

142,743,174

59,340,284

14,909,051

1,835,682,212

Affiliate

securities,

value

—

714,118

Securities

Lending

Reinvestments,

value

—

31,004,824

Securities

Lending

Reinvestments

Repurchase

Agreements,

Value

3,900,134

3,541,516

469,488

129,129,213

Cash

1,523,452

104,833

45,602

9,320,401

Cash

segregated

broker*

—

21,362

4,170

670,781

Foreign

cash††

—

267,180

34,225

—

Unrealized

appreciation

forward

foreign

currency

contracts

—

20,286

—

Receivables:

—

Dividends

and

interest

147,334

414,325

15,703

853,280

Securities

lending

income

910

1,257

—

43,648

Securities

sold

—

175,007

Variation

margin

futures

contracts

46,887

35,628

17,479

510,090

Total

Assets

148,361,891

63,746,671

15,495,767

2,008,103,574

LIABILITIES

Unrealized

depreciation

forward

foreign

currency

contracts

—

8,215

—

Due

brokers

42,344

—

Payables:

Cash

collateral

received

from

securities

loaned

3,900,134

3,541,516

469,488

160,129,513

Deferred

compensation

(Note

17,697

7,597

1,565

265,819

Investment

advisory

fees

(Note

7,702

5,267

2,057

362,406

Trustee

fees

(Note

2,263

822

223

29,207

Securities

purchased

—

Deferred

non-US

capital

gains

taxes

—

64,086

—

Due

Shareholder

—

Variation

margin

futures

contracts

—

Capital

redeemed

—

Other

700

—

3,000

Total

Liabilities

3,970,840

3,563,417

537,451

160,789,945

Net

Assets

144,391,051

60,183,254

14,958,316

1,847,313,629

NET

ASSETS

CONSIST

OF:

Paid-in

capital

132,425,358

56,929,414

12,680,024

900,966,503

Distributable

earnings

(loss)

11,965,693

3,253,840

2,278,292

946,347,126

Net

Assets

144,391,051

60,183,254

14,958,316

1,847,313,629

Outstanding

(unlimited

number

authorized

0.0001

par

value)

2,025,001

1,950,001

500,001

7,500,001

Net

Asset

Value

71.30

30.86

29.92

246.31

†

Securities

loan,

value

9,125,924

5,816,811

450,787

216,887,918

††

Cost

foreign

cash

—

268,631

34,210

—

Includes

cash

pledged

the

Fund

cover

margin

requirements

for

open

futures

contracts

10/31/25.

Statements

Assets

and

Liabilities

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Morningstar

Developed

Markets

ex-

Factor

Tilt

Index

Fund

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

FlexShares

Quality

Large

Cap

Index

Fund

FlexShares

STOXX®

ESG

Select

Index

Fund

ASSETS

Securities,

cost

374,959,084

189,669,973

511,115,543

95,318,497

Affiliate

securities,

cost

—

43,395

Securities

Lending

Reinvestments,

cost

26,219,813

3,981,059

7,955,382

142,934

Securities,

value†

558,868,735

290,627,552

666,329,082

127,658,259

Affiliate

securities,

value

—

42,461

Securities

Lending

Reinvestments,

value

—

Securities

Lending

Reinvestments

Repurchase

Agreements,

Value

26,219,813

3,981,059

7,955,382

142,934

Cash

602,598

2,852,052

21,443,125

1,248,265

Cash

segregated

broker*

621,100

148,018

1,399,834

89,433

Foreign

cash††

4,520,280

2,308,501

—

Unrealized

appreciation

forward

foreign

currency

contracts

5,514

10,380

—

Receivables:

—

Dividends

and

interest

3,895,978

232,016

261,309

77,131

Securities

lending

income

32,826

16,651

2,090

221

Capital

issued

—

1,995,228

—

Securities

sold

86,482

—

Variation

margin

futures

contracts

900,002

163,729

524,249

91,288

Total

Assets

595,753,328

300,339,958

699,910,299

129,349,992

LIABILITIES

Unrealized

depreciation

forward

foreign

currency

contracts

18,185

4,550

—

Payables:

Due

Custodian

85,845

—

Cash

collateral

received

from

securities

loaned

26,219,813

3,981,059

7,955,382

142,934

Deferred

compensation

(Note

123,682

61,987

24,409

19,118

Investment

advisory

fees

(Note

179,332

136,194

135,064

32,826

Trustee

fees

(Note

8,000

4,352

6,489

2,309

Securities

purchased

—

66,624

1,428,062

—

Deferred

non-US

capital

gains

taxes

—

1,902,654

—

Due

Shareholder

—

Variation

margin

futures

contracts

—

Capital

redeemed

—

Other

13,500

25,000

11,500

—

Total

Liabilities

26,648,357

6,182,420

9,560,906

197,187

Net

Assets

569,104,971

294,157,538

690,349,393

129,152,805

NET

ASSETS

CONSIST

OF:

Paid-in

capital

504,470,296

279,391,316

545,425,918

107,549,334

Distributable

earnings

(loss)

64,634,675

14,766,222

144,923,475

21,603,471

Net

Assets

569,104,971

294,157,538

690,349,393

129,152,805

Outstanding

(unlimited

number

authorized

0.0001

par

value)

6,400,001

4,500,001

8,650,001

825,001

Net

Asset

Value

88.92

65.37

79.81

156.55

†

Securities

loan,

value

88,852,165

13,167,683

23,949,450

3,306,985

††

Cost

foreign

cash

4,547,901

2,285,515

—

Includes

cash

pledged

the

Fund

cover

margin

requirements

for

open

futures

contracts

10/31/25.

Statements

Assets

and

Liabilities

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

STOXX®

Global

ESG

Select

Index

Fund

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

FlexShares

ESG &

Climate

Developed

Markets ex-

US Core

Index

Fund

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

ASSETS

Securities,

cost

72,108,098

66,531,279

57,537,000

4,650,326,148

Affiliate

securities,

cost

—

Securities

Lending

Reinvestments,

cost

2,518,172

—

1,342,070

322,162,515

Securities,

value†

99,603,567

82,824,464

69,704,095

5,246,961,253

Affiliate

securities,

value

—

Securities

Lending

Reinvestments,

value

—

35,004,256

Securities

Lending

Reinvestments

Repurchase

Agreements,

Value

2,518,172

—

1,342,070

287,162,447

Cash

397,340

460,198

146,745

12,511,495

Cash

segregated

broker*

56,152

—

25,634

1,891,755

Foreign

cash††

260,335

—

410,821

11,406,967

Unrealized

appreciation

forward

foreign

currency

contracts

7,880

—

16,748

105,151

Receivables:

—

Dividends

and

interest

293,228

24,193

295,382

4,731,582

Securities

lending

income

649

319

639

65,839

Securities

sold

—

Variation

margin

futures

contracts

114,618

13,298

54,338

1,270,460

Total

Assets

103,251,941

83,322,472

71,996,472

5,601,111,205

LIABILITIES

Unrealized

depreciation

forward

foreign

currency

contracts

—

3,339

132,161

Due

brokers

—

12,003

—

Payables:

Cash

collateral

received

from

securities

loaned

2,518,172

—

1,342,073

322,162,748

Deferred

compensation

(Note

18,881

3,795

3,430

987,330

Investment

advisory

fees

(Note

34,290

5,851

6,447

2,037,053

Trustee

fees

(Note

1,732

1,143

899

85,860

Securities

purchased

—

Deferred

non-US

capital

gains

taxes

—

1,122,408

Due

Shareholder

11,913

—

Variation

margin

futures

contracts

—

Capital

redeemed

—

Other

—

500

6,000

Total

Liabilities

2,584,988

23,292

1,362,188

326,533,560

Net

Assets

100,666,953

83,299,180

70,634,284

5,274,577,645

NET

ASSETS

CONSIST

OF:

Paid-in

capital

75,664,863

68,924,559

60,792,303

6,168,874,741

Distributable

earnings

(loss)

25,002,090

14,374,621

9,841,981

(894,297,096)

Net

Assets

100,666,953

83,299,180

70,634,284

5,274,577,645

Outstanding

(unlimited

number

authorized

0.0001

par

value)

500,001

1,125,000

1,225,000

121,450,001

Net

Asset

Value

201.33

74.04

57.66

43.43

†

Securities

loan,

value

5,984,313

1,513,933

3,917,671

501,295,004

††

Cost

foreign

cash

262,929

—

412,676

11,487,300

Includes

cash

pledged

the

Fund

cover

margin

requirements

for

open

futures

contracts

10/31/25.

Statements

Assets

and

Liabilities

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

STOXX®

Global

Broad

Infrastructure

Index

Fund

FlexShares

Global

Quality

Real

Estate

Index

Fund

FlexShares

Quality

Dividend

Index

Fund

FlexShares

Quality

Dividend

Defensive

Index

Fund

ASSETS

Securities,

cost

2,526,374,779

331,036,388

1,417,121,959

356,331,432

Affiliate

securities,

cost

—

Securities

Lending

Reinvestments,

cost

129,308,004

23,428,569

100,835,002

20,318,068

Securities,

value†

2,974,080,057

349,215,506

1,987,051,851

473,763,148

Affiliate

securities,

value

—

Securities

Lending

Reinvestments,

value

7,002,824

—

11,001,695

—

Securities

Lending

Reinvestments

Repurchase

Agreements,

Value

122,307,937

23,428,569

89,835,002

20,318,068

Cash

7,352,582

3,959,845

12,490,043

4,508,824

Cash

segregated

broker*

1,435,205

449,470

898,708

308,757

Foreign

cash††

8,265,059

1,334,443

—

Unrealized

appreciation

forward

foreign

currency

contracts

186,996

8,699

—

Receivables:

—

Dividends

and

interest

7,701,463

888,779

1,837,041

364,087

Securities

lending

income

42,114

7,885

18,458

4,341

Securities

sold

—

Variation

margin

futures

contracts

1,128,884

296,964

870,626

205,532

Total

Assets

3,129,503,121

379,590,160

2,104,003,424

499,472,757

LIABILITIES

Unrealized

depreciation

forward

foreign

currency

contracts

123,004

13,849

—

Payables:

Cash

collateral

received

from

securities

loaned

129,308,237

23,428,567

100,835,002

20,318,068

Deferred

compensation

(Note

326,934

53,856

300,269

67,799

Investment

advisory

fees

(Note

1,159,143

130,560

586,663

142,600

Trustee

fees

(Note

41,862

7,059

31,398

7,076

Securities

purchased

—

Deferred

non-US

capital

gains

taxes

2,738,467

—

Due

Shareholder

—

Variation

margin

futures

contracts

—

Capital

redeemed

—

Other

28,000

12,000

—

350

Total

Liabilities

133,725,647

23,645,891

101,753,332

20,535,893

Net

Assets

2,995,777,474

355,944,269

2,002,250,092

478,936,864

NET

ASSETS

CONSIST

OF:

Paid-in

capital

2,834,123,512

404,758,597

1,665,100,869

404,476,460

Distributable

earnings

(loss)

161,653,962

(48,814,328)

337,149,223

74,460,404

Net

Assets

2,995,777,474

355,944,269

2,002,250,092

478,936,864

Outstanding

(unlimited

number

authorized

0.0001

par

value)

47,800,001

6,000,001

24,942,921

5,975,001

Net

Asset

Value

62.67

59.32

80.27

80.16

†

Securities

loan,

value

202,572,076

59,722,216

146,853,012

30,206,947

††

Cost

foreign

cash

8,334,959

1,318,348

—

Includes

cash

pledged

the

Fund

cover

margin

requirements

for

open

futures

contracts

10/31/25.

Statements

Assets

and

Liabilities

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

International

Quality

Dividend

Index

Fund

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

ASSETS

Securities,

cost

692,483,120

67,275,415

2,532,452,009

887,229,497

Affiliate

securities,

cost

—

Securities

Lending

Reinvestments,

cost

26,882,847

4,018,219

—

Securities,

value†

835,401,570

83,371,130

2,551,537,651

895,303,073

Affiliate

securities,

value

—

Securities

Lending

Reinvestments,

value

—

Securities

Lending

Reinvestments

Repurchase

Agreements,

Value

26,882,847

4,018,219

—

Cash

7,544,091

293,124

13,113,790

2,868,535

Cash

segregated

broker*

502,125

33,297

—

Foreign

cash††

3,929,400

213,878

—

Unrealized

appreciation

forward

foreign

currency

contracts

186,041

14,476

—

Receivables:

—

Dividends

and

interest

4,496,790

532,861

4,429,288

1,733,714

Securities

lending

income

33,919

4,103

—

Capital

issued

—

2,424,556

—

Securities

sold

—

30,123

97,256,370

90,807,535

Variation

margin

futures

contracts

79,675

39,925

—

Total

Assets

879,056,458

88,551,136

2,668,761,655

990,712,857

LIABILITIES

Unrealized

depreciation

forward

foreign

currency

contracts

60,322

418

—

Payables:

Cash

collateral

received

from

securities

loaned

26,882,847

4,018,219

—

Deferred

compensation

(Note

112,025

10,799

399,287

146,179

Investment

advisory

fees

(Note

323,762

32,105

331,408

124,619

Trustee

fees

(Note

10,747

1,133

38,657

13,174

Securities

purchased

—

111,132,655

93,169,009

Deferred

non-US

capital

gains

taxes

539,541

55,567

—

Due

Shareholder

—

Variation

margin

futures

contracts

—

Capital

redeemed

—

Other

45,500

3,500

—

Total

Liabilities

27,974,744

4,121,741

111,902,007

93,452,981

Net

Assets

851,081,714

84,429,395

2,556,859,648

897,259,876

NET

ASSETS

CONSIST

OF:

Paid-in

capital

869,322,804

88,802,328

2,709,712,775

956,662,828

Distributable

earnings

(loss)

(18,241,090)

(4,372,933)

(152,853,127)

(59,402,952)

Net

Assets

851,081,714

84,429,395

2,556,859,648

897,259,876

Outstanding

(unlimited

number

authorized

0.0001

par

value)

29,400,001

2,400,001

105,454,000

37,050,001

Net

Asset

Value

28.95

35.18

24.25

24.22

†

Securities

loan,

value

105,778,278

10,896,070

—

††

Cost

foreign

cash

3,916,813

215,775

—

Includes

cash

pledged

the

Fund

cover

margin

requirements

for

open

futures

contracts

10/31/25.

Statements

Assets

and

Liabilities

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Disciplined

Duration

MBS

Index

Fund

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

ASSETS

Securities,

cost

90,119,625

624,450,509

46,695,838

1,216,014,225

Affiliate

securities,

cost

—

Securities

Lending

Reinvestments,

cost

—

134,175,642

—

286,386,156

Securities,

value†

88,135,942

635,374,005

46,980,407

1,217,459,849

Affiliate

securities,

value

—

Securities

Lending

Reinvestments,

value

—

21,003,000

—

44,005,564

Securities

Lending

Reinvestments

Repurchase

Agreements,

Value

—

113,175,574

—

242,386,088

Cash

393,893

512,854

132,270

153,520

Cash

segregated

broker

—

Foreign

cash††

—

15,523

194,620

Unrealized

appreciation

forward

foreign

currency

contracts

—

Receivables:

—

Dividends

and

interest

294,257

6,332,431

601,741

20,755,827

Securities

lending

income

—

22,042

—

85,048

Capital

issued

—

46,778,985

4,365,058

16,388,466

Securities

sold

—

38,683

73,682,399

Variation

margin

futures

contracts

—

Total

Assets

88,824,092

823,198,891

52,133,682

1,615,111,381

LIABILITIES

Unrealized

depreciation

forward

foreign

currency

contracts

—

Payables:

Cash

collateral

received

from

securities

loaned

—

134,175,874

—

286,386,389

Deferred

compensation

(Note

13,028

41,721

5,932

108,455

Investment

advisory

fees

(Note

13,458

66,846

5,383

355,803

Trustee

fees

(Note

1,507

8,443

658

24,257

Securities

purchased

—

49,170,673

4,376,572

91,113,313

Deferred

non-US

capital

gains

taxes

—

Due

Authorized

Participant

—

493,732

Due

Shareholder

—

9,295

—

Variation

margin

futures

contracts

—

Capital

redeemed

—

6,144,668

Other

1,600

4,250

750

3,750

Total

Liabilities

29,593

183,467,807

4,398,590

384,630,367

Net

Assets

88,794,499

639,731,084

47,735,092

1,230,481,014

NET

ASSETS

CONSIST

OF:

Paid-in

capital

106,092,586

653,862,852

62,058,334

1,395,118,785

Distributable

earnings

(loss)

(17,298,087)

(14,131,768)

(14,323,242)

(

164,637,771)

Net

Assets

88,794,499

639,731,084

47,735,092

1,230,481,014

Outstanding

(unlimited

number

authorized

0.0001

par

value)

4,250,001

13,000,001

1,100,001

30,050,001

Net

Asset

Value

20.89

49.21

43.40

40.95

†

Securities

loan,

value

—

142,899,970

—

307,578,798

††

Cost

foreign

cash

—

15,523

194,620

Statements

Assets

and

Liabilities

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

FlexShares

Ultra-Short

Income

Fund

FlexShares

Core

Select

Bond

Fund

ASSETS

Securities,

cost

39,946,676

1,387,950,356

90,815,962

Affiliate

securities,

cost

—

53,210,600

Securities

Lending

Reinvestments,

cost

—

21,734,979

Securities,

value†

39,703,641

1,391,778,728

88,222,835

Affiliate

securities,

value

—

54,026,645

Securities

Lending

Reinvestments,

value

—

Securities

Lending

Reinvestments

Repurchase

Agreements,

Value

—

21,734,979

Cash

859,105

157,100

2,709,337

Cash

segregated

broker

—

Foreign

cash††

—

Unrealized

appreciation

forward

foreign

currency

contracts

—

Receivables:

—

Dividends

and

interest

461,036

9,771,595

—

Securities

lending

income

—

2,545

Securities

sold

2,582,028

—

Variation

margin

futures

contracts

—

Total

Assets

43,605,810

1,401,707,423

166,696,341

LIABILITIES

Unrealized

depreciation

forward

foreign

currency

contracts

—

Payables:

Cash

collateral

received

from

securities

loaned

—

21,734,979

Deferred

compensation

(Note

2,721

113,945

18,134

Investment

advisory

fees

(Note

3,573

265,733

25,000

Trustee

fees

(Note

796

20,948

2,509

Securities

purchased

1,905,736

35,500,000

—

Deferred

non-US

capital

gains

taxes

—

Due

Shareholder

—

Variation

margin

futures

contracts

—

2,645

Capital

redeemed

—

Other

250

—

Total

Liabilities

1,913,076

35,900,626

21,783,267

Net

Assets

41,692,734

1,365,806,797

144,913,074

NET

ASSETS

CONSIST

OF:

Paid-in

capital

50,185,970

1,356,935,660

166,585,948

Distributable

earnings

(loss)

(8,493,236)

8,871,137

(21,672,874)

Net

Assets

41,692,734

1,365,806,797

144,913,074

Outstanding

(unlimited

number

authorized

0.0001

par

value)

1,000,000

18,060,001

6,425,001

Net

Asset

Value

41.69

75.63

22.55

†

Securities

loan,

value

—

26,417,259

††

Cost

foreign

cash

—

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

FlexShares

Trust

Statements

Operations

October

31,

2025

FlexShares

Quality

Low

Volatility

Index

Fund

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

INVESTMENT

INCOME

Dividend

income

2,392,017

1,704,260

460,622

26,027,916

Income

from

non-cash

dividends

—

Dividend

income

received

from

affiliate

—

18,660

Interest

income

3,829

—

Securities

lending

income

(net

fees)

(Note

12,176

12,325

—

489,320

Foreign

withholding

tax

dividends

(

10,411

)

(

111,693

)

(

48,735

)

(

12,918

)

Foreign

withholding

tax

interest

—

Total

Investment

Income

2,397,611

1,604,892

411,887

26,522,978

EXPENSES

Deferred

compensation

(Note

1,301

463

127

17,107

Investment

advisory

fees

124,160

74,248

27,897

4,298,789

Trustee

fees

(Note

9,478

3,677

974

133,300

Tax

Services

Expense

(Note

—

15,096

—

Other

expenses

(Note

1,386

537

137

17,238

Total

Gross

Expenses

Before

Fees

Reimbursed

136,325

94,021

29,135

4,466,434

Less:

Investment

advisory

fees

reimbursed

(Note

(

5,510

)

(

17,218

)

(

576

)

(

81,556

)

Total

Net

Expenses

130,815

76,803

28,559

4,384,878

Net

Investment

Income

(Loss)

2,266,796

1,528,089

383,328

22,138,100

NET

REALIZED

GAIN

(LOSS)

FROM:

Transactions

investment

securities

affiliated

issuers

—

14,332

Transactions

investment

securities

(

2,983,721

)

505,284

114,166

(1)

(

5,442,999

)

In-kind

redemptions

investments

affiliated

securities

—

20,805

In-kind

redemptions

investments

securities

12,286,469

1,875,948

—

93,432,313

Expiration

closing

futures

contracts

131,995

88,189

28,766

1,586,852

Settlement

forward

foreign

currency

contracts

—

(

8,825

)

1,092

—

Foreign

currency

transactions

—

7,317

(

11,022

)

—

Net

Realized

Gain

(Loss)

9,434,743

2,467,913

133,002

89,611,303

NET

CHANGE

UNREALIZED

APPRECIATION

(DEPRECIATION)

ON:

Investments

securities

3,047,266

2,845,756

1,783,323

(2)

177,344,728

(3)

Securities

lending

—

(

4,697

)

Futures

contracts

56,268

25,480

2,290

112,967

Forward

foreign

currency

contracts

—

2,559

—

Translation

other

assets

and

liabilities

denominated

foreign

currencies

—

22,734

801

—

Net

Change

Unrealized

Appreciation

(Depreciation)

3,103,534

2,896,529

1,786,462

177,452,998

Net

Realized

and

Unrealized

Gain

(Loss)

12,538,277

5,364,442

1,919,464

267,064,301

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

14,805,073

6,892,531

2,302,792

289,202,401

(1)

Net

non-US

capital

gains

tax

$7,507.

(2)

Net

deferred

non-US

capital

gains

tax

($14,465).

(3)

Includes

$134,130

change

unrealized

appreciation

investments

affiliates.

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Trust

Statements

Operations

Statements

Operations

(cont.)

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

FlexShares

Quality

Large

Cap

Index

Fund

FlexShares

STOXX

ESG

Select

Index

Fund

INVESTMENT

INCOME

Dividend

income

18,394,579

9,723,131

6,262,296

1,834,937

Income

from

non-cash

dividends

—

Dividend

income

received

from

affiliate

—

Interest

income

—

424

—

Securities

lending

income

(net

fees)

(Note

326,687

199,303

16,764

4,300

Foreign

withholding

tax

dividends

(

1,728,291

)

(

907,882

)

(

3,097

)

(

800

)

Foreign

withholding

tax

interest

—

Total

Investment

Income

16,992,975

9,014,976

6,275,963

1,838,437

EXPENSES

Deferred

compensation

(Note

4,603

2,537

3,784

1,400

Investment

advisory

fees

1,927,843

1,497,957

1,134,266

417,335

Trustee

fees

(Note

36,453

20,044

34,252

9,480

Other

expenses

(Note

40,997

5,848

4,118

1,368

Total

Gross

Expenses

Before

Fees

Reimbursed

2,009,896

1,526,386

1,176,420

429,583

Less:

Investment

advisory

fees

reimbursed

(Note

(

56,627

)

(

14,814

)

(

19,135

)

(

5,673

)

Total

Net

Expenses

1,953,269

1,511,572

1,157,285

423,910

Net

Investment

Income

(Loss)

15,039,706

7,503,404

5,118,678

1,414,527

NET

REALIZED

GAIN

(LOSS)

FROM:

Transactions

investment

securities

affiliated

issuers

—

Transactions

investment

securities

15,472,772

(

6,335,212

)

(1)

(

3,732,672

)

(

3,126,837

)

In-kind

redemptions

investments

affiliated

securities

—

In-kind

redemptions

investments

securities

3,577,074

886,558

16,410,574

22,251,761

Expiration

closing

futures

contracts

1,024,852

1,084,310

344,168

85,444

Settlement

forward

foreign

currency

contracts

(

23,006

)

(

23,469

)

—

Foreign

currency

transactions

(

39,521

)

(

39,241

)

—

Net

Realized

Gain

(Loss)

20,012,171

(

4,427,054

)

13,022,070

19,210,368

NET

CHANGE

UNREALIZED

APPRECIATION

(DEPRECIATION)

ON:

Investments

securities

92,161,847

53,238,840

(2)

99,562,549

2,046,820

(3)

Securities

lending

—

Futures

contracts

545,993

177,457

944,198

33,797

Forward

foreign

currency

contracts

7,415

(

2,064

)

—

Translation

other

assets

and

liabilities

denominated

foreign

currencies

138,185

55,047

—

Net

Change

Unrealized

Appreciation

(Depreciation)

92,853,440

53,469,280

100,506,747

2,080,617

Net

Realized

and

Unrealized

Gain

(Loss)

112,865,611

49,042,226

113,528,817

21,290,985

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

127,905,317

56,545,630

118,647,495

22,705,512

(1)

Net

non-US

capital

gains

tax

$899,177.

(2)

Net

deferred

non-US

capital

gains

tax

($811,845).

(3)

Includes

$(934)

change

unrealized

depreciation

investments

affiliates.

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Trust

Statements

Operations

Statements

Operations

(cont.)

FlexShares

STOXX

Global

ESG

Select

Index

Fund

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

FlexShares

ESG &

Climate

Developed

Markets ex-

US Core

Index

Fund

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

INVESTMENT

INCOME

Dividend

income

1,927,249

944,210

1,722,586

175,319,799

Income

from

non-cash

dividends

—

80,205

8,974,563

Dividend

income

received

from

affiliate

—

Interest

income

—

1,827

—

Securities

lending

income

(net

fees)

(Note

8,535

2,231

14,891

778,936

Foreign

withholding

tax

dividends

(

97,519

)

—

(

143,222

)

(

6,414,445

)

Foreign

withholding

tax

interest

—

Total

Investment

Income

1,838,265

948,268

1,674,460

178,658,853

EXPENSES

Deferred

compensation

(Note

1,097

694

528

51,255

Investment

advisory

fees

415,977

63,740

67,327

23,051,838

Trustee

fees

(Note

7,039

5,639

4,296

364,284

Tax

Services

Expense

(Note

20,725

—

15,079

—

Other

expenses

(Note

1,092

682

571

86,004

Total

Gross

Expenses

Before

Fees

Reimbursed

445,930

70,755

87,801

23,553,381

Less:

Investment

advisory

fees

reimbursed

(Note

(

24,889

)

(

3,519

)

(

17,698

)

(

250,907

)

Total

Net

Expenses

421,041

67,236

70,103

23,302,474

Net

Investment

Income

(Loss)

1,417,224

881,032

1,604,357

155,356,379

NET

REALIZED

GAIN

(LOSS)

FROM:

Transactions

investment

securities

affiliated

issuers

—

Transactions

investment

securities

1,047,602

(

1,008,025

)

(

330,779

)

(

191,363,853

)

In-kind

redemptions

investments

affiliated

securities

—

In-kind

redemptions

investments

securities

25,444,078

6,651,936

2,241,698

200,168,934

Expiration

closing

futures

contracts

80,801

66,148

65,359

5,507,580

Settlement

forward

foreign

currency

contracts

(

3,656

)

—

(

5,329

)

58,042

Foreign

currency

transactions

2,266

—

2,776

(

828,199

)

Net

Realized

Gain

(Loss)

26,571,091

5,710,059

1,973,725

13,542,504

NET

CHANGE

UNREALIZED

APPRECIATION

(DEPRECIATION)

ON:

Investments

securities

(

8,273,097

)

5,065,293

5,690,543

373,083,137

(1)

Securities

lending

—

(

5,951

)

Futures

contracts

36,247

7,706

40,317

238,058

Forward

foreign

currency

contracts

(

9,419

)

—

(

1,911

)

(

86,433

)

Translation

other

assets

and

liabilities

denominated

foreign

currencies

17,034

—

14,902

519,112

Net

Change

Unrealized

Appreciation

(Depreciation)

(

8,229,235

)

5,072,999

5,743,851

373,747,923

Net

Realized

and

Unrealized

Gain

(Loss)

18,341,856

10,783,058

7,717,576

387,290,427

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

19,759,080

11,664,090

9,321,933

542,646,806

(1)

Net

deferred

non-US

capital

gains

tax

$541,525.

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Trust

Statements

Operations

Statements

Operations

(cont.)

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

FlexShares

Global

Quality

Real

Estate

Index

Fund

FlexShares

Quality

Dividend

Index

Fund

FlexShares

Quality

Dividend

Defensive

Index

Fund

INVESTMENT

INCOME

Dividend

income

81,008,747

14,328,167

41,035,640

9,486,080

Income

from

non-cash

dividends

—

Dividend

income

received

from

affiliate

—

Interest

income

—

Securities

lending

income

(net

fees)

(Note

784,356

116,354

210,423

35,731

Foreign

withholding

tax

dividends

(

5,151,677

)

(

560,497

)

(

43,210

)

(

8,512

)

Foreign

withholding

tax

interest

—

Total

Investment

Income

76,641,426

13,884,024

41,202,853

9,513,299

EXPENSES

Deferred

compensation

(Note

24,429

3,946

18,361

4,119

Investment

advisory

fees

12,192,446

1,776,826

6,871,240

1,588,706

Trustee

fees

(Note

196,786

32,473

143,661

33,203

Other

expenses

(Note

47,585

22,000

18,637

4,268

Total

Gross

Expenses

Before

Fees

Reimbursed

12,461,246

1,835,245

7,051,899

1,630,296

Less:

Investment

advisory

fees

reimbursed

(Note

(

139,001

)

(

39,096

)

(

87,098

)

(

19,945

)

Total

Net

Expenses

12,322,245

1,796,149

6,964,801

1,610,351

Net

Investment

Income

(Loss)

64,319,181

12,087,875

34,238,052

7,902,948

NET

REALIZED

GAIN

(LOSS)

FROM:

Transactions

investment

securities

affiliated

issuers

—

Transactions

investment

securities

(

23,844,868

)

(1)

7,301,115

(

62,639,607

)

(

5,466,746

)

In-kind

redemptions

investments

affiliated

securities

—

In-kind

redemptions

investments

securities

60,134,956

8,901,516

163,723,498

31,552,299

Expiration

closing

futures

contracts

3,925,397

283,372

1,209,674

541,418

Settlement

forward

foreign

currency

contracts

(

101,374

)

(

95,480

)

—

Foreign

currency

transactions

(

223,832

)

66,160

—

Net

Realized

Gain

(Loss)

39,890,279

16,456,683

102,293,565

26,626,971

NET

CHANGE

UNREALIZED

APPRECIATION

(DEPRECIATION)

ON:

Investments

securities

178,670,938

(2)

(

14,155,063

)

140,941,631

30,313,095

Securities

lending

2,757

—

(

1,859

)

—

Futures

contracts

679,000

(

96,847

)

257,015

131,725

Forward

foreign

currency

contracts

63,992

22,280

—

Translation

other

assets

and

liabilities

denominated

foreign

currencies

332,997

61,152

—

Net

Change

Unrealized

Appreciation

(Depreciation)

179,749,684

(

14,168,478

)

141,196,787

30,444,820

Net

Realized

and

Unrealized

Gain

(Loss)

219,639,963

2,288,205

243,490,352

57,071,791

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

283,959,144

14,376,080

277,728,404

64,974,739

(1)

Net

non-US

capital

gains

tax

$576,809.

(2)

Net

deferred

non-US

capital

gains

tax

$1,418,094.

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Trust

Statements

Operations

Statements

Operations

(cont.)

FlexShares

International

Quality

Dividend

Index

Fund

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

INVESTMENT

INCOME

Dividend

income

36,665,415

3,701,976

—

Income

from

non-cash

dividends

—

Dividend

income

received

from

affiliate

—

Interest

income

—

109,517,417

37,077,352

Securities

lending

income

(net

fees)

(Note

288,132

38,674

3,827

2,717

Foreign

withholding

tax

dividends

(

3,669,909

)

(

367,538

)

—

Foreign

withholding

tax

interest

—

Total

Investment

Income

33,283,638

3,373,112

109,521,244

37,080,069

EXPENSES

Deferred

compensation

(Note

6,156

661

20,927

7,484

Investment

advisory

fees

3,214,909

331,093

4,251,326

1,444,760

Trustee

fees

(Note

51,396

5,180

179,567

59,428

Tax

Services

Expense

(Note

—

20,091

—

Other

expenses

(Note

59,737

721

24,117

8,084

Total

Gross

Expenses

Before

Fees

Reimbursed

3,332,198

357,746

4,475,937

1,519,756

Less:

Investment

advisory

fees

reimbursed

(Note

(

82,312

)

(

23,042

)

(

108,644

)

(

35,561

)

Total

Net

Expenses

3,249,886

334,704

4,367,293

1,484,195

Net

Investment

Income

(Loss)

30,033,752

3,038,408

105,153,951

35,595,874

NET

REALIZED

GAIN

(LOSS)

FROM:

Transactions

investment

securities

affiliated

issuers

—

Transactions

investment

securities

36,179,838

(1)

3,018,055

(2)

12,100,870

(

6,017,628

)

In-kind

redemptions

investments

affiliated

securities

—

In-kind

redemptions

investments

securities

—

511,276

6,933,473

1,681,270

Expiration

closing

futures

contracts

1,572,618

134,684

—

Settlement

forward

foreign

currency

contracts

58,990

(

18,068

)

—

Foreign

currency

transactions

(

132,511

)

(

13,264

)

—

Net

Realized

Gain

(Loss)

37,678,935

3,632,683

19,034,343

(

4,336,358

)

NET

CHANGE

UNREALIZED

APPRECIATION

(DEPRECIATION)

ON:

Investments

securities

85,856,252

(3)

10,556,670

(4)

21,748,836

23,661,706

Securities

lending

—

Futures

contracts

587,489

44,483

—

Forward

foreign

currency

contracts

(

68,379

)

3,208

—

Translation

other

assets

and

liabilities

denominated

foreign

currencies

233,020

25,491

—

Net

Change

Unrealized

Appreciation

(Depreciation)

86,608,382

10,629,852

21,748,836

23,661,706

Net

Realized

and

Unrealized

Gain

(Loss)

124,287,317

14,262,535

40,783,179

19,325,348

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

154,321,069

17,300,943

145,937,130

54,921,222

(1)

Net

non-US

capital

gains

tax

$234,654.

(2)

Net

non-US

capital

gains

tax

$45,332.

(3)

Net

deferred

non-US

capital

gains

tax

($319,630).

(4)

Net

deferred

non-US

capital

gains

tax

($46,136).

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Trust

Statements

Operations

Statements

Operations

(cont.)

FlexShares

Disciplined

Duration

MBS

Index

Fund

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

INVESTMENT

INCOME

Dividend

income

—

Income

from

non-cash

dividends

—

Dividend

income

received

from

affiliate

—

Interest

income

3,480,540

25,875,185

2,292,629

103,726,416

Securities

lending

income

(net

fees)

(Note

—

153,543

—

648,221

Foreign

withholding

tax

dividends

—

Foreign

withholding

tax

interest

—

(

27,684

)

Total

Investment

Income

3,480,540

26,028,728

2,292,629

104,346,953

EXPENSES

Deferred

compensation

(Note

876

4,794

419

14,064

Investment

advisory

fees

172,564

774,108

59,621

4,956,842

Trustee

fees

(Note

6,876

40,917

3,192

106,214

Other

expenses

(Note

870

5,157

383

13,851

Total

Gross

Expenses

Before

Fees

Reimbursed

181,186

824,976

63,615

5,090,971

Less:

Investment

advisory

fees

reimbursed

(Note

(

4,389

)

(

25,531

)

(

2,049

)

(

68,604

)

Total

Net

Expenses

176,797

799,445

61,566

5,022,367

Net

Investment

Income

(Loss)

3,303,743

25,229,283

2,231,063

99,324,586

NET

REALIZED

GAIN

(LOSS)

FROM:

Transactions

investment

securities

affiliated

issuers

—

Transactions

investment

securities

(

636,494

)

955,729

(

952,530

)

(

3,781,500

)

In-kind

redemptions

investments

affiliated

securities

—

In-kind

redemptions

investments

securities

—

1,851,031

(

566,419

)

10,432,076

Expiration

closing

futures

contracts

—

Settlement

forward

foreign

currency

contracts

—

Foreign

currency

transactions

—

Net

Realized

Gain

(Loss)

(

636,494

)

2,806,760

(

1,518,949

)

6,650,576

NET

CHANGE

UNREALIZED

APPRECIATION

(DEPRECIATION)

ON:

Investments

securities

2,439,786

8,492,161

968,743

(

15,171,897

)

Securities

lending

—

2,932

—

5,496

Futures

contracts

—

Forward

foreign

currency

contracts

—

Translation

other

assets

and

liabilities

denominated

foreign

currencies

—

Net

Change

Unrealized

Appreciation

(Depreciation)

2,439,786

8,495,093

968,743

(

15,166,401

)

Net

Realized

and

Unrealized

Gain

(Loss)

1,803,292

11,301,853

(

550,206

)

(

8,515,825

)

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

5,107,035

36,531,136

1,680,857

90,808,761

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Trust

Statements

Operations

Statements

Operations

(cont.)

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

FlexShares

Ultra-Short

Income

Fund

FlexShares

Core

Select

Bond

Fund

INVESTMENT

INCOME

Dividend

income

—

3,901,202

Income

from

non-cash

dividends

—

Dividend

income

received

from

affiliate

—

2,232,633

Interest

income

2,215,851

62,227,242

14,104

Securities

lending

income

(net

fees)

(Note

—

22,134

Foreign

withholding

tax

dividends

—

Foreign

withholding

tax

interest

—

Total

Investment

Income

2,215,851

62,227,242

6,170,073

EXPENSES

Deferred

compensation

(Note

459

11,874

1,501

Investment

advisory

fees

53,830

3,151,031

503,383

Trustee

fees

(Note

3,649

95,544

10,890

Other

expenses

(Note

456

12,767

1,485

Total

Gross

Expenses

Before

Fees

Reimbursed

58,394

3,271,216

517,259

Less:

Investment

advisory

fees

reimbursed

(Note

(

2,366

)

(

58,403

)

(

300,484

)

Total

Net

Expenses

56,028

3,212,813

216,775

Net

Investment

Income

(Loss)

2,159,823

59,014,429

5,953,298

NET

REALIZED

GAIN

(LOSS)

FROM:

Transactions

investment

securities

affiliated

issuers

—

Transactions

investment

securities

(

116,252

)

608,285

284,185

In-kind

redemptions

investments

affiliated

securities

—

363,559

In-kind

redemptions

investments

securities

(

187,636

)

145,513

(

354,527

)

Expiration

closing

futures

contracts

—

160,934

Settlement

forward

foreign

currency

contracts

—

Foreign

currency

transactions

—

Net

Realized

Gain

(Loss)

(

303,888

)

753,798

454,151

NET

CHANGE

UNREALIZED

APPRECIATION

(DEPRECIATION)

ON:

Investments

securities

865,220

1,790,688

1,792,340

(1)

Securities

lending

—

Futures

contracts

—

97,414

Forward

foreign

currency

contracts

—

Translation

other

assets

and

liabilities

denominated

foreign

currencies

—

Net

Change

Unrealized

Appreciation

(Depreciation)

865,220

1,790,688

1,889,754

Net

Realized

and

Unrealized

Gain

(Loss)

561,332

2,544,486

2,343,905

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

2,721,155

61,558,915

8,297,203

(1)

Includes

$379,303

change

unrealized

appreciation

investments

affiliates.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Trust

Statements

Changes

Net

Assets

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Quality

Low

Volatility

Index

Fund

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

OPERATIONS

Net

investment

income

(loss)

2,266,796

2,871,602

1,528,089

1,444,489

Net

realized

gain

(loss)

9,434,743

32,825,548

2,467,913

4,487,674

Net

change

unrealized

appreciation

(depreciation)

3,103,534

10,022,085

2,896,529

5,245,762

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

14,805,073

45,719,235

6,892,531

11,177,925

DISTRIBUTIONS

SHAREHOLDERS

Distributable

earnings

(

2,280,063

)

(

2,905,706

)

(

1,456,393

)

(

1,713,324

)

Total

distributions

(

2,280,063

)

(

2,905,706

)

(

1,456,393

)

(

1,713,324

)

CAPITAL

TRANSACTIONS

(1)

Proceeds

from

issued

51,551,403

26,310,486

16,481,581

2,669,712

Cost

redeemed

(

50,637,003

)

(

123,176,994

)

(

8,711,764

)

(

31,420,365

)

Net

Increase

(Decrease)

from

Capital

Transactions

914,400

(

96,866,508

)

7,769,817

(

28,750,653

)

Total

Increase

(Decrease)

Net

Assets

13,439,410

(

54,052,979

)

13,205,955

(

19,286,052

)

NET

ASSETS

Beginning

Period

130,951,641

185,004,620

46,977,299

66,263,351

End

Period

144,391,051

130,951,641

60,183,254

46,977,299

TRANSACTIONS

Beginning

period

2,000,001

3,600,001

1,700,001

2,800,001

issued

—

100,000

—

issued

in-kind

775,000

425,000

450,000

100,000

redeemed

—

redeemed

in-kind

(

750,000

)

(

2,025,000

)

(

300,000

)

(

1,200,000

)

Outstanding,

End

Period

2,025,001

2,000,001

1,950,001

1,700,001

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Statements

Changes

Net

Assets

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

OPERATIONS

Net

investment

income

(loss)

383,328

392,947

22,138,100

22,653,818

Net

realized

gain

(loss)

133,002

273,657

89,611,303

110,294,683

Net

change

unrealized

appreciation

(depreciation)

1,786,462

2,434,527

177,452,998

337,528,208

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

2,302,792

3,101,131

289,202,401

470,476,709

DISTRIBUTIONS

SHAREHOLDERS

Distributable

earnings

(

505,420

)

(

177,236

)

(

21,409,339

)

(

22,568,102

)

Total

distributions

(

505,420

)

(

177,236

)

(

21,409,339

)

(

22,568,102

)

CAPITAL

TRANSACTIONS

(1)

Proceeds

from

issued

—

6,915,656

43,502,985

70,642,289

Cost

redeemed

—

(

9,658,453

)

(

153,821,759

)

(

164,722,616

)

Net

Increase

(Decrease)

from

Capital

Transactions

—

(

2,742,797

)

(

110,318,774

)

(

94,080,327

)

Total

Increase

(Decrease)

Net

Assets

1,797,372

181,098

157,474,288

353,828,280

NET

ASSETS

Beginning

Period

13,160,944

12,979,846

1,689,839,341

1,336,011,061

End

Period

14,958,316

13,160,944

1,847,313,629

1,689,839,341

TRANSACTIONS

Beginning

period

500,001

600,001

8,000,001

8,500,001

issued

—

issued

in-kind

—

300,000

200,000

350,000

redeemed

—

redeemed

in-kind

—

(

400,000

)

(

700,000

)

(

850,000

)

Outstanding,

End

Period

500,001

7,500,001

8,000,001

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Statements

Changes

Net

Assets

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

OPERATIONS

Net

investment

income

(loss)

15,039,706

14,569,751

7,503,404

6,664,069

Net

realized

gain

(loss)

20,012,171

21,781,749

(

4,427,054

)

3,717,313

Net

change

unrealized

appreciation

(depreciation)

92,853,440

69,242,436

53,469,280

40,328,900

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

127,905,317

105,593,936

56,545,630

50,710,282

DISTRIBUTIONS

SHAREHOLDERS

Distributable

earnings

(

18,109,933

)

(

17,837,359

)

(

11,105,735

)

(

7,167,368

)

Total

distributions

(

18,109,933

)

(

17,837,359

)

(

11,105,735

)

(

7,167,368

)

CAPITAL

TRANSACTIONS

(1)

Proceeds

from

issued

16,574,948

—

24,499,755

Cost

redeemed

(

13,963,392

)

(

100,297,371

)

(

27,979,893

)

(

10,068,658

)

Net

Increase

(Decrease)

from

Capital

Transactions

2,611,556

(

100,297,371

)

(

27,979,893

)

14,431,097

Total

Increase

(Decrease)

Net

Assets

112,406,940

(

12,540,794

)

17,460,002

57,974,011

NET

ASSETS

Beginning

Period

456,698,031

469,238,825

276,697,536

218,723,525

End

Period

569,104,971

456,698,031

294,157,538

276,697,536

TRANSACTIONS

Beginning

period

6,400,001

7,800,001

5,000,001

4,700,001

issued

—

issued

in-kind

200,000

—

500,000

redeemed

—

redeemed

in-kind

(

200,000

)

(

1,400,000

)

(

500,000

)

(

200,000

)

Outstanding,

End

Period

6,400,001

4,500,001

5,000,001

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Statements

Changes

Net

Assets

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Quality

Large

Cap

Index

Fund

FlexShares

STOXX

ESG

Select

Index

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

OPERATIONS

Net

investment

income

(loss)

5,118,678

2,591,811

1,414,527

2,174,114

Net

realized

gain

(loss)

13,022,070

12,242,260

19,210,368

28,747,850

Net

change

unrealized

appreciation

(depreciation)

100,506,747

48,883,779

2,080,617

18,945,125

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

118,647,495

63,717,850

22,705,512

49,867,089

DISTRIBUTIONS

SHAREHOLDERS

Distributable

earnings

(

4,719,430

)

(

2,312,763

)

(

1,483,063

)

(

2,244,471

)

Total

distributions

(

4,719,430

)

(

2,312,763

)

(

1,483,063

)

(

2,244,471

)

CAPITAL

TRANSACTIONS

(1)

Proceeds

from

issued

293,383,939

167,768,433

28,498,668

29,330,291

Cost

redeemed

(

47,657,482

)

(

45,284,541

)

(

73,790,837

)

(

90,655,132

)

Net

Increase

(Decrease)

from

Capital

Transactions

245,726,457

122,483,892

(

45,292,169

)

(

61,324,841

)

Total

Increase

(Decrease)

Net

Assets

359,654,522

183,888,979

(

24,069,720

)

(

13,702,223

)

NET

ASSETS

Beginning

Period

330,694,871

146,805,892

153,222,525

166,924,748

End

Period

690,349,393

330,694,871

129,152,805

153,222,525

TRANSACTIONS

Beginning

period

5,125,001

3,150,001

1,150,001

1,625,001

issued

—

issued

in-kind

4,225,000

2,725,000

200,000

250,000

redeemed

—

redeemed

in-kind

(

700,000

)

(

750,000

)

(

525,000

)

(

725,000

)

Outstanding,

End

Period

8,650,001

5,125,001

825,001

1,150,001

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Statements

Changes

Net

Assets

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

STOXX

Global

ESG

Select

Index

Fund

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

OPERATIONS

Net

investment

income

(loss)

1,417,224

2,753,512

881,032

687,502

Net

realized

gain

(loss)

26,571,091

29,026,371

5,710,059

2,352,684

Net

change

unrealized

appreciation

(depreciation)

(

8,229,235

)

11,439,237

5,072,999

11,169,595

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

19,759,080

43,219,120

11,664,090

14,209,781

DISTRIBUTIONS

SHAREHOLDERS

Distributable

earnings

(

1,672,273

)

(

3,017,204

)

(

873,848

)

(

672,843

)

Total

distributions

(

1,672,273

)

(

3,017,204

)

(

873,848

)

(

672,843

)

CAPITAL

TRANSACTIONS

(1)

Proceeds

from

issued

18,179,087

8,071,815

28,665,444

28,210,147

Cost

redeemed

(

73,532,009

)

(

62,156,283

)

(

24,518,221

)

(

10,281,256

)

Net

Increase

(Decrease)

from

Capital

Transactions

(

55,352,922

)

(

54,084,468

)

4,147,223

17,928,891

Total

Increase

(Decrease)

Net

Assets

(

37,266,115

)

(

13,882,552

)

14,937,465

31,465,829

NET

ASSETS

Beginning

Period

137,933,068

151,815,620

68,361,715

36,895,886

End

Period

100,666,953

137,933,068

83,299,180

68,361,715

TRANSACTIONS

Beginning

period

825,001

1,150,001

1,075,000

775,000

issued

25,000

—

issued

in-kind

75,000

50,000

425,000

475,000

redeemed

—

redeemed

in-kind

(

425,000

)

(

375,000

)

(

375,000

)

(

175,000

)

Outstanding,

End

Period

500,001

825,001

1,125,000

1,075,000

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Statements

Changes

Net

Assets

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

OPERATIONS

Net

investment

income

(loss)

1,604,357

1,447,299

155,356,379

184,931,950

Net

realized

gain

(loss)

1,973,725

(

56,109

)

13,542,504

301,524,279

Net

change

unrealized

appreciation

(depreciation)

5,743,851

8,280,692

373,747,923

(

33,787,940

)

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

9,321,933

9,671,882

542,646,806

452,668,289

DISTRIBUTIONS

SHAREHOLDERS

Distributable

earnings

(

1,577,844

)

(

1,430,345

)

(

162,483,723

)

(

212,052,958

)

Total

distributions

(

1,577,844

)

(

1,430,345

)

(

162,483,723

)

(

212,052,958

)

CAPITAL

TRANSACTIONS

(1)

Proceeds

from

issued

17,580,080

9,594,813

370,385,506

299,759,719

Cost

redeemed

(

10,010,441

)

—

(

1,134,649,561

)

(

1,806,982,481

)

Net

Increase

(Decrease)

from

Capital

Transactions

7,569,639

9,594,813

(

764,264,055

)

(

1,507,222,762

)

Total

Increase

(Decrease)

Net

Assets

15,313,728

17,836,350

(

384,100,972

)

(

1,266,607,431

)

NET

ASSETS

Beginning

Period

55,320,556

37,484,206

5,658,678,617

6,925,286,048

End

Period

70,634,284

55,320,556

5,274,577,645

5,658,678,617

TRANSACTIONS

Beginning

period

1,100,000

900,000

142,250,001

179,600,001

issued

—

issued

in-kind

325,000

200,000

8,850,000

7,250,000

redeemed

—

redeemed

in-kind

(

200,000

)

—

(

29,650,000

)

(

44,600,000

)

Outstanding,

End

Period

1,225,000

1,100,000

121,450,001

142,250,001

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Statements

Changes

Net

Assets

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

FlexShares

Global

Quality

Real

Estate

Index

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

OPERATIONS

Net

investment

income

(loss)

64,319,181

62,430,144

12,087,875

11,275,743

Net

realized

gain

(loss)

39,890,279

8,945,584

16,456,683

(

6,828,949

)

Net

change

unrealized

appreciation

(depreciation)

179,749,684

393,057,583

(

14,168,478

)

74,814,940

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

283,959,144

464,433,311

14,376,080

79,261,734

DISTRIBUTIONS

SHAREHOLDERS

Distributable

earnings

(

78,596,911

)

(

58,385,424

)

(

16,246,826

)

(

8,255,496

)

Total

distributions

(

78,596,911

)

(

58,385,424

)

(

16,246,826

)

(

8,255,496

)

CAPITAL

TRANSACTIONS

(1)

Proceeds

from

issued

584,157,186

194,360,935

40,366,962

78,683,364

Cost

redeemed

(

271,977,377

)

(

147,354,853

)

(

68,707,202

)

(

8,207,678

)

Net

Increase

(Decrease)

from

Capital

Transactions

312,179,809

47,006,082

(

28,340,240

)

70,475,686

Total

Increase

(Decrease)

Net

Assets

517,542,042

453,053,969

(

30,210,986

)

141,481,924

NET

ASSETS

Beginning

Period

2,478,235,432

2,025,181,463

386,155,255

244,673,331

End

Period

2,995,777,474

2,478,235,432

355,944,269

386,155,255

TRANSACTIONS

Beginning

period

43,000,001

42,400,001

6,450,001

5,200,001

issued

—

issued

in-kind

9,650,000

3,350,000

700,000

1,400,000

redeemed

—

redeemed

in-kind

(

4,850,000

)

(

2,750,000

)

(

1,150,000

)

(

150,000

)

Outstanding,

End

Period

47,800,001

43,000,001

6,000,001

6,450,001

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Statements

Changes

Net

Assets

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Quality

Dividend

Index

Fund

FlexShares

Quality

Dividend

Defensive

Index

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

OPERATIONS

Net

investment

income

(loss)

34,238,052

35,537,888

7,902,948

7,561,434

Net

realized

gain

(loss)

102,293,565

154,704,252

26,626,971

36,737,246

Net

change

unrealized

appreciation

(depreciation)

141,196,787

283,307,154

30,444,820

63,176,943

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

277,728,404

473,549,294

64,974,739

107,475,623

DISTRIBUTIONS

SHAREHOLDERS

Distributable

earnings

(

34,270,260

)

(

35,466,391

)

(

7,682,070

)

(

7,574,384

)

Total

distributions

(

34,270,260

)

(

35,466,391

)

(

7,682,070

)

(

7,574,384

)

CAPITAL

TRANSACTIONS

(1)

Proceeds

from

issued

505,520,246

487,284,188

110,322,330

83,216,409

Cost

redeemed

(

597,541,486

)

(

552,826,719

)

(

92,548,278

)

(

92,478,603

)

Net

Increase

(Decrease)

from

Capital

Transactions

(

92,021,240

)

(

65,542,531

)

17,774,052

(

9,262,194

)

Total

Increase

(Decrease)

Net

Assets

151,436,904

372,540,372

75,066,721

90,639,045

NET

ASSETS

Beginning

Period

1,850,813,188

1,478,272,816

403,870,143

313,231,098

End

Period

2,002,250,092

1,850,813,188

478,936,864

403,870,143

TRANSACTIONS

Beginning

period

26,217,921

27,167,921

5,725,001

5,875,001

issued

—

issued

in-kind

6,825,000

7,550,000

1,500,000

1,275,000

redeemed

—

redeemed

in-kind

(

8,100,000

)

(

8,500,000

)

(

1,250,000

)

(

1,425,000

)

Outstanding,

End

Period

24,942,921

26,217,921

5,975,001

5,725,001

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Statements

Changes

Net

Assets

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

International

Quality

Dividend

Index

Fund

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

OPERATIONS

Net

investment

income

(loss)

30,033,752

22,959,259

3,038,408

2,743,835

Net

realized

gain

(loss)

37,678,935

29,203,700

3,632,683

4,066,815

Net

change

unrealized

appreciation

(depreciation)

86,608,382

76,950,451

10,629,852

11,027,648

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

154,321,069

129,113,410

17,300,943

17,838,298

DISTRIBUTIONS

SHAREHOLDERS

Distributable

earnings

(

45,452,365

)

(

28,104,138

)

(

5,032,660

)

(

3,841,529

)

Total

distributions

(

45,452,365

)

(

28,104,138

)

(

5,032,660

)

(

3,841,529

)

CAPITAL

TRANSACTIONS

(1)

Proceeds

from

issued

147,812,968

45,411,482

12,297,964

—

Cost

redeemed

—

(

50,896,626

)

(

8,167,614

)

(

11,679,715

)

Net

Increase

(Decrease)

from

Capital

Transactions

147,812,968

(

5,485,144

)

4,130,350

(

11,679,715

)

Total

Increase

(Decrease)

Net

Assets

256,681,672

95,524,128

16,398,633

2,317,054

NET

ASSETS

Beginning

Period

594,400,042

498,875,914

68,030,762

65,713,708

End

Period

851,081,714

594,400,042

84,429,395

68,030,762

TRANSACTIONS

Beginning

period

23,800,001

24,100,001

2,300,001

2,700,001

issued

—

issued

in-kind

5,600,000

1,800,000

400,000

—

redeemed

—

redeemed

in-kind

—

(

2,100,000

)

(

300,000

)

(

400,000

)

Outstanding,

End

Period

29,400,001

23,800,001

2,400,001

2,300,001

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Statements

Changes

Net

Assets

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

OPERATIONS

Net

investment

income

(loss)

105,153,951

68,408,052

35,595,874

28,231,723

Net

realized

gain

(loss)

19,034,343

(

34,897,049

)

(

4,336,358

)

(

15,415,526

)

Net

change

unrealized

appreciation

(depreciation)

21,748,836

89,699,533

23,661,706

46,041,486

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

145,937,130

123,210,536

54,921,222

58,857,683

DISTRIBUTIONS

SHAREHOLDERS

Distributable

earnings

(

98,853,274

)

(

75,178,977

)

(

33,316,151

)

(

31,460,939

)

Total

distributions

(

98,853,274

)

(

75,178,977

)

(

33,316,151

)

(

31,460,939

)

CAPITAL

TRANSACTIONS

(1)

Proceeds

from

issued

1,067,078,645

76,578,550

260,357,478

142,395,252

Cost

redeemed

(

279,207,680

)

(

330,628,519

)

(

88,182,273

)

(

277,862,798

)

Net

Increase

(Decrease)

from

Capital

Transactions

787,870,965

(

254,049,969

)

172,175,205

(

135,467,546

)

Total

Increase

(Decrease)

Net

Assets

834,954,821

(

206,018,410

)

193,780,276

(

108,070,802

)

NET

ASSETS

Beginning

Period

1,721,904,827

1,927,923,237

703,479,600

811,550,402

End

Period

2,556,859,648

1,721,904,827

897,259,876

703,479,600

TRANSACTIONS

Beginning

period

72,404,000

83,204,000

29,800,001

35,650,001

issued

—

issued

in-kind

44,550,000

3,250,000

10,950,000

6,050,000

redeemed

—

redeemed

in-kind

(

11,500,000

)

(

14,050,000

)

(

3,700,000

)

(

11,900,000

)

Outstanding,

End

Period

105,454,000

72,404,000

37,050,001

29,800,001

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Statements

Changes

Net

Assets

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Disciplined

Duration

MBS

Index

Fund

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

OPERATIONS

Net

investment

income

(loss)

3,303,743

2,775,616

25,229,283

18,255,065

Net

realized

gain

(loss)

(

636,494

)

(

133,212

)

2,806,760

301,461

Net

change

unrealized

appreciation

(depreciation)

2,439,786

3,262,967

8,495,093

17,278,675

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

5,107,035

5,905,371

36,531,136

35,835,201

DISTRIBUTIONS

SHAREHOLDERS

Distributable

earnings

(

3,553,107

)

(

2,849,089

)

(

24,912,232

)

(

17,529,058

)

Total

distributions

(

3,553,107

)

(

2,849,089

)

(

24,912,232

)

(

17,529,058

)

CAPITAL

TRANSACTIONS

(1)

Proceeds

from

issued

9,298,109

24,810,390

275,006,087

244,936,059

Cost

redeemed

(

15,229,409

)

(

9,118,840

)

(

102,240,900

)

(

82,444,948

)

Net

Increase

(Decrease)

from

Capital

Transactions

(

5,931,300

)

15,691,550

172,765,187

162,491,111

Total

Increase

(Decrease)

Net

Assets

(

4,377,372

)

18,747,832

184,384,091

180,797,254

NET

ASSETS

Beginning

Period

93,171,871

74,424,039

455,346,993

274,549,739

End

Period

88,794,499

93,171,871

639,731,084

455,346,993

TRANSACTIONS

Beginning

period

4,550,001

3,800,001

9,450,001

6,050,001

issued

450,000

1,200,000

2,350,000

1,350,000

issued

in-kind

—

3,300,000

3,750,000

redeemed

(

750,000

)

(

450,000

)

—

redeemed

in-kind

—

(

2,100,000

)

(

1,700,000

)

Outstanding,

End

Period

4,250,001

4,550,001

13,000,001

9,450,001

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Statements

Changes

Net

Assets

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

FlexShares

High

Yield

Value-

Scored

Bond

Index

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

OPERATIONS

Net

investment

income

(loss)

2,231,063

1,969,879

99,324,586

118,418,866

Net

realized

gain

(loss)

(

1,518,949

)

(

1,686,921

)

6,650,576

581,371

Net

change

unrealized

appreciation

(depreciation)

968,743

5,656,873

(

15,166,401

)

79,237,994

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

1,680,857

5,939,831

90,808,761

198,238,231

DISTRIBUTIONS

SHAREHOLDERS

Distributable

earnings

(

2,237,013

)

(

1,908,246

)

(

102,484,469

)

(

118,779,804

)

Total

distributions

(

2,237,013

)

(

1,908,246

)

(

102,484,469

)

(

118,779,804

)

CAPITAL

TRANSACTIONS

(1)

Proceeds

from

issued

21,400,303

21,700,022

480,542,772

1,086,486,120

Cost

redeemed

(

20,849,411

)

(

6,566,715

)

(

705,806,618

)

(

920,830,500

)

Net

Increase

(Decrease)

from

Capital

Transactions

550,892

15,133,307

(

225,263,846

)

165,655,620

Total

Increase

(Decrease)

Net

Assets

(

5,264

)

19,164,892

(

236,939,554

)

245,114,047

NET

ASSETS

Beginning

Period

47,740,356

28,575,464

1,467,420,568

1,222,306,521

End

Period

47,735,092

47,740,356

1,230,481,014

1,467,420,568

TRANSACTIONS

Beginning

period

1,100,001

750,001

35,700,001

31,550,001

issued

250,000

150,000

550,000

12,450,000

issued

in-kind

250,000

350,000

11,200,000

14,350,000

redeemed

—

(

8,150,000

)

redeemed

in-kind

(

500,000

)

(

150,000

)

(

17,400,000

)

(

14,500,000

)

Outstanding,

End

Period

1,100,001

30,050,001

35,700,001

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Statements

Changes

Net

Assets

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

FlexShares

Ultra-Short

Income

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

OPERATIONS

Net

investment

income

(loss)

2,159,823

1,805,823

59,014,429

59,847,731

Net

realized

gain

(loss)

(

303,888

)

(

167,601

)

753,798

411,894

Net

change

unrealized

appreciation

(depreciation)

865,220

2,294,353

1,790,688

5,426,170

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

2,721,155

3,932,575

61,558,915

65,685,795

DISTRIBUTIONS

SHAREHOLDERS

Distributable

earnings

(

2,183,587

)

(

1,728,547

)

(

59,250,471

)

(

59,364,587

)

Total

distributions

(

2,183,587

)

(

1,728,547

)

(

59,250,471

)

(

59,364,587

)

CAPITAL

TRANSACTIONS

(1)

Proceeds

from

issued

6,166,558

18,407,586

346,482,170

259,744,290

Cost

redeemed

(

10,295,153

)

—

(

134,128,573

)

(

191,309,820

)

Net

Increase

(Decrease)

from

Capital

Transactions

(

4,128,595

)

18,407,586

212,353,597

68,434,470

Total

Increase

(Decrease)

Net

Assets

(

3,591,027

)

20,611,614

214,662,041

74,755,678

NET

ASSETS

Beginning

Period

45,283,761

24,672,147

1,151,144,756

1,076,389,078

End

Period

41,692,734

45,283,761

1,365,806,797

1,151,144,756

TRANSACTIONS

Beginning

period

1,100,000

650,000

15,240,001

14,330,001

issued

—

350,000

2,980,000

3,440,000

issued

in-kind

150,000

100,000

1,620,000

10,000

redeemed

—

(

1,030,000

)

(

2,520,000

)

redeemed

in-kind

(

250,000

)

—

(

750,000

)

(

20,000

)

Outstanding,

End

Period

1,000,000

1,100,000

18,060,001

15,240,001

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Statements

Changes

Net

Assets

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Core

Select

Bond

Fund

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

OPERATIONS

Net

investment

income

(loss)

5,953,298

6,328,571

Net

realized

gain

(loss)

454,151

(

2,460,751

)

Net

change

unrealized

appreciation

(depreciation)

1,889,754

13,795,260

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

8,297,203

17,663,080

DISTRIBUTIONS

SHAREHOLDERS

Distributable

earnings

(

5,920,882

)

(

6,336,750

)

Total

distributions

(

5,920,882

)

(

6,336,750

)

CAPITAL

TRANSACTIONS

(1)

Proceeds

from

issued

16,589,273

10,577,124

Cost

redeemed

(

40,627,820

)

(

37,759,017

)

Net

Increase

(Decrease)

from

Capital

Transactions

(

24,038,547

)

(

27,181,893

)

Total

Increase

(Decrease)

Net

Assets

(

21,662,226

)

(

15,855,563

)

NET

ASSETS

Beginning

Period

166,575,300

182,430,863

End

Period

144,913,074

166,575,300

TRANSACTIONS

Beginning

period

7,525,001

8,775,001

issued

—

issued

in-kind

750,000

475,000

redeemed

—

redeemed

in-kind

(

1,850,000

)

(

1,725,000

)

Outstanding,

End

Period

6,425,001

7,525,001

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Trust

Financial

Highlights

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Quality

Low

Volatility

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

65.48

51.39

50.02

54.60

40.93

PER

Investment

Operations

Net

Investment

Income

(a)

1.13

1.06

0.88

0.82

0.57

Net

Realized

and

Unrealized

Gain

(Loss)

5.84

14.09

1.40

(

4.70

)

13.69

Total

from

Operations

6.97

15.15

2.28

(

3.88

)

14.26

Distributions

Net

Investment

Income

(

1.15

)

(

1.06

)

(

0.91

)

(

0.70

)

(

0.59

)

Total

from

Distributions

(

1.15

)

(

1.06

)

(

0.91

)

(

0.70

)

(

0.59

)

Net

Asset

Value,

end

period

71.30

65.48

51.39

50.02

54.60

Total

Return

Net

Asset

Value

(d)

.76

.66

.56

(

.12

)

.05

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.10

.19

.23

Expenses

net

reimbursements

.10

.18

.22

Net

Investment

Income

Before

Reimbursements

.67

.76

.70

.58

.17

Net

Investment

Income

Net

Reimbursements

.68

.76

.70

.58

.17

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

144,391

130,952

185,005

162,569

161,074

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

27.63

23.67

22.09

27.92

23.48

PER

Investment

Operations

Net

Investment

Income

(a)

0.87

0.71

0.73

0.66

0.73

Net

Realized

and

Unrealized

Gain

(Loss)

3.18

4.10

1.55

(

5.71

)

4.43

Total

from

Operations

4.05

4.81

2.28

(

5.05

)

5.16

Distributions

Net

Investment

Income

(

0.82

)

(

0.85

)

(

0.70

)

(

0.78

)

(

0.72

)

Total

from

Distributions

(

0.82

)

(

0.85

)

(

0.70

)

(

0.78

)

(

0.72

)

Net

Asset

Value,

end

period

30.86

27.63

23.67

22.09

27.92

Total

Return

Net

Asset

Value

(d)

.84

.56

.16

(

.36

)

.05

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.18

.34

.33

Expenses

net

reimbursements

.15

.32

Net

Investment

Income

Before

Reimbursements

.91

.66

.94

.60

.68

Net

Investment

Income

Net

Reimbursements

.95

.67

.94

.60

.68

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

60,183

46,977

66,263

61,852

75,371

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

26.32

21.63

20.53

26.41

23.95

PER

Investment

Operations

Net

Investment

Income

(a)

0.77

0.66

0.76

0.67

0.69

Net

Realized

and

Unrealized

Gain

(Loss)

3.84

4.37

1.02

(

5.82

)

2.22

Total

from

Operations

4.61

5.03

1.78

(

5.15

)

2.91

Distributions

Net

Investment

Income

(

1.01

)

(

0.34

)

(

0.68

)

(

0.69

)

(

0.45

)

Tax

Return

Capital

—

(

0.04

)

—

Total

from

Distributions

(

1.01

)

(

0.34

)

(

0.68

)

(

0.73

)

(

0.45

)

Net

Asset

Value,

end

period

29.92

26.32

21.63

20.53

26.41

Total

Return

Net

Asset

Value

(d)

.14

.35

.52

(

.77

)

.09

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.22

.41

Expenses

net

reimbursements

.21

.40

Net

Investment

Income

Before

Reimbursements

.86

.70

.35

.75

.57

Net

Investment

Income

Net

Reimbursements

.87

.70

.35

.75

.58

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

14,958

13,161

12,980

8,214

15,844

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

211.23

157.18

151.07

178.97

121.11

PER

Investment

Operations

Net

Investment

Income

(a)

2.85

2.77

2.53

2.39

2.08

Net

Realized

and

Unrealized

Gain

(Loss)

34.99

54.05

6.03

(

27.93

)

57.80

Total

from

Operations

37.84

56.82

8.56

(

25.54

)

59.88

Distributions

Net

Investment

Income

(

2.76

)

(

2.77

)

(

2.45

)

(

2.36

)

(

2.02

)

Total

from

Distributions

(

2.76

)

(

2.77

)

(

2.45

)

(

2.36

)

(

2.02

)

Net

Asset

Value,

end

period

246.31

211.23

157.18

151.07

178.97

Total

Return

Net

Asset

Value

(d)

.07

.32

.67

(

.33

)

.68

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.26

Expenses

net

reimbursements

.25

Net

Investment

Income

Before

Reimbursements

.28

.42

.58

.47

.28

Net

Investment

Income

Net

Reimbursements

.29

.43

.58

.47

.29

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

1,847,314

1,689,839

1,336,011

1,397,408

1,727,019

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

71.36

60.16

54.48

73.71

54.24

PER

Investment

Operations

Net

Investment

Income

(a)

2.39

2.04

1.93

1.94

1.71

Net

Realized

and

Unrealized

Gain

(Loss)

18.04

11.68

5.37

(

18.44

)

19.27

Total

from

Operations

20.43

13.72

7.30

(

16.50

)

20.98

Distributions

Net

Investment

Income

(

2.87

)

(

2.52

)

(

1.62

)

(

2.61

)

(

1.51

)

Tax

Return

Capital

—

(

0.12

)

—

Total

from

Distributions

(

2.87

)

(

2.52

)

(

1.62

)

(

2.73

)

(

1.51

)

Net

Asset

Value,

end

period

88.92

71.36

60.16

54.48

73.71

Total

Return

Net

Asset

Value

(d)

.37

.99

.21

(

.83

)

.79

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.41

.40

Expenses

net

reimbursements

.39

Net

Investment

Income

Before

Reimbursements

.03

.91

.04

.02

.42

Net

Investment

Income

Net

Reimbursements

.04

.92

.04

.02

.42

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

569,105

456,698

469,239

446,754

648,638

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

55.34

46.54

42.22

60.79

48.05

PER

Investment

Operations

Net

Investment

Income

(a)

1.61

1.33

1.45

1.86

1.51

Net

Realized

and

Unrealized

Gain

(Loss)

10.80

8.95

4.36

(

18.06

)

12.40

Total

from

Operations

12.41

10.28

5.81

(

16.20

)

13.91

Distributions

Net

Investment

Income

(

2.38

)

(

1.48

)

(

1.49

)

(

2.37

)

(

1.17

)

Total

from

Distributions

(

2.38

)

(

1.48

)

(

1.49

)

(

2.37

)

(

1.17

)

Net

Asset

Value,

end

period

65.37

55.34

46.54

42.22

60.79

Total

Return

Net

Asset

Value

(d)

.35

.41

(g)

.63

(g)

(

.32

)

.95

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.58

.61

.60

Expenses

net

reimbursements

.57

.59

Net

Investment

Income

Before

Reimbursements

.85

.54

.95

.49

.46

Net

Investment

Income

Net

Reimbursements

.85

.55

.97

.49

.47

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

294,158

276,698

218,724

206,889

334,372

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Quality

Large

Cap

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

64.53

46.61

43.17

50.25

35.48

PER

Investment

Operations

Net

Investment

Income

(a)

0.79

0.72

0.67

0.61

0.50

Net

Realized

and

Unrealized

Gain

(Loss)

15.23

17.83

3.43

(

7.11

)

14.76

Total

from

Operations

16.02

18.55

4.10

(

6.50

)

15.26

Distributions

Net

Investment

Income

(

0.74

)

(

0.63

)

(

0.66

)

(

0.58

)

(

0.49

)

Total

from

Distributions

(

0.74

)

(

0.63

)

(

0.66

)

(

0.58

)

(

0.49

)

Net

Asset

Value,

end

period

79.81

64.53

46.61

43.17

50.25

Total

Return

Net

Asset

Value

(d)

.00

.96

.54

(

.98

)

.21

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.26

.30

.33

Expenses

net

reimbursements

.25

.30

.32

Net

Investment

Income

Before

Reimbursements

.12

.22

.44

.31

.11

Net

Investment

Income

Net

Reimbursements

.13

.22

.44

.31

.11

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

690,349

330,695

146,806

127,350

144,475

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

STOXX

ESG

Select

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

133.24

102.72

92.96

112.73

79.16

PER

Investment

Operations

Net

Investment

Income

(a)

1.55

1.46

1.32

1.22

1.26

Net

Realized

and

Unrealized

Gain

(Loss)

23.32

30.57

9.71

(

19.75

)

33.50

Total

from

Operations

24.87

32.03

11.03

(

18.53

)

34.76

Distributions

Net

Investment

Income

(

1.56

)

(

1.51

)

(

1.27

)

(

1.24

)

(

1.19

)

Total

from

Distributions

(

1.56

)

(

1.51

)

(

1.27

)

(

1.24

)

(

1.19

)

Net

Asset

Value,

end

period

156.55

133.24

102.72

92.96

112.73

Total

Return

Net

Asset

Value

(d)

.79

.28

.91

(

.51

)

.15

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.33

Expenses

net

reimbursements

.32

Net

Investment

Income

Before

Reimbursements

.08

.17

.30

.20

.25

Net

Investment

Income

Net

Reimbursements

.08

.18

.30

.20

.26

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

129,153

153,223

166,925

171,980

191,643

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

STOXX

Global

ESG

Select

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

167.19

132.01

117.54

148.57

106.02

PER

Investment

Operations

Net

Investment

Income

(a)

2.57

2.42

2.24

2.03

Net

Realized

and

Unrealized

Gain

(Loss)

34.58

35.41

14.27

(

30.82

)

42.38

Total

from

Operations

37.15

37.98

16.69

(

28.58

)

44.41

Distributions

Net

Investment

Income

(

3.01

)

(

2.80

)

(

2.22

)

(

2.45

)

(

1.86

)

Total

from

Distributions

(

3.01

)

(

2.80

)

(

2.22

)

(

2.45

)

(

1.86

)

Net

Asset

Value,

end

period

201.33

167.19

132.01

117.54

148.57

Total

Return

Net

Asset

Value

(d)

.47

.88

.17

(

.35

)

.10

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.45

.44

.43

Expenses

net

reimbursements

.42

Net

Investment

Income

Before

Reimbursements

.41

.60

.82

.69

.50

Net

Investment

Income

Net

Reimbursements

.43

.62

.83

.69

.51

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

100,667

137,933

151,816

146,925

185,717

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

* Commencement

investment

operations.

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

Year

ended

October

31,

For

the

period

09/20/21*

through

10/31/21

2025

2024

2023

2022

Net

asset

value,

beginning

period

63.59

47.61

44.21

53.39

50.00

PER

Investment

Operations

Net

Investment

Income

(a)

0.83

0.77

0.70

0.06

Net

Realized

and

Unrealized

Gain

(Loss)

10.45

15.96

3.35

(

9.25

)

3.33

Total

from

Operations

11.28

16.73

4.12

(

8.55

)

3.39

Distributions

Net

Investment

Income

(

0.83

)

(

0.75

)

(

0.72

)

(

0.62

)

—

From

Net

Realized

Gains

—

(

0.01

)

—

Total

from

Distributions

(

0.83

)

(

0.75

)

(

0.72

)

(

0.63

)

—

Net

Asset

Value,

end

period

74.04

63.59

47.61

44.21

53.39

Total

Return

(b)

Net

Asset

Value

(d)

.89

.29

.33

(

.09

)

.78

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

(c)

Expenses

.10

.09

Expenses

net

reimbursements

.09

Net

Investment

Income

Before

Reimbursements

.24

.30

.61

.53

.96

Net

Investment

Income

Net

Reimbursements

.24

.30

.61

.53

.96

Supplemental

Data

Portfolio

Turnover

Rate

(b)(e)

—

(f)

Net

assets,

end

period

(thousands)

83,299

68,362

36,896

22,103

2,669

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

* Commencement

investment

operations.

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

Year

ended

October

31,

For

the

period

09/20/21*

through

10/31/21

2025

2024

2023

2022

Net

asset

value,

beginning

period

50.29

41.65

38.15

51.19

50.00

PER

Investment

Operations

Net

Investment

Income

(a)

1.51

1.40

1.38

1.44

0.16

Net

Realized

and

Unrealized

Gain

(Loss)

7.37

8.61

3.31

(

13.28

)

1.03

Total

from

Operations

8.88

10.01

4.69

(

11.84

)

1.19

Distributions

Net

Investment

Income

(

1.51

)

(

1.37

)

(

1.19

)

(

1.20

)

—

Total

from

Distributions

(

1.51

)

(

1.37

)

(

1.19

)

(

1.20

)

—

Net

Asset

Value,

end

period

57.66

50.29

41.65

38.15

51.19

Total

Return

(b)

Net

Asset

Value

(d)

.97

.12

.08

(

.36

)

.38

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

(c)

Expenses

.16

.14

.13

.12

Expenses

net

reimbursements

.12

Net

Investment

Income

Before

Reimbursements

.83

.84

.09

.35

.72

Net

Investment

Income

Net

Reimbursements

.86

.85

.09

.35

.72

Supplemental

Data

Portfolio

Turnover

Rate

(b)(e)

—

(f)

Net

assets,

end

period

(thousands)

70,634

55,321

37,484

17,169

5,119

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

39.78

38.56

41.35

38.66

26.71

PER

Investment

Operations

Net

Investment

Income

(a)

1.23

1.19

1.46

1.88

1.44

Net

Realized

and

Unrealized

Gain

(Loss)

3.71

1.40

(

3.01

)

2.76

11.72

Total

from

Operations

4.94

2.59

(

1.55

)

4.64

13.16

Distributions

Net

Investment

Income

(

1.29

)

(

1.37

)

(

1.24

)

(

1.95

)

(

1.21

)

Total

from

Distributions

(

1.29

)

(

1.37

)

(

1.24

)

(

1.95

)

(

1.21

)

Net

Asset

Value,

end

period

43.43

39.78

38.56

41.35

38.66

Total

Return

Net

Asset

Value

(d)

.77

.73

(i)

(

.92

)

.20

.70

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.47

Expenses

net

reimbursements

.46

Net

Investment

Income

Before

Reimbursements

.09

.94

.48

.95

Net

Investment

Income

Net

Reimbursements

.10

.95

.48

.95

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

5,274,578

5,658,679

6,925,286

6,834,852

6,052,710

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

57.63

47.76

48.32

57.73

48.10

PER

Investment

Operations

Net

Investment

Income

(a)

1.47

1.50

1.40

1.35

1.38

Net

Realized

and

Unrealized

Gain

(Loss)

5.35

9.78

(

0.73

)

(

9.27

)

9.57

Total

from

Operations

6.82

11.28

0.67

(

7.92

)

10.95

Distributions

Net

Investment

Income

(

1.78

)

(

1.41

)

(

1.23

)

(

1.49

)

(

1.32

)

Total

from

Distributions

(

1.78

)

(

1.41

)

(

1.23

)

(

1.49

)

(

1.32

)

Net

Asset

Value,

end

period

62.67

57.63

47.76

48.32

57.73

Total

Return

Net

Asset

Value

(d)

.16

.82

(j)

.24

(

.92

)

.85

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.48

Expenses

net

reimbursements

.47

Net

Investment

Income

Before

Reimbursements

.47

.75

.74

.51

.45

Net

Investment

Income

Net

Reimbursements

.48

.75

.74

.51

.45

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

2,995,777

2,478,235

2,025,181

2,500,518

2,643,906

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Global

Quality

Real

Estate

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

59.87

47.05

52.12

70.35

50.88

PER

Investment

Operations

Net

Investment

Income

(a)

1.80

1.97

1.50

1.67

1.38

Net

Realized

and

Unrealized

Gain

(Loss)

0.12

12.26

(

5.09

)

(

17.88

)

19.13

Total

from

Operations

1.92

14.23

(

3.59

)

(

16.21

)

20.51

Distributions

Net

Investment

Income

(

2.47

)

(

1.41

)

(

1.48

)

(

1.99

)

(

1.04

)

Tax

Return

Capital

—

(

0.03

)

—

Total

from

Distributions

(

2.47

)

(

1.41

)

(

1.48

)

(

2.02

)

(

1.04

)

Net

Asset

Value,

end

period

59.32

59.87

47.05

52.12

70.35

Total

Return

Net

Asset

Value

(d)

.37

.44

(

.16

)

(

.51

)

.58

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.46

Expenses

net

reimbursements

.45

Net

Investment

Income

Before

Reimbursements

.05

.50

.83

.63

.16

Net

Investment

Income

Net

Reimbursements

.06

.51

.83

.63

.17

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

355,944

386,155

244,673

328,381

418,597

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Quality

Dividend

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

70.59

54.41

52.28

58.35

43.40

PER

Investment

Operations

Net

Investment

Income

(a)

1.34

1.33

1.36

1.25

1.16

Net

Realized

and

Unrealized

Gain

(Loss)

9.68

16.18

2.05

(

6.05

)

14.89

Total

from

Operations

11.02

17.51

3.41

(

4.80

)

16.05

Distributions

Net

Investment

Income

(

1.34

)

(

1.33

)

(

1.28

)

(

1.27

)

(

1.10

)

Total

from

Distributions

(

1.34

)

(

1.33

)

(

1.28

)

(

1.27

)

(

1.10

)

Net

Asset

Value,

end

period

80.27

70.59

54.41

52.28

58.35

Total

Return

Net

Asset

Value

(d)

.84

.40

.52

(

.29

)

.27

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.38

Expenses

net

reimbursements

.37

Net

Investment

Income

Before

Reimbursements

.84

.04

.45

.24

.16

Net

Investment

Income

Net

Reimbursements

.84

.05

.45

.24

.16

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

2,002,250

1,850,813

1,478,273

1,522,730

1,642,545

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Quality

Dividend

Defensive

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

70.54

53.32

50.61

56.01

42.61

PER

Investment

Operations

Net

Investment

Income

(a)

1.35

1.32

1.29

1.16

1.09

Net

Realized

and

Unrealized

Gain

(Loss)

9.58

17.22

2.66

(

5.35

)

13.39

Total

from

Operations

10.93

18.54

3.95

(

4.19

)

14.48

Distributions

Net

Investment

Income

(

1.31

)

(

1.32

)

(

1.24

)

(

1.21

)

(

1.08

)

Total

from

Distributions

(

1.31

)

(

1.32

)

(

1.24

)

(

1.21

)

(

1.08

)

Net

Asset

Value,

end

period

80.16

70.54

53.32

50.61

56.01

Total

Return

Net

Asset

Value

(d)

.69

.07

.82

(

.53

)

.28

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.38

Expenses

net

reimbursements

.37

Net

Investment

Income

Before

Reimbursements

.84

.05

.39

.16

.10

Net

Investment

Income

Net

Reimbursements

.84

.06

.40

.16

.11

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

478,937

403,870

313,231

345,444

448,058

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

International

Quality

Dividend

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

24.97

20.70

18.47

25.77

20.15

PER

Investment

Operations

Net

Investment

Income

(a)

1.15

0.98

1.12

1.15

0.97

Net

Realized

and

Unrealized

Gain

(Loss)

4.60

4.48

2.14

(

7.23

)

5.55

Total

from

Operations

5.75

5.46

3.26

(

6.08

)

6.52

Distributions

Net

Investment

Income

(

1.77

)

(

1.19

)

(

1.03

)

(

1.22

)

(

0.90

)

Total

from

Distributions

(

1.77

)

(

1.19

)

(

1.03

)

(

1.22

)

(

0.90

)

Net

Asset

Value,

end

period

28.95

24.97

20.70

18.47

25.77

Total

Return

Net

Asset

Value

(d)

.44

.73

.45

(

.11

)

.42

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.49

.48

Expenses

net

reimbursements

.47

Net

Investment

Income

Before

Reimbursements

.38

.01

.13

.11

.80

Net

Investment

Income

Net

Reimbursements

.39

.03

.14

.11

.81

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

851,082

594,400

498,876

432,097

616,007

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

29.58

24.34

21.31

30.39

22.38

PER

Investment

Operations

Net

Investment

Income

(a)

1.33

1.09

1.28

1.45

1.28

Net

Realized

and

Unrealized

Gain

(Loss)

6.44

5.68

2.91

(

9.01

)

7.63

Total

from

Operations

7.77

6.77

4.19

(

7.56

)

8.91

Distributions

Net

Investment

Income

(

2.17

)

(

1.53

)

(

1.16

)

(

1.52

)

(

0.90

)

Total

from

Distributions

(

2.17

)

(

1.53

)

(

1.16

)

(

1.52

)

(

0.90

)

Net

Asset

Value,

end

period

35.18

29.58

24.34

21.31

30.39

Total

Return

Net

Asset

Value

(d)

.01

.20

.39

(

.48

)

.87

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.51

.48

Expenses

net

reimbursements

.47

Net

Investment

Income

Before

Reimbursements

.28

.77

.96

.49

.24

Net

Investment

Income

Net

Reimbursements

.31

.80

.96

.49

.25

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

84,429

68,031

65,714

61,788

75,975

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

23.78

23.17

23.58

26.38

25.73

PER

Investment

Operations

Net

Investment

Income

(a)

1.07

0.90

0.96

1.72

1.09

Net

Realized

and

Unrealized

Gain

(Loss)

0.39

0.69

(

0.52

)

(

2.83

)

0.68

Total

from

Operations

1.46

1.59

0.44

(

1.11

)

1.77

Distributions

Net

Investment

Income

(

0.99

)

(

0.98

)

(

0.85

)

(

1.66

)

(

1.12

)

Tax

Return

Capital

—

(

0.03

)

—

Total

from

Distributions

(

0.99

)

(

0.98

)

(

0.85

)

(

1.69

)

(

1.12

)

Net

Asset

Value,

end

period

24.25

23.78

23.17

23.58

26.38

Total

Return

Net

Asset

Value

(d)

.26

.02

.84

(

.44

)

.95

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.19

Expenses

net

reimbursements

.18

Net

Investment

Income

Before

Reimbursements

.45

.80

.08

.82

.14

Net

Investment

Income

Net

Reimbursements

.45

.81

.08

.83

.15

Supplemental

Data

Portfolio

Turnover

Rate

(e)

116

Net

assets,

end

period

(thousands)

2,556,860

1,721,905

1,927,923

2,157,939

1,437,584

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

23.61

22.76

23.63

28.02

27.34

PER

Investment

Operations

Net

Investment

Income

(a)

1.06

0.89

1.01

1.83

1.16

Net

Realized

and

Unrealized

Gain

(Loss)

0.54

0.94

(

1.01

)

(

4.35

)

0.70

Total

from

Operations

1.60

1.83

0.00

(

2.52

)

1.86

Distributions

Net

Investment

Income

(

0.99

)

(

0.98

)

(

0.87

)

(

1.84

)

(

1.18

)

Tax

Return

Capital

—

(

0.03

)

—

Total

from

Distributions

(

0.99

)

(

0.98

)

(

0.87

)

(

1.87

)

(

1.18

)

Net

Asset

Value,

end

period

24.22

23.61

22.76

23.63

28.02

Total

Return

Net

Asset

Value

(d)

.89

.20

(

.11

)

(

.46

)

.88

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.19

Expenses

net

reimbursements

.18

Net

Investment

Income

Before

Reimbursements

.43

.77

.26

.98

.17

Net

Investment

Income

Net

Reimbursements

.43

.77

.27

.98

.17

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

897,260

703,480

811,550

643,886

714,479

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Disciplined

Duration

MBS

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

20.48

19.59

20.04

23.42

24.10

PER

Investment

Operations

Net

Investment

Income

(a)

0.79

0.72

0.55

0.26

0.09

Net

Realized

and

Unrealized

Gain

(Loss)

0.45

0.91

(

0.34

)

(

3.07

)

(

0.16

)

Total

from

Operations

1.24

1.63

0.21

(

2.81

)

(

0.07

)

Distributions

Net

Investment

Income

(

0.83

)

(

0.74

)

(

0.66

)

(

0.57

)

(

0.61

)

Total

from

Distributions

(

0.83

)

(

0.74

)

(

0.66

)

(

0.57

)

(

0.61

)

Net

Asset

Value,

end

period

20.89

20.48

19.59

20.04

23.42

Total

Return

Net

Asset

Value

(d)

.23

.43

.98

(

.16

)

(

.28

)

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.21

Expenses

net

reimbursements

.20

Net

Investment

Income

Before

Reimbursements

.82

.53

.70

.19

.35

Net

Investment

Income

Net

Reimbursements

.83

.54

.70

.19

.36

Supplemental

Data

Portfolio

Turnover

Rate

(e)

222

476

Net

assets,

end

period

(thousands)

88,794

93,172

74,424

97,189

111,243

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

48.18

45.38

45.26

53.52

54.70

PER

Investment

Operations

Net

Investment

Income

(a)

2.36

1.74

1.04

0.91

Net

Realized

and

Unrealized

Gain

(Loss)

1.01

2.74

0.05

(

7.83

)

(

0.51

)

Total

from

Operations

3.37

5.10

1.79

(

6.79

)

0.40

Distributions

Net

Investment

Income

(

2.34

)

(

2.30

)

(

1.67

)

(

1.06

)

(

0.96

)

From

Net

Realized

Gains

—

(

0.41

)

(

0.62

)

Total

from

Distributions

(

2.34

)

(

2.30

)

(

1.67

)

(

1.47

)

(

1.58

)

Net

Asset

Value,

end

period

49.21

48.18

45.38

45.26

53.52

Total

Return

Net

Asset

Value

(d)

.20

.44

.92

(

.91

)

.70

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.16

.17

.23

Expenses

net

reimbursements

.15

.16

.22

Net

Investment

Income

Before

Reimbursements

.88

.94

.74

.11

.68

Net

Investment

Income

Net

Reimbursements

.89

.95

.74

.11

.69

Supplemental

Data

Portfolio

Turnover

Rate

(e)

121

Net

assets,

end

period

(thousands)

639,731

455,347

274,550

242,139

315,740

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

43.40

38.10

39.44

60.85

61.81

PER

Investment

Operations

Net

Investment

Income

(a)

2.38

2.36

2.14

1.93

1.90

Net

Realized

and

Unrealized

Gain

(Loss)

—

5.24

(

1.33

)

(

20.48

)

1.22

Total

from

Operations

2.38

7.60

0.81

(

18.55

)

3.12

Distributions

Net

Investment

Income

(

2.38

)

(

2.30

)

(

2.15

)

(

1.92

)

(

1.88

)

From

Net

Realized

Gains

—

(

0.94

)

(

2.20

)

Total

from

Distributions

(

2.38

)

(

2.30

)

(

2.15

)

(

2.86

)

(

4.08

)

Net

Asset

Value,

end

period

43.40

38.10

39.44

60.85

Total

Return

Net

Asset

Value

(d)

.76

.16

(k)

.59

(k)

(

.58

)

.14

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.16

.17

.23

Expenses

net

reimbursements

.15

.16

.22

Net

Investment

Income

Before

Reimbursements

.61

.43

.01

.86

.13

Net

Investment

Income

Net

Reimbursements

.61

.43

.02

.86

.14

Supplemental

Data

Portfolio

Turnover

Rate

(e)

116

103

Net

assets,

end

period

(thousands)

47,735

47,740

28,575

35,498

60,855

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

41.10

38.74

40.09

49.58

46.25

PER

Investment

Operations

Net

Investment

Income

(a)

3.02

3.42

3.57

2.98

2.67

Net

Realized

and

Unrealized

Gain

(Loss)

(

0.07

)

2.40

(

1.40

)

(

9.24

)

3.42

Total

from

Operations

2.95

5.82

2.17

(

6.26

)

6.09

Distributions

Net

Investment

Income

(

3.10

)

(

3.46

)

(

3.52

)

(

2.86

)

(

2.76

)

From

Net

Realized

Gains

—

(

0.37

)

—

Total

from

Distributions

(

3.10

)

(

3.46

)

(

3.52

)

(

3.23

)

(

2.76

)

Net

Asset

Value,

end

period

40.95

41.10

38.74

40.09

49.58

Total

Return

Net

Asset

Value

(d)

.49

.55

(l)

.45

(l)

(

.06

)

.38

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.38

Expenses

net

reimbursements

.37

Net

Investment

Income

Before

Reimbursements

.41

.40

.90

.81

.40

Net

Investment

Income

Net

Reimbursements

.41

.91

.81

.40

Supplemental

Data

Portfolio

Turnover

Rate

(e)

100

118

167

146

128

Net

assets,

end

period

(thousands)

1,230,481

1,467,421

1,222,307

887,945

575,184

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

* Commencement

investment

operations.

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

Year

ended

October

31,

For

the

period

09/20/21*

through

10/31/21

2025

2024

2023

2022

Net

asset

value,

beginning

period

41.17

37.96

38.59

49.35

50.00

PER

Investment

Operations

Net

Investment

Income

(a)

1.97

1.91

1.61

1.07

0.10

Net

Realized

and

Unrealized

Gain

(Loss)

0.55

3.14

(

0.62

)

(

10.68

)

(

0.75

)

Total

from

Operations

2.52

5.05

0.99

(

9.61

)

(

0.65

)

Distributions

Net

Investment

Income

(

2.00

)

(

1.84

)

(

1.62

)

(

1.15

)

—

Total

from

Distributions

(

2.00

)

(

1.84

)

(

1.62

)

(

1.15

)

—

Net

Asset

Value,

end

period

41.69

41.17

37.96

38.59

49.35

Total

Return

(b)

Net

Asset

Value

(d)

.33

.47

.41

(

.73

)

(

.32

)

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

(c)

Expenses

.13

.12

Expenses

net

reimbursements

.12

Net

Investment

Income

Before

Reimbursements

.81

.67

.00

.41

.81

Net

Investment

Income

Net

Reimbursements

.81

.67

.00

.41

.81

Supplemental

Data

Portfolio

Turnover

Rate

(b)(e)

Net

assets,

end

period

(thousands)

41,693

45,284

24,672

23,156

49,347

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Ultra-Short

Income

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

75.53

75.11

74.30

76.01

76.29

PER

Investment

Operations

Net

Investment

Income

(a)

3.53

4.03

3.24

1.07

0.48

Net

Realized

and

Unrealized

Gain

(Loss)

0.15

0.41

0.59

(

1.80

)

(

0.22

)

Total

from

Operations

3.68

4.44

3.83

(

0.73

)

0.26

Distributions

Net

Investment

Income

(

3.58

)

(

4.02

)

(

3.02

)

(

0.78

)

(

0.52

)

From

Net

Realized

Gains

—

(

0.20

)

(

0.02

)

Total

from

Distributions

(

3.58

)

(

4.02

)

(

3.02

)

(

0.98

)

(

0.54

)

Net

Asset

Value,

end

period

75.63

75.53

75.11

74.30

76.01

Total

Return

Net

Asset

Value

(d)

.99

.07

.27

(

.94

)

.34

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

.26

Expenses

net

reimbursements

.25

Net

Investment

Income

Before

Reimbursements

.68

.35

.33

.43

.62

Net

Investment

Income

Net

Reimbursements

.68

.36

.33

.43

.63

Supplemental

Data

Portfolio

Turnover

Rate

(e)

Net

assets,

end

period

(thousands)

1,365,807

1,151,145

1,076,389

856,357

374,339

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

FlexShares

Core

Select

Bond

Fund

Year

ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

22.14

20.79

21.46

26.22

26.78

PER

Investment

Operations

Net

Investment

Income

(a)

0.92

0.81

0.65

0.53

0.46

Net

Realized

and

Unrealized

Gain

(Loss)

0.40

1.34

(

0.66

)

(

4.75

)

(

0.39

)

Total

from

Operations

1.32

2.15

(

0.01

)

(

4.22

)

0.07

Distributions

Net

Investment

Income

(

0.91

)

(

0.80

)

(

0.66

)

(

0.54

)

(

0.52

)

From

Net

Realized

Gains

—

(

0.11

)

Total

from

Distributions

(

0.91

)

(

0.80

)

(

0.66

)

(

0.54

)

(

0.63

)

Net

Asset

Value,

end

period

22.55

22.14

20.79

21.46

26.22

Total

Return

Net

Asset

Value

(d)

.12

.44

(

.15

)

(

.27

)

.26

RATIOS/SUPPLEMENT

DATA

Ratios

Average

Net

Assets

Expenses

(h)

.36

Expenses

net

reimbursements

(h)

.15

.25

.22

.20

Net

Investment

Income

Before

Reimbursements

.93

.55

.87

.10

.56

Net

Investment

Income

Net

Reimbursements

.14

.66

.98

.24

.72

Supplemental

Data

Portfolio

Turnover

Rate

(e)

121

Net

assets,

end

period

(thousands)

144,913

166,575

182,431

159,362

126,517

Financial

Highlights

(cont.)

See

Accompanying

Notes

the

Financial

Statements.

FLEXSHARES

ANNUAL

REPORT

(a)

Net

investment

income

per

based

average

outstanding.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Annualized

for

periods

less

than

one

year.

(d)

Net

asset

value

total

return

calculated

assuming

initial

investment

made

the

net

asset

value

the

beginning

the

period,

reinvestment

all

dividends

and

distributions

net

asset

value

during

the

period

and

redemption

the

last

day

the

period

adjusted

net

asset

value.

(e)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

(f)

Less

than

0.5%.

(g)

Northern

Trust

Investments,

Inc.

voluntarily

reimbursed

expenses

the

Fund

the

amount

approximately

$7,847

and

$16,693

for

the

fiscal

year

ended

October

31,

2024

and

2023

respectively.

Total

return

excluding

the

voluntary

reimbursement

would

have

been

22.41%

and

13.62%,

respectively.

(h)

The

Fund

indirectly

bears

its

proportionate

fees

and

expenses

incurred

the

Underlying

Fund(s)

which

the

Fund

invested.

This

ratio

does

not

include

these

indirect

fees

and

expenses.

(i)

The

Fund

received

reimbursements

from

Northern

Trust

Investments,

Inc.

$88,809.

The

reimbursements

represent

less

than

$0.01

per

share.

Without

these

reimbursements,

the

total

return

would

have

been

6.73%.

(j)

The

Fund

received

reimbursements

from

Northern

Trust

Investments,

Inc.

$87,510.

The

reimbursements

represent

less

than

$0.01

per

share.

Without

these

reimbursements,

the

total

return

would

have

been

23.82%.

(k)

Northern

Trust

Investments,

Inc.

voluntarily

reimbursed

expenses

the

Fund

the

amount

approximately

$1,056

and

$2,167

for

the

fiscal

year

ended

October

31,

2024

and

2023

respectively.

Total

return

excluding

the

voluntary

reimbursement

would

have

been

20.16%

and

1.59%,

respectively.

(l)

Northern

Trust

Investments,

Inc.

voluntarily

reimbursed

expenses

the

Fund

the

amount

approximately

$68,563

and

$84,821

for

the

fiscal

year

ended

October

31,

2024

and

2023

respectively.

Total

return

excluding

the

voluntary

reimbursement

would

have

been

15.55%

and

5.44%,

respectively.

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Quality

Low

Volatility

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Aerospace

Defense

Curtiss-Wright

Corp.

395

235,314

General

Dynamics

Corp.

3,888

1,340,971

Lockheed

Martin

Corp.

2,673

1,314,795

Northrop

Grumman

Corp.

1,524

889,178

3,780,258

Banks

JPMorgan

Chase

Co.

1,564

486,592

Beverages

PepsiCo,

Inc.

15,714

2,295,658

Biotechnology

AbbVie,

Inc.

10,854

2,366,606

Alkermes

plc*

8,019

246,183

Gilead

Sciences,

Inc.

14,337

1,717,429

Neurocrine

Biosciences,

Inc.*

5,508

788,801

Vertex

Pharmaceuticals,

Inc.*

794

337,903

5,456,922

Broadline

Retail

Dillard's,

Inc.,

Class

A(a)

426

255,634

Capital

Markets

CME

Group,

Inc.

3,393

900,808

FactSet

Research

Systems,

Inc.

1,503

401,000

1,301,808

Chemicals

Corteva,

Inc.

12,150

746,496

Sensient

Technologies

Corp.

2,106

198,575

945,071

Commercial

Services

Supplies

Clean

Harbors,

Inc.*

1,136

239,139

Republic

Services,

Inc.

3,484

725,508

964,647

Consumer

Staples

Distribution

Retail

Costco

Wholesale

Corp.

2,363

2,153,756

Containers

Packaging

AptarGroup,

Inc.

6,642

770,538

Avery

Dennison

Corp.

3,564

623,308

Packaging

Corp.

America

4,131

808,685

2,202,531

Diversified

Consumer

Services

H&R

Block,

Inc.

21,222

1,055,582

Service

Corp.

International

9,072

757,603

Stride,

Inc.*(a)

2,997

203,916

2,017,101

Investments

Value

Diversified

Telecommunication

Services

AT&T,

Inc.

41,229

1,020,418

Verizon

Communications,

Inc.

48,600

1,931,364

2,951,782

Electric

Utilities

Alliant

Energy

Corp.(a)

9,801

654,903

American

Electric

Power

Co.,

Inc.

7,614

915,660

Duke

Energy

Corp.

10,449

1,298,811

Evergy,

Inc.

10,125

777,701

FirstEnergy

Corp.

10,044

460,316

Southern

Co.

(The)(a)

13,851

1,302,548

5,409,939

Electronic

Equipment,

Instruments

Components

Teledyne

Technologies,

Inc.*

2,052

1,081,035

Entertainment

Electronic

Arts,

Inc.

2,430

486,146

Liberty

Media

Corp.-Liberty

Formula

One,

Class

486

48,527

534,673

Financial

Services

Berkshire

Hathaway,

Inc.,

Class

4,941

2,359,525

Jack

Henry

Associates,

Inc.

3,888

579,079

Mastercard,

Inc.,

Class

4,630

2,555,713

Visa,

Inc.,

Class

A(a)

9,785

3,334,141

8,828,458

Food

Products

Cal-Maine

Foods,

Inc.

9,801

860,528

General

Mills,

Inc.

13,689

638,044

Hershey

Co.

(The)

4,293

728,222

Hormel

Foods

Corp.

22,680

489,661

Kellanova

9,396

780,432

3,496,887

Ground

Transportation

Landstar

System,

Inc.

6,804

873,838

Health

Care

Equipment

Supplies

Abbott

Laboratories

1,215

150,198

Health

Care

Providers

Services

Cencora,

Inc.

1,027

346,931

Chemed

Corp.

1,782

768,577

Encompass

Health

Corp.

5,832

663,973

Labcorp

Holdings,

Inc.

648

164,566

Quest

Diagnostics,

Inc.

4,131

726,849

2,670,896

Hotels,

Restaurants

Leisure

Darden

Restaurants,

Inc.

1,219

219,603

McDonald's

Corp.

4,131

1,232,814

Restaurant

Brands

International,

Inc.

11,421

750,246

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

Leisure

(continued)

Texas

Roadhouse,

Inc.,

Class

243

39,750

2,242,413

Household

Products

Procter

Gamble

Co.

(The)

26,973

4,055,930

Insurance

Allstate

Corp.

(The)

3,969

760,143

American

Financial

Group,

Inc.

2,754

362,647

Assurant,

Inc.

3,483

737,421

Chubb

Ltd.

3,245

898,670

Hanover

Insurance

Group,

Inc.

(The)

4,212

719,746

Progressive

Corp.

(The)

3,483

717,498

RenaissanceRe

Holdings

Ltd.

3,001

762,524

Travelers

Cos.,

Inc.

(The)

2,997

805,054

Berkley

Corp.(a)

10,044

716,539

White

Mountains

Insurance

Group

Ltd.

405

771,347

Willis

Towers

Watson

plc

3,402

1,065,166

8,316,755

Interactive

Media

Services

Alphabet,

Inc.,

Class

6,462

1,817,050

Alphabet,

Inc.,

Class

4,350

1,225,917

Meta

Platforms,

Inc.,

Class

3,155

2,045,544

5,088,511

Services

Amdocs

Ltd.

12,393

1,044,234

International

Business

Machines

Corp.

10,530

3,237,027

4,281,261

Leisure

Products

Hasbro,

Inc.

13,122

1,001,340

Life

Sciences

Tools

Services

QIAGEN

NV(a)

21,951

1,028,404

Media

Fox

Corp.,

Class

10,935

706,948

Metals

Mining

Agnico

Eagle

Mines

Ltd.

8,991

1,445,843

Newmont

Corp.

17,820

1,442,885

Royal

Gold,

Inc.

6,237

1,090,165

3,978,893

Multi-Utilities

Ameren

Corp.

2,916

297,490

CMS

Energy

Corp.

10,449

768,524

Consolidated

Edison,

Inc.

11,421

1,112,520

DTE

Energy

Co.

5,589

757,533

WEC

Energy

Group,

Inc.

7,371

823,562

3,759,629

Investments

Value

Oil,

Gas

Consumable

Fuels

Cheniere

Energy,

Inc.

5,103

1,081,836

Coterra

Energy,

Inc.(a)

25,920

613,267

Midstream,

Inc.

6,804

744,970

Exxon

Mobil

Corp.

36,288

4,149,896

6,589,969

Pharmaceuticals

Eli

Lilly

Co.

4,238

3,656,801

Johnson

27,702

5,232,077

Merck

Co.,

Inc.

16,119

1,385,911

10,274,789

Professional

Services

Automatic

Data

Processing,

Inc.

4,692

1,221,327

Paylocity

Holding

Corp.*

243

34,329

Verisk

Analytics,

Inc.

1,863

407,550

1,663,206

Semiconductors

Semiconductor

Equipment

Analog

Devices,

Inc.

2,745

642,687

Broadcom,

Inc.

5,670

2,095,802

NVIDIA

Corp.

48,364

9,793,226

Texas

Instruments,

Inc.

3,513

567,209

13,098,924

Software

Appfolio,

Inc.,

Class

1,377

350,350

Check

Point

Software

Technologies

Ltd.*(a)

5,751

1,125,356

Commvault

Systems,

Inc.*

3,888

541,287

Microsoft

Corp.

19,904

10,306,490

Qualys,

Inc.*

7,209

888,581

Roper

Technologies,

Inc.

2,207

984,653

ServiceNow,

Inc.*

405

372,308

Tyler

Technologies,

Inc.*

1,944

925,850

Zoom

Communications,

Inc.,

Class

8,586

748,957

16,243,832

Specialty

Retail

AutoZone,

Inc.*

302

1,109,678

Home

Depot,

Inc.

(The)

1,450

550,406

Murphy

USA,

Inc.(a)

1,539

551,270

TJX

Cos.,

Inc.

(The)

9,639

1,350,809

Tractor

Supply

Co.(a)

729

39,446

3,601,609

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

28,245

7,636,601

Trading

Companies

Distributors

Applied

Industrial

Technologies,

Inc.

474

121,861

Wireless

Telecommunication

Services

T-Mobile

US,

Inc.

5,184

1,088,899

Total

Common

Stocks

(Cost

$118,105,391)

142,637,458

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(b)

REPURCHASE

AGREEMENTS

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$2,804,971,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$2,845,765

2,804,006

Prime

Services

LLC

3.97%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$1,096,491,

collateralized

various

Common

Stocks;

total

market

value

$1,213,234

1,096,128

3,900,134

Total

Securities

Lending

Reinvestments

(Cost

$3,900,134)

3,900,134

SHORT-TERM

INVESTMENTS

(c)

(d)

U.S.

TREASURY

OBLIGATIONS

U.S.

Treasury

Bills

4.20%,

11/28/2025

(Cost

$105,672)

106,000

105,716

Total

Investments

101.6%

(Cost

$122,111,197)

146,643,308

Liabilities

excess

other

assets

(1.6%)

(2,252,257)

NET

ASSETS

100.0%

$144,391,051

Non-income

producing

security.

(a)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$9,125,924,

collateralized

the

form

cash

with

value

$3,900,134

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments

and

$5,618,088

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

December

2025

–

August

15,

2055;

total

value

$9,518,222.

(b)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$3,900,134.

(c)

All

portion

the

security

pledged

collateral

for

Futures

Contracts.

(d)

The

rate

shown

was

the

current

yield

October

31,

2025.

Percentages

shown

are

based

Net

Assets.

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

29,208,413

Aggregate

gross

unrealized

depreciation

(4,771,547

)

Net

unrealized

appreciation

24,436,866

Federal

income

tax

cost

122,253,329

Futures

Contracts

FlexShares

Quality

Low

Volatility

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

Micro

E-Mini

Index

12/19/2025

USD

1,684,130

46,887

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

Abbreviations:

USD

—

Dollar

Security

Type

Net

Assets

Common

Stocks

98‌

Securities

Lending

Reinvestments

2‌

Short-Term

Investments

0‌

Others

(1)

(

1‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Aerospace

Defense

Kongsberg

Gruppen

ASA

13,065

334,537

Thales

1,560

444,556

779,093

Automobile

Components

Bridgestone

Corp.

6,600

289,782

Cie

Generale

des

Etablissements

Michelin

SCA

1,482

47,365

337,147

Automobiles

Toyota

Motor

Corp.

4,700

95,736

Banks

Bank

Hapoalim

27,807

566,531

Bank

Leumi

Le-Israel

28,665

584,275

Bank

Nova

Scotia

(The)

3,432

225,322

BOC

Hong

Kong

Holdings

Ltd.

110,000

540,362

CaixaBank

32,955

348,492

Canadian

Imperial

Bank

Commerce

3,393

281,412

Danske

Bank

A/S

5,343

238,924

DBS

Group

Holdings

Ltd.

23,300

965,515

Hang

Seng

Bank

Ltd.

16,400

319,889

HSBC

Holdings

plc

16,458

229,943

Japan

Post

Bank

Co.

Ltd.

42,000

471,104

Mitsubishi

UFJ

Financial

Group,

Inc.

4,500

68,060

Mizrahi

Tefahot

Bank

Ltd.

7,917

516,252

National

Bank

Canada

4,602

514,672

Oversea-Chinese

Banking

Corp.

Ltd.

40,700

532,576

Royal

Bank

Canada

6,123

897,900

Toronto-Dominion

Bank

(The)

5,070

416,701

United

Overseas

Bank

Ltd.

14,700

391,601

8,109,531

Beverages

Suntory

Beverage

Food

Ltd.(a)

6,500

196,702

Broadline

Retail

Dollarama,

Inc.

3,276

426,255

Pan

Pacific

International

Holdings

Corp.

68,000

405,118

831,373

Building

Products

Geberit

(Registered)

663

484,810

Capital

Markets

Deutsche

Boerse

2,223

563,190

Euronext

NV(b)

2,964

424,210

Japan

Exchange

Group,

Inc.

12,300

138,086

London

Stock

Exchange

Group

plc

5,538

690,211

Investments

Value

Capital

Markets

(continued)

Singapore

Exchange

Ltd.

39,000

507,334

2,323,031

Chemicals

Air

Liquide

5,109

990,192

Givaudan

(Registered)

117

480,680

1,470,872

Commercial

Services

Supplies

Brambles

Ltd.

21,216

345,282

Dai

Nippon

Printing

Co.

Ltd.

14,600

244,463

GFL

Environmental,

Inc.

1,872

81,926

Secom

Co.

Ltd.

6,500

219,951

891,622

Construction

Engineering

ACS

Actividades

Construccion

Servicios

3,315

272,424

Consumer

Staples

Distribution

Retail

Alimentation

Couche-Tard,

Inc.

5,772

293,636

Koninklijke

Ahold

Delhaize

10,530

431,579

Loblaw

Cos.

Ltd.

1,833

72,920

Metro,

Inc.,

Class

3,549

236,802

1,034,937

Containers

Packaging

CCL

Industries,

Inc.,

Class

5,031

280,930

Diversified

Consumer

Services

Pearson

plc

14,820

206,395

Diversified

REITs

CapitaLand

Integrated

Commercial

Trust,

REIT

124,800

227,267

Diversified

Telecommunication

Services

Deutsche

Telekom

(Registered)

25,818

801,299

Elisa

OYJ

4,368

192,789

HKT

Trust

HKT

Ltd.

145,000

211,375

Koninklijke

KPN

106,821

495,390

Orange

21,567

344,390

Singapore

Telecommunications

Ltd.

62,400

203,773

Telstra

Group

Ltd.

79,209

253,048

TELUS

Corp.

14,313

209,513

2,711,577

Electric

Utilities

Chubu

Electric

Power

Co.,

Inc.

17,700

246,448

Infrastructure

Holdings

Ltd.

68,000

442,269

CLP

Holdings

Ltd.

29,500

251,647

Fortis,

Inc.

5,863

295,002

Hydro

One

Ltd.(a)(b)

6,630

244,777

Iberdrola

SA(a)

42,432

860,246

Origin

Energy

Ltd.

23,049

184,840

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Electric

Utilities

(continued)

Power

Assets

Holdings

Ltd.

73,500

466,787

2,992,016

Entertainment

Toho

Co.

Ltd.(a)

3,400

199,866

Universal

Music

Group

NV(a)

8,034

215,779

415,645

Financial

Services

HAL

Trust

195

30,654

Sony

Financial

Group,

Inc.*

2,000

2,018

32,672

Food

Products

Ajinomoto

Co.,

Inc.

4,300

122,060

Chocoladefabriken

Lindt

Spruengli

369,829

Danone

7,527

666,170

Nestle

(Registered)

10,608

1,015,936

Group

Ltd.(b)

273,000

262,034

2,436,029

Gas

Utilities

Hong

Kong

China

Gas

Co.

Ltd.(a)

273,000

253,955

Osaka

Gas

Co.

Ltd.(a)

8,500

267,489

Snam

SpA

43,602

269,141

Tokyo

Gas

Co.

Ltd.

6,500

227,925

1,018,510

Ground

Transportation

Canadian

National

Railway

Co.

6,123

587,719

Canadian

Pacific

Kansas

City

Ltd.(a)

1,092

78,661

MTR

Corp.

Ltd.(a)

33,000

121,008

West

Japan

Railway

Co.

10,200

209,290

996,678

Health

Care

Equipment

Supplies

BioMerieux

1,560

200,942

Cochlear

Ltd.

975

183,289

Fisher

Paykel

Healthcare

Corp.

Ltd.

1,521

32,314

416,545

Hotels,

Restaurants

Leisure

Compass

Group

plc

19,773

654,925

Sodexo

SA(a)

7,605

421,680

1,076,605

Household

Durables

Sony

Group

Corp.

2,000

56,240

Household

Products

Unicharm

Corp.(a)

30,000

185,680

Industrial

Conglomerates

Jardine

Matheson

Holdings

Ltd.

4,200

246,750

Investments

Value

Industrial

Conglomerates

(continued)

Keppel

Ltd.

37,800

295,964

Sekisui

Chemical

Co.

Ltd.

25,700

446,253

Siemens

(Registered)

585

165,797

1,154,764

Insurance

Admiral

Group

plc

5,109

219,900

Allianz

(Registered)

31,348

Fairfax

Financial

Holdings

Ltd.

255

414,415

Helvetia

Holding

(Registered)(a)

468

115,083

Insurance

Australia

Group

Ltd.

42,003

216,128

Intact

Financial

Corp.

2,067

385,961

Muenchener

Rueckversicherungs-

Gesellschaft

Muenchen

(Registered)

1,521

941,671

Sampo

OYJ,

Class

28,782

321,173

Tryg

A/S(a)

9,204

227,200

Zurich

Insurance

Group

936

651,789

3,524,668

Interactive

Media

Services

Corp.

120,900

355,507

Services

CGI,

Inc.

2,808

244,617

Obic

Co.

Ltd.

13,300

413,275

Otsuka

Corp.

10,400

205,900

Shopify,

Inc.,

Class

390

67,877

931,669

Leisure

Products

Bandai

Namco

Holdings,

Inc.

2,100

65,458

Shimano,

Inc.

1,700

178,823

244,281

Machinery

Kone

OYJ,

Class

8,307

555,333

Schindler

Holding

117

41,684

Schindler

Holding

(Registered)

26,381

623,398

Marine

Transportation

Kawasaki

Kisen

Kaisha

Ltd.(a)

12,900

185,308

Kuehne

Nagel

International

(Registered)(a)

1,872

359,126

544,434

Metals

Mining

Franco-Nevada

Corp.

1,562

292,066

Nippon

Steel

Corp.(a)

66,000

272,603

Wheaton

Precious

Metals

Corp.

2,067

199,818

764,487

Multi-Utilities

Engie

20,553

481,562

Oil,

Gas

Consumable

Fuels

Eni

SpA

19,929

366,745

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

Galp

Energia

SGPS

19,773

396,988

Idemitsu

Kosan

Co.

Ltd.

7,800

54,251

Imperial

Oil

Ltd.(a)

3,003

265,869

Pembina

Pipeline

Corp.(a)

6,864

259,932

Shell

plc

14,001

523,804

TotalEnergies

12,519

779,547

2,647,136

Passenger

Airlines

ANA

Holdings,

Inc.

11,100

208,159

Cathay

Pacific

Airways

Ltd.(a)

312,000

444,384

Japan

Airlines

Co.

Ltd.

10,500

189,341

Singapore

Airlines

Ltd.

5,600

28,528

870,412

Personal

Care

Products

Beiersdorf

1,794

189,919

Kao

Corp.

11,200

474,012

Unilever

plc

26,442

1,594,256

2,258,187

Pharmaceuticals

AstraZeneca

plc

1,833

300,313

GSK

plc

17,394

406,900

Haleon

plc

46,683

217,185

Novartis

(Registered)

13,182

1,630,118

Novo

Nordisk

A/S,

Class

6,708

327,595

Otsuka

Holdings

Co.

Ltd.

5,300

288,093

Roche

Holding

702

226,407

Sanofi

12,675

1,281,543

Shionogi

Co.

Ltd.

27,300

457,200

Takeda

Pharmaceutical

Co.

Ltd.

18,700

504,113

5,639,467

Professional

Services

RELX

plc

4,173

184,054

SGS

(Registered)

4,446

501,895

Thomson

Reuters

Corp.(a)

2,886

442,514

Wolters

Kluwer

3,198

392,183

1,520,646

Real

Estate

Management

Development

Azrieli

Group

Ltd.

8,238

Daiwa

House

Industry

Co.

Ltd.

7,600

258,160

Mitsui

Fudosan

Co.

Ltd.

31,200

324,344

Sino

Land

Co.

Ltd.

10,190

12,652

Sun

Hung

Kai

Properties

Ltd.(a)

23,000

279,503

Swiss

Prime

Site

(Registered)

3,471

494,220

1,377,117

Semiconductors

Semiconductor

Equipment

ASML

Holding

602

637,922

Software

Constellation

Software,

Inc.

102

268,701

Investments

Value

Software

(continued)

Nice

Ltd.*

1,131

153,479

Oracle

Corp.

Japan

4,300

397,189

SAP

1,716

444,547

1,263,916

Specialty

Retail

Industria

Diseno

Textil

SA(a)

1,794

99,183

ZOZO,

Inc.(a)

45,600

394,714

493,897

Technology

Hardware,

Storage

Peripherals

Canon,

Inc.(a)

10,900

313,652

Textiles,

Apparel

Luxury

Goods

LVMH

Moet

Hennessy

Louis

Vuitton

27,553

Pandora

A/S

429

57,531

85,084

Tobacco

Japan

Tobacco,

Inc.

14,100

491,036

Trading

Companies

Distributors

Bunzl

plc

5,265

159,931

Ferguson

Enterprises,

Inc.

2,301

571,799

Mitsubishi

Corp.

39,000

939,716

1,671,446

Transportation

Infrastructure

Aena

SME

SA(b)

17,433

473,853

Flughafen

Zurich

(Registered)

23,048

Getlink

1,092

19,952

516,853

Wireless

Telecommunication

Services

KDDI

Corp.

34,100

544,852

SoftBank

Corp.

354,900

503,824

1,048,676

Total

Common

Stocks

(Cost

$52,326,887)

59,340,284

Number

Warrants

WARRANTS

Software

0.0%

Constellation

Software,

Inc.,

expiring

3/31/2040

(Cost

$–)*‡

—

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(c)

REPURCHASE

AGREEMENTS

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$3,526,099,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$3,577,381

3,524,886

Prime

Services

LLC

3.97%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$16,636,

collateralized

various

Common

Stocks;

total

market

value

$18,407

16,630

3,541,516

Total

Securities

Lending

Reinvestments

(Cost

$3,541,516)

3,541,516

Total

Investments

104.5%

(Cost

$55,868,403)

62,881,800

Liabilities

excess

other

assets

(4.5%)

(2,698,546)

NET

ASSETS

100.0%

$60,183,254

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$5,816,811,

collateralized

the

form

cash

with

value

$3,541,516

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$1,753,739

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

November

2025

–

February

15,

2055

and

$865,529

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

15,

2026

–

November

2086;

total

value

$6,160,784.

(b)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$3,541,516.

Percentages

shown

are

based

Net

Assets.

Abbreviations

OYJ

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

capital

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

8,629,800

Aggregate

gross

unrealized

depreciation

(1,848,338

)

Net

unrealized

appreciation

6,781,462

Federal

income

tax

cost

56,118,982

Futures

Contracts

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

EAFE

E-Mini

Index

12/19/2025

USD

701,775

6,573

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Forward

Foreign

Currency

Contracts

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

had

the

following

outstanding

contracts

October

31,

2025:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

ILS

73,522

Citigroup

Global

Markets,

Inc.

USD

22,130

12/17/2025

464

USD

72,631

Morgan

Stanley

AUD

109,288

12/17/2025

1,050

USD

190,345

Morgan

Stanley

CHF

149,993

12/17/2025

2,525

USD

21,708

JPMorgan

Chase

Bank

DKK

137,190

12/17/2025

440

USD

218,635

JPMorgan

Chase

Bank

EUR

185,420

12/17/2025

4,091

USD

96,127

Morgan

Stanley

GBP

70,939

12/17/2025

2,918

USD

84,742

Goldman

Sachs

Co.

JPY

12,500,000

12/17/2025

3,240

USD

102,359

JPMorgan

Chase

Bank

JPY

14,950,000

12/17/2025

4,883

USD

13,308

JPMorgan

Chase

Bank

NOK

131,563

12/17/2025

305

USD

18,072

Bank

Montreal

SEK

167,599

12/17/2025

370

Total

unrealized

appreciation

20,286

CAD

121,112

Bank

Montreal

USD

87,749

12/17/2025

(

1,114

)

EUR

90,000

Bank

Montreal

USD

106,437

12/17/2025

(

2,301

)

GBP

30,000

Morgan

Stanley

USD

40,262

12/17/2025

(

844

)

JPY

12,500,000

Morgan

Stanley

USD

85,225

12/17/2025

(

3,723

)

SGD

16,357

Morgan

Stanley

USD

12,841

12/17/2025

(

231

)

USD

7,723

Goldman

Sachs

Co.

HKD

60,000

12/17/2025

(

)

Total

unrealized

depreciation

(

8,215

)

Net

unrealized

appreciation

12,071

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

SEK

—

Swedish

Krona

SGD

—

Singapore

Dollar

USD

—

Dollar

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

October

31,

2025:

Australia

2‌

Canada

13‌

Denmark

1‌

Finland

1‌

France

10‌

Germany

5‌

Hong

Kong

6‌

Israel

3‌

Italy

1‌

Japan

20‌

Netherlands

3‌

New

Zealand

0‌

†

Norway

0‌

Portugal

0‌

Singapore

5‌

Spain

3‌

Switzerland

10‌

United

Kingdom

9‌

Other

1‌

100.0%

†

Amount

represents

less

than

0.05%.

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Common

Stocks

98‌

Warrants

–‌

Securities

Lending

Reinvestments

5‌

Others

(1)

(

4‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Aerospace

Defense

Aselsan

Elektronik

Sanayi

Ticaret

A/S

19,200

92,969

Automobile

Components

Balkrishna

Industries

Ltd.

2,311

Bosch

Ltd.

6,294

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H(a)

10,400

92,797

Hyundai

Mobis

Co.

Ltd.

430

95,371

MRF

Ltd.

81,622

278,395

Automobiles

Eicher

Motors

Ltd.

1,770

139,712

Hero

MotoCorp

Ltd.

1,365

85,248

Maruti

Suzuki

India

Ltd.

640

116,693

341,653

Banks

Agricultural

Bank

China

Ltd.,

Class

110,000

83,786

Banco

BBVA

Peru

8,733

3,808

Bank

Central

Asia

Tbk.

224,500

115,085

Bank

China

Ltd.,

Class

285,000

161,344

BDO

Unibank,

Inc.

31,850

72,251

Boubyan

Bank

KSCP

33,365

77,828

Chang

Hwa

Commercial

Bank

Ltd.

126,000

81,156

China

CITIC

Bank

Corp.

Ltd.,

Class

22,000

20,975

China

Construction

Bank

Corp.,

Class

223,000

220,928

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

125,000

102,770

Commercial

Bank

Dubai

PSC

1,450

3,865

Credicorp

Ltd.

275

71,775

Dubai

Islamic

Bank

PJSC

44,580

115,305

First

Financial

Holding

Co.

Ltd.

130,000

120,735

HDFC

Bank

Ltd.

18,535

206,143

Hong

Leong

Bank

Bhd.

16,000

78,548

ICICI

Bank

Ltd.

6,330

95,929

Industrial

Commercial

Bank

China

Ltd.,

Class

180,000

139,420

Itau

Unibanco

Holding

(Preference)

3,000

21,972

Malayan

Banking

Bhd.

38,500

90,734

Mega

Financial

Holding

Co.

Ltd.

45,000

59,139

National

Bank

Kuwait

SAKP

33,890

115,929

Public

Bank

Bhd.

27,500

27,710

Qatar

International

Islamic

Bank

QSC

23,395

71,515

Qatar

National

Bank

QPSC

17,270

87,702

RHB

Bank

Bhd.

48,000

77,593

Saudi

Investment

Bank

(The)

29,120

106,769

Sberbank

Russia

PJSC*‡

12,360

—

Investments

Value

Banks

(continued)

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

25,750

19,894

2,450,608

Beverages

Coca-Cola

Femsa

SAB

6,500

56,004

Broadline

Retail

Alibaba

Group

Holding

Ltd.,

ADR(b)

2,940

501,064

Falabella

405

2,543

JD.com,

Inc.,

ADR

925

30,562

PDD

Holdings,

Inc.,

ADR*

770

103,850

Prosus

NV*

370

25,593

Robinson

PCL‡

600

—

663,612

Chemicals

Asian

Paints

Ltd.

4,120

116,530

Fertiglobe

plc

30,815

20,974

Mesaieed

Petrochemical

Holding

Co.

199,230

68,398

PhosAgro

PJSC*‡

1,158

—

Industries

Ltd.

120

4,836

Pidilite

Industries

Ltd.

6,460

105,125

Yanbu

National

Petrochemical

Co.

1,420

13,064

328,927

Construction

Materials

Asia

Cement

Corp.

27,000

31,882

LafargeHolcim

Maroc

490

102,624

Shree

Cement

Ltd.

4,784

139,290

Consumer

Finance

Bajaj

Finance

Ltd.

930

10,925

Muthoot

Finance

Ltd.

3,555

127,297

SBI

Cards

Payment

Services

Ltd.

605

5,988

Sundaram

Finance

Ltd.

110

5,693

149,903

Consumer

Staples

Distribution

Retail

Nahdi

Medical

Co.

160

4,949

President

Chain

Store

Corp.

8,800

68,274

73,223

Containers

Packaging

(c)

Klabin

(Preference)

6,000

4,000

Diversified

Telecommunication

Services

China

Tower

Corp.

Ltd.,

Class

H(a)

55,000

79,469

Chunghwa

Telecom

Co.

Ltd.

21,700

92,473

Emirates

Integrated

Telecommunications

Co.

PJSC

40,000

102,806

Emirates

Telecommunications

Group

Co.

PJSC

5,345

28,232

Ooredoo

QPSC

8,815

32,805

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Diversified

Telecommunication

Services

(continued)

Saudi

Telecom

Co.

7,560

91,079

Telefonica

Brasil

12,500

74,371

Telekom

Malaysia

Bhd.

43,000

74,952

576,187

Electric

Utilities

CPFL

Energia

15,000

115,874

Korea

Electric

Power

Corp.

2,130

63,612

Manila

Electric

Co.

10,250

101,890

Power

Grid

Corp.

India

Ltd.

12,905

41,890

323,266

Electronic

Equipment,

Instruments

Components

Hon

Hai

Precision

Industry

Co.

Ltd.

5,000

41,882

Energy

Equipment

Services

ADNOC

Drilling

Co.

PJSC

19,820

30,111

Entertainment

Krafton,

Inc.*

505

97,828

NetEase,

Inc.,

ADR

700

98,070

195,898

Food

Products

Britannia

Industries

Ltd.

1,860

122,290

Marico

Ltd.

10,990

89,131

Nestle

India

Ltd.

6,330

90,674

Tingyi

Cayman

Islands

Holding

Corp.

80,000

109,724

Want

China

Holdings

Ltd.

150,000

96,884

508,703

Gas

Utilities

Petronas

Gas

Bhd.

18,000

79,513

Ground

Transportation

Rumo

23,000

67,994

Health

Care

Providers

Services

Bangkok

Dusit

Medical

Services

PCL,

NVDR

82,000

47,930

Bumrungrad

Hospital

PCL,

NVDR

17,000

90,428

Sulaiman

Habib

Medical

Services

Group

Co.

555

40,284

IHH

Healthcare

Bhd.

46,500

91,601

270,243

Hotels,

Restaurants

Leisure

Meituan,

Class

B*(a)

5,300

69,556

Tongcheng

Travel

Holdings

Ltd.(a)

8,000

22,027

Trip.com

Group

Ltd.

400

27,971

119,554

Independent

Power

and

Renewable

Electricity

Producers

Aboitiz

Power

Corp.

131,500

92,173

Investments

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Unipro

PAO*‡

726,000

—

92,173

Industrial

Conglomerates

Industries

Qatar

QSC

21,915

76,441

Insurance

Seguridade

Participacoes

18,500

112,852

Caixa

Seguridade

Participacoes

42,000

116,754

PICC

Property

Casualty

Co.

Ltd.,

Class

40,000

94,491

Ping

Insurance

Group

Co.

China

Ltd.,

Class

5,000

36,122

Porto

Seguro

4,500

40,152

400,371

Interactive

Media

Services

Tencent

Holdings

Ltd.

8,900

720,272

Services

Arabian

Internet

Communications

Services

Co.

980

65,801

Elm

Co.

245

61,836

HCL

Technologies

Ltd.

7,600

131,973

Infosys

Ltd.

3,905

65,206

Samsung

SDS

Co.

Ltd.

790

101,470

Tata

Consultancy

Services

Ltd.

7,245

249,576

675,862

Life

Sciences

Tools

Services

Divi's

Laboratories

Ltd.

1,120

85,011

Samsung

Biologics

Co.

Ltd.*(a)

125

107,124

192,135

Marine

Transportation

MISC

Bhd.

24,500

45,572

Metals

Mining

Polyus

PJSC*‡

5,460

—

Vale

1,500

18,178

Multi-Utilities

Dubai

Electricity

Water

Authority

PJSC

148,925

112,719

Qatar

Electricity

Water

Co.

QSC

23,935

100,973

213,692

Office

REITs

Embassy

Office

Parks

REIT,

REIT

17,235

83,281

Oil,

Gas

Consumable

Fuels

ADNOC

Logistics

Services

2,240

3,501

China

Coal

Energy

Co.

Ltd.,

Class

90,000

126,798

China

Petroleum

Chemical

Corp.,

Class

50,000

26,569

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

China

Shenhua

Energy

Co.

Ltd.,

Class

28,000

145,761

Petronas

Dagangan

Bhd.

8,500

46,031

Petronet

LNG

Ltd.

1,015

3,216

Qatar

Fuel

QSC

25,960

106,949

Reliance

Industries

Ltd.

4,320

72,335

Surgutneftegas

PAO

(Preference)*‡

156,600

—

Turkiye

Petrol

Rafinerileri

A/S

15,495

72,817

United

Tractors

Tbk.

51,500

83,304

687,281

Personal

Care

Products

Colgate-Palmolive

India

Ltd.

230

5,811

Dabur

India

Ltd.

9,640

52,945

Godrej

Consumer

Products

Ltd.

560

7,057

Hindustan

Unilever

Ltd.

5,935

164,836

230,649

Pharmaceuticals

Cipla

Ltd.

6,785

114,748

Reddy's

Laboratories

Ltd.

5,655

76,291

Livzon

Pharmaceutical

Group,

Inc.,

Class

3,500

14,077

Lupin

Ltd.

3,535

78,190

Sun

Pharmaceutical

Industries

Ltd.

7,600

144,746

Torrent

Pharmaceuticals

Ltd.

2,700

108,281

Zydus

Lifesciences

Ltd.

2,835

31,120

567,453

Real

Estate

Management

Development

(c)

Emaar

Properties

PJSC

955

3,692

Semiconductors

Semiconductor

Equipment

MediaTek,

Inc.

1,570

66,904

hynix,

Inc.

325

127,513

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

38,300

1,868,840

United

Microelectronics

Corp.

15,000

22,641

2,085,898

Specialty

Retail

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

71,955

70,330

Jarir

Marketing

Co.

32,290

122,267

192,597

Technology

Hardware,

Storage

Peripherals

Catcher

Technology

Co.

Ltd.

15,600

100,732

Samsung

Electronics

Co.

Ltd.

5,510

415,740

516,472

Textiles,

Apparel

Luxury

Goods

(c)

Page

Industries

Ltd.

4,641

Tobacco

ITC

Ltd.

27,330

129,413

Investments

Value

Tobacco

(continued)

KT&G

Corp.

895

84,302

213,715

Transportation

Infrastructure

China

Merchants

Port

Holdings

Co.

Ltd.

38,000

73,534

Salik

Co.

PJSC

61,345

99,877

Taiwan

High

Speed

Rail

Corp.

80,000

71,175

244,586

Water

Utilities

Emirates

Central

Cooling

Systems

Corp.

229,480

98,716

Guangdong

Investment

Ltd.

126,000

119,804

218,520

Wireless

Telecommunication

Services

Advanced

Info

Service

PCL,

NVDR

9,800

91,529

Bharti

Airtel

Ltd.

4,910

113,636

Celcomdigi

Bhd.

83,500

71,777

Etihad

Etisalat

Co.

1,320

23,847

Far

EasTone

Telecommunications

Co.

Ltd.

36,500

109,829

Mobile

Telecommunications

Co.

KSCP

44,150

76,376

Telecom

Co.

Ltd.

1,860

68,277

Taiwan

Mobile

Co.

Ltd.

22,000

78,364

633,635

Total

Common

Stocks

(Cost

$11,606,639)

14,909,051

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(d)

REPURCHASE

AGREEMENTS

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$469,649,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$476,480

(Cost

$469,488)

$469,488

469,488

Total

Investments

102.8%

(Cost

$12,076,127)

15,378,539

Liabilities

excess

other

assets

(2.8%)

(420,223)

NET

ASSETS

100.0%

$14,958,316

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

(a)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(b)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$450,787,

collateralized

the

form

cash

with

value

$469,488

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments.

(c)

Represents

less

than

0.05%

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$469,488.

Percentages

shown

are

based

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

NVDR

—

Non-Voting

Depositary

Receipt

PJSC

—

Public

Joint

Stock

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

3,797,442

Aggregate

gross

unrealized

depreciation

(663,895

)

Net

unrealized

appreciation

3,133,547

Federal

income

tax

cost

12,251,649

Futures

Contracts

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

Emerging

Markets

E-Mini

Index

12/19/2025

USD

140,760

6,640

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

Forward

Foreign

Currency

Contracts

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

had

the

following

outstanding

contracts

October

31,

2025:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

28,147

Goldman

Sachs

Co.

INR

2,500,000

12/17/2025

Total

unrealized

appreciation

INR

620,000

Citigroup

Global

Markets,

Inc.

USD

7,000

12/17/2025

(

)

Total

unrealized

depreciation

(

)

Net

unrealized

appreciation

Non-deliverable

forward.

See

Note

the

Notes

Financial

Statements.

Abbreviations:

INR

—

Indian

Rupee

USD

—

Dollar

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

October

31,

2025:

Brazil

3‌

Chile

0‌

†

China

22‌

India

21‌

Indonesia

1‌

Kuwait

1‌

Malaysia

4‌

Mexico

0‌

Morocco

0‌

Peru

0‌

Philippines

1‌

Qatar

3‌

Saudi

Arabia

3‌

South

Africa

0‌

South

Korea

7‌

Taiwan

19‌

Thailand

1‌

Turkey

1‌

United

Arab

Emirates

4‌

Other

0‌

100.0%

†

Amount

represents

less

than

0.05%.

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Common

Stocks

99‌

Securities

Lending

Reinvestments

3‌

Others

(1)

(

2‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Aerospace

Defense

AAR

Corp.*(a)

2,157

181,641

AeroVironment,

Inc.*(a)

1,378

509,736

Archer

Aviation,

Inc.,

Class

A*(a)

11,261

126,348

ATI,

Inc.*

6,579

651,124

Axon

Enterprise,

Inc.*

1,530

1,120,312

Boeing

Co.

(The)*

19,430

3,905,819

BWX

Technologies,

Inc.(a)

3,542

756,607

Carpenter

Technology

Corp.

2,250

710,775

Curtiss-Wright

Corp.

920

548,072

Ducommun,

Inc.*

462

42,388

Eve

Holding,

Inc.*

11,850

51,666

Aerospace

22,500

6,951,375

General

Dynamics

Corp.

6,273

2,163,558

HEICO

Corp.

1,050

333,658

HEICO

Corp.,

Class

1,540

381,504

Hexcel

Corp.(a)

2,850

203,490

Howmet

Aerospace,

Inc.

8,550

1,760,873

Huntington

Ingalls

Industries,

Inc.(a)

1,800

579,636

Intuitive

Machines,

Inc.,

Class

A*(a)

8,700

103,791

Karman

Holdings,

Inc.*

300

25,272

Kratos

Defense

Security

Solutions,

Inc.*(a)

5,850

530,010

L3Harris

Technologies,

Inc.

3,978

1,150,040

Leonardo

DRS,

Inc.

1,350

49,356

Loar

Holdings,

Inc.*(a)

450

35,608

Lockheed

Martin

Corp.

5,100

2,508,588

Mercury

Systems,

Inc.*

3,219

249,183

Moog,

Inc.,

Class

1,500

307,275

Northrop

Grumman

Corp.

3,675

2,144,179

Redwire

Corp.*(a)

7,800

61,386

Rocket

Lab

Corp.*(a)

16,650

1,048,617

RTX

Corp.

35,250

6,292,125

Spirit

AeroSystems

Holdings,

Inc.,

Class

A*(a)

4,896

179,634

StandardAero,

Inc.*

3,798

109,724

Textron,

Inc.

5,202

420,374

TransDigm

Group,

Inc.

1,083

1,417,116

V2X,

Inc.*(a)

2,850

162,706

VSE

Corp.(a)

300

54,204

Woodward,

Inc.

2,772

726,569

38,554,339

Air

Freight

Logistics

Robinson

Worldwide,

Inc.(a)

4,434

682,791

Expeditors

International

Washington,

Inc.(a)

3,000

365,700

FedEx

Corp.

5,850

1,484,847

GXO

Logistics,

Inc.*

21,000

1,180,410

Hub

Group,

Inc.,

Class

4,743

174,685

United

Parcel

Service,

Inc.,

Class

20,100

1,938,042

5,826,475

Investments

Value

Automobile

Components

Adient

plc*(a)

14,533

337,020

Aptiv

plc*

4,800

389,280

Autoliv,

Inc.(a)

12,238

1,429,398

BorgWarner,

Inc.

39,617

1,701,946

Dana,

Inc.(a)

24,933

506,140

Dorman

Products,

Inc.*(a)

1,530

205,219

Fox

Factory

Holding

Corp.*

10,800

238,788

Garrett

Motion,

Inc.(a)

20,804

352,420

Gentex

Corp.

9,484

222,400

Gentherm,

Inc.*

7,200

264,960

Goodyear

Tire

Rubber

Co.

(The)*

36,750

253,207

LCI

Industries(a)

5,250

543,322

Lear

Corp.

9,052

947,292

Mobileye

Global,

Inc.,

Class

8,400

110,460

Modine

Manufacturing

Co.*(a)

2,604

398,959

Patrick

Industries,

Inc.(a)

1,950

203,522

Phinia,

Inc.(a)

8,700

451,617

QuantumScape

Corp.,

Class

8,850

163,194

Standard

Motor

Products,

Inc.

2,400

89,112

Visteon

Corp.(a)

4,131

442,678

XPEL,

Inc.*(a)(b)

2,557

87,194

9,338,128

Automobiles

Ford

Motor

Co.

101,028

1,326,498

General

Motors

Co.

26,400

1,823,976

Harley-Davidson,

Inc.(a)

17,828

480,999

Lucid

Group,

Inc.,

Class

A*(a)

8,475

150,431

Rivian

Automotive,

Inc.,

Class

A*(a)

15,300

207,621

Tesla,

Inc.*

58,950

26,914,212

Thor

Industries,

Inc.(a)

2,910

303,659

Winnebago

Industries,

Inc.(a)

1,869

70,480

31,277,876

Banks

1st

Source

Corp.

2,400

142,656

Amalgamated

Financial

Corp.(a)

5,508

150,148

Amerant

Bancorp,

Inc.,

Class

5,064

84,923

Ameris

Bancorp

12,600

902,412

Associated

Banc-Corp.

33,040

818,401

Atlantic

Union

Bankshares

Corp.(a)

25,263

821,553

Axos

Financial,

Inc.*

9,900

772,002

Banc

California,

Inc.

9,900

168,003

BancFirst

Corp.(a)

1,382

150,445

Bancorp,

Inc.

(The)*

3,000

196,110

Bank

America

Corp.

178,650

9,548,842

Bank

Hawaii

Corp.

450

29,219

Bank

OZK

20,250

911,047

BankUnited,

Inc.(a)

14,074

564,086

Banner

Corp.(a)

2,602

157,135

Beacon

Financial

Corp.

12,768

310,773

BOK

Financial

Corp.(a)

3,825

400,019

Burke

Herbert

Financial

Services

Corp.

1,050

61,803

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Business

First

Bancshares,

Inc.(a)

2,100

51,492

Byline

Bancorp,

Inc.

6,732

180,014

Cadence

Bank(a)

32,734

1,235,381

Camden

National

Corp.

918

35,022

Capital

City

Bank

Group,

Inc.

600

23,340

Capitol

Federal

Financial,

Inc.

35,400

213,816

Cathay

General

Bancorp

13,462

611,848

Central

Pacific

Financial

Corp.

2,295

65,430

Citigroup,

Inc.

49,050

4,965,331

Citizens

Financial

Group,

Inc.

13,050

663,853

City

Holding

Co.(a)

308

36,307

Coastal

Financial

Corp.*

1,200

127,800

Columbia

Banking

System,

Inc.(a)

48,600

1,302,480

Comerica,

Inc.(a)

24,450

1,870,425

Commerce

Bancshares,

Inc.(a)

4,050

213,152

Community

Financial

System,

Inc.(a)

3,300

183,084

Community

Trust

Bancorp,

Inc.

1,694

86,724

ConnectOne

Bancorp,

Inc.

951

22,881

Cullen/Frost

Bankers,

Inc.(a)

2,850

350,949

Customers

Bancorp,

Inc.*

4,125

276,870

CVB

Financial

Corp.

8,400

154,308

Dime

Community

Bancshares,

Inc.

5,100

133,875

East

West

Bancorp,

Inc.(a)

4,350

441,960

Eastern

Bankshares,

Inc.(a)

12,750

223,508

Enterprise

Financial

Services

Corp.

(a)

8,100

424,197

Financial

Corp.

918

49,581

Fifth

Third

Bancorp(a)

19,121

795,816

First

Bancorp/NC(a)

2,926

142,028

First

Bancorp/PR

30,150

587,624

First

Busey

Corp.(a)

16,524

369,477

First

Citizens

BancShares,

Inc.,

Class

308

562,045

First

Commonwealth

Financial

Corp.

(a)

20,785

317,803

First

Financial

Bancorp

15,397

360,444

First

Financial

Bankshares,

Inc.

2,610

80,623

First

Financial

Corp.

600

31,992

First

Hawaiian,

Inc.(a)

24,321

596,594

First

Horizon

Corp.

93,300

1,992,888

First

Interstate

BancSystem,

Inc.,

Class

14,839

463,719

First

Merchants

Corp.

9,750

345,930

First

Mid

Bancshares,

Inc.

6,000

214,380

Flagstar

Bank

5,850

66,807

FNB

Corp.(a)

63,938

1,005,105

Fulton

Financial

Corp.(a)

31,663

549,986

Glacier

Bancorp,

Inc.(a)

3,204

130,883

Great

Southern

Bancorp,

Inc.

306

17,044

Hancock

Whitney

Corp.

14,992

856,193

Hanmi

Financial

Corp.(a)

2,400

63,360

Heritage

Commerce

Corp.(a)

18,300

190,320

Heritage

Financial

Corp.

4,800

106,512

Hilltop

Holdings,

Inc.

4,131

133,431

Investments

Value

Banks

(continued)

Home

BancShares,

Inc.(a)

34,264

915,191

Hope

Bancorp,

Inc.

13,200

138,468

Horizon

Bancorp,

Inc.(a)

13,050

203,580

Huntington

Bancshares,

Inc.

40,049

618,357

Independent

Bank

Corp.(a)

8,566

576,406

Independent

Bank

Corp./MI

918

27,742

International

Bancshares

Corp.

10,650

706,947

JPMorgan

Chase

Co.

72,300

22,493,976

KeyCorp

27,075

476,249

Lakeland

Financial

Corp.

616

35,143

Live

Oak

Bancshares,

Inc.

612

19,058

M&T

Bank

Corp.

4,500

827,415

Mercantile

Bank

Corp.(a)

1,989

87,218

Metrocity

Bankshares,

Inc.

384

Metropolitan

Bank

Holding

Corp.(a)

900

59,643

National

Bank

Holdings

Corp.,

Class

3,150

112,329

NBT

Bancorp,

Inc.

306

12,384

Nicolet

Bankshares,

Inc.(a)

1,050

124,047

Northwest

Bancshares,

Inc.

23,250

272,257

OceanFirst

Financial

Corp.(a)

12,085

219,705

OFG

Bancorp

9,450

365,337

Old

National

Bancorp(a)

59,400

1,213,542

Old

Second

Bancorp,

Inc.(a)

3,825

68,659

Origin

Bancorp,

Inc.

3,213

111,363

Orrstown

Financial

Services,

Inc.

1,062

35,343

Park

National

Corp.(a)

308

46,875

Pathward

Financial,

Inc.(a)

1,950

132,717

Peoples

Bancorp,

Inc.(a)

4,928

140,941

Pinnacle

Financial

Partners,

Inc.

3,600

306,756

PNC

Financial

Services

Group,

Inc.

(The)

10,555

1,926,815

Popular,

Inc.

12,450

1,387,801

Preferred

Bank(a)

3,000

270,750

Prosperity

Bancshares,

Inc.

15,329

1,008,955

Provident

Financial

Services,

Inc.(a)

19,676

359,874

QCR

Holdings,

Inc.

1,694

126,017

Regions

Financial

Corp.

25,350

613,470

Renasant

Corp.(a)

1,650

55,490

Republic

Bancorp,

Inc.,

Class

306

20,165

S&T

Bancorp,

Inc.

6,579

241,055

Seacoast

Banking

Corp.

Florida

900

27,270

ServisFirst

Bancshares,

Inc.

3,066

215,448

Simmons

First

National

Corp.,

Class

A(a)

8,566

148,877

Southside

Bancshares,

Inc.(a)

5,850

164,502

SouthState

Bank

Corp.

18,356

1,627,259

Stellar

Bancorp,

Inc.

4,950

145,679

Stock

Yards

Bancorp,

Inc.

462

30,039

Synovus

Financial

Corp.

26,850

1,198,584

Texas

Capital

Bancshares,

Inc.*

2,754

230,895

Tompkins

Financial

Corp.

3,450

218,937

Towne

Bank(a)

5,250

170,677

TriCo

Bancshares(a)

4,131

182,714

Triumph

Financial,

Inc.*(a)

1,989

108,321

Truist

Financial

Corp.

34,570

1,542,859

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Banks

(continued)

TrustCo

Bank

Corp.

NY(a)

5,400

203,634

Trustmark

Corp.

12,300

457,806

UMB

Financial

Corp.(a)

12,553

1,341,665

United

Bankshares,

Inc.

23,331

835,016

United

Community

Banks,

Inc.(a)

18,300

534,360

Univest

Financial

Corp.

4,131

121,286

Bancorp

39,150

1,827,522

Valley

National

Bancorp

73,804

802,249

WaFd,

Inc.

16,500

478,995

Webster

Financial

Corp.

31,050

1,771,092

Wells

Fargo

Co.

85,500

7,435,935

WesBanco,

Inc.

18,900

568,890

Westamerica

Bancorp

5,202

247,875

Western

Alliance

Bancorp(a)

20,850

1,612,748

Wintrust

Financial

Corp.(a)

11,626

1,511,613

WSFS

Financial

Corp.

2,700

140,643

Zions

Bancorp

27,450

1,430,419

103,806,442

Beverages

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

1,242

Brown-Forman

Corp.,

Class

A(a)

4,058

110,053

Brown-Forman

Corp.,

Class

B(a)

2,928

79,729

Celsius

Holdings,

Inc.*

7,650

460,760

Coca-Cola

Co.

(The)

83,550

5,756,595

Coca-Cola

Consolidated,

Inc.

1,680

219,038

Constellation

Brands,

Inc.,

Class

A(a)

2,616

343,690

Keurig

Pepper,

Inc.

22,350

607,026

MGP

Ingredients,

Inc.(a)

2,251

Molson

Coors

Beverage

Co.,

Class

29,113

1,272,820

Monster

Beverage

Corp.*

15,450

1,032,523

National

Beverage

Corp.*

465

15,936

PepsiCo,

Inc.

36,450

5,324,980

Primo

Brands

Corp.,

Class

A(a)

450

9,887

Vita

Coco

Co.,

Inc.

(The)*

3,672

151,213

15,387,743

Biotechnology

AbbVie,

Inc.

46,350

10,106,154

ACADIA

Pharmaceuticals,

Inc.*

3,600

81,720

ADMA

Biologics,

Inc.*(a)

4,200

65,016

Agios

Pharmaceuticals,

Inc.*(a)

4,081

176,462

Akebia

Therapeutics,

Inc.*(a)

7,500

16,575

Akero

Therapeutics,

Inc.*(a)

2,895

156,909

Alkermes

plc*

8,700

267,090

Alnylam

Pharmaceuticals,

Inc.*

2,757

1,257,302

Amgen,

Inc.

13,927

4,156,235

Amicus

Therapeutics,

Inc.*(a)

3,869

34,937

Apellis

Pharmaceuticals,

Inc.*

5,856

125,728

Arcellx,

Inc.*(a)

1,050

94,763

Arcus

Biosciences,

Inc.*(a)

7,500

147,900

Arcutis

Biotherapeutics,

Inc.*(a)

2,883

72,969

Ardelyx,

Inc.*(a)

15,450

93,627

Arrowhead

Pharmaceuticals,

Inc.*(a)

5,250

222,547

Investments

Value

Biotechnology

(continued)

ARS

Pharmaceuticals,

Inc.*

2,400

21,504

Aurinia

Pharmaceuticals,

Inc.*

12,085

159,159

Avidity

Biosciences,

Inc.*

4,230

295,466

Beam

Therapeutics,

Inc.*(a)

4,950

123,800

BioCryst

Pharmaceuticals,

Inc.*(a)

10,555

77,263

Biogen,

Inc.*

3,663

565,091

Biohaven

Ltd.*

108

1,858

BioMarin

Pharmaceutical,

Inc.*

2,472

132,425

Bridgebio

Pharma,

Inc.*(a)

6,732

421,692

Capricor

Therapeutics,

Inc.*(a)

4,800

31,248

CareDx,

Inc.*(a)

2,850

42,750

Catalyst

Pharmaceuticals,

Inc.*

8,250

175,478

Celldex

Therapeutics,

Inc.*

5,850

156,370

oncology,

Inc.*(a)

2,448

105,925

Cogent

Biosciences,

Inc.*

5,202

84,793

CRISPR

Therapeutics

AG*(a)

4,800

307,152

Cytokinetics,

Inc.*(a)

5,151

327,552

Day

One

Biopharmaceuticals,

Inc.*

365

Denali

Therapeutics,

Inc.*(a)

260

Disc

Medicine,

Inc.*(a)

300

25,866

Dynavax

Technologies

Corp.*(a)

841

Dyne

Therapeutics,

Inc.*(a)

22,650

511,437

Exact

Sciences

Corp.*

6,300

407,547

Exelixis,

Inc.*

12,150

469,841

Geron

Corp.*(a)

107

135

Gilead

Sciences,

Inc.

33,000

3,953,070

Gyre

Therapeutics,

Inc.*(a)

123

953

Halozyme

Therapeutics,

Inc.*

6,120

398,963

Ideaya

Biosciences,

Inc.*

5,550

176,823

ImmunityBio,

Inc.*(a)

20,345

48,828

Immunome,

Inc.*(a)

964

Immunovant,

Inc.*(a)

126

3,110

Incyte

Corp.*

3,519

328,956

Insmed,

Inc.*

4,350

824,760

Intellia

Therapeutics,

Inc.*(a)

6,900

87,078

Ionis

Pharmaceuticals,

Inc.*

5,487

407,684

Iovance

Biotherapeutics,

Inc.*(a)

78,376

154,401

Janux

Therapeutics,

Inc.*(a)

4,350

124,889

Keros

Therapeutics,

Inc.*

7,200

109,584

Kiniksa

Pharmaceuticals

International

plc,

Class

A*(a)

1,071

39,638

Krystal

Biotech,

Inc.*(a)

1,377

271,971

Kura

Oncology,

Inc.*(a)

11,400

117,078

Kymera

Therapeutics,

Inc.*(a)

2,754

170,307

Madrigal

Pharmaceuticals,

Inc.*(a)

765

320,458

MannKind

Corp.*(a)

9,750

54,502

MiMedx

Group,

Inc.*

436

Mirum

Pharmaceuticals,

Inc.*(a)

450

32,693

Moderna,

Inc.*(a)

11,100

301,476

MoonLake

Immunotherapeutics,

Class

A*(a)

750

7,575

Myriad

Genetics,

Inc.*(a)

Natera,

Inc.*

3,213

639,162

Neurocrine

Biosciences,

Inc.*

3,750

537,038

Novavax,

Inc.*(a)

27,889

234,268

Nurix

Therapeutics,

Inc.*(a)

12,900

166,926

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Biotechnology

(continued)

Nuvalent,

Inc.,

Class

1,650

163,878

Praxis

Precision

Medicines,

Inc.*(a)

1,200

238,512

Protagonist

Therapeutics,

Inc.*(a)

1,071

84,202

PTC

Therapeutics,

Inc.*(a)

2,448

167,223

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

28,200

155,664

Regeneron

Pharmaceuticals,

Inc.

2,850

1,857,630

Relay

Therapeutics,

Inc.*

149

1,064

Replimune

Group,

Inc.*(a)

6,795

66,115

Revolution

Medicines,

Inc.*(a)

7,650

450,126

Rhythm

Pharmaceuticals,

Inc.*(a)

2,754

313,295

Rocket

Pharmaceuticals,

Inc.*(a)

320

Roivant

Sciences

Ltd.*(a)

10,500

209,895

Sarepta

Therapeutics,

Inc.*

1,297

Savara,

Inc.*

17,132

71,098

Scholar

Rock

Holding

Corp.*(a)

198

5,865

Soleno

Therapeutics,

Inc.*(a)

2,409

161,788

Spyre

Therapeutics,

Inc.*(a)

12,300

300,858

Summit

Therapeutics,

Inc.*(a)

4,743

89,690

Syndax

Pharmaceuticals,

Inc.*(a)

9,331

127,835

Therapeutics,

Inc.*(a)

4,590

159,640

Travere

Therapeutics,

Inc.*(a)

1,800

63,288

Twist

Bioscience

Corp.*(a)

1,677

Ultragenyx

Pharmaceutical,

Inc.*

690

23,874

uniQure

NV*

1,650

111,688

United

Therapeutics

Corp.*

1,071

477,056

Vaxcyte,

Inc.*(a)

18,150

821,832

Vera

Therapeutics,

Inc.,

Class

11,550

328,713

Veracyte,

Inc.*(a)

5,661

204,249

Vertex

Pharmaceuticals,

Inc.*

5,550

2,361,913

Viking

Therapeutics,

Inc.*

639

24,333

Vir

Biotechnology,

Inc.*(a)

9,750

58,110

Viridian

Therapeutics,

Inc.*(a)

7,191

169,923

Xencor,

Inc.*(a)

114

1,677

Zymeworks,

Inc.*(a)

7,050

134,549

40,444,244

Broadline

Retail

Amazon.com,

Inc.*

204,750

50,004,045

Coupang,

Inc.,

Class

27,840

890,045

Dillard's,

Inc.,

Class

A(a)

306

183,624

eBay,

Inc.

13,200

1,073,292

Etsy,

Inc.*

4,437

275,094

Kohl's

Corp.(a)

5,100

82,977

Macy's,

Inc.

43,025

838,557

MercadoLibre,

Inc.*

983

2,287,697

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

2,772

334,885

55,970,216

Building

Products

Smith

Corp.(a)

3,838

253,270

AAON,

Inc.(a)

3,234

318,193

Advanced

Drainage

Systems,

Inc.

2,850

399,142

Allegion

plc

1,683

278,991

Investments

Value

Building

Products

(continued)

American

Woodmark

Corp.*(a)

3,519

224,266

Apogee

Enterprises,

Inc.

4,845

177,375

Armstrong

World

Industries,

Inc.

1,500

285,645

AZZ,

Inc.(a)

1,950

194,708

Builders

FirstSource,

Inc.*

3,522

409,151

Carlisle

Cos.,

Inc.

1,050

341,302

Carrier

Global

Corp.

18,000

1,070,820

CSW

Industrials,

Inc.(a)

1,059

265,195

Fortune

Brands

Innovations,

Inc.(a)

3,375

171,450

Gibraltar

Industries,

Inc.*(a)

617

38,495

Griffon

Corp.(a)

2,550

188,725

Hayward

Holdings,

Inc.*(a)

10,555

179,118

Janus

International

Group,

Inc.*

26,310

252,576

Johnson

Controls

International

plc

14,400

1,647,216

Lennox

International,

Inc.

765

386,325

Masco

Corp.(a)

5,100

330,276

Masterbrand,

Inc.*

23,675

299,015

Owens

Corning

2,700

343,737

Quanex

Building

Products

Corp.

2,469

35,084

Resideo

Technologies,

Inc.*(a)

23,549

1,007,897

Simpson

Manufacturing

Co.,

Inc.

1,386

244,629

Tecnoglass,

Inc.

450

26,834

Trane

Technologies

plc

4,800

2,153,520

Trex

Co.,

Inc.*

6,102

294,849

UFP

Industries,

Inc.(a)

3,150

290,210

Zurn

Elkay

Water

Solutions

Corp.(a)

4,650

219,062

12,327,076

Capital

Markets

Acadian

Asset

Management,

Inc.

3,000

144,300

Affiliated

Managers

Group,

Inc.

5,550

1,320,678

Ameriprise

Financial,

Inc.

2,100

950,817

Ares

Management

Corp.,

Class

3,900

579,969

Artisan

Partners

Asset

Management,

Inc.,

Class

1,836

80,160

Bank

New

York

Mellon

Corp.

(The)

18,600

2,007,498

BGC

Group,

Inc.,

Class

A(a)

23,100

211,134

BlackRock,

Inc.

3,600

3,898,116

Blackstone,

Inc.

15,298

2,243,299

Blue

Owl

Capital,

Inc.,

Class

A(a)

15,251

240,508

Carlyle

Group,

Inc.

(The)(a)

4,590

244,739

Charles

Schwab

Corp.

(The)

43,800

4,139,976

CME

Group,

Inc.

7,651

2,031,264

Cohen

Steers,

Inc.(a)

1,377

94,077

Coinbase

Global,

Inc.,

Class

4,431

1,523,289

DigitalBridge

Group,

Inc.(a)

3,450

40,814

Donnelley

Financial

Solutions,

Inc.*(a)

1,071

49,212

Evercore,

Inc.,

Class

1,683

495,744

FactSet

Research

Systems,

Inc.

620

165,416

Federated

Hermes,

Inc.,

Class

13,462

652,638

Franklin

Resources,

Inc.

49,866

1,127,470

Freedom

Holding

Corp.*(a)

300

46,098

Goldman

Sachs

Group,

Inc.

(The)

8,100

6,393,897

Hamilton

Lane,

Inc.,

Class

A(a)

2,142

244,102

Houlihan

Lokey,

Inc.,

Class

A(a)

1,950

349,206

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Capital

Markets

(continued)

Interactive

Brokers

Group,

Inc.,

Class

10,200

717,672

Intercontinental

Exchange,

Inc.

12,150

1,777,424

Invesco

Ltd.

62,255

1,475,444

Janus

Henderson

Group

plc

23,700

1,032,372

Jefferies

Financial

Group,

Inc.

28,050

1,481,881

Kayne

Anderson

BDC,

Inc.

1,309

18,797

KKR

Co.,

Inc.

14,550

1,721,701

Lazard,

Inc.,

Class

A(a)

2,250

109,800

LPL

Financial

Holdings,

Inc.

1,836

692,741

MarketAxess

Holdings,

Inc.

1,200

192,072

Moelis

Co.,

Class

2,926

185,304

Moody's

Corp.

3,300

1,584,990

Morgan

Stanley

32,850

5,387,400

Morningstar,

Inc.

762

161,773

MSCI,

Inc.

1,694

997,004

Nasdaq,

Inc.

7,650

653,999

Northern

Trust

Corp.(c)

5,550

714,118

Piper

Sandler

Cos.(a)

768

245,192

PJT

Partners,

Inc.,

Class

A(a)

450

72,500

Raymond

James

Financial,

Inc.

4,590

728,295

Robinhood

Markets,

Inc.,

Class

14,700

2,157,666

S&P

Global,

Inc.

6,600

3,215,586

SEI

Investments

Co.

3,366

271,333

State

Street

Corp.

8,250

954,195

StepStone

Group,

Inc.,

Class

2,142

130,405

Stifel

Financial

Corp.

5,049

597,953

StoneX

Group,

Inc.*(a)

8,613

791,707

Rowe

Price

Group,

Inc.(a)

5,079

520,750

TPG,

Inc.,

Class

A(a)

3,750

206,400

Tradeweb

Markets,

Inc.,

Class

2,850

300,361

Victory

Capital

Holdings,

Inc.,

Class

A(a)

7,350

457,684

Virtu

Financial,

Inc.,

Class

A(a)

16,200

564,408

Virtus

Investment

Partners,

Inc.

768

125,046

WisdomTree,

Inc.(a)

154

1,842

59,520,236

Chemicals

AdvanSix,

Inc.

8,793

163,462

Air

Products

and

Chemicals,

Inc.(a)

4,800

1,164,432

Albemarle

Corp.

20,550

2,018,626

Ashland,

Inc.

179

8,753

Avient

Corp.(a)

18,450

591,692

Axalta

Coating

Systems

Ltd.*

7,252

206,464

Balchem

Corp.

1,694

259,843

Cabot

Corp.(a)

10,350

698,418

Celanese

Corp.(a)

16,950

651,558

Industries

Holdings,

Inc.

5,050

420,615

Chemours

Co.

(The)(a)

21,990

294,446

Corteva,

Inc.

14,233

874,476

Dow,

Inc.

11,114

265,069

DuPont

Nemours,

Inc.

10,090

823,848

Eastman

Chemical

Co.(a)

19,800

1,178,496

Ecolab,

Inc.

5,202

1,333,793

Investments

Value

Chemicals

(continued)

Ecovyst,

Inc.*(a)

27,534

225,503

Element

Solutions,

Inc.(a)

11,550

308,616

FMC

Corp.(a)

23,400

354,978

Hawkins,

Inc.(a)

462

65,535

Fuller

Co.(a)

978

56,108

Huntsman

Corp.

373

Ingevity

Corp.*

6,000

322,320

Innospec,

Inc.

1,966

144,658

International

Flavors

Fragrances,

Inc.

4,014

252,762

Kronos

Worldwide,

Inc.(a)

2,355

11,587

Linde

plc

10,050

4,203,915

LyondellBasell

Industries

NV,

Class

5,250

243,705

Minerals

Technologies,

Inc.

5,250

297,937

Mosaic

Co.

(The)

57,900

1,589,355

NewMarket

Corp.

308

236,513

Olin

Corp.

8,163

168,974

Orion

127

673

Perimeter

Solutions,

Inc.*(a)

20,400

479,604

PPG

Industries,

Inc.

5,217

509,962

PureCycle

Technologies,

Inc.*(a)

11,100

128,538

Quaker

Chemical

Corp.(a)

1,209

167,918

RPM

International,

Inc.

2,464

269,266

Scotts

Miracle-Gro

Co.

(The)

9,450

505,764

Sensient

Technologies

Corp.(a)

1,368

128,989

Sherwin-Williams

Co.

(The)

4,899

1,689,861

Solstice

Advanced

Materials,

Inc.*

204

9,194

Stepan

Co.

195

8,453

Tronox

Holdings

plc

2,263

7,920

Westlake

Corp.

413

23,343,385

Commercial

Services

Supplies

ABM

Industries,

Inc.(a)

10,411

447,673

ACV

Auctions,

Inc.,

Class

599

Brady

Corp.,

Class

924

70,141

BrightView

Holdings,

Inc.*

3,750

46,200

Brink's

Co.

(The)

2,509

278,900

Casella

Waste

Systems,

Inc.,

Class

A*(a)

1,650

146,141

Cimpress

plc*(a)

1,383

95,717

Cintas

Corp.

7,240

1,326,875

Clean

Harbors,

Inc.*(a)

1,350

284,188

Copart,

Inc.*

18,150

780,631

CoreCivic,

Inc.*

8,400

155,652

Deluxe

Corp.(a)

9,331

168,984

Enviri

Corp.*(a)

15,602

190,500

GEO

Group,

Inc.

(The)*(a)

8,100

137,457

Healthcare

Services

Group,

Inc.*

5,661

101,162

HNI

Corp.(a)

3,080

126,034

Interface,

Inc.,

Class

4,950

123,255

MillerKnoll,

Inc.

16,214

253,263

MSA

Safety,

Inc.(a)

1,836

288,307

OPENLANE,

Inc.*

2,754

72,761

Pitney

Bowes,

Inc.(a)

38,400

379,392

Republic

Services,

Inc.

4,317

898,972

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Commercial

Services

Supplies

(continued)

Rollins,

Inc.

5,392

310,633

Steelcase,

Inc.,

Class

A(a)

22,353

356,754

Tetra

Tech,

Inc.(a)

8,550

273,429

UniFirst

Corp.

765

118,078

Veralto

Corp.

5,700

562,476

Vestis

Corp.

425

Waste

Management,

Inc.

7,858

1,569,793

9,564,392

Communications

Equipment

ADTRAN

Holdings,

Inc.*(a)

2,400

25,008

Applied

Optoelectronics,

Inc.*(a)

1,500

53,340

Arista

Networks,

Inc.*

22,028

3,473,595

Calix,

Inc.*(a)

3,060

209,365

Ciena

Corp.*

5,349

1,015,882

Cisco

Systems,

Inc.

104,700

7,654,617

CommScope

Holding

Co.,

Inc.*

33,456

578,789

Digi

International,

Inc.*(a)

3,080

112,974

Extreme

Networks,

Inc.*

8,413

160,015

F5,

Inc.*

1,071

271,017

Harmonic,

Inc.*

1,878

20,095

Lumentum

Holdings,

Inc.*(a)

3,450

695,382

Motorola

Solutions,

Inc.

3,600

1,464,156

NETGEAR,

Inc.*(a)

1,950

67,704

NetScout

Systems,

Inc.*(a)

9,178

255,148

Viasat,

Inc.*(a)

21,600

860,112

Viavi

Solutions,

Inc.*

4,131

73,119

16,990,318

Construction

Engineering

AECOM(a)

3,300

443,355

API

Group

Corp.*(a)

10,576

389,408

Arcosa,

Inc.

1,232

125,664

Argan,

Inc.

750

229,658

Centuri

Holdings,

Inc.*

1,224

24,713

Comfort

Systems

USA,

Inc.

765

738,669

Construction

Partners,

Inc.,

Class

A*(a)

1,350

154,372

Dycom

Industries,

Inc.*

1,232

354,557

EMCOR

Group,

Inc.

1,073

725,112

Everus

Construction

Group,

Inc.*

1,350

122,702

Fluor

Corp.*

27,150

1,324,105

Granite

Construction,

Inc.(a)

2,550

262,421

Great

Lakes

Dredge

Dock

Corp.*

4,500

51,075

IES

Holdings,

Inc.*(a)

464

181,832

MasTec,

Inc.*

2,295

468,547

MYR

Group,

Inc.*(a)

1,071

233,157

Primoris

Services

Corp.

2,850

403,332

Quanta

Services,

Inc.

3,150

1,414,759

Sterling

Infrastructure,

Inc.*(a)

1,531

578,565

Tutor

Perini

Corp.*(a)

6,750

454,680

Valmont

Industries,

Inc.

612

253,019

WillScot

Holdings

Corp.(a)

3,910

85,043

9,018,745

Investments

Value

Construction

Materials

CRH

plc

17,591

2,095,088

Eagle

Materials,

Inc.(a)

1,540

326,973

Knife

River

Corp.*

1,050

63,483

Martin

Marietta

Materials,

Inc.

1,386

849,756

Vulcan

Materials

Co.

2,772

802,494

4,137,794

Consumer

Finance

Ally

Financial,

Inc.(a)

48,633

1,895,228

American

Express

Co.

14,550

5,248,622

Bread

Financial

Holdings,

Inc.(a)

7,500

469,875

Capital

One

Financial

Corp.

16,800

3,695,832

Credit

Acceptance

Corp.*(a)

269

120,334

Dave,

Inc.*(a)

150

35,898

Encore

Capital

Group,

Inc.*(a)

5,508

229,023

Enova

International,

Inc.*(a)

4,950

591,872

EZCORP,

Inc.,

Class

A*(a)

3,960

72,270

FirstCash

Holdings,

Inc.

1,232

195,272

LendingClub

Corp.*(a)

9,808

170,561

Navient

Corp.(a)

6,600

80,718

Nelnet,

Inc.,

Class

1,050

135,503

OneMain

Holdings,

Inc.(a)

20,957

1,240,445

PRA

Group,

Inc.*

1,095

15,012

PROG

Holdings,

Inc.

5,100

147,543

SLM

Corp.(a)

38,400

1,031,040

SoFi

Technologies,

Inc.*(a)

27,300

810,264

Synchrony

Financial(a)

9,025

671,279

Upstart

Holdings,

Inc.*(a)

3,672

174,493

World

Acceptance

Corp.*

308

39,261

17,070,345

Consumer

Staples

Distribution

Retail

Albertsons

Cos.,

Inc.,

Class

64,350

1,138,352

Andersons,

Inc.

(The)(a)

7,125

329,959

BJ's

Wholesale

Club

Holdings,

Inc.*

2,850

251,541

Casey's

General

Stores,

Inc.

918

471,108

Chefs'

Warehouse,

Inc.

(The)*(a)

2,700

159,300

Costco

Wholesale

Corp.

9,300

8,476,485

Dollar

General

Corp.

6,150

606,759

Dollar

Tree,

Inc.*

4,350

431,172

Grocery

Outlet

Holding

Corp.*(a)

2,550

34,705

Ingles

Markets,

Inc.,

Class

1,224

84,578

Kroger

Co.

(The)

17,100

1,088,073

Maplebear,

Inc.*(a)

6,273

231,223

Performance

Food

Group

Co.*(a)

3,366

325,627

PriceSmart,

Inc.(a)

308

35,402

Sprouts

Farmers

Market,

Inc.*

2,448

193,294

Sysco

Corp.

11,850

880,218

Target

Corp.

11,326

1,050,147

United

Natural

Foods,

Inc.*

5,400

203,310

Foods

Holding

Corp.*

6,426

466,656

Walmart,

Inc.

91,200

9,227,616

Weis

Markets,

Inc.

1,521

96,340

25,781,865

Containers

Packaging

Amcor

plc

49,161

388,372

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Containers

Packaging

(continued)

AptarGroup,

Inc.

2,250

261,023

Avery

Dennison

Corp.

2,137

373,740

Ball

Corp.

5,241

246,327

Crown

Holdings,

Inc.

5,213

506,599

Graphic

Packaging

Holding

Co.(a)

54,750

875,452

Greif,

Inc.,

Class

4,929

280,411

International

Paper

Co.(a)

9,070

350,465

O-I

Glass,

Inc.*

26,549

299,738

Packaging

Corp.

America

2,100

411,096

Sealed

Air

Corp.(a)

23,268

779,711

Silgan

Holdings,

Inc.(a)

14,250

550,335

Smurfit

WestRock

plc(a)

11,650

430,118

Sonoco

Products

Co.(a)

19,667

797,890

TriMas

Corp.

1,079

38,337

6,589,614

Distributors

A-Mark

Precious

Metals,

Inc.

4,950

131,571

Genuine

Parts

Co.(a)

3,213

409,047

LKQ

Corp.(a)

48,150

1,538,874

Pool

Corp.

1,500

400,590

2,480,082

Diversified

Consumer

Services

ADT,

Inc.

52,950

468,078

Adtalem

Global

Education,

Inc.*

2,100

205,842

Bright

Horizons

Family

Solutions,

Inc.*

2,757

301,147

Duolingo,

Inc.,

Class

A*(a)

769

208,122

Frontdoor,

Inc.*(a)

2,142

142,293

Graham

Holdings

Co.,

Class

153

154,856

Grand

Canyon

Education,

Inc.*

1,071

201,669

H&R

Block,

Inc.(a)

22,830

1,135,564

KinderCare

Learning

Cos.,

Inc.*

4,650

27,435

Laureate

Education,

Inc.*

7,660

222,370

Matthews

International

Corp.,

Class

A(a)

5,250

122,955

Mister

Car

Wash,

Inc.*

190

OneSpaWorld

Holdings

Ltd.(a)

7,852

182,716

Perdoceo

Education

Corp.(a)

5,204

165,279

Service

Corp.

International(a)

3,750

313,163

Strategic

Education,

Inc.

1,540

117,009

Stride,

Inc.*(a)

2,143

145,810

Udemy,

Inc.*

136

775

4,115,273

Diversified

REITs

Alexander

Baldwin,

Inc.,

REIT(a)

2,618

41,809

American

Assets

Trust,

Inc.,

REIT

6,300

120,393

Broadstone

Net

Lease,

Inc.,

REIT

3,150

56,448

CTO

Realty

Growth,

Inc.,

REIT

6,750

112,590

Essential

Properties

Realty

Trust,

Inc.,

REIT

11,229

335,523

Gladstone

Commercial

Corp.,

REIT(a)

8,700

99,441

Investments

Value

Diversified

REITs

(continued)

Global

Net

Lease,

Inc.,

REIT(a)

42,300

322,326

Carey,

Inc.,

REIT

5,700

376,200

1,464,730

Diversified

Telecommunication

Services

Anterix,

Inc.*

1,031

AST

SpaceMobile,

Inc.,

Class

A*(a)

10,050

806,513

AT&T,

Inc.

184,650

4,570,087

Cogent

Communications

Holdings,

Inc.

2,599

Frontier

Communications

Parent,

Inc.*

38,400

1,449,984

Globalstar,

Inc.*(a)

2,695

146,635

Iridium

Communications,

Inc.(a)

900

17,235

Liberty

Global

Ltd.,

Class

A*(a)

27,075

297,825

Liberty

Global

Ltd.,

Class

C*(a)

32,400

361,260

Liberty

Latin

America

Ltd.,

Class

7,050

54,990

Lumen

Technologies,

Inc.*

181,500

1,865,820

Shenandoah

Telecommunications

Co.(a)

7,500

92,400

Uniti

Group,

Inc.

11,733

67,582

Verizon

Communications,

Inc.

109,200

4,339,608

14,073,569

Electric

Utilities

ALLETE,

Inc.

9,300

626,169

Alliant

Energy

Corp.(a)

5,814

388,491

American

Electric

Power

Co.,

Inc.

13,462

1,618,940

Constellation

Energy

Corp.

6,732

2,537,964

Duke

Energy

Corp.

20,192

2,509,866

Edison

International

8,584

475,382

Entergy

Corp.

9,900

951,291

Evergy,

Inc.

7,050

541,510

Eversource

Energy

7,960

587,528

Exelon

Corp.(a)

28,200

1,300,584

FirstEnergy

Corp.(a)

14,074

645,011

Hawaiian

Electric

Industries,

Inc.*(a)

37,018

430,149

IDACORP,

Inc.(a)

1,650

212,883

MGE

Energy,

Inc.(a)

924

76,572

NextEra

Energy,

Inc.

52,800

4,297,920

NRG

Energy,

Inc.

5,550

953,823

OGE

Energy

Corp.(a)

6,900

304,566

Otter

Tail

Corp.(a)

7,954

614,208

PG&E

Corp.

51,585

823,297

Pinnacle

West

Capital

Corp.(a)

6,000

531,120

Portland

General

Electric

Co.

17,963

820,550

PPL

Corp.(a)

17,132

625,661

Southern

Co.

(The)(a)

28,452

2,675,626

TXNM

Energy,

Inc.(a)

4,950

281,160

Xcel

Energy,

Inc.

15,750

1,278,427

26,108,698

Electrical

Equipment

Acuity,

Inc.(a)

1,530

558,527

American

Superconductor

Corp.*

900

53,307

AMETEK,

Inc.

4,743

958,608

Array

Technologies,

Inc.*(a)

35,550

307,863

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Electrical

Equipment

(continued)

Atkore,

Inc.(a)

6,900

477,825

Bloom

Energy

Corp.,

Class

A*(a)

9,025

1,192,744

Eaton

Corp.

plc

8,250

3,147,870

Emerson

Electric

Co.

12,300

1,716,711

EnerSys(a)

6,732

849,309

Enovix

Corp.*(a)

408

Eos

Energy

Enterprises,

Inc.*(a)

5,142

82,426

Vernova,

Inc.

5,814

3,402,004

Generac

Holdings,

Inc.*

2,754

462,727

Hubbell,

Inc.,

Class

B(a)

1,078

506,660

NANO

Nuclear

Energy,

Inc.*(a)

900

42,786

NEXTracker,

Inc.,

Class

25,530

2,584,147

NuScale

Power

Corp.*(a)

3,000

134,610

nVent

Electric

plc

6,150

703,252

Plug

Power,

Inc.*(a)

198,300

533,427

Powell

Industries,

Inc.(a)

150

57,509

Regal

Rexnord

Corp.(a)

12,600

1,775,214

Rockwell

Automation,

Inc.

2,464

907,639

Sensata

Technologies

Holding

plc

27,150

864,184

Shoals

Technologies

Group,

Inc.,

Class

41,850

439,844

Sunrun,

Inc.*(a)

40,050

831,438

Thermon

Group

Holdings,

Inc.*

1,982

Vertiv

Holdings

Co.,

Class

8,413

1,622,531

Vicor

Corp.*

459

41,645

24,257,197

Electronic

Equipment,

Instruments

Components

Advanced

Energy

Industries,

Inc.(a)

1,200

243,276

Amphenol

Corp.,

Class

25,086

3,495,483

Arrow

Electronics,

Inc.*

7,978

889,946

Avnet,

Inc.

16,650

806,693

Badger

Meter,

Inc.(a)

1,500

270,675

Bel

Fuse,

Inc.,

Class

B(a)

612

94,242

Belden,

Inc.

2,100

255,885

Benchmark

Electronics,

Inc.(a)

3,150

138,033

CDW

Corp.

3,066

488,628

Cognex

Corp.

6,600

273,174

Coherent

Corp.*

5,700

752,172

Corning,

Inc.

16,950

1,509,906

Crane

NXT

Co.(a)

900

56,925

CTS

Corp.

770

31,963

ePlus,

Inc.

2,142

156,709

Fabrinet*(a)

1,695

746,766

Flex

Ltd.*

10,950

684,594

Insight

Enterprises,

Inc.*

5,808

580,800

IPG

Photonics

Corp.*(a)

459

39,070

Itron,

Inc.*

1,694

169,959

Jabil,

Inc.

2,450

541,180

Keysight

Technologies,

Inc.*

3,825

699,822

Knowles

Corp.*(a)

2,157

50,927

Littelfuse,

Inc.

750

182,482

Mirion

Technologies,

Inc.,

Class

A*(a)

12,600

370,062

Novanta,

Inc.*

794

100,846

OSI

Systems,

Inc.*(a)

459

127,813

Investments

Value

Electronic

Equipment,

Instruments

Components

(continued)

Connection,

Inc.

154

9,389

Plexus

Corp.*

612

85,619

Powerfleet,

Inc.

NJ*(a)

6,300

32,130

Rogers

Corp.*

2,889

Sanmina

Corp.*

9,750

1,336,237

ScanSource,

Inc.*

3,542

151,970

SYNNEX

Corp.

13,200

2,065,668

Connectivity

plc

6,600

1,630,266

Teledyne

Technologies,

Inc.*

1,078

567,912

Trimble,

Inc.*

4,896

390,456

TTM

Technologies,

Inc.*

18,628

1,251,802

Vishay

Intertechnology,

Inc.

8,550

145,179

Vontier

Corp.

8,107

312,120

Zebra

Technologies

Corp.,

Class

918

247,171

21,986,839

Energy

Equipment

Services

Archrock,

Inc.

9,600

242,592

Atlas

Energy

Solutions,

Inc.,

Class

A(a)

5,550

68,709

Baker

Hughes

Co.

24,474

1,184,786

Bristow

Group,

Inc.,

Class

3,450

140,415

Cactus,

Inc.,

Class

A(a)

5,050

223,058

Halliburton

Co.

18,536

497,506

Helix

Energy

Solutions

Group,

Inc.*(a)

11,700

78,624

Helmerich

Payne,

Inc.(a)

12,983

340,934

Innovex

International,

Inc.*(a)

1,767

35,464

Liberty

Energy,

Inc.,

Class

A(a)

14,700

266,217

Noble

Corp.

plc

25,950

761,632

NOV,

Inc.

73,350

1,070,910

Oceaneering

International,

Inc.*

7,344

171,042

Patterson-UTI

Energy,

Inc.

46,350

290,614

RPC,

Inc.(a)

9,219

47,939

Seadrill

Ltd.*(a)

3,750

118,350

Select

Water

Solutions,

Inc.,

Class

A(a)

11,167

129,091

SLB

Ltd.

36,476

1,315,325

TechnipFMC

plc

15,600

645,060

Tidewater,

Inc.*(a)

9,178

464,315

Transocean

Ltd.*

48,600

186,624

Valaris

Ltd.*(a)

10,950

614,514

Weatherford

International

plc

12,100

891,649

9,785,370

Entertainment

AMC

Entertainment

Holdings,

Inc.,

Class

A*(a)

47,400

122,766

Atlanta

Braves

Holdings,

Inc.,

Class

C*(a)

1,236

50,330

Cinemark

Holdings,

Inc.

6,600

178,266

Electronic

Arts,

Inc.

5,250

1,050,315

IMAX

Corp.*

1,694

55,038

Liberty

Media

Corp.-Liberty

Formula

One,

Class

1,200

109,176

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Entertainment

(continued)

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C*(a)

4,774

476,684

Lionsgate

Studios

Corp.*

36,237

233,004

Live

Nation

Entertainment,

Inc.*(a)

3,519

526,196

Madison

Square

Garden

Sports

Corp.*(a)

306

65,603

Netflix,

Inc.*

9,000

10,069,740

Playtika

Holding

Corp.(a)

39,000

143,130

ROBLOX

Corp.,

Class

12,450

1,415,814

Roku,

Inc.*

5,508

584,564

Sphere

Entertainment

Co.*(a)

3,672

251,459

Starz

Entertainment

Corp.(a)

1,846

19,401

Take-Two

Interactive

Software,

Inc.*

3,825

980,615

TKO

Group

Holdings,

Inc.,

Class

1,837

346,091

Walt

Disney

Co.

(The)

46,650

5,253,723

Warner

Bros

Discovery,

Inc.*(a)

64,350

1,444,658

Warner

Music

Group

Corp.,

Class

3,240

103,550

23,480,123

Financial

Services

Affirm

Holdings,

Inc.,

Class

6,585

473,330

Apollo

Global

Management,

Inc.(a)

11,770

1,463,129

Berkshire

Hathaway,

Inc.,

Class

48,150

22,993,551

Block,

Inc.,

Class

14,400

1,093,536

Burford

Capital

Ltd.(a)

9,300

92,535

Cantaloupe,

Inc.*

2,295

24,235

Compass

Diversified

Holdings

141

900

Corebridge

Financial,

Inc.

3,600

117,216

Corpay,

Inc.*

1,528

397,815

Enact

Holdings,

Inc.

3,750

133,950

Equitable

Holdings,

Inc.

9,450

466,830

Essent

Group

Ltd.

18,509

1,121,090

Euronet

Worldwide,

Inc.*(a)

6,150

466,539

EVERTEC,

Inc.

4,437

126,321

Federal

Agricultural

Mortgage

Corp.,

Class

765

121,360

Fidelity

National

Information

Services,

Inc.

9,802

612,821

Fiserv,

Inc.*

14,550

970,339

Flywire

Corp.*(a)

6,750

89,910

Global

Payments,

Inc.

5,367

417,338

Sustainable

Infrastructure

Capital,

Inc.(a)

23,700

656,727

Jack

Henry

Associates,

Inc.(a)

1,544

229,963

Jackson

Financial,

Inc.,

Class

12,544

1,264,561

Marqeta,

Inc.,

Class

A*(a)

17,400

78,822

Mastercard,

Inc.,

Class

17,250

9,521,828

Merchants

Bancorp(a)

2,619

81,687

MGIC

Investment

Corp.

44,250

1,213,335

NCR

Atleos

Corp.*(a)

12,238

451,582

NMI

Holdings,

Inc.,

Class

15,300

557,379

Paymentus

Holdings,

Inc.,

Class

A*(a)

1,200

34,320

Payoneer

Global,

Inc.*

13,200

76,428

PayPal

Holdings,

Inc.*

23,850

1,652,089

Investments

Value

Financial

Services

(continued)

PennyMac

Financial

Services,

Inc.(a)

4,650

585,016

Priority

Technology

Holdings,

Inc.*

4,950

34,452

Radian

Group,

Inc.

27,900

946,926

Remitly

Global,

Inc.*

9,004

144,424

Rocket

Cos.,

Inc.,

Class

37,350

622,251

Shift4

Payments,

Inc.,

Class

A*(a)

1,800

124,380

Toast,

Inc.,

Class

11,779

425,693

UWM

Holdings

Corp.,

Class

A(a)

7,500

42,225

Visa,

Inc.,

Class

A(a)

36,000

12,266,640

Voya

Financial,

Inc.

17,744

1,321,218

Walker

Dunlop,

Inc.

2,142

171,189

Western

Union

Co.

(The)(a)

49,804

464,671

WEX,

Inc.*(a)

1,527

222,759

64,373,310

Food

Products

Archer-Daniels-Midland

Co.

13,050

789,916

Bunge

Global

26,100

2,469,060

Cal-Maine

Foods,

Inc.(a)

7,338

644,276

Campbell's

Co.

(The)(a)

39,150

1,179,589

Conagra

Brands,

Inc.

7,800

134,082

Darling

Ingredients,

Inc.*

24,222

776,315

Flowers

Foods,

Inc.

30,000

357,900

Fresh

Del

Monte

Produce,

Inc.(a)

6,273

221,751

Freshpet,

Inc.*(a)

489

24,064

General

Mills,

Inc.

16,050

748,091

Hershey

Co.

(The)

3,204

543,495

Hormel

Foods

Corp.(a)

4,020

86,792

Ingredion,

Inc.

11,700

1,350,297

Snack

Foods

Corp.(a)

2,370

Smucker

Co.

(The)(a)

2,604

269,644

John

Sanfilippo

Son,

Inc.

1,883

Kellanova

6,450

535,737

Kraft

Heinz

Co.

(The)(a)

19,460

481,246

Lamb

Weston

Holdings,

Inc.(a)

6,600

407,418

Marzetti

Co.

(The)

1,071

167,922

McCormick

Co.,

Inc.

(Non-Voting)

4,020

257,923

Mission

Produce,

Inc.*(a)

7,500

86,400

Mondelez

International,

Inc.,

Class

A(a)

32,623

1,874,518

Pilgrim's

Pride

Corp.

1,856

70,714

Post

Holdings,

Inc.*(a)

8,437

876,857

Simply

Good

Foods

Co.

(The)*(a)

1,733

33,915

Tootsie

Roll

Industries,

Inc.(a)

2,353

83,037

TreeHouse

Foods,

Inc.*

3,150

57,330

Tyson

Foods,

Inc.,

Class

5,523

283,937

Utz

Brands,

Inc.

179

Vital

Farms,

Inc.*

450

14,783

14,831,441

Gas

Utilities

Atmos

Energy

Corp.(a)

2,850

489,402

Chesapeake

Utilities

Corp.(a)

1,530

194,738

MDU

Resources

Group,

Inc.(a)

30,600

586,908

National

Fuel

Gas

Co.(a)

16,061

1,267,374

New

Jersey

Resources

Corp.

15,900

704,370

Northwest

Natural

Holding

Co.

3,519

160,220

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Gas

Utilities

(continued)

ONE

Gas,

Inc.(a)

1,530

122,691

Southwest

Gas

Holdings,

Inc.

1,650

131,175

Spire,

Inc.(a)

11,700

1,010,880

UGI

Corp.

37,200

1,243,596

5,911,354

Ground

Transportation

ArcBest

Corp.(a)

1,677

124,635

Avis

Budget

Group,

Inc.*(a)

3,366

458,012

CSX

Corp.

40,500

1,458,810

Hertz

Global

Holdings,

Inc.*(a)

30,750

157,748

Hunt

Transport

Services,

Inc.

1,548

261,395

Knight-Swift

Transportation

Holdings,

Inc.,

Class

4,500

203,040

Landstar

System,

Inc.

787

101,074

Lyft,

Inc.,

Class

70,350

1,439,361

Marten

Transport

Ltd.

654

6,703

Norfolk

Southern

Corp.

4,950

1,402,731

Old

Dominion

Freight

Line,

Inc.

4,309

605,070

RXO,

Inc.*

1,651

29,272

Ryder

System,

Inc.

7,800

1,319,994

Saia,

Inc.*(a)

1,200

351,000

Schneider

National,

Inc.,

Class

B(a)

1,722

36,799

Uber

Technologies,

Inc.*

43,350

4,183,275

U-Haul

Holding

Co.*(a)

154

8,187

U-Haul

Holding

Co.(a)

4,650

225,479

Union

Pacific

Corp.

15,150

3,338,605

Universal

Logistics

Holdings,

Inc.

1,500

24,270

XPO,

Inc.*(a)

2,850

410,029

16,145,489

Health

Care

Equipment

Supplies

Abbott

Laboratories

36,750

4,543,035

Align

Technology,

Inc.*

2,100

289,548

Alphatec

Holdings,

Inc.*(a)

10,403

197,553

Artivion,

Inc.*

600

27,222

AtriCure,

Inc.*

2,448

84,578

Avanos

Medical,

Inc.*

345

3,833

Baxter

International,

Inc.

9,661

178,439

Becton

Dickinson

Co.

7,197

1,286,176

Boston

Scientific

Corp.*

31,500

3,172,680

Ceribell,

Inc.*

376

CONMED

Corp.(a)

459

20,196

Cooper

Cos.,

Inc.

(The)*

5,503

384,715

Dentsply

Sirona,

Inc.

28,681

361,667

Dexcom,

Inc.*

8,145

474,202

Edwards

Lifesciences

Corp.*

12,697

1,046,868

Embecta

Corp.(a)

4,058

54,134

Enovis

Corp.*(a)

12,150

379,566

Envista

Holdings

Corp.*(a)

11,400

231,990

Establishment

Labs

Holdings,

Inc.*

575

HealthCare

Technologies,

Inc.

10,050

753,248

Glaukos

Corp.*

1,856

163,458

Globus

Medical,

Inc.,

Class

A*(a)

3,300

199,287

Haemonetics

Corp.*

189

9,452

Investments

Value

Health

Care

Equipment

Supplies

(continued)

Hologic,

Inc.*

4,350

321,508

ICU

Medical,

Inc.*(a)

1,377

165,364

IDEXX

Laboratories,

Inc.*

1,683

1,059,465

Inspire

Medical

Systems,

Inc.*

171

12,326

Insulet

Corp.*

1,374

430,076

Integer

Holdings

Corp.*(a)

1,970

127,203

Integra

LifeSciences

Holdings

Corp.*

13,800

165,738

Intuitive

Surgical,

Inc.*

7,350

3,926,958

iRhythm

Technologies,

Inc.*(a)

1,800

337,140

Kestra

Medical

Technologies

Ltd.*(a)

1,950

53,391

Lantheus

Holdings,

Inc.*

3,457

199,434

LeMaitre

Vascular,

Inc.(a)

604

52,312

LivaNova

plc*

9,150

481,565

Masimo

Corp.*

1,986

279,331

Medtronic

plc

33,652

3,052,236

Merit

Medical

Systems,

Inc.*(a)

1,500

131,310

Neogen

Corp.*(a)

50,100

309,117

Novocure

Ltd.*

1,153

Omnicell,

Inc.*

4,284

143,814

Penumbra,

Inc.*

1,530

347,876

PROCEPT

BioRobotics

Corp.*

4,542

154,564

Pulse

Biosciences,

Inc.*(a)

1,350

22,855

QuidelOrtho

Corp.*(a)

14,400

388,656

ResMed,

Inc.(a)

2,907

717,680

RxSight,

Inc.*

7,515

66,057

Solventum

Corp.*

2,907

200,699

STAAR

Surgical

Co.*(a)

2,400

62,088

STERIS

plc

2,311

544,703

Stryker

Corp.

7,500

2,671,800

Tandem

Diabetes

Care,

Inc.*(a)

1,092

Teleflex,

Inc.

9,150

1,138,901

TransMedics

Group,

Inc.*(a)

1,532

201,519

UFP

Technologies,

Inc.*(a)

600

115,584

Zimmer

Biomet

Holdings,

Inc.

4,500

452,520

32,198,833

Health

Care

Providers

Services

Acadia

Healthcare

Co.,

Inc.*(a)

19,650

422,475

AdaptHealth

Corp.,

Class

A*(a)

6,721

60,422

Addus

HomeCare

Corp.*(a)

918

107,305

Alignment

Healthcare,

Inc.*

2,418

40,767

AMN

Healthcare

Services,

Inc.*

5,550

109,280

Ardent

Health,

Inc.*

5,553

80,852

Astrana

Health,

Inc.*(a)

1,404

Brookdale

Senior

Living,

Inc.*

42,474

393,734

Cardinal

Health,

Inc.

6,750

1,287,697

Castle

Biosciences,

Inc.*

5,295

135,023

Cencora,

Inc.

3,978

1,343,808

Centene

Corp.*

10,312

364,735

Chemed

Corp.

450

194,085

Cigna

Group

(The)

7,050

1,723,091

Clover

Health

Investments

Corp.,

Class

A*(a)

13,554

47,846

Concentra

Group

Holdings

Parent,

Inc.

6,042

120,357

CorVel

Corp.*(a)

1,209

89,406

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Health

Care

Providers

Services

(continued)

CVS

Health

Corp.

32,443

2,535,420

DaVita,

Inc.*

6,750

803,385

Elevance

Health,

Inc.

5,700

1,808,040

Encompass

Health

Corp.

3,450

392,782

Ensign

Group,

Inc.

(The)(a)

1,950

351,195

GeneDx

Holdings

Corp.,

Class

450

61,610

Guardant

Health,

Inc.*

6,450

599,979

HCA

Healthcare,

Inc.

4,650

2,137,512

HealthEquity,

Inc.*

3,388

320,437

Henry

Schein,

Inc.*(a)

18,900

1,194,480

Hims

Hers

Health,

Inc.*(a)

6,900

313,674

Humana,

Inc.

3,207

892,155

Labcorp

Holdings,

Inc.

2,400

609,504

LifeStance

Health

Group,

Inc.*(a)

412

McKesson

Corp.

3,300

2,677,422

Molina

Healthcare,

Inc.*(a)

1,200

183,672

National

HealthCare

Corp.

1,989

237,566

NeoGenomics,

Inc.*

901

8,803

OPKO

Health,

Inc.*(a)

1,851

2,517

Option

Care

Health,

Inc.*(a)

7,855

204,466

PACS

Group,

Inc.*(a)

183

2,211

Pediatrix

Medical

Group,

Inc.*(a)

18,968

321,887

Pennant

Group,

Inc.

(The)*

2,100

51,933

Premier,

Inc.,

Class

A(a)

600

16,872

Privia

Health

Group,

Inc.*(a)

7,650

185,895

Progyny,

Inc.*

4,500

84,195

Quest

Diagnostics,

Inc.

2,700

475,065

RadNet,

Inc.*(a)

1,977

150,232

Surgery

Partners,

Inc.*(a)

6,523

143,049

Tenet

Healthcare

Corp.*

2,757

569,293

UnitedHealth

Group,

Inc.

23,700

8,094,972

Universal

Health

Services,

Inc.,

Class

9,900

2,148,399

Physical

Therapy,

Inc.(a)

160

13,803

34,115,124

Health

Care

REITs

Alexandria

Real

Estate

Equities,

Inc.,

REIT

2,148

125,057

American

Healthcare

REIT,

Inc.,

REIT(a)

4,650

210,738

CareTrust

REIT,

Inc.,

REIT

6,466

224,047

Healthcare

Realty

Trust,

Inc.,

Class

REIT(a)

63,150

1,119,018

Healthpeak

Properties,

Inc.,

REIT

9,820

176,269

Medical

Properties

Trust,

Inc.,

REIT(a)

3,163

16,353

National

Health

Investors,

Inc.,

REIT

900

67,059

Omega

Healthcare

Investors,

Inc.,

REIT(a)

10,350

435,010

Sabra

Health

Care

REIT,

Inc.,

REIT(a)

10,096

179,911

Sila

Realty

Trust,

Inc.,

REIT(a)

1,071

25,383

Ventas,

Inc.,

REIT

8,107

598,215

Investments

Value

Health

Care

REITs

(continued)

Welltower,

Inc.,

REIT

13,609

2,463,773

5,640,833

Health

Care

Technology

Certara,

Inc.*(a)

11,626

135,210

Doximity,

Inc.,

Class

5,661

373,626

Evolent

Health,

Inc.,

Class

A*(a)

4,687

31,262

HealthStream,

Inc.(a)

154

3,788

Phreesia,

Inc.*

611

Schrodinger,

Inc.*

120

2,525

Teladoc

Health,

Inc.*(a)

35,948

310,231

Veeva

Systems,

Inc.,

Class

3,057

890,199

Waystar

Holding

Corp.*(a)

1,350

48,398

1,795,850

Hotel

Resort

REITs

Apple

Hospitality

REIT,

Inc.,

REIT(a)

48,150

538,799

DiamondRock

Hospitality

Co.,

REIT

7,451

58,267

Host

Hotels

Resorts,

Inc.,

REIT

129,600

2,076,192

Park

Hotels

Resorts,

Inc.,

REIT(a)

15,900

163,611

Pebblebrook

Hotel

Trust,

REIT(a)

21,900

229,074

RLJ

Lodging

Trust,

REIT(a)

598

Ryman

Hospitality

Properties,

Inc.,

REIT(a)

3,526

306,445

Sunstone

Hotel

Investors,

Inc.,

REIT(a)

7,545

66,773

Xenia

Hotels

Resorts,

Inc.,

REIT(a)

8,647

106,358

3,546,117

Hotels,

Restaurants

Leisure

Accel

Entertainment,

Inc.,

Class

10,200

103,938

Airbnb,

Inc.,

Class

8,116

1,026,999

Aramark(a)

10,350

392,058

BJ's

Restaurants,

Inc.*

648

22,006

Bloomin'

Brands,

Inc.

2,250

15,368

Booking

Holdings,

Inc.

683

3,468,096

Boyd

Gaming

Corp.(a)

11,626

905,317

Brinker

International,

Inc.*

1,996

216,885

Caesars

Entertainment,

Inc.*

12,000

241,200

Carnival

Corp.*

25,500

735,165

Cava

Group,

Inc.*(a)

5,550

298,202

Cheesecake

Factory,

Inc.

(The)(a)

2,754

137,149

Chipotle

Mexican

Grill,

Inc.*

26,190

829,961

Choice

Hotels

International,

Inc.(a)

615

57,170

Churchill

Downs,

Inc.(a)

2,023

200,682

Cracker

Barrel

Old

Country

Store,

Inc.(a)

2,100

70,770

Darden

Restaurants,

Inc.

2,464

443,890

Dave

Buster's

Entertainment,

Inc.*(a)

8,301

121,942

Domino's

Pizza,

Inc.

612

243,858

DoorDash,

Inc.,

Class

7,344

1,868,093

DraftKings,

Inc.,

Class

11,932

365,000

Dutch

Bros,

Inc.,

Class

3,300

183,282

Expedia

Group,

Inc.

3,519

774,180

First

Watch

Restaurant

Group,

Inc.*(a)

3,000

49,470

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

Leisure

(continued)

Flutter

Entertainment

plc*

3,516

817,786

Golden

Entertainment,

Inc.(a)

1,151

Hilton

Grand

Vacations,

Inc.*(a)

9,178

380,428

Hilton

Worldwide

Holdings,

Inc.

4,950

1,271,952

Hyatt

Hotels

Corp.,

Class

A(a)

2,142

294,332

Krispy

Kreme,

Inc.

284

Kura

Sushi

USA,

Inc.,

Class

A*(a)

750

42,698

Las

Vegas

Sands

Corp.

8,266

490,587

Life

Time

Group

Holdings,

Inc.*

5,814

143,780

Light

Wonder,

Inc.*(a)

4,284

311,447

Lucky

Strike

Entertainment

Corp.(a)

6,600

55,308

Marriott

International,

Inc.,

Class

5,100

1,328,958

Marriott

Vacations

Worldwide

Corp.

(a)

4,320

285,034

McDonald's

Corp.

15,000

4,476,450

MGM

Resorts

International*(a)

10,800

345,924

Norwegian

Cruise

Line

Holdings

Ltd.*

80,100

1,795,842

Papa

John's

International,

Inc.(a)

2,556

129,870

Penn

Entertainment,

Inc.*(a)

10,650

175,299

Planet

Fitness,

Inc.,

Class

3,213

291,387

Portillo's,

Inc.,

Class

A*(a)

13,950

74,633

Pursuit

Attractions

and

Hospitality,

Inc.*(a)

2,002

71,031

Red

Rock

Resorts,

Inc.,

Class

A(a)

1,695

90,360

Royal

Caribbean

Cruises

Ltd.

5,509

1,580,146

Sabre

Corp.*(a)

40,950

83,743

Shake

Shack,

Inc.,

Class

A*(a)

750

72,382

Six

Flags

Entertainment

Corp.*(a)

150

3,447

Starbucks

Corp.(a)

28,779

2,327,358

Sweetgreen,

Inc.,

Class

A*(a)

126

793

Target

Hospitality

Corp.*

461

Texas

Roadhouse,

Inc.,

Class

2,850

466,203

Travel

Leisure

Co.(a)

12,085

758,696

United

Parks

Resorts,

Inc.*(a)

2,766

133,874

Vail

Resorts,

Inc.

936

138,837

Wendy's

Co.

(The)(a)

3,060

26,132

Wingstop,

Inc.(a)

900

194,967

Wyndham

Hotels

Resorts,

Inc.(a)

2,754

202,226

Wynn

Resorts

Ltd.

2,850

339,122

Yum!

Brands,

Inc.

6,300

870,723

32,844,332

Household

Durables

Beazer

Homes

USA,

Inc.*(a)

1,836

41,126

Cavco

Industries,

Inc.*(a)

306

162,119

Century

Communities,

Inc.(a)

5,550

329,670

Champion

Homes,

Inc.*(a)

3,213

219,223

Horton,

Inc.

7,500

1,118,100

Dream

Finders

Homes,

Inc.,

Class

A*(a)

1,671

33,086

Ethan

Allen

Interiors,

Inc.

3,850

93,055

Garmin

Ltd.

3,519

752,855

Green

Brick

Partners,

Inc.*(a)

6,732

435,830

Helen

Troy

Ltd.*

207

3,856

Installed

Building

Products,

Inc.(a)

766

190,144

Investments

Value

Household

Durables

(continued)

Home(a)

12,900

805,218

La-Z-Boy,

Inc.

3,600

114,120

Leggett

Platt,

Inc.

15,000

140,100

Lennar

Corp.,

Class

6,150

761,185

Lennar

Corp.,

Class

B(a)

462

54,539

LGI

Homes,

Inc.*(a)

3,978

162,342

M/I

Homes,

Inc.*

5,100

638,469

Meritage

Homes

Corp.(a)

14,168

957,190

Mohawk

Industries,

Inc.*

9,637

1,095,149

Newell

Brands,

Inc.(a)

84,300

286,620

NVR,

Inc.*(a)

483,125

PulteGroup,

Inc.

5,850

701,239

Somnigroup

International,

Inc.(a)

4,800

380,832

Sonos,

Inc.*

765

13,135

Taylor

Morrison

Home

Corp.,

Class

19,650

1,164,656

Toll

Brothers,

Inc.

17,700

2,388,615

TopBuild

Corp.*(a)

1,068

451,209

Tri

Pointe

Homes,

Inc.*(a)

16,950

539,857

Whirlpool

Corp.(a)

9,205

659,354

15,176,018

Household

Products

Central

Garden

Pet

Co.*(a)

3,036

93,114

Central

Garden

Pet

Co.,

Class

6,316

175,648

Church

Dwight

Co.,

Inc.

5,514

483,523

Clorox

Co.

(The)

2,001

225,032

Colgate-Palmolive

Co.

16,835

1,297,137

Energizer

Holdings,

Inc.(a)

8,581

199,337

Kimberly-Clark

Corp.

6,429

769,615

Procter

Gamble

Co.

(The)

49,500

7,443,315

Reynolds

Consumer

Products,

Inc.(a)

13,800

337,272

Spectrum

Brands

Holdings,

Inc.

6,300

339,444

WD-40

Co.

906

176,018

11,539,455

Independent

Power

and

Renewable

Electricity

Producers

AES

Corp.

(The)(a)

137,250

1,903,658

Clearway

Energy,

Inc.,

Class

A(a)

153

4,588

Clearway

Energy,

Inc.,

Class

C(a)

6,600

210,738

Ormat

Technologies,

Inc.(a)

1,989

211,570

Talen

Energy

Corp.*(a)

1,836

733,996

Vistra

Corp.

7,191

1,354,065

4,418,615

Industrial

Conglomerates

Co.

14,074

2,343,321

Honeywell

International,

Inc.

16,350

3,291,745

5,635,066

Industrial

REITs

Americold

Realty

Trust,

Inc.,

REIT(a)

3,885

50,078

EastGroup

Properties,

Inc.,

REIT

2,298

401,070

First

Industrial

Realty

Trust,

Inc.,

REIT

5,967

329,856

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Industrial

REITs

(continued)

Innovative

Industrial

Properties,

Inc.,

REIT

1,655

Lineage,

Inc.,

REIT

13,050

514,170

LXP

Industrial

Trust,

REIT

3,519

33,395

Plymouth

Industrial

REIT,

Inc.,

REIT(a)

2,550

56,100

Prologis,

Inc.,

REIT

20,180

2,504,136

Rexford

Industrial

Realty,

Inc.,

REIT

7,984

329,899

STAG

Industrial,

Inc.,

REIT(a)

10,393

397,740

Terreno

Realty

Corp.,

REIT(a)

2,952

168,648

4,786,747

Insurance

Abacus

Global

Management,

Inc.*(a)

2,700

13,554

Aflac,

Inc.

10,950

1,173,731

Allstate

Corp.

(The)

6,582

1,260,585

American

Financial

Group,

Inc.

13,156

1,732,382

American

International

Group,

Inc.

15,150

1,196,244

AMERISAFE,

Inc.

308

12,345

Aon

plc,

Class

4,620

1,573,942

Arch

Capital

Group

Ltd.

10,555

911,002

Arthur

Gallagher

Co.

5,205

1,298,595

Assurant,

Inc.

9,600

2,032,512

Assured

Guaranty

Ltd.

7,800

628,524

Axis

Capital

Holdings

Ltd.

13,856

1,297,753

Baldwin

Insurance

Group,

Inc.

(The),

Class

A*(a)

150

3,315

Brighthouse

Financial,

Inc.*

12,000

684,840

Brown

Brown,

Inc.

6,279

500,687

Chubb

Ltd.

9,900

2,741,706

Cincinnati

Financial

Corp.

3,213

496,698

CNO

Financial

Group,

Inc.(a)

19,950

798,399

Employers

Holdings,

Inc.

2,307

87,966

Erie

Indemnity

Co.,

Class

A(a)

309

90,426

Everest

Group

Ltd.

924

290,616

F&G

Annuities

Life,

Inc.(a)

2,424

71,872

Fidelity

National

Financial,

Inc.

7,800

430,872

First

American

Financial

Corp.

17,700

1,106,427

Genworth

Financial,

Inc.,

Class

67,610

570,628

Globe

Life,

Inc.

14,850

1,952,924

Goosehead

Insurance,

Inc.,

Class

A(a)

1,500

103,005

Hamilton

Insurance

Group

Ltd.,

Class

4,500

106,515

Hanover

Insurance

Group,

Inc.

(The)

6,273

1,071,930

Hartford

Insurance

Group,

Inc.

(The)

7,950

987,231

Heritage

Insurance

Holdings,

Inc.*

1,650

38,990

Horace

Mann

Educators

Corp.

5,661

253,103

Kemper

Corp.

10,861

488,636

Kinsale

Capital

Group,

Inc.(a)

765

305,595

Lemonade,

Inc.*(a)

2,118

127,249

Lincoln

National

Corp.(a)

30,900

1,297,800

Loews

Corp.

5,400

537,624

Markel

Group,

Inc.*

300

592,359

Marsh

McLennan

Cos.,

Inc.

10,800

1,924,020

Investments

Value

Insurance

(continued)

Mercury

General

Corp.(a)

1,800

139,140

MetLife,

Inc.

15,900

1,269,138

Old

Republic

International

Corp.(a)

43,950

1,734,267

Oscar

Health,

Inc.,

Class

A*(a)

8,832

158,976

Palomar

Holdings,

Inc.*

450

51,304

Primerica,

Inc.

1,224

318,081

Principal

Financial

Group,

Inc.

6,732

565,757

Progressive

Corp.

(The)

15,150

3,120,900

Prudential

Financial,

Inc.

9,600

998,400

Reinsurance

Group

America,

Inc.

(a)

1,527

278,616

RenaissanceRe

Holdings

Ltd.(a)

1,350

343,021

RLI

Corp.(a)

2,448

144,334

Ryan

Specialty

Holdings,

Inc.,

Class

A(a)

2,850

156,180

Safety

Insurance

Group,

Inc.

2,130

146,395

Selective

Insurance

Group,

Inc.

10,950

824,973

SiriusPoint

Ltd.*

13,500

245,700

Stewart

Information

Services

Corp.

(a)

1,950

133,127

Travelers

Cos.,

Inc.

(The)

6,150

1,652,013

Trupanion,

Inc.*(a)

1,509

60,345

Universal

Insurance

Holdings,

Inc.

1,650

50,853

Unum

Group

5,202

381,931

Berkley

Corp.(a)

6,239

445,090

White

Mountains

Insurance

Group

Ltd.

150

285,684

Willis

Towers

Watson

plc

2,100

657,510

44,954,337

Interactive

Media

Services

Alphabet,

Inc.,

Class

152,400

42,853,356

Alphabet,

Inc.,

Class

133,050

37,496,151

Angi,

Inc.,

Class

A*(a)

3,900

51,753

Cargurus,

Inc.,

Class

A*(a)

3,519

123,587

Cars.com,

Inc.*(a)

5,575

59,875

Getty

Images

Holdings,

Inc.*(a)

30,600

57,528

IAC,

Inc.*(a)

13,200

425,304

Match

Group,

Inc.

10,555

341,349

Meta

Platforms,

Inc.,

Class

45,750

29,662,013

Pinterest,

Inc.,

Class

13,200

436,920

QuinStreet,

Inc.*

1,650

24,404

Reddit,

Inc.,

Class

2,292

478,913

Rumble,

Inc.*(a)

10,551

72,380

Shutterstock,

Inc.

8,100

202,743

Snap,

Inc.,

Class

11,148

86,954

Taboola.com

Ltd.*(a)

28,500

101,745

TripAdvisor,

Inc.*(a)

2,850

45,771

Trump

Media

Technology

Group

Corp.*(a)

7,950

121,834

Vimeo,

Inc.*(a)

17,531

136,742

Webtoon

Entertainment,

Inc.*(a)

2,601

45,596

Yelp,

Inc.,

Class

4,131

136,240

Ziff

Davis,

Inc.*

4,785

162,211

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Interactive

Media

Services

(continued)

ZoomInfo

Technologies,

Inc.,

Class

55,882

626,996

113,750,365

Services

Accenture

plc,

Class

A(a)

16,650

4,164,165

Akamai

Technologies,

Inc.*

2,480

186,248

Applied

Digital

Corp.*(a)

8,769

303,934

ASGN,

Inc.*

9,450

422,982

BigBear.ai

Holdings,

Inc.*(a)

19,800

137,016

Cloudflare,

Inc.,

Class

6,750

1,709,775

Cognizant

Technology

Solutions

Corp.,

Class

11,100

808,968

CoreWeave,

Inc.,

Class

750

100,282

DigitalOcean

Holdings,

Inc.*(a)

4,083

166,015

DXC

Technology

Co.*

23,502

333,728

EPAM

Systems,

Inc.*

1,848

302,222

Fastly,

Inc.,

Class

21,450

177,820

Gartner,

Inc.*

1,800

447,012

GoDaddy,

Inc.,

Class

3,389

451,178

Grid

Dynamics

Holdings,

Inc.*

14,400

134,496

Hackett

Group,

Inc.

(The)

900

16,299

International

Business

Machines

Corp.(a)

24,300

7,470,063

Kyndryl

Holdings,

Inc.*

11,100

321,012

MongoDB,

Inc.*

1,500

539,730

Okta,

Inc.*

2,619

239,717

Snowflake,

Inc.,

Class

6,726

1,848,843

Twilio,

Inc.,

Class

3,600

485,568

VeriSign,

Inc.

1,800

431,640

21,198,713

Leisure

Products

Acushnet

Holdings

Corp.

924

71,453

Brunswick

Corp.

12,750

842,902

Hasbro,

Inc.

5,850

446,414

Latham

Group,

Inc.*

2,100

15,225

Malibu

Boats,

Inc.,

Class

3,300

91,971

Mattel,

Inc.*

53,974

992,042

Peloton

Interactive,

Inc.,

Class

A*(a)

71,586

519,714

Polaris,

Inc.

7,810

516,241

Sturm

Ruger

Co.,

Inc.(a)

2,400

101,784

Topgolf

Callaway

Brands

Corp.*(a)

18,815

177,049

YETI

Holdings,

Inc.*(a)

840

28,552

3,803,347

Life

Sciences

Tools

Services

10X

Genomics,

Inc.,

Class

A*(a)

25,879

352,990

Adaptive

Biotechnologies

Corp.*

8,566

148,706

Agilent

Technologies,

Inc.

5,814

850,937

Avantor,

Inc.*(a)

131,100

1,549,602

Azenta,

Inc.*(a)

1,110

33,522

BioLife

Solutions,

Inc.*(a)

5,049

140,716

Bio-Rad

Laboratories,

Inc.,

Class

A*(a)

621

198,441

Investments

Value

Life

Sciences

Tools

Services

(continued)

Bio-Techne

Corp.(a)

8,400

525,588

Bruker

Corp.

1,625

63,277

Charles

River

Laboratories

International,

Inc.*

8,550

1,539,598

Danaher

Corp.

14,100

3,036,858

Fortrea

Holdings,

Inc.*

24,300

254,178

Illumina,

Inc.*(a)

2,454

303,167

IQVIA

Holdings,

Inc.*

4,050

876,663

Medpace

Holdings,

Inc.*

915

535,193

Mesa

Laboratories,

Inc.

1,294

Mettler-Toledo

International,

Inc.*

462

654,326

Repligen

Corp.*

1,500

223,590

Revvity,

Inc.

1,539

144,035

Sotera

Health

Co.*(a)

9,025

149,815

Tempus

AI,

Inc.,

Class

A*(a)

4,200

377,370

Thermo

Fisher

Scientific,

Inc.

8,100

4,595,859

Waters

Corp.*(a)

1,200

419,520

West

Pharmaceutical

Services,

Inc.

1,536

433,259

17,408,504

Machinery

AGCO

Corp.

2,550

263,058

Alamo

Group,

Inc.(a)

308

55,046

Albany

International

Corp.,

Class

195

11,033

Allison

Transmission

Holdings,

Inc.

4,200

346,710

Astec

Industries,

Inc.(a)

153

7,119

Blue

Bird

Corp.*(a)

4,650

232,314

Caterpillar,

Inc.

12,450

7,186,887

Chart

Industries,

Inc.*(a)

8,100

1,616,922

CNH

Industrial

14,876

156,049

Crane

Co.

1,650

313,500

Cummins,

Inc.

3,000

1,313,040

Deere

Co.

6,600

3,046,758

Donaldson

Co.,

Inc.

5,661

476,939

Dover

Corp.

2,930

531,678

Energy

Recovery,

Inc.*

359

Enerpac

Tool

Group

Corp.,

Class

3,750

153,900

Enpro,

Inc.(a)

1,078

250,107

Esab

Corp.(a)

2,700

315,414

ESCO

Technologies,

Inc.(a)

600

131,682

Federal

Signal

Corp.(a)

1,950

230,158

Flowserve

Corp.

6,158

420,283

Fortive

Corp.

5,379

270,779

Franklin

Electric

Co.,

Inc.

1,071

101,499

Gates

Industrial

Corp.

plc*

41,400

914,112

Gorman-Rupp

Co.

(The)

459

20,641

Graco,

Inc.

4,350

355,700

Greenbrier

Cos.,

Inc.

(The)

5,670

236,836

Helios

Technologies,

Inc.(a)

600

33,216

Hillenbrand,

Inc.

15,150

478,740

Hillman

Solutions

Corp.*(a)

29,700

273,834

IDEX

Corp.(a)

1,086

186,206

Illinois

Tool

Works,

Inc.

6,276

1,530,842

Ingersoll

Rand,

Inc.(a)

7,507

573,009

ITT,

Inc.(a)

3,750

694,012

JBT

Marel

Corp.(a)

1,650

208,065

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Machinery

(continued)

Kadant,

Inc.

458

126,710

Kennametal,

Inc.(a)

5,154

113,130

Lincoln

Electric

Holdings,

Inc.

2,100

492,345

Lindsay

Corp.

308

34,262

Middleby

Corp.

(The)*(a)

9,184

1,140,928

Mueller

Industries,

Inc.

5,508

583,132

Mueller

Water

Products,

Inc.,

Class

A(a)

4,466

114,598

Nordson

Corp.

1,950

452,303

Oshkosh

Corp.(a)

11,550

1,424,000

Otis

Worldwide

Corp.

8,786

814,989

PACCAR,

Inc.

13,165

1,295,436

Parker-Hannifin

Corp.

2,602

2,010,904

Pentair

plc

4,131

439,332

Proto

Labs,

Inc.*

918

45,680

RBC

Bearings,

Inc.*(a)

1,200

514,236

REV

Group,

Inc.(a)

3,450

176,881

Snap-on,

Inc.

1,200

402,660

SPX

Technologies,

Inc.*

1,650

369,419

Standex

International

Corp.(a)

154

35,917

Stanley

Black

Decker,

Inc.

29,100

1,970,652

Symbotic,

Inc.,

Class

A*(a)

1,530

123,854

Tennant

Co.

1,377

110,160

Terex

Corp.(a)

11,550

531,531

Timken

Co.

(The)(a)

10,726

842,098

Toro

Co.

(The)

3,225

241,004

Trinity

Industries,

Inc.

2,464

67,440

Watts

Water

Technologies,

Inc.,

Class

900

245,340

Westinghouse

Air

Brake

Technologies

Corp.

3,900

797,316

Worthington

Enterprises,

Inc.

2,601

145,890

Xylem,

Inc.

5,661

853,962

39,452,556

Marine

Transportation

Genco

Shipping

Trading

Ltd.(a)

2,907

49,535

Kirby

Corp.*(a)

2,700

279,396

Matson,

Inc.(a)

5,670

572,387

901,318

Media

Altice

USA,

Inc.,

Class

6,675

14,885

Cable

One,

Inc.(a)

312

46,348

Charter

Communications,

Inc.,

Class

2,700

631,368

Comcast

Corp.,

Class

100,500

2,797,418

DoubleVerify

Holdings,

Inc.*

12,309

140,076

EchoStar

Corp.,

Class

A*(a)

24,116

1,805,565

Fox

Corp.,

Class

4,896

316,526

Fox

Corp.,

Class

2,100

122,661

Ibotta,

Inc.,

Class

A*(a)

2,409

77,714

Integral

Science

Holding

Corp.*(a)

117

1,195

Interpublic

Group

Cos.,

Inc.

(The)

64,496

1,654,967

John

Wiley

Sons,

Inc.,

Class

A(a)

1,800

66,366

Investments

Value

Media

(continued)

Liberty

Broadband

Corp.,

Class

A*(a)

924

49,425

Liberty

Broadband

Corp.,

Class

2,311

124,378

Magnite,

Inc.*(a)

4,950

88,506

New

York

Times

Co.

(The),

Class

7,801

444,579

News

Corp.,

Class

8,006

212,159

News

Corp.,

Class

2,618

79,770

Newsmax,

Inc.,

Class

B*(a)

7,350

73,500

Nexstar

Media

Group,

Inc.,

Class

5,400

1,056,942

Omnicom

Group,

Inc.

6,296

472,326

Sinclair,

Inc.(a)

336

4,590

Sirius

Holdings,

Inc.(a)

38,700

839,403

Stagwell,

Inc.,

Class

A*(a)

1,446

6,869

TechTarget,

Inc.*

8,100

44,469

TEGNA,

Inc.

31,350

616,654

Thryv

Holdings,

Inc.*(a)

7,350

56,669

Trade

Desk,

Inc.

(The),

Class

7,678

386,050

12,231,378

Metals

Mining

Alcoa

Corp.(a)

48,600

1,787,994

Alpha

Metallurgical

Resources,

Inc.*(a)

2,142

371,123

Century

Aluminum

Co.*

6,579

194,870

Cleveland-Cliffs,

Inc.*(a)

85,913

1,067,899

Coeur

Mining,

Inc.*(a)

110,400

1,895,568

Commercial

Metals

Co.

20,850

1,237,656

Constellium

SE*(a)

21,600

339,768

Freeport-McMoRan,

Inc.

31,050

1,294,785

Hecla

Mining

Co.(a)

17,260

222,136

Ivanhoe

Electric,

Inc.*

6,900

102,051

Kaiser

Aluminum

Corp.

1,683

152,362

Materion

Corp.

462

52,959

Materials

Corp.*

4,875

307,564

Newmont

Corp.

29,850

2,416,954

Nucor

Corp.

6,600

990,330

Reliance,

Inc.

1,532

432,683

Royal

Gold,

Inc.

2,448

427,886

Ryerson

Holding

Corp.

1,919

Southern

Copper

Corp.(a)

1,818

252,338

Steel

Dynamics,

Inc.

4,200

658,560

SunCoke

Energy,

Inc.

5,563

44,560

Warrior

Met

Coal,

Inc.(a)

3,300

223,872

Worthington

Steel,

Inc.(a)

2,919

93,379

14,569,216

Mortgage

Real

Estate

Investment

Trusts

(REITs)

AGNC

Investment

Corp.(a)

181,587

1,815,870

Annaly

Capital

Management,

Inc.

113,548

2,403,811

Apollo

Commercial

Real

Estate

Finance,

Inc.(a)

23,983

234,794

Arbor

Realty

Trust,

Inc.(a)

39,450

398,051

ARMOUR

Residential

REIT,

Inc.(a)

26,550

430,641

Blackstone

Mortgage

Trust,

Inc.,

Class

A(a)

11,100

205,128

BrightSpire

Capital,

Inc.,

Class

A(a)

30,946

159,681

Chimera

Investment

Corp.

8,171

104,262

Dynex

Capital,

Inc.(a)

12,450

164,838

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

Ellington

Financial,

Inc.(a)

23,550

313,686

Franklin

BSP

Realty

Trust,

Inc.(a)

7,139

72,390

KKR

Real

Estate

Finance

Trust,

Inc.

1,192

9,703

Ladder

Capital

Corp.(a)

27,840

294,269

MFA

Financial,

Inc.(a)

8,158

73,340

Orchid

Island

Capital,

Inc.(a)

124

897

PennyMac

Mortgage

Investment

Trust(a)

8,579

103,291

Ready

Capital

Corp.(a)

10,355

30,340

Redwood

Trust,

Inc.(a)

7,127

37,844

Rithm

Capital

Corp.(a)

96,825

1,062,170

Starwood

Property

Trust,

Inc.(a)

58,966

1,072,002

TPG

Finance

Trust,

Inc.

10,708

92,624

Two

Harbors

Investment

Corp.(a)

9,235

89,764

9,169,396

Multi-Utilities

Ameren

Corp.(a)

6,300

642,726

Avista

Corp.

14,100

536,505

Black

Hills

Corp.

11,700

742,131

CenterPoint

Energy,

Inc.(a)

15,602

596,620

CMS

Energy

Corp.

7,350

540,592

Consolidated

Edison,

Inc.

8,566

834,414

Dominion

Energy,

Inc.(a)

21,110

1,238,946

DTE

Energy

Co.

6,000

813,240

NiSource,

Inc.(a)

10,955

461,315

Northwestern

Energy

Group,

Inc.

9,000

537,030

Public

Service

Enterprise

Group,

Inc.

(a)

11,250

906,300

Sempra

16,808

1,545,328

Unitil

Corp.

2,586

126,068

WEC

Energy

Group,

Inc.

6,120

683,788

10,205,003

Office

REITs

Brandywine

Realty

Trust,

REIT(a)

43,050

147,662

BXP,

Inc.,

REIT

6,000

427,140

COPT

Defense

Properties,

REIT

2,601

73,270

Cousins

Properties,

Inc.,

REIT(a)

6,600

171,138

Douglas

Emmett,

Inc.,

REIT(a)

28,350

366,849

Easterly

Government

Properties,

Inc.,

Class

REIT

5,550

119,991

Empire

State

Realty

Trust,

Inc.,

Class

REIT(a)

17,521

129,480

Highwoods

Properties,

Inc.,

REIT

6,450

184,664

JBG

SMITH

Properties,

REIT

14,380

280,266

Kilroy

Realty

Corp.,

REIT

6,120

258,570

Paramount

Group,

Inc.,

REIT*

32,734

214,080

Piedmont

Realty

Trust,

Inc.,

REIT(a)

23,250

187,395

Green

Realty

Corp.,

REIT(a)

3,978

204,270

Vornado

Realty

Trust,

REIT(a)

8,700

330,078

3,094,853

Oil,

Gas

Consumable

Fuels

Antero

Midstream

Corp.(a)

16,950

292,387

Investments

Value

Oil,

Gas

Consumable

Fuels

(continued)

Antero

Resources

Corp.*

46,200

1,428,042

APA

Corp.(a)

66,750

1,511,888

BKV

Corp.*(a)

2,448

57,748

California

Resources

Corp.

12,697

598,917

Calumet,

Inc.*(a)

7,396

144,666

Centrus

Energy

Corp.,

Class

A*(a)

450

165,357

Cheniere

Energy,

Inc.

4,950

1,049,400

Chevron

Corp.

49,329

7,780,170

Chord

Energy

Corp.

10,258

930,606

Civitas

Resources,

Inc.(a)

11,700

337,313

CNX

Resources

Corp.*(a)

8,250

277,695

Comstock

Resources,

Inc.*(a)

4,200

78,750

ConocoPhillips

33,450

2,972,367

Core

Natural

Resources,

Inc.

8,134

642,586

Coterra

Energy,

Inc.(a)

22,650

535,899

Crescent

Energy

Co.,

Class

A(a)

23,781

200,474

CVR

Energy,

Inc.*

3,450

122,786

Delek

Holdings,

Inc.

13,950

526,752

Devon

Energy

Corp.

18,450

599,440

Diamondback

Energy,

Inc.(a)

5,530

791,841

Dorian

LPG

Ltd.(a)

6,622

191,045

Midstream,

Inc.

4,800

525,552

EOG

Resources,

Inc.

14,389

1,522,932

EQT

Corp.

11,788

631,601

Expand

Energy

Corp.

5,100

526,881

Exxon

Mobil

Corp.

112,500

12,865,500

Granite

Ridge

Resources,

Inc.(a)

21,150

111,672

Gulfport

Energy

Corp.*(a)

2,250

418,523

Sinclair

Corp.

29,700

1,532,520

HighPeak

Energy,

Inc.(a)

102

678

International

Seaways,

Inc.(a)

8,413

430,998

Kinder

Morgan,

Inc.

43,950

1,151,050

Kinetik

Holdings,

Inc.,

Class

A(a)

1,800

69,318

Kosmos

Energy

Ltd.*(a)

64,050

100,558

Magnolia

Oil

Gas

Corp.,

Class

A(a)

28,911

649,341

Marathon

Petroleum

Corp.

8,100

1,578,771

Matador

Resources

Co.

18,545

731,786

Murphy

Oil

Corp.

21,186

599,564

New

Fortress

Energy,

Inc.*(a)

67,500

87,075

NextDecade

Corp.*(a)

1,939

11,498

Northern

Oil

Gas,

Inc.(a)

11,702

258,965

Occidental

Petroleum

Corp.(a)

15,300

630,360

ONEOK,

Inc.

15,155

1,015,385

Ovintiv,

Inc.

48,655

1,825,049

Par

Pacific

Holdings,

Inc.*(a)

7,200

287,856

PBF

Energy,

Inc.,

Class

A(a)

16,388

559,978

Peabody

Energy

Corp.(a)

19,870

544,835

Permian

Resources

Corp.

123,150

1,546,764

Phillips

11,100

1,511,154

Range

Resources

Corp.

7,650

271,958

Energy

Co.(a)

15,965

333,509

Talos

Energy,

Inc.*(a)

24,150

236,911

Targa

Resources

Corp.

4,950

762,498

Texas

Pacific

Land

Corp.(a)

462

435,842

Uranium

Energy

Corp.*(a)

13,328

201,653

Valero

Energy

Corp.

8,550

1,449,738

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

Venture

Global,

Inc.,

Class

A(a)

11,400

97,698

Viper

Energy,

Inc.,

Class

4,782

179,612

Vitesse

Energy,

Inc.(a)

4,074

88,609

Williams

Cos.,

Inc.

(The)

26,550

1,536,448

World

Kinect

Corp.(a)

9,943

257,027

58,813,796

Paper

Forest

Products

(d)

Louisiana-Pacific

Corp.(a)

3,519

306,540

Sylvamo

Corp.

4,758

193,175

499,715

Passenger

Airlines

Alaska

Air

Group,

Inc.*(a)

21,600

901,368

Allegiant

Travel

Co.*

1,200

74,616

American

Airlines

Group,

Inc.*(a)

111,468

1,463,575

Delta

Air

Lines,

Inc.

15,908

912,801

Frontier

Group

Holdings,

Inc.*(a)

17,285

66,720

JetBlue

Airways

Corp.*(a)

34,634

145,463

Joby

Aviation,

Inc.*(a)

21,722

376,659

SkyWest,

Inc.*

6,426

645,685

Southwest

Airlines

Co.

7,699

233,280

United

Airlines

Holdings,

Inc.*

7,801

733,606

Wheels

Experience,

Inc.*

13,309

18,233

5,572,006

Personal

Care

Products

BellRing

Brands,

Inc.*

3,862

116,362

Coty,

Inc.,

Class

A*(a)

42,300

167,931

Edgewell

Personal

Care

Co.

3,814

73,953

elf

Beauty,

Inc.*

1,980

241,837

Estee

Lauder

Cos.,

Inc.

(The),

Class

5,850

565,636

Herbalife

Ltd.*(a)

26,343

210,744

Interparfums,

Inc.

1,512

134,795

Kenvue,

Inc.

31,650

454,811

Olaplex

Holdings,

Inc.*(a)

57,300

59,592

2,025,661

Pharmaceuticals

Amneal

Pharmaceuticals,

Inc.*

13,950

150,939

Amphastar

Pharmaceuticals,

Inc.*(a)

2,925

74,588

ANI

Pharmaceuticals,

Inc.*

1,072

97,123

Arvinas,

Inc.*

15,600

158,184

Avadel

Pharmaceuticals

plc,

ADR*(a)

6,579

124,277

Axsome

Therapeutics,

Inc.*

1,693

228,538

Bristol-Myers

Squibb

Co.

55,200

2,543,064

Collegium

Pharmaceutical,

Inc.*

7,650

275,400

Corcept

Therapeutics,

Inc.*

3,750

275,513

Crinetics

Pharmaceuticals,

Inc.*(a)

1,272

55,332

Edgewise

Therapeutics,

Inc.*

5,550

101,454

Elanco

Animal

Health,

Inc.*(a)

91,319

2,022,716

Eli

Lilly

Co.

16,800

14,496,048

Enliven

Therapeutics,

Inc.*(a)

5,100

119,442

Evolus,

Inc.*(a)

12,044

77,804

Investments

Value

Pharmaceuticals

(continued)

Harmony

Biosciences

Holdings,

Inc.*

9,600

274,272

Harrow,

Inc.*(a)

1,200

45,324

Innoviva,

Inc.*

6,000

109,200

Jazz

Pharmaceuticals

plc*

10,350

1,424,574

Johnson

62,700

11,842,149

Ligand

Pharmaceuticals,

Inc.*(a)

306

58,541

Liquidia

Corp.*(a)

1,950

47,502

Merck

Co.,

Inc.

62,850

5,403,843

Nuvation

Bio,

Inc.*(a)

33,133

172,954

Ocular

Therapeutix,

Inc.*(a)

3,450

40,227

Organon

Co.(a)

36,819

248,528

Pacira

BioSciences,

Inc.*(a)

9,058

193,660

Perrigo

Co.

plc(a)

19,481

404,036

Pfizer,

Inc.

145,096

3,576,616

Prestige

Consumer

Healthcare,

Inc.*(a)

2,700

163,620

Royalty

Pharma

plc,

Class

A(a)

7,801

292,850

Supernus

Pharmaceuticals,

Inc.*

3,978

219,307

Tarsus

Pharmaceuticals,

Inc.*

600

41,286

Viatris,

Inc.

229,050

2,372,958

WaVe

Life

Sciences

Ltd.*(a)

7,500

67,800

Zoetis,

Inc.

9,900

1,426,491

49,226,160

Professional

Services

Alight,

Inc.,

Class

A(a)

49,664

143,032

Amentum

Holdings,

Inc.*

23,700

531,117

Automatic

Data

Processing,

Inc.

8,700

2,264,610

Barrett

Business

Services,

Inc.(a)

2,400

97,128

Booz

Allen

Hamilton

Holding

Corp.

3,069

267,494

Broadridge

Financial

Solutions,

Inc.

2,295

505,818

CACI

International,

Inc.,

Class

1,071

602,170

CBIZ,

Inc.*(a)

1,540

84,700

Clarivate

plc*(a)

39,858

135,517

Concentrix

Corp.(a)

7,500

302,325

CSG

Systems

International,

Inc.

2,250

176,108

Dayforce,

Inc.*(a)

6,702

460,695

Equifax,

Inc.

2,700

569,970

ExlService

Holdings,

Inc.*(a)

4,800

187,680

Exponent,

Inc.

3,321

235,160

First

Advantage

Corp.*

1,099

FTI

Consulting,

Inc.*

921

151,974

Genpact

Ltd.(a)

7,500

286,125

Heidrick

Struggles

International,

Inc.

2,153

125,671

Huron

Consulting

Group,

Inc.*

462

75,971

ICF

International,

Inc.

1,062

85,257

Innodata,

Inc.*(a)

450

33,574

Insperity,

Inc.(a)

3,165

139,640

Jacobs

Solutions,

Inc.

2,850

444,058

KBR,

Inc.

6,231

266,936

Kforce,

Inc.(a)

3,608

91,282

Korn

Ferry

7,800

504,660

Legalzoom.com,

Inc.*

3,750

37,388

Leidos

Holdings,

Inc.

3,000

571,410

ManpowerGroup,

Inc.

4,200

128,772

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Professional

Services

(continued)

Maximus,

Inc.

9,300

773,016

Parsons

Corp.*(a)

2,754

228,968

Paychex,

Inc.

6,778

793,229

Paycom

Software,

Inc.(a)

1,350

252,571

Paylocity

Holding

Corp.*

2,295

324,215

Planet

Labs

PBC*

11,473

154,312

Robert

Half,

Inc.

1,730

45,309

Science

Applications

International

Corp.(a)

2,448

229,402

SS&C

Technologies

Holdings,

Inc.

5,250

445,830

TransUnion(a)

3,663

297,362

TriNet

Group,

Inc.(a)

1,683

100,980

Solutions,

Inc.,

Class

A(a)

1,350

105,125

Upwork,

Inc.*(a)

25,239

402,310

Verisk

Analytics,

Inc.

3,150

689,094

Verra

Mobility

Corp.,

Class

8,779

203,761

14,552,825

Real

Estate

Management

Development

CBRE

Group,

Inc.,

Class

5,967

909,550

Compass,

Inc.,

Class

A*(a)

27,720

213,721

CoStar

Group,

Inc.*

9,150

629,611

Cushman

Wakefield

plc*(a)

34,987

549,296

eXp

World

Holdings,

Inc.(a)

732

7,496

Forestar

Group,

Inc.*

5,508

143,263

Howard

Hughes

Holdings,

Inc.*

1,836

145,558

Jones

Lang

LaSalle,

Inc.*

1,800

549,162

Kennedy-Wilson

Holdings,

Inc.(a)

136

1,028

Marcus

Millichap,

Inc.

1,950

56,960

Newmark

Group,

Inc.,

Class

30,943

551,714

Opendoor

Technologies,

Inc.*(a)

112,050

870,629

Joe

Co.

(The)(a)

3,366

191,121

Zillow

Group,

Inc.,

Class

A*(a)

1,800

128,754

Zillow

Group,

Inc.,

Class

C*(a)

4,500

337,410

5,285,273

Residential

REITs

American

Homes

Rent,

Class

REIT

4,516

142,706

AvalonBay

Communities,

Inc.,

REIT(a)

2,757

479,497

Camden

Property

Trust,

REIT

1,533

152,503

Centerspace,

REIT

2,133

Elme

Communities,

REIT(a)

8,100

133,245

Equity

LifeStyle

Properties,

Inc.,

REIT(a)

2,649

161,721

Equity

Residential,

REIT

5,850

347,724

Essex

Property

Trust,

Inc.,

REIT

1,374

345,932

Independence

Realty

Trust,

Inc.,

REIT(a)

4,200

66,906

Invitation

Homes,

Inc.,

REIT

9,600

270,240

Mid-America

Apartment

Communities,

Inc.,

REIT(a)

3,051

391,230

NexPoint

Residential

Trust,

Inc.,

REIT

1,932

Investments

Value

Residential

REITs

(continued)

Sun

Communities,

Inc.,

REIT

1,839

232,817

UDR,

Inc.,

REIT(a)

4,017

135,333

UMH

Properties,

Inc.,

REIT(a)

9,144

132,954

2,996,873

Retail

REITs

Acadia

Realty

Trust,

REIT(a)

8,719

166,271

Agree

Realty

Corp.,

REIT(a)

5,202

379,798

Alexander's,

Inc.,

REIT(a)

306

67,605

Brixmor

Property

Group,

Inc.,

REIT(a)

10,350

270,756

Curbline

Properties

Corp.,

REIT

450

10,377

Federal

Realty

Investment

Trust,

REIT

2,775

266,927

Getty

Realty

Corp.,

REIT(a)

4,650

127,550

InvenTrust

Properties

Corp.,

REIT

750

20,550

Kimco

Realty

Corp.,

REIT(a)

17,250

356,385

Kite

Realty

Group

Trust,

REIT(a)

13,294

294,329

Macerich

Co.

(The),

REIT(a)

14,992

257,113

NETSTREIT

Corp.,

REIT(a)

7,800

145,236

NNN

REIT,

Inc.,

REIT

6,600

267,036

Phillips

Edison

Co.,

Inc.,

REIT(a)

2,907

98,373

Realty

Income

Corp.,

REIT(a)

16,988

984,964

Regency

Centers

Corp.,

REIT

3,672

253,185

Saul

Centers,

Inc.,

REIT

3,300

97,713

Simon

Property

Group,

Inc.,

REIT

6,732

1,183,216

SITE

Centers

Corp.,

REIT(a)

Tanger,

Inc.,

REIT(a)

6,885

224,176

Urban

Edge

Properties,

REIT(a)

4,158

79,958

Whitestone

REIT,

REIT(a)

2,754

34,535

5,586,141

Semiconductors

Semiconductor

Equipment

ACM

Research,

Inc.,

Class

9,484

393,207

Advanced

Micro

Devices,

Inc.*

34,350

8,797,722

Allegro

MicroSystems,

Inc.*(a)

7,650

228,888

Alpha

Omega

Semiconductor

Ltd.*

3,519

98,743

Ambarella,

Inc.*

2,142

182,563

Amkor

Technology,

Inc.

7,038

227,187

Analog

Devices,

Inc.

10,650

2,493,484

Applied

Materials,

Inc.

20,850

4,860,135

Astera

Labs,

Inc.*

5,550

1,036,074

Axcelis

Technologies,

Inc.*(a)

1,650

131,274

Broadcom,

Inc.

96,900

35,817,147

CEVA,

Inc.*(a)

900

24,489

Cirrus

Logic,

Inc.*

1,530

202,954

Cohu,

Inc.*

871

20,721

Credo

Technology

Group

Holding

Ltd.*

5,652

1,060,428

Diodes,

Inc.*(a)

3,300

176,088

Enphase

Energy,

Inc.*(a)

7,350

224,248

Entegris,

Inc.

3,366

308,225

First

Solar,

Inc.*

2,850

760,779

FormFactor,

Inc.*

5,149

282,938

Ichor

Holdings

Ltd.*

1,429

Impinj,

Inc.*(a)

1,232

249,061

Intel

Corp.*

91,950

3,677,080

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Semiconductors

Semiconductor

Equipment

(continued)

KLA

Corp.

2,700

3,263,598

Kulicke

Soffa

Industries,

Inc.

918

36,656

Lam

Research

Corp.

32,700

5,148,942

Lattice

Semiconductor

Corp.*(a)

6,273

457,678

MACOM

Technology

Solutions

Holdings,

Inc.*(a)

2,100

311,073

Marvell

Technology,

Inc.

16,868

1,581,206

MaxLinear,

Inc.,

Class

A*(a)

105

1,591

Microchip

Technology,

Inc.

10,050

627,321

Micron

Technology,

Inc.

28,800

6,444,576

MKS,

Inc.

10,350

1,487,398

Monolithic

Power

Systems,

Inc.

921

925,605

NVIDIA

Corp.

494,550

100,141,429

NXP

Semiconductors

5,400

1,129,248

Semiconductor

Corp.*

9,343

467,897

Onto

Innovation,

Inc.*

2,445

329,977

PDF

Solutions,

Inc.*

2,680

Penguin

Solutions,

Inc.*(a)

9,484

211,209

Photronics,

Inc.*(a)

13,241

316,460

Power

Integrations,

Inc.(a)

4,221

176,818

Qorvo,

Inc.*

16,350

1,551,942

QUALCOMM,

Inc.

27,900

5,047,110

Rambus,

Inc.*(a)

4,284

440,567

Rigetti

Computing,

Inc.*(a)

15,900

703,893

Semtech

Corp.*(a)

4,743

321,860

Silicon

Laboratories,

Inc.*

1,683

220,608

SiTime

Corp.*(a)

759

219,837

Skyworks

Solutions,

Inc.

29,550

2,296,626

SolarEdge

Technologies,

Inc.*(a)

10,200

357,918

Synaptics,

Inc.*(a)

1,959

138,971

Teradyne,

Inc.

3,360

610,714

Texas

Instruments,

Inc.

18,677

3,015,588

Ultra

Clean

Holdings,

Inc.*

3,672

100,650

Universal

Display

Corp.(a)

2,607

383,959

Veeco

Instruments,

Inc.*(a)

1,232

35,420

199,761,889

Software

ACI

Worldwide,

Inc.*

2,850

135,746

Adeia,

Inc.(a)

9,505

161,965

Adobe,

Inc.*

9,150

3,113,836

Agilysys,

Inc.*(a)

300

37,638

Alarm.com

Holdings,

Inc.*

765

37,653

Alkami

Technology,

Inc.*(a)

4,590

93,131

Amplitude,

Inc.,

Class

9,450

94,973

Appfolio,

Inc.,

Class

1,224

311,422

Appian

Corp.,

Class

4,059

121,486

AppLovin

Corp.,

Class

4,596

2,929,169

Asana,

Inc.,

Class

A*(a)

7,801

109,604

Atlassian

Corp.,

Class

3,369

570,776

Aurora

Innovation,

Inc.,

Class

A*(a)

48,642

254,884

Autodesk,

Inc.*

4,590

1,383,151

Bentley

Systems,

Inc.,

Class

2,733

138,918

BILL

Holdings,

Inc.*(a)

5,049

250,733

Blackbaud,

Inc.*

2,464

157,795

Investments

Value

Software

(continued)

BlackLine,

Inc.*

618

35,380

Blend

Labs,

Inc.,

Class

6,900

22,839

Box,

Inc.,

Class

4,466

143,314

Braze,

Inc.,

Class

2,940

84,260

C3.ai,

Inc.,

Class

A*(a)

1,582

Cadence

Design

Systems,

Inc.*

5,851

1,981,675

CCC

Intelligent

Solutions

Holdings,

Inc.*(a)

24,750

215,820

Cipher

Mining,

Inc.*(a)

9,219

171,934

Cleanspark,

Inc.*(a)

57,150

1,017,270

Clear

Secure,

Inc.,

Class

A(a)

2,865

87,297

Clearwater

Analytics

Holdings,

Inc.,

Class

A*(a)

15,900

292,719

Commvault

Systems,

Inc.*

2,100

292,362

Confluent,

Inc.,

Class

7,384

172,564

Core

Scientific,

Inc.*(a)

16,979

365,728

Crowdstrike

Holdings,

Inc.,

Class

4,896

2,658,577

Datadog,

Inc.,

Class

6,732

1,096,037

Docusign,

Inc.*

5,250

383,985

Dolby

Laboratories,

Inc.,

Class

2,295

152,204

Dropbox,

Inc.,

Class

A*(a)

33,750

978,750

D-Wave

Quantum,

Inc.*(a)

13,050

483,633

Dynatrace,

Inc.*

8,064

407,796

Elastic

NV*

4,125

368,032

Fair

Isaac

Corp.*

520

862,956

Five9,

Inc.*

6,300

152,964

Fortinet,

Inc.*

14,250

1,231,628

Freshworks,

Inc.,

Class

1,366

15,163

Gen

Digital,

Inc.

14,380

379,057

Gitlab,

Inc.,

Class

A*(a)

3,843

187,346

Guidewire

Software,

Inc.*

1,990

464,944

HubSpot,

Inc.*

1,200

590,304

Hut

Corp.*(a)

2,400

121,584

Informatica,

Inc.,

Class

A*(a)

7,275

180,929

Intapp,

Inc.*

600

23,028

InterDigital,

Inc.(a)

750

271,470

Intuit,

Inc.

5,850

3,905,167

Jamf

Holding

Corp.*

114

1,465

JFrog

Ltd.*

5,049

239,727

Klaviyo,

Inc.,

Class

A*(a)

2,160

56,160

Life360,

Inc.*(a)

2,250

222,098

LiveRamp

Holdings,

Inc.*

1,071

29,281

Manhattan

Associates,

Inc.*

2,700

491,589

MARA

Holdings,

Inc.*(a)

10,279

187,797

Microsoft

Corp.

156,450

81,011,374

N-able,

Inc.*

611

nCino,

Inc.*

2,100

56,028

NCR

Voyix

Corp.*(a)

21,000

239,610

NextNav,

Inc.*(a)

1,050

14,018

Nutanix,

Inc.,

Class

6,450

459,498

Onestream,

Inc.,

Class

A*(a)

7,950

150,176

Oracle

Corp.

34,050

8,941,871

Pagaya

Technologies

Ltd.,

Class

A*(a)

3,750

100,838

PagerDuty,

Inc.*

9,150

146,949

Palantir

Technologies,

Inc.,

Class

45,450

9,111,362

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Software

(continued)

Palo

Alto

Networks,

Inc.*

13,768

3,032,264

Pegasystems,

Inc.

2,400

152,760

Procore

Technologies,

Inc.*

5,400

398,628

Progress

Software

Corp.*(a)

512

PROS

Holdings,

Inc.*

108

2,489

PTC,

Inc.*

2,295

455,649

Holdings,

Inc.*(a)

3,366

207,884

Qualys,

Inc.*

1,382

170,345

Rapid7,

Inc.*(a)

1,777

RingCentral,

Inc.,

Class

A*(a)

10,474

315,477

Riot

Platforms,

Inc.*(a)

12,600

249,228

Roper

Technologies,

Inc.

2,145

956,992

Rubrik,

Inc.,

Class

5,100

383,877

SailPoint,

Inc.*

3,600

78,048

Salesforce,

Inc.

19,200

4,999,872

Samsara,

Inc.,

Class

8,950

359,522

SEMrush

Holdings,

Inc.,

Class

A*(a)

13,200

95,832

SentinelOne,

Inc.,

Class

8,485

151,457

ServiceNow,

Inc.*

4,350

3,998,868

ServiceTitan,

Inc.,

Class

A*(a)

600

56,616

SoundHound

AI,

Inc.,

Class

A*(a)

19,200

338,304

Sprinklr,

Inc.,

Class

100

Sprout

Social,

Inc.,

Class

A*(a)

678

SPS

Commerce,

Inc.*

771

63,407

Strategy,

Inc.,

Class

A*(a)

5,502

1,482,844

Synopsys,

Inc.*

3,725

1,690,480

Tenable

Holdings,

Inc.*

2,100

60,942

Teradata

Corp.*

2,220

46,287

Terawulf,

Inc.*(a)

10,698

165,819

Tyler

Technologies,

Inc.*

900

428,634

UiPath,

Inc.,

Class

10,618

168,401

Unity

Software,

Inc.*

14,992

568,197

Varonis

Systems,

Inc.*

3,978

140,145

Verint

Systems,

Inc.*

6,529

132,408

Weave

Communications,

Inc.*(a)

14,100

104,481

Workday,

Inc.,

Class

4,800

1,151,616

Workiva,

Inc.,

Class

1,095

93,086

Yext,

Inc.*

2,550

21,598

Zeta

Global

Holdings

Corp.,

Class

A*(a)

9,501

170,923

Zoom

Communications,

Inc.,

Class

5,550

484,126

Zscaler,

Inc.*

2,100

695,394

155,239,597

Specialized

REITs

American

Tower

Corp.,

REIT

9,490

1,698,520

Crown

Castle,

Inc.,

REIT

7,819

705,430

CubeSmart,

REIT

11,700

440,739

Digital

Realty

Trust,

Inc.,

REIT

6,432

1,096,077

EPR

Properties,

REIT(a)

4,467

218,972

Equinix,

Inc.,

REIT

2,152

1,820,614

Extra

Space

Storage,

Inc.,

REIT

4,893

653,411

Four

Corners

Property

Trust,

Inc.,

REIT(a)

7,746

183,115

Investments

Value

Specialized

REITs

(continued)

Gaming

and

Leisure

Properties,

Inc.,

REIT(a)

5,851

261,306

Iron

Mountain,

Inc.,

REIT

6,455

664,542

Lamar

Advertising

Co.,

Class

REIT(a)

3,750

444,712

National

Storage

Affiliates

Trust,

REIT(a)

537

15,621

Outfront

Media,

Inc.,

REIT

6,300

111,447

PotlatchDeltic

Corp.,

REIT(a)

5,172

206,880

Public

Storage,

REIT

3,085

859,358

Rayonier,

Inc.,

REIT(a)

8,550

188,699

Safehold,

Inc.,

REIT

13,650

196,970

SBA

Communications

Corp.,

REIT

2,589

495,742

VICI

Properties,

Inc.,

Class

REIT

26,592

797,494

Weyerhaeuser

Co.,

REIT

10,912

250,976

11,310,625

Specialty

Retail

Abercrombie

Fitch

Co.,

Class

A*(a)

8,700

631,185

Academy

Sports

Outdoors,

Inc.(a)

12,300

589,047

Advance

Auto

Parts,

Inc.(a)

3,680

173,438

American

Eagle

Outfitters,

Inc.(a)

33,559

560,771

Asbury

Automotive

Group,

Inc.*(a)

3,600

844,560

AutoNation,

Inc.*

5,400

1,079,298

AutoZone,

Inc.*

350

1,286,050

Bath

Body

Works,

Inc.(a)

34,208

837,412

Best

Buy

Co.,

Inc.

5,814

477,562

Boot

Barn

Holdings,

Inc.*(a)

1,224

232,132

Buckle,

Inc.

(The)(a)

5,850

320,580

Burlington

Stores,

Inc.*(a)

1,224

334,874

Camping

World

Holdings,

Inc.,

Class

A(a)

7,650

100,674

CarMax,

Inc.*

4,950

207,455

Carvana

Co.*

2,907

891,112

Chewy,

Inc.,

Class

9,000

303,480

Dick's

Sporting

Goods,

Inc.

11,601

2,569,041

Five

Below,

Inc.*(a)

2,100

330,267

Floor

Decor

Holdings,

Inc.,

Class

A*(a)

4,650

290,532

GameStop

Corp.,

Class

A*(a)

13,800

307,602

Gap,

Inc.

(The)

39,521

903,055

Group

Automotive,

Inc.(a)

2,449

973,575

Guess?,

Inc.

4,539

77,072

Home

Depot,

Inc.

(The)

20,850

7,914,451

Lithia

Motors,

Inc.,

Class

A(a)

4,950

1,554,696

Lowe's

Cos.,

Inc.

14,850

3,536,230

Murphy

USA,

Inc.(a)

765

274,023

National

Vision

Holdings,

Inc.*(a)

5,850

150,637

O'Reilly

Automotive,

Inc.*

18,356

1,733,541

Penske

Automotive

Group,

Inc.(a)

3,213

514,305

Petco

Health

Wellness

Co.,

Inc.,

Class

A*(a)

142

452

Revolve

Group,

Inc.,

Class

1,500

33,180

RH*(a)

312

53,817

Ross

Stores,

Inc.

6,936

1,102,269

Sally

Beauty

Holdings,

Inc.*

11,605

175,352

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Specialty

Retail

(continued)

Signet

Jewelers

Ltd.(a)

7,546

745,922

Sonic

Automotive,

Inc.,

Class

3,450

219,179

TJX

Cos.,

Inc.

(The)

24,000

3,363,360

Tractor

Supply

Co.

11,400

616,854

Ulta

Beauty,

Inc.*

1,078

560,431

Upbound

Group,

Inc.

9,178

177,870

Urban

Outfitters,

Inc.*(a)

9,600

620,256

Valvoline,

Inc.*(a)

6,930

228,759

Victoria's

Secret

Co.*(a)

12,750

449,438

Warby

Parker,

Inc.,

Class

7,038

137,874

Wayfair,

Inc.,

Class

A*(a)

4,590

475,111

Williams-Sonoma,

Inc.

2,754

535,212

39,493,993

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

312,750

84,558,217

Corsair

Gaming,

Inc.*(a)

11,932

97,246

Dell

Technologies,

Inc.,

Class

7,797

1,263,192

Diebold

Nixdorf,

Inc.*

4,650

275,047

Hewlett

Packard

Enterprise

Co.

36,304

886,544

HP,

Inc.

24,933

689,896

IonQ,

Inc.*(a)

11,152

695,662

NetApp,

Inc.

4,650

547,677

Pure

Storage,

Inc.,

Class

A*(a)

7,501

740,349

Quantum

Computing,

Inc.*(a)

600

10,026

Sandisk

Corp.*

21,000

4,185,930

Seagate

Technology

Holdings

plc

5,202

1,331,088

Super

Micro

Computer,

Inc.*

12,450

646,902

Western

Digital

Corp.

8,260

1,240,734

Xerox

Holdings

Corp.

97,168,583

Textiles,

Apparel

Luxury

Goods

Capri

Holdings

Ltd.*

25,650

532,238

Carter's,

Inc.(a)

3,399

106,729

Columbia

Sportswear

Co.

180

8,933

Crocs,

Inc.*(a)

10,950

894,506

Deckers

Outdoor

Corp.*

3,330

271,395

Figs,

Inc.,

Class

A*(a)

14,992

111,840

G-III

Apparel

Group

Ltd.*(a)

9,150

245,678

Hanesbrands,

Inc.*

27,381

180,988

Kontoor

Brands,

Inc.(a)

3,219

260,481

Lululemon

Athletica,

Inc.*

1,708

291,282

NIKE,

Inc.,

Class

28,485

1,839,846

Oxford

Industries,

Inc.

633

23,326

PVH

Corp.(a)

9,750

763,718

Ralph

Lauren

Corp.

1,800

575,388

Steven

Madden

Ltd.(a)

14,400

488,304

Tapestry,

Inc.

4,650

510,663

Under

Armour,

Inc.,

Class

14,546

67,057

Under

Armour,

Inc.,

Class

C*(a)

5,850

25,974

Corp.(a)

7,856

110,298

Wolverine

World

Wide,

Inc.

1,350

30,645

7,339,289

Investments

Value

Tobacco

Altria

Group,

Inc.

45,450

2,562,471

Philip

Morris

International,

Inc.

32,700

4,719,591

Universal

Corp.

4,437

224,867

7,506,929

Trading

Companies

Distributors

Air

Lease

Corp.,

Class

18,356

1,172,214

Applied

Industrial

Technologies,

Inc.

1,800

462,762

Boise

Cascade

Co.(a)

6,937

488,989

Core

Main,

Inc.,

Class

A*(a)

5,400

281,772

Custom

Truck

One

Source,

Inc.*(a)

6,900

40,641

DNOW,

Inc.*

9,150

134,505

DXP

Enterprises,

Inc.*(a)

1,227

146,811

Fastenal

Co.

23,403

963,033

Ferguson

Enterprises,

Inc.

3,825

950,512

FTAI

Aviation

Ltd.(a)

4,050

700,245

GATX

Corp.(a)

1,989

311,975

Global

Industrial

Co.

306

8,697

Herc

Holdings,

Inc.(a)

5,516

783,548

McGrath

RentCorp

1,683

180,822

MRC

Global,

Inc.*

15,450

215,527

MSC

Industrial

Direct

Co.,

Inc.,

Class

A(a)

2,601

220,851

QXO,

Inc.*(a)

20,550

363,118

Rush

Enterprises,

Inc.,

Class

A(a)

10,050

496,571

Rush

Enterprises,

Inc.,

Class

698

36,624

SiteOne

Landscape

Supply,

Inc.*(a)

2,443

317,028

Transcat,

Inc.*(a)

750

54,487

United

Rentals,

Inc.(a)

1,379

1,201,357

Watsco,

Inc.(a)

766

281,896

WESCO

International,

Inc.(a)

8,776

2,277,635

Willis

Lease

Finance

Corp.(a)

300

38,514

Grainger,

Inc.

924

904,596

Xometry,

Inc.,

Class

A*(a)

1,224

59,597

13,094,327

Water

Utilities

American

States

Water

Co.

2,250

160,448

American

Water

Works

Co.,

Inc.(a)

3,522

452,330

California

Water

Service

Group

531

23,566

Essential

Utilities,

Inc.

12,544

489,592

H2O

America

3,156

145,965

Middlesex

Water

Co.(a)

2,414

1,274,315

Wireless

Telecommunication

Services

Gogo,

Inc.*(a)

7,697

70,043

Telephone

and

Data

Systems,

Inc.(a)

18,900

733,698

T-Mobile

US,

Inc.

11,250

2,363,062

3,166,803

Total

Common

Stocks

(Cost

$852,838,923)

1,836,313,484

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Number

Warrants

Value

WARRANTS

(d)

Oil,

Gas

Consumable

Fuels

0.0%(d)

Occidental

Petroleum

Corp.,

expiring

8/3/2027,

price

22.00

(Cost

$21,117)*

4,266

82,846

Number

Rights

RIGHTS

Biotechnology

0.0%

Blueprint

Medicines

Corp.,

CVR*‡

2,790

—

Health

Care

Equipment

Supplies

0.0%

ABIOMED,

Inc.,

CVR*‡

1,110

—

Life

Sciences

Tools

Services

0.0%

OmniAb,

Inc.,

expiring

11/1/2027,

price

1.00*‡

562

—

–

Paper

Forest

Products

0.0%

Resolute

Forest

Products,

Inc.,

CVR*‡

6,734

—

Total

Rights

(Cost

$1,132)

—

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(e)

CERTIFICATES

DEPOSIT

Bank

Montreal,

Chicago

(SOFR

0.31%),

4.35%,

5/29/2026(f)

2,000,000

2,000,862

Bank

Nova

Scotia,

Houston

(SOFR

0.34%),

4.38%,

7/1/2026(f)

4,000,000

3,999,946

Barclays

Bank

plc,

New

York

(SOFR

0.25%),

4.52%,

4/29/2026(f)

1,000,000

999,999

BNP

Paribas,

New

York

(SOFR

0.24%),

4.28%,

12/1/2025(f)

3,000,000

Canadian

Imperial

Bank

Commerce,

New

York

(SOFR

0.24%),

4.28%,

12/17/2025(f)

3,000,000

MUFG

Bank

Ltd.,

New

York

Branch

(SOFR

0.22%),

4.49%,

3/12/2026(f)

2,000,000

1,999,866

Natixis

SA,

New

York

4.47%,

12/11/2025

3,000,000

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

0.21%),

4.25%,

3/10/2026(f)

1,000,000

999,907

(SOFR

0.22%),

4.26%,

4/9/2026(f)

3,000,000

2,999,452

Investments

Principal

Amount

Value

CERTIFICATES

DEPOSIT

(continued)

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

(SOFR

0.29%),

4.33%,

11/7/2025(f)

1,000,000

(SOFR

0.35%),

4.22%,

11/10/2025(f)

2,000,000

2,000,068

4.40%,

2/3/2026

2,000,000

2,002,420

Toronto-Dominion

Bank,

New

York

(SOFR

0.20%),

4.47%,

4/6/2026(f)

1,000,000

999,973

(SOFR

0.36%),

4.63%,

5/8/2026(f)

3,000,000

3,002,331

Total

Certificates

Deposit

(Cost

$31,000,068)

31,004,824

REPURCHASE

AGREEMENTS

BofA

Securities,

Inc.

4.32%,

dated

10/31/2025,

due

2/2/2026,

repurchase

price

$6,067,680,

collateralized

various

Common

Stocks,

U.S.

Treasury

Securities,

ranging

from

0.88%

4.75%,

maturing

9/30/2026

11/15/2043;

total

market

value

$6,573,320

6,000,000

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$46,095,312,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$46,776,793

46,079,453

Citigroup

Global

Markets,

Inc.

4.15%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$9,496,820,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.13%

0.63%,

maturing

1/15/2026

4/15/2026;

total

market

value

$9,670,965

9,493,536

National

Bank

Canada

Financial

Inc.

4.19%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$50,017,458,

collateralized

various

Common

Stocks;

total

market

value

$56,308,638

50,000,000

Prime

Services

LLC

4.17%,

dated

10/31/2025,

due

12/5/2025,

repurchase

price

$10,040,542,

collateralized

various

Common

Stocks;

total

market

value

$11,034,056

10,000,000

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

Prime

Services

LLC

3.97%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$7,558,723,

collateralized

various

Common

Stocks;

total

market

value

$8,337,579

7,556,224

Total

Repurchase

Agreements

(Cost

$129,129,213)

129,129,213

Total

Securities

Lending

Reinvestments

(Cost

$160,129,281)

160,134,037

Total

Investments

108.1%

(Cost

$1,012,990,453)

1,996,530,367

Liabilities

excess

other

assets

(8.1%)

(149,216,738)

NET

ASSETS

100.0%

$1,847,313,629

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$216,887,918,

collateralized

the

form

cash

with

value

$160,129,513

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$36,361,208

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

November

2025

–

August

15,

2055

and

$26,330,061

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

February

15,

2026

–

July

22,

2068;

total

value

$222,820,782.

(b)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(c)

Investment

affiliated

company.

Northern

Trust

Investments,

Inc.,

the

Investment

Adviser

the

Fund,

subsidiary

Northern

Trust

Corporation.

(d)

Represents

less

than

0.05%

net

assets.

(e)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$160,134,037.

(f)

Variable

floating

rate

security,

linked

the

referenced

benchmark.

The

interest

rate

shown

the

rate

effect

October

31,

2025.

Percentages

shown

are

based

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

CVR

—

Contingent

Value

Rights

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

1,006,623,507

Aggregate

gross

unrealized

depreciation

(23,633,100

)

Net

unrealized

appreciation

982,990,407

Federal

income

tax

cost

1,013,729,091

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investment

company

which

was

affiliated

for

the

period

ended

October

31,

2025,

was

follows:

Security

Value

October

31,

2024

Purchases

Cost

Sales

Proceeds

October

31,

2025

Value

October

31,

2025

Change

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Realized

Gain

Northern

Trust

Corp.

643,328

17,513

115,990

5,550

714,118

134,130

18,660

35,137

Futures

Contracts

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

(

Depreciation

)

Long

Contracts

‌

Russell

2000

E-Mini

Index

12/19/2025

USD

1,369,445

33,228

S&P

500

E-Mini

Index

12/19/2025

USD

6,874,000

180,836

S&P

Midcap

400

E-Mini

Index

12/19/2025

USD

2,280,390

(

24,933

)

189,131

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

Abbreviations:

USD

—

Dollar

Security

Type

Net

Assets

Common

Stocks

99‌

Warrants

0‌

†

Rights

–‌

Securities

Lending

Reinvestments

8‌

Others

(1)

(

8‌

)

100‌

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Aerospace

Defense

Airbus

6,784

1,670,942

Austal

Ltd.*

2,573

11,437

Babcock

International

Group

plc

8,092

128,962

BAE

Systems

plc

35,872

881,810

Bet

Shemesh

Engines

Holdings

1997

Ltd.*(a)

465

96,381

Bombardier,

Inc.,

Class

B*(a)

1,184

165,599

CAE,

Inc.*(a)

4,476

125,800

Chemring

Group

plc

6,231

46,909

Cirrus

Aircraft

Ltd.

3,100

21,040

Dassault

Aviation

320

102,973

Elbit

Systems

Ltd.

288

138,062

Exosens

SAS

279

15,731

Hensoldt

825

87,794

INVISIO

1,020

Ispace,

Inc.*(a)

3,100

9,699

Kongsberg

Gruppen

ASA

5,558

142,316

Leonardo

SpA

4,832

283,762

LISI

880

51,597

MDA

Space

Ltd.*

3,038

59,366

Melrose

Industries

plc

18,185

149,471

Montana

Aerospace

AG*(b)

1,326

52,610

MTU

Aero

Engines

672

293,263

QinetiQ

Group

plc

10,261

64,630

Rheinmetall

512

1,005,502

Rolls-Royce

Holdings

plc

97,600

1,496,465

Saab

AB,

Class

3,776

208,441

Safran

4,160

1,478,373

Singapore

Technologies

Engineering

Ltd.

18,400

120,032

Thales

1,184

337,407

9,247,394

Air

Freight

Logistics

AZ-COM

MARUWA

Holdings,

Inc.(a)

3,100

20,686

Deutsche

Post

18,528

851,124

DSV

A/S(a)

2,240

476,076

Freightways

Group

Ltd.

7,410

62,462

Hamakyorex

Co.

Ltd.

19,200

190,810

Logistics

Group

SACA*

36,835

InPost

SA*(a)

3,608

45,475

KLN

Logistics

Group

Ltd.

62,000

57,276

Konoike

Transport

Co.

Ltd.(a)

9,600

199,098

Logista

Integral

2,344

78,241

Mainfreight

Ltd.(a)

1,312

45,267

Mitsui-Soko

Holdings

Co.

Ltd.

3,200

84,043

Nippon

Express

Holdings,

Inc.

4,800

102,104

Oesterreichische

Post

136

4,709

Sankyu,

Inc.

1,333

68,088

SBS

Holdings,

Inc.

6,400

140,833

Senko

Group

Holdings

Co.

Ltd.

3,100

40,487

Holdings

Co.

Ltd.(a)

3,800

34,940

Investments

Value

Air

Freight

Logistics

(continued)

Yamato

Holdings

Co.

Ltd.

3,800

55,549

2,594,103

Automobile

Components

Aisan

Industry

Co.

Ltd.(a)

12,800

174,151

Aisin

Corp.

12,800

230,525

ARB

Corp.

Ltd.(a)

4,248

100,392

Brembo

NV(a)

6,138

66,204

Bridgestone

Corp.

12,800

562,002

CIE

Automotive

SA(a)

14,912

500,853

Cie

Generale

des

Etablissements

Michelin

SCA

14,880

475,562

Continental

2,656

200,733

Denso

Corp.

38,400

538,779

Dometic

Group

AB(a)(c)

120,768

594,139

Eagle

Industry

Co.

Ltd.

8,000

141,975

Exedy

Corp.

9,600

323,417

FCC

Co.

Ltd.

12,800

259,232

Forvia

SE*

56,832

728,766

Gestamp

Automocion

SA(a)(b)

34,176

132,459

Yuasa

Corp.(a)

3,100

86,890

Hella

GmbH

Co.

KGaA

328

30,551

Johnson

Electric

Holdings

Ltd.(a)

128,000

601,776

Koito

Manufacturing

Co.

Ltd.

3,100

46,353

KYB

Corp.(a)

12,800

325,702

Linamar

Corp.

13,088

709,441

Magna

International,

Inc.

4,288

202,778

Musashi

Seimitsu

Industry

Co.

Ltd.(a)

16,000

362,468

NHK

Spring

Co.

Ltd.

6,200

116,671

Nifco,

Inc.

2,400

69,793

Nishikawa

Rubber

Co.

Ltd.(a)

9,600

177,287

Niterra

Co.

Ltd.

3,200

131,735

NOK

Corp.

4,100

73,055

Opmobility

16,160

264,111

Pirelli

SpA(b)

3,854

27,028

Schaeffler

12,214

99,034

Seiren

Co.

Ltd.

19,200

395,080

Stanley

Electric

Co.

Ltd.

3,400

66,983

Sumitomo

Electric

Industries

Ltd.

16,000

586,803

Sumitomo

Riko

Co.

Ltd.(a)

16,000

271,799

Sumitomo

Rubber

Industries

Ltd.(a)

3,800

44,622

Tokai

Rika

Co.

Ltd.(a)

16,000

288,520

Topre

Corp.(a)

16,000

233,060

Toyo

Tire

Corp.

4,500

123,414

Toyoda

Gosei

Co.

Ltd.

2,000

46,438

Toyota

Boshoku

Corp.

2,700

41,169

Tech

Co.

Ltd.

35,200

418,365

Valeo

75,744

1,047,773

Yokohama

Rubber

Co.

Ltd.

(The)(a)

3,800

136,307

12,054,195

Automobiles

Bayerische

Motoren

Werke

5,280

491,922

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Automobiles

(continued)

Bayerische

Motoren

Werke

(Preference)

620

53,706

Ing

Porsche

(Preference)

(b)

465

24,393

Ferrari

1,376

550,304

Honda

Motor

Co.

Ltd.(a)

83,200

842,504

Isuzu

Motors

Ltd.

12,800

157,450

Mazda

Motor

Corp.

6,200

43,143

Mercedes-Benz

Group

13,568

880,259

Nissan

Motor

Co.

Ltd.*(a)

57,600

132,171

Nissan

Shatai

Co.

Ltd.(a)

6,200

41,413

Porsche

Automobil

Holding

(Preference)

2,080

82,729

Renault

2,976

115,756

Stellantis

36,416

368,951

Subaru

Corp.

12,800

272,775

Suzuki

Motor

Corp.

38,400

575,296

Toyota

Motor

Corp.

236,800

4,823,462

Trigano

2,784

464,321

Volkswagen

(Preference)

3,840

399,867

Volvo

Car

AB,

Class

B*(a)

33,108

114,993

Yamaha

Motor

Co.

Ltd.(a)

16,000

115,803

10,551,218

Banks

Bank

Ltd.

(The)

1,500

64,409

ABN

AMRO

Bank

NV,

CVA(b)

9,984

298,575

AIB

Group

plc

46,688

430,290

Aichi

Financial

Group,

Inc.

3,200

82,568

Aktia

Bank

OYJ(a)

17,728

218,940

Alandsbanken

Abp,

Class

B(a)

2,035

106,401

Alior

Bank

2,640

73,584

AMCO

Asset

Management

Co.

SpA*‡(a)

239

210

ANZ

Group

Holdings

Ltd.

33,440

802,323

Aozora

Bank

Ltd.(a)

3,100

44,381

Awa

Bank

Ltd.

(The)

12,800

302,437

Banca

Monte

dei

Paschi

Siena

SpA

46,530

407,298

Banca

Popolare

Sondrio

SpA

11,040

184,892

Banco

Bilbao

Vizcaya

Argentaria

SA(a)

119,616

2,407,090

Banco

BPM

SpA

25,143

365,798

Banco

Comercial

Portugues

SA,

Class

189,546

167,406

Banco

Sabadell

98,336

368,079

Banco

Santander

SA(a)

309,696

3,154,864

Bank

Hapoalim

26,656

543,081

Bank

Leumi

Le-Israel

32,896

670,516

Bank

Millennium

SA*

17,360

72,639

Bank

East

Asia

Ltd.

(The)

25,413

43,814

Bank

Ireland

Group

plc

18,112

296,536

Bank

Montreal(a)

14,848

1,846,317

Bank

Nagoya

Ltd.

(The)

17,700

452,108

Bank

Nova

Scotia

(The)(a)

26,496

1,739,548

Investments

Value

Banks

(continued)

Bank

Queensland

Ltd.(a)

8,126

36,493

Bank

Polska

Kasa

Opieki

3,872

198,794

Bankinter

12,060

181,930

Banque

Cantonale

Geneve

5,440

168,740

Banque

Cantonale

Vaudoise

(Registered)(a)

410

47,652

Barclays

plc

300,768

1,608,318

BAWAG

Group

AG(b)

1,775

229,250

Bendigo

Adelaide

Bank

Ltd.(a)

7,372

61,050

BNP

Paribas

21,504

1,664,424

BNPP

Bank

Polska

496

15,189

BPER

Banca

SpA

23,721

283,507

CaixaBank

70,528

745,818

Canadian

Imperial

Bank

Commerce

18,816

1,560,580

Chiba

Bank

Ltd.

(The)(a)

14,200

138,769

Chugin

Financial

Group,

Inc.

2,600

36,286

Commerzbank

17,632

641,255

Commonwealth

Bank

Australia

19,520

2,193,348

Credit

Agricole

25,280

456,347

Credito

Emiliano

SpA

491

Dah

Sing

Banking

Group

Ltd.

140,800

199,274

Dah

Sing

Financial

Holdings

Ltd.(a)

64,000

295,947

Daishi

Hokuetsu

Financial

Group,

Inc.

9,300

89,828

Danske

Bank

A/S

14,336

641,065

DBS

Group

Holdings

Ltd.

41,661

1,726,365

DNB

Bank

ASA

15,872

405,235

EQB,

Inc.(a)

8,992

574,181

Erste

Group

Bank

5,760

596,675

FIBI

Holdings

Ltd.

533

41,045

FinecoBank

Banca

Fineco

SpA

7,168

163,894

First

International

Bank

Israel

Ltd.

(The)

1,144

82,613

Fukuoka

Financial

Group,

Inc.

2,800

81,516

Graubuendner

Kantonalbank

15,478

Gunma

Bank

Ltd.

(The)(a)

8,400

87,296

Hachijuni

Bank

Ltd.

(The)

10,200

102,857

Hang

Seng

Bank

Ltd.

16,000

312,087

Hirogin

Holdings,

Inc.

9,200

85,995

Hokuhoku

Financial

Group,

Inc.(a)

3,100

76,044

HSBC

Holdings

plc

361,856

5,055,664

Hyakugo

Bank

Ltd.

(The)

12,400

76,869

ING

Bank

Slaski

532

45,487

ING

Groep

63,616

1,594,804

Intesa

Sanpaolo

SpA

312,416

2,010,653

Israel

Discount

Bank

Ltd.,

Class

23,314

233,842

Iyogin

Holdings,

Inc.

6,200

96,871

Japan

Post

Bank

Co.

Ltd.

35,200

394,830

Judo

Capital

Holdings

Ltd.*(a)

32,064

35,474

Juroku

Financial

Group,

Inc.

12,800

466,950

Jyske

Bank

A/S

(Registered)

1,155

135,682

KBC

Ancora(a)

803

63,209

KBC

Group

4,896

589,113

Keiyo

Bank

Ltd.

(The)(a)

35,200

297,037

Kiyo

Bank

Ltd.

(The)(a)

22,400

436,208

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Kyoto

Financial

Group,

Inc.(a)

3,100

62,863

Kyushu

Financial

Group,

Inc.

16,000

91,780

Liechtensteinische

Landesbank

192

18,919

Lion

Finance

Group

plc

11,968

1,258,719

Lloyds

Banking

Group

plc

1,186,240

1,388,349

Luzerner

Kantonalbank

(Registered)

304

30,978

mBank

SA*

24,729

Mebuki

Financial

Group,

Inc.

26,410

164,901

Mitsubishi

UFJ

Financial

Group,

Inc.

137,600

2,081,127

Mizrahi

Tefahot

Bank

Ltd.

2,545

165,954

Mizuho

Financial

Group,

Inc.

51,200

1,711,264

Musashino

Bank

Ltd.

(The)(a)

12,800

344,812

Nanto

Bank

Ltd.

(The)

11,100

369,628

National

Australia

Bank

Ltd.

35,104

1,002,424

National

Bank

Canada

4,495

502,706

NatWest

Group

plc

151,360

1,161,368

Nishi-Nippon

Financial

Holdings,

Inc.

3,800

65,070

Nordea

Bank

Abp

58,816

1,005,619

Norion

Bank

AB*

20,842

155,670

North

Pacific

Bank

Ltd.

118,400

554,898

Oberbank

775

67,982

Oversea-Chinese

Banking

Corp.

Ltd.

67,200

879,339

Permanent

TSB

Group

Holdings

plc*

21,545

72,115

Powszechna

Kasa

Oszczednosci

Bank

Polski

17,056

349,902

Raiffeisen

Bank

International

3,451

128,815

Rakuten

Bank

Ltd.*(a)

400

22,031

Resona

Holdings,

Inc.

28,800

279,204

Ringkjoebing

Landbobank

A/S

492

111,259

Royal

Bank

Canada

16,640

2,440,153

San-In

Godo

Bank

Ltd.

(The)(a)

57,600

506,624

Santander

Bank

Polska

864

114,076

Senshu

Ikeda

Holdings,

Inc.(a)

83,200

359,144

Seven

Bank

Ltd.

6,200

11,393

Shizuoka

Financial

Group,

Inc.

11,600

156,243

Skandinaviska

Enskilda

Banken

AB,

Class

28,032

535,687

Skandinaviska

Enskilda

Banken

AB,

Class

684

13,359

Societe

Generale

13,568

859,118

SpareBank

Nord

Norge

36,448

495,367

Sparebank

Oestlandet

1,329

23,325

SpareBank

SMN

3,103

57,128

SpareBank

Sor-Norge

ASA

4,950

85,232

Sparebanken

Norge

47,808

834,057

Galler

Kantonalbank

(Registered)

26,048

Standard

Chartered

plc

39,232

803,844

Sumitomo

Mitsui

Financial

Group,

Inc.

80,000

2,161,825

Sumitomo

Mitsui

Trust

Group,

Inc.

16,000

439,427

Suruga

Bank

Ltd.

6,200

62,018

Svenska

Handelsbanken

AB,

Class

A(a)

32,896

432,144

Investments

Value

Banks

(continued)

Svenska

Handelsbanken

AB,

Class

682

Swedbank

AB,

Class

18,656

567,984

Sydbank

A/S

18,016

1,539,960

TBC

Bank

Group

plc

16,992

972,251

Tokyo

Kiraboshi

Financial

Group,

Inc.(a)

9,600

457,395

TOMONY

Holdings,

Inc.(a)

54,400

241,181

Toronto-Dominion

Bank

(The)

35,360

2,906,225

Unicaja

Banco

SA(b)

38,528

104,058

UniCredit

SpA

31,936

2,360,180

United

Overseas

Bank

Ltd.

28,800

767,218

Valiant

Holding

(Registered)

5,408

890,611

Walliser

Kantonalbank

(Registered)

186

29,890

Westpac

Banking

Corp.

39,072

990,910

Yamaguchi

Financial

Group,

Inc.

4,100

47,040

Yokohama

Financial

Group,

Inc.

19,200

139,711

79,026,366

Beverages

Anheuser-Busch

InBev

SA/NV

11,040

674,071

Asahi

Group

Holdings

Ltd.

28,800

310,518

Budweiser

Brewing

Co.

APAC

Ltd.

(a)(b)

55,800

56,574

Carlsberg

A/S,

Class

B(a)

1,088

128,080

Coca-Cola

Europacific

Partners

plc(a)

2,539

225,539

Coca-Cola

HBC

3,127

141,904

Davide

Campari-Milano

NV(a)

434

3,023

Diageo

plc

24,832

570,947

Fevertree

Drinks

plc

2,201

24,118

Heineken

Holding

2,144

145,012

Heineken

2,880

222,847

Ito

Ltd.

800

16,482

Kirin

Holdings

Co.

Ltd.

19,200

269,763

Pernod

Ricard

2,720

266,726

Royal

Unibrew

A/S

836

63,267

Sapporo

Holdings

Ltd.(a)

800

38,428

Suntory

Beverage

Food

Ltd.(a)

1,800

54,471

Takara

Holdings,

Inc.

6,400

65,161

Treasury

Wine

Estates

Ltd.(a)

3,906

15,317

3,292,248

Biotechnology

Argenx

SE*

736

599,401

Bavarian

Nordic

A/S*

1,376

50,833

BioArctic

AB,

Class

B*(a)(b)

2,108

65,022

BioGaia

AB,

Class

3,846

40,719

BioNTech

SE,

ADR*

1,120

116,379

CSL

Ltd.

5,888

688,042

Galapagos

NV*

1,023

32,471

Genmab

A/S*

672

190,915

Genus

plc

1,891

61,118

Grifols

SA(a)

5,301

68,740

Grifols

(Preference),

Class

5,301

49,039

Mesoblast

Ltd.*(a)

22,320

36,676

PeptiDream,

Inc.*

2,500

25,308

Pharma

Mar

217

18,359

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Biotechnology

(continued)

Swedish

Orphan

Biovitrum

AB*

2,455

84,622

Takara

Bio,

Inc.

400

2,397

Telix

Pharmaceuticals

Ltd.*(a)

4,018

42,297

Vitrolife

AB(a)

880

13,655

Zealand

Pharma

A/S,

Class

A*(a)

896

70,992

2,256,985

Broadline

Retail

Aeon

Kyushu

Co.

Ltd.(a)

3,200

62,295

Allegro.eu

SA*(b)

3,224

30,143

ASKUL

Corp.

3,100

28,252

B&M

European

Value

Retail

6,758

15,951

Canadian

Tire

Corp.

Ltd.,

Class

A(a)

800

91,839

Dollarama,

Inc.

3,232

420,530

Europris

ASA(b)

7,750

66,875

Harvey

Norman

Holdings

Ltd.

5,586

26,439

Isetan

Mitsukoshi

Holdings

Ltd.

5,000

78,689

Izumi

Co.

Ltd.

16,000

298,699

Front

Retailing

Co.

Ltd.

4,100

61,797

Myer

Holdings

Ltd.(a)

52,328

13,531

plc

1,600

300,609

Pan

Pacific

International

Holdings

Corp.

32,000

190,644

Prosus

NV*(a)

14,752

1,020,414

Puuilo

OYJ

2,622

42,974

Rakuten

Group,

Inc.*

22,400

146,784

Ryohin

Keikaku

Co.

Ltd.

6,400

131,652

Seria

Co.

Ltd.

1,000

19,058

Takashimaya

Co.

Ltd.(a)

8,600

92,250

Tokmanni

Group

Corp.(a)

3,348

33,155

Wesfarmers

Ltd.

12,736

700,360

3,872,940

Building

Products

AGC,

Inc.(a)

4,100

128,279

Assa

Abloy

AB,

Class

12,544

474,009

Belimo

Holding

(Registered)

126

135,928

Bunka

Shutter

Co.

Ltd.(a)

19,200

253,624

Carel

Industries

SpA(a)(b)

961

25,012

Cie

Saint-Gobain

5,728

555,742

Daikin

Industries

Ltd.

3,500

408,377

dormakaba

Holding

620

52,983

Fletcher

Building

Ltd.*

651

1,215

Geberit

(Registered)(a)

384

280,795

Genuit

Group

plc

10,695

51,991

Inrom

Construction

Industries

Ltd.(a)

5,859

43,607

Kingspan

Group

plc

1,664

124,646

Lindab

International

AB(a)

3,472

83,247

Munters

Group

AB(b)

2,720

46,420

Nibe

Industrier

AB,

Class

B(a)

16,399

64,110

Reliance

Worldwide

Corp.

Ltd.(a)

13,860

37,655

ROCKWOOL

A/S,

Class

880

30,163

ROCKWOOL

A/S,

Class

1,796

61,601

Sanwa

Holdings

Corp.

3,400

92,915

Systemair

4,018

33,058

Investments

Value

Building

Products

(continued)

Takara

Standard

Co.

Ltd.

16,000

258,817

TOTO

Ltd.

3,000

76,395

Volution

Group

plc

3,838

33,130

3,353,719

Capital

Markets

Group

plc

19,392

1,121,040

Aberdeen

Group

plc(a)

619,936

1,653,441

Bell

plc

2,263

15,981

Allfunds

Group

plc

236

Alpha

Group

International

plc(b)

760

42,437

Amundi

SA(b)

1,273

94,476

Antin

Infrastructure

Partners

391

Ashmore

Group

plc

ASX

Ltd.

1,938

71,619

Avanza

Bank

Holding

2,464

95,367

Azimut

Holding

SpA

2,537

99,266

Banca

Generali

SpA

1,209

68,376

Brederode

SA(a)

285

33,816

Bridgepoint

Group

plc(a)(b)

18,662

73,802

Brookfield

Asset

Management

Ltd.,

Class

4,352

235,654

Brookfield

Corp.,

Class

22,416

1,033,329

Bure

Equity

968

28,431

Cie

Financiere

Tradition

11,740

CVC

Capital

Partners

plc(a)(b)

6,976

116,669

Daiwa

Securities

Group,

Inc.

32,000

247,081

Deutsche

Bank

(Registered)

37,952

1,354,864

Deutsche

Boerse

2,304

583,711

EFG

International

1,680

35,034

EQT

8,160

283,333

Euronext

NV(b)

1,178

168,596

Fairfax

India

Holdings

Corp.*(a)(b)

3,689

62,713

flatexDEGIRO

2,128

80,758

Galaxy

Digital,

Inc.,

Class

A*(a)

3,264

114,333

Gimv

8,773

474,394

HMC

Capital

Ltd.,

REIT(a)

9,954

20,201

Hong

Kong

Exchanges

Clearing

Ltd.

14,558

793,439

HUB24

Ltd.

1,023

76,454

ICG

plc

4,032

102,294

iFAST

Corp.

Ltd.

10,000

74,455

Group

Holdings

plc

6,732

98,531

IGM

Financial,

Inc.

2,200

84,709

Insignia

Financial

Ltd.*

174,912

519,858

IntegraFin

Holdings

plc(b)

9,734

46,360

Integral

Corp.(a)

3,100

68,920

Investec

plc

14,014

105,502

JAFCO

Group

Co.

Ltd.(a)

16,000

250,196

Japan

Exchange

Group,

Inc.

12,800

143,699

JTC

plc(b)

2,542

43,551

Julius

Baer

Group

Ltd.

3,648

246,305

London

Stock

Exchange

Group

plc

5,472

681,985

Macquarie

Group

Ltd.

4,032

576,900

Magellan

Financial

Group

Ltd.(a)

52,800

332,520

Man

Group

plc

376,224

1,039,023

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

100

Investments

Value

COMMON

STOCKS

(continued)

Capital

Markets

(continued)

Monex

Group,

Inc.(a)

12,300

56,688

Nihon

M&A

Center

Holdings,

Inc.

9,300

43,863

Nomura

Holdings,

Inc.

60,800

434,920

Nordnet

publ

2,420

70,108

Okasan

Securities

Group,

Inc.(a)

70,400

316,230

Onex

Corp.

684

59,557

Partners

Group

Holding

224

274,130

Perpetual

Ltd.

41,696

523,816

Pinnacle

Investment

Management

Group

Ltd.(a)

736

9,521

Plus500

Ltd.

2,816

117,136

Quilter

plc(b)

52,096

124,435

Rathbones

Group

plc

18,112

424,529

Ratos

AB,

Class

67,744

275,044

SBI

Holdings,

Inc.

6,400

287,232

Schroders

plc

8,742

43,577

Singapore

Exchange

Ltd.

12,300

160,005

James's

Place

plc

8,800

150,015

Swissquote

Group

Holding

(Registered)

160

101,651

Tamburi

Investment

Partners

SpA

2,546

25,713

Tel

Aviv

Stock

Exchange

Ltd.

4,141

96,711

TMX

Group

Ltd.

3,520

129,957

Tokai

Tokyo

Financial

Holdings,

Inc.

89,600

332,681

ICAP

Group

plc

270,368

932,460

UBS

Group

(Registered)

35,488

1,358,513

UOB-Kay

Hian

Holdings

Ltd.

74,867

140,938

Van

Lanschot

Kempen

NV,

CVA

832

48,687

Vontobel

Holding

(Registered)

339

25,760

Holding

285

55,740

XTB

SA(b)

2,360

44,578

Yangzijiang

Financial

Holding

Ltd.

883,200

719,345

20,889,406

Chemicals

ADEKA

Corp.

2,300

52,224

Aica

Kogyo

Co.

Ltd.

1,500

35,345

Air

Liquide

6,656

1,290,021

Air

Water,

Inc.

4,100

57,353

Akzo

Nobel

2,368

156,992

Arkema

589

35,011

Artience

Co.

Ltd.(a)

12,800

261,309

Asahi

Kasei

Corp.

22,400

171,939

BASF

19,040

940,352

Borregaard

ASA

1,692

32,111

Uyemura

Co.

Ltd.

600

48,918

Chugoku

Marine

Paints

Ltd.

16,000

429,976

Clariant

(Registered)(a)

279

2,508

Corbion

2,139

43,600

Croda

International

plc

527

19,990

Daicel

Corp.

8,900

76,750

Denka

Co.

Ltd.(a)

32,000

465,184

DIC

Corp.

2,899

68,347

DSM-Firmenich

2,976

242,847

Dyno

Nobel

Ltd.

14,043

29,602

Investments

Value

Chemicals

(continued)

Elkem

ASA(b)

25,451

67,118

EMS-Chemie

Holding

(Registered)(a)

130

89,150

Evonik

Industries

2,635

44,190

FUCHS

711

25,235

FUCHS

(Preference)

1,182

52,906

Fujimi,

Inc.

3,100

48,697

Fuso

Chemical

Co.

Ltd.(a)

1,100

36,558

Givaudan

(Registered)

394,404

Hexpol

5,784

52,737

ICL

Group

Ltd.

10,602

69,687

Israel

Corp.

Ltd.(a)

104

36,973

Johnson

Matthey

plc

56,032

1,569,528

K+S

(Registered)

5,280

68,925

Kaneka

Corp.(a)

19,200

530,678

Kansai

Paint

Co.

Ltd.

3,800

61,025

Kemira

OYJ(a)

2,992

65,959

Keppel

Infrastructure

Trust

153,600

54,290

Kumiai

Chemical

Industry

Co.

Ltd.(a)

25,600

113,331

Kuraray

Co.

Ltd.(a)

8,000

86,852

LANXESS

930

22,155

Lenzing

AG*

7,712

230,986

Lintec

Corp.

16,000

407,647

Methanex

Corp.(a)

22,816

898,864

Mitsubishi

Chemical

Group

Corp.

22,400

117,209

Mitsubishi

Gas

Chemical

Co.,

Inc.(a)

6,400

118,690

Mitsui

Chemicals,

Inc.

4,600

108,897

Nihon

Parkerizing

Co.

Ltd.(a)

35,200

305,948

Nippon

Paint

Holdings

Co.

Ltd.(a)

6,200

39,541

Nippon

Sanso

Holdings

Corp.(a)

2,800

93,203

Nippon

Soda

Co.

Ltd.

19,278

427,969

Nissan

Chemical

Corp.(a)

2,900

98,207

Nitto

Denko

Corp.

9,000

225,153

NOF

Corp.

3,600

64,193

Novonesis

Novozymes

B(a)

4,353

260,525

Nufarm

Ltd.*(a)

127,936

174,207

Nutrien

Ltd.

10,912

594,917

Okamoto

Industries,

Inc.

6,400

209,795

Orica

Ltd.

4,446

64,760

Osaka

Soda

Co.

Ltd.(a)

3,100

33,162

Palram

Industries

1990

Ltd.(a)

1,147

26,467

Resonac

Holdings

Corp.(a)

3,700

145,041

Sakata

INX

Corp.(a)

12,800

189,356

Sanyo

Chemical

Industries

Ltd.

3,200

87,242

Shin-Etsu

Chemical

Co.

Ltd.

22,400

676,849

Shin-Etsu

Polymer

Co.

Ltd.

800

10,038

Sika

(Registered)

1,920

375,988

Kaken

Co.

Ltd.

3,200

188,400

SOL

SpA

1,085

63,617

Solvay

1,558

47,941

Sumitomo

Chemical

Co.

Ltd.(a)

41,600

122,487

Syensqo

SA(a)

899

74,335

Symrise

AG,

Class

1,696

140,511

Hasegawa

Co.

Ltd.

900

15,785

Toagosei

Co.

Ltd.

35,200

349,589

Tokai

Carbon

Co.

Ltd.(a)

73,600

493,756

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

101

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Chemicals

(continued)

Tokuyama

Corp.

25,600

637,279

Tokyo

Ohka

Kogyo

Co.

Ltd.

2,100

77,059

Toray

Industries,

Inc.

25,600

157,218

Tosoh

Corp.

7,000

99,964

UBE

Corp.(a)

35,200

518,558

Umicore

61,696

1,177,806

Yara

International

ASA

2,496

91,087

Zeon

Corp.

3,600

37,004

18,228,027

Commercial

Services

Supplies

ALSOK

Co.

Ltd.

6,200

42,399

Befesa

SA(b)

11,232

372,066

Bilfinger

1,376

148,495

Boyd

Group,

Inc.(a)

544

86,980

Brambles

Ltd.

18,656

303,619

Cleanaway

Waste

Management

Ltd.

35,432

59,149

Dai

Nippon

Printing

Co.

Ltd.

9,600

160,743

Daiseki

Co.

Ltd.

1,499

31,575

369

88,161

Downer

EDI

Ltd.

3,616

18,299

Element

Fleet

Management

Corp.(a)

6,016

162,427

Elis

4,152

115,780

GFL

Environmental,

Inc.

2,560

112,036

ISS

A/S

2,508

79,161

Loomis

AB,

Class

984

39,806

Matsuda

Sangyo

Co.

Ltd.(a)

6,400

171,991

Mitie

Group

plc

53,600

116,056

Mitsubishi

Pencil

Co.

Ltd.(a)

1,800

23,929

Nippon

Kanzai

Holdings

Co.

Ltd.

1,300

22,117

Okamura

Corp.

25,600

375,222

Pilot

Corp.(a)

12,800

387,186

Prestige

International,

Inc.

4,000

17,215

Prosegur

Cash

SA(b)

43,431

35,541

Prosegur

Cia

Seguridad

30,620

100,017

Global,

Inc.(a)

2,208

219,295

Rentokil

Initial

plc

19,488

107,973

Sdiptech

AB,

Class

1,767

35,256

Secom

Co.

Ltd.

5,400

182,728

Securitas

AB,

Class

B(a)

9,499

140,296

Serco

Group

plc

358,624

1,195,850

Societe

BIC

6,880

383,545

SPIE

2,368

120,586

TOPPAN

Holdings,

Inc.

3,800

93,239

Veridis

Environment

Ltd.*

308

Waste

Connections,

Inc.

2,880

483,484

6,032,530

Communications

Equipment

Nokia

OYJ

53,568

362,561

Telefonaktiebolaget

Ericsson,

Class

306

3,120

Telefonaktiebolaget

Ericsson,

Class

31,808

321,012

Investments

Value

Communications

Equipment

(continued)

VTech

Holdings

Ltd.(a)

51,200

417,982

1,104,675

Construction

Engineering

Ackermans

van

Haaren

384

95,734

ACS

Actividades

Construccion

Servicios

3,091

254,015

Gruppen

ASA

837

14,098

Ashtrom

Group

Ltd.

238

5,458

AtkinsRealis

Group,

Inc.

2,068

145,984

Balfour

Beatty

plc

179,872

1,588,103

Bouygues

3,488

157,532

Budimex

14,784

Burkhalter

Holding

5,515

Cadeler

A/S*

1,860

8,641

Chudenko

Corp.

1,500

40,992

COMSYS

Holdings

Corp.

3,100

78,338

Deme

Group

272

41,126

Eiffage

1,280

157,636

Elco

Ltd.(a)

4,032

217,447

Elecnor

2,201

71,893

Electra

Ltd.

1,520

48,297

EXEO

Group,

Inc.

3,100

44,733

Ferrovial

5,750

353,070

Fugro

NV(a)

35,168

359,635

Gold

Finance

Holdings

Ltd.*‡

89,827

—

Hazama

Ando

Corp.

48,000

538,094

HOCHTIEF

372

106,740

INFRONEER

Holdings,

Inc.(a)

4,100

43,993

Instalco

AB(b)

JGC

Holdings

Corp.

6,800

68,969

Kajima

Corp.(a)

9,700

313,311

Keller

Group

plc

25,120

524,102

Kinden

Corp.

2,300

92,236

Koninklijke

BAM

Groep

91,168

847,596

Koninklijke

Heijmans

N.V,

CVA

7,648

542,880

Kraftia

Corp.

2,200

116,501

Kumagai

Gumi

Co.

Ltd.(a)

41,600

378,317

Kvutzat

Acro

Ltd.(a)

2,108

30,815

Maire

SpA

1,395

21,157

MIRAIT

ONE

Corp.

28,800

559,250

Monadelphous

Group

Ltd.

6,045

91,969

Morgan

Sindall

Group

plc

1,387

84,737

NCC

AB,

Class

B(a)

28,832

660,926

NRW

Holdings

Ltd.

168,256

534,222

Obayashi

Corp.

9,900

167,854

Okumura

Corp.(a)

12,800

406,296

Peab

AB,

Class

8,060

65,423

Penta-Ocean

Construction

Co.

Ltd.

92,800

852,070

Per

Aarsleff

Holding

A/S

5,184

589,751

Raito

Kogyo

Co.

Ltd.

3,100

64,896

Sacyr

9,151

40,305

Shapir

Engineering

and

Industry

Ltd.

(a)

2,525

22,579

Shikun

Binui

Ltd.*(a)

7,872

43,905

Shimizu

Corp.

7,600

102,292

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

102

Investments

Value

COMMON

STOCKS

(continued)

Construction

Engineering

(continued)

Shinnihon

Corp.

10,800

124,296

SHO-BOND

Holdings

Co.

Ltd.

1,200

38,137

Skanska

AB,

Class

5,024

137,396

Stantec,

Inc.

1,443

159,959

Sweco

AB,

Class

3,524

63,705

Taihei

Dengyo

Kaisha

Ltd.(a)

19,200

269,576

Taikisha

Ltd.

19,200

380,747

Taisei

Corp.(a)

1,600

116,686

Takamatsu

Construction

Group

Co.

Ltd.

6,400

140,625

Toda

Corp.

5,200

35,087

Toenec

Corp.

16,500

179,400

Veidekke

ASA

3,088

47,860

Ventia

Services

Group

Pty.

Ltd.(a)

2,356

8,838

Vinci

10,048

1,344,139

Webuild

SpA(a)

18,445

74,470

Worley

Ltd.

12,352

115,633

WSP

Global,

Inc.

1,376

263,327

Yokogawa

Bridge

Holdings

Corp.(a)

12,100

216,308

Yurtec

Corp.

3,400

54,910

15,385,395

Construction

Materials

Breedon

Group

plc

101,856

461,156

Buzzi

SpA

2,310

139,042

Cementir

Holding

3,596

66,325

Heidelberg

Materials

2,464

577,606

Holcim

5,696

506,201

Imerys

10,592

261,377

Inmocemento

SA*(a)

15,159

62,550

James

Hardie

Industries

plc,

CHDI*(a)

4,224

89,068

RHI

Magnesita

NV(a)

4,960

136,525

SigmaRoc

plc*

51,739

78,446

Sumitomo

Osaka

Cement

Co.

Ltd.

9,600

240,226

Taiheiyo

Cement

Corp.

3,400

92,496

Titan

SA(a)

14,432

642,143

Vicat

SACA

6,816

511,357

Wienerberger

2,601

77,273

3,941,791

Consumer

Finance

Acom

Co.

Ltd.

20,500

58,537

AEON

Financial

Service

Co.

Ltd.

3,100

30,345

Aiful

Corp.

105,600

311,203

Cembra

Money

Bank

558

63,915

Credit

Saison

Co.

Ltd.(a)

2,100

51,350

goeasy

Ltd.(a)

4,704

566,199

Hong

Leong

Finance

Ltd.

54,400

109,097

Isracard

Ltd.

64,960

277,271

Jaccs

Co.

Ltd.

12,800

335,257

KRUK

6,080

748,054

Marui

Group

Co.

Ltd.

3,200

61,402

Orient

Corp.

12,400

77,593

Investments

Value

Consumer

Finance

(continued)

Zip

Co.

Ltd.*(a)

33,914

85,921

2,776,144

Consumer

Staples

Distribution

Retail

Aeon

Co.

Ltd.

37,218

589,357

Ain

Holdings,

Inc.

800

33,552

Alimentation

Couche-Tard,

Inc.

8,192

416,748

Arcs

Co.

Ltd.

16,000

325,598

Axfood

1,496

40,818

Belc

Co.

Ltd.

800

37,597

Carrefour

7,584

114,233

Coles

Group

Ltd.

18,208

262,833

Cosmos

Pharmaceutical

Corp.(a)

400

17,913

Create

Holdings

Co.

Ltd.

500

10,370

Dino

Polska

SA*(b)

6,480

77,391

Empire

Co.

Ltd.,

Class

2,314

78,694

Endeavour

Group

Ltd.(a)

1,705

4,085

George

Weston

Ltd.

2,496

151,917

GrainCorp

Ltd.,

Class

3,348

19,397

H2O

Retailing

Corp.

38,400

520,583

Heiwado

Co.

Ltd.

12,800

235,635

HelloFresh

SE*

186

1,507

Sainsbury

plc

24,864

111,592

Jeronimo

Martins

SGPS

4,280

110,359

Kato

Sangyo

Co.

Ltd.

9,600

368,907

Kesko

OYJ,

Class

2,248

48,105

Kesko

OYJ,

Class

4,573

96,590

Kobe

Bussan

Co.

Ltd.(a)

1,900

44,116

Koninklijke

Ahold

Delhaize

19,040

780,367

Kusuri

Aoki

Holdings

Co.

Ltd.(a)

1,800

45,638

Life

Corp.

16,000

251,235

Loblaw

Cos.

Ltd.

7,680

305,523

Marks

Spencer

Group

plc

24,160

126,272

MatsukiyoCocokara

Co.

6,600

119,636

Maxvalu

Tokai

Co.

Ltd.

3,200

72,598

Metcash

Ltd.(a)

36,800

91,787

Metro,

Inc.,

Class

2,816

187,894

North

West

Co.,

Inc.

(The)(a)

2,077

67,447

Ocado

Group

plc*

22,785

65,590

Olam

Group

Ltd.

55,800

42,018

Redcare

Pharmacy

NV*(b)

480

39,363

Seven

Holdings

Co.

Ltd.

28,800

367,536

Sheng

Siong

Group

Ltd.

17,900

31,909

Shufersal

Ltd.

4,983

62,169

Sugi

Holdings

Co.

Ltd.

2,400

51,846

Sundrug

Co.

Ltd.

1,600

43,205

Tesco

plc

87,008

525,165

Tsuruha

Holdings,

Inc.(a)

4,500

78,196

United

Super

Markets

Holdings,

Inc.

2,000

10,685

Valor

Holdings

Co.

Ltd.

12,800

234,638

Welcia

Holdings

Co.

Ltd.

2,300

45,894

Woolworths

Group

Ltd.

12,544

233,301

7,597,809

Containers

Packaging

Billerud

Aktiebolag

5,485

50,820

CCL

Industries,

Inc.,

Class

2,156

120,391

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

103

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Containers

Packaging

(continued)

Corticeira

Amorim

SGPS

2,015

16,931

Corp.

1,200

19,512

Fuji

Seal

International,

Inc.(a)

12,800

225,499

Huhtamaki

OYJ

899

30,257

Mayr

Melnhof

Karton

2,432

221,754

Metsa

Board

OYJ,

Class

B(a)

68,128

231,339

Orora

Ltd.(a)

433,440

570,341

Rengo

Co.

Ltd.

80,000

487,774

SIG

Group

1,271

14,210

Toyo

Seikan

Group

Holdings

Ltd.

3,100

69,645

Transcontinental,

Inc.,

Class

A(a)

25,440

357,502

Vidrala

535

51,005

Winpak

Ltd.(a)

1,716

52,687

2,519,667

Distributors

Arata

Corp.

9,700

189,208

Bapcor

Ltd.

D'ieteren

Group(a)

343

62,749

Inchcape

plc

9,622

96,584

Inter

Cars

2,944

440,403

PALTAC

Corp.

800

23,618

Tadiran

Group

Ltd.(a)

248

13,230

825,843

Diversified

Consumer

Services

AcadeMedia

AB(b)

20,832

230,430

IDP

Education

Ltd.

114

Pearson

plc

10,496

146,176

376,720

Diversified

REITs

Argosy

Property

Ltd.,

REIT(a)

4,402

3,239

British

Land

Co.

plc

(The),

REIT

16,000

79,798

CapitaLand

Integrated

Commercial

Trust,

REIT

42,116

76,695

Centuria

Capital

Group,

REIT(a)

9,083

14,033

Charter

Hall

Group,

REIT

4,836

71,043

Charter

Hall

Long

Wale

REIT,

REIT

17,272

48,055

Covivio

SA,

REIT

1,344

86,249

Daiwa

House

REIT

Investment

Corp.,

REIT

55,170

GPT

Group

(The),

REIT

11,873

41,661

H&R

REIT,

REIT(a)

39,296

313,830

Heiwa

Real

Estate

REIT,

Inc.,

REIT(a)

31,069

ICADE,

REIT(a)

10,208

248,837

KDX

Realty

Investment

Corp.,

REIT(a)

75,215

Land

Securities

Group

plc,

REIT

13,728

112,097

Mapletree

Pan

Asia

Commercial

Trust,

REIT

65,100

72,030

Merlin

Properties

Socimi

SA,

REIT

4,522

70,513

Mirvac

Group,

REIT

64,690

97,403

Investments

Value

Diversified

REITs

(continued)

NIPPON

REIT

Investment

Corp.,

REIT

19,579

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT

40,552

NTT

REIT

Investment

Corp.,

REIT(a)

28,333

OUE

REIT,

REIT

151,900

40,267

Reit

Ltd.,

REIT

12,431

101,841

Sekisui

House

REIT,

Inc.,

REIT(a)

49,416

Sella

Capital

Real

Estate

Ltd.,

REIT

77,152

275,018

Star

Asia

Investment

Corp.,

REIT

37,006

Stockland,

REIT

37,104

153,271

2,242,220

Diversified

Telecommunication

Services

BCE,

Inc.(a)

8,168

186,894

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

38,130

78,165

Group

plc

110,272

269,116

Cellnex

Telecom

SA(b)

5,728

178,702

Chorus

Ltd.(a)

166

Cogeco

Communications,

Inc.

2,688

122,511

Cyfrowy

Polsat

SA*

8,832

31,738

Deutsche

Telekom

(Registered)

68,288

2,119,416

Elisa

OYJ

1,054

46,520

Gamma

Communications

plc

2,584

33,712

Helios

Towers

plc*

47,020

92,419

HKT

Trust

HKT

Ltd.

53,400

77,844

Infrastrutture

Wireless

Italiane

SpA(a)(b)

5,179

56,937

Koninklijke

KPN

41,792

193,814

NOS

SGPS

61,120

265,248

NTT,

Inc.

521,600

536,311

Orange

Polska

26,182

63,844

Orange

34,592

552,377

PCCW

Ltd.

77,035

55,009

Proximus

SADP

43,232

371,992

Quebecor,

Inc.,

Class

4,019

128,330

RAI

Way

SpA(b)

8,120

55,670

Singapore

Telecommunications

Ltd.

105,600

344,846

Spark

New

Zealand

Ltd.(a)

40,238

56,454

Sunrise

Communications

AG,

Class

217

11,905

Swisscom

(Registered)(a)

352

258,492

Telecom

Italia

SpA*

151,280

100,609

Telecom

Italia

SpA*

50,716

29,924

Telefonica

SA(a)

84,288

426,790

Telekom

Austria

AG,

Class

4,091

43,583

Telenor

ASA

4,588

68,297

Telia

Co.

AB(a)

23,296

91,491

Telstra

Group

Ltd.

60,864

194,442

TELUS

Corp.

3,348

49,008

United

Internet

(Registered)

1,720

53,085

Zegona

Communications

plc*

1,023

16,532

7,262,193

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

104

Investments

Value

COMMON

STOCKS

(continued)

Electric

Utilities

Acciona

646

143,158

BKW

384

86,056

Chubu

Electric

Power

Co.,

Inc.

16,000

222,778

Chugoku

Electric

Power

Co.,

Inc.

(The)

9,600

53,498

Infrastructure

Holdings

Ltd.

11,000

71,543

CLP

Holdings

Ltd.

37,000

315,625

Contact

Energy

Ltd.

15,565

83,072

EDP

52,576

261,545

Elia

Group

SA/NV(a)

465

56,085

Emera,

Inc.(a)

3,168

150,763

Endesa

5,056

181,430

Enea

92,416

518,932

Enel

SpA

154,048

1,559,681

EVN

1,705

49,788

Fortis,

Inc.

5,899

296,813

Fortum

OYJ(a)

2,883

64,355

Genesis

Energy

Ltd.(a)

1,960

2,817

Electric

Investments

Electric

Investments

Ltd.(b)

15,500

12,046

Hokkaido

Electric

Power

Co.,

Inc.(a)

64,000

446,594

Hokuriku

Electric

Power

Co.(a)

64,000

356,444

Hydro

One

Ltd.(a)(b)

3,616

133,502

Iberdrola

SA(a)

72,544

1,470,722

Kansai

Electric

Power

Co.,

Inc.

(The)

22,400

350,057

Kyushu

Electric

Power

Co.,

Inc.

12,800

125,877

Mercury

Ltd.

12,033

44,652

Naturenergie

Holding

2,592

107,199

Origin

Energy

Ltd.

25,920

207,864

PGE

Polska

Grupa

Energetyczna

SA*

25,070

76,093

Power

Assets

Holdings

Ltd.

19,500

123,841

Redeia

Corp.

3,420

61,618

Romande

Energie

Holding

(Registered)

186

10,033

Shikoku

Electric

Power

Co.,

Inc.

7,600

67,981

SSE

plc

22,400

563,883

Tauron

Polska

Energia

SA*

42,112

114,125

Terna

Rete

Elettrica

Nazionale

16,718

171,464

Tohoku

Electric

Power

Co.,

Inc.(a)

10,000

68,547

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

44,800

224,531

Verbund

496

38,328

8,893,340

Electrical

Equipment

ABB

Ltd.

(Registered)

18,208

1,353,210

Accelleron

Industries

1,294

106,067

Daihen

Corp.

7,600

499,744

Fagerhult

Group

6,336

30,837

Fuji

Electric

Co.

Ltd.

1,500

107,689

Fujikura

Ltd.

3,200

439,739

Furukawa

Electric

Co.

Ltd.(a)

1,300

92,824

Huber

Suhner

(Registered)

713

130,742

Kempower

OYJ*

1,457

25,477

Investments

Value

Electrical

Equipment

(continued)

Legrand

3,328

574,256

Mabuchi

Motor

Co.

Ltd.

3,200

56,645

Mitsubishi

Electric

Corp.

25,600

717,375

Nexans

737

103,779

Nidec

Corp.(a)

12,820

156,698

Nitto

Kogyo

Corp.(a)

9,600

230,255

NKT

A/S*

448

50,274

Nordex

SE*

800

23,619

Prysmian

SpA

3,072

318,475

Schneider

Electric

6,240

1,772,463

Siemens

Energy

AG*

7,616

943,208

Signify

NV(b)

42,688

1,023,841

Time

Interconnect

Technology

Ltd.(a)

30,000

60,408

TKH

Group

NV,

CVA

13,344

591,115

Vestas

Wind

Systems

A/S

12,544

255,842

9,664,582

Electronic

Equipment,

Instruments

Components

Holdings

Corp.

3,100

53,929

Alps

Alpine

Co.

Ltd.

3,100

39,159

ALSO

Holding

(Registered)

8,921

Amano

Corp.

800

21,260

Anritsu

Corp.(a)

6,400

94,989

Azbil

Corp.

8,400

83,016

Barco

837

11,960

Canon

Marketing

Japan,

Inc.(a)

1,500

62,559

Celestica,

Inc.*(a)

1,216

419,063

Citizen

Watch

Co.

Ltd.(a)

76,800

534,417

Codan

Ltd.(a)

6,464

153,398

Comet

Holding

(Registered)

288

70,354

Daiwabo

Holdings

Co.

Ltd.

32,000

599,266

FIT

Hon

Teng

Ltd.*(a)(b)

448,000

336,049

Halma

plc

5,088

237,045

Hamamatsu

Photonics

5,400

60,658

Hexagon

AB,

Class

B(a)

20,800

255,385

Hirose

Electric

Co.

Ltd.

582

78,202

Horiba

Ltd.

800

74,597

Hosiden

Corp.(a)

16,000

255,597

Ibiden

Co.

Ltd.(a)

600

56,921

Inficon

Holding

(Registered)

722

86,703

Japan

Aviation

Electronics

Industry

Ltd.(a)

3,400

50,916

Jenoptik

2,585

58,359

Kaga

Electronics

Co.

Ltd.

13,000

301,678

Keyence

Corp.

2,300

856,519

Kitron

ASA

9,471

70,679

Kyocera

Corp.

16,000

212,911

Lagercrantz

Group

AB,

Class

2,640

64,912

Landis+Gyr

Group

1,073

77,927

LEM

Holding

(Registered)*

15,388

Macnica

Holdings,

Inc.(a)

4,800

68,516

Meiko

Electronics

Co.

Ltd.(a)

6,400

424,160

Murata

Manufacturing

Co.

Ltd.

19,200

422,748

Mycronic

1,848

43,638

NCAB

Group

AB*

4,028

24,781

Nohmi

Bosai

Ltd.

2,500

61,585

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

105

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Electronic

Equipment,

Instruments

Components

(continued)

Oki

Electric

Industry

Co.

Ltd.

28,800

345,290

Omron

Corp.(a)

2,800

78,336

Oxford

Instruments

plc

2,139

53,171

Renishaw

plc

1,333

61,911

Rigaku

Holdings

Corp.(a)

3,100

19,901

Riken

Keiki

Co.

Ltd.(a)

2,400

54,838

Ryoyo

Ryosan

Holdings,

Inc.(a)

12,800

247,101

Sensirion

Holding

AG*(b)

2,228

Shimadzu

Corp.

4,100

110,448

Softwareone

Holding

AG(a)

56,670

583,466

Spectris

plc

2,752

148,461

Taiyo

Yuden

Co.

Ltd.(a)

2,500

71,419

TDK

Corp.

22,400

388,661

Tokyo

Electron

Device

Ltd.(a)

5,100

99,977

Vaisala

OYJ,

Class

1,535

Venture

Corp.

Ltd.

3,100

35,515

VusionGroup

246

68,598

Yokogawa

Electric

Corp.

3,200

96,028

8,815,049

Energy

Equipment

Services

Aker

Solutions

ASA(b)

81,344

224,326

CES

Energy

Solutions

Corp.

64,096

439,612

DOF

Group

ASA

8,672

77,917

John

Wood

Group

plc*‡(a)

33,661

13,268

Lapidoth

Capital

Ltd.(a)

986

24,846

Odfjell

Drilling

Ltd.

38,240

308,053

Paratus

Energy

Services

Ltd.

36,064

148,078

Saipem

SpA(a)

17,440

45,412

SBM

Offshore

NV(a)

45,760

1,183,083

Subsea

3,608

65,976

Technip

Energies

3,656

148,620

Tecnicas

Reunidas

SA*

13,056

467,448

Tenaris

7,648

152,580

TerraVest

Industries,

Inc.

124

12,016

TGS

ASA

70,240

608,190

Vallourec

SACA(a)

5,275

98,297

4,017,722

Entertainment

Bollore

12,457

69,445

Capcom

Co.

Ltd.

4,000

104,742

Projekt

745

51,241

Cover

Corp.*(a)

3,100

36,825

CTS

Eventim

Co.

KGaA

726

65,025

Daiichikosho

Co.

Ltd.

3,100

31,723

DeNA

Co.

Ltd.

1,100

19,343

Embracer

Group

AB,

Class

324

EVT

Ltd.(a)

6,232

59,116

Koei

Tecmo

Holdings

Co.

Ltd.

2,492

33,654

Konami

Group

Corp.(a)

1,000

167,083

Modern

Times

Group

MTG

AB,

Class

29,600

399,136

Nexon

Co.

Ltd.(a)

3,100

63,386

Investments

Value

Entertainment

(continued)

Nintendo

Co.

Ltd.

14,300

1,210,889

Paradox

Interactive

952

16,608

Square

Enix

Holdings

Co.

Ltd.(a)

4,500

87,222

Toei

Animation

Co.

Ltd.(a)

1,000

18,812

Toho

Co.

Ltd.(a)

1,200

70,541

Ubisoft

Entertainment

SA*

277

Universal

Music

Group

NV(a)

12,192

327,456

Vivendi

6,262

22,565

2,855,413

Financial

Services

Adyen

NV*(b)

352

604,786

AMP

Ltd.

65,142

76,122

Banca

IFIS

SpA

8,544

220,897

Banca

Mediolanum

SpA

4,444

89,300

BFF

Bank

SpA*(a)(b)

61,216

739,057

Challenger

Ltd.

2,852

17,382

Edenred

1,426

41,032

Eurazeo

1,376

93,941

EXOR

1,504

130,541

Financial

Partners

Group

Co.

Ltd.

19,200

266,710

Fuyo

General

Lease

Co.

Ltd.

3,000

78,576

Groupe

Bruxelles

Lambert

510

44,884

HAL

Trust

588

92,435

Helia

Group

Ltd.(a)

93,408

329,596

Hypoport

SE*

14,338

Industrivarden

AB,

Class

2,496

104,073

Industrivarden

AB,

Class

744

30,975

Infratil

Ltd.(a)

11,625

82,281

Investor

AB,

Class

A(a)

8,032

265,181

Investor

AB,

Class

B(a)

21,728

717,705

Japan

Securities

Finance

Co.

Ltd.

4,700

54,061

Kinnevik

AB,

Class

293

Lundbergforetagen

AB,

Class

1,178

63,166

M&G

plc

46,144

159,629

Mitsubishi

Capital,

Inc.

13,200

103,334

Nexi

SpA(a)(b)

2,697

14,213

ORIX

Corp.

23,900

583,324

OSB

Group

plc

131,232

929,339

Paragon

Banking

Group

plc

70,432

767,132

Peugeot

Invest

SA(a)

2,176

184,849

Pluxee

2,294

44,350

Ricoh

Leasing

Co.

Ltd.(a)

4,500

165,331

Sofina

SA(a)

326

89,703

Tokyo

Century

Corp.

2,400

28,385

Washington

Soul

Pattinson

Co.

Ltd.(a)

4,031

99,222

Wendel

651

61,163

Wise

plc,

Class

8,348

106,006

Worldline

SA*(a)(b)

51,328

139,280

Zenkoku

Hosho

Co.

Ltd.

1,200

24,685

7,657,277

Food

Products

Milk

Co.

Ltd.

(The)

7,139

44,152

AAK

2,771

77,474

Ajinomoto

Co.,

Inc.

12,800

363,340

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

106

Investments

Value

COMMON

STOCKS

(continued)

Food

Products

(continued)

Ariake

Japan

Co.

Ltd.(a)

800

28,094

Aryzta

AG*

248

15,910

Associated

British

Foods

plc

6,880

207,452

Austevoll

Seafood

ASA

3,432

32,329

Bakkafrost

P/F

820

37,657

Bakkavor

Group

plc(b)

18,166

52,986

Barry

Callebaut

(Registered)(a)

80,787

Bell

Food

Group

(Registered)

672

192,957

Bumitama

Agri

Ltd.

80,600

88,561

Calbee,

Inc.

600

11,162

Chocoladefabriken

Lindt

Spruengli

339,010

Chocoladefabriken

Lindt

Spruengli

(Registered)

306,945

Cranswick

plc

155

10,050

Danone

8,032

710,865

DyDo

Group

Holdings,

Inc.(a)

1,000

15,748

Ebro

Foods

SA(a)

3,286

67,055

Elders

Ltd.(a)

57,726

267,933

Emmi

(Registered)

36,518

First

Pacific

Co.

Ltd.

62,000

50,017

First

Resources

Ltd.

179,200

269,877

Fraser

and

Neave

Ltd.

24,800

28,393

Fuji

Oil

Co.

Ltd.

1,200

24,856

Glanbia

plc

5,084

86,142

Golden

Agri-Resources

Ltd.

213,400

45,912

Greencore

Group

plc

7,347

23,022

Grieg

Seafood

ASA*

215

Hilton

Food

Group

plc

2,496

21,119

House

Foods

Group,

Inc.

2,400

44,976

Inghams

Group

Ltd.(a)

122,912

194,724

Itoham

Yonekyu

Holdings,

Inc.(a)

10,840

387,708

JDE

Peet's

3,168

115,472

Kagome

Co.

Ltd.(a)

900

15,543

Kameda

Seika

Co.

Ltd.(a)

900

22,434

Kerry

Group

plc,

Class

1,472

134,389

Kikkoman

Corp.

11,800

93,907

Kotobuki

Spirits

Co.

Ltd.(a)

2,500

29,997

KWS

Saat

Co.

KGaA

186

14,341

Leroy

Seafood

Group

ASA

5,456

25,703

Lotus

Bakeries

NV(a)

52,424

Maple

Leaf

Foods,

Inc.

3,893

74,907

Maruha

Nichiro

Corp.

16,000

357,690

Megmilk

Snow

Brand

Co.

Ltd.

16,000

293,298

MEIJI

Holdings

Co.

Ltd.(a)

3,400

65,394

Mitsui

Sugar

Co.

Ltd.(a)

6,400

126,085

Morinaga

Co.

Ltd.

2,200

37,922

Morinaga

Milk

Industry

Co.

Ltd.

2,400

51,753

Mowi

ASA

6,912

152,082

Nestle

(Registered)

30,464

2,917,561

Neto

Malinda

Trading

Ltd.(a)

2,400

105,242

Nichirei

Corp.

3,200

37,846

Nippn

Corp.(a)

22,400

318,432

Nisshin

Oillio

Group

Ltd.

(The)(a)

9,600

317,185

Investments

Value

Food

Products

(continued)

Nisshin

Seifun

Group,

Inc.

2,690

30,409

Nissin

Foods

Holdings

Co.

Ltd.(a)

4,100

73,960

Nissui

Corp.

8,200

57,060

Orkla

ASA

8,856

89,900

Premier

Foods

plc

3,720

8,915

Premium

Brands

Holdings

Corp.,

Class

A(a)

1,824

125,883

Prima

Meat

Packers

Ltd.

3,100

49,804

Foods,

Inc.(a)

6,400

103,859

Sakata

Seed

Corp.

1,400

35,896

Salmar

ASA

3,490

Saputo,

Inc.

899

21,744

Schouw

Co.

A/S(a)

3,808

350,219

Showa

Sangyo

Co.

Ltd.

9,600

183,394

Societe

LDC

SADIR

2,176

231,815

Strauss

Group

Ltd.

952

26,902

Suedzucker

22,592

249,544

Tate

Lyle

plc

12,512

63,487

Toyo

Suisan

Kaisha

Ltd.

1,800

130,804

Viscofan

413

25,693

Group

Ltd.(b)

144,000

138,216

Wilmar

International

Ltd.

21,700

52,189

Yakult

Honsha

Co.

Ltd.(a)

3,300

49,343

Yamazaki

Baking

Co.

Ltd.(a)

2,900

56,850

11,682,929

Gas

Utilities

AltaGas

Ltd.(a)

4,736

139,158

APA

Group(a)

7,719

46,389

Brookfield

Infrastructure

Corp.,

Class

A(a)

1,395

63,271

Enagas

3,782

60,087

Hong

Kong

China

Gas

Co.

Ltd.

96,000

89,303

Italgas

SpA(a)

8,669

90,952

Naturgy

Energy

Group

2,234

67,762

Nippon

Gas

Co.

Ltd.

1,900

36,365

Osaka

Gas

Co.

Ltd.

7,900

248,607

Rubis

SCA

29,728

1,080,144

Shizuoka

Gas

Co.

Ltd.

9,300

68,035

Snam

SpA(a)

31,360

193,575

Superior

Plus

Corp.(a)

73,792

420,269

Tokyo

Gas

Co.

Ltd.

6,400

224,418

2,828,335

Ground

Transportation

Aurizon

Holdings

Ltd.

15,097

33,899

Ayvens

SA(b)

6,498

86,775

Canadian

National

Railway

Co.

6,432

617,378

Canadian

Pacific

Kansas

City

Ltd.(a)

10,560

760,676

Central

Japan

Railway

Co.

19,200

469,360

ComfortDelGro

Corp.

Ltd.

12,400

13,911

East

Japan

Railway

Co.

12,800

312,076

Firstgroup

plc

210,560

580,953

Hankyu

Hanshin

Holdings,

Inc.

3,500

93,966

Jungfraubahn

Holding

(Registered)

191

56,271

Keikyu

Corp.(a)

3,100

28,916

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

107

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Ground

Transportation

(continued)

Keio

Corp.

3,100

73,589

Keisei

Electric

Railway

Co.

Ltd.(a)

8,700

69,349

Kintetsu

Group

Holdings

Co.

Ltd.(a)

6,400

121,370

Kyushu

Railway

Co.

3,200

81,155

Maruzen

Showa

Unyu

Co.

Ltd.(a)

6,400

288,728

MTR

Corp.

Ltd.(a)

32,264

118,309

Nagoya

Railroad

Co.

Ltd.(a)

3,100

33,897

Nankai

Electric

Railway

Co.

Ltd.

3,000

54,224

Nishi-Nippon

Railroad

Co.

Ltd.(a)

25,600

371,400

Odakyu

Electric

Railway

Co.

Ltd.(a)

4,600

48,671

Seibu

Holdings,

Inc.

3,900

137,236

Seino

Holdings

Co.

Ltd.(a)

3,100

43,827

Sixt

308

27,089

Sixt

(Preference)

298

18,952

Stef

SA(a)

1,088

151,948

TFI

International,

Inc.

1,152

103,628

Tobu

Railway

Co.

Ltd.

3,700

59,647

Tokyo

Metro

Co.

Ltd.(a)

3,100

32,589

Tokyu

Corp.

4,300

47,897

West

Japan

Railway

Co.(a)

9,600

196,979

5,134,665

Health

Care

Equipment

Supplies

Alcon

AG(a)

5,440

405,247

Ambu

A/S,

Class

B(a)

3,468

53,980

Ansell

Ltd.(a)

2,720

65,011

Arjo

AB,

Class

Asahi

Intecc

Co.

Ltd.

3,200

50,829

BioMerieux

800

103,047

Carl

Zeiss

Meditec

715

36,229

Cochlear

Ltd.

774

145,504

Coloplast

A/S,

Class

B(a)

1,312

118,757

Convatec

Group

plc(b)

26,387

84,661

Demant

A/S*(a)

1,879

62,560

DiaSorin

SpA

293

25,938

Eckert

Ziegler

465

9,086

Elekta

AB,

Class

158

EssilorLuxottica

3,456

1,265,683

Fisher

Paykel

Healthcare

Corp.

Ltd.

6,304

133,930

Fukuda

Denshi

Co.

Ltd.

1,000

45,308

Getinge

AB,

Class

2,980

70,101

Hogy

Medical

Co.

Ltd.

1,200

41,673

Hoya

Corp.

3,800

618,760

Koninklijke

Philips

7,648

209,561

Medacta

Group

SA(b)

336

62,282

Menicon

Co.

Ltd.

3,100

24,187

Nanosonics

Ltd.*(a)

4,960

14,872

Nihon

Kohden

Corp.

4,600

53,239

Nipro

Corp.(a)

4,100

40,041

Olympus

Corp.

16,000

197,280

Paramount

Bed

Holdings

Co.

Ltd.

1,600

36,714

PHC

Holdings

Corp.(a)

16,000

104,794

Revenio

Group

OYJ

1,116

31,172

Siemens

Healthineers

AG(b)

2,432

136,337

Investments

Value

Health

Care

Equipment

Supplies

(continued)

Smith

Nephew

plc

10,560

194,933

Sonova

Holding

(Registered)

480

130,711

Straumann

Holding

(Registered)

(a)

1,280

161,046

Sysmex

Corp.

6,400

71,746

Terumo

Corp.

16,000

258,765

Vimian

Group

AB*(a)

10,168

32,199

Xvivo

Perfusion

AB*

620

12,377

Ypsomed

Holding

(Registered)(a)

23,152

5,131,969

Health

Care

Providers

Services

Alfresa

Holdings

Corp.

1,500

21,192

Amplifon

SpA(a)

2,112

36,078

One

Corp.

1,600

26,157

Chartwell

Retirement

Residences(a)

5,333

78,673

Clariane

SE*(a)

53,024

228,032

dentalcorp

Holdings

Ltd.(a)

1,643

12,781

EBOS

Group

Ltd.(a)

2,217

36,690

Fagron

3,264

77,607

Fresenius

Medical

Care

4,064

218,398

Fresenius

Co.

KGaA

4,992

288,204

Galenica

AG(b)

817

88,137

Medicover

AB,

Class

2,077

56,670

Medipal

Holdings

Corp.

3,400

55,396

Neuca

736

148,397

NMC

Health

plc*‡

2,074

—

Raffles

Medical

Group

Ltd.

6,200

4,716

Ramsay

Health

Care

Ltd.(a)

496

10,423

Ryman

Healthcare

Ltd.*

340,064

558,897

Ship

Healthcare

Holdings,

Inc.

1,900

28,410

Sigma

Healthcare

Ltd.

54,976

111,929

Sonic

Healthcare

Ltd.(a)

3,069

42,513

Spire

Healthcare

Group

plc(b)

Summerset

Group

Holdings

Ltd.(a)

2,619

17,397

Suzuken

Co.

Ltd.

1,880

71,451

Terveystalo

OYJ(b)

3,751

40,393

2,258,637

Health

Care

REITs

Aedifica

SA,

REIT

832

60,786

Cofinimmo

SA,

REIT

1,472

125,810

Parkway

Life

REIT,

REIT

19,000

59,856

Primary

Health

Properties

plc,

REIT(a)

39,982

49,195

Vital

Healthcare

Property

Trust,

REIT(a)

17,208

21,975

317,622

Health

Care

Technology

(d)

M3,

Inc.(a)

3,100

43,656

Medley,

Inc.*(a)

1,000

13,670

Pro

Medicus

Ltd.

768

132,536

Sectra

AB,

Class

2,624

83,426

273,288

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

108

Investments

Value

COMMON

STOCKS

(continued)

Hotel

Resort

REITs

(d)

CapitaLand

Ascott

Trust,

REIT

3,100

2,251

Covivio

Hotels

SACA,

REIT(a)

3,447

89,915

Far

East

Hospitality

Trust,

REIT

3,100

1,441

Hoshino

Resorts

REIT,

Inc.,

REIT(a)

40,100

Invincible

Investment

Corp.,

REIT

27,729

Japan

Hotel

REIT

Investment

Corp.,

REIT

18,070

179,506

Hotels,

Restaurants

Leisure

Accor

2,688

136,975

Amadeus

Group

5,280

404,166

AmRest

Holdings

29,792

119,491

Aristocrat

Leisure

Ltd.

8,288

343,721

Basic-Fit

NV*(a)(b)

1,209

35,946

Betsson

AB,

Class

B(a)

4,544

71,182

Carnival

plc*(a)

46,112

1,199,871

Colowide

Co.

Ltd.(a)

3,500

37,975

Compass

Group

plc

19,104

632,766

Create

Restaurants

Holdings,

Inc.(a)

8,800

41,985

Dalata

Hotel

Group

plc

9,951

73,966

Delivery

Hero

SE*(b)

2,560

65,005

Domino's

Pizza

Enterprises

Ltd.(a)

691

8,287

Domino's

Pizza

Group

plc

9,827

25,138

Entain

plc

7,424

77,291

Evolution

AB(a)(b)

1,600

107,066

FDJ

UNITED(b)

1,085

31,658

Flight

Centre

Travel

Group

Ltd.(a)

250

Food

Life

Cos.

Ltd.

2,200

107,319

Fuji

Kyuko

Co.

Ltd.

1,000

16,098

Galaxy

Entertainment

Group

Ltd.

34,000

169,383

Genda,

Inc.*(a)

3,100

14,891

Genting

Singapore

Ltd.

3,100

1,739

Greggs

plc(a)

3,744

79,344

Guzman

Gomez

Ltd.(a)

899

15,726

HBX

Group

International

plc*

1,550

12,648

Heiwa

Corp.(a)

18,450

240,004

Hongkong

Shanghai

Hotels

Ltd.

(The)*

224,000

176,959

Ichibanya

Co.

Ltd.(a)

5,000

29,210

InterContinental

Hotels

Group

plc

1,664

200,960

KOMEDA

Holdings

Co.

Ltd.

1,200

22,620

Kyoritsu

Maintenance

Co.

Ltd.(a)

2,200

42,885

Lottery

Corp.

Ltd.

(The)

27,165

97,810

Lottomatica

Group

Spa

3,584

88,442

McDonald's

Holdings

Co.

Japan

Ltd.

(a)

1,100

43,056

Melia

Hotels

International

34,816

288,526

Metaplanet,

Inc.*(a)

342,400

1,091,288

MGM

China

Holdings

Ltd.

37,200

71,220

Mitchells

Butlers

plc*

90,912

290,848

Monogatari

Corp.

(The)

1,500

37,535

MOS

Food

Services,

Inc.

2,100

52,686

Ohsho

Food

Service

Corp.

2,112

46,201

Oriental

Land

Co.

Ltd.(a)

14,400

291,636

Investments

Value

Hotels,

Restaurants

Leisure

(continued)

Playtech

plc

107

Restaurant

Brands

International,

Inc.

(a)

3,776

248,257

Round

One

Corp.(a)

6,400

46,113

Royal

Holdings

Co.

Ltd.(a)

1,600

26,598

Sands

China

Ltd.(a)

38,400

99,999

Scandic

Hotels

Group

AB(b)

1,824

17,774

Shangri-La

Asia

Ltd.

62,000

38,689

SJM

Holdings

Ltd.*(a)

186,000

67,726

SkiStar

2,828

47,399

Skylark

Holdings

Co.

Ltd.(a)

3,700

66,960

Sodexo

SA(a)

2,176

120,654

SSP

Group

plc

2,046

4,129

Tabcorp

Holdings

Ltd.

65,100

45,388

Toridoll

Holdings

Corp.(a)

1,100

31,874

Trainline

plc*(b)

12,865

42,527

TUI

AG*

3,534

30,111

Whitbread

plc

837

31,858

Wynn

Macau

Ltd.

86,800

73,821

Yoshinoya

Holdings

Co.

Ltd.(a)

3,400

67,137

Zensho

Holdings

Co.

Ltd.

1,800

112,226

8,161,120

Household

Durables

Atal

3,740

58,685

Azorim-Investment

Development

Construction

Co.

Ltd.(a)

5,535

37,181

Barratt

Redrow

plc

21,248

105,051

Bellway

plc

2,272

78,328

Berkeley

Group

Holdings

plc

1,856

98,223

Breville

Group

Ltd.(a)

2,420

47,036

Cairn

Homes

plc

11,968

26,668

De'

Longhi

SpA

1,012

36,934

Dom

Development

2,304

153,600

Electrolux

AB,

Class

77,760

502,972

ES-Con

Japan

Ltd.(a)

9,300

60,428

Glenveagh

Properties

plc*(b)

122,528

269,833

Store

Nord

A/S*

992

17,396

Haseko

Corp.

3,500

56,571

Iida

Group

Holdings

Co.

Ltd.(a)

3,400

52,152

3,876

55,409

JVCKenwood

Corp.

48,000

385,888

Man

Wah

Holdings

Ltd.

12,400

7,562

Nagawa

Co.

Ltd.

500

19,441

Nikon

Corp.(a)

3,100

36,261

Open

House

Group

Co.

Ltd.

1,800

86,685

Panasonic

Holdings

Corp.

41,600

485,655

Persimmon

plc

2,666

42,348

Rinnai

Corp.

1,800

40,883

Sangetsu

Corp.(a)

2,256

44,152

SEB

896

49,619

Sekisui

House

Ltd.

12,800

275,102

Sharp

Corp.*

9,300

51,766

Sony

Group

Corp.

70,400

1,979,636

Sumitomo

Forestry

Co.

Ltd.(a)

9,600

100,172

Tamron

Co.

Ltd.(a)

51,200

364,587

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

109

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Household

Durables

(continued)

Taylor

Wimpey

plc

16,554

22,880

Vistry

Group

plc*(a)

115,840

980,449

YIT

OYJ*(a)

57,728

195,358

Zojirushi

Corp.

3,100

33,484

6,858,395

Household

Products

Earth

Corp.(a)

600

19,629

Essity

AB,

Class

A(a)

1,020

28,045

Essity

AB,

Class

5,632

154,795

Henkel

Co.

KGaA

1,408

105,226

Henkel

Co.

KGaA

(Preference)

3,840

311,401

Pigeon

Corp.

3,100

35,094

Reckitt

Benckiser

Group

plc

7,488

572,185

Unicharm

Corp.(a)

9,300

57,561

1,283,936

Independent

Power

and

Renewable

Electricity

Producers

Boralex,

Inc.,

Class

A(a)

1,023

20,560

Brookfield

Renewable

Corp.(a)

1,209

52,393

Capital

Power

Corp.(a)

1,280

64,861

Corp.

ACCIONA

Energias

Renovables

1,612

44,393

Drax

Group

plc

128,064

1,213,973

EDP

Renovaveis

907

Electric

Power

Development

Co.

Ltd.

3,100

58,970

Energix-Renewable

Energies

Ltd.(a)

8,525

39,322

Enlight

Renewable

Energy

Ltd.*

1,428

49,850

ERG

SpA

1,209

31,202

Grenergy

Renovables

SA*

155

13,382

Meridian

Energy

Ltd.

22,344

75,748

Northland

Power,

Inc.(a)

5,568

101,850

Orsted

A/S*(b)

2,434

43,567

Nofar

Energy

Ltd.*(a)

1,496

47,810

RWE

12,832

631,824

Scatec

ASA*(b)

7,254

76,577

Solaria

Energia

Medio

Ambiente

SA*

537

TransAlta

Corp.(a)

6,634

117,373

Voltalia

(Registered)*(a)

1,457

12,007

2,697,106

Industrial

Conglomerates

Aker

ASA,

Class

264

20,537

Arendals

Fossekompani

ASA

992

12,943

Bonheur

ASA

4,832

105,314

Brookfield

Business

Corp.,

Class

A(a)

8,704

317,559

Hutchison

Holdings

Ltd.

48,356

320,416

CTF

Services

Ltd.

38,000

41,069

DCC

plc(a)

1,376

90,574

Hikari

Tsushin,

Inc.

100

26,484

Hitachi

Ltd.

54,400

1,877,895

Investment

Latour,

Class

2,024

51,791

Italmobiliare

SpA

1,024

38,530

Investments

Value

Industrial

Conglomerates

(continued)

Jardine

Matheson

Holdings

Ltd.

3,200

188,000

Keppel

Ltd.

18,500

144,850

Lifco

AB,

Class

3,616

140,259

Nisshinbo

Holdings,

Inc.(a)

44,800

354,492

Nolato

AB,

Class

11,029

72,965

Sekisui

Chemical

Co.

Ltd.

9,600

166,694

Siemens

(Registered)

8,576

2,430,557

Smiths

Group

plc

2,752

91,044

Storskogen

Group

AB,

Class

B(a)

63,922

66,383

Swire

Pacific

Ltd.,

Class

10,500

86,732

6,645,088

Industrial

REITs

ARGAN

SA,

REIT

2,415

CapitaLand

Ascendas

REIT,

REIT

34,100

73,888

Centuria

Industrial

REIT,

REIT(a)

Dream

Industrial

REIT,

REIT(a)

267

Frasers

Logistics

Commercial

Trust,

REIT(b)

3,100

2,275

GLP

J-REIT,

REIT

34,459

Goodman

Group,

REIT

22,208

480,206

Goodman

Property

Trust,

REIT

19,085

23,170

Granite

REIT,

REIT

1,302

73,242

Industrial

Infrastructure

Fund

Investment

Corp.,

REIT

63,209

LondonMetric

Property

plc,

REIT

12,834

32,071

Mapletree

Industrial

Trust,

REIT

46,589

76,249

Mapletree

Logistics

Trust,

REIT

43,400

44,686

Mitsui

Fudosan

Logistics

Park,

Inc.,

REIT

57,280

Montea

NV,

REIT

1,088

87,904

Nippon

Prologis

REIT,

Inc.,

REIT

12,214

Property

for

Industry

Ltd.,

REIT

26,697

38,832

Segro

plc,

REIT

19,040

174,459

Tritax

Big

Box

REIT

plc,

REIT

48,896

96,427

Warehouses

Pauw

CVA,

REIT

2,883

73,273

1,446,598

Insurance

Admiral

Group

plc

3,104

133,601

Aegon

Ltd.

28,417

216,670

Ageas

SA/NV

2,880

190,803

AIA

Group

Ltd.

128,000

1,242,583

Allianz

(Registered)

7,968

3,202,279

Alm

Brand

A/S

27,040

76,236

ASR

Nederland

2,636

176,159

AUB

Group

Ltd.(a)

2,926

70,759

Aviva

plc

59,838

525,641

AXA

35,744

1,552,453

Baloise

Holding

(Registered)

352

87,435

Beazley

plc

12,018

146,925

Brookfield

Wealth

Solutions

Ltd.(a)

11,856

547,213

CBL

Corp.

Ltd.*‡(e)

102,937

—

Clal

Insurance

Enterprises

Holdings

Ltd.

899

50,307

Coface

38,272

674,972

Dai-ichi

Life

Holdings,

Inc.

76,800

540,898

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

110

Investments

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

Definity

Financial

Corp.

1,025

47,733

Fairfax

Financial

Holdings

Ltd.

416

676,066

Generali(a)

19,072

734,130

Gjensidige

Forsikring

ASA

3,232

87,086

Great-West

Lifeco,

Inc.

6,976

296,037

Grupo

Catalana

Occidente

704

40,222

Hannover

Rueck

800

228,439

Harel

Insurance

Investments

Financial

Services

Ltd.

4,084

143,069

Helvetia

Holding

(Registered)(a)

576

141,641

Hiscox

Ltd.

6,752

121,978

Financial

Corp.,

Inc.

1,856

219,305

IDI

Insurance

Co.

Ltd.

1,792

106,610

Insurance

Australia

Group

Ltd.

33,056

170,091

Intact

Financial

Corp.

2,176

406,314

Japan

Post

Holdings

Co.

Ltd.

32,000

300,464

Japan

Post

Insurance

Co.

Ltd.

4,400

114,016

Just

Group

plc

344,896

962,926

Lancashire

Holdings

Ltd.

74,944

657,747

Legal

General

Group

plc

106,112

331,529

Lifenet

Insurance

Co.*(a)

3,800

46,422

Mandatum

OYJ

10,146

72,863

Manulife

Financial

Corp.

34,880

1,129,931

Mapfre

23,163

102,447

Medibank

Pvt

Ltd.

38,171

121,945

Menora

Mivtachim

Holdings

Ltd.

492

49,288

Migdal

Insurance

Financial

Holdings

Ltd.(a)

22,656

81,456

MS&AD

Insurance

Group

Holdings,

Inc.

28,800

595,611

Muenchener

Rueckversicherungs-

Gesellschaft

Muenchen

(Registered)

1,600

990,581

nib

holdings

Ltd.(a)

6,172

30,465

Group

5,010

343,367

Phoenix

Financial

Ltd.

5,085

196,262

Phoenix

Group

Holdings

plc

17,984

159,255

Poste

Italiane

SpA(b)

8,923

215,145

Power

Corp.

Canada(a)

10,432

489,157

Powszechny

Zaklad

Ubezpieczen

9,712

155,445

Protector

Forsikring

ASA

1,519

68,541

Prudential

plc

29,664

411,176

QBE

Insurance

Group

Ltd.

28,480

369,905

Sampo

OYJ,

Class

29,120

324,944

SCOR

2,204

66,853

Sompo

Holdings,

Inc.

19,200

586,762

Steadfast

Group

Ltd.(a)

18,258

66,935

Storebrand

ASA

10,327

160,362

Sun

Life

Financial,

Inc.

11,168

679,971

Suncorp

Group

Ltd.

12,826

164,740

Swiss

Life

Holding

(Registered)

320

347,765

Swiss

3,712

677,894

T&D

Holdings,

Inc.

9,600

206,949

Talanx

968

117,871

Investments

Value

Insurance

(continued)

Tokio

Marine

Holdings,

Inc.

22,400

840,718

Trisura

Group

Ltd.*

874

24,109

Tryg

A/S(a)

4,112

101,504

Unipol

Assicurazioni

SpA

6,080

133,088

Wuestenrot

Wuerttembergische

5,984

97,661

Zurich

Insurance

Group

1,664

1,158,737

26,606,462

Interactive

Media

Services

Auto

Trader

Group

plc(b)

11,584

118,774

Baltic

Classifieds

Group

plc

16,805

65,134

CAR

Group

Ltd.

5,345

124,918

Hemnet

Group

925

20,210

Kakaku.com,

Inc.

1,600

28,551

Corp.

22,400

65,867

MONY

Group

plc

15,965

40,735

REA

Group

Ltd.(a)

848

118,296

Rightmove

plc

12,138

106,529

Scout24

SE(b)

1,160

134,155

SEEK

Ltd.

4,807

85,281

Trustpilot

Group

plc*(b)

14,960

40,372

Vend

Marketplaces

ASA,

Class

1,581

54,539

1,003,361

Services

Addnode

Group

AB,

Class

5,472

63,987

Alten

10,368

855,024

Atea

ASA

2,420

36,933

Bechtle

1,364

57,683

BIPROGY,

Inc.

1,100

44,527

Bouvet

ASA

5,054

32,172

Capgemini

1,792

276,122

CGI,

Inc.

2,528

220,225

Computacenter

plc

1,092

41,119

Data#3

Ltd.(a)

8,952

51,689

Digital

Garage,

Inc.

1,300

27,847

DTS

Corp.

8,400

70,120

Formula

Systems

1985

Ltd.

155

22,386

Fujitsu

Ltd.

22,400

586,118

GMO

internet

group,

Inc.

1,200

26,881

Indra

Sistemas

SA(a)

1,984

109,825

Kontron

2,573

67,354

Macquarie

Technology

Group

Ltd.*(a)

372

16,122

Megaport

Ltd.*

6,954

74,933

NEC

Corp.

16,000

583,480

Netcompany

Group

A/S*(a)(b)

434

21,708

NEXTDC

Ltd.*(a)

10,016

103,338

Nomura

Research

Institute

Ltd.

5,545

217,042

Solutions

Corp.(a)

1,600

40,401

Obic

Co.

Ltd.

4,000

124,293

Otsuka

Corp.

3,100

61,374

OVH

Groupe

SA*(a)

3,078

28,918

SpA

484

67,930

SCSK

Corp.(a)

2,700

99,391

Shopify,

Inc.,

Class

14,240

2,478,369

Softcat

plc

2,394

50,263

Sopra

Steria

Group(a)

408

63,526

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

111

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Services

(continued)

TietoEVRY

OYJ(a)

3,348

71,914

TIS,

Inc.

1,400

48,301

Wavestone(a)

532

31,684

6,772,999

Leisure

Products

Asmodee

Group

AB,

Class

961

12,420

Bandai

Namco

Holdings,

Inc.

6,400

199,492

BRP,

Inc.(a)

1,178

73,968

Games

Workshop

Group

plc

310

64,882

MIPS

AB(b)

620

22,298

Mizuno

Corp.(a)

3,000

54,253

Noritsu

Koki

Co.

Ltd.(a)

19,200

209,131

Roland

Corp.

6,400

135,848

Sankyo

Co.

Ltd.

3,300

57,333

Sanlorenzo

SpA(a)

1,213

Sega

Sammy

Holdings,

Inc.

2,600

48,184

Shimano,

Inc.

1,100

115,709

Technogym

SpA(b)

4,905

88,883

Thule

Group

AB(b)

2,024

52,111

Tsuburaya

Fields

Holdings,

Inc.(a)

3,100

43,707

Yamaha

Corp.

6,200

39,235

Yonex

Co.

Ltd.

2,400

61,848

1,280,515

Life

Sciences

Tools

Services

AddLife

AB,

Class

336

7,270

Bachem

Holding

AG(a)

2,249

Eurofins

Scientific

1,408

99,359

Gerresheimer

1,120

35,679

Lonza

Group

(Registered)

832

574,394

Oxford

Nanopore

Technologies

plc*

15,624

28,123

QIAGEN

2,272

106,887

Sartorius

(Preference)

330

90,689

Sartorius

Stedim

Biotech

310

74,137

Schott

Pharma

Co.

KGaA

434

9,728

Siegfried

Holding

(Registered)*

380

36,639

SKAN

Group

451

29,439

Tecan

Group

(Registered)

512

93,566

Wuxi

Biologics

Cayman,

Inc.*(b)

32,000

149,044

1,337,203

Machinery

Aalberts

1,023

32,565

Alfa

Laval

3,840

183,657

Alstom

SA*

8,896

222,297

Amada

Co.

Ltd.

7,200

86,135

ANDRITZ

1,395

105,623

Atlas

Copco

AB,

Class

A(a)

31,296

528,002

Atlas

Copco

AB,

Class

17,952

269,966

ATS

Corp.*(a)

961

26,461

AutoStore

Holdings

Ltd.*(b)

38,750

37,651

Beijer

Alma

2,304

70,631

Bodycote

plc

56,224

455,777

Bucher

Industries

(Registered)

36,416

Investments

Value

Machinery

(continued)

Burckhardt

Compression

Holding

21,471

CKD

Corp.

4,100

88,225

Construcciones

Auxiliar

Ferrocarriles

6,592

416,945

Daetwyler

Holding

465

85,730

Daifuku

Co.

Ltd.

3,200

102,363

Daimler

Truck

Holding

9,856

394,854

Danieli

Officine

Meccaniche

SpA(a)

3,360

181,883

Danieli

Officine

Meccaniche

SpA

(Retirement

Savings

Plan)

12,160

466,526

DMG

Mori

Co.

Ltd.(a)

2,100

32,716

Duerr

17,696

412,579

Ebara

Corp.

5,500

147,483

Electrolux

Professional

AB,

Class

5,882

41,021

Epiroc

AB,

Class

7,424

157,357

Epiroc

AB,

Class

4,393

82,376

FANUC

Corp.

9,600

305,906

FLSmidth

Co.

A/S

1,312

102,412

Fluidra

912

26,442

Fuji

Corp.

1,000

19,457

Fujitec

Co.

Ltd.

200

7,355

GEA

Group

2,208

158,005

Georg

Fischer

(Registered)

1,280

90,329

Glory

Ltd.

19,200

459,763

Harmonic

Drive

Systems,

Inc.

1,500

27,769

Hiab

OYJ,

Class

684

37,910

Hino

Motors

Ltd.*

9,300

21,189

Hitachi

Construction

Machinery

Co.

Ltd.(a)

2,800

91,440

Hoshizaki

Corp.

2,400

84,593

IHI

Corp.(a)

13,300

277,560

IMI

plc

1,824

57,228

Indutrade

4,126

110,403

Interpump

Group

SpA

1,535

79,195

Iveco

Group

6,144

130,766

Japan

Steel

Works

Ltd.

(The)(a)

900

59,239

Jungheinrich

(Preference)

17,088

611,018

Kanadevia

Corp.

60,800

451,891

Kardex

Holding

(Registered)

23,325

Kawasaki

Heavy

Industries

Ltd.(a)

2,000

160,981

KION

Group

1,344

95,402

Kitz

Corp.(a)

22,400

251,692

Knorr-Bremse

947

88,098

Komatsu

Ltd.

19,200

643,843

Kone

OYJ,

Class

4,480

299,494

Konecranes

OYJ

1,352

133,577

Krones

246

35,719

KSB

Co.

KGaA

(Preference)

224

232,687

Kubota

Corp.(a)

25,600

332,432

Kurita

Water

Industries

Ltd.

2,500

95,063

Makita

Corp.

3,700

112,305

Metso

OYJ(a)

9,888

162,175

MINEBEA

MITSUMI,

Inc.(a)

9,611

190,654

MISUMI

Group,

Inc.

4,100

64,193

Mitsubishi

Heavy

Industries

Ltd.

40,300

1,217,201

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

112

Investments

Value

COMMON

STOCKS

(continued)

Machinery

(continued)

Mitsubishi

Logisnext

Co.

Ltd.(a)

12,800

127,871

Mitsuboshi

Belting

Ltd.(a)

1,300

31,349

Mitsui

E&S

Co.

Ltd.(a)

3,100

126,894

Miura

Co.

Ltd.

2,100

40,779

Namura

Shipbuilding

Co.

Ltd.(a)

22,400

763,364

NFI

Group,

Inc.*(a)

4,826

49,391

NGK

Insulators

Ltd.

6,200

104,879

Nitta

Corp.(a)

6,400

168,044

Nomura

Micro

Science

Co.

Ltd.(a)

3,100

79,384

Noritake

Co.

Ltd.

9,600

301,295

NSK

Ltd.

3,100

15,684

NTN

Corp.(a)

204,800

459,173

Oerlikon

Corp.

Pfaffikon

(Registered)(a)

52,512

187,741

OKUMA

Corp.(a)

1,400

31,307

OSG

Corp.(a)

25,600

371,815

Palfinger

4,288

160,849

Pfeiffer

Vacuum

Technology

220

39,612

Rational

40,342

RENK

Group

744

56,495

Rotork

plc

13,640

61,325

Sandvik

12,320

374,435

Schindler

Holding

514

183,126

Schindler

Holding

(Registered)

359

121,418

Seatrium

Ltd.

12,400

20,675

SFS

Group

220

29,872

Shibaura

Machine

Co.

Ltd.(a)

6,400

178,222

Shibuya

Corp.(a)

6,400

142,287

Shinmaywa

Industries

Ltd.(a)

16,000

208,653

SKF

AB,

Class

1,408

36,934

SKF

AB,

Class

5,568

143,709

SMC

Corp.(a)

700

238,869

Spirax

Group

plc

744

69,354

Stadler

Rail

761

Sulzer

(Registered)

280

46,809

Sumitomo

Heavy

Industries

Ltd.(a)

3,300

88,490

Tadano

Ltd.

41,600

290,016

Takeuchi

Manufacturing

Co.

Ltd.

11,100

458,972

Techtronic

Industries

Co.

Ltd.

16,000

186,923

Tocalo

Co.

Ltd.

3,800

55,870

TOMRA

Systems

ASA

3,872

47,458

Toyota

Industries

Corp.

2,400

262,114

Trelleborg

AB,

Class

B(a)

1,209

50,627

Tsubakimoto

Chain

Co.(a)

32,000

449,086

Tsurumi

Manufacturing

Co.

Ltd.

12,800

161,688

Valmet

OYJ(a)

2,784

90,647

VAT

Group

AG(b)

352

153,604

Vesuvius

plc

57,536

283,930

Volvo

AB,

Class

4,640

127,774

Volvo

AB,

Class

29,952

826,697

Wacker

Neuson

9,344

203,618

Wartsila

OYJ

Abp

5,384

176,297

Weir

Group

plc

(The)

3,392

131,915

YAMABIKO

Corp.(a)

12,800

214,614

Investments

Value

Machinery

(continued)

Yaskawa

Electric

Corp.(a)

3,100

85,421

21,393,899

Marine

Transportation

Moller

Maersk

A/S,

Class

64,017

Moller

Maersk

A/S,

Class

B(a)

132,114

Hoegh

Autoliners

ASA

1,824

16,380

Iino

Kaiun

Kaisha

Ltd.(a)

35,200

287,212

Kawasaki

Kisen

Kaisha

Ltd.(a)

9,600

137,904

Kuehne

Nagel

International

(Registered)(a)

576

110,500

Mitsui

OSK

Lines

Ltd.(a)

7,500

223,118

MPC

Container

Ships

ASA

126,848

221,988

Nippon

Yusen

9,600

332,203

United

Kaiun

Kaisha

Ltd.(a)

3,300

118,029

Odfjell

SE,

Class

8,672

104,404

Pacific

Basin

Shipping

Ltd.(a)

1,440,000

476,159

SITC

International

Holdings

Co.

Ltd.

24,000

88,377

Stolt-Nielsen

Ltd.

9,152

307,571

Lines

Ltd.

96,000

107,830

Wallenius

Wilhelmsen

ASA

2,952

23,124

2,750,930

Media

4imprint

Group

plc

1,023

44,757

Atresmedia

Corp.

Medios

Comunicacion

SA(a)

26,272

159,196

Canal+

SA*

239,552

754,421

CyberAgent,

Inc.

6,300

62,855

Dentsu

Group,

Inc.(a)

6,400

126,459

Future

plc

30,048

242,201

Hakuhodo

Holdings,

Inc.(a)

3,100

22,437

Havas

NV*

20,708

36,246

Informa

plc

15,360

195,309

IPSOS

13,088

502,129

ITV

plc

77,888

71,275

Lagardere

SA(a)

5,408

117,972

Metropole

Television

SA(a)

15,040

207,616

MFE-MediaForEurope

NV,

Class

A(a)

82,899

293,744

MFE-MediaForEurope

NV,

Class

B(a)

13,671

63,810

Nine

Entertainment

Co.

Holdings

Ltd.(a)

74,752

56,766

ProSiebenSat.1

Media

50,016

305,095

Publicis

Groupe

4,320

432,797

RTL

Group

SA(a)

434

16,756

Sanoma

OYJ

3,895

47,653

SES

SA,

Class

ADR(a)

16,160

123,942

SKY

Perfect

JSAT

Holdings,

Inc.

3,100

30,506

Stroeer

Co.

KGaA

527

23,084

Television

Francaise

SA(a)

25,376

232,262

Group

205

51,841

WPP

plc

27,424

103,589

4,324,718

Metals

Mining

Acerinox

SA(a)

63,200

815,530

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

113

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Metals

Mining

(continued)

Agnico

Eagle

Mines

Ltd.

6,276

1,010,413

Aichi

Steel

Corp.(a)

12,800

220,846

Alamos

Gold,

Inc.,

Class

4,045

124,830

Alleima

AB(a)

9,472

82,122

Anglo

American

plc

13,386

505,632

Antofagasta

plc

4,525

165,870

Aperam

SA(a)

12,768

445,936

ArcelorMittal

7,776

297,613

ARE

Holdings,

Inc.

25,600

407,460

Aurubis

738

96,168

AVZ

Minerals

Ltd.*‡(a)

111,012

2,907

B2Gold

Corp.

26,232

114,952

Barrick

Mining

Corp.

37,632

1,236,539

Bekaert

11,360

475,300

BHP

Group

Ltd.(a)

55,616

1,581,972

BlueScope

Steel

Ltd.

7,968

119,452

Boliden

AB*

5,088

229,945

Capricorn

Metals

Ltd.*(a)

10,385

87,361

Capstone

Copper

Corp.*

11,016

98,434

Catalyst

Metals

Ltd.*(a)

2,201

9,784

Centerra

Gold,

Inc.

70,016

821,013

Champion

Iron

Ltd.(a)

133,728

484,999

Daido

Steel

Co.

Ltd.

64,000

607,160

Deterra

Royalties

Ltd.(a)

26,412

70,546

Discovery

Silver

Corp.*

8,060

33,709

Dowa

Holdings

Co.

Ltd.

1,100

39,986

DPM

Metals,

Inc.(a)

7,200

154,159

Eldorado

Gold

Corp.*(a)

558

14,317

Emerald

Resources

NL*

21,402

66,411

Endeavour

Mining

plc

3,876

156,543

Endeavour

Silver

Corp.*(a)

6,448

53,014

Equinox

Gold

Corp.*(a)

198,624

2,184,488

ERO

Copper

Corp.*

4,268

91,230

Evolution

Mining

Ltd.

28,481

202,486

Falcon

Metals

Ltd.*

—

(f)

First

Majestic

Silver

Corp.

11,232

143,732

First

Quantum

Minerals

Ltd.*

10,144

210,822

Fortescue

Ltd.(a)

34,496

480,788

Fortuna

Mining

Corp.*

103,552

856,559

Franco-Nevada

Corp.

2,322

434,172

Fresnillo

plc

1,023

29,865

Mining

Ventures

Corp.*

1,550

30,543

Genesis

Minerals

Ltd.*(a)

24,769

94,696

Glencore

plc

189,312

906,488

Granges

34,272

502,933

Grupa

Kety

248

62,470

Hill

Smith

plc

3,178

89,980

Hochschild

Mining

plc

117,568

510,358

Hudbay

Minerals,

Inc.

6,045

96,986

IAMGOLD

Corp.*

14,176

164,307

IGO

Ltd.*

10,323

36,290

Iluka

Resources

Ltd.(a)

26,815

121,477

Ivanhoe

Mines

Ltd.,

Class

A*(a)

11,392

114,070

Jastrzebska

Spolka

Weglowa

SA*

10,850

76,126

Investments

Value

Metals

Mining

(continued)

JFE

Holdings,

Inc.(a)

16,000

183,675

Advanced

Metals

Corp.

6,200

82,664

K92

Mining,

Inc.*

5,700

75,870

KGHM

Polska

Miedz

SA*

2,139

112,370

Kinross

Gold

Corp.

17,120

398,569

Kobe

Steel

Ltd.

9,700

114,375

Labrador

Iron

Ore

Royalty

Corp.

512

10,575

Lundin

Gold,

Inc.(a)

1,287

87,582

Lundin

Mining

Corp.(a)

11,134

179,269

LunR

Royalties

Corp.*‡

1,377

1,415

Lynas

Rare

Earths

Ltd.*

14,347

143,232

Maruichi

Steel

Tube

Ltd.

6,000

50,806

Mineral

Resources

Ltd.*(a)

403

12,769

Mitsui

Kinzoku

Co.

Ltd.

700

71,611

Nanshan

Aluminium

International

Holdings

Ltd.

32,000

179,594

New

Gold,

Inc.*

28,160

207,610

NGEx

Minerals

Ltd.*

5,511

89,874

Nickel

Industries

Ltd.(a)

736,544

356,812

Nippon

Light

Metal

Holdings

Co.

Ltd.

19,200

280,419

Nippon

Steel

Corp.(a)

112,075

462,908

Norsk

Hydro

ASA

25,216

170,833

Northern

Star

Resources

Ltd.

14,656

236,122

Novagold

Resources,

Inc.*

7,843

65,043

OceanaGold

Corp.

80,002

1,791,145

Royalties,

Inc.(a)

651

20,908

Orla

Mining

Ltd.*

8,000

82,618

Outokumpu

OYJ(a)

7,392

31,858

Pan

African

Resources

plc

755,520

829,847

Pan

American

Silver

Corp.(a)

7,083

249,724

Perenti

Ltd.

284,256

504,299

Perseus

Mining

Ltd.

32,288

102,939

Ramelius

Resources

Ltd.(a)

57,076

124,051

Regis

Resources

Ltd.

19,344

81,553

Resolute

Mining

Ltd.*

730,816

456,899

Rio

Tinto

Ltd.(a)

7,360

640,197

Rio

Tinto

plc

22,208

1,600,704

Sandfire

Resources

Ltd.*

10,528

111,929

Seabridge

Gold,

Inc.*(a)

3,604

86,065

Sims

Ltd.(a)

3,162

33,037

Skeena

Resources

Ltd.*

1,023

16,566

South32

Ltd.

58,976

122,389

SSAB

AB,

Class

6,150

39,093

SSAB

AB,

Class

12,333

76,785

SSR

Mining,

Inc.*(a)

66,784

1,511,416

Sumitomo

Metal

Mining

Co.

Ltd.(a)

5,000

164,779

Teck

Resources

Ltd.,

Class

6,496

278,960

thyssenkrupp

14,272

149,507

Tokyo

Steel

Manufacturing

Co.

Ltd.

(a)

19,200

169,622

Torex

Gold

Resources,

Inc.*(a)

3,456

142,912

UACJ

Corp.

50,000

647,496

Vault

Minerals

Ltd.*

2,197,120

1,049,992

voestalpine

465

16,573

Wesdome

Gold

Mines

Ltd.*

3,534

53,370

West

African

Resources

Ltd.*‡

368,960

916,587

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

114

Investments

Value

COMMON

STOCKS

(continued)

Metals

Mining

(continued)

Westgold

Resources

Ltd.(a)

320,320

1,115,591

Wheaton

Precious

Metals

Corp.

4,928

476,393

Yamato

Kogyo

Co.

Ltd.

1,300

82,124

Yodoko

Ltd.

8,200

69,249

35,492,963

Multi-Utilities

A2A

SpA

30,429

88,716

ACEA

SpA

2,387

57,912

AGL

Energy

Ltd.

16,800

101,843

Algonquin

Power

Utilities

Corp.

1,333

7,449

Atco

Ltd.,

Class

1,953

73,665

Canadian

Utilities

Ltd.,

Class

A(a)

2,278

63,862

Centrica

plc

103,840

244,619

E.ON

44,128

822,051

Engie

37,568

880,228

Hera

SpA

19,893

89,316

Iren

SpA

24,118

71,207

National

Grid

plc

98,176

1,470,469

REN

Redes

Energeticas

Nacionais

SGPS

6,188

23,319

Sembcorp

Industries

Ltd.

16,800

84,294

Telecom

Plus

plc

448

10,454

Veolia

Environnement

13,664

451,839

4,541,243

Office

REITs

Allied

Properties

REIT,

REIT(a)

18,432

194,429

Champion

REIT,

REIT(a)

186,000

50,017

Colonial

SFL

Socimi

SA,

REIT

1,488

9,420

Derwent

London

plc,

REIT

4,256

98,415

Dexus,

REIT(a)

25,696

122,463

Gecina

SA,

REIT

527

48,996

Global

One

Real

Estate

Investment

Corp.,

REIT

44,150

Great

Portland

Estates

plc,

REIT

12,462

54,523

Ichigo

Office

REIT

Investment

Corp.,

REIT(a)

25,257

Japan

Prime

Realty

Investment

Corp.,

REIT

35,374

Japan

Real

Estate

Investment

Corp.,

REIT(a)

51,152

Keppel

REIT,

REIT

46,500

37,516

Nippon

Building

Fund,

Inc.,

REIT

57,229

Orix

JREIT,

Inc.,

REIT

41,976

Precinct

Properties

Group,

REIT

Workspace

Group

plc,

REIT

775

4,256

875,195

Oil,

Gas

Consumable

Fuels

Advantage

Energy

Ltd.*

53,248

422,974

Aker

ASA

4,800

124,733

Ampol

Ltd.(a)

2,356

47,350

ARC

Resources

Ltd.(a)

11,744

216,834

Athabasca

Oil

Corp.*(a)

167,840

825,335

Investments

Value

Oil,

Gas

Consumable

Fuels

(continued)

Baytex

Energy

Corp.(a)

211,264

511,141

Beach

Energy

Ltd.(a)

571,872

464,226

Birchcliff

Energy

Ltd.

92,704

432,705

Bluenord

ASA

7,872

360,260

Boss

Energy

Ltd.*(a)

21,197

27,614

plc

312,768

1,817,544

BRIGHTOIL*‡

50,147

—

Energy

Ltd.*

16,694

63,941

Cameco

Corp.

5,280

540,153

Canadian

Natural

Resources

Ltd.

41,984

1,344,483

Cenovus

Energy,

Inc.(a)

23,200

392,421

Cosmo

Energy

Holdings

Co.

Ltd.(a)

3,200

73,075

Deep

Yellow

Ltd.*

25,823

30,345

Denison

Mines

Corp.*

27,187

86,733

DNO

ASA

323,616

444,306

Enbridge,

Inc.

24,960

1,165,032

ENEOS

Holdings,

Inc.

48,000

303,102

Energean

plc(a)

55,744

706,026

Eni

SpA

39,552

727,858

Equinor

ASA

14,624

349,810

Equital

Ltd.*

5,184

248,192

Esso

Francaise(a)

279

31,381

Freehold

Royalties

Ltd.(a)

5,060

51,245

Galp

Energia

SGPS

9,024

181,178

Gaztransport

Technigaz

423

83,780

Gibson

Energy,

Inc.(a)

4,640

79,180

Harbour

Energy

plc

190,560

562,826

Idemitsu

Kosan

Co.

Ltd.

22,400

155,799

Imperial

Oil

Ltd.(a)

2,304

203,983

Inpex

Corp.

18,000

331,946

International

Petroleum

Corp.*

4,092

65,068

Ithaca

Energy

plc

76,480

218,551

Itochu

Enex

Co.

Ltd.(a)

16,100

190,309

Iwatani

Corp.

5,588

58,272

Japan

Petroleum

Exploration

Co.

Ltd.(a)

8,500

70,955

Keyera

Corp.(a)

3,108

91,855

Koninklijke

Vopak

1,224

55,492

MEG

Energy

Corp.

5,248

111,166

Mitsuuroko

Group

Holdings

Co.

Ltd.

(a)

12,800

175,148

Neste

OYJ(a)

4,544

94,168

New

Hope

Corp.

Ltd.

10,930

29,695

NexGen

Energy

Ltd.*(a)

14,848

145,285

NuVista

Energy

Ltd.*(a)

59,872

712,747

Oil

Refineries

Ltd.

579,296

169,470

Okeanis

Eco

Tankers

Corp.(a)(b)

4,640

160,293

OMV

3,392

185,808

ORLEN

12,864

348,827

Paladin

Energy

Ltd.*(a)

5,712

36,085

Paramount

Resources

Ltd.,

Class

A(a)

24,064

395,013

Paz

Retail

And

Energy

Ltd.(a)

3,169

678,694

Pembina

Pipeline

Corp.

7,616

288,410

Peyto

Exploration

Development

Corp.(a)

67,104

978,435

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

115

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

PrairieSky

Royalty

Ltd.(a)

3,853

69,242

Repsol

25,760

471,999

San-Ai

Obbli

Co.

Ltd.(a)

16,000

212,080

Santos

Ltd.

53,824

222,338

Secure

Waste

Infrastructure

Corp.(a)

5,504

68,783

Shell

plc

117,568

4,398,440

South

Bow

Corp.(a)

1,888

49,021

Strathcona

Resources

Ltd.(a)

837

22,103

Suncor

Energy,

Inc.

25,056

998,735

Tamar

Petroleum

Ltd.(a)(b)

5,115

63,486

Tamarack

Valley

Energy

Ltd.

182,976

813,575

Energy

Corp.

12,256

615,621

Topaz

Energy

Corp.(a)

3,731

66,304

TORM

plc,

Class

A(a)

20,992

453,452

TotalEnergies

41,824

2,604,342

Tourmaline

Oil

Corp.(a)

6,368

280,371

United

Energy

Group

Ltd.(a)

3,520,000

224,184

Var

Energi

ASA

7,339

24,722

Viva

Energy

Group

Ltd.(a)(b)

393,728

472,979

Whitecap

Resources,

Inc.(a)

29,920

222,935

Whitehaven

Coal

Ltd.

20,367

95,999

Woodside

Energy

Group

Ltd.(a)

36,288

589,147

Yellow

Cake

plc*(a)(b)

83,360

645,635

32,352,750

Paper

Forest

Products

Canfor

Corp.*(a)

4,495

39,235

Hokuetsu

Corp.(a)

48,000

255,182

Holmen

AB,

Class

1,116

42,230

Mondi

plc(a)

6,464

72,205

Navigator

Co.

(The)(a)

5,269

18,269

Nippon

Paper

Industries

Co.

Ltd.

35,200

263,677

Oji

Holdings

Corp.

11,400

57,601

Semapa-Sociedade

Investimento

Gestao(a)

5,030

105,082

Stella-Jones,

Inc.(a)

1,224

69,545

Stora

Enso

OYJ,

Class

R(a)

5,168

60,245

Svenska

Cellulosa

SCA,

Class

2,068

27,711

Svenska

Cellulosa

SCA,

Class

B(a)

2,883

38,496

UPM-Kymmene

OYJ(a)

9,248

248,492

West

Fraser

Timber

Co.

Ltd.

1,105

67,507

1,365,477

Passenger

Airlines

Air

Canada*

5,030

66,198

Air

France-KLM*

42,848

572,444

Air

New

Zealand

Ltd.(a)

590,080

201,056

ANA

Holdings,

Inc.

3,200

60,010

Cathay

Pacific

Airways

Ltd.(a)

38,000

54,124

Deutsche

Lufthansa

(Registered)

14,272

125,094

easyJet

plc

6,806

43,324

Israel

Airlines*(a)

15,717

65,443

Exchange

Income

Corp.(a)

1,581

86,703

Investments

Value

Passenger

Airlines

(continued)

International

Consolidated

Airlines

Group

69,536

381,793

Japan

Airlines

Co.

Ltd.

3,100

55,901

JET2

plc

3,584

62,580

Norwegian

Air

Shuttle

ASA

160,064

248,949

Qantas

Airways

Ltd.

20,064

133,976

Singapore

Airlines

Ltd.

22,499

114,617

Wizz

Air

Holdings

plc*(a)(b)

17,952

246,948

2,519,160

Personal

Care

Products

Beiersdorf

1,280

135,505

Intercos

SpA

422

Interparfums

682

22,450

Kao

Corp.

4,600

194,684

Kobayashi

Pharmaceutical

Co.

Ltd.

(a)

900

29,941

Kose

Corp.

700

26,849

L'Oreal

2,848

1,192,089

Milbon

Co.

Ltd.

1,000

15,033

Noevir

Holdings

Co.

Ltd.

1,000

28,399

Pola

Orbis

Holdings,

Inc.

2,000

17,241

Puig

Brands

SA,

Class

4,256

73,144

Rohto

Pharmaceutical

Co.

Ltd.

3,900

60,479

Shiseido

Co.

Ltd.

3,100

52,319

Unilever

plc

28,736

1,732,567

3,581,122

Pharmaceuticals

ALK-Abello

A/S,

Class

2,158

71,182

Almirall

4,747

68,378

Astellas

Pharma,

Inc.

19,200

201,092

AstraZeneca

plc

18,336

3,004,117

Bausch

Health

Cos.,

Inc.*(a)

95,424

672,868

Bayer

(Registered)

19,296

600,215

Camurus

AB*

702

46,184

Chugai

Pharmaceutical

Co.

Ltd.

8,500

388,929

Daiichi

Sankyo

Co.

Ltd.

22,400

533,482

Eisai

Co.

Ltd.(a)

3,600

106,793

Faes

Farma

15,680

80,717

Financiere

Tubize

SA(a)

403

98,378

Galderma

Group

1,280

236,786

GSK

plc

81,728

1,911,871

Lundbeck

A/S,

Class

5,650

31,920

Haleon

plc

99,328

462,108

Haw

Par

Corp.

Ltd.

6,200

70,554

Hikma

Pharmaceuticals

plc

2,890

69,827

Hutchmed

China

Ltd.*(a)

16,678

48,207

Ipsen

732

102,906

Kaken

Pharmaceutical

Co.

Ltd.

1,500

35,685

Kissei

Pharmaceutical

Co.

Ltd.

1,400

36,578

Kyowa

Kirin

Co.

Ltd.

4,300

66,487

Laboratorios

Farmaceuticos

Rovi

424

29,901

Merck

KGaA

1,248

163,418

Mochida

Pharmaceutical

Co.

Ltd.

900

17,222

Nippon

Shinyaku

Co.

Ltd.

1,400

29,271

Novartis

(Registered)

22,592

2,793,781

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

116

Investments

Value

COMMON

STOCKS

(continued)

Pharmaceuticals

(continued)

Novo

Nordisk

A/S,

Class

37,536

1,833,126

Ono

Pharmaceutical

Co.

Ltd.

12,800

155,913

Orion

OYJ,

Class

352

24,661

Orion

OYJ,

Class

1,248

87,219

Otsuka

Holdings

Co.

Ltd.

6,500

353,322

Recordati

Industria

Chimica

Farmaceutica

SpA

1,628

96,771

Roche

Holding

448

151,687

Roche

Holding

8,064

2,600,772

Sandoz

Group

4,128

275,114

Sanofi

12,864

1,300,652

Santen

Pharmaceutical

Co.

Ltd.

1,100

10,775

Shionogi

Co.

Ltd.

10,500

175,846

Sumitomo

Pharma

Co.

Ltd.*(a)

3,200

34,990

Takeda

Pharmaceutical

Co.

Ltd.

19,200

517,592

Teva

Pharmaceutical

Industries

Ltd.*(a)

21,024

425,493

Towa

Pharmaceutical

Co.

Ltd.(a)

9,600

176,602

Tsumura

Co.

900

20,885

UCB

1,344

345,152

Virbac

SACA(a)

132

54,010

ZERIA

Pharmaceutical

Co.

Ltd.

1,800

23,380

20,642,819

Professional

Services

Adecco

Group

(Registered)

1,829

51,082

AFRY

3,300

56,840

ALS

Ltd.

8,712

123,876

Arcadis

1,152

55,074

BayCurrent,

Inc.

1,400

64,204

Bell

System24

Holdings,

Inc.(a)

9,600

82,506

Benefit

Systems

SA*

26,337

Bureau

Veritas

3,936

129,383

Computershare

Ltd.

6,944

166,243

dip

Corp.(a)

1,400

19,239

Experian

plc

10,112

471,242

Funai

Soken

Holdings,

Inc.

2,700

42,571

GlobalData

plc

Hays

plc

69,719

54,090

Hilan

Ltd.

646

50,958

Intertek

Group

plc

2,240

149,064

IPH

Ltd.(a)

JAC

Recruitment

Co.

Ltd.

5,200

34,294

MEITEC

Group

Holdings,

Inc.

2,400

49,245

Persol

Holdings

Co.

Ltd.

37,200

61,793

Randstad

NV(a)

3,257

127,776

Recruit

Holdings

Co.

Ltd.

16,600

830,566

RELX

plc

21,280

938,574

SGS

(Registered)

1,870

211,099

SMS

Co.

Ltd.

2,000

17,280

Teleperformance

620

44,339

Thomson

Reuters

Corp.(a)

1,824

279,676

Transcosmos,

Inc.

6,400

151,634

Wolters

Kluwer

2,560

313,942

4,603,046

Investments

Value

Real

Estate

Management

Development

Aedas

Homes

SA(b)

3,936

96,764

AFI

Properties

Ltd.*(a)

578

39,164

Africa

Israel

Residences

Ltd.(a)

510

44,618

Airport

City

Ltd.*

1,928

38,202

Allreal

Holding

(Registered)

512

122,587

Altus

Group

Ltd.

1,672

68,758

Amot

Investments

Ltd.

5,448

43,193

Aroundtown

SA*

208,064

743,497

Atrium

Ljungberg

AB,

Class

3,960

14,292

Aura

Investments

Ltd.(a)

6,930

50,045

Azrieli

Group

Ltd.

532

56,188

Bassac

589

33,311

Big

Shopping

Centers

Ltd.

287

64,214

Blue

Square

Real

Estate

Ltd.(a)

1,504

182,096

Immobilien

Anlagen

1,674

46,603

Capitaland

India

Trust

6,200

5,764

CapitaLand

Investment

Ltd.

27,900

56,595

Castellum

AB(a)

5,643

64,114

Catena

AB(a)

924

44,835

Cibus

Nordic

Real

Estate

publ(a)

3,503

60,779

City

Developments

Ltd.

15,500

86,108

Citycon

OYJ

22,208

75,513

Asset

Holdings

Ltd.

32,000

158,267

Colliers

International

Group,

Inc.

726

115,935

Corem

Property

Group

AB,

Class

82,181

33,504

CPI

Europe

AG*

8,864

173,003

CTP

NV(b)

1,543

32,199

Daito

Trust

Construction

Co.

Ltd.(a)

5,500

102,695

Daiwa

House

Industry

Co.

Ltd.

12,600

428,002

Deutsche

EuroShop

2,511

53,733

Deutsche

Wohnen

773

Develia

143,616

317,979

Dios

Fastigheter

7,480

51,141

Electra

Real

Estate

Ltd.*(a)

1,476

22,678

Fabege

5,412

47,692

Fastighets

Balder,

Class

6,944

50,929

FastPartner

AB,

Class

164

FirstService

Corp.

590

94,011

City

Ltd.

106

Grainger

plc,

REIT

3,937

9,694

Grand

City

Properties

SA*

21,600

275,235

Great

Eagle

Holdings

Ltd.

64,000

119,894

Hang

Lung

Group

Ltd.(a)

256,000

487,810

Hang

Lung

Properties

Ltd.

73,983

82,339

Heiwa

Real

Estate

Co.

Ltd.(a)

2,600

38,007

Henderson

Land

Development

Co.

Ltd.(a)

32,239

113,157

Bee

Land

Ltd.

49,400

85,405

Hufvudstaden

AB,

Class

304

4,042

Hulic

Co.

Ltd.

9,600

99,082

Hysan

Development

Co.

Ltd.

192,000

397,725

Ichigo,

Inc.

17,800

43,329

International

Workplace

Group

plc

29,497

87,740

Intershop

Holding

350

68,714

Israel

Canada

T.R

Ltd.(a)

12,240

63,942

Isras

Holdings

Ltd.*

1,188

146,684

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

117

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

Development

(continued)

Isras

Investment

Co.

Ltd.

477

133,710

Kojamo

OYJ*

1,085

13,162

Langham

Hospitality

Investments

and

Langham

Hospitality

Investments

Ltd.

4,267

280

LEG

Immobilien

806

61,445

Lendlease

Corp.

Ltd.

16,647

60,484

Leopalace21

Corp.

57,600

235,552

Mainstreet

Equity

Corp.

266

35,835

Mega

Holdings

Ltd.,

REIT(a)

7,520

462,172

Melisron

Ltd.

460

59,963

Mitsubishi

Estate

Co.

Ltd.

12,800

271,197

Mitsui

Fudosan

Co.

Ltd.

32,000

332,660

Mivne

Real

Estate

Ltd.

14,248

63,179

Mobimo

Holding

(Registered)

228

96,852

New

World

Development

Co.

Ltd.*(a)

512,000

473,647

Nomura

Real

Estate

Holdings,

Inc.

7,000

39,940

NP3

Fastigheter

AB(a)

1,462

39,890

Nyfosa

1,798

15,333

Pandox

AB,

Class

620

12,371

PEXA

Group

Ltd.*

317

Platzer

Fastigheter

Holding

AB,

Class

1,674

12,891

Prashkovsky

Investments

and

Construction

Ltd.(a)

1,767

90,408

Property

Building

Corp.

Ltd.(a)

864

114,246

PSP

Swiss

Property

(Registered)

696

120,602

Relo

Group,

Inc.

2,270

24,431

Sagax

AB,

Class

B(a)

2,914

65,448

Savills

plc

45,792

606,451

Sino

Land

Co.

Ltd.

10,304

12,793

Sirius

Real

Estate

Ltd.,

REIT

58,680

76,981

Starts

Corp.,

Inc.

12,800

397,572

StorageVault

Canada,

Inc.

110

Sumitomo

Realty

Development

Co.

Ltd.

6,400

273,398

Sun

Frontier

Fudousan

Co.

Ltd.(a)

9,600

142,266

Sun

Hung

Kai

Properties

Ltd.

37,000

449,635

Swire

Properties

Ltd.

13,600

37,096

Swiss

Prime

Site

(Registered)

987

140,535

TAG

Immobilien

3,968

65,904

Tokyo

Tatemono

Co.

Ltd.(a)

5,200

97,128

Tokyu

Fudosan

Holdings

Corp.

11,200

90,077

Tosei

Corp.

12,800

272,526

UOL

Group

Ltd.

3,100

18,937

VGP

NV(a)

465

53,778

Vonovia

8,512

255,930

Wallenstam

AB,

Class

B(a)

8,888

41,254

Wharf

Holdings

Ltd.

(The)(a)

17,000

44,664

Wharf

Real

Estate

Investment

Co.

Ltd.(a)

25,000

71,087

Wihlborgs

Fastigheter

6,293

61,190

Investments

Value

Real

Estate

Management

Development

(continued)

Dimri

Construction

Development

Ltd.(a)

452

54,587

11,942,764

Residential

REITs

Advance

Residence

Investment

Corp.,

REIT(a)

69,295

Altarea

SCA,

REIT(a)

584

66,664

Boardwalk

REIT,

REIT(a)

1,000

46,155

Canadian

Apartment

Properties

REIT,

REIT

854

Comforia

Residential

REIT,

Inc.,

REIT

40,083

Daiwa

Securities

Living

Investments

Corp.,

REIT

18,632

Ingenia

Communities

Group,

REIT

8,284

30,478

InterRent

REIT,

REIT(a)

3,565

34,043

Killam

Apartment

REIT,

REIT(a)

1,488

18,404

Mitsui

Fudosan

Accommodations

Fund,

Inc.,

REIT(a)

33,702

UNITE

Group

plc

(The),

REIT

4,681

34,871

Xior

Student

Housing

NV,

REIT(b)

651

21,264

414,445

Retail

REITs

AEON

REIT

Investment

Corp.,

REIT

26,240

BWP

Property

Group

Ltd.,

REIT

14,098

35,440

CapitaLand

China

Trust,

REIT

102,300

62,884

Carmila

SA,

REIT

17,952

327,793

Choice

Properties

REIT,

REIT(a)

3,957

41,910

Eurocommercial

Properties

NV,

REIT

14,875

444,670

First

Capital

REIT,

REIT(a)

2,774

37,240

Fortune

REIT,

REIT

62,000

40,045

Frasers

Centrepoint

Trust,

REIT

12,749

22,923

Frontier

Real

Estate

Investment

Corp.,

REIT

18,211

Hammerson

plc,

REIT

20,709

83,040

HomeCo

Daily

Needs

REIT,

REIT(a)

(b)

94,816

84,727

Japan

Metropolitan

Fund

Invest,

REIT

23,966

Kiwi

Property

Group

Ltd.,

REIT

120,079

74,264

Klepierre

SA,

REIT

3,168

121,177

Lendlease

Global

Commercial

REIT,

REIT

3,194

1,571

Link

REIT,

REIT

32,000

166,666

Mercialys

SA,

REIT(a)

30,656

374,354

Primaris

REIT,

REIT

15,424

169,305

Region

Group,

REIT

6,417

10,250

RioCan

REIT,

REIT(a)

3,472

46,511

Scentre

Group,

REIT

65,280

173,934

Shaftesbury

Capital

plc,

REIT

35,309

65,133

Unibail-Rodamco-Westfield,

REIT

2,528

261,553

Vicinity

Ltd.,

REIT(a)

65,213

107,583

Waypoint

REIT

Ltd.,

REIT

33,326

57,815

2,879,205

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

118

Investments

Value

COMMON

STOCKS

(continued)

Semiconductors

Semiconductor

Equipment

Advantest

Corp.

8,200

1,231,424

AIXTRON

3,627

58,085

Alphawave

Group

plc*(a)

8,277

20,684

ASM

International

480

311,357

ASML

Holding

4,672

4,950,783

ASMPT

Ltd.(a)

3,100

32,706

Semiconductor

Industries

960

163,545

Camtek

Ltd.*(a)

510

63,268

Disco

Corp.

1,200

402,012

Elmos

Semiconductor

410

38,710

Ferrotec

Corp.(a)

16,000

526,565

Infineon

Technologies

14,592

578,020

Japan

Material

Co.

Ltd.

2,500

31,385

Kokusai

Electric

Corp.

3,100

114,136

Lasertec

Corp.(a)

1,100

202,856

Melexis

NV(a)

495

35,708

Micronics

Japan

Co.

Ltd.(a)

12,800

761,079

Mitsui

High-Tec,

Inc.

9,300

46,604

Nordic

Semiconductor

ASA*

2,324

33,768

Nova

Ltd.*(a)

352

122,046

Renesas

Electronics

Corp.

18,400

228,246

Rohm

Co.

Ltd.(a)

6,200

99,688

Rorze

Corp.

3,100

43,475

SCREEN

Holdings

Co.

Ltd.(a)

1,300

123,920

Siltronic

4,992

308,254

Socionext,

Inc.(a)

3,000

67,982

SOITEC*

1,469

STMicroelectronics

7,584

186,799

SUMCO

Corp.(a)

3,100

31,744

Tokyo

Electron

Ltd.

5,400

1,198,092

Tower

Semiconductor

Ltd.*

1,608

133,069

Ulvac,

Inc.

1,000

45,594

12,193,073

Software

Asseco

Poland

1,271

73,987

Atoss

Software

352

47,209

BlackBerry

Ltd.*(a)

13,206

64,562

Bytes

Technology

Group

plc

1,922

9,338

Constellation

Software,

Inc.

256

674,386

Dassault

Systemes

6,784

192,855

Descartes

Systems

Group,

Inc.

(The)*

1,159

102,462

Enghouse

Systems

Ltd.

460

IRESS

Ltd.(a)

2,263

13,126

Kinaxis,

Inc.*

520

63,032

Lightspeed

Commerce,

Inc.*

5,115

61,512

Nemetschek

884

102,031

Nice

Ltd.*

704

95,534

Open

Text

Corp.

3,936

151,159

Oracle

Corp.

Japan

800

73,896

Group

OYJ*(a)

217

8,891

Sage

Group

plc

(The)

13,728

207,330

Sansan,

Inc.*

3,400

40,234

SAP

12,352

3,199,911

Investments

Value

Software

(continued)

Sinch

AB*(b)

113

SiteMinder

Ltd.*(a)

17,179

79,961

Systena

Corp.

11,400

39,294

TeamViewer

SE*(b)

3,224

23,704

Technology

One

Ltd.

4,736

114,406

Temenos

(Registered)

779

73,606

Trend

Micro,

Inc.

1,200

61,404

Truecaller

AB,

Class

Vitec

Software

Group

AB,

Class

1,025

35,914

Vobile

Group

Ltd.*(a)(b)

31,000

20,701

WiseTech

Global

Ltd.(a)

2,528

114,390

5,745,504

Specialized

REITs

Abacus

Storage

King,

REIT(a)

51,832

47,674

Arena

REIT,

REIT

1,726

4,124

Big

Yellow

Group

plc,

REIT

8,096

118,283

Keppel

REIT,

REIT

24,747

45,446

National

Storage

REIT,

REIT(a)

10,247

15,429

Safestore

Holdings

plc,

REIT(a)

10,560

99,201

330,157

Specialty

Retail

ABC-Mart,

Inc.

2,100

36,035

AOKI

Holdings,

Inc.(a)

9,600

103,631

ARCLANDS

Corp.(a)

19,218

218,558

Aritzia,

Inc.*

1,981

138,514

Autobacs

Seven

Co.

Ltd.

2,100

21,006

Avolta

1,920

100,981

Bic

Camera,

Inc.

4,200

42,435

Bilia

AB,

Class

18,912

264,778

Carasso

Motors

Ltd.(a)

7,744

92,808

CCC

SA*

952

38,957

CECONOMY

AG*

43,776

224,084

Currys

plc

354,112

653,676

DCM

Holdings

Co.

Ltd.

35,200

326,740

Delek

Automotive

Systems

Ltd.

262

Douglas

AG*

12,544

179,820

Dunelm

Group

plc

5,632

82,728

Eagers

Automotive

Ltd.(a)

5,709

127,296

Fast

Retailing

Co.

Ltd.

2,300

845,919

Fielmann

Group

152

8,307

Fox

Wizel

Ltd.(a)

2,624

303,024

Hennes

Mauritz

AB,

Class

B(a)

2,821

53,582

Hornbach

Holding

Co.

KGaA

3,072

307,412

IDOM,

Inc.

19,200

143,824

Industria

Diseno

Textil

SA(a)

13,440

743,046

Hi-Fi

Ltd.(a)

1,722

118,052

Sports

Fashion

plc

40,083

49,071

Joyful

Honda

Co.

Ltd.

2,000

26,484

Kingfisher

plc

23,840

96,723

Kohnan

Shoji

Co.

Ltd.

7,900

191,532

Komeri

Co.

Ltd.

9,600

200,032

K's

Holdings

Corp.(a)

48,000

476,245

Leon's

Furniture

Ltd.

6,784

141,427

Lovisa

Holdings

Ltd.(a)

1,530

36,299

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

119

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Specialty

Retail

(continued)

Luk

Fook

Holdings

International

Ltd.

(a)

128,672

411,899

Moonpig

Group

plc

3,906

11,008

Nextage

Co.

Ltd.(a)

3,100

46,745

Nitori

Holdings

Co.

Ltd.(a)

5,500

89,254

Nojima

Corp.

9,300

68,759

Pets

Home

Group

plc

8,742

24,602

Premier

Investments

Ltd.(a)

2,635

30,722

Sanrio

Co.

Ltd.

2,600

120,789

Shimamura

Co.

Ltd.

1,000

64,555

Super

Retail

Group

Ltd.(a)

5,324

55,766

Temple

Webster

Group

Ltd.*

1,302

20,295

USS

Co.

Ltd.

3,600

39,773

Watches

Switzerland

Group

plc*(c)

81,376

419,752

Smith

plc(a)

46,048

408,981

World

Co.

Ltd.(a)

9,600

168,812

Yamada

Holdings

Co.

Ltd.

21,700

65,274

Yellow

Hat

Ltd.

3,100

31,271

Zalando

SE*(b)

1,457

40,797

ZOZO,

Inc.(a)

8,400

72,710

8,585,052

Technology

Hardware,

Storage

Peripherals

Brother

Industries

Ltd.

4,000

68,274

Canon,

Inc.(a)

19,200

552,488

Eizo

Corp.

3,000

42,647

Elecom

Co.

Ltd.

1,600

18,736

FUJIFILM

Holdings

Corp.

16,000

371,815

Konica

Minolta,

Inc.

172,800

594,938

Logitech

International

(Registered)

2,048

246,653

Ricoh

Co.

Ltd.

9,600

82,506

Seiko

Epson

Corp.

3,100

39,370

Toshiba

TEC

Corp.

1,100

22,278

2,039,705

Textiles,

Apparel

Luxury

Goods

adidas

2,144

405,340

Asics

Corp.

9,400

240,591

Brunello

Cucinelli

SpA(a)

660

66,838

Burberry

Group

plc*

4,681

76,108

Cie

Financiere

Richemont

(Registered)

6,240

1,233,619

Coats

Group

plc

42,191

45,344

Crystal

International

Group

Ltd.(b)

203,500

178,307

Delta

Galil

Ltd.(a)

272

15,196

Gildan

Activewear,

Inc.(a)

2,545

148,561

Goldwin,

Inc.(a)

3,000

49,658

Gunze

Ltd.

9,600

236,799

Hermes

International

SCA

416

1,031,836

HUGO

BOSS

15,936

707,224

Kering

640

226,629

LPP

92,322

LVMH

Moet

Hennessy

Louis

Vuitton

3,104

2,192,932

Investments

Value

Textiles,

Apparel

Luxury

Goods

(continued)

Moncler

SpA

1,856

111,394

New

Wave

Group

AB,

Class

3,468

40,991

Pandora

A/S

960

128,741

Puma

659

Salvatore

Ferragamo

SpA*

8,153

65,683

Samsonite

Group

SA(a)(b)

48,000

100,481

Seiko

Group

Corp.

9,600

443,063

Stella

International

Holdings

Ltd.(a)

176,000

374,092

Swatch

Group

(The)(a)

19,440

Swatch

Group

(The)

(Registered)

(a)

1,767

74,928

Wacoal

Holdings

Corp.

700

24,459

Yue

Yuen

Industrial

Holdings

Ltd.(a)

16,000

29,356

8,360,591

Tobacco

British

American

Tobacco

plc

41,472

2,127,211

Imperial

Brands

plc

15,776

627,001

Japan

Tobacco,

Inc.

12,800

445,763

Scandinavian

Tobacco

Group

A/S(b)

15,104

200,544

3,400,519

Trading

Companies

Distributors

AddTech

AB,

Class

2,432

82,497

Ashtead

Group

plc

4,416

294,392

Beijer

Ref

AB,

Class

B(a)

3,876

61,493

Bossard

Holding

(Registered),

Class

8,265

Brenntag

2,720

151,163

Bufab

4,840

53,537

Bunzl

plc

2,449

74,391

Chori

Co.

Ltd.

4,100

105,790

Diploma

plc

1,863

137,316

DKSH

Holding

660

46,042

Finning

International,

Inc.

2,644

143,131

Grafton

Group

plc

3,744

46,829

Hanwa

Co.

Ltd.(a)

12,400

518,360

Howden

Joinery

Group

plc

9,212

104,511

IMCD

768

79,761

Inaba

Denki

Sangyo

Co.

Ltd.

900

26,541

Inabata

Co.

Ltd.(a)

16,000

358,833

ITOCHU

Corp.

28,800

1,669,617

Kanamoto

Co.

Ltd.(a)

12,800

298,699

Kanematsu

Corp.

28,800

583,833

Marubeni

Corp.

35,200

868,261

Mitani

Corp.(a)

12,800

192,762

Mitsubishi

Corp.

80,000

1,927,623

Mitsui

Co.

Ltd.

54,400

1,342,565

MonotaRO

Co.

Ltd.(a)

2,400

33,534

Nagase

Co.

Ltd.

2,200

48,140

Nishio

Holdings

Co.

Ltd.

6,700

190,925

Redox

Ltd.(a)

10,323

19,530

Reece

Ltd.(a)

5,487

41,991

Rexel

4,864

168,421

Richelieu

Hardware

Ltd.

899

24,670

GROUP

plc

16,480

120,495

Russel

Metals,

Inc.(a)

19,712

610,711

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

120

Investments

Value

COMMON

STOCKS

(continued)

Trading

Companies

Distributors

(continued)

SGH

Ltd.(a)

3,320

105,412

Sojitz

Corp.

3,899

103,666

Sumitomo

Corp.

25,600

745,458

Toromont

Industries

Ltd.(a)

1,038

124,836

Toyota

Tsusho

Corp.

16,000

489,903

Travis

Perkins

plc

837

6,917

Trusco

Nakayama

Corp.

16,000

252,793

Yamazen

Corp.(a)

3,200

29,683

Yuasa

Trading

Co.

Ltd.

6,400

208,549

12,501,846

Transportation

Infrastructure

Aena

SME

SA(b)

8,000

217,451

Aeroports

Paris

SA(a)

704

96,613

Atlas

Arteria

Ltd.

20,243

64,405

Auckland

International

Airport

Ltd.

18,015

83,768

Dalrymple

Bay

Infrastructure

Ltd.

15,200

44,082

Enav

SpA(b)

12,657

66,207

Flughafen

Zurich

(Registered)

320

94,555

Fraport

Frankfurt

Airport

Services

Worldwide*

890

76,221

Getlink

5,376

98,225

Hutchison

Port

Holdings

Trust

268,800

56,448

Mitsubishi

Logistics

Corp.

8,500

61,741

Port

Tauranga

Ltd.

5,225

23,518

Qube

Holdings

Ltd.

31,840

91,505

SATS

Ltd.

8,200

21,548

Transurban

Group(a)

32,288

306,069

Westshore

Terminals

Investment

Corp.

1,647

30,303

1,432,659

Water

Utilities

Pennon

Group

plc

15,488

105,509

Severn

Trent

plc

3,008

109,907

United

Utilities

Group

plc

8,160

128,706

344,122

Wireless

Telecommunication

Services

1&1

2,635

65,084

Airtel

Africa

plc(b)

22,568

82,015

Cellcom

Israel

Ltd.*

4,930

51,494

Freenet

2,356

73,366

KDDI

Corp.

35,200

562,428

Partner

Communications

Co.

Ltd.

775

7,723

Rogers

Communications,

Inc.,

Class

B(a)

6,304

246,959

SoftBank

Corp.

352,000

499,707

SoftBank

Group

Corp.

11,000

1,932,524

StarHub

Ltd.

49,600

44,209

Tele2

AB,

Class

8,052

127,619

Vodafone

Group

plc

364,224

440,923

4,134,051

Total

Common

Stocks

(Cost

$373,950,230)

557,981,720

Investments

Value

CLOSED

END

FUNDS

Independent

Power

and

Renewable

Electricity

Producers

Renewables

Infrastructure

Group

Ltd.

(The)

(Cost

$1,008,854)

865,184

880,960

Number

Rights

RIGHTS

(d)

Containers

Packaging

0.0%(d)

Vidrala

SA,

expiring

11/12/2025*

535

2,532

Interactive

Media

Services

0.0%(d)

Vend

Marketplaces

ASA,

expiring

11/13/2025,

price

0.50

NOK*

1,581

3,523

Total

Rights

(Cost

$–)

6,055

Number

Warrants

WARRANTS

Construction

Engineering

0.0%

Webuild

SpA,

expiring

8/31/2030*‡(a)

10,785

—

Software

0.0%

Constellation

Software,

Inc.,

expiring

3/31/2040*‡

280

—

Total

Warrants

(Cost

$–)

—

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(g)

REPURCHASE

AGREEMENTS

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$9,074,183,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$9,206,155

9,071,061

Citigroup

Global

Markets,

Inc.

4.15%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$6,921,937,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.13%

0.63%,

maturing

1/15/2026

4/15/2026;

total

market

value

$7,048,866

6,919,544

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

121

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

MetLife,

Inc.

4.15%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$6,002,075,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.50%,

maturing

12/16/2025

2/15/2054;

total

market

value

$6,037,287

6,000,000

National

Bank

Canada

Financial

Inc.

4.19%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$2,000,698,

collateralized

various

Common

Stocks;

total

market

value

$2,252,346

2,000,000

Prime

Services

LLC

3.97%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$125,041,

collateralized

various

Common

Stocks;

total

market

value

$137,889

125,000

The

Bank

Nova

Scotia,

Toronto

4.18%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$2,104,941,

collateralized

various

Common

Stocks;

total

market

value

$2,344,769

2,104,208

26,219,813

Total

Securities

Lending

Reinvestments

(Cost

$26,219,813)

26,219,813

Total

Investments

102.8%

(Cost

$401,178,897)

585,088,548

Liabilities

excess

other

assets

(2.8%)

(15,983,577)

NET

ASSETS

100.0%

$569,104,971

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$88,852,165,

collateralized

the

form

cash

with

value

$26,219,813

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$44,120,966

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

November

2025

–

February

15,

2055

and

$24,337,720

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

15,

2026

–

November

2086;

total

value

$94,678,498.

(b)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(c)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

October

31,

2025,

the

value

these

securities

amounted

approximately

$1,013,891

0.18%

net

assets.

(d)

Represents

less

than

0.05%

net

assets.

(e)

Security

fair

valued

October

31,

2025

accordance

with

procedures

approved

the

Board

Trustees.

Total

value

all

such

securities

October

31,

2025

amounted

$0,

which

represents

approximately

0.00%

net

assets

the

Fund.

(f)

Amount

less

than

one

dollar.

(g)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$26,219,813.

Percentages

shown

are

based

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

CHDI

—

Clearing

House

Electronic

Subregister

System

(CHESS)

Depository

Interest

CVA

—

Dutch

Certification

OYJ

—

Public

Limited

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

capital

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

187,233,681

Aggregate

gross

unrealized

depreciation

(13,118,130

)

Net

unrealized

appreciation

174,115,551

Federal

income

tax

cost

411,512,027

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

122

Futures

Contracts

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

(

Depreciation

)

Long

Contracts

EURO

STOXX

Index

12/19/2025

EUR

2,813,559

104,871

FTSE

100

Index

12/19/2025

GBP

2,817,052

116,799

S&P/TSX

Index

12/18/2025

CAD

1,780,138

39,926

SGX

Nikkei

225

Index

12/11/2025

JPY

1,870,760

291,045

SPI

200

Index

12/18/2025

AUD

1,018,701

(

940

)

551,701

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

Forward

Foreign

Currency

Contracts

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

had

the

following

outstanding

contracts

October

31,

2025:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

188,369

Bank

Montreal

CAD

260,000

12/17/2025

2,384

USD

158,154

Morgan

Stanley

DKK

1,000,000

12/17/2025

3,130

Total

unrealized

appreciation

5,514

GBP

203,203

JPMorgan

Chase

Bank

USD

275,392

12/17/2025

(

8,396

)

JPY

30,000,000

JPMorgan

Chase

Bank

USD

205,394

12/17/2025

(

9,789

)

Total

unrealized

depreciation

(

18,185

)

Net

unrealized

depreciation

(

12,671

)

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

DKK

—

Danish

Krone

EUR

—

Euro

GBP

—

British

Pound

JPY

—

Japanese

Yen

USD

—

Dollar

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

October

31,

2025:

Australia

5‌

Austria

0‌

Belgium

1‌

Brazil

0‌

Burkina

Faso

0‌

†

Canada

10‌

Chile

0‌

Democratic

Republic

the

Congo

0‌

†

Denmark

1‌

Faroe

Islands

0‌

†

Finland

0‌

France

6‌

Gabon

0‌

†

Georgia

0‌

Germany

6‌

Greece

0‌

†

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

123

FLEXSHARES

ANNUAL

REPORT

Guernsey

0‌

Hong

Kong

2‌

India

0‌

†

Indonesia

0‌

Ireland

0‌

Israel

1‌

Italy

2‌

Ivory

Coast

0‌

†

Japan

25‌

Jersey

0‌

Liechtenstein

0‌

†

Luxembourg

0‌

Macao

0‌

Mexico

0‌

†

Netherlands

2‌

New

Zealand

0‌

Nigeria

0‌

†

Norway

1‌

Peru

0‌

Poland

0‌

Portugal

0‌

Singapore

1‌

South

Africa

0‌

South

Korea

0‌

†

Spain

2‌

Sweden

2‌

Switzerland

2‌

Taiwan

0‌

Tanzania

0‌

†

Turkey

0‌

†

United

Kingdom

10‌

United

States

5‌

Zambia

0‌

†

Other

1‌

100.0%

†

Amount

represents

less

than

0.05%.

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Common

Stocks

98‌

Closed

End

Funds

0‌

Rights

0‌

†

Warrants

–‌

Securities

Lending

Reinvestments

4‌

Others

(1)

(

2‌

)

100‌

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

FLEXSHARES

ANNUAL

REPORT

124

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

98.8%

Aerospace

Defense

0.5%

AECC

Aero-Engine

Control

Co.

Ltd.,

Class

4,600

12,138

AECC

Aviation

Power

Co.

Ltd.,

Class

4,700

25,821

Aselsan

Elektronik

Sanayi

Ticaret

A/S

19,530

94,567

AviChina

Industry

Technology

Co.

Ltd.,

Class

H(a)

52,000

26,495

Bharat

Dynamics

Ltd.(b)

1,410

24,300

Bharat

Electronics

Ltd.

50,490

242,351

Colt

Group

460

16,754

Data

Patterns

India

Ltd.

920

28,438

Embraer

9,000

145,383

Garden

Reach

Shipbuilders

Engineers

Ltd.

276

7,947

Hanwha

Aerospace

Co.

Ltd.

471

323,642

Hanwha

Systems

Co.

Ltd.

945

39,730

Hindustan

Aeronautics

Ltd.(b)

2,655

139,965

Korea

Aerospace

Industries

Ltd.

1,080

78,380

Kuang-Chi

Technologies

Co.

Ltd.,

Class

3,200

20,495

LIG

Nex1

Co.

Ltd.

153

55,734

Mazagon

Dock

Shipbuilders

Ltd.

1,034

31,787

SNT

Dynamics

Co.

Ltd.

276

10,442

United

Aircraft

Corp.

PAO*‡

25,155,036

—

Zen

Technologies

Ltd.

1,440

22,016

1,346,385

Air

Freight

Logistics

0.3%

Abu

Dhabi

Aviation

Co.

109,755

164,052

Agility

Global

plc

71,853

21,323

Agility

Public

Warehousing

Co.

KSC

48,806

24,009

Blue

Dart

Express

Ltd.

7,107

Logistics

Corp.

245

14,170

Delhivery

Ltd.*

7,452

39,115

Eastern

Air

Logistics

Co.

Ltd.,

Class

9,200

20,693

Hyundai

Glovis

Co.

Ltd.

900

119,263

J&T

Global

Express

Ltd.*

81,000

103,905

Logistics,

Inc.*(b)

50,900

82,910

Kerry

Logistics

Co.

Ltd.

4,000

4,372

Reysas

Tasimacilik

Lojistik

Ticaret

A/S*

50,738

18,016

SAL

Saudi

Logistics

Services

460

21,564

Holding

Co.

Ltd.,

Class

5,200

29,482

Sinotrans

Ltd.,

Class

4,700

4,447

Sinotrans

Ltd.,

Class

47,000

31,869

Xiamen

Xiangyu

Co.

Ltd.,

Class

13,800

16,121

YTO

Express

Group

Co.

Ltd.,

Class

4,700

11,312

YUNDA

Holding

Group

Co.

Ltd.,

Class

13,800

14,123

Investments

Value

Air

Freight

Logistics

(continued)

ZTO

Express

Cayman,

Inc.(a)

5,300

97,241

845,094

Automobile

Components

1.2%

Actron

Technology

Corp.

2,688

12,154

Apollo

Tyres

Ltd.

4,921

27,800

Asahi

India

Glass

Ltd.

2,401

24,962

Balkrishna

Industries

Ltd.

1,242

31,897

Bharat

Forge

Ltd.

3,870

57,751

Bosch

Ltd.

141

59,158

CALB

Group

Co.

Ltd.,

Class

H*(b)

10,000

43,025

Ceat

Ltd.

799

36,297

Cheng

Shin

Rubber

Industry

Co.

Ltd.

35,000

36,320

CIE

Automotive

India

Ltd.

1,715

8,350

Cub

Elecparts,

Inc.

3,269

10,794

Depo

Auto

Parts

Ind

Co.

Ltd.

4,200

18,649

Automotive

Corp.

8,145

133,201

EGE

Endustri

Ticaret

A/S

17,892

Endurance

Technologies

Ltd.(b)

350

11,192

Exide

Industries

Ltd.

8,016

34,485

Fras-Le

4,700

20,030

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

600

5,693

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H(b)

10,400

92,797

Hankook

Co.

Ltd.

8,280

136,862

Hankook

Tire

Technology

Co.

Ltd.

1,350

43,918

Hanon

Systems*

4,462

13,670

Hesai

Group,

ADR*(a)

1,104

26,198

Mando

Co.

Ltd.

1,045

28,275

Hota

Industrial

Manufacturing

Co.

Ltd.

5,517

10,678

Lane

Associate,

Inc.

2,737

11,708

Huayu

Automotive

Systems

Co.

Ltd.,

Class

4,700

13,492

Hyundai

Mobis

Co.

Ltd.

1,395

309,402

Hyundai

Wia

Corp.

6,030

248,014

Tyre

Industries

Ltd.

50,265

244,640

Kenda

Rubber

Industrial

Co.

Ltd.

14,500

9,457

Kumho

Tire

Co.,

Inc.*

51,480

170,546

Minda

Corp.

Ltd.

3,724

23,648

Minieye

Technology

Co.

Ltd.,

Class

3,800

12,507

Minth

Group

Ltd.

12,000

53,174

Motherson

Sumi

Wiring

India

Ltd.

45,189

24,032

MRF

Ltd.

83,396

Nan

Kang

Rubber

Tire

Co.

Ltd.

12,321

14,509

Nexteer

Automotive

Group

Ltd.

332,000

287,908

Ningbo

Tuopu

Group

Co.

Ltd.,

Class

2,465

25,567

Samvardhana

Motherson

International

Ltd.

57,173

67,876

Sebang

Global

Battery

Co.

Ltd.

2,070

94,728

Sensteed

Hi-tech

Group,

Class

36,800

21,107

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

125

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Automobile

Components

(continued)

Shanghai

Daimay

Automotive

Interior

Co.

Ltd.,

Class

13,800

14,802

Shriram

Pistons

Rings

Ltd.

368

10,837

Corp.

460

11,736

Sona

Blw

Precision

Forgings

Ltd.(b)

3,174

16,903

Sri

Trang

Agro-Industry

PCL,

NVDR

252,000

92,742

Sundram

Fasteners

Ltd.

322

3,444

Superalloy

Industrial

Co.

Ltd.

14,000

21,655

Tianneng

Power

International

Ltd.

270,000

299,452

Tong

Yang

Industry

Co.

Ltd.

9,072

28,537

Tube

Investments

India

Ltd.

1,575

53,635

TVS

Holdings

Ltd.

150

25,642

TYC

Brother

Industrial

Co.

Ltd.

60,795

94,730

UNO

Minda

Ltd.

4,036

56,159

WeRide,

Inc.,

ADR*(a)

5,310

56,658

Commercial

Vehicle

Control

Systems

India

Ltd.

12,876

3,457,567

Automobiles

2.0%

BAIC

BluePark

New

Energy

Technology

Co.

Ltd.,

Class

5,000

5,869

Bajaj

Auto

Ltd.

1,035

103,679

Brilliance

China

Automotive

Holdings

Ltd.

1,112,000

546,543

BYD

Co.

Ltd.,

Class

6,800

96,349

BYD

Co.

Ltd.,

Class

49,500

640,707

China

Automotive

Engineering

Research

Institute

Co.

Ltd.,

Class

4,700

11,569

China

Motor

Corp.

7,000

13,275

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

7,908

13,774

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

18,990

11,044

DongFeng

Automobile

Co.

Ltd.,

Class

13,800

14,996

Eicher

Motors

Ltd.

2,295

181,152

Ford

Otomotiv

Sanayi

A/S

12,282

28,991

Geely

Automobile

Holdings

Ltd.

145,000

343,275

Great

Wall

Motor

Co.

Ltd.,

Class

4,700

15,058

Great

Wall

Motor

Co.

Ltd.,

Class

40,000

77,867

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

4,100

4,507

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H(a)

14,000

5,872

Hero

MotoCorp

Ltd.

2,025

126,467

Hyundai

Motor

Co.

3,375

686,963

Hyundai

Motor

Co.

(2nd

Preference)

855

132,023

Hyundai

Motor

Co.

(3rd

Preference)

104

15,657

Hyundai

Motor

Co.

(Preference)

598

91,080

Hyundai

Motor

India

Ltd.

1,426

39,175

Mobility

Co.*

26,730

71,574

Kia

Corp.

5,805

488,520

Auto,

Inc.,

Class

A*(a)

15,900

163,149

Investments

Value

Automobiles

(continued)

Lotus

Technology,

Inc.,

ADR*

4,646

7,434

Mahindra

Ltd.

13,545

532,088

Maruti

Suzuki

India

Ltd.

1,800

328,201

NIO,

Inc.,

Class

17,420

122,376

Ola

Electric

Mobility

Ltd.*

18,584

10,497

SAIC

Motor

Corp.

Ltd.,

Class

11,800

27,587

Sanyang

Motor

Co.

Ltd.

21,700

42,636

Seres

Group

Co.

Ltd.,

Class

2,200

47,996

Tata

Motors

Passenger

Vehicles

Ltd.

47,835

220,931

TVS

Motor

Co.

Ltd.

3,330

131,619

XPeng,

Inc.,

Class

A*(a)

18,000

201,951

Yadea

Group

Holdings

Ltd.(a)(b)

12,000

18,759

Yulon

Motor

Co.

Ltd.

18,120

19,393

ZEEKR

Intelligent

Technology

Holding

Ltd.,

ADR*

1,012

28,872

Zhejiang

Leapmotor

Technology

Co.

Ltd.,

Class

H*(b)

9,200

69,010

5,738,485

Banks

13.0%

Absa

Group

Ltd.

18,675

208,854

Abu

Dhabi

Commercial

Bank

PJSC

69,930

274,545

Abu

Dhabi

Islamic

Bank

PJSC

22,275

128,085

AFFIN

Bank

Bhd.*

7,554

4,131

Agricultural

Bank

China

Ltd.,

Class

270,000

302,134

Agricultural

Bank

China

Ltd.,

Class

675,000

514,140

Ahli

Bank

QSC

29,516

29,265

Ajman

Bank

PJSC

59,432

23,624

Akbank

TAS

66,870

96,692

Ahli

Bank

Kuwait

KSCP

13,993

13,084

Rajhi

Bank

27,045

762,278

Rayan

Bank

81,180

52,151

Alinma

Bank

18,135

125,247

Alliance

Bank

Malaysia

Bhd.

30,847

32,409

Alpha

Bank

51,885

203,611

AMMB

Holdings

Bhd.

58,500

79,620

Arab

National

Bank

20,835

134,672

Small

Finance

Bank

Ltd.(b)

6,746

66,711

Axis

Bank

Ltd.

31,680

439,952

Banco

BBVA

Peru

123,118

53,679

Banco

Bradesco

33,000

94,800

Banco

Bradesco

(Preference)

126,000

424,902

Banco

Bogota

1,363

13,451

Banco

Chile

1,039,635

182,522

Banco

Credito

Inversiones

2,340

120,332

Banco

del

Bajio

SA(b)

13,800

35,386

Banco

Brasil

40,500

164,703

Banco

Estado

Rio

Grande

Sul

(Preference),

Class

76,500

195,187

Banco

Itau

Chile

1,943

35,314

Banco

Santander

Brasil

9,000

52,043

Banco

Santander

Chile

1,477,350

106,893

Bandhan

Bank

Ltd.(b)

11,877

20,947

Bangkok

Bank

PCL,

NVDR

13,500

66,174

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

126

Investments

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Bank

AlBilad

11,610

91,824

Bank

Al-Jazira*

8,970

30,210

Bank

Central

Asia

Tbk.

738,000

378,319

Bank

Islam

Malaysia

Bhd.

44,100

23,166

Bank

Jago

Tbk.

PT*

133,400

17,567

Bank

Mandiri

Persero

Tbk.

846,080

240,138

Bank

Negara

Indonesia

Persero

Tbk.

315,000

82,965

Bank

OCBC

Nisp

Tbk.

1,255,500

103,807

Bank

Baroda

27,539

86,366

Bank

Beijing

Co.

Ltd.,

Class

50,900

39,999

Bank

Changsha

Co.

Ltd.,

Class

9,400

12,646

Bank

Chengdu

Co.

Ltd.,

Class

10,600

25,049

Bank

China

Ltd.,

Class

1,845,000

1,044,492

Bank

Chongqing

Co.

Ltd.,

Class

10,000

15,000

Bank

Chongqing

Co.

Ltd.,

Class

23,000

23,763

Bank

Communications

Co.

Ltd.,

Class

44,600

45,018

Bank

Communications

Co.

Ltd.,

Class

186,000

165,127

Bank

Hangzhou

Co.

Ltd.,

Class

14,100

31,120

Bank

India

21,338

33,623

Bank

Jiangsu

Co.

Ltd.,

Class

40,180

60,891

Bank

Lanzhou

Co.

Ltd.,

Class

32,200

10,864

Bank

Maharashtra

28,294

18,815

Bank

Nanjing

Co.

Ltd.,

Class

26,000

41,339

Bank

Ningbo

Co.

Ltd.,

Class

11,950

47,609

Bank

Shanghai

Co.

Ltd.,

Class

16,800

22,413

Bank

the

Philippine

Islands

53,550

95,908

Bank

Xi'an

Co.

Ltd.,

Class

4,900

2,680

Bank

Pan

Indonesia

Tbk.

150,400

9,315

Bank

Rakyat

Indonesia

Persero

Tbk.

1,467,000

351,092

Banque

Saudi

Fransi

25,695

122,166

BDO

Unibank,

Inc.

53,474

121,305

BNK

Financial

Group,

Inc.

7,695

74,587

BOC

Hong

Kong

Holdings

Ltd.

87,500

429,833

Boubyan

Bank

KSCP

16,463

38,402

Burgan

Bank

SAK

34,732

26,704

Canara

Bank

44,720

69,011

Capitec

Bank

Holdings

Ltd.(a)

1,350

298,513

Central

Bank

India

Ltd.

22,724

10,106

Chang

Hwa

Commercial

Bank

Ltd.

166,705

107,373

China

Banking

Corp.

27,990

24,304

China

CITIC

Bank

Corp.

Ltd.,

Class

23,700

25,788

China

CITIC

Bank

Corp.

Ltd.,

Class

180,000

171,612

China

Construction

Bank

Corp.,

Class

37,000

47,489

China

Construction

Bank

Corp.,

Class

2,295,000

2,273,681

China

Everbright

Bank

Co.

Ltd.,

Class

64,400

30,238

China

Everbright

Bank

Co.

Ltd.,

Class

53,000

21,753

Investments

Value

Banks

(continued)

China

Merchants

Bank

Co.

Ltd.,

Class

36,000

206,939

China

Merchants

Bank

Co.

Ltd.,

Class

90,500

566,367

China

Minsheng

Banking

Corp.

Ltd.,

Class

47,400

26,054

China

Minsheng

Banking

Corp.

Ltd.,

Class

157,500

80,653

China

Zheshang

Bank

Co.

Ltd.,

Class

14,100

5,927

China

Zheshang

Bank

Co.

Ltd.,

Class

60,900

19,824

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

18,800

18,289

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

46,000

37,819

CIMB

Group

Holdings

Bhd.

202,640

353,217

City

Union

Bank

Ltd.

14,904

38,392

CNPC

Capital

Co.

Ltd.,

Class

14,700

21,637

Commercial

Bank

PSQC

(The)

70,290

79,923

Commercial

International

Bank

Egypt

(CIB)

54,538

121,787

Commercial

International

Bank

Egypt

(CIB)

(Registered),

GDR(b)

400

854

Credicorp

Ltd.

1,530

399,330

Credit

Bank

Moscow

PJSC*‡

229,590

—

CTBC

Financial

Holding

Co.

Ltd.

454,302

618,475

Doha

Bank

QPSC

880,155

606,753

Dubai

Islamic

Bank

PJSC

67,860

175,518

Dukhan

Bank

24,440

23,339

E.Sun

Financial

Holding

Co.

Ltd.

228,479

221,114

Emirates

NBD

Bank

PJSC

58,950

450,999

Equitas

Small

Finance

Bank

Ltd.*(b)

210,015

134,827

Eurobank

Ergasias

Services

and

Holdings

61,335

230,856

Faisal

Islamic

Bank

Egypt

242,912

207,175

Far

Eastern

International

Bank

121,884

50,156

Federal

Bank

Ltd.

29,970

79,882

First

Abu

Dhabi

Bank

PJSC

105,478

500,834

First

Financial

Holding

Co.

Ltd.

174,846

162,384

Grupo

Aval

Acciones

Valores

(Preference)

106,455

21,426

Grupo

Cibest

5,400

87,422

Grupo

Cibest

(Preference)

9,585

139,780

Grupo

Financiero

Banorte

SAB

CV,

Class

67,170

633,085

Grupo

Financiero

Inbursa

SAB

CV,

Class

57,850

140,700

Gulf

Bank

KSCP

36,765

42,041

Haci

Omer

Sabanci

Holding

A/S

28,035

54,373

Hana

Financial

Group,

Inc.

6,750

405,071

HDFC

Bank

Ltd.

155,880

1,733,673

Hong

Leong

Bank

Bhd.

18,000

88,367

Hong

Leong

Financial

Group

Bhd.

4,900

19,773

Housing

Development

Bank

46,080

81,537

Hua

Nan

Financial

Holdings

Co.

Ltd.

141,918

134,804

Huaxia

Bank

Co.

Ltd.,

Class

36,000

34,465

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

127

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Huishang

Bank

Corp.

Ltd.,

Class

360,000

154,705

ICICI

Bank

Ltd.

72,270

1,095,229

IDFC

First

Bank

Ltd.

78,615

72,415

Financial

Group

Co.

Ltd.

5,220

48,472

Indian

Bank

6,963

67,354

IndusInd

Bank

Ltd.*

12,150

108,783

Industrial

Commercial

Bank

China

Ltd.,

Class

193,500

211,633

Industrial

Commercial

Bank

China

Ltd.,

Class

1,755,000

1,359,345

Industrial

Bank

Co.

Ltd.,

Class

36,000

102,381

Industrial

Bank

Korea

5,670

76,927

Intercorp

Financial

Services,

Inc.(b)

1,018

43,774

Itau

Unibanco

Holding

(Preference)

124,320

910,500

Itausa

21,889

47,069

Itausa

(Preference)

146,595

317,137

Jammu

Kashmir

Bank

Ltd.

(The)

161,325

192,871

Financial

Group

Co.

Ltd.

3,228

50,864

Jiangsu

Changshu

Rural

Commercial

Bank

Co.

Ltd.,

Class

8,107

8,035

KakaoBank

Corp.

4,590

74,580

Karur

Vysya

Bank

Ltd.

(The)

15,066

41,267

Kasikornbank

PCL,

NVDR

27,000

155,729

Financial

Group,

Inc.

8,730

714,454

Kiatnakin

Phatra

Bank

PCL,

NVDR

5,100

10,370

Komercni

Banka

A/S

1,980

101,507

Kotak

Mahindra

Bank

Ltd.

15,210

360,189

Krung

Thai

Bank

PCL,

NVDR

94,500

79,639

Kuwait

Finance

House

KSCP

186,480

487,843

Kuwait

International

Bank

KSCP

29,532

25,688

Malayan

Banking

Bhd.

175,500

413,607

Mashreqbank

PSC

552

35,994

MBSB

Bhd.

119,900

20,756

Mega

Financial

Holding

Co.

Ltd.

168,964

222,054

Metropolitan

Bank

Trust

Co.

33,750

39,571

Moneta

Money

Bank

A/S(b)

9,000

76,316

National

Bank

Greece

18,585

273,391

National

Bank

Kuwait

SAKP

120,725

412,970

National

Bank

Ras

Al-Khaimah

PSC

(The)

12,282

25,915

Nedbank

Group

Ltd.

9,990

136,116

O-Bank

Co.

Ltd.

675,000

198,717

Optima

bank

5,940

55,122

OTP

Bank

Nyrt.

5,085

485,630

Philippine

National

Bank

219,600

192,546

Ping

Bank

Co.

Ltd.,

Class

30,000

47,741

Piraeus

Financial

Holdings

16,245

126,975

Postal

Savings

Bank

China

Co.

Ltd.,

Class

175,500

141,863

Postal

Savings

Bank

China

Co.

Ltd.,

Class

H(a)(b)

225,000

158,642

Public

Bank

Bhd.

346,500

349,148

Punjab

National

Bank

45,360

62,794

Qatar

International

Islamic

Bank

QSC

19,935

60,938

Investments

Value

Banks

(continued)

Qatar

Islamic

Bank

QPSC

44,235

297,411

Qatar

National

Bank

QPSC

106,155

539,084

RBL

Bank

Ltd.(b)

164,655

605,322

Regional

SAB

5,000

37,277

RHB

Bank

Bhd.

96,651

156,239

Riyad

Bank

33,435

242,327

Saudi

Awwal

Bank

21,960

189,493

Saudi

Investment

Bank

(The)

16,147

59,203

Saudi

National

Bank

(The)

66,825

710,633

Sberbank

Russia

PJSC*‡

369,050

—

Sberbank

Russia

PJSC

(Preference)*‡

39,708

—

SCB

PCL,

NVDR

18,000

72,924

Shanghai

Commercial

Savings

Bank

Ltd.

(The)

106,475

137,159

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

45,000

72,687

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

20,000

23,983

Sharjah

Islamic

Bank

463,365

372,160

Shinhan

Financial

Group

Co.

Ltd.

10,665

548,689

SinoPac

Financial

Holdings

Co.

Ltd.

359,816

300,227

Standard

Bank

Group

Ltd.

30,330

445,452

State

Bank

India

42,570

449,336

Taichung

Commercial

Bank

Co.

Ltd.

61,355

42,712

Taiwan

Business

Bank

82,188

41,039

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

151,738

117,230

Thanachart

Capital

PCL,

NVDR

19,300

30,441

Tisco

Financial

Group

PCL,

NVDR

9,400

31,251

TMBThanachart

Bank

PCL,

NVDR

1,093,600

62,569

Financial

Holding

Co.

Ltd.

583,997

355,250

Turkiye

Garanti

Bankasi

A/S

12,465

39,902

Turkiye

Bankasi

A/S,

Class

12,866

Turkiye

Bankasi

A/S,

Class

171,405

51,567

Turkiye

Vakiflar

Bankasi

TAO,

Class

26,299

15,299

Ujjivan

Small

Finance

Bank

Ltd.*(b)

168,210

98,230

Union

Bank

India

Ltd.

40,950

68,581

Union

Bank

Taiwan

60,107

36,270

Union

Bank

the

Philippines

18,400

9,020

VTB

Bank

PJSC*‡

27,302

—

Warba

Bank

KSCP*

54,990

51,774

Woori

Financial

Group,

Inc.

15,570

277,577

Yapi

Kredi

Bankasi

A/S*

72,958

58,300

Yes

Bank

Ltd.*

237,825

60,922

38,333,341

Beverages

0.8%

Allied

Blenders

Distillers

Ltd.

2,024

15,095

Ambev

56,700

133,823

Anadolu

Efes

Biracilik

Malt

Sanayii

A/S,

Class

53,500

18,487

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

600

13,580

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

1,100

13,898

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

128

Investments

Value

COMMON

STOCKS

(continued)

Beverages

(continued)

Arca

Continental

SAB

5,382

52,203

Becle

SAB

9,200

11,292

Carabao

Group

PCL,

NVDR

100

139

Carlsberg

Brewery

Malaysia

Bhd.

4,600

18,145

China

Foods

Ltd.

270,000

144,168

China

Resources

Beer

Holdings

Co.

Ltd.

24,107

82,505

Chongqing

Brewery

Co.

Ltd.,

Class

1,800

13,588

Coca-Cola

Femsa

SAB

8,200

70,651

Coca-Cola

Icecek

A/S

11,914

14,564

Eastroc

Beverage

Group

Co.

Ltd.,

Class

780

30,703

Embotelladora

Andina

(Preference),

Class

8,640

38,901

Emperador,

Inc.

26,200

7,114

Fomento

Economico

Mexicano

SAB

CV(a)

26,916

254,281

Ginebra

San

Miguel,

Inc.

24,300

115,451

Guangzhou

Zhujiang

Brewery

Co.

Ltd.,

Class

1,700

2,242

Hebei

Hengshui

Laobaigan

Liquor

Co.

Ltd.,

Class

2,300

5,464

Heineken

Malaysia

Bhd.

500

2,543

Hey

Song

Corp.

15,000

18,225

Hite

Jinro

Co.

Ltd.

11,790

155,821

Jiangsu

Yanghe

Distillery

Co.

Ltd.,

Class

600

5,972

JiuGui

Liquor

Co.

Ltd.,

Class

500

4,470

Kweichow

Moutai

Co.

Ltd.,

Class

1,300

261,340

Lotte

Chilsung

Beverage

Co.

Ltd.

1,485

120,176

Luzhou

Laojiao

Co.

Ltd.,

Class

1,000

18,914

Nongfu

Spring

Co.

Ltd.,

Class

H(a)(b)

26,600

176,599

Osotspa

PCL,

NVDR

31,100

15,100

Radico

Khaitan

Ltd.

1,315

46,388

Sariguna

Primatirta

Tbk.

243,800

7,917

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

960

25,709

Tsingtao

Brewery

Co.

Ltd.,

Class

10,000

67,548

United

Breweries

Ltd.

1,379

27,921

United

Spirits

Ltd.

4,860

78,365

Varun

Beverages

Ltd.

18,205

96,315

Vina

Concha

Toro

200,070

218,510

Wuliangye

Yibin

Co.

Ltd.,

Class

3,600

60,219

ZJLD

Group,

Inc.(a)(b)

7,000

7,854

2,472,200

Biotechnology

0.7%

3SBio,

Inc.(a)(b)

46,000

182,291

ABLBio,

Inc.*

564

39,467

Akeso,

Inc.*(a)(b)

7,000

102,133

Alteogen,

Inc.*

585

200,577

Ascentage

Pharma

Group

International*(b)

4,500

38,503

BeOne

Medicines

Ltd.,

Class

10,700

255,791

Biocon

Ltd.

4,294

17,999

Investments

Value

Biotechnology

(continued)

CanSino

Biologics,

Inc.,

Class

H*(b)

800

4,762

CARsgen

Therapeutics

Holdings

Ltd.*(a)(b)

9,000

19,083

Celltrion,

Inc.

2,205

271,766

D&D

PharmaTech,

Inc.*

230

44,878

Dizal

Jiangsu

Pharmaceutical

Co.

Ltd.,

Class

1,201

10,755

Duality

Biotherapeutics,

Inc.*(a)

400

16,160

Ever

Supreme

Bio

Technology

Co.

Ltd.

3,000

15,761

Everest

Medicines

Ltd.*(a)(b)

5,500

34,661

Innovation,

Inc.*

2,119

22,458

Green

Cross

Corp.

138

12,563

Green

Cross

Holdings

Corp.

2,024

22,389

HLB

Therapeutics

Co.

Ltd.*

1,564

3,661

Hugel,

Inc.*

102

18,757

InnoCare

Pharma

Ltd.,

Class

H*(b)

20,000

36,669

Innovent

Biologics,

Inc.*(b)

19,500

218,278

Keymed

Biosciences,

Inc.*(b)

4,000

31,008

Medigen

Vaccine

Biologics

Corp.*

11,148

12,801

Medytox,

Inc.

184

15,523

Naturecell

Co.

Ltd.*

987

17,111

OliX

Pharmaceuticals,

Inc.*

414

34,433

Pacific

Shuanglin

Bio-pharmacy

Co.

Ltd.,

Class

1,510

3,341

PharmaEngine,

Inc.

2,114

4,889

PharmaEssentia

Corp.

5,326

86,281

PharmaResearch

Co.

Ltd.

36,453

Remegen

Co.

Ltd.,

Class

1,775

24,733

Remegen

Co.

Ltd.,

Class

H*(a)(b)

3,000

34,739

Seegene,

Inc.

1,624

28,838

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

1,629

9,245

Shanghai

RAAS

Blood

Products

Co.

Ltd.,

Class

13,800

13,076

Sichuan

Kelun-Biotech

Biopharmaceutical

Co.

Ltd.,

Class

300

17,292

Bioscience

Co.

Ltd.*

368

13,095

SunMax

Biotechnology

Co.

Ltd.

1,000

12,687

TaiMed

Biologics,

Inc.*

5,600

13,007

TYK

Medicines,

Inc.,

Class

5,000

9,856

Zai

Lab

Ltd.*(a)

13,900

35,947

2,043,717

Broadline

Retail

3.6%

Alibaba

Group

Holding

Ltd.

247,500

5,257,488

Central

Retail

Corp.

PCL,

NVDR

18,275

11,586

Daya

Intiguna

Yasa

Tbk.

PT*

105,800

6,935

Easyhome

New

Retail

Group

Co.

Ltd.,

Class

14,400

5,850

Puerto

Liverpool

SAB

CV,

Class

5,200

25,387

Falabella

18,552

116,471

Far

Eastern

Department

Stores

Ltd.

21,120

14,874

Global

Digital

Niaga

Tbk.

PT*

473,800

10,770

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

129

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Broadline

Retail

(continued)

GoTo

Gojek

Tokopedia

Tbk.

PT,

Class

8,510,000

30,704

Hyundai

Department

Store

Co.

Ltd.

4,860

275,619

JD.com,

Inc.,

Class

59,450

976,020

Lotte

Shopping

Co.

Ltd.

230

10,509

Magazine

Luiza

15,015

23,616

MINISO

Group

Holding

Ltd.(a)

7,968

42,238

Mitra

Adiperkasa

Tbk.

3,070,288

238,164

momo.com,

Inc.

1,891

14,364

Naspers

Ltd.,

Class

11,250

791,884

PDD

Holdings,

Inc.,

ADR*

17,775

2,397,314

Poya

International

Co.

Ltd.

1,028

15,199

Shinsegae,

Inc.

2,295

279,798

Vipshop

Holdings

Ltd.,

ADR

7,335

128,289

Vishal

Mega

Mart

Ltd.*

7,958

12,971

Woolworths

Holdings

Ltd.

13,500

40,782

10,726,832

Building

Products

0.2%

Astral

Ltd.

1,227

20,044

Blue

Star

Ltd.

2,337

51,004

China

Lesso

Group

Holdings

Ltd.

360,000

206,119

Kajaria

Ceramics

Ltd.

2,760

37,546

Kyung

Dong

Navien

Co.

Ltd.

2,250

111,493

Sung

Kwang

Bend

Co.

Ltd.

414

9,153

Taiwan

Glass

Industry

Corp.*

38,314

34,898

Xinyi

Glass

Holdings

Ltd.(a)

49,642

58,059

528,316

Capital

Markets

2.1%

360

ONE

WAM

Ltd.

4,412

53,712

Administradora

Fondos

Pensiones

Habitat

63,675

98,625

Anand

Rathi

Wealth

Ltd.

1,503

52,290

Angel

One

Ltd.

552

15,498

Authum

Investment

Infrastucture

Ltd.

506

16,576

Brasil

Bolsa

Balcao

72,000

169,265

Banco

BTG

Pactual

18,000

163,182

Bengal

Assam

Co.

Ltd.

1,620

141,873

Bolsa

Mexicana

Valores

SAB

22,554

43,111

Boursa

Kuwait

Securities

Co.

KPSC

1,296

16,977

Bursa

Malaysia

Bhd.

4,900

9,582

Caitong

Securities

Co.

Ltd.,

Class

2,820

3,409

Capital

Securities

Corp.

48,000

38,177

China

Bills

Finance

Corp.

21,312

11,543

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H(a)

270,000

43,771

China

CITIC

Financial

Asset

Management

Co.

Ltd.,

Class

H*(b)

405,000

53,672

China

Everbright

Ltd.(a)

256,000

332,673

China

Galaxy

Securities

Co.

Ltd.,

Class

5,200

12,851

Investments

Value

Capital

Markets

(continued)

China

Galaxy

Securities

Co.

Ltd.,

Class

42,000

60,415

China

International

Capital

Corp.

Ltd.,

Class

H(b)

18,800

51,135

China

Merchants

Securities

Co.

Ltd.,

Class

11,820

28,796

China

Merchants

Securities

Co.

Ltd.,

Class

H(b)

7,200

14,442

Choice

International

Ltd.*

799

7,530

CITIC

Securities

Co.

Ltd.,

Class

13,500

55,758

CITIC

Securities

Co.

Ltd.,

Class

H(a)

22,500

85,632

Coronation

Fund

Managers

Ltd.

128,115

364,258

CRISIL

Ltd.

384

21,322

CSC

Financial

Co.

Ltd.,

Class

4,900

18,041

CSC

Financial

Co.

Ltd.,

Class

H(b)

315,000

533,768

Daishin

Securities

Co.

Ltd.

10,620

216,910

Daishin

Securities

Co.

Ltd.

(Preference)

7,515

112,613

Daou

Technology,

Inc.

8,955

245,127

Derayah

Financial

Co.(b)

3,910

30,278

Dubai

Financial

Market

PJSC

26,726

11,206

EFG

Holding

S.A.E.*

430,472

256,515

Egypt

Kuwait

Holding

Co.

SAE

284,844

190,514

Everbright

Securities

Co.

Ltd.,

Class

4,700

12,296

Founder

Securities

Co.

Ltd.,

Class

3,000

3,471

Securities

Co.

Ltd.,

Class

14,100

44,738

Securities

Co.

Ltd.,

Class

H(a)

27,600

66,655

Guangzhou

Yuexiu

Capital

Holdings

Group

Co.

Ltd.,

Class

13,800

15,695

Guolian

Minsheng

Securities

Co.

Ltd.,

Class

9,200

14,240

Guosen

Securities

Co.

Ltd.,

Class

14,600

28,817

Guotai

Haitong

Securities

Co.

Ltd.

14,314

38,998

Guotai

Haitong

Securities

Co.

Ltd.,

Class

H(b)

40,951

78,401

Guotai

Junan

International

Holdings

Ltd.

90,000

44,119

Hanwha

Investment

Securities

Co.

Ltd.*

41,760

156,811

HDFC

Asset

Management

Co.

Ltd.(b)

1,440

87,255

Huatai

Securities

Co.

Ltd.,

Class

9,500

29,007

Huatai

Securities

Co.

Ltd.,

Class

H(b)

36,000

90,507

IBF

Financial

Holdings

Co.

Ltd.

59,424

29,479

Indian

Energy

Exchange

Ltd.(b)

15,730

24,641

Industrial

Securities

Co.

Ltd.,

Class

12,250

11,848

International

Financial

Advisors

KSC*

22,455

35,846

Investcorp

Capital

plc

267,570

112,916

Investec

Ltd.

4,653

35,009

Yatirim

Menkul

Degerler

A/S

14,639

15,305

Financial

Ltd.

12,972

23,968

JSE

Ltd.

30,960

251,717

Kfin

Technologies

Ltd.

1,718

21,252

KIWOOM

Securities

Co.

Ltd.

292

60,870

Korea

Investment

Holdings

Co.

Ltd.

990

126,673

Maharashtra

Scooters

Ltd.

15,658

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

130

Investments

Value

COMMON

STOCKS

(continued)

Capital

Markets

(continued)

Mirae

Asset

Securities

Co.

Ltd.

5,379

99,293

Mirae

Asset

Securities

Co.

Ltd.

(Preference)

1,702

12,961

Moscow

Exchange

MICEX-RTS

PJSC*‡

29,911

—

Motilal

Oswal

Financial

Services

Ltd.

2,350

25,890

Multi

Commodity

Exchange

India

Ltd.

472

49,148

Investment

Securities

Co.

Ltd.

3,870

55,276

Nippon

Life

India

Asset

Management

Ltd.(b)

2,736

26,962

Norte

Grande

SA*

13,343,091

112,986

Nuvama

Wealth

Management

Ltd.

138

11,025

Orient

Securities

Co.

Ltd.,

Class

12,032

18,420

Orient

Securities

Co.

Ltd.,

Class

H(a)

(b)

20,400

19,056

Pihsiang

Machinery

Manufacturing

Co.

Ltd.*‡

5,000

—

Polaris

Bay

Group

Co.

Ltd.,

Class

13,800

14,278

President

Securities

Corp.

37,895

29,215

Prudent

Corporate

Advisory

Services

Ltd.

322

9,270

PSG

Financial

Services

Ltd.

25,484

36,243

Reinet

Investments

SCA

3,330

106,531

Samsung

Securities

Co.

Ltd.

1,620

87,893

Saudi

Tadawul

Group

Holding

Co.

368

19,528

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

19,700

15,149

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

H(a)(b)

40,800

17,953

Shinyoung

Securities

Co.

Ltd.

1,665

169,334

Sociedad

Inversiones

Oro

Blanco

SA*

17,326,257

114,072

SPIC

Industry-Finance

Holdings

Co.

Ltd.,

Class

10,000

9,278

Tata

Investment

Corp.

Ltd.

2,400

21,602

Tera

Yatirim

Menkul

Degerler

A/S*

6,133

31,578

UTI

Asset

Management

Co.

Ltd.

1,840

25,860

Verusa

Holding

A/S

1,702

11,243

Xiangcai

Co.

Ltd.,

Class

4,900

8,879

Yuanta

Futures

Co.

Ltd.

30,100

88,123

Zhejiang

Orient

Financial

Holdings

Group

Co.

Ltd.,

Class

13,800

13,890

6,318,175

Chemicals

3.0%

Aarti

Industries

Ltd.

6,716

28,745

Abou

Kir

Fertilizers

Chemical

Industries

16,514

16,989

ADAMA

Ltd.,

Class

14,100

12,726

Advanced

Petrochemical

Co.*

2,346

23,647

AECI

Ltd.

40,860

210,966

Akzo

Nobel

India

Ltd.

398

14,534

Alkyl

Amines

Chemicals

220

4,610

Allied

Supreme

Corp.

3,217

25,953

Investments

Value

Chemicals

(continued)

Alpek

SAB

CV,

Class

A*(a)

120,956

61,288

Asian

Paints

Ltd.

9,765

276,193

Atul

Ltd.

126

8,179

Avia

Avian

Tbk.

579,600

14,429

Barito

Pacific

Tbk.

PT*

413,599

85,804

BASF

India

Ltd.

184

9,145

Bayer

CropScience

Ltd.

2,586

Berger

Paints

India

Ltd.

4,632

28,286

Boubyan

Petrochemicals

Co.

KSCP

7,344

14,666

Braskem

(Preference),

Class

9,200

11,549

Carborundum

Universal

Ltd.

2,499

25,350

Castrol

India

Ltd.

9,900

21,748

Cathay

Biotech,

Inc.,

Class

1,518

10,841

Chambal

Fertilisers

and

Chemicals

Ltd.

4,968

26,910

Chandra

Asri

Pacific

Tbk.

130,500

54,538

China

Hainan

Rubber

Industry

Group

Co.

Ltd.,

Class

9,600

7,612

China

Lumena

New

Materials

Corp.*‡

22,200

—

China

Petrochemical

Development

Corp.*

92,000

22,475

China

Steel

Chemical

Corp.

9,434

24,981

Clean

Science

Technology

Ltd.

658

7,478

Coromandel

International

Ltd.

1,818

43,511

Cosmochemical

Co.

Ltd.*

1,012

13,702

Daxin

Materials

Corp.

1,221

15,153

Deepak

Fertilisers

Petrochemicals

Corp.

Ltd.

2,295

38,562

Deepak

Nitrite

Ltd.

552

10,748

Holdings

Co.

Ltd.

4,140

113,180

Do-Fluoride

New

Materials

Co.

Ltd.,

Class

9,200

36,731

Dongjin

Semichem

Co.

Ltd.

11,475

344,713

Dongsung

Finetec

Co.

Ltd.

506

11,276

Dongyue

Group

Ltd.(a)

33,000

42,501

EID

Parry

India

Ltd.*

40,275

486,542

Eternal

Materials

Co.

Ltd.

24,850

33,022

Fine

Organic

Industries

Ltd.

343

17,145

Finolex

Industries

Ltd.

7,955

16,848

Formosa

Chemicals

Fibre

Corp.

50,209

47,692

Formosa

Plastics

Corp.

55,985

69,387

Fufeng

Group

Ltd.(a)

45,000

46,550

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

4,600

44,633

Garware

Hi-Tech

Films

Ltd.

368

14,144

Grand

Pacific

Petrochemical*

332,500

111,407

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

Class

4,600

25,783

Gubre

Fabrikalari

TAS*

1,794

13,504

Gujarat

Fluorochemicals

Ltd.

715

30,152

Hangjin

Technology

Co.

Ltd.,

Class

4,700

14,239

Hansol

Chemical

Co.

Ltd.

3,150

514,038

Hanwha

Solutions

Corp.

1,935

41,559

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

131

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Chemicals

(continued)

Haohua

Chemical

Science

Technology

Co.

Ltd.,

Class

4,600

20,519

Hektas

Ticaret

TAS*

98,164

8,334

Hengli

Petrochemical

Co.

Ltd.,

Class

14,100

35,580

Hengyi

Petrochemical

Co.

Ltd.,

Class

13,800

12,998

Hextar

Global

Bhd.

69,000

14,910

Himadri

Speciality

Chemical

Ltd.

5,505

29,906

Hyosung

Advanced

Materials

Corp.

855

111,139

Huabao

International

Holdings

Ltd.

17,000

7,874

Huafon

Chemical

Co.

Ltd.,

Class

14,400

18,158

Hyosung

TNC

Corp.

810

118,252

Indorama

Ventures

PCL,

NVDR

47,500

28,058

Inner

Mongolia

Berun

Chemical

Co.

Ltd.,

Class

18,400

17,486

Inner

Mongolia

Junzheng

Energy

Chemical

Industry

Group

Co.

Ltd.,

Class

23,500

17,080

ISU

Specialty

Chemical*

799

31,068

Jiangsu

Eastern

Shenghong

Co.

Ltd.,

Class

6,300

8,192

Jinan

Acetate

Chemical

Co.

Ltd.

16,090

31,614

Jubilant

Ingrevia

Ltd.

2,701

20,993

KCC

Corp.

18,200

Kingfa

Sci

Tech

Co.

Ltd.,

Class

9,400

26,680

Kolon

Industries,

Inc.

7,020

175,408

KuibyshevAzot

PJSC*‡

9,900

—

Kumho

Petrochemical

Co.

Ltd.

423

34,440

Group

Co.

Ltd.,

Class

4,600

11,905

Chem

Ltd.

1,035

288,761

Chem

Ltd.

(Preference)

230

31,834

Linde

India

Ltd.

282

19,103

Lotte

Chemical

Corp.

517

25,655

LOTTE

Fine

Chemical

Co.

Ltd.

4,995

159,868

Luxi

Chemical

Group

Co.

Ltd.,

Class

1,800

3,411

Meihua

Holdings

Group

Co.

Ltd.,

Class

10,900

17,116

Mesaieed

Petrochemical

Holding

Co.

108,810

37,356

Misr

Fertilizers

Production

Co.

SAE

19,988

12,461

Miwon

Commercial

Co.

Ltd.

5,306

Nan

Pao

Resins

Chemical

Co.

Ltd.

2,000

23,909

Nan

Plastics

Corp.

65,056

87,825

Nantex

Industry

Co.

Ltd.

9,120

6,616

National

Industrialization

Co.*

12,834

39,561

Navin

Fluorine

International

Ltd.

675

43,246

Ningbo

Shanshan

Co.

Ltd.,

Class

14,100

27,255

Ningxia

Baofeng

Energy

Group

Co.

Ltd.,

Class

5,900

15,294

Nizhnekamskneftekhim

PJSC*‡

28,600

—

Nizhnekamskneftekhim

PJSC

(Preference)*‡

26,400

—

OCI

Holdings

Co.

Ltd.

5,445

436,441

Investments

Value

Chemicals

(continued)

Omnia

Holdings

Ltd.

59,175

260,121

Orbia

Advance

Corp.

SAB

CV(a)

306,054

278,643

Organichesky

Sintez

PJSC*‡

11,550

—

Paradeep

Phosphates

Ltd.(b)

9,108

17,073

PCBL

Chemical

Ltd.

6,996

28,537

Petkim

Petrokimya

Holding

A/S*

41,124

16,793

Petronas

Chemicals

Group

Bhd.

50,200

46,748

PhosAgro

PJSC*‡

1,540

—

Industries

Ltd.

1,139

45,901

Pidilite

Industries

Ltd.

7,740

125,955

PTT

Global

Chemical

PCL,

NVDR

48,700

38,029

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

6,500

22,661

Rongsheng

Petrochemical

Co.

Ltd.,

Class

14,600

20,915

SABIC

Agri-Nutrients

Co.

3,600

117,691

Sahara

International

Petrochemical

Co.

2,438

12,287

San

Fang

Chemical

Industry

Co.

Ltd.

71,000

71,483

Sasa

Polyester

Sanayi

A/S*

292,928

21,387

Sasol

Ltd.*

14,085

87,521

Satellite

Chemical

Co.

Ltd.,

Class

4,662

11,738

Saudi

Aramco

Base

Oil

Co.

736

18,929

Saudi

Basic

Industries

Corp.

11,790

191,933

Saudi

Industrial

Investment

Group

4,876

21,193

Saudi

Kayan

Petrochemical

Co.*

19,228

30,251

Scientex

Bhd.

24,900

20,155

Shandong

Hualu

Hengsheng

Chemical

Co.

Ltd.,

Class

6,110

22,049

Shanghai

Chlor-Alkali

Chemical

Co.

Ltd.,

Class

10,000

6,680

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

Class

4,060

16,683

Shinkong

Synthetic

Fibers

Corp.

581,300

252,443

Sichuan

Hebang

Biotechnology

Co.

Ltd.,

Class

41,400

12,688

Sichuan

Yahua

Industrial

Group

Co.

Ltd.,

Class

3,600

10,279

Sinofert

Holdings

Ltd.

1,080,000

211,214

Sinon

Corp.

20,590

28,566

Chemicals

Co.

Ltd.

598

26,526

SKC

Co.

Ltd.*

200

17,926

Sociedad

Quimica

Minera

Chile

(Preference),

Class

1,980

95,450

Solar

Applied

Materials

Technology

Corp.

12,078

23,299

Solar

Industries

India

Ltd.

365

57,062

Soulbrain

Co.

Ltd.

1,665

330,721

SRF

Ltd.

1,935

63,878

Sudarshan

Chemical

Industries

Ltd.

782

10,129

Sumitomo

Chemical

India

Ltd.

2,585

14,624

Supreme

Industries

Ltd.

1,018

43,720

Taiwan

Fertilizer

Co.

Ltd.

16,360

25,625

Taiwan

Speciality

Chemicals

Corp.

2,000

22,055

Tata

Chemicals

Ltd.

2,679

26,879

Tianqi

Lithium

Corp.,

Class

800

6,006

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

132

Investments

Value

COMMON

STOCKS

(continued)

Chemicals

(continued)

Tinergy

Chemical

Co.

Ltd.,

Class

7,975

6,256

TKG

Huchems

Co.

Ltd.

5,490

68,897

TOA

Paint

Thailand

PCL,

NVDR

185,900

74,164

Tongkun

Group

Co.

Ltd.,

Class

9,200

18,391

Transfar

Zhilian

Co.

Ltd.,

Class

18,800

16,492

TSRC

Corp.

26,350

12,857

Unipar

Carbocloro

(Preference),

Class

21,300

280,828

UPL

Ltd.

8,730

70,817

Wanhua

Chemical

Group

Co.

Ltd.,

Class

4,900

43,142

Yanbu

National

Petrochemical

Co.

2,350

21,619

Yung

Chi

Paint

Varnish

Manufacturing

Co.

Ltd.

7,295

17,798

Zhejiang

Longsheng

Group

Co.

Ltd.,

Class

9,600

14,211

Zhejiang

NHU

Co.

Ltd.,

Class

4,800

16,397

8,821,077

Commercial

Services

Supplies

0.1%

Catrion

Catering

Holding

Co.

624

16,090

China

Everbright

Environment

Group

Ltd.

94,000

58,174

China

Southern

Power

Grid

Energy

Efficiency&Clean

Energy

Co.

Ltd.,

Class

23,500

16,287

Cleanaway

Co.

Ltd.

1,000

7,856

Doms

Industries

Ltd.

368

10,663

Dynagreen

Environmental

Protection

Group

Co.

Ltd.,

Class

H(b)

18,000

12,645

Eternal

Asia

Supply

Chain

Management

Ltd.,

Class

18,400

13,166

Frontken

Corp.

Bhd.

28,200

30,436

GPS

Participacoes

Empreendimentos

SA(c)

9,600

33,907

Indian

Railway

Catering

Tourism

Corp.

Ltd.

4,635

37,526

KEPCO

Plant

Service

Engineering

Co.

Ltd.

460

16,369

L&K

Engineering

Co.

Ltd.

2,508

39,038

Parkin

Co.

PJSC

14,922

22,507

S-1

Corp.

347

18,266

Taiwan

Secom

Co.

Ltd.

3,165

11,119

Taiwan

Shin

Kong

Security

Co.

Ltd.

5,520

7,308

Tuhu

Car,

Inc.,

Class

A*(a)(b)

14,500

32,984

384,341

Communications

Equipment

0.3%

Accton

Technology

Corp.

7,934

278,739

Arcadyan

Technology

Corp.

2,832

18,563

Astra

Microwave

Products

Ltd.

966

11,342

BYD

Electronic

International

Co.

Ltd.

(a)

21,500

101,079

EZconn

Corp.

2,000

61,091

Investments

Value

Communications

Equipment

(continued)

Fiberhome

Telecommunication

Technologies

Co.

Ltd.,

Class

4,600

15,720

FOCI

Fiber

Optic

Communications,

Inc.*

2,000

23,389

Glarun

Technology

Co.

Ltd.,

Class

1,800

7,227

Hengtong

Optic-electric

Co.

Ltd.,

Class

4,700

14,774

Intelbras

Industria

Telecomunicacao

Eletronica

Brasileira

36,000

79,953

LuxNet

Corp.

3,840

25,483

Seojin

System

Co.

Ltd.*

11,880

226,385

Sercomm

Corp.

6,960

22,437

Tejas

Networks

Ltd.(b)

3,128

18,799

WNC

Corp.

9,572

39,078

ZTE

Corp.,

Class

3,100

18,940

ZTE

Corp.,

Class

H(a)

10,400

44,023

1,007,022

Construction

Engineering

1.5%

Acter

Group

Corp.

Ltd.

2,810

70,385

Afcons

Infrastructure

Ltd.

1,978

9,983

BES

Engineering

Corp.*

50,496

25,214

CCCC

Design

Consulting

Group

Co.

Ltd.,

Class

9,400

10,136

Cemindia

Projects

Ltd.

2,070

18,894

Central

New

Energy

Holding

Group

Ltd.*

15,000

18,296

Karnchang

PCL,

NVDR

900

426

China

Communications

Services

Corp.

Ltd.,

Class

926,000

555,204

China

Conch

Venture

Holdings

Ltd.

45,000

56,277

China

Energy

Engineering

Corp.

Ltd.,

Class

23,600

7,996

China

Energy

Engineering

Corp.

Ltd.,

Class

H(a)

104,000

15,522

China

Railway

Group

Ltd.,

Class

44,300

35,000

China

Railway

Group

Ltd.,

Class

H(a)

74,000

37,513

Continental

Holdings

Corp.

177,285

124,857

CTCI

Corp.

271,467

269,339

CIN

Construction

Co.

Ltd.

76,597

163,455

Daewoo

Engineering

Construction

Co.

Ltd.*

66,915

176,123

E&C

Co.

Ltd.

1,012

30,330

Engineers

India

Ltd.

9,696

22,083

Enka

Insaat

Sanayi

A/S

17,350

32,061

Estithmar

Holding

QPSC*

29,093

32,769

Infraprojects

Ltd.

1,392

18,293

Gamuda

Bhd.

78,500

94,470

GEK

Terna

1,470

39,329

Girsim

Elektrik

Sanayi

Taahut

Ticaret

A/S*

53,370

59,910

GMR

Power

and

Urban

Infra

Ltd.*

92,655

122,369

Engineering

Construction

Corp.

1,426

18,706

Guangdong

Construction

Engineering

Group

Co.

Ltd.,

Class

27,900

15,022

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

133

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Construction

Engineering

(continued)

HDC

Holdings

Co.

Ltd.

9,225

119,201

HDC

Hyundai

Development

Co-

Engineering

Construction,

Class

13,590

183,903

Hyundai

Engineering

Construction

Co.

Ltd.

1,736

85,658

IJM

Corp.

Bhd.

37,600

22,266

IRB

Infrastructure

Developers

Ltd.

39,439

19,899

IRCON

International

Ltd.(b)

7,912

15,118

Kalpataru

Projects

International

Ltd.

2,050

29,014

KEC

International

Ltd.

2,064

19,013

Kelington

Group

Bhd.

13,800

18,090

KEPCO

Engineering

Construction

Co.,

Inc.

235

16,857

Kerjaya

Prospek

Group

Bhd.

130,500

86,938

Kuo

Toong

International

Co.

Ltd.

12,255

23,042

Larsen

Toubro

Ltd.

9,090

412,756

Malaysian

Resources

Corp.

Bhd.

96,600

10,380

Metallurgical

Corp.

China

Ltd.,

Class

42,300

20,753

Metallurgical

Corp.

China

Ltd.,

Class

H(a)

106,000

32,323

NBCC

India

Ltd.

21,225

28,072

NCC

Ltd.

14,850

35,526

NMDC

Group

PJSC

3,404

22,168

Power

Construction

Corp.

China

Ltd.,

Class

35,600

28,226

Power

Mech

Projects

Ltd.

188

5,286

Praj

Industries

Ltd.

4,738

18,019

PSG

Corp.

PCL,

NVDR*

85,945

8,293

Rail

Vikas

Nigam

Ltd.(b)

8,864

32,831

Ral

Yatirim

Holding

A/S*

3,588

16,913

Ruentex

Engineering

Construction

Co.

3,108

16,935

Run

Long

Construction

Co.

Ltd.

14,889

18,405

Samsung

E&A

Co.

Ltd.

4,230

77,044

Shaanxi

Construction

Engineering

Group

Corp.

Ltd.,

Class

4,900

2,611

Shanghai

Tunnel

Engineering

Co.

Ltd.,

Class

14,100

13,082

Sichuan

Road

and

Bridge

Group

Co.

Ltd.,

Class

9,200

12,261

Sinoma

International

Engineering

Co.,

Class

9,200

12,313

Sinopec

Engineering

Group

Co.

Ltd.,

Class

540,000

508,582

Sunway

Construction

Group

Bhd.

9,200

12,917

Taeyoung

Engineering

Construction

Co.

Ltd.*

5,382

5,934

Techno

Electric

Engineering

Co.

Ltd.

1,479

21,977

Tekfen

Holding

A/S*

6,026

12,067

United

Integrated

Services

Co.

Ltd.

2,550

71,504

Voltas

Ltd.

2,790

43,485

Investments

Value

Construction

Engineering

(continued)

Waaree

Renewable

Technologies

Ltd.

1,242

17,357

Waskita

Karya

Persero

Tbk.

PT*‡

173,900

—

Wilson

Bayly

Holmes-Ovcon

Ltd.

20,250

177,025

Yankey

Engineering

Co.

Ltd.

2,277

34,072

4,448,078

Construction

Materials

1.1%

ACC

Ltd.

1,141

24,183

Akcansa

Cimento

A/S

16,470

52,292

Ambuja

Cements

Ltd.

11,115

70,793

Anhui

Conch

Cement

Co.

Ltd.,

Class

5,100

16,626

Anhui

Conch

Cement

Co.

Ltd.,

Class

H(a)

27,500

81,875

Apex

Investment

Co.

PSC*

10,350

10,849

Asia

Cement

Corp.

68,700

81,123

Baticim

Bati

Anadolu

Cimento

Sanayii

A/S*

161,092

16,819

BBMG

Corp.,

Class

50,600

12,235

BBMG

Jidong

Cement

Group

Co.

Ltd.,

Class

4,700

3,185

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

Class

9,200

16,684

Berkah

Beton

Sadaya

Tbk.

PT*‡

425,000

Birla

Corp.

Ltd.

327

4,342

Cementos

Argos

9,936

26,561

Cemex

SAB

326,688

332,473

China

National

Building

Material

Co.

Ltd.,

Class

92,462

65,550

China

Resources

Building

Materials

Technology

Holdings

Ltd.

810,000

176,128

Cimsa

Cimento

Sanayi

Ticaret

A/S

19,504

22,042

CSG

Holding

Co.

Ltd.,

Class

409,600

95,388

Dalmia

Bharat

Ltd.

1,564

36,942

EMSTEEL

Building

Materials

PJSC*

28,060

9,015

GCC

SAB

2,953

28,397

Goldsun

Building

Materials

Co.

Ltd.

20,000

23,552

Grasim

Industries

Ltd.

5,355

174,438

Grupo

Argos

8,378

37,760

Grupo

Argos

(Preference)

8,544

26,735

Hanil

Cement

Co.

Ltd.

8,055

99,786

Huaxin

Cement

Co.

Ltd.,

Class

3,700

11,225

India

Cements

Ltd.

(The)*

2,773

12,568

Indocement

Tunggal

Prakarsa

Tbk.

436,500

164,048

Cement

Ltd.

530

37,100

Lakshmi

Cement

Ltd.

2,744

26,889

Konya

Cimento

Sanayii

A/S*

11,246

Malayan

Cement

Bhd.

9,200

15,070

Nuh

Cimento

Sanayi

A/S

2,068

12,000

Nuvoco

Vistas

Corp.

Ltd.*

830

3,877

Oyak

Cimento

Fabrikalari

A/S

17,222

8,708

Qassim

Cement

Co.

(The)

2,714

30,540

Ramco

Cements

Ltd.

(The)

2,289

26,932

Rhi

Magnesita

India

Ltd.

393

2,111

Saudi

Cement

Co.

1,150

11,733

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

134

Investments

Value

COMMON

STOCKS

(continued)

Construction

Materials

(continued)

Semen

Indonesia

Persero

Tbk.

1,296,000

215,091

Shree

Cement

Ltd.

225

71,755

Siam

Cement

PCL

(The),

NVDR

9,000

56,781

Star

Cement

Ltd.

7,008

20,281

TCC

Group

Holdings

Co.

Ltd.

90,000

64,702

TianShan

Material

Co.

Ltd.,

Class

18,400

15,572

UltraTech

Cement

Ltd.

1,755

236,191

Universal

Cement

Corp.

180,926

182,450

Visne

Madencilik

Uretim

Sanayi

Ticaret

A/S*

920

2,906

West

China

Cement

Ltd.(a)

720,000

275,134

Yamama

Cement

Co.

1,702

12,435

Yanbu

Cement

Co.

4,922

21,275

3,094,474

Consumer

Finance

0.7%

AEON

Credit

Service

Bhd.

67,500

84,778

Arzan

Financial

Group

for

Financing

Investment

KPSC

4,646

5,964

Bajaj

Finance

Ltd.

37,800

444,038

Bangkok

Commercial

Asset

Management

PCL,

NVDR

612,000

127,756

Cholamandalam

Financial

Holdings

Ltd.

1,738

37,446

Cholamandalam

Investment

and

Finance

Co.

Ltd.

5,895

112,679

CreditAccess

Grameen

Ltd.*

1,932

30,983

FinVolution

Group,

ADR(a)

52,380

320,042

Five-Star

Business

Finance

Ltd.

1,974

14,515

Gentera

SAB

39,588

94,321

Hotai

Finance

Co.

Ltd.

3,220

6,452

JMT

Network

Services

PCL,

NVDR

253,200

76,348

Krungthai

Card

PCL,

NVDR

18,900

16,658

LexinFintech

Holdings

Ltd.,

ADR(a)

40,770

196,511

Lufax

Holding

Ltd.*‡

18,800

23,345

Mahindra

Financial

Services

Ltd.

9,024

32,077

Manappuram

Finance

Ltd.

17,010

51,641

Muangthai

Capital

PCL,

NVDR

200

250

Muthoot

Finance

Ltd.

1,404

50,274

Poonawalla

Fincorp

Ltd.*

5,720

31,048

RCE

Capital

Bhd.

55,200

14,235

Samsung

Card

Co.

Ltd.

539

18,745

SBFC

Finance

Ltd.*

8,004

10,286

SBI

Cards

Payment

Services

Ltd.

2,990

29,595

Shriram

Finance

Ltd.

18,495

156,029

Srisawad

Corp.

PCL,

NVDR

4,280

3,739

Sundaram

Finance

Ltd.

1,485

76,859

United

International

Holding

Co.*

368

16,819

Yixin

Group

Ltd.(b)

46,000

13,376

Yulon

Finance

Corp.

4,905

15,350

2,112,159

Consumer

Staples

Distribution

Retail

1.1%

Abdullah

Othaim

Markets

Co.

12,696

25,797

Investments

Value

Consumer

Staples

Distribution

Retail

(continued)

Aeon

Co.

Bhd.

229,500

69,047

Al-Dawaa

Medical

Services

Co.

230

4,026

Alibaba

Health

Information

Technology

Ltd.*

52,000

38,805

Almunajem

Foods

Co.

1,058

16,307

Avenue

Supermarts

Ltd.*(b)

1,980

92,642

Berli

Jucker

PCL

500

283

Berli

Jucker

PCL,

NVDR

600

340

BGF

retail

Co.

Ltd.

184

13,379

Bid

Corp.

Ltd.

5,085

125,828

BIM

Birlesik

Magazalar

A/S

11,191

143,455

BinDawood

Holding

Co.

12,880

19,646

Boxer

Retail

Ltd.*(a)

4,094

17,963

Cencosud

31,860

98,843

Clicks

Group

Ltd.

3,600

75,820

Corporativo

Fragua

SAB

2,300

66,512

ALL

PCL,

NVDR

58,500

83,222

Axtra

PCL,

NVDR

792

480

DaShenLin

Pharmaceutical

Group

Co.

Ltd.,

Class

4,320

11,102

Dis-Chem

Pharmacies

Ltd.(a)(b)

4,048

7,920

Dongsuh

Cos.,

Inc.

859

16,279

East

Buy

Holding

Ltd.*(a)(b)

14,000

39,412

E-MART,

Inc.

322

16,318

Ghitha

Holding

PJSC*

15,795

101,058

Grainturk

Tarim

A/S

1,058

11,568

Great

Tree

Pharmacy

Co.

Ltd.

2,039

7,330

Grupo

Comercial

Chedraui

4,623

33,569

Grupo

Mateus

18,400

22,004

Retail

Co.

Ltd.

12,555

156,238

InRetail

Peru

Corp.(b)

368

9,384

Health

International,

Inc.*(a)(b)

13,500

105,433

Comer

SAB

10,657

23,110

Lulu

Retail

Holdings

plc

86,894

27,916

Magnit

PJSC*‡

2,296

—

Medplus

Health

Services

Ltd.*

1,880

16,156

Migros

Ticaret

A/S

1,380

14,884

Nahdi

Medical

Co.

690

21,343

Pick

Pay

Stores

Ltd.*

7,176

11,717

Ping

Healthcare

and

Technology

Co.

Ltd.(a)(b)

23,000

40,660

President

Chain

Store

Corp.

8,000

62,067

Puregold

Price

Club,

Inc.

396,000

256,374

Raia

Drogasil

22,564

83,801

Robinsons

Retail

Holdings,

Inc.

135,000

79,830

Sendas

Distribuidora

22,500

35,932

Shanghai

Bailian

Group

Co.

Ltd.,

Class

9,200

11,679

Shoprite

Holdings

Ltd.

5,715

95,637

SMU

1,339,020

217,446

Sok

Marketler

Ticaret

A/S*

102,060

107,430

SPAR

Group

Ltd.

(The)*(a)

73,800

465,005

Sumber

Alfaria

Trijaya

Tbk.

289,600

35,003

Wal-Mart

Mexico

SAB

67,200

222,485

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

135

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Consumer

Staples

Distribution

Retail

(continued)

Yonghui

Superstores

Co.

Ltd.,

Class

14,100

9,257

3,267,742

Containers

Packaging

0.1%

Cheng

Loong

Corp.

26,600

14,796

Klabin

22,500

75,374

Pumtech

Korea

Co.

Ltd.

276

10,286

SCG

Packaging

PCL,

NVDR

36,800

20,713

Taiwan

Hon

Chuan

Enterprise

Co.

Ltd.

4,857

19,987

Time

Technoplast

Ltd.

8,372

20,304

Ton

Industrial

Corp.

26,100

15,240

Youlchon

Chemical

Co.

Ltd.

460

10,219

186,919

Distributors

0.1%

China

Tobacco

International

Co.

Ltd.(b)

6,000

29,227

MBM

Resources

Bhd.

72,000

90,430

Silicon2

Co.

Ltd.*

276

8,717

Wuchan

Zhongda

Group

Co.

Ltd.,

Class

13,800

11,349

Zhejiang

China

Commodities

City

Group

Co.

Ltd.,

Class

7,800

20,209

159,932

Diversified

Consumer

Services

0.2%

Advtech

Ltd.

17,112

34,890

China

East

Education

Holdings

Ltd.*(b)

23,000

19,354

Shou

Yuan

International

Group

Ltd.(a)

49,000

18,535

Humansoft

Holding

Co.

KSC

37,530

302,490

Lung

Yen

Life

Service

Corp.*

8,448

14,290

National

Co.

for

Learning

Education

736

33,953

New

Oriental

Education

Technology

Group,

Inc.*

22,400

134,593

Offcn

Education

Technology

Co.

Ltd.,

Class

4,700

1,797

TAL

Education

Group,

ADR*

6,705

82,203

Tianli

International

Holdings

Ltd.(a)

(b)

50,000

15,440

657,545

Diversified

REITs

0.3%

Axis

REIT,

REIT

69,644

35,753

Concentradora

Fibra

Danhos

CV,

REIT

364,550

565,154

Fibra

Uno

Administracion

CV,

REIT(a)

58,500

85,015

Growthpoint

Properties

Ltd.,

REIT(a)

77,805

73,215

KLCCP

Stapled

Group,

REIT

9,600

19,943

Redefine

Properties

Ltd.,

REIT

201,935

62,914

Investments

Value

Diversified

REITs

(continued)

REITs

Co.

Ltd.,

REIT

4,738

17,592

Ziraat

Gayrimenkul

Yatirim

Ortakligi

A/S,

REIT

16,698

9,189

868,775

Diversified

Telecommunication

Services

0.9%

Chief

Telecom,

Inc.

1,104

12,965

China

Tower

Corp.

Ltd.,

Class

H(b)

99,400

143,622

Chunghwa

Telecom

Co.

Ltd.

49,609

211,404

CITIC

Telecom

International

Holdings

Ltd.

574,000

182,417

Converge

Information

and

Communications

Technology

Solutions,

Inc.

47,000

10,191

Emirates

Integrated

Telecommunications

Co.

PJSC

13,771

35,393

Emirates

Telecommunications

Group

Co.

PJSC

44,775

236,495

Hellenic

Telecommunications

Organization

4,590

86,407

HFCL

Ltd.

20,750

17,183

Indus

Towers

Ltd.*

15,390

63,036

Jasmine

Technology

Solution

PCL,

NVDR*

85,200

67,190

Uplus

Corp.

3,683

39,396

Magyar

Telekom

Telecommunications

plc

9,240

48,508

Ooredoo

QPSC

29,340

109,189

Operadora

Sites

Mexicanos

SAB

CV,

Series

A-1(a)

13,800

12,415

Tower

Bersama

Infrastructure

Tbk.

120,520

17,248

Railtel

Corp.

India

Ltd.

3,796

15,741

Rostelecom

PJSC*‡

33,770

—

Rostelecom

PJSC

(Preference)*‡

15,392

—

Sarana

Menara

Nusantara

Tbk.

8,374,584

274,453

Saudi

Telecom

Co.

24,615

296,550

Space42

plc*

44,482

22,526

Tata

Communications

Ltd.

1,610

34,013

Telecom

Egypt

Co.

14,030

14,879

Telefonica

Brasil

17,260

102,692

Telekom

Malaysia

Bhd.

27,000

47,063

Telkom

Indonesia

Persero

Tbk.

1,120,500

216,284

Telkom

SOC

Ltd.

105,660

295,842

TIME

dotCom

Bhd.

15,400

17,540

Turk

Telekomunikasyon

A/S*

19,746

23,950

2,654,592

Electric

Utilities

1.1%

Adani

Energy

Solutions

Ltd.*

4,500

49,992

Celsia

180,315

228,395

Centrais

Eletricas

Brasileiras

22,500

232,807

Centrais

Eletricas

Brasileiras

(Preference),

Class

4,800

52,937

CESC

Ltd.

10,345

20,972

CEZ

A/S(a)

2,430

149,008

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

136

Investments

Value

COMMON

STOCKS

(continued)

Electric

Utilities

(continued)

Chongqing

Three

Gorges

Water

Conservancy

Electric

Power

Co.

Ltd.,

Class

9,400

8,867

Cia

Energetica

Minas

Gerais

6,110

16,497

Cia

Energetica

Minas

Gerais

(Preference)

42,512

89,521

Cia

Paranaense

Energia

Copel

14,100

34,326

Cia

Paranaense

Energia

Copel

(Preference)

18,000

46,528

CPFL

Energia

4,700

36,307

Enel

Americas

316,204

29,870

Enel

Chile

590,868

45,154

Energisa

4,800

46,198

Enerjisa

Enerji

A/S(b)

7,676

15,061

Engie

Energia

Chile

151,200

217,693

Equatorial

Energia

29,413

200,178

Federal

Grid

Co.

Rosseti

PJSC

(Registered)*‡

22,532,366

—

Holding

Co.

ADMIE

IPTO

39,555

136,278

Inter

RAO

UES

PJSC*‡

1,596,292

—

Interconexion

Electrica

ESP

10,485

67,897

Isa

Energia

Brasil

(Preference)

9,100

42,432

Korea

Electric

Power

Corp.

5,850

174,710

Manila

Electric

Co.

8,100

80,518

Mosenergo

PJSC*‡

4,455,000

—

Neoenergia

13,500

73,151

Power

Grid

Corp.

India

Ltd.

65,655

213,115

Public

Power

Corp.

5,130

89,349

Reliance

Infrastructure

Ltd.*

93,285

226,941

RusHydro

PJSC*‡

2,361,000

—

Saudi

Electricity

Co.

16,065

68,670

SJVN

Ltd.

13,152

13,042

Synergy

Grid

Development

Phils,

Inc.

441,000

111,655

Tata

Power

Co.

Ltd.

(The)

25,515

116,378

Tenaga

Nasional

Bhd.

108,000

342,464

Torrent

Power

Ltd.

1,932

28,652

Transmissora

Alianca

Energia

Eletrica

5,000

35,375

3,340,938

Electrical

Equipment

1.3%

ABB

India

Ltd.

825

48,512

AcBel

Polytech,

Inc.

35,683

50,609

Allis

Electric

Co.

Ltd.

6,606

23,746

Amara

Raja

Energy

Mobility

Ltd.

2,250

25,466

Bharat

Heavy

Electricals

Ltd.

21,870

65,407

Bizlink

Holding,

Inc.

2,893

131,282

Cenergy

Holdings

966

16,055

Power

Industrial

Solutions

Ltd.

10,170

84,394

Chicony

Power

Technology

Co.

Ltd.

2,551

7,485

China

Electric

Co.

Ltd.,

Class

5,000

5,602

Chung-Hsin

Electric

Machinery

Manufacturing

Corp.

7,728

38,463

Wind

Corp.

552

16,912

Investments

Value

Electrical

Equipment

(continued)

CyberPower

Systems,

Inc.

28,431

221,503

Dongfang

Electric

Corp.

Ltd.,

Class

5,000

14,669

Dongfang

Electric

Corp.

Ltd.,

Class

H(a)

9,200

22,479

Doosan

Enerbility

Co.

Ltd.*

5,940

369,804

Doosan

Fuel

Cell

Co.

Ltd.*

690

20,679

Ecopro

Co.

Ltd.*

675

75,803

Ecopro

Co.

Ltd.

1,396

86,224

Ecopro

Materials

Co.

Ltd.*

506

22,374

Elecon

Engineering

Co.

Ltd.

3,552

22,465

Electrical

Industries

Co.

15,732

48,369

Fangda

Carbon

New

Material

Co.

Ltd.,

Class

5,300

4,590

Farasis

Energy

Gan

Zhou

Co.

Ltd.,

Class

784

1,967

Finolex

Cables

Ltd.

2,760

24,435

Fortune

Electric

Co.

Ltd.

3,543

82,406

Vernova

T&D

India

Ltd.

1,350

46,192

GEM

Co.

Ltd.,

Class

7,300

8,744

Goldwind

Science

Technology

Co.

Ltd.,

Class

5,600

9,511

Graphite

India

Ltd.

2,629

18,455

Gulf

Cables

Electrical

Industries

Group

Co.

KSCP

3,008

22,049

Havells

India

Ltd.

3,330

56,039

HBL

Engineering

Ltd.

4,272

48,326

Hyundai

Electric

Co.

Ltd.

340

207,615

Hitachi

Energy

India

Ltd.

199

39,853

Hyosung

Heavy

Industries

Corp.

68,931

Iljin

Electric

Co.

Ltd.

611

24,702

Inox

Wind

Ltd.*

15,365

26,851

Jiangsu

Zhongtian

Technology

Co.

Ltd.,

Class

4,500

10,723

KEI

Industries

Ltd.

947

43,013

Korea

Electric

Terminal

Co.

Ltd.

2,835

123,170

Energy

Solution

Ltd.*

585

194,213

Corp.

630

92,416

Electric

Co.

Ltd.

180

54,957

Materials

Ltd.*

2,438

22,930

Ming

Yang

Smart

Energy

Group

Ltd.,

Class

4,500

9,578

NARI

Technology

Co.

Ltd.,

Class

9,700

33,041

Ningbo

Deye

Technology

Co.

Ltd.,

Class

1,764

18,470

Ningbo

Ronbay

New

Energy

Technology

Co.

Ltd.,

Class

3,496

13,736

Polycab

India

Ltd.

945

82,012

POSCO

Future

Co.

Ltd.*

503

76,434

REPT

BATTERO

Energy

Co.

Ltd.,

Class

H*(a)

9,200

16,536

Riyadh

Cables

Group

Co.

720

27,205

Kabel

Ltd.

1,380

21,950

Sanil

Electric

Co.

Ltd.

276

30,356

Schneider

Electric

Infrastructure

Ltd.*

1,400

13,192

Shanghai

Electric

Group

Co.

Ltd.,

Class

24,000

31,411

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

137

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Electrical

Equipment

(continued)

Shihlin

Electric

Engineering

Corp.

5,136

33,331

Shinsung

Delta

Tech

Co.

Ltd.

368

14,154

Technology

Co.

Ltd.*(b)

644

13,877

State

Grid

Yingda

Co.

Ltd.,

Class

18,400

16,684

Suzlon

Energy

Ltd.*

171,360

114,470

Electric

Wire

Cable

16,625

22,714

Taihan

Cable

Solution

Co.

Ltd.*

1,021

17,342

Tatung

Co.

Ltd.

29,275

34,474

TBEA

Co.

Ltd.,

Class

15,350

42,252

Teco

Electric

and

Machinery

Co.

Ltd.

22,000

83,374

Transformers

Rectifiers

India

Ltd.

2,622

13,156

Triveni

Turbine

Ltd.

2,700

16,281

V-Guard

Industries

Ltd.

4,754

19,400

Voltronic

Power

Technology

Corp.

1,000

39,361

Walsin

Lihwa

Corp.

58,163

56,572

WEG

22,300

174,337

Xi'An

Shaangu

Power

Co.

Ltd.,

Class

9,200

11,252

XTC

New

Energy

Materials

Xiamen

Co.

Ltd.,

Class

1,021

11,927

Zhejiang

Huayou

Cobalt

Co.

Ltd.,

Class

4,840

44,097

Zhuhai

CosMX

Battery

Co.

Ltd.,

Class

5,106

19,244

3,822,610

Electronic

Equipment,

Instruments

Components

4.1%

AAC

Technologies

Holdings,

Inc.

13,000

66,905

Ability

Opto-Electronics

Technology

Co.

Ltd.

3,072

9,853

All

Ring

Tech

Co.

Ltd.

2,000

23,975

Asia

Optical

Co.,

Inc.

7,296

37,262

AUO

Corp.

83,050

32,824

Aurora

Corp.

4,316

8,101

Avary

Holding

Shenzhen

Co.

Ltd.,

Class

4,100

30,289

BOE

Technology

Group

Co.

Ltd.,

Class

56,400

32,191

Cal-Comp

Electronics

Thailand

PCL,

NVDR

131,600

24,826

Chang

Wah

Electromaterials,

Inc.

10,200

15,031

Channel

Well

Technology

Co.

Ltd.

74,289

186,804

Cheng

Uei

Precision

Industry

Co.

Ltd.

115,290

185,268

China

Railway

Signal

Communication

Corp.

Ltd.,

Class

21,630

16,146

China

Railway

Signal

Communication

Corp.

Ltd.,

Class

H(a)(b)

52,000

22,815

Chin-Poon

Industrial

Co.

Ltd.

131,684

140,504

Chroma

ATE,

Inc.

6,603

175,917

Chunghwa

Precision

Test

Tech

Co.

Ltd.

720

37,709

Compeq

Manufacturing

Co.

Ltd.

33,000

93,715

Investments

Value

Electronic

Equipment,

Instruments

Components

(continued)

Coretronic

Corp.

9,168

26,125

Daeduck

Electronics

Co.

Ltd.

2,208

58,813

Daejoo

Electronic

Materials

Co.

Ltd.

460

24,408

DataTec

Ltd.

75,101

311,496

Delta

Electronics

Thailand

PCL,

NVDR

63,100

423,464

Delta

Electronics,

Inc.

27,760

898,513

Dynapack

International

Technology

Corp.

2,935

29,311

Ink

Holdings,

Inc.

14,429

99,507

Elite

Material

Co.

Ltd.

5,163

228,414

Everdisplay

Optronics

Shanghai

Co.

Ltd.,

Class

47,586

18,196

First

Hi-Tec

Enterprise

Co.

Ltd.

2,000

22,934

FLEXium

Interconnect,

Inc.*

8,432

17,335

Fositek

Corp.

1,000

47,331

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

13,500

136,644

Foxconn

Technology

Co.

Ltd.

22,261

51,777

Fulltech

Fiber

Glass

Corp.*

9,000

21,138

General

Interface

Solution

GIS

Holding

Ltd.*

11,191

18,020

Genius

Electronic

Optical

Co.

Ltd.

2,150

29,339

Genus

Power

Infrastructures

Ltd.

5,088

19,539

Global

Brands

Manufacture

Ltd.

108,017

411,112

GoerTek,

Inc.,

Class

3,800

17,549

Gold

Circuit

Electronics

Ltd.

5,240

79,347

Hannstar

Board

Corp.

97,772

300,558

HannStar

Display

Corp.*

23,288

5,417

Hanwha

Vision

Co.

Ltd.*

460

16,272

Holy

Stone

Enterprise

Co.

Ltd.

3,250

12,052

Hon

Hai

Precision

Industry

Co.

Ltd.

285,904

2,394,856

Honeywell

Automation

India

Ltd.

21,378

I-Chiun

Precision

Industry

Co.

Ltd.

3,054

7,302

Innolux

Corp.

94,000

40,669

IRICO

Display

Devices

Co.

Ltd.,

Class

13,800

11,368

IsuPetasys

Co.

Ltd.

987

78,905

ITEQ

Corp.

6,096

23,201

ITMAX

SYSTEM

Bhd.

13,800

14,960

JNTC

Co.

Ltd.*

799

15,226

Kaynes

Technology

India

Ltd.*

535

40,406

KCE

Electronics

PCL,

NVDR

247,100

194,868

Kingboard

Holdings

Ltd.

20,500

73,431

Kingboard

Laminates

Holdings

Ltd.

(a)

27,500

46,068

Largan

Precision

Co.

Ltd.

1,400

100,875

Display

Co.

Ltd.*

5,626

58,047

Innotek

Co.

Ltd.

322

54,467

Lingyi

iTech

Guangdong

Co.,

Class

6,500

14,282

Lotes

Co.

Ltd.

1,500

67,337

Luxshare

Precision

Industry

Co.

Ltd.,

Class

8,300

73,509

Development

Ltd.*‡

22,000

—

Nan

Printed

Circuit

Board

Corp.

5,664

53,524

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

138

Investments

Value

COMMON

STOCKS

(continued)

Electronic

Equipment,

Instruments

Components

(continued)

Nationgate

Holdings

Bhd.

383,700

108,110

Nichidenbo

Corp.

63,025

184,927

Pan-International

Industrial

Corp.

20,845

38,108

Park

Systems

Corp.

138

23,585

Electroplast

Ltd.

644

4,142

Primax

Electronics

Ltd.

14,600

39,420

Promate

Electronic

Co.

Ltd.

87,712

135,530

Quest

Holdings

SA(a)

8,235

67,009

Raytron

Technology

Co.

Ltd.,

Class

343

4,005

Redington

Ltd.

17,640

50,423

RoboSense

Technology

Co.

Ltd.*

4,900

21,965

Samsung

Electro-Mechanics

Co.

Ltd.

1,260

216,670

Samsung

SDI

Co.

Ltd.

875

197,754

Scientech

Corp.

1,000

11,613

Shanghai

BOCHU

Electronic

Technology

Corp.

Ltd.,

Class

736

14,165

Shengyi

Technology

Co.

Ltd.,

Class

4,900

44,292

Simplo

Technology

Co.

Ltd.

4,656

53,086

Sinbon

Electronics

Co.

Ltd.

4,561

31,380

Solomon

Technology

Corp.

3,078

13,167

SOLUM

Co.

Ltd.*

14,400

180,916

Sunny

Optical

Technology

Group

Co.

Ltd.

10,400

100,625

SUPCON

Technology

Co.

Ltd.,

Class

1,702

12,518

Supreme

Electronics

Co.

Ltd.

194,160

416,856

Synnex

Technology

International

Corp.

36,401

67,258

Syrma

SGS

Technology

Ltd.

1,656

15,181

Taiwan

Surface

Mounting

Technology

Corp.

6,816

24,390

Taiwan

Union

Technology

Corp.

4,128

51,766

TCL

Technology

Group

Corp.,

Class

36,260

21,970

Test

Research,

Inc.

4,350

22,146

Thinking

Electronic

Industrial

Co.

Ltd.

2,688

16,526

Tong

Hsing

Electronic

Industries

Ltd.

2,783

11,362

TPK

Holding

Co.

Ltd.

9,050

10,716

Tripod

Technology

Corp.

14,000

155,525

TXC

Corp.

4,608

13,341

Unimicron

Technology

Corp.

21,910

116,531

Unisplendour

Corp.

Ltd.,

Class

4,600

17,512

Unitech

Printed

Circuit

Board

Corp.

234,446

200,958

Universal

Microwave

Technology,

Inc.

1,000

14,313

Industry

Bhd.

46,065

5,445

Wah

Lee

Industrial

Corp.

68,810

202,349

Walsin

Technology

Corp.

5,952

24,009

Wasion

Holdings

Ltd.(a)

180,000

289,493

Weikeng

Industrial

Co.

Ltd.

159,860

152,886

Wintek

Corp.*‡

64,000

—

WPG

Holdings

Ltd.

32,200

63,162

Microelectronics

Co.

Ltd.

21,650

100,711

Wuhan

Guide

Infrared

Co.

Ltd.,

Class

14,100

27,513

Investments

Value

Electronic

Equipment,

Instruments

Components

(continued)

Yageo

Corp.

43,188

349,820

Zero

One

Technology

Co.

Ltd.

2,000

7,449

Zhejiang

Dahua

Technology

Co.

Ltd.,

Class

5,200

14,949

Zhen

Ding

Technology

Holding

Ltd.

17,150

90,936

11,907,908

Energy

Equipment

Services

0.3%

Ades

Holding

Co.

6,532

29,436

ADNOC

Drilling

Co.

PJSC

31,940

48,524

Arabian

Drilling

Co.

598

14,120

Bumi

Armada

Bhd.

1,084,500

85,455

China

Oilfield

Services

Ltd.,

Class

5,000

10,115

China

Oilfield

Services

Ltd.,

Class

18,000

17,532

China

Petroleum

Engineering

Corp.,

Class

27,800

13,913

COFCO

Capital

Holdings

Co.

Ltd.,

Class

4,900

8,748

Dayang

Enterprise

Holdings

Bhd.

256,500

91,257

Dialog

Group

Bhd.

79,100

37,019

Gulf

International

Services

QSC

559,800

475,238

NMDC

Energy

6,992

4,759

Offshore

Oil

Engineering

Co.

Ltd.,

Class

23,500

17,972

Yinson

Holdings

Bhd.

39,688

22,460

876,548

Entertainment

0.7%

China

Film

Group

Co.

Ltd.,

Class

9,200

18,702

China

Ruyi

Holdings

Ltd.*(a)

132,000

47,045

ENM

Co.

Ltd.*

506

24,932

Damai

Entertainment

Holdings

Ltd.*(a)

130,000

15,388

HYBE

Co.

Ltd.

270

64,622

International

Games

System

Co.

Ltd.

3,640

85,254

iQIYI,

Inc.,

ADR*(a)

178,470

412,266

JYP

Entertainment

Corp.

480

27,255

Kakao

Games

Corp.*

828

9,362

Kingsoft

Corp.

Ltd.

16,400

71,447

Krafton,

Inc.*

450

87,173

Maoyan

Entertainment(a)(b)

131,649

112,471

Entertainment

Tbk.

PT*

122,755

41,890

Nazara

Technologies

Ltd.*

4,784

14,400

NCSoft

Corp.

14,238

NetEase

Cloud

Music,

Inc.*(b)

950

29,433

NetEase,

Inc.

24,400

681,249

Netmarble

Corp.(b)

276

10,480

Pearl

Abyss

Corp.*

368

8,937

Perfect

World

Co.

Ltd.,

Class

4,100

9,873

PVR

Inox

Ltd.*

1,104

15,006

Saregama

India

Ltd.

1,900

9,736

SHIFT

Corp.*

322

8,679

Entertainment

Co.

Ltd.

144

12,078

SMI

Holdings

Group

Ltd.*‡

72,000

—

Studio

Dragon

Corp.*

460

14,706

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

139

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Entertainment

(continued)

Tencent

Music

Entertainment

Group,

Class

14,254

159,281

Tips

Music

Ltd.

1,840

10,962

Wemade

Co.

Ltd.*

388

7,312

XD,

Inc.(b)

6,000

52,070

XPEC

Entertainment,

Inc.*‡

14,800

—

Entertainment,

Inc.

423

27,166

2,103,413

Financial

Services

1.4%

Aavas

Financiers

Ltd.*

1,853

34,442

Aditya

Birla

Capital

Ltd.*

13,647

49,840

Aptus

Value

Housing

Finance

India

Ltd.

6,532

23,370

Bajaj

Finserv

Ltd.

5,400

127,032

Bajaj

Holdings

Investment

Ltd.

440

60,980

Bajaj

Housing

Finance

Ltd.*

7,176

8,909

Borusan

Yatirim

Pazarlama

A/S

230

13,396

Can

Fin

Homes

Ltd.

2,250

21,998

Chailease

Holding

Co.

Ltd.

38,828

130,096

Corp.

Financiera

Colombiana

SA*

6,762

31,913

CSSC

Hong

Kong

Shipping

Co.

Ltd.

(b)

540,000

144,515

Destek

Finans

Faktoring

A/S*

1,288

19,696

E-Finance

for

Digital

Financial

Investments

67,298

20,429

Far

East

Horizon

Ltd.

50,000

44,904

Fawry

for

Banking

Payment

Technology

Services

SAE*

44,933

13,887

FirstRand

Ltd.(a)

133,650

634,071

Grupo

Inversiones

Suramericana

(Preference)

4,990

52,865

Home

First

Finance

Co.

India

Ltd.(b)

1,932

26,010

Housing

Urban

Development

Corp.

Ltd.

7,450

19,890

IFCI

Ltd.*

28,842

18,828

IIFL

Finance

Ltd.*

101,970

614,086

India

Shelter

Finance

Corp.

Ltd.

1,012

10,076

Indian

Railway

Finance

Corp.

Ltd.(b)

25,619

35,587

Indian

Renewable

Energy

Development

Agency

Ltd.*

2,530

4,330

Jio

Financial

Services

Ltd.

41,220

142,459

JSW

Holdings

Ltd.*

17,347

L&T

Finance

Ltd.

11,562

35,230

LIC

Housing

Finance

Ltd.

8,595

55,280

Meritz

Financial

Group,

Inc.

2,025

157,054

National

Investments

Co.

KSCP

143,460

158,907

One

Communications

Ltd.*

3,735

54,831

Piramal

Finance

Ltd.‡

1,886

31,077

PNB

Housing

Finance

Ltd.(b)

1,056

11,047

Power

Finance

Corp.

Ltd.

32,805

149,019

REC

Ltd.

29,385

124,083

Remgro

Ltd.

11,025

109,503

Sammaan

Capital

Ltd.*

293,805

624,174

Holdings

Group

Ltd.(a)(b)

12,000

17,416

Investments

Value

Financial

Services

(continued)

Turkiye

Sinai

Kalkinma

Bankasi

A/S*

448,515

137,495

Yuanta

Financial

Holding

Co.

Ltd.

185,537

208,224

4,194,296

Food

Products

1.9%

Agthia

Group

PJSC

111,285

117,255

Alfa

SAB

CV,

Class

A(a)

85,500

64,569

Alicorp

SAA

103,500

282,418

Almarai

Co.

JSC

5,715

75,557

Anjoy

Foods

Group

Co.

Ltd.,

Class

500

5,194

AVI

Ltd.

5,424

30,199

AWL

Agri

Business

Ltd.*

3,312

10,254

Balrampur

Chini

Mills

Ltd.

3,850

19,905

Betagro

PCL

24,400

12,074

Bombay

Burmah

Trading

Co.

7,740

172,707

Britannia

Industries

Ltd.

1,800

118,346

CCL

Products

India

Ltd.

2,597

25,152

Century

Pacific

Food,

Inc.

17,700

10,527

Charoen

Pokphand

Enterprise

4,272

19,039

Charoen

Pokphand

Foods

PCL,

NVDR

77,400

50,507

Charoen

Pokphand

Indonesia

Tbk.

102,580

28,806

Cherkizovo

Group

PJSC*‡

2,594

—

China

Feihe

Ltd.(b)

90,000

48,056

China

Huiyuan

Juice

Group

Ltd.*‡

24,000

—

China

Mengniu

Dairy

Co.

Ltd.

78,000

141,906

China

Youran

Dairy

Group

Ltd.*(b)

450,000

187,592

Chongqing

Fuling

Zhacai

Group

Co.

Ltd.,

Class

3,120

5,755

Cisarua

Mountain

Dairy

Tbk.

36,800

12,558

CheilJedang

Corp.

141

22,712

COFCO

Sugar

Holding

Co.

Ltd.,

Class

9,200

20,215

Daesang

Corp.

6,930

101,415

Farm

Fresh

Bhd.

23,000

13,345

Formosa

Oilseed

Processing

Co.

Ltd.

4,220

4,201

Foshan

Haitian

Flavouring

Food

Co.

Ltd.,

Class

5,280

28,288

Genting

Plantations

Bhd.

13,800

16,739

Godrej

Agrovet

Ltd.(b)

414

3,093

Great

Wall

Enterprise

Co.

Ltd.

24,650

41,697

Gruma

SAB

CV,

Class

2,796

47,519

Grupo

Bimbo

SAB

CV,

Class

Series

A(a)

20,668

71,524

Guan

Chong

Bhd.

388,533

83,496

Guangdong

Haid

Group

Co.

Ltd.,

Class

1,900

15,596

Heilongjiang

Agriculture

Co.

Ltd.,

Class

5,500

11,173

Henan

Shuanghui

Investment

Development

Co.

Ltd.,

Class

2,700

9,770

Huishan

Dairy*‡

158,000

—

Indofood

CBP

Sukses

Makmur

Tbk.

42,400

22,182

Indofood

Sukses

Makmur

Tbk.

81,000

36,043

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

140

Investments

Value

COMMON

STOCKS

(continued)

Food

Products

(continued)

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

5,700

21,964

IOI

Corp.

Bhd.

32,900

31,580

Japfa

Comfeed

Indonesia

Tbk.

1,948,500

294,091

Jiangsu

Provincial

Agricultural

Reclamation

and

Development

Corp.,

Class

9,400

12,289

Johor

Plantations

Group

Bhd.

328,500

121,579

Jonjee

Hi-Tech

Industrial

and

Commercial

Holding

Co.

Ltd.,

Class

4,600

11,789

Juhayna

Food

Industries

114,480

79,002

Kim

Loong

Resources

Bhd.

23,000

12,741

Kuala

Lumpur

Kepong

Bhd.

9,192

44,994

Leong

Hup

International

Bhd.(b)

598,500

93,605

Lian

HWA

Food

Corp.

2,214

7,994

Lien

Hwa

Industrial

Holdings

Corp.

19,619

30,793

Lotte

Wellfood

Co.

Ltd.

855

68,412

Foods

Ltd.

3,911

18,526

Lydia

Yesil

Enerji

Kaynaklari

Anonimsirketi*

22,153

Dias

Branco

40,600

221,051

Marico

Ltd.

9,225

74,816

MBRF

Global

Foods

Co.

18,400

61,058

Monde

Nissin

Corp.(b)

119,600

13,718

Mrs

Bectors

Food

Specialities

Ltd.(b)

1,104

16,659

Muyuan

Foods

Co.

Ltd.,

Class

9,120

64,489

National

Agriculture

Development

Co.

(The)*

6,578

36,555

Nestle

India

Ltd.

10,260

146,969

Nestle

Malaysia

Bhd.

700

18,887

New

Hope

Liuhe

Co.

Ltd.,

Class

4,300

5,882

NongShim

Co.

Ltd.

16,219

Orion

Corp.

540

37,636

Orion

Holdings

Corp.

7,695

102,672

Otoki

Corp.

630

171,788

Patanjali

Foods

Ltd.

3,036

20,602

PPB

Group

Bhd.

18,280

48,624

Resources

Bhd.

33,392

33,089

Samyang

Foods

Co.

Ltd.

49,199

Sao

Martinho

48,500

126,448

Sarawak

Oil

Palms

Bhd.

94,500

84,165

Saudia

Dairy

Foodstuff

Co.

294

22,484

Guthrie

Bhd.

28,203

35,557

SLC

Agricola

72,000

215,927

Tata

Consumer

Products

Ltd.

9,168

120,317

Thai

Union

Group

PCL,

NVDR

85,500

34,639

Thai

Vegetable

Oil

PCL,

NVDR

166,400

124,536

Thaifoods

Group

PCL,

NVDR

1,075,500

151,006

Tiger

Brands

Ltd.

3,735

70,767

Tingyi

Cayman

Islands

Holding

Corp.

36,000

49,376

Tres

Tentos

Agroindustrial

45,000

133,785

Triputra

Agro

Persada

1,485,000

167,877

Triveni

Engineering

Industries

Ltd.

4,263

17,146

Ulker

Biskuvi

Sanayi

A/S

6,672

17,153

Investments

Value

Food

Products

(continued)

Uni-President

China

Holdings

Ltd.

28,000

30,298

Uni-President

Enterprises

Corp.

73,479

188,113

United

Plantations

Bhd.

3,200

18,949

Universal

Robina

Corp.

13,770

17,081

Want

China

Holdings

Ltd.

47,000

30,357

Yihai

International

Holding

Ltd.(a)

15,000

23,005

Zad

Holding

Co.

828

3,179

Zydus

Wellness

Ltd.

4,410

23,677

5,704,651

Gas

Utilities

0.4%

Adani

Total

Gas

Ltd.

2,567

18,264

Aygaz

A/S

19,485

91,523

Beijing

Enterprises

Holdings

Ltd.

8,500

37,293

China

Gas

Holdings

Ltd.

54,000

55,513

China

Resources

Gas

Group

Ltd.

18,000

49,469

ENN

Energy

Holdings

Ltd.

18,500

161,026

GAIL

India

Ltd.

63,180

130,073

Great

Taipei

Gas

Co.

Ltd.

25,547

24,931

Grupo

Energia

Bogota

ESP

63,540

51,845

Gujarat

Gas

Ltd.

2,679

12,295

Gujarat

State

Petronet

Ltd.

1,242

4,332

Indraprastha

Gas

Ltd.

4,710

11,245

Korea

Gas

Corp.

999

29,239

Kunlun

Energy

Co.

Ltd.

90,000

82,679

Mahanagar

Gas

Ltd.(b)

1,794

25,805

National

Gas

Industrialization

Co.

1,155

27,395

Perusahaan

Gas

Negara

Tbk.

154,790

16,196

Petronas

Gas

Bhd.

13,500

59,635

Towngas

Smart

Energy

Co.

Ltd.(a)

425,290

213,406

1,102,164

Ground

Transportation

0.4%

ANE

Cayman,

Inc.

253,000

373,370

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.,

Class

61,900

45,163

BTS

Group

Holdings

PCL,

NVDR*

9,948

904

China

Railway

Special

Cargo

Logistics

Co.

Ltd.,

Class

18,400

10,890

Container

Corp.

India

Ltd.

5,364

32,947

Daqin

Railway

Co.

Ltd.,

Class

37,400

30,126

Full

Truck

Alliance

Co.

Ltd.,

ADR

10,980

142,740

Guangshen

Railway

Co.

Ltd.,

Class

27,600

11,873

GUR-Sel

Turizm

Tasimacilik

Servis

Ticaret

A/S

8,100

65,738

LDR

Turizm

A/S

8,510

12,882

Localiza

Rent

Car

23,106

169,225

Lotte

Rental

Co.

Ltd.

4,770

98,095

Lumi

Rental

Co.*

1,242

20,683

Rumo

18,000

53,213

United

International

Transportation

Co.

1,012

19,956

Vamos

Locacao

Caminhoes

Maquinas

Equipamentos

171,000

102,883

1,190,688

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

141

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Health

Care

Equipment

Supplies

0.1%

Angelalign

Technology,

Inc.(a)(b)

2,000

16,469

Classys,

Inc.

144

4,983

Dentium

Co.

Ltd.

2,661

106,459

Hartalega

Holdings

Bhd.

21,400

6,183

HLB,

Inc.*

1,845

62,935

Kossan

Rubber

Industries

Bhd.

35,000

9,945

Microport

Scientific

Corp.*

25,598

39,885

Poly

Medicure

Ltd.

850

19,147

Biosensor,

Inc.

2,714

18,192

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

54,000

37,727

Shanghai

Conant

Optical

Co.

Ltd.,

Class

3,500

20,273

Shanghai

MicroPort

MedBot

Group

Co.

Ltd.,

Class

8,500

29,988

Sri

Trang

Gloves

Thailand

PCL,

NVDR

4,200

870

Supermax

Corp.

Bhd.*

57,600

6,533

TaiDoc

Technology

Corp.

2,900

11,603

Top

Glove

Corp.

Bhd.*

41,400

6,228

397,420

Health

Care

Providers

Services

1.0%

Hammadi

Holding

1,840

17,133

Almoosa

Health

Co.

460

24,532

Apollo

Hospitals

Enterprise

Ltd.

1,620

140,172

Aster

Healthcare

Ltd.(b)

1,518

11,595

Bangkok

Chain

Hospital

PCL,

NVDR

20,800

7,269

Bangkok

Dusit

Medical

Services

PCL,

NVDR

79,900

46,702

Bumrungrad

Hospital

PCL,

NVDR

4,900

26,065

Chabiotech

Co.

Ltd.*

537

4,632

Chularat

Hospital

PCL,

NVDR

700

Dallah

Healthcare

Co.

585

24,023

Lal

PathLabs

Ltd.(b)

822

29,034

Sulaiman

Habib

Medical

Services

Group

Co.

1,395

101,254

Fleury

81,000

218,852

Fortis

Healthcare

Ltd.

7,130

82,170

Genertec

Universal

Medical

Group

Co.

Ltd.(b)

292,500

232,955

Global

Health

Ltd.

1,978

29,223

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

4,600

17,046

Gushengtang

Holdings

Ltd.

4,800

17,638

Hanmi

Science

Co.

Ltd.

552

15,265

Hapvida

Participacoes

Investimentos

SA*(b)

7,633

44,337

HealthyWay,

Inc.*

5,500

4,536

Hygeia

Healthcare

Holdings

Co.

Ltd.*(a)(b)

10,200

17,166

IHH

Healthcare

Bhd.

36,000

70,917

Jinxin

Fertility

Group

Ltd.*(a)(b)

50,000

15,826

Investments

Value

Health

Care

Providers

Services

(continued)

Jointown

Pharmaceutical

Group

Co.

Ltd.,

Class

18,400

13,192

KPJ

Healthcare

Bhd.

49,024

33,245

Krishna

Institute

Medical

Sciences

Ltd.*(b)

4,320

35,089

Life

Healthcare

Group

Holdings

Ltd.

523,710

358,658

Max

Healthcare

Institute

Ltd.

9,360

121,024

Medikaloka

Hermina

Tbk.

PT(b)

178,894

16,136

Metropolis

Healthcare

Ltd.*(b)

1,104

24,505

Middle

East

Healthcare

Co.

782

10,666

Mitra

Keluarga

Karyasehat

Tbk.

PT(b)

100,200

15,545

MLP

Saglik

Hizmetleri

A/S,

Class

B*(b)

20,700

165,412

Mouwasat

Medical

Services

Co.

1,932

39,592

Narayana

Hrudayalaya

Ltd.(b)

1,200

23,756

National

Medical

Care

Co.

782

36,992

Netcare

Ltd.

467,505

393,532

New

Horizon

Health

Ltd.*‡(b)

4,000

937

Odontoprev

13,990

33,071

Pure

Health

Holding

PJSC

25,208

19,285

Rainbow

Children's

Medicare

Ltd.

1,794

27,675

Ramkhamhaeng

Hospital

PCL,

NVDR

600

345

Rede

D'Or

Sao

Luiz

SA(b)

18,000

144,865

Saudi

Chemical

Co.

Holding

13,754

27,067

Sejahteraraya

Anugrahjaya

Tbk.

PT*

46,000

32,501

Selcuk

Ecza

Deposu

Ticaret

Sanayi

A/S

7,003

12,957

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

14,600

21,997

Sinopharm

Group

Co.

Ltd.,

Class

36,000

89,720

Topchoice

Medical

Corp.,

Class

700

4,276

Universal

Vision

Biotechnology

Co.

Ltd.

2,226

10,355

Vijaya

Diagnostic

Centre

Ltd.

1,564

17,418

2,928,189

Health

Care

Technology

0.0%(d)

Inventurus

Knowledge

Solutions

Ltd.*

506

9,382

Lunit,

Inc.*

322

9,707

19,089

Hotels,

Restaurants

Leisure

1.7%

Abu

Dhabi

National

Hotels

3,266,685

396,668

Advent

Hotels

International

Pvt

Ltd.*‡

7,806

27,497

Alsea

SAB

193,960

536,457

Ambassador

Hotel

(The)

71,288

99,716

Americana

Restaurants

International

plc

Foreign

Co.

42,872

24,395

Asset

World

Corp.

PCL,

NVDR

352,400

23,977

Atour

Lifestyle

Holdings

Ltd.,

ADR

942

36,700

Central

Plaza

Hotel

PCL

1,600

1,596

Central

Plaza

Hotel

PCL,

NVDR

15,100

15,060

Chagee

Holdings

Ltd.,

ADR*(a)

368

5,759

Chalet

Hotels

Ltd.*

2,045

21,879

Devyani

International

Ltd.*

5,106

9,307

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

142

Investments

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

Leisure

(continued)

DigiPlus

Interactive

Corp.

45,920

16,347

DoubleUGames

Co.

Ltd.

3,870

136,357

DPC

Dash

Ltd.*

2,200

24,966

EIH

Ltd.

4,500

19,760

Eternal

Ltd.*

65,790

235,490

Genting

Bhd.

64,000

51,652

Genting

Malaysia

Bhd.

70,000

38,945

Grand

Korea

Leisure

Co.

Ltd.

2,116

23,020

Guming

Holdings

Ltd.*

6,800

19,896

World

Group

Ltd.

22,500

87,601

Haidilao

International

Holding

Ltd.

(a)(b)

28,164

46,383

Hana

Tour

Service,

Inc.

368

12,320

Hanjin

Kal

Corp.

450

33,069

Indian

Hotels

Co.

Ltd.

(The),

Class

13,815

115,442

Intralot

SA-Integrated

Information

Systems

Gaming

Services*(a)

7,896

10,171

ITC

Hotels

Ltd.*

10,350

25,286

Jabal

Omar

Development

Co.*

8,280

39,058

Jahez

International

Co.*

1,794

10,108

Jollibee

Foods

Corp.

3,210

11,815

Jubilant

Foodworks

Ltd.

6,672

44,934

Kangwon

Land,

Inc.

1,822

21,587

Leejam

Sports

Co.

JSC

499

17,019

Lemon

Tree

Hotels

Ltd.*(b)

19,505

36,313

Lion

Travel

Service

Co.

Ltd.

29,000

148,108

Lotte

Tour

Development

Co.

Ltd.*

966

12,299

Meituan,

Class

B*(b)

73,800

968,529

Minor

International

PCL,

NVDR

44,400

31,582

Mixue

Group,

Class

H*(a)

400

21,276

OPAP

2,470

51,173

Paradise

Co.

Ltd.

18,675

242,359

Petrokent

Turizm

A/S*

2,070

11,323

Sapphire

Foods

India

Ltd.*

4,000

12,889

Seera

Group

Holding*

6,030

49,814

Shanghai

Jinjiang

International

Hotels

Co.

Ltd.,

Class

4,600

14,556

Smartfit

Escola

Ginastica

Danca

4,895

22,888

Southern

Sun

Ltd.

267,255

141,858

Swiggy

Ltd.*

2,944

13,596

TAB

Gida

Sanayi

Ticaret

A/S

2,346

13,262

Talabat

Holding

plc

62,974

16,425

Tbo

Tek

Ltd.*

828

13,834

Tongcheng

Travel

Holdings

Ltd.(b)

18,400

50,663

Travellers

International

Hotel

Group,

Inc.*‡

209,900

—

TravelSky

Technology

Ltd.,

Class

H(a)

21,000

27,668

Trip.com

Group

Ltd.

7,750

541,948

Wowprime

Corp.

1,654

11,595

Yum

China

Holdings,

Inc.(a)

4,770

206,350

4,900,545

Investments

Value

Household

Durables

1.0%

Ability

Enterprise

Co.

Ltd.

6,718

18,772

Amber

Enterprises

India

Ltd.*

239

21,637

Arcelik

A/S*

2,915

7,667

Beijing

Roborock

Technology

Co.

Ltd.,

Class

515

11,830

Cello

World

Ltd.

3,266

24,085

Coway

Co.

Ltd.

1,215

76,068

Crompton

Greaves

Consumer

Electricals

Ltd.

6,674

21,254

Cuckoo

Holdings

Co.

Ltd.

3,735

75,237

Cury

Construtora

Incorporadora

49,500

321,167

Cyrela

Brazil

Realty

Empreendimentos

Participacoes

99,000

560,157

Direcional

Engenharia

141,200

445,220

Dixon

Technologies

India

Ltd.(b)

489

85,349

Eureka

Forbes

Ltd.*

1,960

12,329

Gree

Electric

Appliances,

Inc.

Zhuhai,

Class

9,000

50,292

Haier

Smart

Home

Co.

Ltd.,

Class

14,600

55,027

Haier

Smart

Home

Co.

Ltd.,

Class

54,000

175,364

Hanssem

Co.

Ltd.*

644

21,018

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

10,000

29,515

Hisense

Visual

Technology

Co.

Ltd.,

Class

4,700

16,373

Jason

Furniture

Hangzhou

Co.

Ltd.,

Class

4,600

19,924

KingClean

Electric

Co.

Ltd.,

Class

4,600

16,555

Electronics,

Inc.

2,520

154,941

Electronics,

Inc.

(Preference)

584

18,343

Merry

Electronics

Co.

Ltd.

86,005

286,767

Midea

Group

Co.

Ltd.,

Class

13,500

144,994

Nien

Made

Enterprise

Co.

Ltd.

3,000

36,108

PIK-Spetsializirovannyy

Zastroyshchik

PAO*‡

4,646

—

Shenzhen

MTC

Co.

Ltd.,

Class

9,600

8,300

Sichuan

Changhong

Electric

Co.

Ltd.,

Class

9,200

13,166

Symphony

Ltd.

564

5,939

Taiwan

Sakura

Corp.

5,000

13,858

TCL

Electronics

Holdings

Ltd.

37,000

43,940

Whirlpool

India

Ltd.

1,978

31,175

2,822,371

Household

Products

0.0%(d)

Blue

Moon

Group

Holdings

Ltd.(a)(b)

25,000

9,554

Jyothy

Labs

Ltd.

5,039

17,852

Kimberly-Clark

Mexico

SAB

CV,

Class

A(a)

24,018

46,556

Opple

Lighting

Co.

Ltd.,

Class

4,600

11,252

Unilever

Indonesia

Tbk.

115,000

17,841

103,055

Independent

Power

and

Renewable

Electricity

Producers

1.3%

Aboitiz

Power

Corp.

29,900

20,958

ACEN

Corp.

368,000

14,507

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

143

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Independent

Power

and

Renewable

Electricity

Producers

(continued)

ACWA

Power

Co.*

2,025

130,513

Adani

Green

Energy

Ltd.*

5,445

69,925

Adani

Power

Ltd.*

83,025

147,632

Aksa

Enerji

Uretim

A/S,

Class

3,760

4,650

Auren

Energia

130,800

266,936

Grimm

Power

PCL,

NVDR

69,700

34,920

Banpu

Power

PCL,

NVDR

250,000

98,964

Barito

Renewables

Energy

Tbk.

184,500

96,244

BCPG

PCL,

NVDR

412,800

105,322

CECEP

Solar

Energy

Co.

Ltd.,

Class

23,000

15,067

CGN

New

Energy

Holdings

Co.

Ltd.

450,000

159,221

CGN

Power

Co.

Ltd.,

Class

34,600

19,164

CGN

Power

Co.

Ltd.,

Class

H(b)

135,000

53,498

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H(a)

60,000

55,583

China

National

Nuclear

Power

Co.

Ltd.,

Class

29,900

37,746

China

Power

International

Development

Ltd.(a)

135,000

58,188

China

Resources

Power

Holdings

Co.

Ltd.(a)

50,000

119,529

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

14,100

8,424

China

Yangtze

Power

Co.

Ltd.,

Class

27,000

106,658

Power

PCL,

NVDR

4,200

333

Colbun

169,138

25,438

Datang

International

Power

Generation

Co.

Ltd.,

Class

48,300

24,716

Datang

International

Power

Generation

Co.

Ltd.,

Class

H(a)

36,000

11,070

Electricity

Generating

PCL,

NVDR

4,900

18,639

Eneva

SA*

18,000

61,202

Engie

Brasil

Energia

5,600

41,596

Fujian

Funeng

Co.

Ltd.,

Class

3,340

4,747

Power

Development

Co.

Ltd.,

Class

42,500

31,606

Global

Power

Synergy

PCL,

NVDR

4,600

5,904

Guangdong

Electric

Power

Development

Co.

Ltd.,

Class

4,900

3,272

Guangdong

Electric

Power

Development

Co.

Ltd.,

Class

14,400

3,409

Gulf

Development

PCL,

NVDR*

91,071

124,629

Renewable

Energy

Co.

Ltd.

2,704

11,435

Huadian

Power

International

Corp.

Ltd.,

Class

26,500

20,154

Huadian

Power

International

Corp.

Ltd.,

Class

38,000

22,393

Huaneng

Power

International,

Inc.,

Class

23,700

27,087

Huaneng

Power

International,

Inc.,

Class

92,000

75,994

Investments

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Hubei

Energy

Group

Co.

Ltd.,

Class

8,700

5,785

Inner

Mongolia

MengDian

HuaNeng

Thermal

Power

Corp.

Ltd.,

Class

9,800

5,897

J&V

Energy

Technology

Co.

Ltd.

1,892

7,416

Jaiprakash

Power

Ventures

Ltd.*

1,813,545

368,138

Jilin

Electric

Power

Co.

Ltd.,

Class

19,400

15,982

JSW

Energy

Ltd.

8,325

49,465

KPI

Green

Energy

Ltd.(b)

2,714

16,366

Malakoff

Corp.

Bhd.

949,500

244,857

Margun

Enerji

Uretim

Sanayi

Ticaret

A/S*

28,520

20,063

Mega

First

Corp.

Bhd.

212,700

188,423

NHPC

Ltd.

52,155

49,845

NLC

India

Ltd.

8,784

25,955

NTPC

Green

Energy

Ltd.*

8,050

9,353

NTPC

Ltd.

65,880

250,061

OGK-2

PJSC*‡

11,431,280

—

Orygen

Peru

SAA

28,566

20,842

Pertamina

Geothermal

Energy

PT(b)

166,704

13,082

Ratch

Group

PCL,

NVDR

24,000

20,597

Reliance

Power

Ltd.*

108,180

56,569

SDIC

Power

Holdings

Co.

Ltd.,

Class

8,600

17,349

Serena

Energia

SA*

13,800

32,161

Shandong

Hi-Speed

Holdings

Group

Ltd.*

19,500

5,168

Shanghai

Electric

Power

Co.

Ltd.,

Class

10,000

41,738

Shenergy

Co.

Ltd.,

Class

4,900

5,669

Shenzhen

Energy

Group

Co.

Ltd.,

Class

10,600

10,476

Shinfox

Energy

Co.

Ltd.

4,749

9,393

Sichuan

Chuantou

Energy

Co.

Ltd.,

Class

9,400

19,452

Sichuan

New

Energy

Power

Co.

Ltd.,

Class

9,200

15,895

New

Energy

Corp.*

4,590,000

95,154

Unipro

PAO*‡

5,337,000

—

Xinyi

Energy

Holdings

Ltd.(a)

954,031

155,891

Zhejiang

Provincial

New

Energy

Investment

Group

Co.

Ltd.,

Class

13,800

15,307

Zhejiang

Zheneng

Electric

Power

Co.

Ltd.,

Class

28,800

20,891

3,950,513

Industrial

Conglomerates

1.8%

India

Ltd.

17,648

Aboitiz

Equity

Ventures,

Inc.

56,390

27,309

Anadolu

Grubu

Holding

A/S

34,780

21,225

Alarko

Holding

A/S

5,336

10,241

Alliance

Global

Group,

Inc.

1,278,000

158,528

Alpha

Dhabi

Holding

PJSC

39,330

107,294

AntarChile

920

7,584

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

144

Investments

Value

COMMON

STOCKS

(continued)

Industrial

Conglomerates

(continued)

Apar

Industries

Ltd.

240

23,443

Astra

Industrial

Group

Co.

693

27,534

Astra

International

Tbk.

436,500

161,424

Ayala

Corp.

6,300

50,100

Bidvest

Group

Ltd.

8,280

107,476

China

Baoan

Group

Co.

Ltd.,

Class

9,200

14,822

CITIC

Ltd.

119,000

184,038

Corp.

322

38,579

DMCI

Holdings,

Inc.

121,000

23,192

Doosan

Co.

Ltd.

135

89,921

Doosan

Co.

Ltd.

(Preference)

16,401

Dubai

Investments

PJSC

48,300

43,659

Far

Eastern

New

Century

Corp.

90,000

77,584

Fosun

International

Ltd.

25,000

15,858

Godrej

Industries

Ltd.*

1,296

16,131

Grupo

Carso

SAB

CV,

Series

A1(a)

9,000

64,416

Holdings

Corp.

1,395

46,949

Capital

Holdings,

Inc.

1,020

9,472

Hanwha

Corp.

765

51,331

HAP

Seng

Consolidated

Bhd.

32,200

22,835

Hong

Leong

Industries

Bhd.

27,000

88,711

Hyosung

Corp.

2,875

255,668

Industries

Qatar

QSC

36,675

127,924

International

Holding

Co.

PJSC*

9,990

1,087,954

Summit

Holdings,

Inc.

93,011

37,852

KOC

Holding

A/S

13,905

56,747

Corp.

2,790

157,247

Lotte

Corp.

506

10,388

Group,

Inc.

98,000

24,346

Holdings

Corp.

18,495

105,927

Metlen

Energy

Metals

plc*

2,571

131,013

Modon

Holding

PSC*

80,910

80,404

Multiply

Group

PJSC*

52,302

42,435

National

Industries

Group

Holding

SAK

39,530

37,476

Nava

Ltd.

7,155

49,876

Opus

Global

Nyrt.(a)

123,255

200,649

Quinenco

4,414

20,192

Samsung

C&T

Corp.

1,941

307,890

San

Miguel

Corp.

15,700

17,341

Shanghai

Industrial

Holdings

Ltd.

145,000

254,471

Siemens

Ltd.

1,350

47,087

Sime

Darby

Bhd.

36,600

17,915

Square

Co.

Ltd.*

1,980

361,327

SK,

Inc.

765

133,429

Investments

Corp.

6,300

78,041

Sunway

Bhd.

43,300

55,934

Tanco

Holdings

Bhd.*

33,840

7,555

Turkiye

Sise

Cam

Fabrikalari

A/S

14,214

12,433

5,243,226

Industrial

REITs

0.5%

Equites

Property

Fund

Ltd.,

REIT(a)

324,765

316,661

Investments

Value

Industrial

REITs

(continued)

ESR

Kendall

Square

REIT

Co.

Ltd.,

REIT

3,919

11,993

FIBRA

Macquarie

Mexico,

REIT(a)(b)

287,042

465,574

Frasers

Property

Thailand

Industrial

Freehold

Leasehold

REIT,

REIT

616,400

200,161

Prologis

Property

Mexico

CV,

REIT

14,696

58,771

Reysas

Gayrimenkul

Yatirim

Ortakligi

A/S,

REIT*

268,020

131,563

WHA

Premium

Growth

Freehold

Leasehold

Real

Estate

InvestmentTrust,

Class

REIT

621,200

186,351

1,371,074

Insurance

2.9%

Abu

Dhabi

National

Insurance

Co.

PSC

101,430

202,145

Rajhi

Co.

for

Co-operative

Insurance*

322

10,123

Allianz

Malaysia

Bhd.

22,500

96,490

Anadolu

Anonim

Turk

Sigorta

Sirketi

26,496

14,607

Anadolu

Hayat

Emeklilik

A/S

5,474

13,435

Seguridade

Participacoes

13,800

84,181

BKI

Holdings

PCL,

NVDR

18,000

170,342

Bupa

Arabia

for

Cooperative

Insurance

Co.

782

34,198

Caixa

Seguridade

Participacoes

10,300

28,633

Capital

Financial

Indonesia

Tbk.

PT*

409,722

26,978

Cathay

Financial

Holding

Co.

Ltd.

225,975

470,460

Central

Reinsurance

Co.

Ltd.

158,794

126,814

China

Life

Insurance

Co.

Ltd.,

Class

108,000

340,722

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

13,500

67,373

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

63,000

255,333

China

Taiping

Insurance

Holdings

Co.

Ltd.

30,600

69,608

Co.

for

Cooperative

Insurance

(The)

990

35,955

Insurance

Co.

Ltd.

1,080

96,118

Discovery

Ltd.

8,190

102,911

Fubon

Financial

Holding

Co.

Ltd.

219,628

651,575

Hanwha

Life

Insurance

Co.

Ltd.*

4,140

8,804

HDFC

Life

Insurance

Co.

Ltd.(b)

13,095

107,958

Hyundai

Marine

Fire

Insurance

Co.

Ltd.*

792

15,176

ICICI

Lombard

General

Insurance

Co.

Ltd.(b)

3,645

81,862

ICICI

Prudential

Life

Insurance

Co.

Ltd.(b)

5,220

34,761

KGI

Financial

Holding

Co.

Ltd.

378,584

195,813

Korean

Reinsurance

Co.

52,965

394,426

LPI

Capital

Bhd.

4,900

16,825

Max

Financial

Services

Ltd.*

4,185

72,908

Mercuries

Associates

Holding

Ltd.

197,550

91,896

Mercuries

Life

Insurance

Co.

Ltd.*

104,278

24,525

Momentum

Group

Ltd.

29,115

56,105

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

145

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

New

China

Life

Insurance

Co.

Ltd.,

Class

4,700

44,804

New

China

Life

Insurance

Co.

Ltd.,

Class

22,500

142,141

Old

Mutual

Ltd.

87,345

68,284

OUTsurance

Group

Ltd.

10,041

42,290

Fintech

Ltd.*

4,635

93,221

People's

Insurance

Co.

Group

China

Ltd.

(The),

Class

209,000

187,697

PICC

Property

Casualty

Co.

Ltd.,

Class

162,000

382,687

Ping

Insurance

Group

Co.

China

Ltd.,

Class

18,100

147,148

Ping

Insurance

Group

Co.

China

Ltd.,

Class

H(a)

148,000

1,069,221

Porto

Seguro

4,900

43,721

Qatar

Insurance

Co.

SAQ

1,156,815

651,006

Qualitas

Controladora

SAB

CV(a)

4,800

43,590

Rasan

Information

Technology

Co.*

1,012

29,684

Samsung

Fire

Marine

Insurance

Co.

Ltd.

720

223,113

Samsung

Fire

Marine

Insurance

Co.

Ltd.

(Preference)

11,150

Samsung

Life

Insurance

Co.

Ltd.

2,340

253,421

Sanlam

Ltd.

39,780

208,786

Santam

Ltd.

723

17,252

Saudi

Reinsurance

Co.*

2,126

17,597

SBI

Life

Insurance

Co.

Ltd.(b)

5,805

127,889

Shinkong

Insurance

Co.

Ltd.

7,450

27,264

Star

Health

Allied

Insurance

Co.

Ltd.*

1,187

6,611

Sunshine

Insurance

Group

Co.

Ltd.,

Class

720,000

341,834

Syarikat

Takaful

Malaysia

Keluarga

Bhd.

217,600

161,070

Thai

Life

Insurance

PCL,

NVDR

30,700

9,779

Tongyang

Life

Insurance

Co.

Ltd.*

12,015

57,092

Turkiye

Sigorta

A/S

49,680

14,592

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

Class

H*(b)

5,900

12,708

8,434,712

Interactive

Media

Services

3.4%

Baidu,

Inc.,

Class

50,850

769,404

Bilibili,

Inc.,

Class

Z*(a)

2,700

80,734

Dear

Co.

Ltd.

423

11,356

Info

Edge

India

Ltd.

6,075

94,323

JOYY,

Inc.,

ADR

10,485

621,865

Just

Dial

Ltd.*

1,012

8,830

Kakao

Corp.

4,248

194,101

Kuaishou

Technology(b)

67,500

628,345

Meitu,

Inc.(b)

46,000

51,018

NAVER

Corp.

1,980

371,749

Newborn

Town,

Inc.*(b)

20,000

27,225

SOOP

Co.

Ltd.

2,970

151,549

Investments

Value

Interactive

Media

Services

(continued)

Tencent

Holdings

Ltd.

82,900

6,709,053

Weibo

Corp.,

Class

A(a)

35,100

382,739

10,102,291

Services

1.0%

Moammar

Information

Systems

Co.

505

20,267

Arabian

Internet

Communications

Services

Co.

460

30,886

Cafe24

Corp.*

368

9,260

Chinasoft

International

Ltd.(a)

52,000

38,939

Coforge

Ltd.

4,950

99,149

Cyient

Ltd.

2,475

32,411

Elm

Co.

360

90,860

GDS

Holdings

Ltd.,

Class

13,400

58,895

Happiest

Minds

Technologies

Ltd.

1,060

6,156

HCL

Technologies

Ltd.

14,760

256,305

Hexaware

Technologies

Ltd.

1,150

8,905

Hyundai

Autoever

Corp.

13,426

Infosys

Ltd.

55,350

924,233

Kingsoft

Cloud

Holdings

Ltd.*(a)

26,000

21,778

CNS

Co.

Ltd.

765

35,599

LTIMindtree

Ltd.(b)

1,395

89,329

Mphasis

Ltd.

1,170

36,435

Persistent

Systems

Ltd.

1,554

103,574

Posco

Co.

Ltd.

769

14,195

Presight

Holding

plc*

17,894

17,587

Samsung

SDS

Co.

Ltd.

855

109,819

Sonata

Software

Ltd.

6,164

25,681

Systex

Corp.

4,271

17,992

Tata

Consultancy

Services

Ltd.

13,410

461,949

Tata

Technologies

Ltd.

1,472

11,479

Tech

Mahindra

Ltd.

9,315

149,466

Vnet

Group,

Inc.,

ADR*(a)

4,232

44,013

Wipro

Ltd.

42,750

115,901

Zensar

Technologies

Ltd.

2,950

26,504

2,870,993

Leisure

Products

0.1%

Alexander

Marine

Co.

Ltd.

20,765

131,719

Bloks

Group

Ltd.*(a)

900

10,318

Fusheng

Precision

Co.

Ltd.

3,950

31,159

Giant

Manufacturing

Co.

Ltd.

5,181

17,106

Johnson

Health

Tech

Co.

Ltd.

2,000

10,410

Merida

Industry

Co.

Ltd.

2,745

8,929

Topkey

Corp.

28,542

172,695

382,336

Life

Sciences

Tools

Services

0.3%

Akums

Drugs

Pharmaceuticals

Ltd.*

1,564

8,118

Divi's

Laboratories

Ltd.

1,890

143,457

EirGenix,

Inc.*

6,144

13,391

Genscript

Biotech

Corp.*

14,000

29,001

Indegene

Ltd.

1,564

9,503

LigaChem

Biosciences,

Inc.*

476

48,911

Onesource

Specialty

Pharma

Ltd.*

552

11,529

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

146

Investments

Value

COMMON

STOCKS

(continued)

Life

Sciences

Tools

Services

(continued)

Peptron,

Inc.*

360

68,349

Samsung

Biologics

Co.

Ltd.*(b)

270

231,388

Syngene

International

Ltd.(b)

1,426

10,443

WuXi

AppTec

Co.

Ltd.,

Class

2,860

39,964

WuXi

AppTec

Co.

Ltd.,

Class

H(b)

5,318

74,308

XtalPi

Holdings

Ltd.*

46,000

67,234

755,596

Machinery

2.0%

Action

Construction

Equipment

Ltd.

1,488

18,454

AIA

Engineering

Ltd.

600

21,966

Airtac

International

Group

1,913

56,691

Anhui

Heli

Co.

Ltd.,

Class

4,600

13,470

Ashok

Leyland

Ltd.

44,190

70,453

Azad

Engineering

Ltd.*

828

15,825

BEML

Ltd.

690

34,199

BHI

Co.

Ltd.*

460

16,369

Sun

Manufacturing

Ltd.

2,828

16,283

China

CSSC

Holdings

Ltd.,

Class

5,000

25,234

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

9,600

10,648

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

9,400

8,587

CIMC

Enric

Holdings

Ltd.

180,000

173,696

Cochin

Shipyard

Ltd.(b)

1,450

29,230

Craftsman

Automation

Ltd.

343

25,811

CSBC

Corp.

Taiwan*

29,992

19,122

Cummins

India

Ltd.

2,049

100,270

Doosan

Bobcat,

Inc.

950

40,207

Doosan

Robotics,

Inc.*

322

17,628

Elgi

Equipments

Ltd.

5,290

29,641

Escorts

Kubota

Ltd.

564

24,057

Force

Motors

Ltd.

225

44,746

Shank

Enterprise

Co.

Ltd.

4,472

14,038

Grindwell

Norton

Ltd.

771

14,670

Haitian

International

Holdings

Ltd.

22,000

60,122

Hangcha

Group

Co.

Ltd.,

Class

4,600

18,579

Han's

Laser

Technology

Industry

Group

Co.

Ltd.,

Class

4,600

26,630

Hanwha

Engine*

966

33,494

Hanwha

Ocean

Co.

Ltd.*

1,575

152,111

Hyundai

Construction

Equipment

Co.

Ltd.

4,230

296,894

Hyundai

Heavy

Industries

Co.

Ltd.

309

130,128

Hyundai

Infracore

Co.

Ltd.

45,135

482,792

Hyundai

Marine

Solution

Co.

Ltd.

138

23,295

Hyundai

Mipo

392

66,445

Korea

Shipbuilding

Offshore

Engineering

Co.

Ltd.

1,080

359,305

HD-Hyundai

Marine

Engine*

611

42,585

Hefei

Meiya

Optoelectronic

Technology,

Inc.,

Class

4,600

13,140

Investments

Value

Machinery

(continued)

Hiwin

Technologies

Corp.

5,535

40,242

Shipbuilding

Construction

Co.

Ltd.*

1,840

36,290

Hyundai

Elevator

Co.

Ltd.

662

35,174

Hyundai

Rotem

Co.

Ltd.

1,060

171,490

Ingersoll

Rand

India

Ltd.

141

6,070

INOX

India

Ltd.

736

9,841

ISGEC

Heavy

Engineering

Ltd.

329

3,260

Jiangsu

Guofu

Hydrogen

Energy

Equipment

Co.

Ltd.,

Class

1,700

10,928

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

Class

2,000

27,014

Jupiter

Wagons

Ltd.

6,210

22,571

Kaori

Heat

Treatment

Co.

Ltd.

2,214

44,941

Keda

Industrial

Group

Co.

Ltd.,

Class

4,900

9,031

Kenmec

Mechanical

Engineering

Co.

Ltd.

8,075

18,466

Kinik

Co.

2,800

28,646

Kirloskar

Brothers

Ltd.

700

14,781

Kirloskar

Oil

Engines

Ltd.

3,024

34,062

KSB

Ltd.

564

5,023

LMW

Ltd.

16,134

Lonking

Holdings

Ltd.

675,000

269,229

Marcopolo

76,500

96,883

Marcopolo

(Preference)

270,100

395,734

Mirle

Automation

Corp.

5,000

10,312

North

Industries

Group

Red

Arrow

Co.

Ltd.,

Class

4,600

11,879

Nova

Technology

Corp.

11,051

61,832

Olectra

Greentech

Ltd.

368

6,419

Otokar

Otomotiv

Savunma

Sanayi

A/S*

1,440

15,736

People

Technology,

Inc.

7,560

229,493

Precision

Tsugami

China

Corp.

Ltd.

(b)

45,000

228,005

Rainbow

Robotics*

28,799

Raymond

Ltd.*

1,316

8,510

Rechi

Precision

Co.

Ltd.

102,000

76,647

Sam

Engineering

Equipment

Bhd.

5,100

5,931

Samsung

Heavy

Industries

Co.

Ltd.*

9,554

198,155

San

Shing

Fastech

Corp.

5,000

8,360

Sany

Heavy

Equipment

International

Holdings

Co.

Ltd.

12,000

11,317

Sany

Heavy

Industry

Co.

Ltd.,

Class

4,700

14,628

Schaeffler

India

Ltd.

574

26,003

SFA

Engineering

Corp.

4,500

78,172

Shakti

Pumps

India

Ltd.

1,058

9,766

Shanghai

Zhenhua

Heavy

Industries

Co.

Ltd.,

Class

18,400

12,235

Shanghai

Zhenhua

Heavy

Industries

Co.

Ltd.,

Class

4,800

1,310

Shin

Shing

Co.

Ltd.

3,324

22,869

Sinotruk

Hong

Kong

Ltd.

21,000

70,142

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

147

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Machinery

(continued)

oceanplant

Co.

Ltd.*

828

12,321

SKF

India

Industrial

Ltd.*‡

385

11,746

SKF

India

Ltd.

385

9,285

SNT

Energy

Co.

Ltd.

322

12,272

STX

Engine

Co.

Ltd.*

552

13,696

Sunonwealth

Electric

Machine

Industry

Co.

Ltd.

5,022

24,668

Tata

Motors

Ltd.*‡

47,835

140,507

Tega

Industries

Ltd.

598

13,063

Thermax

Ltd.

576

20,885

Tian

Science

Technology

Co.

Ltd.,

Class

18,700

15,720

Timken

India

Ltd.

329

11,652

Titagarh

Rail

System

Ltd.

1,380

13,751

Turk

Traktor

Ziraat

Makineleri

A/S

788

10,251

UBTech

Robotics

Corp.

Ltd.,

Class

2,350

41,635

UWC

Bhd.*

27,600

27,086

Vesuvius

India

Ltd.

3,360

18,673

Weichai

Power

Co.

Ltd.,

Class

14,100

29,653

Weichai

Power

Co.

Ltd.,

Class

45,000

92,927

XCMG

Construction

Machinery

Co.

Ltd.,

Class

28,800

43,078

Yangzijiang

Shipbuilding

Holdings

Ltd.

67,500

182,566

Yantai

Eddie

Precision

Machinery

Co.

Ltd.,

Class

4,700

12,362

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

7,100

36,193

ZMJ

Group

Co.

Ltd.,

Class

4,600

15,649

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

17,400

19,985

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

H(a)

29,200

28,177

5,836,946

Marine

Transportation

0.4%

Cia

Sud

Americana

Vapores

402,367

20,029

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

18,300

38,615

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H(a)

67,500

117,158

COSCO

SHIPPING

Specialized

Carriers

Co.

Ltd.,

Class

13,800

14,123

Evergreen

Marine

Corp.

Taiwan

Ltd.

27,994

176,209

Far-Eastern

Shipping

Co.

plc*‡

302,500

—

Gulf

Navigation

Holding

PJSC*

5,764

14,281

Hainan

Strait

Shipping

Co.

Ltd.,

Class

13,800

26,209

HMM

Co.

Ltd.

6,235

89,931

MISC

Bhd.

49,500

92,074

Orient

Overseas

International

Ltd.(a)

3,500

60,568

Pan

Ocean

Co.

Ltd.

9,729

26,153

Qatar

Navigation

QSC

26,550

80,941

Investments

Value

Marine

Transportation

(continued)

Shanghai

Zhonggu

Logistics

Co.

Ltd.,

Class

2,552

3,968

Shipping

Corp.

India

Ltd.

1,175

3,437

Sincere

Navigation

Corp.

106,306

83,687

U-Ming

Marine

Transport

Corp.

14,000

25,367

Wan

Hai

Lines

Ltd.

34,121

91,127

Wisdom

Marine

Lines

Co.

Ltd.

11,898

24,461

Yang

Ming

Marine

Transport

Corp.

38,380

71,789

1,060,127

Media

0.7%

Affle

Ltd.*

1,168

25,402

Arabian

Contracting

Services

Co.*

828

26,186

Cheil

Worldwide,

Inc.

1,472

21,025

China

Literature

Ltd.*(a)(b)

4,200

22,577

China

South

Publishing

Media

Group

Co.

Ltd.,

Class

4,900

8,342

Chinese

Universe

Publishing

and

Media

Group

Co.

Ltd.,

Class

9,200

13,425

Elang

Mahkota

Teknologi

Tbk.

400,706

28,553

Focus

Media

Information

Technology

Co.

Ltd.,

Class

14,900

16,234

Grupo

Televisa

SAB,

Series

CPO(a)

827,318

431,687

Innocean

Worldwide,

Inc.

6,165

74,209

Jiangsu

Broadcasting

Cable

Information

Network

Corp.

Ltd.,

Class

23,000

11,866

Megacable

Holdings

SAB

320,880

919,493

Mobvista,

Inc.*(b)

28,000

64,270

Saudi

Research

Media

Group*

605

27,716

Sun

Network

Ltd.

1,380

8,734

Wasu

Media

Holding

Co.

Ltd.,

Class

9,200

10,204

Zee

Entertainment

Enterprises

Ltd.

348,930

395,346

2,105,269

Metals

Mining

4.3%

African

Rainbow

Minerals

Ltd.(a)

2,990

29,758

Masane

Kobra

Mining

Co.

1,403

28,246

Alamtri

Minerals

Indonesia

Tbk.

193,200

16,207

Alrosa

PJSC*‡

85,800

—

Aluminum

Corp.

China

Ltd.,

Class

19,600

27,526

Aluminum

Corp.

China

Ltd.,

Class

90,000

114,408

Amman

Mineral

Internasional

PT*

130,500

55,716

Aneka

Tambang

Tbk.

197,100

36,741

Angang

Steel

Co.

Ltd.,

Class

38,000

9,925

APL

Apollo

Tubes

Ltd.

3,089

62,339

Baoshan

Iron

Steel

Co.

Ltd.,

Class

45,000

46,623

Beijing

Shougang

Co.

Ltd.,

Class

10,600

6,259

Borusan

Birlesik

Boru

Fabrikalari

Sanayi

Ticaret

A/S*

720

8,249

Bradespar

(Preference)

99,000

340,837

Bumi

Resources

Minerals

Tbk.

PT*

1,235,000

68,322

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

148

Investments

Value

COMMON

STOCKS

(continued)

Metals

Mining

(continued)

Century

Iron

Steel

Industrial

Co.

Ltd.

2,544

12,703

Chifeng

Jilong

Gold

Mining

Co.

Ltd.,

Class

4,600

19,264

China

Gold

International

Resources

Corp.

Ltd.(a)

4,800

81,151

China

Hongqiao

Group

Ltd.(a)

67,500

256,375

China

Metal

Recycling

Holdings

Ltd.*‡(a)

51,000

—

China

Nonferrous

Mining

Corp.

Ltd.

(a)

48,000

88,624

China

Northern

Rare

Earth

Group

High-Tech

Co.

Ltd.,

Class

4,600

32,857

China

Steel

Corp.

169,050

102,285

China

Zhongwang

Holdings

Ltd.*‡

699,600

—

Chung

Hung

Steel

Corp.*

23,000

11,073

Cia

Siderurgica

Nacional

15,300

26,820

CMOC

Group

Ltd.,

Class

34,200

81,925

CMOC

Group

Ltd.,

Class

66,000

142,832

CSN

Mineracao

9,600

10,821

Dazhong

Mining

Co.

Ltd.

4,700

12,884

DRDGOLD

Ltd.

10,054

25,482

East

Pipes

Integrated

Co.

for

Industry

644

24,969

Eregli

Demir

Celik

Fabrikalari

TAS

75,105

49,084

EVERGREEN

Steel

Corp.

6,672

23,115

Feng

Hsin

Steel

Co.

Ltd.

9,308

19,166

Gerdau

(Preference)

25,264

88,856

Gloria

Material

Technology

Corp.

211,278

233,677

GMK

Norilskiy

Nickel

PAO*‡

209,000

—

Godawari

Power

and

Ispat

Ltd.

15,651

50,025

Gold

Fields

Ltd.

20,430

799,189

Gravita

India

Ltd.

552

10,366

Grupo

Mexico

SAB

CV,

Series

72,000

623,380

Hangzhou

Iron

Steel

Co.,

Class

9,400

12,065

Harmony

Gold

Mining

Co.

Ltd.

13,533

227,365

Hindalco

Industries

Ltd.

35,595

339,966

Hindustan

Copper

Ltd.

6,750

25,872

Hsin

Kuang

Steel

Co.

Ltd.

97,704

126,178

Hunan

Valin

Steel

Co.

Ltd.,

Class

23,500

19,062

Hyundai

Steel

Co.

1,426

33,029

Impala

Platinum

Holdings

Ltd.

10,395

111,792

Industrias

SAB

CV,

Class

Series

1,900

17,411

Industrias

Penoles

SAB

CV*(a)

2,475

102,606

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

70,500

25,174

Inner

Mongolia

ERDOS

Resources

Co.

Ltd.,

Class

10,388

10,346

Jai

Balaji

Industries

Ltd.*

7,730

8,229

Jiangxi

Copper

Co.

Ltd.,

Class

4,700

27,149

Jiangxi

Copper

Co.

Ltd.,

Class

35,000

146,175

Jinchuan

Group

International

Resources

Co.

Ltd.*‡(a)

235,000

4,233

Jindal

Saw

Ltd.

112,815

222,717

Jindal

Stainless

Ltd.

5,490

46,612

Investments

Value

Metals

Mining

(continued)

Jindal

Steel

Ltd.

6,390

76,791

JSW

Steel

Ltd.

17,910

243,316

Kardemir

Karabuk

Demir

Celik

Sanayi

Ticaret

A/S,

Class

8,280

5,659

Kardemir

Karabuk

Demir

Celik

Sanayi

Ticaret

A/S,

Class

9,522

6,209

Kirloskar

Ferrous

Industries

Ltd.

4,183

24,362

Korea

Zinc

Co.

Ltd.

135

97,880

Koza

Anadolu

Metal

Madencilik

Isletmeleri

A/S*

11,454

24,653

Kumba

Iron

Ore

Ltd.(a)

1,978

39,400

Lingbao

Gold

Group

Co.

Ltd.,

Class

202,000

424,678

Lloyds

Metals

Energy

Ltd.

2,064

30,338

Maanshan

Iron

Steel

Co.

Ltd.,

Class

22,000

7,218

Magnitogorsk

Iron

Steel

Works

PJSC*‡

45,174

—

Maharashtra

Seamless

Ltd.

16,370

104,743

Merdeka

Battery

Materials

Tbk.

PT*

391,000

14,812

Merdeka

Copper

Gold

Tbk.

PT*

183,462

26,918

Metalurgica

Gerdau

40,500

83,404

Metalurgica

Gerdau

(Preference)

234,000

481,892

Minsur

338,985

432,328

MMG

Ltd.*(a)

64,000

56,900

Nanjing

Iron

Steel

Co.

Ltd.,

Class

18,400

13,580

National

Aluminium

Co.

Ltd.

16,815

44,351

NMDC

Ltd.

69,120

59,012

NMDC

Steel

Ltd.*

38,640

18,739

Northam

Platinum

Holdings

Ltd.

6,210

103,885

Novolipetsk

Steel

PJSC*‡

51,150

—

Pangang

Group

Vanadium

Titanium

Resources

Co.

Ltd.,

Class

36,800

15,624

Petrosea

Tbk.

102,212

41,794

PMB

Technology

Bhd.*

41,500

11,891

Polyus

PJSC*‡

11,550

—

Poongsan

Corp.

500

38,603

POSCO

Holdings,

Inc.

1,665

362,858

Press

Metal

Aluminium

Holdings

Bhd.

58,500

88,421

PTC

Industries

Ltd.*

100

19,469

Qatar

Aluminum

Manufacturing

Co.

1,036,080

441,636

Ramkrishna

Forgings

Ltd.

1,656

10,130

Raspadskaya

PAO*‡

4,240

—

Ratnamani

Metals

Tubes

Ltd.

576

15,734

Sarda

Energy

Minerals

Ltd.

3,700

22,070

Saudi

Arabian

Mining

Co.*

17,595

301,449

SeAH

Besteel

Holdings

Corp.

4,680

90,332

SeAH

Steel

Holdings

Corp.

675

67,938

Severstal

PAO*‡

5,995

—

Shandong

Gold

Mining

Co.

Ltd.,

Class

5,200

26,346

Shandong

Gold

Mining

Co.

Ltd.,

Class

H(b)

12,000

50,488

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

18,800

12,184

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

149

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Metals

Mining

(continued)

Shanxi

Meijin

Energy

Co.

Ltd.,

Class

23,000

16,943

Shanxi

Taigang

Stainless

Steel

Co.

Ltd.,

Class

15,900

9,410

Shougang

Fushan

Resources

Group

Ltd.

1,264,000

496,024

Shyam

Metalics

Energy

Ltd.

1,950

19,283

Sibanye

Stillwater

Ltd.*(a)

64,980

173,692

Steel

Authority

India

Ltd.

26,906

41,478

Chen

Stainless

Pipe

47,920

57,209

Tata

Steel

Ltd.

111,600

229,860

Tianshan

Aluminum

Group

Co.

Ltd.,

Class

6,100

11,465

Trimegah

Bangun

Persada

Tbk.

230,000

17,288

Tung

Steel

Enterprise

Corp.

17,050

34,831

Turk

Altin

Isletmeleri

A/S*

14,797

9,459

United

Co.

RUSAL

International

PJSC*‡

75,100

—

Usha

Martin

Ltd.

6,762

35,409

Usinas

Siderurgicas

Minas

Gerais

Usiminas

(Preference),

Class

166,500

175,307

Vale

Indonesia

Tbk.

64,400

18,394

Vale

85,500

1,036,133

Valterra

Platinum

Ltd.

3,960

245,380

Vedanta

Ltd.

37,440

208,159

VSMPO-AVISMA

Corp.

PJSC*‡

—

Wanguo

Gold

Group

Ltd.

8,000

31,620

Welspun

Corp.

Ltd.

3,165

34,432

Western

Mining

Co.

Ltd.,

Class

4,800

16,175

Xiamen

Tungsten

Co.

Ltd.,

Class

3,900

19,573

Yieh

Phui

Enterprise

Co.

Ltd.*

46,000

22,072

Yunnan

Aluminium

Co.

Ltd.,

Class

6,300

20,361

Yunnan

Copper

Co.

Ltd.,

Class

4,800

12,173

Yunnan

Tin

Co.

Ltd.,

Class

4,900

16,319

Zhaojin

Mining

Industry

Co.

Ltd.,

Class

23,500

87,866

Zhejiang

JIULI

Hi-tech

Metals

Co.

Ltd.,

Class

4,700

16,862

Zhongjin

Gold

Corp.

Ltd.,

Class

10,900

33,972

Zijin

Mining

Group

Co.

Ltd.,

Class

22,500

96,473

Zijin

Mining

Group

Co.

Ltd.,

Class

H(a)

78,000

323,553

12,789,270

Multi-Utilities

0.1%

Dubai

Electricity

Water

Authority

PJSC

127,980

96,866

Power

Water

Utility

Co.

for

Jubail

Yanbu*

1,886

21,193

Qatar

Electricity

Water

Co.

QSC

14,310

60,369

YTL

Corp.

Bhd.

117,920

73,207

YTL

Power

International

Bhd.

77,537

73,871

325,506

Investments

Value

Office

REITs

0.0%(d)

AREIT,

Inc.,

REIT

18,400

13,413

Brookfield

India

Real

Estate

Trust,

REIT(b)

2,806

10,845

Embassy

Office

Parks

REIT,

REIT

5,719

27,635

Hanwha

REIT

Co.

Ltd.,

REIT

6,164

17,197

Commercial

REIT,

Inc.,

REIT

301,500

37,502

106,592

Oil,

Gas

Consumable

Fuels

3.9%

Adaro

Andalan

Indonesia

PT*

69,000

35,475

ADNOC

Logistics

Services

34,200

53,447

Aegis

Logistics

Ltd.

2,650

22,393

AKR

Corporindo

Tbk.

2,649,680

194,384

Alamtri

Resources

Indonesia

Tbk.

202,492

22,952

Bangchak

Corp.

PCL,

NVDR

14,000

12,773

Banpu

PCL,

NVDR

110,300

17,226

Bashneft

PJSC*‡

1,305

—

Bashneft

PJSC

(Preference)*‡

1,163

—

Bayan

Resources

Tbk.

126,100

137,626

Bharat

Petroleum

Corp.

Ltd.

43,633

175,375

Brava

Energia*

175,150

480,063

Bukit

Asam

Tbk.

81,282

11,730

Bumi

Resources

Tbk.

PT*

2,222,398

18,977

CGN

Mining

Co.

Ltd.(a)

75,000

37,731

Chennai

Petroleum

Corp.

Ltd.

18,720

206,524

China

Coal

Energy

Co.

Ltd.,

Class

11,400

21,763

China

Coal

Energy

Co.

Ltd.,

Class

46,000

64,808

China

Coal

Xinji

Energy

Co.

Ltd.,

Class

13,800

14,046

China

Merchants

Energy

Shipping

Co.

Ltd.,

Class

14,100

18,355

China

Petroleum

Chemical

Corp.,

Class

85,500

65,747

China

Petroleum

Chemical

Corp.,

Class

540,000

286,946

China

Shenhua

Energy

Co.

Ltd.,

Class

13,500

80,677

China

Shenhua

Energy

Co.

Ltd.,

Class

H(a)

82,500

429,473

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

50,000

27,984

Coal

India

Ltd.

54,450

238,388

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

8,600

16,309

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

40,000

56,612

Dana

Gas

PJSC

2,171,520

489,530

Dian

Swastatika

Sentosa

Tbk.

PT*

22,500

114,428

Ecopetrol

134,505

62,016

Exxaro

Resources

Ltd.

5,985

61,067

Formosa

Petrochemical

Corp.

20,736

30,152

Gansu

Energy

Chemical

Co.

Ltd.,

Class

28,200

10,268

Gazprom

PJSC*‡

412,500

—

Golden

Energy

Mines

Tbk.

18,400

10,013

Great

Eastern

Shipping

Co.

Ltd.

(The)

38,115

472,126

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

150

Investments

Value

COMMON

STOCKS

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

Guanghui

Energy

Co.

Ltd.,

Class

13,800

10,224

Guangzhou

Development

Group,

Inc.,

Class

16,600

16,032

Gujarat

Mineral

Development

Corp.

Ltd.

2,208

14,782

Hyundai

Co.

Ltd.

1,035

148,921

HELLENiQ

ENERGY

Holdings

1,316

11,605

Hindustan

Petroleum

Corp.

Ltd.

25,110

134,642

Indian

Oil

Corp.

Ltd.

96,120

179,634

Indo

Tambangraya

Megah

Tbk.

153,000

216,206

Inner

Mongolia

Dian

Tou

Energy

Corp.

Ltd.,

Class

5,500

19,538

Inner

Mongolia

Yitai

Coal

Co.

Ltd.,

Class

20,116

39,246

Jinneng

Holding

Shanxi

Coal

Industry

Co.

Ltd.,

Class

4,900

10,360

Jizhong

Energy

Resources

Co.

Ltd.,

Class

4,800

4,136

Kinetic

Development

Group

Ltd.

810,000

152,158

LUKOIL

PJSC*‡

12,265

—

Mangalore

Refinery

Petrochemicals

Ltd.*

5,520

10,347

Medco

Energi

Internasional

Tbk.

2,415,818

193,207

MOL

Hungarian

Oil

Gas

plc

7,470

65,805

Motor

Oil

Hellas

Corinth

Refineries

1,412

42,406

Nanjing

Tanker

Corp.,

Class

37,400

17,193

Novatek

PJSC*‡

20,020

—

Oil

Natural

Gas

Corp.

Ltd.

100,350

288,679

Oil

India

Ltd.

16,505

80,572

Petrindo

Jaya

Kreasi

Tbk.

189,980

22,962

PetroChina

Co.

Ltd.,

Class

510,000

526,260

Petroleo

Brasileiro

Petrobras

85,500

500,284

Petroleo

Brasileiro

Petrobras

(Preference)

106,800

590,011

Petronas

Dagangan

Bhd.

4,900

26,536

Petronet

LNG

Ltd.

17,235

54,605

PRIO

SA*

18,200

121,769

PTT

Exploration

Production

PCL

469

1,552

PTT

Exploration

Production

PCL,

NVDR

35,531

117,576

PTT

PCL,

NVDR

193,500

184,015

Qatar

Fuel

QSC

17,955

73,970

Qatar

Gas

Transport

Co.

Ltd.

52,965

64,413

Reliance

Industries

Ltd.

100,080

1,675,755

Rosneft

Oil

Co.

PJSC*‡

72,122

—

Rosneft

Oil

Co.

PJSC,

GDR*‡(b)

1,920

—

Saudi

Arabian

Oil

Co.(b)

78,705

543,567

Semirara

Mining

Power

Corp.,

Class

9,400

5,279

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

18,000

57,441

Shan

Hua

Yang

Group

New

Energy

Co.

Ltd.,

Class

7,050

7,929

Investments

Value

Oil,

Gas

Consumable

Fuels

(continued)

Shanxi

Coking

Coal

Energy

Group

Co.

Ltd.,

Class

13,800

14,201

Shanxi

Lu'an

Environmental

Energy

Development

Co.

Ltd.,

Class

13,800

28,712

Sinopec

Kantons

Holdings

Ltd.(a)

288,000

148,962

Discovery

Co.

Ltd.

598

24,890

Gas

Ltd.

8,776

Innovation

Co.

Ltd.

1,665

150,636

S-Oil

Corp.*

744

37,494

Star

Petroleum

Refining

PCL,

NVDR

576,600

85,594

Surgutneftegas

PAO*‡

319,000

—

Surgutneftegas

PAO

(Preference)*‡

225,500

—

Tatneft

PJSC*‡

22,094

—

Tatneft

PJSC,

ADR*‡

4,806

—

Tatneft

PJSC

(Preference)*‡

3,870

—

Thai

Oil

PCL,

NVDR

27,902

30,849

Thungela

Resources

Ltd.

49,545

218,818

Transneft

PJSC

(Preference)*‡

5,500

—

Turkiye

Petrol

Rafinerileri

A/S

18,360

86,281

United

Tractors

Tbk.

36,000

58,232

Vista

Energy

SAB

CV,

ADR*

1,980

95,931

Yancoal

Australia

Ltd.(a)(b)

4,800

17,379

Yankuang

Energy

Group

Co.

Ltd.,

Class

10,335

21,387

Yankuang

Energy

Group

Co.

Ltd.,

Class

H(a)

89,699

123,143

11,378,286

Paper

Forest

Products

0.5%

Aditya

Birla

Real

Estate

Ltd.

1,050

22,198

Century

Plyboards

India

Ltd.

2,316

19,683

Chung

Hwa

Pulp

Corp.*

196,800

80,023

Empresas

CMPC

19,872

28,685

Indah

Kiat

Pulp

Paper

Tbk.

889,720

398,582

Lee

Man

Paper

Manufacturing

Ltd.

(a)

900,000

318,443

Nine

Dragons

Paper

Holdings

Ltd.*

9,000

6,450

Pabrik

Kertas

Tjiwi

Kimia

Tbk.

445,500

186,853

Sappi

Ltd.(a)

233,460

305,488

Shandong

Sun

Paper

Industry

JSC

Ltd.,

Class

9,200

18,391

Suzano

15,000

136,180

YFY,

Inc.

22,472

18,568

1,539,544

Passenger

Airlines

0.4%

Aegean

Airlines

SA(a)

13,185

200,575

Aeroflot

PJSC*‡

74,029

—

Air

Arabia

PJSC

59,670

63,358

Asiana

Airlines,

Inc.*

2,576

15,929

Bangkok

Airways

PCL,

NVDR

239,700

96,369

China

Airlines

Ltd.

61,000

39,686

China

Eastern

Airlines

Corp.

Ltd.,

Class

14,300

9,649

China

Eastern

Airlines

Corp.

Ltd.,

Class

H*(a)

46,000

23,615

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

151

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Passenger

Airlines

(continued)

China

Southern

Airlines

Co.

Ltd.,

Class

14,100

13,221

China

Southern

Airlines

Co.

Ltd.,

Class

H*(a)

24,000

14,451

Eva

Airways

Corp.

77,300

91,027

InterGlobe

Aviation

Ltd.(b)

2,475

156,829

Jazeera

Airways

Co.

KSCP

2,208

10,596

Korean

Air

Lines

Co.

Ltd.

3,690

57,367

Latam

Airlines

Group

4,936,140

112,537

Pegasus

Hava

Tasimaciligi

A/S*

5,171

25,826

Turk

Hava

Yollari

15,300

106,069

1,037,104

Personal

Care

Products

0.3%

Amorepacific

Corp.

405

34,367

Amorepacific

Holdings

Corp.

690

12,301

APR

Corp.

368

65,864

Colgate-Palmolive

India

Ltd.

1,845

46,618

Cosmax,

Inc.

144

20,669

Dabur

India

Ltd.

7,695

42,263

Emami

Ltd.

2,162

13,015

Giant

Biogene

Holding

Co.

Ltd.(a)(b)

7,800

37,333

Gillette

India

Ltd.

192

19,502

Godrej

Consumer

Products

Ltd.

5,580

70,313

Grape

King

Bio

Ltd.

2,637

10,594

Hengan

International

Group

Co.

Ltd.

12,000

42,027

Hindustan

Unilever

Ltd.

11,970

332,450

Honasa

Consumer

Ltd.*

6,486

20,772

Kolmar

Korea

Co.

Ltd.

240

12,971

H&H

Co.

Ltd.

19,369

H&H

Co.

Ltd.

(Preference)

3,525

Mao

Geping

Cosmetics

Co.

Ltd.,

Class

H(a)

1,400

16,176

Microbio

Co.

Ltd.*

26,681

19,094

Natura

Cosmeticos

SA*

23,558

39,415

Procter

Gamble

Hygiene

Health

Care

Ltd.

13,837

Sarantis

1,316

19,169

Shanghai

Chicmax

Cosmetic

Co.

Ltd.,

Class

H(a)

1,900

20,950

TCI

Co.

Ltd.

1,000

3,692

Co.

Ltd.*

920

16,143

952,429

Pharmaceuticals

1.7%

Acutaas

Chemicals

Ltd.

598

11,639

Ajanta

Pharma

Ltd.

576

15,996

Alembic

Pharmaceuticals

Ltd.

2,000

20,218

Alivus

Life

Sciences

Ltd.

874

8,905

Alkem

Laboratories

Ltd.

765

47,453

Aspen

Pharmacare

Holdings

Ltd.

6,705

37,957

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

700

9,653

Aurobindo

Pharma

Ltd.

5,040

64,661

Investments

Value

Pharmaceuticals

(continued)

Beijing

Tong

Ren

Tang

Chinese

Medicine

Co.

Ltd.(a)

5,000

5,552

Blue

Jet

Healthcare

Ltd.

966

7,143

Bora

Pharmaceuticals

Co.

Ltd.

1,209

24,423

Boryung

12,105

75,022

BrightGene

Bio-Medical

Technology

Co.

Ltd.,

Class

1,334

10,764

Caliway

Biopharmaceuticals

Co.

Ltd.*

20,000

97,915

Caplin

Point

Laboratories

Ltd.

912

20,884

Caregen

Co.

Ltd.

598

27,240

Celltrion

Pharm,

Inc.*

322

14,419

Center

Laboratories,

Inc.*

12,026

13,282

Changchun

High-Tech

Industry

Group

Co.

Ltd.,

Class

600

9,469

China

Medical

System

Holdings

Ltd.

21,000

36,287

China

Resources

Pharmaceutical

Group

Ltd.(b)

28,000

17,941

China

Traditional

Chinese

Medicine

Holdings

Co.

Ltd.(a)

970,000

292,041

Chong

Kun

Dang

Pharmaceutical

Corp.

414

24,060

Cipla

Ltd.

8,100

136,987

Cohance

Lifesciences

Ltd.*

2,303

19,546

Concord

Biotech

Ltd.

1,288

20,948

Consun

Pharmaceutical

Group

Ltd.

180,000

348,087

CSPC

Pharmaceutical

Group

Ltd.(a)

122,080

120,161

Daewoong

Co.

Ltd.

8,415

127,871

Daewoong

Pharmaceutical

Co.

Ltd.

4,794

Dong-A

Socio

Holdings

Co.

Ltd.

1,299

98,924

DongKook

Pharmaceutical

Co.

Ltd.

9,270

115,033

Reddy's

Laboratories

Ltd.

8,820

118,989

Emcure

Pharmaceuticals

Ltd.

690

10,252

Eris

Lifesciences

Ltd.(b)

1,069

19,168

Genomma

Lab

Internacional

SAB

CV,

Class

B(a)

243,414

238,540

Gland

Pharma

Ltd.(b)

920

19,991

GlaxoSmithKline

Pharmaceuticals

Ltd.

376

11,091

Glenmark

Pharmaceuticals

Ltd.

2,160

46,017

Grand

Pharmaceutical

Group

Ltd.(a)

28,500

30,289

Granules

India

Ltd.

3,193

20,344

Hanall

Biopharma

Co.

Ltd.*

1,150

33,416

Hanmi

Pharm

Co.

Ltd.

103

30,725

Hansoh

Pharmaceutical

Group

Co.

Ltd.(b)

14,000

64,198

inno

Corp.

192

6,657

Hua

Han

Health

Industry

Holdings

Ltd.*‡

3,780,000

—

Hypera

9,200

44,145

Ipca

Laboratories

Ltd.

2,610

37,375

Jamjoom

Pharmaceuticals

Factory

Co.

480

19,967

Chemicals

Pharmaceuticals

Ltd.

1,152

21,832

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

5,000

45,091

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

152

Investments

Value

COMMON

STOCKS

(continued)

Pharmaceuticals

(continued)

Jiangzhong

Pharmaceutical

Co.

Ltd.,

Class

4,700

14,126

Jilin

Aodong

Pharmaceutical

Group

Co.

Ltd.,

Class

4,600

13,890

Jubilant

Pharmova

Ltd.

1,518

18,827

Kalbe

Farma

Tbk.

252,494

19,358

Laurus

Labs

Ltd.(b)

4,136

44,432

Livzon

Pharmaceutical

Group,

Inc.,

Class

3,930

15,807

Lotus

Pharmaceutical

Co.

Ltd.

2,000

19,225

Lumosa

Therapeutics

Co.

Ltd.*

2,188

14,947

Lupin

Ltd.

3,825

84,604

Luye

Pharma

Group

Ltd.*(a)(b)

743,000

300,175

Mankind

Pharma

Ltd.

1,863

50,032

Marksans

Pharma

Ltd.

6,992

14,341

Mezzion

Pharma

Co.

Ltd.*

318

13,816

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co.

Ltd.,

Class

9,200

12,985

Natco

Pharma

Ltd.

38,475

355,359

Neuland

Laboratories

Ltd.

230

42,680

Oneness

Biotech

Co.

Ltd.*

4,406

9,288

Oscotec,

Inc.*

460

13,237

Pfizer

Ltd.

341

20,010

Pharmally

International

Holding

Co.

Ltd.*‡

2,564

—

Piramal

Pharma

Ltd.

13,309

29,930

Richter

Gedeon

Nyrt.

3,504

108,140

Sam

Chun

Dang

Pharm

Co.

Ltd.

240

39,417

Sanofi

India

Ltd.

144

7,755

Saudi

Pharmaceutical

Industries

Medical

Appliances

Corp.*

3,036

24,514

Shandong

Buchang

Pharmaceuticals

Co.

Ltd.,

Class

4,600

11,213

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

2,200

9,031

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H(a)

14,000

42,907

Shanghai

Shyndec

Pharmaceutical

Co.

Ltd.,

Class

1,900

2,783

Sino

Biopharmaceutical

Ltd.

118,999

108,248

Biopharmaceuticals

Co.

Ltd.*

460

37,291

SSY

Group

Ltd.(a)

460,000

183,474

Pharm

Co.

Ltd.

141

10,025

Sun

Pharmaceutical

Industries

Ltd.

15,840

301,682

Synmosa

Biopharma

Corp.

9,514

10,383

Tianjin

Pharmaceutical

Tang

Group

Corp.

Ltd.,

Class

4,900

14,161

Tonghua

Dongbao

Pharmaceutical

Co.

Ltd.,

Class

9,200

11,679

Torrent

Pharmaceuticals

Ltd.

1,620

64,969

TTY

Biopharm

Co.

Ltd.

2,575

6,659

United

Laboratories

International

Holdings

Ltd.

(The)(a)

24,000

38,815

Wockhardt

Ltd.*

1,879

27,125

Yuhan

Corp.

810

67,085

Investments

Value

Pharmaceuticals

(continued)

YungShin

Global

Holding

Corp.

11,055

20,246

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

2,600

20,710

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.,

Class

600

15,025

Zhejiang

Jiuzhou

Pharmaceutical

Co.

Ltd.,

Class

4,700

13,188

Zydus

Lifesciences

Ltd.

4,193

46,027

5,052,983

Professional

Services

0.1%

BLS

International

Services

Ltd.

3,626

12,850

Computer

Age

Management

Services

Ltd.

712

31,612

eClerx

Services

Ltd.

679

36,161

Firstsource

Solutions

Ltd.

6,900

27,508

International

Gemmological

Institute

India

Ltd.

2,346

8,925

Kanzhun

Ltd.

9,000

99,180

L&T

Technology

Services

Ltd.(b)

138

6,403

NICE

Information

Service

Co.

Ltd.

13,140

133,637

RITES

Ltd.

4,200

11,614

Sagility

Ltd.*(b)

21,022

12,442

Sporton

International,

Inc.

1,595

9,287

Zetrix

Bhd.

93,407

18,846

408,465

Real

Estate

Management

Development

3.0%

Advancetek

Enterprise

Co.

Ltd.

122,227

139,956

Aldar

Properties

PJSC

86,895

212,923

Allos

14,200

65,790

Anant

Raj

Ltd.

3,135

22,757

Thailand

PCL,

NVDR

292,500

78,247

Arabian

Centres

Co.(b)

6,348

37,020

Arriyadh

Development

Co.

3,496

27,445

Ayala

Land,

Inc.

90,400

30,569

Barwa

Real

Estate

Co.

50,220

36,275

Brigade

Enterprises

Ltd.

1,551

18,131

Bumi

Serpong

Damai

Tbk.

PT*

1,809,000

106,604

C&D

International

Investment

Group

Ltd.

14,196

29,115

Cathay

Real

Estate

Development

Co.

Ltd.

380,550

282,865

Cencosud

Shopping

11,750

27,873

Central

Pattana

PCL,

NVDR

24,000

39,895

China

Dili

Group,

Class

D*‡

50,001

—

China

Enterprise

Co.

Ltd.,

Class

28,200

11,417

China

Jinmao

Holdings

Group

Ltd.

188,000

32,413

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

19,400

25,772

China

Overseas

Land

Investment

Ltd.

90,000

150,884

China

Overseas

Property

Holdings

Ltd.

15,000

9,360

China

Resources

Land

Ltd.

71,000

256,332

China

Resources

Mixc

Lifestyle

Services

Ltd.(a)(b)

9,400

49,127

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

153

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

Development

(continued)

China

Vanke

Co.

Ltd.,

Class

23,700

20,890

China

Vanke

Co.

Ltd.,

Class

H*(a)

54,900

31,080

Chong

Hong

Construction

Co.

Ltd.

85,111

217,893

Ciputra

Development

Tbk.

3,073,546

163,565

Commercial

Real

Estate

Co.

KSC

47,538

32,988

Corp.

Inmobiliaria

Vesta

SAB

CV(a)

10,300

31,314

Country

Garden

Services

Holdings

Co.

Ltd.

50,000

39,757

Crowell

Development

Corp.

94,600

95,089

Da-Li

Development

Co.

Ltd.

166,969

268,043

DAP

Gayrimenkul

Gelistirme

A/S,

Class

43,562

14,546

Dar

Arkan

Real

Estate

Development

Co.*

7,331

33,643

Delpha

Construction

Co.

Ltd.

8,965

8,632

Deyaar

Development

PJSC

422,280

118,419

DLF

Ltd.

12,555

106,957

Eco

World

Development

Group

Bhd.

42,300

20,807

Emaar

Development

PJSC

22,313

90,517

Emaar

Economic

City*

5,750

19,534

Emaar

Properties

PJSC

148,545

574,290

Embassy

Developments

Ltd.*

19,090

19,971

Evergrande

Property

Services

Group

Ltd.*(b)

2,002,500

301,449

Farglory

Land

Development

Co.

Ltd.

11,524

20,206

Fortress

Real

Estate

Investments

Ltd.,

Class

37,305

50,149

Hua

Innovation

Co.

Ltd.

150,900

96,212

Ganesh

Housing

Ltd.

920

8,625

Gemdale

Corp.,

Class

23,000

12,642

Godrej

Properties

Ltd.*

1,890

48,713

Greenland

Holdings

Corp.

Ltd.,

Class

46,000

11,446

Greentown

China

Holdings

Ltd.(a)

24,500

26,164

Greentown

Service

Group

Co.

Ltd.(b)

516,000

296,765

Hainan

Airport

Infrastructure

Co.

Ltd.,

Class

23,000

15,940

Hangzhou

Binjiang

Real

Estate

Group

Co.

Ltd.,

Class

4,300

6,420

Hanson

International

Tbk.

PT*‡

2,409,275

—

Highwealth

Construction

Corp.

32,559

41,306

Hiyes

International

Co.

Ltd.

16,932

46,157

Hopson

Development

Holdings

Ltd.*

32,200

13,050

Hua

Lien

Development

Co.

Ltd.

45,550

92,164

Huaku

Development

Co.

Ltd.

5,987

20,255

Huang

Hsiang

Construction

Corp.

50,690

68,019

Iguatemi

84,900

385,784

IOI

Properties

Group

Bhd.

38,700

19,405

Holdings,

Inc.,

Class

32,611

184,785

Kindom

Development

Co.

Ltd.

146,831

159,054

Knowledge

Economic

City

Co.*

5,382

17,494

Kuwait

Real

Estate

Co.

KSC*

13,349

18,483

LAMDA

Development

SA*

2,806

23,966

Land

Houses

PCL,

NVDR

207,600

25,039

Investments

Value

Real

Estate

Management

Development

(continued)

Lodha

Developers

Ltd.(b)

4,050

54,652

Longfor

Group

Holdings

Ltd.(a)(b)

47,488

58,717

LSR

Group

PJSC,

Class

A*‡

21,295

—

Mabanee

Co.

KPSC

10,312

33,830

Mah

Sing

Group

Bhd.

649,800

161,364

Makkah

Construction

Development

Co.

1,380

32,769

MAS

P.L.C.*(a)

194,488

236,763

Matrix

Concepts

Holdings

Bhd.

461,350

150,919

MBK

PCL,

NVDR

186,944

95,394

Megaworld

Corp.

3,285,000

111,082

Multiplan

Empreendimentos

Imobiliarios

5,000

25,524

Nanjing

Gaoke

Co.

Ltd.,

Class

14,100

18,276

Oberoi

Realty

Ltd.

1,935

38,763

Onewo,

Inc.,

Class

5,000

14,346

OSK

Holdings

Bhd.

546,800

185,400

Pakuwon

Jati

Tbk.

5,193,000

114,914

Pantai

Indah

Kapuk

Dua

Tbk.

24,000

20,277

Parque

Arauco

15,548

43,401

Phoenix

Mills

Ltd.

(The)

3,002

56,901

Plaza

10,212

28,777

PNB

Holdings

Corp.*‡

46,815

30,158

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

17,100

17,621

Poly

Property

Services

Co.

Ltd.,

Class

H(b)

55,400

239,072

Prestige

Estates

Projects

Ltd.

2,031

39,917

Radiance

Holdings

Group

Co.

Ltd.*(a)(b)

225,000

68,320

RAK

Properties

PJSC*

58,880

22,603

Retal

Urban

Development

Co.,

Class

8,096

25,410

Robinsons

Land

Corp.

580,500

146,975

Ruentex

Development

Co.

Ltd.

39,428

38,221

Salhia

Real

Estate

Co.

KSCP

4,508

6,154

Sansiri

PCL,

NVDR

2,245,500

97,223

Saudi

Real

Estate

Co.*

1,288

4,942

Seazen

Group

Ltd.*(a)

94,000

26,487

Shanghai

Jinqiao

Export

Processing

Zone

Development

Co.

Ltd.,

Class

90,092

68,380

Shanghai

Lujiazui

Finance

Trade

Zone

Development

Co.

Ltd.,

Class

9,200

11,071

Shanghai

Lujiazui

Finance

Trade

Zone

Development

Co.

Ltd.,

Class

4,900

2,127

Shanghai

Zhangjiang

High-Tech

Park

Development

Co.

Ltd.,

Class

4,700

29,402

Shenzhen

Overseas

Chinese

Town

Co.

Ltd.,

Class

32,200

10,773

Sichuan

Languang

Justbon

Services

Group

Co.

Ltd.,

Class

H*‡

26,500

—

SignatureGlobal

India

Ltd.*

1,472

17,980

Sime

Darby

Property

Bhd.

67,600

21,791

Sinic

Holdings

Group

Co.

Ltd.*‡

318,000

—

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

154

Investments

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

Development

(continued)

Sinyi

Realty,

Inc.

90,000

66,312

Prime

Holdings,

Inc.

171,000

65,088

Sobha

Ltd.

1,104

20,130

Setia

Bhd.

Group

50,000

10,327

Sunac

China

Holdings

Ltd.*(a)

184,000

34,564

Supalai

PCL,

NVDR

279,800

147,969

Talaat

Moustafa

Group

19,728

24,017

TECOM

Group

PJSC

14,398

12,779

Tropicana

Corp.

Bhd.*

50,600

14,136

UEM

Sunrise

Bhd.

64,400

9,841

United

Development

Co.

QSC

612,900

158,738

UOA

Development

Bhd.

9,700

4,285

Valor

Estate

Ltd.*

76,365

128,073

WHA

Corp.

PCL,

NVDR

227,890

22,976

Yea

Shin

International

Development

Co.

Ltd.

154,494

124,134

Youngor

Fashion

Co.

Ltd.,

Class

14,400

15,183

Yuexiu

Property

Co.

Ltd.(a)

19,079

10,997

Yungshin

Construction

Development

Co.

Ltd.

1,600

3,982

Zhuhai

Huafa

Properties

Co.

Ltd.,

Class

4,900

3,389

Zhuhai

Zhumian

Group

Co.

Ltd.*

13,800

12,843

8,904,856

Residential

REITs

0.0%(d)

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

A/S,

REIT

51,117

24,581

Retail

REITs

0.6%

Axtra

Future

City

Freehold

and

Leasehold

REIT,

REIT

436,400

166,004

Hyprop

Investments

Ltd.,

REIT(a)

142,785

422,856

IGB

REIT,

REIT

39,800

25,564

LOTTE

REIT

Co.

Ltd.,

REIT

2,174

5,882

Nexus

Select

Trust,

REIT

10,105

18,553

Pavilion

REIT,

REIT

15,000

6,626

Resilient

REIT

Ltd.,

REIT(a)

111,375

454,046

Sunway

REIT,

REIT

30,900

15,494

Vukile

Property

Fund

Ltd.,

REIT

502,965

656,401

1,771,426

Semiconductors

Semiconductor

Equipment

10.1%

3peak,

Inc.,

Class

552

13,174

ACM

Research

Shanghai,

Inc.,

Class

1,081

26,973

ADATA

Technology

Co.

Ltd.

118,182

761,200

Advanced

Echem

Materials

Co.

Ltd.

1,000

28,984

Advanced

Wireless

Semiconductor

Co.

5,104

18,430

Airoha

Technology

Corp.

1,250

20,331

Alchip

Technologies

Ltd.

1,100

125,061

Amlogic

Shanghai

Co.

Ltd.,

Class

1,104

13,347

Andes

Technology

Corp.*

1,507

13,138

Investments

Value

Semiconductors

Semiconductor

Equipment

(continued)

Anji

Microelectronics

Technology

Shanghai

Co.

Ltd.,

Class

214

5,921

Memory

Technology

Corp.

2,224

29,300

Ardentec

Corp.

15,298

46,529

ASE

Technology

Holding

Co.

Ltd.

81,850

658,986

ASMedia

Technology,

Inc.

464

21,811

ASPEED

Technology,

Inc.

400

71,175

ASR

Microelectronics

Co.

Ltd.,

Class

987

12,952

Black

Sesame

International

Holding

Ltd.*

9,400

30,357

Cambricon

Technologies

Corp.

Ltd.,

Class

490

94,716

China

Resources

Microelectronics

Ltd.,

Class

1,610

11,484

Chipbond

Technology

Corp.

17,001

32,961

ChipMOS

Technologies,

Inc.

222,035

234,740

HiTek

Co.

Ltd.

753

31,077

Dosilicon

Co.

Ltd.,

Class

2,438

32,046

Duk

San

Neolux

Co.

Ltd.*

506

14,952

Elan

Microelectronics

Corp.

3,378

13,626

Elite

Advanced

Laser

Corp.

1,534

13,673

Elite

Semiconductor

Microelectronics

Technology,

Inc.

97,036

285,038

eMemory

Technology,

Inc.

900

58,261

Ennostar,

Inc.

243,658

272,263

Technics

Co.

Ltd.

315

52,178

Episil

Technologies,

Inc.*

6,292

11,564

Everlight

Electronics

Co.

Ltd.

11,850

22,589

Faraday

Technology

Corp.

4,154

24,661

Fitipower

Integrated

Technology,

Inc.

42,269

209,001

Flat

Glass

Group

Co.

Ltd.,

Class

H(a)

1,000

1,572

FocalTech

Systems

Co.

Ltd.

4,711

9,072

Formosa

Sumco

Technology

Corp.

1,000

3,253

Foxsemicon

Integrated

Technology,

Inc.

2,650

31,982

GalaxyCore,

Inc.,

Class

5,014

11,250

GCL

System

Integration

Technology

Co.

Ltd.,

Class

9,800

3,430

GCL

Technology

Holdings

Ltd.*(a)

184,000

32,197

GemVax

Kael

Co.

Ltd.*

900

30,479

Genesys

Logic,

Inc.

2,000

7,026

Global

Mixed

Mode

Technology,

Inc.

2,448

18,594

Global

Unichip

Corp.

1,432

71,272

Globalwafers

Co.

Ltd.

5,803

95,895

Grand

Process

Technology

Corp.

500

23,665

Greatek

Electronics,

Inc.

7,632

17,503

Gudeng

Precision

Industrial

Co.

Ltd.

1,812

20,807

Hana

Micron,

Inc.

18,540

382,577

Hangzhou

First

Applied

Material

Co.

Ltd.,

Class

9,200

20,305

Hanmi

Semiconductor

Co.

Ltd.

784

79,074

Hua

Hong

Semiconductor

Ltd.,

Class

H*(b)

6,000

61,566

Inari

Amertron

Bhd.

16,200

10,135

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

155

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Semiconductors

Semiconductor

Equipment

(continued)

InnoScience

Suzhou

Technology

Holding

Co.

Ltd.,

Class

4,600

46,431

ITE

Technology,

Inc.

4,100

17,405

ITH

Corp.

90,000

134,820

Solar

Technology

Co.

Ltd.,

Class

9,200

18,210

JCET

Group

Co.

Ltd.,

Class

4,600

25,880

Jentech

Precision

Industrial

Co.

Ltd.

1,287

89,174

Jusung

Engineering

Co.

Ltd.

1,152

24,823

King

Yuan

Electronics

Co.

Ltd.

24,326

171,717

Kinsus

Interconnect

Technology

Corp.

4,000

17,761

Koh

Young

Technology,

Inc.

1,932

22,646

LandMark

Optoelectronics

Corp.

2,048

28,347

LEENO

Industrial,

Inc.

530

21,464

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

5,848

17,355

Semicon

Co.

Ltd.

3,870

155,642

M31

Technology

Corp.

460

6,113

Machvision,

Inc.

1,123

20,567

Macronix

International

Co.

Ltd.*

31,104

31,568

Malaysian

Pacific

Industries

Bhd.

4,600

32,951

Marketech

International

Corp.

2,489

19,918

MediaTek,

Inc.

22,000

937,510

Montage

Technology

Co.

Ltd.,

Class

1,608

30,811

MPI

Corp.

1,428

97,550

Nanya

Technology

Corp.*

9,385

40,451

NAURA

Technology

Group

Co.

Ltd.,

Class

1,080

61,801

Novatek

Microelectronics

Corp.

9,312

119,047

Nuvoton

Technology

Corp.

4,000

8,015

OmniVision

Integrated

Circuits

Group,

Inc.

900

16,538

Orient

Semiconductor

Electronics

Ltd.

14,256

22,538

Pan

Jit

International,

Inc.

8,000

21,938

Parade

Technologies

Ltd.

1,400

30,968

Phison

Electronics

Corp.

2,776

96,173

Phoenix

Silicon

International

Corp.

4,061

22,920

Pixart

Imaging,

Inc.

3,200

24,150

Powerchip

Semiconductor

Manufacturing

Corp.*

52,000

53,284

Powertech

Technology,

Inc.

14,550

81,882

Premier

Energies

Ltd.(b)

517

6,367

PSK

Holdings,

Inc.

3,465

119,411

Radiant

Opto-Electronics

Corp.

8,350

35,854

Raydium

Semiconductor

Corp.

22,380

177,272

Realtek

Semiconductor

Corp.

7,724

129,399

RichWave

Technology

Corp.

2,388

12,002

Sanan

Optoelectronics

Co.

Ltd.,

Class

9,200

17,939

SDI

Corp.

1,781

4,953

Shanghai

Awinic

Technology

Co.

Ltd.,

Class

1,104

12,871

Investments

Value

Semiconductors

Semiconductor

Equipment

(continued)

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

1,564

13,898

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

4,000

21,780

Sigurd

Microelectronics

Corp.

16,300

55,410

Silergy

Corp.

4,000

28,952

Silicon

Integrated

Systems

Corp.

5,959

10,739

Sino-American

Silicon

Products,

Inc.

16,352

66,491

Sitronix

Technology

Corp.

5,674

37,007

hynix,

Inc.

12,645

4,961,260

Skytech,

Inc.

1,000

8,393

Sunplus

Technology

Co.

Ltd.*

5,116

3,586

Taesung

Co.

Ltd.*

506

8,488

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

331,266

16,164,048

TechWing,

Inc.

1,150

53,918

Tokai

Carbon

Korea

Co.

Ltd.

276

32,157

Tongwei

Co.

Ltd.,

Class

4,600

16,024

Topco

Scientific

Co.

Ltd.

2,704

30,083

Trina

Solar

Co.

Ltd.,

Class

4,502

12,892

Unisem

Bhd.

41,400

34,895

United

Microelectronics

Corp.

278,332

420,110

United

Renewable

Energy

Co.

Ltd.*

50,256

11,182

UPI

Semiconductor

Corp.

1,358

8,305

Vanguard

International

Semiconductor

Corp.

15,078

47,430

Verisilicon

Microelectronics

Shanghai

Co.

Ltd.,

Class

1,233

27,647

Via

Technologies,

Inc.

5,424

9,281

VisEra

Technologies

Co.

Ltd.

1,392

11,683

Visual

Photonics

Epitaxy

Co.

Ltd.

4,000

18,022

ViTrox

Corp.

Bhd.

9,400

10,123

WAAREE

Energies

Ltd.

322

12,432

Win

Semiconductors

Corp.

6,961

24,342

Winbond

Electronics

Corp.*

63,007

111,089

WinWay

Technology

Co.

Ltd.

650

55,610

WONIK

IPS

Co.

Ltd.

1,269

57,182

Xinjiang

Daqo

New

Energy

Co.

Ltd.,

Class

4,462

18,787

XinTec,

Inc.

3,000

14,931

Xinyi

Solar

Holdings

Ltd.(a)

123,637

56,949

29,803,715

Software

0.3%

360

Security

Technology,

Inc.,

Class

9,200

15,481

AurionPro

Solutions

Ltd.

517

7,031

Beijing

Fourth

Paradigm

Technology

Co.

Ltd.,

Class

9,100

65,274

Beijing

Kingsoft

Office

Software,

Inc.,

Class

151

7,620

Beijing

Shiji

Information

Technology

Co.

Ltd.,

Class

9,200

12,765

Birlasoft

Ltd.

6,026

25,225

Info

Systems

Ltd.

506

10,370

CETC

Cyberspace

Security

Technology

Co.

Ltd.,

Class

4,600

11,828

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

156

Investments

Value

COMMON

STOCKS

(continued)

Software

(continued)

Dmall,

Inc.*

9,200

10,275

Douzone

Bizon

Co.

Ltd.

350

21,888

Horizon

Robotics*(a)

108,000

122,282

Hundsun

Technologies,

Inc.,

Class

4,550

20,123

Iflytek

Co.

Ltd.,

Class

4,800

37,518

Inspur

Digital

Enterprise

Technology

Ltd.

12,000

12,151

Intellect

Design

Arena

Ltd.

2,484

31,718

Kingdee

International

Software

Group

Co.

Ltd.*

40,000

75,448

KPIT

Technologies

Ltd.

2,330

30,623

Newgen

Software

Technologies

Ltd.

1,920

21,112

Oracle

Financial

Services

Software

Ltd.

322

30,886

Phoenix

Group

plc*

81,328

27,457

Pony

AI,

Inc.,

ADR*

2,208

41,245

Xin

Technology

Group,

Inc.,

Class

2,254

12,374

Shanghai

Baosight

Software

Co.

Ltd.,

Class

3,200

10,342

Shanghai

Stonehill

Technology

Co.

Ltd.,

Class

13,800

15,345

Tata

Elxsi

Ltd.

506

31,091

TOTVS

9,000

74,154

Tuya,

Inc.,

Class

9,200

20,786

Venustech

Group,

Inc.,

Class

4,700

10,347

812,759

Specialty

Retail

0.9%

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

28,106

27,471

Aditya

Birla

Fashion

and

Retail

Ltd.*

6,536

6,011

Aldrees

Petroleum

and

Transport

Services

Co.

768

31,395

Ali

Alghanim

Sons

Automotive

Co.

KSCC

7,452

26,050

BrainBees

Solutions

Ltd.*

2,346

9,207

Cartrade

Tech

Ltd.*

1,058

35,987

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

900

9,625

Chow

Tai

Fook

Jewellery

Group

Ltd.

(a)

38,000

74,414

Com7

PCL,

NVDR

400

309

Cosan

SA*

36,500

41,684

Dogus

Otomotiv

Servis

Ticaret

A/S

3,220

13,807

Empresas

Copec

8,235

58,902

Foschini

Group

Ltd.(a)

8,865

47,106

FSN

E-Commerce

Ventures

Ltd.*

17,844

49,839

HLA

Group

Corp.

Ltd.,

Class

5,200

4,525

Home

Product

Center

PCL,

NVDR

800

162

Hotai

Motor

Co.

Ltd.

6,120

112,681

Hotel

Shilla

Co.

Ltd.*

414

14,151

Italtile

Ltd.

138,735

73,960

Jarir

Marketing

Co.

4,888

18,508

JUMBO

3,015

95,837

Investments

Value

Specialty

Retail

(continued)

Lojas

Renner

SA*

20,820

57,374

M.Video

PJSC*‡

31,680

—

Map

Aktif

Adiperkasa

3,515,282

147,967

Metro

Brands

Ltd.

1,409

17,917

Motus

Holdings

Ltd.

54,990

331,098

DIY

Group

Bhd.(b)

57,600

22,006

Price

Group

Ltd.

4,140

49,412

National

Petroleum

Co.

Ltd.

2,000

3,728

Nice

One

Beauty

Digital

Marketing

Co.*

2,438

16,292

Oriental

Holdings

Bhd.

8,500

13,903

Oula

Fuel

Marketing

Co.

8,298

8,272

Padini

Holdings

Bhd.

184,800

83,398

Pan

German

Universal

Motors

Ltd.

8,370

79,096

Pepkor

Holdings

Ltd.(b)

36,675

55,862

Pop

Mart

International

Group

Ltd.(b)

9,400

268,012

PTT

Oil

Retail

Business

PCL,

NVDR

47,500

21,594

Saudi

Automotive

Services

Co.*

1,472

28,144

Shanghai

Yuyuan

Tourist

Mart

Group

Co.

Ltd.,

Class

13,800

10,786

Siam

Global

House

PCL,

NVDR

112,810

24,073

Topsports

International

Holdings

Ltd.

(b)

52,000

20,607

Trent

Ltd.

2,295

121,362

Truworths

International

Ltd.(a)

11,385

34,058

Ultrapar

Participacoes

18,000

71,563

United

Electronics

Co.

874

20,672

Uxin

Ltd.,

ADR*

2,622

6,555

Vibra

Energia

22,500

99,440

Buy

Cars

Holdings

Ltd.(a)

134,055

355,778

XXF

Group

Holdings

Ltd.*(a)

40,000

48,944

Zhongsheng

Group

Holdings

Ltd.(a)

12,000

18,960

2,788,504

Technology

Hardware,

Storage

Peripherals

5.0%

Acer,

Inc.

59,750

58,407

Advantech

Co.

Ltd.

8,552

87,214

AIC,

Inc.

11,836

146,501

Asia

Vital

Components

Co.

Ltd.

5,136

238,079

ASROCK,

Inc.

1,086

11,340

Asustek

Computer,

Inc.

18,000

408,119

AURAS

Technology

Co.

Ltd.

1,550

53,194

Catcher

Technology

Co.

Ltd.

7,418

47,899

Chenming

Electronic

Technology

Corp.

3,654

14,799

Chicony

Electronics

Co.

Ltd.

13,050

55,187

China

Greatwall

Technology

Group

Co.

Ltd.,

Class

5,500

13,075

Clevo

Co.

13,536

17,437

Compal

Electronics,

Inc.

92,000

98,910

CosmoAM&T

Co.

Ltd.*

874

34,046

Ennoconn

Corp.

2,304

21,923

Getac

Holdings

Corp.

9,843

44,186

Gigabyte

Technology

Co.

Ltd.

8,976

81,903

HTC

Corp.*

11,432

18,780

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

157

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Technology

Hardware,

Storage

Peripherals

(continued)

IEI

Integration

Corp.

45,219

98,702

Innodisk

Corp.

1,347

18,885

Inventec

Corp.

48,008

71,682

JPC

connectivity,

Inc.

1,842

10,037

King

Slide

Works

Co.

Ltd.

1,104

147,602

Kinpo

Electronics

22,751

16,837

Legend

Holdings

Corp.,

Class

H*(b)

211,500

273,212

Lenovo

Group

Ltd.

156,000

228,013

Lite-On

Technology

Corp.

35,626

208,024

Micro-Star

International

Co.

Ltd.

16,000

56,992

Mitac

Holdings

Corp.

15,734

51,183

Netweb

Technologies

India

Ltd.

690

31,385

Pegatron

Corp.

53,304

128,661

Qisda

Corp.

37,720

38,099

Quanta

Computer,

Inc.

41,335

404,059

Quanta

Storage,

Inc.

5,200

18,015

Samsung

Electronics

Co.

Ltd.

112,590

8,495,122

Samsung

Electronics

Co.

Ltd.

(Preference)

18,945

1,122,273

Shenzhen

Transsion

Holdings

Co.

Ltd.,

Class

1,303

13,976

Wistron

Corp.

44,429

217,513

Wiwynn

Corp.

1,650

234,288

Xiaomi

Corp.,

Class

B*(b)

231,200

1,285,072

14,620,631

Textiles,

Apparel

Luxury

Goods

1.1%

361

Degrees

International

Ltd.(a)

270,000

204,266

Aksa

Akrilik

Kimya

Sanayii

A/S

38,400

11,324

ANTA

Sports

Products

Ltd.(a)

19,400

202,182

Arvind

Ltd.

4,000

14,365

Azzas

2154

55,042

293,447

Bata

India

Ltd.

1,150

13,869

Bosideng

International

Holdings

Ltd.

90,000

55,119

China

National

Gold

Group

Gold

Jewellery

Co.

Ltd.,

Class

9,200

10,683

Dong

Corp.

414

5,254

Eclat

Textile

Co.

Ltd.

3,546

47,351

F&F

Co.

Ltd.

460

19,791

Feng

TAY

Enterprise

Co.

Ltd.

11,872

47,116

Group*‡

3,536

—

Fuguiniao

Group

Ltd.*‡

334,800

—

Fulgent

Sun

International

Holding

Co.

Ltd.

54,083

169,070

Garware

Technical

Fibres

Ltd.

940

8,038

JNBY

Design

Ltd.(b)

69,500

161,048

Kalyan

Jewellers

India

Ltd.

5,934

34,071

KPR

Mill

Ltd.

1,754

21,130

Lao

Feng

Xiang

Co.

Ltd.,

Class

7,400

27,069

Laopu

Gold

Co.

Ltd.,

Class

H(a)

400

35,228

Ning

Co.

Ltd.

61,000

132,482

Makalot

Industrial

Co.

Ltd.

4,420

38,677

Mavi

Giyim

Sanayi

Ticaret

A/S,

Class

B(b)

220,500

211,335

Misto

Holdings

Corp.

966

24,951

Investments

Value

Textiles,

Apparel

Luxury

Goods

(continued)

Page

Industries

Ltd.

43,627

Pou

Chen

Corp.

74,600

71,103

Relaxo

Footwears

Ltd.

2,116

10,396

Ruentex

Industries

Ltd.

16,940

29,592

Safari

Industries

India

Ltd.

368

8,850

Shenzhou

International

Group

Holdings

Ltd.

9,500

82,017

Shinkong

Textile

Co.

Ltd.

7,600

13,944

Sports

Gear

Co.

Ltd.

31,269

114,432

Swan

Corp.

Ltd.

5,658

29,931

Tainan

Spinning

Co.

Ltd.

405,000

166,000

Taiwan

Paiho

Ltd.

97,000

180,489

Titan

Co.

Ltd.

5,580

235,511

Trident

Ltd.

22,165

7,148

Vardhman

Textiles

Ltd.

6,302

30,956

Vedant

Fashions

Ltd.

864

6,285

Vivara

Participacoes

5,300

30,707

Welspun

Living

Ltd.

7,370

10,764

Wiselink

Co.

Ltd.

3,252

19,518

Xtep

International

Holdings

Ltd.

28,949

20,970

Youngone

Corp.

480

19,473

Youngone

Holdings

Co.

Ltd.

1,755

175,038

3,094,617

Tobacco

0.3%

Godfrey

Phillips

India

Ltd.

414

14,353

Gudang

Garam

Tbk.

194,282

202,109

ITC

Ltd.

43,515

206,052

KT&G

Corp.

2,655

250,080

RLX

Technology,

Inc.,

ADR

9,614

23,458

Smoore

International

Holdings

Ltd.(b)

31,000

52,211

748,263

Trading

Companies

Distributors

0.3%

Adani

Enterprises

Ltd.

5,265

147,147

BOC

Aviation

Ltd.(b)

4,900

42,934

Bohai

Leasing

Co.

Ltd.,

Class

18,800

9,435

Brighton-Best

International

Taiwan,

Inc.

14,272

15,553

Chin

Hin

Group

Bhd.*

18,800

10,370

COSCO

SHIPPING

Development

Co.

Ltd.,

Class

37,600

13,849

HextarTechnologies

Solutions

Bhd.*

41,400

11,665

IndiaMart

InterMesh

Ltd.(b)

715

19,797

International

Corp.

10,260

217,118

Posco

International

Corp.

1,035

39,954

Realord

Group

Holdings

Ltd.*

14,000

22,138

Shanghai

Waigaoqiao

Free

Trade

Zone

Group

Co.

Ltd.,

Class

22,310

15,840

Shanxi

Coal

International

Energy

Group

Co.

Ltd.,

Class

11,400

17,693

Sinochem

International

Corp.,

Class

18,800

11,047

Networks

Co.

Ltd.

35,235

112,277

Xiamen

Inc.,

Class

9,400

13,466

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

158

Investments

Value

COMMON

STOCKS

(continued)

Trading

Companies

Distributors

(continued)

Xiamen

ITG

Group

Corp.

Ltd.,

Class

13,800

12,571

732,854

Transportation

Infrastructure

0.7%

Abu

Dhabi

Ports

Co.

PJSC*

33,810

42,159

Adani

Ports

Special

Economic

Zone

Ltd.

12,690

207,494

Airports

Thailand

PCL

54,000

68,888

Airports

Thailand

PCL,

NVDR

4,500

5,741

Bangkok

Expressway

Metro

PCL,

NVDR

18,200

2,899

Beibuwan

Port

Co.

Ltd.,

Class

4,900

6,034

Celebi

Hava

Servisi

A/S

276

10,240

China

Merchants

Expressway

Network

Technology

Holdings

Co.

Ltd.,

Class

9,600

13,846

China

Merchants

Port

Holdings

Co.

Ltd.

34,521

66,802

COSCO

SHIPPING

Ports

Ltd.(a)

12,216

9,006

Evergreen

International

Storage

Transport

Corp.

7,760

14,464

GMR

Airports

Ltd.*

45,394

48,052

Grupo

Aeroportuario

del

Centro

Norte

SAB

CV,

Class

4,700

58,002

Grupo

Aeroportuario

del

Pacifico

SAB

CV,

Class

5,400

112,727

Grupo

Aeroportuario

del

Sureste

SAB

CV,

Class

2,350

71,190

Guangdong

Provincial

Expressway

Development

Co.

Ltd.,

Class

9,800

10,768

Huaihe

Energy

Group

Co.

Ltd.,

Class

23,000

12,060

International

Container

Terminal

Services,

Inc.

12,600

113,475

Jasa

Marga

Persero

Tbk.

11,523

2,474

Jiangsu

Expressway

Co.

Ltd.,

Class

32,000

38,949

JSW

Infrastructure

Ltd.

1,564

5,107

Motiva

Infraestrutura

Mobilidade

23,282

68,655

Ningbo

Zhoushan

Port

Co.

Ltd.,

Class

23,500

12,422

Novorossiysk

Commercial

Sea

Port

PJSC*‡

189,696

—

Piraeus

Port

Authority

460

22,830

Promotora

Operadora

Infraestructura

SAB

3,174

41,166

Qingdao

Port

International

Co.

Ltd.,

Class

5,200

6,243

Qingdao

Port

International

Co.

Ltd.,

Class

H(b)

23,000

21,011

Salik

Co.

PJSC

25,267

41,138

Saudi

Ground

Services

Co.

1,815

21,343

Investments

Value

Transportation

Infrastructure

(continued)

Shanghai

International

Port

Group

Co.

Ltd.,

Class

19,300

15,140

Shenzhen

Expressway

Corp.

Ltd.,

Class

18,000

16,814

Shenzhen

International

Holdings

Ltd.

26,562

27,511

Sociedad

Matriz

SAAM

217,948

28,916

Taiwan

High

Speed

Rail

Corp.

46,000

40,926

TangShan

Port

Group

Co.

Ltd.,

Class

23,300

13,004

TAV

Havalimanlari

Holding

A/S*

4,067

25,632

WCE

Holdings

Bhd.*

64,400

10,149

Westports

Holdings

Bhd.

17,569

21,605

Zhejiang

Expressway

Co.

Ltd.,

Class

622,000

606,618

1,961,500

Water

Utilities

0.6%

Aguas

Andinas

SA,

Class

69,842

26,612

AlKhorayef

Water

Power

Technologies

Co.

690

27,691

Beijing

Capital

Eco-Environment

Protection

Group

Co.

Ltd.,

Class

24,000

10,763

Beijing

Enterprises

Water

Group

Ltd.

(a)

132,000

42,459

China

Water

Affairs

Group

Ltd.(a)

270,000

218,162

Cia

Saneamento

Basico

Estado

Sao

Paulo

SABESP

5,700

139,538

Cia

Saneamento

Minas

Gerais

Copasa

72,000

505,256

Cia

Sanena

Parana

90,000

576,251

Guangdong

Investment

Ltd.

56,000

53,246

Luenmei

Quantum

Co.

Ltd.,

Class

13,800

17,072

Manila

Water

Co.,

Inc.

378,000

223,203

National

Central

Cooling

Co.

PJSC

25,990

21,370

Tech

Wabag

Ltd.

987

15,723

1,877,346

Wireless

Telecommunication

Services

1.0%

Advanced

Info

Service

PCL,

NVDR

18,000

168,115

America

Movil

SAB

CV,

Series

427,002

487,733

Axiata

Group

Bhd.

43,804

26,253

Bharti

Airtel

Ltd.

38,250

885,249

Bharti

Hexacom

Ltd.

874

18,321

Celcomdigi

Bhd.

59,400

51,060

Etihad

Etisalat

Co.

5,985

108,125

Far

EasTone

Telecommunications

Co.

Ltd.

30,033

90,370

Indosat

Tbk.

127,200

14,418

Kuwait

Telecommunications

Co.

5,658

10,949

Maxis

Bhd.

42,000

38,109

Mobile

Telecommunications

Co.

KSCP

50,355

87,110

Mobile

Telecommunications

Co.

Saudi

Arabia

1,380

4,228

Mobile

TeleSystems

PJSC*‡

31,356

—

MTN

Group

Ltd.

37,845

377,587

PLDT,

Inc.

2,475

47,103

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

159

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Wireless

Telecommunication

Services

(continued)

Sistema

AFK

PAO*‡

122,643

—

Telecom

Co.

Ltd.

2,205

80,942

Taiwan

Mobile

Co.

Ltd.

20,000

71,240

TIM

18,000

81,190

Turkcell

Iletisim

Hizmetleri

A/S

22,095

52,390

Vodacom

Group

Ltd.

11,295

91,259

Vodafone

Idea

Ltd.*

435,022

42,781

Vodafone

Qatar

PQSC

44,198

29,194

XLSMART

Telecom

Sejahtera

Tbk.

199,502

31,311

2,895,037

Total

Common

Stocks

(Cost

$189,668,484)

290,626,004

PREFERRED

STOCKS

0.0%(d)

Automobiles

0.0%(d)

TVS

Motor

Co.

Ltd.

6.00%, 09/01/26

*‡

(Cost

$1,489)

13,616

1,485

Number

Rights

RIGHTS

0.0%(d)

Banks

0.0%(d)

Taichung

Commercial

Bank

Co.

Ltd.,

expiring

12/8/2025,

price

1.00

TWD

(Cost

$–)

777

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

1.4%(e)

REPURCHASE

AGREEMENTS

1.4%

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$3,296,373,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$3,344,314

3,295,239

National

Bank

Canada

Financial

Inc.

4.19%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$580,203,

collateralized

various

Common

Stocks;

total

market

value

$653,180

580,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

Prime

Services

LLC

3.97%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$105,855,

collateralized

various

Common

Stocks;

total

market

value

$116,752

105,820

3,981,059

Total

Securities

Lending

Reinvestments

(Cost

$3,981,059)

3,981,059

Total

Investments

100.2%

(Cost

$193,651,032)

294,608,611

Liabilities

excess

other

assets

(0.2%)

(451,073)

NET

ASSETS

100.0%

$294,157,538

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$13,167,683,

collateralized

the

form

cash

with

value

$3,981,059

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$6,246,111

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

November

2025

–

August

15,

2055

and

$3,833,635

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

15,

2026

–

November

2086;

total

value

$14,060,805.

(b)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(c)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

October

31,

2025,

the

value

these

securities

amounted

approximately

$33,907

0.01%

net

assets.

(d)

Represents

less

than

0.05%

net

assets.

(e)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$3,981,059.

Percentages

shown

are

based

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

GDR

—

Global

Depositary

Receipt

NVDR

—

Non-Voting

Depositary

Receipt

PJSC

—

Public

Joint

Stock

Company

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

160

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

capital

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

110,534,774

Aggregate

gross

unrealized

depreciation

(18,487,305

)

Net

unrealized

appreciation

92,047,469

Federal

income

tax

cost

202,800,450

Futures

Contracts

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

Emerging

Markets

E-Mini

Index

12/19/2025

USD

4,996,980

233,478

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

Forward

Foreign

Currency

Contracts

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

had

the

following

outstanding

contracts

October

31,

2025:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

174,784

Goldman

Sachs

Co.

INR

15,531,500

12/17/2025

219

USD

183,685

Goldman

Sachs

Co.

KRW

254,462,590

12/17/2025

4,721

USD

284,610

Citibank

TWD

8,556,120

12/17/2025

5,440

Total

unrealized

appreciation

10,380

USD

229,559

Citibank

BRL

1,270,000

12/17/2025

(3,832)

USD

317,430

BNP

Paribas

HKD

2,466,137

12/17/2025

(78)

USD

21,504

Goldman

Sachs

Co.

MXN

404,000

12/17/2025

(173)

USD

54,179

UBS

ZAR

950,000

12/17/2025

(467)

Total

unrealized

depreciation

(4,550)

Net

unrealized

appreciation

5,830

Non-deliverable

forward.

See

Note

the

Notes

Financial

Statements.

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

161

FLEXSHARES

ANNUAL

REPORT

Abbreviations:

BRL

—

Brazilian

Real

HKD

—

Hong

Kong

Dollar

INR

—

Indian

Rupee

KRW

—

Korean

Won

MXN

—

Mexican

Peso

TWD

—

Taiwan

Dollar

USD

—

Dollar

ZAR

—

South

African

Rand

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

October

31,

2025:

Australia

0.0

†

Belgium

0.0

†

Brazil

5.2

Cayman

Islands

0.0

†

Chile

0.8

China

24.3

Colombia

0.3

Czech

Republic

0.1

Egypt

0.4

Germany

0.0

†

Greece

0.6

Hungary

0.3

India

13.1

Indonesia

2.1

Kuwait

0.7

Luxembourg

0.0

†

Malaysia

2.1

Mexico

2.6

North

Korea

0.0

†

Peru

0.4

Philippines

0.9

Qatar

1.4

Romania

0.1

Saudi

Arabia

2.1

Singapore

0.0

†

South

Africa

4.4

South

Korea

14.7

Taiwan

17.2

Thailand

1.7

Turkey

1.0

United

Arab

Emirates

2.3

United

Kingdom

0.0

†

United

States

0.0

†

Other

1.2

100.0%

†

Amount

represents

less

than

0.05%.

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

162

Security

Type

Net

Assets

Common

Stocks

98.8

Preferred

Stocks

0.0

†

Rights

0.0

†

Securities

Lending

Reinvestments

1.4

Others

(1)

(0.2)

100.0%

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

163

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

Quality

Large

Cap

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Aerospace

Defense

Aerospace

26,296

8,124,149

Lockheed

Martin

Corp.

6,228

3,063,429

11,187,578

Air

Freight

Logistics

Robinson

Worldwide,

Inc.

20,760

3,196,833

Expeditors

International

Washington,

Inc.(a)

19,030

2,319,757

United

Parcel

Service,

Inc.,

Class

16,608

1,601,343

7,117,933

Automobile

Components

Aptiv

plc*

32,870

2,665,757

Automobiles

Tesla,

Inc.*

19,030

8,688,337

Banks

Bank

America

Corp.

184,072

9,838,648

Citigroup,

Inc.(a)

104,838

10,612,751

East

West

Bancorp,

Inc.

1,038

105,461

JPMorgan

Chase

Co.

44,288

13,778,883

Wells

Fargo

Co.

34,600

3,009,162

37,344,905

Biotechnology

AbbVie,

Inc.

6,574

1,433,395

Amgen,

Inc.

11,072

3,304,217

Gilead

Sciences,

Inc.

28,718

3,440,129

United

Therapeutics

Corp.*

2,422

1,078,832

9,256,573

Broadline

Retail

Amazon.com,

Inc.*

72,314

17,660,525

eBay,

Inc.

38,060

3,094,658

MercadoLibre,

Inc.*

622

1,447,556

22,202,739

Building

Products

Carlisle

Cos.,

Inc.

4,498

1,462,075

Masco

Corp.

17,300

1,120,348

2,582,423

Capital

Markets

Bank

New

York

Mellon

Corp.

(The)

39,790

4,294,535

Franklin

Resources,

Inc.

128,020

2,894,532

Goldman

Sachs

Group,

Inc.

(The)

9,342

7,374,295

Morgan

Stanley

29,756

4,879,984

Robinhood

Markets,

Inc.,

Class

4,498

660,216

State

Street

Corp.

31,486

3,641,671

23,745,233

Investments

Value

Chemicals

Industries

Holdings,

Inc.

39,098

3,256,472

Communications

Equipment

Arista

Networks,

Inc.*

16,954

2,673,476

Cisco

Systems,

Inc.

127,328

9,308,950

F5,

Inc.*

2,422

612,887

12,595,313

Construction

Engineering

EMCOR

Group,

Inc.

1,384

935,280

Consumer

Finance

Capital

One

Financial

Corp.

32,178

7,078,838

Synchrony

Financial(a)

49,478

3,680,174

10,759,012

Consumer

Staples

Distribution

Retail

Kroger

Co.

(The)

46,018

2,928,125

Target

Corp.(a)

2,076

192,487

3,120,612

Diversified

REITs

(b)

Carey,

Inc.,

REIT

2,422

159,852

Diversified

Telecommunication

Services

AT&T,

Inc.

201,718

4,992,521

Electric

Utilities

Edison

International

15,570

862,267

Evergy,

Inc.(a)

48,094

3,694,100

Exelon

Corp.

85,462

3,941,507

NRG

Energy,

Inc.

20,414

3,508,350

PPL

Corp.(a)

94,112

3,436,970

Southern

Co.

(The)(a)

39,790

3,741,852

19,185,046

Electrical

Equipment

Emerson

Electric

Co.(a)

8,650

1,207,280

Vernova,

Inc.

2,076

1,214,751

2,422,031

Electronic

Equipment,

Instruments

Components

Amphenol

Corp.,

Class

19,030

2,651,640

Flex

Ltd.*

11,072

692,221

Jabil,

Inc.

12,456

2,751,406

Zebra

Technologies

Corp.,

Class

2,422

652,124

6,747,391

Entertainment

Electronic

Arts,

Inc.

7,266

1,453,636

Netflix,

Inc.*

4,963

5,552,902

Spotify

Technology

SA*

6,808

4,461,418

Warner

Bros

Discovery,

Inc.*

55,706

1,250,600

12,718,556

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Large

Cap

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

164

Investments

Value

COMMON

STOCKS

(continued)

Financial

Services

Berkshire

Hathaway,

Inc.,

Class

29,064

13,879,223

Fidelity

National

Information

Services,

Inc.

24,220

1,514,234

Fiserv,

Inc.*

13,148

876,840

Global

Payments,

Inc.

19,030

1,479,773

PayPal

Holdings,

Inc.*

28,026

1,941,361

19,691,431

Food

Products

Tyson

Foods,

Inc.,

Class

38,406

1,974,452

Ground

Transportation

(b)

Uber

Technologies,

Inc.*

3,460

333,890

Health

Care

Equipment

Supplies

Abbott

Laboratories

6,228

769,905

HealthCare

Technologies,

Inc.

4,498

337,125

Hologic,

Inc.*

14,186

1,048,487

IDEXX

Laboratories,

Inc.*

1,730

1,089,052

Medtronic

plc

5,882

533,498

ResMed,

Inc.

12,802

3,160,558

Stryker

Corp.

700

249,368

7,187,993

Health

Care

Providers

Services

Cardinal

Health,

Inc.

10,034

1,914,186

Cencora,

Inc.

12,110

4,090,879

Centene

Corp.*

27,334

966,804

Cigna

Group

(The)

13,494

3,298,068

CVS

Health

Corp.

7,612

594,878

HCA

Healthcare,

Inc.

4,844

2,226,690

McKesson

Corp.

6,920

5,614,473

Tenet

Healthcare

Corp.*

7,958

1,643,247

20,349,225

Health

Care

Technology

Veeva

Systems,

Inc.,

Class

2,422

705,286

Hotels,

Restaurants

Leisure

Booking

Holdings,

Inc.

776

3,940,326

DoorDash,

Inc.,

Class

6,920

1,760,240

Expedia

Group,

Inc.(a)

4,498

989,560

Royal

Caribbean

Cruises

Ltd.

10,380

2,977,296

9,667,422

Household

Durables

NVR,

Inc.*

346

2,494,944

Household

Products

Colgate-Palmolive

Co.

19,722

1,519,580

Kimberly-Clark

Corp.

18,338

2,195,242

Procter

Gamble

Co.

(The)

16,608

2,497,345

6,212,167

Industrial

Conglomerates

Co.

17,300

2,880,450

Investments

Value

Insurance

Aflac,

Inc.

30,448

3,263,721

American

International

Group,

Inc.

45,326

3,578,941

MetLife,

Inc.

37,022

2,955,096

Prudential

Financial,

Inc.

7,612

791,648

10,589,406

Interactive

Media

Services

Alphabet,

Inc.,

Class

83,076

23,360,141

Alphabet,

Inc.,

Class

80,066

22,564,200

Meta

Platforms,

Inc.,

Class

24,389

15,812,608

61,736,949

Services

Accenture

plc,

Class

11,418

2,855,642

Cognizant

Technology

Solutions

Corp.,

Class

26,988

1,966,885

Gartner,

Inc.*

2,076

515,554

Twilio,

Inc.,

Class

7,958

1,073,375

6,411,456

Life

Sciences

Tools

Services

ICON

plc*

3,806

653,947

Waters

Corp.*

1,730

604,808

1,258,755

Machinery

Caterpillar,

Inc.

7,958

4,593,835

Cummins,

Inc.

4,844

2,120,122

Illinois

Tool

Works,

Inc.

15,570

3,797,834

Snap-on,

Inc.(a)

692

232,201

Westinghouse

Air

Brake

Technologies

Corp.

8,650

1,768,406

12,512,398

Media

Comcast

Corp.,

Class

32,870

914,937

Fox

Corp.,

Class

A(a)

3,460

223,689

Omnicom

Group,

Inc.

7,612

571,052

1,709,678

Metals

Mining

Agnico

Eagle

Mines

Ltd.

14,186

2,281,251

Newmont

Corp.

62,280

5,042,811

7,324,062

Multi-Utilities

Consolidated

Edison,

Inc.

36,676

3,572,609

Public

Service

Enterprise

Group,

Inc.

37,022

2,982,493

6,555,102

Oil,

Gas

Consumable

Fuels

EOG

Resources,

Inc.

33,562

3,552,202

Marathon

Petroleum

Corp.

11,072

2,158,043

Valero

Energy

Corp.

21,798

3,696,069

9,406,314

Pharmaceuticals

Bristol-Myers

Squibb

Co.

111,758

5,148,691

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Large

Cap

Index

Fund

(cont.)

165

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Pharmaceuticals

(continued)

Eli

Lilly

Co.

5,536

4,776,793

Johnson

55,706

10,521,192

Merck

Co.,

Inc.

51,900

4,462,362

Royalty

Pharma

plc,

Class

A(a)

94,804

3,558,942

28,467,980

Professional

Services

Automatic

Data

Processing,

Inc.

5,882

1,531,085

Leidos

Holdings,

Inc.

19,376

3,690,547

Paychex,

Inc.(a)

5,882

688,370

5,910,002

Real

Estate

Management

Development

CBRE

Group,

Inc.,

Class

23,874

3,639,114

Jones

Lang

LaSalle,

Inc.*

7,958

2,427,906

6,067,020

Residential

REITs

AvalonBay

Communities,

Inc.,

REIT(a)

1,384

240,705

Equity

Residential,

REIT(a)

2,768

164,530

Essex

Property

Trust,

Inc.,

REIT

10,034

2,526,260

2,931,495

Retail

REITs

Simon

Property

Group,

Inc.,

REIT

19,722

3,466,339

Semiconductors

Semiconductor

Equipment

Analog

Devices,

Inc.

4,152

972,108

Applied

Materials,

Inc.

22,836

5,323,071

Broadcom,

Inc.

59,512

21,997,420

KLA

Corp.

5,190

6,273,361

Lam

Research

Corp.

22,144

3,486,794

NVIDIA

Corp.

236,285

47,845,350

QUALCOMM,

Inc.

23,874

4,318,807

90,216,911

Software

Adobe,

Inc.*

9,342

3,179,176

AppLovin

Corp.,

Class

3,806

2,425,678

Check

Point

Software

Technologies

Ltd.*

14,186

2,775,917

Fair

Isaac

Corp.*

764

1,267,881

Fortinet,

Inc.*

31,140

2,691,430

Gen

Digital,

Inc.

8,304

218,893

Intuit,

Inc.

9,238

6,166,827

Manhattan

Associates,

Inc.*

2,768

503,970

Microsoft

Corp.

60,900

31,534,629

Oracle

Corp.

1,384

363,452

Palantir

Technologies,

Inc.,

Class

19,376

3,884,307

Roper

Technologies,

Inc.

2,076

926,207

Salesforce,

Inc.

5,882

1,531,732

Zoom

Communications,

Inc.,

Class

4,844

422,542

57,892,641

Investments

Value

Specialized

REITs

VICI

Properties,

Inc.,

Class

REIT

113,142

3,393,129

Specialty

Retail

AutoZone,

Inc.*

346

1,271,353

Best

Buy

Co.,

Inc.

13,148

1,079,977

Home

Depot,

Inc.

(The)

3,460

1,313,381

Lowe's

Cos.,

Inc.

7,958

1,895,039

Williams-Sonoma,

Inc.

11,072

2,151,732

7,711,482

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

167,055

45,166,660

Dell

Technologies,

Inc.,

Class

14,878

2,410,385

NetApp,

Inc.

27,334

3,219,399

Western

Digital

Corp.

34,254

5,145,293

55,941,737

Textiles,

Apparel

Luxury

Goods

Deckers

Outdoor

Corp.*

17,992

1,466,348

Ralph

Lauren

Corp.

3,460

1,106,023

Tapestry,

Inc.

17,646

1,937,884

4,510,255

Tobacco

Altria

Group,

Inc.

82,002

4,623,273

Philip

Morris

International,

Inc.

24,220

3,495,672

8,118,945

Trading

Companies

Distributors

Grainger,

Inc.

1,038

1,016,202

Total

Common

Stocks

(Cost

$511,115,543)

666,329,082

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(c)

REPURCHASE

AGREEMENTS

MetLife,

Inc.

4.15%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$955,712,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.50%,

maturing

12/16/2025

2/15/2054;

total

market

value

$961,319

955,382

Prime

Services

LLC

3.97%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$5,001,654,

collateralized

various

Common

Stocks;

total

market

value

$5,534,181

5,000,000

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Large

Cap

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

166

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

The

Bank

Nova

Scotia,

Toronto

4.18%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$2,000,697,

collateralized

various

Common

Stocks;

total

market

value

$2,228,647

2,000,000

7,955,382

Total

Securities

Lending

Reinvestments

(Cost

$7,955,382)

7,955,382

Total

Investments

97.7%

(Cost

$519,070,925)

674,284,464

Other

assets

less

liabilities

2.3%

16,064,929

NET

ASSETS

100.0%

$690,349,393

Non-income

producing

security.

(a)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$23,949,450,

collateralized

the

form

cash

with

value

$7,955,382

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments

and

$16,596,339

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

December

2025

–

August

15,

2055;

total

value

$24,551,721.

(b)

Represents

less

than

0.05%

net

assets.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$7,955,382.

Percentages

shown

are

based

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

168,751,809

Aggregate

gross

unrealized

depreciation

(13,915,097

)

Net

unrealized

appreciation

154,836,712

Federal

income

tax

cost

520,398,324

Futures

Contracts

FlexShares

Quality

Large

Cap

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

NASDAQ

100

E-Mini

Index

12/19/2025

USD

23,923,680

950,572

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

Abbreviations:

USD

—

Dollar

Security

Type

Net

Assets

Common

Stocks

96‌

Securities

Lending

Reinvestments

1‌

Others

(1)

2‌

100‌

(1)

Includes

any

other

net

assets/(liabilities).

167

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

STOXX

ESG

Select

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Air

Freight

Logistics

FedEx

Corp.

396

100,513

United

Parcel

Service,

Inc.,

Class

3,333

321,368

421,881

Automobile

Components

(a)

Aptiv

plc*

396

32,116

Automobiles

General

Motors

Co.

4,488

310,076

Tesla,

Inc.*

10,461

4,776,074

5,086,150

Banks

Bank

America

Corp.

31,581

1,688,004

Citigroup,

Inc.

10,329

1,045,605

Fifth

Third

Bancorp

1,947

81,034

Huntington

Bancshares,

Inc.

2,376

36,685

JPMorgan

Chase

Co.

15,312

4,763,869

KeyCorp

3,267

57,467

Regions

Financial

Corp.

3,993

96,631

Truist

Financial

Corp.

4,884

217,973

Bancorp

7,392

345,059

Wells

Fargo

Co.

17,919

1,558,415

9,890,742

Beverages

Coca-Cola

Co.

(The)

21,714

1,496,095

Coca-Cola

Europacific

Partners

plc(b)

1,155

102,599

Constellation

Brands,

Inc.,

Class

627

82,375

Keurig

Pepper,

Inc.

6,006

163,123

Monster

Beverage

Corp.*

1,980

132,323

PepsiCo,

Inc.

6,369

930,447

2,906,962

Biotechnology

AbbVie,

Inc.

3,300

719,532

Amgen,

Inc.

990

295,446

Vertex

Pharmaceuticals,

Inc.*

1,188

505,577

1,520,555

Broadline

Retail

Amazon.com,

Inc.*

26,961

6,584,415

eBay,

Inc.

2,112

171,727

6,756,142

Building

Products

Allegion

plc

363

60,174

Carrier

Global

Corp.

1,419

84,416

Lennox

International,

Inc.

165

83,325

Owens

Corning

231

29,409

Trane

Technologies

plc

1,221

547,802

805,126

Investments

Value

Capital

Markets

Bank

New

York

Mellon

Corp.

(The)

3,300

356,169

BlackRock,

Inc.(b)

825

893,318

FactSet

Research

Systems,

Inc.

132

35,218

Goldman

Sachs

Group,

Inc.

(The)

1,419

1,120,116

Intercontinental

Exchange,

Inc.(b)

3,168

463,447

Moody's

Corp.(b)

429

206,049

Morgan

Stanley

3,366

552,024

MSCI,

Inc.

297

174,799

Nasdaq,

Inc.

1,650

141,058

Northern

Trust

Corp.(b)(c)

330

42,461

S&P

Global,

Inc.(b)

1,419

691,351

State

Street

Corp.

1,023

118,320

4,794,330

Chemicals

Corteva,

Inc.

2,508

154,092

Dow,

Inc.(b)

990

23,611

DuPont

Nemours,

Inc.

792

64,667

Sherwin-Williams

Co.

(The)

627

216,277

458,647

Commercial

Services

Supplies

Cintas

Corp.

1,914

350,779

Republic

Services,

Inc.

363

75,591

Veralto

Corp.

528

52,103

Waste

Management,

Inc.

660

131,848

610,321

Communications

Equipment

Arista

Networks,

Inc.*

3,993

629,656

Cisco

Systems,

Inc.

18,348

1,341,422

F5,

Inc.*

25,052

1,996,130

Construction

Engineering

(a)

AECOM

495

66,503

Construction

Materials

CRH

plc

2,508

298,703

Vulcan

Materials

Co.

264

76,428

375,131

Consumer

Staples

Distribution

Retail

Costco

Wholesale

Corp.

2,048

1,866,649

Dollar

General

Corp.

594

58,604

Dollar

Tree,

Inc.*

957

94,858

Kroger

Co.

(The)

3,432

218,378

Sprouts

Farmers

Market,

Inc.*

165

13,028

Sysco

Corp.

2,706

201,002

Target

Corp.

1,287

119,331

Foods

Holding

Corp.*(b)

627

45,533

Walmart,

Inc.

24,717

2,500,866

5,118,249

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

168

Investments

Value

COMMON

STOCKS

(continued)

Containers

Packaging

Ball

Corp.

594

27,918

Smurfit

WestRock

plc(b)

1,782

65,792

93,710

Diversified

REITs

Carey,

Inc.,

REIT

1,023

67,518

Diversified

Telecommunication

Services

AT&T,

Inc.

13,365

330,784

Verizon

Communications,

Inc.

15,741

625,547

956,331

Electric

Utilities

Alliant

Energy

Corp.(b)

891

59,537

American

Electric

Power

Co.,

Inc.

1,056

126,994

Duke

Energy

Corp.

2,145

266,623

Edison

International

1,815

100,515

Entergy

Corp.

792

76,103

Eversource

Energy

660

48,715

Exelon

Corp.

4,653

214,596

NextEra

Energy,

Inc.

5,709

464,713

NRG

Energy,

Inc.

528

90,742

1,448,538

Electrical

Equipment

Vernova,

Inc.

759

444,121

nVent

Electric

plc

891

101,886

Rockwell

Automation,

Inc.

330

121,559

667,566

Electronic

Equipment,

Instruments

Components

CDW

Corp.

726

115,703

Flex

Ltd.*

693

43,326

Connectivity

plc

792

195,632

354,661

Energy

Equipment

Services

SLB

Ltd.

6,732

242,756

TechnipFMC

plc

1,848

76,415

319,171

Entertainment

Electronic

Arts,

Inc.

825

165,050

Netflix,

Inc.*

792

886,137

Walt

Disney

Co.

(The)

8,316

936,548

1,987,735

Financial

Services

Apollo

Global

Management,

Inc.

2,409

299,463

Berkshire

Hathaway,

Inc.,

Class

7,689

3,671,805

Block,

Inc.,

Class

1,518

115,277

Fidelity

National

Information

Services,

Inc.

1,353

84,590

Mastercard,

Inc.,

Class

2,277

1,256,881

Visa,

Inc.,

Class

3,135

1,068,220

6,496,236

Investments

Value

Food

Products

Archer-Daniels-Midland

Co.

2,244

135,829

General

Mills,

Inc.

2,937

136,894

Hershey

Co.

(The)

495

83,967

Smucker

Co.

(The)

495

51,257

Kellanova

1,650

137,049

Kraft

Heinz

Co.

(The)(b)

4,026

99,563

McCormick

Co.,

Inc.

(Non-Voting)

1,188

76,222

Mondelez

International,

Inc.,

Class

A(b)

4,719

271,154

Tyson

Foods,

Inc.,

Class

1,089

55,985

1,047,920

Ground

Transportation

Grab

Holdings

Ltd.,

Class

5,082

30,543

Hunt

Transport

Services,

Inc.

132

22,290

Uber

Technologies,

Inc.*

7,788

751,542

Union

Pacific

Corp.

1,089

239,983

XPO,

Inc.*

429

61,720

1,106,078

Health

Care

Equipment

Supplies

Abbott

Laboratories

6,501

803,654

Baxter

International,

Inc.

1,452

26,818

HealthCare

Technologies,

Inc.

1,188

89,041

Hologic,

Inc.*

1,221

90,244

IDEXX

Laboratories,

Inc.*

231

145,417

Medtronic

plc

3,597

326,248

Stryker

Corp.

2,013

717,111

2,198,533

Health

Care

Providers

Services

Cardinal

Health,

Inc.

1,287

245,521

Cencora,

Inc.

891

300,989

CVS

Health

Corp.

4,719

368,790

Elevance

Health,

Inc.

1,023

324,495

McKesson

Corp.

564

457,596

1,697,391

Health

Care

REITs

Alexandria

Real

Estate

Equities,

Inc.,

REIT

594

34,583

Healthpeak

Properties,

Inc.,

REIT

2,607

46,795

Ventas,

Inc.,

REIT

1,254

92,533

Welltower,

Inc.,

REIT

3,102

561,586

735,497

Hotels,

Restaurants

Leisure

Booking

Holdings,

Inc.

152

771,816

Carnival

Corp.*

3,201

92,285

Chipotle

Mexican

Grill,

Inc.*

4,785

151,637

Domino's

Pizza,

Inc.

39,448

Expedia

Group,

Inc.(b)

462

101,640

Flutter

Entertainment

plc*

990

230,264

Hilton

Worldwide

Holdings,

Inc.

1,089

279,829

Marriott

International,

Inc.,

Class

1,089

283,772

McDonald's

Corp.

1,980

590,891

Royal

Caribbean

Cruises

Ltd.

462

132,515

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

ESG

Select

Index

Fund

(cont.)

169

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

Leisure

(continued)

Yum!

Brands,

Inc.

1,056

145,950

2,820,047

Household

Durables

(a)

Somnigroup

International,

Inc.(b)

759

60,219

Household

Products

Church

Dwight

Co.,

Inc.

594

52,088

Clorox

Co.

(The)

660

74,223

Colgate-Palmolive

Co.

4,455

343,258

Kimberly-Clark

Corp.

1,815

217,274

Procter

Gamble

Co.

(The)

13,068

1,965,035

2,651,878

Independent

Power

and

Renewable

Electricity

Producers

Vistra

Corp.

891

167,775

Insurance

Aflac,

Inc.

2,706

290,056

Allstate

Corp.

(The)

957

183,285

American

International

Group,

Inc.

3,069

242,328

Aon

plc,

Class

A(b)

594

202,364

Hartford

Insurance

Group,

Inc.

(The)

792

98,351

Marsh

McLennan

Cos.,

Inc.

1,782

317,463

MetLife,

Inc.

2,574

205,457

Principal

Financial

Group,

Inc.

1,056

88,746

RenaissanceRe

Holdings

Ltd.

25,155

Travelers

Cos.,

Inc.

(The)

429

115,238

Willis

Towers

Watson

plc

462

144,652

1,913,095

Interactive

Media

Services

Meta

Platforms,

Inc.,

Class

8,250

5,348,888

Services

Accenture

plc,

Class

3,762

940,876

Akamai

Technologies,

Inc.*

264

19,827

Cognizant

Technology

Solutions

Corp.,

Class

891

64,936

Gartner,

Inc.*

297

73,757

GoDaddy,

Inc.,

Class

495

65,899

International

Business

Machines

Corp.

5,214

1,602,836

MongoDB,

Inc.*

165

59,370

Okta,

Inc.*

462

42,287

Twilio,

Inc.,

Class

429

57,864

2,927,652

Life

Sciences

Tools

Services

Illumina,

Inc.*

429

52,999

IQVIA

Holdings,

Inc.*

627

135,720

Mettler-Toledo

International,

Inc.*

108

152,959

341,678

Investments

Value

Machinery

Caterpillar,

Inc.

1,749

1,009,628

Cummins,

Inc.

396

173,321

Deere

Co.

759

350,377

Fortive

Corp.

594

29,902

Ingersoll

Rand,

Inc.

1,419

108,312

Lincoln

Electric

Holdings,

Inc.

23,211

Nordson

Corp.

22,963

Otis

Worldwide

Corp.

1,815

168,359

Pentair

plc

660

70,191

Stanley

Black

Decker,

Inc.

693

46,930

Westinghouse

Air

Brake

Technologies

Corp.

297

60,719

Xylem,

Inc.

891

134,407

2,198,320

Media

Comcast

Corp.,

Class

6,633

184,629

Omnicom

Group,

Inc.

1,089

81,697

266,326

Metals

Mining

Freeport-McMoRan,

Inc.

4,026

167,884

Newmont

Corp.

5,082

411,490

Nucor

Corp.

396

59,420

638,794

Multi-Utilities

CMS

Energy

Corp.

495

36,407

Consolidated

Edison,

Inc.

1,320

128,581

NiSource,

Inc.

924

38,910

Public

Service

Enterprise

Group,

Inc.

1,782

143,558

347,456

Oil,

Gas

Consumable

Fuels

Chevron

Corp.

10,758

1,696,752

Diamondback

Energy,

Inc.

330

47,253

Exxon

Mobil

Corp.

23,793

2,720,967

4,464,972

Personal

Care

Products

Estee

Lauder

Cos.,

Inc.

(The),

Class

660

63,815

Kenvue,

Inc.

10,824

155,541

219,356

Pharmaceuticals

Eli

Lilly

Co.

3,168

2,733,540

Johnson

13,431

2,536,713

Merck

Co.,

Inc.

11,484

987,394

Zoetis,

Inc.

1,650

237,749

6,495,396

Professional

Services

Automatic

Data

Processing,

Inc.

1,881

489,624

Broadridge

Financial

Solutions,

Inc.

429

94,552

Verisk

Analytics,

Inc.

495

108,286

692,462

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

170

Investments

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

Development

CBRE

Group,

Inc.,

Class

1,683

256,540

CoStar

Group,

Inc.*

1,584

108,995

Jones

Lang

LaSalle,

Inc.*

30,204

395,739

Residential

REITs

(a)

Essex

Property

Trust,

Inc.,

REIT

165

41,542

Semiconductors

Semiconductor

Equipment

Advanced

Micro

Devices,

Inc.*

4,488

1,149,466

Intel

Corp.*

20,163

806,318

KLA

Corp.

231

279,219

Lam

Research

Corp.

2,343

368,929

Marvell

Technology,

Inc.

2,409

225,820

Micron

Technology,

Inc.

6,270

1,403,038

NVIDIA

Corp.

34,881

7,063,054

NXP

Semiconductors

1,155

241,534

Semiconductor

Corp.*

726

36,358

QUALCOMM,

Inc.

2,970

537,273

Texas

Instruments,

Inc.

1,683

271,737

12,382,746

Software

Adobe,

Inc.*

1,188

404,288

Autodesk,

Inc.*

1,188

357,992

Check

Point

Software

Technologies

Ltd.*

231

45,202

Crowdstrike

Holdings,

Inc.,

Class

693

376,306

Fortinet,

Inc.*

2,376

205,358

Gen

Digital,

Inc.

2,277

60,022

Guidewire

Software,

Inc.*

297

69,391

HubSpot,

Inc.*

198

97,400

Intuit,

Inc.

528

352,466

Microsoft

Corp.

12,375

6,407,899

Oracle

Corp.

3,036

797,284

Palo

Alto

Networks,

Inc.*

2,475

545,094

Salesforce,

Inc.

1,749

455,457

ServiceNow,

Inc.*

594

546,052

10,720,211

Specialized

REITs

American

Tower

Corp.,

REIT

2,178

389,818

Equinix,

Inc.,

REIT

363

307,102

Iron

Mountain,

Inc.,

REIT

627

64,550

VICI

Properties,

Inc.,

Class

REIT

4,851

145,481

Weyerhaeuser

Co.,

REIT

4,059

93,357

1,000,308

Specialty

Retail

Best

Buy

Co.,

Inc.

1,089

89,451

Burlington

Stores,

Inc.*

132

36,114

Home

Depot,

Inc.

(The)

1,848

701,482

Lowe's

Cos.,

Inc.

2,079

495,072

Ross

Stores,

Inc.

1,221

194,041

TJX

Cos.,

Inc.

(The)

5,214

730,690

Investments

Value

Specialty

Retail

(continued)

Tractor

Supply

Co.(b)

2,442

132,137

Ulta

Beauty,

Inc.*

264

137,248

Williams-Sonoma,

Inc.

693

134,678

2,650,913

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

26,961

7,289,446

Hewlett

Packard

Enterprise

Co.

7,458

182,124

HP,

Inc.

5,214

144,271

NetApp,

Inc.

429

50,528

Super

Micro

Computer,

Inc.*

2,937

152,606

Western

Digital

Corp.

990

148,708

7,967,683

Textiles,

Apparel

Luxury

Goods

Deckers

Outdoor

Corp.*

561

45,721

Lululemon

Athletica,

Inc.*(b)

561

95,673

NIKE,

Inc.,

Class

3,300

213,147

Tapestry,

Inc.

1,023

112,346

466,887

Trading

Companies

Distributors

Ferguson

Enterprises,

Inc.

1,122

278,817

Grainger,

Inc.

90,068

368,885

Water

Utilities

American

Water

Works

Co.,

Inc.

1,056

135,622

Total

Common

Stocks

(Cost

$95,361,892)

127,700,720

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(d)

REPURCHASE

AGREEMENTS

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$142,983,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$145,063

(Cost

$142,934)

$142,934

142,934

Total

Investments

99.0%

(Cost

$95,504,826)

127,843,654

Other

assets

less

liabilities

1.0%

1,309,151

NET

ASSETS

100.0%

$129,152,805

Non-income

producing

security.

(a)

Represents

less

than

0.05%

net

assets.

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

ESG

Select

Index

Fund

(cont.)

171

FLEXSHARES

ANNUAL

REPORT

(b)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$3,306,985,

collateralized

the

form

cash

with

value

$142,934

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$3,276,817

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

November

2025

–

August

15,

2055

and

$15,930

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

4.75%,

and

maturity

dates

ranging

from

March

28,

2026

–

July

22,

2068;

total

value

$3,435,681.

(c)

Investment

affiliated

company.

Northern

Trust

Investments,

Inc.,

the

Investment

Adviser

the

Fund,

subsidiary

Northern

Trust

Corporation.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$142,934.

Percentages

shown

are

based

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

35,127,506

Aggregate

gross

unrealized

depreciation

(2,805,092

)

Net

unrealized

appreciation

32,322,414

Federal

income

tax

cost

95,563,786

Investment

company

which

was

affiliated

for

the

period

ended

October

31,

2025,

was

follows:

Security

Value

October

31,

2024

Purchases

Cost

Sales

Proceeds

October

31,

2025

Value

October

31,

2025

Change

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Realized

Gain/(Loss)

Northern

Trust

Corp.

–

43,395

–

330

42,461

(

934

)

–

Futures

Contracts

FlexShares

STOXX

ESG

Select

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

E-Mini

Index

12/19/2025

USD

343,700

10,635

S&P

500

Micro

E-Mini

Index

12/19/2025

USD

1,099,840

31,911

42,546

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

Abbreviations:

USD

—

Dollar

Security

Type

Net

Assets

Common

Stocks

98‌

Securities

Lending

Reinvestments

0‌

Others

(1)

1‌

100‌

(1)

Includes

any

other

net

assets/(liabilities).

FLEXSHARES

ANNUAL

REPORT

172

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

STOXX

Global

ESG

Select

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Air

Freight

Logistics

DSV

A/S(a)

340

72,262

Nippon

Express

Holdings,

Inc.

200

4,254

United

Parcel

Service,

Inc.,

Class

1,500

144,630

221,146

Automobile

Components

Aisin

Corp.

1,200

21,612

Bridgestone

Corp.

2,100

92,203

Cie

Generale

des

Etablissements

Michelin

SCA

1,600

51,136

Continental

221

16,703

Denso

Corp.

2,000

28,061

Niterra

Co.

Ltd.

700

28,817

238,532

Automobiles

Bayerische

Motoren

Werke

567

52,826

Ferrari

120

47,992

General

Motors

Co.

2,640

182,397

Honda

Motor

Co.

Ltd.(a)

8,000

81,010

Mazda

Motor

Corp.

1,100

7,654

Mercedes-Benz

Group

1,220

79,151

Nissan

Motor

Co.

Ltd.*(a)

4,700

10,785

Renault

466

18,126

Stellantis

5,355

54,254

Suzuki

Motor

Corp.

4,000

59,927

Volkswagen

(Preference)

300

31,239

Yamaha

Motor

Co.

Ltd.(a)

2,300

16,647

642,008

Banks

ABN

AMRO

Bank

NV,

CVA(b)

1,449

43,333

AIB

Group

plc

5,195

47,879

ANZ

Group

Holdings

Ltd.

5,620

134,840

Banca

Monte

dei

Paschi

Siena

SpA(a)

5,919

51,812

Banco

Bilbao

Vizcaya

Argentaria

SA(a)

12,400

249,531

Banco

BPM

SpA

3,220

46,847

Banco

Comercial

Portugues

SA,

Class

9,140

8,072

Banco

Santander

SA(a)

31,520

321,093

Bank

Ireland

Group

plc

2,111

34,562

Bank

Montreal(a)

1,620

201,444

Bank

Polska

Kasa

Opieki

540

27,724

Bankinter

2,500

37,713

Banque

Cantonale

Vaudoise

(Registered)(a)

10,112

Barclays

plc

25,220

134,861

BAWAG

Group

AG(b)

161

20,794

Bendigo

Adelaide

Bank

Ltd.

1,843

15,262

BNP

Paribas

2,860

221,366

BPER

Banca

SpA

3,800

45,417

Investments

Value

Banks

(continued)

CaixaBank

SA(a)

8,680

91,789

Canadian

Imperial

Bank

Commerce

2,100

174,172

Citigroup,

Inc.(a)

6,840

692,413

Commonwealth

Bank

Australia

4,060

456,198

Danske

Bank

A/S

1,260

56,344

DBS

Group

Holdings

Ltd.

1,980

82,048

DNB

Bank

ASA

2,415

61,658

Erste

Group

Bank

458

47,444

FinecoBank

Banca

Fineco

SpA

1,903

43,512

Hachijuni

Bank

Ltd.

(The)

1,900

19,160

Hang

Seng

Bank

Ltd.

1,900

37,060

HSBC

Holdings

plc

36,671

512,348

Intesa

Sanpaolo

SpA

12,400

79,804

Japan

Post

Bank

Co.

Ltd.

4,000

44,867

JPMorgan

Chase

Co.

15,580

4,847,250

KBC

Group

380

45,724

Lloyds

Banking

Group

plc

126,156

147,650

Mitsubishi

UFJ

Financial

Group,

Inc.

24,900

376,599

National

Australia

Bank

Ltd.

5,780

165,053

National

Bank

Canada

500

55,918

NatWest

Group

plc

18,690

143,406

Nordea

Bank

Abp

6,800

116,276

Oversea-Chinese

Banking

Corp.

Ltd.

8,000

104,683

Resona

Holdings,

Inc.

6,300

61,076

Ringkjoebing

Landbobank

A/S

21,483

Santander

Bank

Polska

6,074

Skandinaviska

Enskilda

Banken

AB,

Class

3,822

73,038

Societe

Generale

2,040

129,172

SpareBank

Sor-Norge

ASA

126

2,170

Standard

Chartered

plc

3,717

76,159

Sumitomo

Mitsui

Financial

Group,

Inc.

6,000

162,137

Svenska

Handelsbanken

AB,

Class

4,431

58,209

Swedbank

AB,

Class

2,562

78,000

Sydbank

A/S

228

19,489

UniCredit

SpA

1,300

96,074

Wells

Fargo

Co.

15,020

1,306,289

Westpac

Banking

Corp.

7,540

191,223

12,334,631

Beverages

Anheuser-Busch

InBev

SA/NV

1,000

61,057

Asahi

Group

Holdings

Ltd.

1,900

20,486

Carlsberg

A/S,

Class

B(a)

174

20,483

Coca-Cola

Co.

(The)

7,600

523,640

Coca-Cola

Europacific

Partners

plc(a)

700

62,181

Coca-Cola

HBC

391

17,744

Davide

Campari-Milano

NV(a)

222

1,546

Diageo

plc

3,919

90,107

Heineken

Holding

149

10,078

Heineken

300

23,213

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

173

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Beverages

(continued)

Kirin

Holdings

Co.

Ltd.

1,700

23,885

Pernod

Ricard

420

41,186

Treasury

Wine

Estates

Ltd.(a)

2,394

9,388

904,994

Biotechnology

CSL

Ltd.

880

102,832

Genmab

A/S*

18,467

Vertex

Pharmaceuticals,

Inc.*

760

323,433

444,732

Broadline

Retail

Allegro.eu

SA*(b)

1,012

9,462

Amazon.com,

Inc.*

18,540

4,527,839

Dollarama,

Inc.

441

57,381

eBay,

Inc.(a)

1,260

102,451

Isetan

Mitsukoshi

Holdings

Ltd.(a)

1,500

23,607

Front

Retailing

Co.

Ltd.

1,300

19,594

plc

210

39,455

Prosus

NV*

1,720

118,974

Rakuten

Group,

Inc.*

4,000

26,211

Ryohin

Keikaku

Co.

Ltd.

2,000

41,141

Wesfarmers

Ltd.

2,840

156,173

5,122,288

Building

Products

Assa

Abloy

AB,

Class

2,100

79,354

Belimo

Holding

(Registered)

22,655

Cie

Saint-Gobain

1,280

124,188

Geberit

(Registered)(a)

43,874

Lennox

International,

Inc.(a)

31,815

Lixil

Corp.(a)

1,300

14,430

Nibe

Industrier

AB,

Class

1,544

6,036

ROCKWOOL

A/S,

Class

200

6,860

Trane

Technologies

plc

600

269,190

598,402

Capital

Markets

Group

plc

1,780

102,901

Aberdeen

Group

plc(a)

3,700

9,868

Allfunds

Group

plc

824

6,277

ASX

Ltd.

540

19,956

Bank

New

York

Mellon

Corp.

(The)

1,218

131,459

BlackRock,

Inc.(a)

540

584,717

Daiwa

Securities

Group,

Inc.

4,000

30,885

EQT

1,500

52,083

Euronext

NV(b)

140

20,037

Hong

Kong

Exchanges

Clearing

Ltd.

2,000

109,004

ICG

plc

358

9,083

Group

Holdings

plc

853

12,485

Intercontinental

Exchange,

Inc.(a)

2,640

386,205

Investec

plc

714

5,375

Julius

Baer

Group

Ltd.

363

24,509

London

Stock

Exchange

Group

plc

903

112,542

Investments

Value

Capital

Markets

(continued)

Macquarie

Group

Ltd.

780

111,603

Man

Group

plc

2,576

7,114

Partners

Group

Holding

AG(a)

48,952

Schroders

plc

252

1,256

Swissquote

Group

Holding

(Registered)

25,413

1,811,724

Chemicals

Akzo

Nobel

NV(a)

378

25,060

Asahi

Kasei

Corp.

2,000

15,352

BASF

1,180

58,278

Croda

International

plc

361

13,693

DSM-Firmenich

266

21,706

Dyno

Nobel

Ltd.

3,726

7,854

FUCHS

(Preference)

135

6,043

Hexpol

792

7,221

Nippon

Sanso

Holdings

Corp.(a)

500

16,643

Nitto

Denko

Corp.(a)

1,400

35,024

Novonesis

Novozymes

B(a)

756

45,246

Orica

Ltd.

1,198

17,450

Syensqo

SA(a)

4,548

Yara

International

ASA

492

17,955

292,073

Commercial

Services

Supplies

Brambles

Ltd.

4,158

67,670

Cintas

Corp.

1,300

238,251

Downer

EDI

Ltd.

2,477

12,535

Elis

446

12,437

ISS

A/S(a)

598

18,875

Rentokil

Initial

plc

5,225

28,949

Republic

Services,

Inc.,

Class

357

74,341

Securitas

AB,

Class

1,131

16,704

SPIE

466

23,730

TOPPAN

Holdings,

Inc.

600

14,722

Waste

Connections,

Inc.

609

102,237

Waste

Management,

Inc.

700

139,839

750,290

Communications

Equipment

Cisco

Systems,

Inc.

7,360

538,090

Nokia

OYJ

8,526

57,706

595,796

Construction

Engineering

Ackermans

van

Haaren

13,213

ACS

Actividades

Construccion

Servicios

405

33,283

Balfour

Beatty

plc

1,015

8,962

Bouygues

562

25,382

Eiffage

222

27,340

Ferrovial

972

59,684

HOCHTIEF

13,199

Obayashi

Corp.

1,900

32,214

Skanska

AB,

Class

616

16,846

Sweco

AB,

Class

632

11,425

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

174

Investments

Value

COMMON

STOCKS

(continued)

Construction

Engineering

(continued)

Vinci

1,680

224,737

Worley

Ltd.

1,517

14,201

480,486

Construction

Materials

Buzzi

SpA

244

14,687

Holcim

1,440

127,972

Wienerberger

285

8,467

151,126

Consumer

Finance

(c)

Cembra

Money

Bank

5,269

Marui

Group

Co.

Ltd.

900

17,269

22,538

Consumer

Staples

Distribution

Retail

Aeon

Co.

Ltd.

6,300

99,762

Axfood

221

6,030

Carrefour

1,881

28,332

Costco

Wholesale

Corp.

1,260

1,148,427

Dollar

Tree,

Inc.*

540

53,525

Sainsbury

plc

3,108

13,949

Jeronimo

Martins

SGPS

703

18,127

Kesko

OYJ,

Class

472

9,969

Koninklijke

Ahold

Delhaize

1,860

76,233

Kroger

Co.

(The)

1,029

65,475

Marks

Spencer

Group

plc

6,930

36,220

Walmart,

Inc.

16,900

1,709,942

Woolworths

Group

Ltd.

2,220

41,289

3,307,280

Containers

Packaging

Huhtamaki

OYJ

230

7,741

Smurfit

WestRock

plc

1,659

61,250

68,991

Distributors

(c)

D'ieteren

Group(a)

10,062

Inchcape

plc

1,147

11,513

21,575

Diversified

Consumer

Services

(c)

Pearson

plc

1,344

18,718

Diversified

REITs

British

Land

Co.

plc

(The),

REIT

2,348

11,710

CapitaLand

Integrated

Commercial

Trust,

REIT

16,600

30,229

Covivio

SA,

REIT

3,145

KDX

Realty

Investment

Corp.,

REIT(a)

21,016

Land

Securities

Group

plc,

REIT

2,717

22,186

Mirvac

Group,

REIT

8,997

13,547

Stockland,

REIT(a)

4,556

18,820

Carey,

Inc.,

REIT

220

14,520

135,173

Investments

Value

Diversified

Telecommunication

Services

Group

plc

10,000

24,405

Cellnex

Telecom

SA(b)

1,218

37,999

Deutsche

Telekom

(Registered)

6,700

207,944

Elisa

OYJ

384

16,948

Infrastrutture

Wireless

Italiane

SpA(a)(b)

803

8,828

Koninklijke

KPN

6,540

30,330

NTT,

Inc.

106,000

108,990

Singapore

Telecommunications

Ltd.

18,000

58,781

Spark

New

Zealand

Ltd.

11,609

16,287

Swisscom

(Registered)(a)

38,186

Telenor

ASA

1,605

23,892

Telia

Co.

AB(a)

4,722

18,545

Telstra

Group

Ltd.

23,500

75,075

666,210

Electric

Utilities

Acciona

21,053

Alliant

Energy

Corp.(a)

760

50,783

American

Electric

Power

Co.,

Inc.

1,140

137,097

BKW

9,413

Constellation

Energy

Corp.

580

218,660

Contact

Energy

Ltd.

845

4,510

Duke

Energy

Corp.(a)

2,240

278,432

Edison

International

1,440

79,747

EDP

3,540

17,610

Elia

Group

SA/NV(a)

171

20,625

Emera,

Inc.(a)

1,029

48,970

Endesa

782

28,061

Enel

SpA

10,980

111,169

Entergy

Corp.

693

66,590

Eversource

Energy

660

48,715

Exelon

Corp.

3,760

173,411

Fortis,

Inc.

2,097

105,512

Fortum

OYJ(a)

280

6,250

Iberdrola

SA(a)

14,060

285,046

Kansai

Electric

Power

Co.,

Inc.

(The)

2,000

31,255

Kyushu

Electric

Power

Co.,

Inc.

1,900

18,685

NextEra

Energy,

Inc.

5,920

481,888

NRG

Energy,

Inc.

462

79,399

Origin

Energy

Ltd.

6,489

52,038

Redeia

Corp.

1,241

22,359

SSE

plc

2,348

59,107

Terna

Rete

Elettrica

Nazionale(a)

2,660

27,282

Tohoku

Electric

Power

Co.,

Inc.(a)

2,200

15,080

Verbund

169

13,059

Xcel

Energy,

Inc.(a)

1,200

97,404

2,609,210

Electrical

Equipment

ABB

Ltd.

(Registered)

2,760

205,122

Accelleron

Industries

105

8,607

Vernova,

Inc.

760

444,706

Legrand

700

120,787

Mitsubishi

Electric

Corp.

4,000

112,090

Nexans

103

14,504

Nidec

Corp.

4,000

48,891

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

175

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Electrical

Equipment

(continued)

nVent

Electric

plc

460

52,601

Prysmian

SpA

735

76,198

Schneider

Electric

580

164,748

Siemens

Energy

AG*

1,600

198,153

Vestas

Wind

Systems

A/S

1,635

33,347

1,479,754

Electronic

Equipment,

Instruments

Components

CDW

Corp.

460

73,310

Celestica,

Inc.*(a)

120

41,355

Halma

plc

280

13,045

Hexagon

AB,

Class

B(a)

4,080

50,095

Ibiden

Co.

Ltd.(a)

300

28,461

Lagercrantz

Group

AB,

Class

218

5,360

Murata

Manufacturing

Co.

Ltd.

4,000

88,072

Shimadzu

Corp.

800

21,551

Connectivity

plc

504

124,493

Venture

Corp.

Ltd.

1,900

21,767

467,509

Energy

Equipment

Services

SLB

Ltd.

4,640

167,318

Technip

Energies

138

5,610

TechnipFMC

plc

800

33,080

Vallourec

SACA

230

4,286

210,294

Entertainment

Bollore

1,826

10,180

Electronic

Arts,

Inc.

420

84,025

Walt

Disney

Co.

(The)

5,140

578,867

673,072

Financial

Services

Adyen

NV*(b)

103,089

AMP

Ltd.

Apollo

Global

Management,

Inc.(a)

1,600

198,896

Banca

Mediolanum

SpA

1,235

24,817

Berkshire

Hathaway,

Inc.,

Class

3,920

1,871,957

Edenred

665

19,135

EXOR

200

17,359

Industrivarden

AB,

Class

532

22,149

Infratil

Ltd.(a)

2,486

17,596

Kinnevik

AB,

Class

1,881

17,798

M&G

plc

4,540

15,706

Mitsubishi

Capital,

Inc.

1,900

14,874

Nexi

SpA(a)(b)

1,394

7,346

ORIX

Corp.

2,100

51,254

Wendel

4,040

2,386,024

Food

Products

Milk

Co.

Ltd.

(The)

2,945

18,214

AAK

553

15,461

Ajinomoto

Co.,

Inc.

2,000

56,772

Investments

Value

Food

Products

(continued)

Associated

British

Foods

plc

603

18,182

Bakkafrost

P/F

2,112

General

Mills,

Inc.

798

37,195

Hershey

Co.

(The)

133

22,561

JDE

Peet's

665

24,239

Kerry

Group

plc,

Class

374

34,145

MEIJI

Holdings

Co.

Ltd.(a)

100

1,923

Mowi

ASA

1,158

25,479

Orkla

ASA

1,914

19,430

Salmar

ASA

147

8,275

283,988

Gas

Utilities

APA

Group

1,656

9,952

Enagas

322

5,116

Italgas

SpA(a)

1,900

19,934

Naturgy

Energy

Group

596

18,078

Osaka

Gas

Co.

Ltd.(a)

1,200

37,763

Rubis

SCA

276

10,029

Snam

SpA(a)

7,182

44,332

Tokyo

Gas

Co.

Ltd.

1,100

38,572

183,776

Ground

Transportation

Ayvens

SA(b)

756

10,096

Canadian

National

Railway

Co.

1,540

147,817

ComfortDelGro

Corp.

Ltd.

4,500

5,048

Hankyu

Hanshin

Holdings,

Inc.

300

8,054

MTR

Corp.

Ltd.(a)

2,000

7,334

Tokyu

Corp.

1,900

21,164

Uber

Technologies,

Inc.*

3,960

382,140

581,653

Health

Care

Equipment

Supplies

Abbott

Laboratories

4,980

615,628

Alcon

AG(a)

840

62,575

Ansell

Ltd.(a)

322

7,696

Cochlear

Ltd.

100

18,799

Convatec

Group

plc(b)

2,022

6,487

Demant

A/S*(a)

279

9,289

EssilorLuxottica

280

102,544

HealthCare

Technologies,

Inc.

700

52,465

Getinge

AB,

Class

358

8,422

Hologic,

Inc.*

1,080

79,823

Hoya

Corp.

1,100

179,115

Koninklijke

Philips

1,080

29,593

Siemens

Healthineers

AG(b)

294

16,481

Sonova

Holding

(Registered)

100

27,231

Straumann

Holding

(Registered)

(a)

330

41,520

Stryker

Corp.

1,380

491,611

1,749,279

Health

Care

Providers

Services

Cardinal

Health,

Inc.

924

176,271

EBOS

Group

Ltd.

187

3,095

Elevance

Health,

Inc.

660

209,352

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

176

Investments

Value

COMMON

STOCKS

(continued)

Health

Care

Providers

Services

(continued)

Fresenius

Medical

Care

476

25,580

Fresenius

Co.

KGaA

740

42,722

Galenica

AG(b)

152

16,398

Ramsay

Health

Care

Ltd.(a)

798

16,769

Sigma

Healthcare

Ltd.

10,735

21,856

Sonic

Healthcare

Ltd.

240

3,325

515,368

Health

Care

REITs

Aedifica

SA,

REIT

228

16,658

Alexandria

Real

Estate

Equities,

Inc.,

REIT

180

10,480

Healthpeak

Properties,

Inc.,

REIT

1,197

21,486

Ventas,

Inc.,

REIT

777

57,335

Welltower,

Inc.,

REIT

1,260

228,110

334,069

Hotel

Resort

REITs

(c)

Invincible

Investment

Corp.,

REIT

9,839

Hotels,

Restaurants

Leisure

Accor

678

34,549

Amadeus

Group

920

70,423

Aristocrat

Leisure

Ltd.

1,580

65,526

Booking

Holdings,

Inc.

467,152

Carnival

Corp.*

1,701

49,040

Chipotle

Mexican

Grill,

Inc.,

Class

2,860

90,633

Compass

Group

plc

3,340

110,628

Entain

plc

1,596

16,616

Expedia

Group,

Inc.

340

74,800

FDJ

UNITED(b)

276

8,053

Food

Life

Cos.

Ltd.(a)

400

19,513

Greggs

plc(a)

233

4,938

Hilton

Worldwide

Holdings,

Inc.

720

185,011

InterContinental

Hotels

Group

plc

260

31,400

Lottery

Corp.

Ltd.

(The)

3,060

11,018

Marriott

International,

Inc.,

Class

720

187,618

Oriental

Land

Co.

Ltd.

3,600

72,909

Sodexo

SA(a)

217

12,032

TUI

AG*

714

6,083

Whitbread

plc

415

15,796

Yum!

Brands,

Inc.

483

66,755

1,600,493

Household

Durables

Berkeley

Group

Holdings

plc

247

13,072

Panasonic

Holdings

Corp.

4,200

49,032

Persimmon

plc

988

15,694

SEB

3,433

Sekisui

House

Ltd.

2,100

45,134

Somnigroup

International,

Inc.(a)

399

31,657

Sony

Group

Corp.

22,000

618,636

Taylor

Wimpey

plc

9,948

13,750

Vistry

Group

plc*(a)

920

7,787

798,195

Investments

Value

Household

Products

Clorox

Co.

(The)

240

26,991

Essity

AB,

Class

660

18,140

Henkel

Co.

KGaA

(Preference)

546

44,277

Kimberly-Clark

Corp.(a)

1,020

122,104

Procter

Gamble

Co.

(The)

4,520

679,672

Reckitt

Benckiser

Group

plc

1,240

94,753

985,937

Independent

Power

and

Renewable

Electricity

Producers

Drax

Group

plc

897

8,503

EDP

Renovaveis

1,558

22,802

Meridian

Energy

Ltd.

2,697

9,143

Orsted

A/S*(b)

1,790

32,039

Vistra

Corp.

880

165,704

238,191

Industrial

Conglomerates

Hutchison

Holdings

Ltd.

5,500

36,444

Hitachi

Ltd.

6,000

207,121

Investment

Latour,

Class

322

8,239

Keppel

Ltd.

3,800

29,753

Lifco

AB,

Class

323

12,529

Sekisui

Chemical

Co.

Ltd.

2,100

36,464

Siemens

(Registered)

580

164,380

494,930

Industrial

REITs

CapitaLand

Ascendas

REIT,

REIT

6,900

14,951

Goodman

Group,

REIT

3,520

76,113

Mapletree

Logistics

Trust,

REIT

17,100

17,607

Mitsui

Fudosan

Logistics

Park,

Inc.,

REIT

13,776

Segro

plc,

REIT

3,040

27,855

Tritax

Big

Box

REIT

plc,

REIT(a)

5,198

10,251

160,553

Insurance

Aegon

Ltd.

1,341

10,225

Aflac,

Inc.(a)

1,240

132,916

Ageas

SA/NV

399

26,434

Allianz

(Registered)

440

176,833

American

International

Group,

Inc.

1,420

112,123

ASR

Nederland

304

20,316

Aviva

plc

6,925

60,832

AXA

4,840

210,213

Beazley

plc

972

11,883

Generali(a)

2,500

96,231

Gjensidige

Forsikring

ASA

294

7,922

Hannover

Rueck

132

37,692

Helvetia

Holding

(Registered)(a)

18,689

Hiscox

Ltd.

768

13,874

Insurance

Australia

Group

Ltd.

2,960

15,231

Japan

Post

Holdings

Co.

Ltd.

4,000

37,558

Legal

General

Group

plc

5,631

17,593

Manulife

Financial

Corp.

3,300

106,903

Mapfre

3,971

17,563

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

177

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

Medibank

Pvt

Ltd.

3,009

9,613

MS&AD

Insurance

Group

Holdings,

Inc.

2,000

41,362

Muenchener

Rueckversicherungs-

Gesellschaft

Muenchen

(Registered)

260

160,969

nib

holdings

Ltd.

Group

251

17,203

Phoenix

Group

Holdings

plc

1,239

10,972

Poste

Italiane

SpA(b)

952

22,954

Power

Corp.

Canada(a)

1,701

79,760

Principal

Financial

Group,

Inc.

220

18,489

Prudential

plc

2,280

31,603

QBE

Insurance

Group

Ltd.

1,440

18,703

Steadfast

Group

Ltd.

4,160

15,251

Sun

Life

Financial,

Inc.

1,470

89,502

Suncorp

Group

Ltd.

1,276

16,389

Swiss

Life

Holding

(Registered)

43,471

Swiss

580

105,921

Tryg

A/S(a)

742

18,316

Unipol

Assicurazioni

SpA

640

14,009

Willis

Towers

Watson

plc

147

46,026

Zurich

Insurance

Group

135

94,008

1,985,557

Interactive

Media

Services

Auto

Trader

Group

plc(b)

1,684

17,267

CAR

Group

Ltd.

1,060

24,773

Meta

Platforms,

Inc.,

Class

6,407

4,153,978

Pinterest,

Inc.,

Class

1,155

38,231

REA

Group

Ltd.

117

16,321

Rightmove

plc

1,716

15,060

Scout24

SE(b)

203

23,477

SEEK

Ltd.

716

12,703

4,301,810

Services

Accenture

plc,

Class

3,920

980,392

Alten

1,402

Bechtle

126

5,329

Capgemini

400

61,634

CGI,

Inc.

966

84,152

Fujitsu

Ltd.

4,000

104,664

Gartner,

Inc.*

240

59,602

GoDaddy,

Inc.,

Class

357

47,527

International

Business

Machines

Corp.

3,500

1,075,935

NEC

Corp.

3,100

113,049

Obic

Co.

Ltd.

400

12,429

Okta,

Inc.,

Class

270

24,713

Otsuka

Corp.

500

9,899

SpA

6,597

Softcat

plc

377

7,915

Sopra

Steria

Group(a)

6,540

Investments

Value

Services

(continued)

Twilio,

Inc.,

Class

247

33,315

2,635,094

Leisure

Products

(c)

Games

Workshop

Group

plc

15,906

Sega

Sammy

Holdings,

Inc.

700

12,973

Thule

Group

AB(b)

324

8,342

Yamaha

Corp.

200

1,266

38,487

Life

Sciences

Tools

Services

Eurofins

Scientific

405

28,580

IQVIA

Holdings,

Inc.*

273

59,094

Lonza

Group

(Registered)

27,615

Mettler-Toledo

International,

Inc.*

100

141,629

QIAGEN

332

15,619

Sartorius

(Preference)

14,565

Sartorius

Stedim

Biotech

18,175

Siegfried

Holding

(Registered)*

130

12,534

Tecan

Group

(Registered)

3,838

321,649

Machinery

Aalberts

100

3,183

Alfa

Laval

439

20,996

Alstom

SA*

1,159

28,962

Atlas

Copco

AB,

Class

5,880

99,203

Daimler

Truck

Holding

587

23,517

Ebara

Corp.

1,500

40,223

Epiroc

AB,

Class

1,219

25,838

FANUC

Corp.

2,000

63,730

Georg

Fischer

(Registered)

156

11,009

Indutrade

145

3,880

Interpump

Group

SpA

399

20,585

KION

Group

108

7,666

Knorr-Bremse

8,559

Komatsu

Ltd.

1,400

46,947

Kone

OYJ,

Class

1,134

75,809

Konecranes

OYJ

216

21,341

Kurita

Water

Industries

Ltd.

400

15,210

Metso

OYJ(a)

1,078

17,680

MINEBEA

MITSUMI,

Inc.

1,500

29,756

Otis

Worldwide

Corp.

630

58,439

Rotork

plc

2,384

10,718

Sandvik

1,953

59,356

Schindler

Holding

AG(a)

29,571

SKF

AB,

Class

516

13,318

Spirax

Group

plc

194

18,084

Stanley

Black

Decker,

Inc.

399

27,020

Techtronic

Industries

Co.

Ltd.

1,500

17,524

TOMRA

Systems

ASA

1,102

13,507

Trelleborg

AB,

Class

426

17,839

Valmet

OYJ(a)

225

7,326

VAT

Group

AG(a)(b)

24,437

Volvo

AB,

Class

3,040

83,906

Wartsila

OYJ

Abp

864

28,291

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

178

Investments

Value

COMMON

STOCKS

(continued)

Machinery

(continued)

Weir

Group

plc

(The)

966

37,568

1,010,998

Marine

Transportation

(c)

Kuehne

Nagel

International

(Registered)(a)

12,661

Nippon

Yusen

KK(a)

1,000

34,605

47,266

Media

Dentsu

Group,

Inc.(a)

400

7,904

Informa

plc

2,050

26,067

ITV

plc

10,219

9,351

Omnicom

Group,

Inc.

980

73,519

Publicis

Groupe

520

52,096

168,937

Metals

Mining

Anglo

American

plc

1,520

57,415

Antofagasta

plc

724

26,539

ArcelorMittal

SA(a)

440

16,840

Aurubis

7,819

BHP

Group

Ltd.

9,840

279,894

BlueScope

Steel

Ltd.

613

9,190

Boliden

AB*

508

22,958

Fortescue

Ltd.

3,700

51,569

IGO

Ltd.*

1,622

5,702

Lynas

Rare

Earths

Ltd.*

2,508

25,038

Mineral

Resources

Ltd.*

1,007

31,907

Newmont

Corp.

1,932

156,434

Norsk

Hydro

ASA

3,364

22,790

Northern

Star

Resources

Ltd.

3,129

50,411

Pilbara

Minerals

Ltd.*(a)

1,807

3,904

Rio

Tinto

Ltd.(a)

580

50,450

Rio

Tinto

plc

1,890

136,227

South32

Ltd.

11,137

23,112

SSAB

AB,

Class

1,242

7,733

Teck

Resources

Ltd.,

Class

B(a)

980

42,085

voestalpine

283

10,087

1,038,104

Multi-Utilities

A2A

SpA

3,990

11,633

AGL

Energy

Ltd.

1,853

11,233

Ameren

Corp.

500

51,010

Centrica

plc

3,030

7,138

CMS

Energy

Corp.

740

54,427

Consolidated

Edison,

Inc.

1,380

134,426

Dominion

Energy,

Inc.(a)

1,700

99,773

E.ON

3,507

65,331

Engie

4,560

106,842

Hera

SpA

2,055

9,227

National

Grid

plc

9,920

148,581

NiSource,

Inc.

722

30,403

Public

Service

Enterprise

Group,

Inc.

1,960

157,897

Investments

Value

Multi-Utilities

(continued)

Sembcorp

Industries

Ltd.

2,100

10,537

Veolia

Environnement

520

17,195

915,653

Office

REITs

(c)

Derwent

London

plc,

REIT

589

13,620

Dexus,

REIT(a)

2,336

11,133

Gecina

SA,

REIT

120

11,156

35,909

Oil,

Gas

Consumable

Fuels

Aker

ASA

570

14,812

plc

23,219

134,929

Chevron

Corp.

11,020

1,738,074

Enbridge,

Inc.(a)

6,160

287,524

Eni

SpA

4,380

80,603

Equinor

ASA

800

19,136

Exxon

Mobil

Corp.

16,280

1,861,781

Galp

Energia

SGPS

1,273

25,558

ORLEN

880

23,863

Pembina

Pipeline

Corp.

500

18,935

Santos

Ltd.

2,282

9,427

Shell

plc

10,660

399,380

TotalEnergies

1,920

119,557

4,733,579

Paper

Forest

Products

Holmen

AB,

Class

169

6,395

Mondi

plc(a)

920

10,277

Stora

Enso

OYJ,

Class

R(a)

1,610

18,768

Svenska

Cellulosa

SCA,

Class

1,193

15,930

UPM-Kymmene

OYJ(a)

487

13,086

64,456

Passenger

Airlines

International

Consolidated

Airlines

Group

6,441

35,365

Qantas

Airways

Ltd.

3,839

25,635

Ryanair

Holdings

plc

1,560

47,264

Singapore

Airlines

Ltd.

1,900

9,679

117,943

Personal

Care

Products

Beiersdorf

124

13,127

Estee

Lauder

Cos.,

Inc.

(The),

Class

480

46,411

L'Oreal

540

226,028

Shiseido

Co.

Ltd.

1,200

20,253

Unilever

plc

4,200

253,229

559,048

Pharmaceuticals

ALK-Abello

A/S,

Class

105

3,463

Astellas

Pharma,

Inc.

6,300

65,983

AstraZeneca

plc

3,277

536,894

Eli

Lilly

Co.

2,420

2,088,121

Galderma

Group

220

40,698

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

179

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Pharmaceuticals

(continued)

GSK

plc

7,860

183,870

Haleon

plc

16,275

75,717

Hikma

Pharmaceuticals

plc

453

10,945

Ipsen

10,684

Johnson

13,760

2,598,851

Merck

Co.,

Inc.

6,940

596,701

Merck

KGaA

399

52,247

Novartis

(Registered)

3,780

467,444

Novo

Nordisk

A/S,

Class

3,660

178,741

Orion

OYJ,

Class

282

19,708

Roche

Holding

1,100

354,768

Sandoz

Group

693

46,186

Sanofi

3,060

309,390

Santen

Pharmaceutical

Co.

Ltd.

1,700

16,652

Shionogi

Co.

Ltd.

2,000

33,495

UCB

140

35,953

Zoetis,

Inc.,

Class

1,340

193,081

7,919,592

Professional

Services

Adecco

Group

(Registered)

376

10,501

ALS

Ltd.

1,192

16,949

Arcadis

106

5,068

Automatic

Data

Processing,

Inc.(a)

800

208,240

Bureau

Veritas

751

24,687

Computershare

Ltd.

1,260

30,165

Intertek

Group

plc

354

23,557

Randstad

NV(a)

192

7,532

Recruit

Holdings

Co.

Ltd.

3,200

160,109

RELX

plc

3,660

161,428

SGS

(Registered)

220

24,835

Teleperformance

152

10,870

Wolters

Kluwer

462

56,657

740,598

Real

Estate

Management

Development

Castellum

809

9,192

CBRE

Group,

Inc.,

Class

1,140

173,770

Asset

Holdings

Ltd.

3,000

14,837

CoStar

Group,

Inc.*

800

55,048

Daiwa

House

Industry

Co.

Ltd.

1,000

33,968

Fastighets

Balder,

Class

2,204

16,165

LEG

Immobilien

190

14,485

Lendlease

Corp.

Ltd.

356

1,293

Mitsubishi

Estate

Co.

Ltd.

2,100

44,493

Mitsui

Fudosan

Co.

Ltd.

4,000

41,583

PSP

Swiss

Property

(Registered)

16,462

Swiss

Prime

Site

(Registered)

185

26,341

Tokyu

Fudosan

Holdings

Corp.

1,600

12,868

Vonovia

1,280

38,486

Wharf

Real

Estate

Investment

Co.

Ltd.(a)

3,000

8,530

Wihlborgs

Fastigheter

546

5,309

512,830

Investments

Value

Residential

REITs

(c)

Essex

Property

Trust,

Inc.,

REIT

23,918

Retail

REITs

Klepierre

SA,

REIT(a)

651

24,901

Link

REIT,

REIT(a)

5,300

27,604

Unibail-Rodamco-Westfield,

REIT

420

43,454

95,959

Semiconductors

Semiconductor

Equipment

Advanced

Micro

Devices,

Inc.*

3,060

783,727

ASM

International

51,893

ASML

Holding

640

678,190

ASMPT

Ltd.

1,900

20,046

Semiconductor

Industries

120

20,443

Infineon

Technologies

1,620

64,172

Intel

Corp.*

11,860

474,281

Marvell

Technology,

Inc.

1,600

149,984

Micron

Technology,

Inc.

5,300

1,185,981

NVIDIA

Corp.

27,200

5,507,728

NXP

Semiconductors

660

138,019

QUALCOMM,

Inc.

2,100

379,890

Renesas

Electronics

Corp.

8,000

99,237

Rohm

Co.

Ltd.(a)

1,700

27,334

STMicroelectronics

1,533

37,750

Tokyo

Electron

Ltd.

1,800

399,364

10,018,039

Software

Adobe,

Inc.*

840

285,860

Autodesk,

Inc.*

840

253,126

Check

Point

Software

Technologies

Ltd.*(a)

114

22,308

Crowdstrike

Holdings,

Inc.,

Class

720

390,967

Dassault

Systemes

1,092

31,043

Fortinet,

Inc.*

1,860

160,760

Gen

Digital,

Inc.(a)

1,344

35,428

Guidewire

Software,

Inc.*

191

44,625

HubSpot,

Inc.*

134

65,917

Microsoft

Corp.

9,601

4,971,494

Palo

Alto

Networks,

Inc.*

1,940

427,266

Sage

Group

plc

(The)

1,272

19,211

ServiceNow,

Inc.*

400

367,712

Temenos

(Registered)

3,307

Xero

Ltd.*

470

44,614

7,123,638

Specialized

REITs

American

Tower

Corp.,

REIT

1,320

236,254

Big

Yellow

Group

plc,

REIT

458

6,691

Equinix,

Inc.,

REIT

180

152,282

Keppel

REIT,

REIT

2,696

4,951

VICI

Properties,

Inc.,

Class

REIT

3,000

89,970

Weyerhaeuser

Co.,

REIT

4,020

92,460

582,608

Specialty

Retail

Best

Buy

Co.,

Inc.(a)

700

57,498

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

180

Investments

Value

COMMON

STOCKS

(continued)

Specialty

Retail

(continued)

Fast

Retailing

Co.

Ltd.

400

147,116

Hennes

Mauritz

AB,

Class

B(a)

1,957

37,171

Industria

Diseno

Textil

SA(a)

1,100

60,815

Hi-Fi

Ltd.(a)

181

12,409

Kingfisher

plc

3,203

12,995

Lowe's

Cos.,

Inc.

1,100

261,943

Nitori

Holdings

Co.

Ltd.

1,500

24,342

Ross

Stores,

Inc.

588

93,445

TJX

Cos.,

Inc.

(The)

4,320

605,405

Tractor

Supply

Co.(a)

1,407

76,133

Ulta

Beauty,

Inc.*

147

76,422

USS

Co.

Ltd.

2,200

24,306

Williams-Sonoma,

Inc.

483

93,866

Zalando

SE*(b)

414

11,592

ZOZO,

Inc.(a)

1,200

10,387

1,605,845

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

20,980

5,672,363

FUJIFILM

Holdings

Corp.

2,000

46,477

Hewlett

Packard

Enterprise

Co.

4,662

113,846

HP,

Inc.

3,240

89,651

Logitech

International

(Registered)

233

28,061

Ricoh

Co.

Ltd.(a)

1,700

14,610

Seiko

Epson

Corp.

1,100

13,970

Super

Micro

Computer,

Inc.*

1,980

102,881

Western

Digital

Corp.

672

100,941

6,182,800

Textiles,

Apparel

Luxury

Goods

Asics

Corp.

2,600

66,546

Brunello

Cucinelli

SpA(a)

5,772

Burberry

Group

plc*

1,216

19,771

Christian

Dior

9,825

Deckers

Outdoor

Corp.*

209

17,034

Hermes

International

SCA

99,215

Kering

160

56,657

LPP

4,859

Lululemon

Athletica,

Inc.*(a)

336

57,302

LVMH

Moet

Hennessy

Louis

Vuitton

700

494,540

Moncler

SpA

329

19,746

Pandora

A/S

220

29,503

Puma

608

12,926

Swatch

Group

(The)(a)

6,271

Tapestry,

Inc.

714

78,412

978,379

Trading

Companies

Distributors

AddTech

AB,

Class

398

13,501

Ashtead

Group

plc

748

49,865

Beijer

Ref

AB,

Class

897

14,231

Bunzl

plc

2,916

Investments

Value

Trading

Companies

Distributors

(continued)

Diploma

plc

229

16,879

DKSH

Holding

5,092

Ferguson

Enterprises,

Inc.

880

218,680

Grafton

Group

plc

334

4,178

Howden

Joinery

Group

plc

1,273

14,442

IMCD

117

12,151

ITOCHU

Corp.

2,000

115,946

Marubeni

Corp.

2,600

64,133

Mitsui

Co.

Ltd.

6,000

148,077

MonotaRO

Co.

Ltd.(a)

800

11,178

Rexel

677

23,442

GROUP

plc

663

4,848

Sojitz

Corp.

399

10,608

Toyota

Tsusho

Corp.

2,000

61,238

791,405

Transportation

Infrastructure

Aena

SME

SA(b)

1,320

35,880

Aeroports

Paris

SA(a)

8,234

Atlas

Arteria

Ltd.

4,978

15,838

Auckland

International

Airport

Ltd.

4,105

19,088

Flughafen

Zurich

(Registered)

13,592

Getlink

247

4,513

Qube

Holdings

Ltd.

2,166

6,225

SATS

Ltd.

2,300

6,044

Transurban

Group

4,880

46,259

155,673

Water

Utilities

American

Water

Works

Co.,

Inc.(a)

1,120

143,842

Pennon

Group

plc

2,375

16,179

Severn

Trent

plc

924

33,761

United

Utilities

Group

plc

1,512

23,849

217,631

Wireless

Telecommunication

Services

Freenet

475

14,792

Tele2

AB,

Class

1,093

17,323

Vodafone

Group

plc

47,250

57,200

89,315

Total

Common

Stocks

(Cost

$72,108,098)

99,603,567

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(d)

REPURCHASE

AGREEMENTS

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$2,167,328,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$2,198,849

2,166,583

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

181

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

Prime

Services

LLC

3.97%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$151,639,

collateralized

various

Common

Stocks;

total

market

value

$167,784

151,589

The

Bank

Nova

Scotia,

Toronto

4.18%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$200,070,

collateralized

various

Common

Stocks;

total

market

value

$222,865

200,000

2,518,172

Total

Securities

Lending

Reinvestments

(Cost

$2,518,172)

2,518,172

Total

Investments

101.4%

(Cost

$74,626,270)

102,121,739

Liabilities

excess

other

assets

(1.4%)

(1,454,786)

NET

ASSETS

100.0%

$100,666,953

Non-income

producing

security.

(a)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$5,984,313,

collateralized

the

form

cash

with

value

$2,518,172

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$3,306,389

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

November

2025

–

August

15,

2055

and

$454,822

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

15,

2026

–

November

2086;

total

value

$6,279,383.

(b)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(c)

Represents

less

than

0.05%

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$2,518,172.

Percentages

shown

are

based

Net

Assets.

Abbreviations

CVA

—

Dutch

Certification

OYJ

—

Public

Limited

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

capital

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

28,388,139

Aggregate

gross

unrealized

depreciation

(1,174,676

)

Net

unrealized

appreciation

27,213,463

Federal

income

tax

cost

74,942,239

Futures

Contracts

FlexShares

STOXX

Global

ESG

Select

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

EURO

STOXX

Index

12/19/2025

EUR

196,295

6,166

MSCI

EAFE

E-Mini

Index

12/19/2025

USD

280,710

2,654

S&P

500

E-Mini

Index

12/19/2025

USD

343,700

11,409

S&P

500

Micro

E-Mini

Index

12/19/2025

USD

206,220

5,854

26,083

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

182

Forward

Foreign

Currency

Contracts

FlexShares

STOXX

Global

ESG

Select

Index

Fund

had

the

following

outstanding

contracts

October

31,

2025:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

147,191

Morgan

Stanley

CHF

116,000

12/17/2025

1,937

USD

205,594

Citibank

EUR

174,000

12/17/2025

4,263

USD

11,790

JPMorgan

Chase

Bank

EUR

10,000

12/17/2025

219

USD

127,787

Citibank

SEK

1,196,000

12/17/2025

1,461

Net

unrealized

appreciation

7,880

Abbreviations:

CHF

—

Swiss

Franc

EUR

—

Euro

SEK

—

Swedish

Krona

USD

—

Dollar

FlexShares®

STOXX®

Global

ESG

Select

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

October

31,

2025:

Australia

2‌

Austria

0‌

Belgium

0‌

Brazil

0‌

†

Canada

1‌

Chile

0‌

†

China

0‌

Denmark

0‌

Faroe

Islands

0‌

†

Finland

0‌

France

3‌

Germany

1‌

Hong

Kong

0‌

Ireland

1‌

Israel

0‌

†

Italy

1‌

Japan

5‌

Luxembourg

0‌

†

Netherlands

1‌

New

Zealand

0‌

Norway

0‌

Poland

0‌

Portugal

0‌

Singapore

0‌

South

Africa

0‌

Spain

1‌

Sweden

1‌

Switzerland

1‌

United

Kingdom

3‌

United

States

70‌

Other

1‌

100.0%

†

Amount

represents

less

than

0.05%.

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

183

FLEXSHARES

ANNUAL

REPORT

Security

Type

Net

Assets

Common

Stocks

99‌

Securities

Lending

Reinvestments

2‌

Others

(1)

(

1‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

FLEXSHARES

ANNUAL

REPORT

184

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Automobiles

Tesla,

Inc.*

5,760

2,629,786

Banks

JPMorgan

Chase

Co.

5,850

1,820,052

Beverages

Keurig

Pepper,

Inc.

8,955

243,218

PepsiCo,

Inc.

1,980

289,258

532,476

Biotechnology

Amgen,

Inc.

2,790

832,620

Broadline

Retail

Amazon.com,

Inc.*

15,705

3,835,475

eBay,

Inc.

3,150

256,127

4,091,602

Building

Products

Lennox

International,

Inc.

225

113,625

Trane

Technologies

plc

1,530

686,434

800,059

Capital

Markets

Bank

New

York

Mellon

Corp.

(The)

4,860

524,540

BlackRock,

Inc.

720

779,623

FactSet

Research

Systems,

Inc.

270

72,036

Goldman

Sachs

Group,

Inc.

(The)

1,215

959,085

Moody's

Corp.

1,125

540,337

Morgan

Stanley

2,700

442,800

MSCI,

Inc.

540

317,817

Nasdaq,

Inc.

2,970

253,905

S&P

Global,

Inc.

1,485

723,507

State

Street

Corp.

1,935

223,802

4,837,452

Chemicals

Ecolab,

Inc.

1,755

449,982

International

Flavors

Fragrances,

Inc.

1,755

110,512

Sherwin-Williams

Co.

(The)

1,620

558,803

1,119,297

Commercial

Services

Supplies

Cintas

Corp.

2,475

453,593

Waste

Management,

Inc.

2,790

557,359

1,010,952

Communications

Equipment

Cisco

Systems,

Inc.

11,070

809,328

Consumer

Finance

American

Express

Co.

270

97,397

Investments

Value

Consumer

Staples

Distribution

Retail

Kroger

Co.

(The)

4,320

274,881

Sysco

Corp.

3,285

244,010

Target

Corp.

3,105

287,896

Walmart,

Inc.

11,925

1,206,571

2,013,358

Containers

Packaging

Avery

Dennison

Corp.

540

94,441

Diversified

Telecommunication

Services

(a)

Verizon

Communications,

Inc.

450

17,883

Electric

Utilities

Edison

International

2,655

147,034

Eversource

Energy

2,520

186,001

NextEra

Energy,

Inc.

6,840

556,776

PG&E

Corp.

15,120

241,315

1,131,126

Electrical

Equipment

Emerson

Electric

Co.

1,620

226,103

Electronic

Equipment,

Instruments

Components

Jabil,

Inc.

720

159,041

Energy

Equipment

Services

Baker

Hughes

Co.

6,705

324,589

Halliburton

Co.

5,715

153,390

SLB

Ltd.

10,395

374,844

852,823

Entertainment

Walt

Disney

Co.

(The)

7,560

851,407

Financial

Services

Berkshire

Hathaway,

Inc.,

Class

900

429,786

Fiserv,

Inc.*

900

60,021

Global

Payments,

Inc.

1,710

132,969

Mastercard,

Inc.,

Class

2,115

1,167,459

PayPal

Holdings,

Inc.*

6,210

430,167

Visa,

Inc.,

Class

A(b)

4,050

1,379,997

3,600,399

Food

Products

Mondelez

International,

Inc.,

Class

8,910

511,969

Ground

Transportation

CSX

Corp.

12,735

458,715

Norfolk

Southern

Corp.

1,530

433,571

Union

Pacific

Corp.

3,510

773,499

1,665,785

Health

Care

Equipment

Supplies

Abbott

Laboratories

6,975

862,250

Becton

Dickinson

Co.

855

152,797

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

(cont.)

185

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Health

Care

Equipment

Supplies

(continued)

Medtronic

plc

8,190

742,833

1,757,880

Health

Care

Providers

Services

Cigna

Group

(The)

1,845

450,936

CVS

Health

Corp.

8,730

682,250

Elevance

Health,

Inc.

1,530

485,316

1,618,502

Health

Care

REITs

Alexandria

Real

Estate

Equities,

Inc.,

REIT

1,080

62,878

Ventas,

Inc.,

REIT

3,105

229,118

291,996

Hotels,

Restaurants

Leisure

Booking

Holdings,

Inc.

151

766,739

Expedia

Group,

Inc.

855

188,100

Las

Vegas

Sands

Corp.

2,430

144,220

1,099,059

Household

Products

Church

Dwight

Co.,

Inc.

1,665

146,004

Clorox

Co.

(The)

855

96,153

Colgate-Palmolive

Co.

5,265

405,668

647,825

Industrial

REITs

Prologis,

Inc.,

REIT

2,475

307,123

Insurance

Hartford

Insurance

Group,

Inc.

(The)

1,935

240,288

MetLife,

Inc.

3,960

316,087

556,375

Interactive

Media

Services

Alphabet,

Inc.,

Class

10,935

3,074,813

Alphabet,

Inc.,

Class

9,630

2,713,926

Meta

Platforms,

Inc.,

Class

3,735

2,421,587

8,210,326

Services

Cognizant

Technology

Solutions

Corp.,

Class

3,330

242,690

International

Business

Machines

Corp.

3,780

1,162,010

1,404,700

Life

Sciences

Tools

Services

Illumina,

Inc.*

1,080

133,423

Machinery

CNH

Industrial

5,715

59,950

Deere

Co.

1,485

685,521

Ingersoll

Rand,

Inc.

2,700

206,091

951,562

Investments

Value

Media

Comcast

Corp.,

Class

3,960

110,227

Metals

Mining

Newmont

Corp.

1,890

153,033

Multi-Utilities

Consolidated

Edison,

Inc.

2,475

241,090

Public

Service

Enterprise

Group,

Inc.

990

79,754

320,844

Oil,

Gas

Consumable

Fuels

ConocoPhillips

1,755

155,949

EQT

Corp.

4,095

219,410

Occidental

Petroleum

Corp.

5,130

211,356

ONEOK,

Inc.

4,320

289,440

Valero

Energy

Corp.

2,115

358,620

1,234,775

Personal

Care

Products

Estee

Lauder

Cos.,

Inc.

(The),

Class

1,620

156,638

Pharmaceuticals

Johnson

6,705

1,266,373

Merck

Co.,

Inc.

10,575

909,239

Pfizer,

Inc.

31,365

773,147

2,948,759

Professional

Services

Automatic

Data

Processing,

Inc.

2,520

655,956

Broadridge

Financial

Solutions,

Inc.

810

178,524

Equifax,

Inc.

855

180,491

Paychex,

Inc.

2,205

258,051

Paycom

Software,

Inc.

360

67,352

Verisk

Analytics,

Inc.

945

206,728

1,547,102

Real

Estate

Management

Development

Zillow

Group,

Inc.,

Class

1,125

84,353

Residential

REITs

AvalonBay

Communities,

Inc.,

REIT

990

172,181

Semiconductors

Semiconductor

Equipment

Broadcom,

Inc.

3,600

1,330,668

First

Solar,

Inc.*

720

192,197

Intel

Corp.*

30,105

1,203,899

NVIDIA

Corp.

36,810

7,453,657

10,180,421

Software

Adobe,

Inc.*

2,250

765,698

Autodesk,

Inc.*

1,485

447,490

Cadence

Design

Systems,

Inc.*

1,890

640,124

Microsoft

Corp.

10,845

5,615,649

Salesforce,

Inc.

3,825

996,068

ServiceNow,

Inc.*

990

910,087

Synopsys,

Inc.*

1,080

490,126

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

186

Investments

Value

COMMON

STOCKS

(continued)

Software

(continued)

Workday,

Inc.,

Class

1,485

356,281

Zoom

Communications,

Inc.,

Class

1,710

149,163

10,370,686

Specialized

REITs

Equinix,

Inc.,

REIT

675

571,057

Specialty

Retail

Best

Buy

Co.,

Inc.

1,305

107,193

Home

Depot,

Inc.

(The)

675

256,223

Tractor

Supply

Co.(b)

3,600

194,796

Ulta

Beauty,

Inc.*

315

163,762

Williams-Sonoma,

Inc.(b)

855

166,161

888,135

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

21,645

5,852,159

Dell

Technologies,

Inc.,

Class

2,115

342,651

Hewlett

Packard

Enterprise

Co.

9,000

219,780

HP,

Inc.

6,345

175,566

6,590,156

Textiles,

Apparel

Luxury

Goods

Lululemon

Athletica,

Inc.*

765

130,463

NIKE,

Inc.,

Class

5,805

374,945

Ralph

Lauren

Corp.

270

86,308

591,716

Water

Utilities

American

Water

Works

Co.,

Inc.

1,350

173,380

Total

Common

Stocks

(Cost

$66,484,425)

82,777,590

Principal

Amount

SHORT-TERM

INVESTMENTS

(a)

(c)

(d)

U.S.

TREASURY

OBLIGATIONS

U.S.

Treasury

Bills

4.22%,

11/28/2025

(Cost

$46,854)

47,000

46,874

Total

Investments

99.4%

(Cost

$66,531,279)

82,824,464

Other

assets

less

liabilities

0.6%

474,716

NET

ASSETS

100.0%

$83,299,180

Non-income

producing

security.

(a)

Represents

less

than

0.05%

net

assets.

(b)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$1,513,933,

collateralized

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

December

2025

–

May

15,

2055;

total

value

$1,605,253.

(c)

All

portion

the

security

pledged

collateral

for

Futures

Contracts.

(d)

The

rate

shown

was

the

current

yield

October

31,

2025.

Percentages

shown

are

based

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

18,645,477

Aggregate

gross

unrealized

depreciation

(2,356,082

)

Net

unrealized

appreciation

16,289,395

Federal

income

tax

cost

66,548,367

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

(cont.)

187

FLEXSHARES

ANNUAL

REPORT

Futures

Contracts

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

Micro

E-Mini

Index

12/19/2025

USD

481,180

13,298

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

Abbreviations:

USD

—

Dollar

Security

Type

Net

Assets

Common

Stocks

99‌

Short-Term

Investments

0‌

Others

(1)

0‌

100‌

(1)

Includes

any

other

net

assets/(liabilities).

FLEXSHARES

ANNUAL

REPORT

188

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Air

Freight

Logistics

Deutsche

Post

11,907

546,974

Automobile

Components

Bridgestone

Corp.

9,300

408,329

Automobiles

Honda

Motor

Co.

Ltd.(a)

8,300

84,048

Mercedes-Benz

Group

4,998

324,258

Nissan

Motor

Co.

Ltd.*(a)

36,300

83,295

Renault

980

38,119

Toyota

Motor

Corp.

12,000

244,432

Yamaha

Motor

Co.

Ltd.(a)

14,700

106,394

880,546

Banks

ABN

AMRO

Bank

NV,

CVA(b)

7,007

209,547

Banco

Bilbao

Vizcaya

Argentaria

3,381

68,037

Banco

Santander

SA(a)

57,281

583,520

Bank

Montreal(a)

902

112,162

Barclays

plc

56,546

302,372

BNP

Paribas

2,058

159,291

Canadian

Imperial

Bank

Commerce

9,996

829,058

Commonwealth

Bank

Australia

10,045

1,128,698

Danske

Bank

A/S

9,114

407,552

DBS

Group

Holdings

Ltd.

1,900

78,733

HSBC

Holdings

plc

46,403

648,319

ING

Groep

30,576

766,517

Intesa

Sanpaolo

SpA

52,969

340,899

KBC

Group

3,744

450,498

Mediobanca

Banca

Credito

Finanziario

SpA

8,036

153,365

Mitsubishi

UFJ

Financial

Group,

Inc.

46,400

701,775

Mizuho

Financial

Group,

Inc.

3,900

130,350

National

Australia

Bank

Ltd.

5,586

159,513

National

Bank

Canada

2,107

235,640

Royal

Bank

Canada

7,704

1,129,744

Societe

Generale

5,880

372,318

Standard

Chartered

plc

18,375

376,494

Sumitomo

Mitsui

Financial

Group,

Inc.

16,500

445,876

Svenska

Handelsbanken

AB,

Class

24,353

319,918

UniCredit

SpA

637

47,077

Westpac

Banking

Corp.

3,332

84,503

10,241,776

Beverages

Asahi

Group

Holdings

Ltd.

24,500

264,156

Budweiser

Brewing

Co.

APAC

Ltd.

(a)(b)

9,800

9,936

Diageo

plc

22,785

523,881

797,973

Investments

Value

Biotechnology

CSL

Ltd.

2,666

311,536

Broadline

Retail

Dollarama,

Inc.

2,646

344,283

plc

1,911

359,040

Rakuten

Group,

Inc.*

24,500

160,545

863,868

Building

Products

Cie

Saint-Gobain

4,116

399,343

Geberit

(Registered)

343

250,814

Kingspan

Group

plc

2,597

194,535

844,692

Capital

Markets

Group

plc

12,495

722,328

Amundi

SA(b)

980

72,731

Brookfield

Asset

Management

Ltd.,

Class

2,793

151,236

Daiwa

Securities

Group,

Inc.(a)

21,600

166,779

Deutsche

Boerse

490

124,140

EQT

6,076

210,972

Hong

Kong

Exchanges

Clearing

Ltd.

12,900

703,075

London

Stock

Exchange

Group

plc

196

24,428

Macquarie

Group

Ltd.

2,597

371,580

Nomura

Holdings,

Inc.

49,000

350,511

SBI

Holdings,

Inc.

700

31,416

Schroders

plc

11,760

58,621

2,987,817

Chemicals

Akzo

Nobel

NV(a)

2,744

181,920

Givaudan

(Registered)

151

620,365

Nippon

Paint

Holdings

Co.

Ltd.

6,900

44,005

Nitto

Denko

Corp.(a)

11,500

287,696

Novonesis

Novozymes

1,617

96,777

Shin-Etsu

Chemical

Co.

Ltd.

300

9,065

Sika

(Registered)

2,499

489,371

Symrise

AG,

Class

2,156

178,621

Toray

Industries,

Inc.

2,000

12,283

1,920,103

Commercial

Services

Supplies

Brambles

Ltd.

15,729

255,983

Dai

Nippon

Printing

Co.

Ltd.

4,900

82,046

Rentokil

Initial

plc

40,229

222,889

Secom

Co.

Ltd.

4,300

145,506

706,424

Communications

Equipment

Nokia

OYJ

30,674

207,609

Construction

Engineering

WSP

Global,

Inc.

363

69,468

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(cont.)

189

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Consumer

Staples

Distribution

Retail

Carrefour

10,045

151,301

Jeronimo

Martins

SGPS

4,508

116,238

Loblaw

Cos.

Ltd.

4,389

174,601

Tesco

plc

108,927

657,465

Woolworths

Group

Ltd.

18,620

346,306

1,445,911

Diversified

Consumer

Services

Pearson

plc

9,261

128,976

Diversified

REITs

CapitaLand

Integrated

Commercial

Trust,

REIT

83,300

151,693

Diversified

Telecommunication

Services

BCE,

Inc.

4,361

99,692

Deutsche

Telekom

(Registered)

16,317

506,422

NTT,

Inc.

19,600

20,153

Singapore

Telecommunications

Ltd.

19,600

64,006

Swisscom

(Registered)

441

323,849

Telefonica

SA(a)

21,413

108,424

TELUS

Corp.

7,987

116,913

1,239,459

Electric

Utilities

EDP

50,568

251,556

Enel

SpA

39,151

396,390

Iberdrola

31,213

632,797

Terna

Rete

Elettrica

Nazionale

22,687

232,683

1,513,426

Electrical

Equipment

Legrand

1,274

219,832

Mitsubishi

Electric

Corp.

5,900

165,333

Schneider

Electric

3,773

1,071,715

Siemens

Energy

AG*

5,978

740,349

Vestas

Wind

Systems

A/S

16,513

336,792

2,534,021

Electronic

Equipment,

Instruments

Components

Celestica,

Inc.*(a)

1,862

641,690

Murata

Manufacturing

Co.

Ltd.

7,800

171,741

813,431

Energy

Equipment

Services

Tenaris

2,107

42,035

Entertainment

(c)

Nintendo

Co.

Ltd.

100

8,468

Toho

Co.

Ltd.

400

23,513

31,981

Financial

Services

Mitsubishi

Capital,

Inc.

14,700

115,077

Sony

Financial

Group,

Inc.*

25,600

25,824

140,901

Investments

Value

Food

Products

Ajinomoto

Co.,

Inc.

1,500

42,579

Nestle

(Registered)

8,673

830,620

Orkla

ASA

3,675

37,306

910,505

Gas

Utilities

Hong

Kong

China

Gas

Co.

Ltd.

98,000

91,163

Ground

Transportation

Canadian

National

Railway

Co.

7,252

696,086

Canadian

Pacific

Kansas

City

Ltd.(a)

1,666

120,008

East

Japan

Railway

Co.

4,100

99,962

MTR

Corp.

Ltd.

24,500

89,840

1,005,896

Health

Care

Equipment

Supplies

Alcon

196

14,601

BioMerieux

686

88,363

Koninklijke

Philips

13,377

366,539

Olympus

Corp.

14,700

181,251

Siemens

Healthineers

AG(b)

4,802

269,198

Sonova

Holding

(Registered)

853

232,284

1,152,236

Hotels,

Restaurants

Leisure

Amadeus

Group

7,448

570,119

Galaxy

Entertainment

Group

Ltd.

15,000

74,728

Oriental

Land

Co.

Ltd.

4,900

99,237

Sands

China

Ltd.(a)

39,200

102,083

846,167

Household

Durables

Panasonic

Holdings

Corp.

6,200

72,381

Sekisui

House

Ltd.

6,200

133,252

Sony

Group

Corp.

25,700

722,680

928,313

Household

Products

Henkel

Co.

KGaA

(Preference)

2,744

222,522

Reckitt

Benckiser

Group

plc

5,635

430,590

653,112

Independent

Power

and

Renewable

Electricity

Producers

EDP

Renovaveis

5,635

82,470

Orsted

A/S*(b)

8,564

153,289

235,759

Industrial

Conglomerates

Hitachi

Ltd.

32,700

1,128,809

Siemens

(Registered)

4,067

1,152,644

2,281,453

Industrial

REITs

Segro

plc,

REIT

20,580

188,570

Insurance

Aegon

Ltd.

8,820

67,249

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

190

Investments

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

AIA

Group

Ltd.

39,200

380,541

Allianz

(Registered)

2,401

964,944

Aviva

plc

50,960

447,653

AXA

15,876

689,535

Manulife

Financial

Corp.

22,393

725,417

Muenchener

Rueckversicherungs-

Gesellschaft

Muenchen

(Registered)

370

229,072

QBE

Insurance

Group

Ltd.

18,228

236,750

Sompo

Holdings,

Inc.

4,100

125,298

Swiss

1,225

223,712

Tokio

Marine

Holdings,

Inc.

700

26,273

Zurich

Insurance

Group

1,176

818,915

4,935,359

Interactive

Media

Services

Corp.

44,100

129,676

Services

Capgemini

2,303

354,859

CGI,

Inc.

3,234

281,727

Fujitsu

Ltd.

27,100

709,098

Nomura

Research

Institute

Ltd.

6,100

238,765

Shopify,

Inc.,

Class

245

42,641

1,627,090

Leisure

Products

Shimano,

Inc.

1,100

115,709

Machinery

Atlas

Copco

AB,

Class

12,740

214,939

Epiroc

AB,

Class

6,125

129,824

GEA

Group

2,352

168,310

Komatsu

Ltd.

7,400

248,148

Kone

OYJ,

Class

2,597

173,613

Kubota

Corp.

4,900

63,630

SKF

AB,

Class

5,831

150,497

Volvo

AB,

Class

1,588

43,830

Weir

Group

plc

(The)

1,568

60,979

1,253,770

Media

Publicis

Groupe

2,891

289,634

Metals

Mining

Anglo

American

plc

9,604

362,774

Antofagasta

plc

735

26,943

BHP

Group

Ltd.

588

16,725

Fortescue

Ltd.

14,357

200,101

Kinross

Gold

Corp.

13,377

311,428

Northern

Star

Resources

Ltd.

21,952

353,667

Rio

Tinto

Ltd.

490

42,622

Wheaton

Precious

Metals

Corp.

6,909

667,897

1,982,157

Investments

Value

Multi-Utilities

National

Grid

plc

17,395

260,540

Office

REITs

Gecina

SA,

REIT

735

68,334

Oil,

Gas

Consumable

Fuels

Enbridge,

Inc.(a)

17,689

825,651

ENEOS

Holdings,

Inc.

40,000

252,585

Neste

OYJ

6,664

138,102

Pembina

Pipeline

Corp.(a)

5,194

196,691

Repsol

17,199

315,136

Shell

plc

27,538

1,030,248

Energy

Corp.

1,323

66,455

TotalEnergies

6,615

411,910

3,236,778

Passenger

Airlines

International

Consolidated

Airlines

Group

37,828

207,698

Personal

Care

Products

Kao

Corp.

7,600

321,651

L'Oreal

1,715

717,849

1,039,500

Pharmaceuticals

Astellas

Pharma,

Inc.

14,700

153,961

AstraZeneca

plc

6,194

1,014,807

Daiichi

Sankyo

Co.

Ltd.

9,000

214,345

GSK

plc

24,304

568,546

Novartis

(Registered)

7,693

951,335

Novo

Nordisk

A/S,

Class

14,112

689,180

Roche

Holding

131

42,250

Sanofi

7,693

777,823

Takeda

Pharmaceutical

Co.

Ltd.

16,500

444,805

Teva

Pharmaceutical

Industries

Ltd.*(a)

14,161

286,597

UCB

1,960

503,347

5,646,996

Professional

Services

Computershare

Ltd.

931

22,289

Recruit

Holdings

Co.

Ltd.

9,800

490,334

RELX

plc

16,758

739,127

Wolters

Kluwer

2,813

344,969

1,596,719

Real

Estate

Management

Development

Daiwa

House

Industry

Co.

Ltd.

5,500

186,826

Mitsubishi

Estate

Co.

Ltd.

5,300

112,292

299,118

Retail

REITs

Scentre

Group,

REIT

84,721

225,733

Unibail-Rodamco-Westfield,

REIT

1,960

202,786

428,519

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(cont.)

191

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Semiconductors

Semiconductor

Equipment

Advantest

Corp.

4,400

660,764

ASML

Holding

1,441

1,526,986

Tokyo

Electron

Ltd.

600

133,121

2,320,871

Software

SAP

5,096

1,320,171

Xero

Ltd.*

1,960

186,051

1,506,222

Specialty

Retail

Fast

Retailing

Co.

Ltd.

500

183,896

Industria

Diseno

Textil

SA(a)

11,368

628,493

ZOZO,

Inc.(a)

6,500

56,264

868,653

Technology

Hardware,

Storage

Peripherals

Canon,

Inc.(a)

13,500

388,468

Textiles,

Apparel

Luxury

Goods

Cie

Financiere

Richemont

(Registered)

1,029

203,429

Hermes

International

SCA

127

315,008

Kering

1,225

433,783

LVMH

Moet

Hennessy

Louis

Vuitton

637

450,031

1,402,251

Trading

Companies

Distributors

Bunzl

plc

5,439

165,216

ITOCHU

Corp.

13,300

771,038

936,254

Transportation

Infrastructure

Aena

SME

SA(b)

6,370

173,145

Transurban

Group

47,138

446,837

619,982

Water

Utilities

Severn

Trent

plc

4,361

159,343

Wireless

Telecommunication

Services

SoftBank

Corp.

411,600

584,317

SoftBank

Group

Corp.

1,800

316,231

Vodafone

Group

plc

298,851

361,783

1,262,331

Total

Common

Stocks

(Cost

$57,537,000)

69,704,095

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(d)

REPURCHASE

AGREEMENTS

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$1,342,535,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$1,362,060

(Cost

$1,342,070)

$1,342,073

1,342,070

Total

Investments

100.6%

(Cost

$58,879,070)

71,046,165

Liabilities

excess

other

assets

(0.6%)

(411,881)

NET

ASSETS

100.0%

$70,634,284

Non-income

producing

security.

(a)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$3,917,671,

collateralized

the

form

cash

with

value

$1,342,073

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$2,161,900

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

November

2025

–

February

15,

2055

and

$673,335

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

February

15,

2026

–

July

22,

2068;

total

value

$4,177,308.

(b)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(c)

Represents

less

than

0.05%

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$1,342,070.

Percentages

shown

are

based

Net

Assets.

Abbreviations

CVA

—

Dutch

Certification

OYJ

—

Public

Limited

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

capital

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

192

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

14,480,473

Aggregate

gross

unrealized

depreciation

(2,656,401

)

Net

unrealized

appreciation

11,824,072

Federal

income

tax

cost

59,242,727

Futures

Contracts

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

EAFE

E-Mini

Index

12/19/2025

USD

842,130

7,225

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

Forward

Foreign

Currency

Contracts

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

had

the

following

outstanding

contracts

October

31,

2025:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

45,896

UBS

AUD

69,070

12/17/2025

657

USD

143,203

Morgan

Stanley

CHF

112,857

12/17/2025

1,884

USD

90,318

JPMorgan

Chase

Bank

EUR

76,606

12/17/2025

1,679

USD

65,587

Goldman

Sachs

Co.

GBP

49,000

12/17/2025

1,205

USD

46,093

JPMorgan

Chase

Bank

GBP

34,011

12/17/2025

1,405

USD

106,904

Goldman

Sachs

Co.

JPY

15,769,000

12/17/2025

4,088

USD

54,368

JPMorgan

Chase

Bank

JPY

7,941,090

12/17/2025

2,591

USD

26,045

Toronto-Dominion

Bank

(The)

NOK

257,473

12/17/2025

597

USD

21,583

Morgan

Stanley

NZD

36,099

12/17/2025

872

USD

42,064

BNP

Paribas

SEK

390,201

12/17/2025

849

USD

51,032

Bank

Montreal

SGD

65,000

12/17/2025

921

Total

unrealized

appreciation

16,748

CAD

51,291

Bank

Montreal

USD

37,160

12/17/2025

(

470

)

JPY

9,562,000

Citigroup

Global

Markets,

Inc.

USD

65,210

12/17/2025

(

2,864

)

USD

20,212

BNP

Paribas

HKD

157,028

12/17/2025

(

)

Total

unrealized

depreciation

(

3,339

)

Net

unrealized

appreciation

13,409

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

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(cont.)

193

FLEXSHARES

ANNUAL

REPORT

Abbreviations:

(continued)

SEK

—

Swedish

Krona

SGD

—

Singapore

Dollar

USD

—

Dollar

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

October

31,

2025:

Australia

5‌

Belgium

1‌

Canada

11‌

Denmark

2‌

Finland

0‌

France

10‌

Germany

9‌

Hong

Kong

2‌

Ireland

0‌

Israel

0‌

Italy

1‌

Japan

19‌

Netherlands

4‌

New

Zealand

0‌

Norway

0‌

Portugal

0‌

Singapore

0‌

Spain

4‌

Sweden

1‌

Switzerland

7‌

United

Kingdom

14‌

Other

1‌

100.0%

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Common

Stocks

98‌

Securities

Lending

Reinvestments

1‌

Others

(1)

(

0‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

FLEXSHARES

ANNUAL

REPORT

194

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Building

Products

Simpson

Manufacturing

Co.,

Inc.

89,873

15,862,584

UFP

Industries,

Inc.(a)

128,737

11,860,540

27,723,124

Chemicals

Industries

Holdings,

Inc.

872,011

72,629,796

Corteva,

Inc.

3,531,766

216,991,703

FMC

Corp.(a)

609,679

9,248,830

ICL

Group

Ltd.

6,371,267

41,878,619

K+S

(Registered)

1,406,391

18,359,031

Mosaic

Co.

(The)

1,617,714

44,406,249

Nutrien

Ltd.

4,058,859

221,286,971

PhosAgro

PJSC*‡

308,581

—

Industries

Ltd.

825,860

33,281,401

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

3,157,700

11,008,935

SABIC

Agri-Nutrients

Co.

2,047,647

66,941,728

Scotts

Miracle-Gro

Co.

(The)

221,039

11,830,007

Taiwan

Fertilizer

Co.

Ltd.

6,406,508

10,034,591

UPL

Ltd.

4,481,505

36,353,344

Yara

International

ASA

1,350,524

49,284,959

Yunnan

Yuntianhua

Co.

Ltd.,

Class

1,214,500

4,910,313

848,446,477

Food

Products

Archer-Daniels-Midland

Co.(a)

2,346,414

142,028,439

Bakkafrost

P/F

408,072

18,739,862

Bunge

Global

SA(a)

716,555

67,786,103

Cal-Maine

Foods,

Inc.(a)

228,326

20,047,023

Charoen

Pokphand

Foods

PCL,

NVDR

23,561,300

15,374,778

Charoen

Pokphand

Indonesia

Tbk.

56,109,900

15,756,659

Mowi

ASA

3,624,068

79,739,204

Muyuan

Foods

Co.

Ltd.,

Class

3,400,600

24,046,192

New

Hope

Liuhe

Co.

Ltd.,

Class

2,671,900

3,654,734

PPB

Group

Bhd.

5,586,700

14,860,515

Resources

Bhd.

19,189,100

19,014,987

Salmar

ASA

587,818

33,089,256

Tyson

Foods,

Inc.,

Class

1,420,965

73,051,811

United

Plantations

Bhd.

2,429,000

14,383,763

541,573,326

Industrial

Conglomerates

Industries

Qatar

QSC

25,047,848

87,368,215

Metals

Mining

Agnico

Eagle

Mines

Ltd.

798,984

128,633,487

Alamos

Gold,

Inc.,

Class

666,085

20,555,626

Anglo

American

plc

1,802,318

68,079,296

Antofagasta

plc

582,960

21,369,224

Barrick

Mining

Corp.(a)

2,684,045

88,194,292

BHP

Group

Ltd.(a)

8,508,787

242,028,553

Investments

Value

Metals

Mining

(continued)

Boliden

AB*(a)

463,939

20,967,062

Evolution

Mining

Ltd.

3,296,153

23,433,996

First

Quantum

Minerals

Ltd.*

1,124,627

23,373,042

Fortescue

Ltd.(a)

2,749,628

38,322,936

Franco-Nevada

Corp.

296,922

55,519,106

Freeport-McMoRan,

Inc.

1,748,880

72,928,296

Glencore

plc

16,866,976

80,764,585

GMK

Norilskiy

Nickel

PAO*‡

4,615,800

—

GMK

Norilskiy

Nickel

PAO,

ADR*‡

1,231,473

—

Gold

Fields

Ltd.

1,391,817

54,445,681

Grupo

Mexico

SAB

CV,

Series

5,100,900

44,163,898

Hindalco

Industries

Ltd.

2,358,559

22,526,485

Kinross

Gold

Corp.

1,933,484

45,013,202

Newmont

Corp.

1,413,678

114,465,508

Northern

Star

Resources

Ltd.

2,285,689

36,824,590

Pan

American

Silver

Corp.(a)

585,389

20,638,916

Rio

Tinto

plc

1,787,744

128,856,674

Royal

Gold,

Inc.(a)

82,586

14,435,207

Saudi

Arabian

Mining

Co.*

2,142,378

36,704,608

South32

Ltd.(a)

7,758,226

16,100,185

Teck

Resources

Ltd.,

Class

765,135

32,857,419

Vale

6,072,500

73,589,659

Vedanta

Ltd.

2,764,202

15,368,398

Wheaton

Precious

Metals

Corp.(a)

728,700

70,443,860

Zijin

Mining

Group

Co.

Ltd.,

Class

2,429,000

10,414,781

1,621,018,572

Oil,

Gas

Consumable

Fuels

ARC

Resources

Ltd.(a)

633,969

11,705,226

plc

16,536,632

96,096,990

Cameco

Corp.

709,268

72,559,309

Canadian

Natural

Resources

Ltd.

2,210,390

70,784,855

Cenovus

Energy,

Inc.(a)

1,367,527

23,131,278

Chevron

Corp.

1,284,941

202,660,895

China

Petroleum

Chemical

Corp.,

Class

24,290,000

12,907,246

ConocoPhillips

879,298

78,134,420

Coterra

Energy,

Inc.

497,945

11,781,379

Devon

Energy

Corp.

420,217

13,652,850

Diamondback

Energy,

Inc.(a)

133,595

19,129,468

Eni

SpA

2,037,931

37,503,157

EOG

Resources,

Inc.

376,495

39,848,231

EQT

Corp.

408,072

21,864,498

Equinor

ASA

701,981

16,791,563

Expand

Energy

Corp.

150,598

15,558,279

Exxon

Mobil

Corp.

2,343,985

268,058,125

Gazprom

PJSC*‡

15,937,700

—

Inpex

Corp.(a)

875,000

16,136,283

LUKOIL

PJSC*‡

214,305

—

LUKOIL

PJSC,

ADR*‡

269,035

—

Novatek

PJSC*‡

1,237,715

—

Occidental

Petroleum

Corp.

449,365

18,513,838

PetroChina

Co.

Ltd.,

Class

20,998,000

21,667,476

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

195

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

Petroleo

Brasileiro

Petrobras

(Preference)

4,858,000

26,837,785

Repsol

1,153,775

21,140,533

Rosneft

Oil

Co.

PJSC*‡

2,926,433

—

Santos

Ltd.

3,298,582

13,625,919

Saudi

Arabian

Oil

Co.(b)

6,096,790

42,106,812

Shell

plc

6,230,385

233,090,408

Suncor

Energy,

Inc.

1,314,089

52,379,739

Tatneft

PJSC*‡

2,021,036

—

Texas

Pacific

Land

Corp.(a)

12,145

11,457,350

TotalEnergies

SE(a)

2,152,094

134,008,935

Tourmaline

Oil

Corp.(a)

383,782

16,897,200

Woodside

Energy

Group

Ltd.(a)

2,067,079

33,559,689

1,653,589,736

Paper

Forest

Products

Canfor

Corp.*(a)

167,601

1,462,913

Mondi

plc(a)

1,413,678

15,791,282

Oji

Holdings

Corp.

2,671,900

13,500,418

Stella-Jones,

Inc.

148,169

8,418,609

Stora

Enso

OYJ,

Class

R(a)

1,855,756

21,633,327

Suzano

2,186,100

19,846,880

Svenska

Cellulosa

SCA,

Class

B(a)

1,513,267

20,206,120

UPM-Kymmene

OYJ(a)

1,678,439

45,099,280

West

Fraser

Timber

Co.

Ltd.(a)

157,885

9,645,617

155,604,446

Specialized

REITs

PotlatchDeltic

Corp.,

REIT(a)

153,027

6,121,080

Rayonier,

Inc.,

REIT(a)

296,338

6,540,180

Weyerhaeuser

Co.,

REIT(a)

1,498,693

34,469,939

47,131,199

Trading

Companies

Distributors

Boise

Cascade

Co.(a)

80,157

5,650,267

Water

Utilities

Aguas

Andinas

SA,

Class

10,077,921

3,840,064

AlKhorayef

Water

Power

Technologies

Co.

60,725

2,436,999

American

States

Water

Co.(a)

99,589

7,101,692

American

Water

Works

Co.,

Inc.(a)

500,374

64,263,033

Beijing

Enterprises

Water

Group

Ltd.

(a)

14,574,000

4,687,862

Chengdu

Xingrong

Environment

Co.

Ltd.,

Class

971,600

964,306

Cia

Saneamento

Basico

Estado

Sao

Paulo

SABESP

1,655,800

40,534,454

Cia

Saneamento

Minas

Gerais

Copasa

662,300

4,647,654

Cia

Sanena

Parana

832,400

5,329,685

Essential

Utilities,

Inc.

646,114

25,217,829

Grandblue

Environment

Co.

Ltd.,

Class

242,900

961,233

Investments

Value

Water

Utilities

(continued)

Guangdong

Investment

Ltd.

9,716,000

9,238,213

Pennon

Group

plc

1,809,605

12,327,594

Severn

Trent

plc

995,890

36,387,997

United

Utilities

Group

plc

2,594,172

40,917,276

258,855,891

Total

Common

Stocks

(Cost

$4,650,326,148)

5,246,961,253

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(c)

CERTIFICATES

DEPOSIT

Bank

Montreal,

Chicago

(SOFR

0.31%),

4.35%,

5/29/2026(d)

2,000,000

2,000,862

Bank

Nova

Scotia,

Houston

(SOFR

0.34%),

4.38%,

7/1/2026(d)

3,000,000

2,999,960

Barclays

Bank

plc,

New

York

(SOFR

0.22%),

4.49%,

4/10/2026(d)

2,000,000

1,999,904

(SOFR

0.25%),

4.52%,

4/29/2026(d)

2,000,000

1,999,998

BNP

Paribas,

New

York

(SOFR

0.24%),

4.28%,

12/1/2025(d)

3,000,000

Canadian

Imperial

Bank

Commerce,

New

York

(SOFR

0.24%),

4.28%,

12/17/2025(d)

2,000,000

MUFG

Bank

Ltd.,

New

York

Branch

(SOFR

0.22%),

4.49%,

3/12/2026(d)

2,000,000

1,999,866

Natixis

SA,

New

York

4.47%,

12/11/2025

2,000,000

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

0.21%),

4.25%,

3/10/2026(d)

2,000,000

1,999,814

(SOFR

0.22%),

4.26%,

4/9/2026(d)

5,000,000

4,999,087

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

(SOFR

0.29%),

4.33%,

11/7/2025(d)

1,000,000

(SOFR

0.35%),

4.22%,

11/10/2025(d)

2,000,000

2,000,068

4.40%,

2/3/2026

2,000,000

2,002,420

Toronto-Dominion

Bank,

New

York

(SOFR

0.20%),

4.47%,

4/6/2026(d)

2,000,000

1,999,946

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

196

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

CERTIFICATES

DEPOSIT

(continued)

Toronto-Dominion

Bank,

New

York

(continued)

(SOFR

0.36%),

4.63%,

5/8/2026(d)

3,000,000

3,002,331

Total

Certificates

Deposit

(Cost

$35,000,068)

35,004,256

REPURCHASE

AGREEMENTS

BofA

Securities,

Inc.

4.32%,

dated

10/31/2025,

due

2/2/2026,

repurchase

price

$8,090,240,

collateralized

various

Common

Stocks,

U.S.

Treasury

Securities,

ranging

from

0.88%

4.75%,

maturing

9/30/2026

11/15/2043;

total

market

value

$8,764,427

8,000,000

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$31,851,193,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$32,324,282

31,840,234

31,840,235

Citigroup

Global

Markets,

Inc.

4.15%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$97,906,711,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.13%

0.63%,

maturing

1/15/2026

4/15/2026;

total

market

value

$99,702,046

97,872,863

MetLife,

Inc.

4.15%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$50,061,925,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.50%,

maturing

12/16/2025

2/15/2054;

total

market

value

$50,355,621

50,044,618

National

Bank

Canada

Financial

Inc.

4.19%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$52,018,157,

collateralized

various

Common

Stocks;

total

market

value

$58,560,983

52,000,000

Prime

Services

LLC

4.17%,

dated

10/31/2025,

due

12/5/2025,

repurchase

price

$5,020,271,

collateralized

various

Common

Stocks;

total

market

value

$5,506,881

5,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

Prime

Services

LLC

3.97%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$515,531,

collateralized

various

Common

Stocks;

total

market

value

$567,606

515,360

The

Bank

Nova

Scotia,

Toronto

4.18%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$41,903,963,

collateralized

various

Common

Stocks;

total

market

value

$46,678,318

41,889,371

Total

Repurchase

Agreements

(Cost

$287,162,447)

287,162,447

Total

Securities

Lending

Reinvestments

(Cost

$322,162,515)

322,166,703

Total

Investments

105.6%

(Cost

$4,972,488,663)

5,569,127,956

Liabilities

excess

other

assets

(5.6%)

(294,550,311)

NET

ASSETS

100.0%

$5,274,577,645

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$501,295,004,

collateralized

the

form

cash

with

value

$322,162,748

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$168,425,643

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

November

2025

–

May

15,

2055

and

$36,832,705

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

15,

2026

–

November

2086;

total

value

$527,421,096.

(b)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$322,166,703.

(d)

Variable

floating

rate

security,

linked

the

referenced

benchmark.

The

interest

rate

shown

the

rate

effect

October

31,

2025.

Percentages

shown

are

based

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

197

FLEXSHARES

ANNUAL

REPORT

NVDR

—

Non-Voting

Depositary

Receipt

OYJ

—

Public

Limited

Company

PJSC

—

Public

Joint

Stock

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

capital

SOFR

—

Secured

Overnight

Financing

Rate

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

1,004,305,816

Aggregate

gross

unrealized

depreciation

(446,476,357

)

Net

unrealized

appreciation

557,829,459

Federal

income

tax

cost

5,011,750,301

Futures

Contracts

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

(

Depreciation

)

Long

Contracts

‌

FTSE

100

Index

12/19/2025

GBP

5,506,056

226,821

FTSE/JSE

Top

Index

12/18/2025

ZAR

3,263,571

108,336

Hang

Seng

Index

11/27/2025

HKD

2,999,961

(

74,652

)

MSCI

Emerging

Markets

E-Mini

Index

12/19/2025

USD

70,380

3,542

S&P

Midcap

400

E-Mini

Index

12/19/2025

USD

4,886,550

(

64,947

)

S&P/TSX

Index

12/18/2025

CAD

11,952,354

281,290

SPI

200

Index

12/18/2025

AUD

1,018,701

(

1,576

)

478,814

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

Forward

Foreign

Currency

Contracts

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

had

the

following

outstanding

contracts

October

31,

2025:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

3,544,877

Citibank

CAD

4,863,539

12/17/2025

65,852

USD

1,178,997

JPMorgan

Chase

Bank

EUR

1,000,000

12/17/2025

21,924

USD

7,124

JPMorgan

Chase

Bank

JPY

1,040,584

12/17/2025

340

USD

246,535

Goldman

Sachs

Co.

KRW

341,530,156

12/17/2025

6,336

USD

53,989

BNP

Paribas

SEK

500,827

12/17/2025

1,090

USD

502,718

Citibank

TWD

15,113,000

12/17/2025

9,609

Total

unrealized

appreciation

105,151

CAD

4,863,539

Bank

Montreal

USD

3,523,622

12/17/2025

(

44,596

)

CAD

2,700,000

JPMorgan

Chase

Bank

USD

1,948,513

12/17/2025

(

17,128

)

GBP

1,300,000

JPMorgan

Chase

Bank

USD

1,761,829

12/17/2025

(

53,712

)

HKD

12,000,000

Morgan

Stanley

USD

1,545,735

12/17/2025

(

768

)

INR

53,715,711

Goldman

Sachs

Co.

USD

604,491

12/17/2025

(

758

)

NOK

3,870,048

Toronto-Dominion

Bank

(The)

USD

391,480

12/17/2025

(

8,969

)

USD

2,609,623

BNP

Paribas

HKD

20,274,345

12/17/2025

(

644

)

USD

446,053

Goldman

Sachs

Co.

MXN

8,380,000

12/17/2025

(

3,591

)

USD

231,542

UBS

ZAR

4,060,000

12/17/2025

(

1,995

)

Total

unrealized

depreciation

(

132,161

)

Net

unrealized

depreciation

(

27,010

)

Non-deliverable

forward.

See

Note

the

Notes

Financial

Statements.

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

198

Abbreviations:

AUD

—

Australian

Dollar

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

TWD

—

Taiwan

Dollar

USD

—

Dollar

ZAR

—

South

African

Rand

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

October

31,

2025:

Australia

11‌

Austria

0‌

Brazil

5‌

Canada

16‌

Chile

0‌

China

2‌

Faroe

Islands

0‌

Finland

1‌

France

2‌

Germany

0‌

India

2‌

Indonesia

0‌

Israel

0‌

Italy

0‌

Japan

0‌

Malaysia

0‌

Mexico

0‌

Norway

2‌

Qatar

1‌

Saudi

Arabia

2‌

South

Africa

2‌

Spain

0‌

Sweden

0‌

Taiwan

0‌

Thailand

0‌

United

Kingdom

1‌

United

States

39‌

Zambia

0‌

Other

0‌

100.0%

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Common

Stocks

99‌

Securities

Lending

Reinvestments

6‌

Others

(1)

(

5‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

199

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Air

Freight

Logistics

CTT-Correios

Portugal

SA(a)

140,532

1,224,625

Deutsche

Post

1,451,208

66,664,374

Oesterreichische

Post

49,712

1,721,328

PostNL

NV(a)

586,028

649,676

Singapore

Post

Ltd.

1,912,000

617,035

Viettel

Post

Joint

Stock

Corp.

95,600

419,601

71,296,639

Chemicals

(b)

PureCycle

Technologies,

Inc.*(a)

82,216

952,061

Commercial

Services

Supplies

Befesa

SA(c)

54,492

1,805,077

Casella

Waste

Systems,

Inc.,

Class

A*(a)

23,900

2,116,823

China

Everbright

Environment

Group

Ltd.(a)

5,736,000

3,549,852

Clean

Harbors,

Inc.*(a)

21,988

4,628,694

Cleanaway

Waste

Management

Ltd.

3,462,388

5,779,963

CoreCivic,

Inc.*

45,888

850,305

Daiei

Kankyo

Co.

Ltd.(a)

49,100

1,093,201

Daiseki

Co.

Ltd.(a)

95,660

2,014,973

GEO

Group,

Inc.

(The)*(a)

60,228

1,022,069

GFL

Environmental,

Inc.

551,612

24,099,928

Republic

Services,

Inc.,

Class

86,040

17,916,970

TRE

Holdings

Corp.(a)

95,600

960,623

Veralto

Corp.

105,160

10,377,189

Waste

Connections,

Inc.

405,344

68,047,686

Waste

Management,

Inc.

155,828

31,129,760

175,393,113

Construction

Engineering

(b)

Envision

Greenwise

Holdings

Ltd.*(a)

(c)

1,912,000

801,976

Diversified

Telecommunication

Services

AST

SpaceMobile,

Inc.,

Class

A*(a)

99,424

7,978,776

AT&T,

Inc.

3,026,696

74,910,726

BCE,

Inc.(a)

800,165

18,308,739

Group

plc(a)

5,491,264

13,401,300

Cellnex

Telecom

SA(c)

408,212

12,735,409

China

Tower

Corp.

Ltd.,

Class

H(c)

3,824,000

5,525,272

Cogent

Communications

Holdings,

Inc.(a)

12,428

512,655

Deutsche

Telekom

(Registered)

3,022,872

93,819,179

Frontier

Communications

Parent,

Inc.*

100,380

3,790,349

GCI

Liberty,

Inc.*‡

36,294

—

Helios

Towers

plc*

969,384

1,905,343

HKT

Trust

HKT

Ltd.

3,267,000

4,762,501

Infrastrutture

Wireless

Italiane

SpA(a)(c)

247,604

2,722,098

Iridium

Communications,

Inc.(a)

28,680

549,222

Investments

Value

Diversified

Telecommunication

Services

(continued)

KINX,

Inc.

4,780

312,013

Koninklijke

KPN

3,370,856

15,632,600

Lumen

Technologies,

Inc.*

405,344

4,166,936

NTT,

Inc.

45,983,600

47,280,531

Quebecor,

Inc.,

Class

B(a)

135,752

4,334,685

Swisscom

(Registered)(a)

21,988

16,146,903

Uniti

Group,

Inc.(a)

75,524

435,018

Verizon

Communications,

Inc.

1,786,764

71,006,001

400,236,256

Electric

Utilities

American

Electric

Power

Co.,

Inc.

226,572

27,247,549

Constellation

Energy

Corp.

131,928

49,736,856

Duke

Energy

Corp.

329,820

40,996,626

Enel

SpA

4,953,992

50,157,398

Entergy

Corp.

189,288

18,188,684

Exelon

Corp.(a)

428,288

19,752,643

Iberdrola

SA(a)

3,905,260

79,173,378

NextEra

Energy,

Inc.

872,828

71,048,199

PG&E

Corp.

932,100

14,876,316

Southern

Co.

(The)(a)

465,572

43,782,391

Xcel

Energy,

Inc.(a)

250,472

20,330,812

435,290,852

Gas

Utilities

AltaGas

Ltd.(a)

192,156

5,646,121

APA

Group(a)

792,524

4,762,821

Enagas

131,928

2,096,015

Snam

SpA(a)

1,308,764

8,078,557

20,583,514

Ground

Transportation

Aurizon

Holdings

Ltd.

2,606,056

5,851,767

Canadian

National

Railway

Co.

893,860

85,797,546

Canadian

Pacific

Kansas

City

Ltd.(a)

1,433,044

103,227,442

Central

Japan

Railway

Co.

1,529,600

37,392,318

CSX

Corp.

791,568

28,512,279

East

Japan

Railway

Co.

1,779,200

43,378,503

Keisei

Electric

Railway

Co.

Ltd.(a)

764,800

6,096,358

Kyushu

Railway

Co.

246,600

6,254,041

MTR

Corp.

Ltd.(a)

2,390,000

8,763,928

Norfolk

Southern

Corp.

94,644

26,820,217

Odakyu

Electric

Railway

Co.

Ltd.(a)

536,200

5,673,338

Rumo

1,912,000

5,652,403

Tobu

Railway

Co.

Ltd.(a)

286,800

4,623,464

Union

Pacific

Corp.

251,428

55,407,188

West

Japan

Railway

Co.(a)

764,800

15,692,660

439,143,452

Health

Care

Providers

Services

Acadia

Healthcare

Co.,

Inc.*(a)

28,680

616,620

Bangkok

Dusit

Medical

Services

PCL,

NVDR

21,318,800

12,460,965

Bumrungrad

Hospital

PCL,

NVDR

1,051,600

5,593,790

Encompass

Health

Corp.

43,020

4,897,827

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

200

Investments

Value

COMMON

STOCKS

(continued)

Health

Care

Providers

Services

(continued)

Fresenius

Co.

KGaA

645,300

37,255,159

HCA

Healthcare,

Inc.(a)

69,788

32,080,148

IHH

Healthcare

Bhd.

3,346,000

6,591,332

KPJ

Healthcare

Bhd.

2,676,800

1,815,213

Life

Healthcare

Group

Holdings

Ltd.

1,892,880

1,296,321

Ramsay

Health

Care

Ltd.(a)

285,844

6,006,802

Rede

D'Or

Sao

Luiz

SA(c)

1,242,800

10,002,127

Select

Medical

Holdings

Corp.

38,240

528,859

Tenet

Healthcare

Corp.*

38,240

7,896,178

Universal

Health

Services,

Inc.,

Class

21,988

4,771,616

131,812,957

Independent

Power

and

Renewable

Electricity

Producers

Vistra

Corp.

135,752

25,562,102

Services

Fastly,

Inc.,

Class

60,228

499,290

NEXTDC

Ltd.*(a)

554,480

5,720,728

SUNeVision

Holdings

Ltd.(a)

504,000

391,673

6,611,691

Media

Charter

Communications,

Inc.,

Class

39,196

9,165,593

Comcast

Corp.,

Class

1,563,060

43,507,775

EchoStar

Corp.,

Class

A*(a)

61,184

4,580,846

Sirius

Holdings,

Inc.(a)

78,392

1,700,322

58,954,536

Multi-Utilities

Consolidated

Edison,

Inc.

152,960

14,899,834

Dominion

Energy,

Inc.

362,324

21,264,795

E.ON

1,429,220

26,624,636

Engie

1,178,748

27,618,372

National

Grid

plc

3,290,552

49,285,526

Public

Service

Enterprise

Group,

Inc.

(a)

212,232

17,097,410

Sempra

277,240

25,489,446

Veolia

Environnement

1,049,688

34,710,904

WEC

Energy

Group,

Inc.

135,752

15,167,571

232,158,494

Oil,

Gas

Consumable

Fuels

Antero

Midstream

Corp.

142,444

2,457,159

Cheniere

Energy,

Inc.

92,732

19,659,184

Midstream,

Inc.

43,020

4,710,260

Enbridge,

Inc.

1,390,024

64,880,683

Hess

Midstream

LP,

Class

55,448

1,882,460

Keyera

Corp.(a)

148,180

4,379,355

Kinder

Morgan,

Inc.

830,764

21,757,709

Kinetik

Holdings,

Inc.,

Class

A(a)

20,076

773,127

Koninklijke

Vopak

38,240

1,733,686

ONEOK,

Inc.

267,680

17,934,560

Investments

Value

Oil,

Gas

Consumable

Fuels

(continued)

Pembina

Pipeline

Corp.

371,884

14,082,836

Santos

Ltd.

2,080,256

8,593,208

South

Bow

Corp.(a)

133,840

3,475,073

Targa

Resources

Corp.

90,820

13,989,913

Energy

Corp.

662,508

33,277,888

Transneft

PJSC

(Preference)*‡

147,300

—

Williams

Cos.,

Inc.

(The)

516,240

29,874,809

243,461,910

Specialized

REITs

American

Tower

Corp.,

REIT

198,848

35,589,815

Crown

Castle,

Inc.,

REIT

185,464

16,732,562

Digital

Core

REIT

Management

Pte.

Ltd.,

REIT

956,000

492,340

Digital

Realty

Trust,

Inc.,

REIT(a)

135,752

23,133,499

Equinix,

Inc.,

REIT

41,108

34,777,779

Keppel

REIT,

REIT

1,755,216

3,223,302

SBA

Communications

Corp.,

Class

REIT

45,888

8,786,634

122,735,931

Transportation

Infrastructure

Adani

Ports

Special

Economic

Zone

Ltd.

1,373,772

22,462,566

Aena

SME

SA(c)

1,153,892

31,364,412

Airports

Thailand

PCL,

NVDR

6,500,800

8,293,119

Atlas

Arteria

Ltd.

1,573,576

5,006,488

Auckland

International

Airport

Ltd.

2,683,499

12,478,050

Bangkok

Expressway

Metro

PCL,

NVDR

12,045,600

1,918,504

China

Merchants

Port

Holdings

Co.

Ltd.

1,912,000

3,699,915

COSCO

SHIPPING

Ports

Ltd.(a)

1,971,426

1,453,420

Flughafen

Zurich

(Registered)

29,636

8,756,972

Gemadept

Corp.

669,200

1,731,808

Getlink

491,384

8,978,070

Grupo

Aeroportuario

del

Centro

Norte

SAB

CV,

Class

434,980

5,367,993

Grupo

Aeroportuario

del

Pacifico

SAB

CV,

Class

640,520

13,371,112

Grupo

Aeroportuario

del

Sureste

SAB

CV,

Class

267,680

8,108,966

International

Container

Terminal

Services,

Inc.

2,351,760

21,179,827

Japan

Airport

Terminal

Co.

Ltd.(a)

141,200

4,395,801

Jiangsu

Expressway

Co.

Ltd.,

Class

1,912,000

2,327,207

Motiva

Infraestrutura

Mobilidade

1,625,200

4,792,471

Promotora

Operadora

Infraestructura

SAB

282,020

3,657,754

Qube

Holdings

Ltd.(a)

2,868,000

8,242,384

Shenzhen

International

Holdings

Ltd.

(a)

2,047,732

2,120,924

Transurban

Group(a)

4,895,676

46,407,738

Westports

Holdings

Bhd.

1,529,634

1,880,997

227,996,498

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

(cont.)

201

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Water

Utilities

Aguas

Andinas

SA,

Class

3,930,116

1,497,521

American

States

Water

Co.

17,208

1,227,102

American

Water

Works

Co.,

Inc.(a)

83,172

10,681,780

Beijing

Enterprises

Water

Group

Ltd.

(a)

6,220,000

2,000,721

California

Water

Service

Group(a)

21,032

933,400

Cia

Saneamento

Basico

Estado

Sao

Paulo

SABESP

715,400

17,513,195

Cia

Saneamento

Minas

Gerais

Copasa

286,800

2,012,604

Cia

Sanena

Parana

(Preference)

1,625,200

2,061,245

Essential

Utilities,

Inc.

109,940

4,290,958

Guangdong

Investment

Ltd.

3,824,000

3,635,954

H2O

America

15,296

707,440

Middlesex

Water

Co.(a)

8,604

494,472

Pennon

Group

plc

749,504

5,105,855

Severn

Trent

plc

423,508

15,474,207

United

Utilities

Group

plc

1,070,720

16,888,219

84,524,673

Wireless

Telecommunication

Services

Bharti

Airtel

Ltd.

2,401,472

55,579,078

KDDI

Corp.

2,485,600

39,715,065

SoftBank

Group

Corp.

897,600

157,693,966

T-Mobile

US,

Inc.

207,452

43,575,293

296,563,402

Total

Common

Stocks

(Cost

$2,526,374,779)

2,974,080,057

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(d)

CERTIFICATES

DEPOSIT

Credit

Agricole

CIB,

New

York

(SOFR

0.21%),

4.25%,

1/8/2026(e)

1,000,000

999,997

National

Australia

Bank,

New

York

(SOFR

0.25%),

4.29%,

3/17/2026(e)

1,000,000

1,000,340

Natixis

SA,

New

York

4.47%,

12/11/2025

1,000,000

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

(SOFR

0.35%),

4.22%,

11/10/2025(e)

2,000,000

2,000,067

4.40%,

2/3/2026

2,000,000

2,002,420

Total

Certificates

Deposit

(Cost

$7,000,067)

7,002,824

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

BofA

Securities,

Inc.

4.32%,

dated

10/31/2025,

due

2/2/2026,

repurchase

price

$2,022,560,

collateralized

various

Common

Stocks,

U.S.

Treasury

Securities,

ranging

from

0.88%

4.75%,

maturing

9/30/2026

11/15/2043;

total

market

value

$2,191,107

2,000,000

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$49,212,190,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$49,958,041

49,195,259

Citigroup

Global

Markets,

Inc.

4.15%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$19,619,461,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.13%

0.63%,

maturing

1/15/2026

4/15/2026;

total

market

value

$19,979,227

19,612,678

MetLife,

Inc.

4.15%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$3,001,038,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.50%,

maturing

12/16/2025

2/15/2054;

total

market

value

$3,018,644

3,000,000

National

Bank

Canada

Financial

Inc.

4.19%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$15,005,238,

collateralized

various

Common

Stocks;

total

market

value

$16,892,591

15,000,000

Prime

Services

LLC

3.97%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$3,501,158,

collateralized

various

Common

Stocks;

total

market

value

$3,873,926

3,500,000

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

202

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

The

Bank

Nova

Scotia,

Toronto

4.18%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$30,010,450,

collateralized

various

Common

Stocks;

total

market

value

$33,429,710

30,000,000

Total

Repurchase

Agreements

(Cost

$122,307,937)

122,307,937

Total

Securities

Lending

Reinvestments

(Cost

$129,308,004)

129,310,761

Total

Investments

103.6%

(Cost

$2,655,682,783)

3,103,390,818

Liabilities

excess

other

assets

(3.6%)

(107,613,344)

NET

ASSETS

100.0%

$2,995,777,474

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$202,572,076,

collateralized

the

form

cash

with

value

$129,308,237

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$55,072,844

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

November

2025

–

August

15,

2055

and

$28,925,469

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

15,

2026

–

November

2086;

total

value

$213,306,550.

(b)

Represents

less

than

0.05%

net

assets.

(c)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$129,310,761.

(e)

Variable

floating

rate

security,

linked

the

referenced

benchmark.

The

interest

rate

shown

the

rate

effect

October

31,

2025.

Percentages

shown

are

based

Net

Assets.

Abbreviations

NVDR

—

Non-Voting

Depositary

Receipt

PJSC

—

Public

Joint

Stock

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

493,198,965

Aggregate

gross

unrealized

depreciation

(170,133,663

)

Net

unrealized

appreciation

323,065,302

Federal

income

tax

cost

2,781,082,687

Futures

Contracts

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

(

Depreciation

)

Long

Contracts

‌

FTSE

100

Index

12/19/2025

GBP

8,195,060

352,272

S&P

500

E-Mini

Index

12/19/2025

USD

5,155,500

159,444

S&P/TSX

Index

12/18/2025

CAD

5,849,024

159,057

SPI

200

Index

12/18/2025

AUD

4,656,918

(

15,143

)

TOPIX

Index

12/11/2025

JPY

649,249

37,549

693,179

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

(cont.)

203

FLEXSHARES

ANNUAL

REPORT

Forward

Foreign

Currency

Contracts

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

had

the

following

outstanding

contracts

October

31,

2025:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

1,063,176

UBS

AUD

1,600,000

12/17/2025

15,225

USD

2,981,557

JPMorgan

Chase

Bank

GBP

2,200,000

12/17/2025

90,896

USD

2,115,162

Goldman

Sachs

Co.

JPY

312,000,000

12/17/2025

80,875

Total

unrealized

appreciation

186,996

AUD

1,600,000

Citibank

USD

1,056,923

12/17/2025

(

8,972

)

GBP

1,600,000

Citibank

USD

2,157,653

12/17/2025

(

55,354

)

JPY

179,828,000

JPMorgan

Chase

Bank

USD

1,231,184

12/17/2025

(

58,678

)

Total

unrealized

depreciation

(

123,004

)

Net

unrealized

appreciation

63,992

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

GBP

—

British

Pound

JPY

—

Japanese

Yen

USD

—

Dollar

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

204

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

October

31,

2025:

Australia

3‌

Austria

0‌

Brazil

1‌

Canada

11‌

Chile

0‌

China

0‌

France

2‌

Germany

7‌

Hong

Kong

0‌

India

2‌

Italy

2‌

Japan

12‌

Malaysia

0‌

Mexico

1‌

Netherlands

0‌

New

Zealand

0‌

Philippines

0‌

Portugal

0‌

†

Singapore

0‌

South

Africa

0‌

†

South

Korea

0‌

†

Spain

4‌

Switzerland

0‌

Tanzania

0‌

Thailand

1‌

United

Kingdom

3‌

United

States

42‌

Vietnam

0‌

Other

0‌

100.0%

†

Amount

represents

less

than

0.05%.

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Common

Stocks

99‌

Securities

Lending

Reinvestments

4‌

Others

(1)

(

3‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

205

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

Global

Quality

Real

Estate

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Capital

Markets

HMC

Capital

Ltd.,

REIT(a)

130,560

264,960

Diversified

REITs

Alexander

Baldwin,

Inc.,

REIT(a)

49,080

783,808

American

Assets

Trust,

Inc.,

REIT

39,480

754,463

Broadstone

Net

Lease,

Inc.,

REIT

89,280

1,599,898

CapitaLand

Integrated

Commercial

Trust,

REIT

2,795,300

5,090,369

Charter

Hall

Group,

REIT

226,800

3,331,771

Covivio

SA,

REIT

5,880

377,340

Essential

Properties

Realty

Trust,

Inc.,

REIT(a)

95,040

2,839,795

H&R

REIT,

REIT(a)

102,720

820,352

KDX

Realty

Investment

Corp.,

REIT(a)

1,962

2,170,165

Mapletree

Pan

Asia

Commercial

Trust,

REIT

1,140,000

1,261,362

Mori

Trust

REIT,

Inc.,

REIT

1,800

907,858

NIPPON

REIT

Investment

Corp.,

REIT

1,355

855,808

Stockland,

REIT(a)

142,920

590,380

Carey,

Inc.,

REIT

104,760

6,914,160

28,297,529

Health

Care

REITs

CareTrust

REIT,

Inc.,

REIT(a)

91,560

3,172,554

LTC

Properties,

Inc.,

REIT(a)

26,880

942,950

Medical

Properties

Trust,

Inc.,

REIT(a)

214,440

1,108,655

National

Health

Investors,

Inc.,

REIT

22,200

1,654,122

Parkway

Life

REIT,

REIT

288,000

907,296

Sabra

Health

Care

REIT,

Inc.,

REIT(a)

114,360

2,037,895

Welltower,

Inc.,

REIT

63,120

11,427,245

21,250,717

Hotel

Resort

REITs

Apple

Hospitality

REIT,

Inc.,

REIT(a)

106,440

1,191,064

CapitaLand

Ascott

Trust,

REIT

1,464,000

1,063,030

Park

Hotels

Resorts,

Inc.,

REIT(a)

93,960

966,848

RLJ

Lodging

Trust,

REIT(a)

96,120

653,616

Sunstone

Hotel

Investors,

Inc.,

REIT

93,120

824,112

Xenia

Hotels

Resorts,

Inc.,

REIT(a)

63,600

782,280

5,480,950

Industrial

REITs

Centuria

Industrial

REIT,

REIT(a)

24,120

55,897

EastGroup

Properties,

Inc.,

REIT(a)

25,440

4,440,043

First

Industrial

Realty

Trust,

Inc.,

REIT

62,880

3,476,006

Goodman

Group,

REIT

21,120

456,680

Granite

REIT,

REIT

17,400

978,816

Investments

Value

Industrial

REITs

(continued)

Innovative

Industrial

Properties,

Inc.,

REIT

13,920

698,088

LondonMetric

Property

plc,

REIT

609,240

1,522,456

Mitsubishi

Estate

Logistics

REIT

Investment

Corp.,

REIT

1,055

845,068

Montea

NV,

REIT

11,336

915,881

Prologis,

Inc.,

REIT

87,480

10,855,393

Tritax

Big

Box

REIT

plc,

REIT(a)

1,055,760

2,082,053

26,326,381

Office

REITs

Colonial

SFL

Socimi

SA,

REIT

151,800

961,013

Cousins

Properties,

Inc.,

REIT(a)

79,560

2,062,991

Great

Portland

Estates

plc,

REIT

215,520

942,926

Highwoods

Properties,

Inc.,

REIT(a)

51,120

1,463,565

Japan

Excellent,

Inc.,

REIT(a)

925

883,240

Kilroy

Realty

Corp.,

REIT(a)

53,760

2,271,360

Orix

JREIT,

Inc.,

REIT

2,520

1,706,118

Paramount

Group,

Inc.,

REIT*(a)

136,320

891,533

Tokyu

REIT,

Inc.,

REIT(a)

634

814,029

Vornado

Realty

Trust,

REIT(a)

77,400

2,936,556

14,933,331

Real

Estate

Management

Development

Airport

City

Ltd.*

47,160

934,447

Allreal

Holding

(Registered)

7,200

1,723,874

Amot

Investments

Ltd.

140,760

1,115,976

Aroundtown

SA*

371,160

1,326,304

Big

Shopping

Centers

Ltd.(a)

7,680

1,718,336

Capitaland

India

Trust

912,000

847,916

City

Developments

Ltd.

240,000

1,333,282

Asset

Holdings

Ltd.

915,500

4,527,910

CTP

NV(a)(b)

63,068

1,316,099

Daito

Trust

Construction

Co.

Ltd.(a)

139,600

2,606,598

Hang

Lung

Group

Ltd.(a)

519,000

988,959

Hang

Lung

Properties

Ltd.

1,007,000

1,120,732

Hongkong

Land

Holdings

Ltd.

221,300

1,352,143

Howard

Hughes

Holdings,

Inc.*

13,800

1,094,064

Hulic

Co.

Ltd.(a)

101,800

1,050,677

Ichigo,

Inc.

276,000

671,838

International

Workplace

Group

plc

360,720

1,072,982

Intershop

Holding

938

184,153

Katitas

Co.

Ltd.(a)

47,100

767,089

Kerry

Properties

Ltd.(a)

370,500

932,423

Mega

Holdings

Ltd.,

REIT(a)

19,320

1,187,389

Melisron

Ltd.

12,480

1,626,826

Mivne

Real

Estate

Ltd.

286,680

1,271,216

Mobimo

Holding

(Registered)

3,480

1,478,268

Nomura

Real

Estate

Holdings,

Inc.

264,200

1,507,460

Olav

Thon

Eiendomsselskap

ASA

3,360

88,011

PSP

Swiss

Property

(Registered)

21,960

3,805,215

Sino

Land

Co.

Ltd.

1,764,954

2,191,375

Sirius

Real

Estate

Ltd.,

REIT

741,840

973,204

Joe

Co.

(The)(a)

19,800

1,124,244

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Global

Quality

Real

Estate

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

206

Investments

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

Development

(continued)

Sumitomo

Realty

Development

Co.

Ltd.(a)

148,300

6,335,155

Sun

Hung

Kai

Properties

Ltd.(a)

694,000

8,433,687

Swire

Properties

Ltd.

173,000

471,887

Tokyo

Tatemono

Co.

Ltd.(a)

89,100

1,664,245

Tokyu

Fudosan

Holdings

Corp.

277,100

2,228,599

UOL

Group

Ltd.

220,300

1,345,718

VGP

NV(a)

8,640

999,223

Zug

Estates

Holding

AG,

Class

138,623

63,556,147

Residential

REITs

American

Homes

Rent,

Class

REIT

158,520

5,009,232

AvalonBay

Communities,

Inc.,

REIT(a)

67,920

11,812,646

Boardwalk

REIT,

REIT

17,400

803,096

Camden

Property

Trust,

REIT

50,880

5,061,542

Canadian

Apartment

Properties

REIT,

REIT

37,080

1,020,716

Equity

Residential,

REIT

162,960

9,686,342

Independence

Realty

Trust,

Inc.,

REIT(a)

112,560

1,793,081

Invitation

Homes,

Inc.,

REIT

181,080

5,097,402

Killam

Apartment

REIT,

REIT(a)

65,760

813,347

Mid-America

Apartment

Communities,

Inc.,

REIT(a)

55,800

7,155,234

UNITE

Group

plc

(The),

REIT

112,680

839,413

49,092,051

Retail

REITs

Agree

Realty

Corp.,

REIT(a)

50,520

3,688,465

BWP

Property

Group

Ltd.,

REIT

83,280

209,354

Carmila

SA,

REIT

42,480

775,661

Charter

Hall

Retail

REIT,

REIT

343,920

927,607

Choice

Properties

REIT,

REIT(a)

91,440

968,468

REIT,

REIT(a)

66,960

779,444

Eurocommercial

Properties

NV,

REIT

29,280

875,290

First

Capital

REIT,

REIT

68,760

923,081

Frontier

Real

Estate

Investment

Corp.,

REIT

1,560

916,426

Fukuoka

REIT

Corp.,

REIT(a)

659

808,484

Getty

Realty

Corp.,

REIT(a)

32,760

898,607

HomeCo

Daily

Needs

REIT,

REIT(a)

(b)

1,082,880

967,659

InvenTrust

Properties

Corp.,

REIT(a)

37,440

1,025,856

Klepierre

SA,

REIT(a)

103,080

3,942,829

NNN

REIT,

Inc.,

REIT(a)

89,280

3,612,269

Realty

Income

Corp.,

REIT(a)

22,800

1,321,944

Regency

Centers

Corp.,

REIT

83,400

5,750,430

Retail

Estates

NV,

REIT

1,889

137,140

RioCan

REIT,

REIT(a)

78,120

1,046,506

Shaftesbury

Capital

plc,

REIT

707,040

1,304,238

Simon

Property

Group,

Inc.,

REIT

108,360

19,045,354

SmartCentres

REIT,

REIT(a)

47,160

895,304

Investments

Value

Retail

REITs

(continued)

Starhill

Global

REIT,

REIT

228,000

101,610

Tanger,

Inc.,

REIT(a)

54,000

1,758,240

Unibail-Rodamco-Westfield,

REIT

58,200

6,021,517

Vicinity

Ltd.,

REIT(a)

1,906,169

3,144,641

Waypoint

REIT

Ltd.,

REIT

524,880

910,574

62,756,998

Specialized

REITs

American

Tower

Corp.,

REIT

126,240

22,594,435

Big

Yellow

Group

plc,

REIT

90,240

1,318,407

Digital

Realty

Trust,

Inc.,

REIT

117,960

20,101,564

EPR

Properties,

REIT(a)

36,600

1,794,132

Equinix,

Inc.,

REIT

6,480

5,482,145

Four

Corners

Property

Trust,

Inc.,

REIT(a)

47,400

1,120,536

Keppel

REIT,

REIT

920,456

1,690,338

Millrose

Properties,

Inc.,

REIT

58,440

1,882,352

National

Storage

REIT,

REIT(a)

614,040

924,557

Public

Storage,

REIT

6,960

1,938,778

Rayonier,

Inc.,

REIT(a)

71,280

1,573,150

Safestore

Holdings

plc,

REIT(a)

115,680

1,086,701

Shurgard

Self

Storage

Ltd.,

REIT

23,400

857,513

VICI

Properties,

Inc.,

Class

REIT

496,560

14,891,834

77,256,442

Total

Common

Stocks

(Cost

$331,036,388)

349,215,506

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(c)

REPURCHASE

AGREEMENTS

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$3,193,172,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$3,241,166

3,192,074

Citigroup

Global

Markets,

Inc.

4.15%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$8,945,124,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.13%

0.63%,

maturing

1/15/2026

4/15/2026;

total

market

value

$9,109,152

8,942,031

8,942,033

National

Bank

Canada

Financial

Inc.

4.19%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$2,000,698,

collateralized

various

Common

Stocks;

total

market

value

$2,252,346

2,000,000

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Global

Quality

Real

Estate

Index

Fund

(cont.)

207

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

Prime

Services

LLC

3.97%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$2,295,221,

collateralized

various

Common

Stocks;

total

market

value

$2,539,594

2,294,462

The

Bank

Nova

Scotia,

Toronto

4.18%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$7,002,438,

collateralized

various

Common

Stocks;

total

market

value

$7,800,266

7,000,000

23,428,569

Total

Securities

Lending

Reinvestments

(Cost

$23,428,569)

23,428,569

Total

Investments

104.7%

(Cost

$354,464,957)

372,644,075

Liabilities

excess

other

assets

(4.7%)

(16,699,806)

NET

ASSETS

100.0%

$355,944,269

Non-income

producing

security.

(a)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$59,722,216,

collateralized

the

form

cash

with

value

$23,428,567

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$29,445,506

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

November

2025

–

August

15,

2055

and

$9,784,148

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

March

15,

2026

–

November

2086;

total

value

$62,658,221.

(b)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$23,428,569.

Percentages

shown

are

based

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

37,112,843

Aggregate

gross

unrealized

depreciation

(23,904,367

)

Net

unrealized

appreciation

13,208,476

Federal

income

tax

cost

359,395,737

Futures

Contracts

FlexShares

Global

Quality

Real

Estate

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

(

Depreciation

)

Long

Contracts

‌

EURO

STOXX

Index

12/19/2025

EUR

588,884

18,495

S&P

Midcap

400

E-Mini

Index

12/19/2025

USD

3,583,470

(

50,588

)

SPI

200

Index

12/18/2025

AUD

2,328,459

(

2,619

)

(

34,712

)

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Global

Quality

Real

Estate

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

208

Forward

Foreign

Currency

Contracts

FlexShares

Global

Quality

Real

Estate

Index

Fund

had

the

following

outstanding

contracts

October

31,

2025:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

182,307

UBS

AUD

274,359

12/17/2025

2,611

USD

88,822

Morgan

Stanley

CHF

70,000

12/17/2025

1,169

USD

264,514

JPMorgan

Chase

Bank

EUR

224,355

12/17/2025

4,919

Total

unrealized

appreciation

8,699

CAD

49,730

Bank

Montreal

USD

36,030

12/17/2025

(

456

)

GBP

50,000

JPMorgan

Chase

Bank

USD

67,763

12/17/2025

(

2,066

)

JPY

27,923,000

JPMorgan

Chase

Bank

USD

191,173

12/17/2025

(

9,111

)

SGD

107,106

Bank

Montreal

USD

84,089

12/17/2025

(

1,517

)

USD

33,673

UBS

ILS

111,846

12/17/2025

(

699

)

Total

unrealized

depreciation

(

13,849

)

Net

unrealized

depreciation

(

5,150

)

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

EUR

—

Euro

GBP

—

British

Pound

ILS

—

Israeli

Shekel

JPY

—

Japanese

Yen

SGD

—

Singapore

Dollar

USD

—

Dollar

FlexShares®

Global

Quality

Real

Estate

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

October

31,

2025:

Australia

3‌

Belgium

0‌

Canada

2‌

France

3‌

Germany

0‌

Hong

Kong

5‌

Israel

2‌

Japan

7‌

Netherlands

0‌

Norway

0‌

†

Singapore

4‌

Spain

0‌

Switzerland

2‌

United

Kingdom

3‌

United

States

62‌

Other

1‌

100.0%

†

Amount

represents

less

than

0.05%.

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Common

Stocks

98‌

Securities

Lending

Reinvestments

6‌

Others

(1)

(

4‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

209

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

Quality

Dividend

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Aerospace

Defense

Aerospace

156,529

48,359,634

Air

Freight

Logistics

United

Parcel

Service,

Inc.,

Class

112,661

10,862,774

Banks

Bank

America

Corp.

30,907

1,651,979

Cullen/Frost

Bankers,

Inc.(a)

76,769

9,453,335

JPMorgan

Chase

Co.

103,688

32,259,411

Popular,

Inc.

83,748

9,335,389

Prosperity

Bancshares,

Inc.

57,826

3,806,107

Truist

Financial

Corp.

251,244

11,213,020

Bancorp

251,244

11,728,070

79,447,311

Biotechnology

AbbVie,

Inc.

275,172

59,998,503

Gilead

Sciences,

Inc.

195,412

23,408,403

83,406,906

Broadline

Retail

Dillard's,

Inc.,

Class

A(a)

15,948

9,570,076

eBay,

Inc.

111,664

9,079,400

18,649,476

Building

Products

Trane

Technologies

plc

34,895

15,655,642

Capital

Markets

Ameriprise

Financial,

Inc.

21,934

9,931,057

Franklin

Resources,

Inc.

386,836

8,746,362

Invesco

Ltd.(a)

467,593

11,081,954

29,759,373

Chemicals

Scotts

Miracle-Gro

Co.

(The)

119,640

6,403,133

Commercial

Services

Supplies

Cintas

Corp.

31,904

5,847,046

Communications

Equipment

Cisco

Systems,

Inc.

619,137

45,265,106

Consumer

Finance

Ally

Financial,

Inc.(a)

166,499

6,488,466

OneMain

Holdings,

Inc.(a)

158,523

9,382,976

Synchrony

Financial(a)

74,775

5,561,765

21,433,207

Consumer

Staples

Distribution

Retail

Costco

Wholesale

Corp.

5,123

4,669,358

Walmart,

Inc.

40,877

4,135,935

8,805,293

Investments

Value

Distributors

Pool

Corp.

20,937

5,591,435

Diversified

Consumer

Services

H&R

Block,

Inc.(a)

49,850

2,479,539

Electric

Utilities

Edison

International

70,787

3,920,184

Evergy,

Inc.

135,592

10,414,822

NRG

Energy,

Inc.

4,985

856,722

15,191,728

Electrical

Equipment

Vernova,

Inc.

42,755

25,017,661

Rockwell

Automation,

Inc.

30,907

11,384,903

Vertiv

Holdings

Co.,

Class

81,754

15,767,076

52,169,640

Energy

Equipment

Services

SLB

Ltd.

328,013

11,828,149

Weatherford

International

plc(a)

11,964

881,627

12,709,776

Entertainment

Electronic

Arts,

Inc.

62,811

12,565,969

Financial

Services

Fidelity

National

Information

Services,

Inc.

118,643

7,417,560

Jackson

Financial,

Inc.,

Class

104,685

10,553,295

Mastercard,

Inc.,

Class

8,973

4,953,006

Visa,

Inc.,

Class

A(a)

24,925

8,492,945

31,416,806

Food

Products

Cal-Maine

Foods,

Inc.(a)

89,730

7,878,294

Gas

Utilities

UGI

Corp.

254,235

8,499,076

Ground

Transportation

Union

Pacific

Corp.

92,721

20,432,927

Health

Care

Equipment

Supplies

ResMed,

Inc.(a)

37,840

9,341,939

Hotel

Resort

REITs

Host

Hotels

Resorts,

Inc.,

REIT

624,122

9,998,434

Hotels,

Restaurants

Leisure

Booking

Holdings,

Inc.

3,024

15,355,086

Domino's

Pizza,

Inc.(a)

6,979

2,780,852

Vail

Resorts,

Inc.

21,934

3,253,470

21,389,408

Household

Durables

Installed

Building

Products,

Inc.(a)

36,889

9,156,956

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Dividend

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

210

Investments

Value

COMMON

STOCKS

(continued)

Household

Products

Colgate-Palmolive

Co.

27,916

2,150,928

Procter

Gamble

Co.

(The)

315,052

47,374,369

49,525,297

Independent

Power

and

Renewable

Electricity

Producers

Vistra

Corp.

40,877

7,697,139

Insurance

Aflac,

Inc.(a)

96,709

10,366,238

MetLife,

Inc.

138,583

11,061,695

Principal

Financial

Group,

Inc.

81,754

6,870,606

Prudential

Financial,

Inc.

90,727

9,435,608

Willis

Towers

Watson

plc(a)

30,907

9,676,982

47,411,129

Interactive

Media

Services

Alphabet,

Inc.,

Class

134,595

37,846,768

Alphabet,

Inc.,

Class

105,682

29,783,301

Match

Group,

Inc.

259,220

8,383,175

Meta

Platforms,

Inc.,

Class

55,056

35,695,558

111,708,802

Services

Accenture

plc,

Class

96,709

24,186,921

Amdocs

Ltd.(a)

95,712

8,064,693

32,251,614

Leisure

Products

Hasbro,

Inc.

71,784

5,477,837

Machinery

Caterpillar,

Inc.

57,826

33,380,637

Illinois

Tool

Works,

Inc.

45,862

11,186,659

Parker-Hannifin

Corp.

1,076

831,565

Snap-on,

Inc.

25,922

8,698,127

54,096,988

Media

Nexstar

Media

Group,

Inc.,

Class

46,859

9,171,712

Omnicom

Group,

Inc.

37,886

2,842,208

12,013,920

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Starwood

Property

Trust,

Inc.(a)

481,551

8,754,597

Office

REITs

Kilroy

Realty

Corp.,

REIT(a)

254,235

10,741,429

Oil,

Gas

Consumable

Fuels

APA

Corp.(a)

478,560

10,839,384

EOG

Resources,

Inc.

96,709

10,235,681

Exxon

Mobil

Corp.

57,826

6,612,981

Kinetik

Holdings,

Inc.,

Class

A(a)

44,865

1,727,751

Magnolia

Oil

Gas

Corp.,

Class

A(a)

409,767

9,203,367

38,619,164

Investments

Value

Paper

Forest

Products

Louisiana-Pacific

Corp.(a)

99,700

8,684,867

Pharmaceuticals

Bristol-Myers

Squibb

Co.

319,040

14,698,173

Johnson

284,145

53,666,466

Merck

Co.,

Inc.

89,730

7,714,985

Pfizer,

Inc.

893,312

22,020,141

Zoetis,

Inc.(a)

71,784

10,343,357

108,443,122

Professional

Services

Automatic

Data

Processing,

Inc.

63,808

16,609,223

Booz

Allen

Hamilton

Holding

Corp.

17,946

1,564,173

Broadridge

Financial

Solutions,

Inc.

23,928

5,273,731

Paycom

Software,

Inc.(a)

32,901

6,155,448

29,602,575

Residential

REITs

AvalonBay

Communities,

Inc.,

REIT(a)

45,862

7,976,319

Equity

Residential,

REIT

130,607

7,763,280

Essex

Property

Trust,

Inc.,

REIT

16,949

4,267,250

Mid-America

Apartment

Communities,

Inc.,

REIT(a)

57,826

7,415,028

27,421,877

Retail

REITs

Brixmor

Property

Group,

Inc.,

REIT(a)

208,373

5,451,038

Federal

Realty

Investment

Trust,

REIT

76,769

7,384,410

12,835,448

Semiconductors

Semiconductor

Equipment

Broadcom,

Inc.

234,295

86,602,461

KLA

Corp.

20,832

25,180,472

Lam

Research

Corp.

200,397

31,554,512

NVIDIA

Corp.

709,864

143,740,361

QUALCOMM,

Inc.

167,496

30,300,026

Skyworks

Solutions,

Inc.

109,670

8,523,552

325,901,384

Software

Clear

Secure,

Inc.,

Class

A(a)

276,169

8,414,869

Intuit,

Inc.

43,786

29,229,344

Microsoft

Corp.

202,306

104,756,070

Pegasystems,

Inc.(a)

108,673

6,917,037

Salesforce,

Inc.

3,988

1,038,515

150,355,835

Specialized

REITs

EPR

Properties,

REIT(a)

183,448

8,992,621

Lamar

Advertising

Co.,

Class

REIT(a)

70,787

8,394,630

Public

Storage,

REIT

32,901

9,164,903

VICI

Properties,

Inc.,

Class

REIT

330,007

9,896,910

36,449,064

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Dividend

Index

Fund

(cont.)

211

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Specialty

Retail

Bath

Body

Works,

Inc.

125,622

3,075,226

Best

Buy

Co.,

Inc.

138,583

11,383,208

Home

Depot,

Inc.

(The)

6,979

2,649,158

Lowe's

Cos.,

Inc.

82,751

19,705,496

TJX

Cos.,

Inc.

(The)

1,994

279,439

Williams-Sonoma,

Inc.(a)

50,847

9,881,606

46,974,133

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

639,077

172,787,249

NetApp,

Inc.

48,853

5,753,906

178,541,155

Textiles,

Apparel

Luxury

Goods

NIKE,

Inc.,

Class

184,445

11,913,302

Ralph

Lauren

Corp.

32,901

10,517,134

Tapestry,

Inc.

102,691

11,277,526

33,707,962

Tobacco

Altria

Group,

Inc.

264,205

14,895,878

Philip

Morris

International,

Inc.

226,319

32,664,621

47,560,499

Trading

Companies

Distributors

Fastenal

Co.

232,301

9,559,186

Total

Common

Stocks

(Cost

$1,417,121,959)

1,987,051,851

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(b)

CERTIFICATES

DEPOSIT

Bank

Montreal,

Chicago

(SOFR

0.31%),

4.35%,

5/29/2026(c)

1,000,000

1,000,431

Bank

Nova

Scotia,

Houston

(SOFR

0.34%),

4.38%,

7/1/2026(c)

1,000,000

999,987

BNP

Paribas,

New

York

(SOFR

0.24%),

4.28%,

12/1/2025(c)

1,000,000

Canadian

Imperial

Bank

Commerce,

New

York

(SOFR

0.24%),

4.28%,

12/17/2025(c)

1,000,000

MUFG

Bank

Ltd.,

New

York

Branch

(SOFR

0.22%),

4.49%,

3/12/2026(c)

1,000,000

999,933

Natixis

SA,

New

York

4.47%,

12/11/2025

1,000,000

Investments

Principal

Amount

Value

CERTIFICATES

DEPOSIT

(continued)

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

0.22%),

4.26%,

4/9/2026(c)

1,000,000

999,817

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

(SOFR

0.29%),

4.33%,

11/7/2025(c)

1,000,000

Toronto-Dominion

Bank,

New

York

(SOFR

0.20%),

4.47%,

4/6/2026(c)

1,000,000

999,973

(SOFR

0.36%),

4.63%,

5/8/2026(c)

2,000,000

2,001,554

Total

Certificates

Deposit

(Cost

$11,000,000)

11,001,695

REPURCHASE

AGREEMENTS

BofA

Securities,

Inc.

4.32%,

dated

10/31/2025,

due

2/2/2026,

repurchase

price

$8,090,240,

collateralized

various

Common

Stocks,

U.S.

Treasury

Securities,

ranging

from

0.88%

4.75%,

maturing

9/30/2026

11/15/2043;

total

market

value

$8,764,427

8,000,000

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$19,399,077,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$19,698,293

19,392,403

19,392,404

Citigroup

Global

Markets,

Inc.

4.15%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$21,450,014,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.13%

0.63%,

maturing

1/15/2026

4/15/2026;

total

market

value

$21,843,347

21,442,598

MetLife,

Inc.

4.15%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$10,003,458,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.50%,

maturing

12/16/2025

2/15/2054;

total

market

value

$10,062,145

10,000,000

National

Bank

Canada

Financial

Inc.

4.19%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$20,006,983,

collateralized

various

Common

Stocks;

total

market

value

$22,523,455

20,000,000

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Dividend

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

212

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

Prime

Services

LLC

3.97%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$2,000,662,

collateralized

various

Common

Stocks;

total

market

value

$2,207,649

2,000,000

Prime

Services

LLC

4.17%,

dated

10/31/2025,

due

12/5/2025,

repurchase

price

$2,008,108,

collateralized

various

Common

Stocks;

total

market

value

$2,207,649

2,000,000

The

Bank

Nova

Scotia,

Toronto

4.18%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$7,002,438,

collateralized

various

Common

Stocks;

total

market

value

$7,800,266

7,000,000

Total

Repurchase

Agreements

(Cost

$89,835,002)

89,835,002

Total

Securities

Lending

Reinvestments

(Cost

$100,835,002)

100,836,697

Total

Investments

104.3%

(Cost

$1,517,956,961)

2,087,888,548

Liabilities

excess

other

assets

(4.3%)

(85,638,456)

NET

ASSETS

100.0%

$2,002,250,092

(a)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$146,853,012,

collateralized

the

form

cash

with

value

$100,835,002

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$49,874,512

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

December

2025

–

August

15,

2055

and

$444,098

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.13%

–

4.50%,

and

maturity

dates

ranging

from

March

22,

2034

–

July

22,

2052;

total

value

$151,153,611.

(b)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$100,836,697.

(c)

Variable

floating

rate

security,

linked

the

referenced

benchmark.

The

interest

rate

shown

the

rate

effect

October

31,

2025.

Percentages

shown

are

based

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

616,893,008

Aggregate

gross

unrealized

depreciation

(47,603,497

)

Net

unrealized

appreciation

569,289,511

Federal

income

tax

cost

1,518,903,196

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Dividend

Index

Fund

(cont.)

213

FLEXSHARES

ANNUAL

REPORT

Futures

Contracts

FlexShares

Quality

Dividend

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

(

Depreciation

)

Long

Contracts

‌

S&P

500

E-Mini

Index

12/19/2025

USD

11,685,800

343,848

S&P

Midcap

400

E-Mini

Index

12/19/2025

USD

2,931,930

(

39,689

)

304,159

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

Abbreviations:

USD

—

Dollar

Security

Type

Net

Assets

Common

Stocks

99‌

Securities

Lending

Reinvestments

5‌

Others

(1)

(

4‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

FLEXSHARES

ANNUAL

REPORT

214

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Quality

Dividend

Defensive

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Aerospace

Defense

Lockheed

Martin

Corp.

7,887

3,879,458

Air

Freight

Logistics

Robinson

Worldwide,

Inc.

19,598

3,017,896

Expeditors

International

Washington,

Inc.

15,057

1,835,448

United

Parcel

Service,

Inc.,

Class

10,209

984,352

5,837,696

Banks

Bank

America

Corp.

5,229

279,490

Cullen/Frost

Bankers,

Inc.(a)

18,642

2,295,576

East

West

Bancorp,

Inc.

23,183

2,355,393

JPMorgan

Chase

Co.

31,787

9,889,571

Popular,

Inc.

19,837

2,211,230

Prosperity

Bancshares,

Inc.

34,655

2,280,992

Truist

Financial

Corp.

61,423

2,741,309

UMB

Financial

Corp.

19,920

2,129,050

Bancorp

49,712

2,320,556

26,503,167

Biotechnology

AbbVie,

Inc.

64,530

14,070,121

Amgen,

Inc.

11,950

3,566,238

Gilead

Sciences,

Inc.

46,844

5,611,443

23,247,802

Broadline

Retail

Dillard's,

Inc.,

Class

A(a)

3,735

2,241,299

eBay,

Inc.

26,529

2,157,073

4,398,372

Building

Products

Carlisle

Cos.,

Inc.

5,229

1,699,687

Masco

Corp.

12,450

806,262

Trane

Technologies

plc

8,365

3,752,957

6,258,906

Capital

Markets

Franklin

Resources,

Inc.

93,449

2,112,882

S&P

Global,

Inc.

239

116,443

2,229,325

Chemicals

Industries

Holdings,

Inc.

25,573

2,129,975

Commercial

Services

Supplies

Rollins,

Inc.

10,038

578,289

Communications

Equipment

Cisco

Systems,

Inc.

103,487

7,565,935

Consumer

Finance

OneMain

Holdings,

Inc.(a)

38,001

2,249,279

Investments

Value

Consumer

Staples

Distribution

Retail

Costco

Wholesale

Corp.

1,245

1,134,755

Walmart,

Inc.

10,277

1,039,827

2,174,582

Containers

Packaging

Avery

Dennison

Corp.(a)

11,233

1,964,539

Diversified

Consumer

Services

H&R

Block,

Inc.(a)

46,605

2,318,133

Electric

Utilities

Duke

Energy

Corp.

28,680

3,564,924

Edison

International

42,542

2,355,976

Evergy,

Inc.

33,460

2,570,063

FirstEnergy

Corp.

53,775

2,464,508

PPL

Corp.(a)

66,442

2,426,462

13,381,933

Electrical

Equipment

Vernova,

Inc.

3,824

2,237,575

Entertainment

Electronic

Arts,

Inc.

15,296

3,060,118

Financial

Services

Fidelity

National

Information

Services,

Inc.

28,202

1,763,189

Mastercard,

Inc.,

Class

2,151

1,187,330

MGIC

Investment

Corp.

80,782

2,215,042

Visa,

Inc.,

Class

A(a)

5,975

2,035,922

7,201,483

Food

Products

Cal-Maine

Foods,

Inc.(a)

21,510

1,888,578

Hershey

Co.

(The)

13,862

2,351,411

4,239,989

Gas

Utilities

National

Fuel

Gas

Co.

27,639

2,180,994

Ground

Transportation

Landstar

System,

Inc.

12,201

1,566,974

Health

Care

Equipment

Supplies

ResMed,

Inc.(a)

9,082

2,242,164

Health

Care

Providers

Services

Cencora,

Inc.

7,887

2,664,308

Chemed

Corp.

1,494

644,362

McKesson

Corp.

3,107

2,520,833

5,829,503

Health

Care

REITs

Sabra

Health

Care

REIT,

Inc.,

REIT(a)

124,519

2,218,929

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Dividend

Defensive

Index

Fund

(cont.)

215

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

Leisure

Choice

Hotels

International,

Inc.(a)

717

66,653

Domino's

Pizza,

Inc.(a)

4,731

1,885,114

Vail

Resorts,

Inc.(a)

14,340

2,127,052

Yum!

Brands,

Inc.

17,181

2,374,586

6,453,405

Household

Products

Colgate-Palmolive

Co.

15,687

1,208,683

Kimberly-Clark

Corp.

18,426

2,205,776

Procter

Gamble

Co.

(The)

79,826

12,003,436

15,417,895

Independent

Power

and

Renewable

Electricity

Producers

AES

Corp.

(The)(a)

164,671

2,283,987

Vistra

Corp.

2,988

562,640

2,846,627

Insurance

Aflac,

Inc.(a)

23,900

2,561,841

American

Financial

Group,

Inc.

17,208

2,265,950

American

International

Group,

Inc.

30,114

2,377,801

Globe

Life,

Inc.

17,208

2,263,024

MetLife,

Inc.

30,592

2,441,853

Unum

Group

34,655

2,544,370

Willis

Towers

Watson

plc(a)

7,648

2,394,589

16,849,428

Interactive

Media

Services

Alphabet,

Inc.,

Class

32,868

9,242,153

Alphabet,

Inc.,

Class

25,573

7,206,983

Meta

Platforms,

Inc.,

Class

13,384

8,677,516

25,126,652

Services

Amdocs

Ltd.(a)

27,246

2,295,748

Leisure

Products

Hasbro,

Inc.

29,158

2,225,047

Machinery

Allison

Transmission

Holdings,

Inc.

16,185

1,336,072

Illinois

Tool

Works,

Inc.

10,994

2,681,657

Toro

Co.

(The)

21,510

1,607,442

5,625,171

Media

Nexstar

Media

Group,

Inc.,

Class

A(a)

5,258

1,029,148

Metals

Mining

Newmont

Corp.

41,585

3,367,137

Royal

Gold,

Inc.(a)

12,906

2,255,840

5,622,977

Investments

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Rithm

Capital

Corp.(a)

45,171

495,526

Starwood

Property

Trust,

Inc.(a)

117,827

2,142,095

2,637,621

Multi-Utilities

Consolidated

Edison,

Inc.

25,573

2,491,066

Dominion

Energy,

Inc.(a)

44,454

2,609,005

5,100,071

Office

REITs

Kilroy

Realty

Corp.,

REIT

60,945

2,574,926

Oil,

Gas

Consumable

Fuels

Cheniere

Energy,

Inc.

10,755

2,280,060

EOG

Resources,

Inc.

22,705

2,403,097

Exxon

Mobil

Corp.

14,691

1,680,063

Range

Resources

Corp.

64,769

2,302,538

8,665,758

Pharmaceuticals

Bristol-Myers

Squibb

Co.

76,480

3,523,433

Johnson

72,656

13,722,539

Merck

Co.,

Inc.

93,927

8,075,843

Pfizer,

Inc.

38,718

954,399

Zoetis,

Inc.(a)

996

143,514

26,419,728

Professional

Services

Automatic

Data

Processing,

Inc.

15,296

3,981,549

Booz

Allen

Hamilton

Holding

Corp.

21,988

1,916,474

Leidos

Holdings,

Inc.

13,862

2,640,295

Paycom

Software,

Inc.(a)

478

89,429

Science

Applications

International

Corp.(a)

5,736

537,521

Verisk

Analytics,

Inc.

7,887

1,725,360

10,890,628

Residential

REITs

AvalonBay

Communities,

Inc.,

REIT(a)

11,703

2,035,386

Equity

Residential,

REIT

32,265

1,917,832

Essex

Property

Trust,

Inc.,

REIT

7,887

1,985,710

Mid-America

Apartment

Communities,

Inc.,

REIT(a)

13,862

1,777,524

7,716,452

Semiconductors

Semiconductor

Equipment

Broadcom,

Inc.

71,222

26,325,788

KLA

Corp.

5,019

6,066,666

NVIDIA

Corp.

171,124

34,650,899

QUALCOMM,

Inc.

40,630

7,349,967

74,393,320

Software

Bentley

Systems,

Inc.,

Class

43,976

2,235,300

Clear

Secure,

Inc.,

Class

A(a)

11,950

364,116

Gen

Digital,

Inc.

76,958

2,028,613

Intuit,

Inc.

7,887

5,264,967

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Dividend

Defensive

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

216

Investments

Value

COMMON

STOCKS

(continued)

Software

(continued)

Microsoft

Corp.

48,756

25,246,344

Pegasystems,

Inc.(a)

10,755

684,556

35,823,896

Specialized

REITs

Public

Storage,

REIT

8,126

2,263,578

VICI

Properties,

Inc.,

Class

REIT

79,109

2,372,479

4,636,057

Specialty

Retail

Best

Buy

Co.,

Inc.

33,460

2,748,404

Home

Depot,

Inc.

(The)

1,673

635,054

Lowe's

Cos.,

Inc.

21,032

5,008,350

TJX

Cos.,

Inc.

(The)

41,825

5,861,356

14,253,164

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

139,815

37,801,782

Textiles,

Apparel

Luxury

Goods

NIKE,

Inc.,

Class

44,693

2,886,721

Tapestry,

Inc.

24,378

2,677,192

5,563,913

Tobacco

Altria

Group,

Inc.

63,096

3,557,353

Philip

Morris

International,

Inc.

58,555

8,451,243

12,008,596

Trading

Companies

Distributors

Fastenal

Co.

55,448

2,281,685

MSC

Industrial

Direct

Co.,

Inc.,

Class

A(a)

5,229

443,995

2,725,680

Wireless

Telecommunication

Services

T-Mobile

US,

Inc.

16,969

3,564,338

Total

Common

Stocks

(Cost

$356,331,432)

473,763,148

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(b)

REPURCHASE

AGREEMENTS

BofA

Securities,

Inc.

4.32%,

dated

10/31/2025,

due

2/2/2026,

repurchase

price

$1,011,280,

collateralized

various

Common

Stocks,

U.S.

Treasury

Securities,

ranging

from

0.88%

4.75%,

maturing

9/30/2026

11/15/2043;

total

market

value

$1,095,553

1,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$6,781,172,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$6,884,057

6,778,839

National

Bank

Canada

Financial

Inc.

4.19%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$5,001,746,

collateralized

various

Common

Stocks;

total

market

value

$5,630,864

5,000,000

Prime

Services

LLC

3.97%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$1,539,738,

collateralized

various

Common

Stocks;

total

market

value

$1,703,674

1,539,229

The

Bank

Nova

Scotia,

Toronto

4.18%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$6,002,090,

collateralized

various

Common

Stocks;

total

market

value

$6,685,942

6,000,000

20,318,068

Total

Securities

Lending

Reinvestments

(Cost

$20,318,068)

20,318,068

Total

Investments

103.2%

(Cost

$376,649,500)

494,081,216

Liabilities

excess

other

assets

(3.2%)

(15,144,352)

NET

ASSETS

100.0%

$478,936,864

(a)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$30,206,947,

collateralized

the

form

cash

with

value

$20,318,068

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$10,117,882

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

December

2025

–

August

15,

2055

and

$591,634

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.13%

–

4.50%,

and

maturity

dates

ranging

from

March

22,

2034

–

July

22,

2052;

total

value

$31,027,584.

(b)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$20,318,068.

Percentages

shown

are

based

Net

Assets.

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Dividend

Defensive

Index

Fund

(cont.)

217

FLEXSHARES

ANNUAL

REPORT

Abbreviations

REIT

—

Real

Estate

Investment

Trust

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

129,146,410

Aggregate

gross

unrealized

depreciation

(11,777,145

)

Net

unrealized

appreciation

117,369,265

Federal

income

tax

cost

376,857,419

Futures

Contracts

FlexShares

Quality

Dividend

Defensive

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

E-Mini

Index

12/19/2025

USD

4,468,100

130,833

S&P

500

Micro

E-Mini

Index

12/19/2025

USD

515,550

14,635

145,468

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

Abbreviations:

USD

—

Dollar

Security

Type

Net

Assets

Common

Stocks

99‌

Securities

Lending

Reinvestments

4‌

Others

(1)

(

3‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

FLEXSHARES

ANNUAL

REPORT

218

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

International

Quality

Dividend

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Air

Freight

Logistics

Deutsche

Post

137,298

6,307,080

Automobile

Components

Magna

International,

Inc.

45,570

2,154,993

Sumitomo

Electric

Industries

Ltd.

15,600

572,133

2,727,126

Automobiles

Ing

Porsche

(Preference)

(a)

17,934

940,789

Hero

MotoCorp

Ltd.

111,132

6,940,488

Isuzu

Motors

Ltd.

136,800

1,682,750

Kia

Corp.

16,464

1,385,530

Mercedes-Benz

Group

49,686

3,223,507

Renault

48,216

1,875,436

Subaru

Corp.

96,800

2,062,863

Yamaha

Motor

Co.

Ltd.(b)

235,200

1,702,301

19,813,664

Banks

ANZ

Group

Holdings

Ltd.

120,246

2,885,053

Bank

Leumi

Le-Israel

82,614

1,683,912

Bank

Mandiri

Persero

Tbk.

6,438,600

1,827,432

Bank

Negara

Indonesia

Persero

Tbk.

6,350,400

1,672,565

Bank

Nova

Scotia

(The)(b)

23,520

1,544,164

Bank

Polska

Kasa

Opieki

110,838

5,690,585

Bank

Rakyat

Indonesia

Persero

Tbk.

25,754,400

6,163,711

Barclays

plc

685,902

3,667,771

BNP

Paribas

7,938

614,406

BOC

Hong

Kong

Holdings

Ltd.

1,433,000

7,039,441

CaixaBank

SA(b)

707,070

7,477,110

Canara

Bank

227,850

351,614

Danske

Bank

A/S

162,288

7,257,061

DNB

Bank

ASA

114,366

2,919,925

FinecoBank

Banca

Fineco

SpA

283,122

6,473,500

Grupo

Cibest

(Preference)

148,470

2,165,171

Grupo

Financiero

Banorte

SAB

CV,

Class

764,400

7,204,557

Hang

Seng

Bank

Ltd.

126,500

2,467,435

HSBC

Holdings

plc

1,115,436

15,584,293

ING

Bank

Slaski

18,816

1,608,794

Japan

Post

Bank

Co.

Ltd.

20,700

232,187

KBC

Group

57,330

6,898,252

Komercni

Banka

A/S

33,222

1,703,167

Mitsubishi

UFJ

Financial

Group,

Inc.

323,400

4,891,253

National

Bank

Canada

3,234

361,680

Nedbank

Group

Ltd.

134,064

1,826,658

Nordea

Bank

Abp

476,280

8,144,137

Royal

Bank

Canada

94,374

13,839,365

Santander

Bank

Polska

41,454

5,473,276

Sberbank

Russia

PJSC*‡

1,227,390

—

Investments

Value

Banks

(continued)

Skandinaviska

Enskilda

Banken

AB,

Class

374,850

7,163,317

Sumitomo

Mitsui

Financial

Group,

Inc.

121,200

3,275,165

Sumitomo

Mitsui

Trust

Group,

Inc.

40,500

1,112,301

Swedbank

AB,

Class

240,492

7,321,800

Toronto-Dominion

Bank

(The)

89,082

7,321,617

155,862,675

Beverages

Budweiser

Brewing

Co.

APAC

Ltd.

(a)(b)

1,352,400

1,371,158

Broadline

Retail

Alibaba

Group

Holding

Ltd.,

ADR(b)

32,046

5,461,600

Capital

Markets

Amundi

SA(a)

81,732

6,065,745

Brookfield

Asset

Management

Ltd.,

Class

A(b)

98,490

5,333,074

Daiwa

Securities

Group,

Inc.(b)

247,400

1,910,242

Julius

Baer

Group

Ltd.

26,754

1,806,374

Moscow

Exchange

MICEX-RTS

PJSC*‡

775,590

—

Nomura

Holdings,

Inc.

294,000

2,103,067

Partners

Group

Holding

AG(b)

3,093

3,785,192

Schroders

plc(b)

322,518

1,607,671

22,611,365

Chemicals

Evonik

Industries

320,166

5,369,352

Mitsubishi

Chemical

Group

Corp.

911,400

4,768,943

Nitto

Denko

Corp.(b)

98,700

2,469,182

Shin-Etsu

Chemical

Co.

Ltd.

139,300

4,209,156

16,816,633

Construction

Engineering

Bouygues

42,336

1,912,057

Consumer

Staples

Distribution

Retail

Carrefour

124,068

1,868,751

Diversified

Telecommunication

Services

BCE,

Inc.

86,436

1,975,927

Elisa

OYJ

9,114

402,261

Emirates

Integrated

Telecommunications

Co.

PJSC

2,250,864

5,785,038

Koninklijke

KPN

829,080

3,844,921

Orange

151,410

2,417,769

Telefonica

SA(b)

400,428

2,027,558

Telenor

ASA

122,304

1,820,606

Telia

Co.

AB(b)

485,394

1,906,293

Telstra

Group

Ltd.

612,696

1,957,375

TELUS

Corp.

112,014

1,639,658

23,777,406

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Index

Fund

(cont.)

219

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Electric

Utilities

Emera,

Inc.(b)

43,512

2,070,714

Enel

SpA

1,125,432

11,394,597

Fortum

OYJ(b)

346,038

7,724,339

Origin

Energy

Ltd.

251,370

2,015,852

Power

Grid

Corp.

India

Ltd.

274,008

889,425

24,094,927

Electronic

Equipment,

Instruments

Components

(c)

Largan

Precision

Co.

Ltd.

4,000

288,214

Financial

Services

Banca

Mediolanum

SpA

314,286

6,315,459

Chailease

Holding

Co.

Ltd.

1,252,651

4,197,100

FirstRand

Ltd.

129,948

616,508

ORIX

Corp.

217,000

5,296,290

Sony

Financial

Group,

Inc.*

25,200

25,420

16,450,777

Food

Products

China

Feihe

Ltd.(a)(b)

10,584,000

5,651,373

Nestle

(Registered)

104,076

9,967,440

Group

Ltd.(a)

6,174,000

5,925,998

21,544,811

Gas

Utilities

China

Gas

Holdings

Ltd.

5,821,200

5,984,327

Grupo

Energia

Bogota

ESP

8,147,916

6,648,173

Hong

Kong

China

Gas

Co.

Ltd.

1,955,000

1,818,616

14,451,116

Ground

Transportation

(c)

Canadian

National

Railway

Co.

1,764

169,318

Hotels,

Restaurants

Leisure

Evolution

AB(a)(b)

48,510

3,246,095

Haidilao

International

Holding

Ltd.

(a)(b)

3,440,000

5,665,320

OPAP

272,832

5,652,503

Sodexo

SA(b)

16,170

896,590

15,460,508

Household

Durables

Sony

Group

Corp.

25,200

708,620

Household

Products

Unilever

Indonesia

Tbk.

25,460,400

3,949,960

Independent

Power

and

Renewable

Electricity

Producers

Unipro

PAO*‡

125,500,000

—

Industrial

Conglomerates

Astra

International

Tbk.

16,111,200

5,958,141

Hitachi

Ltd.

172,200

5,944,368

Siemens

(Registered)

5,880

1,666,473

13,568,982

Investments

Value

Insurance

Admiral

Group

plc

42,630

1,834,869

Allianz

(Registered)

1,470

590,782

Aviva

plc

146,706

1,288,724

Seguridade

Participacoes

1,029,000

6,277,012

Caixa

Seguridade

Participacoes

2,410,800

6,701,703

Dai-ichi

Life

Holdings,

Inc.

294,000

2,070,624

Manulife

Financial

Corp.

120,540

3,904,871

New

China

Life

Insurance

Co.

Ltd.,

Class

940,800

5,943,398

Powszechny

Zaklad

Ubezpieczen

357,504

5,722,002

Tokio

Marine

Holdings,

Inc.

14,900

559,228

34,893,213

Interactive

Media

Services

Tencent

Holdings

Ltd.

122,200

9,889,581

Services

HCL

Technologies

Ltd.

314,874

5,467,742

Infosys

Ltd.

70,854

1,183,118

Nomura

Research

Institute

Ltd.

88,200

3,452,312

10,103,172

Leisure

Products

(c)

Shimano,

Inc.

1,300

136,747

Machinery

Komatsu

Ltd.

205,800

6,901,190

Kone

OYJ,

Class

99,078

6,623,490

Weichai

Power

Co.

Ltd.,

Class

882,000

1,821,376

15,346,056

Marine

Transportation

Moller

Maersk

A/S,

Class

150,749

Moller

Maersk

A/S,

Class

B(b)

2,940

6,069,000

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H(b)

3,381,000

5,868,311

Evergreen

Marine

Corp.

Taiwan

Ltd.

947,631

5,964,887

Kawasaki

Kisen

Kaisha

Ltd.(b)

117,600

1,689,324

Orient

Overseas

International

Ltd.(b)

332,500

5,754,002

Yang

Ming

Marine

Transport

Corp.

3,043,977

5,693,656

31,189,929

Metals

Mining

BHP

Group

Ltd.(b)

677,670

19,276,013

China

Hongqiao

Group

Ltd.(b)

2,128,000

8,082,468

Fortescue

Ltd.(b)

518,028

7,220,015

GMK

Norilskiy

Nickel

PAO*‡

1,631,500

—

Kumba

Iron

Ore

Ltd.(b)

367,794

7,326,172

Rio

Tinto

plc

77,028

5,552,010

Severstal

PAO*‡

58,985

—

47,456,678

Multi-Utilities

Engie

123,186

2,886,280

Office

REITs

Gecina

SA,

REIT

17,640

1,640,005

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

220

Investments

Value

COMMON

STOCKS

(continued)

Oil,

Gas

Consumable

Fuels

Aker

ASA

75,264

1,955,817

plc

1,090,446

6,336,754

Canadian

Natural

Resources

Ltd.

204,330

6,543,401

China

Shenhua

Energy

Co.

Ltd.,

Class

H(b)

1,253,500

6,525,387

Coal

India

Ltd.

78,498

343,673

Eni

SpA

157,584

2,899,950

Equinor

ASA

128,772

3,080,259

PetroChina

Co.

Ltd.,

Class

2,466,000

2,544,623

PTT

Exploration

Production

PCL,

NVDR

852,600

2,821,345

Shell

plc

66,444

2,485,795

TotalEnergies

90,846

5,656,898

Turkiye

Petrol

Rafinerileri

A/S

423,360

1,989,546

United

Tractors

Tbk.

4,174,800

6,752,984

Var

Energi

ASA

545,370

1,837,136

Woodside

Energy

Group

Ltd.(b)

142,002

2,305,448

Yankuang

Energy

Group

Co.

Ltd.,

Class

H(b)

1,420,000

1,949,435

56,028,451

Paper

Forest

Products

UPM-Kymmene

OYJ(b)

74,970

2,014,427

Passenger

Airlines

Cathay

Pacific

Airways

Ltd.(b)

4,309,000

6,137,339

Singapore

Airlines

Ltd.

1,117,200

5,691,372

11,828,711

Personal

Care

Products

Unilever

plc

9,996

602,685

Pharmaceuticals

Astellas

Pharma,

Inc.

192,200

2,013,013

AstraZeneca

plc

21,168

3,468,103

Chugai

Pharmaceutical

Co.

Ltd.

29,400

1,345,238

Daiichi

Sankyo

Co.

Ltd.

117,600

2,800,781

Novartis

(Registered)

130,242

16,106,040

Novo

Nordisk

A/S,

Class

313,110

15,291,188

Roche

Holding

588

199,089

Roche

Holding

42,336

13,654,052

Sanofi

1,470

148,629

Takeda

Pharmaceutical

Co.

Ltd.

109,100

2,941,107

57,967,240

Professional

Services

Bureau

Veritas

154,350

5,073,734

Intertek

Group

plc

84,378

5,615,061

Randstad

NV(b)

36,162

1,418,681

SGS

(Registered)

35,868

4,049,029

16,156,505

Real

Estate

Management

Development

China

Resources

Land

Ltd.

483,000

1,743,777

Asset

Holdings

Ltd.

882,000

4,362,224

Investments

Value

Real

Estate

Management

Development

(continued)

Henderson

Land

Development

Co.

Ltd.(b)

512,000

1,797,092

7,903,093

Semiconductors

Semiconductor

Equipment

ASML

Holding

5,429

5,752,954

Semiconductor

Industries

2,646

450,773

Lasertec

Corp.(b)

2,600

479,478

MediaTek,

Inc.

207,236

8,831,175

Novatek

Microelectronics

Corp.

340,770

4,356,482

Realtek

Semiconductor

Corp.

93,990

1,574,602

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

575,133

28,063,482

Tokyo

Electron

Ltd.

61,400

13,622,745

63,131,691

Software

Nemetschek

37,044

4,275,618

Oracle

Financial

Services

Software

Ltd.

8,820

846,021

SAP

16,170

4,189,003

9,310,642

Specialty

Retail

Chow

Tai

Fook

Jewellery

Group

Ltd.

(b)

3,351,600

6,563,309

Fast

Retailing

Co.

Ltd.

600

220,674

Hennes

Mauritz

AB,

Class

B(b)

120,246

2,283,946

Industria

Diseno

Textil

SA(b)

91,140

5,038,782

Jarir

Marketing

Co.

667,674

2,528,158

16,634,869

Technology

Hardware,

Storage

Peripherals

Canon,

Inc.(b)

79,700

2,293,402

Catcher

Technology

Co.

Ltd.

938,999

6,063,280

Lite-On

Technology

Corp.

414,603

2,420,912

Samsung

Electronics

Co.

Ltd.

51,156

3,859,814

14,637,408

Textiles,

Apparel

Luxury

Goods

Bosideng

International

Holdings

Ltd.

9,732,000

5,960,258

Feng

TAY

Enterprise

Co.

Ltd.

32,123

127,485

LVMH

Moet

Hennessy

Louis

Vuitton

3,657

2,583,619

Shenzhou

International

Group

Holdings

Ltd.

147,000

1,269,100

9,940,462

Tobacco

British

American

Tobacco

plc

136,122

6,982,065

Imperial

Brands

plc

169,344

6,730,402

Japan

Tobacco,

Inc.(b)

83,200

2,897,459

16,609,926

Trading

Companies

Distributors

ITOCHU

Corp.

81,300

4,713,189

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Index

Fund

(cont.)

221

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Trading

Companies

Distributors

(continued)

Marubeni

Corp.

112,300

2,770,050

Mitsubishi

Corp.

155,700

3,751,637

Mitsui

Co.

Ltd.

69,200

1,707,821

Sumitomo

Corp.

88,200

2,568,337

15,511,034

Transportation

Infrastructure

Grupo

Aeroportuario

del

Sureste

SAB

CV,

Class

171,990

5,210,180

Wireless

Telecommunication

Services

KDDI

Corp.

47,400

757,360

Tele2

AB,

Class

B(b)

379,260

6,011,026

Vodafone

Group

plc

1,972,152

2,387,451

9,155,837

Total

Common

Stocks

(Cost

$692,483,120)

835,401,570

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(d)

REPURCHASE

AGREEMENTS

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$7,342,580,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$7,449,369

7,340,054

Citigroup

Global

Markets,

Inc.

4.15%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$11,783,250,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.13%

0.63%,

maturing

1/15/2026

4/15/2026;

total

market

value

$11,999,322

11,779,176

National

Bank

Canada

Financial

Inc.

4.19%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$4,001,397,

collateralized

various

Common

Stocks;

total

market

value

$4,504,691

4,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

The

Bank

Nova

Scotia,

Toronto

4.18%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$3,764,928,

collateralized

various

Common

Stocks;

total

market

value

$4,193,887

3,763,617

26,882,847

Total

Securities

Lending

Reinvestments

(Cost

$26,882,847)

26,882,847

Total

Investments

101.3%

(Cost

$719,365,967)

862,284,417

Liabilities

excess

other

assets

(1.3%)

(11,202,703)

NET

ASSETS

100.0%

$851,081,714

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(b)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$105,778,278,

collateralized

the

form

cash

with

value

$26,882,847

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$67,089,394

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

November

13,

2025

–

August

15,

2055

and

$19,014,595

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

15,

2026

–

November

2086;

total

value

$112,986,837.

(c)

Represents

less

than

0.05%

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$26,882,847.

Percentages

shown

are

based

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

NVDR

—

Non-Voting

Depositary

Receipt

OYJ

—

Public

Limited

Company

PJSC

—

Public

Joint

Stock

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

222

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

171,520,665

Aggregate

gross

unrealized

depreciation

(33,994,910

)

Net

unrealized

appreciation

137,525,755

Federal

income

tax

cost

725,191,778

Futures

Contracts

FlexShares

International

Quality

Dividend

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

MSCI

EAFE

E-Mini

Index

12/19/2025

USD

10,666,980

80,664

MSCI

Emerging

Markets

E-Mini

Index

12/19/2025

USD

5,208,120

226,733

307,397

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

Forward

Foreign

Currency

Contracts

FlexShares

International

Quality

Dividend

Index

Fund

had

the

following

outstanding

contracts

October

31,

2025:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

82,396

UBS

AUD

124,000

12/17/2025

1,180

USD

1,034,609

Morgan

Stanley

CHF

815,364

12/17/2025

13,615

USD

401,835

Morgan

Stanley

DKK

2,540,779

12/17/2025

7,952

USD

2,001,716

JPMorgan

Chase

Bank

EUR

1,697,812

12/17/2025

37,222

USD

349,709

Morgan

Stanley

EUR

298,000

12/17/2025

4,901

USD

678,466

JPMorgan

Chase

Bank

GBP

501,955

12/17/2025

18,929

USD

687,613

Goldman

Sachs

Co.

INR

61,102,000

12/17/2025

863

USD

1,262,474

Goldman

Sachs

Co.

JPY

186,223,000

12/17/2025

48,272

USD

737,464

JPMorgan

Chase

Bank

JPY

107,714,715

12/17/2025

35,147

USD

402,310

Goldman

Sachs

Co.

KRW

557,330,039

12/17/2025

10,340

USD

422,384

Bank

Montreal

SGD

538,000

12/17/2025

7,620

Total

unrealized

appreciation

186,041

CAD

621,313

Bank

Montreal

USD

450,140

12/17/2025

(

5,697

)

DKK

1,690,000

Morgan

Stanley

USD

265,803

12/17/2025

(

3,812

)

JPY

132,701,000

Citibank

USD

904,978

12/17/2025

(

39,747

)

JPY

24,560,000

JPMorgan

Chase

Bank

USD

165,139

12/17/2025

(

5,004

)

SGD

332,000

Morgan

Stanley

USD

258,210

12/17/2025

(

2,259

)

USD

221,634

Citibank

BRL

1,226,155

12/17/2025

(

3,699

)

USD

419,613

BNP

Paribas

HKD

3,260,000

12/17/2025

(

104

)

Total

unrealized

depreciation

(

60,322

)

Net

unrealized

appreciation

125,719

Non-deliverable

forward.

See

Note

the

Notes

Financial

Statements.

Abbreviations:

AUD

—

Australian

Dollar

BRL

—

Brazilian

Real

CAD

—

Canadian

Dollar

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Index

Fund

(cont.)

223

FLEXSHARES

ANNUAL

REPORT

Abbreviations:

(continued)

CHF

—

Swiss

Franc

DKK

—

Danish

Krone

EUR

—

Euro

GBP

—

British

Pound

HKD

—

Hong

Kong

Dollar

INR

—

Indian

Rupee

JPY

—

Japanese

Yen

KRW

—

Korean

Won

SGD

—

Singapore

Dollar

USD

—

Dollar

FlexShares®

International

Quality

Dividend

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

October

31,

2025:

Australia

4‌

Belgium

0‌

Brazil

1‌

Canada

5‌

China

10‌

Colombia

1‌

Czech

Republic

0‌

Denmark

3‌

Finland

2‌

France

4‌

Germany

3‌

Greece

0‌

Hong

Kong

3‌

India

1‌

Indonesia

3‌

Israel

0‌

Italy

3‌

Japan

12‌

Mexico

1‌

Netherlands

1‌

Norway

1‌

Poland

2‌

Saudi

Arabia

0‌

Singapore

0‌

South

Africa

1‌

South

Korea

0‌

Spain

1‌

Sweden

4‌

Switzerland

5‌

Taiwan

7‌

Thailand

0‌

Turkey

0‌

United

Arab

Emirates

0‌

United

Kingdom

7‌

Other

1‌

100.0%

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

224

Security

Type

Net

Assets

Common

Stocks

98‌

Securities

Lending

Reinvestments

3‌

Others

(1)

(

1‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

225

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

October

31,

2025

Investments

Value

COMMON

STOCKS

Air

Freight

Logistics

Deutsche

Post

14,616

671,417

Automobile

Components

Magna

International,

Inc.(a)

4,320

204,292

Sumitomo

Electric

Industries

Ltd.

7,200

264,061

468,353

Automobiles

Ing

Porsche

(Preference)

(b)

1,872

98,202

Hyundai

Motor

India

Ltd.

2,736

75,163

Isuzu

Motors

Ltd.

10,700

131,619

Kia

Corp.

1,440

121,183

Mercedes-Benz

Group

4,872

316,084

Renault

4,656

181,102

923,353

Banks

ANZ

Group

Holdings

Ltd.

19,728

473,332

Bank

Mandiri

Persero

Tbk.

624,000

177,106

Bank

Polska

Kasa

Opieki

10,776

553,256

Barclays

plc

94,176

503,594

BNP

Paribas

6,600

510,844

BOC

Hong

Kong

Holdings

Ltd.

24,000

117,897

CaixaBank

SA(a)

36,552

386,529

Canara

Bank

384,168

592,840

China

Merchants

Bank

Co.

Ltd.,

Class

89,000

556,980

Danske

Bank

A/S

15,792

706,174

DNB

Bank

ASA

2,544

64,952

FinecoBank

Banca

Fineco

SpA

27,240

622,834

Grupo

Cibest

(Preference)

13,944

203,349

Grupo

Financiero

Banorte

SAB

CV,

Class

74,400

701,228

Hang

Seng

Bank

Ltd.

12,000

234,065

HSBC

Holdings

plc

108,576

1,516,968

ING

Bank

Slaski

1,848

158,007

KBC

Group

5,592

672,859

Komercni

Banka

A/S

3,240

166,103

Mitsubishi

UFJ

Financial

Group,

Inc.

88,800

1,343,053

National

Bank

Canada

1,032

115,415

Nedbank

Group

Ltd.

13,392

182,470

Nordea

Bank

Abp

20,520

350,881

Powszechna

Kasa

Oszczednosci

Bank

Polski

16,392

336,280

Royal

Bank

Canada

9,168

1,344,431

Santander

Bank

Polska

4,056

535,524

Sberbank

Russia

PJSC

(Preference)*‡

31,920

—

Skandinaviska

Enskilda

Banken

AB,

Class

35,904

686,119

Standard

Chartered

plc

16,824

344,715

Investments

Value

Banks

(continued)

Swedbank

AB,

Class

23,064

702,186

14,859,991

Beverages

Budweiser

Brewing

Co.

APAC

Ltd.

(a)(b)

151,200

153,297

Broadline

Retail

Alibaba

Group

Holding

Ltd.,

ADR(a)

2,160

368,129

Building

Products

Geberit

(Registered)(a)

648

473,841

Capital

Markets

Amundi

SA(b)

7,968

591,346

Brookfield

Asset

Management

Ltd.,

Class

10,728

580,904

Daiwa

Securities

Group,

Inc.

9,600

74,124

EQT

5,568

193,333

Hong

Kong

Exchanges

Clearing

Ltd.

7,800

425,115

Julius

Baer

Group

Ltd.

8,592

580,114

Nomura

Holdings,

Inc.

28,800

206,015

Partners

Group

Holding

AG(a)

491

600,882

3,251,833

Chemicals

Evonik

Industries

12,504

209,699

Shin-Etsu

Chemical

Co.

Ltd.

15,600

471,377

681,076

Construction

Engineering

Bouygues

4,152

187,520

Construction

Materials

Holcim

8,448

750,770

Diversified

Telecommunication

Services

Telefonica

SA(a)

37,656

190,670

Telkom

Indonesia

Persero

Tbk.

3,031,200

585,097

TELUS

Corp.

10,656

155,982

931,749

Electric

Utilities

Enel

SpA

107,760

1,091,032

Fortum

OYJ(a)

33,840

755,384

Origin

Energy

Ltd.

23,952

192,082

2,038,498

Electrical

Equipment

Fujikura

Ltd.

7,700

1,058,122

Electronic

Equipment,

Instruments

Components

TDK

Corp.

17,700

307,112

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

226

Investments

Value

COMMON

STOCKS

(continued)

Energy

Equipment

Services

Tenaris

23,832

475,457

Entertainment

Universal

Music

Group

6,504

174,686

Financial

Services

Banca

Mediolanum

SpA

30,528

613,449

FirstRand

Ltd.

121,392

575,916

1,189,365

Food

Products

Nestle

(Registered)

1,680

160,895

Group

Ltd.(b)

600,000

575,899

736,794

Gas

Utilities

China

Gas

Holdings

Ltd.

566,400

582,272

ENN

Energy

Holdings

Ltd.

12,000

104,449

Grupo

Energia

Bogota

ESP

799,752

652,546

Hong

Kong

China

Gas

Co.

Ltd.

216,000

200,932

1,540,199

Health

Care

Equipment

Supplies

Hoya

Corp.

4,800

781,591

Sonova

Holding

(Registered)

1,512

411,739

Straumann

Holding

(Registered)

(a)

3,144

395,570

1,588,900

Hotels,

Restaurants

Leisure

Evolution

AB(a)(b)

2,472

165,416

Haidilao

International

Holding

Ltd.

(a)(b)

336,000

553,357

OPAP

26,304

544,963

1,263,736

Household

Durables

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

24,000

70,837

Nien

Made

Enterprise

Co.

Ltd.

36,000

433,298

504,135

Household

Products

Reckitt

Benckiser

Group

plc

2,784

212,735

Unilever

Indonesia

Tbk.

5,150,400

799,040

1,011,775

Industrial

Conglomerates

Astra

International

Tbk.

525,600

194,374

Hitachi

Ltd.

58,600

2,022,880

Siemens

(Registered)

3,888

1,101,913

3,319,167

Insurance

Ageas

SA/NV

984

65,191

Seguridade

Participacoes

98,400

600,251

Investments

Value

Insurance

(continued)

Dai-ichi

Life

Holdings,

Inc.

28,800

202,837

Manulife

Financial

Corp.

11,736

380,185

New

China

Life

Insurance

Co.

Ltd.,

Class

91,200

576,146

Ping

Insurance

Group

Co.

China

Ltd.,

Class

H(a)

45,000

325,101

Powszechny

Zaklad

Ubezpieczen

34,512

552,379

Tokio

Marine

Holdings,

Inc.

4,800

180,154

2,882,244

Interactive

Media

Services

Tencent

Holdings

Ltd.

9,300

752,644

Services

HCL

Technologies

Ltd.

35,136

610,132

Infosys

Ltd.

6,768

113,012

Tech

Mahindra

Ltd.

19,488

312,699

1,035,843

Life

Sciences

Tools

Services

WuXi

AppTec

Co.

Ltd.,

Class

H(b)

43,200

603,628

Machinery

FANUC

Corp.

5,200

165,699

Komatsu

Ltd.

19,200

643,843

Kone

OYJ,

Class

6,960

465,285

VAT

Group

AG(a)(b)

1,536

670,272

Weichai

Power

Co.

Ltd.,

Class

83,000

171,399

2,116,498

Marine

Transportation

Moller

Maersk

A/S,

Class

A(a)

22,716

Moller

Maersk

A/S,

Class

B(a)

288

594,514

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H(a)

336,000

583,186

Evergreen

Marine

Corp.

Taiwan

Ltd.

93,000

585,391

Orient

Overseas

International

Ltd.(a)

8,000

138,442

Yang

Ming

Marine

Transport

Corp.

288,000

538,694

2,462,943

Media

Publicis

Groupe

7,176

718,924

Metals

Mining

Antofagasta

plc

1,344

49,266

BHP

Group

Ltd.(a)

58,728

1,670,491

China

Hongqiao

Group

Ltd.

204,000

774,823

Fortescue

Ltd.(a)

50,160

699,105

GMK

Norilskiy

Nickel

PAO*‡

212,800

—

Kumba

Iron

Ore

Ltd.(a)

35,496

707,053

NMDC

Ltd.

148,632

126,897

Rio

Tinto

plc

7,584

546,638

Severstal

PAO*‡

7,952

—

Vale

55,200

668,942

5,243,215

Oil,

Gas

Consumable

Fuels

Aker

ASA

7,464

193,960

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

227

FLEXSHARES

ANNUAL

REPORT

Investments

Value

COMMON

STOCKS

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

Bharat

Petroleum

Corp.

Ltd.

20,928

84,116

plc

83,544

485,487

Canadian

Natural

Resources

Ltd.

28,056

898,457

Cenovus

Energy,

Inc.(a)

14,184

239,918

China

Shenhua

Energy

Co.

Ltd.,

Class

H(a)

120,000

624,688

Coal

India

Ltd.

25,632

112,220

Equinor

ASA

11,928

285,321

Ovintiv,

Inc.

4,656

174,646

Shell

plc

1,344

50,281

Energy

Corp.

8,280

415,906

TotalEnergies

2,520

156,918

Turkiye

Petrol

Rafinerileri

A/S

41,616

195,571

United

Tractors

Tbk.

300,000

485,268

Var

Energi

ASA

53,328

179,641

Woodside

Energy

Group

Ltd.(a)

13,920

225,996

Yankuang

Energy

Group

Co.

Ltd.,

Class

144,000

197,689

5,006,083

Passenger

Airlines

Singapore

Airlines

Ltd.

108,000

550,186

Personal

Care

Products

(c)

L'Oreal

20,091

Pharmaceuticals

AstraZeneca

plc

1,008

165,148

CSPC

Pharmaceutical

Group

Ltd.(a)

222,000

218,509

Daiichi

Sankyo

Co.

Ltd.

12,000

285,794

GSK

plc

16,824

393,565

Novartis

(Registered)

5,256

649,970

Novo

Nordisk

A/S,

Class

6,048

295,363

Roche

Holding

2,568

828,222

2,836,571

Professional

Services

Bureau

Veritas

16,896

555,399

Intertek

Group

plc

8,280

551,005

Randstad

NV(a)

3,552

139,349

Recruit

Holdings

Co.

Ltd.

11,300

565,385

1,811,138

Real

Estate

Management

Development

Asset

Holdings

Ltd.

127,000

628,120

Henderson

Land

Development

Co.

Ltd.(a)

4,000

14,040

Sun

Hung

Kai

Properties

Ltd.

17,000

206,589

848,749

Semiconductors

Semiconductor

Equipment

Advantest

Corp.

5,100

765,886

ASML

Holding

336

356,049

Semiconductor

Industries

1,368

233,052

Disco

Corp.

800

268,008

Investments

Value

Semiconductors

Semiconductor

Equipment

(continued)

eMemory

Technology,

Inc.

2,500

161,836

Lasertec

Corp.(a)

5,400

995,839

MediaTek,

Inc.

20,400

869,328

Novatek

Microelectronics

Corp.

43,000

549,722

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

51,000

2,488,533

Tokyo

Electron

Ltd.

6,000

1,331,213

United

Microelectronics

Corp.

120,000

181,126

8,200,592

Software

Nemetschek

1,080

124,654

Oracle

Financial

Services

Software

Ltd.

624

59,855

SAP

888

230,045

414,554

Specialty

Retail

Chow

Tai

Fook

Jewellery

Group

Ltd.

(a)

326,400

639,177

Fast

Retailing

Co.

Ltd.

1,800

662,023

Hennes

Mauritz

AB,

Class

B(a)

11,952

227,016

Industria

Diseno

Textil

SA(a)

14,232

786,833

Jarir

Marketing

Co.

87,840

332,607

2,647,656

Technology

Hardware,

Storage

Peripherals

Catcher

Technology

Co.

Ltd.

24,000

154,972

Lite-On

Technology

Corp.

41,800

244,075

Logitech

International

(Registered)

3,816

459,584

Pegatron

Corp.

72,000

173,787

Samsung

Electronics

Co.

Ltd.

1,008

76,056

1,108,474

Textiles,

Apparel

Luxury

Goods

Bosideng

International

Holdings

Ltd.

960,000

587,942

Cie

Financiere

Richemont

(Registered)

1,440

284,681

LVMH

Moet

Hennessy

Louis

Vuitton

168

118,690

Shenzhou

International

Group

Holdings

Ltd.

19,200

165,760

1,157,073

Tobacco

British

American

Tobacco

plc

13,104

672,140

Imperial

Brands

plc

16,320

648,621

Japan

Tobacco,

Inc.

7,800

271,637

1,592,398

Trading

Companies

Distributors

ITOCHU

Corp.

8,100

469,580

Marubeni

Corp.

11,200

276,265

Mitsui

Co.

Ltd.

4,800

118,461

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

228

Investments

Value

COMMON

STOCKS

(continued)

Trading

Companies

Distributors

(continued)

Rexel

5,592

193,629

1,057,935

Transportation

Infrastructure

Grupo

Aeroportuario

del

Sureste

SAB

CV,

Class

18,480

559,824

Wireless

Telecommunication

Services

Tele2

AB,

Class

36,696

581,608

Vodafone

Group

plc

192,456

232,984

814,592

Total

Common

Stocks

(Cost

$67,275,415)

83,371,130

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(d)

REPURCHASE

AGREEMENTS

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$1,531,125,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$1,553,393

1,530,598

National

Bank

Canada

Financial

Inc.

4.19%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$500,175,

collateralized

various

Common

Stocks;

total

market

value

$563,086

500,000

Prime

Services

LLC

3.97%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$962,890,

collateralized

various

Common

Stocks;

total

market

value

$1,065,409

962,571

The

Bank

Nova

Scotia,

Toronto

4.18%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$1,025,408,

collateralized

various

Common

Stocks;

total

market

value

$1,142,238

1,025,050

4,018,219

Total

Securities

Lending

Reinvestments

(Cost

$4,018,219)

4,018,219

Total

Investments

103.5%

(Cost

$71,293,634)

87,389,349

Liabilities

excess

other

assets

(3.5%)

(2,959,954)

NET

ASSETS

100.0%

$84,429,395

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$10,896,070,

collateralized

the

form

cash

with

value

$4,018,219

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$6,337,990

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

November

30,

2025

–

August

15,

2055

and

$1,571,850

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

15,

2026

–

November

2086;

total

value

$11,928,060.

(b)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(c)

Represents

less

than

0.05%

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$4,018,219.

Percentages

shown

are

based

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

OYJ

—

Public

Limited

Company

PJSC

—

Public

Joint

Stock

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

18,247,465

Aggregate

gross

unrealized

depreciation

(2,520,909

)

Net

unrealized

appreciation

15,726,556

Federal

income

tax

cost

71,699,086

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

229

FLEXSHARES

ANNUAL

REPORT

Futures

Contracts

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

EAFE

E-Mini

Index

12/19/2025

USD

701,775

7,503

MSCI

Emerging

Markets

E-Mini

Index

12/19/2025

USD

351,900

14,732

22,235

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

Forward

Foreign

Currency

Contracts

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

had

the

following

outstanding

contracts

October

31,

2025:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

59,804

UBS

AUD

90,000

12/17/2025

856

USD

123,082

Morgan

Stanley

CHF

97,000

12/17/2025

1,620

USD

58,517

Morgan

Stanley

DKK

370,000

12/17/2025

1,158

USD

279,422

JPMorgan

Chase

Bank

EUR

237,000

12/17/2025

5,196

USD

40,658

JPMorgan

Chase

Bank

GBP

30,000

12/17/2025

1,239

USD

115,249

Goldman

Sachs

Co.

JPY

17,000,000

12/17/2025

4,407

Total

unrealized

appreciation

14,476

CAD

45,542

Bank

Montreal

USD

32,995

12/17/2025

(

418

)

Total

unrealized

depreciation

(

418

)

Net

unrealized

appreciation

14,058

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

DKK

—

Danish

Krone

EUR

—

Euro

GBP

—

British

Pound

JPY

—

Japanese

Yen

USD

—

Dollar

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

230

FlexShares®

International

Quality

Dividend

Dynamic

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

October

31,

2025:

Australia

3‌

Belgium

0‌

Brazil

1‌

Canada

5‌

China

10‌

Colombia

1‌

Czech

Republic

0‌

Denmark

1‌

Finland

1‌

France

3‌

Germany

3‌

Greece

0‌

Hong

Kong

3‌

India

2‌

Indonesia

2‌

Italy

3‌

Japan

16‌

Mexico

1‌

Netherlands

1‌

Norway

0‌

Poland

2‌

Saudi

Arabia

0‌

Singapore

0‌

South

Africa

1‌

South

Korea

0‌

Spain

1‌

Sweden

3‌

Switzerland

7‌

Taiwan

7‌

Turkey

0‌

United

Kingdom

7‌

Other

1‌

100.0%

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Common

Stocks

98‌

Securities

Lending

Reinvestments

4‌

Others

(1)

(

3‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

231

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

October

31,

2025

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

U.S.

Treasury

Inflation

Linked

Bonds

2.38%,

1/15/2027

46,424,926

47,010,289

1.75%,

1/15/2028

42,442,320

42,923,485

3.63%,

4/15/2028

59,821,686

63,218,139

2.50%,

1/15/2029

130,711,508

135,818,433

3.88%,

4/15/2029

233,564,222

253,669,570

U.S.

Treasury

Inflation

Linked

Notes

0.38%,

1/15/2027

90,244,652

89,244,912

0.13%,

4/15/2027

79,683,971

78,300,737

0.38%,

7/15/2027

85,975,400

85,092,914

1.63%,

10/15/2027

77,720,565

78,625,714

0.50%,

1/15/2028

89,579,184

88,182,457

1.25%,

4/15/2028

76,505,643

76,454,928

0.75%,

7/15/2028

288,745,165

286,127,025

2.38%,

10/15/2028

272,216,335

281,957,243

0.88%,

1/15/2029

284,324,813

280,971,884

2.13%,

4/15/2029

80,794,837

82,993,030

0.25%,

7/15/2029

88,743,359

85,788,933

1.63%,

10/15/2029

84,901,436

86,212,534

0.13%,

1/15/2030

90,995,015

86,598,436

1.63%,

4/15/2030

94,023,910

95,072,587

0.13%,

7/15/2030

94,957,013

89,988,368

1.13%,

10/15/2030

49,193,112

49,108,500

0.13%,

1/15/2031

94,177,588

88,177,533

Total

U.S.

Treasury

Obligations

(Cost

$2,532,452,009)

2,551,537,651

Total

Investments

99.8%

(Cost

$2,532,452,009)

2,551,537,651

Other

assets

less

liabilities

0.2%

5,321,997

NET

ASSETS

100.0%

$2,556,859,648

Percentages

shown

are

based

Net

Assets.

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

20,950,988

Aggregate

gross

unrealized

depreciation

(3,474,242

)

Net

unrealized

appreciation

17,476,746

Federal

income

tax

cost

2,534,060,905

Security

Type

Net

Assets

U.S.

Treasury

Obligations

99‌

Others

(1)

0‌

100‌

FLEXSHARES

ANNUAL

REPORT

232

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

October

31,

2025

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

U.S.

Treasury

Inflation

Linked

Bonds

2.50%,

1/15/2029

16,634,885

17,284,814

3.88%,

4/15/2029

30,189,766

32,788,519

3.38%,

4/15/2032

7,233,347

8,061,922

U.S.

Treasury

Inflation

Linked

Notes

0.88%,

1/15/2029

36,184,858

35,758,145

2.13%,

4/15/2029

35,762,061

36,735,043

0.25%,

7/15/2029

39,275,716

37,968,156

1.63%,

10/15/2029

37,573,923

38,154,162

0.13%,

1/15/2030

40,274,892

38,328,943

1.63%,

4/15/2030

91,204,770

92,222,004

0.13%,

7/15/2030

92,844,274

87,986,178

1.13%,

10/15/2030

47,454,387

47,372,765

0.13%,

1/15/2031

92,078,032

86,211,740

0.13%,

7/15/2031

96,464,681

89,798,306

0.13%,

1/15/2032

45,885,509

42,122,327

0.63%,

7/15/2032

41,662,728

39,361,417

1.13%,

1/15/2033

42,036,513

40,622,951

1.38%,

7/15/2033

38,984,013

38,288,519

1.75%,

1/15/2034

41,843,923

41,926,305

1.88%,

7/15/2034

43,780,249

44,310,857

Total

U.S.

Treasury

Obligations

(Cost

$887,229,497)

895,303,073

Total

Investments

99.8%

(Cost

$887,229,497)

895,303,073

Other

assets

less

liabilities

0.2%

1,956,803

NET

ASSETS

100.0%

$897,259,876

Percentages

shown

are

based

Net

Assets.

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

1,967,225

Aggregate

gross

unrealized

depreciation

(2,201,248

)

Net

unrealized

depreciation

(234,023

)

Federal

income

tax

cost

895,537,096

Security

Type

Net

Assets

U.S.

Treasury

Obligations

99‌

Others

(1)

0‌

100‌

233

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

Disciplined

Duration

MBS

Index

Fund

October

31,

2025

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

FHLMC

2.50%,

4/1/2028

551,201

543,448

2.50%,

5/1/2028

205,080

201,600

2.50%,

6/1/2028

232,981

228,916

3.00%,

6/1/2029

311,799

307,021

3.00%,

8/1/2029

343,987

341,252

2.50%,

12/1/2030

549,811

532,694

3.00%,

1/1/2032

692,589

676,448

2.50%,

2/1/2032

851,404

821,579

3.00%,

9/1/2032

454,192

443,450

5.00%,

5/1/2034

26,082

26,242

5.00%,

7/1/2035

7,573

7,691

5.00%,

10/1/2035

11,928

12,258

5.00%,

12/1/2035

55,321

56,791

6.00%,

1/1/2037

39,848

42,072

6.00%,

4/1/2037

22,224

23,464

6.00%,

5/1/2037

35,210

37,166

5.00%,

2/1/2038

29,245

30,008

5.00%,

7/1/2038

33,077

34,015

5.00%,

10/1/2038

29,320

30,151

5.00%,

2/1/2039

69,401

71,254

5.00%,

5/1/2039

36,349

37,381

5.00%,

6/1/2039

13,037

13,407

5.00%,

7/1/2039

34,972

35,964

5.00%,

9/1/2039

3,379

3,475

6.00%,

11/1/2039

22,770

24,036

5.00%,

1/1/2040

10,133

10,420

6.00%,

4/1/2040

25,456

26,763

6.00%,

5/1/2040

62,933

66,408

6.00%,

7/1/2040

93,212

98,393

4.00%,

1/1/2041

9,119

8,970

5.00%,

5/1/2041

84,693

87,095

3.50%,

11/1/2041

46,457

44,677

3.00%,

3/1/2042

7,684

7,131

3.00%,

4/1/2042

58,103

53,924

3.00%,

6/1/2042

49,966

46,351

3.50%,

7/1/2042

466,700

445,728

3.00%,

8/1/2042

27,426

25,448

3.00%,

12/1/2042

58,168

53,962

3.00%,

1/1/2043

31,177

28,911

3.00%,

2/1/2043

15,803

14,732

3.00%,

4/1/2043

20,287

18,813

3.00%,

6/1/2043

11,454

10,621

3.50%,

8/1/2043

523,006

498,153

3.00%,

10/1/2043

40,030

37,122

4.00%,

8/1/2044

8,859

8,599

5.00%,

8/1/2044

23,024

23,677

4.00%,

1/1/2045

27,309

26,511

4.00%,

2/1/2045

57,686

56,496

4.50%,

2/1/2045

309,081

306,310

4.00%,

8/1/2045

66,397

64,400

4.00%,

9/1/2045

10,929

10,599

4.00%,

10/1/2045

112,937

109,516

4.00%,

11/1/2045

22,954

22,254

Investments

Principal

Amount

Value

4.00%,

12/1/2045

9,627

9,334

4.00%,

1/1/2046

29,607

28,730

2.50%,

9/1/2046

18,483

16,183

3.00%,

11/1/2046

17,356

15,914

FHLMC

UMBS

3.00%,

8/1/2026

6,223

6,176

3.00%,

1/1/2027

14,855

14,733

3.00%,

2/1/2027

9,401

9,320

3.00%,

4/1/2027

55,459

54,906

2.50%,

6/1/2027

7,199

7,105

2.50%,

3/1/2028

291,230

286,274

2.50%,

7/1/2028

912,296

895,039

2.50%,

8/1/2030

505,670

490,337

2.50%,

11/1/2030

15,211

14,877

3.00%,

5/1/2031

18,011

17,715

2.00%,

8/1/2031

17,621

16,840

2.00%,

11/1/2031

27,946

26,678

2.00%,

1/1/2032

56,421

53,703

2.00%,

2/1/2032

60,940

57,921

2.00%,

12/1/2032

246,184

234,533

3.00%,

4/1/2033

617,044

608,670

2.00%,

10/1/2035

799,928

740,658

1.50%,

11/1/2035

476,726

430,053

1.50%,

2/1/2036

527,838

474,519

2.00%,

3/1/2036

304,351

282,890

1.50%,

4/1/2036

238,439

214,276

2.50%,

4/1/2037

600,711

564,992

4.50%,

9/1/2037

702,841

701,863

5.00%,

3/1/2038

34,911

35,859

5.00%,

7/1/2039

54,955

56,450

3.00%,

9/1/2039

80,965

75,965

3.00%,

10/1/2039

22,576

21,169

4.00%,

10/1/2039

1,712,099

1,685,416

5.00%,

10/1/2039

17,603

18,082

3.00%,

11/1/2039

89,183

83,627

5.00%,

1/1/2040

16,405

16,909

5.00%,

3/1/2040

27,419

28,165

5.00%,

5/1/2040

40,014

41,102

6.00%,

5/1/2040

633,617

673,262

2.00%,

7/1/2040

89,612

78,811

1.50%,

10/1/2040

454,777

387,290

3.50%,

12/1/2040

33,290

31,991

2.00%,

1/1/2041

138,067

121,354

2.00%,

2/1/2041

431,934

379,383

1.50%,

3/1/2041

592,851

496,502

2.00%,

3/1/2041

501,209

434,476

4.50%,

3/1/2041

57,444

57,721

4.50%,

4/1/2041

11,139

11,218

1.50%,

5/1/2041

488,261

414,965

2.00%,

6/1/2041

675,582

591,456

2.50%,

6/1/2041

385,299

348,858

2.00%,

10/1/2041

423,369

368,505

4.00%,

1/1/2042

41,567

40,716

5.00%,

2/1/2042

33,171

34,072

3.50%,

11/1/2042

61,548

58,580

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Disciplined

Duration

MBS

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

234

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

(continued)

3.50%,

1/1/2043

27,645

26,457

3.50%,

2/1/2043

20,283

19,312

2.50%,

6/1/2043

311,088

281,495

4.00%,

12/1/2043

8,938

8,738

4.50%,

3/1/2044

41,687

41,770

4.00%,

6/1/2044

3,181

3,085

4.50%,

7/1/2044

14,983

14,940

4.00%,

8/1/2044

9,573

9,280

4.50%,

12/1/2044

10,092

10,063

4.00%,

2/1/2045

11,537

11,286

4.50%,

9/1/2045

8,148

8,135

4.00%,

10/1/2045

30,527

29,565

4.00%,

12/1/2045

15,673

15,235

4.50%,

12/1/2045

412,812

411,933

3.00%,

1/1/2046

32,150

29,520

4.00%,

1/1/2046

25,565

24,796

4.00%,

2/1/2046

189,407

185,392

4.50%,

4/1/2046

24,058

24,109

4.00%,

11/1/2046

138,187

133,655

4.50%,

3/1/2047

326,744

325,146

2.00%,

6/1/2051

741,701

606,035

2.00%,

5/1/2052

1,240,920

1,011,342

6.50%,

2/1/2053

68,165

71,166

6.00%,

10/1/2053

337,193

345,199

7.00%,

12/1/2053

327,583

343,050

6.50%,

4/1/2054

186,556

193,123

6.50%,

8/1/2054

417,555

432,254

FNMA

UMBS

3.00%,

11/1/2026

124,069

123,098

3.00%,

12/1/2026

39,365

39,056

3.00%,

1/1/2027

12,733

12,629

3.00%,

2/1/2027

16,828

16,683

3.00%,

4/1/2027

557,393

552,243

3.00%,

6/1/2027

69,870

69,167

3.00%,

8/1/2027

80,994

80,065

3.00%,

10/1/2027

25,925

25,631

3.00%,

11/1/2027

26,262

25,981

2.50%,

12/1/2027

63,306

62,296

2.50%,

1/1/2028

334,086

328,236

2.50%,

4/1/2028

20,622

20,272

2.00%,

5/1/2028

91,267

89,105

2.50%,

9/1/2028

16,045

15,798

3.00%,

2/1/2029

47,254

46,556

2.50%,

3/1/2029

83,060

81,652

2.50%,

6/1/2029

27,531

27,116

3.00%,

8/1/2029

935,597

919,716

3.50%,

12/1/2029

326,993

323,620

3.50%,

4/1/2030

357,764

354,465

2.50%,

7/1/2030

76,126

74,798

3.00%,

7/1/2030

275,360

271,376

2.50%,

8/1/2030

285,917

277,252

3.00%,

9/1/2030

446,972

440,774

3.00%,

12/1/2030

854,835

837,856

2.50%,

2/1/2031

294,680

286,869

3.50%,

2/1/2031

342,989

340,038

2.50%,

3/1/2031

167,191

163,727

Investments

Principal

Amount

Value

2.00%,

9/1/2031

14,533

13,881

2.00%,

11/1/2031

34,446

32,881

3.50%,

12/1/2031

319,281

313,986

2.00%,

2/1/2032

455,557

442,647

3.50%,

2/1/2032

433,014

425,683

3.00%,

12/1/2032

1,000,628

978,658

6.00%,

12/1/2032

5,823

6,028

6.00%,

4/1/2033

4,677

4,846

6.00%,

8/1/2034

21,584

22,636

6.50%,

9/1/2034

55,639

58,161

6.00%,

12/1/2034

99,444

103,447

3.50%,

1/1/2035

108,676

105,775

3.00%,

2/1/2035

366,120

359,370

3.00%,

7/1/2035

566,424

553,359

5.00%,

8/1/2035

14,123

14,472

1.50%,

10/1/2035

118,351

106,399

6.00%,

11/1/2035

19,876

20,652

5.00%,

12/1/2035

31,368

32,161

6.00%,

6/1/2036

28,964

30,545

2.00%,

7/1/2036

685,025

634,221

5.00%,

7/1/2036

13,756

14,103

6.50%,

8/1/2036

9,330

9,797

2.50%,

11/1/2036

258,522

241,504

6.00%,

11/1/2036

29,401

31,007

1.50%,

2/1/2037

683,813

612,576

2.50%,

4/1/2037

615,719

575,775

1.50%,

8/1/2037

236,126

211,676

6.00%,

8/1/2037

93,845

97,700

6.00%,

9/1/2037

12,676

13,368

6.50%,

10/1/2037

24,140

25,402

5.00%,

3/1/2038

36,451

37,441

5.00%,

5/1/2038

26,854

27,516

6.00%,

5/1/2038

10,164

10,719

4.50%,

7/1/2038

651,382

651,052

6.00%,

9/1/2038

18,669

19,690

5.50%,

11/1/2038

685,909

704,643

5.50%,

2/1/2039

998,732

1,021,119

5.00%,

6/1/2039

29,875

30,686

6.00%,

9/1/2039

1,382,722

1,428,983

5.00%,

10/1/2039

30,897

31,737

3.00%,

1/1/2040

28,519

26,714

5.00%,

2/1/2040

27,317

28,310

3.00%,

6/1/2040

334,695

312,284

5.00%,

6/1/2040

9,974

10,245

6.00%,

6/1/2040

990,027

1,024,124

4.00%,

8/1/2040

1,380,600

1,357,298

3.00%,

9/1/2040

294,399

274,695

3.50%,

1/1/2041

25,863

24,897

1.50%,

2/1/2041

653,224

547,599

3.50%,

2/1/2041

17,388

16,733

1.50%,

4/1/2041

355,441

301,940

4.50%,

5/1/2041

30,279

30,443

5.00%,

5/1/2041

24,643

25,314

6.00%,

5/1/2041

17,079

18,012

4.50%,

6/1/2041

9,203

9,254

2.50%,

7/1/2041

471,203

423,264

5.00%,

7/1/2041

312,375

320,874

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Disciplined

Duration

MBS

Index

Fund

(cont.)

235

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

(continued)

6.00%,

7/1/2041

19,035

20,063

4.50%,

8/1/2041

84,921

85,347

5.00%,

8/1/2041

45,144

46,372

4.00%,

9/1/2041

131,064

128,357

4.50%,

9/1/2041

55,290

55,560

3.50%,

10/1/2041

97,567

93,638

4.00%,

10/1/2041

41,133

40,200

5.00%,

10/1/2041

47,110

48,392

4.00%,

11/1/2041

54,269

53,181

4.00%,

12/1/2041

13,627

13,341

4.00%,

1/1/2042

116,525

113,052

4.50%,

1/1/2042

13,827

13,897

6.00%,

1/1/2042

46,805

49,363

3.00%,

3/1/2042

19,869

18,415

4.00%,

3/1/2042

60,592

59,618

3.00%,

4/1/2042

37,099

34,387

4.50%,

4/1/2042

67,038

67,510

3.50%,

5/1/2042

18,125

17,218

4.50%,

5/1/2042

47,549

47,594

3.50%,

6/1/2042

31,462

30,049

3.50%,

7/1/2042

90,885

86,982

4.00%,

7/1/2042

80,585

78,900

3.50%,

8/1/2042

31,402

29,956

3.00%,

9/1/2042

52,206

48,373

3.50%,

9/1/2042

10,532

10,073

4.00%,

9/1/2042

50,078

49,017

3.00%,

10/1/2042

100,007

92,709

3.50%,

10/1/2042

18,939

18,078

2.50%,

12/1/2042

186,020

168,862

3.00%,

12/1/2042

101,799

94,294

2.50%,

1/1/2043

6,463

5,867

3.00%,

1/1/2043

104,111

96,434

3.50%,

1/1/2043

30,488

29,018

4.00%,

1/1/2043

52,890

51,791

4.50%,

1/1/2043

136,342

137,035

2.50%,

2/1/2043

250,346

225,992

3.00%,

2/1/2043

140,566

130,203

3.50%,

2/1/2043

54,796

52,304

3.50%,

3/1/2043

63,400

60,795

2.50%,

5/1/2043

9,822

8,859

2.50%,

6/1/2043

5,427

4,934

4.00%,

8/1/2043

29,849

29,177

4.00%,

9/1/2043

71,096

69,567

4.50%,

9/1/2043

21,990

21,982

4.00%,

10/1/2043

84,460

82,581

4.00%,

11/1/2043

188,448

184,212

4.50%,

11/1/2043

63,278

63,386

4.50%,

12/1/2043

51,657

51,688

4.00%,

1/1/2044

70,404

68,809

4.50%,

2/1/2044

13,502

13,498

4.50%,

3/1/2044

84,620

86,097

5.00%,

3/1/2044

12,745

12,961

4.00%,

4/1/2044

659,412

640,211

4.50%,

4/1/2044

144,358

144,286

5.00%,

6/1/2044

24,336

24,922

4.00%,

10/1/2044

26,404

25,828

Investments

Principal

Amount

Value

4.50%,

10/1/2044

6,178

6,161

4.50%,

12/1/2044

25,935

25,980

4.00%,

2/1/2045

21,119

20,481

4.50%,

2/1/2045

84,450

84,628

4.00%,

4/1/2045

17,813

17,287

4.00%,

8/1/2045

9,164

8,880

4.00%,

11/1/2045

51,903

50,301

4.50%,

11/1/2045

57,500

57,392

4.00%,

12/1/2045

111,582

109,217

4.00%,

2/1/2046

5,947

5,800

4.50%,

3/1/2046

89,491

89,310

4.00%,

4/1/2046

8,552

8,295

2.50%,

6/1/2046

58,886

53,202

4.50%,

6/1/2046

65,711

65,525

4.50%,

7/1/2046

13,236

13,188

4.50%,

8/1/2046

10,274

10,245

2.50%,

10/1/2046

48,830

42,701

4.50%,

10/1/2046

22,772

22,623

2.50%,

12/1/2046

16,169

14,113

4.50%,

1/1/2047

20,881

20,779

4.00%,

2/1/2047

23,076

22,401

4.50%,

2/1/2047

25,579

25,633

4.50%,

5/1/2047

386,901

381,781

4.50%,

7/1/2047

53,441

53,290

5.00%,

7/1/2047

20,880

21,447

5.00%,

8/1/2048

983,434

997,879

3.50%,

11/1/2048

789,343

745,157

5.50%,

2/1/2049

1,203,011

1,255,783

6.00%,

2/1/2049

57,633

60,871

4.50%,

7/1/2049

356,007

351,771

4.50%,

11/1/2049

368,194

367,000

4.00%,

1/1/2050

486,003

467,724

3.50%,

7/1/2050

385,986

365,874

4.00%,

7/1/2050

600,057

575,995

4.50%,

9/1/2050

881,582

885,624

4.50%,

10/1/2050

978,053

969,633

1.50%,

2/1/2051

627,678

485,172

1.50%,

10/1/2051

1,208,554

934,358

2.50%,

2/1/2052

1,034,504

881,889

3.00%,

6/1/2052

1,280,564

1,136,758

3.00%,

7/1/2052

1,250,090

1,111,222

5.00%,

11/1/2052

803,616

803,466

6.50%,

11/1/2052

65,803

69,463

6.50%,

1/1/2053

184,970

191,680

6.50%,

2/1/2053

963,173

1,000,228

6.50%,

11/1/2053

611,029

633,276

7.00%,

12/1/2053

372,916

390,065

7.00%,

3/1/2054

495,881

518,855

6.50%,

8/1/2054

291,955

302,233

7.00%,

3/1/2055

976,431

1,021,798

6.50%,

5/1/2055

630,444

652,639

5.50%,

6/1/2055

965,493

975,581

GNMA

5.50%,

8/20/2033

17,175

17,553

5.50%,

11/20/2033

16,209

16,569

5.50%,

3/20/2034

19,929

20,556

5.50%,

7/20/2034

12,875

13,238

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Disciplined

Duration

MBS

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

236

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

(continued)

5.50%,

9/20/2034

5,844

6,037

5.50%,

3/20/2036

43,733

45,234

5.50%,

9/20/2038

28,731

29,719

5.50%,

2/20/2039

46,890

48,502

4.50%,

5/15/2039

1,564,660

1,569,680

5.00%,

8/15/2039

811,374

826,686

4.00%,

6/15/2040

226,320

220,051

4.00%,

8/15/2040

232,824

226,357

4.00%,

11/15/2040

180,094

174,932

5.50%,

12/20/2040

13,314

13,706

5.50%,

1/20/2041

13,931

14,410

4.00%,

9/15/2041

700,442

676,048

5.50%,

12/20/2041

35,066

35,651

5.50%,

2/20/2042

9,581

9,911

3.00%,

4/15/2042

798,701

735,875

3.50%,

6/15/2042

359,479

339,995

2.50%,

3/20/2043

31,161

27,862

2.50%,

5/20/2043

44,422

39,665

5.50%,

3/20/2044

37,209

38,486

4.50%,

10/20/2044

92,781

92,562

2.50%,

11/20/2044

30,069

26,937

5.00%,

6/20/2045

112,502

115,233

4.00%,

8/15/2045

686,159

661,557

4.50%,

12/20/2045

193,141

192,607

4.50%,

4/20/2046

223,624

223,006

5.00%,

5/20/2046

271,762

278,359

3.50%,

6/15/2046

1,437,068

1,349,541

3.50%,

10/20/2047

310,205

289,059

4.00%,

2/20/2048

727,263

699,754

5.00%,

5/20/2048

98,410

99,956

5.50%,

1/20/2049

225,030

230,586

5.50%,

7/20/2049

5,951

6,123

2.50%,

10/20/2050

996,541

865,258

2.00%,

12/20/2051

1,102,380

917,242

4.00%,

12/20/2051

320,577

306,088

2.00%,

2/20/2052

1,134,411

943,893

2.50%,

3/20/2052

994,967

861,883

5.50%,

12/20/2052

480,689

488,664

6.00%,

12/20/2052

328,654

337,155

7.50%,

2/20/2053

124,897

129,576

7.50%,

3/20/2053

199,953

207,336

6.50%,

6/20/2053

475,546

492,028

7.00%,

8/20/2053

417,997

432,128

6.50%,

10/20/2053

671,493

694,097

7.00%,

10/20/2053

116,704

120,639

7.50%,

2/20/2054

265,942

275,422

6.50%,

7/20/2054

343,432

354,523

7.00%,

7/20/2054

706,909

728,405

6.50%,

8/20/2054

294,575

304,065

7.50%,

8/20/2054

203,255

209,944

7.00%,

9/20/2054

717,541

739,361

Investments

Principal

Amount

Value

7.00%,

5/20/2055

880,591

907,975

Total

Mortgage-Backed

Securities

(Cost

$90,119,625)

88,135,942

Total

Investments

99.3%

(Cost

$90,119,625)

88,135,942

Other

assets

less

liabilities

0.7%

658,557

NET

ASSETS

100.0%

$88,794,499

Percentages

shown

are

based

Net

Assets.

Abbreviations

FHLMC

—

Federal

Home

Loan

Mortgage

Corp.

FNMA

—

Federal

National

Mortgage

Association

GNMA

—

Government

National

Mortgage

Association

UMBS

—

Uniform

Mortgage-Backed

Securities

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

747,552

Aggregate

gross

unrealized

depreciation

(2,871,990

)

Net

unrealized

depreciation

(2,124,438

)

Federal

income

tax

cost

90,260,380

Security

Type

Net

Assets

Mortgage-Backed

Securities

99‌

Others

(1)

0‌

100‌

(1)

Includes

any

other

net

assets/(liabilities).

237

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

October

31,

2025

Investments

Principal

Amount

Value

CORPORATE

BONDS

Aerospace

Defense

General

Dynamics

Corp.

2.63%,

11/15/2027

25,000

24,404

3.63%,

4/1/2030

95,000

93,168

General

Electric

Co.

6.75%,

3/15/2032

350,000

397,856

HEICO

Corp.

5.25%,

8/1/2028(a)

400,000

411,938

5.35%,

8/1/2033(a)

350,000

364,107

Hexcel

Corp.

4.20%,

2/15/2027(b)

200,000

198,757

5.88%,

2/26/2035(a)

200,000

209,266

Howmet

Aerospace,

Inc.

6.75%,

1/15/2028

100,000

105,623

3.00%,

1/15/2029(a)

1,200,000

1,159,337

4.85%,

10/15/2031

250,000

256,664

L3Harris

Technologies,

Inc.

3.85%,

12/15/2026

600,000

598,654

5.40%,

1/15/2027(a)

600,000

608,847

5.40%,

7/31/2033

1,050,000

1,094,887

Leidos,

Inc.

4.38%,

5/15/2030

552,000

551,379

2.30%,

2/15/2031

300,000

268,610

5.40%,

3/15/2032

300,000

311,202

5.75%,

3/15/2033(a)

380,000

401,474

5.50%,

3/15/2035(a)

350,000

363,217

Northrop

Grumman

Corp.

4.70%,

3/15/2033

50,000

50,439

Northrop

Grumman

Systems

Corp.

7.75%,

2/15/2031

500,000

577,951

RTX

Corp.

5.75%,

11/8/2026(a)

775,000

787,515

3.50%,

3/15/2027(a)

25,000

24,818

Textron,

Inc.

3.65%,

3/15/2027(a)

475,000

471,212

3.90%,

9/17/2029

200,000

196,710

3.00%,

6/1/2030

150,000

141,441

6.10%,

11/15/2033

50,000

54,093

5.50%,

5/15/2035

250,000

258,998

9,982,567

Air

Freight

Logistics

Robinson

Worldwide,

Inc.

4.20%,

4/15/2028(a)

500,000

500,048

Automobile

Components

Aptiv

Swiss

Holdings

Ltd.

4.65%,

9/13/2029

200,000

203,145

BorgWarner,

Inc.

2.65%,

7/1/2027(a)

150,000

146,512

Lear

Corp.

4.25%,

5/15/2029(a)

150,000

149,117

498,774

Banks

Banco

Bilbao

Vizcaya

Argentaria

6.14%,

9/14/2028(c)

250,000

258,485

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

23.6%

(continued)

Banco

Bilbao

Vizcaya

Argentaria

(continued)

7.88%,

11/15/2034(c)

500,000

583,584

6.03%,

3/13/2035(c)

600,000

638,793

Banco

Santander

5.29%,

8/18/2027(a)

600,000

610,739

2.75%,

12/3/2030

200,000

181,493

2.96%,

3/25/2031

125,000

115,811

6.92%,

8/8/2033

200,000

221,828

6.94%,

11/7/2033(a)

200,000

229,246

6.35%,

3/14/2034(a)

570,000

613,553

Bank

America

Corp.

3.25%,

10/21/2027

70,000

69,074

3.71%,

4/24/2028(c)

324,000

321,917

3.59%,

7/21/2028(c)

1,200,000

1,189,439

4.95%,

7/22/2028(c)

685,000

694,190

6.20%,

11/10/2028(c)

79,000

82,163

3.42%,

12/20/2028(c)

500,000

492,269

Series

FIX,

4.98%,

1/24/2029(a)(c)

500,000

508,912

3.97%,

3/5/2029(c)

100,000

99,603

5.20%,

4/25/2029(c)

300,000

307,249

2.09%,

6/14/2029(c)

150,000

142,402

4.27%,

7/23/2029(a)(c)

250,000

250,938

5.82%,

9/15/2029(a)(c)

150,000

156,553

5.16%,

1/24/2031(c)

50,000

51,627

2.59%,

4/29/2031(c)

375,000

348,776

1.90%,

7/23/2031(c)

450,000

403,191

1.92%,

10/24/2031(c)

50,000

44,491

Series

2.65%,

3/11/2032(a)

(c)

100,000

91,435

2.30%,

7/21/2032(c)

250,000

222,423

2.57%,

10/20/2032(c)

450,000

404,696

5.02%,

7/22/2033(a)(c)

50,000

51,189

5.29%,

4/25/2034(c)

281,000

290,746

5.87%,

9/15/2034(c)

50,000

53,597

5.47%,

1/23/2035(c)

500,000

522,318

5.43%,

8/15/2035(c)

1,025,000

1,048,026

5.52%,

10/25/2035(c)

1,450,000

1,486,568

5.74%,

2/12/2036(a)(c)

600,000

624,469

2.48%,

9/21/2036(c)

875,000

762,450

3.85%,

3/8/2037(a)(c)

1,575,000

1,477,666

Bank

Montreal

5.72%,

9/25/2028

100,000

104,379

3.80%,

12/15/2032(a)(c)

895,000

879,947

3.09%,

1/10/2037(c)

700,000

625,408

7.70%,

5/26/2084(c)

500,000

529,910

7.30%,

11/26/2084(a)(c)

400,000

425,745

Bank

Nova

Scotia

(The)

1.95%,

2/2/2027

50,000

48,786

4.40%,

9/8/2028(a)(c)

150,000

150,827

4.93%,

2/14/2029(a)(c)

750,000

762,276

5.13%,

2/14/2031(a)(c)

450,000

462,216

2.15%,

8/1/2031

50,000

44,343

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

238

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

23.6%

(continued)

Bank

Nova

Scotia

(The)

(continued)

4.59%,

5/4/2037(c)

850,000

826,948

Series

3.63%,

10/27/2081(c)

350,000

337,070

8.63%,

10/27/2082(c)

2,040,000

2,157,689

8.00%,

1/27/2084(c)

350,000

373,285

7.35%,

4/27/2085(c)

250,000

261,200

6.88%,

10/27/2085(c)

20,000

20,184

Bank

OZK

2.75%,

10/1/2031(c)

251,000

232,175

BankUnited,

Inc.

5.13%,

6/11/2030

180,000

179,293

Barclays

plc

4.34%,

1/10/2028

50,000

50,024

4.97%,

5/16/2029(a)(c)

200,000

202,960

7.44%,

11/2/2033(c)

300,000

344,286

7.12%,

6/27/2034(a)(c)

700,000

783,464

6.69%,

9/13/2034(c)

250,000

276,839

5.34%,

9/10/2035(a)(c)

500,000

507,290

3.56%,

9/23/2035(a)(c)

300,000

281,637

Canadian

Imperial

Bank

Commerce

5.24%,

6/28/2027(a)

50,000

50,978

5.99%,

10/3/2028

50,000

52,553

4.86%,

3/30/2029(c)

1,050,000

1,065,983

5.25%,

1/13/2031(a)(c)

400,000

412,847

4.58%,

9/8/2031(c)

420,000

421,375

6.09%,

10/3/2033(a)

250,000

272,049

6.95%,

1/28/2085(a)(c)

400,000

407,363

7.00%,

10/28/2085(c)

400,000

412,218

Capital

One

4.65%,

9/13/2028

477,000

482,790

Citigroup,

Inc.

4.45%,

9/29/2027

2,540,000

2,548,062

3.89%,

1/10/2028(a)(c)

650,000

647,491

3.07%,

2/24/2028(a)(c)

1,110,000

1,094,400

4.64%,

5/7/2028(a)(c)

600,000

603,897

4.66%,

5/24/2028(a)(c)

350,000

352,610

3.67%,

7/24/2028(c)

1,610,000

1,596,290

3.52%,

10/27/2028(c)

886,000

874,717

4.08%,

4/23/2029(a)(c)

100,000

99,759

5.17%,

2/13/2030(c)

450,000

461,868

3.98%,

3/20/2030(a)(c)

250,000

247,371

4.54%,

9/19/2030(c)

650,000

654,250

2.98%,

11/5/2030(c)

600,000

568,978

2.67%,

1/29/2031(a)(c)

826,000

769,813

4.95%,

5/7/2031(a)(c)

350,000

357,032

2.57%,

6/3/2031(c)

500,000

461,089

6.63%,

6/15/2032

250,000

277,348

3.06%,

1/25/2033(a)(c)

250,000

228,420

5.88%,

2/22/2033

100,000

106,531

3.79%,

3/17/2033(a)(c)

450,000

427,977

4.91%,

5/24/2033(c)

150,000

151,794

6.00%,

10/31/2033

135,000

145,124

6.27%,

11/17/2033(a)(c)

203,000

221,497

6.17%,

5/25/2034(c)

1,875,000

1,991,249

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

23.6%

(continued)

Citigroup,

Inc.

(continued)

5.59%,

11/19/2034(a)(c)

350,000

358,156

5.83%,

2/13/2035(c)

1,200,000

1,247,069

5.45%,

6/11/2035(c)

150,000

155,682

6.02%,

1/24/2036(c)

450,000

470,786

5.33%,

3/27/2036(a)(c)

150,000

153,500

5.41%,

9/19/2039(c)

500,000

502,794

Citizens

Bank

4.58%,

8/9/2028(c)

450,000

452,823

Citizens

Financial

Group,

Inc.

5.84%,

1/23/2030(c)

1,090,000

1,133,209

5.72%,

7/23/2032(c)

150,000

156,517

2.64%,

9/30/2032

300,000

256,682

6.65%,

4/25/2035(a)(c)

200,000

219,126

5.64%,

5/21/2037(c)

50,000

50,515

Comerica

Bank

5.33%,

8/25/2033(c)

250,000

251,071

Comerica,

Inc.

4.00%,

2/1/2029

583,000

576,683

5.98%,

1/30/2030(c)

550,000

572,202

Cooperatieve

Rabobank

5.04%,

3/5/2027(a)

150,000

152,219

4.80%,

1/9/2029

250,000

255,834

4.49%,

10/17/2029(a)

250,000

254,387

Credit

Agricole

4.82%,

9/25/2033(c)(d)

550,000

546,764

Fifth

Third

Bancorp

4.06%,

4/25/2028(c)

50,000

49,846

6.36%,

10/27/2028(c)

955,000

992,829

6.34%,

7/27/2029(c)

25,000

26,284

4.77%,

7/28/2030(c)

776,000

784,206

5.63%,

1/29/2032(c)

300,000

313,983

First

Citizens

BancShares,

Inc.

5.23%,

3/12/2031(a)(c)

350,000

354,265

6.25%,

3/12/2040(a)(c)

350,000

355,296

First

Horizon

Bank

5.75%,

5/1/2030(a)

500,000

517,002

First

Horizon

Corp.

5.51%,

3/7/2031(a)(c)

250,000

257,814

First-Citizens

Bank

Trust

Co.

6.13%,

3/9/2028

200,000

207,105

FNB

Corp.

5.72%,

12/11/2030(c)

300,000

305,860

HSBC

Holdings

plc

4.38%,

11/23/2026(a)

300,000

300,352

2.25%,

11/22/2027(a)(c)

200,000

195,876

4.04%,

3/13/2028(c)

1,064,000

1,060,583

5.60%,

5/17/2028(a)(c)

650,000

662,531

4.76%,

6/9/2028(c)

1,180,000

1,189,193

5.21%,

8/11/2028(c)

1,000,000

1,015,868

2.01%,

9/22/2028(c)

2,750,000

2,641,071

7.39%,

11/3/2028(c)

883,000

934,828

5.13%,

11/19/2028(c)

200,000

203,428

4.90%,

3/3/2029(c)

250,000

253,439

6.16%,

3/9/2029(c)

300,000

312,551

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

239

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

23.6%

(continued)

HSBC

Holdings

plc

(continued)

4.58%,

6/19/2029(c)

1,120,000

1,126,833

2.21%,

8/17/2029(c)

700,000

661,425

5.55%,

3/4/2030(a)(c)

200,000

207,242

3.97%,

5/22/2030(a)(c)

1,603,000

1,581,768

5.29%,

11/19/2030(c)

400,000

412,528

5.13%,

3/3/2031(c)

200,000

204,648

5.24%,

5/13/2031(c)

250,000

257,238

2.85%,

6/4/2031(c)

550,000

512,635

2.36%,

8/18/2031(c)

200,000

181,417

5.73%,

5/17/2032(a)(c)

450,000

473,888

4.76%,

3/29/2033(a)(c)

602,000

600,001

8.11%,

11/3/2033(a)(c)

450,000

527,790

6.25%,

3/9/2034(c)

500,000

543,919

6.55%,

6/20/2034(a)(c)

400,000

432,859

7.40%,

11/13/2034(c)

450,000

513,237

5.87%,

11/18/2035(a)(c)

350,000

363,672

5.45%,

3/3/2036(c)

300,000

309,852

5.79%,

5/13/2036(a)(c)

200,000

211,068

Huntington

Bancshares,

Inc.

4.44%,

8/4/2028(c)

401,000

402,501

6.21%,

8/21/2029(a)(c)

505,000

530,146

5.02%,

5/17/2033(c)

250,000

251,715

5.71%,

2/2/2035(a)(c)

625,000

649,851

6.14%,

11/18/2039(c)

200,000

207,142

Huntington

National

Bank

(The)

5.65%,

1/10/2030

344,000

359,469

ING

Groep

3.95%,

3/29/2027

800,000

797,862

4.02%,

3/28/2028(a)(c)

700,000

697,977

4.86%,

3/25/2029(a)(c)

200,000

202,661

5.34%,

3/19/2030(a)(c)

50,000

51,576

2.73%,

4/1/2032(a)(c)

50,000

45,879

6.11%,

9/11/2034(a)(c)

400,000

432,418

5.55%,

3/19/2035(a)(c)

545,000

567,779

JPMorgan

Chase

Co.

2.95%,

10/1/2026(a)

150,000

148,659

3.78%,

2/1/2028(c)

3,000

2,987

2.95%,

2/24/2028(c)

550,000

541,809

4.32%,

4/26/2028(a)(c)

1,352,000

1,356,339

3.54%,

5/1/2028(c)

535,000

530,308

2.18%,

6/1/2028(c)

765,000

742,821

4.98%,

7/22/2028(c)

500,000

507,200

4.85%,

7/25/2028(c)

1,168,000

1,182,851

4.51%,

10/22/2028(a)(c)

250,000

251,933

3.51%,

1/23/2029(c)

700,000

690,884

4.92%,

1/24/2029(c)

250,000

254,440

4.01%,

4/23/2029(a)(c)

350,000

348,960

2.07%,

6/1/2029(a)(c)

500,000

475,330

4.20%,

7/23/2029(c)

1,150,000

1,151,558

5.30%,

7/24/2029(a)(c)

1,150,000

1,183,997

6.09%,

10/23/2029(a)(c)

1,500,000

1,580,856

4.45%,

12/5/2029(c)

2,360,000

2,379,869

5.00%,

7/22/2030(c)

400,000

410,382

8.75%,

9/1/2030

150,000

177,831

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

23.6%

(continued)

JPMorgan

Chase

Co.

(continued)

4.49%,

3/24/2031(a)(c)

100,000

100,978

2.52%,

4/22/2031(c)

100,000

92,944

2.96%,

5/13/2031(c)

653,000

613,963

1.95%,

2/4/2032(c)

300,000

265,768

5.72%,

9/14/2033(a)(c)

825,000

876,241

5.77%,

4/22/2035(c)

100,000

106,648

5.29%,

7/22/2035(c)

300,000

310,220

5.50%,

1/24/2036(c)

100,000

104,939

5.58%,

7/23/2036(c)

650,000

673,962

KeyBank

5.85%,

11/15/2027(a)

550,000

566,071

3.90%,

4/13/2029(a)

400,000

392,068

4.90%,

8/8/2032

450,000

445,679

5.00%,

1/26/2033

300,000

302,081

KeyCorp

2.25%,

4/6/2027

403,000

391,876

4.10%,

4/30/2028

100,000

99,737

5.12%,

4/4/2031(a)(c)

600,000

614,774

4.79%,

6/1/2033(c)

500,000

497,763

6.40%,

3/6/2035(a)(c)

450,000

487,778

Lloyds

Banking

Group

plc

3.75%,

3/18/2028(c)

300,000

298,128

4.55%,

8/16/2028

200,000

201,972

3.57%,

11/7/2028(c)

350,000

345,572

M&T

Bank

Corp.

4.55%,

8/16/2028(a)(c)

471,000

472,721

4.83%,

1/16/2029(a)(c)

250,000

253,066

7.41%,

10/30/2029(a)(c)

450,000

487,155

5.18%,

7/8/2031(a)(c)

280,000

286,099

6.08%,

3/13/2032(c)

245,000

259,160

5.05%,

1/27/2034(c)

650,000

651,729

5.39%,

1/16/2036(a)(c)

500,000

506,458

Manufacturers

Traders

Trust

Co.

3.40%,

8/17/2027(a)

353,000

347,812

4.70%,

1/27/2028(a)

402,000

406,828

Mitsubishi

UFJ

Financial

Group,

Inc.

3.96%,

3/2/2028(a)

150,000

149,864

3.74%,

3/7/2029(a)

100,000

98,882

3.20%,

7/18/2029

100,000

96,461

5.26%,

4/17/2030(a)(c)

175,000

180,774

2.31%,

7/20/2032(a)(c)

200,000

178,018

2.49%,

10/13/2032(c)

200,000

178,830

5.62%,

4/24/2036(c)

300,000

315,626

Mizuho

Financial

Group,

Inc.

5.67%,

5/27/2029(c)

375,000

388,663

5.78%,

7/6/2029(c)

300,000

312,067

4.25%,

9/11/2029(c)

50,000

50,040

2.17%,

5/22/2032(c)

50,000

44,255

5.42%,

5/13/2036(a)(c)

250,000

259,351

Morgan

Stanley

Bank

4.95%,

1/14/2028(c)

50,000

50,442

National

Bank

Canada

5.60%,

12/18/2028

90,000

93,820

4.50%,

10/10/2029

100,000

100,933

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

240

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

23.6%

(continued)

NatWest

Group

plc

5.58%,

3/1/2028(c)

400,000

407,033

3.07%,

5/22/2028(c)

525,000

516,369

5.52%,

9/30/2028(a)(c)

550,000

563,141

4.89%,

5/18/2029(c)

400,000

406,067

5.81%,

9/13/2029(c)

550,000

572,483

5.08%,

1/27/2030(a)(c)

243,000

248,425

4.45%,

5/8/2030(c)

435,000

435,781

6.48%,

6/1/2034(a)(c)

600,000

629,245

3.03%,

11/28/2035(c)

400,000

365,750

PNC

Bank

4.05%,

7/26/2028

250,000

249,533

PNC

Financial

Services

Group,

Inc.

(The)

6.62%,

10/20/2027(c)

50,000

51,126

3.45%,

4/23/2029(a)

250,000

245,284

5.49%,

5/14/2030(a)(c)

100,000

103,995

2.31%,

4/23/2032(c)

200,000

178,835

4.81%,

10/21/2032(a)(c)

100,000

101,457

4.63%,

6/6/2033(c)

50,000

49,536

6.04%,

10/28/2033(a)(c)

100,000

107,807

6.88%,

10/20/2034(c)

400,000

452,959

5.68%,

1/22/2035(c)

150,000

158,303

5.40%,

7/23/2035(a)(c)

50,000

51,761

5.58%,

1/29/2036(c)

250,000

261,259

Regions

Financial

Corp.

5.72%,

6/6/2030(a)(c)

500,000

519,691

5.50%,

9/6/2035(a)(c)

350,000

358,496

Royal

Bank

Canada

1.40%,

11/2/2026(a)

100,000

97,529

4.88%,

1/19/2027(a)

220,000

222,382

5.20%,

8/1/2028

50,000

51,521

4.52%,

10/18/2028(c)

105,000

105,925

4.97%,

1/24/2029(a)(c)

50,000

50,838

4.50%,

8/6/2029(a)(c)

450,000

453,554

4.97%,

8/2/2030(a)(c)

300,000

306,960

4.65%,

10/18/2030(a)(c)

600,000

607,326

5.15%,

2/4/2031(a)(c)

500,000

514,868

4.70%,

8/6/2031(a)(c)

1,000,000

1,012,632

2.30%,

11/3/2031(a)

80,000

71,681

3.88%,

5/4/2032

55,000

53,572

5.00%,

2/1/2033(a)

100,000

103,051

5.15%,

2/1/2034(a)

50,000

52,149

7.50%,

5/2/2084(c)

900,000

956,022

6.35%,

11/24/2084(c)

750,000

740,823

6.75%,

8/24/2085(c)

550,000

571,628

Santander

Holdings

USA,

Inc.

2.49%,

1/6/2028(a)(c)

850,000

829,994

6.50%,

3/9/2029(c)

645,000

671,186

6.57%,

6/12/2029(c)

150,000

156,703

6.17%,

1/9/2030(a)(c)

400,000

415,629

5.35%,

9/6/2030(a)(c)

700,000

712,982

5.74%,

3/20/2031(c)

200,000

206,459

7.66%,

11/9/2031(c)

250,000

279,193

6.34%,

5/31/2035(a)(c)

400,000

425,170

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

23.6%

(continued)

Santander

Group

Holdings

plc

2.47%,

1/11/2028(c)

25,000

24,462

3.82%,

11/3/2028(a)(c)

300,000

297,007

6.53%,

1/10/2029(c)

700,000

731,604

4.32%,

9/22/2029(c)

600,000

598,786

5.69%,

4/15/2031(c)

200,000

208,352

Sumitomo

Mitsui

Financial

Group,

Inc.

3.36%,

7/12/2027(a)

200,000

198,092

5.72%,

9/14/2028(a)

50,000

52,138

3.04%,

7/16/2029(a)

150,000

143,846

5.71%,

1/13/2030(a)

200,000

210,860

2.14%,

9/23/2030(a)

50,000

44,943

5.42%,

7/9/2031

400,000

419,434

5.81%,

9/14/2033(a)

50,000

53,692

Synovus

Bank

5.63%,

2/15/2028

350,000

357,229

Synovus

Financial

Corp.

6.17%,

11/1/2030(a)(c)

250,000

258,599

Toronto-Dominion

Bank

(The)

1.95%,

1/12/2027

200,000

195,386

5.16%,

1/10/2028(a)

50,000

51,108

2.00%,

9/10/2031(a)

175,000

156,103

8.13%,

10/31/2082(c)

1,055,000

1,114,231

7.25%,

7/31/2084(c)

400,000

422,559

6.35%,

10/31/2085(c)

200,000

202,313

Truist

Bank

3.80%,

10/30/2026(a)

360,000

358,822

2.25%,

3/11/2030(a)

750,000

685,460

Truist

Financial

Corp.

4.12%,

6/6/2028(c)

350,000

349,933

4.87%,

1/26/2029(a)(c)

825,000

836,277

1.89%,

6/7/2029(c)

50,000

47,138

7.16%,

10/30/2029(c)

775,000

837,667

5.44%,

1/24/2030(a)(c)

50,000

51,672

5.07%,

5/20/2031(a)(c)

100,000

102,358

4.92%,

7/28/2033(c)

50,000

49,847

6.12%,

10/28/2033(a)(c)

400,000

429,945

5.12%,

1/26/2034(c)

650,000

658,408

5.87%,

6/8/2034(c)

1,194,000

1,264,070

5.71%,

1/24/2035(a)(c)

1,250,000

1,310,155

4.96%,

10/23/2036(a)(c)

3,025,000

2,978,999

Bancorp

Series

3.15%,

4/27/2027

75,000

74,107

6.79%,

10/26/2027(c)

50,000

51,239

4.55%,

7/22/2028(c)

300,000

301,993

4.65%,

2/1/2029(c)

100,000

101,006

5.78%,

6/12/2029(c)

350,000

363,518

1.38%,

7/22/2030

55,000

48,390

2.68%,

1/27/2033(a)(c)

50,000

44,832

4.97%,

7/22/2033(a)(c)

251,000

251,657

5.84%,

6/12/2034(c)

100,000

106,635

5.68%,

1/23/2035(c)

250,000

263,539

Wachovia

Corp.

5.50%,

8/1/2035

1,380,000

1,423,338

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

241

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

23.6%

(continued)

Webster

Financial

Corp.

4.10%,

3/25/2029

115,000

112,828

Wells

Fargo

Co.

4.30%,

7/22/2027

200,000

200,534

Series

4.90%,

1/24/2028(c)

50,000

50,416

3.53%,

3/24/2028(c)

305,000

302,439

3.58%,

5/22/2028(c)

500,000

495,702

2.39%,

6/2/2028(c)

475,000

462,192

4.81%,

7/25/2028(c)

600,000

606,678

4.15%,

1/24/2029(a)

150,000

150,073

4.97%,

4/23/2029(c)

500,000

509,099

5.57%,

7/25/2029(c)

50,000

51,751

6.30%,

10/23/2029(c)

500,000

528,919

Series

7.95%,

11/15/2029

50,000

56,089

5.20%,

1/23/2030(a)(c)

300,000

308,683

2.88%,

10/30/2030(c)

50,000

47,407

4.90%,

7/25/2033(c)

250,000

253,775

6.49%,

10/23/2034(c)

100,000

111,040

5.21%,

12/3/2035(c)

1,000,000

1,022,744

Westpac

Banking

Corp.

4.60%,

10/20/2026

50,000

50,310

3.35%,

3/8/2027(a)

75,000

74,507

3.40%,

1/25/2028(a)

75,000

74,228

5.54%,

11/17/2028

50,000

52,294

5.05%,

4/16/2029(a)

25,000

25,842

4.32%,

11/23/2031(c)

454,000

453,023

6.82%,

11/17/2033(a)

400,000

449,324

5.62%,

11/20/2035(c)

100,000

103,427

3.02%,

11/18/2036(c)

550,000

492,734

Wintrust

Financial

Corp.

4.85%,

6/6/2029

150,000

148,298

Zions

Bancorp

3.25%,

10/29/2029

252,000

234,773

6.82%,

11/19/2035(c)

250,000

265,382

151,012,641

Beverages

Coca-Cola

Co.

(The)

3.45%,

3/25/2030(a)

218,000

212,871

1.65%,

6/1/2030(a)

700,000

631,578

5.00%,

5/13/2034(a)

200,000

208,699

Coca-Cola

Consolidated,

Inc.

5.25%,

6/1/2029

155,000

160,512

Constellation

Brands,

Inc.

4.35%,

5/9/2027(a)

50,000

50,149

3.60%,

2/15/2028

50,000

49,402

3.15%,

8/1/2029(a)

202,000

194,231

2.88%,

5/1/2030(a)

50,000

46,786

4.75%,

5/9/2032(a)

150,000

151,087

Keurig

Pepper,

Inc.

3.43%,

6/15/2027(a)

50,000

49,413

Pepsico

Singapore

Financing

Pte.

Ltd.

4.55%,

2/16/2029(a)

100,000

101,698

4.70%,

2/16/2034

50,000

50,189

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Beverages

0.4%

(continued)

PepsiCo,

Inc.

2.63%,

7/29/2029

50,000

47,622

2.75%,

3/19/2030(a)

255,000

241,408

1.63%,

5/1/2030(a)

300,000

270,548

2,466,193

Biotechnology

AbbVie,

Inc.

3.20%,

11/21/2029

500,000

482,979

5.05%,

3/15/2034(a)

350,000

360,055

Biogen,

Inc.

2.25%,

5/1/2030

200,000

182,962

Gilead

Sciences,

Inc.

2.95%,

3/1/2027

250,000

246,997

4.80%,

11/15/2029(a)

400,000

410,541

5.25%,

10/15/2033

250,000

262,693

Regeneron

Pharmaceuticals,

Inc.

1.75%,

9/15/2030(a)

815,000

722,949

2,669,176

Broadline

Retail

eBay,

Inc.

3.60%,

6/5/2027

250,000

248,274

5.95%,

11/22/2027

100,000

103,648

2.70%,

3/11/2030(a)

750,000

702,215

2.60%,

5/10/2031

150,000

136,704

6.30%,

11/22/2032(a)

300,000

329,527

1,520,368

Building

Products

Allegion

plc

3.50%,

10/1/2029

152,000

147,123

Amrize

Finance

LLC

4.95%,

4/7/2030(a)(d)

200,000

204,743

5.40%,

4/7/2035(d)

350,000

361,423

Carlisle

Cos.,

Inc.

3.75%,

12/1/2027

350,000

347,427

2.75%,

3/1/2030(a)

275,000

258,247

2.20%,

3/1/2032(a)

300,000

260,027

Carrier

Global

Corp.

2.49%,

2/15/2027(a)

150,000

147,012

2.72%,

2/15/2030

300,000

281,490

Johnson

Controls

International

plc

5.50%,

4/19/2029

200,000

207,928

Lennox

International,

Inc.

5.50%,

9/15/2028

400,000

413,178

Masco

Corp.

3.50%,

11/15/2027

150,000

147,867

1.50%,

2/15/2028

351,000

330,003

2.00%,

10/1/2030

300,000

268,773

2.00%,

2/15/2031(a)

450,000

395,512

Trane

Technologies

Financing

Ltd.

3.80%,

3/21/2029

712,000

704,718

5.25%,

3/3/2033

130,000

135,266

5.10%,

6/13/2034

340,000

349,450

Trane

Technologies

Holdco,

Inc.

3.75%,

8/21/2028(a)

350,000

347,808

5,307,995

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

242

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

Ameriprise

Financial,

Inc.

5.70%,

12/15/2028(a)

450,000

470,618

5.15%,

5/15/2033(a)

175,000

181,694

5.20%,

4/15/2035(a)

250,000

255,573

Apollo

Debt

Solutions

BDC

6.90%,

4/13/2029

375,000

392,658

5.88%,

8/30/2030(a)(d)

100,000

101,139

6.70%,

7/29/2031(a)

550,000

578,934

6.55%,

3/15/2032(a)(d)

400,000

415,421

Ares

Capital

Corp.

7.00%,

1/15/2027

5,000

5,135

5.80%,

3/8/2032

200,000

202,269

Bain

Capital

Specialty

Finance,

Inc.

2.55%,

10/13/2026

227,000

222,628

5.95%,

3/15/2030(a)

200,000

199,339

Bank

New

York

Mellon

Corp.

(The)

3.30%,

8/23/2029

150,000

145,429

6.32%,

10/25/2029(c)

200,000

212,644

4.29%,

6/13/2033(c)

50,000

49,401

Series

4.97%,

4/26/2034(c)

100,000

102,056

Blackstone

Private

Credit

Fund

2.63%,

12/15/2026(a)

702,000

686,661

3.25%,

3/15/2027(a)

650,000

637,771

7.30%,

11/27/2028(a)

200,000

212,636

4.00%,

1/15/2029

475,000

461,510

5.95%,

7/16/2029(a)

300,000

306,657

5.25%,

4/1/2030

250,000

248,953

6.25%,

1/25/2031

365,000

378,529

6.00%,

1/29/2032(a)

750,000

767,670

6.00%,

11/22/2034(a)

350,000

354,965

Blackstone

Reg

Finance

Co.

LLC

5.00%,

12/6/2034

450,000

451,996

Blackstone

Secured

Lending

Fund

2.13%,

2/15/2027(a)

352,000

340,393

5.88%,

11/15/2027(a)

150,000

153,059

5.35%,

4/13/2028(a)

850,000

859,155

2.85%,

9/30/2028(a)

350,000

330,360

Blue

Owl

Capital

Corp.

2.63%,

1/15/2027

50,000

48,692

2.88%,

6/11/2028

450,000

424,935

5.95%,

3/15/2029

50,000

50,661

Blue

Owl

Credit

Income

Corp.

7.75%,

9/16/2027(a)

300,000

313,686

5.80%,

3/15/2030

200,000

201,076

6.65%,

3/15/2031

300,000

311,464

Blue

Owl

Technology

Finance

Corp.

2.50%,

1/15/2027

155,000

150,098

6.10%,

3/15/2028(a)(d)

500,000

503,862

6.75%,

4/4/2029(a)

250,000

255,587

Brookfield

Asset

Management

Ltd.

5.80%,

4/24/2035

250,000

261,531

Brookfield

Finance

plc

2.34%,

1/30/2032

25,000

21,805

Brookfield

Finance,

Inc.

4.85%,

3/29/2029(a)

50,000

50,874

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

6.3%

(continued)

Brookfield

Finance,

Inc.

(continued)

4.35%,

4/15/2030(a)

100,000

100,198

6.35%,

1/5/2034

670,000

729,534

Carlyle

Secured

Lending,

Inc.

6.75%,

2/18/2030

200,000

205,466

Cboe

Global

Markets,

Inc.

3.65%,

1/12/2027(a)

151,000

150,389

1.63%,

12/15/2030

101,000

88,829

3.00%,

3/16/2032

100,000

92,490

Charles

Schwab

Corp.

(The)

2.00%,

3/20/2028

1,100,000

1,052,682

5.64%,

5/19/2029(a)(c)

500,000

518,738

5.85%,

5/19/2034(a)(c)

250,000

267,439

6.14%,

8/24/2034(c)

300,000

326,830

Financial

Corp.

3.20%,

12/17/2030(a)

450,000

405,301

CME

Group,

Inc.

3.75%,

6/15/2028(a)

100,000

99,756

4.40%,

3/15/2030

250,000

252,991

2.65%,

3/15/2032(a)

200,000

182,534

Deutsche

Bank

6.72%,

1/18/2029(c)

100,000

104,826

6.82%,

11/20/2029(a)(c)

200,000

213,566

5.88%,

7/8/2031(c)

200,000

207,619

3.55%,

9/18/2031(c)

250,000

237,358

3.73%,

1/14/2032(a)(c)

650,000

612,371

4.88%,

12/1/2032(a)(c)

453,000

453,600

3.74%,

1/7/2033(c)

650,000

599,904

7.08%,

2/10/2034(a)(c)

800,000

876,947

FactSet

Research

Systems,

Inc.

2.90%,

3/1/2027

200,000

196,542

3.45%,

3/1/2032

250,000

230,861

Franklin

Resources,

Inc.

1.60%,

10/30/2030(a)

50,000

43,856

Goldman

Sachs

Group,

Inc.

(The)

5.95%,

1/15/2027(a)

50,000

51,107

3.85%,

1/26/2027

25,000

24,922

3.81%,

4/23/2029(c)

20,000

19,807

2.60%,

2/7/2030(a)

100,000

93,665

3.80%,

3/15/2030(a)

120,000

118,004

5.73%,

4/25/2030(c)

300,000

313,493

5.05%,

7/23/2030(c)

70,000

71,629

5.21%,

1/28/2031(a)(c)

100,000

103,191

1.99%,

1/27/2032(c)

470,000

415,609

2.62%,

4/22/2032(c)

150,000

136,129

2.38%,

7/21/2032(a)(c)

243,000

216,544

2.65%,

10/21/2032(a)(c)

200,000

179,908

6.13%,

2/15/2033

50,000

54,846

3.10%,

2/24/2033(c)

400,000

366,997

6.56%,

10/24/2034(a)(c)

50,000

55,860

5.85%,

4/25/2035(c)

150,000

159,900

5.33%,

7/23/2035(c)

200,000

205,969

5.02%,

10/23/2035(a)(c)

350,000

352,373

HPS

Corporate

Lending

Fund

5.30%,

6/5/2027(d)

100,000

100,363

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

243

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

6.3%

(continued)

HPS

Corporate

Lending

Fund

(continued)

5.45%,

1/14/2028

500,000

503,842

4.90%,

9/11/2028(d)

450,000

446,716

5.85%,

6/5/2030(d)

280,000

282,733

5.95%,

4/14/2032

250,000

251,229

Janus

Henderson

Holdings,

Inc.

5.45%,

9/10/2034

150,000

151,506

Jefferies

Financial

Group,

Inc.

6.20%,

4/14/2034(a)

250,000

262,362

Lazard

Group

LLC

4.38%,

3/11/2029

50,000

49,943

LPL

Holdings,

Inc.

5.70%,

5/20/2027

400,000

407,557

5.20%,

3/15/2030(a)

150,000

153,225

6.00%,

5/20/2034(a)

250,000

261,574

Main

Street

Capital

Corp.

6.95%,

3/1/2029

200,000

208,456

Moody's

Corp.

3.25%,

1/15/2028

240,000

235,901

4.25%,

2/1/2029(a)

202,000

202,674

2.00%,

8/19/2031(a)

353,000

311,113

4.25%,

8/8/2032

225,000

221,747

5.00%,

8/5/2034(a)

200,000

204,170

Morgan

Stanley

0.00%),

3.59%,

7/22/2028(e)

650,000

643,177

3.62%,

4/1/2031(a)(c)

100,000

97,120

7.25%,

4/1/2032

1,670,000

1,931,882

5.25%,

4/21/2034(c)

182,000

187,838

5.42%,

7/21/2034(a)(c)

150,000

156,493

5.47%,

1/18/2035(c)

300,000

312,019

5.83%,

4/19/2035(c)

150,000

159,935

2.48%,

9/16/2036(a)(c)

200,000

174,568

Morgan

Stanley

Direct

Lending

Fund

6.00%,

5/19/2030

250,000

255,744

Nasdaq,

Inc.

5.35%,

6/28/2028

45,000

46,427

5.55%,

2/15/2034(a)

627,000

657,756

Nomura

Holdings,

Inc.

5.61%,

7/6/2029

740,000

770,126

2.68%,

7/16/2030(a)

250,000

230,358

5.78%,

7/3/2034(a)

175,000

185,537

Nuveen

Churchill

Direct

Lending

Corp.

6.65%,

3/15/2030

50,000

51,377

Oaktree

Specialty

Lending

Corp.

6.34%,

2/27/2030

150,000

150,659

Oaktree

Strategic

Credit

Fund

8.40%,

11/14/2028

100,000

107,805

6.50%,

7/23/2029

150,000

154,213

S&P

Global,

Inc.

2.95%,

1/22/2027(a)

650,000

642,309

2.45%,

3/1/2027

900,000

882,290

4.75%,

8/1/2028

100,000

101,971

2.70%,

3/1/2029(a)

677,000

648,095

4.25%,

5/1/2029(a)

1,000,000

1,004,388

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

6.3%

(continued)

S&P

Global,

Inc.

(continued)

2.50%,

12/1/2029(a)

250,000

234,919

1.25%,

8/15/2030(a)

200,000

174,824

2.90%,

3/1/2032(a)

925,000

850,399

5.25%,

9/15/2033(a)

400,000

420,064

State

Street

Corp.

5.82%,

11/4/2028(c)

50,000

51,678

4.53%,

2/20/2029(a)(c)

150,000

151,413

2.40%,

1/24/2030(a)

75,000

70,449

2.20%,

3/3/2031

50,000

44,754

4.42%,

5/13/2033(a)(c)

150,000

149,641

5.16%,

5/18/2034(a)(c)

300,000

310,436

6.12%,

11/21/2034(c)

50,000

54,181

Stifel

Financial

Corp.

4.00%,

5/15/2030(a)

246,000

240,796

UBS

7.50%,

2/15/2028

250,000

269,641

40,340,497

Chemicals

Industries,

Inc.

5.15%,

3/15/2034(a)

450,000

453,225

Ecolab,

Inc.

1.65%,

2/1/2027

250,000

243,115

4.30%,

6/15/2028(a)

1,050,000

1,057,369

4.80%,

3/24/2030(a)

150,000

153,825

EIDP,

Inc.

2.30%,

7/15/2030

100,000

92,275

5.13%,

5/15/2032

250,000

256,345

4.80%,

5/15/2033(a)

300,000

300,778

Lubrizol

Corp.

(The)

6.50%,

10/1/2034

150,000

169,620

LYB

International

Finance

III

LLC

5.50%,

3/1/2034(a)

200,000

199,878

NewMarket

Corp.

2.70%,

3/18/2031

400,000

363,945

Nutrien

Ltd.

5.20%,

6/21/2027

630,000

640,229

PPG

Industries,

Inc.

3.75%,

3/15/2028(a)

200,000

198,616

RPM

International,

Inc.

3.75%,

3/15/2027

100,000

99,197

4.55%,

3/1/2029(a)

150,000

151,136

2.95%,

1/15/2032(a)

100,000

90,571

Sherwin-Williams

Co.

(The)

3.45%,

6/1/2027(a)

325,000

321,954

4.30%,

8/15/2028

900,000

904,193

2.95%,

8/15/2029(a)

701,000

669,177

2.30%,

5/15/2030(a)

350,000

321,403

4.80%,

9/1/2031

250,000

255,095

2.20%,

3/15/2032

150,000

131,195

7,073,141

Commercial

Services

Supplies

Cintas

Corp.

No.

3.70%,

4/1/2027

650,000

647,543

4.00%,

5/1/2032(a)

415,000

407,583

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

244

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Commercial

Services

Supplies

0.7%

(continued)

RELX

Capital,

Inc.

4.00%,

3/18/2029

852,000

847,802

3.00%,

5/22/2030

352,000

333,661

4.75%,

5/20/2032(a)

200,000

203,974

5.25%,

3/27/2035

400,000

413,961

Republic

Services,

Inc.

3.38%,

11/15/2027

50,000

49,455

3.95%,

5/15/2028

51,000

50,953

4.88%,

4/1/2029

350,000

358,576

5.00%,

11/15/2029

50,000

51,756

2.30%,

3/1/2030(a)

250,000

231,547

1.45%,

2/15/2031

2,000

1,738

5.00%,

4/1/2034

20,000

20,551

Rollins,

Inc.

5.25%,

2/24/2035(a)

200,000

203,385

Veralto

Corp.

5.35%,

9/18/2028(a)

275,000

284,158

5.45%,

9/18/2033(a)

300,000

314,253

Waste

Connections,

Inc.

2.60%,

2/1/2030

150,000

141,100

5.00%,

3/1/2034

150,000

153,182

4,715,178

Communications

Equipment

Cisco

Systems,

Inc.

4.85%,

2/26/2029(a)

100,000

102,487

4.75%,

2/24/2030(a)

450,000

461,202

4.95%,

2/26/2031

1,100,000

1,137,179

4.95%,

2/24/2032

500,000

515,992

5.05%,

2/26/2034

425,000

438,127

5.10%,

2/24/2035

270,000

277,814

Motorola

Solutions,

Inc.

4.60%,

2/23/2028

401,000

404,799

5.00%,

4/15/2029

300,000

307,275

4.60%,

5/23/2029(a)

428,000

432,734

4.85%,

8/15/2030(a)

100,000

101,905

2.30%,

11/15/2030

402,000

363,496

2.75%,

5/24/2031(a)

650,000

596,005

5.60%,

6/1/2032(a)

1,330,000

1,399,132

5.40%,

4/15/2034(a)

550,000

569,548

5.55%,

8/15/2035

500,000

520,629

Nokia

OYJ

4.38%,

6/12/2027

225,000

224,542

7,852,866

Construction

Engineering

MasTec,

Inc.

5.90%,

6/15/2029

100,000

104,522

Quanta

Services,

Inc.

4.75%,

8/9/2027(a)

150,000

151,749

4.50%,

1/15/2031

150,000

150,272

5.10%,

8/9/2035

500,000

504,591

911,134

Construction

Materials

Martin

Marietta

Materials,

Inc.

3.45%,

6/1/2027

1,000,000

990,918

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Construction

Materials

0.3%

(continued)

Martin

Marietta

Materials,

Inc.

(continued)

Series

CB,

2.50%,

3/15/2030(a)

110,000

102,436

2.40%,

7/15/2031(a)

53,000

47,595

5.15%,

12/1/2034(a)

50,000

51,144

Vulcan

Materials

Co.

3.50%,

6/1/2030(a)

175,000

169,169

5.35%,

12/1/2034(a)

340,000

351,585

1,712,847

Consumer

Finance

AerCap

Ireland

Capital

DAC

2.45%,

10/29/2026

700,000

689,212

3.00%,

10/29/2028(a)

150,000

144,836

6.15%,

9/30/2030(a)

230,000

246,179

4.95%,

9/10/2034

150,000

149,328

6.95%,

3/10/2055(a)(c)

550,000

578,176

American

Express

Co.

2.55%,

3/4/2027

20,000

19,643

5.10%,

2/16/2028(a)(c)

400,000

404,973

4.73%,

4/25/2029(a)(c)

50,000

50,760

5.28%,

7/27/2029(a)(c)

200,000

206,068

5.53%,

4/25/2030(c)

25,000

26,092

5.09%,

1/30/2031(c)

250,000

257,620

5.02%,

4/25/2031(a)(c)

150,000

154,268

6.49%,

10/30/2031(c)

100,000

109,362

4.99%,

5/26/2033(a)(c)

428,000

437,502

5.63%,

7/28/2034(a)(c)

285,000

299,159

5.92%,

4/25/2035(a)(c)

250,000

267,521

Capital

One

Financial

Corp.

5.25%,

7/26/2030(a)(c)

50,000

51,375

7.62%,

10/30/2031(c)

300,000

338,344

5.27%,

5/10/2033(c)

1,230,000

1,255,855

6.38%,

6/8/2034(a)(c)

150,000

162,349

5.88%,

7/26/2035(c)

100,000

104,714

6.18%,

1/30/2036(a)(c)

250,000

260,540

Caterpillar

Financial

Services

Corp.

5.00%,

5/14/2027

40,000

40,670

Ford

Motor

Credit

Co.

LLC

7.35%,

11/4/2027

200,000

208,860

7.20%,

6/10/2030

100,000

107,031

Synchrony

Financial

3.95%,

12/1/2027

705,000

698,989

5.15%,

3/19/2029(a)

662,000

672,170

5.94%,

8/2/2030(a)(c)

50,000

51,723

5.45%,

3/6/2031(a)(c)

500,000

508,613

2.88%,

10/28/2031

475,000

421,735

8,923,667

Consumer

Staples

Distribution

Retail

Costco

Wholesale

Corp.

1.38%,

6/20/2027(a)

475,000

457,395

1.60%,

4/20/2030

900,000

813,557

1.75%,

4/20/2032(a)

570,000

493,110

Dollar

Tree,

Inc.

4.20%,

5/15/2028

300,000

298,826

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

245

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Staples

Distribution

Retail

1.1%

(continued)

Kroger

Co.

(The)

2.65%,

10/15/2026

50,000

49,329

Series

7.70%,

6/1/2029

100,000

111,036

8.00%,

9/15/2029

50,000

56,155

7.50%,

4/1/2031

50,000

57,239

5.00%,

9/15/2034(a)

150,000

151,228

Sysco

Corp.

3.25%,

7/15/2027

30,000

29,618

5.75%,

1/17/2029(a)

450,000

470,886

2.40%,

2/15/2030(a)

220,000

203,959

5.95%,

4/1/2030(a)

645,000

684,154

2.45%,

12/14/2031

100,000

89,194

6.00%,

1/17/2034(a)

375,000

406,424

5.40%,

3/23/2035(a)

350,000

362,088

5.38%,

9/21/2035

1,300,000

1,339,400

Walmart,

Inc.

4.10%,

4/15/2033(a)

250,000

248,843

4.90%,

4/28/2035

500,000

514,154

6,836,595

Containers

Packaging

AptarGroup,

Inc.

3.60%,

3/15/2032(a)

195,000

181,687

Avery

Dennison

Corp.

4.88%,

12/6/2028

406,000

413,108

2.65%,

4/30/2030

100,000

93,271

2.25%,

2/15/2032

100,000

86,873

5.75%,

3/15/2033(a)

300,000

317,664

Packaging

Corp.

America

3.40%,

12/15/2027

950,000

938,113

3.00%,

12/15/2029(a)

278,000

265,827

5.70%,

12/1/2033(a)

350,000

370,302

2,666,845

Distributors

Genuine

Parts

Co.

6.50%,

11/1/2028

50,000

52,682

4.95%,

8/15/2029

50,000

50,568

2.75%,

2/1/2032(a)

25,000

21,985

LKQ

Corp.

5.75%,

6/15/2028(a)

550,000

568,206

6.25%,

6/15/2033(a)

50,000

53,335

746,776

Diversified

REITs

American

Assets

Trust

REIT,

6.15%,

10/1/2034

250,000

254,422

Broadstone

Net

Lease

LLC

REIT,

2.60%,

9/15/2031(a)

250,000

219,905

GLP

Capital

REIT,

5.75%,

6/1/2028

400,000

411,350

REIT,

5.30%,

1/15/2029(a)

500,000

509,485

REIT,

4.00%,

1/15/2030

315,000

305,134

REIT,

4.00%,

1/15/2031(a)

700,000

669,529

REIT,

3.25%,

1/15/2032

655,000

587,916

REIT,

6.75%,

12/1/2033

250,000

270,481

REIT,

5.63%,

9/15/2034(a)

450,000

454,962

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

REITs

1.5%

(continued)

Rayonier

REIT,

2.75%,

5/17/2031(a)

250,000

224,920

Simon

Property

Group

REIT,

6.25%,

1/15/2034

530,000

581,892

REIT,

4.75%,

9/26/2034(a)

50,000

49,685

VICI

Properties

REIT,

4.75%,

2/15/2028(a)

855,000

862,427

REIT,

4.75%,

4/1/2028

350,000

353,355

REIT,

4.95%,

2/15/2030(a)

503,000

508,405

REIT,

5.13%,

11/15/2031(a)

500,000

506,257

REIT,

5.13%,

5/15/2032

840,000

846,751

REIT,

5.75%,

4/1/2034(a)

300,000

310,173

REIT,

5.63%,

4/1/2035

400,000

407,990

Carey,

Inc.

REIT,

4.25%,

10/1/2026

150,000

150,102

REIT,

2.40%,

2/1/2031

250,000

224,377

REIT,

2.45%,

2/1/2032

50,000

43,978

REIT,

2.25%,

4/1/2033

640,000

535,058

REIT,

5.38%,

6/30/2034(a)

250,000

256,706

9,545,260

Diversified

Telecommunication

Services

Deutsche

Telekom

International

Finance

8.75%,

6/15/2030(b)

300,000

353,001

Koninklijke

KPN

8.38%,

10/1/2030

326,000

381,728

Sprint

Capital

Corp.

6.88%,

11/15/2028

1,160,000

1,246,270

8.75%,

3/15/2032

450,000

547,447

TELUS

Corp.

3.40%,

5/13/2032

620,000

569,520

Verizon

Communications,

Inc.

2.10%,

3/22/2028(a)

500,000

477,676

4.33%,

9/21/2028

250,000

251,342

2.36%,

3/15/2032

200,000

174,881

4.40%,

11/1/2034

200,000

192,481

4.78%,

2/15/2035

350,000

342,939

5.25%,

4/2/2035

150,000

151,714

4,688,999

Electric

Utilities

AEP

Texas,

Inc.

5.45%,

5/15/2029(a)

2,490,000

2,584,203

Series

6.65%,

2/15/2033

50,000

54,970

5.70%,

5/15/2034(a)

500,000

521,739

American

Electric

Power

Co.,

Inc.

5.20%,

1/15/2029(a)

800,000

825,248

5.63%,

3/1/2033(a)

400,000

421,551

6.95%,

12/15/2054(c)

300,000

328,166

7.05%,

12/15/2054(c)

700,000

734,942

3.88%,

2/15/2062(c)

91,000

88,392

Appalachian

Power

Co.

Series

3.30%,

6/1/2027(a)

50,000

49,362

5.65%,

4/1/2034(a)

200,000

209,565

Duke

Energy

Corp.

6.45%,

9/1/2054(a)(c)

300,000

317,182

3.25%,

1/15/2082(c)

451,000

433,906

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

246

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

3.1%

(continued)

Emera

Finance

2.64%,

6/15/2031

150,000

133,816

Enel

Chile

4.88%,

6/12/2028

425,000

431,632

Enel

Finance

International

5.00%,

9/30/2035(a)(d)

830,000

821,367

Entergy

Corp.

7.13%,

12/1/2054(c)

100,000

105,061

Evergy,

Inc.

6.65%,

6/1/2055(c)

100,000

102,868

Exelon

Corp.

6.50%,

3/15/2055(a)(c)

250,000

262,768

FirstEnergy

Corp.

Series

3.90%,

7/15/2027(b)

450,000

447,185

Fortis,

Inc.

3.06%,

10/4/2026

700,000

692,893

Interstate

Power

and

Light

Co.

5.70%,

10/15/2033

100,000

105,631

4.95%,

9/30/2034

150,000

149,764

Kentucky

Utilities

Co.

5.45%,

4/15/2033

500,000

523,348

MidAmerican

Energy

Co.

3.10%,

5/1/2027(a)

225,000

222,502

3.65%,

4/15/2029(a)

503,000

497,775

6.75%,

12/30/2031

100,000

112,855

5.35%,

1/15/2034

200,000

208,774

Nevada

Power

Co.

Series

CC,

3.70%,

5/1/2029(a)

702,000

690,123

Series

DD,

2.40%,

5/1/2030(a)

445,000

413,487

6.25%,

5/15/2055(a)(c)

50,000

50,921

NextEra

Energy

Capital

Holdings,

Inc.

6.75%,

6/15/2054(a)(c)

50,000

54,078

4.80%,

12/1/2077(c)

61,000

59,707

5.65%,

5/1/2079(c)

97,000

97,928

3.80%,

3/15/2082(c)

110,000

107,594

OGE

Energy

Corp.

5.45%,

5/15/2029(a)

150,000

155,762

Ohio

Power

Co.

Series

1.63%,

1/15/2031(a)

150,000

130,511

Series

6.60%,

3/1/2033

200,000

220,915

Oncor

Electric

Delivery

Co.

LLC

7.00%,

5/1/2032

50,000

56,779

4.15%,

6/1/2032(a)

150,000

146,933

PacifiCorp

5.10%,

2/15/2029(a)

400,000

410,551

3.50%,

6/15/2029

100,000

97,510

2.70%,

9/15/2030

200,000

184,891

5.30%,

2/15/2031(a)

450,000

467,291

7.70%,

11/15/2031

450,000

522,502

5.45%,

2/15/2034

990,000

1,017,750

7.38%,

9/15/2055(a)(c)

50,000

52,526

PPL

Capital

Funding,

Inc.

4.13%,

4/15/2030

50,000

49,699

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

3.1%

(continued)

PPL

Capital

Funding,

Inc.

(continued)

5.25%,

9/1/2034

250,000

256,317

Progress

Energy,

Inc.

7.75%,

3/1/2031

740,000

849,556

Public

Service

Co.

Oklahoma

5.25%,

1/15/2033

250,000

256,796

Southern

Co.

(The)

5.11%,

8/1/2027(b)

425,000

432,165

5.70%,

3/15/2034

750,000

791,572

Series

2025,

6.38%,

3/15/2055(a)(c)

700,000

748,124

Tucson

Electric

Power

Co.

3.25%,

5/15/2032

50,000

46,313

5.20%,

9/15/2034

50,000

51,059

19,806,825

Electrical

Equipment

Acuity

Brands

Lighting,

Inc.

2.15%,

12/15/2030(a)

250,000

224,229

Hubbell,

Inc.

3.15%,

8/15/2027

50,000

49,152

3.50%,

2/15/2028(a)

300,000

296,264

Regal

Rexnord

Corp.

6.05%,

4/15/2028

50,000

51,721

Rockwell

Automation,

Inc.

6.70%,

1/15/2028

400,000

421,665

1,043,031

Electronic

Equipment,

Instruments

Components

Allegion

Holding

Co.,

Inc.

3.55%,

10/1/2027

150,000

148,254

5.41%,

7/1/2032(a)

250,000

260,478

5.60%,

5/29/2034

350,000

366,475

Amphenol

Corp.

5.05%,

4/5/2027(a)

350,000

354,980

4.38%,

6/12/2028

1,050,000

1,058,790

5.05%,

4/5/2029(a)

200,000

205,875

4.35%,

6/1/2029

193,000

194,413

2.20%,

9/15/2031(a)

300,000

266,257

5.25%,

4/5/2034(a)

250,000

259,941

5.00%,

1/15/2035(a)

100,000

102,012

Arrow

Electronics,

Inc.

3.88%,

1/12/2028(a)

165,000

163,427

5.15%,

8/21/2029

550,000

561,549

Avnet,

Inc.

6.25%,

3/15/2028

200,000

207,843

3.00%,

5/15/2031(a)

150,000

135,662

CDW

LLC

2.67%,

12/1/2026(a)

454,000

445,939

4.25%,

4/1/2028(a)

402,000

399,665

3.28%,

12/1/2028

257,000

248,312

3.25%,

2/15/2029

200,000

191,609

5.10%,

3/1/2030(a)

450,000

458,903

3.57%,

12/1/2031

650,000

606,020

5.55%,

8/22/2034

250,000

256,719

Flex

Ltd.

6.00%,

1/15/2028(a)

230,000

237,588

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

247

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electronic

Equipment,

Instruments

Components

2.3%

(continued)

Flex

Ltd.

(continued)

4.88%,

6/15/2029(a)

200,000

202,504

4.88%,

5/12/2030(a)

262,000

265,264

Jabil,

Inc.

4.25%,

5/15/2027

400,000

400,060

3.95%,

1/12/2028(a)

280,000

278,689

3.60%,

1/15/2030(a)

450,000

434,885

3.00%,

1/15/2031(a)

250,000

231,006

Keysight

Technologies,

Inc.

4.60%,

4/6/2027

600,000

602,666

3.00%,

10/30/2029(a)

350,000

333,257

5.35%,

7/30/2030

350,000

363,538

4.95%,

10/15/2034(a)

150,000

151,263

SYNNEX

Corp.

2.38%,

8/9/2028

52,000

49,338

2.65%,

8/9/2031

270,000

240,810

6.10%,

4/12/2034

400,000

422,350

Teledyne

Technologies,

Inc.

2.25%,

4/1/2028(a)

257,000

245,997

2.75%,

4/1/2031(a)

600,000

553,521

Trimble,

Inc.

4.90%,

6/15/2028(a)

350,000

355,627

6.10%,

3/15/2033

600,000

643,410

Tyco

Electronics

Group

3.13%,

8/15/2027(a)

350,000

345,090

4.63%,

2/1/2030

150,000

152,526

2.50%,

2/4/2032

475,000

425,992

Vontier

Corp.

2.40%,

4/1/2028

252,000

239,857

2.95%,

4/1/2031(a)

475,000

431,917

14,500,278

Energy

Equipment

Services

(f)

Baker

Hughes

Holdings

LLC

2.06%,

12/15/2026

100,000

97,800

3.34%,

12/15/2027

150,000

147,952

Helmerich

Payne,

Inc.

2.90%,

9/29/2031(a)

50,000

44,226

289,978

Entertainment

Electronic

Arts,

Inc.

1.85%,

2/15/2031(a)

500,000

480,745

Netflix,

Inc.

4.38%,

11/15/2026(a)

350,000

351,509

4.88%,

4/15/2028

915,000

933,842

5.88%,

11/15/2028(a)

1,435,000

1,509,689

6.38%,

5/15/2029(a)

450,000

483,207

4.90%,

8/15/2034(a)

600,000

616,147

Take-Two

Interactive

Software,

Inc.

3.70%,

4/14/2027(a)

350,000

348,004

4.95%,

3/28/2028(a)

300,000

305,298

4.00%,

4/14/2032

50,000

48,203

5.60%,

6/12/2034

100,000

104,413

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Entertainment

0.9%

(continued)

Tencent

Music

Entertainment

Group

2.00%,

9/3/2030

600,000

541,608

5,722,665

Financial

Services

Apollo

Global

Management,

Inc.

6.38%,

11/15/2033

655,000

721,528

5.15%,

8/12/2035(a)

250,000

251,705

6.00%,

12/15/2054(c)

250,000

248,529

Block

Financial

LLC

2.50%,

7/15/2028

450,000

427,669

3.88%,

8/15/2030(a)

335,000

323,439

Corebridge

Financial,

Inc.

3.65%,

4/5/2027

50,000

49,576

6.88%,

12/15/2052(c)

525,000

537,667

Essent

Group

Ltd.

6.25%,

7/1/2029

250,000

261,653

Fidelity

National

Information

Services,

Inc.

1.65%,

3/1/2028(a)

50,000

47,012

2.25%,

3/1/2031(a)

350,000

311,330

Fiserv,

Inc.

5.45%,

3/2/2028

300,000

305,708

5.45%,

3/15/2034(a)

50,000

50,747

Global

Payments,

Inc.

3.20%,

8/15/2029

50,000

47,249

5.30%,

8/15/2029

100,000

101,766

2.90%,

5/15/2030

200,000

184,551

5.40%,

8/15/2032(a)

150,000

151,785

Mastercard,

Inc.

3.30%,

3/26/2027(a)

103,000

102,231

2.95%,

6/1/2029(a)

551,000

532,647

3.35%,

3/26/2030(a)

1,053,000

1,026,254

2.00%,

11/18/2031(a)

375,000

332,692

4.35%,

1/15/2032

550,000

552,970

4.85%,

3/9/2033

250,000

256,875

4.88%,

5/9/2034(a)

450,000

460,437

4.55%,

1/15/2035(a)

500,000

499,299

MGIC

Investment

Corp.

5.25%,

8/15/2028

950,000

949,958

National

Rural

Utilities

Cooperative

Finance

Corp.

8.00%,

3/1/2032

250,000

296,432

NMI

Holdings,

Inc.

6.00%,

8/15/2029

150,000

154,658

ORIX

Corp.

5.00%,

9/13/2027

50,000

50,819

Radian

Group,

Inc.

4.88%,

3/15/2027(a)

243,000

243,700

6.20%,

5/15/2029(a)

400,000

418,000

Synchrony

Bank

5.63%,

8/23/2027

404,000

412,301

Visa,

Inc.

1.90%,

4/15/2027

217,000

211,241

2.75%,

9/15/2027(a)

310,000

304,326

2.05%,

4/15/2030(a)

275,000

253,529

1.10%,

2/15/2031

50,000

43,301

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

248

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Financial

Services

2.0%

(continued)

Western

Union

Co.

(The)

2.75%,

3/15/2031

200,000

178,947

Woodside

Finance

Ltd.

4.90%,

5/19/2028(a)

250,000

253,653

5.70%,

5/19/2032

250,000

259,761

5.10%,

9/12/2034(a)

450,000

446,522

6.00%,

5/19/2035

550,000

575,034

12,837,501

Food

Products

Flowers

Foods,

Inc.

3.50%,

10/1/2026

400,000

397,341

2.40%,

3/15/2031

250,000

221,689

General

Mills,

Inc.

4.70%,

1/30/2027

540,000

544,130

4.95%,

3/29/2033(a)

285,000

289,128

Hormel

Foods

Corp.

4.80%,

3/30/2027

100,000

101,084

1.80%,

6/11/2030

450,000

404,754

Ingredion,

Inc.

3.20%,

10/1/2026(a)

250,000

247,845

2.90%,

6/1/2030(a)

300,000

281,182

Kellanova

3.25%,

4/1/2026

100,000

99,543

3.40%,

11/15/2027(a)

250,000

247,083

2.10%,

6/1/2030

200,000

181,991

Series

7.45%,

4/1/2031(a)

500,000

574,648

5.25%,

3/1/2033(a)

50,000

51,757

McCormick

Co.,

Inc.

4.70%,

10/15/2034

250,000

246,058

Mondelez

International,

Inc.

2.63%,

3/17/2027(a)

302,000

296,194

4.75%,

2/20/2029

50,000

51,012

2.75%,

4/13/2030(a)

623,000

585,076

1.50%,

2/4/2031

200,000

173,303

6.50%,

11/1/2031

150,000

166,118

3.00%,

3/17/2032(a)

550,000

503,156

4.75%,

8/28/2034(a)

100,000

99,757

5.13%,

5/6/2035(a)

250,000

255,332

Tyson

Foods,

Inc.

3.55%,

6/2/2027(a)

650,000

643,664

4.35%,

3/1/2029

1,540,000

1,540,979

5.70%,

3/15/2034(a)

250,000

262,950

Unilever

Capital

Corp.

2.90%,

5/5/2027

1,000

987

3.50%,

3/22/2028

102,000

101,245

2.13%,

9/6/2029(a)

175,000

163,712

5.90%,

11/15/2032(a)

250,000

273,539

5.00%,

12/8/2033

50,000

51,917

4.63%,

8/12/2034(a)

200,000

201,559

9,258,733

Gas

Utilities

Atmos

Energy

Corp.

2.63%,

9/15/2029

250,000

236,666

1.50%,

1/15/2031(a)

500,000

435,784

5.45%,

10/15/2032

150,000

158,509

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Gas

Utilities

0.4%

(continued)

Atmos

Energy

Corp.

(continued)

5.90%,

11/15/2033(a)

450,000

487,200

National

Fuel

Gas

Co.

5.50%,

10/1/2026

150,000

151,639

3.95%,

9/15/2027

150,000

149,136

5.50%,

3/15/2030(a)

550,000

568,206

2.95%,

3/1/2031

250,000

227,795

5.95%,

3/15/2035

300,000

312,984

Piedmont

Natural

Gas

Co.,

Inc.

4.10%,

9/18/2034

50,000

47,014

2,774,933

Ground

Transportation

Burlington

Northern

Santa

LLC

7.95%,

8/15/2030

100,000

116,134

Canadian

Pacific

Railway

Co.

1.75%,

12/2/2026

50,000

48,815

Uber

Technologies,

Inc.

4.30%,

1/15/2030

650,000

651,787

4.80%,

9/15/2034

1,200,000

1,200,221

2,016,957

Health

Care

Equipment

Supplies

Boston

Scientific

Corp.

4.00%,

3/1/2029

50,000

49,958

2.65%,

6/1/2030

700,000

657,112

Europe

Finance

Sarl

2.60%,

11/15/2029(a)

152,000

143,579

Edwards

Lifesciences

Corp.

4.30%,

6/15/2028

650,000

651,179

Medtronic

Global

Holdings

SCA

4.50%,

3/30/2033(a)

150,000

150,139

Smith

Nephew

plc

5.15%,

3/20/2027

100,000

101,200

2.03%,

10/14/2030(a)

400,000

358,269

STERIS

Irish

FinCo.

UnLtd

Co.

2.70%,

3/15/2031

400,000

365,266

Stryker

Corp.

4.70%,

2/10/2028(a)

650,000

659,004

3.65%,

3/7/2028

300,000

297,971

4.85%,

12/8/2028

600,000

614,363

4.25%,

9/11/2029

50,000

50,213

4.85%,

2/10/2030(a)

50,000

51,282

1.95%,

6/15/2030(a)

467,000

422,684

4.63%,

9/11/2034(a)

675,000

671,903

5.20%,

2/10/2035(a)

600,000

618,363

Zimmer

Biomet

Holdings,

Inc.

4.70%,

2/19/2027

50,000

50,315

3.55%,

3/20/2030

150,000

144,671

6,057,471

Health

Care

Providers

Services

Cardinal

Health,

Inc.

4.70%,

11/15/2026

250,000

251,616

3.41%,

6/15/2027(a)

754,000

746,408

5.13%,

2/15/2029(a)

700,000

719,358

5.00%,

11/15/2029(a)

400,000

410,964

5.45%,

2/15/2034

475,000

494,148

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

249

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

Services

2.6%

(continued)

Cardinal

Health,

Inc.

(continued)

5.35%,

11/15/2034

400,000

411,756

Cencora,

Inc.

3.45%,

12/15/2027(a)

861,000

850,031

4.63%,

12/15/2027

300,000

303,391

4.85%,

12/15/2029(a)

250,000

255,496

2.80%,

5/15/2030

270,000

253,624

2.70%,

3/15/2031

530,000

487,187

5.13%,

2/15/2034(a)

500,000

512,950

5.15%,

2/15/2035(a)

100,000

102,570

Centene

Corp.

4.25%,

12/15/2027(a)

530,000

522,365

2.45%,

7/15/2028

125,000

116,533

4.63%,

12/15/2029

352,000

341,462

3.38%,

2/15/2030

550,000

505,954

3.00%,

10/15/2030

125,000

111,518

2.50%,

3/1/2031

160,000

137,693

Cigna

Group

(The)

3.40%,

3/1/2027(a)

300,000

297,363

4.38%,

10/15/2028(a)

950,000

955,960

2.38%,

3/15/2031

100,000

90,068

5.25%,

2/15/2034

50,000

51,416

CVS

Health

Corp.

4.30%,

3/25/2028

250,000

250,337

Elevance

Health,

Inc.

4.75%,

2/15/2033

100,000

100,419

HCA,

Inc.

5.20%,

6/1/2028(a)

500,000

511,946

5.63%,

9/1/2028(a)

200,000

206,325

3.50%,

9/1/2030(a)

200,000

192,157

5.45%,

4/1/2031

200,000

208,159

5.50%,

6/1/2033

150,000

156,394

7.50%,

11/6/2033

50,000

57,864

5.60%,

4/1/2034

125,000

130,120

Laboratory

Corp.

America

Holdings

4.55%,

4/1/2032(a)

300,000

298,639

4.80%,

10/1/2034

750,000

743,394

McKesson

Corp.

4.90%,

7/15/2028(a)

200,000

204,502

4.25%,

9/15/2029(a)

300,000

300,995

4.65%,

5/30/2030

50,000

50,809

4.95%,

5/30/2032(a)

500,000

512,964

5.10%,

7/15/2033

450,000

464,871

5.25%,

5/30/2035(a)

350,000

361,413

OhioHealth

Corp.

2.30%,

11/15/2031

50,000

44,859

Quest

Diagnostics,

Inc.

6.40%,

11/30/2033

250,000

277,348

UnitedHealth

Group,

Inc.

3.70%,

5/15/2027

50,000

49,824

5.25%,

2/15/2028(a)

300,000

308,027

4.40%,

6/15/2028

500,000

504,923

4.80%,

1/15/2030

50,000

51,157

5.30%,

2/15/2030

50,000

52,082

2.30%,

5/15/2031

150,000

135,038

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

Services

2.6%

(continued)

UnitedHealth

Group,

Inc.

(continued)

4.50%,

4/15/2033(a)

400,000

396,683

5.15%,

7/15/2034

500,000

513,881

5.30%,

6/15/2035(a)

50,000

51,755

Universal

Health

Services,

Inc.

4.63%,

10/15/2029(a)

400,000

400,975

2.65%,

10/15/2030

250,000

226,890

2.65%,

1/15/2032

150,000

131,460

16,826,041

Health

Care

REITs

Alexandria

Real

Estate

Equities,

Inc.

REIT,

2.00%,

5/18/2032

200,000

168,538

REIT,

1.88%,

2/1/2033(a)

650,000

531,207

REIT,

2.95%,

3/15/2034(a)

153,000

131,182

Healthcare

Realty

Holdings

REIT,

3.10%,

2/15/2030(a)

50,000

47,217

Healthpeak

LLC

REIT,

3.50%,

7/15/2029

200,000

193,928

REIT,

3.00%,

1/15/2030

50,000

47,298

National

Health

Investors,

Inc.

REIT,

3.00%,

2/1/2031(a)

300,000

270,290

Omega

Healthcare

Investors,

Inc.

REIT,

4.50%,

4/1/2027

391,000

392,292

REIT,

4.75%,

1/15/2028(a)

441,000

443,701

REIT,

3.63%,

10/1/2029

251,000

241,215

REIT,

5.20%,

7/1/2030

250,000

253,675

REIT,

3.38%,

2/1/2031(a)

450,000

417,355

REIT,

3.25%,

4/15/2033(a)

375,000

331,008

Sabra

Health

Care

REIT,

3.90%,

10/15/2029

151,000

146,752

REIT,

3.20%,

12/1/2031

500,000

453,849

Welltower

LLC

REIT,

3.10%,

1/15/2030(a)

360,000

344,694

REIT,

4.50%,

7/1/2030(a)

1,000,000

1,010,871

5,425,072

Health

Care

Technology

(f)

IQVIA,

Inc.

6.25%,

2/1/2029

160,000

168,552

Hotel

Resort

REITs

Host

Hotels

Resorts

Series

REIT,

3.38%,

12/15/2029(a)

53,000

50,408

Series

REIT,

3.50%,

9/15/2030(a)

250,000

235,518

Series

REIT,

2.90%,

12/15/2031(a)

200,000

178,147

REIT,

5.70%,

6/15/2032

100,000

103,471

REIT,

5.70%,

7/1/2034

570,000

584,471

REIT,

5.50%,

4/15/2035(a)

500,000

504,832

1,656,847

Hotels,

Restaurants

Leisure

Choice

Hotels

International,

Inc.

3.70%,

12/1/2029(a)

50,000

48,001

3.70%,

1/15/2031

425,000

398,571

5.85%,

8/1/2034

315,000

320,353

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

250

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

Leisure

1.5%

(continued)

Darden

Restaurants,

Inc.

3.85%,

5/1/2027

550,000

548,149

Hyatt

Hotels

Corp.

5.25%,

6/30/2029(a)

200,000

205,683

5.75%,

4/23/2030(b)

50,000

52,044

5.38%,

12/15/2031(a)

250,000

256,046

5.50%,

6/30/2034(a)

50,000

51,412

Marriott

International,

Inc.

5.00%,

10/15/2027(a)

388,000

394,288

Series

4.00%,

4/15/2028

102,000

101,747

5.55%,

10/15/2028(a)

600,000

623,610

Series

AA,

4.65%,

12/1/2028

100,000

101,278

4.90%,

4/15/2029

400,000

408,374

4.88%,

5/15/2029

150,000

153,031

4.80%,

3/15/2030

50,000

50,965

Series

FF,

4.63%,

6/15/2030(a)

327,000

330,576

Series

HH,

2.85%,

4/15/2031

450,000

414,514

Series

GG,

3.50%,

10/15/2032(a)

475,000

441,640

5.30%,

5/15/2034(a)

300,000

307,940

5.35%,

3/15/2035(a)

500,000

513,111

McDonald's

Corp.

3.50%,

3/1/2027

60,000

59,571

3.50%,

7/1/2027(a)

309,000

306,546

3.80%,

4/1/2028

406,000

403,909

4.80%,

8/14/2028

150,000

152,908

5.00%,

5/17/2029

50,000

51,410

2.63%,

9/1/2029

1,045,000

991,485

2.13%,

3/1/2030

401,000

368,013

3.60%,

7/1/2030

395,000

385,656

4.60%,

9/9/2032(a)

330,000

334,816

4.95%,

8/14/2033

450,000

463,717

4.95%,

3/3/2035(a)

500,000

506,463

9,745,827

Household

Durables

Horton,

Inc.

1.30%,

10/15/2026

300,000

292,334

1.40%,

10/15/2027

1,330,000

1,264,362

5.00%,

10/15/2034(a)

400,000

404,619

Lennar

Corp.

5.00%,

6/15/2027

200,000

201,438

4.75%,

11/29/2027(a)

450,000

453,475

5.20%,

7/30/2030(a)

400,000

411,427

NVR,

Inc.

3.00%,

5/15/2030(a)

477,000

452,334

PulteGroup,

Inc.

5.00%,

1/15/2027

343,000

345,559

7.88%,

6/15/2032

100,000

116,754

6.38%,

5/15/2033(a)

250,000

273,137

Sekisui

House

US,

Inc.

3.85%,

1/15/2030

50,000

48,288

Toll

Brothers

Finance

Corp.

4.88%,

3/15/2027

703,000

707,162

4.35%,

2/15/2028(a)

100,000

100,300

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Household

Durables

0.8%

(continued)

Toll

Brothers

Finance

Corp.

(continued)

3.80%,

11/1/2029

50,000

49,017

5,120,206

Household

Products

Church

Dwight

Co.,

Inc.

3.15%,

8/1/2027(a)

350,000

345,446

2.30%,

12/15/2031

200,000

177,556

5.60%,

11/15/2032

300,000

318,886

Clorox

Co.

(The)

3.10%,

10/1/2027

150,000

147,615

4.40%,

5/1/2029

550,000

555,279

1.80%,

5/15/2030(a)

250,000

224,377

4.60%,

5/1/2032

250,000

251,894

Colgate-Palmolive

Co.

4.20%,

5/1/2030(a)

200,000

201,813

3.25%,

8/15/2032(a)

200,000

188,424

4.60%,

3/1/2033

200,000

204,474

Kimberly-Clark

Corp.

1.05%,

9/15/2027

150,000

142,785

3.10%,

3/26/2030

62,000

59,573

Procter

Gamble

Co.

(The)

2.45%,

11/3/2026

62,000

61,179

2.80%,

3/25/2027

116,000

114,489

2.85%,

8/11/2027(a)

50,000

49,253

3.00%,

3/25/2030(a)

1,564,000

1,503,127

4.55%,

1/29/2034(a)

375,000

380,977

5.50%,

2/1/2034

150,000

160,820

5,087,967

Industrial

Conglomerates

Honeywell

International,

Inc.

2.50%,

11/1/2026(a)

250,000

246,460

4.65%,

7/30/2027(a)

100,000

101,164

Pentair

Finance

Sarl

4.50%,

7/1/2029(a)

100,000

100,550

5.90%,

7/15/2032

200,000

211,734

659,908

Industrial

REITs

(f)

Prologis

REIT,

2.13%,

4/15/2027(a)

50,000

48,727

REIT,

4.75%,

6/15/2033

100,000

101,038

REIT,

5.25%,

5/15/2035

100,000

103,001

252,766

Insurance

ACE

Capital

Trust

9.70%,

4/1/2030(a)

150,000

180,684

Aflac,

Inc.

2.88%,

10/15/2026

150,000

148,427

3.60%,

4/1/2030(a)

102,000

99,987

Alleghany

Corp.

3.63%,

5/15/2030

275,000

268,729

Allstate

Corp.

(The)

3.28%,

12/15/2026

650,000

644,042

5.05%,

6/24/2029(a)

150,000

154,321

5.25%,

3/30/2033(a)

50,000

51,872

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

251

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

5.0%

(continued)

American

Financial

Group,

Inc.

5.25%,

4/2/2030

125,000

130,624

American

International

Group,

Inc.

Series

A-9,

5.75%,

4/1/2048(c)

200,000

203,880

American

National

Group,

Inc.

5.75%,

10/1/2029(a)

250,000

257,991

Aon

Corp.

8.21%,

1/1/2027

130,000

135,269

2.85%,

5/28/2027(a)

263,000

258,083

4.50%,

12/15/2028

170,000

171,879

3.75%,

5/2/2029(a)

375,000

370,014

2.80%,

5/15/2030

487,000

457,869

2.05%,

8/23/2031

200,000

175,924

5.00%,

9/12/2032(a)

275,000

282,152

5.35%,

2/28/2033(a)

504,000

524,892

Aon

North

America,

Inc.

5.13%,

3/1/2027

300,000

303,680

5.15%,

3/1/2029(a)

500,000

514,380

5.30%,

3/1/2031(a)

650,000

676,410

5.45%,

3/1/2034

1,185,000

1,234,639

Arch

Capital

Finance

LLC

4.01%,

12/15/2026

350,000

349,477

Arch

Capital

Group

Ltd.

7.35%,

5/1/2034

150,000

175,161

Arthur

Gallagher

Co.

4.60%,

12/15/2027(a)

900,000

908,394

4.85%,

12/15/2029(a)

300,000

306,221

2.40%,

11/9/2031

250,000

222,151

5.50%,

3/2/2033(a)

150,000

156,486

6.50%,

2/15/2034(a)

300,000

332,154

5.45%,

7/15/2034

250,000

259,409

5.15%,

2/15/2035(a)

550,000

555,331

Assurant,

Inc.

4.90%,

3/27/2028

250,000

252,912

3.70%,

2/22/2030

51,000

49,475

2.65%,

1/15/2032

125,000

109,919

Assured

Guaranty

Holdings,

Inc.

6.13%,

9/15/2028(a)

100,000

105,075

Athene

Holding

Ltd.

4.13%,

1/12/2028(a)

200,000

199,396

6.15%,

4/3/2030

475,000

504,164

3.50%,

1/15/2031(a)

750,000

710,201

6.65%,

2/1/2033

450,000

488,922

5.88%,

1/15/2034

500,000

519,053

6.63%,

10/15/2054(c)

250,000

248,975

AXA

8.60%,

12/15/2030

490,000

579,240

AXIS

Specialty

Finance

LLC

3.90%,

7/15/2029

100,000

98,583

4.90%,

1/15/2040(c)

252,000

244,033

Berkshire

Hathaway

Finance

Corp.

1.45%,

10/15/2030

15,000

13,280

Brown

Brown,

Inc.

4.70%,

6/23/2028

150,000

151,326

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

5.0%

(continued)

Brown

Brown,

Inc.

(continued)

4.50%,

3/15/2029

700,000

700,574

2.38%,

3/15/2031(a)

502,000

447,187

4.20%,

3/17/2032

200,000

193,292

5.25%,

6/23/2032

500,000

512,112

5.65%,

6/11/2034(a)

250,000

258,819

5.55%,

6/23/2035(a)

500,000

514,623

Chubb

INA

Holdings

LLC

5.00%,

3/15/2034

250,000

256,076

Cincinnati

Financial

Corp.

6.92%,

5/15/2028(a)

200,000

213,626

CNA

Financial

Corp.

3.45%,

8/15/2027

250,000

247,079

2.05%,

8/15/2030(a)

500,000

447,753

5.50%,

6/15/2033

150,000

155,594

F&G

Annuities

Life,

Inc.

7.40%,

1/13/2028(a)

385,000

403,911

6.50%,

6/4/2029(a)

545,000

569,046

6.25%,

10/4/2034(a)

300,000

304,937

Fairfax

Financial

Holdings

Ltd.

4.85%,

4/17/2028

500,000

506,483

3.38%,

3/3/2031

400,000

375,914

5.63%,

8/16/2032

475,000

495,890

6.00%,

12/7/2033

250,000

265,977

Globe

Life,

Inc.

5.85%,

9/15/2034

250,000

262,536

Hanover

Insurance

Group,

Inc.

(The)

2.50%,

9/1/2030

250,000

226,397

Hartford

Insurance

Group,

Inc.

(The)

2.80%,

8/19/2029(a)

302,000

287,141

Horace

Mann

Educators

Corp.

7.25%,

9/15/2028

100,000

107,176

Kemper

Corp.

2.40%,

9/30/2030(a)

200,000

178,254

3.80%,

2/23/2032

150,000

138,631

Manulife

Financial

Corp.

4.06%,

2/24/2032(c)

701,000

697,066

Markel

Group,

Inc.

3.50%,

11/1/2027(a)

50,000

49,314

Marsh

McLennan

Cos.,

Inc.

4.38%,

3/15/2029(a)

730,000

736,491

4.65%,

3/15/2030(a)

500,000

508,271

2.25%,

11/15/2030(a)

150,000

136,479

4.85%,

11/15/2031(a)

600,000

613,244

2.38%,

12/15/2031(a)

150,000

133,540

5.75%,

11/1/2032

250,000

268,169

5.88%,

8/1/2033

100,000

108,238

5.40%,

9/15/2033(a)

250,000

262,770

5.15%,

3/15/2034

175,000

180,678

5.00%,

3/15/2035(a)

1,300,000

1,318,837

Mercury

General

Corp.

4.40%,

3/15/2027(a)

50,000

49,867

Old

Republic

International

Corp.

5.75%,

3/28/2034

150,000

156,138

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

252

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

5.0%

(continued)

Primerica,

Inc.

2.80%,

11/19/2031

350,000

316,339

Principal

Financial

Group,

Inc.

3.10%,

11/15/2026

250,000

247,695

Progressive

Corp.

(The)

2.50%,

3/15/2027(a)

250,000

245,089

3.20%,

3/26/2030

51,000

49,098

Prudential

Financial,

Inc.

6.00%,

9/1/2052(c)

20,000

20,817

RenaissanceRe

Holdings

Ltd.

3.60%,

4/15/2029

500,000

488,616

5.75%,

6/5/2033(a)

350,000

366,230

5.80%,

4/1/2035

100,000

104,732

SiriusPoint

Ltd.

7.00%,

4/5/2029

200,000

211,005

Unum

Group

4.00%,

6/15/2029

100,000

98,516

Willis

North

America,

Inc.

4.65%,

6/15/2027

561,000

564,419

4.50%,

9/15/2028(a)

310,000

312,160

2.95%,

9/15/2029(a)

354,000

336,119

5.35%,

5/15/2033(a)

405,000

418,604

31,852,655

Interactive

Media

Services

Alphabet,

Inc.

1.10%,

8/15/2030

50,000

43,857

4.50%,

5/15/2035(a)

450,000

448,761

Meta

Platforms,

Inc.

3.50%,

8/15/2027(a)

100,000

99,464

4.55%,

8/15/2031

100,000

101,499

3.85%,

8/15/2032(a)

1,750,000

1,687,744

4.95%,

5/15/2033(a)

944,000

969,260

4.75%,

8/15/2034(a)

1,120,000

1,125,196

4,475,781

Services

Accenture

Capital,

Inc.

3.90%,

10/4/2027

300,000

300,632

4.05%,

10/4/2029

550,000

549,288

4.25%,

10/4/2031

450,000

449,205

4.50%,

10/4/2034(a)

500,000

492,996

Amdocs

Ltd.

2.54%,

6/15/2030(a)

350,000

321,163

Booz

Allen

Hamilton,

Inc.

5.95%,

8/4/2033(a)

300,000

313,549

5.95%,

4/15/2035(a)

100,000

103,571

CGI,

Inc.

4.95%,

3/14/2030(d)

400,000

405,653

2.30%,

9/14/2031

245,000

216,658

Genpact

Luxembourg

Sarl

6.00%,

6/4/2029

25,000

26,058

IBM

International

Capital

Pte.

Ltd.

4.90%,

2/5/2034(a)

275,000

277,460

International

Business

Machines

Corp.

1.95%,

5/15/2030(a)

150,000

136,322

5.00%,

2/10/2032

100,000

102,833

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Services

0.7%

(continued)

VeriSign,

Inc.

4.75%,

7/15/2027(a)

500,000

499,836

2.70%,

6/15/2031

400,000

362,479

5.25%,

6/1/2032

150,000

153,629

4,711,332

Life

Sciences

Tools

Services

Agilent

Technologies,

Inc.

4.20%,

9/9/2027

200,000

200,348

2.75%,

9/15/2029(a)

332,000

314,781

2.10%,

6/4/2030

450,000

409,041

2.30%,

3/12/2031

751,000

675,301

4.75%,

9/9/2034

250,000

249,366

Thermo

Fisher

Scientific,

Inc.

5.09%,

8/10/2033(a)

355,000

367,916

2,216,753

Machinery

Dover

Corp.

2.95%,

11/4/2029(a)

150,000

142,900

Flowserve

Corp.

3.50%,

10/1/2030(a)

50,000

47,620

2.80%,

1/15/2032(a)

125,000

111,194

IDEX

Corp.

3.00%,

5/1/2030(a)

350,000

330,149

2.63%,

6/15/2031(a)

300,000

273,419

Ingersoll

Rand,

Inc.

5.20%,

6/15/2027

200,000

202,976

5.18%,

6/15/2029(a)

300,000

309,971

5.70%,

8/14/2033

125,000

132,987

Nordson

Corp.

5.60%,

9/15/2028(a)

250,000

259,014

4.50%,

12/15/2029

350,000

352,901

5.80%,

9/15/2033

50,000

53,499

nVent

Finance

Sarl

5.65%,

5/15/2033(a)

150,000

156,920

Oshkosh

Corp.

4.60%,

5/15/2028

25,000

25,203

Otis

Worldwide

Corp.

2.29%,

4/5/2027

250,000

243,966

5.25%,

8/16/2028(a)

350,000

360,320

2.57%,

2/15/2030(a)

798,000

745,063

Parker-Hannifin

Corp.

4.25%,

9/15/2027(a)

480,000

482,259

3.25%,

6/14/2029(a)

555,000

539,314

Westinghouse

Air

Brake

Technologies

Corp.

3.45%,

11/15/2026(a)

420,000

416,891

4.70%,

9/15/2028(b)

664,000

672,083

5.61%,

3/11/2034

300,000

315,131

5.50%,

5/29/2035

250,000

259,573

Xylem,

Inc.

3.25%,

11/1/2026

250,000

247,882

1.95%,

1/30/2028(a)

350,000

334,675

2.25%,

1/30/2031

150,000

135,500

7,151,410

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

253

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Marine

Transportation

(f)

Kirby

Corp.

4.20%,

3/1/2028(a)

250,000

249,385

Media

Fox

Corp.

4.71%,

1/25/2029(a)

1,475,000

1,493,359

3.50%,

4/8/2030

250,000

241,475

6.50%,

10/13/2033(a)

750,000

824,240

Interpublic

Group

Cos.,

Inc.

(The)

4.65%,

10/1/2028

125,000

125,147

5.38%,

6/15/2033

75,000

76,472

Omnicom

Group,

Inc.

4.20%,

6/1/2030

100,000

99,253

2.60%,

8/1/2031(a)

50,000

45,271

Time

Warner

Cable

Enterprises

LLC

8.38%,

7/15/2033

50,000

57,985

2,963,202

Metals

Mining

AngloGold

Ashanti

Holdings

plc

3.38%,

11/1/2028

100,000

97,046

3.75%,

10/1/2030(a)

300,000

287,209

ArcelorMittal

6.55%,

11/29/2027

250,000

259,978

BHP

Billiton

Finance

USA

Ltd.

5.00%,

2/21/2030

650,000

670,383

5.25%,

9/8/2030(a)

480,000

500,222

5.13%,

2/21/2032(a)

300,000

311,168

4.90%,

2/28/2033(a)

250,000

255,599

5.25%,

9/8/2033(a)

1,350,000

1,406,206

5.30%,

2/21/2035

400,000

414,702

Kinross

Gold

Corp.

4.50%,

7/15/2027

500,000

501,947

Newmont

Corp.

3.25%,

5/13/2030(a)

350,000

335,709

Reliance,

Inc.

2.15%,

8/15/2030(a)

250,000

225,652

Rio

Tinto

Alcan,

Inc.

7.25%,

3/15/2031(a)

300,000

344,558

6.13%,

12/15/2033

300,000

329,445

Rio

Tinto

Finance

USA

Ltd.

7.13%,

7/15/2028

502,000

541,684

Rio

Tinto

Finance

USA

plc

4.88%,

3/14/2030(a)

900,000

923,820

5.00%,

3/14/2032

500,000

515,580

5.25%,

3/14/2035(a)

1,300,000

1,344,828

Southern

Copper

Corp.

7.50%,

7/27/2035

250,000

297,357

Steel

Dynamics,

Inc.

1.65%,

10/15/2027

200,000

191,050

3.45%,

4/15/2030

250,000

241,047

3.25%,

1/15/2031(a)

150,000

142,211

5.38%,

8/15/2034(a)

250,000

259,577

Vale

Canada

Ltd.

7.20%,

9/15/2032

150,000

167,295

Vale

Overseas

Ltd.

3.75%,

7/8/2030

545,000

526,415

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Metals

Mining

1.8%

(continued)

Vale

Overseas

Ltd.

(continued)

6.13%,

6/12/2033(a)

425,000

456,186

11,546,874

Multi-Utilities

Ameren

Corp.

5.70%,

12/1/2026(a)

450,000

456,571

5.38%,

3/15/2035

250,000

256,968

Berkshire

Hathaway

Energy

Co.

8.48%,

9/15/2028

175,000

195,400

3.70%,

7/15/2030

583,000

571,500

1.65%,

5/15/2031

600,000

520,616

Black

Hills

Corp.

3.15%,

1/15/2027

150,000

148,176

5.95%,

3/15/2028

100,000

103,584

3.05%,

10/15/2029

100,000

95,150

4.35%,

5/1/2033

100,000

96,694

6.00%,

1/15/2035

500,000

532,463

CenterPoint

Energy,

Inc.

Series

7.00%,

2/15/2055(c)

200,000

209,046

6.70%,

5/15/2055(c)

50,000

51,663

CMS

Energy

Corp.

2.95%,

2/15/2027

100,000

98,381

3.45%,

8/15/2027

50,000

49,443

4.75%,

6/1/2050(a)(c)

135,000

132,626

3.75%,

12/1/2050(a)(c)

150,000

138,447

6.50%,

6/1/2055(a)(c)

250,000

260,089

Dominion

Energy,

Inc.

Series

6.88%,

2/1/2055(a)

(c)

600,000

630,661

6.63%,

5/15/2055(c)

50,000

52,130

DTE

Energy

Co.

4.95%,

7/1/2027(a)

400,000

404,836

5.20%,

4/1/2030(a)

250,000

257,841

National

Grid

plc

5.81%,

6/12/2033

130,000

138,552

NiSource,

Inc.

5.25%,

3/30/2028(a)

650,000

666,290

6.95%,

11/30/2054(c)

100,000

104,333

Public

Service

Enterprise

Group,

Inc.

5.85%,

11/15/2027(a)

650,000

672,193

6.13%,

10/15/2033

100,000

107,937

5.45%,

4/1/2034

250,000

259,630

5.40%,

3/15/2035(a)

150,000

154,668

Sempra

4.13%,

4/1/2052(a)(c)

200,000

195,062

6.88%,

10/1/2054(c)

250,000

258,693

Southern

Co.

Gas

Capital

Corp.

5.15%,

9/15/2032

50,000

51,377

5.75%,

9/15/2033

150,000

158,796

4.95%,

9/15/2034

550,000

552,326

WEC

Energy

Group,

Inc.

5.15%,

10/1/2027

700,000

713,114

9,295,256

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

254

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Office

REITs

Boston

Properties

REIT,

3.40%,

6/21/2029

200,000

192,402

REIT,

3.25%,

1/30/2031(a)

100,000

93,054

COPT

Defense

Properties

REIT,

2.00%,

1/15/2029

375,000

348,847

REIT,

2.75%,

4/15/2031(a)

50,000

45,352

REIT,

2.90%,

12/1/2033

300,000

256,019

Kilroy

Realty

REIT,

3.05%,

2/15/2030

25,000

23,042

REIT,

2.65%,

11/15/2033

910,000

743,442

1,702,158

Oil,

Gas

Consumable

Fuels

Boardwalk

Pipelines

4.45%,

7/15/2027

250,000

250,763

3.40%,

2/15/2031

150,000

140,594

3.60%,

9/1/2032(a)

270,000

249,378

5.63%,

8/1/2034

200,000

207,143

Burlington

Resources

LLC

7.20%,

8/15/2031

150,000

170,857

Canadian

Natural

Resources

Ltd.

3.85%,

6/1/2027(a)

1,075,000

1,068,870

5.00%,

12/15/2029(a)(d)

170,000

173,576

2.95%,

7/15/2030(a)

300,000

281,105

7.20%,

1/15/2032

225,000

252,678

6.45%,

6/30/2033(a)

200,000

216,807

5.40%,

12/15/2034(a)(d)

900,000

916,806

Cenovus

Energy,

Inc.

2.65%,

1/15/2032(a)

350,000

309,776

Cheniere

Corpus

Christi

Holdings

LLC

3.70%,

11/15/2029(a)

625,000

608,455

Cheniere

Energy

Partners

3.25%,

1/31/2032(a)

500,000

456,777

5.95%,

6/30/2033

1,120,000

1,181,975

5.75%,

8/15/2034(a)

350,000

363,800

Cheniere

Energy,

Inc.

5.65%,

4/15/2034(a)

800,000

827,437

Chevron

Corp.

2.24%,

5/11/2030(a)

755,000

698,430

Chevron

USA,

Inc.

1.02%,

8/12/2027(a)

75,000

71,451

4.48%,

2/26/2028

250,000

253,358

4.69%,

4/15/2030(a)

750,000

768,102

4.82%,

4/15/2032

250,000

257,268

ConocoPhillips

Co.

4.85%,

1/15/2032

200,000

204,770

5.00%,

1/15/2035(a)

820,000

830,549

Continental

Resources,

Inc.

4.38%,

1/15/2028(a)

300,000

298,767

Coterra

Energy,

Inc.

3.90%,

5/15/2027(a)

302,000

300,546

4.38%,

3/15/2029(a)

400,000

399,567

5.60%,

3/15/2034(a)

150,000

153,601

5.40%,

2/15/2035

200,000

201,445

DCP

Midstream

Operating

5.63%,

7/15/2027

100,000

102,100

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

7.3%

(continued)

DCP

Midstream

Operating

(continued)

3.25%,

2/15/2032

100,000

91,416

Devon

Energy

Corp.

5.88%,

6/15/2028

50,000

50,004

7.88%,

9/30/2031

200,000

231,524

7.95%,

4/15/2032(a)

150,000

173,947

5.20%,

9/15/2034

200,000

198,628

Diamondback

Energy,

Inc.

6.25%,

3/15/2033

205,000

220,462

5.40%,

4/18/2034

100,000

101,945

Eastern

Energy

Gas

Holdings

LLC

5.80%,

1/15/2035

300,000

316,399

Eastern

Gas

Transmission

Storage,

Inc.

3.00%,

11/15/2029

202,000

193,329

Paso

Natural

Gas

Co.

LLC

8.38%,

6/15/2032(b)

100,000

119,595

Enbridge,

Inc.

5.90%,

11/15/2026

100,000

101,666

3.70%,

7/15/2027

150,000

148,835

6.00%,

11/15/2028(a)

100,000

105,134

4.90%,

6/20/2030

500,000

511,529

5.70%,

3/8/2033

575,000

605,646

2.50%,

8/1/2033(a)

600,000

511,577

7.38%,

3/15/2055(a)(c)

25,000

26,565

Series

16-A,

6.00%,

1/15/2077(c)

500,000

501,486

6.25%,

3/1/2078(c)

302,000

305,112

Series

20-A,

5.75%,

7/15/2080(a)(c)

335,000

337,270

7.38%,

1/15/2083(c)

250,000

257,625

7.63%,

1/15/2083(a)(c)

300,000

325,047

8.25%,

1/15/2084(a)(c)

200,000

214,609

8.50%,

1/15/2084(a)(c)

450,000

517,381

Energy

Transfer

8.25%,

11/15/2029

50,000

56,480

3.75%,

5/15/2030(a)

50,000

48,512

6.55%,

12/1/2033(a)

205,000

224,022

Enterprise

Products

Operating

LLC

3.13%,

7/31/2029(a)

332,000

320,763

2.80%,

1/31/2030(a)

107,000

101,324

4.60%,

1/15/2031(a)

50,000

50,618

5.35%,

1/31/2033

552,000

577,606

Series

6.88%,

3/1/2033

250,000

283,935

4.85%,

1/31/2034

125,000

126,738

4.95%,

2/15/2035

500,000

505,277

Series

5.75%,

3/1/2035

100,000

106,088

Series

5.25%,

8/16/2077(a)

(c)

702,000

700,090

5.38%,

2/15/2078(c)

350,000

348,292

EOG

Resources,

Inc.

4.40%,

7/15/2028(a)

500,000

505,050

4.38%,

4/15/2030(a)

602,000

606,571

5.00%,

7/15/2032(a)

250,000

255,365

EQT

Corp.

7.50%,

6/1/2030(a)

100,000

110,168

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

255

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

7.3%

(continued)

EQT

Corp.

(continued)

4.75%,

1/15/2031

50,000

50,046

Expand

Energy

Corp.

5.38%,

3/15/2030

350,000

355,160

4.75%,

2/1/2032

500,000

490,840

Exxon

Mobil

Corp.

3.48%,

3/19/2030(a)

550,000

537,810

2.61%,

10/15/2030(a)

1,830,000

1,710,586

Hess

Corp.

4.30%,

4/1/2027

350,000

351,031

7.88%,

10/1/2029

250,000

283,337

7.30%,

8/15/2031(a)

325,000

374,310

7.13%,

3/15/2033(a)

250,000

290,854

Kinder

Morgan

Energy

Partners

7.40%,

3/15/2031

100,000

113,522

7.75%,

3/15/2032

100,000

116,066

Kinder

Morgan,

Inc.

7.80%,

8/1/2031(a)

352,000

408,294

5.40%,

2/1/2034

375,000

385,882

MPLX

4.13%,

3/1/2027

1,400,000

1,397,684

4.80%,

2/15/2029(a)

100,000

101,493

5.50%,

6/1/2034

845,000

861,203

5.40%,

9/15/2035

250,000

251,033

Occidental

Petroleum

Corp.

8.50%,

7/15/2027

20,000

21,063

5.00%,

8/1/2027(a)

150,000

152,149

6.38%,

9/1/2028

5,000

5,235

5.20%,

8/1/2029

450,000

459,413

3.50%,

8/15/2029

100,000

96,041

8.88%,

7/15/2030

412,000

476,391

6.63%,

9/1/2030

403,000

432,627

6.13%,

1/1/2031(a)

300,000

315,983

7.50%,

5/1/2031

225,000

251,900

7.88%,

9/15/2031

100,000

114,395

5.55%,

10/1/2034(a)

250,000

253,196

ONEOK,

Inc.

6.35%,

1/15/2031

210,000

224,780

Ovintiv,

Inc.

5.65%,

5/15/2028

50,000

51,408

8.13%,

9/15/2030

175,000

199,218

7.20%,

11/1/2031(a)

50,000

55,230

7.38%,

11/1/2031(a)

150,000

166,936

6.25%,

7/15/2033(a)

50,000

52,354

6.50%,

8/15/2034

150,000

159,241

Pioneer

Natural

Resources

Co.

1.90%,

8/15/2030

450,000

405,303

2.15%,

1/15/2031

775,000

700,407

Plains

All

American

Pipeline

3.80%,

9/15/2030

365,000

352,714

5.70%,

9/15/2034

450,000

462,376

5.95%,

6/15/2035(a)

250,000

261,054

Sabine

Pass

Liquefaction

LLC

5.00%,

3/15/2027

35,000

35,202

4.20%,

3/15/2028(a)

300,000

300,102

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

7.3%

(continued)

Sabine

Pass

Liquefaction

LLC

(continued)

4.50%,

5/15/2030(a)

630,000

632,235

Shell

Finance

US,

Inc.

2.75%,

4/6/2030(a)

450,000

426,336

Suncor

Energy,

Inc.

7.15%,

2/1/2032(a)

450,000

505,179

5.95%,

12/1/2034(a)

200,000

210,686

Targa

Resources

Corp.

5.20%,

7/1/2027(a)

235,000

238,581

6.15%,

3/1/2029

15,000

15,789

4.20%,

2/1/2033(a)

200,000

190,422

6.13%,

3/15/2033

175,000

186,515

6.50%,

3/30/2034

275,000

300,187

Targa

Resources

Partners

4.00%,

1/15/2032

400,000

378,686

PipeLines

3.90%,

5/25/2027

250,000

248,738

Texas

Eastern

Transmission

7.00%,

7/15/2032

325,000

364,981

TransCanada

PipeLines

Ltd.

4.63%,

3/1/2034(a)

200,000

195,324

Transcanada

Trust

5.30%,

3/15/2077(a)(c)

700,000

696,005

5.50%,

9/15/2079(c)

250,000

248,936

5.60%,

3/7/2082(a)(c)

25,000

24,720

Valero

Energy

Corp.

2.15%,

9/15/2027(a)

250,000

240,895

7.50%,

4/15/2032(a)

300,000

345,419

Viper

Energy

Partners

LLC

4.90%,

8/1/2030(a)

300,000

302,097

Western

Midstream

Operating

4.50%,

3/1/2028(a)

200,000

200,386

4.75%,

8/15/2028

200,000

201,477

6.35%,

1/15/2029(a)

550,000

578,568

4.05%,

2/1/2030(b)

275,000

268,622

6.15%,

4/1/2033

650,000

684,847

5.45%,

11/15/2034

550,000

548,981

Williams

Cos.,

Inc.

(The)

3.75%,

6/15/2027

4,000

3,976

Series

7.50%,

1/15/2031

100,000

113,310

8.75%,

3/15/2032(b)

200,000

242,214

4.65%,

8/15/2032

5,000

4,988

5.15%,

3/15/2034

500,000

507,852

46,501,202

Paper

Forest

Products

Suzano

Austria

GmbH

6.00%,

1/15/2029

100,000

103,252

5.00%,

1/15/2030(a)

150,000

150,750

3.75%,

1/15/2031(a)

50,000

47,323

301,325

Personal

Care

Products

Conopco,

Inc.

Series

7.25%,

12/15/2026(a)

150,000

155,224

6.63%,

4/15/2028(a)

190,000

201,180

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

256

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Personal

Care

Products

0.2%

(continued)

Haleon

Capital

LLC

3.38%,

3/24/2027

550,000

545,118

3.63%,

3/24/2032(a)

700,000

662,802

1,564,324

Pharmaceuticals

Eli

Lilly

Co.

4.20%,

8/14/2029

5,000

5,039

4.90%,

2/12/2032(a)

250,000

258,336

4.70%,

2/27/2033(a)

270,000

275,638

4.70%,

2/9/2034

500,000

505,869

5.10%,

2/12/2035(a)

600,000

621,160

Johnson

4.80%,

6/1/2029

20,000

20,630

4.85%,

3/1/2032(a)

200,000

207,907

5.00%,

3/1/2035(a)

300,000

311,714

Merck

Co.,

Inc.

1.45%,

6/24/2030

200,000

177,867

4.95%,

9/15/2035

250,000

253,968

Novartis

Capital

Corp.

2.20%,

8/14/2030

52,000

47,943

4.20%,

9/18/2034(a)

475,000

465,261

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.75%,

5/19/2033

550,000

556,656

Royalty

Pharma

plc

2.20%,

9/2/2030

150,000

135,271

Sanofi

3.63%,

6/19/2028(a)

300,000

298,311

Zoetis,

Inc.

3.00%,

9/12/2027(a)

1,346,000

1,323,942

3.90%,

8/20/2028(a)

102,000

101,900

2.00%,

5/15/2030(a)

350,000

318,788

5.60%,

11/16/2032(a)

575,000

611,368

5.00%,

8/17/2035

200,000

202,058

6,699,626

Professional

Services

Automatic

Data

Processing,

Inc.

4.75%,

5/8/2032(a)

50,000

51,250

4.45%,

9/9/2034

1,270,000

1,264,000

Broadridge

Financial

Solutions,

Inc.

2.90%,

12/1/2029(a)

402,000

380,577

2.60%,

5/1/2031

550,000

498,412

Equifax,

Inc.

5.10%,

12/15/2027

125,000

127,203

5.10%,

6/1/2028(a)

250,000

255,074

Jacobs

Engineering

Group,

Inc.

6.35%,

8/18/2028

400,000

421,935

5.90%,

3/1/2033(a)

300,000

315,136

Paychex,

Inc.

5.10%,

4/15/2030

900,000

925,354

5.35%,

4/15/2032

800,000

829,646

5.60%,

4/15/2035(a)

550,000

574,552

Verisk

Analytics,

Inc.

4.13%,

3/15/2029

252,000

251,264

5.75%,

4/1/2033

325,000

343,533

5.25%,

6/5/2034

350,000

360,038

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Professional

Services

1.1%

(continued)

Verisk

Analytics,

Inc.

(continued)

5.25%,

3/15/2035(a)

500,000

509,766

7,107,740

Real

Estate

Management

Development

CBRE

Services,

Inc.

5.50%,

4/1/2029(a)

500,000

518,173

2.50%,

4/1/2031

100,000

90,493

5.95%,

8/15/2034(a)

750,000

801,994

1,410,660

Residential

REITs

American

Homes

Rent

REIT,

4.25%,

2/15/2028(a)

250,000

250,422

REIT,

4.90%,

2/15/2029

162,000

164,948

REIT,

3.63%,

4/15/2032(a)

250,000

234,761

REIT,

5.50%,

7/15/2034

910,000

939,079

AvalonBay

Communities,

Inc.

REIT,

3.20%,

1/15/2028

50,000

49,116

REIT,

5.00%,

2/15/2033

25,000

25,580

REIT,

5.35%,

6/1/2034

130,000

135,282

Camden

Property

Trust

REIT,

5.85%,

11/3/2026(a)

450,000

457,534

Essential

Properties

REIT,

2.95%,

7/15/2031(a)

250,000

227,093

Essex

Portfolio

REIT,

3.63%,

5/1/2027

150,000

148,978

REIT,

1.70%,

3/1/2028

250,000

236,118

REIT,

4.00%,

3/1/2029(a)

151,000

149,784

REIT,

3.00%,

1/15/2030

202,000

191,298

REIT,

1.65%,

1/15/2031

150,000

130,047

REIT,

2.65%,

3/15/2032

50,000

44,636

REIT,

5.50%,

4/1/2034(a)

100,000

104,005

Invitation

Homes

Operating

Partnership

REIT,

2.30%,

11/15/2028

275,000

260,107

REIT,

5.45%,

8/15/2030(a)

250,000

259,618

REIT,

2.00%,

8/15/2031

300,000

259,758

REIT,

4.15%,

4/15/2032(a)

300,000

290,252

REIT,

4.95%,

1/15/2033(a)

250,000

251,145

REIT,

5.50%,

8/15/2033(a)

150,000

156,206

REIT,

4.88%,

2/1/2035

500,000

494,972

Mid-America

Apartments

REIT,

5.30%,

2/15/2032

25,000

26,000

REIT,

4.95%,

3/1/2035

50,000

50,502

Store

Capital

LLC

REIT,

4.50%,

3/15/2028

170,000

170,075

REIT,

4.63%,

3/15/2029(a)

41,000

40,748

Sun

Communities

Operating

REIT,

4.20%,

4/15/2032(a)

150,000

146,212

Tanger

Properties

REIT,

3.88%,

7/15/2027

150,000

148,892

REIT,

2.75%,

9/1/2031(a)

200,000

179,694

6,222,862

Retail

REITs

Agree

REIT,

2.00%,

6/15/2028(a)

52,000

49,281

REIT,

2.90%,

10/1/2030

150,000

139,923

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

257

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Retail

REITs

0.6%

(continued)

Agree

(continued)

REIT,

4.80%,

10/1/2032(a)

150,000

151,692

REIT,

2.60%,

6/15/2033(a)

150,000

129,237

REIT,

5.63%,

6/15/2034(a)

300,000

313,102

REIT,

5.60%,

6/15/2035(a)

150,000

156,811

Brixmor

Operating

Partnership

REIT,

3.90%,

3/15/2027

400,000

398,221

REIT,

4.13%,

5/15/2029

2,000

1,981

Kite

Realty

Group

REIT,

4.00%,

10/1/2026

250,000

249,369

NNN

REIT,

Inc.

REIT,

3.50%,

10/15/2027

176,000

173,954

REIT,

4.30%,

10/15/2028

50,000

50,130

REIT,

2.50%,

4/15/2030(a)

100,000

92,626

REIT,

4.60%,

2/15/2031

500,000

502,113

REIT,

5.60%,

10/15/2033(a)

275,000

287,811

REIT,

5.50%,

6/15/2034(a)

250,000

259,141

Realty

Income

Corp.

REIT,

3.00%,

1/15/2027(a)

400,000

394,920

REIT,

3.20%,

1/15/2027(a)

550,000

544,470

3,894,782

Semiconductors

Semiconductor

Equipment

Advanced

Micro

Devices,

Inc.

3.92%,

6/1/2032(a)

300,000

293,698

Applied

Materials,

Inc.

3.30%,

4/1/2027(a)

50,000

49,633

4.80%,

6/15/2029(a)

50,000

51,270

Broadcom

Corp.

3.50%,

1/15/2028(a)

100,000

98,997

Broadcom,

Inc.

5.05%,

7/12/2027(a)

925,000

940,323

4.15%,

2/15/2028(a)

250,000

250,728

4.80%,

4/15/2028

500,000

509,098

4.11%,

9/15/2028

350,000

350,547

4.75%,

4/15/2029(a)

200,000

203,763

5.05%,

7/12/2029

2,150,000

2,213,884

4.35%,

2/15/2030

900,000

904,263

4.60%,

7/15/2030(a)

1,850,000

1,877,311

2.45%,

2/15/2031(a)

250,000

227,832

5.15%,

11/15/2031

150,000

155,943

4.15%,

4/15/2032(a)(d)

500,000

489,531

4.30%,

11/15/2032

200,000

197,871

2.60%,

2/15/2033

50,000

44,129

3.42%,

4/15/2033(a)

750,000

699,358

3.47%,

4/15/2034

900,000

824,366

4.80%,

10/15/2034(a)

550,000

552,634

5.20%,

7/15/2035(a)

750,000

772,564

KLA

Corp.

4.65%,

7/15/2032(a)

450,000

457,199

5.65%,

11/1/2034

150,000

160,906

Lam

Research

Corp.

4.00%,

3/15/2029(a)

350,000

349,623

1.90%,

6/15/2030(a)

400,000

362,322

Microchip

Technology,

Inc.

4.90%,

3/15/2028(a)

350,000

354,340

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Semiconductors

Semiconductor

Equipment

2.7%

(continued)

NVIDIA

Corp.

2.85%,

4/1/2030

150,000

143,435

NXP

3.15%,

5/1/2027

100,000

98,494

5.55%,

12/1/2028(a)

200,000

206,820

4.30%,

6/18/2029

300,000

299,184

3.40%,

5/1/2030(a)

50,000

47,947

2.50%,

5/11/2031(a)

325,000

292,918

5.00%,

1/15/2033

495,000

499,629

Qorvo,

Inc.

4.38%,

10/15/2029(a)

52,000

51,153

QUALCOMM,

Inc.

1.65%,

5/20/2032(a)

50,000

42,495

Skyworks

Solutions,

Inc.

3.00%,

6/1/2031(a)

275,000

249,403

Texas

Instruments,

Inc.

3.65%,

8/16/2032(a)

50,000

47,999

4.90%,

3/14/2033(a)

250,000

257,864

TSMC

Arizona

Corp.

1.75%,

10/25/2026(a)

700,000

685,504

3.88%,

4/22/2027(a)

527,000

525,824

2.50%,

10/25/2031

750,000

683,320

17,524,122

Software

Adobe,

Inc.

2.15%,

2/1/2027

312,000

305,684

4.85%,

4/4/2027

250,000

253,470

4.80%,

4/4/2029(a)

400,000

410,232

2.30%,

2/1/2030(a)

873,000

814,134

4.95%,

4/4/2034(a)

200,000

206,624

AppLovin

Corp.

5.13%,

12/1/2029(a)

350,000

357,256

5.38%,

12/1/2031

500,000

516,060

5.50%,

12/1/2034

500,000

513,560

Autodesk,

Inc.

3.50%,

6/15/2027(a)

260,000

257,562

2.85%,

1/15/2030

230,000

217,700

2.40%,

12/15/2031

511,000

453,388

Cadence

Design

Systems,

Inc.

4.20%,

9/10/2027(a)

300,000

300,846

4.30%,

9/10/2029(a)

600,000

602,391

4.70%,

9/10/2034(a)

550,000

551,413

Fortinet,

Inc.

2.20%,

3/15/2031

250,000

223,387

Intuit,

Inc.

1.35%,

7/15/2027(a)

200,000

191,855

5.13%,

9/15/2028(a)

350,000

361,108

1.65%,

7/15/2030(a)

150,000

134,118

5.20%,

9/15/2033(a)

1,100,000

1,149,972

Oracle

Corp.

5.25%,

2/3/2032

400,000

407,217

5.50%,

8/3/2035(a)

300,000

303,422

Roper

Technologies,

Inc.

3.80%,

12/15/2026

600,000

597,861

1.40%,

9/15/2027

500,000

476,346

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

258

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Software

2.8%

(continued)

Roper

Technologies,

Inc.

(continued)

4.20%,

9/15/2028

426,000

426,845

2.95%,

9/15/2029

800,000

764,073

2.00%,

6/30/2030

377,000

339,975

1.75%,

2/15/2031

639,000

557,723

4.75%,

2/15/2032(a)

250,000

252,099

4.90%,

10/15/2034

800,000

798,375

Salesforce,

Inc.

1.95%,

7/15/2031(a)

390,000

346,509

ServiceNow,

Inc.

1.40%,

9/1/2030

910,000

797,780

Synopsys,

Inc.

5.00%,

4/1/2032(a)

200,000

204,208

5.15%,

4/1/2035

350,000

355,534

VMware

LLC

3.90%,

8/21/2027(a)

395,000

394,017

1.80%,

8/15/2028

500,000

469,586

4.70%,

5/15/2030

242,000

245,550

2.20%,

8/15/2031

700,000

618,987

Workday,

Inc.

3.50%,

4/1/2027(a)

400,000

396,596

3.70%,

4/1/2029(a)

400,000

394,320

3.80%,

4/1/2032(a)

850,000

812,282

17,780,065

Specialized

REITs

American

Tower

Corp.

REIT,

3.38%,

10/15/2026

1,100,000

1,092,826

REIT,

3.65%,

3/15/2027

100,000

99,270

REIT,

3.60%,

1/15/2028

310,000

306,398

REIT,

1.50%,

1/31/2028(a)

200,000

188,672

REIT,

5.25%,

7/15/2028(a)

700,000

718,776

REIT,

3.80%,

8/15/2029

250,000

245,428

REIT,

4.90%,

3/15/2030(a)

750,000

765,644

REIT,

1.88%,

10/15/2030

50,000

44,309

REIT,

5.65%,

3/15/2033(a)

300,000

316,000

Crown

Castle,

Inc.

REIT,

2.50%,

7/15/2031

50,000

44,533

CubeSmart

REIT,

2.25%,

12/15/2028

300,000

282,965

REIT,

4.38%,

2/15/2029(a)

150,000

150,233

REIT,

3.00%,

2/15/2030(a)

150,000

141,997

REIT,

2.00%,

2/15/2031

200,000

175,862

REIT,

2.50%,

2/15/2032(a)

250,000

220,949

EPR

Properties

REIT,

4.75%,

12/15/2026

700,000

702,602

REIT,

4.50%,

6/1/2027

303,000

303,005

REIT,

4.95%,

4/15/2028(a)

153,000

154,428

REIT,

3.75%,

8/15/2029(a)

250,000

240,813

REIT,

3.60%,

11/15/2031(a)

400,000

369,097

Equinix,

Inc.

REIT,

3.20%,

11/18/2029

650,000

623,211

Public

Storage

Operating

Co.

REIT,

1.50%,

11/9/2026

50,000

48,797

REIT,

1.85%,

5/1/2028(a)

200,000

189,872

REIT,

4.38%,

7/1/2030(a)

1,100,000

1,106,866

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialized

REITs

1.5%

(continued)

Public

Storage

Operating

Co.

(continued)

REIT,

2.25%,

11/9/2031(a)

50,000

44,363

Weyerhaeuser

Co.

REIT,

6.95%,

10/1/2027

150,000

157,872

REIT,

4.00%,

4/15/2030(a)

479,000

472,262

REIT,

7.38%,

3/15/2032(a)

450,000

514,102

REIT,

6.88%,

12/15/2033

135,000

151,225

9,872,377

Specialty

Retail

AutoNation,

Inc.

3.80%,

11/15/2027

40,000

39,629

AutoZone,

Inc.

4.50%,

2/1/2028

150,000

151,288

6.25%,

11/1/2028(a)

250,000

264,275

3.75%,

4/18/2029(a)

150,000

147,695

5.10%,

7/15/2029(a)

400,000

411,352

4.00%,

4/15/2030(a)

275,000

271,810

1.65%,

1/15/2031

350,000

304,601

4.75%,

8/1/2032(a)

350,000

352,955

4.75%,

2/1/2033

250,000

250,360

5.20%,

8/1/2033(a)

100,000

102,761

6.55%,

11/1/2033(a)

215,000

239,968

5.40%,

7/15/2034

250,000

258,392

Home

Depot,

Inc.

(The)

4.88%,

6/25/2027(a)

620,000

630,013

4.90%,

4/15/2029

49,000

50,438

2.95%,

6/15/2029(a)

676,000

653,153

4.75%,

6/25/2029

500,000

511,972

2.70%,

4/15/2030(a)

750,000

708,005

1.38%,

3/15/2031

525,000

454,077

4.85%,

6/25/2031(a)

300,000

309,950

1.88%,

9/15/2031

400,000

350,567

3.25%,

4/15/2032

678,000

634,972

4.50%,

9/15/2032(a)

100,000

101,398

4.95%,

6/25/2034(a)

900,000

921,152

4.65%,

9/15/2035

250,000

247,536

Lowe's

Cos.,

Inc.

3.35%,

4/1/2027

100,000

99,039

3.10%,

5/3/2027(a)

800,000

789,007

1.30%,

4/15/2028(a)

300,000

281,051

1.70%,

9/15/2028(a)

550,000

514,983

6.50%,

3/15/2029

290,000

311,468

3.65%,

4/5/2029(a)

800,000

786,747

1.70%,

10/15/2030(a)

450,000

397,027

2.63%,

4/1/2031

500,000

457,218

3.75%,

4/1/2032

1,005,000

959,033

5.00%,

4/15/2033(a)

425,000

434,188

5.15%,

7/1/2033(a)

600,000

617,874

O'Reilly

Automotive,

Inc.

5.75%,

11/20/2026

800,000

812,906

3.60%,

9/1/2027

501,000

496,761

4.35%,

6/1/2028

200,000

201,167

3.90%,

6/1/2029(a)

700,000

693,018

4.20%,

4/1/2030

50,000

49,755

1.75%,

3/15/2031

250,000

217,932

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

259

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

3.0%

(continued)

O’Reilly

Automotive,

Inc.

(continued)

4.70%,

6/15/2032(a)

875,000

880,375

Ross

Stores,

Inc.

1.88%,

4/15/2031

350,000

305,737

TJX

Cos.,

Inc.

(The)

1.15%,

5/15/2028

150,000

140,113

3.88%,

4/15/2030

281,000

279,665

1.60%,

5/15/2031(a)

250,000

218,996

Tractor

Supply

Co.

1.75%,

11/1/2030

600,000

528,970

5.25%,

5/15/2033(a)

300,000

310,510

19,151,859

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

2.90%,

9/12/2027

32,000

31,499

1.20%,

2/8/2028

414,000

391,510

3.25%,

8/8/2029(a)

282,000

276,441

2.20%,

9/11/2029(a)

492,000

462,573

1.65%,

5/11/2030

400,000

362,219

4.20%,

5/12/2030

100,000

100,904

1.25%,

8/20/2030(a)

175,000

154,526

1.65%,

2/8/2031

100,000

88,653

1.70%,

8/5/2031(a)

200,000

176,800

4.50%,

5/12/2032

100,000

101,857

3.35%,

8/8/2032(a)

25,000

23,859

HP,

Inc.

3.00%,

6/17/2027

300,000

294,392

4.00%,

4/15/2029(a)

112,000

110,741

NetApp,

Inc.

2.38%,

6/22/2027

250,000

242,855

2.70%,

6/22/2030(a)

400,000

371,244

5.50%,

3/17/2032(a)

550,000

572,658

5.70%,

3/17/2035(a)

250,000

261,635

Teledyne

FLIR

LLC

2.50%,

8/1/2030

200,000

184,614

Western

Digital

Corp.

2.85%,

2/1/2029

50,000

47,462

4,256,442

Textiles,

Apparel

Luxury

Goods

Ralph

Lauren

Corp.

5.00%,

6/15/2032(a)

500,000

514,040

Tapestry,

Inc.

4.13%,

7/15/2027

1,558,000

1,554,128

5.10%,

3/11/2030(a)

250,000

256,078

5.50%,

3/11/2035

250,000

254,586

2,578,832

Tobacco

Altria

Group,

Inc.

6.20%,

11/1/2028

400,000

421,737

4.80%,

2/14/2029(a)

1,229,000

1,247,548

3.40%,

5/6/2030(a)

628,000

603,420

2.45%,

2/4/2032

1,050,000

922,706

6.88%,

11/1/2033(a)

300,000

337,413

5.63%,

2/6/2035(a)

100,000

103,643

5.25%,

8/6/2035(a)

150,000

151,283

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Tobacco

2.5%

(continued)

BAT

Capital

Corp.

2.26%,

3/25/2028(a)

500,000

478,267

Philip

Morris

International,

Inc.

4.38%,

11/1/2027

145,000

146,003

5.13%,

11/17/2027(a)

373,000

380,526

4.13%,

4/28/2028(a)

300,000

300,568

5.25%,

9/7/2028

750,000

772,066

4.88%,

2/13/2029(a)

1,000,000

1,021,053

4.63%,

11/1/2029

100,000

101,445

5.63%,

11/17/2029

1,125,000

1,180,384

5.13%,

2/15/2030

1,337,000

1,380,177

4.38%,

4/30/2030

1,890,000

1,897,218

2.10%,

5/1/2030(a)

300,000

273,817

5.13%,

2/13/2031

200,000

206,712

5.75%,

11/17/2032(a)

550,000

585,520

5.38%,

2/15/2033(a)

1,325,000

1,379,895

5.63%,

9/7/2033(a)

500,000

528,938

5.25%,

2/13/2034

740,000

762,734

4.90%,

11/1/2034(a)

300,000

301,850

4.88%,

4/30/2035(a)

250,000

250,129

15,735,052

Trading

Companies

Distributors

Air

Lease

Corp.

2.20%,

1/15/2027

27,000

26,320

3.63%,

12/1/2027(a)

50,000

49,259

5.85%,

12/15/2027(a)

25,000

25,696

5.30%,

2/1/2028(a)

300,000

304,818

4.63%,

10/1/2028

150,000

150,411

5.10%,

3/1/2029(a)

250,000

253,499

3.13%,

12/1/2030

50,000

46,197

5.20%,

7/15/2031

100,000

101,797

2.88%,

1/15/2032(a)

35,000

31,339

Ferguson

Enterprises,

Inc.

5.00%,

10/3/2034

350,000

352,713

GATX

Corp.

4.00%,

6/30/2030(a)

100,000

98,289

5.50%,

6/15/2035

50,000

51,358

Grainger,

Inc.

4.45%,

9/15/2034(a)

250,000

247,394

1,739,090

Water

Utilities

(f)

Essential

Utilities,

Inc.

4.80%,

8/15/2027

100,000

101,052

3.57%,

5/1/2029(a)

200,000

195,541

296,593

Wireless

Telecommunication

Services

T-Mobile

USA,

Inc.

3.88%,

4/15/2030

68,000

66,606

5.75%,

1/15/2034

2,170,000

2,294,408

2,361,014

Total

Corporate

Bonds

(Cost

$619,462,638)

630,385,898

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

260

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

U.S.

Treasury

Notes

3.63%,

9/30/2030

(Cost

$2,988,281)

3,000,000

2,988,750

SECURITIES

LENDING

REINVESTMENTS

(g)

CERTIFICATES

DEPOSIT

Bank

Montreal,

Chicago

(SOFR

0.31%),

4.35%,

5/29/2026(e)

2,000,000

2,000,862

Bank

Nova

Scotia,

Houston

(SOFR

0.34%),

4.38%,

7/1/2026(e)

1,000,000

999,987

Barclays

Bank

plc,

New

York

(SOFR

0.22%),

4.49%,

4/10/2026(e)

2,000,000

1,999,904

(SOFR

0.25%),

4.52%,

4/29/2026(e)

1,000,000

999,999

BNP

Paribas,

New

York

(SOFR

0.24%),

4.28%,

12/1/2025(e)

1,000,000

Canadian

Imperial

Bank

Commerce,

New

York

(SOFR

0.24%),

4.28%,

12/17/2025(e)

1,000,000

Credit

Agricole

CIB,

New

York

(SOFR

0.21%),

4.25%,

1/8/2026(e)

2,000,000

1,999,994

National

Australia

Bank,

New

York

(SOFR

0.25%),

4.29%,

3/17/2026(e)

1,000,000

1,000,340

Natixis

SA,

New

York

4.47%,

12/11/2025

2,000,000

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

0.22%),

4.26%,

4/9/2026(e)

3,000,000

2,999,453

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

(SOFR

0.35%),

4.22%,

11/10/2025(e)

2,000,000

2,000,068

4.40%,

2/3/2026

2,000,000

2,002,420

Toronto-Dominion

Bank,

New

York

(SOFR

0.20%),

4.47%,

4/6/2026(e)

1,000,000

999,973

Total

Certificates

Deposit

(Cost

$21,000,068)

21,003,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$50,394,475,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$51,160,836

50,377,137

Prime

Services

LLC

3.97%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$58,817,889,

collateralized

various

Common

Stocks;

total

market

value

$64,883,166

58,798,437

Prime

Services

LLC

4.17%,

dated

10/31/2025,

due

12/5/2025,

repurchase

price

$4,016,217,

collateralized

various

Common

Stocks;

total

market

value

$4,413,938

4,000,000

Total

Repurchase

Agreements

(Cost

$113,175,574)

113,175,574

Total

Securities

Lending

Reinvestments

(Cost

$134,175,642)

134,178,574

SHORT-TERM

INVESTMENTS

(h)

U.S.

GOVERNMENT

AGENCY

SECURITIES

FNMA

Zero

Coupon,

11/3/2025

(Cost

$1,999,590)

2,000,000

1,999,357

Total

Investments

120.3%

(Cost

$758,626,151)

769,552,579

Liabilities

excess

other

assets

(20.3%)

(129,821,495)

NET

ASSETS

100.0%

$639,731,084

(a)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$142,899,970,

collateralized

the

form

cash

with

value

$134,175,874

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments

and

$13,316,492

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

November

15,

2025

–

May

15,

2055;

total

value

$147,492,366.

(b)

Step

bond.

Interest

rate

fixed

rate

for

initial

period

that

either

resets

specific

date

may

reset

the

future

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

October

31,

2025.

(c)

Security

issued

fixed

coupon

rate,

which

converts

variable

rate

future

date.

Rate

shown

the

rate

effect

period

end.

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

261

FLEXSHARES

ANNUAL

REPORT

(d)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

October

31,

2025,

the

value

these

securities

amounted

approximately

$5,770,097

0.90%

net

assets.

(e)

Variable

floating

rate

security,

linked

the

referenced

benchmark.

The

interest

rate

shown

the

rate

effect

October

31,

2025.

(f)

Represents

less

than

0.05%

net

assets.

(g)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$134,178,574.

Percentages

shown

are

based

Net

Assets.

(h)

The

rate

shown

was

the

current

yield

October

31,

2025.

Abbreviations

FNMA

—

Federal

National

Mortgage

Association

OYJ

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

capital

SOFR

—

Secured

Overnight

Financing

Rate

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

10,926,557

Aggregate

gross

unrealized

depreciation

(530,548

)

Net

unrealized

appreciation

10,396,009

Federal

income

tax

cost

759,156,570

Security

Type

Net

Assets

Corporate

Bonds

98‌

U.S.

Treasury

Obligations

0‌

Securities

Lending

Reinvestments

21‌

Short-Term

Investments

0‌

Others

(1)

(

20‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

FLEXSHARES

ANNUAL

REPORT

262

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

October

31,

2025

Investments

Principal

Amount

Value

CORPORATE

BONDS

Aerospace

Defense

Boeing

Co.

(The)

5.81%,

5/1/2050

75,000

74,491

5.93%,

5/1/2060

25,000

24,851

General

Dynamics

Corp.

4.25%,

4/1/2040

50,000

46,070

General

Electric

Co.

5.88%,

1/14/2038

40,000

43,707

4.50%,

3/11/2044

10,000

9,121

Howmet

Aerospace,

Inc.

5.95%,

2/1/2037

95,000

103,130

Lockheed

Martin

Corp.

5.90%,

11/15/2063

20,000

21,258

5.20%,

2/15/2064

25,000

23,721

Precision

Castparts

Corp.

3.90%,

1/15/2043

10,000

8,432

4.38%,

6/15/2045

50,000

43,821

RTX

Corp.

4.50%,

6/1/2042

75,000

68,173

6.40%,

3/15/2054

50,000

56,199

522,974

Air

Freight

Logistics

FedEx

Corp.

5.25%,

5/15/2050

25,000

22,950

Automobile

Components

Aptiv

Swiss

Holdings

Ltd.

4.15%,

5/1/2052

65,000

50,513

Lear

Corp.

5.25%,

5/15/2049

25,000

22,670

3.55%,

1/15/2052

25,000

17,077

90,260

Banks

Bank

America

Corp.

7.75%,

5/14/2038

175,000

214,109

2.68%,

6/19/2041(a)

45,000

33,397

3.31%,

4/22/2042(a)

30,000

23,880

4.08%,

3/20/2051(a)

40,000

32,678

Barclays

plc

5.86%,

8/11/2046(a)

65,000

67,329

Citigroup,

Inc.

6.13%,

8/25/2036

205,000

217,756

8.13%,

7/15/2039

15,000

19,234

5.32%,

3/26/2041(a)

95,000

94,984

5.88%,

1/30/2042

85,000

90,125

2.90%,

11/3/2042(a)

115,000

84,926

6.68%,

9/13/2043

95,000

107,613

5.30%,

5/6/2044

50,000

48,732

4.75%,

5/18/2046

155,000

138,022

4.65%,

7/23/2048

40,000

35,665

5.61%,

3/4/2056(a)

35,000

35,524

6.88%,

2/15/2098

25,000

29,317

Cooperatieve

Rabobank

5.25%,

5/24/2041

115,000

116,162

5.75%,

12/1/2043

50,000

51,370

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

6.5%

(continued)

HSBC

Holdings

plc

6.50%,

5/2/2036

10,000

10,785

6.50%,

9/15/2037

25,000

26,991

6.80%,

6/1/2038

65,000

72,521

6.33%,

3/9/2044(a)

70,000

77,288

5.25%,

3/14/2044

225,000

221,321

HSBC

USA,

Inc.

7.20%,

7/15/2097

10,000

12,320

JPMorgan

Chase

Co.

6.40%,

5/15/2038

20,000

22,757

3.11%,

4/22/2041(a)

10,000

7,906

3.16%,

4/22/2042(a)

45,000

35,164

4.95%,

6/1/2045

55,000

52,416

3.96%,

11/15/2048(a)

155,000

127,245

3.33%,

4/22/2052(a)

10,000

7,198

Lloyds

Banking

Group

plc

3.37%,

12/14/2046(a)

65,000

48,307

4.34%,

1/9/2048

100,000

82,405

Mitsubishi

UFJ

Financial

Group,

Inc.

3.75%,

7/18/2039

40,000

35,249

Regions

Bank

6.45%,

6/26/2037

25,000

27,310

Sumitomo

Mitsui

Financial

Group,

Inc.

5.80%,

7/8/2046(a)

50,000

51,526

Wells

Fargo

Co.

5.61%,

1/15/2044

170,000

170,839

4.65%,

11/4/2044

55,000

48,797

4.90%,

11/17/2045

120,000

109,839

4.75%,

12/7/2046

140,000

124,326

5.01%,

4/4/2051(a)

255,000

238,011

4.61%,

4/25/2053(a)

5,000

4,388

Westpac

Banking

Corp.

3.13%,

11/18/2041

75,000

57,104

3,112,836

Beverages

Coca-Cola

Co.

(The)

2.50%,

6/1/2040

40,000

29,829

4.20%,

3/25/2050

210,000

179,308

2.60%,

6/1/2050

10,000

6,357

3.00%,

3/5/2051

40,000

27,286

2.50%,

3/15/2051

55,000

33,777

5.30%,

5/13/2054

25,000

24,880

5.20%,

1/14/2055

75,000

73,655

2.75%,

6/1/2060

15,000

9,028

5.40%,

5/13/2064

115,000

114,400

Keurig

Pepper,

Inc.

4.50%,

11/15/2045

25,000

21,044

5.09%,

5/25/2048

50,000

44,856

PepsiCo,

Inc.

3.60%,

8/13/2042

20,000

16,440

5.25%,

7/17/2054

15,000

14,834

595,694

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

263

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Biotechnology

AbbVie,

Inc.

4.40%,

11/6/2042

45,000

40,663

4.25%,

11/21/2049

10,000

8,417

5.50%,

3/15/2064

20,000

20,030

Amgen,

Inc.

5.60%,

3/2/2043

55,000

55,833

5.65%,

3/2/2053

50,000

49,900

5.75%,

3/2/2063

165,000

164,801

Biogen,

Inc.

5.20%,

9/15/2045

115,000

106,714

3.25%,

2/15/2051

15,000

9,974

6.45%,

5/15/2055

20,000

21,323

Gilead

Sciences,

Inc.

4.50%,

2/1/2045

40,000

35,956

5.50%,

11/15/2054

15,000

15,130

5.60%,

11/15/2064

100,000

101,184

Regeneron

Pharmaceuticals,

Inc.

2.80%,

9/15/2050

100,000

62,733

692,658

Broadline

Retail

Amazon.com,

Inc.

4.25%,

8/22/2057

145,000

120,218

eBay,

Inc.

4.00%,

7/15/2042

15,000

12,529

3.65%,

5/10/2051

100,000

75,201

207,948

Building

Products

Johnson

Controls

International

plc

4.95%,

7/2/2064(b)

50,000

43,997

Masco

Corp.

4.50%,

5/15/2047

50,000

42,572

Trane

Technologies

Financing

Ltd.

4.50%,

3/21/2049

105,000

91,422

Trane

Technologies

Holdco,

Inc.

5.75%,

6/15/2043

50,000

52,694

4.30%,

2/21/2048

20,000

17,034

247,719

Capital

Markets

BlackRock

Funding,

Inc.

5.25%,

3/14/2054

15,000

14,734

Brookfield

Finance,

Inc.

5.97%,

3/4/2054

25,000

25,641

5.81%,

3/3/2055

40,000

40,143

Goldman

Sachs

Group,

Inc.

(The)

4.02%,

10/31/2038(a)

20,000

17,979

3.21%,

4/22/2042(a)

20,000

15,550

2.91%,

7/21/2042(a)

40,000

29,718

4.75%,

10/21/2045

20,000

18,314

5.56%,

11/19/2045(a)

125,000

126,600

Moody's

Corp.

2.75%,

8/19/2041

5,000

3,627

5.25%,

7/15/2044

25,000

24,443

4.88%,

12/17/2048

35,000

31,904

3.25%,

5/20/2050

40,000

27,730

3.75%,

2/25/2052

75,000

57,367

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

2.1%

(continued)

Moody’s

Corp.

(continued)

3.10%,

11/29/2061

185,000

118,282

Morgan

Stanley

4.30%,

1/27/2045

5,000

4,395

5.60%,

3/24/2051(a)

65,000

66,272

5.52%,

11/19/2055(a)

45,000

45,505

MSCI,

Inc.

5.25%,

9/1/2035

40,000

40,145

Nasdaq,

Inc.

6.10%,

6/28/2063

85,000

90,038

Raymond

James

Financial,

Inc.

3.75%,

4/1/2051

100,000

75,152

S&P

Global,

Inc.

4.50%,

5/15/2048

20,000

17,384

3.90%,

3/1/2062

165,000

126,900

1,017,823

Chemicals

Industries,

Inc.

4.95%,

6/1/2043

70,000

64,126

5.38%,

3/15/2044

75,000

72,123

Dow

Chemical

Co.

(The)

9.40%,

5/15/2039

10,000

12,982

Ecolab,

Inc.

5.50%,

12/8/2041

15,000

15,504

2.70%,

12/15/2051

50,000

31,663

2.75%,

8/18/2055

47,000

29,012

FMC

Corp.

6.38%,

5/18/2053

10,000

8,981

Linde,

Inc.

3.55%,

11/7/2042

50,000

40,493

LYB

International

Finance

5.25%,

7/15/2043

35,000

31,200

LYB

International

Finance

III

LLC

4.20%,

10/15/2049

30,000

22,104

3.80%,

10/1/2060

25,000

16,062

LyondellBasell

Industries

4.63%,

2/26/2055

25,000

19,490

RPM

International,

Inc.

5.25%,

6/1/2045

25,000

24,393

Sherwin-Williams

Co.

(The)

4.00%,

12/15/2042

25,000

20,873

4.50%,

6/1/2047

145,000

126,117

3.80%,

8/15/2049

70,000

53,727

2.90%,

3/15/2052

65,000

41,429

630,279

Commercial

Services

Supplies

Republic

Services,

Inc.

6.20%,

3/1/2040

20,000

22,146

5.70%,

5/15/2041

25,000

26,285

48,431

Communications

Equipment

Cisco

Systems,

Inc.

5.90%,

2/15/2039

160,000

173,885

5.50%,

1/15/2040

275,000

286,680

5.30%,

2/26/2054

115,000

112,319

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

264

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Communications

Equipment

1.6%

(continued)

Cisco

Systems,

Inc.

(continued)

5.50%,

2/24/2055

50,000

50,475

5.35%,

2/26/2064

75,000

72,856

Motorola

Solutions,

Inc.

5.50%,

9/1/2044

30,000

29,780

Nokia

OYJ

6.63%,

5/15/2039

40,000

43,270

769,265

Construction

Engineering

Valmont

Industries,

Inc.

5.00%,

10/1/2044

50,000

46,868

5.25%,

10/1/2054

10,000

9,487

56,355

Construction

Materials

Martin

Marietta

Materials,

Inc.

5.50%,

12/1/2054

5,000

5,004

Vulcan

Materials

Co.

4.50%,

6/15/2047

10,000

8,735

4.70%,

3/1/2048

10,000

8,997

5.70%,

12/1/2054

15,000

15,348

38,084

Consumer

Staples

Distribution

Retail

Kroger

Co.

(The)

6.90%,

4/15/2038

50,000

57,286

5.15%,

8/1/2043

10,000

9,524

4.45%,

2/1/2047

30,000

25,603

5.65%,

9/15/2064

70,000

68,216

Sysco

Corp.

5.38%,

9/21/2035

30,000

30,909

6.60%,

4/1/2040

50,000

55,868

4.85%,

10/1/2045

15,000

13,668

3.30%,

2/15/2050

50,000

34,991

6.60%,

4/1/2050

160,000

177,101

3.15%,

12/14/2051

80,000

53,592

526,758

Containers

Packaging

Corp.

America

4.05%,

12/15/2049

45,000

36,228

3.05%,

10/1/2051

50,000

32,899

69,127

Diversified

REITs

GLP

Capital

REIT,

5.75%,

11/1/2037

5,000

4,963

REIT,

6.25%,

9/15/2054

60,000

59,722

Simon

Property

Group

REIT,

4.75%,

3/15/2042

100,000

92,536

REIT,

5.85%,

3/8/2053

75,000

77,408

VICI

Properties

REIT,

5.63%,

5/15/2052

70,000

66,308

REIT,

6.13%,

4/1/2054

60,000

60,535

361,472

Diversified

Telecommunication

Services

AT&T,

Inc.

5.55%,

8/15/2041

100,000

100,156

3.50%,

9/15/2053

190,000

130,014

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Telecommunication

Services

2.5%

(continued)

AT&T,

Inc.

(continued)

3.55%,

9/15/2055

25,000

17,143

6.05%,

8/15/2056

200,000

205,591

3.80%,

12/1/2057

50,000

35,300

3.65%,

9/15/2059

85,000

57,595

Telefonica

Emisiones

7.05%,

6/20/2036

195,000

219,848

5.21%,

3/8/2047

90,000

80,689

4.90%,

3/6/2048

50,000

42,876

Verizon

Communications,

Inc.

3.40%,

3/22/2041

375,000

294,613

2.85%,

9/3/2041

15,000

10,845

1,194,670

Electric

Utilities

AEP

Texas,

Inc.

Series

4.15%,

5/1/2049

25,000

19,612

3.45%,

5/15/2051

20,000

13,849

5.25%,

5/15/2052

50,000

46,515

5.85%,

10/15/2055

140,000

139,929

AEP

Transmission

Co.

LLC

5.40%,

3/15/2053

35,000

34,770

Alabama

Power

Co.

5.50%,

3/15/2041

25,000

25,407

4.10%,

1/15/2042

25,000

21,666

3.13%,

7/15/2051

5,000

3,411

Appalachian

Power

Co.

Series

5.80%,

10/1/2035

10,000

10,555

7.00%,

4/1/2038

50,000

57,017

4.45%,

6/1/2045

25,000

21,283

Series

4.50%,

3/1/2049

60,000

50,346

CenterPoint

Energy

Houston

Electric

LLC

4.50%,

4/1/2044

25,000

22,382

Duke

Energy

Corp.

4.80%,

12/15/2045

100,000

89,874

3.75%,

9/1/2046

40,000

30,839

4.20%,

6/15/2049

30,000

24,111

5.00%,

8/15/2052

190,000

171,610

6.10%,

9/15/2053

15,000

15,779

5.80%,

6/15/2054

15,000

15,151

Emera

Finance

4.75%,

6/15/2046

110,000

95,286

Evergy

Kansas

Central,

Inc.

4.13%,

3/1/2042

130,000

111,607

4.10%,

4/1/2043

50,000

42,476

3.25%,

9/1/2049

165,000

114,756

Evergy

Metro,

Inc.

5.30%,

10/1/2041

20,000

19,821

FirstEnergy

Corp.

Series

4.85%,

7/15/2047(b)

25,000

22,211

Series

3.40%,

3/1/2050

145,000

101,546

Georgia

Power

Co.

4.30%,

3/15/2042

140,000

124,085

4.30%,

3/15/2043

40,000

35,271

Series

3.25%,

3/15/2051

205,000

143,712

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

265

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

7.7%

(continued)

Iberdrola

International

6.75%,

7/15/2036

10,000

11,366

Idaho

Power

Co.

3.65%,

3/1/2045

20,000

15,058

Series

4.20%,

3/1/2048

25,000

20,940

5.50%,

3/15/2053

25,000

24,900

5.80%,

4/1/2054

20,000

20,692

Indiana

Michigan

Power

Co.

3.25%,

5/1/2051

25,000

17,077

5.63%,

4/1/2053

30,000

30,433

International

Transmission

Co.

4.63%,

8/15/2043

45,000

39,881

Interstate

Power

and

Light

Co.

3.10%,

11/30/2051

25,000

16,498

Louisville

Gas

and

Electric

Co.

5.13%,

11/15/2040

20,000

19,734

4.38%,

10/1/2045

95,000

82,170

4.25%,

4/1/2049

45,000

37,144

MidAmerican

Energy

Co.

5.75%,

11/1/2035

75,000

80,402

Mississippi

Power

Co.

Series

12-A,

4.25%,

3/15/2042

25,000

21,864

Nevada

Power

Co.

Series

6.65%,

4/1/2036

10,000

11,287

Series

6.75%,

7/1/2037

25,000

28,503

5.38%,

9/15/2040

25,000

25,246

5.45%,

5/15/2041

35,000

35,462

Series

EE,

3.13%,

8/1/2050

25,000

16,585

Series

GG,

5.90%,

5/1/2053

25,000

25,755

Ohio

Power

Co.

Series

5.85%,

10/1/2035

35,000

36,977

Series

2.90%,

10/1/2051

25,000

15,675

Oklahoma

Gas

and

Electric

Co.

5.85%,

6/1/2040

10,000

10,568

5.25%,

5/15/2041

40,000

40,569

4.15%,

4/1/2047

40,000

33,096

5.80%,

4/1/2055

60,000

61,667

Pacific

Gas

and

Electric

Co.

4.95%,

7/1/2050

55,000

47,341

6.75%,

1/15/2053

20,000

21,602

PacifiCorp

6.25%,

10/15/2037

40,000

43,051

6.00%,

1/15/2039

25,000

26,440

4.13%,

1/15/2049

65,000

50,760

4.15%,

2/15/2050

225,000

175,586

3.30%,

3/15/2051

65,000

42,939

2.90%,

6/15/2052

25,000

15,271

5.35%,

12/1/2053

25,000

23,039

5.50%,

5/15/2054

15,000

14,160

Public

Service

Co.

Colorado

4.75%,

8/15/2041

50,000

46,209

5.75%,

5/15/2054

25,000

25,589

5.85%,

5/15/2055

20,000

20,710

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

7.7%

(continued)

Public

Service

Co.

Oklahoma

5.45%,

1/15/2036

155,000

158,800

Series

3.15%,

8/15/2051

25,000

16,580

Southwestern

Electric

Power

Co.

Series

3.90%,

4/1/2045

160,000

125,181

Series

3.85%,

2/1/2048

25,000

18,910

3.25%,

11/1/2051

25,000

16,822

Tampa

Electric

Co.

6.15%,

5/15/2037

10,000

10,807

4.20%,

5/15/2045

50,000

41,168

Tucson

Electric

Power

Co.

3.25%,

5/1/2051

25,000

16,795

5.50%,

4/15/2053

25,000

24,408

5.90%,

4/15/2055

45,000

46,395

Wisconsin

Electric

Power

Co.

3.65%,

12/15/2042

135,000

107,491

4.25%,

6/1/2044

10,000

8,492

4.30%,

12/15/2045

10,000

8,432

Wisconsin

Power

and

Light

Co.

7.60%,

10/1/2038

50,000

60,043

Wisconsin

Public

Service

Corp.

4.75%,

11/1/2044

20,000

18,325

2.85%,

12/1/2051

50,000

32,109

3,667,881

Electrical

Equipment

ABB

Finance

USA,

Inc.

4.38%,

5/8/2042

50,000

45,318

Electronic

Equipment,

Instruments

Components

Amphenol

Corp.

5.38%,

11/15/2054

30,000

29,747

Corning,

Inc.

5.75%,

8/15/2040

50,000

52,139

4.75%,

3/15/2042

30,000

28,021

5.35%,

11/15/2048

50,000

49,003

5.45%,

11/15/2079

65,000

60,645

Tyco

Electronics

Group

7.13%,

10/1/2037

40,000

47,449

267,004

Entertainment

Electronic

Arts,

Inc.

2.95%,

2/15/2051

70,000

63,892

NBCUniversal

Media

LLC

4.45%,

1/15/2043

85,000

72,810

Netflix,

Inc.

5.40%,

8/15/2054

50,000

49,588

TWDC

Enterprises

Corp.

Series

4.13%,

12/1/2041

50,000

43,733

Walt

Disney

Co.

(The)

7.75%,

12/1/2045

10,000

13,103

243,126

Financial

Services

Apollo

Global

Management,

Inc.

5.80%,

5/21/2054

65,000

65,380

Fidelity

National

Information

Services,

Inc.

4.50%,

8/15/2046

20,000

16,899

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

266

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Financial

Services

1.8%

(continued)

Fiserv,

Inc.

4.40%,

7/1/2049

20,000

16,026

Mastercard,

Inc.

3.80%,

11/21/2046

200,000

163,222

3.95%,

2/26/2048

35,000

28,988

3.85%,

3/26/2050

140,000

111,950

2.95%,

3/15/2051

25,000

16,746

National

Rural

Utilities

Cooperative

Finance

Corp.

4.30%,

3/15/2049

50,000

42,774

Shell

International

Finance

6.38%,

12/15/2038

55,000

62,242

4.38%,

5/11/2045

10,000

8,852

Visa,

Inc.

4.15%,

12/14/2035

5,000

4,847

2.70%,

4/15/2040

25,000

19,265

4.30%,

12/14/2045

275,000

243,391

3.65%,

9/15/2047

15,000

11,885

Western

Union

Co.

(The)

6.20%,

6/21/2040

20,000

20,617

Woodside

Finance

Ltd.

5.70%,

9/12/2054

50,000

48,050

881,134

Food

Products

Conagra

Brands,

Inc.

5.40%,

11/1/2048

25,000

22,893

General

Mills,

Inc.

5.40%,

6/15/2040

50,000

50,315

Ingredion,

Inc.

6.63%,

4/15/2037

25,000

28,061

3.90%,

6/1/2050

60,000

45,411

Kellanova

4.50%,

4/1/2046

5,000

4,405

5.75%,

5/16/2054

65,000

66,568

Kraft

Heinz

Foods

Co.

6.88%,

1/26/2039

65,000

72,472

5.00%,

6/4/2042

10,000

9,228

Mead

Johnson

Nutrition

Co.

5.90%,

11/1/2039

50,000

53,395

4.60%,

6/1/2044

10,000

8,988

Mondelez

International,

Inc.

2.63%,

9/4/2050

25,000

15,153

Tyson

Foods,

Inc.

5.15%,

8/15/2044

50,000

47,273

4.55%,

6/2/2047

25,000

21,564

5.10%,

9/28/2048

60,000

55,415

501,141

Gas

Utilities

Atmos

Energy

Corp.

5.50%,

6/15/2041

185,000

191,595

4.30%,

10/1/2048

25,000

21,274

2.85%,

2/15/2052

90,000

57,540

5.75%,

10/15/2052

50,000

51,637

6.20%,

11/15/2053

10,000

10,991

5.00%,

12/15/2054

100,000

93,046

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Gas

Utilities

1.0%

(continued)

Piedmont

Natural

Gas

Co.,

Inc.

4.65%,

8/1/2043

25,000

22,770

3.64%,

11/1/2046

50,000

37,791

486,644

Ground

Transportation

Burlington

Northern

Santa

LLC

6.15%,

5/1/2037

15,000

16,731

5.75%,

5/1/2040

65,000

69,019

5.40%,

6/1/2041

25,000

25,651

4.95%,

9/15/2041

35,000

33,950

4.40%,

3/15/2042

25,000

22,532

4.38%,

9/1/2042

50,000

44,831

4.45%,

3/15/2043

75,000

67,727

5.15%,

9/1/2043

150,000

147,435

4.55%,

9/1/2044

25,000

22,536

4.70%,

9/1/2045

60,000

55,078

3.90%,

8/1/2046

45,000

36,567

4.15%,

12/15/2048

45,000

37,484

3.05%,

2/15/2051

25,000

16,934

3.30%,

9/15/2051

15,000

10,570

2.88%,

6/15/2052

20,000

12,862

4.45%,

1/15/2053

220,000

188,992

5.20%,

4/15/2054

70,000

67,000

Canadian

National

Railway

Co.

4.50%,

11/7/2043

25,000

21,948

Canadian

Pacific

Railway

Co.

6.13%,

9/15/2115

50,000

51,331

Uber

Technologies,

Inc.

5.35%,

9/15/2054

115,000

111,255

Union

Pacific

Corp.

3.25%,

2/5/2050

140,000

99,031

5.60%,

12/1/2054

50,000

50,653

3.95%,

8/15/2059

150,000

113,670

3.84%,

3/20/2060

105,000

77,716

5.15%,

1/20/2063

30,000

28,215

4.10%,

9/15/2067

50,000

38,151

3.75%,

2/5/2070

15,000

10,404

3.80%,

4/6/2071

25,000

17,585

3.85%,

2/14/2072

50,000

35,630

1,531,488

Health

Care

Equipment

Supplies

Abbott

Laboratories

4.75%,

11/30/2036

145,000

146,487

6.15%,

11/30/2037

30,000

33,839

6.00%,

4/1/2039

20,000

22,289

5.30%,

5/27/2040

105,000

109,057

4.90%,

11/30/2046

75,000

71,997

Boston

Scientific

Corp.

6.50%,

11/15/2035(b)

40,000

44,718

7.38%,

1/15/2040

30,000

36,465

4.70%,

3/1/2049

25,000

22,831

Covidien

International

Finance

6.55%,

10/15/2037

10,000

11,411

STERIS

Irish

FinCo.

UnLtd

Co.

3.75%,

3/15/2051

85,000

62,805

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

267

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Equipment

Supplies

1.6%

(continued)

Stryker

Corp.

4.10%,

4/1/2043

20,000

17,190

4.38%,

5/15/2044

25,000

22,009

4.63%,

3/15/2046

90,000

81,684

2.90%,

6/15/2050

100,000

67,113

Zimmer

Biomet

Holdings,

Inc.

4.25%,

8/15/2035

25,000

23,301

773,196

Health

Care

Providers

Services

Cardinal

Health,

Inc.

4.60%,

3/15/2043

50,000

44,075

4.50%,

11/15/2044

25,000

21,571

4.90%,

9/15/2045

130,000

117,952

4.37%,

6/15/2047

40,000

33,636

5.75%,

11/15/2054

15,000

15,237

Cencora,

Inc.

4.25%,

3/1/2045

35,000

29,632

4.30%,

12/15/2047

40,000

33,536

Cigna

Group

(The)

4.80%,

8/15/2038

15,000

14,276

3.20%,

3/15/2040

80,000

62,512

4.80%,

7/15/2046

20,000

18,002

3.88%,

10/15/2047

25,000

19,517

4.90%,

12/15/2048

40,000

36,071

5.60%,

2/15/2054

25,000

24,494

6.00%,

1/15/2056

95,000

98,110

CVS

Health

Corp.

5.05%,

3/25/2048

115,000

102,826

Elevance

Health,

Inc.

4.85%,

8/15/2054

25,000

21,695

HCA,

Inc.

5.50%,

6/15/2047

40,000

38,417

5.25%,

6/15/2049

65,000

59,670

3.50%,

7/15/2051

5,000

3,463

4.63%,

3/15/2052

80,000

66,392

5.90%,

6/1/2053

40,000

39,821

6.00%,

4/1/2054

200,000

202,745

5.95%,

9/15/2054

40,000

40,122

6.20%,

3/1/2055

120,000

124,606

6.10%,

4/1/2064

10,000

10,109

Laboratory

Corp.

America

Holdings

4.70%,

2/1/2045

55,000

49,765

McKesson

Corp.

4.88%,

3/15/2044

65,000

59,440

OhioHealth

Corp.

Series

2020,

3.04%,

11/15/2050

120,000

83,381

UnitedHealth

Group,

Inc.

3.70%,

8/15/2049

345,000

259,861

1,730,934

Health

Care

REITs

Ventas

Realty

REIT,

5.70%,

9/30/2043

50,000

50,255

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

REITs

0.1%

(continued)

Welltower

LLC

REIT,

6.50%,

3/15/2041

10,000

11,205

61,460

Hotels,

Restaurants

Leisure

Marriott

International,

Inc.

5.50%,

4/15/2037

100,000

102,675

McDonald's

Corp.

6.30%,

3/1/2038

45,000

49,931

3.63%,

5/1/2043

20,000

16,023

4.60%,

5/26/2045

40,000

35,738

4.88%,

12/9/2045

370,000

342,186

4.45%,

3/1/2047

30,000

25,961

3.63%,

9/1/2049

15,000

11,208

5.15%,

9/9/2052

65,000

61,485

5.45%,

8/14/2053

20,000

19,764

664,971

Household

Durables

Horton,

Inc.

5.50%,

10/15/2035

70,000

72,696

Household

Products

Church

Dwight

Co.,

Inc.

3.95%,

8/1/2047

25,000

20,080

5.00%,

6/15/2052

50,000

46,391

Colgate-Palmolive

Co.

4.00%,

8/15/2045

15,000

12,855

3.70%,

8/1/2047

50,000

40,137

Kimberly-Clark

Corp.

6.63%,

8/1/2037

40,000

46,643

5.30%,

3/1/2041

40,000

40,623

3.70%,

6/1/2043

75,000

61,435

3.90%,

5/4/2047

25,000

20,243

288,407

Independent

Power

and

Renewable

Electricity

Producers

Southern

Power

Co.

5.15%,

9/15/2041

50,000

48,372

5.25%,

7/15/2043

30,000

28,812

Series

4.95%,

12/15/2046

75,000

67,509

144,693

Industrial

Conglomerates

(c)

Honeywell

International,

Inc.

5.25%,

3/1/2054

15,000

14,370

Industrial

REITs

Prologis

REIT,

2.13%,

10/15/2050

120,000

66,583

Insurance

Aflac,

Inc.

6.45%,

8/15/2040

20,000

22,062

4.00%,

10/15/2046

25,000

20,458

4.75%,

1/15/2049

50,000

45,414

Alleghany

Corp.

4.90%,

9/15/2044

25,000

23,354

3.25%,

8/15/2051

40,000

27,829

Allstate

Corp.

(The)

4.20%,

12/15/2046

105,000

88,375

6.50%,

5/15/2057(a)

30,000

31,664

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

268

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

7.1%

(continued)

American

Financial

Group,

Inc.

4.50%,

6/15/2047

50,000

42,614

Aon

Corp.

2.90%,

8/23/2051

5,000

3,160

3.90%,

2/28/2052

25,000

19,027

Aon

Global

Ltd.

4.25%,

12/12/2042

120,000

101,544

4.45%,

5/24/2043

20,000

17,476

4.60%,

6/14/2044

50,000

44,415

4.75%,

5/15/2045

50,000

45,192

Aon

North

America,

Inc.

5.75%,

3/1/2054

135,000

136,338

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

30,000

28,333

Arch

Capital

Group

Ltd.

3.64%,

6/30/2050

50,000

37,593

Arch

Capital

Group

US,

Inc.

5.14%,

11/1/2043

35,000

33,842

Arthur

Gallagher

Co.

3.50%,

5/20/2051

25,000

17,772

3.05%,

3/9/2052

15,000

9,719

5.75%,

3/2/2053

40,000

39,941

6.75%,

2/15/2054

25,000

28,160

5.75%,

7/15/2054

30,000

30,030

5.55%,

2/15/2055

80,000

77,712

Athene

Holding

Ltd.

3.95%,

5/25/2051

35,000

25,261

3.45%,

5/15/2052

40,000

26,130

6.25%,

4/1/2054

165,000

164,314

6.63%,

5/19/2055

25,000

26,171

Berkshire

Hathaway

Finance

Corp.

4.20%,

8/15/2048

40,000

34,217

4.25%,

1/15/2049

115,000

99,039

3.85%,

3/15/2052

190,000

149,657

Brown

Brown,

Inc.

4.95%,

3/17/2052

50,000

44,125

6.25%,

6/23/2055

85,000

89,390

Chubb

Corp.

(The)

6.00%,

5/11/2037

10,000

10,912

Everest

Reinsurance

Holdings,

Inc.

3.13%,

10/15/2052

40,000

25,715

Fairfax

Financial

Holdings

Ltd.

6.35%,

3/22/2054

40,000

42,319

6.10%,

3/15/2055

50,000

51,558

Hartford

Insurance

Group,

Inc.

(The)

5.95%,

10/15/2036

25,000

27,064

6.63%,

3/30/2040

80,000

90,372

6.10%,

10/1/2041

25,000

26,876

4.40%,

3/15/2048

35,000

30,383

Markel

Group,

Inc.

5.00%,

3/30/2043

25,000

22,835

5.00%,

4/5/2046

20,000

18,217

4.30%,

11/1/2047

10,000

8,232

5.00%,

5/20/2049

100,000

90,138

4.15%,

9/17/2050

10,000

7,903

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

7.1%

(continued)

Markel

Group,

Inc.

(continued)

3.45%,

5/7/2052

30,000

20,778

6.00%,

5/16/2054

25,000

25,754

Marsh

McLennan

Cos.,

Inc.

4.75%,

3/15/2039

25,000

24,271

5.35%,

11/15/2044

50,000

49,709

4.35%,

1/30/2047

25,000

21,632

4.90%,

3/15/2049

65,000

59,896

2.90%,

12/15/2051

50,000

32,329

6.25%,

11/1/2052

50,000

55,051

5.45%,

3/15/2053

250,000

247,809

5.70%,

9/15/2053

75,000

77,172

5.45%,

3/15/2054

25,000

24,863

5.40%,

3/15/2055

70,000

68,910

MetLife,

Inc.

6.40%,

12/15/2036

25,000

26,377

Old

Republic

International

Corp.

3.85%,

6/11/2051

50,000

36,758

Progressive

Corp.

(The)

4.35%,

4/25/2044

10,000

8,857

4.13%,

4/15/2047

110,000

93,325

Prudential

Financial,

Inc.

4.35%,

2/25/2050

25,000

21,182

3.70%,

3/13/2051

50,000

37,898

Transatlantic

Holdings,

Inc.

8.00%,

11/30/2039

50,000

63,070

Travelers

Cos.,

Inc.

(The)

5.70%,

7/24/2055

10,000

10,366

Trinity

Acquisition

plc

6.13%,

8/15/2043

20,000

20,499

Unum

Group

5.75%,

8/15/2042

50,000

49,890

Berkley

Corp.

6.25%,

2/15/2037

25,000

27,576

4.75%,

8/1/2044

25,000

23,254

4.00%,

5/12/2050

50,000

39,489

3.15%,

9/30/2061

50,000

31,812

Willis

North

America,

Inc.

5.05%,

9/15/2048

30,000

27,415

3.88%,

9/15/2049

55,000

41,953

5.90%,

3/5/2054

50,000

50,672

3,401,419

Interactive

Media

Services

Alphabet,

Inc.

5.25%,

5/15/2055

50,000

49,547

5.30%,

5/15/2065

225,000

221,082

Meta

Platforms,

Inc.

4.45%,

8/15/2052

160,000

133,905

5.60%,

5/15/2053

400,000

396,715

5.40%,

8/15/2054

50,000

48,147

4.65%,

8/15/2062

130,000

108,165

5.75%,

5/15/2063

135,000

134,588

5.55%,

8/15/2064

45,000

43,573

1,135,722

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

269

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Services

IBM

International

Capital

Pte.

Ltd.

5.25%,

2/5/2044

50,000

48,987

5.30%,

2/5/2054

100,000

94,949

International

Business

Machines

Corp.

4.15%,

5/15/2039

50,000

44,967

4.00%,

6/20/2042

45,000

38,281

4.70%,

2/19/2046

225,000

203,140

4.25%,

5/15/2049

150,000

124,322

5.10%,

2/6/2053

50,000

46,486

5.70%,

2/10/2055

30,000

30,010

631,142

Leisure

Products

Brunswick

Corp.

5.10%,

4/1/2052

15,000

12,102

Hasbro,

Inc.

6.35%,

3/15/2040

50,000

52,716

Mattel,

Inc.

6.20%,

10/1/2040

25,000

24,913

89,731

Machinery

Dover

Corp.

5.38%,

10/15/2035

25,000

26,038

6.60%,

3/15/2038

25,000

28,173

5.38%,

3/1/2041

55,000

55,021

Fortive

Corp.

4.30%,

6/15/2046

25,000

20,977

Illinois

Tool

Works,

Inc.

4.88%,

9/15/2041

50,000

48,526

3.90%,

9/1/2042

80,000

68,370

Ingersoll

Rand,

Inc.

5.70%,

6/15/2054

25,000

25,462

Otis

Worldwide

Corp.

3.11%,

2/15/2040

45,000

35,201

Parker-Hannifin

Corp.

4.00%,

6/14/2049

115,000

94,100

Snap-on,

Inc.

3.10%,

5/1/2050

50,000

34,783

Xylem,

Inc.

4.38%,

11/1/2046

25,000

21,335

457,986

Media

Charter

Communications

Operating

LLC

6.48%,

10/23/2045

25,000

24,151

5.38%,

5/1/2047

20,000

16,969

4.80%,

3/1/2050

30,000

23,477

5.25%,

4/1/2053

150,000

122,119

5.50%,

4/1/2063

20,000

16,251

Comcast

Corp.

5.35%,

5/15/2053

590,000

547,567

5.50%,

5/15/2064

85,000

78,452

Fox

Corp.

5.48%,

1/25/2039

85,000

85,463

5.58%,

1/25/2049

175,000

169,887

Interpublic

Group

Cos.,

Inc.

(The)

3.38%,

3/1/2041

45,000

34,178

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Media

2.9%

(continued)

Interpublic

Group

Cos.,

Inc.

(The)

(continued)

5.40%,

10/1/2048

30,000

28,157

Paramount

Global

6.88%,

4/30/2036

50,000

52,583

4.38%,

3/15/2043

25,000

18,933

4.95%,

5/19/2050

40,000

31,246

Time

Warner

Cable

LLC

7.30%,

7/1/2038

75,000

80,522

5.50%,

9/1/2041

50,000

44,853

1,374,808

Metals

Mining

Barrick

North

America

Finance

LLC

5.70%,

5/30/2041

50,000

51,493

Barrick

Australia

Finance

Pty.

Ltd.

5.95%,

10/15/2039

25,000

26,584

BHP

Billiton

Finance

USA

Ltd.

5.00%,

9/30/2043

50,000

48,150

5.50%,

9/8/2053

20,000

20,310

Reliance,

Inc.

6.85%,

11/15/2036

25,000

28,245

Rio

Tinto

Finance

USA

Ltd.

5.20%,

11/2/2040

30,000

30,145

2.75%,

11/2/2051

50,000

31,556

Rio

Tinto

Finance

USA

plc

4.13%,

8/21/2042

50,000

43,612

5.13%,

3/9/2053

45,000

42,764

5.75%,

3/14/2055

125,000

129,259

5.88%,

3/14/2065

155,000

162,221

Southern

Copper

Corp.

6.75%,

4/16/2040

40,000

45,670

5.25%,

11/8/2042

185,000

179,983

5.88%,

4/23/2045

30,000

31,482

Vale

Overseas

Ltd.

6.88%,

11/21/2036

35,000

39,773

6.88%,

11/10/2039

50,000

56,762

6.40%,

6/28/2054

95,000

98,970

1,066,979

Multi-Utilities

Ameren

Illinois

Co.

4.80%,

12/15/2043

10,000

9,283

4.30%,

7/1/2044

25,000

21,628

5.63%,

3/1/2055

75,000

76,622

Berkshire

Hathaway

Energy

Co.

5.95%,

5/15/2037

30,000

32,347

3.80%,

7/15/2048

65,000

50,256

4.45%,

1/15/2049

25,000

21,426

4.25%,

10/15/2050

25,000

20,503

2.85%,

5/15/2051

70,000

44,597

4.60%,

5/1/2053

35,000

30,221

Consolidated

Edison

Co.

New

York,

Inc.

4.50%,

5/15/2058

25,000

21,027

3.60%,

6/15/2061

25,000

17,560

Consumers

Energy

Co.

4.35%,

8/31/2064

75,000

59,943

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

270

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Multi-Utilities

1.5%

(continued)

NiSource,

Inc.

5.95%,

6/15/2041

20,000

21,064

5.80%,

2/1/2042

10,000

10,141

5.65%,

2/1/2045

25,000

24,982

4.38%,

5/15/2047

10,000

8,462

3.95%,

3/30/2048

65,000

51,807

Puget

Sound

Energy,

Inc.

5.64%,

4/15/2041

5,000

5,035

4.30%,

5/20/2045

40,000

33,373

Southern

Co.

Gas

Capital

Corp.

5.88%,

3/15/2041

50,000

52,269

4.40%,

6/1/2043

35,000

30,273

3.95%,

10/1/2046

40,000

32,039

4.40%,

5/30/2047

25,000

21,203

Series

21A,

3.15%,

9/30/2051

25,000

16,394

712,455

Oil,

Gas

Consumable

Fuels

Canadian

Natural

Resources

Ltd.

6.50%,

2/15/2037

35,000

38,154

6.25%,

3/15/2038

75,000

80,032

6.75%,

2/1/2039

40,000

44,138

4.95%,

6/1/2047

50,000

44,370

Cenovus

Energy,

Inc.

5.40%,

6/15/2047

7,000

6,471

3.75%,

2/15/2052

100,000

71,102

ConocoPhillips

Co.

6.60%,

10/1/2037

100,000

113,552

4.03%,

3/15/2062

275,000

204,258

Continental

Resources,

Inc.

4.90%,

6/1/2044

50,000

40,408

Coterra

Energy,

Inc.

5.90%,

2/15/2055

45,000

43,187

Devon

Energy

Corp.

5.60%,

7/15/2041

50,000

48,160

4.75%,

5/15/2042

10,000

8,675

5.00%,

6/15/2045

25,000

21,614

5.75%,

9/15/2054

25,000

23,008

Diamondback

Energy,

Inc.

6.25%,

3/15/2053

25,000

25,597

5.75%,

4/18/2054

20,000

19,273

5.90%,

4/18/2064

60,000

57,488

Eastern

Energy

Gas

Holdings

LLC

6.20%,

1/15/2055

45,000

47,408

Eastern

Gas

Transmission

Storage,

Inc.

4.80%,

11/1/2043

25,000

22,620

3.90%,

11/15/2049

25,000

18,728

Enbridge

Energy

Partners

5.50%,

9/15/2040

40,000

40,083

7.38%,

10/15/2045

175,000

206,826

Enbridge,

Inc.

4.50%,

6/10/2044

10,000

8,571

5.50%,

12/1/2046

55,000

54,600

4.00%,

11/15/2049

25,000

19,202

3.40%,

8/1/2051

30,000

20,684

6.70%,

11/15/2053

30,000

33,449

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

11.3%

(continued)

Enbridge,

Inc.

(continued)

5.95%,

4/5/2054

55,000

56,459

Energy

Transfer

6.50%,

2/1/2042

40,000

42,136

6.10%,

2/15/2042

15,000

15,220

4.95%,

1/15/2043

15,000

13,338

5.15%,

2/1/2043

100,000

90,506

5.30%,

4/1/2044

25,000

22,718

5.00%,

5/15/2044(b)

30,000

26,495

5.35%,

5/15/2045

25,000

22,863

6.13%,

12/15/2045

30,000

29,890

5.30%,

4/15/2047

50,000

44,963

5.40%,

10/1/2047

75,000

67,835

6.25%,

4/15/2049

175,000

174,639

5.00%,

5/15/2050

35,000

29,681

5.95%,

5/15/2054

100,000

96,526

6.05%,

9/1/2054

20,000

19,508

Enterprise

Products

Operating

LLC

7.55%,

4/15/2038

20,000

24,168

5.95%,

2/1/2041

40,000

42,487

4.85%,

8/15/2042

360,000

335,922

5.10%,

2/15/2045

40,000

38,049

4.90%,

5/15/2046

40,000

36,784

4.25%,

2/15/2048

20,000

16,721

4.80%,

2/1/2049

15,000

13,483

3.70%,

1/31/2051

25,000

18,710

3.30%,

2/15/2053

10,000

6,845

4.95%,

10/15/2054

10,000

9,059

3.95%,

1/31/2060

100,000

74,924

EOG

Resources,

Inc.

5.35%,

1/15/2036

175,000

180,162

4.95%,

4/15/2050

50,000

45,582

5.65%,

12/1/2054

40,000

39,999

5.95%,

7/15/2055

50,000

52,156

Exxon

Mobil

Corp.

3.57%,

3/6/2045

150,000

119,537

3.10%,

8/16/2049

50,000

34,966

4.33%,

3/19/2050

235,000

201,978

3.45%,

4/15/2051

200,000

146,992

Hess

Corp.

6.00%,

1/15/2040

35,000

38,102

5.60%,

2/15/2041

60,000

62,772

Kinder

Morgan

Energy

Partners

6.50%,

2/1/2037

25,000

27,229

5.63%,

9/1/2041

25,000

24,894

5.00%,

8/15/2042

25,000

23,112

5.50%,

3/1/2044

25,000

24,270

5.40%,

9/1/2044

30,000

28,683

Kinder

Morgan,

Inc.

5.95%,

8/1/2054

10,000

10,093

Occidental

Petroleum

Corp.

7.95%,

6/15/2039

35,000

41,266

4.63%,

6/15/2045

20,000

16,086

6.60%,

3/15/2046

10,000

10,464

4.20%,

3/15/2048

110,000

82,923

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

271

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

11.3%

(continued)

Occidental

Petroleum

Corp.

(continued)

4.40%,

8/15/2049

25,000

19,095

ONEOK,

Inc.

4.85%,

2/1/2049

40,000

34,176

7.15%,

1/15/2051

20,000

22,164

6.63%,

9/1/2053

25,000

26,308

6.25%,

10/15/2055

160,000

160,198

Plains

All

American

Pipeline

5.15%,

6/1/2042

35,000

31,853

Spectra

Energy

Partners

5.95%,

9/25/2043

30,000

30,630

4.50%,

3/15/2045

15,000

12,997

Suncor

Energy,

Inc.

6.80%,

5/15/2038

125,000

138,052

6.50%,

6/15/2038

40,000

43,207

6.85%,

6/1/2039

50,000

55,711

4.00%,

11/15/2047

40,000

30,769

3.75%,

3/4/2051

5,000

3,603

Targa

Resources

Corp.

6.25%,

7/1/2052

15,000

15,315

TotalEnergies

Capital

5.64%,

4/5/2064

50,000

49,712

5.43%,

9/10/2064

60,000

57,491

TransCanada

PipeLines

Ltd.

6.20%,

10/15/2037

110,000

118,434

7.63%,

1/15/2039

75,000

89,858

6.10%,

6/1/2040

30,000

31,709

5.00%,

10/16/2043

25,000

23,587

Transcontinental

Gas

Pipe

Line

Co.

LLC

5.40%,

8/15/2041

40,000

39,544

Valero

Energy

Corp.

6.63%,

6/15/2037

35,000

38,704

Western

Midstream

Operating

5.45%,

4/1/2044

70,000

63,164

5.30%,

3/1/2048

75,000

64,700

5.50%,

8/15/2048

25,000

22,008

5.25%,

2/1/2050(b)

120,000

103,466

Williams

Cos.,

Inc.

(The)

5.80%,

11/15/2043

15,000

15,136

4.90%,

1/15/2045

40,000

36,349

XTO

Energy,

Inc.

6.75%,

8/1/2037

50,000

57,512

5,378,305

Pharmaceuticals

AstraZeneca

plc

6.45%,

9/15/2037

40,000

45,719

Eli

Lilly

Co.

5.95%,

11/15/2037

30,000

32,864

3.95%,

3/15/2049

120,000

98,312

4.15%,

3/15/2059

45,000

36,336

5.10%,

2/9/2064

50,000

47,271

5.20%,

8/14/2064

100,000

95,672

5.60%,

2/12/2065

50,000

51,543

5.65%,

10/15/2065

35,000

36,051

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Pharmaceuticals

2.9%

(continued)

Johnson

5.85%,

7/15/2038

5,000

5,532

Merck

Co.,

Inc.

6.55%,

9/15/2037

50,000

57,640

3.60%,

9/15/2042

45,000

36,636

3.70%,

2/10/2045

210,000

169,138

2.90%,

12/10/2061

30,000

17,969

5.15%,

5/17/2063

125,000

118,365

Novartis

Capital

Corp.

4.70%,

9/18/2054

65,000

59,275

Pfizer

Investment

Enterprises

Pte.

Ltd.

5.30%,

5/19/2053

40,000

38,692

5.34%,

5/19/2063

130,000

123,337

Royalty

Pharma

plc

3.55%,

9/2/2050

50,000

35,264

5.90%,

9/2/2054

50,000

50,288

Utah

Acquisition

Sub,

Inc.

5.25%,

6/15/2046

15,000

12,413

Zoetis,

Inc.

4.70%,

2/1/2043

160,000

148,396

4.45%,

8/20/2048

35,000

30,432

3.00%,

5/15/2050

50,000

33,824

1,380,969

Professional

Services

Verisk

Analytics,

Inc.

5.13%,

2/15/2036

55,000

55,329

5.50%,

6/15/2045

25,000

24,877

3.63%,

5/15/2050

25,000

18,526

98,732

Residential

REITs

(c)

ERP

Operating

REIT,

4.50%,

7/1/2044

15,000

13,404

Retail

REITs

Kimco

Realty

LLC

REIT,

5.30%,

2/1/2036

45,000

46,086

Semiconductors

Semiconductor

Equipment

Advanced

Micro

Devices,

Inc.

4.39%,

6/1/2052

25,000

21,534

Analog

Devices,

Inc.

5.30%,

12/15/2045

30,000

29,545

5.30%,

4/1/2054

15,000

14,708

Applied

Materials,

Inc.

5.85%,

6/15/2041

70,000

74,691

Broadcom,

Inc.

3.19%,

11/15/2036(d)

40,000

34,138

4.93%,

5/15/2037(d)

190,000

189,180

3.50%,

2/15/2041

95,000

78,547

KLA

Corp.

5.00%,

3/15/2049

95,000

89,698

4.95%,

7/15/2052

100,000

93,233

5.25%,

7/15/2062

50,000

48,116

Lam

Research

Corp.

4.88%,

3/15/2049

80,000

74,695

3.13%,

6/15/2060

20,000

12,849

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

272

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Semiconductors

Semiconductor

Equipment

3.3%

(continued)

Micron

Technology,

Inc.

6.05%,

11/1/2035

105,000

112,494

NVIDIA

Corp.

3.70%,

4/1/2060

95,000

72,229

NXP

3.25%,

5/11/2041

15,000

11,389

3.13%,

2/15/2042

35,000

25,921

QUALCOMM,

Inc.

4.80%,

5/20/2045

75,000

69,988

4.30%,

5/20/2047

200,000

171,543

4.50%,

5/20/2052

30,000

25,992

6.00%,

5/20/2053

80,000

85,711

Texas

Instruments,

Inc.

4.15%,

5/15/2048

50,000

41,780

4.10%,

8/16/2052

10,000

8,114

5.15%,

2/8/2054

160,000

153,509

5.05%,

5/18/2063

55,000

50,495

1,590,099

Software

AppLovin

Corp.

5.95%,

12/1/2054

60,000

60,116

Intuit,

Inc.

5.50%,

9/15/2053

145,000

145,629

Microsoft

Corp.

2.53%,

6/1/2050

155,000

97,309

2.92%,

3/17/2052

80,000

53,952

4.75%,

11/3/2055

50,000

46,769

2.68%,

6/1/2060

300,000

177,488

3.04%,

3/17/2062

60,000

38,666

Oracle

Corp.

3.60%,

4/1/2040

120,000

93,976

3.60%,

4/1/2050

30,000

20,346

3.95%,

3/25/2051

280,000

199,625

6.90%,

11/9/2052

110,000

117,289

5.55%,

2/6/2053

25,000

22,457

5.38%,

9/27/2054

25,000

21,977

6.00%,

8/3/2055

140,000

133,912

3.85%,

4/1/2060

140,000

92,540

5.50%,

9/27/2064

50,000

43,596

6.13%,

8/3/2065

50,000

47,779

Salesforce,

Inc.

2.70%,

7/15/2041

50,000

36,697

3.05%,

7/15/2061

200,000

124,824

Synopsys,

Inc.

5.70%,

4/1/2055

40,000

40,410

1,615,357

Specialized

REITs

Public

Storage

Operating

Co.

REIT,

5.35%,

8/1/2053

35,000

34,606

Specialty

Retail

Dick's

Sporting

Goods,

Inc.

4.10%,

1/15/2052

90,000

67,145

Home

Depot,

Inc.

(The)

5.88%,

12/16/2036

125,000

135,772

3.30%,

4/15/2040

15,000

12,356

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

3.2%

(continued)

Home

Depot,

Inc.

(The)

(continued)

5.40%,

9/15/2040

190,000

196,267

5.95%,

4/1/2041

25,000

26,940

4.20%,

4/1/2043

20,000

17,462

4.88%,

2/15/2044

50,000

47,299

4.40%,

3/15/2045

60,000

52,935

4.25%,

4/1/2046

5,000

4,304

3.90%,

6/15/2047

45,000

36,292

4.50%,

12/6/2048

25,000

21,962

3.63%,

4/15/2052

195,000

145,860

4.95%,

9/15/2052

30,000

27,916

5.30%,

6/25/2054

60,000

58,610

3.50%,

9/15/2056

60,000

42,866

5.40%,

6/25/2064

50,000

49,206

Lowe's

Cos.,

Inc.

5.00%,

4/15/2040

10,000

9,703

2.80%,

9/15/2041

30,000

21,715

5.00%,

9/15/2043

45,000

43,770

3.70%,

4/15/2046

55,000

42,212

4.05%,

5/3/2047

55,000

44,154

3.00%,

10/15/2050

75,000

48,657

4.25%,

4/1/2052

35,000

28,029

5.63%,

4/15/2053

60,000

59,244

5.75%,

7/1/2053

50,000

50,137

4.45%,

4/1/2062

100,000

79,901

5.80%,

9/15/2062

75,000

74,991

5.85%,

4/1/2063

40,000

40,250

TJX

Cos.,

Inc.

(The)

4.50%,

4/15/2050

30,000

26,564

1,512,519

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

2.38%,

2/8/2041

75,000

53,901

3.85%,

5/4/2043

40,000

34,090

3.45%,

2/9/2045

70,000

55,333

4.38%,

5/13/2045

75,000

67,571

4.65%,

2/23/2046

75,000

69,922

3.75%,

11/13/2047

60,000

48,257

2.40%,

8/20/2050

55,000

33,303

2.65%,

2/8/2051

135,000

85,596

2.70%,

8/5/2051

10,000

6,356

3.95%,

8/8/2052

70,000

56,655

2.80%,

2/8/2061

165,000

99,409

2.85%,

8/5/2061

110,000

66,684

4.10%,

8/8/2062

260,000

208,720

HP,

Inc.

6.00%,

9/15/2041

55,000

56,357

942,154

Tobacco

Altria

Group,

Inc.

5.80%,

2/14/2039

120,000

123,584

3.40%,

2/4/2041

15,000

11,562

4.25%,

8/9/2042

60,000

50,266

4.50%,

5/2/2043

50,000

42,885

5.38%,

1/31/2044

375,000

365,822

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

273

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Tobacco

3.8%

(continued)

Altria

Group,

Inc.

(continued)

3.88%,

9/16/2046

60,000

45,701

5.95%,

2/14/2049

160,000

162,358

4.45%,

5/6/2050

25,000

20,246

3.70%,

2/4/2051

50,000

35,773

4.00%,

2/4/2061

40,000

29,204

BAT

Capital

Corp.

4.39%,

8/15/2037

35,000

32,158

3.73%,

9/25/2040

25,000

20,318

4.54%,

8/15/2047

40,000

33,530

4.76%,

9/6/2049

25,000

21,334

3.98%,

9/25/2050

10,000

7,451

5.65%,

3/16/2052

5,000

4,772

7.08%,

8/2/2053

115,000

131,455

Philip

Morris

International,

Inc.

6.38%,

5/16/2038

60,000

67,057

4.38%,

11/15/2041

50,000

44,661

4.50%,

3/20/2042

50,000

44,907

3.88%,

8/21/2042

65,000

53,784

4.13%,

3/4/2043

265,000

226,322

Reynolds

American,

Inc.

5.70%,

8/15/2035

5,000

5,207

7.25%,

6/15/2037

20,000

23,062

5.85%,

8/15/2045

210,000

208,177

1,811,596

Trading

Companies

Distributors

Grainger,

Inc.

4.60%,

6/15/2045

85,000

77,651

3.75%,

5/15/2046

30,000

24,058

4.20%,

5/15/2047

95,000

80,643

182,352

Water

Utilities

Essential

Utilities,

Inc.

5.30%,

5/1/2052

100,000

94,028

Wireless

Telecommunication

Services

America

Movil

SAB

6.13%,

3/30/2040

60,000

64,576

T-Mobile

USA,

Inc.

5.65%,

1/15/2053

20,000

19,672

5.75%,

1/15/2054

25,000

24,886

5.50%,

1/15/2055

10,000

9,626

5.25%,

6/15/2055

25,000

23,181

5.88%,

11/15/2055

75,000

76,075

3.60%,

11/15/2060

715,000

484,043

5.80%,

9/15/2062

15,000

14,987

717,046

Total

Corporate

Bonds

(Cost

$45,647,088)

45,933,844

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

U.S.

Treasury

Bonds

5.00%,

5/15/2045

(Cost

$1,048,750)

1,000,000

1,046,563

Total

Investments

98.4%

(Cost

$46,695,838)

46,980,407

Other

assets

less

liabilities

1.6%

754,685

NET

ASSETS

100.0%

$47,735,092

(a)

Security

issued

fixed

coupon

rate,

which

converts

variable

rate

future

date.

Rate

shown

the

rate

effect

period

end.

(b)

Step

bond.

Interest

rate

fixed

rate

for

initial

period

that

either

resets

specific

date

may

reset

the

future

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

October

31,

2025.

(c)

Represents

less

than

0.05%

net

assets.

(d)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

October

31,

2025,

the

value

these

securities

amounted

approximately

$223,318

0.47%

net

assets.

Percentages

shown

are

based

Net

Assets.

Abbreviations

OYJ

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

738,461

Aggregate

gross

unrealized

depreciation

(534,656

)

Net

unrealized

appreciation

203,805

Federal

income

tax

cost

46,776,602

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

274

Security

Type

Net

Assets

Corporate

Bonds

96‌

U.S.

Treasury

Obligations

2‌

Others

(1)

1‌

100‌

(1)

Includes

any

other

net

assets/(liabilities).

275

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

October

31,

2025

Investments

Principal

Amount

Value

CORPORATE

BONDS

Aerospace

Defense

ATI,

Inc.

4.88%,

10/1/2029(a)

50,000

49,741

5.13%,

10/1/2031(a)

95,000

94,189

Axon

Enterprise,

Inc.

6.13%,

3/15/2030(b)

595,000

611,088

Bombardier,

Inc.

6.00%,

2/15/2028(a)(b)

185,000

185,441

7.45%,

5/1/2034(b)

250,000

277,724

BWX

Technologies,

Inc.

4.13%,

6/30/2028(b)

1,455,000

1,421,313

4.13%,

4/15/2029(a)(b)

1,424,000

1,388,284

Moog,

Inc.

4.25%,

12/15/2027(a)(b)

1,395,000

1,379,466

TransDigm,

Inc.

6.75%,

8/15/2028(b)

3,730,000

3,803,582

4.63%,

1/15/2029(a)

2,950,000

2,901,614

6.38%,

3/1/2029(b)

3,015,000

3,096,963

4.88%,

5/1/2029(a)

1,276,000

1,264,252

6.88%,

12/15/2030(a)(b)

895,000

929,201

7.13%,

12/1/2031(a)(b)

2,340,000

2,441,242

6.63%,

3/1/2032(b)

1,800,000

1,861,342

6.00%,

1/15/2033(b)

2,105,000

2,138,434

6.38%,

5/31/2033(b)

4,700,000

4,790,860

28,634,736

Air

Freight

Logistics

Rand

Parent

LLC

8.50%,

2/15/2030(a)(b)

2,265,000

2,315,453

Stonepeak

Nile

Parent

LLC

7.25%,

3/15/2032(a)(b)

500,000

528,791

2,844,244

Automobile

Components

Adient

Global

Holdings

Ltd.

8.25%,

4/15/2031(a)(b)

685,000

715,564

7.50%,

2/15/2033(a)(b)

1,560,000

1,612,558

Allison

Transmission,

Inc.

3.75%,

1/30/2031(a)(b)

1,373,000

1,267,674

American

Axle

Manufacturing,

Inc.

6.88%,

7/1/2028

213,000

213,421

5.00%,

10/1/2029

850,000

807,779

7.75%,

10/15/2033(a)(b)

5,885,000

5,893,289

Aptiv

Swiss

Holdings

Ltd.

6.88%,

12/15/2054(a)(c)

450,000

459,440

Clarios

Global

6.75%,

5/15/2028(a)(b)

1,480,000

1,515,930

6.75%,

2/15/2030(b)

2,225,000

2,306,613

6.75%,

9/15/2032(a)(b)

6,490,000

6,640,451

Dornoch

Debt

Merger

Sub,

Inc.

6.63%,

10/15/2029(b)

850,000

724,105

Garrett

Motion

Holdings,

Inc.

7.75%,

5/31/2032(a)(b)

3,880,000

4,083,370

Goodyear

Tire

Rubber

Co.

(The)

5.63%,

4/30/2033

2,360,000

2,127,561

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Automobile

Components

3.3%

(continued)

Icahn

Enterprises

5.25%,

5/15/2027(a)

850,000

835,294

9.75%,

1/15/2029(a)

750,000

752,663

4.38%,

2/1/2029(a)

250,000

215,020

10.00%,

11/15/2029(b)

300,000

301,099

9.00%,

6/15/2030(a)

600,000

577,504

IHO

Verwaltungs

GmbH

6.37%,

5/15/2029(b)(d)

1,730,000

1,723,657

7.75%,

11/15/2030(b)(d)

200,000

207,195

8.00%,

11/15/2032(b)(d)

600,000

625,591

Poindexter

Co.,

Inc.

8.75%,

12/15/2031(b)

1,250,000

1,308,078

Patrick

Industries,

Inc.

4.75%,

5/1/2029(a)(b)

640,000

629,779

6.38%,

11/1/2032(b)

200,000

203,919

Phinia,

Inc.

6.75%,

4/15/2029(b)

265,000

273,378

6.63%,

10/15/2032(b)

200,000

205,729

Real

Hero

Merger

Sub

Inc.

6.25%,

2/1/2029(b)

1,775,000

1,061,432

Tenneco,

Inc.

8.00%,

11/17/2028(a)(b)

1,585,000

1,580,676

North

America

Capital,

Inc.

6.88%,

4/14/2028(a)(b)

490,000

493,013

7.13%,

4/14/2030(b)

500,000

486,736

6.75%,

4/23/2030(a)(b)

90,000

85,673

7.50%,

3/24/2031(b)

555,000

533,683

40,467,874

Automobiles

Jaguar

Land

Rover

Automotive

plc

4.50%,

10/1/2027(b)

1,775,000

1,750,073

5.88%,

1/15/2028(a)(b)

1,476,000

1,476,694

5.50%,

7/15/2029(b)

1,157,000

1,156,046

General

Purchaser

LLC

9.50%,

10/1/2028(a)(b)

1,520,000

1,314,630

Thor

Industries,

Inc.

4.00%,

10/15/2029(a)(b)

1,390,000

1,322,674

7,020,117

Banks

(e)

Armor

Holdco,

Inc.

8.50%,

11/15/2029(b)

310,000

310,512

Broadline

Retail

ANGI

Group

LLC

3.88%,

8/15/2028(b)

675,000

620,748

Getty

Images,

Inc.

11.25%,

2/21/2030(b)

3,750,000

3,722,203

Kohl's

Corp.

10.00%,

6/1/2030(a)(b)

500,000

543,117

5.55%,

7/17/2045

400,000

259,600

Macy's

Retail

Holdings

LLC

5.88%,

3/15/2030(b)

60,000

59,995

6.13%,

3/15/2032(a)(b)

1,500,000

1,507,248

6.70%,

7/15/2034(b)

1,850,000

1,738,593

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

276

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Broadline

Retail

0.9%

(continued)

Macy’s

Retail

Holdings

LLC

(continued)

4.50%,

12/15/2034

750,000

667,506

5.13%,

1/15/2042

250,000

203,598

Match

Group

Holdings

LLC

3.63%,

10/1/2031(a)(b)

150,000

135,969

Nordstrom,

Inc.

4.00%,

3/15/2027

350,000

342,867

4.38%,

4/1/2030(a)

300,000

283,714

5.00%,

1/15/2044(a)

1,500,000

1,125,634

11,210,792

Building

Products

Builders

FirstSource,

Inc.

6.75%,

5/15/2035(a)(b)

1,450,000

1,522,430

Atlas

Buyer,

Inc.

9.75%,

7/15/2030(a)(b)

500,000

521,586

0.00%),

7.00%,

1/15/2031(b)(d)(f)

500,000

482,055

EMRLD

Borrower

6.63%,

12/15/2030(b)

2,130,000

2,189,706

Griffon

Corp.

5.75%,

3/1/2028

1,710,000

1,709,841

Masterbrand,

Inc.

7.00%,

7/15/2032(b)

331,000

343,344

Miter

Brands

Acquisition

Holdco,

Inc.

6.75%,

4/1/2032(b)

975,000

1,000,791

MIWD

Holdco

LLC

5.50%,

2/1/2030(a)(b)

590,000

572,477

Oscar

Acquisition

Co.

LLC

9.50%,

4/15/2030(b)

1,090,000

793,601

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/1/2028(a)(b)

1,162,000

1,158,241

8.88%,

11/15/2031(a)(b)

1,145,000

1,205,684

Standard

Industries,

Inc.

4.38%,

7/15/2030(a)(b)

440,000

424,361

3.38%,

1/15/2031(a)(b)

380,000

346,063

Wilsonart

LLC

11.00%,

8/15/2032(b)

900,000

850,014

13,120,194

Capital

Markets

Issuer

LLC

6.25%,

3/1/2028(b)

375,000

375,274

Aretec

Group,

Inc.

7.50%,

4/1/2029(b)

350,000

352,875

10.00%,

8/15/2030(b)

1,040,000

1,131,575

BlackRock

TCP

Capital

Corp.

6.95%,

5/30/2029

750,000

761,649

Coinbase

Global,

Inc.

3.38%,

10/1/2028(b)

850,000

808,497

3.63%,

10/1/2031(b)

400,000

357,509

Compass

Group

Diversified

Holdings

LLC

5.25%,

4/15/2029(a)(b)

2,352,110

2,130,559

Dresdner

Funding

Trust

8.15%,

6/30/2031(b)

1,175,000

1,299,989

Hightower

Holding

LLC

6.75%,

4/15/2029(b)

250,000

250,265

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

0.9%

(continued)

Jane

Street

Group

4.50%,

11/15/2029(a)(b)

335,000

325,541

Prospect

Capital

Corp.

3.36%,

11/15/2026

250,000

242,159

3.44%,

10/15/2028

50,000

44,983

Stonex

Escrow

Issuer

LLC

6.88%,

7/15/2032(a)(b)

50,000

51,730

StoneX

Group,

Inc.

7.88%,

3/1/2031(b)

300,000

317,729

VFH

Parent

LLC

7.50%,

6/15/2031(b)

3,025,000

3,165,554

11,615,888

Chemicals

Ashland,

Inc.

3.38%,

9/1/2031(a)(b)

807,000

719,349

6.88%,

5/15/2043

515,000

535,047

ASP

Unifrax

Holdings,

Inc.

5.85%,

9/30/2029(b)(d)

3,028,211

1,110,643

Axalta

Coating

Systems

Dutch

Holding

7.25%,

2/15/2031(a)(b)

1,155,000

1,210,972

Axalta

Coating

Systems

LLC

4.75%,

6/15/2027(b)

150,000

149,634

3.38%,

2/15/2029(a)(b)

300,000

285,425

Cerdia

Finanz

GmbH

9.38%,

10/3/2031(b)

1,550,000

1,614,811

Consolidated

Energy

Finance

5.63%,

10/15/2028(a)(b)

1,290,000

876,013

12.00%,

2/15/2031(a)(b)

1,420,000

1,009,194

CVR

Partners

6.13%,

6/15/2028(a)(b)

3,930,000

3,926,284

Element

Solutions,

Inc.

3.88%,

9/1/2028(b)

1,070,000

1,035,546

FMC

Corp.

8.45%,

11/1/2055(a)(c)

1,400,000

1,358,667

GPD

Cos.,

Inc.

10.13%,

12/31/2029(b)(d)

359,085

197,958

Fuller

Co.

4.00%,

2/15/2027

265,000

261,142

4.25%,

10/15/2028

1,730,000

1,682,734

Herens

Holdco

Sarl

4.75%,

5/15/2028(b)

315,000

265,908

INEOS

Finance

plc

6.75%,

5/15/2028(b)

960,000

905,388

7.50%,

4/15/2029(a)(b)

1,385,000

1,289,635

INEOS

Quattro

Finance

plc

9.63%,

3/15/2029(a)(b)

1,100,000

1,030,909

Ingevity

Corp.

3.88%,

11/1/2028(a)(b)

505,000

486,613

Innophos

Holdings,

Inc.

11.50%,

6/15/2029(b)

550,000

522,500

Maxam

Prill

Sarl

7.75%,

7/15/2030(b)

700,000

714,903

Methanex

Corp.

5.13%,

10/15/2027

240,000

240,574

5.65%,

12/1/2044(a)

15,000

13,051

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

277

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Chemicals

2.8%

(continued)

Methanex

Operations,

Inc.

6.25%,

3/15/2032(a)(b)

300,000

305,183

NOVA

Chemicals

Corp.

5.25%,

6/1/2027(b)

840,000

841,902

9.00%,

2/15/2030(b)

450,000

481,219

Nufarm

Australia

Ltd.

5.00%,

1/27/2030(b)

2,600,000

2,316,165

Olin

Corp.

6.63%,

4/1/2033(a)(b)

150,000

148,541

Olympus

Water

Holding

Corp.

4.25%,

10/1/2028(b)

350,000

335,284

6.25%,

10/1/2029(b)

200,000

194,949

Rain

Carbon,

Inc.

12.25%,

9/1/2029(a)(b)

2,150,000

2,289,559

SCIH

Salt

Holdings,

Inc.

4.88%,

5/1/2028(b)

1,478,000

1,461,848

SCIL

LLC

5.38%,

11/1/2026(a)(b)

705,000

703,768

Scotts

Miracle-Gro

Co.

(The)

4.38%,

2/1/2032

1,250,000

1,155,557

Invictus

Intermediate

Sarl

5.00%,

10/30/2029(b)

330,000

324,498

Vibrantz

Technologies,

Inc.

9.00%,

2/15/2030(a)(b)

2,000,000

1,063,996

Grace

Holdings

LLC

4.88%,

6/15/2027(a)(b)

298,000

295,308

5.63%,

8/15/2029(a)(b)

1,250,000

1,143,799

7.38%,

3/1/2031(a)(b)

35,000

35,067

34,539,543

Commercial

Services

Supplies

ADT

Security

Corp.

(The)

4.13%,

8/1/2029(a)(b)

585,000

566,509

4.88%,

7/15/2032(a)(b)

471,000

456,106

Allied

Universal

Holdco

LLC

4.63%,

6/1/2028(b)

1,175,000

1,150,438

6.00%,

6/1/2029(a)(b)

475,000

464,368

7.88%,

2/15/2031(b)

690,000

718,439

APi

Group

DE,

Inc.

4.13%,

7/15/2029(a)(b)

600,000

579,124

4.75%,

10/15/2029(b)

275,000

269,465

Brink's

Co.

(The)

4.63%,

10/15/2027(b)

335,000

332,735

Cimpress

plc

7.38%,

9/15/2032(a)(b)

1,900,000

1,931,042

Clean

Harbors,

Inc.

5.13%,

7/15/2029(a)(b)

50,000

49,869

6.38%,

2/1/2031(b)

235,000

240,762

CoreCivic,

Inc.

4.75%,

10/15/2027

220,000

218,138

8.25%,

4/15/2029(a)

450,000

473,897

Deluxe

Corp.

8.00%,

6/1/2029(a)(b)

4,080,000

4,042,373

8.13%,

9/15/2029(a)(b)

1,150,000

1,204,761

Garda

World

Security

Corp.

4.63%,

2/15/2027(b)

445,000

441,515

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Commercial

Services

Supplies

2.3%

(continued)

Garda

World

Security

Corp.

(continued)

7.75%,

2/15/2028(a)(b)

320,000

327,443

8.25%,

8/1/2032(b)

475,000

483,333

8.38%,

11/15/2032(b)

815,000

829,245

GEO

Group,

Inc.

(The)

8.63%,

4/15/2029

590,000

622,638

10.25%,

4/15/2031

615,000

673,488

GFL

Environmental,

Inc.

4.00%,

8/1/2028(b)

1,270,000

1,242,380

4.75%,

6/15/2029(a)(b)

460,000

455,144

Interface,

Inc.

5.50%,

12/1/2028(a)(b)

280,000

279,571

Luna

1.5

Sarl

12.00%,

7/1/2032(b)(d)

1,170,000

1,212,843

Pitney

Bowes,

Inc.

6.88%,

3/15/2027(b)

1,330,000

1,335,871

Prime

Security

Services

Borrower

LLC

3.38%,

8/31/2027(a)(b)

1,565,000

1,524,097

Reworld

Holding

Corp.

4.88%,

12/1/2029(a)(b)

440,000

413,443

Donnelley

Sons

Co.

9.50%,

8/1/2029(b)

1,750,000

1,794,310

10.88%,

8/1/2029(a)(b)

800,000

804,180

Steelcase,

Inc.

5.13%,

1/18/2029

100,000

97,750

Veritiv

Operating

Co.

10.50%,

11/30/2030(b)

1,995,000

2,076,153

Consolidated,

Inc.

5.50%,

4/15/2029(b)

334,000

330,294

Williams

Scotsman,

Inc.

6.63%,

6/15/2029(b)

250,000

257,393

Wrangler

Holdco

Corp.

6.63%,

4/1/2032(b)

250,000

260,993

28,160,110

Communications

Equipment

Ciena

Corp.

4.00%,

1/31/2030(b)

100,000

96,097

CommScope

LLC

9.50%,

12/15/2031(a)(b)

250,000

254,653

CommScope

Technologies

LLC

5.00%,

3/15/2027(a)(b)

360,000

358,631

Viavi

Solutions,

Inc.

3.75%,

10/1/2029(a)(b)

400,000

377,131

1,086,512

Construction

Engineering

AECOM

6.00%,

8/1/2033(b)

5,335,000

5,475,097

Arcosa,

Inc.

4.38%,

4/15/2029(b)

710,000

690,829

Artera

Services

LLC

8.50%,

2/15/2031(a)(b)

1,580,000

1,363,523

Brand

Industrial

Services,

Inc.

10.38%,

8/1/2030(a)(b)

2,750,000

2,645,980

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

278

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Construction

Engineering

1.4%

(continued)

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

7.50%,

2/1/2032(a)(b)

1,600,000

1,614,315

Global

Infrastructure

Solutions,

Inc.

7.50%,

4/15/2032(b)

416,000

435,576

Great

Lakes

Dredge

Dock

Corp.

5.25%,

6/1/2029(a)(b)

280,000

271,023

HTA

Group

Ltd.

7.50%,

6/4/2029(b)

1,750,000

1,814,603

Railworks

Holdings

8.25%,

11/15/2028(b)

275,000

275,333

Tutor

Perini

Corp.

11.88%,

4/30/2029(b)

1,600,000

1,785,639

Weekley

Homes

LLC

4.88%,

9/15/2028(b)

695,000

678,776

17,050,694

Construction

Materials

Knife

River

Corp.

7.75%,

5/1/2031(b)

770,000

806,627

Consumer

Finance

Ally

Financial,

Inc.

6.65%,

1/17/2040(a)(c)

950,000

952,201

Atlanticus

Holdings

Corp.

9.75%,

9/1/2030(b)

1,620,000

1,574,615

Azorra

Finance

Ltd.

7.75%,

4/15/2030(b)

1,200,000

1,265,126

Bread

Financial

Holdings,

Inc.

9.75%,

3/15/2029(a)(b)

500,000

533,697

8.38%,

6/15/2035(b)(c)

1,250,000

1,278,982

Cobra

Acquisition

Co.

LLC

6.38%,

11/1/2029(b)

515,000

433,787

Credit

Acceptance

Corp.

9.25%,

12/15/2028(a)(b)

1,075,000

1,127,365

6.63%,

3/15/2030(a)(b)

2,050,000

2,049,016

Encore

Capital

Group,

Inc.

9.25%,

4/1/2029(a)(b)

420,000

440,923

8.50%,

5/15/2030(a)(b)

920,000

968,797

Enova

International,

Inc.

11.25%,

12/15/2028(a)(b)

1,800,000

1,910,268

9.13%,

8/1/2029(a)(b)

3,545,000

3,715,163

EZCORP,

Inc.

7.38%,

4/1/2032(a)(b)

300,000

316,874

FirstCash,

Inc.

4.63%,

9/1/2028(b)

2,680,000

2,643,302

5.63%,

1/1/2030(a)(b)

1,700,000

1,702,555

6.88%,

3/1/2032(a)(b)

1,345,000

1,395,609

GGAM

Finance

Ltd.

8.00%,

2/15/2027(a)(b)

260,000

265,540

8.00%,

6/15/2028(a)(b)

685,000

726,538

goeasy

Ltd.

9.25%,

12/1/2028(b)

2,190,000

2,270,270

7.63%,

7/1/2029(a)(b)

800,000

805,795

6.88%,

5/15/2030(a)(b)

1,500,000

1,474,219

7.38%,

10/1/2030(a)(b)

2,500,000

2,494,422

6.88%,

2/15/2031(a)(b)

3,015,000

2,946,382

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Finance

4.4%

(continued)

LFS

Topco

LLC

8.75%,

7/15/2030(b)

800,000

783,105

OneMain

Finance

Corp.

3.88%,

9/15/2028

395,000

381,147

7.88%,

3/15/2030(a)

1,140,000

1,201,492

6.13%,

5/15/2030(a)

1,280,000

1,295,053

7.50%,

5/15/2031(a)

555,000

579,715

7.13%,

11/15/2031(a)

1,065,000

1,103,578

Phoenix

Aviation

Capital

Ltd.

9.25%,

7/15/2030(a)(b)

750,000

790,089

PRA

Group,

Inc.

8.38%,

2/1/2028(b)

150,000

152,270

5.00%,

10/1/2029(b)

3,795,000

3,452,464

8.88%,

1/31/2030(b)

4,645,000

4,713,296

PROG

Holdings,

Inc.

6.00%,

11/15/2029(a)(b)

3,795,000

3,703,920

Rfna

7.88%,

2/15/2030(a)(b)

750,000

746,824

Synchrony

Financial

7.25%,

2/2/2033(a)

1,265,000

1,340,943

TrueNoord

Capital

DAC

8.75%,

3/1/2030(b)

200,000

210,704

53,746,046

Consumer

Staples

Distribution

Retail

Albertsons

Cos.,

Inc.

4.63%,

1/15/2027(b)

725,000

723,487

6.50%,

2/15/2028(b)

400,000

407,329

3.50%,

3/15/2029(a)(b)

2,385,000

2,273,043

4.88%,

2/15/2030(b)

425,000

419,714

5.75%,

3/31/2034(b)

835,000

838,679

C&S

Group

Enterprises

LLC

5.00%,

12/15/2028(b)

335,000

305,497

Ingles

Markets,

Inc.

4.00%,

6/15/2031(a)(b)

715,000

668,913

KeHE

Distributors

LLC

9.00%,

2/15/2029(b)

2,330,000

2,439,531

Performance

Food

Group,

Inc.

5.50%,

10/15/2027(b)

1,225,000

1,225,262

4.25%,

8/1/2029(a)(b)

4,630,000

4,515,391

United

Natural

Foods,

Inc.

6.75%,

10/15/2028(a)(b)

500,000

500,154

Foods,

Inc.

6.88%,

9/15/2028(a)(b)

580,000

598,170

4.75%,

2/15/2029(a)(b)

1,750,000

1,730,640

4.63%,

6/1/2030(a)(b)

275,000

269,865

7.25%,

1/15/2032(b)

1,870,000

1,961,946

5.75%,

4/15/2033(a)(b)

1,395,000

1,413,367

20,290,988

Containers

Packaging

Ardagh

Metal

Packaging

Finance

USA

LLC

6.00%,

6/15/2027(b)

670,000

671,727

3.25%,

9/1/2028(b)

365,000

348,223

Ball

Corp.

2.88%,

8/15/2030(a)

520,000

475,434

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

279

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Containers

Packaging

1.7%

(continued)

Cascades,

Inc.

5.38%,

1/15/2028(b)

1,750,000

1,748,113

6.75%,

7/15/2030(a)(b)

2,265,000

2,316,937

Clydesdale

Acquisition

Holdings,

Inc.

6.63%,

4/15/2029(b)

665,000

667,657

6.88%,

1/15/2030(b)

100,000

100,999

8.75%,

4/15/2030(a)(b)

1,769,000

1,772,617

6.75%,

4/15/2032(a)(b)

100,000

100,340

Crown

Americas

LLC

4.25%,

9/30/2026

1,125,000

1,117,749

Crown

Cork

Seal

Co.,

Inc.

7.38%,

12/15/2026

450,000

462,688

Graham

Packaging

Co.,

Inc.

7.13%,

8/15/2028(a)(b)

475,000

472,768

Graphic

Packaging

International

LLC

4.75%,

7/15/2027(b)

50,000

49,906

3.50%,

3/15/2028(a)(b)

150,000

144,932

3.75%,

2/1/2030(a)(b)

135,000

126,812

Iris

Holding,

Inc.

10.00%,

12/15/2028(b)

695,000

599,504

LABL,

Inc.

10.50%,

7/15/2027(a)(b)

665,000

434,329

5.88%,

11/1/2028(a)(b)

742,000

528,950

9.50%,

11/1/2028(b)

135,000

100,654

8.25%,

11/1/2029(b)

855,000

414,675

8.63%,

10/1/2031(b)

1,000,000

642,817

Mauser

Packaging

Solutions

Holding

Co.

7.88%,

4/15/2027(a)(b)

550,000

551,445

9.25%,

4/15/2027(a)(b)

1,527,000

1,507,775

Owens-Brockway

Glass

Container,

Inc.

7.25%,

5/15/2031(b)

350,000

343,003

7.38%,

6/1/2032(b)

500,000

489,186

Sealed

Air

Corp.

6.50%,

7/15/2032(b)

150,000

155,220

6.88%,

7/15/2033(a)(b)

150,000

163,320

Silgan

Holdings,

Inc.

4.13%,

2/1/2028(a)

275,000

269,755

Toucan

FinCo.

Ltd.

9.50%,

5/15/2030(b)

2,500,000

2,343,961

Trident

TPI

Holdings,

Inc.

12.75%,

12/31/2028(a)(b)

350,000

373,584

TriMas

Corp.

4.13%,

4/15/2029(b)

1,400,000

1,353,712

Trivium

Packaging

Finance

12.25%,

1/15/2031(b)

435,000

453,839

21,302,631

Distributors

American

Builders

Contractors

Supply

Co.,

Inc.

4.00%,

1/15/2028(a)(b)

635,000

626,019

Gates

Corp.

6.88%,

7/1/2029(b)

1,400,000

1,453,494

Global

Holdings,

Inc.

6.75%,

3/15/2028(b)

900,000

918,951

7.75%,

3/15/2031(b)

530,000

553,123

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Distributors

0.5%

(continued)

Resideo

Funding,

Inc.

4.00%,

9/1/2029(a)(b)

85,000

81,069

Velocity

Vehicle

Group

LLC

8.00%,

6/1/2029(a)(b)

1,000,000

983,247

Windsor

Holdings

III

LLC

8.50%,

6/15/2030(b)

1,120,000

1,182,356

5,798,259

Diversified

Consumer

Services

Adtalem

Global

Education,

Inc.

5.50%,

3/1/2028(a)(b)

345,000

345,292

Belron

Finance

plc

5.75%,

10/15/2029(b)

2,655,000

2,689,961

Carriage

Services,

Inc.

4.25%,

5/15/2029(b)

100,000

94,580

Champions

Financing,

Inc.

8.75%,

2/15/2029(a)(b)

1,385,000

1,342,588

Grand

Canyon

University

5.13%,

10/1/2028

2,185,000

2,164,124

Matthews

International

Corp.

8.63%,

10/1/2027(b)

280,000

288,297

StoneMor,

Inc.

8.50%,

5/15/2029(b)

350,000

346,412

7,271,254

Diversified

REITs

Iron

Mountain

Information

Management

Services,

Inc.

REIT,

5.00%,

7/15/2032(b)

1,380,000

1,333,938

Uniti

Group

REIT,

4.75%,

4/15/2028(a)(b)

1,510,000

1,475,854

REIT,

6.50%,

2/15/2029(b)

1,160,000

1,085,674

REIT,

6.00%,

1/15/2030(b)

1,700,000

1,524,047

REIT,

8.63%,

6/15/2032(b)

1,600,000

1,498,437

6,917,950

Diversified

Telecommunication

Services

Altice

Financing

5.00%,

1/15/2028(b)

2,055,000

1,531,613

5.75%,

8/15/2029(b)

1,680,000

1,222,234

Bell

Canada

6.88%,

9/15/2055(c)

100,000

104,360

7.00%,

9/15/2055(a)(c)

1,200,000

1,261,250

CCO

Holdings

LLC

5.13%,

5/1/2027(b)

1,231,000

1,223,903

5.00%,

2/1/2028(b)

1,315,000

1,301,802

5.38%,

6/1/2029(a)(b)

1,140,000

1,125,093

6.38%,

9/1/2029(a)(b)

1,200,000

1,209,444

4.75%,

3/1/2030(a)(b)

2,995,000

2,847,841

4.50%,

8/15/2030(a)(b)

2,205,000

2,066,998

4.25%,

2/1/2031(a)(b)

2,590,000

2,344,257

7.38%,

3/1/2031(a)(b)

460,000

466,918

4.75%,

2/1/2032(a)(b)

1,120,000

1,013,958

4.50%,

5/1/2032(a)

2,167,000

1,927,351

4.50%,

6/1/2033(a)(b)

2,275,000

1,972,416

4.25%,

1/15/2034(b)

1,270,000

1,066,449

Connect

Holding

LLC

10.50%,

4/3/2031(b)

2,170,000

2,122,535

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

280

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Telecommunication

Services

3.8%

(continued)

Fibercop

SpA

Series

2033,

6.38%,

11/15/2033(b)

400,000

394,704

6.00%,

9/30/2034(b)

300,000

282,542

7.20%,

7/18/2036(b)

1,100,000

1,111,539

Series

2038,

7.72%,

6/4/2038(b)

340,000

344,215

Frontier

Communications

Holdings

LLC

6.75%,

5/1/2029(b)

900,000

909,066

8.63%,

3/15/2031(b)

500,000

527,842

GCI

LLC

4.75%,

10/15/2028(a)(b)

1,290,000

1,258,875

Level

Financing,

Inc.

4.25%,

7/1/2028(b)

50,000

47,250

Telecom

Italia

Capital

7.72%,

6/4/2038(a)

3,040,000

3,398,969

TELUS

Corp.

6.63%,

10/15/2055(a)(c)

3,360,000

3,466,334

7.00%,

10/15/2055(a)(c)

2,250,000

2,400,064

Virgin

Media

Finance

plc

5.00%,

7/15/2030(a)(b)

300,000

267,772

Virgin

Media

Secured

Finance

plc

5.50%,

5/15/2029(b)

500,000

490,815

4.50%,

8/15/2030(b)

240,000

223,053

Windstream

Services

LLC

8.25%,

10/1/2031(a)(b)

3,000,000

3,063,438

7.50%,

10/15/2033(b)

2,040,000

2,036,307

Zayo

Group

Holdings,

Inc.

0.00%),

5.75%,

3/9/2030(a)

(b)(d)(f)

265,066

251,918

0.00%),

7.13%,

9/9/2030(b)

(d)(f)

1,189,406

1,086,324

46,369,449

Electric

Utilities

California

Buyer

Ltd.

6.38%,

2/15/2032(a)(b)

1,000,000

1,010,364

ContourGlobal

Power

Holdings

6.75%,

2/28/2030(b)

200,000

206,000

Edison

International

8.13%,

6/15/2053(c)

500,000

516,034

EUSHI

Finance,

Inc.

7.63%,

12/15/2054(a)(c)

3,050,000

3,206,950

Leeward

Renewable

Energy

Operations

LLC

4.25%,

7/1/2029(a)(b)

320,000

305,448

Long

Ridge

Energy

LLC

8.75%,

2/15/2032(a)(b)

1,050,000

1,085,661

NRG

Energy,

Inc.

5.25%,

6/15/2029(b)

350,000

351,516

3.63%,

2/15/2031(a)(b)

660,000

616,101

PacifiCorp

7.38%,

9/15/2055(c)

80,000

84,042

PG&E

Corp.

5.00%,

7/1/2028(a)

665,000

660,363

5.25%,

7/1/2030(a)

740,000

732,308

7.38%,

3/15/2055(a)(c)

1,100,000

1,131,378

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

1.0%

(continued)

XPLR

Infrastructure

Operating

Partners

3.88%,

10/15/2026(a)(b)

880,000

867,015

7.25%,

1/15/2029(b)

500,000

514,333

8.38%,

1/15/2031(b)

100,000

104,628

8.63%,

3/15/2033(b)

770,000

807,898

12,200,039

Electrical

Equipment

Atkore,

Inc.

4.25%,

6/1/2031(b)

100,000

94,549

EnerSys

4.38%,

12/15/2027(b)

860,000

849,194

943,743

Electronic

Equipment,

Instruments

Components

Crane

NXT

Co.

6.55%,

11/15/2036

700,000

752,451

4.20%,

3/15/2048

620,000

439,802

Insight

Enterprises,

Inc.

6.63%,

5/15/2032(a)(b)

250,000

255,865

Sensata

Technologies,

Inc.

4.38%,

2/15/2030(b)

720,000

694,294

Zebra

Technologies

Corp.

6.50%,

6/1/2032(b)

250,000

259,088

2,401,500

Energy

Equipment

Services

Archrock

Partners

6.25%,

4/1/2028(b)

750,000

753,192

Borr

IHC

Ltd.

10.00%,

11/15/2028(a)(b)

6,267,318

6,267,750

10.38%,

11/15/2030(b)

547,039

544,468

Bristow

Group,

Inc.

6.88%,

3/1/2028(a)(b)

435,000

434,934

Diamond

Foreign

Asset

Co.

8.50%,

10/1/2030(a)(b)

2,100,000

2,229,446

Enerflex

Ltd.

9.00%,

10/15/2027(b)

200,000

204,105

Helix

Energy

Solutions

Group,

Inc.

9.75%,

3/1/2029(b)

1,835,000

1,939,773

Kodiak

Gas

Services

LLC

7.25%,

2/15/2029(b)

350,000

363,451

Noble

Finance

LLC

8.00%,

4/15/2030(b)

5,465,000

5,671,812

Oceaneering

International,

Inc.

6.00%,

2/1/2028

745,000

751,386

Precision

Drilling

Corp.

6.88%,

1/15/2029(a)(b)

355,000

357,032

Seadrill

Finance

Ltd.

8.38%,

8/1/2030(a)(b)

4,225,000

4,322,159

Star

Holding

LLC

8.75%,

8/1/2031(a)(b)

900,000

869,889

TGS

ASA

8.50%,

1/15/2030(b)

850,000

880,175

Tidewater,

Inc.

9.13%,

7/15/2030(a)(b)

3,930,000

4,194,619

Transocean

International

Ltd.

8.50%,

5/15/2031(a)(b)

1,220,000

1,211,234

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

281

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Energy

Equipment

Services

3.4%

(continued)

Transocean

International

Ltd.

(continued)

6.80%,

3/15/2038

880,000

771,415

USA

Compression

Partners

7.13%,

3/15/2029(a)(b)

1,600,000

1,652,544

Valaris

Ltd.

8.38%,

4/30/2030(a)(b)

5,000,000

5,214,535

Vallourec

SACA

7.50%,

4/15/2032(a)(b)

450,000

478,293

Viridien

10.00%,

10/15/2030(b)

899,000

941,971

Weatherford

International

Ltd.

6.75%,

10/15/2033(a)(b)

1,325,000

1,354,098

41,408,281

Entertainment

Allen

Media

LLC

10.50%,

2/15/2028(b)

1,830,000

796,050

Banijay

Entertainment

SAS

8.13%,

5/1/2029(a)(b)

700,000

726,488

Cinemark

USA,

Inc.

5.25%,

7/15/2028(a)(b)

1,375,000

1,368,635

7.00%,

8/1/2032(a)(b)

100,000

103,632

Live

Nation

Entertainment,

Inc.

4.75%,

10/15/2027(a)(b)

2,885,000

2,875,735

3.75%,

1/15/2028(b)

750,000

731,807

Odeon

Finco

plc

12.75%,

11/1/2027(b)

1,290,000

1,333,050

ROBLOX

Corp.

3.88%,

5/1/2030(b)

1,020,000

976,011

Warnermedia

Holdings,

Inc.

4.28%,

3/15/2032

1,000,000

915,938

5.05%,

3/15/2042(a)

4,670,000

3,748,749

13,576,095

Financial

Services

Block,

Inc.

3.50%,

6/1/2031(a)

650,000

605,207

Boost

Newco

Borrower

LLC

7.50%,

1/15/2031(b)

1,850,000

1,965,384

Burford

Capital

Global

Finance

LLC

6.25%,

4/15/2028(b)

250,000

248,307

6.88%,

4/15/2030(a)(b)

1,300,000

1,293,432

9.25%,

7/1/2031(b)

4,750,000

4,916,194

7.50%,

7/15/2033(a)(b)

3,585,000

3,539,410

CPI

CG,

Inc.

10.00%,

7/15/2029(a)(b)

894,000

940,935

Freedom

Mortgage

Corp.

6.63%,

1/15/2027(b)

60,000

60,135

12.25%,

10/1/2030(b)

225,000

250,462

Freedom

Mortgage

Holdings

LLC

9.25%,

2/1/2029(b)

600,000

630,000

9.13%,

5/15/2031(b)

320,000

340,168

8.38%,

4/1/2032(a)(b)

150,000

156,392

Jefferies

Finance

LLC

5.00%,

8/15/2028(b)

1,735,000

1,642,832

6.63%,

10/15/2031(a)(b)

500,000

492,634

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Financial

Services

4.1%

(continued)

Jefferson

Capital

Holdings

LLC

9.50%,

2/15/2029(b)

800,000

843,020

8.25%,

5/15/2030(a)(b)

1,000,000

1,036,751

Midcap

Financial

Issuer

Trust

6.50%,

5/1/2028(a)(b)

10,375,000

10,190,734

5.63%,

1/15/2030(a)(b)

2,670,000

2,509,800

Mobius

Merger

Sub,

Inc.

9.00%,

6/1/2030(b)

1,515,000

1,261,852

NCR

Atleos

Corp.

9.50%,

4/1/2029(b)

1,085,000

1,171,719

Oxford

Finance

LLC

6.38%,

2/1/2027(b)

365,000

362,637

PennyMac

Financial

Services,

Inc.

4.25%,

2/15/2029(b)

85,000

82,531

5.75%,

9/15/2031(a)(b)

235,000

234,437

6.88%,

5/15/2032(b)

500,000

521,544

PHH

Escrow

Issuer

LLC

9.88%,

11/1/2029(a)(b)

3,540,000

3,553,585

Planet

Financial

Group

LLC

10.50%,

12/15/2029(b)

1,600,000

1,657,213

Provident

Funding

Associates

9.75%,

9/15/2029(b)

1,400,000

1,475,303

Rocket

Mortgage

LLC

3.63%,

3/1/2029(a)(b)

439,000

421,750

3.88%,

3/1/2031(a)(b)

797,000

749,218

Shift4

Payments

LLC

6.75%,

8/15/2032(b)

800,000

826,267

Stena

International

7.25%,

1/15/2031(a)(b)

1,695,000

1,730,402

7.63%,

2/15/2031(b)

475,000

486,587

United

Wholesale

Mortgage

LLC

5.75%,

6/15/2027(b)

1,370,000

1,372,334

5.50%,

4/15/2029(a)(b)

1,315,000

1,295,070

UWM

Holdings

LLC

6.63%,

2/1/2030(a)(b)

1,500,000

1,528,178

WEX,

Inc.

6.50%,

3/15/2033(a)(b)

250,000

255,667

50,648,091

Food

Products

B&G

Foods,

Inc.

5.25%,

9/15/2027(a)

2,000,000

1,923,129

Lamb

Weston

Holdings,

Inc.

4.88%,

5/15/2028(a)(b)

450,000

450,845

4.38%,

1/31/2032(a)(b)

613,000

584,385

Post

Holdings,

Inc.

4.63%,

4/15/2030(b)

1,084,000

1,050,984

4.50%,

9/15/2031(a)(b)

5,905,000

5,545,199

6.25%,

2/15/2032(b)

65,000

66,813

6.38%,

3/1/2033(a)(b)

2,200,000

2,228,147

6.25%,

10/15/2034(a)(b)

3,250,000

3,288,067

Simmons

Foods,

Inc.

4.63%,

3/1/2029(a)(b)

775,000

742,571

TreeHouse

Foods,

Inc.

4.00%,

9/1/2028

210,000

204,481

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

282

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Food

Products

1.5%

(continued)

Viking

Baked

Goods

Acquisition

Corp.

8.63%,

11/1/2031(a)(b)

2,475,000

2,483,328

18,567,949

Gas

Utilities

AltaGas

Ltd.

7.20%,

10/15/2054(a)(b)(c)

1,650,000

1,691,475

AmeriGas

Partners

5.75%,

5/20/2027(a)

2,990,000

3,001,027

9.38%,

6/1/2028(a)(b)

2,800,000

2,904,317

9.50%,

6/1/2030(a)(b)

4,040,000

4,251,187

Suburban

Propane

Partners

5.00%,

6/1/2031(a)(b)

2,365,000

2,240,467

14,088,473

Ground

Transportation

Albion

Financing

Sarl

7.00%,

5/21/2030(b)

1,200,000

1,238,498

Avis

Budget

Car

Rental

LLC

8.38%,

6/15/2032(b)

1,020,000

1,044,887

Brightline

East

LLC

11.00%,

1/31/2030(a)(b)

3,050,000

1,189,500

Carriage

Purchaser,

Inc.

7.88%,

10/15/2029(b)

345,000

321,632

Dcli

Bidco

LLC

7.75%,

11/15/2029(a)(b)

1,050,000

1,067,245

EquipmentShare.com,

Inc.

9.00%,

5/15/2028(b)

1,290,000

1,299,727

8.63%,

5/15/2032(a)(b)

395,000

398,626

First

Student

Bidco,

Inc.

4.00%,

7/31/2029(a)(b)

1,090,000

1,053,907

Hertz

Corp.

(The)

4.63%,

12/1/2026(b)

505,000

490,345

12.63%,

7/15/2029(a)(b)

2,430,000

2,405,439

5.00%,

12/1/2029(a)(b)

969,000

658,217

NESCO

Holdings

II,

Inc.

5.50%,

4/15/2029(a)(b)

1,250,000

1,222,047

Star

Leasing

Co.

LLC

7.63%,

2/15/2030(a)(b)

1,250,000

1,181,030

13,571,100

Health

Care

Equipment

Supplies

Dentsply

Sirona,

Inc.

8.38%,

9/12/2055(a)(c)

1,000,000

1,029,726

Embecta

Corp.

5.00%,

2/15/2030(a)(b)

395,000

374,784

6.75%,

2/15/2030(b)

1,350,000

1,327,199

Insulet

Corp.

6.50%,

4/1/2033(a)(b)

2,800,000

2,917,180

Teleflex,

Inc.

4.63%,

11/15/2027(a)

840,000

835,681

4.25%,

6/1/2028(a)(b)

1,130,000

1,107,154

7,591,724

Health

Care

Providers

Services

Acadia

Healthcare

Co.,

Inc.

5.50%,

7/1/2028(b)

230,000

228,498

5.00%,

4/15/2029(a)(b)

605,000

592,015

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

Services

3.3%

(continued)

AdaptHealth

LLC

6.13%,

8/1/2028(a)(b)

325,000

324,884

Community

Health

Systems,

Inc.

6.88%,

4/15/2029(b)

735,000

666,373

6.13%,

4/1/2030(a)(b)

1,400,000

1,176,303

5.25%,

5/15/2030(b)

1,050,000

984,246

4.75%,

2/15/2031(b)

275,000

245,493

10.88%,

1/15/2032(a)(b)

1,695,000

1,827,261

9.75%,

1/15/2034(b)

1,190,000

1,259,957

CVS

Health

Corp.

6.75%,

12/10/2054(a)(c)

1,000,000

1,039,228

7.00%,

3/10/2055(c)

250,000

262,670

DaVita,

Inc.

4.63%,

6/1/2030(a)(b)

2,308,000

2,228,734

3.75%,

2/15/2031(a)(b)

1,123,000

1,031,050

Encompass

Health

Corp.

4.50%,

2/1/2028

95,000

94,279

4.63%,

4/1/2031(a)

975,000

951,141

HAH

Group

Holding

Co.

LLC

9.75%,

10/1/2031(a)(b)

2,310,000

2,189,552

HealthEquity,

Inc.

4.50%,

10/1/2029(b)

2,255,000

2,194,450

Kedrion

SpA

6.50%,

9/1/2029(a)(b)

1,365,000

1,333,856

LifePoint

Health,

Inc.

5.38%,

1/15/2029(b)

295,000

285,459

9.88%,

8/15/2030(b)

405,000

437,243

11.00%,

10/15/2030(a)(b)

560,000

617,457

8.38%,

2/15/2032(a)(b)

500,000

539,895

10.00%,

6/1/2032(b)

200,000

212,728

Molina

Healthcare,

Inc.

4.38%,

6/15/2028(a)(b)

1,410,000

1,373,360

3.88%,

11/15/2030(b)

920,000

848,628

3.88%,

5/15/2032(a)(b)

1,470,000

1,325,414

Option

Care

Health,

Inc.

4.38%,

10/31/2029(a)(b)

890,000

858,940

Owens

Minor,

Inc.

4.50%,

3/31/2029(a)(b)

375,000

288,586

6.63%,

4/1/2030(a)(b)

270,000

205,512

Paradigm

Parent

LLC

and

Paradigm

Parent

CO-Issuer,

Inc.

8.75%,

4/17/2032(b)

1,500,000

1,413,780

Pediatrix

Medical

Group,

Inc.

5.38%,

2/15/2030(b)

350,000

347,858

Prime

Healthcare

Services,

Inc.

9.38%,

9/1/2029(a)(b)

2,450,000

2,577,498

Radiology

Partners,

Inc.

9.78%,

2/15/2030(b)(d)

975,268

926,264

8.50%,

7/15/2032(b)

500,000

519,981

Sotera

Health

Holdings

LLC

7.38%,

6/1/2031(a)(b)

1,400,000

1,471,263

Star

Parent,

Inc.

9.00%,

10/1/2030(a)(b)

1,830,000

1,954,029

Team

Health

Holdings,

Inc.

8.38%,

6/30/2028(a)(b)

1,500,000

1,516,035

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

283

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

Services

3.3%

(continued)

Tenet

Healthcare

Corp.

5.13%,

11/1/2027

790,000

789,120

Toledo

Hospital

(The)

Series

5.33%,

11/15/2028

275,000

281,058

6.02%,

11/15/2048

210,000

202,524

Acute

Care

Solutions

LLC

9.75%,

5/15/2029(b)

2,400,000

2,443,944

40,066,566

Health

Care

REITs

(e)

MPT

Operating

Partnership

REIT,

4.63%,

8/1/2029(a)

645,000

527,360

Hotel

Resort

REITs

RHP

Hotel

Properties

REIT,

4.75%,

10/15/2027

100,000

99,777

REIT,

7.25%,

7/15/2028(b)

1,250,000

1,288,928

REIT,

4.50%,

2/15/2029(a)(b)

490,000

482,048

RLJ

Lodging

Trust

REIT,

3.75%,

7/1/2026(b)

615,000

610,301

REIT,

4.00%,

9/15/2029(a)(b)

750,000

708,243

XHR

REIT,

4.88%,

6/1/2029(a)(b)

210,000

205,281

REIT,

6.63%,

5/15/2030(a)(b)

105,000

107,176

3,501,754

Hotels,

Restaurants

Leisure

1011778

ULC

3.88%,

1/15/2028(b)

250,000

245,487

4.38%,

1/15/2028(b)

920,000

908,215

5.63%,

9/15/2029(a)(b)

550,000

559,774

4.00%,

10/15/2030(a)(b)

11,395,000

10,772,700

Affinity

Interactive

6.88%,

12/15/2027(b)

1,680,000

835,985

Boyd

Gaming

Corp.

4.75%,

12/1/2027(a)

360,000

358,103

4.75%,

6/15/2031(a)(b)

1,895,000

1,824,677

Boyne

USA,

Inc.

4.75%,

5/15/2029(a)(b)

400,000

392,246

Brinker

International,

Inc.

8.25%,

7/15/2030(b)

1,288,000

1,364,320

Caesars

Entertainment,

Inc.

7.00%,

2/15/2030(b)

150,000

154,338

Churchill

Downs,

Inc.

4.75%,

1/15/2028(a)(b)

1,315,000

1,303,168

5.75%,

4/1/2030(a)(b)

2,990,000

2,999,191

6.75%,

5/1/2031(a)(b)

475,000

485,659

Fertitta

Entertainment

LLC

4.63%,

1/15/2029(a)(b)

1,120,000

1,071,599

6.75%,

1/15/2030(a)(b)

1,095,000

1,015,002

Genting

New

York

LLC

7.25%,

10/1/2029(a)(b)

3,200,000

3,312,963

GPS

Hospitality

Holding

Co.

LLC

7.00%,

8/15/2028(b)

1,290,000

712,518

Hilton

Domestic

Operating

Co.,

Inc.

5.88%,

4/1/2029(a)(b)

645,000

658,424

3.75%,

5/1/2029(b)

1,225,000

1,184,890

4.00%,

5/1/2031(a)(b)

2,990,000

2,841,504

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

Leisure

5.5%

(continued)

Hilton

Domestic

Operating

Co.,

Inc.

(continued)

3.63%,

2/15/2032(a)(b)

6,590,000

6,071,159

Hilton

Grand

Vacations

Borrower

LLC

5.00%,

6/1/2029(a)(b)

575,000

552,124

4.88%,

7/1/2031(b)

2,350,000

2,172,676

Jacobs

Entertainment,

Inc.

6.75%,

2/15/2029(a)(b)

860,000

833,125

MajorDrive

Holdings

LLC

6.38%,

6/1/2029(b)

870,000

679,601

Marriott

Ownership

Resorts,

Inc.

4.75%,

1/15/2028

626,000

619,275

4.50%,

6/15/2029(b)

450,000

433,645

Merlin

Entertainments

Group

Holdings,

Inc.

7.38%,

2/15/2031(a)(b)

1,200,000

1,005,535

Midwest

Gaming

Borrower

LLC

4.88%,

5/1/2029(a)(b)

865,000

839,637

Mohegan

Tribal

Gaming

Authority

8.25%,

4/15/2030(a)(b)

317,000

329,088

11.88%,

4/15/2031(a)(b)

1,700,000

1,773,831

NCL

Corp.

Ltd.

6.75%,

2/1/2032(a)(b)

450,000

462,402

Penn

Entertainment,

Inc.

5.63%,

1/15/2027(a)(b)

340,000

339,599

Premier

Entertainment

Sub

LLC

5.63%,

9/1/2029(b)

1,000,000

605,000

5.88%,

9/1/2031(b)

1,800,000

999,000

Raising

Cane's

Restaurants

LLC

9.38%,

5/1/2029(b)

250,000

261,720

Resorts

World

Las

Vegas

LLC

4.63%,

4/16/2029(b)

730,000

658,999

Scientific

Games

Holdings

6.63%,

3/1/2030(b)

2,020,000

1,845,147

SeaWorld

Parks

Entertainment,

Inc.

5.25%,

8/15/2029(a)(b)

1,260,000

1,235,828

Six

Flags

Entertainment

Corp.

5.50%,

4/15/2027(b)

345,000

343,659

Speedway

Motorsports

LLC

4.88%,

11/1/2027(a)(b)

100,000

99,051

Station

Casinos

LLC

4.63%,

12/1/2031(a)(b)

200,000

187,863

TKC

Holdings,

Inc.

6.88%,

5/15/2028(b)

770,000

776,441

Travel

Leisure

Co.

6.63%,

7/31/2026(b)

425,000

428,198

6.00%,

4/1/2027(a)(g)

475,000

481,666

4.50%,

12/1/2029(a)(b)

320,000

311,540

4.63%,

3/1/2030(b)

35,000

33,933

Viking

Cruises

Ltd.

9.13%,

7/15/2031(a)(b)

500,000

535,674

VOC

Escrow

Ltd.

5.00%,

2/15/2028(b)

335,000

334,070

Voyager

Parent

LLC

9.25%,

7/1/2032(a)(b)

1,950,000

2,044,347

Wynn

Las

Vegas

LLC

5.25%,

5/15/2027(b)

1,560,000

1,562,890

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

284

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

Leisure

5.5%

(continued)

Wynn

Resorts

Finance

LLC

5.13%,

10/1/2029(a)(b)

430,000

429,879

7.13%,

2/15/2031(a)(b)

1,680,000

1,804,107

Yum!

Brands,

Inc.

3.63%,

3/15/2031(a)

3,065,000

2,877,606

6.88%,

11/15/2037(a)

965,000

1,078,816

68,047,894

Household

Durables

Adams

Homes,

Inc.

9.25%,

10/15/2028(b)

750,000

778,803

Ashton

Woods

USA

LLC

4.63%,

8/1/2029(b)

150,000

141,803

4.63%,

4/1/2030(a)(b)

885,000

833,094

Beazer

Homes

USA,

Inc.

7.25%,

10/15/2029

200,000

202,814

7.50%,

3/15/2031(a)(b)

310,000

313,762

Brookfield

Residential

Properties,

Inc.

6.25%,

9/15/2027(a)(b)

540,000

540,030

5.00%,

6/15/2029(a)(b)

465,000

446,021

4.88%,

2/15/2030(a)(b)

710,000

655,944

CD&R

Smokey

Buyer,

Inc.

9.50%,

10/15/2029(a)(b)

2,040,000

1,427,859

Century

Communities,

Inc.

3.88%,

8/15/2029(a)(b)

200,000

187,537

Dream

Finders

Homes,

Inc.

6.88%,

9/15/2030(b)

780,000

776,357

Empire

Communities

Corp.

9.75%,

5/1/2029(a)(b)

1,250,000

1,278,150

FXI

Holdings,

Inc.

12.25%,

11/15/2026(b)

2,801,000

2,441,646

Installed

Building

Products,

Inc.

5.75%,

2/1/2028(a)(b)

280,000

279,869

Hovnanian

Enterprises,

Inc.

8.00%,

4/1/2031(b)

3,110,000

3,177,509

8.38%,

10/1/2033(b)

4,125,000

4,222,924

Home

4.00%,

6/15/2031(a)

100,000

94,412

LGI

Homes,

Inc.

8.75%,

12/15/2028(a)(b)

1,405,000

1,461,193

4.00%,

7/15/2029(b)

515,000

462,525

7.00%,

11/15/2032(a)(b)

1,200,000

1,151,568

M/I

Homes,

Inc.

4.95%,

2/1/2028

100,000

99,682

3.95%,

2/15/2030

5,000

4,762

Mattamy

Group

Corp.

5.25%,

12/15/2027(a)(b)

640,000

637,512

4.63%,

3/1/2030(a)(b)

800,000

776,039

New

Home

Co.,

Inc.

(The)

9.25%,

10/1/2029(b)

1,000,000

1,048,766

Shea

Homes

4.75%,

2/15/2028(a)

600,000

594,126

4.75%,

4/1/2029(a)

394,000

385,599

Somnigroup

International,

Inc.

4.00%,

4/15/2029(a)(b)

1,120,000

1,078,619

3.88%,

10/15/2031(a)(b)

2,710,000

2,503,957

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Household

Durables

2.6%

(continued)

STL

Holding

Co.

LLC

8.75%,

2/15/2029(b)

700,000

733,970

Taylor

Morrison

Communities,

Inc.

5.88%,

6/15/2027(b)

255,000

257,547

5.75%,

1/15/2028(a)(b)

865,000

877,633

5.13%,

8/1/2030(a)(b)

200,000

199,736

TopBuild

Corp.

3.63%,

3/15/2029(a)(b)

120,000

115,714

4.13%,

2/15/2032(a)(b)

195,000

183,657

Tri

Pointe

Homes,

Inc.

5.25%,

6/1/2027

200,000

200,769

5.70%,

6/15/2028(a)

530,000

534,894

Whirlpool

Corp.

6.50%,

6/15/2033(a)

1,000,000

975,637

32,082,439

Household

Products

Central

Garden

Pet

Co.

5.13%,

2/1/2028

50,000

49,921

4.13%,

10/15/2030(a)

215,000

204,247

4.13%,

4/30/2031(a)(b)

700,000

655,468

Energizer

Holdings,

Inc.

4.75%,

6/15/2028(b)

1,005,000

988,720

4.38%,

3/31/2029(a)(b)

455,000

436,718

Kronos

Acquisition

Holdings,

Inc.

8.25%,

6/30/2031(b)

1,425,000

1,057,041

10.75%,

6/30/2032(b)

1,050,000

536,812

3,928,927

Insurance

Acrisure

LLC

4.25%,

2/15/2029(a)(b)

395,000

379,201

Alliant

Holdings

Intermediate

LLC

4.25%,

10/15/2027(b)

250,000

246,201

7.00%,

1/15/2031(a)(b)

650,000

673,236

AmWINS

Group,

Inc.

4.88%,

6/30/2029(b)

290,000

280,079

APH

Somerset

Investor

LLC

7.88%,

11/1/2029(b)

1,900,000

1,957,000

Ardonagh

Finco

Ltd.

7.75%,

2/15/2031(b)

1,100,000

1,150,547

Ardonagh

Group

Finance

Ltd.

8.88%,

2/15/2032(a)(b)

1,400,000

1,460,801

Assurant,

Inc.

7.00%,

3/27/2048(c)

190,000

195,188

Baldwin

Insurance

Group

Holdings

LLC

7.13%,

5/15/2031(a)(b)

345,000

354,027

Global

Atlantic

Fin

Co.

4.70%,

10/15/2051(a)(b)(c)

870,000

847,316

7.95%,

10/15/2054(a)(b)(c)

805,000

841,623

HUB

International

Ltd.

7.25%,

6/15/2030(b)

1,405,000

1,466,817

Liberty

Mutual

Group,

Inc.

7.80%,

3/15/2037(a)(b)

275,000

314,915

4.13%,

12/15/2051(a)(b)(c)

715,000

698,881

4.30%,

2/1/2061(b)

1,000,000

641,881

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

285

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

1.0%

(continued)

Nassau

Cos.

New

York

(The)

7.88%,

7/15/2030(a)(b)

1,065,000

1,086,163

12,593,876

Interactive

Media

Services

Cars.com,

Inc.

6.38%,

11/1/2028(b)

316,000

314,740

Snap,

Inc.

6.88%,

3/1/2033(a)(b)

200,000

204,529

Ziff

Davis,

Inc.

4.63%,

10/15/2030(a)(b)

965,000

907,296

1,426,565

Services

Arches

Buyer,

Inc.

4.25%,

6/1/2028(a)(b)

620,000

605,847

6.13%,

12/1/2028(b)

440,000

428,688

ASGN,

Inc.

4.63%,

5/15/2028(b)

1,690,000

1,659,798

Conduent

Business

Services

LLC

6.00%,

11/1/2029(a)(b)

1,380,000

1,290,737

Daddy

Operating

Co.

LLC

5.25%,

12/1/2027(b)

300,000

299,659

3.50%,

3/1/2029(a)(b)

3,450,000

3,285,077

ION

Platform

Finance

US,

Inc.

5.00%,

5/1/2028(a)(b)

559,000

521,501

9.00%,

8/1/2029(a)(b)

1,350,000

1,366,644

Newfold

Digital

Holdings

Group,

Inc.

11.75%,

10/15/2028(b)

870,000

566,587

6.00%,

2/15/2029(b)

1,596,000

941,640

Twilio,

Inc.

3.63%,

3/15/2029(a)

225,000

216,120

3.88%,

3/15/2031(a)

940,000

889,666

Unisys

Corp.

10.63%,

1/15/2031(a)(b)

3,595,000

3,811,140

Virtusa

Corp.

7.13%,

12/15/2028(b)

305,000

292,597

16,175,701

Life

Sciences

Tools

Services

(e)

Charles

River

Laboratories

International,

Inc.

4.25%,

5/1/2028(a)(b)

200,000

197,730

4.00%,

3/15/2031(a)(b)

200,000

188,550

386,280

Machinery

Amsted

Industries,

Inc.

4.63%,

5/15/2030(a)(b)

125,000

122,329

Calderys

Financing

LLC

11.75%,

6/1/2028(a)(b)(d)

450,000

466,831

Calderys

Financing

LLC

11.25%,

6/1/2028(a)(b)

500,000

528,263

Enpro,

Inc.

6.13%,

6/1/2033(b)

100,000

102,297

Esab

Corp.

6.25%,

4/15/2029(b)

1,250,000

1,279,205

Husky

Injection

Molding

Systems

Ltd.

9.00%,

2/15/2029(a)(b)

2,910,000

3,006,440

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Machinery

1.5%

(continued)

Manitowoc

Co.,

Inc.

(The)

9.25%,

10/1/2031(a)(b)

690,000

725,156

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

9/1/2028(a)(b)

1,605,000

1,697,319

New

Flyer

Holdings,

Inc.

9.25%,

7/1/2030(b)

550,000

585,600

Merger

Corp.

7.88%,

10/15/2029(b)

985,000

349,675

Park-Ohio

Industries,

Inc.

8.50%,

8/1/2030(a)(b)

3,335,000

3,404,101

Roller

Bearing

Co.

America,

Inc.

4.38%,

10/15/2029(a)(b)

2,975,000

2,915,340

Terex

Corp.

5.00%,

5/15/2029(b)

525,000

515,253

Elevator

Newco,

Inc.

5.25%,

7/15/2027(a)(b)

1,340,000

1,338,455

Wabash

National

Corp.

4.50%,

10/15/2028(a)(b)

1,065,000

938,603

17,974,867

Media

Advantage

Sales

Marketing,

Inc.

6.50%,

11/15/2028(a)(b)

1,580,000

1,357,866

AMC

Networks,

Inc.

10.25%,

1/15/2029(b)

1,475,000

1,548,518

4.25%,

2/15/2029(a)

1,930,000

1,659,699

10.50%,

7/15/2032(b)

2,625,000

2,759,466

Belo

Corp.

7.75%,

6/1/2027

300,000

313,281

7.25%,

9/15/2027

1,245,000

1,296,524

Cable

One,

Inc.

4.00%,

11/15/2030(a)(b)

1,072,573

847,344

Clear

Channel

Outdoor

Holdings,

Inc.

7.75%,

4/15/2028(b)

3,480,000

3,453,652

7.50%,

6/1/2029(a)(b)

4,910,000

4,817,927

CMG

Media

Corp.

8.88%,

6/18/2029(a)(b)

750,000

655,942

CSC

Holdings

LLC

5.50%,

4/15/2027(a)(b)

2,350,000

2,180,528

5.38%,

2/1/2028(b)

200,000

165,854

7.50%,

4/1/2028(b)

200,000

134,262

11.75%,

1/31/2029(b)

1,000,000

789,961

6.50%,

2/1/2029(b)

950,000

653,392

5.75%,

1/15/2030(b)

1,000,000

374,736

4.13%,

12/1/2030(b)

1,000,000

615,111

3.38%,

2/15/2031(a)(b)

950,000

574,818

4.50%,

11/15/2031(b)

1,000,000

612,553

Directv

Financing

LLC

5.88%,

8/15/2027(b)

829,000

829,039

10.00%,

2/15/2031(b)

2,000,000

1,991,767

DISH

DBS

Corp.

5.13%,

6/1/2029

2,130,000

1,838,779

Dotdash

Meredith,

Inc.

7.63%,

6/15/2032(a)(b)

2,820,000

2,535,293

Scripps

Co.

(The)

9.88%,

8/15/2030(b)

1,265,000

1,199,646

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

286

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Media

6.6%

(continued)

Gray

Media,

Inc.

10.50%,

7/15/2029(b)

950,000

1,023,747

4.75%,

10/15/2030(b)

5,732,000

4,075,866

5.38%,

11/15/2031(a)(b)

9,669,000

6,712,479

9.63%,

7/15/2032(a)(b)

1,710,000

1,718,424

iHeartCommunications,

Inc.

9.13%,

5/1/2029(b)

670,000

616,467

7.75%,

8/15/2030(b)

1,050,000

877,494

Lamar

Media

Corp.

4.88%,

1/15/2029

100,000

99,120

3.63%,

1/15/2031

1,510,000

1,412,832

5.38%,

11/1/2033(b)

490,000

485,104

McGraw-Hill

Education,

Inc.

8.00%,

8/1/2029(b)

550,000

554,380

Neptune

Bidco

US,

Inc.

9.29%,

4/15/2029(a)(b)

2,420,000

2,389,750

Nexstar

Media,

Inc.

5.63%,

7/15/2027(a)(b)

1,210,000

1,209,503

4.75%,

11/1/2028(a)(b)

660,000

649,631

Paramount

Global

6.25%,

2/28/2057(a)(c)

1,000,000

980,000

6.38%,

3/30/2062(c)

2,400,000

2,364,098

Radiate

Holdco

LLC

4.75%,

9/25/2029(b)(d)

1,690,867

1,434,467

6.00%,

3/25/2030(b)(d)

453,046

284,616

Scripps

Escrow

II,

Inc.

3.88%,

1/15/2029(a)(b)

725,000

655,528

5.38%,

1/15/2031(b)

1,750,000

1,203,845

Sinclair

Television

Group,

Inc.

5.50%,

3/1/2030(b)

2,950,000

2,507,500

4.38%,

12/31/2032(b)

1,475,000

1,076,750

8.13%,

2/15/2033(b)

2,530,000

2,578,298

9.75%,

2/15/2033(b)

550,000

603,625

Sirius

Radio

LLC

3.13%,

9/1/2026(a)(b)

880,000

872,830

5.00%,

8/1/2027(b)

1,405,000

1,401,739

4.00%,

7/15/2028(b)

1,555,000

1,511,337

5.50%,

7/1/2029(a)(b)

1,082,000

1,083,516

4.13%,

7/1/2030(a)(b)

1,275,000

1,200,053

TEGNA,

Inc.

4.63%,

3/15/2028(a)

927,000

914,950

5.00%,

9/15/2029(a)

575,000

570,698

Univision

Communications,

Inc.

8.00%,

8/15/2028(b)

465,000

478,691

4.50%,

5/1/2029(b)

30,000

28,196

7.38%,

6/30/2030(a)(b)

280,000

280,942

8.50%,

7/31/2031(a)(b)

705,000

721,078

9.38%,

8/1/2032(a)(b)

310,000

327,228

Urban

One,

Inc.

7.38%,

2/1/2028(b)

136,000

69,360

Virgin

Media

Vendor

Financing

Notes

DAC

5.00%,

7/15/2028(a)(b)

100,000

97,989

Secured

Financing

5.00%,

1/15/2032(b)

1,310,000

1,190,156

7.50%,

1/15/2033(a)(b)

800,000

815,202

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Media

6.6%

(continued)

Ziggo

Bond

Co.

5.13%,

2/28/2030(a)(b)

498,000

440,669

Ziggo

4.88%,

1/15/2030(a)(b)

820,000

773,957

81,498,073

Metals

Mining

Arsenal

AIC

Parent

LLC

8.00%,

10/1/2030(a)(b)

885,000

940,179

11.50%,

10/1/2031(b)

1,200,000

1,333,700

Big

River

Steel

LLC

6.63%,

1/31/2029(b)

250,000

250,420

Champion

Iron

Canada,

Inc.

7.88%,

7/15/2032(a)(b)

3,100,000

3,250,117

Commercial

Metals

Co.

4.38%,

3/15/2032

30,000

28,355

Eldorado

Gold

Corp.

6.25%,

9/1/2029(a)(b)

1,860,000

1,863,778

Fortescue

Treasury

Pty.

Ltd.

4.50%,

9/15/2027(a)(b)

215,000

214,141

5.88%,

4/15/2030(a)(b)

812,000

837,778

4.38%,

4/1/2031(a)(b)

4,401,000

4,259,605

6.13%,

4/15/2032(a)(b)

5,520,000

5,760,004

IAMGOLD

Corp.

5.75%,

10/15/2028(b)

425,000

423,409

Infrabuild

Australia

Pty.

Ltd.

14.50%,

11/15/2028(b)

970,000

1,038,996

Aluminum

Continuous

Cast

Co.

10.25%,

4/1/2030(b)

750,000

772,117

Kaiser

Aluminum

Corp.

4.63%,

3/1/2028(a)(b)

460,000

459,657

New

Gold,

Inc.

6.88%,

4/1/2032(b)

400,000

418,299

Novelis

Corp.

3.25%,

11/15/2026(b)

550,000

544,500

4.75%,

1/30/2030(a)(b)

6,250,000

6,041,118

6.88%,

1/30/2030(a)(b)

3,700,000

3,840,755

3.88%,

8/15/2031(b)

3,875,000

3,550,739

6.38%,

8/15/2033(b)

2,000,000

2,026,350

Perenti

Finance

Pty.

Ltd.

7.50%,

4/26/2029(b)

150,000

156,750

SunCoke

Energy,

Inc.

4.88%,

6/30/2029(a)(b)

3,180,000

2,969,097

TMS

International

Corp.

6.25%,

4/15/2029(b)

735,000

720,944

Warrior

Met

Coal,

Inc.

7.88%,

12/1/2028(b)

56,000

56,840

41,757,648

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Apollo

Commercial

Real

Estate

Finance,

Inc.

4.63%,

6/15/2029(a)(b)

530,000

510,125

Arbor

Realty

SR,

Inc.

7.88%,

7/15/2030(a)(b)

2,250,000

2,289,532

Blackstone

Mortgage

Trust,

Inc.

3.75%,

1/15/2027(b)

485,000

475,872

7.75%,

12/1/2029(b)

1,300,000

1,369,975

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

287

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.9%

(continued)

Ladder

Capital

Finance

Holdings

LLLP

4.25%,

2/1/2027(b)

1,060,000

1,049,328

4.75%,

6/15/2029(a)(b)

1,240,000

1,215,795

Rithm

Capital

Corp.

8.00%,

4/1/2029(a)(b)

6,365,000

6,494,095

8.00%,

7/15/2030(b)

5,155,000

5,225,505

Starwood

Property

Trust,

Inc.

3.63%,

7/15/2026(b)

540,000

535,716

4.38%,

1/15/2027(a)(b)

765,000

758,180

7.25%,

4/1/2029(a)(b)

2,140,000

2,253,878

6.00%,

4/15/2030(b)

450,000

459,588

6.50%,

7/1/2030(a)(b)

600,000

624,032

6.50%,

10/15/2030(a)(b)

650,000

676,278

23,937,899

Office

REITs

(e)

Brandywine

Operating

Partnership

REIT,

8.88%,

4/12/2029(a)

150,000

162,945

REIT,

4.55%,

10/1/2029(a)

50,000

48,058

211,003

Oil,

Gas

Consumable

Fuels

Alliance

Resource

Operating

Partners

8.63%,

6/15/2029(b)

2,235,000

2,365,298

Antero

Midstream

Partners

5.75%,

1/15/2028(b)

1,540,000

1,539,396

5.38%,

6/15/2029(b)

1,205,000

1,204,249

6.63%,

2/1/2032(a)(b)

2,500,000

2,588,207

Ascent

Resources

Utica

Holdings

LLC

5.88%,

6/30/2029(b)

250,000

249,267

Baytex

Energy

Corp.

8.50%,

4/30/2030(a)(b)

2,021,000

2,071,819

7.38%,

3/15/2032(a)(b)

50,000

49,234

Blue

Racer

Midstream

LLC

7.00%,

7/15/2029(b)

2,560,000

2,655,772

7.25%,

7/15/2032(a)(b)

2,905,000

3,050,506

Buckeye

Partners

3.95%,

12/1/2026

345,000

341,999

4.13%,

12/1/2027(a)

355,000

351,031

4.50%,

3/1/2028(a)(b)

155,000

153,443

6.88%,

7/1/2029(b)

460,000

476,392

5.85%,

11/15/2043

120,000

112,593

California

Resources

Corp.

8.25%,

6/15/2029(a)(b)

5,925,000

6,163,552

Calumet

Specialty

Products

Partners

8.13%,

1/15/2027(b)

300,000

299,350

Caturus

Energy

LLC

8.50%,

2/15/2030(a)(b)

550,000

560,638

Chord

Energy

Corp.

6.00%,

10/1/2030(a)(b)

3,300,000

3,307,853

6.75%,

3/15/2033(a)(b)

2,515,000

2,568,268

Civitas

Resources,

Inc.

8.38%,

7/1/2028(b)

1,155,000

1,193,385

8.63%,

11/1/2030(b)

565,000

584,121

8.75%,

7/1/2031(a)(b)

1,865,000

1,917,322

9.63%,

6/15/2033(a)(b)

3,410,000

3,658,381

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

10.6%

(continued)

CNX

Midstream

Partners

4.75%,

4/15/2030(b)

1,005,000

961,988

CNX

Resources

Corp.

6.00%,

1/15/2029(a)(b)

895,000

898,596

7.38%,

1/15/2031(b)

815,000

843,608

7.25%,

3/1/2032(b)

135,000

140,757

Comstock

Resources,

Inc.

6.75%,

3/1/2029(b)

1,000,000

991,224

Coronado

Finance

Pty.

Ltd.

9.25%,

10/1/2029(b)

1,050,000

967,414

CQP

Holdco

5.50%,

6/15/2031(a)(b)

1,790,000

1,770,982

7.50%,

12/15/2033(b)

700,000

757,368

Crescent

Energy

Finance

LLC

7.63%,

4/1/2032(b)

200,000

193,909

7.38%,

1/15/2033(b)

1,270,000

1,199,494

CVR

Energy,

Inc.

5.75%,

2/15/2028(a)(b)

720,000

712,602

8.50%,

1/15/2029(a)(b)

1,285,000

1,316,917

Energean

plc

6.50%,

4/30/2027(b)

400,000

399,000

Energy

Transfer

8.00%,

5/15/2054(a)(c)

1,700,000

1,814,780

7.13%,

10/1/2054(c)

675,000

697,606

6.50%,

2/15/2056(c)

1,000,000

990,943

EnQuest

plc

11.63%,

11/1/2027(b)

1,440,000

1,463,124

Genesis

Energy

7.75%,

2/1/2028(a)

350,000

352,180

8.25%,

1/15/2029

400,000

417,919

8.88%,

4/15/2030(a)

250,000

263,484

Global

Partners

6.88%,

1/15/2029(a)

535,000

541,540

8.25%,

1/15/2032(a)(b)

660,000

689,988

7.13%,

7/1/2033(a)(b)

150,000

152,124

Gulfport

Energy

Operating

Corp.

6.75%,

9/1/2029(b)

3,330,000

3,399,984

Harvest

Midstream

7.50%,

9/1/2028(b)

1,515,000

1,531,597

7.50%,

5/15/2032(b)

500,000

518,164

Hess

Midstream

Operations

5.13%,

6/15/2028(b)

210,000

209,527

6.50%,

6/1/2029(b)

255,000

264,232

Hilcorp

Energy

6.25%,

11/1/2028(a)(b)

275,000

275,462

5.75%,

2/1/2029(b)

315,000

309,112

6.00%,

4/15/2030(a)(b)

250,000

243,790

6.00%,

2/1/2031(b)

210,000

198,832

6.25%,

4/15/2032(a)(b)

315,000

299,060

8.38%,

11/1/2033(b)

300,000

310,334

6.88%,

5/15/2034(b)

255,000

242,249

7.25%,

2/15/2035(a)(b)

500,000

481,640

Howard

Midstream

Energy

Partners

LLC

7.38%,

7/15/2032(b)

620,000

649,675

6.63%,

1/15/2034(a)(b)

570,000

587,394

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

288

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

10.6%

(continued)

Ithaca

Energy

North

Sea

plc

8.13%,

10/15/2029(a)(b)

3,050,000

3,197,785

ITT

Holdings

LLC

6.50%,

8/1/2029(b)

2,172,000

2,103,740

Karoon

USA

Finance,

Inc.

10.50%,

5/14/2029(b)

1,130,000

1,163,663

Kraken

Oil

Gas

Partners

LLC

7.63%,

8/15/2029(a)(b)

850,000

832,202

Magnolia

Oil

Gas

Operating

LLC

6.88%,

12/1/2032(a)(b)

2,485,000

2,519,554

Martin

Midstream

Partners

11.50%,

2/15/2028(b)

361,000

371,263

Matador

Resources

Co.

6.88%,

4/15/2028(b)

550,000

560,479

6.25%,

4/15/2033(a)(b)

600,000

599,113

Moss

Creek

Resources

Holdings,

Inc.

8.25%,

9/1/2031(a)(b)

6,615,000

6,385,084

Murphy

Oil

Corp.

6.00%,

10/1/2032

300,000

295,665

5.87%,

12/1/2042(a)(g)

685,000

583,078

NGL

Energy

Operating

LLC

8.13%,

2/15/2029(b)

655,000

670,520

8.38%,

2/15/2032(b)

1,291,000

1,320,063

Northern

Oil

Gas,

Inc.

8.13%,

3/1/2028(b)

10,000

10,109

8.75%,

6/15/2031(a)(b)

3,525,000

3,592,644

7.88%,

10/15/2033(a)(b)

1,785,000

1,738,595

NuStar

Logistics

6.38%,

10/1/2030(a)

925,000

963,350

Parkland

Corp.

4.50%,

10/1/2029(b)

1,425,000

1,375,560

4.63%,

5/1/2030(a)(b)

490,000

475,385

4.63%,

5/1/2030‡

440,000

220

6.63%,

8/15/2032(b)

225,000

229,704

6.63%,

8/15/2032‡

175,000

PBF

Holding

Co.

LLC

9.88%,

3/15/2030(a)(b)

700,000

742,095

7.88%,

9/15/2030(b)

1,790,000

1,798,107

Prairie

Acquiror

9.00%,

8/1/2029(b)

250,000

256,594

Rockies

Express

Pipeline

LLC

4.95%,

7/15/2029(b)

545,000

540,316

4.80%,

5/15/2030(a)(b)

420,000

411,019

7.50%,

7/15/2038(b)

300,000

325,340

6.88%,

4/15/2040(b)

560,000

577,387

Saturn

Oil

Gas,

Inc.

9.63%,

6/15/2029(a)(b)

5,038,000

5,097,181

Energy

Co.

6.63%,

1/15/2027

460,000

460,297

6.50%,

7/15/2028(a)

375,000

378,326

6.75%,

8/1/2029(b)

300,000

299,374

7.00%,

8/1/2032(a)(b)

400,000

391,306

Sunoco

7.00%,

9/15/2028(b)

280,000

288,764

7.00%,

5/1/2029(a)(b)

875,000

909,547

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

10.6%

(continued)

Sunoco

(continued)

4.50%,

5/15/2029(a)

695,000

681,478

4.50%,

4/30/2030

750,000

726,525

7.25%,

5/1/2032(a)(b)

475,000

500,775

Tallgrass

Energy

Partners

5.50%,

1/15/2028(b)

995,000

989,002

7.38%,

2/15/2029(b)

235,000

241,931

6.00%,

12/31/2030(b)

485,000

481,296

6.00%,

9/1/2031(a)(b)

490,000

481,741

Talos

Production,

Inc.

9.38%,

2/1/2031(a)(b)

6,375,000

6,519,643

Teine

Energy

Ltd.

6.88%,

4/15/2029(a)(b)

375,000

374,090

TGNR

Intermediate

Holdings

LLC

5.50%,

10/15/2029(a)(b)

1,055,000

1,022,760

Topaz

Solar

Farms

LLC

5.75%,

9/30/2039(a)(b)

468,211

TransMontaigne

Partners

LLC

8.50%,

6/15/2030(a)(b)

500,000

523,075

Venture

Global

Calcasieu

Pass

LLC

3.88%,

8/15/2029(a)(b)

500,000

473,646

6.25%,

1/15/2030(a)(b)

645,000

657,998

4.13%,

8/15/2031(b)

650,000

600,947

Venture

Global

LNG,

Inc.

8.13%,

6/1/2028(a)(b)

330,000

339,941

9.50%,

2/1/2029(a)(b)

40,000

43,050

7.00%,

1/15/2030(a)(b)

100,000

101,198

8.38%,

6/1/2031(a)(b)

1,075,000

1,103,634

9.88%,

2/1/2032(a)(b)

885,000

945,315

Venture

Global

Plaquemines

LNG

LLC

7.50%,

5/1/2033(b)

50,000

54,985

7.75%,

5/1/2035(a)(b)

50,000

56,421

Vermilion

Energy,

Inc.

6.88%,

5/1/2030(a)(b)

2,270,000

2,161,000

7.25%,

2/15/2033(b)

3,245,000

2,996,218

Wildfire

Intermediate

Holdings

LLC

7.50%,

10/15/2029(a)(b)

950,000

948,060

130,477,131

Paper

Forest

Products

Domtar

Corp.

6.75%,

10/1/2028(a)(b)

1,705,000

1,294,402

Mercer

International,

Inc.

5.13%,

2/1/2029(a)

245,000

158,416

1,452,818

Passenger

Airlines

American

Airlines,

Inc.

7.25%,

2/15/2028(a)(b)

300,000

306,959

CHC

Group

LLC

11.75%,

9/1/2030(b)

515,000

480,774

OneSky

Flight

LLC

8.88%,

12/15/2029(a)(b)

1,000,000

1,061,169

1,848,902

Personal

Care

Products

BellRing

Brands,

Inc.

7.00%,

3/15/2030(a)(b)

5,700,000

5,877,344

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

289

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Personal

Care

Products

0.8%

(continued)

Edgewell

Personal

Care

Co.

4.13%,

4/1/2029(a)(b)

245,000

232,691

P&L

Development

LLC

0.00%),

9.00%,

5/15/2029(b)(d)(f)

421,754

426,666

Perrigo

Finance

Unlimited

Co.

4.90%,

12/15/2044(a)

200,000

165,182

Prestige

Brands,

Inc.

5.13%,

1/15/2028(b)

1,195,000

1,191,248

3.75%,

4/1/2031(a)(b)

2,295,000

2,129,130

10,022,261

Pharmaceuticals

HLF

Financing

Sarl

LLC

12.25%,

4/15/2029(a)(b)

2,225,000

2,405,672

4.88%,

6/1/2029(a)(b)

3,475,000

3,049,669

Organon

Co.

5.13%,

4/30/2031(a)(b)

6,857,000

5,256,143

6.75%,

5/15/2034(b)

1,000,000

895,925

7.88%,

5/15/2034(a)(b)

1,480,000

1,151,708

12,759,117

Professional

Services

AMN

Healthcare,

Inc.

4.00%,

4/15/2029(b)

90,000

85,290

CoreLogic,

Inc.

4.50%,

5/1/2028(b)

925,000

893,511

KBR,

Inc.

4.75%,

9/30/2028(b)

167,000

164,179

Science

Applications

International

Corp.

4.88%,

4/1/2028(a)(b)

293,000

290,734

TriNet

Group,

Inc.

3.50%,

3/1/2029(a)(b)

1,026,000

963,495

7.13%,

8/15/2031(b)

750,000

778,161

Topco,

Inc.

8.50%,

8/15/2030(a)(b)

300,000

312,030

3,487,400

Real

Estate

Management

Development

Anywhere

Real

Estate

Group

LLC

5.75%,

1/15/2029(b)

2,010,000

1,928,960

7.00%,

4/15/2030(a)(b)

700,000

705,068

9.75%,

4/15/2030(a)(b)

1,035,000

1,126,966

Forestar

Group,

Inc.

5.00%,

3/1/2028(a)(b)

305,000

304,313

6.50%,

3/15/2033(a)(b)

2,930,000

3,001,551

Greystar

Real

Estate

Partners

LLC

7.75%,

9/1/2030(b)

500,000

528,701

Howard

Hughes

Corp.

(The)

5.38%,

8/1/2028(b)

872,000

870,564

4.13%,

2/1/2029(a)(b)

330,000

317,172

4.38%,

2/1/2031(a)(b)

1,320,000

1,244,504

Hunt

Cos.,

Inc.

5.25%,

4/15/2029(a)(b)

855,000

831,389

Kennedy-Wilson,

Inc.

4.75%,

3/1/2029(a)

855,000

809,416

4.75%,

2/1/2030(a)

450,000

415,611

5.00%,

3/1/2031

520,000

480,002

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Real

Estate

Management

Development

1.0%

(continued)

WeWork

Cos.

LLC

12.00%,

8/15/2027‡(h)

3,213,750

—

12,564,217

Retail

REITs

(e)

Brookfield

Property

REIT,

Inc.

REIT,

4.50%,

4/1/2027(a)(b)

300,000

295,517

Semiconductors

Semiconductor

Equipment

Kioxia

Holdings

Corp.

6.63%,

7/24/2033(b)

750,000

782,331

Software

Alteryx,

Inc.

8.75%,

3/15/2028(b)

450,000

Capstone

Borrower,

Inc.

8.00%,

6/15/2030(b)

1,165,000

1,188,582

Central

Parent

LLC

8.00%,

6/15/2029(a)(b)

1,645,000

1,377,007

Central

Parent,

Inc.

7.25%,

6/15/2029(b)

1,370,000

1,125,348

Cloud

Software

Group,

Inc.

6.50%,

3/31/2029(b)

1,825,000

1,838,775

9.00%,

9/30/2029(b)

2,300,000

2,378,982

Consensus

Cloud

Solutions,

Inc.

6.00%,

10/15/2026(b)

43,000

6.50%,

10/15/2028(b)

465,000

464,317

Crowdstrike

Holdings,

Inc.

3.00%,

2/15/2029(a)

450,000

428,774

Elastic

4.13%,

7/15/2029(a)(b)

295,000

284,357

Fair

Isaac

Corp.

4.00%,

6/15/2028(a)(b)

3,130,000

3,067,548

6.00%,

5/15/2033(a)(b)

3,990,000

4,061,405

Gen

Digital,

Inc.

6.75%,

9/30/2027(b)

750,000

761,620

7.13%,

9/30/2030(a)(b)

430,000

443,774

6.25%,

4/1/2033(b)

500,000

514,721

GoTo

Group,

Inc.

5.50%,

5/1/2028(b)

2,591,000

1,998,207

McAfee

Corp.

7.38%,

2/15/2030(a)(b)

1,810,000

1,656,947

Open

Text

Corp.

3.88%,

12/1/2029(b)

480,000

454,256

Open

Text

Holdings,

Inc.

4.13%,

2/15/2030(a)(b)

646,000

616,637

4.13%,

12/1/2031(a)(b)

400,000

372,399

PTC,

Inc.

4.00%,

2/15/2028(a)(b)

465,000

457,633

Rocket

Software,

Inc.

6.50%,

2/15/2029(b)

490,000

476,025

SS&C

Technologies,

Inc.

5.50%,

9/30/2027(a)(b)

1,185,000

1,185,666

6.50%,

6/1/2032(b)

450,000

466,529

26,112,509

Specialized

REITs

Iron

Mountain,

Inc.

REIT,

4.88%,

9/15/2027(b)

300,000

299,068

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

290

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialized

REITs

1.4%

(continued)

Iron

Mountain,

Inc.

(continued)

REIT,

5.25%,

3/15/2028(b)

1,250,000

1,249,349

REIT,

5.00%,

7/15/2028(b)

100,000

99,442

REIT,

7.00%,

2/15/2029(b)

660,000

679,834

REIT,

5.25%,

7/15/2030(b)

1,415,000

1,408,405

REIT,

4.50%,

2/15/2031(b)

2,124,000

2,037,228

REIT,

5.63%,

7/15/2032(a)(b)

144,000

143,949

Millrose

Properties,

Inc.

REIT,

6.38%,

8/1/2030(b)

6,360,000

6,442,938

REIT,

6.25%,

9/15/2032(b)

4,055,000

4,074,383

SBA

Communications

Corp.

REIT,

3.88%,

2/15/2027(a)

245,000

242,259

REIT,

3.13%,

2/1/2029(a)

95,000

89,803

16,766,658

Specialty

Retail

Arko

Corp.

5.13%,

11/15/2029(a)(b)

2,390,000

1,994,802

Bath

Body

Works,

Inc.

6.95%,

3/1/2033

505,000

522,880

6.88%,

11/1/2035(a)

680,000

710,935

6.75%,

7/1/2036(a)

385,000

398,489

7.60%,

7/15/2037

725,000

758,926

Carvana

Co.

9.00%,

6/1/2030(a)(b)(d)

2,150,000

2,245,397

9.00%,

6/1/2031(b)(d)

12,321,444

13,710,551

Dick's

Sporting

Goods,

Inc.

4.00%,

10/1/2029(b)

1,230,000

1,203,392

Global

Finance

plc

12.00%,

11/30/2028(b)

2,050,000

2,245,390

Gap,

Inc.

(The)

3.63%,

10/1/2029(b)

690,000

649,177

3.88%,

10/1/2031(b)

248,000

225,862

Global

Auto

Holdings

Ltd.

8.38%,

1/15/2029(a)(b)

900,000

866,250

11.50%,

8/15/2029(b)

1,000,000

1,025,348

8.75%,

1/15/2032(a)(b)

750,000

711,678

Group

Automotive,

Inc.

4.00%,

8/15/2028(a)(b)

385,000

373,521

Ken

Garff

Automotive

LLC

4.88%,

9/15/2028(b)

115,000

112,696

LBM

Acquisition

LLC

6.25%,

1/15/2029(a)(b)

1,050,000

957,737

9.50%,

6/15/2031(b)

230,000

240,637

LCM

Investments

Holdings

LLC

4.88%,

5/1/2029(b)

633,000

616,217

8.25%,

8/1/2031(b)

320,000

336,684

Michaels

Cos.,

Inc.

(The)

5.25%,

5/1/2028(a)(b)

2,270,000

2,119,683

7.88%,

5/1/2029(b)

1,355,000

1,189,013

Murphy

Oil

USA,

Inc.

5.63%,

5/1/2027

950,000

949,935

4.75%,

9/15/2029(a)

1,955,000

1,930,643

3.75%,

2/15/2031(b)

4,130,000

3,843,400

Park

River

Holdings,

Inc.

8.75%,

12/31/2030(b)

716,756

712,957

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

4.4%

(continued)

Penske

Automotive

Group,

Inc.

3.75%,

6/15/2029

70,000

67,256

Sonic

Automotive,

Inc.

4.63%,

11/15/2029(a)(b)

375,000

364,660

4.88%,

11/15/2031(a)(b)

850,000

808,741

Specialty

Building

Products

Holdings

LLC

7.75%,

10/15/2029(a)(b)

875,000

880,407

Staples,

Inc.

10.75%,

9/1/2029(b)

1,750,000

1,695,888

12.75%,

1/15/2030(a)(b)

1,020,000

785,400

Upbound

Group,

Inc.

6.38%,

2/15/2029(b)

1,405,000

1,361,647

Valvoline,

Inc.

3.63%,

6/15/2031(a)(b)

2,100,000

1,915,967

Victoria's

Secret

Co.

4.63%,

7/15/2029(a)(b)

1,055,000

1,015,511

Victra

Holdings

LLC

8.75%,

9/15/2029(b)

2,900,000

3,076,996

White

Cap

Buyer

LLC

6.88%,

10/15/2028(b)

600,000

600,006

White

Cap

Supply

Holdings

LLC

7.38%,

11/15/2030(b)

315,000

318,639

53,543,318

Technology

Hardware,

Storage

Peripherals

Diebold

Nixdorf,

Inc.

7.75%,

3/31/2030(a)(b)

1,600,000

1,694,325

Seagate

Data

Storage

Technology

Pte.

Ltd.

9.63%,

12/1/2032(b)

1,465,000

1,669,936

5.75%,

12/1/2034(a)(b)

2,900,000

2,964,272

Xerox

Corp.

10.25%,

10/15/2030(b)

200,000

204,492

13.50%,

4/15/2031(a)(b)

2,920,000

2,823,993

4.80%,

3/1/2035

197,000

58,854

9,415,872

Textiles,

Apparel

Luxury

Goods

Beach

Acquisition

Bidco

LLC

10.00%,

7/15/2033(b)(d)

2,000,000

2,082,235

Crocs,

Inc.

4.25%,

3/15/2029(a)(b)

650,000

625,790

4.13%,

8/15/2031(b)

1,165,000

1,069,644

Kontoor

Brands,

Inc.

4.13%,

11/15/2029(b)

1,950,000

1,852,720

S&S

Holdings

LLC

8.38%,

10/1/2031(a)(b)

1,175,000

1,122,510

Under

Armour,

Inc.

7.25%,

7/15/2030(a)(b)

3,755,000

3,706,454

William

Carter

Co.

(The)

5.63%,

3/15/2027(b)

250,000

250,034

7.38%,

2/15/2031(b)

350,000

348,312

Wolverine

World

Wide,

Inc.

4.00%,

8/15/2029(a)(b)

2,005,000

1,835,706

12,893,405

Tobacco

Turning

Point

Brands,

Inc.

7.63%,

3/15/2032(a)(b)

1,900,000

2,011,737

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

291

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Trading

Companies

Distributors

Alta

Equipment

Group,

Inc.

9.00%,

6/1/2029(b)

4,740,000

4,295,008

BlueLinx

Holdings,

Inc.

6.00%,

11/15/2029(a)(b)

665,000

652,609

Boise

Cascade

Co.

4.88%,

7/1/2030(b)

150,000

147,989

FTAI

Aviation

Investors

LLC

5.50%,

5/1/2028(b)

700,000

700,517

7.88%,

12/1/2030(a)(b)

260,000

276,312

7.00%,

5/1/2031(b)

500,000

523,976

5.88%,

4/15/2033(b)

200,000

201,734

Imola

Merger

Corp.

4.75%,

5/15/2029(a)(b)

2,230,000

2,198,123

QXO

Building

Products,

Inc.

6.75%,

4/30/2032(b)

4,050,000

4,192,774

13,189,042

Wireless

Telecommunication

Services

Iliad

Holding

SAS

7.00%,

10/15/2028(a)(b)

725,000

735,803

Millicom

International

Cellular

5.13%,

1/15/2028(b)

675,000

670,981

6.25%,

3/25/2029(a)(b)

360,000

362,662

4.50%,

4/27/2031(a)(b)

2,680,000

2,503,333

7.38%,

4/2/2032(b)

175,000

182,756

Rogers

Communications,

Inc.

7.00%,

4/15/2055(a)(c)

400,000

418,223

7.13%,

4/15/2055(c)

2,200,000

2,354,694

5.25%,

3/15/2082(b)(c)

1,830,000

1,817,849

Sunrise

HoldCo

5.50%,

1/15/2028(b)

82,000

81,636

Vmed

Financing

plc

4.25%,

1/31/2031(a)(b)

465,000

424,544

4.75%,

7/15/2031(b)

470,000

434,983

7.75%,

4/15/2032(b)

350,000

362,836

6.75%,

1/15/2033(a)(b)

715,000

716,757

Vodafone

Group

plc

7.00%,

4/4/2079(c)

720,000

759,729

Zegona

Finance

plc

8.63%,

7/15/2029(b)

1,260,000

1,338,673

13,165,459

Total

Corporate

Bonds

(Cost

$1,197,018,120)

1,198,465,961

SECURITIES

LENDING

REINVESTMENTS

(i)

CERTIFICATES

DEPOSIT

Bank

Montreal,

Chicago

(SOFR

0.31%),

4.35%,

5/29/2026(f)

2,000,000

2,000,862

Bank

Nova

Scotia,

Houston

(SOFR

0.34%),

4.38%,

7/1/2026(f)

3,000,000

2,999,960

Investments

Principal

Amount

Value

CERTIFICATES

DEPOSIT

(continued)

Barclays

Bank

plc,

New

York

(SOFR

0.22%),

4.49%,

4/10/2026(f)

5,000,000

4,999,760

(SOFR

0.25%),

4.52%,

4/29/2026(f)

2,000,000

1,999,998

BNP

Paribas,

New

York

(SOFR

0.24%),

4.28%,

12/1/2025(f)

3,000,000

Canadian

Imperial

Bank

Commerce,

New

York

(SOFR

0.24%),

4.28%,

12/17/2025(f)

2,000,000

Credit

Agricole

CIB,

New

York

(SOFR

0.21%),

4.25%,

1/8/2026(f)

2,000,000

1,999,994

MUFG

Bank

Ltd.,

New

York

Branch

(SOFR

0.22%),

4.49%,

3/12/2026(f)

2,000,000

1,999,866

National

Australia

Bank,

New

York

(SOFR

0.25%),

4.29%,

3/17/2026(f)

2,000,000

2,000,680

Natixis

SA,

New

York

4.47%,

12/11/2025

3,000,000

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

0.21%),

4.25%,

3/10/2026(f)

2,000,000

1,999,814

(SOFR

0.22%),

4.26%,

4/9/2026(f)

5,000,000

4,999,088

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

(SOFR

0.29%),

4.33%,

11/7/2025(f)

1,000,000

(SOFR

0.35%),

4.22%,

11/10/2025(f)

2,000,000

2,000,068

4.40%,

2/3/2026

2,000,000

2,002,420

Toronto-Dominion

Bank,

New

York

(SOFR

0.20%),

4.47%,

4/6/2026(f)

2,000,000

1,999,946

(SOFR

0.36%),

4.63%,

5/8/2026(f)

4,000,000

4,003,108

Total

Certificates

Deposit

(Cost

$44,000,068)

44,005,564

REPURCHASE

AGREEMENTS

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$91,878,406,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$93,249,407

91,846,796

91,846,795

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

292

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

Prime

Services

LLC

3.97%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$140,585,788,

collateralized

various

Common

Stocks;

total

market

value

$155,254,134

140,539,293

Prime

Services

LLC

4.17%,

dated

10/31/2025,

due

12/5/2025,

repurchase

price

$10,040,542,

collateralized

various

Common

Stocks;

total

market

value

$11,047,027

10,000,000

Total

Repurchase

Agreements

(Cost

$242,386,088)

242,386,088

Total

Securities

Lending

Reinvestments

(Cost

$286,386,156)

286,391,652

SHORT-TERM

INVESTMENTS

(j)

U.S.

GOVERNMENT

AGENCY

SECURITIES

FNMA

Zero

Coupon,

11/3/2025

(Cost

$18,996,105)

19,000,000

18,993,888

Total

Investments

122.2%

(Cost

$1,502,400,381)

1,503,851,501

Liabilities

excess

other

assets

(22.2%)

(273,370,487)

NET

ASSETS

100.0%

$1,230,481,014

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$307,578,798,

collateralized

the

form

cash

with

value

$286,386,389

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments

and

$51,050,385

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

November

15,

2025

–

May

15,

2055;

total

value

$337,436,774.

(b)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

October

31,

2025,

the

value

these

securities

amounted

approximately

$1,082,288,048

87.96%

net

assets.

(c)

Security

issued

fixed

coupon

rate,

which

converts

variable

rate

future

date.

Rate

shown

the

rate

effect

period

end.

(d)

Payment

in-kind

security.

(e)

Represents

less

than

0.05%

net

assets.

(f)

Variable

floating

rate

security,

linked

the

referenced

benchmark.

The

interest

rate

shown

the

rate

effect

October

31,

2025.

(g)

Step

bond.

Interest

rate

fixed

rate

for

initial

period

that

either

resets

specific

date

may

reset

the

future

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

October

31,

2025.

(h)

Issuer

has

defaulted

terms

debt

obligation.

Income

not

being

accrued.

(i)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$286,391,652.

(j)

The

rate

shown

was

the

current

yield

October

31,

2025.

Percentages

shown

are

based

Net

Assets.

Abbreviations

FNMA

—

Federal

National

Mortgage

Association

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

19,993,113

Aggregate

gross

unrealized

depreciation

(20,822,018

)

Net

unrealized

depreciation

(828,905

)

Federal

income

tax

cost

1,504,680,406

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

293

FLEXSHARES

ANNUAL

REPORT

Security

Type

Net

Assets

Corporate

Bonds

97‌

Securities

Lending

Reinvestments

23‌

Short-Term

Investments

1‌

Others

(1)

(

22‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

FLEXSHARES

ANNUAL

REPORT

294

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

October

31,

2025

Investments

Principal

Amount

Value

CORPORATE

BONDS

Air

Freight

Logistics

Robinson

Worldwide,

Inc.

4.20%,

4/15/2028

10,000

10,001

GXO

Logistics,

Inc.

6.50%,

5/6/2034

25,000

26,831

United

Parcel

Service,

Inc.

5.25%,

5/14/2035

20,000

20,741

57,573

Automobile

Components

Aptiv

Swiss

Holdings

Ltd.

5.40%,

3/15/2049

45,000

41,648

3.10%,

12/1/2051

30,000

19,537

BorgWarner,

Inc.

5.40%,

8/15/2034

30,000

30,906

Lear

Corp.

5.25%,

5/15/2049

20,000

18,136

110,227

Automobiles

Ford

Motor

Co.

4.35%,

12/8/2026

230,000

229,157

3.25%,

2/12/2032

60,000

52,324

281,481

Banks

Banco

Santander

5.55%,

3/14/2028(a)

220,000

223,528

Bank

America

Corp.

3.42%,

12/20/2028(a)

133,000

130,943

2.09%,

6/14/2029(a)

127,000

120,567

4.27%,

7/23/2029(a)

70,000

70,263

4.33%,

3/15/2050(a)

15,000

12,831

Bank

Montreal

3.09%,

1/10/2037(a)

120,000

107,213

Bank

Nova

Scotia

(The)

4.93%,

2/14/2029(a)

180,000

182,946

4.34%,

9/15/2031(a)

140,000

139,198

Barclays

plc

6.49%,

9/13/2029(a)

220,000

232,426

3.81%,

3/10/2042(a)

200,000

161,012

Citigroup,

Inc.

4.45%,

9/29/2027

267,000

267,847

3.98%,

3/20/2030(a)

187,000

185,033

2.67%,

1/29/2031(a)

107,000

99,722

4.41%,

3/31/2031(a)

100,000

99,863

2.57%,

6/3/2031(a)

73,000

67,319

4.50%,

9/11/2031(a)

120,000

120,146

3.06%,

1/25/2033(a)

102,000

93,195

5.83%,

2/13/2035(a)

150,000

155,884

8.13%,

7/15/2039

55,000

70,525

6.68%,

9/13/2043

92,000

104,215

4.65%,

7/23/2048

15,000

13,374

HSBC

Holdings

plc

5.55%,

3/4/2030(a)

260,000

269,415

8.11%,

11/3/2033(a)

200,000

234,574

5.45%,

3/3/2036(a)

310,000

320,180

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

14.2%

(continued)

HSBC

Holdings

plc

(continued)

6.50%,

9/15/2037

50,000

54,691

JPMorgan

Chase

Co.

3.78%,

2/1/2028(a)

100,000

99,569

6.09%,

10/23/2029(a)

130,000

137,007

4.45%,

12/5/2029(a)

100,000

100,842

5.58%,

4/22/2030(a)

335,000

349,597

4.57%,

6/14/2030(a)

100,000

101,123

5.00%,

7/22/2030(a)

105,000

107,725

2.58%,

4/22/2032(a)

14,000

12,762

5.34%,

1/23/2035(a)

160,000

166,110

5.53%,

11/29/2045(a)

180,000

185,403

Mitsubishi

UFJ

Financial

Group,

Inc.

2.05%,

7/17/2030

200,000

180,842

5.62%,

4/24/2036(a)

200,000

210,417

Royal

Bank

Canada

4.72%,

3/27/2028(a)

110,000

111,008

5.00%,

2/1/2033

70,000

72,136

5.00%,

5/2/2033

30,000

30,862

5.15%,

2/1/2034

125,000

130,371

Santander

Holdings

USA,

Inc.

2.49%,

1/6/2028(a)

10,000

9,765

Westpac

Banking

Corp.

3.40%,

1/25/2028

260,000

257,324

5.62%,

11/20/2035(a)

130,000

134,455

5,934,228

Beverages

Anheuser-Busch

InBev

Finance,

Inc.

4.70%,

2/1/2036

10,000

9,901

Anheuser-Busch

InBev

Worldwide,

Inc.

5.00%,

6/15/2034

70,000

72,357

5.45%,

1/23/2039

62,000

64,384

5.55%,

1/23/2049

60,000

60,863

5.80%,

1/23/2059

42,000

43,916

Diageo

Capital

plc

5.30%,

10/24/2027

280,000

286,664

Pepsico

Singapore

Financing

Pte.

Ltd.

4.70%,

2/16/2034

20,000

20,075

PepsiCo,

Inc.

4.45%,

5/15/2028

67,000

68,003

2.63%,

7/29/2029

30,000

28,573

1.95%,

10/21/2031

30,000

26,498

3.50%,

3/19/2040

133,000

112,720

2.63%,

10/21/2041

30,000

21,983

4.65%,

2/15/2053

40,000

36,030

5.25%,

7/17/2054

10,000

9,890

3.88%,

3/19/2060

5,000

3,881

865,738

Biotechnology

Biogen,

Inc.

2.25%,

5/1/2030

10,000

9,148

3.15%,

5/1/2050

43,000

28,257

3.25%,

2/15/2051

20,000

13,298

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

295

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Biotechnology

0.3%

(continued)

Regeneron

Pharmaceuticals,

Inc.

1.75%,

9/15/2030

54,000

47,901

2.80%,

9/15/2050

20,000

12,547

111,151

Broadline

Retail

Alibaba

Group

Holding

Ltd.

2.70%,

2/9/2041

200,000

151,848

eBay,

Inc.

2.70%,

3/11/2030

50,000

46,815

2.60%,

5/10/2031

30,000

27,341

3.65%,

5/10/2051

20,000

15,040

241,044

Building

Products

Carrier

Global

Corp.

2.49%,

2/15/2027

30,000

29,402

6.20%,

3/15/2054

50,000

55,144

CRH

SMW

Finance

DAC

5.13%,

1/9/2030

200,000

205,807

Fortune

Brands

Innovations,

Inc.

5.88%,

6/1/2033

25,000

26,455

4.50%,

3/25/2052

10,000

8,184

Johnson

Controls

International

plc

5.50%,

4/19/2029

20,000

20,793

4.63%,

7/2/2044(b)

33,000

29,502

Owens

Corning

4.30%,

7/15/2047

26,000

21,616

4.40%,

1/30/2048

10,000

8,422

5.95%,

6/15/2054

15,000

15,388

Trane

Technologies

Financing

Ltd.

5.25%,

3/3/2033

10,000

10,405

Trane

Technologies

Holdco,

Inc.

4.30%,

2/21/2048

17,000

14,479

445,597

Capital

Markets

Ares

Capital

Corp.

5.95%,

7/15/2029

30,000

30,785

3.20%,

11/15/2031

70,000

61,947

Bank

New

York

Mellon

Corp.

(The)

3.40%,

1/29/2028

67,000

66,327

3.99%,

6/13/2028(a)

77,000

76,948

4.60%,

7/26/2030(a)

33,000

33,512

4.29%,

6/13/2033(a)

20,000

19,761

5.19%,

3/14/2035(a)

105,000

108,162

Barings

BDC,

Inc.

3.30%,

11/23/2026

7,000

6,885

7.00%,

2/15/2029

10,000

10,337

Brookfield

Finance,

Inc.

6.30%,

1/15/2055(a)

10,000

9,947

5.81%,

3/3/2055

80,000

80,286

Deutsche

Bank

5.00%,

9/11/2030(a)

180,000

182,350

FactSet

Research

Systems,

Inc.

3.45%,

3/1/2032

10,000

9,234

Goldman

Sachs

Group,

Inc.

(The)

4.48%,

8/23/2028(a)

601,000

604,096

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

9.2%

(continued)

Goldman

Sachs

Group,

Inc.

(The)

(continued)

5.73%,

4/25/2030(a)

200,000

208,996

4.37%,

10/21/2031(a)

30,000

29,871

2.38%,

7/21/2032(a)

17,000

15,149

3.10%,

2/24/2033(a)

70,000

64,225

6.75%,

10/1/2037

112,000

125,581

4.41%,

4/23/2039(a)

100,000

92,872

3.44%,

2/24/2043(a)

25,000

19,716

5.56%,

11/19/2045(a)

160,000

162,047

5.73%,

1/28/2056(a)

30,000

31,058

Hercules

Capital,

Inc.

3.38%,

1/20/2027

14,000

13,730

Legg

Mason,

Inc.

5.63%,

1/15/2044

10,000

10,087

Moody's

Corp.

2.00%,

8/19/2031

20,000

17,627

2.75%,

8/19/2041

43,000

31,195

3.75%,

2/25/2052

15,000

11,473

Morgan

Stanley

2.48%,

1/21/2028(a)

80,000

78,410

3.77%,

1/24/2029(a)

200,000

198,295

5.12%,

2/1/2029(a)

43,000

43,889

2.70%,

1/22/2031(a)

133,000

124,499

2.24%,

7/21/2032(a)

30,000

26,557

5.25%,

4/21/2034(a)

165,000

170,293

5.42%,

7/21/2034(a)

89,000

92,852

5.83%,

4/19/2035(a)

50,000

53,312

5.30%,

4/20/2037(a)

33,000

33,558

5.94%,

2/7/2039(a)

30,000

31,489

5.60%,

3/24/2051(a)

148,000

150,897

Morgan

Stanley

Direct

Lending

Fund

6.00%,

5/19/2030

20,000

20,460

Nasdaq,

Inc.

5.55%,

2/15/2034

25,000

26,226

3.95%,

3/7/2052

4,000

3,131

6.10%,

6/28/2063

50,000

52,964

Oaktree

Specialty

Lending

Corp.

7.10%,

2/15/2029

10,000

10,287

S&P

Global,

Inc.

1.25%,

8/15/2030

50,000

43,706

2.90%,

3/1/2032

50,000

45,968

4.50%,

5/15/2048

24,000

20,860

Sixth

Street

Specialty

Lending,

Inc.

6.13%,

3/1/2029

20,000

20,525

State

Street

Corp.

2.40%,

1/24/2030

88,000

82,660

4.16%,

8/4/2033(a)

110,000

107,677

6.12%,

11/21/2034(a)

50,000

54,181

UBS

5.65%,

9/11/2028

200,000

208,857

3,835,757

Chemicals

Air

Products

and

Chemicals,

Inc.

2.80%,

5/15/2050

90,000

59,010

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

296

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Chemicals

1.3%

(continued)

Albemarle

Corp.

5.05%,

6/1/2032

20,000

19,867

5.45%,

12/1/2044

10,000

9,170

Dow

Chemical

Co.

(The)

5.15%,

2/15/2034

20,000

20,031

5.35%,

3/15/2035

40,000

39,698

5.55%,

11/30/2048

35,000

31,746

6.90%,

5/15/2053

54,000

57,316

Ecolab,

Inc.

1.30%,

1/30/2031

63,000

54,355

3.95%,

12/1/2047

20,000

16,401

2.70%,

12/15/2051

20,000

12,665

FMC

Corp.

3.45%,

10/1/2029

40,000

37,289

5.65%,

5/18/2033

5,000

4,778

6.38%,

5/18/2053

5,000

4,491

International

Flavors

Fragrances,

Inc.

5.00%,

9/26/2048

11,000

9,802

Linde,

Inc.

1.10%,

8/10/2030

50,000

43,696

LYB

International

Finance

III

LLC

5.50%,

3/1/2034

70,000

69,957

3.63%,

4/1/2051

50,000

33,299

523,571

Commercial

Services

Supplies

Cintas

Corp.

No.

4.00%,

5/1/2032

25,000

24,553

RELX

Capital,

Inc.

3.00%,

5/22/2030

33,000

31,281

5.25%,

3/27/2035

20,000

20,698

Republic

Services,

Inc.

5.00%,

4/1/2034

80,000

82,203

Waste

Management,

Inc.

4.50%,

3/15/2028

20,000

20,228

3.90%,

3/1/2035

10,000

9,325

5.35%,

10/15/2054

60,000

59,136

247,424

Construction

Engineering

Quanta

Services,

Inc.

5.25%,

8/9/2034

60,000

61,732

3.05%,

10/1/2041

35,000

26,220

87,952

Consumer

Finance

Ally

Financial,

Inc.

6.99%,

6/13/2029(a)

80,000

84,028

6.85%,

1/3/2030(a)

40,000

42,194

American

Express

Co.

3.30%,

5/3/2027

50,000

49,548

5.28%,

7/27/2029(a)

100,000

103,034

4.42%,

8/3/2033(a)

65,000

64,462

5.63%,

7/28/2034(a)

60,000

62,981

5.92%,

4/25/2035(a)

90,000

96,308

4.05%,

12/3/2042

14,000

12,160

Capital

One

Financial

Corp.

5.47%,

2/1/2029(a)

250,000

256,079

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Finance

4.2%

(continued)

Capital

One

Financial

Corp.

(continued)

2.36%,

7/29/2032(a)

50,000

43,400

6.38%,

6/8/2034(a)

40,000

43,293

Ford

Motor

Credit

Co.

LLC

7.20%,

6/10/2030

400,000

428,125

John

Deere

Capital

Corp.

4.90%,

6/11/2027

50,000

50,793

4.85%,

6/11/2029

40,000

41,110

4.70%,

6/10/2030

50,000

51,236

4.40%,

9/8/2031

130,000

131,081

4.35%,

9/15/2032

87,000

87,262

Series

5.15%,

9/8/2033

40,000

41,891

5.10%,

4/11/2034

20,000

20,714

Synchrony

Financial

2.88%,

10/28/2031

44,000

39,066

1,748,765

Consumer

Staples

Distribution

Retail

Kroger

Co.

(The)

5.00%,

4/15/2042

20,000

18,935

5.40%,

1/15/2049

28,000

27,257

3.95%,

1/15/2050

20,000

15,545

5.65%,

9/15/2064

70,000

68,216

Target

Corp.

2.65%,

9/15/2030

60,000

56,087

3.90%,

11/15/2047

10,000

7,969

4.80%,

1/15/2053

47,000

42,658

Walmart,

Inc.

4.05%,

6/29/2048

220,000

185,759

422,426

Containers

Packaging

AptarGroup,

Inc.

3.60%,

3/15/2032

13,000

12,112

Avery

Dennison

Corp.

4.88%,

12/6/2028

10,000

10,175

2.65%,

4/30/2030

10,000

9,327

5.75%,

3/15/2033

14,000

14,825

46,439

Diversified

Consumer

Services

(c)

Trustees

the

University

Pennsylvania

(The)

3.61%,

2/15/2119

20,000

12,969

Diversified

REITs

Digital

Realty

Trust

REIT,

4.45%,

7/15/2028

33,000

33,203

REIT,

3.60%,

7/1/2029

10,000

9,767

Equinix

Europe

Financing

Corp.

LLC

REIT,

5.50%,

6/15/2034

20,000

20,741

Simon

Property

Group

REIT,

2.65%,

7/15/2030

80,000

74,684

REIT,

6.75%,

2/1/2040

17,000

19,587

REIT,

5.85%,

3/8/2053

17,000

17,546

REIT,

6.65%,

1/15/2054

20,000

22,767

198,295

Diversified

Telecommunication

Services

AT&T,

Inc.

5.70%,

11/1/2054

100,000

97,945

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

297

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Telecommunication

Services

2.8%

(continued)

Telefonica

Emisiones

5.52%,

3/1/2049

150,000

139,479

Verizon

Communications,

Inc.

2.55%,

3/21/2031

437,000

396,866

2.36%,

3/15/2032

237,000

207,234

5.05%,

5/9/2033

55,000

56,201

3.40%,

3/22/2041

90,000

70,707

4.86%,

8/21/2046

50,000

45,141

5.01%,

4/15/2049

30,000

27,610

3.88%,

3/1/2052

154,000

116,262

2.99%,

10/30/2056

39,000

23,693

1,181,138

Electric

Utilities

Connecticut

Light

and

Power

Co.

(The)

Series

2.05%,

7/1/2031

117,000

103,708

4.00%,

4/1/2048

57,000

46,334

5.25%,

1/15/2053

10,000

9,691

Enel

Chile

4.88%,

6/12/2028

20,000

20,312

Eversource

Energy

4.60%,

7/1/2027

167,000

167,964

Series

1.65%,

8/15/2030

17,000

14,959

NextEra

Energy

Capital

Holdings,

Inc.

6.75%,

6/15/2054(a)

120,000

129,787

6.70%,

9/1/2054(a)

70,000

72,799

Oklahoma

Gas

and

Electric

Co.

5.60%,

4/1/2053

50,000

50,251

Pacific

Gas

and

Electric

Co.

5.70%,

3/1/2035

110,000

113,051

4.20%,

6/1/2041

138,000

114,218

3.95%,

12/1/2047

100,000

75,136

6.70%,

4/1/2053

10,000

10,716

Public

Service

Co.

New

Hampshire

3.60%,

7/1/2049

10,000

7,607

Public

Service

Electric

and

Gas

Co.

4.65%,

3/15/2033

15,000

15,104

5.20%,

3/1/2034

20,000

20,762

3.60%,

12/1/2047

77,000

59,163

4.05%,

5/1/2048

60,000

49,365

5.45%,

3/1/2054

20,000

20,032

Southern

California

Edison

Co.

5.65%,

10/1/2028

40,000

41,361

5.95%,

11/1/2032

7,000

7,386

5.20%,

6/1/2034

100,000

100,081

5.45%,

3/1/2035

140,000

141,921

Series

4.13%,

3/1/2048

33,000

25,511

Series

5.45%,

6/1/2052

75,000

69,036

Union

Electric

Co.

3.90%,

4/1/2052

80,000

62,827

1,549,082

Electrical

Equipment

ABB

Finance

USA,

Inc.

3.80%,

4/3/2028

50,000

50,193

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electrical

Equipment

0.2%

(continued)

Hubbell,

Inc.

3.50%,

2/15/2028

20,000

19,751

69,944

Energy

Equipment

Services

Baker

Hughes

Holdings

LLC

4.08%,

12/15/2047

55,000

44,337

Halliburton

Co.

6.70%,

9/15/2038

10,000

11,251

5.00%,

11/15/2045

60,000

54,581

110,169

Financial

Services

Equitable

Holdings,

Inc.

5.59%,

1/11/2033

44,000

46,107

5.00%,

4/20/2048

4,000

3,675

Mastercard,

Inc.

3.30%,

3/26/2027

100,000

99,254

2.95%,

6/1/2029

96,000

92,802

2.00%,

11/18/2031

33,000

29,277

3.95%,

2/26/2048

15,000

12,423

2.95%,

3/15/2051

30,000

20,095

PayPal

Holdings,

Inc.

4.40%,

6/1/2032

98,000

97,781

5.05%,

6/1/2052

30,000

28,178

Shell

International

Finance

3.88%,

11/13/2028

70,000

69,962

3.00%,

11/26/2051

70,000

46,767

Visa,

Inc.

2.05%,

4/15/2030

100,000

92,192

2.70%,

4/15/2040

90,000

69,355

Voya

Financial,

Inc.

5.00%,

9/20/2034

10,000

9,995

4.70%,

1/23/2048(a)

30,000

28,654

746,517

Food

Products

Archer-Daniels-Midland

Co.

4.50%,

3/15/2049

10,000

8,757

Campbell's

Co.

(The)

4.15%,

3/15/2028

50,000

49,940

2.38%,

4/24/2030

17,000

15,565

4.80%,

3/15/2048

20,000

17,772

General

Mills,

Inc.

4.55%,

4/17/2038

20,000

18,690

4.70%,

4/17/2048

40,000

35,473

Hershey

Co.

(The)

4.25%,

5/4/2028

20,000

20,195

1.70%,

6/1/2030

32,000

28,730

3.13%,

11/15/2049

10,000

6,963

2.65%,

6/1/2050

10,000

6,294

Hormel

Foods

Corp.

3.05%,

6/3/2051

40,000

27,064

Ingredion,

Inc.

2.90%,

6/1/2030

33,000

30,930

3.90%,

6/1/2050

10,000

7,569

Mondelez

International,

Inc.

3.00%,

3/17/2032

50,000

45,742

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

298

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Food

Products

0.8%

(continued)

Mondelez

International,

Inc.

(continued)

2.63%,

9/4/2050

50,000

30,306

349,990

Gas

Utilities

(c)

Southern

California

Gas

Co.

5.45%,

6/15/2035

20,000

20,799

Ground

Transportation

Canadian

National

Railway

Co.

3.65%,

2/3/2048

14,000

10,865

4.45%,

1/20/2049

92,000

80,701

4.40%,

8/5/2052

7,000

6,011

CSX

Corp.

2.40%,

2/15/2030

63,000

58,870

5.20%,

11/15/2033

60,000

62,539

5.05%,

6/15/2035

10,000

10,171

6.22%,

4/30/2040

70,000

77,303

3.80%,

4/15/2050

33,000

25,655

4.65%,

3/1/2068

3,000

2,529

Hunt

Transport

Services,

Inc.

4.90%,

3/15/2030

30,000

30,710

Norfolk

Southern

Corp.

5.95%,

3/15/2064

50,000

52,907

Ryder

System,

Inc.

6.60%,

12/1/2033

50,000

55,632

Union

Pacific

Corp.

4.50%,

1/20/2033

30,000

30,192

2.89%,

4/6/2036

40,000

33,801

4.50%,

9/10/2048

55,000

47,878

4.30%,

3/1/2049

20,000

16,873

5.60%,

12/1/2054

110,000

111,437

714,074

Health

Care

Equipment

Supplies

Abbott

Laboratories

1.40%,

6/30/2030

98,000

87,589

4.90%,

11/30/2046

98,000

94,076

Baxter

International,

Inc.

1.73%,

4/1/2031

50,000

42,903

3.13%,

12/1/2051

58,000

37,456

Becton

Dickinson

Co.

2.82%,

5/20/2030

50,000

46,959

1.96%,

2/11/2031

50,000

44,209

3.79%,

5/20/2050

50,000

38,036

Boston

Scientific

Corp.

2.65%,

6/1/2030

100,000

93,873

HealthCare

Technologies,

Inc.

4.80%,

8/14/2029

110,000

112,242

5.86%,

3/15/2030

120,000

127,111

Medtronic

Global

Holdings

SCA

4.25%,

3/30/2028

60,000

60,307

4.50%,

3/30/2033

5,000

5,005

Medtronic,

Inc.

4.38%,

3/15/2035

80,000

78,653

Stryker

Corp.

4.63%,

9/11/2034

90,000

89,587

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Equipment

Supplies

2.4%

(continued)

Zimmer

Biomet

Holdings,

Inc.

3.55%,

3/20/2030

30,000

28,934

986,940

Health

Care

Providers

Services

Aetna,

Inc.

3.88%,

8/15/2047

40,000

30,281

Cardinal

Health,

Inc.

4.90%,

9/15/2045

33,000

29,942

Cencora,

Inc.

2.70%,

3/15/2031

50,000

45,961

5.13%,

2/15/2034

30,000

30,777

Centene

Corp.

2.45%,

7/15/2028

20,000

18,645

2.63%,

8/1/2031

80,000

68,632

Cigna

Group

(The)

4.38%,

10/15/2028

30,000

30,188

5.25%,

2/15/2034

20,000

20,567

4.80%,

8/15/2038

90,000

85,656

6.13%,

11/15/2041

33,000

34,939

4.80%,

7/15/2046

30,000

27,003

3.88%,

10/15/2047

20,000

15,613

3.40%,

3/15/2051

79,000

55,211

CVS

Health

Corp.

3.63%,

4/1/2027

33,000

32,721

4.30%,

3/25/2028

100,000

100,135

5.25%,

2/21/2033

80,000

82,063

4.78%,

3/25/2038

130,000

122,146

5.05%,

3/25/2048

174,000

155,580

Elevance

Health,

Inc.

2.25%,

5/15/2030

50,000

45,714

4.10%,

5/15/2032

164,000

159,192

4.75%,

2/15/2033

20,000

20,084

4.55%,

3/1/2048

32,000

27,444

3.70%,

9/15/2049

30,000

22,257

6.10%,

10/15/2052

14,000

14,637

5.13%,

2/15/2053

20,000

18,305

5.65%,

6/15/2054

40,000

39,398

5.85%,

11/1/2064

30,000

29,861

HCA,

Inc.

3.13%,

3/15/2027

130,000

128,319

5.45%,

4/1/2031

20,000

20,816

3.63%,

3/15/2032

30,000

28,233

7.50%,

11/6/2033

77,000

89,110

5.60%,

4/1/2034

80,000

83,277

5.13%,

6/15/2039

20,000

19,449

4.38%,

3/15/2042

55,000

47,446

5.25%,

6/15/2049

20,000

18,360

6.00%,

4/1/2054

15,000

15,206

6.20%,

3/1/2055

60,000

62,303

Laboratory

Corp.

America

Holdings

4.35%,

4/1/2030

10,000

10,016

2.70%,

6/1/2031

50,000

45,745

4.80%,

10/1/2034

25,000

24,780

NYU

Langone

Hospitals

Series

2020,

3.38%,

7/1/2055

60,000

42,366

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

299

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

Services

5.8%

(continued)

Orlando

Health

Obligated

Group

5.48%,

10/1/2035

30,000

31,527

Quest

Diagnostics,

Inc.

4.20%,

6/30/2029

43,000

43,069

2.95%,

6/30/2030

50,000

47,125

2.80%,

6/30/2031

10,000

9,197

6.40%,

11/30/2033

10,000

11,094

UnitedHealth

Group,

Inc.

5.00%,

4/15/2034

50,000

50,874

6.05%,

2/15/2063

20,000

20,958

5.75%,

7/15/2064

70,000

69,905

Universal

Health

Services,

Inc.

2.65%,

1/15/2032

120,000

105,168

Willis-Knighton

Medical

Center

Series

2018,

4.81%,

9/1/2048

40,000

35,505

2,422,800

Health

Care

REITs

Alexandria

Real

Estate

Equities,

Inc.

REIT,

5.25%,

5/15/2036

160,000

158,579

Healthcare

Realty

Holdings

REIT,

3.63%,

1/15/2028

30,000

29,509

REIT,

2.40%,

3/15/2030

20,000

18,123

REIT,

2.05%,

3/15/2031

7,000

6,040

Healthpeak

LLC

REIT,

3.50%,

7/15/2029

20,000

19,393

Ventas

Realty

REIT,

4.00%,

3/1/2028

23,000

22,904

REIT,

3.00%,

1/15/2030

48,000

45,473

REIT,

4.75%,

11/15/2030

30,000

30,391

REIT,

5.00%,

1/15/2035

20,000

20,054

350,466

Hotel

Resort

REITs

Host

Hotels

Resorts

Series

REIT,

3.50%,

9/15/2030

10,000

9,421

Series

REIT,

2.90%,

12/15/2031

10,000

8,907

REIT,

5.50%,

4/15/2035

20,000

20,193

38,521

Hotels,

Restaurants

Leisure

Marriott

International,

Inc.

5.00%,

10/15/2027

20,000

20,324

4.90%,

4/15/2029

30,000

30,628

Series

HH,

2.85%,

4/15/2031

63,000

58,032

5.30%,

5/15/2034

20,000

20,529

5.25%,

10/15/2035

30,000

30,330

Starbucks

Corp.

3.55%,

8/15/2029

70,000

68,657

4.50%,

11/15/2048

60,000

51,160

4.45%,

8/15/2049

60,000

50,595

330,255

Household

Durables

Mohawk

Industries,

Inc.

5.85%,

9/18/2028

12,000

12,522

3.63%,

5/15/2030

7,000

6,765

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Household

Durables

0.2%

(continued)

PulteGroup,

Inc.

5.00%,

1/15/2027

26,000

26,194

Toll

Brothers

Finance

Corp.

3.80%,

11/1/2029

20,000

19,606

65,087

Household

Products

Clorox

Co.

(The)

1.80%,

5/15/2030

10,000

8,975

4.60%,

5/1/2032

20,000

20,152

29,127

Industrial

REITs

Americold

Realty

Operating

Partnership

REIT,

5.41%,

9/12/2034

10,000

9,835

Prologis

REIT,

4.63%,

1/15/2033

47,000

47,349

REIT,

5.13%,

1/15/2034

44,000

45,199

REIT,

5.00%,

1/31/2035

30,000

30,378

REIT,

4.38%,

9/15/2048

7,000

5,991

REIT,

3.00%,

4/15/2050

23,000

15,493

REIT,

5.25%,

3/15/2054

15,000

14,572

168,817

Insurance

Aflac,

Inc.

3.60%,

4/1/2030

53,000

51,954

4.75%,

1/15/2049

10,000

9,083

Allstate

Corp.

(The)

1.45%,

12/15/2030

10,000

8,667

5.25%,

3/30/2033

40,000

41,497

American

International

Group,

Inc.

5.13%,

3/27/2033

15,000

15,406

4.38%,

6/30/2050

40,000

33,789

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

10,000

9,444

Arch

Capital

Group

Ltd.

3.64%,

6/30/2050

20,000

15,037

Arthur

Gallagher

Co.

5.15%,

2/15/2035

110,000

111,066

Athene

Holding

Ltd.

6.25%,

4/1/2054

20,000

19,917

AXIS

Specialty

Finance

LLC

4.90%,

1/15/2040(a)

27,000

26,146

Brighthouse

Financial,

Inc.

4.70%,

6/22/2047

20,000

15,679

3.85%,

12/22/2051

5,000

3,263

CNO

Financial

Group,

Inc.

6.45%,

6/15/2034

15,000

15,918

Everest

Reinsurance

Holdings,

Inc.

3.13%,

10/15/2052

30,000

19,286

Fidelity

National

Financial,

Inc.

4.50%,

8/15/2028

20,000

20,086

3.20%,

9/17/2051

14,000

9,016

Hartford

Insurance

Group,

Inc.

(The)

4.40%,

3/15/2048

15,000

13,021

3.60%,

8/19/2049

43,000

32,521

2.90%,

9/15/2051

14,000

9,137

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

300

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

3.3%

(continued)

Lincoln

National

Corp.

3.05%,

1/15/2030

17,000

16,154

Manulife

Financial

Corp.

3.70%,

3/16/2032

37,000

35,438

MetLife,

Inc.

4.55%,

3/23/2030

90,000

91,581

5.38%,

7/15/2033

15,000

15,808

5.30%,

12/15/2034

10,000

10,414

10.75%,

8/1/2039

33,000

44,086

4.60%,

5/13/2046

30,000

27,526

5.00%,

7/15/2052

33,000

30,815

5.25%,

1/15/2054

24,000

23,251

Primerica,

Inc.

2.80%,

11/19/2031

10,000

9,038

Principal

Financial

Group,

Inc.

3.70%,

5/15/2029

33,000

32,391

2.13%,

6/15/2030

58,000

52,571

5.38%,

3/15/2033

10,000

10,412

5.50%,

3/15/2053

8,000

8,051

Progressive

Corp.

(The)

4.20%,

3/15/2048

70,000

59,543

Prudential

Financial,

Inc.

3.00%,

3/10/2040

23,000

17,993

4.50%,

9/15/2047(a)

50,000

49,237

3.91%,

12/7/2047

25,000

19,993

4.35%,

2/25/2050

33,000

27,961

5.13%,

3/1/2052(a)

30,000

29,884

6.00%,

9/1/2052(a)

47,000

48,919

Prudential

Funding

Asia

plc

3.13%,

4/14/2030

15,000

14,395

3.63%,

3/24/2032

10,000

9,572

Reinsurance

Group

America,

Inc.

5.75%,

9/15/2034

20,000

20,878

RenaissanceRe

Holdings

Ltd.

5.75%,

6/5/2033

22,000

23,020

Travelers

Cos.,

Inc.

(The)

4.00%,

5/30/2047

50,000

41,382

4.05%,

3/7/2048

8,000

6,627

4.10%,

3/4/2049

5,000

4,154

5.45%,

5/25/2053

37,000

37,297

Unum

Group

4.00%,

6/15/2029

40,000

39,406

4.13%,

6/15/2051

24,000

18,403

Berkley

Corp.

3.55%,

3/30/2052

5,000

3,601

3.15%,

9/30/2061

30,000

19,087

1,378,821

Interactive

Media

Services

Alphabet,

Inc.

0.80%,

8/15/2027

170,000

161,648

1.10%,

8/15/2030

10,000

8,771

1.90%,

8/15/2040

7,000

4,778

2.25%,

8/15/2060

130,000

69,175

Meta

Platforms,

Inc.

4.75%,

8/15/2034

40,000

40,185

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Interactive

Media

Services

1.1%

(continued)

Meta

Platforms,

Inc.

(continued)

5.60%,

5/15/2053

40,000

39,671

5.40%,

8/15/2054

40,000

38,518

5.75%,

5/15/2063

83,000

82,747

5.55%,

8/15/2064

10,000

9,683

455,176

Services

Accenture

Capital,

Inc.

4.50%,

10/4/2034

60,000

59,160

Genpact

Luxembourg

Sarl

6.00%,

6/4/2029

10,000

10,423

IBM

International

Capital

Pte.

Ltd.

5.25%,

2/5/2044

100,000

97,973

International

Business

Machines

Corp.

4.50%,

2/6/2028

160,000

161,624

4.15%,

5/15/2039

100,000

89,933

2.85%,

5/15/2040

72,000

54,441

473,554

Leisure

Products

Brunswick

Corp.

4.40%,

9/15/2032

25,000

23,753

5.10%,

4/1/2052

20,000

16,137

Hasbro,

Inc.

3.90%,

11/19/2029

33,000

32,262

6.35%,

3/15/2040

10,000

10,543

82,695

Machinery

AGCO

Corp.

5.80%,

3/21/2034

10,000

10,416

Caterpillar,

Inc.

3.25%,

9/19/2049

80,000

58,319

CNH

Industrial

Capital

LLC

4.55%,

4/10/2028

60,000

60,412

CNH

Industrial

3.85%,

11/15/2027

10,000

9,953

Cummins,

Inc.

4.90%,

2/20/2029

120,000

123,339

5.15%,

2/20/2034

30,000

31,097

Deere

Co.

7.13%,

3/3/2031

20,000

22,717

Ingersoll

Rand,

Inc.

5.40%,

8/14/2028

38,000

39,245

5.31%,

6/15/2031

80,000

83,471

Stanley

Black

Decker,

Inc.

6.00%,

3/6/2028

20,000

20,751

4.85%,

11/15/2048

10,000

8,758

2.75%,

11/15/2050

22,000

13,130

Westinghouse

Air

Brake

Technologies

Corp.

5.61%,

3/11/2034

10,000

10,504

Xylem,

Inc.

1.95%,

1/30/2028

20,000

19,124

2.25%,

1/30/2031

17,000

15,357

526,593

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

301

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Marine

Transportation

(c)

Kirby

Corp.

4.20%,

3/1/2028

20,000

19,951

Media

Comcast

Corp.

4.55%,

1/15/2029

90,000

91,392

2.65%,

2/1/2030

247,000

231,239

5.50%,

11/15/2032

90,000

94,795

4.65%,

2/15/2033

67,000

67,048

4.60%,

10/15/2038

20,000

18,584

4.00%,

3/1/2048

64,000

49,179

4.00%,

11/1/2049

40,000

30,247

2.89%,

11/1/2051

250,000

151,500

5.35%,

5/15/2053

10,000

9,281

2.99%,

11/1/2063

170,000

94,727

5.50%,

5/15/2064

3,000

2,769

Fox

Corp.

4.71%,

1/25/2029

50,000

50,622

5.58%,

1/25/2049

55,000

53,393

Interpublic

Group

Cos.,

Inc.

(The)

3.38%,

3/1/2041

40,000

30,381

Paramount

Global

4.95%,

1/15/2031

25,000

24,514

4.38%,

3/15/2043

30,000

22,720

5.25%,

4/1/2044

30,000

24,595

4.95%,

5/19/2050

30,000

23,435

1,070,421

Metals

Mining

ArcelorMittal

6.80%,

11/29/2032

10,000

11,137

BHP

Billiton

Finance

USA

Ltd.

5.30%,

2/21/2035

100,000

103,676

5.50%,

9/8/2053

40,000

40,620

Gerdau

Trade,

Inc.

5.75%,

6/9/2035

20,000

20,778

Newmont

Corp.

3.25%,

5/13/2030

48,000

46,040

2.60%,

7/15/2032

10,000

9,069

5.88%,

4/1/2035

57,000

61,802

5.75%,

11/15/2041

3,000

3,100

4.20%,

5/13/2050

25,000

21,024

317,246

Multi-Utilities

Consolidated

Edison

Co.

New

York,

Inc.

Series

20A,

3.35%,

4/1/2030

80,000

77,510

2.40%,

6/15/2031

50,000

45,486

5.20%,

3/1/2033

10,000

10,417

Series

4.65%,

12/1/2048

22,000

19,587

6.15%,

11/15/2052

7,000

7,552

5.90%,

11/15/2053

10,000

10,494

5.70%,

5/15/2054

30,000

30,788

4.50%,

5/15/2058

55,000

46,260

National

Grid

plc

5.81%,

6/12/2033

25,000

26,645

NiSource,

Inc.

6.95%,

11/30/2054(a)

35,000

36,516

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Multi-Utilities

1.2%

(continued)

Public

Service

Enterprise

Group,

Inc.

5.85%,

11/15/2027

3,000

3,103

1.60%,

8/15/2030

10,000

8,805

San

Diego

Gas

Electric

Co.

Series

VVV,

1.70%,

10/1/2030

20,000

17,688

2.95%,

8/15/2051

87,000

56,824

5.55%,

4/15/2054

10,000

9,925

Sempra

3.70%,

4/1/2029

10,000

9,813

3.80%,

2/1/2038

6,000

5,151

4.00%,

2/1/2048

83,000

64,365

486,929

Office

REITs

Boston

Properties

REIT,

3.25%,

1/30/2031

80,000

74,443

REIT,

5.75%,

1/15/2035

20,000

20,451

COPT

Defense

Properties

REIT,

2.00%,

1/15/2029

10,000

9,303

REIT,

2.75%,

4/15/2031

20,000

18,141

Cousins

Properties

REIT,

5.88%,

10/1/2034

10,000

10,446

Highwoods

Realty

REIT,

3.05%,

2/15/2030

30,000

27,833

REIT,

7.65%,

2/1/2034

10,000

11,408

Kilroy

Realty

REIT,

4.75%,

12/15/2028

30,000

29,983

REIT,

6.25%,

1/15/2036

17,000

17,544

Piedmont

Operating

Partnership

REIT,

3.15%,

8/15/2030

10,000

9,122

REIT,

2.75%,

4/1/2032

7,000

5,963

234,637

Oil,

Gas

Consumable

Fuels

Cheniere

Corpus

Christi

Holdings

LLC

2.74%,

12/31/2039

30,000

25,279

Cheniere

Energy

Partners

5.55%,

10/30/2035(d)

90,000

92,102

Cheniere

Energy,

Inc.

4.63%,

10/15/2028

29,000

28,937

ConocoPhillips

Co.

4.85%,

1/15/2032

60,000

61,431

5.00%,

1/15/2035

200,000

202,573

Enbridge,

Inc.

5.63%,

4/5/2034

20,000

20,874

6.70%,

11/15/2053

75,000

83,623

5.95%,

4/5/2054

5,000

5,132

5.50%,

7/15/2077(a)

50,000

49,824

Hess

Corp.

6.00%,

1/15/2040

57,000

62,052

Kinder

Morgan,

Inc.

2.00%,

2/15/2031

14,000

12,429

5.40%,

2/1/2034

110,000

113,192

5.30%,

12/1/2034

30,000

30,608

5.85%,

6/1/2035

80,000

84,352

5.55%,

6/1/2045

33,000

32,091

5.20%,

3/1/2048

27,000

24,875

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

302

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

6.1%

(continued)

Kinder

Morgan,

Inc.

(continued)

3.60%,

2/15/2051

10,000

7,073

5.45%,

8/1/2052

35,000

33,057

Marathon

Petroleum

Corp.

3.80%,

4/1/2028

30,000

29,683

4.50%,

4/1/2048

58,000

47,056

Occidental

Petroleum

Corp.

5.00%,

8/1/2027

50,000

50,716

6.13%,

1/1/2031

40,000

42,131

6.45%,

9/15/2036

65,000

69,004

Zero

Coupon,

10/10/2036

50,000

29,637

6.60%,

3/15/2046

50,000

52,320

6.05%,

10/1/2054

5,000

4,866

ONEOK,

Inc.

5.55%,

11/1/2026

200,000

202,401

6.10%,

11/15/2032

25,000

26,746

5.20%,

7/15/2048

20,000

17,832

4.85%,

2/1/2049

30,000

25,632

4.50%,

3/15/2050

60,000

48,817

5.70%,

11/1/2054

30,000

28,070

5.85%,

11/1/2064

70,000

65,929

Pioneer

Natural

Resources

Co.

2.15%,

1/15/2031

30,000

27,113

Sabine

Pass

Liquefaction

LLC

5.90%,

9/15/2037

38,896

40,745

Shell

Finance

US,

Inc.

4.55%,

8/12/2043

100,000

90,871

4.38%,

5/11/2045

60,000

52,547

3.75%,

9/12/2046

20,000

15,898

TotalEnergies

Capital

International

2.83%,

1/10/2030

50,000

47,621

3.46%,

7/12/2049

50,000

36,805

3.13%,

5/29/2050

60,000

41,098

TotalEnergies

Capital

4.72%,

9/10/2034

10,000

10,083

5.49%,

4/5/2054

30,000

29,538

Transcontinental

Gas

Pipe

Line

Co.

LLC

4.60%,

3/15/2048

70,000

60,996

Valero

Energy

Corp.

4.00%,

4/1/2029

30,000

29,758

2.80%,

12/1/2031

60,000

54,568

4.00%,

6/1/2052

30,000

22,271

Williams

Cos.,

Inc.

(The)

3.75%,

6/15/2027

50,000

49,701

4.80%,

11/15/2029

50,000

50,891

5.65%,

3/15/2033

33,000

34,704

5.15%,

3/15/2034

5,000

5,079

5.60%,

3/15/2035

30,000

31,129

5.75%,

6/24/2044

33,000

33,330

5.10%,

9/15/2045

37,000

34,291

4.85%,

3/1/2048

39,000

34,566

5.30%,

8/15/2052

14,000

13,146

2,557,093

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Paper

Forest

Products

Suzano

Austria

GmbH

3.75%,

1/15/2031

20,000

18,930

Series

DM3N,

3.13%,

1/15/2032

50,000

44,784

63,714

Passenger

Airlines

Southwest

Airlines

Co.

2.63%,

2/10/2030

30,000

27,653

Personal

Care

Products

Estee

Lauder

Cos.,

Inc.

(The)

4.38%,

5/15/2028

20,000

20,156

2.60%,

4/15/2030

30,000

28,020

1.95%,

3/15/2031

83,000

73,538

4.15%,

3/15/2047

10,000

8,064

5.15%,

5/15/2053

5,000

4,775

134,553

Pharmaceuticals

Bristol-Myers

Squibb

Co.

1.13%,

11/13/2027

160,000

151,827

6.40%,

11/15/2063

20,000

22,112

5.65%,

2/22/2064

190,000

188,612

GlaxoSmithKline

Capital

plc

3.38%,

6/1/2029

33,000

32,266

GlaxoSmithKline

Capital,

Inc.

6.38%,

5/15/2038

72,000

81,193

Johnson

6.95%,

9/1/2029

10,000

11,115

5.00%,

3/1/2035

30,000

31,171

3.63%,

3/3/2037

80,000

72,838

2.10%,

9/1/2040

60,000

42,538

2.25%,

9/1/2050

20,000

12,001

5.25%,

6/1/2054

60,000

61,142

2.45%,

9/1/2060

17,000

9,676

Merck

Co.,

Inc.

4.05%,

5/17/2028

100,000

100,506

4.50%,

5/17/2033

30,000

30,255

3.90%,

3/7/2039

20,000

17,939

2.35%,

6/24/2040

93,000

67,268

4.90%,

5/17/2044

135,000

128,404

2.75%,

12/10/2051

15,000

9,520

Novartis

Capital

Corp.

2.00%,

2/14/2027

10,000

9,779

2.20%,

8/14/2030

85,000

78,369

4.20%,

9/18/2034

60,000

58,770

2.75%,

8/14/2050

75,000

49,450

Pfizer

Investment

Enterprises

Pte.

Ltd.

5.11%,

5/19/2043

30,000

29,128

5.34%,

5/19/2063

122,000

115,747

Pfizer,

Inc.

1.75%,

8/18/2031

33,000

29,048

4.10%,

9/15/2038

275,000

251,315

3.90%,

3/15/2039

40,000

35,555

7.20%,

3/15/2039

37,000

44,530

2.55%,

5/28/2040

53,000

39,101

2.70%,

5/28/2050

20,000

12,771

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

303

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Pharmaceuticals

5.1%

(continued)

Sanofi

3.63%,

6/19/2028

15,000

14,916

Takeda

Pharmaceutical

Co.

Ltd.

2.05%,

3/31/2030

320,000

291,556

2,130,418

Professional

Services

Automatic

Data

Processing,

Inc.

4.45%,

9/9/2034

10,000

9,953

Equifax,

Inc.

4.80%,

9/15/2029

55,000

55,808

3.10%,

5/15/2030

37,000

34,929

Verisk

Analytics,

Inc.

3.63%,

5/15/2050

30,000

22,230

122,920

Real

Estate

Management

Development

CBRE

Services,

Inc.

2.50%,

4/1/2031

20,000

18,098

5.95%,

8/15/2034

18,000

19,248

Jones

Lang

LaSalle,

Inc.

6.88%,

12/1/2028

10,000

10,715

48,061

Residential

REITs

AvalonBay

Communities,

Inc.

REIT,

5.00%,

2/15/2033

14,000

14,325

REIT,

4.35%,

4/15/2048

20,000

17,186

Camden

Property

Trust

REIT,

2.80%,

5/15/2030

50,000

47,021

ERP

Operating

REIT,

1.85%,

8/1/2031

18,000

15,797

Essex

Portfolio

REIT,

1.70%,

3/1/2028

30,000

28,334

REIT,

1.65%,

1/15/2031

50,000

43,349

Mid-America

Apartments

REIT,

1.70%,

2/15/2031

60,000

52,439

Store

Capital

LLC

REIT,

2.70%,

12/1/2031

20,000

17,543

UDR,

Inc.

REIT,

5.13%,

9/1/2034

10,000

10,152

246,146

Retail

REITs

Brixmor

Operating

Partnership

REIT,

2.25%,

4/1/2028

30,000

28,615

REIT,

2.50%,

8/16/2031

7,000

6,235

REIT,

5.50%,

2/15/2034

7,000

7,219

Federal

Realty

REIT,

5.38%,

5/1/2028

30,000

30,777

REIT,

3.50%,

6/1/2030

10,000

9,622

REIT,

3.63%,

8/1/2046

10,000

7,309

Kimco

Realty

LLC

REIT,

4.85%,

3/1/2035

90,000

89,565

Regency

Centers

REIT,

4.13%,

3/15/2028

5,000

5,004

REIT,

3.70%,

6/15/2030

26,000

25,384

REIT,

4.65%,

3/15/2049

10,000

8,848

218,578

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Semiconductors

Semiconductor

Equipment

Applied

Materials,

Inc.

4.35%,

4/1/2047

50,000

43,659

Intel

Corp.

3.75%,

3/25/2027

100,000

99,375

5.13%,

2/10/2030

110,000

113,009

2.00%,

8/12/2031

47,000

41,103

5.15%,

2/21/2034

30,000

30,449

5.63%,

2/10/2043

54,000

53,286

3.73%,

12/8/2047

137,000

100,707

4.75%,

3/25/2050

120,000

101,562

4.95%,

3/25/2060

48,000

40,942

KLA

Corp.

3.30%,

3/1/2050

20,000

14,264

4.95%,

7/15/2052

10,000

9,323

Micron

Technology,

Inc.

5.30%,

1/15/2031

30,000

31,010

5.88%,

9/15/2033

30,000

31,948

3.37%,

11/1/2041

30,000

23,175

QUALCOMM,

Inc.

2.15%,

5/20/2030

80,000

73,526

5.40%,

5/20/2033

80,000

84,950

6.00%,

5/20/2053

35,000

37,499

929,787

Software

Adobe,

Inc.

4.80%,

4/4/2029

40,000

41,023

2.30%,

2/1/2030

33,000

30,775

5.30%,

1/17/2035

20,000

21,039

Autodesk,

Inc.

2.85%,

1/15/2030

20,000

18,930

2.40%,

12/15/2031

10,000

8,873

Cadence

Design

Systems,

Inc.

4.30%,

9/10/2029

50,000

50,199

Microsoft

Corp.

1.35%,

9/15/2030

20,000

17,782

3.45%,

8/8/2036

33,000

30,165

4.50%,

6/15/2047

125,000

114,602

2.53%,

6/1/2050

100,000

62,780

2.92%,

3/17/2052

40,000

26,976

2.68%,

6/1/2060

113,000

66,854

3.04%,

3/17/2062

55,000

35,444

Oracle

Corp.

2.80%,

4/1/2027

40,000

39,263

6.25%,

11/9/2032

170,000

182,124

4.70%,

9/27/2034

130,000

124,857

3.60%,

4/1/2040

20,000

15,663

5.55%,

2/6/2053

220,000

197,624

4.10%,

3/25/2061

115,000

79,235

Salesforce,

Inc.

2.70%,

7/15/2041

120,000

88,074

ServiceNow,

Inc.

1.40%,

9/1/2030

17,000

14,904

Synopsys,

Inc.

5.15%,

4/1/2035

130,000

132,055

1,399,241

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

304

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialized

REITs

Equinix,

Inc.

REIT,

3.20%,

11/18/2029

70,000

67,115

REIT,

3.90%,

4/15/2032

60,000

57,686

Public

Storage

Operating

Co.

REIT,

5.35%,

8/1/2053

30,000

29,662

Weyerhaeuser

Co.

REIT,

4.00%,

4/15/2030

30,000

29,578

REIT,

3.38%,

3/9/2033

30,000

27,395

211,436

Specialty

Retail

Home

Depot,

Inc.

(The)

3.90%,

12/6/2028

240,000

240,122

4.25%,

4/1/2046

50,000

43,038

4.50%,

12/6/2048

75,000

65,885

4.95%,

9/15/2052

70,000

65,136

5.40%,

6/25/2064

55,000

54,127

Lowe's

Cos.,

Inc.

3.65%,

4/5/2029

50,000

49,172

4.25%,

3/15/2031

190,000

188,784

2.63%,

4/1/2031

70,000

64,010

3.75%,

4/1/2032

30,000

28,628

5.50%,

10/15/2035

33,000

34,288

2.80%,

9/15/2041

138,000

99,891

4.55%,

4/5/2049

40,000

34,240

4.45%,

4/1/2062

26,000

20,774

5.85%,

4/1/2063

14,000

14,088

Tiffany

Co.

4.90%,

10/1/2044

10,000

9,487

1,011,670

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

1.20%,

2/8/2028

40,000

37,827

4.30%,

5/10/2033

70,000

70,980

4.45%,

5/6/2044

114,000

106,266

4.65%,

2/23/2046

190,000

177,135

4.85%,

5/10/2053

75,000

72,761

4.10%,

8/8/2062

47,000

37,730

Dell

International

LLC

5.50%,

4/1/2035

80,000

81,730

8.10%,

7/15/2036

110,000

133,494

Hewlett

Packard

Enterprise

Co.

5.25%,

7/1/2028

150,000

154,051

5.00%,

10/15/2034

110,000

108,839

HP,

Inc.

5.50%,

1/15/2033

10,000

10,311

6.00%,

9/15/2041

53,000

54,308

1,045,432

Textiles,

Apparel

Luxury

Goods

(c)

Ralph

Lauren

Corp.

2.95%,

6/15/2030

14,000

13,235

Water

Utilities

Essential

Utilities,

Inc.

4.80%,

8/15/2027

30,000

30,316

5.38%,

1/15/2034

10,000

10,268

4.28%,

5/1/2049

10,000

8,144

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Water

Utilities

0.1%

(continued)

Essential

Utilities,

Inc.

(continued)

5.30%,

5/1/2052

10,000

9,403

58,131

Wireless

Telecommunication

Services

Vodafone

Group

plc

5.00%,

5/30/2038

48,000

47,292

5.63%,

2/10/2053

70,000

68,104

5.88%,

6/28/2064

20,000

19,791

135,187

Total

Corporate

Bonds

(Cost

$39,946,676)

39,703,641

Total

Investments

95.2%

(Cost

$39,946,676)

39,703,641

Other

assets

less

liabilities

4.8%

1,989,093

NET

ASSETS

100.0%

$41,692,734

(a)

Security

issued

fixed

coupon

rate,

which

converts

variable

rate

future

date.

Rate

shown

the

rate

effect

period

end.

(b)

Step

bond.

Interest

rate

fixed

rate

for

initial

period

that

either

resets

specific

date

may

reset

the

future

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

October

31,

2025.

(c)

Represents

less

than

0.05%

net

assets.

(d)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

October

31,

2025,

the

value

these

securities

amounted

approximately

$92,102

0.22%

net

assets.

Percentages

shown

are

based

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

capital

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

619,055

Aggregate

gross

unrealized

depreciation

(917,976

)

Net

unrealized

depreciation

(298,921

)

Federal

income

tax

cost

40,002,562

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

305

FLEXSHARES

ANNUAL

REPORT

Security

Type

Net

Assets

Corporate

Bonds

95‌

Others

(1)

4‌

100‌

(1)

Includes

any

other

net

assets/(liabilities).

FLEXSHARES

ANNUAL

REPORT

306

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Ultra-Short

Income

Fund

October

31,

2025

Investments

Principal

Amount

Value

CORPORATE

BONDS

Aerospace

Defense

RTX

Corp.

5.75%,

11/8/2026

7,200,000

7,316,268

Agricultural

Farm

Machinery

AGCO

Corp.

5.45%,

3/21/2027

1,250,000

1,267,257

CNH

Industrial

Capital

LLC

1.88%,

1/15/2026

1,060,000

1,054,466

1.45%,

7/15/2026

10,402,000

10,199,062

4.50%,

10/8/2027

2,500,000

2,517,689

15,038,474

Agricultural

Products

Services

Bunge

Ltd.

Finance

Corp.

2.00%,

4/21/2026

4,800,000

4,750,899

Apparel

Retail

Ross

Stores,

Inc.

0.88%,

4/15/2026

7,600,000

7,486,371

Application

Software

Intuit,

Inc.

5.25%,

9/15/2026

4,950,000

5,000,110

Roper

Technologies,

Inc.

4.25%,

9/15/2028

2,200,000

2,206,536

Synopsys,

Inc.

4.55%,

4/1/2027

7,800,000

7,853,621

15,060,267

Asset

Management

Custody

Banks

BlackRock

Funding,

Inc.

4.60%,

7/26/2027

12,180,000

12,328,962

Blackstone

Private

Credit

Fund

4.95%,

9/26/2027

1,290,000

1,295,732

Citadel

Finance

LLC

3.38%,

3/9/2026(a)

6,000,000

5,968,504

State

Street

Bank

Trust

Co.

(SOFR

0.46%),

4.76%,

11/25/2026(b)

2,610,000

2,619,833

State

Street

Corp.

(SOFR

0.85%),

5.11%,

8/3/2026(b)

10,000,000

10,034,278

4.33%,

10/22/2027

7,040,000

7,105,723

39,353,032

Automobile

Manufacturers

BMW

Capital

LLC

(United

States

SOFR

Compounded

Index

0.78%),

5.07%,

3/19/2027(a)(b)

8,300,000

8,329,050

Hyundai

Capital

America

5.45%,

6/24/2026(a)

1,000,000

1,007,123

(SOFR

1.50%),

5.78%,

1/8/2027(a)(b)

1,500,000

1,514,256

(SOFR

1.04%),

5.33%,

3/19/2027(a)(b)

1,000,000

1,002,564

(SOFR

1.04%),

5.33%,

6/24/2027(a)(b)

5,000,000

5,016,650

16,869,643

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Broadline

Retail

eBay,

Inc.

1.40%,

5/10/2026

3,500,000

3,450,050

Cargo

Ground

Transportation

Hunt

Transport

Services,

Inc.

3.88%,

3/1/2026

5,000,000

4,991,902

Penske

Truck

Leasing

Co.

1.20%,

11/15/2025(a)

5,000,000

4,993,655

Ryder

System,

Inc.

1.75%,

9/1/2026

3,600,000

3,533,391

13,518,948

Communications

Equipment

Juniper

Networks,

Inc.

1.20%,

12/10/2025

7,200,000

7,174,671

Construction

Machinery

Heavy

Transportation

Equipment

Daimler

Truck

Finance

North

America

LLC

(SOFR

0.96%),

5.22%,

9/25/2027(a)(b)

3,570,000

3,583,780

(SOFR

0.84%),

5.09%,

1/13/2028(a)(b)

4,100,000

4,103,567

7,687,347

Consumer

Finance

American

Express

Co.

(SOFR

0.75%),

5.02%,

4/23/2027(b)

3,000,000

3,004,330

(United

States

SOFR

Compounded

Index

0.97%),

5.24%,

7/28/2027(b)

4,000,000

4,015,920

American

Honda

Finance

Corp.

(SOFR

0.55%),

4.86%,

5/21/2026(b)

300,000

300,307

(SOFR

0.77%),

5.06%,

3/12/2027(b)

5,000,000

5,009,168

(SOFR

0.72%),

4.99%,

10/22/2027(b)

11,000,000

11,010,928

Avolon

Holdings

Funding

Ltd.

4.95%,

1/15/2028(a)

3,200,000

3,231,663

General

Motors

Financial

Co.,

Inc.

(United

States

SOFR

Compounded

Index

1.35%),

5.66%,

5/8/2027(b)

2,169,000

2,180,170

(SOFR

1.29%),

5.57%,

1/7/2030(b)

7,500,000

7,497,291

John

Deere

Capital

Corp.

(SOFR

0.44%),

4.70%,

3/6/2026(b)

5,000,000

5,004,394

(SOFR

0.79%),

5.05%,

6/8/2026(b)

1,300,000

1,304,170

(SOFR

0.40%),

4.65%,

1/5/2027(b)

10,000,000

10,021,910

(SOFR

0.60%),

4.87%,

6/11/2027(b)

2,000,000

2,007,992

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Ultra-Short

Income

Fund

(cont.)

307

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Finance

5.0%

(continued)

Toyota

Motor

Credit

Corp.

(SOFR

0.47%),

4.75%,

1/8/2027(b)

14,000,000

14,011,758

68,600,001

Consumer

Staples

Merchandise

Retail

Walmart,

Inc.

(United

States

SOFR

Compounded

Index

0.43%),

4.70%,

4/28/2027(b)

9,500,000

9,533,512

Data

Processing

Outsourced

Services

Broadridge

Financial

Solutions,

Inc.

3.40%,

6/27/2026

1,000,000

993,695

Diversified

Banks

Bank

America

Corp.

(SOFR

1.11%),

5.42%,

5/9/2029(b)

24,000,000

24,172,700

Bank

Montreal

(United

States

SOFR

Compounded

Index

0.62%),

4.91%,

9/15/2026(b)

3,300,000

3,306,759

4.06%,

9/22/2028(c)

7,200,000

7,189,372

(SOFR

0.86%),

5.13%,

1/27/2029(b)

8,000,000

8,021,336

Bank

New

Zealand

(SOFR

0.81%),

5.08%,

1/27/2027(a)(b)

4,000,000

4,015,057

Bank

Nova

Scotia

(The)

(United

States

SOFR

Compounded

Index

0.55%),

4.81%,

3/2/2026(b)

4,000,000

4,003,920

(SOFR

0.61%),

4.90%,

9/15/2026(b)

1,780,000

1,784,430

Banque

Federative

Credit

Mutuel

(SOFR

1.13%),

5.40%,

1/23/2027(a)(b)

2,940,000

2,959,536

(United

States

SOFR

Compounded

Index

1.07%),

5.38%,

2/16/2028(a)(b)

10,000,000

10,068,184

(United

States

SOFR

Compounded

Index

1.23%),

5.50%,

1/22/2030(a)(b)

2,900,000

2,923,294

Barclays

plc

(SOFR

1.49%),

5.78%,

3/12/2028(b)

9,000,000

9,094,050

(SOFR

1.08%),

5.39%,

11/11/2029(b)

6,400,000

6,420,453

Canadian

Imperial

Bank

Commerce

5.62%,

7/17/2026

4,150,000

4,193,796

(SOFR

0.72%),

4.97%,

1/13/2028(b)

10,000,000

10,009,403

Citibank

4.93%,

8/6/2026

4,000,000

4,024,160

(United

States

SOFR

Compounded

Index

1.06%),

5.36%,

12/4/2026(b)

3,000,000

3,021,265

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Banks

21.8%

(continued)

Citigroup,

Inc.

(SOFR

0.77%),

5.06%,

6/9/2027(b)

3,500,000

3,503,476

(SOFR

0.87%),

5.12%,

3/4/2029(b)

10,286,000

10,287,204

Commonwealth

Bank

Australia

4.42%,

3/14/2028

3,200,000

3,238,675

Credit

Agricole

(SOFR

0.87%),

5.17%,

3/11/2027(a)(b)

6,670,000

6,696,448

4.63%,

9/11/2028(a)(c)

5,210,000

5,238,429

Fifth

Third

Bank

(SOFR

0.81%),

5.08%,

1/28/2028(b)

4,900,000

4,904,115

HSBC

Holdings

plc

3.90%,

5/25/2026

3,000,000

2,998,005

(SOFR

1.04%),

5.32%,

11/19/2028(b)

1,800,000

1,808,691

(SOFR

1.03%),

5.30%,

3/3/2029(b)

5,600,000

5,623,567

HSBC

USA,

Inc.

(SOFR

0.97%),

5.24%,

6/3/2028(b)

4,500,000

4,531,859

ING

Groep

(United

States

SOFR

Compounded

Index

1.01%),

5.26%,

4/1/2027(b)

5,582,000

5,595,146

JPMorgan

Chase

Co.

(SOFR

0.77%),

5.05%,

9/22/2027(b)

2,500,000

2,507,515

(SOFR

0.80%),

5.07%,

1/24/2029(b)

9,100,000

9,114,076

JPMorgan

Chase

Bank

(SOFR

1.00%),

5.30%,

12/8/2026(b)

2,000,000

2,014,426

Lloyds

Banking

Group

plc

(United

States

SOFR

Compounded

Index

1.06%),

5.33%,

11/26/2028(b)

9,000,000

9,039,038

Mitsubishi

UFJ

Financial

Group,

Inc.

3.85%,

3/1/2026

3,200,000

3,197,934

Morgan

Stanley

Bank

(SOFR

0.87%),

5.12%,

5/26/2028(b)

8,740,000

8,769,039

National

Australia

Bank

Ltd.

(SOFR

0.50%),

4.80%,

3/6/2028(a)(b)

3,000,000

3,010,127

National

Bank

Canada

(United

States

SOFR

Compounded

Index

1.03%),

5.31%,

7/2/2027(b)

6,260,000

6,277,872

NatWest

Markets

plc

(SOFR

0.90%),

5.21%,

5/17/2027(a)(b)

10,250,000

10,300,529

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Ultra-Short

Income

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

308

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Banks

21.8%

(continued)

Nordea

Bank

Abp

(SOFR

0.70%),

4.99%,

3/17/2028(a)(b)

7,700,000

7,742,623

Royal

Bank

Canada

(United

States

SOFR

Compounded

Index

0.53%),

4.80%,

1/20/2026(b)

2,750,000

2,752,007

(United

States

SOFR

Compounded

Index

0.57%),

4.84%,

4/27/2026(b)

2,000,000

2,003,444

(United

States

SOFR

Compounded

Index

0.46%),

4.77%,

8/3/2026(b)

5,000,000

5,012,300

(United

States

SOFR

Compounded

Index

0.59%),

4.91%,

11/2/2026(b)

7,200,000

7,219,188

(United

States

SOFR

Compounded

Index

0.83%),

5.10%,

1/24/2029(b)

5,000,000

5,006,607

Santander

Group

Holdings

plc

4.32%,

9/22/2029(c)

3,200,000

3,193,528

Skandinaviska

Enskilda

Banken

(SOFR

0.89%),

5.19%,

3/5/2027(a)(b)

3,000,000

3,021,207

Societe

Generale

(SOFR

1.41%),

5.66%,

4/13/2029(a)(b)

1,900,000

1,911,594

Standard

Chartered

plc

6.17%,

1/9/2027(a)(c)

2,100,000

2,105,758

Sumitomo

Mitsui

Financial

Group,

Inc.

(SOFR

0.88%),

5.13%,

1/14/2027(b)

1,480,000

1,487,859

(SOFR

1.17%),

5.42%,

7/9/2029(b)

1,500,000

1,515,297

Swedbank

5.47%,

6/15/2026(a)

10,500,000

10,589,099

(SOFR

1.03%),

5.34%,

11/20/2029(a)(b)

2,800,000

2,832,028

Toronto-Dominion

Bank

(The)

(SOFR

1.08%),

5.36%,

7/17/2026(b)

4,010,000

4,034,183

(SOFR

0.59%),

4.89%,

9/10/2026(b)

2,000,000

2,005,574

Wells

Fargo

Co.

(SOFR

0.78%),

5.05%,

1/24/2028(b)

8,000,000

8,020,096

Westpac

Banking

Corp.

(SOFR

0.42%),

4.70%,

4/16/2026(b)

3,710,000

3,713,306

(SOFR

0.52%),

4.79%,

6/3/2026(b)

500,000

500,781

(SOFR

0.46%),

4.74%,

10/20/2026(b)

8,000,000

8,013,491

(SOFR

0.82%),

5.10%,

7/1/2030(b)

930,000

938,757

297,482,613

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Capital

Markets

Deutsche

Bank

(SOFR

1.21%),

5.49%,

1/10/2029(b)

7,000,000

7,025,806

6.82%,

11/20/2029(c)

7,000,000

7,474,797

Macquarie

Bank

Ltd.

5.27%,

7/2/2027(a)

1,290,000

1,318,618

(SOFR

0.74%),

5.03%,

6/12/2028(a)(b)

13,000,000

13,065,754

28,884,975

Diversified

Metals

Mining

BHP

Billiton

Finance

USA

Ltd.

4.88%,

2/27/2026

5,000,000

5,009,808

Glencore

Funding

LLC

(United

States

SOFR

Compounded

Index

0.75%),

5.03%,

10/1/2026(a)(b)

10,000,000

10,015,544

Rio

Tinto

Finance

USA

plc

(United

States

SOFR

Compounded

Index

0.84%),

5.13%,

3/14/2028(b)

9,400,000

9,493,598

24,518,950

Diversified

Support

Services

Element

Fleet

Management

Corp.

6.27%,

6/26/2026(a)

2,820,000

2,851,129

Electric

Utilities

Georgia

Power

Co.

4.00%,

10/1/2028

2,900,000

2,897,860

NextEra

Energy

Capital

Holdings,

Inc.

(United

States

SOFR

Compounded

Index

0.76%),

5.03%,

1/29/2026(b)

4,000,000

4,005,089

(United

States

SOFR

Compounded

Index

0.80%),

5.11%,

2/4/2028(b)

6,700,000

6,747,620

13,650,569

Electrical

Components

Equipment

Hubbell,

Inc.

3.35%,

3/1/2026

4,679,000

4,662,860

Electronic

Components

Amphenol

Corp.

(SOFR

0.53%),

4.59%,

11/15/2027(b)

6,300,000

6,311,976

Fertilizers

Agricultural

Chemicals

Nutrien

Ltd.

5.95%,

11/7/2025

1,020,000

1,020,063

4.50%,

3/12/2027

3,300,000

3,315,404

4,335,467

Food

Distributors

Sysco

Corp.

3.30%,

7/15/2026

3,000,000

2,981,380

3.25%,

7/15/2027

5,370,000

5,301,672

8,283,052

Health

Care

Distributors

Cencora,

Inc.

4.63%,

12/15/2027

2,090,000

2,113,626

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Ultra-Short

Income

Fund

(cont.)

309

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Distributors

0.7%

(continued)

McKesson

Corp.

0.90%,

12/3/2025

7,439,000

7,417,172

9,530,798

Health

Care

Equipment

Stryker

Corp.

4.55%,

2/10/2027

6,300,000

6,339,660

Zimmer

Biomet

Holdings,

Inc.

4.70%,

2/19/2027

3,906,000

3,930,643

10,270,303

Health

Care

Facilities

HCA,

Inc.

5.25%,

6/15/2026

2,276,000

2,278,248

5.00%,

3/1/2028

1,660,000

1,690,779

3,969,027

Home

Improvement

Retail

Home

Depot,

Inc.

(The)

5.15%,

6/25/2026

5,018,000

5,056,122

Lowe's

Cos.,

Inc.

4.80%,

4/1/2026

7,600,000

7,614,993

2.50%,

4/15/2026

5,800,000

5,767,272

4.00%,

10/15/2028

3,300,000

3,292,743

21,731,130

Homebuilding

Lennar

Corp.

5.25%,

6/1/2026

6,300,000

6,303,521

PulteGroup,

Inc.

5.50%,

3/1/2026

6,500,000

6,506,076

12,809,597

Hotels,

Resorts

Cruise

Lines

Royal

Caribbean

Cruises

Ltd.

7.50%,

10/15/2027

3,000,000

3,170,238

Insurance

Brokers

Arthur

Gallagher

Co.

4.60%,

12/15/2027

10,230,000

10,325,415

Marsh

McLennan

Cos.,

Inc.

(United

States

SOFR

Compounded

Index

0.70%),

5.01%,

11/8/2027(b)

5,870,000

5,897,291

16,222,706

Integrated

Oil

Gas

Capital

Markets

America,

Inc.

3.41%,

2/11/2026

10,000,000

9,975,497

Chevron

USA,

Inc.

(SOFR

0.57%),

4.88%,

8/13/2028(b)

22,200,000

22,283,592

Enterprise

Products

Operating

LLC

5.05%,

1/10/2026

720,000

720,910

32,979,999

Integrated

Telecommunication

Services

AT&T,

Inc.

1.70%,

3/25/2026

5,000,000

4,951,082

Verizon

Communications,

Inc.

4.33%,

9/21/2028

9,800,000

9,852,627

14,803,709

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Interactive

Home

Entertainment

Take-Two

Interactive

Software,

Inc.

5.00%,

3/28/2026

10,000,000

10,032,670

Investment

Banking

Brokerage

Charles

Schwab

Corp.

(The)

(United

States

SOFR

Compounded

Index

0.52%),

4.83%,

5/13/2026(b)

1,000,000

1,000,256

(United

States

SOFR

Compounded

Index

1.05%),

5.32%,

3/3/2027(b)

6,500,000

6,548,211

Goldman

Sachs

Group,

Inc.

(The)

3.75%,

2/25/2026

5,000,000

4,996,953

LPL

Holdings,

Inc.

4.90%,

4/3/2028

2,500,000

2,530,300

Mizuho

Markets

Cayman

(SOFR

0.53%,

0.10%

Floor),

4.78%,

1/9/2026(a)(b)

2,900,000

2,901,156

Morgan

Stanley

(SOFR

1.02%),

5.25%,

4/13/2028(b)

4,456,000

4,478,815

22,455,691

Consulting

Other

Services

Accenture

Capital,

Inc.

3.90%,

10/4/2027

4,500,000

4,509,482

International

Business

Machines

Corp.

3.45%,

2/19/2026

3,100,000

3,092,789

3.30%,

5/15/2026

6,500,000

6,475,886

14,078,157

Life

Sciences

Tools

Services

Agilent

Technologies,

Inc.

4.20%,

9/9/2027

4,520,000

4,527,862

Managed

Health

Care

Elevance

Health,

Inc.

1.50%,

3/15/2026

10,500,000

10,395,999

4.50%,

10/30/2026

1,490,000

1,496,640

UnitedHealth

Group,

Inc.

(SOFR

0.50%),

4.75%,

7/15/2026(b)

9,387,000

9,395,518

4.40%,

6/15/2028

3,000,000

3,029,535

24,317,692

Metal,

Glass

Plastic

Containers

Berry

Global,

Inc.

1.57%,

1/15/2026

7,300,000

7,256,412

Multi-Utilities

Consolidated

Edison

Co.

New

York,

Inc.

(United

States

SOFR

Compounded

Index

0.52%),

4.83%,

11/18/2027(b)

5,200,000

5,202,756

DTE

Energy

Co.

2.85%,

10/1/2026

3,100,000

3,066,635

4.88%,

6/1/2028

2,900,000

2,948,958

11,218,349

Oil

Gas

Equipment

Services

Halliburton

Co.

3.80%,

11/15/2025

1,957,000

1,956,415

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Ultra-Short

Income

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

310

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil

Gas

Equipment

Services

0.2%

(continued)

Schlumberger

Holdings

Corp.

5.00%,

5/29/2027(a)

641,000

649,166

2,605,581

Oil

Gas

Refining

Marketing

Phillips

1.30%,

2/15/2026

4,000,000

3,967,146

Oil

Gas

Storage

Transportation

ONEOK,

Inc.

5.85%,

1/15/2026

3,436,000

3,442,331

Williams

Cos.,

Inc.

(The)

5.40%,

3/2/2026

14,000,000

14,052,436

17,494,767

Packaged

Foods

Meats

Campbell's

Co.

(The)

5.30%,

3/20/2026

960,000

963,517

Conagra

Brands,

Inc.

4.60%,

11/1/2025

6,000,000

Kellanova

3.25%,

4/1/2026

12,092,000

12,036,703

Kraft

Heinz

Foods

Co.

3.00%,

6/1/2026

8,400,000

8,337,655

McCormick

Co.,

Inc.

0.90%,

2/15/2026

620,000

613,711

Mead

Johnson

Nutrition

Co.

4.13%,

11/15/2025

3,698,000

3,696,928

Mondelez

International,

Inc.

4.13%,

5/7/2028

2,000,000

1,999,058

33,647,572

Pharmaceuticals

Bristol-Myers

Squibb

Co.

(SOFR

0.49%),

4.80%,

2/20/2026(b)

3,182,000

3,184,705

Eli

Lilly

Co.

(SOFR

0.53%),

4.84%,

10/15/2028(b)

17,100,000

17,162,073

GlaxoSmithKline

Capital

plc

(SOFR

0.50%),

4.79%,

3/12/2027(b)

8,300,000

8,344,207

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.45%,

5/19/2026

11,400,000

11,417,525

Sanofi

(SOFR

0.46%),

4.52%,

11/3/2027(b)

12,500,000

12,579,250

(SOFR

0.54%),

4.60%,

11/3/2028(b)

16,700,000

16,765,932

69,453,692

Rail

Transportation

CSX

Corp.

3.35%,

11/1/2025

2,250,000

Regional

Banks

Citizens

Financial

Group,

Inc.

2.85%,

7/27/2026

6,500,000

6,427,459

Huntington

National

Bank

(The)

4.87%,

4/12/2028(c)

4,100,000

4,136,077

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Regional

Banks

5.1%

(continued)

Manufacturers

Traders

Trust

Co.

5.40%,

11/21/2025

4,000,000

4,001,135

4.65%,

1/27/2026

6,654,000

6,658,723

PNC

Bank

(SOFR

0.50%),

4.75%,

1/15/2027(b)

2,000,000

2,000,565

4.54%,

5/13/2027(c)

7,500,000

7,510,810

(SOFR

0.73%),

4.77%,

7/21/2028(b)

7,750,000

7,750,155

Santander

Holdings

USA,

Inc.

6.12%,

5/31/2027(c)

3,250,000

3,277,673

(SOFR

1.61%),

5.90%,

3/20/2029(b)

7,000,000

7,095,370

Truist

Bank

(SOFR

0.77%),

5.04%,

7/24/2028(b)

12,000,000

12,011,880

4.14%,

10/23/2029(c)

6,300,000

6,275,175

Truist

Financial

Corp.

6.05%,

6/8/2027(c)

3,000,000

3,030,694

70,175,716

Restaurants

Starbucks

Corp.

4.50%,

5/15/2028

3,170,000

3,198,602

Self-Storage

REITs

Public

Storage

Operating

Co.

REIT,

(United

States

SOFR

Compounded

Index

0.70%),

4.98%,

4/16/2027(b)

4,180,000

4,192,979

Semiconductors

Advanced

Micro

Devices,

Inc.

4.21%,

9/24/2026

6,100,000

6,116,223

Intel

Corp.

4.88%,

2/10/2026

10,200,000

10,215,594

NXP

4.30%,

8/19/2028

1,700,000

1,702,562

18,034,379

Soft

Drinks

Non-alcoholic

Beverages

Keurig

Pepper,

Inc.

(SOFR

0.58%),

4.89%,

11/15/2026(b)

10,010,000

10,010,053

(United

States

SOFR

Compounded

Index

0.88%),

5.17%,

3/15/2027(b)

2,500,000

2,504,084

Pepsico

Singapore

Financing

Pte.

Ltd.

(United

States

SOFR

Compounded

Index

0.56%),

4.87%,

2/16/2027(b)

12,200,000

12,226,093

24,740,230

Specialized

Finance

NTT

Finance

Corp.

(SOFR

1.08%),

5.33%,

7/16/2028(a)(b)

8,000,000

8,082,240

Specialty

Chemicals

DuPont

Nemours,

Inc.

4.49%,

11/15/2025

11,750,000

11,747,566

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Ultra-Short

Income

Fund

(cont.)

311

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Systems

Software

Fortinet,

Inc.

1.00%,

3/15/2026

5,900,000

5,824,107

Oracle

Corp.

1.65%,

3/25/2026

11,170,000

11,060,977

(SOFR

0.76%),

5.07%,

8/3/2028(b)

9,400,000

9,445,892

VMware

LLC

1.40%,

8/15/2026

9,495,000

9,299,142

35,630,118

Technology

Hardware,

Storage

Peripherals

Dell

International

LLC

6.02%,

6/15/2026

1,000,000

1,007,347

4.75%,

4/1/2028

2,750,000

2,788,734

Hewlett

Packard

Enterprise

Co.

4.45%,

9/25/2026

3,770,000

3,783,781

7,579,862

Telecom

Tower

REITs

American

Tower

Corp.

REIT,

3.38%,

10/15/2026

2,911,000

2,892,015

Trading

Companies

Distributors

Air

Lease

Corp.

3.75%,

6/1/2026

1,000,000

996,489

1.88%,

8/15/2026

4,925,000

4,835,541

GATX

Corp.

3.25%,

9/15/2026

8,931,000

8,858,375

14,690,405

Transaction

Payment

Processing

Services

Fiserv,

Inc.

3.20%,

7/1/2026

5,700,000

5,644,470

Mastercard,

Inc.

(United

States

SOFR

Compounded

Index

0.44%),

4.73%,

3/15/2028(b)

11,900,000

11,911,153

PayPal

Holdings,

Inc.

(SOFR

0.67%),

4.97%,

3/6/2028(b)

8,200,000

8,225,653

25,781,276

Wireless

Telecommunication

Services

T-Mobile

USA,

Inc.

1.50%,

2/15/2026

947,000

939,161

2.25%,

2/15/2026

1,000,000

993,973

2.63%,

4/15/2026

7,700,000

7,654,340

9,587,474

Total

Corporate

Bonds

(Cost

$1,189,342,312)

1,192,940,729

ASSET-BACKED

SECURITIES

American

Credit

Acceptance

Receivables

Trust

Series

2025-3,

Class

4.75%,

9/12/2029(a)

6,435,000

6,465,937

Americredit

Automobile

Receivables

Trust

Series

2022-1,

Class

3.23%,

2/18/2028

7,570,000

7,472,093

Investments

Principal

Amount

Value

Credit

Card

Trust

Series

2022-A2,

Class

A2,

5.00%,

4/15/2028

5,000,000

5,000,772

Capital

One

Multi-Asset

Execution

Trust

Series

2024-A1,

Class

3.92%,

9/15/2029

9,000,000

9,005,816

CarMax

Auto

Owner

Trust

Series

2023-1,

Class

6.27%,

11/15/2029

2,600,000

2,651,391

Carvana

Auto

Receivables

Trust

Series

2025-P2,

Class

A2,

4.56%,

8/10/2028

4,748,399

4,756,101

Chase

Issuance

Trust

Series

2023-A1,

Class

5.16%,

9/15/2028

1,900,000

1,919,219

Dell

Equipment

Finance

Trust

Series

2023-1,

Class

A3,

5.65%,

9/22/2028(a)

361,137

361,390

Drive

Auto

Receivables

Trust

Series

2024-2,

Class

A2,

4.94%,

12/15/2027

400,513

400,700

Evergreen

Credit

Card

Trust

Series

2024-1A,

Class

5.51%,

7/15/2028(a)

3,400,000

3,424,499

Series

2024-CRT4,

Class

5.25%,

10/15/2028(a)

5,000,000

5,039,431

Exeter

Automobile

Receivables

Trust

Series

2025-2A,

Class

5.89%,

7/15/2031

1,100,000

1,118,445

Ford

Credit

Auto

Owner

Trust

Series

2024-B,

Class

A2A,

5.40%,

4/15/2027

484,051

485,042

Financial

Automobile

Leasing

Trust

Series

2024-1,

Class

A3,

5.09%,

3/22/2027

722,569

724,360

Financial

Consumer

Automobile

Receivables

Trust

Series

2022-3,

Class

A3,

3.64%,

4/16/2027

28,115

28,099

Series

2024-4,

Class

A2A,

4.53%,

10/18/2027

324,014

324,333

Honda

Auto

Receivables

Owner

Trust

Series

2024-2,

Class

A2,

5.48%,

11/18/2026

189,295

189,453

Series

2024-4,

Class

A2,

4.56%,

3/15/2027

2,319,632

2,322,030

Series

2023-3,

Class

A3,

5.41%,

2/18/2028

3,149,995

3,173,288

Hyundai

Auto

Receivables

Trust

Series

2024-C,

Class

A2A,

4.53%,

9/15/2027

498,008

498,728

Series

2023-B,

Class

A3,

5.48%,

4/17/2028

3,149,883

3,172,317

John

Deere

Owner

Trust

Series

2024-C,

Class

A2A,

4.36%,

8/16/2027

1,547,487

1,548,388

Kubota

Credit

Owner

Trust

Series

2025-1A,

Class

A2,

4.61%,

12/15/2027(a)

1,320,000

1,324,662

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Ultra-Short

Income

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

312

Investments

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

Mercedes-Benz

Auto

Receivables

Trust

Series

2023-2,

Class

A3,

5.95%,

11/15/2028

2,091,647

2,116,270

Navient

Private

Education

Refi

Loan

Trust

Series

2020-IA,

Class

A1A,

1.33%,

4/15/2069(a)

723,500

673,480

Pagaya

Debt

Grantor

Trust

Series

2025-6,

Class

A2,

4.50%,

4/15/2033(a)

1,100,000

1,099,103

Series

2025-6,

Class

4.88%,

4/15/2033(a)

3,200,000

3,197,564

Series

2025-6,

Class

5.01%,

4/15/2033(a)

1,100,000

1,097,659

Alift

Loan

Funding

Series

2025-2,

Class

4.75%,

3/15/2043(a)

4,600,000

4,608,468

Santander

Drive

Auto

Receivables

Trust

Series

2025-2,

Class

A2,

4.71%,

6/15/2028

8,353,859

8,369,718

Series

2024-4,

Class

5.32%,

12/15/2031

4,920,000

4,953,325

Tesla

Auto

Lease

Trust

Series

2023-B,

Class

A3,

6.13%,

9/21/2026(a)

71,352

71,420

Series

2024-B,

Class

A2B,

4.77%,

1/20/2027(a)(d)

1,142,388

1,142,689

Toyota

Auto

Receivables

Owner

Trust

Series

2023-C,

Class

A3,

5.16%,

4/17/2028

3,681,525

3,702,710

Trillium

Credit

Card

Trust

Series

2025-1A,

Class

4.41%,

9/26/2030(a)

2,300,000

2,299,195

Verizon

Master

Trust

Series

2023-4,

Class

A1A,

5.16%,

6/20/2029

3,410,000

3,432,662

Series

2024-4,

Class

5.40%,

6/20/2029

3,000,000

3,021,238

Total

Asset-Backed

Securities

(Cost

$101,140,645)

101,191,995

U.S.

TREASURY

OBLIGATIONS

U.S.

Treasury

Notes

4.38%,

7/31/2026

8,000,000

8,033,828

3.75%,

8/15/2027

4,250,000

4,259,131

3.88%,

10/15/2027

8,000,000

8,039,687

Total

U.S.

Treasury

Obligations

(Cost

$20,263,712)

20,332,646

COLLATERALIZED

MORTGAGE

OBLIGATIONS

Bravo

Residential

Funding

Trust

Series

2025-NQM1,

Class

A1,

5.60%,

12/25/2064(a)(e)

6,809,054

6,857,234

Investments

Principal

Amount

Value

Chase

Home

Lending

Mortgage

Trust

Series

2024-2,

Class

A4A,

6.00%,

2/25/2055(a)(d)

1,599,475

1,617,288

J.P.

Morgan

Mortgage

Trust

Series

2024-2,

Class

A6A,

6.00%,

8/25/2054(a)(d)

168,209

167,785

Series

2025-NQM1,

Class

A1,

5.59%,

6/25/2065(a)(e)

3,601,692

3,633,811

OBX

Trust

Series

2024-NQM11,

Class

A1,

5.87%,

6/25/2064(a)(e)

3,565,426

3,593,418

Series

2024-NQM16,

Class

A1,

5.53%,

10/25/2064(a)(e)

1,962,481

1,972,568

Total

Collateralized

Mortgage

Obligations

(Cost

$17,741,405)

17,842,104

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

BPR

Trust

Series

2023-BRK2,

Class

6.90%,

10/5/2038(a)(d)

1,780,000

1,861,281

Commercial

Mortgage

Trust

Series

2019-IMC,

Class

5.08%,

4/15/2034(a)(d)

2,354,897

2,338,707

FRESB

Mortgage

Trust

Series

2022-SB94,

Class

A5F,

1.64%,

11/25/2026(d)

4,406,764

4,285,594

Total

Commercial

Mortgage-Backed

Securities

(Cost

$8,488,268)

8,485,582

MUNICIPAL

BONDS

New

Jersey

Transportation

Trust

Fund

Authority

Series

2024BB,

4.61%,

6/15/2026

(Cost

$2,877,169)

2,885,190

SHORT-TERM

INVESTMENTS

CERTIFICATES

DEPOSIT

Mitsubishi

UFJ

Trust

Banking

Corp.

(SOFR

0.32%),

4.36%,

3/17/2026(b)

(Cost

$10,000,000)

10,000,000

10,005,402

U.S.

GOVERNMENT

AGENCY

SECURITIES

FNMA

Zero

Coupon,

11/3/2025

(Cost

$32,993,235)

33,000,000

32,989,385

U.S.

TREASURY

OBLIGATIONS

(f)

U.S.

Treasury

Bills

3.90%,

1/15/2026

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Ultra-Short

Income

Fund

(cont.)

313

FLEXSHARES

ANNUAL

REPORT

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

(continued)

(Cost

$5,103,610)

5,145,000

5,105,695

Total

Short-Term

Investments

(Cost

$48,096,845)

48,100,482

Total

Investments

101.9%

(Cost

$1,387,950,356)

1,391,778,728

Liabilities

excess

other

assets

(1.9%)

(25,971,931)

NET

ASSETS

100.0%

$1,365,806,797

(a)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

October

31,

2025,

the

value

these

securities

amounted

approximately

$203,895,921

14.93%

net

assets.

(b)

Variable

floating

rate

security,

linked

the

referenced

benchmark.

The

interest

rate

shown

the

rate

effect

October

31,

2025.

(c)

Security

issued

fixed

coupon

rate,

which

converts

variable

rate

future

date.

Rate

shown

the

rate

effect

period

end.

(d)

Variable

floating

rate

security,

the

interest

rate

which

adjusts

periodically

based

changes

current

interest

rates

and

prepayments

the

underlying

pool

assets.

The

interest

rate

shown

was

the

current

rate

October

31,

2025.

(e)

Step

bond.

Interest

rate

fixed

rate

for

initial

period

that

either

resets

specific

date

may

reset

the

future

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

October

31,

2025.

(f)

The

rate

shown

was

the

current

yield

October

31,

2025.

Percentages

shown

are

based

Net

Assets.

Abbreviations

FNMA

—

Federal

National

Mortgage

Association

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

3,941,952

Aggregate

gross

unrealized

depreciation

(299,812

)

Net

unrealized

appreciation

3,642,140

Federal

income

tax

cost

1,388,136,588

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Ultra-Short

Income

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

314

FlexShares®

Ultra-Short

Income

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

October

31,

2025:

Australia

4‌

Canada

6‌

Finland

0‌

France

2‌

Germany

2‌

Ireland

0‌

Japan

2‌

Netherlands

0‌

New

Zealand

0‌

Sweden

1‌

United

Kingdom

4‌

United

States

77‌

Other

(

1‌

)

100.0%

Includes

any

non-fixed-income

securities

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Corporate

Bonds

87‌

Asset-Backed

Securities

7‌

U.S.

Treasury

Obligations

1‌

Collateralized

Mortgage

Obligations

1‌

Commercial

Mortgage-Backed

Securities

0‌

Municipal

Bonds

0‌

Short-Term

Investments

3‌

Others

(1)

(

1‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

315

FLEXSHARES

ANNUAL

REPORT

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

Core

Select

Bond

Fund

October

31,

2025

Investments

Value

EXCHANGE

TRADED

FUNDS

98.0%

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund(a)

278,522

13,711,722

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund(a)

16,266

705,385

FlexShares

Disciplined

Duration

MBS

Index

Fund(a)

867,309

18,153,731

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund(a)

121,761

2,956,357

FlexShares

Ultra-Short

Income

Fund(a)

244,637

18,499,450

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF(b)

793

40,784

iShares

1-3

Year

Treasury

Bond

ETF(b)

8,622

715,453

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF(b)

13,643

723,215

iShares

20+

Year

Treasury

Bond

ETF(b)

197,967

17,874,441

iShares

3-7

Year

Treasury

Bond

ETF

60,904

7,293,254

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF(b)

462,907

25,029,382

iShares

7-10

Year

Treasury

Bond

ETF

7,565

732,670

iShares

MBS

ETF

372,582

35,600,210

Total

Exchange

Traded

Funds

(Cost

$143,813,226)

142,036,054

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

15.0%(c)

REPURCHASE

AGREEMENTS

15.0%

Secured

LLC

4.13%,

dated

10/31/2025,

due

11/3/2025,

repurchase

price

$21,742,459,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

6.75%,

maturing

11/15/2025

2/15/2055;

total

market

value

$22,058,674

(Cost

$21,734,979)

$21,734,979

21,734,979

SHORT-TERM

INVESTMENTS

0.1%(d)(e)

U.S.

TREASURY

OBLIGATIONS

0.1%

U.S.

Treasury

Bills

4.22%,

11/28/2025

(Cost

$213,336)

214,000

213,426

Total

Investments

113.1%

(Cost

$165,761,541)

163,984,459

Liabilities

excess

other

assets

(13.1%)

(19,071,385)

NET

ASSETS

100.0%

$144,913,074

(a)

Investment

affiliated

Fund.

Northern

Trust

Investments,

Inc.

the

Investment

Adviser

both

the

Fund

and

the

affiliated

Funds.

(b)

The

security

portion

this

security

loan

October

31,

2025.

The

total

value

securities

loan

October

31,

2025

was

$26,417,259,

collateralized

the

form

cash

with

value

$21,734,979

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments

and

$5,278,408

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.88%,

and

maturity

dates

ranging

from

November

30,

2025

–

February

15,

2053;

total

value

$27,013,387.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

October

31,

2025.

The

total

value

securities

purchased

was

$21,734,979.

(d)

All

portion

the

security

pledged

collateral

for

Futures

Contracts.

(e)

The

rate

shown

was

the

current

yield

October

31,

2025.

Percentages

shown

are

based

Net

Assets.

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Core

Select

Bond

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

316

Abbreviations

ETF

—

Exchange

Traded

Fund

TIPS

—

Treasury

inflation

protected

securities

("TIPS")

are

debt

securities

issued

the

Treasury

whose

principal

and/or

interest

payments

are

adjusted

for

inflation,

unlike

debt

securities

that

make

fixed

principal

and

interest

payments.

The

interest

rate

paid

the

TIPS

fixed,

while

the

principal

value

rises

falls

based

changes

published

Consumer

Price

Index

(“CPI”).

Thus,

inflation

occurs,

the

principal

and

interest

payments

the

TIPS

are

adjusted

accordingly

protect

investors

from

inflationary

loss. During

deflationary

period,

the

principal

and

interest

payments

decrease,

although

the

TIPS

principal

amounts

will

not

drop

below

their

face

amounts

maturity.

exchange

for

the

inflation

protection,

the

TIPS

generally

pay

lower

interest

rates

than

typical

Treasury

securities.

Only

inflation

occurs

will

TIPS

offer

higher

real

yield

than

conventional

Treasury

security

the

same

maturity.

October

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

investments

based

the

aggregate

cost

investments

(including

derivative

instruments,

applicable)

for

federal

income

tax

purposes

was

follows:

Aggregate

gross

unrealized

appreciation

1,115,575

Aggregate

gross

unrealized

depreciation

(5,338,028

)

Net

unrealized

depreciation

(4,222,453

)

Federal

income

tax

cost

168,186,384

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Core

Select

Bond

Fund

(cont.)

317

FLEXSHARES

ANNUAL

REPORT

Investment

company

which

was

affiliated

for

the

period

ended

October

31,

2025,

was

follows:

Security

Value

October

31,

2024

Purchases

Cost

Sales

Proceeds

October

31,

2025

Value

October

31,

2025

Change

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Realized

Gain

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

15,715,700

1,578,289

3,855,330

278,522

13,711,722

206,149

662,577

66,914

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

826,332

80,059

198,070

16,266

705,385

6,242

39,293

(9,178)

FlexShares

Disciplined

Duration

MBS

Index

Fund

20,827,898

2,087,448

5,112,508

867,309

18,153,731

101,096

740,643

249,797

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

3,392,003

344,045

840,875

121,761

2,956,357

58,490

119,639

2,694

FlexShares

Ultra-

Short

Income

Fund

7,843,422

14,313,652

3,718,282

244,637

18,499,450

7,326

670,481

53,332

$48,605,355

$18,403,493

$13,725,065

1,528,495

$54,026,645

$379,303

$2,232,633

$363,559

Futures

Contracts

FlexShares

Core

Select

Bond

Fund

had

the

following

open

futures

contracts

October

31,

2025:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

(

Depreciation

)

Long

Contracts

U.S.

Treasury

Year

Note

12/31/2025

USD

17,492,344

(5,025)

U.S.

Treasury

Year

Note

12/31/2025

USD

7,426,344

10,548

U.S.

Treasury

Long

Bond

12/19/2025

USD

2,111,625

45,043

50,566

Short

Contracts

U.S.

Treasury

Year

Ultra

Note

(45)

12/19/2025

USD

(5,196,797)

(71,094)

$(20,528)

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

Abbreviations:

USD

—

Dollar

See

Accompanying

Notes

the

Financial

Statements.

FlexShares

Trust

Statements

Operations

FlexShares

Core

Select

Bond

Fund

(cont.)

FLEXSHARES

ANNUAL

REPORT

318

Security

Type

Net

Assets

Exchange

Traded

Funds

98.0

Securities

Lending

Reinvestments

15.0

Short-Term

Investments

0.2

Others

(1)

(13.2)

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

319

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

October

31,

2025

Organization

FlexShares

Trust

(the

“Trust”),

Maryland

statutory

trust,

was

formed

May

13,

2010,

originally

named

ETF

Trust

and

renamed

FlexShares

Trust

April

12,

2011.

The

Trust

registered

open-end

manage-

ment

investment

company

under

the

Investment

Com-

pany

Act

1940

(“1940

Act”),

amended.

The

Trust

consists

twenty-seven

operational

exchange-traded

funds

October

31,

2025 (each

“Fund”

and

collec-

tively,

the

“Funds”).

FlexShares

ESG

Climate

Large

Cap

Core

Index

Fund

non-diversified

series

the

Trust,

pursuant

the

1940

Act.

Each

the

other

Funds

are

diversified

series

the

Trust,

pursuant

the

1940

Act.

Each

Fund,

except

the

FlexShares

Ultra-Short

Income

Fund

and

the

FlexShares

Core

Select

Bond

Fund,

seeks

provide

investment

results

that

correspond

generally

the

price

and

yield

performance,

before

fees

and

expenses,

specified

benchmark

index

(each

“Underlying

Index”).

The

FlexShares

Quality

Low

Volatility

Index

Fund,

FlexShares

Devel-

oped

Markets

ex-US

Quality

Low

Volatility

Index

Fund,

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund,

FlexShares

Quality

Large

Cap

Index

Fund,

FlexShares

ESG

Climate

Large

Cap

Core

Index

Fund,

FlexShares

ESG

Climate

Developed

Markets

ex-US

Core

Index

Fund,

FlexShares

Global

Quality

Real

Estate

Index

Fund,

FlexShares

Quality

Dividend

Index

Fund,

FlexShares

Quality

Dividend

De-

fensive

Index

Fund,

FlexShares

International

Quality

Dividend

Index

Fund, FlexShares

International

Qual-

ity

Dividend

Dynamic

Index Fund,

FlexShares

Cred-

it-Scored

Corporate

Bond

Index

Fund,

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund,

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund,

and

the

FlexShares

ESG

Climate

Investment

Grade

Corporate

Core

Index

Fund

seek

track

Underlying

Indexes

developed

Northern

Trust

Investments,

Inc.

("NTI"

"Investment

Adviser"),

indirect

subsidiary

Northern

Trust

Corporation.The

FlexShares

Morn-

ingstar

Market

Factor

Tilt

Index

Fund,

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund,

FlexShares

Morningstar

Emerging

Markets

Fac-

tor

Tilt

Index

Fund

and

FlexShares

Morningstar

Global

Upstream Natural

Resources

Index

Fund

seek

track

Underlying

Indexes

sponsored

Morningstar,

Inc. The

FlexShares

STOXX

ESG

Select

Index

Fund,

Flex-

STOXX

Global

ESG

Select

Index

Fund,

and

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

seek

track

Underlying

Indexes

sponsored

STOXX

Ltd.

The

FlexShares

iBoxx

3-Year

Target

Du-

ration

TIPS

Index

Fund

and

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

seek

track

Underly-

ing

Indexes

sponsored

S&P

Dow

Jones

Indices

LLC.

The

FlexShares

Disciplined

Duration

MBS

Index

Fund

seeks

track

Underlying

Index

sponsored

ICE

Data

Indices,

LLC.

The

FlexShares

Core

Select

Bond

Fund

seeks

achieve

its

investment

objective

investing,

under

normal

circumstances,

least

80%

its

net

assets

U.S.

dollar-denominated

investment-grade

fixed-in-

come

securities

either

directly

indirectly

through

Flex-

ETFs,

unaffiliated

ETFs

and

other

registered

investment

companies.

The

investment

performance

FlexShares

Core

Select

Bond

Fund

directly

the

performance

the

underlying

funds

which

invests

(“Underlying

Fund”).

The

FlexShares

Ultra-Short

Income

Fund

and

the

Flex-

Core

Select

Bond

Fund

are

actively

managed

and

not

seek

replicate

the

performance

spec-

ified

index.

The

FlexShares

Ultra-Short

Income

Fund

seeks

maximum

current

income

consistent

with

the

preservation

capital

and

liquidity.

The

FlexShares

Core

Select

Bond

Fund

seeks

total

return

and

preser-

vation

capital.

Each

Fund,

except

the

FlexShares

Ultra-Short

Income

Fund

and

the

FlexShares

Core

Se-

lect

Bond

Fund,

referred

herein

“Index

Fund.”

Each

Fund

managed

the

Investment

Adviser.

Significant

Accounting

Policies

The

Trust,

which

investment

company,

follows

accounting

and

reporting

guidance

under

Financial

Ac-

counting

Standards

Board

(“FASB”)

Accounting

Stan-

dards

Codification

Topic

946,

“Financial

Services-In-

vestment

Companies.”

The

following

summary

significant

accounting

policies

followed

the

Funds

the

preparation

their

financial

statements.

These

policies

are

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“U.S.

GAAP”).

The

preparation

financial

statements

conformity

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

report-

amounts

and

disclosures

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

FLEXSHARES

ANNUAL

REPORT

320

Notes

the

Financial

Statements

(cont.)

Investment

Valuation

Each

Fund’s

net

asset

value

(“NAV”)

determined

dai-

the

regular

trading

the

New

York

Stock

Exchange

(“NYSE”),

normally

4:00

p.m.

Eastern

time,

each

day

the

NYSE

open

for

trading,

based

prices

the

time

closing

provided

that

any

U.S.

fixed-income

assets

may

valued

the

announced

closing

time

for

trading

fixed-income

instruments

any

day

that

the

Securities

Industry

and

Financial

Mar-

kets

Association

announces

early

closing

time.

The

NAV

Fund

calculated

dividing

the

value

all

assets

the

Fund

(including

accrued

interest

and

div-

idends),

less

all

liabilities

(including

accrued

expenses

and

dividends

declared

but

unpaid),

the

total

number

outstanding.

The

investments

the

Funds

are

valued

fair

value

pursuant

the

pricing

policy

and

procedures

approved

the

Trust’s

Board

Trustees

(“Board”).

The

Funds’

investments

are

valued

using

market

quotations

when

available.

The

Board

has

designated

NTI

the

valua-

tion

designee

pursuant

Rule

2a-5

under

the

1940

Act

perform

fair

value

determinations

relating

any

all

Fund

investments.

Accordingly,

when

market

quotations

are

not

readily

available,

are

deemed

unreliable,

not

reflect

material

events

occurring

between

the

local

markets

and

the

time

valuation,

NTI

values

Fund

securities

fair

value

determined

good

faith

accordance

with

the

Funds’

fair

value

pricing

proce-

dures

approved

the

Board.

Such

circumstances

include

periods

when

trading

security

suspend-

ed,

the

exchange

market

which

security

trades

closes

early,

the

trading

volume

security

limit-

ed,

corporate

actions

and

announcements

take

place,

regulatory

news

affecting

issuer

released,

such

government

approvals.

The

Board

oversees

NTI

its

role

valuation

designee

accordance

with

the

requirements

Rule

2a-5

under

the

1940

Act.

Addi-

tionally,

NTI,

its

discretion,

may

make

adjustments

the

prices

securities

held

Fund

event

occurs

after

the

publication

market

values

normally

used

NTI

behalf

Fund

but

before

the

time

which

the

Fund

calculates

its

NAV,

depending

the

nature

and

significance

the

event,

consistent

with

applicable

regulatory

guidance

and

the

Trust’s

fair

value

procedures.

Other

events

that

can

trigger

fair

valuing

foreign

securities

include,

for

example,

significant

fluctu-

ations

general

market

indicators,

government

actions,

natural

disasters.

The

use

fair

valuation

involves

the

risk

that

the

values

used

NTI

price

Fund’s

investments

may

high-

lower

than

the

values

used

other

investment

companies

and

investors

price

the

same

investments.

Fair

value

pricing

involves

subjective

judgments

and

possible

that

fair

value

determination

for

portfo-

lio

security

may

materially

different

than

the

value

that

could

realized

upon

the

sale

such

security.

addition,

fair

value

pricing

could

result

difference

between

the

prices

used

calculate

Index

Fund’s

NAV

and

the

prices

used

Index

Fund’s

Underly-

ing

Index.

This

difference

may

adversely

affect

Index

Fund’s

ability

track

its

Underlying

Index.

Portfolio

se-

curities

certain

Funds

are

listed

foreign

exchanges

and

their

values

may

change

days

when

sharehold-

ers

will

not

able

purchase

sell

Fund

shares.

Security

prices

are

generally

provided

independent

pricing

services.

Portfolio

securities

listed

traded

domestic

securities

exchanges

the

NASDAQ/

NMS,

including

dollar-denominated

foreign

securities

American

Depositary

Receipts

(“ADRs”),

are

valued

the

closing

price,

last

sale

price,

reported

the

exchange

system

where

the

security

principally

traded.

The

closing

price

for

securities

traded

the

NASDAQ/NMS

the

Nasdaq

Official

Closing

Price

(“NOCP”).

there

have

been

sales

for

that

day

the

exchange

system

where

the

security

principally

traded,

then

the

value

determined

with

reference

the

last

sale

price,

the

NOCP,

applicable,

any

other

exchange

system.

there

have

been

sales

the

security

for

that

day

any

exchange

system,

the

security

valued

fair

value

pursuant

the

Trust’s

fair

value

procedures.

Securities

that

are

traded

regularly

the

over-the-

counter

market

(other

than

the

NASDAQ/NMS),

includ-

ing

securities

listed

exchanges

but

primarily

traded

over-the-counter,

are

valued

the

basis

bid

quotes

the

mean

between

the

bid

and

asked

quotes

based

upon

quotes

furnished

one

broker-dealers

market

makers

for

those

securities.

Securities

that

may

traded

over-the-counter

include

equity

securities,

fixed-income

securities,

non-exchange-listed

foreign

securities,

and

certain

derivative

instruments.

Fixed-in-

come

securities

may

valued

using

prices

provided

di-

rectly

from

one

broker-dealers,

market

makers,

independent

third-party

pricing

services

which

may

use

matrix

pricing

and

valuation

models,

well

re-

cent

market

transactions

for

the

same

similar

assets,

derive

values

when

such

prices

are

believed

reflect

321

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

fair

market

values

such

securities.

Such

prices

may

determined

taking

into

account

securities

prices,

yields,

maturities,

call

features,

ratings,

prepayment

speeds,

credit

risks,

cash

flows,

institutional

size

trading

similar

groups

securities

and

developments

specific

securities.

Fixed-income

securities

maturing

within

relatively

short

period,

less

than

days,

are

valued

amortized

cost

when

approximates

fair

value.

Foreign

equity

securities

are

generally

priced

the

closing

price

last

sales

price

reported

the

foreign

exchange

which

they

are

principally

traded.

there

have

been

sales

for

that

day

the

primary

ex-

change,

then

the

value

determined

with

reference

the

last

sale

price

any

other

exchange.

there

have

been

sales

the

security

for

that

day

any

ex-

change,

the

security

will

valued

fair

value

pursuant

the

Trust’s

fair

value

procedures.

Spot

and

forward

foreign

currency

exchange

contracts

generally

are

val-

ued

using

independent

pricing

service.

The

value

assets

denominated

foreign

currencies

converted

into

U.S.

dollars

using

exchange

rates

deemed

appro-

priate

NTI

Investment

Adviser.

Any

use

differ-

ent

rate

from

the

rates

used

Underlying

Index’s

index

provider

may

adversely

affect

Index

Fund’s

ability

track

its

Underlying

Index.

Underlying

In-

dex’s

index

provider

determines

the

composition

and

relative

weightings

the

securities

the

Underlying

Index

and

publishes

information

regarding

the

market

value

the

Underlying

Index.

Exchange-traded

financial

futures

and

options

thereon

are

valued

the

settlement

price

established

the

exchange

which

they

are

traded.

Over-the-counter

options

are

valued

broker-provided

bid

prices,

are

swaps.

The

foregoing

prices

may

obtained

from

one

independent

pricing

services

or,

needed

applicable,

independent

broker-dealers.

there

was

sale

that

day,

and

for

other

non-exchange

traded

de-

rivatives,

the

contract

valued

fair

value

pursuant

the

Trust’s

fair

value

procedures.

Each

Fund

relies

various

sources

calculate

its

NAV.

The

ability

the

Funds’

administrator

calculate

the

NAV

per

the

Funds

subject

operation-

risks

associated

with

processing

human

errors,

systems

technology

failures,

and

errors

caused

third

party

service

providers,

data

sources,

trading

counterparties.

Such

failures

may

result

delays

the

calculation

the

Funds’

NAVs

and/or

the

inability

cal-

culate

NAV

over

extended

time

periods.

The

Funds

may

unable

recover

any

losses

associated

with

such

failures,

and

may

necessary

for

alternative

proce-

dures

followed

price

portfolio

securities

when

determining

the

Funds’

NAVs.

Various

inputs

are

used

determining

the

value

each

Fund’s

investments.

These

inputs

are

summarized

three

levels

listed

below:

Level

1—Quoted

prices

active

markets

for

identical

assets

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

determining

the

fair

value

investments).

The

inputs

methodology

used

for

valuing

securities

are

not

necessarily

indication

the

risk

associated

with

investing

those

securities.

For

example,

short-

term

debt

securities

may

valued

amortized

cost,

long

amortized

cost

approximates

the

current

fair

value

security,

but

since

the

valuation

not

ob-

tained

from

quoted

price

active

market,

such

se-

curities

are

reflected

Level

The

following

summary

the

valuations

Oc-

tober

31,

2025 for

each

Fund

based

upon

the

three

lev-

els

defined

above.

The

value

Level

securities

com-

pared

the

total

Fund

net

assets

not

material

and,

therefore,

the

reconciliation

Level

securities

and

valuation

techniques

are

not

disclosed.

Please

refer

the

Schedules

Investments

view

equity

and

debt

securities

segregated

industry

type,

where

ap-

plicable.

FLEXSHARES

ANNUAL

REPORT

322

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

Quality

Low

Volatility

Index

Fund

Investments

Common

Stocks*

142,637,458

—

142,637,458

Securities

Lending

Reinvestments

Repurchase

Agreements

—

3,900,134

—

3,900,134

Short-Term

Investments

—

105,716

—

105,716

Total

Investments

142,637,458

4,005,850

—

146,643,308

Other

Financial

Instruments

Assets

Futures

Contracts

46,887

—

46,887

Total

Other

Financial

Instruments

46,887

—

46,887

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

Investments

Common

Stocks*

59,340,284

—

59,340,284

Warrants

—

Securities

Lending

Reinvestments

Repurchase

Agreements

—

3,541,516

—

3,541,516

Total

Investments

59,340,284

3,541,516

—

62,881,800

Other

Financial

Instruments

Assets

Futures

Contracts

6,573

—

6,573

Forward

Foreign

Currency

Contracts

—

20,286

—

20,286

Liabilities

Forward

Foreign

Currency

Contracts

—

(

8,215

)

—

(

8,215

)

Total

Other

Financial

Instruments

6,573

12,071

—

18,644

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

Investments

Common

Stocks

Life

Sciences

Tools

Services

85,011

107,124

—

192,135

Other*

14,716,916

—

14,716,916

Securities

Lending

Reinvestments

Repurchase

Agreements

—

469,488

—

469,488

Total

Investments

14,801,927

576,612

—

15,378,539

Other

Financial

Instruments

Assets

Futures

Contracts

6,640

—

6,640

Forward

Foreign

Currency

Contracts

—

Liabilities

Forward

Foreign

Currency

Contracts

—

(

)

—

(

)

Total

Other

Financial

Instruments

6,640

—

6,657

323

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

Morningstar

Market

Factor

Tilt

Index

Fund

Investments

Common

Stocks*

1,836,313,484

—

1,836,313,484

Rights

—

Warrants

82,846

—

82,846

Securities

Lending

Reinvestments

Certificates

Deposit

—

31,004,824

—

31,004,824

Repurchase

Agreements

—

129,129,213

—

129,129,213

Total

Investments

1,836,396,330

160,134,037

—

1,996,530,367

Other

Financial

Instruments

Assets

Futures

Contracts

214,064

—

214,064

Liabilities

Futures

Contracts

(

24,933

)

—

(

24,933

)

Total

Other

Financial

Instruments

189,131

—

189,131

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

Investments

Closed

End

Funds

880,960

—

880,960

Common

Stocks

Banks

79,026,156

—

210

79,026,366

Capital

Markets

20,846,969

42,437

—

20,889,406

Energy

Equipment

Services

4,004,454

—

13,268

4,017,722

Metals

Mining

34,572,054

—

920,909

35,492,963

Other*

418,555,263

—

418,555,263

Rights

2,532

3,523

—

6,055

Warrants

—

Securities

Lending

Reinvestments

Repurchase

Agreements

—

26,219,813

—

26,219,813

Total

Investments

557,888,388

26,265,773

934,387

585,088,548

Other

Financial

Instruments

Assets

Futures

Contracts

552,641

—

552,641

Forward

Foreign

Currency

Contracts

—

5,514

—

5,514

Liabilities

Futures

Contracts

(

940

)

—

(

940

)

Forward

Foreign

Currency

Contracts

—

(

18,185

)

—

(

18,185

)

Total

Other

Financial

Instruments

551,701

(

12,671

)

—

539,030

FLEXSHARES

ANNUAL

REPORT

324

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

Investments

Common

Stocks

Chemicals

8,809,801

11,276

—

8,821,077

Construction

Materials

3,094,393

—

3,094,474

Consumer

Finance

2,088,814

—

23,345

2,112,159

Consumer

Staples

Distribution

Retail

3,267,459

283

—

3,267,742

Financial

Services

4,163,219

—

31,077

4,194,296

Food

Products

5,692,577

12,074

—

5,704,651

Health

Care

Providers

Services

2,927,252

—

937

2,928,189

Hotels,

Restaurants

Leisure

4,871,452

1,596

27,497

4,900,545

Industrial

REITs

984,562

386,512

—

1,371,074

Life

Sciences

Tools

Services

524,208

231,388

—

755,596

Machinery

5,684,693

—

152,253

5,836,946

Metals

Mining

12,785,037

—

4,233

12,789,270

Oil,

Gas

Consumable

Fuels

11,376,734

1,552

—

11,378,286

Real

Estate

Management

Development

8,874,698

—

30,158

8,904,856

Retail

REITs

1,605,422

166,004

—

1,771,426

Transportation

Infrastructure

1,892,612

68,888

—

1,961,500

Other*

210,833,917

—

210,833,917

Preferred

Stocks

—

1,485

Rights

—

Securities

Lending

Reinvestments

Repurchase

Agreements

—

3,981,059

—

3,981,059

Total

Investments

289,476,850

4,860,695

271,066

294,608,611

Other

Financial

Instruments

Assets

Futures

Contracts

233,478

—

233,478

Forward

Foreign

Currency

Contracts

—

10,380

—

10,380

Liabilities

Forward

Foreign

Currency

Contracts

—

(

4,550

)

—

(

4,550

)

Total

Other

Financial

Instruments

233,478

5,830

—

239,308

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

Quality

Large

Cap

Index

Fund

Investments

Common

Stocks*

666,329,082

—

666,329,082

Securities

Lending

Reinvestments

Repurchase

Agreements

—

7,955,382

—

7,955,382

Total

Investments

666,329,082

7,955,382

—

674,284,464

Other

Financial

Instruments

Assets

Futures

Contracts

950,572

—

950,572

Total

Other

Financial

Instruments

950,572

—

950,572

325

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

STOXX®

ESG

Select

Index

Fund

Investments

Common

Stocks*

127,700,720

—

127,700,720

Securities

Lending

Reinvestments

Repurchase

Agreements

—

142,934

—

142,934

Total

Investments

127,700,720

142,934

—

127,843,654

Other

Financial

Instruments

Assets

Futures

Contracts

42,546

—

42,546

Total

Other

Financial

Instruments

42,546

—

42,546

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

Investments

Common

Stocks*

99,603,567

—

99,603,567

Securities

Lending

Reinvestments

Repurchase

Agreements

—

2,518,172

—

2,518,172

Total

Investments

99,603,567

2,518,172

—

102,121,739

Other

Financial

Instruments

Assets

Futures

Contracts

26,083

—

26,083

Forward

Foreign

Currency

Contracts

—

7,880

—

7,880

Total

Other

Financial

Instruments

26,083

7,880

—

33,963

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

ESG &

Climate

Large

Cap

Core

Index

Fund

Investments

Common

Stocks*

82,777,590

—

82,777,590

Short-Term

Investments

—

46,874

—

46,874

Total

Investments

82,777,590

46,874

—

82,824,464

Other

Financial

Instruments

Assets

Futures

Contracts

13,298

—

13,298

Total

Other

Financial

Instruments

13,298

—

13,298

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

Investments

Common

Stocks*

69,704,095

—

69,704,095

Securities

Lending

Reinvestments

Repurchase

Agreements

—

1,342,070

—

1,342,070

Total

Investments

69,704,095

1,342,070

—

71,046,165

FLEXSHARES

ANNUAL

REPORT

326

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

(continued)

Level

—

Other

Significant

Observable

Inputs

(continued)

Level

—

Significant

Unobservable

Inputs

(continued)

Total

(continued)

Other

Financial

Instruments

Assets

Futures

Contracts

7,225

—

7,225

Forward

Foreign

Currency

Contracts

—

16,748

—

16,748

Liabilities

Forward

Foreign

Currency

Contracts

—

(

3,339

)

—

(

3,339

)

Total

Other

Financial

Instruments

7,225

13,409

—

20,634

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

Investments

Common

Stocks*

5,246,961,253

—

5,246,961,253

Securities

Lending

Reinvestments

Certificates

Deposit

—

35,004,256

—

35,004,256

Repurchase

Agreements

—

287,162,447

—

287,162,447

Total

Investments

5,246,961,253

322,166,703

—

5,569,127,956

Other

Financial

Instruments

Assets

Futures

Contracts

619,989

—

619,989

Forward

Foreign

Currency

Contracts

—

105,151

—

105,151

Liabilities

Futures

Contracts

(

141,175

)

—

(

141,175

)

Forward

Foreign

Currency

Contracts

—

(

132,161

)

—

(

132,161

)

Total

Other

Financial

Instruments

478,814

(

27,010

)

—

451,804

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

Investments

Common

Stocks*

2,974,080,057

—

2,974,080,057

Securities

Lending

Reinvestments

Certificates

Deposit

—

7,002,824

—

7,002,824

Repurchase

Agreements

—

122,307,937

—

122,307,937

Total

Investments

2,974,080,057

129,310,761

—

3,103,390,818

Other

Financial

Instruments

Assets

Futures

Contracts

708,322

—

708,322

Forward

Foreign

Currency

Contracts

—

186,996

—

186,996

Liabilities

Futures

Contracts

(

15,143

)

—

(

15,143

)

Forward

Foreign

Currency

Contracts

—

(

123,004

)

—

(

123,004

)

Total

Other

Financial

Instruments

693,179

63,992

—

757,171

327

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

Global

Quality

Real

Estate

Index

Fund

Investments

Common

Stocks*

349,215,506

—

349,215,506

Securities

Lending

Reinvestments

Repurchase

Agreements

—

23,428,569

—

23,428,569

Total

Investments

349,215,506

23,428,569

—

372,644,075

Other

Financial

Instruments

Assets

Futures

Contracts

18,495

—

18,495

Forward

Foreign

Currency

Contracts

—

8,699

—

8,699

Liabilities

Futures

Contracts

(

53,207

)

—

(

53,207

)

Forward

Foreign

Currency

Contracts

—

(

13,849

)

—

(

13,849

)

Total

Other

Financial

Instruments

(

34,712

)

(

5,150

)

—

(

39,862

)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

Quality

Dividend

Index

Fund

Investments

Common

Stocks*

1,987,051,851

—

1,987,051,851

Securities

Lending

Reinvestments

Certificates

Deposit

—

11,001,695

—

11,001,695

Repurchase

Agreements

—

89,835,002

—

89,835,002

Total

Investments

1,987,051,851

100,836,697

—

2,087,888,548

Other

Financial

Instruments

Assets

Futures

Contracts

343,848

—

343,848

Liabilities

Futures

Contracts

(

39,689

)

—

(

39,689

)

Total

Other

Financial

Instruments

304,159

—

304,159

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

Quality

Dividend

Defensive

Index

Fund

Investments

Common

Stocks*

473,763,148

—

473,763,148

Securities

Lending

Reinvestments

Repurchase

Agreements

—

20,318,068

—

20,318,068

Total

Investments

473,763,148

20,318,068

—

494,081,216

Other

Financial

Instruments

Assets

Futures

Contracts

145,468

—

145,468

Total

Other

Financial

Instruments

145,468

—

145,468

FLEXSHARES

ANNUAL

REPORT

328

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

International

Quality

Dividend

Index

Fund

Investments

Common

Stocks*

835,401,570

—

835,401,570

Securities

Lending

Reinvestments

Repurchase

Agreements

—

26,882,847

—

26,882,847

Total

Investments

835,401,570

26,882,847

—

862,284,417

Other

Financial

Instruments

Assets

Futures

Contracts

307,397

—

307,397

Forward

Foreign

Currency

Contracts

—

186,041

—

186,041

Liabilities

Forward

Foreign

Currency

Contracts

—

(

60,322

)

—

(

60,322

)

Total

Other

Financial

Instruments

307,397

125,719

—

433,116

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

Investments

Common

Stocks*

83,371,130

—

83,371,130

Securities

Lending

Reinvestments

Repurchase

Agreements

—

4,018,219

—

4,018,219

Total

Investments

83,371,130

4,018,219

—

87,389,349

Other

Financial

Instruments

Assets

Futures

Contracts

22,235

—

22,235

Forward

Foreign

Currency

Contracts

—

14,476

—

14,476

Liabilities

Forward

Foreign

Currency

Contracts

—

(

418

)

—

(

418

)

Total

Other

Financial

Instruments

22,235

14,058

—

36,293

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

Investments

U.S.

Treasury

Obligations

—

2,551,537,651

—

2,551,537,651

Total

Investments

—

2,551,537,651

—

2,551,537,651

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

Investments

U.S.

Treasury

Obligations

—

895,303,073

—

895,303,073

Total

Investments

—

895,303,073

—

895,303,073

329

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

Disciplined

Duration

MBS

Index

Fund

Investments

Mortgage-Backed

Securities

—

88,135,942

—

88,135,942

Total

Investments

—

88,135,942

—

88,135,942

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

Credit-Scored

Corporate

Bond

Index

Fund

Investments

Corporate

Bonds*

—

630,385,898

—

630,385,898

U.S.

Treasury

Obligations

—

2,988,750

—

2,988,750

Securities

Lending

Reinvestments

Certificates

Deposit

—

21,003,000

—

21,003,000

Repurchase

Agreements

—

113,175,574

—

113,175,574

Short-Term

Investments

—

1,999,357

—

1,999,357

Total

Investments

—

769,552,579

—

769,552,579

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

Credit-Scored

Long

Corporate

Bond

Index

Fund

Investments

Corporate

Bonds*

—

45,933,844

—

45,933,844

U.S.

Treasury

Obligations

—

1,046,563

—

1,046,563

Total

Investments

—

46,980,407

—

46,980,407

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

Investments

Corporate

Bonds*

—

1,198,465,654

307

1,198,465,961

Securities

Lending

Reinvestments

Certificates

Deposit

—

44,005,564

—

44,005,564

Repurchase

Agreements

—

242,386,088

—

242,386,088

Short-Term

Investments

—

18,993,888

—

18,993,888

Total

Investments

—

1,503,851,194

307

1,503,851,501

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

Investments

Corporate

Bonds*

—

39,703,641

—

39,703,641

Total

Investments

—

39,703,641

—

39,703,641

FLEXSHARES

ANNUAL

REPORT

330

Notes

the

Financial

Statements

(cont.)

Foreign

Securities

Certain

Funds

invest

publicly-traded

equity

securities

issuers

countries

other

than

the

United

States

America

(“U.S.”).

Such

investments

include

direct

in-

vestments

non-U.S.

dollar

denominated

securities

traded

outside

the

U.S.

The

Funds’

investments

for-

eign

securities

also

may

the

form

ADRs

and

Global

Depositary

Receipts

(“GDRs”)

(collectively,

“De-

positary

Receipts”)

based

securities

their

Under-

lying

Indexes.

ADRs

are

receipts

that

are

traded

the

United

States

evidencing

ownership

the

underlying

foreign

securities

and

are

denominated

U.S.

dollars.

GDRs

are

receipts

issued

non-U.S.

financial

in-

stitution

evidencing

ownership

underlying

foreign

U.S.

securities

and

usually

are

denominated

foreign

currencies.

GDRs

may

not

denominated

the

same

currency

the

securities

they

represent.

Generally,

GDRs

are

designed

for

use

foreign

securities

mar-

kets.

addition

investment

risks

associated

with

the

un-

derlying

issuer,

ADRs

and

GDRs

expose

Fund

risk

associated

with

non-uniform

terms

that

apply

ADR

and

GDR

programs,

credit

exposure

the

depository

bank

and

the

sponsored.

Certain Funds

may

invest

U.S.

dollar

denominated

bonds

non-U.S.

corporations

and

debt

securities

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

Ultra-Short

Income

Fund

Investments

Asset-Backed

Securities

—

101,191,995

—

101,191,995

Collateralized

Mortgage

Obligations

—

17,842,104

—

17,842,104

Commercial

Mortgage-Backed

Securities

—

8,485,582

—

8,485,582

Corporate

Bonds*

—

1,192,940,729

—

1,192,940,729

Municipal

Bonds

—

2,885,190

—

2,885,190

U.S.

Treasury

Obligations

—

20,332,646

—

20,332,646

Short-Term

Investments

—

48,100,482

—

48,100,482

Total

Investments

—

1,391,778,728

—

1,391,778,728

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares®

Core

Select

Bond

Fund

Investments

Exchange

Traded

Funds

142,036,054

—

142,036,054

Securities

Lending

Reinvestments

Repurchase

Agreements

—

21,734,979

—

21,734,979

Short-Term

Investments

—

213,426

—

213,426

Total

Investments

142,036,054

21,948,405

—

163,984,459

Other

Financial

Instruments

Assets

Futures

Contracts

55,591

—

55,591

Liabilities

Futures

Contracts

(

76,119

)

—

(

76,119

)

Total

Other

Financial

Instruments

(

20,528

)

—

(

20,528

)

See

Schedules

Investments

for

segregation

industry

type.

331

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

foreign

governments.

Investing

foreign

securities,

including

Depositary

Re-

ceipts,

may

result

Fund

experiencing

rapid

and

extreme

changes

value

than

fund

that

invests

exclusively

U.S.

securities,

due

less

liquid

markets,

and

adverse

economic,

political,

diplomatic,

financial,

and

regulatory

factors.

Foreign

governments

also

may

impose

taxes

and

limits

investment

and

repatriation.

Any

these

events

could

cause

the

value

Fund’s

foreign

investment

decline.

the

extent

that

Fund’s

assets

are

significantly

invested

single

country

geographic

region,

Fund

will

subject

the

risks

associated

with

that

particular

country

region.

Certain Funds

may

invest their

assets

emerging

mar-

ket

countries.

The

markets

emerging

market

countries

are

less

developed

and

less

liquid,

subject

greater

price

volatility

and

generally

subject

increased

eco-

nomic,

political,

regulatory

and

other

uncertainties

than

developed

foreign

markets.

The

risks

foreign

investment

are

increased

when

the

issuer

located

country

with

emerging

economy

securities

market.

Inflation-Indexed

Securities

Certain

Funds

may

invest in

U.S.

Treasury

Inflation-Pro-

tected

Securities

(“TIPS”).

TIPS

have

varying

maturities

and

pay

interest

semiannual

basis

equal

fixed

percentage

the

in-

flation

adjusted

principal

amount.

the

periodic

adjust-

ment

rate

measuring

inflation

falls,

the

principal

value

TIPS

will

adjusted

downward,

and

consequently

the

interest

payable

these

securities

(calculated

with

respect

smaller

principal

amount)

will

reduced.

Repayment

the

original

bond

principal

upon

maturity

(as

adjusted

for

inflation)

guaranteed

the

case

TIPS,

even

during

period

deflation.

The

value

TIPS

expected

change

response

changes

real

interest

rates.

Real

interest

rates

turn

are

tied

the

relationship

between

nominal

interest

rates

and

the

rate

inflation.

Therefore,

the

rate

inflation

rises

faster

rate

than

nominal

interest

rates,

real

interest

rates

might

decline,

leading

increase

value

TIPS.

contrast,

nominal

interest

rates

increase

faster

rate

than

inflation,

real

interest

rates

might

rise,

leading

decrease

value

TIPS.

Any

increase

the

principal

amount

TIPS

will

consid-

ered

taxable

ordinary

income,

even

though

investors

not

receive

their

principal

until

maturity.

While

these

securities

are

expected

protected

from

long-term

inflationary

trends,

short-term

increas-

inflation

may

lead

decline

value.

interest

rates

rise

due

reasons

other

than

inflation,

investors

these

securities

may

not

protected

the

extent

that

the

increase

not

reflected

the

TIPS’

inflation

measure.

The

periodic

adjustment

TIPS

tied

the

Consum-

Price

Index

for

Urban

Consumers

(“CPI-U”),

which

calculated

monthly

the

U.S.

Bureau

Labor

Statis-

tics.

The

CPI-U

measurement

changes

the

cost

living,

made

components

such

housing,

food,

transportation

and

energy.

There

can

assurance

that

the

CPI-U

will

accurately

measure

the

real

rate

inflation

the

prices

goods

and

services.

Mortgage-Backed

Pass-Through

Securi-

ties

The

FlexShares

Disciplined

Duration

MBS

Index

Fund

invests

primarily

U.S.

agency

mortgage-backed

pass-

through

securities

(“MBS”),

category

pass-through

securities

backed

pools

mortgages

and

issued

one

the

following

U.S.

government

agencies:

the

Federal

National

Mortgage

Association

(FNMA

Fannie

Mae),

the

Federal

Home

Loan

Mortgage

Cor-

poration

(FHLMC

Freddie

Mac)

the

Government

National

Mortgage

Association

(GNMA

Ginnie

Mae)

(each

“US

Agency”). Certain

Index

Funds

will

invest in

the

securities

of such

Index

Fund's Underlying

Index

and

“to-be

announced

transactions”

(“TBA

transac-

tions”)

that

represent

securities

its

Underlying

Index.

TBA

transaction,

the

buyer

and

seller

agree

upon

general

trade

parameters

such

agency,

coupon

rate,

settlement

date,

par

amount

and

price.

The

actual

pools

delivered

generally

are

determined

two

days

prior

settlement.

Mortgage

Dollar

Rolls

Certain

Funds may

enter

into

mortgage

dollar

roll

trans-

actions.

mortgage

dollar

roll

involves

the

sale

the

Fund

securities

for

delivery

the

future

(generally

within

days).

The

Fund

simultaneously

contracts

with

the

same

counterparty

repurchase

substantially

sim-

ilar

(same

type,

coupon

and

maturity)

but

not

identical

securities

specified

future

date.

During

the

roll

pe-

riod,

the

Fund

will

not

entitled

accrue

interest

and

FLEXSHARES

ANNUAL

REPORT

332

Notes

the

Financial

Statements

(cont.)

receive

principal

payments

the

securities

sold.

How-

ever,

the

Fund

benefits

the

extent

any

difference

between

(a)

the

price

received

for

the

securities

sold

and

(b)

the

lower

forward

price

for

the

future

purchase

and/or

fee

income

plus

the

interest

earned

the

cash

proceeds

the

securities

sold.

Successful

use

mort-

gage

dollar

rolls

depends

upon

the

Investment

Adviser’s

ability

predict

correctly

interest

rates

and

mortgage

prepayments.

The

use

this

technique

may

diminish

the

investment

performance

the

Fund

compared

with

what

such

performance

would

have

been

without

the

use

mortgage

dollar

rolls.

For

financial

reporting

and

tax

purposes,

Fund

treats

mortgage

dollar

rolls

two

separate

transactions:

one

involving

the

purchase

security

and

separate

transaction

involving

sale.

The

Fund

currently

does

not

intend

enter

into

mortgage

dollar

rolls

that

are

accounted

for

financing

and

does

not

treat

them

borrowings.

Repurchase

Agreements

the

extent

consistent

with

its

investment

policies,

each

Fund

may

enter

into

repurchase

agreements

un-

der

which

purchases

securities

(collateral)

for

cash

from

seller

and

agrees

resell

those

securities

the

same

seller

within

specified

time

specified

price.

During

the

term

repurchase

agreement,

the

market

value

the

underlying

collateral,

including

accrued

in-

terest,

required

equal

exceed

the

market

value

the

repurchase

agreement.

The

underlying

collateral

for

tri-party

repurchase

agreements

held

accounts

JPMorgan

Chase,

the

Fund’s

custodian,

and

not

reflected

the

assets

the

Funds,

the

Bank

New

York

JPMorgan

Chase

which,

turn,

holds

securities

through

the

book-entry

system

the

Federal

Reserve

Bank

New

York.

The

Fund

subject

credit

risk

repurchase

agreements

the

extent

that

the

counter-

party

fails

perform

under

the

agreement

and

the

value

the

collateral

received

falls

below

the

agreed

repur-

chase

price.

The

Northern

Trust

Company,

the

parent

NTI,

current-

party

various

Master

Repurchase

Agreements

with

number

different

counterparties,

and

acts

agent

behalf

various

disclosed

principals,

includ-

ing

the

Funds

and

various

other

accounts

managed

NTI,

entering

into

repurchase

agreements

under

the

Master

Repurchase

Agreements.

NTI

administers

and

manages

these

repurchase

agreements

accordance

with

and

part

its

duties

under

its

investment

ad-

visory

agreement

with

the

Funds

and

does

not

collect

any

additional

fees

from

the

Funds

for

such

services.

October

31,

2025,

none

the

Funds

presented

these

financial

statements

had

repurchase

agreements

outstanding

except

discussed

below.

October

31,

2025,

the

FlexShares

Quality

Low

Volatility

Index

Fund,

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund,

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund,

Flex-

Morningstar

Developed

Markets

ex-US

Fac-

tor

Tilt

Index

Fund,

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund,

FlexShares

Quality

Large

Cap

Index

Fund,

FlexShares

STOXX

ESG

Select

Index

Fund,

FlexShares

STOXX

Global

ESG

Select

Index

Fund,

FlexShares

ESG

Climate

De-

veloped

Markets

ex-US

Core

Index

Fund,

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund,

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund,

FlexShares

Global

Quality

Real

Estate

Index

Fund,

FlexShares

Quality

Dividend

Index

Fund,

FlexShares

Quality

Dividend

Defensive

Index

Fund,

FlexShares

International

Quality

Dividend

Index

Fund,

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund,

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund,

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund,

and

FlexShares

Core

Select

Bond

Fund

invested

cash

collateral

for

loans

portfolio

se-

curities

repurchase

agreements,

reflected

the

respective

Schedule

Investments

under

the

caption

“Securities

Lending

Reinvestments.”

Securities

Lending

Each

Fund

may

lend

securities

banks,

brokers

and

dealers

other

qualified

institutions.

exchange,

the

Fund

required

receive

minimum

initial

collateral

val-

follows:

Type

Loan

Minimum

Initial

Collateral

Requirement

U.S.

dollar

denominated

securities

secured

U.S.

dollar

denominated

government

securities

cash

collateral

102%

U.S.

dollar

denominated

securities

secured

non-U.S.

dollar

denominated

government

securities

cash

collateral

105%

Non-U.S.

dollar

denominated

securities

secured

government

securities

cash

collateral

the

same

denomination

the

lent

securities

102%

333

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

The

collateral

maintained

thereafter,

value

equal

least

100%

the

value

the

securities

loaned.

The

collateral

amount

valued

the

beginning

each

business

day

and

compared

the

market

value

the

loaned

securities

from

the

prior

business

day

de-

termine

additional

collateral

required.

additional

collateral

required,

request

sent

the

borrower.

Securities

lending

may

represent

than

one-third

the

value

Fund’s

total

assets

(including

the

loan

collateral).

JPMorgan

Chase

Bank,

N.A.

(the

“Securities

Lending

Agent”)

serves

the

securities

lending

agent

for

the

securities

lending

program

Fund.

Collateral

for

loans

portfolio

securities

made

Fund

may

consist

cash,

cash

equivalents,

securities

issued

guaranteed

the

U.S.

government

for-

eign

governments

its

agencies

(or

any

combination

thereof).

Any

cash

collateral

received

the

Fund

connection

with

these

loans

may

invested

vari-

ety

short-term

investments,

either

directly

indirectly

through

money

market

portfolios.

The

market

value

securities

loan

and

the

value

investments

made

with

cash

collateral

received

are

disclosed

the

Sched-

ules

Investments.

Securities

lending

income

includes

income

from

the

securities

lending

program

recorded

when

earned

from

the

Securities

Lending

Agent

and

any

fees

charged

borrowers

less

expenses

associated

with

the

loan.

The

net

amount

reflected

the

State-

ments

Operations

under

“Securities

lending

income

(net

fees).”

The

market

value

the

loaned

securities

determined

the

each

business

day

the

Fund

and

any

additional

required

collateral

delivered

the

Fund,

excess

collateral

returned

the

Fund,

the

business

day.

When

Fund

lends

its

securities,

will

continue

re-

ceive

payments

equal

the

dividends

and

interest

paid

the

securities

loaned

and

simultaneously

may

earn

interest

the

investment

the

cash

collateral.

Fund

will

have

the

right

terminate

loan

any

time

and

recall

the

loaned

securities

within

the

normal

and

customary

settlement

time

for

securities

transactions.

Fund

does

not

have

the

right

vote

securities

loan,

but

can

terminate

the

loan

and

regain

the

right

vote

material

event

affecting

the

securities

occurred.

bor-

rower

might

become

insolvent

refuse

honor

its

ob-

ligation

return

the

securities.

the

event

default

borrower

with

respect

any

loan,

the

Securities

Lending

Agent

will

exercise

any

and

all

remedies

pro-

vided

under

the

applicable

borrower

agreement.

These

remedies

include

purchasing

replacement

securities

for

the

Fund

applying

the

collateral

held

from

the

de-

faulting

borrower

against

the

purchase

cost

the

re-

placement

securities.

the

proceeds

from

the

collateral

are

less

than

the

purchase

cost

the

replacement

se-

curities,

the

Securities

Lending

Agent

responsible

for

such

shortfall,

subject

certain

limitations

that

are

set

forth

detail

the

Securities

Lending

Agency

Agree-

ment.

this

event,

Fund

could

experience

delays

recovering

its

securities

and

possibly

may

incur

capi-

tal

loss.

Each

Fund

will

responsible

for

any

loss

that

might

result

from

its

investment

the

cash

collateral

receives

from

borrower.

accordance

with

guidance

presented

FASB

Ac-

counting

Standard

Update

(“ASU”)

2014-11,

Transfers

and

Servicing

(Topic

860):

Repurchase-to-Maturity

Transactions,

Repurchase

Financings,

and

Disclosures,

liabilities

under

the

outstanding

securities

lending

trans-

actions

October

31,

2025,

which

were

comprised

cash,

were

follows:

Type

Loan

Minimum

Initial

Collateral

Requirement

Non-U.S.

dollar

denominated

securities

secured

government

securities

cash

collateral

the

different

denomination

from

the

lent

securities

105%

U.S.

dollar

and

Non-U.S.

dollar

denominated

securities

secured

equity

securities

collateral

105%

Fund

FlexShares

Quality

Low

Volatility

Index

Fund

3,900,134

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

3,541,516

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

469,488

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

160,129,513

FlexShares

Morningstar

Developed

Markets

ex-

Factor

Tilt

Index

Fund

26,219,813

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

3,981,059

FlexShares

Quality

Large

Cap

Index

Fund

7,955,382

FlexShares

STOXX

ESG

Select

Index

Fund

142,934

FlexShares

STOXX

Global

ESG

Select

Index

Fund

2,518,172

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

1,342,073

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

322,162,748

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

129,308,237

FlexShares

Global

Quality

Real

Estate

Index

Fund

23,428,567

FlexShares

Quality

Dividend

Index

Fund

100,835,002

FLEXSHARES

ANNUAL

REPORT

334

Notes

the

Financial

Statements

(cont.)

October

31,

2025,

the

Securities

Lending

Agency

Agreement

does

not

permit

the

Funds

enforce

net-

ting

arrangement.

The

cash

collateral

received

from

securities

loaned

disclosed

the

Statements

Assets

and

Liabilities

collateralized

securities

loan

disclosed

with-

the

Schedules

Investments

and

such

borrowings

have

maturities

that

are

overnight

and

continuous.

Securities

lending

agreements

may

subject

regu-

lation

qualified

financial

contracts

(“QFCs”).

Regula-

tions

adopted

federal

banking

regulators

under

the

Dodd-Frank

Act,

which

took

effect

2019,

require

that

certain

QFCs

with

counterparties

that

are

part

U.S.

foreign

global

systemically

important

banking

organiza-

tions

amended

include

contractual

restrictions

close-out

and

cross-default

rights.

covered

counter-

party

Fund

certain

the

covered

counterparty's

affiliates

were

become

subject

certain

insolvency

proceedings,

the

Fund

may

temporarily

unable

ex-

ercise

certain

default

rights,

and

the

QFC

may

trans-

ferred

another

entity.

These

requirements

may

impact

Fund's

credit

and

counterparty

risks.

The

remaining

maturities

the

securities

lending

transactions

are

con-

sidered

overnight

and

continuous.

Derivative

Contracts

Futures

Contracts

All

the

Index

Funds

may

invest

futures

contracts

help

track

the

price

and

yield

performance

their

Underlying

Indexes.

the

time

Fund

enters

into

futures

contract,

generally

required

make

mar-

gin

deposit

with

the

custodian

specified

amount

liquid

assets.

Subsequent

payments

made

received

the

Funds

equal

the

change

contract

value

are

recorded

variation

margin

payable

re-

ceivable

and

offset

unrealized

gains

losses.

Fu-

tures

are

marked

market

each

day

with

the

change

value

reflected

the

unrealized

gains

losses.

Fund

recognizes

realized

gain

loss

when

contract

closed

expires.

The

Statements

Operations

reflect

unrealized

gains

losses

open

futures

contracts,

“Net

change

unrealized

appreciation

(depreciation)

futures

contracts”,

and

any

realized

gains

(losses)

closed

futures

contracts

“Net

realized

gain

(loss)

from

Expiration

closing

futures

contracts”.

Certain

Funds may

take

long

short

positions

fu-

tures

manage

the

Fund’s

exposure

interest

rate

risk.

The

Fund

seeks

mitigate

the

potential

impact

interest

rates

the

performance

bonds

entering

into

short

positions

U.S.

Treasury

futures

transac-

tions

interest

rate

swaps.

The

Fund’s

short

positions

U.S.

Treasury

futures

and

interest

rate

swaps

are

not

intended

mitigate

credit

spread

risk

other

factors

influencing

the

price

bonds,

which

may

have

great-

impact

than

interest

rates.

addition,

when

interest

rates

fall,

long-only

bond

investments

will

perform

better

than

the

Fund’s

investments.

October

31,

2025,

the

FlexShares

Quality

Low

Volatility

Index

Fund,

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund,

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund,

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund,

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund,

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund,

FlexShares

Quality

Large

Cap

Index

Fund,

FlexShares

STOXX

ESG

Select

Index

Fund,

FlexShares

STOXX

Global

ESG

Select

Index

Fund,

FlexShares

ESG

Climate

Large

Cap

Core

Index

Fund,

FlexShares

ESG

Climate

Developed

Markets

ex-US

Core

Index

Fund,

FlexShares

Morningstar

Global

Upstream

Natu-

ral

Resources

Index

Fund,

FlexShares

STOXX

Glob-

Broad

Infrastructure

Index

Fund,

FlexShares

Global

Quality

Real

Estate

Index

Fund,

FlexShares

Quality

Dividend

Index

Fund,

FlexShares

Quality

Dividend

De-

fensive

Index

Fund,

FlexShares

International

Quality

Dividend

Index

Fund,

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund, and

FlexShares

Core

Select

Bond

Fund

had

open

futures

contracts.

The

use

futures

contracts

involves,

varying

degrees,

elements

market

and

counterparty

risk,

which

may

exceed

the

amounts

recognized

the

Statements

Assets

and

Liabilities.

Futures

contracts

present

the

fol-

lowing

risks:

imperfect

correlation

between

the

change

market

value

Fund’s

securities

and

the

price

Fund

FlexShares

Quality

Dividend

Defensive

Index

Fund

20,318,068

FlexShares

International

Quality

Dividend

Index

Fund

26,882,847

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

4,018,219

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

134,175,874

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

286,386,389

FlexShares

Core

Select

Bond

Fund

21,734,979

335

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

futures

contracts;

the

possible

inability

futures

contract

when

desired;

losses

due

unanticipated

mar-

ket

movements,

which

potentially

are

unlimited;

and

the

possible

inability

NTI

correctly

predict

the

direction

securities

prices,

interest

rates,

currency

exchange

rates

and

other

economic

factors.

Futures

markets

are

highly

volatile

and

the

use

futures

may

increase

the

volatility

Fund’s

NAV.

result

the

low

margin

deposits

normally

required

futures

trading,

relatively

small

price

movement

futures

contract

may

result

substantial

losses

Fund.

Futures

contracts

may

illiquid,

and

exchanges

may

limit

fluctuations

futures

contract

prices

during

single

day.

Foreign

exchanges

boards

trade

generally

not

offer

the

same

pro-

tection

U.S.

exchanges.

Foreign

Currency

Translations

Values

investments

denominated

foreign

curren-

cies

are

converted

into

U.S.

dollars

using

the

prevailing

market

rates

the

date

valuation

quoted

one

banks

dealers

that

make

two-way

market

such

currencies

(or

data

service

provider

based

quotations

received

from

such

banks

dealers).

Any

use

rate

different

from

the

rates

used

Underlying

Index’s

index

provider

may

affect

the

cor-

responding

Index

Fund’s

ability

track

its

Underlying

Index.

The

cost

purchases

and

proceeds

from

sales

investments,

interest

and

dividend

income

are

trans-

lated

into

U.S.

dollars

using

the

spot

market

rate

ex-

change

prevailing

the

respective

dates

such

trans-

actions.

“Net

realized

gain

(loss)

foreign

currency

transactions”

the

Statements

Operations

include

the

effect

changes

exchange

rates

between

trade

date

and

settlement

date

investment

security

trans-

actions,

foreign

currency

transactions

and

interest

and

dividends

received,

and

the

portion

foreign

currency

gains

and

losses

fluctuation

exchange

rates

between

the

initial

purchase

trade

date

and

subsequent

sale

trade

date

included

“Net

realized

gain

(loss)

investment

securities”

the

Statements

Oper-

ations.

Unrealized

gains

and

losses

assets

and

lia-

bilities,

other

than

investments

securities,

which

result

from

changes

foreign

currency

exchange

rates

have

been

included

“Net

change

unrealized

appreciation

(depreciation)

translation

other

assets

and

liabil-

ities

denominated

foreign

currencies”

the

State-

ments

Operations.

Forward

Foreign

Currency

Exchange

Con-

tracts

Certain

Funds may

enter

into

forward

foreign

currency

exchange

contracts

facilitate

local

settlements,

protect

against

currency

exposure

connection

with

its

distributions

shareholders

and

order

protect

against

uncertainty

the

level

future

foreign

currency

exchange

rates.

The

Funds,

however,

not

expect

engage

currency

transactions

for

speculative

purpos-

(e.g.,

for

potential

income

capital

gain).

All

forward

foreign

currency

exchange

contracts

held

are

“marked-

to-market”

daily

the

applicable

exchange

rates

and

any

resulting

unrealized

gains

losses

are

recorded.

The

Funds

record

realized

gains

losses

the

time

the

forward

foreign

currency

exchange

contract

offset

entering

into

closing

transaction

extinguished

delivery

the

currency.

The

difference

between

the

future

foreign

currency

exchange

rates

the

date

entry

into

the

contract

and

the

rates

the

reporting

date

are

included

“Net

change

unrealized

appreciation

(depreciation)

forward

foreign

currency

contracts”

the

Statements

Operations.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

U.S.

Dollars

without

the

delivery

for-

eign

currency.

There

are

several

risks

associated

with

these

contracts.

One

risk

the

potential

inability

counterparties

meet

the

terms

their

contracts,

and

unanticipated

movements

the

value

foreign

currency

relative

the

U.S.

dollar.

The

contractual

amounts

forward

foreign

currency

exchange

contracts

not

necessarily

represent

the

amounts

potentially

subject

risk.

The

measurement

the

risks

associated

with

these

instru-

ments

meaningful

only

when

all

and

offsetting

transactions

are

considered.

The

Statements

Oper-

ations

reflect

(i)

realized

gains

losses,

any,

“Net

realized

gain

(loss)

from

settlement

forward

foreign

currency

contracts”

and

(ii)

unrealized

gains

losses

“Net

change

unrealized

appreciation

(depreciation)

forward

foreign

currency

contracts”.

Forward

foreign

currency

exchange

contracts

are

privately

negotiated

transactions

and

can

have

substantial

price

volatility.

result,

they

offer

less

protection

against

default

the

other

party

than

available

for

instruments

traded

exchange.

The

institutions

that

deal

forward

for-

eign

currency

exchange

contracts

are

not

required

continue

make

markets

the

currencies

they

trade,

and

these

markets

can

experience

periods

illiquidity.

October

31,

2025,

the

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund,

Flex-

Emerging

Markets

Quality

Low

Volatility

Index

FLEXSHARES

ANNUAL

REPORT

336

Notes

the

Financial

Statements

(cont.)

Fund,

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund,

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund,

FlexShares

STOXX

Global

ESG

Select

Index

Fund,

FlexShares

ESG

Climate

Developed

Markets

ex-US

Core

Index

Fund,

FlexShares

Morningstar

Global

Upstream

Natu-

ral

Resources

Index

Fund,

FlexShares

STOXX

Glob-

Broad

Infrastructure

Index

Fund,

FlexShares

Global

Quality

Real

Estate

Index

Fund,

FlexShares

Interna-

tional

Quality

Dividend

Index

Fund,

and

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

had

open

forward

foreign

currency

contracts.

TBA Transactions

Certain

Funds

may

seek

obtain

exposure

U.S.

agency

mortgage-backed

pass-through

securities,

whole

part,

through

the

use

TBA

transactions.

TBA

transaction,

the

buyer

and

seller

agree

upon

general

trade

parameters

such

agency,

coupon

rate,

settlement

date,

par

amount

and

price.

The

actual

pools

delivered

generally

are

determined

two

days

prior

the

settlement

date.

The

Fund

may

use

TBA

transactions

several

ways.

For

example,

the

Fund

may

regularly

enter

into

TBA

agreements

and

“roll

over”

such

agree-

ments

prior

the

settlement

date

stipulated

such

agreements.

This

type

TBA

transaction

sometimes

known

“TBA

Roll.”

TBA

Roll,

the

Fund

general-

will

sell

the

obligation

purchase

the

pools

stipulated

the

TBA

agreement

prior

the

stipulated

settlement

date

and

will

enter

into

new

TBA

agreement

for

future

delivery

pools

mortgage-backed

pass-through

se-

curities.

addition,

the

Fund

may

enter

into

TBA

agreements

and

settle

such

transactions

the

stipulated

settle-

ment

date

accepting

actual

receipt

delivery

the

pools

mortgage-backed

securities

stipulated

the

TBA

agreement.

Pending

settlement

such

contracts,

the

Fund

may

cover

its

payment

obligations

settle-

ment

investing

its

assets

liquid,

short-term

instru-

ments

cash

equivalents,

designate

other

liquid

se-

curities,

which

will

marked

market

daily.

The

Fund

may

also

cover

its

payment

obligations

settlement

investing

money

market

funds

advised

NTI

its

affiliates,

which

will

result

the

Fund

assum-

ing

its

pro

rata

the

fees

and

expenses

the

money

market

funds

addition

the

Fund’s

own

fees

and

expenses.

TBA

Transactions

investments

involve

the

risk

loss

the

securities

received

are

less

favorable

than

what

was

anticipated

the

Fund

when

entering

into

the

TBA

transaction.

TBA

transactions

also

involve

the

risk

that

the

counterparty

will

fail

deliver

the

securities,

expos-

ing

the

Fund

further

losses.

Default

bankruptcy

counterparty

TBA

transaction

would

expose

the

Fund

possible

losses

because

adverse

market

action,

expenses

delays

connection

with

the

pur-

chase

sale

the

pools

mortgage

pass-through

se-

curities

specified

the

TBA

transaction.

Whether

not

the

Fund

takes

delivery

the

securities

the

termina-

tion

date

TBA

transaction,

the

Fund

will

nonetheless

exposed

changes

the

value

the

underlying

investments

during

the

term

the

agreement.

Offsetting

Financial

Assets

and

Deriva-

tive

Assets

The

Funds’

accounting

policy

with

respect

balance

sheet

offsetting

that,

absent

event

default

the

counterparty

termination

the

agreement,

the

International

Swaps

and

Derivatives

Association

(ISDA)

Master

Agreement

similar

agreement

does

not

result

offset

reported

amounts

financial

assets

and

financial

liabilities

the

Statements

Assets

and

Lia-

bilities

across

transactions

between

the

Fund

and

the

applicable

counterparty.

the

event

default,

the

agreement

provides

the

right

for

the

non-defaulting

party

liquidate

the

collateral

and

calculate

the

net

exposure

the

defaulting

party

request

additional

collateral.

The

Funds’

right

setoff

may

restricted

prohibited

the

bankruptcy

insolvency

laws

the

particular

jurisdiction

which

specific

master

netting

agreement

counterparty

subject.

For

financial

reporting

purposes,

the

Trust

can

offset

fi-

nancial

assets

and

financial

liabilities

the

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund,

FlexShares

Emerging

Markets

Quality

Low

Vol-

atility

Index

Fund,

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund,

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund,

FlexShares

STOXX

Global

ESG

Select

Index

Fund,

FlexShares

ESG

Climate

Developed

Market

ex-US

Core

Index

Fund,

FlexShares

Morningstar

Global

Up-

stream

Natural

Resources

Index

Fund,

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund,

Flex-

Global

Quality

Real

Estate

Index

Fund,

Flex-

Quality

Dividend

Defensive

Index

Fund,

Flex-

International

Quality

Dividend

Index

Fund,

and

the

FlexShares

International

Quality

Dividend

Dynamic

337

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

Index

Fund

that

are

subject

master

netting

arrange-

ments

similar

agreements

the

Statements

As-

sets

and

Liabilities.

The

following

table

presents

the

gross

and

net

amounts

these

assets

and

liabilities:

Gross

Amounts

Not

Offset

the

Statement

Assets

and

Liabilities

Gross

Amounts

Assets

presented

Statements

Assets

and

Liabilities

Financial

Instruments

Cash

Collateral

Received

Net

Amount

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

Foreign

Currency

Contracts

—

Bank

Montreal

370

(

370

)

–

Foreign

Currency

Contracts

—

Citigroup

Global

Markets,

Inc.

464

–

464

Foreign

Currency

Contracts

—

Goldman

Sachs

Co.

3,240

(

)

–

3,238

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

9,719

–

9,719

Foreign

Currency

Contracts

—

Morgan

Stanley

6,493

(

4,798

)

–

1,695

Total

20,286

(

5,170

)

–

15,116

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

Foreign

Currency

Contracts

—

Goldman

Sachs

Co.

–

Total

–

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

Foreign

Currency

Contracts

—

Bank

Montreal

2,384

–

2,384

Foreign

Currency

Contracts

—

Morgan

Stanley

3,130

–

3,130

Total

5,514

–

5,514

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

Foreign

Currency

Contracts

—

Citibank

5,440

(

3,831

)

–

1,609

Foreign

Currency

Contracts

—

Goldman

Sachs

Co.

4,940

(

173

)

–

4,767

Total

10,380

(

4,005

)

–

6,375

FlexShares

STOXX®

Global

ESG

Select

Index

Fund

Foreign

Currency

Contracts

—

Citibank

5,724

–

5,724

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

219

–

219

Foreign

Currency

Contracts

—

Morgan

Stanley

1,937

–

1,937

Total

7,880

–

7,880

FLEXSHARES

ANNUAL

REPORT

338

Notes

the

Financial

Statements

(cont.)

Gross

Amounts

Not

Offset

the

Statement

Assets

and

Liabilities

Gross

Amounts

Assets

presented

Statements

Assets

and

Liabilities

Financial

Instruments

Cash

Collateral

Received

Net

Amount

FlexShares

ESG

Climate

Developed

Markets

ex-US

Core

Index

Fund

Foreign

Currency

Contracts

—

Bank

Montreal

921

(

470

)

–

451

Foreign

Currency

Contracts

—

BNP

Paribas

849

(

)

–

844

Foreign

Currency

Contracts

—

Goldman

Sachs

Co.

5,293

–

5,293

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

5,675

–

5,675

Foreign

Currency

Contracts

—

Morgan

Stanley

2,756

–

2,756

Foreign

Currency

Contracts

—

Toronto-Dominion

Bank

(The)

597

–

597

Foreign

Currency

Contracts

—

UBS

657

–

657

Total

16,748

(

475

)

–

16,273

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

Foreign

Currency

Contracts

—

BNP

Paribas

1,090

(

644

)

–

446

Foreign

Currency

Contracts

—

Citibank

75,461

–

75,461

Foreign

Currency

Contracts

—

Goldman

Sachs

Co.

6,336

(

4,349

)

–

1,987

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

22,264

(

22,264

)

–

Total

105,151

(

27,257

)

–

77,894

FlexShares

STOXX®

Global

Broad

Infrastructure

Index

Fund

Foreign

Currency

Contracts

—

Goldman

Sachs

Co.

80,875

–

80,875

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

90,896

(

58,678

)

–

32,218

Foreign

Currency

Contracts

—

UBS

15,225

–

15,225

Total

186,996

(

58,678

)

–

128,318

FlexShares

Global

Quality

Real

Estate

Index

Fund

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

4,919

(

4,919

)

–

Foreign

Currency

Contracts

—

Morgan

Stanley

1,169

–

1,169

339

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

Gross

Amounts

Not

Offset

the

Statement

Assets

and

Liabilities

Gross

Amounts

Assets

presented

Statements

Assets

and

Liabilities

Financial

Instruments

Cash

Collateral

Received

Net

Amount

Foreign

Currency

Contracts

—

UBS

2,611

(

699

)

–

1,912

Total

8,699

(

5,618

)

–

3,081

FlexShares

International

Quality

Dividend

Index

Fund

Foreign

Currency

Contracts

—

Bank

Montreal

7,620

(

5,697

)

–

1,923

Foreign

Currency

Contracts

—

Goldman

Sachs

Co.

59,475

–

59,475

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

91,298

(

5,004

)

–

86,294

Foreign

Currency

Contracts

—

Morgan

Stanley

26,468

(

6,071

)

–

20,397

Foreign

Currency

Contracts

—

UBS

1,180

–

1,180

Total

186,041

(

16,772

)

–

169,269

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

Foreign

Currency

Contracts

—

Goldman

Sachs

Co.

4,407

–

4,407

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

6,435

–

6,435

Foreign

Currency

Contracts

—

Morgan

Stanley

2,778

–

2,778

Foreign

Currency

Contracts

—

UBS

856

–

856

Total

14,476

–

14,476

Gross

Amounts

Not

Offset

the

Statement

Assets

and

Liabilities

Gross

Amounts

Liabilities

presented

Statements

Assets

and

Liabilities

Financial

Instruments

Cash

Collateral

Pledged

Net

Amount

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

Foreign

Currency

Contracts

—

Bank

Montreal

3,415

(

370

)

–

3,045

Foreign

Currency

Contracts

—

Goldman

Sachs

Co.

(

)

–

Foreign

Currency

Contracts

—

Morgan

Stanley

4,798

(

4,798

)

–

Total

8,215

(

5,170

)

–

3,045

FLEXSHARES

ANNUAL

REPORT

340

Notes

the

Financial

Statements

(cont.)

Gross

Amounts

Not

Offset

the

Statement

Assets

and

Liabilities

Gross

Amounts

Liabilities

presented

Statements

Assets

and

Liabilities

Financial

Instruments

Cash

Collateral

Pledged

Net

Amount

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

Foreign

Currency

Contracts

—

Citigroup

Global

Markets,

Inc.

–

Total

–

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

18,185

–

18,185

Total

18,185

–

18,185

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

Foreign

Currency

Contracts

—

BNP

Paribas

–

Foreign

Currency

Contracts

—

Citibank

3,832

(

3,832

)

–

Foreign

Currency

Contracts

—

Goldman

Sachs

Co.

173

(

173

)

–

Foreign

Currency

Contracts

—

UBS

467

–

467

Total

4,550

(

4,005

)

–

545

FlexShares

ESG

Climate

Developed

Markets

ex-US

Core

Index

Fund

Foreign

Currency

Contracts

—

Bank

Montreal

470

(

470

)

–

Foreign

Currency

Contracts

—

BNP

Paribas

(

)

–

Foreign

Currency

Contracts

—

Citigroup

Global

Markets,

Inc.

2,864

–

2,864

Total

3,339

(

475

)

–

2,864

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

Foreign

Currency

Contracts

—

Bank

Montreal

44,596

–

44,596

Foreign

Currency

Contracts

—

BNP

Paribas

644

(

644

)

–

Foreign

Currency

Contracts

—

Goldman

Sachs

Co.

4,349

(

4,349

)

–

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

70,840

(

22,264

)

–

48,576

Foreign

Currency

Contracts

—

Morgan

Stanley

768

–

768

Foreign

Currency

Contracts

—

Toronto-Dominion

Bank

(The)

8,969

–

8,969

341

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

Gross

Amounts

Not

Offset

the

Statement

Assets

and

Liabilities

Gross

Amounts

Liabilities

presented

Statements

Assets

and

Liabilities

Financial

Instruments

Cash

Collateral

Pledged

Net

Amount

Foreign

Currency

Contracts

—

UBS

1,995

–

1,995

Total

132,161

(

27,257

)

–

104,904

FlexShares

STOXX®

Global

Broad

Infrastructure

Index

Fund

Foreign

Currency

Contracts

—

Citibank

64,326

–

64,326

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

58,678

(

58,678

)

–

Total

123,004

(

58,678

)

–

64,326

FlexShares

Global

Quality

Real

Estate

Index

Fund

Foreign

Currency

Contracts

—

Bank

Montreal

1,973

–

1,973

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

11,177

(

4,919

)

–

6,258

Foreign

Currency

Contracts

—

UBS

699

(

699

)

–

Total

13,849

(

5,618

)

–

8,231

FlexShares

International

Quality

Dividend

Index

Fund

Foreign

Currency

Contracts

—

Bank

Montreal

5,697

(

5,697

)

–

Foreign

Currency

Contracts

—

BNP

Paribas

104

–

104

Foreign

Currency

Contracts

—

Citibank

43,446

–

43,446

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

5,004

(

5,004

)

–

Foreign

Currency

Contracts

—

Morgan

Stanley

6,071

(

6,071

)

–

Total

60,322

(

16,772

)

–

43,550

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

Foreign

Currency

Contracts

—

Bank

Montreal

418

–

418

Total

418

–

418

FLEXSHARES

ANNUAL

REPORT

342

Notes

the

Financial

Statements

(cont.)

The

following

tables

indicate

the

location

derivative-related

items

the

Statements

Assets

and

Liabilities

well

the

effect

derivative

instruments

the

Statements

Operations

during

the

reporting

period.

Derivatives

risk

type

Statements

Assets

and

Liabilities

Location

Fund

Value

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

Quality

Low

Volatility

Index

Fund

$46,887

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

6,573

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

forward

foreign

currency

contracts

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

20,286

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

forward

foreign

currency

contracts

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(8,215)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

6,640

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

forward

foreign

currency

contracts

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

forward

foreign

currency

contracts

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(32)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

214,064

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

futures

contracts*

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(24,933)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

552,641

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

futures

contracts*

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(940)

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

forward

foreign

currency

contracts

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

5,514

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

forward

foreign

currency

contracts

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(18,185)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

233,478

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

forward

foreign

currency

contracts

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

10,380

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

forward

foreign

currency

contracts

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(4,550)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

Quality

Large

Cap

Index

Fund

950,572

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

STOXX

ESG

Select

Index

Fund

42,546

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

STOXX

Global

ESG

Select

Index

Fund

26,083

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

forward

foreign

currency

contracts

FlexShares

STOXX

Global

ESG

Select

Index

Fund

7,880

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

13,298

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

7,225

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

forward

foreign

currency

contracts

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

16,748

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

forward

foreign

currency

contracts

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(3,339)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

619,989

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

futures

contracts*

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(141,175)

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

forward

foreign

currency

contracts

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

105,151

343

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

Derivatives

risk

type

Statements

Assets

and

Liabilities

Location

Fund

Value

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

forward

foreign

currency

contracts

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(132,161)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

708,322

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

futures

contracts*

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

(15,143)

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

forward

foreign

currency

contracts

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

186,996

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

forward

foreign

currency

contracts

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

(123,004)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

Global

Quality

Real

Estate

Index

Fund

18,495

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

futures

contracts*

FlexShares

Global

Quality

Real

Estate

Index

Fund

(53,207)

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

forward

foreign

currency

contracts

FlexShares

Global

Quality

Real

Estate

Index

Fund

8,699

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

forward

foreign

currency

contracts

FlexShares

Global

Quality

Real

Estate

Index

Fund

(13,849)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

Quality

Dividend

Index

Fund

343,848

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

futures

contracts*

FlexShares

Quality

Dividend

Index

Fund

(39,689)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

Quality

Dividend

Defensive

Index

Fund

145,468

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

International

Quality

Dividend

Index

Fund

307,397

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

forward

foreign

currency

contracts

FlexShares

International

Quality

Dividend

Index

Fund

186,041

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

forward

foreign

currency

contracts

FlexShares

International

Quality

Dividend

Index

Fund

(60,322)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

22,235

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

forward

foreign

currency

contracts

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

14,476

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

forward

foreign

currency

contracts

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

(418)

Interest

Rate

Futures

Contracts

Assets

—

Unrealized

appreciation

futures

contracts*

FlexShares

Core

Select

Bond

Fund

55,591

Interest

Rate

Futures

Contracts

Liabilities

—

Unrealized

depreciation

futures

contracts*

FlexShares

Core

Select

Bond

Fund

(76,119)

Includes

cumulative

appreciation/depreciation

futures

contracts

reported

the

Schedule

Investments.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

Derivatives

risk

type

Location

Gain

(Loss)

Derivatives

the

Statements

Operations

Fund

Realized

Gain

(Loss)

Derivatives

Change

Unrealized

Appreciation

(Depreciation)

Derivatives

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

Quality

Low

Volatility

Index

Fund

$131,995

$56,268

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

88,189

25,480

FLEXSHARES

ANNUAL

REPORT

344

Notes

the

Financial

Statements

(cont.)

Derivatives

risk

type

Location

Gain

(Loss)

Derivatives

the

Statements

Operations

Fund

Realized

Gain

(Loss)

Derivatives

Change

Unrealized

Appreciation

(Depreciation)

Derivatives

Foreign

Currency

Contracts

Net

realized

gain

(loss)

Foreign

currency

transactions,

Net

change

unrealized

appreciation

(depreciation)

Forward

foreign

currency

contracts

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(8,825)

2,559

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

28,766

2,290

Foreign

Currency

Contracts

Net

realized

gain

(loss)

Foreign

currency

transactions,

Net

change

unrealized

appreciation

(depreciation)

Forward

foreign

currency

contracts

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

1,092

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

1,586,852

112,967

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

1,024,852

545,993

Foreign

Currency

Contracts

Net

realized

gain

(loss)

Foreign

currency

transactions,

Net

change

unrealized

appreciation

(depreciation)

Forward

foreign

currency

contracts

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(23,006)

7,415

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

1,084,310

177,457

Foreign

Currency

Contracts

Net

realized

gain

(loss)

Foreign

currency

transactions,

Net

change

unrealized

appreciation

(depreciation)

Forward

foreign

currency

contracts

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(23,469)

(2,064)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

Quality

Large

Cap

Index

Fund

344,168

944,198

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

STOXX

ESG

Select

Index

Fund

85,444

33,797

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

STOXX

Global

ESG

Select

Index

Fund

80,801

36,247

Foreign

Currency

Contracts

Net

realized

gain

(loss)

Foreign

currency

transactions,

Net

change

unrealized

appreciation

(depreciation)

Forward

foreign

currency

contracts

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(3,656)

(9,419)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

66,148

7,706

345

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

Derivatives

risk

type

Location

Gain

(Loss)

Derivatives

the

Statements

Operations

Fund

Realized

Gain

(Loss)

Derivatives

Change

Unrealized

Appreciation

(Depreciation)

Derivatives

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

65,359

40,317

Foreign

Currency

Contracts

Net

realized

gain

(loss)

Foreign

currency

transactions,

Net

change

unrealized

appreciation

(depreciation)

Forward

foreign

currency

contracts

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(5,329)

(1,911)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

5,507,580

238,058

Foreign

Currency

Contracts

Net

realized

gain

(loss)

Foreign

currency

transactions,

Net

change

unrealized

appreciation

(depreciation)

Forward

foreign

currency

contracts

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

58,042

(86,433)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

3,925,397

679,000

Foreign

Currency

Contracts

Net

realized

gain

(loss)

Foreign

currency

transactions,

Net

change

unrealized

appreciation

(depreciation)

Forward

foreign

currency

contracts

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

(101,374)

63,992

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

Global

Quality

Real

Estate

Index

Fund

283,372

(96,847)

Foreign

Currency

Contracts

Net

realized

gain

(loss)

Foreign

currency

transactions,

Net

change

unrealized

appreciation

(depreciation)

Forward

foreign

currency

contracts

FlexShares

Global

Quality

Real

Estate

Index

Fund

(95,480)

22,280

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

Quality

Dividend

Index

Fund

1,209,674

257,015

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

Quality

Dividend

Defensive

Index

Fund

541,418

131,725

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

International

Quality

Dividend

Index

Fund

1,572,618

587,489

Foreign

Currency

Contracts

Net

realized

gain

(loss)

Foreign

currency

transactions,

Net

change

unrealized

appreciation

(depreciation)

Forward

foreign

currency

contracts

FlexShares

International

Quality

Dividend

Index

Fund

58,990

(68,379)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

134,684

44,483

FLEXSHARES

ANNUAL

REPORT

346

Notes

the

Financial

Statements

(cont.)

of October

31,

2025,

the

volume

derivative

activities,

which

represents

activities

throughout

the

period,

was

follows:

Derivatives

risk

type

Location

Gain

(Loss)

Derivatives

the

Statements

Operations

Fund

Realized

Gain

(Loss)

Derivatives

Change

Unrealized

Appreciation

(Depreciation)

Derivatives

Foreign

Currency

Contracts

Net

realized

gain

(loss)

Foreign

currency

transactions,

Net

change

unrealized

appreciation

(depreciation)

Forward

foreign

currency

contracts

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

(18,068)

3,208

Interest

Rate

Futures

Contracts

Net

realized

gain

(loss)

Futures

contracts,

Net

change

unrealized

appreciation

(depreciation)

Futures

contracts

FlexShares

Core

Select

Bond

Fund

160,934

97,414

Foreign

Exchange

Contracts

Equity

Contracts Interest

Rate

Futures

Fund

Number

Trades

Average

Notional

Amount

Number

Trades

Long

Average

Notional

Amount

Long

Number

Trades

Short

Average

Notional

Balance

Short

Number

Trades

Long

Average

Notional

Balance

Long

Number

Trades

Short

Average

Notional

Balance

Short

FlexShares

Quality

Low

Volatility

Index

Fund

–

$–

306

$33,329

–

$–

–

$–

–

$–

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

222

30,546

130,169

–

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

14,952

59,846

–

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

–

418

242,664

–

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

167,262

578

102,603

–

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

121

83,505

458

60,814

–

FlexShares

Quality

Large

Cap

Index

Fund

–

489

116,706

–

FlexShares

STOXX

ESG

Select

Index

Fund

–

265

35,989

–

FlexShares

STOXX

Global

ESG

Select

Index

Fund

79,996

137

94,575

–

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

–

124

30,578

–

FlexShares

ESG &

Climate

Developed

Markets ex-

US Core

Index

Fund

217

31,675

128,416

–

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

278

506,151

3,017

137,021

–

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

1,140,646

1,366

165,674

–

FlexShares

Global

Quality

Real

Estate

Index

Fund

137

64,371

335

170,352

–

347

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

Activity

for

the

fiscal

period

measured

the

number

trades

during

the

fiscal

year

and

average

notional

amount

for

foreign

currency

exchange

contracts,

equity

futures

contracts

and

interest

rate

contracts.

Taxes

and

Distributions

Each

Fund

has

qualified

and

intends

continue

qualify

regulated

investment

company

comply-

ing

with

the

requirements

under

Subchapter

the

Internal

Revenue

Code

1986,

amended,

which

in-

cludes

distributing

substantially

all

its

net

investment

income

and

net

capital

gains

shareholders.

Accord-

ingly,

provision

for

federal

and

state

income

taxes

required

the

financial

statements.

October

31,

2025,

management

the

Funds

has

reviewed

all

open

tax

years

and

major

jurisdictions

and

concluded

that

there

tax

liability

resulting

from

un-

recognized

tax

benefits

relating

uncertain

income

tax

positions

taken

expected

taken

future

tax

re-

turns.

The

Funds

are

also

not

aware

any

tax

positions

for

which

reasonably

possible

that

the

total

amounts

unrecognized

tax

benefits

will

significantly

change

the

months.

ongoing

basis

management

will

monitor

the

tax

positions

taken

determine

ad-

justment

conclusions

are

necessary

based

factors

including

but

not

limited

further

implementation

guidance

expected

from

FASB

and

on-going

analysis

tax

law,

regulation,

and

interpretations

thereof.

Dividends

from

net

investment

income,

including

any

net

foreign

currency

gains,

are

generally

declared

and

paid

each

Fund

according

the

following

schedule:

Foreign

Exchange

Contracts

Equity

Contracts Interest

Rate

Futures

Fund

Number

Trades

Average

Notional

Amount

Number

Trades

Long

Average

Notional

Amount

Long

Number

Trades

Short

Average

Notional

Balance

Short

Number

Trades

Long

Average

Notional

Balance

Long

Number

Trades

Short

Average

Notional

Balance

Short

FlexShares

Quality

Dividend

Index

Fund

–

331

308,508

–

FlexShares

Quality

Dividend

Defensive

Index

Fund

–

343

94,074

–

FlexShares

International

Quality

Dividend

Index

Fund

221

288,995

1,129

93,193

–

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

114

44,383

121

90,323

–

FlexShares

Core

Select

Bond

Fund

–

1,963

155,786

466

145,891

Fund

Declared

And

Paid

Monthly

Declared

And

Paid

Quarterly

FlexShares

Quality

Low

Volatility

Index

Fund

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

FlexShares

Quality

Large

Cap

Index

Fund

FlexShares

STOXX

ESG

Select

Index

Fund

FlexShares

STOXX

Global

ESG

Select

Index

Fund

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

FlexShares

Global

Quality

Real

Estate

Index

Fund

FlexShares

Quality

Dividend

Index

Fund

FlexShares

Quality

Dividend

Defensive

Index

Fund

FlexShares

International

Quality

Dividend

Index

Fund

FLEXSHARES

ANNUAL

REPORT

348

Notes

the

Financial

Statements

(cont.)

Distribution

net

realized

securities

gains,

any,

gen-

erally

are

distributed

least

annually.

The

Trust

re-

serves

the

right

declare

special

distributions

if,

its

reasonable

discretion,

such

action

necessary

ad-

visable

improve

tracking

error,

preserve

its

status

regulated

investment

company

avoid

imposi-

tion

income

excise

taxes

undistributed

income

realized

gains.

Tracking

error

measurement

how

much

the

return

portfolio

deviates

from

the

return

its

benchmark

index.

Dividends

and

securities

gains

distributions

are

distrib-

uted

U.S.

dollars

and

cannot

automatically

rein-

vested

additional

the

Funds.

The

amount

distributions

from

net

investment

income

and

net

re-

alized

gains

are

determined

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

These

“book/tax”

differences

are

either

considered

temporary

permanent

nature.

the

extent

these

differences

are

permanent

nature,

such

amounts

are

reclassified

within

the

composition

net

assets

based

their

federal

tax-basis

treatment.

The

Funds

may

uti-

lize

equalization

accounting

for

tax

purposes

and

des-

ignate

earnings

and

profits,

including

net

realized

gains

distributed

shareholders

redemption

shares,

part

the

dividends

paid

deduction

for

income

tax

purposes.

The

Funds’

tax

year

end

October

31st

and

the

tax

character

current

year

distributions

and

cur-

rent

components

accumulated

earnings

(deficit)

will

determined

the

end

the

current

tax

year.

Temporary

differences

are

generally

due

different

book

and

tax

treatments

for

the

timing

the

recognition

gains

and

losses

certain

investment

transactions,

mark

market

forward

foreign

currency

contracts,

mark

market

futures

contracts,

mark

market

passive

foreign

investment

companies

(“PFICs”),

non-taxable

special

dividends,

wash

sale

loss

deferrals

and

capital

loss

carryforward.

Permanent

differences,

primarily

due

gain

(loss)

in-kind

redemptions,

paydown

loss

reclassification,

for-

eign

currency

gains

and

losses,

forward

foreign

currency

gains

and

losses,

PFICs

gains

and

losses,

non-taxable

special

dividends,

investments

partnerships,

taxable

over-distributions,

foreign

capital

gains

tax

reclassifica-

tion,

perpetual

bonds

and

equalization

October

31,

2025

(the

Funds’

tax

year

end),

among

the

Funds’

com-

ponents

net

assets

are

follows:

Fund

Declared

And

Paid

Monthly

Declared

And

Paid

Quarterly

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

FlexShares

Disciplined

Duration

MBS

Index

Fund

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

FlexShares

Ultra-Short

Income

Fund

FlexShares

Core

Select

Bond

Fund

Accumulated

undistributed

net

investment

income

(loss)

Accumulated

net

realized

gain

(loss)

investments

Paid

capital

FlexShares

Quality

Low

Volatility

Index

Fund

(

16,852

)

(

12,255,422

)

12,272,274

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

27,684

(

1,879,719

)

1,852,035

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

13,511

(

13,511

)

—

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(

730,999

)

(

93,578,313

)

94,309,312

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

1,966,584

(

5,393,328

)

3,426,744

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

419,898

(

1,201,956

)

782,058

FlexShares

Quality

Large

Cap

Index

Fund

(

2,676

)

(

16,407,340

)

16,410,016

FlexShares

STOXX

ESG

Select

Index

Fund

(

963

)

(

22,256,178

)

22,257,141

FlexShares

STOXX

Global

ESG

Select

Index

Fund

93,675

(

25,499,412

)

25,405,737

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

(

3,907

)

(

6,652,031

)

6,655,938

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

10,902

(

2,243,814

)

2,232,912

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

101,877

(

198,521,360

)

198,419,483

349

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

The

tax

character

distributions

paid

for

the

tax

period ended

October

31,

2025,

and

October

31,

2024,

were

follows:

Fund

Accumulated

undistributed

net

investment

income

(loss)

Accumulated

net

realized

gain

(loss)

investments

Paid

capital

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

5,234,955

(

63,475,917

)

58,240,962

FlexShares

Global

Quality

Real

Estate

Index

Fund

2,482,902

(

11,093,348

)

8,610,446

FlexShares

Quality

Dividend

Index

Fund

(

719,561

)

(

163,433,567

)

164,153,128

FlexShares

Quality

Dividend

Defensive

Index

Fund

161,691

(

31,823,324

)

31,661,633

FlexShares

International

Quality

Dividend

Index

Fund

3,316,303

(

3,316,303

)

—

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

849,404

(

1,246,041

)

396,637

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

—

(

6,294,538

)

6,294,538

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

—

(

452,220

)

452,220

FlexShares

Disciplined

Duration

MBS

Index

Fund

391,273

(

391,273

)

—

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

127,142

(

1,950,658

)

1,823,516

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

896

700,184

(

701,080

)

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

692,076

(

7,623,555

)

6,931,479

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

10,043

207,815

(

217,858

)

FlexShares

Ultra-Short

Income

Fund

284,257

(

429,770

)

145,513

FlexShares

Core

Select

Bond

Fund

—

168,753

(

168,753

)

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Fund

Distributions

paid

from

ordinary

income

Distributions

paid

from

net

long

term

capital

gains

Tax

Return

Capital

Total

Distributions

paid

from

ordinary

income

Distributions

paid

from

net

long

term

capital

gains

Tax

Return

Capital

Total

Distributions

FlexShares

Quality

Low

Volatility

Index

Fund

2,280,063

—

2,280,063

2,905,706

—

2,905,706

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

1,456,393

—

1,456,393

1,713,324

—

1,713,324

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

505,420

—

505,420

177,236

—

177,236

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

21,409,339

—

21,409,339

22,568,102

—

22,568,102

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

18,109,933

—

18,109,933

17,837,359

—

17,837,359

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

11,105,735

—

11,105,735

7,167,368

—

7,167,368

FlexShares

Quality

Large

Cap

Index

Fund

4,719,430

—

4,719,430

2,312,763

—

2,312,763

FlexShares

STOXX

ESG

Select

Index

Fund

1,483,063

—

1,483,063

2,244,471

—

2,244,471

FlexShares

STOXX

Global

ESG

Select

Index

Fund

1,672,273

—

1,672,273

3,017,204

—

3,017,204

FLEXSHARES

ANNUAL

REPORT

350

Notes

the

Financial

Statements

(cont.)

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Fund

Distributions

paid

from

ordinary

income

Distributions

paid

from

net

long

term

capital

gains

Tax

Return

Capital

Total

Distributions

paid

from

ordinary

income

Distributions

paid

from

net

long

term

capital

gains

Tax

Return

Capital

Total

Distributions

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

873,848

—

873,848

672,843

—

672,843

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

1,577,844

—

1,577,844

1,430,345

—

1,430,345

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

162,483,723

—

162,483,723

212,052,958

—

212,052,958

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

78,596,911

—

78,596,911

58,385,424

—

58,385,424

FlexShares

Global

Quality

Real

Estate

Index

Fund

16,246,826

—

16,246,826

8,255,496

—

8,255,496

FlexShares

Quality

Dividend

Index

Fund

34,270,260

—

34,270,260

35,466,391

—

35,466,391

FlexShares

Quality

Dividend

Defensive

Index

Fund

7,682,070

—

7,682,070

7,574,384

—

7,574,384

FlexShares

International

Quality

Dividend

Index

Fund

45,452,365

—

45,452,365

28,104,138

—

28,104,138

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

5,032,660

—

5,032,660

3,841,529

—

3,841,529

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

98,853,274

—

98,853,274

75,178,977

—

75,178,977

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

33,316,151

—

33,316,151

31,460,939

—

31,460,939

FlexShares

Disciplined

Duration

MBS

Index

Fund

3,553,107

—

3,553,107

2,849,089

—

2,849,089

FlexShares

Credit-

Scored

Corporate

Bond

Index

Fund

24,912,232

—

24,912,232

17,529,058

—

17,529,058

FlexShares

Credit-

Scored

Long

Corporate

Bond

Index

Fund

2,237,013

—

2,237,013

1,908,246

—

1,908,246

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

102,484,469

—

102,484,469

118,779,804

—

118,779,804

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

2,183,587

—

2,183,587

1,728,547

—

1,728,547

FlexShares

Ultra-

Short

Income

Fund

59,250,471

—

59,250,471

59,364,587

—

59,364,587

351

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

October

31,

2025,

the

components

accumulated

earnings

(deficit)

tax

basis

were

follows:

Capital

loss

carry

forwards

will

retain

their

character

either

short-term

long-term

capital

losses

rather

than

being

considered

all

short-term

permitted

under

law

and

may

carried

forward

indefinitely

offset

future

gains.

For

the

tax

year

ended

October

31,

2025,

the

following

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Fund

Distributions

paid

from

ordinary

income

Distributions

paid

from

net

long

term

capital

gains

Tax

Return

Capital

Total

Distributions

paid

from

ordinary

income

Distributions

paid

from

net

long

term

capital

gains

Tax

Return

Capital

Total

Distributions

FlexShares

Core

Select

Bond

Fund

5,920,882

—

5,920,882

6,336,750

—

6,336,750

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciated/

(Depreciated)

FlexShares

Quality

Low

Volatility

Index

Fund

260,023

–

(

12,731,196

)

24,436,866

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

338,481

–

(

3,887,144

)

6,802,503

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

185,545

–

(

976,976

)

3,069,722

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

3,129,152

–

(

39,772,433

)

982,990,407

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

7,474,914

–

(

116,981,526

)

174,141,288

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

6,418,748

–

(

81,831,235

)

90,178,709

FlexShares

Quality

Large

Cap

Index

Fund

1,115,399

–

(

11,028,634

)

154,836,712

FlexShares

STOXX

ESG

Select

Index

Fund

151,049

–

(

10,869,992

)

32,322,414

FlexShares

STOXX

Global

ESG

Select

Index

Fund

281,420

–

(

2,508,232

)

27,228,902

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

102,261

–

(

2,017,035

)

16,289,395

FlexShares

ESG &

Climate

Developed

Markets ex-

US Core

Index

Fund

514,438

–

(

2,500,712

)

11,828,255

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

11,039,811

–

(

1,462,103,820

)

556,766,913

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

115,900,269

–

(

274,562,536

)

320,316,229

FlexShares

Global

Quality

Real

Estate

Index

Fund

6,509,381

–

(

68,558,037

)

13,234,328

FlexShares

Quality

Dividend

Index

Fund

5,049,684

–

(

237,741,798

)

569,841,337

FlexShares

Quality

Dividend

Defensive

Index

Fund

1,564,727

–

(

44,473,589

)

117,369,266

FlexShares

International

Quality

Dividend

Index

Fund

2,263,596

–

(

157,607,982

)

137,103,296

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

320,988

–

(

20,378,629

)

15,684,708

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

10,073,300

–

(

180,403,173

)

17,476,746

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

3,685,085

–

(

62,854,014

)

(

234,023

)

FlexShares

Disciplined

Duration

MBS

Index

Fund

705,928

–

(

15,879,577

)

(

2,124,438

)

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

2,375,293

–

(

26,896,124

)

10,389,063

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

203,491

–

(

14,729,174

)

202,441

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

7,212,788

–

(

171,001,669

)

(

848,890

)

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

168,888

–

(

8,363,203

)

(

298,921

)

FlexShares

Ultra-Short

Income

Fund

5,519,708

–

(

286,796

)

3,638,225

FlexShares

Core

Select

Bond

Fund

36,256

–

(

17,486,677

)

(

4,222,453

)

FLEXSHARES

ANNUAL

REPORT

352

Notes

the

Financial

Statements

(cont.)

Funds

had

available

post-enactment

capital

loss

carry-

forwards

offset

future

net

capital

gains

the

extent

provided

regulations:

During

the

year

ended

October

31,

2025,

the

following

Funds

utilized

capital

loss

carryforwards

offset

net

capital

gains:

Fund

Short-Term

Long-Term

Total

FlexShares

Quality

Low

Volatility

Index

Fund

8,972,558

3,758,638

12,731,196

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

3,027,902

859,242

3,887,144

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

703,782

273,194

976,976

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

37,208,642

2,563,791

39,772,433

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

19,266,741

97,714,785

116,981,526

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

22,373,936

59,457,299

81,831,235

FlexShares

Quality

Large

Cap

Index

Fund

5,967,811

5,060,823

11,028,634

FlexShares

STOXX

ESG

Select

Index

Fund

7,142,261

3,727,731

10,869,992

FlexShares

STOXX

Global

ESG

Select

Index

Fund

2,508,232

—

2,508,232

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

600,924

1,416,111

2,017,035

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

1,497,399

1,003,313

2,500,712

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

434,844,041

1,027,259,779

1,462,103,820

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

62,327,298

212,235,238

274,562,536

FlexShares

Global

Quality

Real

Estate

Index

Fund

48,216,549

20,341,488

68,558,037

FlexShares

Quality

Dividend

Index

Fund

148,985,599

88,756,199

237,741,798

FlexShares

Quality

Dividend

Defensive

Index

Fund

35,039,257

9,434,332

44,473,589

FlexShares

International

Quality

Dividend

Index

Fund

110,018,582

47,589,400

157,607,982

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

13,885,722

6,492,907

20,378,629

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

108,597,221

71,805,952

180,403,173

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

19,122,133

43,731,881

62,854,014

FlexShares

Disciplined

Duration

MBS

Index

Fund

8,311,252

7,568,325

15,879,577

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

6,371,589

20,524,535

26,896,124

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

3,277,267

11,451,907

14,729,174

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

94,290,347

76,711,322

171,001,669

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

5,540,644

2,822,559

8,363,203

FlexShares

Ultra-Short

Income

Fund

286,796

—

286,796

FlexShares

Core

Select

Bond

Fund

4,445,080

13,041,597

17,486,677

Fund

Capital

Loss

Utilized

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

487,659

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

323,981

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

1,830,192

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

15,544,977

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

1,207,752

FlexShares

STOXX

Global

ESG

Select

Index

Fund

1,149,757

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

79,703

FlexShares

Global

Quality

Real

Estate

Index

Fund

5,763,315

FlexShares

Quality

Dividend

Defensive

Index

Fund

736,662

FlexShares

International

Quality

Dividend

Index

Fund

34,971,038

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

2,435,136

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

11,704,229

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

392,671

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

833,368

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

10,798

FlexShares

Ultra-Short

Income

Fund

383,484

FlexShares

Core

Select

Bond

Fund

496,891

353

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

The

FlexShares

Quality

Low

Volatility

Index

Fund,

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund,

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund,

FlexShares

Morn-

ingstar

Market

Factor

Tilt

Index

Fund,

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund,

FlexShares

Morningstar

Emerging

Markets

Fac-

tor

Tilt

Index

Fund,

FlexShares

Quality

Large

Cap

Index

Fund,

FlexShares

STOXX

Global

ESG

Select

Index

Fund,

FlexShares

ESG

Climate

Large

Cap

Core

Index

Fund,

FlexShares

ESG

Climate

Devel-

oped

Markets

ex-US

Core

Index

Fund,

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund,

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund,

FlexShares

Global

Quality

Real

Estate

Index

Fund,

FlexShares

Quality

Dividend

Index

Fund,

FlexShares

Quality

Dividend

Defensive

Index

Fund,

FlexShares

International

Quality

Dividend

Index

Fund,

FlexShares

International

Quality

Dividend

Dynamic

In-

dex

Fund,

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

and

the

FlexShares

ESG

Climate

Invest-

ment

Grade

Corporate

Core

Index

Fund

may

subject

foreign

withholding

taxes

with

respect

dividends

interest

received

from

sources

foreign

countries.

If,

the

taxable

year,

than

50%

value

Fund’s

assets

consists

stock

securities

foreign

corporations

the

Fund

will

eligible

make

election

treat

proportionate

amount

those

tax-

constituting

distribution

each

shareholder,

which

would

allow

all

shareholders

either

(1)

credit

that

proportionate

amount

taxes

against

U.S.

Federal

income

tax

liability

foreign

tax

credit

(2)

take

that

amount

itemized

deduction.

Fund

not

eligi-

ble

make

this

election

eligible

but

does

not

make

the

election,

will

entitled

deduct

such

taxes

computing

the

amounts

required

distribute.

Investment

Transactions

and

Income

and

Expenses

Throughout

the

reporting

period,

investment

transac-

tions

are

accounted

for

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purpos-

es,

investment

transactions

are

accounted

for

the

trade

date

the

last

business

day

the

reporting

pe-

riod.

Interest

income

recognized

accrual

basis.

Bond

discount

accreted

and

premium

amortized

using

the

effective

yield

method.

Dividend

income

recorded

the

ex-dividend

date,

soon

information

available.

Gains

losses

realized

sales

securities

are

determined

using

the

specific

identification

method

comparing

the

identified

cost

the

security

lot

sold

with

the

net

sales

proceeds.

Each

Fund

except

the

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund,

and

the

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

may

hold

the

securities

real

estate

investment

trusts

(“REITs”).

Dis-

tributions

from

such

investments

may

comprised

return

capital,

capital

gains

and

income.

The

actual

character

amounts

received

during

the

year

not

known

until

after

the

REIT’s

fiscal

year

end.

The

Fund

records

the

character

distributions

received

from

RE-

ITs

during

the

year

based

estimates

available.

The

characterization

distributions

received

the

Fund

may

subsequently

revised

based

information

re-

ceived

from

the

REITs

after

their

tax

reporting

periods

concluded.

All

foreign

taxes

are

recorded

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

the

foreign

markets

which

Fund

invests.

These

for-

eign

taxes,

any,

are

paid

the

Funds

and

disclosed

the

Statements

Operations.

Foreign

taxes

payable,

any,

are

reflected

the

Funds’

Statements

Assets

and

Liabilities.

Expenses

directly

attributable

Fund

are

charged

that

Fund,

while

expenses

which

are

attributable

than

one

Fund

are

allocated

among

the

respec-

tive

Funds

based

upon

relative

net

assets

another

reasonable

basis.

Investment

Advisory

Fees

NTI

serves

the

Investment

Adviser

the

Funds

pur-

suant

the

Investment

Advisory

Agreement.

The

In-

vestment

Adviser

responsible

for

making

investment

decisions

for

the

Funds

and

for

placing

purchase

and

sale

orders

for

portfolio

securities,

subject

the

general

supervision

the

Board.

compensation

for

its

advisory

services

and

assump-

tion

certain

Fund

expenses,

NTI

entitled

unitary

management

fee

(“Management

Fee”),

computed

daily

and

payable

monthly,

the

annual

rates

set

forth

the

table

below

(expressed

percentage

each

Fund’s

respective

average

daily

net

assets).

From

the

Management

Fee,

NTI

pays

most

the

ex-

penses

the

Fund,

including

the

cost

transfer

agen-

FLEXSHARES

ANNUAL

REPORT

354

Notes

the

Financial

Statements

(cont.)

cy,

custody,

fund

administration,

legal,

audit

and

other

services

(“Covered

Expenses”).

Covered

Expenses

not

include

the

following

fees

under

the

Investment

Ad-

visory

Agreement:

its

advisory

fees

payable

under

the

Advisory

Agreement,

distribution

fees

and

expenses

paid

the

Trust

under

any

distribution

plan

adopted

pursuant

Rule

12b-1,

interest

expenses,

brokerage

commissions

and

other

trading

expenses,

fees

and

expenses

the

independent

trustees

and

their

inde-

pendent

legal

counsel,

taxes

and

other

extraordinary

costs

such

(i)

dividend

expenses

short

sales;

(ii)

non-routine

items,

including

litigation

expenses

and

proxy

expenses;

and

(iii)

expenses

that

the

Fund

has

in-

curred

but

did

not

actually

pay

due

expense

offset

agreement,

applicable.

The

Management

Fee

rate

payable

each

Fund

set

forth

the

following

table:

The

Investment

Adviser

has

contractually

agreed

reimburse

portion

the

operating

expenses

each

Fund

(other

than

Rule

12b-1

fees,

tax

expenses,

ex-

traordinary

expenses,

and

acquired

fund

fees

and

ex-

penses

(“AFFE”))

the

“Total

Annual

Fund

Operating

Expenses

After

Expense

Reimbursement”

not

ex-

ceed

the

Fund’s

Management

Fee

plus

(+)

0.0049%.

the

case

the

FlexShares

Core

Select

Bond

Fund,

the

Investment

Adviser

has

contractually

agreed

waive

Management

Fees

reimburse

certain

expenses

amount

equal

the

sum

(a)

any

AFFE

incurred

the

Fund

that

are

attributable

the

Fund’s

investment

Underlying

Funds

managed

NTI

investment

adviser

controlling,

controlled

by,

under

common

control

with

NTI

(“Affiliated

Funds”);

and

(b)

0.05%

such

lesser

amount

AFFE

incurred

the

Fund

that

are

attributable

the

Fund’s

investment

Underlying

Funds

that

are

not

Affiliated

Funds.

AFFE

are

expenses

incurred

indirectly

the

Fund

through

its

ownership

other

investment

companies.

Because

AFFE

are

not

direct

expenses

Fund,

they

are

not

reflected

Fund’s

financial

statements.

The

contractual

ex-

pense

reimbursement

arrangements

are

expected

continue

until

least

March

2026

and

will

continue

automatically

thereafter

for

periods

one

year

unless

terminated,

any

succeeding

renewal

year,

ei-

ther

party

upon

days’

written

notice

prior

the

end

the

current

term.

The

Board

may

terminate

the

con-

tractual

expense

reimbursement

agreements

discussed

Fund

Unitary

Management

Fee

FlexShares

Quality

Low

Volatility

Index

Fund

0.08%

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

0.12%

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

0.18%

***

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

0.25%

FlexShares

Morningstar

Developed

Markets

ex-

Factor

Tilt

Index

Fund

0.39%

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

0.57%

FlexShares

Quality

Large

Cap

Index

Fund

0.25%

FlexShares

STOXX

ESG

Select

Index

Fund

0.32%

FlexShares

STOXX

Global

ESG

Select

Index

Fund

0.42%

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

0.09%

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

0.12%

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

0.46%

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

0.47%

FlexShares

Global

Quality

Real

Estate

Index

Fund

0.45%

FlexShares

Quality

Dividend

Index

Fund

0.37%

FlexShares

Quality

Dividend

Defensive

Index

Fund

0.37%

FlexShares

International

Quality

Dividend

Index

Fund

0.47%

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

0.47%

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

0.18%

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

0.18%

Fund

Unitary

Management

Fee

FlexShares

Disciplined

Duration

MBS

Index

Fund

0.20%

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

0.15%

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

0.15%

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

0.37%

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

0.12%

FlexShares

Ultra-Short

Income

Fund

0.25%

FlexShares

Core

Select

Bond

Fund

0.35%

Prior

December

20,

2024,

the

investment

advisory

fee

for

FlexShares®

Quality

Low

Volatility

Index

Fund

was

0.17%.

Prior

December

20,

2024,

the

investment

advisory

fee

for

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

was

0.32%.

***

Prior

December

20,

2024,

the

investment

advisory

fee

for

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

was

0.40%.

355

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

above

with

respect

any

Fund

any

time

deter-

mines

that

the

best

interest

Fund

and

its

shareholders.

These

expenses

and

the

reimbursements

are

shown

“Investment

advisory

fees

reimbursed”

the

Statements

Operations.

The

Investment

Adviser

may

voluntarily

waive

reim-

burse

additional

management

fees

expenses.

Any

such

additional

voluntary

expense

reimbursement

fee

waiver

could

implemented,

increased

decreased,

discontinued

any

time.

Amounts

waived

reim-

bursed

the

Investment

Adviser

pursuant

voluntary

contractual

agreements

discussed

above

may

not

recouped

the

Investment

Adviser.

These

waivers

and/or

reimbursements

are

shown

“Investment

advi-

sory

fees

reimbursed”

the

Statements

Operations.

Administration

Fees

Per

terms

agreements

JPMorgan

Chase

Bank,

N.A.

(the

“Administrator”)

serves

administrator

the

Funds.

The

Administrator

provides

certain

adminis-

trative

services

the

Funds.

For

these

services,

the

Administrator

entitled

certain

fees

and

reasonable

out-of-pocket

expenses.

These

fees

and

expenses

are

Covered

Expenses

defined

above.

Custodian

Fees

JPMorgan

Chase

Bank,

N.A.

(the

“Custodian”)

acts

custodian

for

the

Funds

accordance

with

Global

Custody

Agreement.

The

Custodian

holds

cash,

secu-

rities

and

other

assets

the

Funds

required

the

1940

Act.

compensation

for

the

services

rendered

under

the

agreement,

the

Custodian

entitled

fees

and

reasonable

out-of-pocket

expenses.

These

fees

and

expenses

are

Covered

Expenses

defined

above.

Trustees

Fees

The

Trust

compensates

each

Trustee

who

not

offi-

cer,

director

employee

Northern

Trust

Corporation,

its

subsidiaries,

for

his

her

services

Trustee

the

Trust

and

member

Board

committees.

The

Trust

has

adopted

deferred

compensation

plan

(the

“DC

Plan”)

for

its

Trustees

who

are

not

officers

Northern

Trust

NTI.

Under

the

Plan,

Indepen-

dent

Trustees

may

elect

defer

all

portion

their

compensation.

The

amount

deferred

adjusted

peri-

odically

based

upon

the

performance

the

investment

options

selected

the

Trustees.

The

investment

op-

tions

currently

available

under

the

Plan

are

the

Flex-

Morningstar

Market

Factor

Tilt

Index

Fund,

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund,

FlexShares

STOXX

ESG

Select

In-

dex

Fund,

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund,

FlexShares

Global

Quality

Real

Estate

Index

Fund,

FlexShares

Quality

Dividend

Index

Fund,

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund,

the FlexShares

High

Yield

Value-Scored Bond

Index

Fund, and

the

FlexShares

Ultra-Short

Income

Fund.

Expenses

the

Plan

are

stated

the

Statements

Operations.

Distribution

and

Service

Plan

ACA

Foreside,

formerly

known

Foreside

Fund

Ser-

vices,

LLC

(the

“Distributor”)

serves

the

Funds’

dis-

tributor

and

distributes

Creation

Units

(as

described

Note

for

each

Fund

agency

basis.

The

Distribu-

tor

does

not

receive

fee

from

the

Funds

for

its

distribu-

tion

services.

However,

receives

compensation

from

NTI

for

its

services

distributor

pursuant

separate

letter

agreement

between

and

NTI.

The

Trust

has

adopted

Distribution

and

Service

Plan

(“the

Plan”)

pursuant

Rule

12b-1

under

the

1940

Act.

Payments

financial

intermediaries

under

the

Plan

are

tied

directly

their

own

out-of-pocket

expenses.

The

Plan

has

not

been

implemented

with

respect

the

Funds.

The

Plan

may

not

implemented

without

further

Board

approval.

The

maximum

distribution

fee

0.25%

each

Fund’s

respective

average

daily

net

assets

under

the

Plan.

The

Funds

did

not

pay

any

12b-1

fees

during

the

fiscal

year.

Issuance

and

Redemption

Fund

Each

Fund

only

issues

and

redeems

Autho-

rized

Participants

exchange

for

the

deposit

delivery

basket

assets

(securities

and/or

cash),

large

blocks

known

Creation

Units,

each

which

com-

prised

specified

number

shares.

Retail

investors

may

only

purchase

and

sell

fund

the

secondary

market

through

broker-dealer

and

such

transactions

may

subject

customary

commis-

sion

and

fee

rates

imposed

the

broker-dealer.

Authorized

Participants

may

pay

transaction

fees

off-

set

transfer

and

other

transaction

costs

associated

with

FLEXSHARES

ANNUAL

REPORT

356

Notes

the

Financial

Statements

(cont.)

the

issuance

and

redemption

Creation

Units.

The

transaction

fees

are

paid

directly

the

Fund

and

used

offset

Fund

custody

fees.

Certain

fees

costs

as-

sociated

with

Creation

Unit

purchases

may

paid

NTI

certain

circumstances.

addition,

the

Trust

may

from

time

waive

the

standard

transaction

fee.

The

net

custody

fees

charged

the

Fund

are

paid

for

the

Investment

Adviser

through

the

Fund’s

Unitary

Fee.

Transaction

fees

remaining

the

Funds

were

follows:

The

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund,

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund,

FlexShares

Ultra-Short

Income

Fund

and

the

FlexShares

Core

Select

Bond

Fund

not

charge

standard

creation

unit

transaction

fees.

10.

Investment

Transactions

For

the period

ended

October

31,

2025,

the

Flex-

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund,

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund and

FlexShares

Disciplined

Duration

MBS

Index

Fund

invested

solely

U.S.

Government,

including

U.S.

government

agency,

securities.

The

cost

securities

purchased

each

Fund

and

proceeds

from

sales

securities,

excluding

short-term

securities,

derivatives

and

in-kind

transactions

for

the period

ended

October

31,

2025,

were

follows:

Fund

October

31,

2025

October

31,

2024

FlexShares

Quality

Low

Volatility

Index

Fund

700

1,750

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

3,000

6,000

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

13,500

27,000

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

25,000

—

FlexShares

Quality

Large

Cap

Index

Fund

11,500

9,500

FlexShares

STOXX

ESG

Select

Index

Fund

—

2,450

FlexShares

STOXX

Global

ESG

Select

Index

Fund

—

15,000

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

500

1,000

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

6,000

—

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

6,000

49,500

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

28,000

22,000

FlexShares

Global

Quality

Real

Estate

Index

Fund

12,000

16,000

FlexShares

Quality

Dividend

Index

Fund

—

4,200

FlexShares

Quality

Dividend

Defensive

Index

Fund

350

1,750

FlexShares

International

Quality

Dividend

Index

Fund

45,500

17,500

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

3,500

—

FlexShares

Disciplined

Duration

MBS

Index

Fund

1,600

4,000

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

4,250

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

750

1,500

FlexShares

High

Yield

Value-

Scored

Bond

Index

Fund

3,750

12,250

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

250

Fund

Purchases

Sales

FlexShares

Quality

Low

Volatility

Index

Fund

62,430,945

63,015,081

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

24,395,948

20,439,019

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

6,386,019

6,472,721

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

222,939,563

222,949,892

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

123,390,069

128,681,124

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

79,462,244

109,821,963

FlexShares

Quality

Large

Cap

Index

Fund

96,327,907

87,007,527

FlexShares

STOXX

ESG

Select

Index

Fund

32,969,825

33,834,653

FlexShares

STOXX

Global

ESG

Select

Index

Fund

46,545,185

47,593,903

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

22,977,759

23,200,113

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

11,992,784

11,057,404

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

1,388,607,774

1,489,007,923

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

352,383,431

336,615,107

FlexShares

Global

Quality

Real

Estate

Index

Fund

191,071,241

194,279,232

FlexShares

Quality

Dividend

Index

Fund

759,539,966

761,581,755

FlexShares

Quality

Dividend

Defensive

Index

Fund

176,997,976

176,419,788

FlexShares

International

Quality

Dividend

Index

Fund

438,862,518

409,424,244

357

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

11.

In-Kind

Transactions

During

the

period

ended

October

31,

2025,

certain

Funds

received

securities

exchange

for

subscrip-

tions

(subscriptions-in-kind).

For

the period

ended

October

31,

2025,

the

fair

value

the

securities

received

for

subscriptions

for

these

Funds

were

fol-

lows:

During

the

period

ended

October

31,

2025,

certain

Funds

delivered

securities

exchange

for

redemption

(redemptions-in-kind).

For

financial

reporting

purposes,

these

Funds

recorded

net

realized

gains

and

losses

connection

with

each

transaction.

For

the peri-

ended

October

31,

2025,

the

fair

value

and

realized

gain

(losses)

the

securities

transferred

for

redemp-

tions

for

these

Funds

were

follows:

Fund

Purchases

Sales

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

45,586,866

46,205,998

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

2,012,122,118

2,074,162,777

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

475,848,726

501,937,986

FlexShares

Disciplined

Duration

MBS

Index

Fund

32,905,181

39,327,038

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

449,424,130

335,267,540

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

44,910,384

35,340,981

FlexShares

High

Yield

Value-

Scored

Bond

Index

Fund

1,306,085,405

1,305,985,442

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

16,776,178

17,356,367

FlexShares

Ultra-Short

Income

Fund

879,592,203

648,202,869

FlexShares

Core

Select

Bond

Fund

32,319,407

34,267,223

Fund

Fair

Value

FlexShares

Quality

Low

Volatility

Index

Fund

50,612,047

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

11,945,534

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

42,956,174

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

14,150,417

FlexShares

Quality

Large

Cap

Index

Fund

258,802,125

FlexShares

STOXX

ESG

Select

Index

Fund

25,123,892

FlexShares

STOXX

Global

ESG

Select

Index

Fund

11,181,260

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

28,175,866

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

16,078,651

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

318,287,513

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

539,727,234

FlexShares

Global

Quality

Real

Estate

Index

Fund

38,113,523

FlexShares

Quality

Dividend

Index

Fund

500,119,799

FlexShares

Quality

Dividend

Defensive

Index

Fund

108,666,525

Fund

Fair

Value

FlexShares

International

Quality

Dividend

Index

Fund

102,850,791

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

8,582,291

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

1,064,302,675

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

259,847,409

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

157,097,829

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

10,349,062

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

439,041,914

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

6,132,316

FlexShares

Ultra-Short

Income

Fund

22,252,173

FlexShares

Core

Select

Bond

Fund

16,343,305

Fund

Fair

Value

Net

Realized

FlexShares

Quality

Low

Volatility

Index

Fund

$49,945,191

$12,286,469

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

8,212,783

1,875,948

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

151,800,568

93,453,118

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

11,816,267

3,577,074

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

3,609,542

886,558

FlexShares

Quality

Large

Cap

Index

Fund

43,210,743

16,410,574

FlexShares

STOXX

ESG

Select

Index

Fund

69,807,358

22,251,761

FlexShares

STOXX

Global

ESG

Select

Index

Fund

65,716,817

25,444,078

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

23,445,643

6,651,936

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

9,357,906

2,241,698

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

967,130,758

200,168,934

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

255,568,524

60,134,956

FLEXSHARES

ANNUAL

REPORT

358

Notes

the

Financial

Statements

(cont.)

12.

Guarantees

and

Indemnifications

the

normal

course

business

each

Fund

enters

into

contracts

with

third-party

service

providers

that

contain

variety

representations

and

warranties

and

that

provide

general

indemnifications.

Additionally,

under

the

Funds’

organizational

documents,

the

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

the

performance

their

duties

the

Funds.

The

Funds’

maximum

exposure

under

these

arrangements

unknown,

involves

possible

future

claims

that

may

not

made

against

the

Funds.

13.

Operating

Segments

During

the

reporting

period,

the

Funds

adopted

FASB

Accounting

Standards

Update

(ASU)

2023-07,

Segment

Reporting

(Topic

280)-

Improvements

Reportable

Segment

Disclosures

(“ASU

2023-07”).

Adoption

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Fund’s

financial

position

the

results

its

operations.

operating

segment

defined

ASU

2023-07

component

public

en-

tity

that

engages

business

activities

from

which

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

the

public

entity’s

chief

operating

decision

maker

(“CODM”)

make

de-

cisions

about

resources

allocated

the

segment

and

assess

its

performance,

and

has

discrete

financial

information

available.

NTI

acts

the

CODM.

Each

Fund

within

the

Trust

represents

single

operating

segment,

the

CODM

monitors

the

operating

results

each

Fund

whole

and

each

Fund’s

long-term

strategic

asset

allocation

determined

accordance

with

the

terms

its

prospectus,

based

defined

in-

vestment

strategy

which

executed

the

respective

Fund’s

portfolio

managers

team.

The

financial

in-

formation

the

form

Fund’s

total

returns,

expense

ratios,

changes

net

assets

resulting

from

operations,

and

subscriptions

and

redemptions

which

are

used

the

CODM

assess

the

segment’s

performance

and

make

resource

allocation

decisions

for

each

Fund

(as

single

segment),

consistent

with

that

presented

within

each

Fund’s

financial

statements.

Segment

assets

are

reflected

the

accompanying

Statements

Assets

and

Liabilities

“total

assets”

and

significant

segment

expenses

are

listed

the

accompanying

Statements

Operations.

14.

New

Accounting

Pronouncements

December

14,

2023,

the

FASB

issued

ASU

2023-09,

which

establishes

new

income

tax

disclosure

require-

ments

addition

modifying

and

eliminating

certain

existing

requirements.

Under

the

new

guidance,

entities

must

consistently

categorize

and

provide

greater

disag-

gregation

information

the

rate

reconciliation.

They

must

also

further

disaggregate

income

taxes

paid.

The

ASU’s

disclosure

requirements

apply

all

entities

sub-

ject

ASC

740.

the

FASB

notes

ASC

740-10-50-

11A,

the

“objective

these

disclosure

requirements

for

entity,

particularly

entity

operating

multiple

jurisdictions,

disclose

sufficient

information

enable

users

financial

statements

understand

the

nature

and

magnitude

factors

contributing

the

difference

between

the

effective

tax

rate

and

the

statutory

tax

rate.”

Public

business

entities

(PBEs)

must

apply

the

ASU’s

guidance

annual

periods

beginning

after

December

15,

2024

(2025

for

calendar-year-end

PBEs).

The

dis-

closures

are

required

annual

basis

and

will

first

apply

the

Funds’

October

31,

2026

annual

financial

statements.

Management is still

evaluating

the

impact

this

update

the

Funds’

financial

statements

and

disclosures.

15.

Global Instability

Unexpected

political,

regulatory

and

diplomatic

events

and

military

conflicts

around

the

world

may

affect

inves-

Fund

Fair

Value

Net

Realized

FlexShares

Global

Quality

Real

Estate

Index

Fund

63,465,715

8,901,516

FlexShares

Quality

Dividend

Index

Fund

594,863,079

163,723,498

FlexShares

Quality

Dividend

Defensive

Index

Fund

92,013,074

31,552,299

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

5,752,225

511,276

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

278,999,781

6,933,473

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

88,057,633

1,681,270

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

99,004,558

1,851,031

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

19,509,253

(566,419)

FlexShares

High

Yield

Value-

Scored

Bond

Index

Fund

682,109,684

10,432,076

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

10,312,453

(187,636)

FlexShares

Ultra-Short

Income

Fund

21,330,633

145,513

FlexShares

Core

Select

Bond

Fund

40,225,829

9,032

359

FLEXSHARES

ANNUAL

REPORT

Notes

the

Financial

Statements

(cont.)

tor

and

consumer

confidence

and

may

adversely

impact

global

and

domestic

financial

markets

and

the

broader

economy. Such

conflicts

have

caused,

and

could

contin-

cause,

significant

market

disruptions

and

volatility

within

specific

markets

and

globally.

The

hostilities

and

sanctions

resulting

from

those

conflicts

have,

and

could

continue

have,

significant

impact

certain

Fund

investments

well

Fund

performance

and

liquidity.

The

economies

the

United

States

and

its

trading

part-

ners,

well

the

financial

markets

generally,

may

adversely

impacted

trade

disputes

and

other

matters.

16.

Subsequent

Events

Management

has

evaluated

subsequent

events

for

the

Funds

through

the

date

the

financial

statements

were

issued,

and

has

concluded

that

there

are

recognized

non-recognized

subsequent

events

relevant

for

finan-

cial

statement

disclosure.

Report

Independent

Registered

Public

Accounting

Firm

360

FLEXSHARES

ANNUAL

REPORT

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

the

Shareholders

and

Board

Trustees

FlexShares

Trust:

Opinion

the

Financial

Statements

and

Financial

Highlights

have

audited

the

accompanying

statements

assets

and

liabilities

FlexShares®

Trust,

comprising

the

FlexShares®

Quality

Low

Volatility

Index

Fund,

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund,

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund,

FlexShares®

Morningstar

Market

Factor

Tilt

Index

Fund,

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund,

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund,

FlexShares®

Quality

Large

Cap

Index

Fund,

FlexShares®

STOXX®

ESG

Select

Index

Fund,

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund,

FlexShares®

ESG

Climate

Large

Cap

Core

Index

Fund,

FlexShares®

ESG

Climate

Developed

Markets

ex-US

Core

Index

Fund,

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund,

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund,

FlexShares®

Global

Quality

Real

Estate

Index

Fund,

FlexShares®

Quality

Dividend

Index

Fund,

FlexShares®

Quality

Dividend

Defensive

Index

Fund,

FlexShares®

International

Quality

Dividend

Index

Fund,

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund,

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund,

FlexShares®

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund,

FlexShares®

Disciplined

Duration

MBS

Index

Fund,

FlexShares®

Credit-Scored

Corporate

Bond

Index

Fund,

FlexShares®

Credit-Scored

Long

Corporate

Bond

Index

Fund,

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund,

FlexShares®

ESG

Climate

Investment

Grade

Corporate

Core

Index

Fund,

FlexShares®

Ultra-Short

Income

Fund,

and

FlexShares®

Core

Select

Bond

Fund

(collectively,

the

“Funds”),

including

the

schedules

investments,

October

31,

2025;

the

statements

operations

for

the

year

then

ended,

statements

changes

net

assets

for

each

the

two

years

the

period

then

ended,

and

financial

highlights

for

each

the

five

years

the

period

then

ended

for FlexShares®

Quality

Low

Volatility

Index

Fund,

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund,

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund,

FlexShares®

Morningstar

Market

Factor

Tilt

Index

Fund,

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund,

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund,

FlexShares®

Quality

Large

Cap

Index

Fund,

FlexShares®

STOXX®

ESG

Select

Index

Fund,

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund,

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund,

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund,

FlexShares®

Global

Quality

Real

Estate

Index

Fund,

FlexShares®

Quality

Dividend

Index

Fund,

FlexShares®

Quality

Dividend

Defensive

Index

Fund,

FlexShares®

International

Quality

Dividend

Index

Fund,

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund,

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund,

FlexShares®

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund,

FlexShares®

Disciplined

Duration

MBS

Index

Fund,

FlexShares®

Credit-Scored

Corporate

Bond

Index

Fund,

FlexShares®

Credit-Scored

Long

Corporate

Bond

Index

Fund,

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund,

FlexShares®

Ultra-Short

Income

Fund,

and

FlexShares®

Core

Select

Bond

Fund; the

statements

operations

for

the

year

then

ended,

statements

changes

net

assets

for

each

the

two

years

the

period

then

ended,

and

financial

highlights

for

each

the

four

years

the

period

then

ended

and

the

period

from

September

20,

2021

(commencement

investment

operations)

through

October

31,

2021

for

FlexShares®

ESG

Climate

Large

Cap

Core

Index

Fund,

FlexShares®

ESG

Climate

Developed

Markets

ex-US

Core

Index

Fund,

and

FlexShares®

ESG

Climate

Investment

Grade

Corporate

Core

Index

Fund;

and

the

notes

(collectively

referred

the

”financial

statements

and

financial

highlights”).

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

all

material

respects,

the

financial

position

FlexShares®

Quality

Low

Volatility

Index

Fund,

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund,

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund,

FlexShares®

Morningstar

Market

Factor

Tilt

Index

Fund,

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund,

Report

Independent

Registered

Public

Accounting

Firm

FLEXSHARES

ANNUAL

REPORT

361

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund,

FlexShares®

Quality

Large

Cap

Index

Fund,

FlexShares®

STOXX®

ESG

Select

Index

Fund,

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund,

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund,

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund,

FlexShares®

Global

Quality

Real

Estate

Index

Fund,

FlexShares®

Quality

Dividend

Index

Fund,

FlexShares®

Quality

Dividend

Defensive

Index

Fund,

FlexShares®

International

Quality

Dividend

Index

Fund,

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund,

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund,

FlexShares®

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund,

FlexShares®

Disciplined

Duration

MBS

Index

Fund,

FlexShares®

Credit-Scored

Corporate

Bond

Index

Fund,

FlexShares®

Credit-Scored

Long

Corporate

Bond

Index

Fund,

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund,

FlexShares®

Ultra-Short

Income

Fund,

and

FlexShares®

Core

Select

Bond

Fund

October

31,

2025,

and

the

results

their

operations

for

the

year

then

ended,

the

changes

their

net

assets

for

each

the

two

years

the

period

then

ended,

and

the

financial

highlights

for

each

the

five

years

the

period

then

ended

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Also,

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

all

material

respects,

the

financial

position

FlexShares®

ESG

Climate

Large

Cap

Core

Index

Fund,

FlexShares®

ESG

Climate

Developed

Markets

ex-US

Core

Index

Fund,

and

FlexShares®

ESG

Climate

Investment

Grade

Corporate

Core

Index

Fund

October

31,

2025,

and

the

results

their

operations

for

the

year

then

ended,

the

changes

their

net

assets

for

each

the

two

years

the

period

then

ended,

and

the

financial

highlights

for

each

the

four

years

the

period

then

ended

and

the

period

from

September

20,

2021

(commencement

investment

operations)

through

October

31,

2021

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

the

Funds’

management.

Our

responsibility

express

opinion

the

Funds’

financial

statements

and

financial

highlights

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

independent

with

respect

the

Funds

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

material

misstatement,

whether

due

error

fraud.

The

Funds

are

not

required

have,

nor

were

engaged

perform,

audit

their

internal

control

over

financial

reporting.

part

our

audits

are

required

obtain

understanding

internal

control

over

financial

reporting

but

not

for

the

purpose

expressing

opinion

the

effectiveness

the

Funds’

internal

control

over

financial

reporting.

Accordingly,

express

such

opinion.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements

and

financial

highlights,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

securities

owned

October

31,

2025,

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

performed

other

auditing

procedures.

believe

that

our

audits

provide

reasonable

basis

for

our

opinion.

Report

Independent

Registered

Public

Accounting

Firm

362

FLEXSHARES

ANNUAL

REPORT

/s/

DELOITTE

TOUCHE

LLP

Chicago,

Illinois

December

19,

2025

have

served

the

auditor

one

Northern

Trust

investment

companies

since

2002.

Form

N-CSR

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

YEARS TO MATURITY (% of Net Assets)^{Footnote
Reference1}

YEARS TO MATURITY (% of Net Assets)^{Footnote
Reference1}

YEARS TO MATURITY (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}