# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0002000048-25-000023
**Filing Date:** 2025-7
**Character Count:** 1474586
**Document Hash:** 716fa90715db361543341227ba6b8b3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000048-25-000023.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0002000048-25-000023

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FLEXSHARES TRUST
- **CENTRAL INDEX KEY:** 0001491978

**ORGANIZATION NAME:**
- **EIN:** 272560399
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22555
- **FILM NUMBER:** 251099473

**BUSINESS ADDRESS:**
- **STREET 1:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** (855) 353-9383

**MAIL ADDRESS:**
- **STREET 1:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FlexShares Trust
- **DATE OF NAME CHANGE:** 20110414

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NT ETF Trust
- **DATE OF NAME CHANGE:** 20100513

## Series and Classes Contracts Data

### FlexShares Morningstar US Market Factor Tilt Index Fund (Series ID: S000033312)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000102368 | FlexShares Morningstar US Market Factor Tilt Index Fund | TILT            |

### FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund (Series ID: S000033313)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000102369 | FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund | TLTD            |

### FlexShares Morningstar Emerging Markets Factor Tilt Index Fund (Series ID: S000033314)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000102370 | FlexShares Morningstar Emerging Markets Factor Tilt Index Fund | TLTE            |

### FlexShares Morningstar Global Upstream Natural Resources Index Fund (Series ID: S000033315)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000102371 | FlexShares Morningstar Global Upstream Natural Resources Index Fund | GUNR            |

### FlexShares iBoxx 3-Year Target Duration TIPS Index Fund (Series ID: S000033316)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000102372 | FlexShares iBoxx 3-Year Target Duration TIPS Index Fund | TDTT            |

### FlexShares iBoxx 5-Year Target Duration TIPS Index Fund (Series ID: S000034352)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000105758 | FlexShares iBoxx 5-Year Target Duration TIPS Index Fund | TDTF            |

### FlexShares Ultra-Short Income Fund (Series ID: S000035596)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000109007 | FlexShares Ultra-Short Income Fund | RAVI            |

### FlexShares Quality Dividend Index Fund (Series ID: S000038873)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000119637 | FlexShares Quality Dividend Index Fund | QDF             |

### FlexShares Quality Dividend Defensive Index Fund (Series ID: S000038875)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000119639 | FlexShares Quality Dividend Defensive Index Fund | QDEF            |

### FlexShares International Quality Dividend Index Fund (Series ID: S000038876)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000119640 | FlexShares International Quality Dividend Index Fund | IQDF            |

### FlexShares International Quality Dividend Dynamic Index Fund (Series ID: S000038877)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000119641 | FlexShares International Quality Dividend Dynamic Index Fund | IQDY            |

### FlexShares STOXX Global Broad Infrastructure Index Fund (Series ID: S000042071)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000130666 | FlexShares STOXX Global Broad Infrastructure Index Fund | NFRA            |

### FlexShares Global Quality Real Estate Index Fund (Series ID: S000043008)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000133169 | FlexShares Global Quality Real Estate Index Fund | GQRE            |

### FlexShares Disciplined Duration MBS Index Fund (Series ID: S000046193)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000144481 | FlexShares Disciplined Duration MBS Index Fund | MBSD            |

### FlexShares Credit-Scored US Corporate Bond Index Fund (Series ID: S000047257)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000148066 | FlexShares Credit-Scored US Corporate Bond Index Fund | SKOR            |

### FlexShares Credit-Scored US Long Corporate Bond Index Fund (Series ID: S000050613)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000159757 | FlexShares Credit-Scored US Long Corporate Bond Index Fund | LKOR            |

### FlexShares US Quality Large Cap Index Fund (Series ID: S000050614)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000159758 | FlexShares US Quality Large Cap Index Fund | QLC             |

### FlexShares Real Assets Allocation Index Fund (Series ID: S000051556)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000162239 | FlexShares Real Assets Allocation Index Fund | ASET            |

### FlexShares STOXX US ESG Select Index Fund (Series ID: S000054498)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000171075 | FlexShares STOXX US ESG Select Index Fund | ESG             |

### FlexShares STOXX Global ESG Select Index Fund (Series ID: S000054499)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000171076 | FlexShares STOXX Global ESG Select Index Fund | ESGG            |

### FlexShares Core Select Bond Fund (Series ID: S000055516)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000174705 | FlexShares Core Select Bond Fund | BNDC            |

### FlexShares High Yield Value-Scored Bond Index Fund (Series ID: S000062125)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000201101 | FlexShares High Yield Value-Scored Bond Index Fund | HYGV            |

### FlexShares US Quality Low Volatility Index Fund (Series ID: S000065837)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000212719 | FlexShares US Quality Low Volatility Index Fund | QLV             |

### FlexShares Developed Markets ex-US Quality Low Volatility Index Fund (Series ID: S000065838)

| Class ID   | Class Name                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000212720 | FlexShares Developed Markets ex-US Quality Low Volatility Index Fund | QLVD            |

### FlexShares Emerging Markets Quality Low Volatility Index Fund (Series ID: S000065839)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000212721 | FlexShares Emerging Markets Quality Low Volatility Index Fund | QLVE            |

### FlexShares ESG & Climate US Large Cap Core Index Fund (Series ID: S000073358)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000230177 | FlexShares ESG & Climate US Large Cap Core Index Fund | FEUS            |

### FlexShares ESG & Climate Developed Markets ex-US Core Index Fund (Series ID: S000073359)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000230178 | FlexShares ESG & Climate Developed Markets ex-US Core Index Fund | FEDM            |

### FlexShares ESG & Climate Investment Grade Corporate Core Index Fund (Series ID: S000073362)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000230181 | FlexShares ESG & Climate Investment Grade Corporate Core Index Fund | FEIG            |

?xml version='1.0' encoding='ASCII'?

July 2, 2025

**<u>VIA EDGAR TRANSMISSION</u>**

Filing Desk

U.S. Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Re:&nbsp;&nbsp;&nbsp;&nbsp; FlexShares<sup>®</sup> Trust (the "Registrant")

(File Nos. 333-173967 and 811-22555)

Dear Sir or Madam:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to Section 30(b)(2) of the Investment Company Act of 1940 (the "1940 Act") and Section 13(a) or 15(d) of the Securities Exchange Act of 1934, filed pursuant to Rule 30b2-1(a) under the 1940 Act, enclosed herewith are the following:

1. Form N-CSR for the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp; 2. A copy of the semi-annual report for the fiscal period ended April 30, 2025 transmitted to shareholders pursuant to Rule 30e-1 under the 1940 Act;

3. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 ("SOX Act"); and

4. Certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the SOX Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Questions and comments may be directed to the undersigned at (215) 564-8528.

Very truly yours,

<u>/s/ Joel D. Corriero&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Joel D. Corriero

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: <u>811-22555</u>

## <u>FlexShares</u> <u><sup></sup></u> <u>Trust</u> 
(Exact name of registrant as specified in charter)

50 South LaSalle Street

<u>Chicago, Illinois 60603</u> 

(Address of principal executive offices) (Zip code)

Michael Mabry, Esq.

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

<u>Philadelphia, Pennsylvania 19103-6996</u>

(Name and Address of Agent for Service)

with a copy to:

Himanshu Surti

Jose Del Real, Esq.

Northern Trust Investments, Inc.

50 South LaSalle Street

<u>Chicago, Illinois 60603</u> 

(Name and Address of Agent for Service)

Registrant's telephone number, including area code: <u>855-353-9383</u>

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

**Item 1. Reports to Stockholders.** 

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30e-1).

 

 

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>CORE SELECT BOND FUND

#### Ticker: BNDC - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> Core Select Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> Core Select Bond Fund | $4 | 0.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $131284322 |
| Number of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 22% |

---

# TOP HOLDINGS (% of Net Assets)

---

| | |
|:---|:---|
| iShares MBS ETF | 24.44% |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 16.99% |
| CF Secured LLC | 14.08% |
| FlexShares<sup>®</sup> Ultra-Short Income Fund | 12.90% |
| FlexShares<sup>®</sup> Disciplined Duration MBS Index Fund | 12.54% |
| iShares 20+ Year Treasury Bond ETF | 12.38% |
| U.S. Treasury 2 Year Note | 12.37% |
| FlexShares<sup>®</sup> Credit-Scored US Corporate Bond Index Fund | 9.41% |
| U.S. Treasury Long Bond | 7.11% |
| iShares 3-7 Year Treasury Bond ETF | 5.08% |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> CORE SELECT BOND FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>CREDIT-SCORED US CORPORATE BOND INDEX FUND

#### Ticker: SKOR - NASDAQ

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> Credit-Scored US Corporate Bond Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

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

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> Credit-Scored US Corporate Bond Index Fund | $8 | 0.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $507483357 |
| Number of Portfolio Holdings | 1640 |
| Portfolio Turnover Rate | 45% |

---

# ASSET MARKET SECTOR (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Financials | 43.5% |
| Energy | 9.3% |
| Information Technology | 9.1% |
| Consumer Discretionary | 6.3% |
| Industrials | 5.4% |
| Consumer Staples | 5.2% |
| Utilities | 5.0% |
| Health Care | 4.8% |
| Real Estate | 4.6% |
| Materials | 3.0% |
| Other | 2.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### How has the Fund Changed?
Effective March 1, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may seek exposure to mortgage-backed and mortgage-related securities through to-be-announced transactions. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> CREDIT-SCORED US CORPORATE BOND INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>CREDIT-SCORED US LONG CORPORATE BOND INDEX FUND

#### Ticker: LKOR - Cboe Exchange

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> Credit-Scored US Long Corporate Bond Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

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

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> Credit-Scored US Long Corporate Bond Index Fund | $8 | 0.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $35399203 |
| Number of Portfolio Holdings | 834 |
| Portfolio Turnover Rate | 59% |

---

# ASSET MARKET SECTOR (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Financials | 20.1% |
| Energy | 13.1% |
| Information Technology | 12.6% |
| Health Care | 9.7% |
| Utilities | 9.3% |
| Consumer Staples | 8.2% |
| Communication Services | 7.5% |
| Consumer Discretionary | 6.8% |
| Industrials | 6.2% |
| Materials | 5.0% |
| Other | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### How has the Fund Changed?
Effective March 1, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may seek exposure to mortgage-backed and mortgage-related securities through to-be-announced transactions. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> CREDIT-SCORED US LONG CORPORATE BOND INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>DEVELOPED MARKETS EX-US QUALITY LOW VOLATILITY INDEX FUND

#### Ticker: QLVD - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> Developed Markets ex-US Quality Low Volatility Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

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

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> Developed Markets ex-US Quality Low Volatility Index Fund | $9 | 0.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $52993165 |
| Number of Portfolio Holdings | 182 |
| Portfolio Turnover Rate | 24% |

---

# COUNTRY DIVERSIFICATION (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Japan | 19.1% |
| Canada | 13.9% |
| Switzerland | 11.6% |
| United Kingdom | 10.2% |
| France | 8.3% |
| Germany | 7.1% |
| Hong Kong | 5.5% |
| Singapore | 5.1% |
| Netherlands | 4.9% |
| Spain | 3.5% |
| Other | 8.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### How has the Fund Changed?
Effective January 1, 2025, 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?
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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> DEVELOPED MARKETS EX-US QUALITY LOW VOLATILITY INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>DISCIPLINED DURATION MBS INDEX FUND

#### Ticker: MBSD - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> Disciplined Duration MBS Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> Disciplined Duration MBS Index Fund | $10 | 0.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $83641711 |
| Number of Portfolio Holdings | 376 |
| Portfolio Turnover Rate | 17% |

---

# YEARS TO MATURITY (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| 20+ years | 42.0% |
| 10-20 years | 37.0% |
| 5-10 years | 11.5% |
| 3-5 years | 5.8% |
| 1-3 years | 3.0% |
| 0-1 year | 0.0% |
| Cash and/or Derivatives | 0.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> DISCIPLINED DURATION MBS INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>EMERGING MARKETS QUALITY LOW VOLATILITY INDEX FUND

#### Ticker: QLVE - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> Emerging Markets Quality Low Volatility Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

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

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> Emerging Markets Quality Low Volatility Index Fund | $12 | 0.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $12952932 |
| Number of Portfolio Holdings | 160 |
| Portfolio Turnover Rate | 25% |

---

# COUNTRY DIVERSIFICATION (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| India | 24.3% |
| China | 21.2% |
| Taiwan | 16.5% |
| United Arab Emirates | 7.0% |
| South Korea | 5.4% |
| Malaysia | 5.4% |
| Brazil | 3.8% |
| Qatar | 3.3% |
| Kuwait | 2.8% |
| Saudi Arabia | 2.3% |
| Other | 7.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### How has the Fund Changed?
Effective January 1, 2025, 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?
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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> EMERGING MARKETS QUALITY LOW VOLATILITY INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>ESG & CLIMATE DEVELOPED MARKETS EX-US CORE INDEX FUND

#### Ticker: FEDM - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> ESG & Climate Developed Markets ex-US Core Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> ESG & Climate Developed Markets ex-US Core Index Fund | $6 | 0.12% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $54105083 |
| Number of Portfolio Holdings | 238 |
| Portfolio Turnover Rate | 13% |

---

# COUNTRY DIVERSIFICATION (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Japan | 18.6% |
| United Kingdom | 13.9% |
| France | 11.1% |
| Canada | 10.8% |
| Germany | 10.6% |
| Switzerland | 7.8% |
| Australia | 6.3% |
| Netherlands | 4.4% |
| Spain | 4.1% |
| Denmark | 2.7% |
| Other | 7.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> ESG & CLIMATE DEVELOPED MARKETS EX-US CORE INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>ESG & CLIMATE INVESTMENT GRADE CORPORATE CORE INDEX FUND

#### Ticker: FEIG - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> ESG & Climate Investment Grade Corporate Core Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

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

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> ESG & Climate Investment Grade Corporate Core Index Fund | $6 | 0.12% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $44819951 |
| Number of Portfolio Holdings | 811 |
| Portfolio Turnover Rate | 11% |

---

# ASSET MARKET SECTOR (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Financials | 32.8% |
| Health Care | 13.1% |
| Information Technology | 10.2% |
| Utilities | 7.6% |
| Communication Services | 6.8% |
| Energy | 6.6% |
| Industrials | 4.7% |
| Real Estate | 4.5% |
| Consumer Discretionary | 4.4% |
| Consumer Staples | 4.2% |
| Other | 3.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### How has the Fund Changed?
Effective March 1, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may seek exposure to mortgage-backed and mortgage-related securities through to-be-announced transactions. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> ESG & CLIMATE INVESTMENT GRADE CORPORATE CORE INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>ESG & CLIMATE US LARGE CAP CORE INDEX FUND

#### Ticker: FEUS - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> ESG & Climate US Large Cap Core Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> ESG & Climate US Large Cap Core Index Fund | $5 | 0.09% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $59704356 |
| Number of Portfolio Holdings | 126 |
| Portfolio Turnover Rate | 16% |

---

# ASSET MARKET SECTOR (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Information Technology | 30.2% |
| Financials | 14.8% |
| Health Care | 11.7% |
| Consumer Discretionary | 10.4% |
| Communication Services | 9.6% |
| Industrials | 8.4% |
| Consumer Staples | 5.6% |
| Energy | 2.6% |
| Utilities | 2.3% |
| Real Estate | 2.0% |
| Other | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> ESG & CLIMATE US LARGE CAP CORE INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>GLOBAL QUALITY REAL ESTATE INDEX FUND

#### Ticker: GQRE - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> Global Quality Real Estate Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> Global Quality Real Estate Index Fund | $23 | 0.45% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $413942407 |
| Number of Portfolio Holdings | 161 |
| Portfolio Turnover Rate | 24% |

---

# COUNTRY DIVERSIFICATION (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| United States | 64.3% |
| Japan | 8.7% |
| Hong Kong | 4.7% |
| Singapore | 3.2% |
| France | 3.2% |
| United Kingdom | 2.8% |
| Australia | 2.7% |
| Israel | 2.3% |
| Switzerland | 2.1% |
| Canada | 1.6% |
| Other | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> GLOBAL QUALITY REAL ESTATE INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>HIGH YIELD VALUE-SCORED BOND INDEX FUND

#### Ticker: HYGV - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> High Yield Value-Scored Bond Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

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

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> High Yield Value-Scored Bond Index Fund | $19 | 0.37% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $1277448309 |
| Number of Portfolio Holdings | 1022 |
| Portfolio Turnover Rate | 43% |

---

# ASSET MARKET SECTOR (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Consumer Discretionary | 21.3% |
| Energy | 13.7% |
| Communication Services | 13.2% |
| Industrials | 12.0% |
| Financials | 10.4% |
| Materials | 8.9% |
| Health Care | 4.5% |
| Information Technology | 4.0% |
| Consumer Staples | 3.6% |
| Real Estate | 2.9% |
| Other | 2.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### How has the Fund Changed?
Effective March 1, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may seek exposure to mortgage-backed and mortgage-related securities through to-be-announced transactions. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> HIGH YIELD VALUE-SCORED BOND INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>IBOXX 3-YEAR TARGET DURATION TIPS INDEX FUND

#### Ticker: TDTT - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> iBoxx 3-Year Target Duration TIPS Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

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

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> iBoxx 3-Year Target Duration TIPS Index Fund | $9 | 0.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $2398334662 |
| Number of Portfolio Holdings | 23 |
| Portfolio Turnover Rate | 43% |

---

# YEARS TO MATURITY (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| 1-3 years | 46.6% |
| 3-5 years | 46.3% |
| 5-10 years | 7.0% |
| 0-1 year | 0.0% |
| Cash and/or Derivatives | 0.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### How has the Fund Changed?
Effective March 1, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may seek exposure to mortgage-backed and mortgage-related securities through to-be-announced transactions. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> IBOXX 3-YEAR TARGET DURATION TIPS INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>IBOXX 5-YEAR TARGET DURATION TIPS INDEX FUND

#### Ticker: TDTF - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> iBoxx 5-Year Target Duration TIPS Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

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

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> iBoxx 5-Year Target Duration TIPS Index Fund | $9 | 0.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $793674673 |
| Number of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 25% |

---

# YEARS TO MATURITY (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| 5-10 years | 56.9% |
| 3-5 years | 42.9% |
| 0-1 year | 0.0% |
| Cash and/or Derivatives | 0.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### How has the Fund Changed?
Effective March 1, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may seek exposure to mortgage-backed and mortgage-related securities through to-be-announced transactions. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> IBOXX 5-YEAR TARGET DURATION TIPS INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>INTERNATIONAL QUALITY DIVIDEND DYNAMIC INDEX FUND

#### Ticker: IQDY - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> International Quality Dividend Dynamic Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> International Quality Dividend Dynamic Index Fund | $25 | 0.47% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $66029264 |
| Number of Portfolio Holdings | 198 |
| Portfolio Turnover Rate | 33% |

---

# COUNTRY DIVERSIFICATION (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Japan | 11.3% |
| China | 10.8% |
| United Kingdom | 8.5% |
| Canada | 6.5% |
| Taiwan | 6.3% |
| Switzerland | 5.7% |
| France | 4.7% |
| Italy | 4.5% |
| Australia | 4.2% |
| Sweden | 3.5% |
| Other | 32.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> INTERNATIONAL QUALITY DIVIDEND DYNAMIC INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>INTERNATIONAL QUALITY DIVIDEND INDEX FUND

#### Ticker: IQDF - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> International Quality Dividend Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> International Quality Dividend Index Fund | $25 | 0.47% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $672220456 |
| Number of Portfolio Holdings | 218 |
| Portfolio Turnover Rate | 32% |

---

# COUNTRY DIVERSIFICATION (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Japan | 11.8% |
| China | 10.5% |
| United Kingdom | 9.0% |
| Switzerland | 8.9% |
| Taiwan | 6.3% |
| Canada | 5.9% |
| Italy | 4.4% |
| France | 4.4% |
| Sweden | 4.0% |
| Australia | 3.9% |
| Other | 28.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> INTERNATIONAL QUALITY DIVIDEND INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>MORNINGSTAR DEVELOPED MARKETS EX-US FACTOR TILT INDEX FUND

#### Ticker: TLTD - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> Morningstar Developed Markets ex-US Factor Tilt Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> Morningstar Developed Markets ex-US Factor Tilt Index Fund | $21 | 0.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $481019307 |
| Number of Portfolio Holdings | 2377 |
| Portfolio Turnover Rate | 13% |

---

# COUNTRY DIVERSIFICATION (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Japan | 24.4% |
| United Kingdom | 12.3% |
| Canada | 9.8% |
| France | 8.1% |
| Germany | 7.3% |
| Australia | 5.3% |
| Switzerland | 5.2% |
| Sweden | 3.2% |
| Italy | 3.1% |
| Netherlands | 3.0% |
| Other | 16.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> MORNINGSTAR DEVELOPED MARKETS EX-US FACTOR TILT INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>MORNINGSTAR EMERGING MARKETS FACTOR TILT INDEX FUND

#### Ticker: TLTE - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> Morningstar Emerging Markets Factor Tilt Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> Morningstar Emerging Markets Factor Tilt Index Fund | $29 | 0.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $249894087 |
| Number of Portfolio Holdings | 2925 |
| Portfolio Turnover Rate | 17% |

---

# COUNTRY DIVERSIFICATION (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| China | 24.3% |
| India | 15.4% |
| Taiwan | 14.9% |
| South Korea | 11.4% |
| Brazil | 5.9% |
| South Africa | 4.0% |
| Mexico | 3.3% |
| Saudi Arabia | 2.5% |
| United Arab Emirates | 2.3% |
| Malaysia | 2.3% |
| Other | 12.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> MORNINGSTAR EMERGING MARKETS FACTOR TILT INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>MORNINGSTAR GLOBAL UPSTREAM NATURAL RESOURCES INDEX FUND

#### Ticker: GUNR - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> Morningstar Global Upstream Natural Resources Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> Morningstar Global Upstream Natural Resources Index Fund | $23 | 0.46% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $4627328756 |
| Number of Portfolio Holdings | 178 |
| Portfolio Turnover Rate | 14% |

---

# COUNTRY DIVERSIFICATION (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| United States | 34.5% |
| Canada | 17.7% |
| Australia | 11.2% |
| United Kingdom | 7.6% |
| Norway | 3.4% |
| Brazil | 3.3% |
| Saudi Arabia | 2.7% |
| France | 2.4% |
| India | 2.4% |
| South Africa | 2.1% |
| Other | 11.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> MORNINGSTAR GLOBAL UPSTREAM NATURAL RESOURCES INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>MORNINGSTAR US MARKET FACTOR TILT INDEX FUND

#### Ticker: TILT - Cboe Exchange

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> Morningstar US Market Factor Tilt Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> Morningstar US Market Factor Tilt Index Fund | $13 | 0.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $1588609980 |
| Number of Portfolio Holdings | 1975 |
| Portfolio Turnover Rate | 6% |

---

# ASSET MARKET SECTOR (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Information Technology | 22.9% |
| Financials | 18.5% |
| Consumer Discretionary | 11.6% |
| Industrials | 10.4% |
| Health Care | 10.3% |
| Communication Services | 7.9% |
| Consumer Staples | 5.4% |
| Energy | 3.9% |
| Utilities | 3.0% |
| Materials | 2.9% |
| Other | 2.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> MORNINGSTAR US MARKET FACTOR TILT INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>QUALITY DIVIDEND DEFENSIVE INDEX FUND

#### Ticker: QDEF - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> Quality Dividend Defensive Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> Quality Dividend Defensive Index Fund | $19 | 0.37% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $399606388 |
| Number of Portfolio Holdings | 131 |
| Portfolio Turnover Rate | 20% |

---

# ASSET MARKET SECTOR (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Information Technology | 25.6% |
| Health Care | 13.1% |
| Financials | 11.8% |
| Industrials | 10.7% |
| Consumer Staples | 9.1% |
| Consumer Discretionary | 7.9% |
| Communication Services | 7.5% |
| Utilities | 5.9% |
| Real Estate | 5.0% |
| Energy | 1.3% |
| Other | 1.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> QUALITY DIVIDEND DEFENSIVE INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>QUALITY DIVIDEND INDEX FUND

#### Ticker: QDF - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> Quality Dividend Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> Quality Dividend Index Fund | $18 | 0.37% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $1705117991 |
| Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 20% |

---

# ASSET MARKET SECTOR (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Information Technology | 28.6% |
| Financials | 13.3% |
| Health Care | 10.8% |
| Industrials | 10.2% |
| Consumer Staples | 7.7% |
| Consumer Discretionary | 7.6% |
| Communication Services | 6.6% |
| Real Estate | 5.5% |
| Energy | 5.1% |
| Utilities | 3.2% |
| Other | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> QUALITY DIVIDEND INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>REAL ASSETS ALLOCATION INDEX FUND

#### Ticker: ASET - NASDAQ

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> Real Assets Allocation Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> Real Assets Allocation Index Fund | $(9) | (0.07)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $7072868 |
| Number of Portfolio Holdings | 3 |
| Portfolio Turnover Rate | 4% |

---

# TOP HOLDINGS (% of Net Assets)

---

| | |
|:---|:---|
| FlexShares<sup>®</sup>STOXX<sup>®</sup> Global Broad Infrastructure Index Fund | 49.78% |
| FlexShares<sup>®</sup> Global Quality Real Estate Index Fund | 40.06% |
| FlexShares<sup>®</sup> Morningstar Global Upstream Natural Resources Index Fund | 9.88% |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> REAL ASSETS ALLOCATION INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>STOXX<sup>®</sup> GLOBAL BROAD INFRASTRUCTURE INDEX FUND

#### Ticker: NFRA - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> STOXX<sup>®</sup> Global Broad Infrastructure Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup>STOXX<sup>®</sup> Global Broad Infrastructure Index Fund | $24 | 0.47% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $2345010287 |
| Number of Portfolio Holdings | 189 |
| Portfolio Turnover Rate | 8% |

---

# COUNTRY DIVERSIFICATION (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| United States | 41.4% |
| Canada | 13.3% |
| Japan | 9.4% |
| Germany | 8.5% |
| Spain | 4.4% |
| United Kingdom | 3.8% |
| Australia | 3.1% |
| France | 2.7% |
| India | 2.5% |
| Italy | 2.1% |
| Other | 7.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> STOXX<sup>®</sup> GLOBAL BROAD INFRASTRUCTURE INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>STOXX<sup>®</sup> GLOBAL ESG SELECT INDEX FUND

#### Ticker: ESGG - Cboe Exchange

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> STOXX<sup>®</sup> Global ESG Select Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup>STOXX<sup>®</sup> Global ESG Select Index Fund | $22 | 0.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $80864667 |
| Number of Portfolio Holdings | 766 |
| Portfolio Turnover Rate | 25% |

---

# COUNTRY DIVERSIFICATION (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| United States | 66.8% |
| Japan | 6.1% |
| United Kingdom | 4.4% |
| France | 4.0% |
| Australia | 3.1% |
| Switzerland | 2.5% |
| Germany | 2.2% |
| Netherlands | 1.8% |
| Canada | 1.5% |
| Spain | 1.2% |
| Other | 5.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> STOXX<sup>®</sup> GLOBAL ESG SELECT INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>STOXX<sup>®</sup> US ESG SELECT INDEX FUND

#### Ticker: ESG - Cboe Exchange

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> STOXX<sup>®</sup> US ESG Select Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup>STOXX<sup>®</sup> US ESG Select Index Fund | $16 | 0.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $113114827 |
| Number of Portfolio Holdings | 265 |
| Portfolio Turnover Rate | 14% |

---

# ASSET MARKET SECTOR (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Information Technology | 24.7% |
| Financials | 18.1% |
| Consumer Discretionary | 13.3% |
| Consumer Staples | 11.4% |
| Health Care | 10.6% |
| Communication Services | 7.1% |
| Industrials | 5.4% |
| Energy | 3.9% |
| Real Estate | 2.0% |
| Materials | 1.4% |
| Other | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> STOXX<sup>®</sup> US ESG SELECT INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>ULTRA-SHORT INCOME FUND

#### Ticker: RAVI - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> Ultra-Short Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

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

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> Ultra-Short Income Fund | $13 | 0.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $1232173277 |
| Number of Portfolio Holdings | 249 |
| Portfolio Turnover Rate | 42% |

---

# ASSET MARKET SECTOR (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Financials | 44.0% |
| Consumer Discretionary | 7.7% |
| Asset-Backed Securities | 7.6% |
| Information Technology | 7.2% |
| Consumer Staples | 5.9% |
| Health Care | 5.2% |
| Industrials | 4.3% |
| Materials | 3.7% |
| Energy | 3.5% |
| U.S. Treasury Obligations | 2.9% |
| Other | 6.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### How has the Fund Changed?
Effective March 1, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may invest in U.S. Treasury futures. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> ULTRA-SHORT INCOME FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>US QUALITY LARGE CAP INDEX FUND

#### Ticker: QLC - Cboe Exchange

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> US Quality Large Cap Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> US Quality Large Cap Index Fund | $13 | 0.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $401808111 |
| Number of Portfolio Holdings | 166 |
| Portfolio Turnover Rate | 10% |

---

# ASSET MARKET SECTOR (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Information Technology | 31.3% |
| Financials | 15.4% |
| Communication Services | 11.3% |
| Health Care | 11.0% |
| Consumer Discretionary | 8.8% |
| Industrials | 7.1% |
| Consumer Staples | 5.2% |
| Utilities | 4.7% |
| Real Estate | 2.6% |
| Energy | 1.6% |
| Other | 0.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> US QUALITY LARGE CAP INDEX FUND

![Image](ifbc749121c6b2700013204e7.jpg)

#### FLEXSHARES<sup><sup>®</sup></sup>US QUALITY LOW VOLATILITY INDEX FUND

#### Ticker: QLV - NYSE Arca

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This semi-annual shareholder report contains important information about the FlexShares<sup><sup>®</sup></sup> US Quality Low Volatility Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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.

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

# What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*,</sup><sup>Footnote Reference1</sup>** |
| FlexShares<sup>®</sup> US Quality Low Volatility Index Fund | $6 | 0.11% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp; Reflects applicable expense reimbursements and fee waivers. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

# **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| Net Assets | $129837777 |
| Number of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 22% |

---

# ASSET MARKET SECTOR (% of Net Assets)<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| Information Technology | 23.4% |
| Financials | 14.5% |
| Health Care | 14.5% |
| Consumer Staples | 9.6% |
| Communication Services | 8.5% |
| Industrials | 7.0% |
| Utilities | 6.9% |
| Consumer Discretionary | 6.9% |
| Materials | 4.2% |
| Energy | 3.3% |
| Other | 0.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### How has the Fund Changed?
Effective January 1, 2025, 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/](i8a8d5db21201984a5e46c73d.jpg)

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

FLEXSHARES<sup><sup>®</sup></sup> US QUALITY LOW VOLATILITY INDEX 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.** 

Not applicable for this reporting period.

**Item 3. Audit Committee Financial Expert.** 

Not applicable for this reporting period.

**Item 4. Principal Accountant Fees and Services.** 

Not applicable for this reporting period.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable for this reporting period.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable.

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

FlexShares®

Trust

Semiannual

Financial

Statements

and

Additional

Information

April

30,

2025

#### MANAGED

#### BY

#### NORTHERN

#### TRUST

#### MANAGED

#### BY

#### NORTHERN

#### TRUST
Table

of

Contents

#### MANAGED

#### BY

#### NORTHERN

#### TRUST

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### 2

#### Statements

#### of

#### Operations

#### 9

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

#### 16

#### Financial

#### Highlights

#### 30

#### Schedules

#### of

#### Investments

#### 59
FlexShares®

US

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

US

Market

Factor

Tilt

Index

Fund

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

FlexShares®

US

Quality

Large

Cap

Index

Fund

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

FlexShares®

ESG &

Climate

US

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®

Real

Assets

Allocation

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

US

Corporate

Bond

Index

Fund

FlexShares®

Credit-Scored

US

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

#### Notes

#### to

#### the

#### Financial

#### Statements

#### 317

#### Form

#### N-CSR

#### -

#### Items

#### 8

#### -

#### 11

#### 352
FLEXSHARES

SEMIANNUAL

REPORT

FlexShares®

Trust

Statements

of

Assets

and

Liabilities

April

30,

2025

(Unaudited)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

#### FlexShares

####®

#### US

#### 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

#### US

#### Market

#### Factor

#### Tilt

#### Index

#### Fund

#### ASSETS
Securities,

at

cost

$

114,255,647

$

44,778,339

$

11,383,660

$

867,430,762

Affiliate

securities,

at

cost

—

—

—

471,886

Securities

Lending

Reinvestments,

at

cost

4,075,678

1,151,524

—

172,530,891

Securities,

at

value†

128,567,237

51,970,708

12,846,927

1,577,719,923

Affiliate

securities,

at

value

—

—

—

590,195

Securities

Lending

Reinvestments,

at

value

4,075,678

1,151,524

—

172,530,069

Cash

1,114,682

335,942

83,014

7,382,168

Cash

segregated

at

broker\*

—

46,380

7,449

786,189

Foreign

cash††

—

164,230

20,115

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

—

1,485

—

Receivables:

—

—

—

—

Dividends

and

interest

182,016

485,306

31,145

848,080

Securities

lending

income

1,085

1,802

—

31,606

Securities

sold

—

—

—

1,693,387

Variation

margin

on

futures

contracts

809

28,074

12,457

125,235

#### Total

#### Assets

#### 133,941,507

#### 54,185,451

#### 13,001,180

#### 1,761,706,852

#### LIABILITIES
Unrealized

depreciation

on

forward

foreign

currency

contracts

—

19,926

1,330

—

Payables:

Cash

collateral

received

from

securities

loaned

4,075,678

1,151,524

—

172,527,867

Deferred

compensation

(Note

7)

14,508

6,417

1,250

224,720

Investment

advisory

fees

(Note

4)

8,076

4,783

1,848

314,555

Trustee

fees

(Note

7)

2,668

886

25,230

Securities

purchased

—

—

19,838

—

Deferred

non-US

capital

gains

taxes

—

—

23,747

—

Due

to

Shareholder

—

—

—

—

Variation

margin

on

futures

contracts

—

—

—

—

Capital

shares

redeemed

—

—

—

—

Other

2,800

8,750

—

4,500

#### Total

#### Liabilities

#### 4,103,730

#### 1,192,286

#### 48,248

#### 173,096,872

#### Net

#### Assets

#### $

#### 129,837,777

#### $

#### 52,993,165

#### $

#### 12,952,932

#### $

#### 1,588,609,980

#### NET

#### ASSETS

#### CONSIST

#### OF:
Paid-in

capital

$

118,715,663

$

48,982,039

$

12,680,024

$

883,559,342

Distributable

earnings

(loss)

11,122,114

4,011,126

272,908

705,050,638

#### Net

#### Assets

#### $

#### 129,837,777

#### $

#### 52,993,165

#### $

#### 12,952,932

#### $

#### 1,588,609,980
Shares

Outstanding

(unlimited

number

of

shares

authorized

$

0.0001 par

value)

2,000,001

1,750,001

500,001

7,850,001

Net

Asset

Value

$

64.92 $

30.28 $

25.91 $

202.37 †

Securities

on

loan,

at

value

$

8,044,955

$

3,379,762

$

—

$

208,029,009

††

Cost

of

foreign

cash

$

—

$

162,457

$

19,915

$

—

*\**

*Includes* 

*cash* 

*pledged* 

*by* 

*the* 

*Fund* 

*to* 

*cover* 

*margin* 

*requirements* 

*for* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*04/30/25.*

Statements

of

Assets

and

Liabilities

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Morningstar

#### Developed

#### Markets

#### ex-

#### US

#### Factor

#### Tilt

#### Index

#### Fund

#### FlexShares

####®

#### Morningstar

#### Emerging

#### Markets

#### Factor

#### Tilt

#### Index

#### Fund

#### FlexShares

####®

#### US

#### Quality

#### Large

#### Cap

#### Index

#### Fund

#### FlexShares

####®

#### STOXX

####®

#### US

#### ESG

#### Select

#### Index

#### Fund

#### ASSETS
Securities,

at

cost

$

351,519,385

$

199,553,263

$

358,389,438

$

95,340,625

Affiliate

securities,

at

cost

—

—

—

—

Securities

Lending

Reinvestments,

at

cost

18,949,876

2,026,385

4,313,805

515,142

Securities,

at

value†

471,651,413

247,343,418

399,092,313

112,385,975

Affiliate

securities,

at

value

—

—

—

—

Securities

Lending

Reinvestments,

at

value

18,949,876

2,026,385

4,313,805

515,142

Cash

550,290

1,790,982

2,245,170

596,904

Cash

segregated

at

broker\*

691,796

181,242

194,890

59,124

Foreign

cash††

3,154,173

1,602,273

—

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

96,323

514

—

—

Receivables:

—

—

—

—

Dividends

and

interest

4,836,302

622,077

212,627

66,332

Securities

lending

income

29,277

16,867

1,312

Securities

sold

136,796

—

—

—

Variation

margin

on

futures

contracts

395,401

128,369

168,732

56,955

#### Total

#### Assets

#### 500,491,647

#### 253,712,127

#### 406,228,849

#### 113,680,690

#### LIABILITIES
Unrealized

depreciation

on

forward

foreign

currency

contracts

90,879

25,965

—

—

Payables:

Cash

collateral

received

from

securities

loaned

18,949,876

2,026,385

4,313,805

515,142

Deferred

compensation

(Note

7)

112,221

55,805

14,639

15,915

Investment

advisory

fees

(Note

4)

145,707

112,535

77,026

29,074

Trustee

fees

(Note

7)

7,675

4,039

3,768

2,932

Securities

purchased

152,482

—

—

—

Deferred

non-US

capital

gains

taxes

—

1,593,311

—

—

Due

to

Shareholder

—

—

—

—

Variation

margin

on

futures

contracts

—

—

—

—

Capital

shares

redeemed

—

—

—

—

Other

13,500

—

11,500

2,800

#### Total

#### Liabilities

#### 19,472,340

#### 3,818,040

#### 4,420,738

#### 565,863

#### Net

#### Assets

#### $

#### 481,019,307

#### $

#### 249,894,087

#### $

#### 401,808,111

#### $

#### 113,114,827

#### NET

#### ASSETS

#### CONSIST

#### OF:
Paid-in

capital

$

484,468,932

$

290,435,476

$

359,534,715

$

88,871,545

Distributable

earnings

(loss)

(3,449,625)

(40,541,389)

42,273,396

24,243,282

#### Net

#### Assets

#### $

#### 481,019,307

#### $

#### 249,894,087

#### $

#### 401,808,111

#### $

#### 113,114,827
Shares

Outstanding

(unlimited

number

of

shares

authorized

$

0.0001 par

value)

6,200,001

4,700,001

6,325,001

850,001

Net

Asset

Value

$

77.58 $

53.17 $

63.53 $

133.08 †

Securities

on

loan,

at

value

$

67,151,614

$

11,410,840

$

5,577,541

$

1,831,913

††

Cost

of

foreign

cash

$

3,088,505

$

1,576,786

$

—

$

—

*\**

*Includes* 

*cash* 

*pledged* 

*by* 

*the* 

*Fund* 

*to* 

*cover* 

*margin* 

*requirements* 

*for* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*04/30/25.*

Statements

of

Assets

and

Liabilities

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### STOXX

####®

#### Global

#### ESG

#### Select

#### Index

#### Fund

#### FlexShares

####®

#### ESG &

#### Climate

#### US

#### 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,

at

cost

$

64,387,166

$

55,576,906

$

46,521,921

$

4,586,878,258

Affiliate

securities,

at

cost

—

—

—

—

Securities

Lending

Reinvestments,

at

cost

1,872,918

505,859

610,094

147,725,603

Securities,

at

value†

79,841,169

59,410,917

53,106,070

4,586,859,077

Affiliate

securities,

at

value

—

—

—

—

Securities

Lending

Reinvestments,

at

value

1,872,918

505,859

610,094

147,725,654

Cash

373,230

264,656

281,613

10,415,008

Cash

segregated

at

broker\*

75,230

—

40,583

3,150,679

Foreign

cash††

212,342

—

327,673

17,525,919

Unrealized

appreciation

on

forward

foreign

currency

contracts

8,746

—

3,889

287,101

Receivables:

—

—

—

—

Dividends

and

interest

356,721

37,214

333,956

6,741,490

Securities

lending

income

1,099

857

46,206

Securities

sold

—

—

—

8,666,240

Variation

margin

on

futures

contracts

88,052

1,008

55,092

1,330,168

#### Total

#### Assets

#### 82,829,507

#### 60,219,811

#### 54,759,827

#### 4,782,747,542

#### LIABILITIES
Unrealized

depreciation

on

forward

foreign

currency

contracts

31,443

—

25,291

175,689

Due

to

brokers

—

832

—

—

Payables:

Cash

collateral

received

from

securities

loaned

1,872,918

505,859

610,094

147,722,608

Deferred

compensation

(Note

7)

16,465

2,133

2,134

866,521

Investment

advisory

fees

(Note

4)

26,988

4,324

4,953

1,736,610

Trustee

fees

(Note

7)

2,605

807

772

101,673

Securities

purchased

—

—

—

—

Deferred

non-US

capital

gains

taxes

—

—

—

—

Due

to

Authorized

Participant

—

—

—

4,763,185

Due

to

Shareholder

—

—

—

—

Variation

margin

on

futures

contracts

—

—

—

—

Capital

shares

redeemed

—

—

—

—

Distributions

8,421

—

—

—

Other

6,000

1,500

11,500

52,500

#### Total

#### Liabilities

#### 1,964,840

#### 515,455

#### 654,744

#### 155,418,786

#### Net

#### Assets

#### $

#### 80,864,667

#### $

#### 59,704,356

#### $

#### 54,105,083

#### $

#### 4,627,328,756

#### NET

#### ASSETS

#### CONSIST

#### OF:
Paid-in

capital

$

45,574,944

$

52,090,849

$

47,211,953

$

5,965,454,115

Distributable

earnings

(loss)

35,289,723

7,613,507

6,893,130

(1,338,125,359)

#### Net

#### Assets

#### $

#### 80,864,667

#### $

#### 59,704,356

#### $

#### 54,105,083

#### $

#### 4,627,328,756
Shares

Outstanding

(unlimited

number

of

shares

authorized

$

0.0001 par

value)

475,001

975,000

1,025,000

121,750,001

Net

Asset

Value

$

170.24 $

61.24 $

52.79 $

38.01 †

Securities

on

loan,

at

value

$

3,255,570

$

1,375,935

$

4,477,682

$

272,985,800

††

Cost

of

foreign

cash

$

205,739

$

—

$

314,132

$

17,221,097

*\**

*Includes* 

*cash* 

*pledged* 

*by* 

*the* 

*Fund* 

*to* 

*cover* 

*margin* 

*requirements* 

*for* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*04/30/25.*

Statements

of

Assets

and

Liabilities

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### STOXX

####®

#### Global

#### Broad

#### Infrastructure

#### Index

#### Fund

#### FlexShares

####®

#### Global

#### Quality

#### Real

#### Estate

#### Index

#### Fund

#### FlexShares

####®

#### Real

#### Assets

#### Allocation

#### Index

#### Fund

#### FlexShares

####®

#### Quality

#### Dividend

#### Index

#### Fund

#### ASSETS
Securities,

at

cost

$

2,027,125,123

$

391,116,640

$

–

$

1,419,351,979

Affiliate

securities,

at

cost

—

—

7,312,136

—

Securities

Lending

Reinvestments,

at

cost

79,550,903

40,307,275

—

135,641,480

Securities,

at

value†

2,322,517,200

405,165,701

—

1,694,554,555

Affiliate

securities,

at

value

—

—

7,053,076

—

Securities

Lending

Reinvestments,

at

value

79,550,903

40,307,275

—

135,640,738

Cash

6,668,441

4,132,405

13,060

8,120,573

Cash

segregated

at

broker\*

1,700,690

678,843

—

815,073

Foreign

cash††

7,801,324

2,701,669

—

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

—

6,685

—

—

Receivables:

—

—

—

—

Dividends

and

interest

7,501,711

1,111,940

—

2,032,103

Securities

lending

income

82,374

11,774

—

12,782

Securities

sold

—

—

125,903

—

Variation

margin

on

futures

contracts

984,540

366,542

—

365,962

#### Total

#### Assets

#### 2,426,807,183

#### 454,482,834

#### 7,192,039

#### 1,841,541,786

#### LIABILITIES
Unrealized

depreciation

on

forward

foreign

currency

contracts

59,578

27,876

—

—

Payables:

Cash

collateral

received

from

securities

loaned

79,550,903

40,307,275

—

135,638,019

Deferred

compensation

(Note

7)

266,972

44,153

1,590

256,056

Investment

advisory

fees

(Note

4)

894,272

148,173

(7,540)

500,734

Trustee

fees

(Note

7)

36,226

4,950

26,886

Securities

purchased

—

—

124,926

—

Deferred

non-US

capital

gains

taxes

952,945

—

—

—

Due

to

Shareholder

—

—

—

—

Variation

margin

on

futures

contracts

—

—

—

—

Capital

shares

redeemed

—

—

—

—

Other

36,000

8,000

—

2,100

#### Total

#### Liabilities

#### 81,796,896

#### 40,540,427

#### 119,171

#### 136,423,795

#### Net

#### Assets

#### $

#### 2,345,010,287

#### $

#### 413,942,407

#### $

#### 7,072,868

#### $

#### 1,705,117,991

#### NET

#### ASSETS

#### CONSIST

#### OF:
Paid-in

capital

$

2,273,163,349

$

464,848,779

$

8,592,092

$

1,550,139,673

Distributable

earnings

(loss)

71,846,938

(50,906,372)

(1,519,224)

154,978,318

#### Net

#### Assets

#### $

#### 2,345,010,287

#### $

#### 413,942,407

#### $

#### 7,072,868

#### $

#### 1,705,117,991
Shares

Outstanding

(unlimited

number

of

shares

authorized

$

0.0001 par

value)

39,600,001

7,150,001

225,001

25,617,921

Net

Asset

Value

$

59.22 $

57.89 $

31.43 $

66.56 †

Securities

on

loan,

at

value

$

129,429,593

$

74,774,762

$

—

$

179,878,682

††

Cost

of

foreign

cash

$

7,657,227

$

2,607,607

$

—

$

—

*\**

*Includes* 

*cash* 

*pledged* 

*by* 

*the* 

*Fund* 

*to* 

*cover* 

*margin* 

*requirements* 

*for* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*04/30/25.*

Statements

of

Assets

and

Liabilities

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### 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

#### ASSETS
Securities,

at

cost

$

330,672,903

$

578,202,326

$

58,691,689

$

2,355,356,722

Affiliate

securities,

at

cost

—

—

—

—

Securities

Lending

Reinvestments,

at

cost

16,480,786

5,810,783

3,084,667

—

Securities,

at

value†

395,588,932

656,764,965

64,779,150

2,394,917,987

Affiliate

securities,

at

value

—

—

—

—

Securities

Lending

Reinvestments,

at

value

16,480,786

5,810,783

3,084,667

—

Cash

3,313,716

7,741,743

563,353

10,557,984

Cash

segregated

at

broker\*

317,518

721,572

58,247

—

Foreign

cash††

—

3,196,854

182,268

—

Due

from

Authorized

Participant

—

70,286

—

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

—

15,443

3,075

—

Receivables:

—

—

—

—

Dividends

and

interest

421,706

4,702,002

534,184

3,007,748

Securities

lending

income

2,400

37,216

5,421

651

Capital

shares

issued

—

—

—

1,219,857

Securities

sold

—

—

—

317,606,772

Variation

margin

on

futures

contracts

143,176

323,987

39,259

—

#### Total

#### Assets

#### 416,268,234

#### 679,384,851

#### 69,249,624

#### 2,727,310,999

#### LIABILITIES
Unrealized

depreciation

on

forward

foreign

currency

contracts

—

275,581

22,802

—

Payables:

Cash

collateral

received

from

securities

loaned

16,480,786

5,810,783

3,084,667

—

Deferred

compensation

(Note

7)

57,733

96,450

9,171

344,573

Investment

advisory

fees

(Note

4)

117,299

241,596

24,460

349,546

Trustee

fees

(Note

7)

5,678

8,798

1,117

27,165

Securities

purchased

—

163,481

328,255,053

Deferred

non-US

capital

gains

taxes

—

536,206

64,081

—

Due

to

Shareholder

—

—

—

—

Variation

margin

on

futures

contracts

—

—

—

—

Capital

shares

redeemed

—

—

—

—

Other

31,500

14,000

—

#### Total

#### Liabilities

#### 16,661,846

#### 7,164,395

#### 3,220,360

#### 328,976,337

#### Net

#### Assets

#### $

#### 399,606,388

#### $

#### 672,220,456

#### $

#### 66,029,264

#### $

#### 2,398,334,662

#### NET

#### ASSETS

#### CONSIST

#### OF:
Paid-in

capital

$

360,096,243

$

782,889,165

$

81,910,322

$

2,532,642,355

Distributable

earnings

(loss)

39,510,145

(110,668,709)

(15,881,058)

(134,307,693)

#### Net

#### Assets

#### $

#### 399,606,388

#### $

#### 672,220,456

#### $

#### 66,029,264

#### $

#### 2,398,334,662
Shares

Outstanding

(unlimited

number

of

shares

authorized

$

0.0001 par

value)

5,800,001

26,300,001

2,200,001

98,304,000

Net

Asset

Value

$

68.90 $

25.56 $

30.01 $

24.40 †

Securities

on

loan,

at

value

$

21,460,544

$

70,604,300

$

10,374,026

$

—

††

Cost

of

foreign

cash

$

—

$

3,117,323

$

179,896

$

—

*\**

*Includes* 

*cash* 

*pledged* 

*by* 

*the* 

*Fund* 

*to* 

*cover* 

*margin* 

*requirements* 

*for* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*04/30/25.*

Statements

of

Assets

and

Liabilities

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### iBoxx

#### 5-Year

#### Target

#### Duration

#### TIPS

#### Index

#### Fund

#### FlexShares

####®

#### Disciplined

#### Duration

#### MBS

#### Index

#### Fund

#### FlexShares

####®

#### Credit-Scored

#### US

#### Corporate

#### Bond

#### Index

#### Fund

#### FlexShares

####®

#### Credit-Scored

#### US

#### Long

#### Corporate

#### Bond

#### Index

#### Fund

#### ASSETS
Securities,

at

cost

$

788,398,998

$

85,966,618

$

499,012,920

$

36,688,744

Affiliate

securities,

at

cost

—

—

—

—

Securities

Lending

Reinvestments,

at

cost

—

—

91,337,225

—

Securities,

at

value†

792,145,322

83,022,407

503,169,005

35,162,512

Affiliate

securities,

at

value

—

—

—

—

Securities

Lending

Reinvestments,

at

value

—

—

91,336,167

—

Cash

2,542,301

372,563

165,485

7,754

Cash

segregated

at

broker\*

—

—

—

—

Foreign

cash††

—

—

—

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

—

—

—

—

Receivables:

—

—

—

—

Dividends

and

interest

1,479,585

275,435

5,476,621

491,457

Securities

lending

income

—

10,970

—

Securities

sold

74,650,653

—

29,699,660

2,257,532

Variation

margin

on

futures

contracts

—

—

—

—

#### Total

#### Assets

#### 870,817,939

#### 83,670,405

#### 629,857,908

#### 37,919,255

#### LIABILITIES
Unrealized

depreciation

on

forward

foreign

currency

contracts

—

—

—

—

Payables:

Cash

collateral

received

from

securities

loaned

—

—

91,337,225

—

Deferred

compensation

(Note

7)

127,405

10,931

29,682

4,974

Investment

advisory

fees

(Note

4)

114,981

14,079

62,182

4,417

Trustee

fees

(Note

7)

11,889

1,284

5,573

581

Securities

purchased

76,888,991

—

30,936,139

2,509,580

Deferred

non-US

capital

gains

taxes

—

—

—

—

Due

to

Shareholder

—

—

—

—

Variation

margin

on

futures

contracts

—

—

—

—

Capital

shares

redeemed

—

—

—

—

Other

—

2,400

3,750

500

#### Total

#### Liabilities

#### 77,143,266

#### 28,694

#### 122,374,551

#### 2,520,052

#### Net

#### Assets

#### $

#### 793,674,673

#### $

#### 83,641,711

#### $

#### 507,483,357

#### $

#### 35,399,203

#### NET

#### ASSETS

#### CONSIST

#### OF:
Paid-in

capital

$

855,286,877

$

101,910,138

$

529,488,766

$

51,839,943

Distributable

earnings

(loss)

(61,612,204)

(18,268,427)

(22,005,409)

(16,440,740)

#### Net

#### Assets

#### $

#### 793,674,673

#### $

#### 83,641,711

#### $

#### 507,483,357

#### $

#### 35,399,203
Shares

Outstanding

(unlimited

number

of

shares

authorized

$

0.0001 par

value)

32,850,001

4,050,001

10,500,001

850,001

Net

Asset

Value

$

24.16 $

20.65 $

48.33 $

41.65 †

Securities

on

loan,

at

value

$

2,057,470

$

—

$

96,070,540

$

—

††

Cost

of

foreign

cash

$

—

$

—

$

—

$

—

*\**

*Includes* 

*cash* 

*pledged* 

*by* 

*the* 

*Fund* 

*to* 

*cover* 

*margin* 

*requirements* 

*for* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*04/30/25.*

Statements

of

Assets

and

Liabilities

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### 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

#### ASSETS
Securities,

at

cost

$

1,276,387,281

$

45,200,242

$

1,217,585,799

$

83,991,119

Affiliate

securities,

at

cost

—

—

—

48,806,214

Securities

Lending

Reinvestments,

at

cost

223,589,772

—

—

18,479,083

Securities,

at

value†

1,241,422,466

43,891,650

1,217,701,742

79,759,351

Affiliate

securities,

at

value

—

—

—

49,106,237

Securities

Lending

Reinvestments,

at

value

223,587,866

—

—

18,479,083

Cash

6,543,673

414,638

289,489

2,321,912

Cash

segregated

at

broker\*

—

—

—

—

Foreign

cash††

—

—

—

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

—

—

—

—

Receivables:

—

—

—

—

Dividends

and

interest

22,944,922

505,372

8,271,963

—

Securities

lending

income

30,286

—

—

2,001

Securities

sold

70,601,176

1,075,839

10,274,644

—

Variation

margin

on

futures

contracts

—

—

—

16,474

#### Total

#### Assets

#### 1,565,130,389

#### 45,887,499

#### 1,236,537,838

#### 149,685,058

#### LIABILITIES
Unrealized

depreciation

on

forward

foreign

currency

contracts

—

—

—

—

Payables:

Cash

collateral

received

from

securities

loaned

223,582,118

—

—

18,479,083

Deferred

compensation

(Note

7)

75,115

1,618

84,288

14,632

Investment

advisory

fees

(Note

4)

398,091

4,372

252,205

(95,732)

Trustee

fees

(Note

7)

21,658

631

17,907

2,753

Securities

purchased

57,619,167

1,060,177

4,010,161

—

Deferred

non-US

capital

gains

taxes

—

—

—

—

Due

to

Shareholder

—

—

—

—

Variation

margin

on

futures

contracts

—

—

—

—

Capital

shares

redeemed

5,970,181

—

—

—

Other

15,750

750

—

—

#### Total

#### Liabilities

#### 287,682,080

#### 1,067,548

#### 4,364,561

#### 18,400,736

#### Net

#### Assets

#### $

#### 1,277,448,309

#### $

#### 44,819,951

#### $

#### 1,232,173,277

#### $

#### 131,284,322

#### NET

#### ASSETS

#### CONSIST

#### OF:
Paid-in

capital

$

1,470,957,858

$

54,512,449

$

1,227,257,118

$

155,111,843

Distributable

earnings

(loss)

(193,509,549)

(9,692,498)

4,916,159

(23,827,521)

#### Net

#### Assets

#### $

#### 1,277,448,309

#### $

#### 44,819,951

#### $

#### 1,232,173,277

#### $

#### 131,284,322
Shares

Outstanding

(unlimited

number

of

shares

authorized

$

0.0001 par

value)

32,100,001

1,100,000

16,340,001

5,900,001

Net

Asset

Value

$

39.80 $

40.75 $

75.41 $

22.25 †

Securities

on

loan,

at

value

$

253,779,551

$

—

$

—

$

18,592,947

††

Cost

of

foreign

cash

$

—

$

—

$

—

$

—

*\**

*Includes* 

*cash* 

*pledged* 

*by* 

*the* 

*Fund* 

*to* 

*cover* 

*margin* 

*requirements* 

*for* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*04/30/25.*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Trust

FlexShares®

Trust

Statements

of

Operations

For

the

six

months

ended

April

30,

2025

(Unaudited)

t

#### FlexShares

####®

#### US

#### 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

#### US

#### Market

#### Factor

#### Tilt

#### Index

#### Fund

#### INVESTMENT

#### INCOME
Dividend

income

$

1,219,181

$

805,245

$

206,713

$

13,436,049

Income

from

non-cash

dividends

—

—

—

—

Dividend

income

received

from

affiliate

—

—

—

9,480

Interest

income

1,358

—

—

—

Securities

lending

income

(net

of

fees)

(Note

2)

6,512

5,971

—

224,110

Foreign

withholding

tax

on

dividends

(5,460)

(80,060)

(21,718)

(7,244)

Foreign

withholding

tax

on

interest

—

—

—

—

#### Total

#### Investment

#### Income

#### 1,221,591

#### 731,156

#### 184,995

#### 13,662,395

#### EXPENSES
Deferred

compensation

(Note

7)

662

8,904

Investment

advisory

fees

66,960

38,770

15,194

2,110,661

Trustee

fees

(Note

7)

3,356

1,171

49,304

Tax

Services

Expense

(Note

4)

—

15,096

—

—

Legal

Fee

—

—

—

—

Other

expenses

(Note

4)

4,230

#### Total

#### Gross

#### Expenses

#### Before

#### Fees

#### Reimbursed

#### 71,310

#### 55,379

#### 15,631

#### 2,173,099

#### Less:
Investment

advisory

fees

reimbursed

(Note

4)

(1,232)

(15,508)

(133)

(21,530)

#### Total

#### Net

#### Expenses

#### 70,078

#### 39,871

#### 15,498

#### 2,151,569

#### Net

#### Investment

#### Income
(Loss)

#### 1,151,513

#### 691,285

#### 169,497

#### 11,510,826

#### NET

#### REALIZED

#### GAIN
(LOSS)

#### FROM:
Transactions

in

investment

securities

of

affiliated

issuers

—

—

—

—

Transactions

in

investment

securities

(820,570)

213,974

(46,005)

(1) (1,125,355)

In-kind

redemptions

on

investments

in

affiliated

securities

—

—

—

7,220

In-kind

redemptions

on

investments

in

securities

7,470,560

750,934

—

28,623,829

Expiration

or

closing

of

futures

contracts

(107,049)

(1,594)

4,149

(503,094)

Settlement

of

forward

foreign

currency

contracts

—

20,608

1,127

—

Foreign

currency

transactions

—

(1,774)

(6,892)

—

#### Net

#### Realized

#### Gain
(Loss)

#### 6,542,941

#### 982,148

#### (#### 47,621

####)

#### 27,002,600

#### NET

#### CHANGE

#### IN

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### ON:
Investments

in

securities

(7,173,255)

3,024,728

(15,483)

(2) (95,782,960)

(3) Securities

lending

—

—

—

(10,275)

Futures

contracts

4,039

34,037

(9,461)

(69,295)

Forward

foreign

currency

contracts

—

(27,953)

(1,226)

—

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

—

28,683

874

—

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### (#### 7,169,216

####)

#### 3,059,495

#### (#### 25,296

####)

#### (#### 95,862,530

####)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### (#### 626,275

####)

#### 4,041,643

#### (#### 72,917

####)

#### (#### 68,859,930

####)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### $

#### 525,238

#### $

#### 4,732,928

#### $

#### 96,580

#### $

#### (#### 57,349,104

####)
(1) *Net* 

*of* 

*non-US* 

*capital* 

*gains* 

*tax* 

*of* 

*$5,692.*

(2) *Net* 

*of* 

*deferred* 

*non-US* 

*capital* 

*gains* 

*tax* 

*of* 

*$23,747.*

(3) *Includes* 

*$(47,203)* 

*change* 

*in* 

*unrealized* 

*depreciation* 

*on* 

*investments* 

*in* 

*affiliates.*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

FlexShares

Trust

Statements

of

Operations

Statements

of

Operations

(cont.)

#### FlexShares

####®

#### Morningstar

#### Developed

#### Markets

#### ex-US

#### Factor

#### Tilt

#### Index

#### Fund

#### FlexShares

####®

#### Morningstar

#### Emerging

#### Markets

#### Factor

#### Tilt

#### Index

#### Fund

#### FlexShares

####®

#### US

#### Quality

#### Large

#### Cap

#### Index

#### Fund

#### FlexShares

####®

#### STOXX

####®

#### US

#### ESG

#### Select

#### Index

#### Fund

#### INVESTMENT

#### INCOME
Dividend

income

$

8,534,596

$

4,076,891

$

2,611,870

$

1,009,706

Income

from

non-cash

dividends

—

—

—

—

Dividend

income

received

from

affiliate

—

—

—

—

Interest

income

—

—

—

Securities

lending

income

(net

of

fees)

(Note

2)

136,063

83,436

4,593

2,451

Foreign

withholding

tax

on

dividends

(862,961)

(251,641)

(1,652)

(449)

Foreign

withholding

tax

on

interest

—

—

—

—

#### Total

#### Investment

#### Income

#### 7,807,698

#### 3,908,922

#### 2,614,811

#### 1,011,708

#### EXPENSES
Deferred

compensation

(Note

7)

2,303

1,299

1,801

763

Investment

advisory

fees

877,053

706,683

443,796

219,277

Trustee

fees

(Note

7)

12,230

7,233

10,177

4,090

Legal

Fee

—

—

—

—

Other

expenses

(Note

4)

37,108

3,812

622

#### Total

#### Gross

#### Expenses

#### Before

#### Fees

#### Reimbursed

#### 928,694

#### 719,027

#### 456,396

#### 224,558

#### Less:
Investment

advisory

fees

reimbursed

(Note

4)

(40,225)

(6,459)

(3,940)

(1,909)

#### Total

#### Net

#### Expenses

#### 888,469

#### 712,568

#### 452,456

#### 222,649

#### Net

#### Investment

#### Income
(Loss)

#### 6,919,229

#### 3,196,354

#### 2,162,355

#### 789,059

#### NET

#### REALIZED

#### GAIN
(LOSS)

#### FROM:
Transactions

in

investment

securities

of

affiliated

issuers

—

—

—

—

Transactions

in

investment

securities

7,128,358

(6,962,180)

(1) (1,119,812)

(2,257,414)

In-kind

redemptions

on

investments

in

affiliated

securities

—

—

—

—

In-kind

redemptions

on

investments

in

securities

3,577,074

462,859

10,872,071

17,193,081

Expiration

or

closing

of

futures

contracts

60,390

58,882

(101,071)

(50,101)

Settlement

of

forward

foreign

currency

contracts

(26,885)

30,361

—

—

Foreign

currency

transactions

(155,701)

(111,537)

—

—

#### Net

#### Realized

#### Gain
(Loss)

#### 10,583,236

#### (#### 6,521,615

####)

#### 9,651,188

#### 14,885,566

#### NET

#### CHANGE

#### IN

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### ON:
Investments

in

securities

28,384,224

380,760

(2) (14,948,115)

(13,246,658)

Securities

lending

—

—

—

—

Futures

contracts

(7,456)

(111,992)

(12,795)

(11,893)

Forward

foreign

currency

contracts

25,530

(33,345)

—

—

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

376,945

59,983

—

—

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### 28,779,243

#### 295,406

#### (#### 14,960,910

####)

#### (#### 13,258,551

####)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### 39,362,479

#### (#### 6,226,209

####)

#### (#### 5,309,722

####)

#### 1,627,015

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### $

#### 46,281,708

#### $

#### (#### 3,029,855

####)

#### $

#### (#### 3,147,367

####)

#### $

#### 2,416,074
(1) *Net* 

*of* 

*non-US* 

*capital* 

*gains* 

*tax* 

*of* 

*$673,839.*

(2) *Net* 

*of* 

*deferred* 

*non-US* 

*capital* 

*gains* 

*tax* 

*of* 

*$1,584,570.*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

FlexShares

Trust

Statements

of

Operations

Statements

of

Operations

(cont.)

#### FlexShares

####®

#### STOXX

####®

#### Global

#### ESG

#### Select

#### Index

#### Fund

#### FlexShares

####®

#### ESG &

#### Climate

#### US

#### 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

$

1,055,413

$

475,477

$

798,833

$

89,779,804

Income

from

non-cash

dividends

—

—

—

—

Dividend

income

received

from

affiliate

—

—

—

—

Interest

income

—

885

—

—

Securities

lending

income

(net

of

fees)

(Note

2)

4,421

878

7,906

370,218

Foreign

withholding

tax

on

dividends

(53,842)

—

(51,549)

(1,701,090)

Foreign

withholding

tax

on

interest

—

—

—

—

#### Total

#### Investment

#### Income

#### 1,005,992

#### 477,240

#### 755,190

#### 88,448,932

#### EXPENSES
Deferred

compensation

(Note

7)

617

27,175

Investment

advisory

fees

219,006

30,705

30,894

11,629,854

Trustee

fees

(Note

7)

3,412

2,091

1,518

144,159

Tax

Services

Expense

(Note

4)

20,725

—

15,079

—

Legal

Fee

—

—

—

—

Other

expenses

(Note

4)

48,459

#### Total

#### Gross

#### Expenses

#### Before

#### Fees

#### Reimbursed

#### 244,168

#### 33,321

#### 47,898

#### 11,849,647

#### Less:
Investment

advisory

fees

reimbursed

(Note

4)

(22,572)

(953)

(15,735)

(98,839)

#### Total

#### Net

#### Expenses

#### 221,596

#### 32,368

#### 32,163

#### 11,750,808

#### Net

#### Investment

#### Income
(Loss)

#### 784,396

#### 444,872

#### 723,027

#### 76,698,124

#### NET

#### REALIZED

#### GAIN
(LOSS)

#### FROM:
Transactions

in

investment

securities

of

affiliated

issuers

—

—

—

—

Transactions

in

investment

securities

149,884

(691,636)

(71,225)

(194,077,312)

In-kind

redemptions

on

investments

in

affiliated

securities

—

—

—

—

In-kind

redemptions

on

investments

in

securities

23,269,491

5,449,663

2,241,698

157,303,773

Expiration

or

closing

of

futures

contracts

(52,680)

(3,377)

(21,099)

(330,092)

Settlement

of

forward

foreign

currency

contracts

26,294

—

20,947

106,908

Foreign

currency

transactions

(11,228)

—

(19,785)

(1,341,417)

#### Net

#### Realized

#### Gain
(Loss)

#### 23,381,761

#### 4,754,650

#### 2,150,536

#### (#### 38,338,140

####)

#### NET

#### CHANGE

#### IN

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### ON:
Investments

in

securities

(20,314,563)

(7,393,881)

107,597

(222,448,741)

Securities

lending

—

—

—

(10,088)

Futures

contracts

5,920

(4,584)

42,521

(183,479)

Forward

foreign

currency

contracts

(39,996)

—

(36,722)

51,989

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

30,215

—

38,547

959,258

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### (#### 20,318,424

####)

#### (#### 7,398,465

####)

#### 151,943

#### (#### 221,631,061

####)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### 3,063,337

#### (#### 2,643,815

####)

#### 2,302,479

#### (#### 259,969,201

####)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### $

#### 3,847,733

#### $

#### (#### 2,198,943

####)

#### $

#### 3,025,506

#### $

#### (#### 183,271,077

####)
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

FlexShares

Trust

Statements

of

Operations

Statements

of

Operations

(cont.)

#### FlexShares

####®

#### STOXX

####®

#### Global

#### Broad

#### Infrastructure

#### Index

#### Fund

#### FlexShares

####®

#### Global

#### Quality

#### Real

#### Estate

#### Index

#### Fund

#### FlexShares

####®

#### Real

#### Assets

#### Allocation

#### Index

#### Fund

#### FlexShares

####®

#### Quality

#### Dividend

#### Index

#### Fund

#### INVESTMENT

#### INCOME
Dividend

income

$

37,404,631

$

7,973,156

$

—

$

21,203,423

Income

from

non-cash

dividends

—

—

—

—

Dividend

income

received

from

affiliate

—

—

146,527

—

Interest

income

—

—

—

—

Securities

lending

income

(net

of

fees)

(Note

2)

407,080

57,817

—

92,623

Foreign

withholding

tax

on

dividends

(2,334,066)

(251,190)

—

(28,045)

Foreign

withholding

tax

on

interest

—

—

—

—

#### Total

#### Investment

#### Income

#### 35,477,645

#### 7,779,783

#### 146,527

#### 21,268,001

#### EXPENSES
Deferred

compensation

(Note

7)

12,394

2,018

9,531

Investment

advisory

fees

5,610,193

893,604

18,331

3,344,215

Trustee

fees

(Note

7)

68,489

11,210

52,805

Legal

Fee

—

—

—

—

Other

expenses

(Note

4)

27,846

18,758

4,552

#### Total

#### Gross

#### Expenses

#### Before

#### Fees

#### Reimbursed

#### 5,718,922

#### 925,590

#### 18,574

#### 3,411,103

#### Less:
Investment

advisory

fees

reimbursed

(Note

4)

(49,653)

(22,451)

(25,005)

(23,701)

#### Total

#### Net

#### Expenses

#### 5,669,269

#### 903,139

#### (#### 6,431

####)

#### 3,387,402

#### Net

#### Investment

#### Income
(Loss)

#### 29,808,376

#### 6,876,644

#### 152,958

#### 17,880,599

#### NET

#### REALIZED

#### GAIN
(LOSS)

#### FROM:
Transactions

in

investment

securities

of

affiliated

issuers

—

—

(20,133)

—

Transactions

in

investment

securities

(16,562,830)

(1) 8,503,073

—

(24,979,138)

In-kind

redemptions

on

investments

in

affiliated

securities

—

—

(22,240)

—

In-kind

redemptions

on

investments

in

securities

55,083,541

—

—

76,097,179

Expiration

or

closing

of

futures

contracts

(117,635)

(453,061)

—

(650,889)

Settlement

of

forward

foreign

currency

contracts

—

(44,839)

—

—

Foreign

currency

transactions

(597,230)

(21,186)

—

—

#### Net

#### Realized

#### Gain
(Loss)

#### 37,805,846

#### 7,983,987

#### (#### 42,373

####)

#### 50,467,152

#### NET

#### CHANGE

#### IN

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### ON:
Investments

in

securities

28,143,259

(2) (18,285,120)

(39,424)

(3) (153,785,685)

Securities

lending

—

—

—

(4,296)

Futures

contracts

377,054

(147,867)

—

(36,951)

Forward

foreign

currency

contracts

(59,578)

6,239

—

—

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

732,831

170,971

—

—

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### 29,193,566

#### (#### 18,255,777

####)

#### (#### 39,424

####)

#### (#### 153,826,932

####)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### 66,999,412

#### (#### 10,271,790

####)

#### (#### 81,797

####)

#### (#### 103,359,780

####)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### $

#### 96,807,788

#### $

#### (#### 3,395,146

####)

#### $

#### 71,161

#### $

#### (#### 85,479,181

####)
(1) *Net* 

*of* 

*non-US* 

*capital* 

*gains* 

*tax* 

*of* 

*$297,284.*

(2) *Net* 

*of* 

*deferred* 

*non-US* 

*capital* 

*gains* 

*tax* 

*of* 

*$952,945.*

(3) *Includes* 

*$(39,424)* 

*change* 

*in* 

*unrealized* 

*depreciation* 

*on* 

*investments* 

*in* 

*affiliates.*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

FlexShares

Trust

Statements

of

Operations

Statements

of

Operations

(cont.)

#### 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

#### INVESTMENT

#### INCOME
Dividend

income

$

4,807,791

$

14,868,624

$

1,523,672

$

—

Income

from

non-cash

dividends

—

—

—

—

Dividend

income

received

from

affiliate

—

—

—

—

Interest

income

—

—

—

49,070,477

Securities

lending

income

(net

of

fees)

(Note

2)

15,265

127,333

18,503

2,498

Foreign

withholding

tax

on

dividends

(4,127)

(1,543,224)

(138,688)

—

Foreign

withholding

tax

on

interest

—

—

—

—

#### Total

#### Investment

#### Income

#### 4,818,929

#### 13,452,733

#### 1,403,487

#### 49,072,975

#### EXPENSES
Deferred

compensation

(Note

7)

2,102

3,023

9,934

Investment

advisory

fees

748,125

1,405,826

150,633

1,879,076

Trustee

fees

(Note

7)

11,673

16,461

1,776

51,021

Tax

Services

Expense

(Note

4)

—

—

20,091

—

Legal

Fee

—

—

—

—

Other

expenses

(Note

4)

981

54,320

4,412

#### Total

#### Gross

#### Expenses

#### Before

#### Fees

#### Reimbursed

#### 762,881

#### 1,479,630

#### 173,006

#### 1,944,443

#### Less:
Investment

advisory

fees

reimbursed

(Note

4)

(4,962)

(58,950)

(20,798)

(13,934)

#### Total

#### Net

#### Expenses

#### 757,919

#### 1,420,680

#### 152,208

#### 1,930,509

#### Net

#### Investment

#### Income
(Loss)

#### 4,061,010

#### 12,032,053

#### 1,251,279

#### 47,142,466

#### NET

#### REALIZED

#### GAIN
(LOSS)

#### FROM:
Transactions

in

investment

securities

of

affiliated

issuers

—

—

—

—

Transactions

in

investment

securities

(3,186,796)

8,294,634

(1) 1,133,452

(2) 6,200,530

In-kind

redemptions

on

investments

in

affiliated

securities

—

—

—

—

In-kind

redemptions

on

investments

in

securities

16,005,734

—

511,276

1,153,868

Expiration

or

closing

of

futures

contracts

(173,413)

(389,651)

(57,193)

—

Settlement

of

forward

foreign

currency

contracts

—

381,354

14,467

—

Foreign

currency

transactions

—

(246,327)

(22,299)

—

#### Net

#### Realized

#### Gain
(Loss)

#### 12,645,525

#### 8,040,010

#### 1,579,703

#### 7,354,398

#### NET

#### CHANGE

#### IN

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### ON:
Investments

in

securities

(22,202,592)

21,503,776

(3) 539,902

(4) 42,224,459

Securities

lending

—

—

—

—

Futures

contracts

(46,315)

340,755

37,634

—

Forward

foreign

currency

contracts

—

(454,236)

(30,577)

—

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

—

389,690

32,741

—

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### (#### 22,248,907

####)

#### 21,779,985

#### 579,700

#### 42,224,459

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### (#### 9,603,382

####)

#### 29,819,995

#### 2,159,403

#### 49,578,857

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### $

#### (#### 5,542,372

####)

#### $

#### 41,852,048

#### $

#### 3,410,682

#### $

#### 96,721,323
(1) *Net* 

*of* 

*non-US* 

*capital* 

*gains* 

*tax* 

*of* 

*$14,140.*

(2) *Net* 

*of* 

*non-US* 

*capital* 

*gains* 

*tax* 

*of* 

*$11,375.*

(3) *Net* 

*of* 

*deferred* 

*non-US* 

*capital* 

*gains* 

*tax* 

*of* 

*$536,206.*

(4) *Net* 

*of* 

*deferred* 

*non-US* 

*capital* 

*gains* 

*tax* 

*of* 

*$64,081.*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

FlexShares

Trust

Statements

of

Operations

Statements

of

Operations

(cont.)

#### FlexShares

####®

#### iBoxx

#### 5-Year

#### Target

#### Duration

#### TIPS

#### Index

#### Fund

#### FlexShares

####®

#### Disciplined

#### Duration

#### MBS

#### Index

#### Fund

#### FlexShares

####®

#### Credit-Scored

#### US

#### Corporate

#### Bond

#### Index

#### Fund

#### FlexShares

####®

#### Credit-Scored

#### US

#### Long

#### Corporate

#### Bond

#### Index

#### Fund

#### INVESTMENT

#### INCOME
Dividend

income

$

—

$

$

—

$

—

Income

from

non-cash

dividends

—

—

—

—

Dividend

income

received

from

affiliate

—

—

—

—

Interest

income

16,801,968

1,770,560

12,168,596

1,192,094

Securities

lending

income

(net

of

fees)

(Note

2)

2,108

—

57,418

—

Foreign

withholding

tax

on

dividends

—

—

—

—

Foreign

withholding

tax

on

interest

—

—

—

—

#### Total

#### Investment

#### Income

#### 16,804,076

#### 1,770,561

#### 12,226,014

#### 1,192,094

#### EXPENSES
Deferred

compensation

(Note

7)

3,723

2,381

Investment

advisory

fees

671,510

87,412

357,897

30,925

Trustee

fees

(Note

7)

19,305

2,545

13,317

1,332

Legal

Fee

—

—

—

—

Other

expenses

(Note

4)

1,722

1,062

#### Total

#### Gross

#### Expenses

#### Before

#### Fees

#### Reimbursed

#### 696,260

#### 90,614

#### 374,657

#### 32,592

#### Less:
Investment

advisory

fees

reimbursed

(Note

4)

(6,382)

(1,059)

(5,062)

(664)

#### Total

#### Net

#### Expenses

#### 689,878

#### 89,555

#### 369,595

#### 31,928

#### Net

#### Investment

#### Income
(Loss)

#### 16,114,198

#### 1,681,006

#### 11,856,419

#### 1,160,166

#### NET

#### REALIZED

#### GAIN
(LOSS)

#### FROM:
Transactions

in

investment

securities

of

affiliated

issuers

—

—

—

—

Transactions

in

investment

securities

(4,445,023)

(630,841)

(23,347)

(1,504,289)

In-kind

redemptions

on

investments

in

affiliated

securities

—

—

—

—

In-kind

redemptions

on

investments

in

securities

943,991

—

109,097

410,977

Expiration

or

closing

of

futures

contracts

—

—

—

—

Settlement

of

forward

foreign

currency

contracts

—

—

—

—

Foreign

currency

transactions

—

—

—

—

#### Net

#### Realized

#### Gain
(Loss)

#### (#### 3,501,032

####)

#### (#### 630,841

####)

#### 85,750

#### (#### 1,093,312

####)

#### NET

#### CHANGE

#### IN

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### ON:
Investments

in

securities

19,334,454

1,479,258

1,724,750

(842,058)

Securities

lending

—

—

(1,058)

—

Futures

contracts

—

—

—

—

Forward

foreign

currency

contracts

—

—

—

—

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

—

—

—

—

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### 19,334,454

#### 1,479,258

#### 1,723,692

#### (#### 842,058

####)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### 15,833,422

#### 848,417

#### 1,809,442

#### (#### 1,935,370

####)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### $

#### 31,947,620

#### $

#### 2,529,423

#### $

#### 13,665,861

#### $

#### (#### 775,204

####)
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

FlexShares

Trust

Statements

of

Operations

Statements

of

Operations

(cont.)

#### 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

#### INVESTMENT

#### INCOME
Dividend

income

$

—

$

—

$

—

$

2,075,216

Income

from

non-cash

dividends

—

—

—

—

Dividend

income

received

from

affiliate

—

—

—

1,103,481

Interest

income

56,477,921

1,147,962

30,007,577

6,265

Securities

lending

income

(net

of

fees)

(Note

2)

242,046

—

—

10,607

Foreign

withholding

tax

on

dividends

—

—

—

—

Foreign

withholding

tax

on

interest

(15,819)

—

—

—

#### Total

#### Investment

#### Income

#### 56,704,148

#### 1,147,962

#### 30,007,577

#### 3,195,569

#### EXPENSES
Deferred

compensation

(Note

7)

7,450

5,937

803

Investment

advisory

fees

2,642,327

27,754

1,480,541

259,394

Trustee

fees

(Note

7)

40,820

1,365

31,711

4,418

Legal

Fee

—

—

—

—

Other

expenses

(Note

4)

3,603

2,790

#### Total

#### Gross

#### Expenses

#### Before

#### Fees

#### Reimbursed

#### 2,694,200

#### 29,471

#### 1,520,979

#### 265,034

#### Less:
Investment

advisory

fees

reimbursed

(Note

4)

(17,322)

(585)

(11,431)

(211,899)

#### Total

#### Net

#### Expenses

#### 2,676,878

#### 28,886

#### 1,509,548

#### 53,135

#### Net

#### Investment

#### Income
(Loss)

#### 54,027,270

#### 1,119,076

#### 28,498,029

#### 3,142,434

#### NET

#### REALIZED

#### GAIN
(LOSS)

#### FROM:
Transactions

in

investment

securities

of

affiliated

issuers

—

—

—

—

Transactions

in

investment

securities

(862,916)

(78,648)

564,728

284,238

In-kind

redemptions

on

investments

in

affiliated

securities

—

—

—

344,199

In-kind

redemptions

on

investments

in

securities

6,431,067

(159,353)

145,491

(321,203)

Expiration

or

closing

of

futures

contracts

—

—

—

265,472

Settlement

of

forward

foreign

currency

contracts

—

—

—

—

Foreign

currency

transactions

—

—

—

—

#### Net

#### Realized

#### Gain
(Loss)

#### 5,568,151

#### (#### 238,001

####)

#### 710,219

#### 572,706

#### NET

#### CHANGE

#### IN

#### UNREALIZED

#### APPRECIATION
(DEPRECIATION)

#### ON:
Investments

in

securities

(51,582,336)

(200,337)

(1,921,741)

(362,323)

(1) Securities

lending

(1,906)

—

—

—

Futures

contracts

—

—

—

80,638

Forward

foreign

currency

contracts

—

—

—

—

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

—

—

—

—

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### (#### 51,584,242

####)

#### (#### 200,337

####)

#### (#### 1,921,741

####)

#### (#### 281,685

####)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### (#### 46,016,091

####)

#### (#### 438,338

####)

#### (#### 1,211,522

####)

#### 291,021

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### $

#### 8,011,179

#### $

#### 680,738

#### $

#### 27,286,507

#### $

#### 3,433,455
(1) *Includes* 

*$(136,719)* 

*change* 

*in* 

*unrealized* 

*depreciation* 

*on* 

*investments* 

*in* 

*affiliates.*

FLEXSHARES

SEMIANNUAL

REPORT

FlexShares®

Trust

Statements

of

Changes

in

Net

Assets

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

#### FlexShares

####®

#### US

#### Quality

#### Low

#### Volatility

#### Index

#### Fund

#### FlexShares

####®

#### Developed

#### Markets

#### ex-US

#### Quality

#### Low

#### Volatility

#### Index

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### OPERATIONS
Net

investment

income

(loss)

$

1,151,513

$

2,871,602

$

691,285

$

1,444,489

Net

realized

gain

(loss)

6,542,941

32,825,548

982,148

4,487,674

Net

change

in

unrealized

appreciation

(depreciation)

(7,169,216)

10,022,085

3,059,495

5,245,762

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### 525,238

#### 45,719,235

#### 4,732,928

#### 11,177,925

#### DISTRIBUTIONS

#### TO

#### SHAREHOLDERS
Distributable

earnings

(1,116,081)

(2,905,706)

(391,539)

(1,713,324)

#### Total

#### distributions

#### (#### 1,116,081

####)

#### (#### 2,905,706

####)

#### (#### 391,539

####)

#### (#### 1,713,324

####)

#### CAPITAL

#### TRANSACTIONS
(1) Proceeds

from

shares

issued

31,189,713

26,310,486

7,263,751

2,669,712

Cost

of

shares

redeemed

(31,712,734)

(123,176,994)

(5,589,274)

(31,420,365)

#### Net

#### Increase
(Decrease)

#### from

#### Capital

#### Transactions

#### (#### 523,021

####)

#### (#### 96,866,508

####)

#### 1,674,477

#### (#### 28,750,653

####)

#### Total

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### (#### 1,113,864

####)

#### (#### 54,052,979

####)

#### 6,015,866

#### (#### 19,286,052

####)

#### NET

#### ASSETS
Beginning

of

Period

$

130,951,641

$

185,004,620

$

46,977,299

$

66,263,351

#### End

#### of

#### Period

#### $

#### 129,837,777

#### $

#### 130,951,641

#### $

#### 52,993,165

#### $

#### 46,977,299

#### SHARE

#### TRANSACTIONS
Beginning

of

period

2,000,001

3,600,001

1,700,001

2,800,001

Shares

issued

—

—

—

—

Shares

issued

in-kind

475,000

425,000

250,000

100,000

Shares

redeemed

—

—

—

—

Shares

redeemed

in-kind

(475,000)

(2,025,000)

(200,000)

(1,200,000)

#### Shares

#### Outstanding,

#### End

#### of

#### Period

#### 2,000,001

#### 1,750,001

#### 1,700,001
(1) *Capital* 

*transactions* 

*may* 

*include* 

*transaction* 

*fees* 

*associated* 

*with* 

*creation* 

*and* 

*redemption* 

*transactions* 

*which* 

*occurred* 

*during* 

*the* 

*period.* 

*See* 

*Note* 

*9* 

*to* 

*the* 

*Financial* 

*Statements.*

Statements

of

Changes

in

Net

Assets

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Emerging

#### Markets

#### Quality

#### Low

#### Volatility

#### Index

#### Fund

#### FlexShares

####®

#### Morningstar

#### US

#### Market

#### Factor

#### Tilt

#### Index

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### OPERATIONS
Net

investment

income

(loss)

$

169,497

$

392,947

$

11,510,826

$

22,653,818

Net

realized

gain

(loss)

(47,621)

273,657

27,002,600

110,294,683

Net

change

in

unrealized

appreciation

(depreciation)

(25,296)

2,434,527

(95,862,530)

337,528,208

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### 96,580

#### 3,101,131

#### (#### 57,349,104

####)

#### 470,476,709

#### DISTRIBUTIONS

#### TO

#### SHAREHOLDERS
Distributable

earnings

(304,592)

(177,236)

(10,463,634)

(22,568,102)

#### Total

#### distributions

#### (#### 304,592

####)

#### (#### 177,236

####)

#### (#### 10,463,634

####)

#### (#### 22,568,102

####)

#### CAPITAL

#### TRANSACTIONS
(1) Proceeds

from

shares

issued

—

6,915,656

10,980,955

70,642,289

Cost

of

shares

redeemed

—

(9,658,453)

(44,397,578)

(164,722,616)

#### Net

#### Increase
(Decrease)

#### from

#### Capital

#### Transactions

#### —

#### (#### 2,742,797

####)

#### (#### 33,416,623

####)

#### (#### 94,080,327

####)

#### Total

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### (#### 208,012

####)

#### 181,098

#### (#### 101,229,361

####)

#### 353,828,280

#### NET

#### ASSETS
Beginning

of

Period

$

13,160,944

$

12,979,846

$

1,689,839,341

$

1,336,011,061

#### End

#### of

#### Period

#### $

#### 12,952,932

#### $

#### 13,160,944

#### $

#### 1,588,609,980

#### $

#### 1,689,839,341

#### SHARE

#### TRANSACTIONS
Beginning

of

period

500,001

600,001

8,000,001

8,500,001

Shares

issued

—

—

—

—

Shares

issued

in-kind

—

300,000

50,000

350,000

Shares

redeemed

—

—

—

—

Shares

redeemed

in-kind

—

(400,000)

(200,000)

(850,000)

#### Shares

#### Outstanding,

#### End

#### of

#### Period

#### 500,001

#### 7,850,001

#### 8,000,001
(1) *Capital* 

*transactions* 

*may* 

*include* 

*transaction* 

*fees* 

*associated* 

*with* 

*creation* 

*and* 

*redemption* 

*transactions* 

*which* 

*occurred* 

*during* 

*the* 

*period.* 

*See* 

*Note* 

*9* 

*to* 

*the* 

*Financial* 

*Statements.*

Statements

of

Changes

in

Net

Assets

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Morningstar

#### Developed

#### Markets

#### ex-US

#### Factor

#### Tilt

#### Index

#### Fund

#### FlexShares

####®

#### Morningstar

#### Emerging

#### Markets

#### Factor

#### Tilt

#### Index

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### OPERATIONS
Net

investment

income

(loss)

$

6,919,229

$

14,569,751

$

3,196,354

$

6,664,069

Net

realized

gain

(loss)

10,583,236

21,781,749

(6,521,615)

3,717,313

Net

change

in

unrealized

appreciation

(depreciation)

28,779,243

69,242,436

295,406

40,328,900

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### 46,281,708

#### 105,593,936

#### (#### 3,029,855

####)

#### 50,710,282

#### DISTRIBUTIONS

#### TO

#### SHAREHOLDERS
Distributable

earnings

(7,997,368)

(17,837,359)

(7,619,919)

(7,167,368)

#### Total

#### distributions

#### (#### 7,997,368

####)

#### (#### 17,837,359

####)

#### (#### 7,619,919

####)

#### (#### 7,167,368

####)

#### CAPITAL

#### TRANSACTIONS
(1) Proceeds

from

shares

issued

—

—

—

24,499,755

Cost

of

shares

redeemed

(13,963,064)

(100,297,371)

(16,153,675)

(10,068,658)

#### Net

#### Increase
(Decrease)

#### from

#### Capital

#### Transactions

#### (#### 13,963,064

####)

#### (#### 100,297,371

####)

#### (#### 16,153,675

####)

#### 14,431,097

#### Total

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### 24,321,276

#### (#### 12,540,794

####)

#### (#### 26,803,449

####)

#### 57,974,011

#### NET

#### ASSETS
Beginning

of

Period

$

456,698,031

$

469,238,825

$

276,697,536

$

218,723,525

#### End

#### of

#### Period

#### $

#### 481,019,307

#### $

#### 456,698,031

#### $

#### 249,894,087

#### $

#### 276,697,536

#### SHARE

#### TRANSACTIONS
Beginning

of

period

6,400,001

7,800,001

5,000,001

4,700,001

Shares

issued

—

—

—

—

Shares

issued

in-kind

—

—

—

500,000

Shares

redeemed

—

—

—

—

Shares

redeemed

in-kind

(200,000)

(1,400,000)

(300,000)

(200,000)

#### Shares

#### Outstanding,

#### End

#### of

#### Period

#### 6,200,001

#### 6,400,001

#### 4,700,001

#### 5,000,001
(1) *Capital* 

*transactions* 

*may* 

*include* 

*transaction* 

*fees* 

*associated* 

*with* 

*creation* 

*and* 

*redemption* 

*transactions* 

*which* 

*occurred* 

*during* 

*the* 

*period.* 

*See* 

*Note* 

*9* 

*to* 

*the* 

*Financial* 

*Statements.*

Statements

of

Changes

in

Net

Assets

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### US

#### Quality

#### Large

#### Cap

#### Index

#### Fund

#### FlexShares

####®

#### STOXX

####®

#### US

#### ESG

#### Select

#### Index

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### OPERATIONS
Net

investment

income

(loss)

$

2,162,355

$

2,591,811

$

789,059

$

2,174,114

Net

realized

gain

(loss)

9,651,188

12,242,260

14,885,566

28,747,850

Net

change

in

unrealized

appreciation

(depreciation)

(14,960,910)

48,883,779

(13,258,551)

18,945,125

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### (#### 3,147,367

####)

#### 63,717,850

#### 2,416,074

#### 49,867,089

#### DISTRIBUTIONS

#### TO

#### SHAREHOLDERS
Distributable

earnings

(1,984,663)

(2,312,763)

(810,955)

(2,244,471)

#### Total

#### distributions

#### (#### 1,984,663

####)

#### (#### 2,312,763

####)

#### (#### 810,955

####)

#### (#### 2,244,471

####)

#### CAPITAL

#### TRANSACTIONS
(1) Proceeds

from

shares

issued

106,674,234

167,768,433

13,620,004

29,330,291

Cost

of

shares

redeemed

(30,428,964)

(45,284,541)

(55,332,821)

(90,655,132)

#### Net

#### Increase
(Decrease)

#### from

#### Capital

#### Transactions

#### 76,245,270

#### 122,483,892

#### (#### 41,712,817

####)

#### (#### 61,324,841

####)

#### Total

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### 71,113,240

#### 183,888,979

#### (#### 40,107,698

####)

#### (#### 13,702,223

####)

#### NET

#### ASSETS
Beginning

of

Period

$

330,694,871

$

146,805,892

$

153,222,525

$

166,924,748

#### End

#### of

#### Period

#### $

#### 401,808,111

#### $

#### 330,694,871

#### $

#### 113,114,827

#### $

#### 153,222,525

#### SHARE

#### TRANSACTIONS
Beginning

of

period

5,125,001

3,150,001

1,150,001

1,625,001

Shares

issued

—

—

—

—

Shares

issued

in-kind

1,650,000

2,725,000

100,000

250,000

Shares

redeemed

—

—

—

—

Shares

redeemed

in-kind

(450,000)

(750,000)

(400,000)

(725,000)

#### Shares

#### Outstanding,

#### End

#### of

#### Period

#### 6,325,001

#### 5,125,001

#### 850,001

#### 1,150,001
(1) *Capital* 

*transactions* 

*may* 

*include* 

*transaction* 

*fees* 

*associated* 

*with* 

*creation* 

*and* 

*redemption* 

*transactions* 

*which* 

*occurred* 

*during* 

*the* 

*period.* 

*See* 

*Note* 

*9* 

*to* 

*the* 

*Financial* 

*Statements.*

Statements

of

Changes

in

Net

Assets

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### STOXX

####®

#### Global

#### ESG

#### Select

#### Index

#### Fund

#### FlexShares

####®

#### ESG &

#### Climate

#### US

#### Large

#### Cap

#### Core

#### Index

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### OPERATIONS
Net

investment

income

(loss)

$

784,396

$

2,753,512

$

444,872

$

687,502

Net

realized

gain

(loss)

23,381,761

29,026,371

4,754,650

2,352,684

Net

change

in

unrealized

appreciation

(depreciation)

(20,318,424)

11,439,237

(7,398,465)

11,169,595

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### 3,847,733

#### 43,219,120

#### (#### 2,198,943

####)

#### 14,209,781

#### DISTRIBUTIONS

#### TO

#### SHAREHOLDERS
Distributable

earnings

(879,030)

(3,017,204)

(427,867)

(672,843)

#### Total

#### distributions

#### (#### 879,030

####)

#### (#### 3,017,204

####)

#### (#### 427,867

####)

#### (#### 672,843

####)

#### CAPITAL

#### TRANSACTIONS
(1) Proceeds

from

shares

issued

8,587,166

8,071,815

14,926,625

28,210,147

Cost

of

shares

redeemed

(68,624,270)

(62,156,283)

(20,957,174)

(10,281,256)

#### Net

#### Increase
(Decrease)

#### from

#### Capital

#### Transactions

#### (#### 60,037,104

####)

#### (#### 54,084,468

####)

#### (#### 6,030,549

####)

#### 17,928,891

#### Total

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### (#### 57,068,401

####)

#### (#### 13,882,552

####)

#### (#### 8,657,359

####)

#### 31,465,829

#### NET

#### ASSETS
Beginning

of

Period

$

137,933,068

$

151,815,620

$

68,361,715

$

36,895,886

#### End

#### of

#### Period

#### $

#### 80,864,667

#### $

#### 137,933,068

#### $

#### 59,704,356

#### $

#### 68,361,715

#### SHARE

#### TRANSACTIONS
Beginning

of

period

825,001

1,150,001

1,075,000

775,000

Shares

issued

25,000

—

—

—

Shares

issued

in-kind

25,000

50,000

225,000

475,000

Shares

redeemed

—

—

—

—

Shares

redeemed

in-kind

(400,000)

(375,000)

(325,000)

(175,000)

#### Shares

#### Outstanding,

#### End

#### of

#### Period

#### 475,001

#### 825,001

#### 975,000

#### 1,075,000
(1) *Capital* 

*transactions* 

*may* 

*include* 

*transaction* 

*fees* 

*associated* 

*with* 

*creation* 

*and* 

*redemption* 

*transactions* 

*which* 

*occurred* 

*during* 

*the* 

*period.* 

*See* 

*Note* 

*9* 

*to* 

*the* 

*Financial* 

*Statements.*

Statements

of

Changes

in

Net

Assets

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### ESG &

#### Climate

#### Developed

#### Markets ex-US Core

#### Index

#### Fund

#### FlexShares

####®

#### Morningstar

#### Global

#### Upstream

#### Natural

#### Resources

#### Index

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### OPERATIONS
Net

investment

income

(loss)

$

723,027

$

1,447,299

$

76,698,124

$

184,931,950

Net

realized

gain

(loss)

2,150,536

(56,109)

(38,338,140)

301,524,279

Net

change

in

unrealized

appreciation

(depreciation)

151,943

8,280,692

(221,631,061)

(33,787,940)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### 3,025,506

#### 9,671,882

#### (#### 183,271,077

####)

#### 452,668,289

#### DISTRIBUTIONS

#### TO

#### SHAREHOLDERS
Distributable

earnings

(463,180)

(1,430,345)

(78,813,586)

(212,052,958)

#### Total

#### distributions

#### (#### 463,180

####)

#### (#### 1,430,345

####)

#### (#### 78,813,586

####)

#### (#### 212,052,958

####)

#### CAPITAL

#### TRANSACTIONS
(1) Proceeds

from

shares

issued

6,232,642

9,594,813

151,126,470

299,759,719

Cost

of

shares

redeemed

(10,010,441)

—

(920,391,668)

(1,806,982,481)

#### Net

#### Increase
(Decrease)

#### from

#### Capital

#### Transactions

#### (#### 3,777,799

####)

#### 9,594,813

#### (#### 769,265,198

####)

#### (#### 1,507,222,762

####)

#### Total

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### (#### 1,215,473

####)

#### 17,836,350

#### (#### 1,031,349,861

####)

#### (#### 1,266,607,431

####)

#### NET

#### ASSETS
Beginning

of

Period

$

55,320,556

$

37,484,206

$

5,658,678,617

$

6,925,286,048

#### End

#### of

#### Period

#### $

#### 54,105,083

#### $

#### 55,320,556

#### $

#### 4,627,328,756

#### $

#### 5,658,678,617

#### SHARE

#### TRANSACTIONS
Beginning

of

period

1,100,000

900,000

142,250,001

179,600,001

Shares

issued

—

—

—

—

Shares

issued

in-kind

125,000

200,000

3,800,000

7,250,000

Shares

redeemed

—

—

—

—

Shares

redeemed

in-kind

(200,000)

—

(24,300,000)

(44,600,000)

#### Shares

#### Outstanding,

#### End

#### of

#### Period

#### 1,025,000

#### 1,100,000

#### 121,750,001

#### 142,250,001
(1) *Capital* 

*transactions* 

*may* 

*include* 

*transaction* 

*fees* 

*associated* 

*with* 

*creation* 

*and* 

*redemption* 

*transactions* 

*which* 

*occurred* 

*during* 

*the* 

*period.* 

*See* 

*Note* 

*9* 

*to* 

*the* 

*Financial* 

*Statements.*

Statements

of

Changes

in

Net

Assets

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### STOXX

####®

#### Global

#### Broad

#### Infrastructure

#### Index

#### Fund

#### FlexShares

####®

#### Global

#### Quality

#### Real

#### Estate

#### Index

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### OPERATIONS
Net

investment

income

(loss)

$

29,808,376

$

62,430,144

$

6,876,644

$

11,275,743

Net

realized

gain

(loss)

37,805,846

8,945,584

7,983,987

(6,828,949)

Net

change

in

unrealized

appreciation

(depreciation)

29,193,566

393,057,583

(18,255,777)

74,814,940

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### 96,807,788

#### 464,433,311

#### (#### 3,395,146

####)

#### 79,261,734

#### DISTRIBUTIONS

#### TO

#### SHAREHOLDERS
Distributable

earnings

(39,493,541)

(58,385,424)

(9,178,090)

(8,255,496)

#### Total

#### distributions

#### (#### 39,493,541

####)

#### (#### 58,385,424

####)

#### (#### 9,178,090

####)

#### (#### 8,255,496

####)

#### CAPITAL

#### TRANSACTIONS
(1) Proceeds

from

shares

issued

60,420,815

194,360,935

40,360,388

78,683,364

Cost

of

shares

redeemed

(250,960,207)

(147,354,853)

—

(8,207,678)

#### Net

#### Increase
(Decrease)

#### from

#### Capital

#### Transactions

#### (#### 190,539,392

####)

#### 47,006,082

#### 40,360,388

#### 70,475,686

#### Total

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### (#### 133,225,145

####)

#### 453,053,969

#### 27,787,152

#### 141,481,924

#### NET

#### ASSETS
Beginning

of

Period

$

2,478,235,432

$

2,025,181,463

$

386,155,255

$

244,673,331

#### End

#### of

#### Period

#### $

#### 2,345,010,287

#### $

#### 2,478,235,432

#### $

#### 413,942,407

#### $

#### 386,155,255

#### SHARE

#### TRANSACTIONS
Beginning

of

period

43,000,001

42,400,001

6,450,001

5,200,001

Shares

issued

—

—

—

—

Shares

issued

in-kind

1,100,000

3,350,000

700,000

1,400,000

Shares

redeemed

—

—

—

—

Shares

redeemed

in-kind

(4,500,000)

(2,750,000)

—

(150,000)

#### Shares

#### Outstanding,

#### End

#### of

#### Period

#### 39,600,001

#### 43,000,001

#### 7,150,001

#### 6,450,001
(1) *Capital* 

*transactions* 

*may* 

*include* 

*transaction* 

*fees* 

*associated* 

*with* 

*creation* 

*and* 

*redemption* 

*transactions* 

*which* 

*occurred* 

*during* 

*the* 

*period.* 

*See* 

*Note* 

*9* 

*to* 

*the* 

*Financial* 

*Statements.*

Statements

of

Changes

in

Net

Assets

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Real

#### Assets

#### Allocation

#### Index

#### Fund

#### FlexShares

####®

#### Quality

#### Dividend

#### Index

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### OPERATIONS
Net

investment

income

(loss)

$

152,958

$

325,188

$

17,880,599

$

35,537,888

Net

realized

gain

(loss)

(42,373)

(1,651,389)

50,467,152

154,704,252

Net

change

in

unrealized

appreciation

(depreciation)

(39,424)

3,586,782

(153,826,932)

283,307,154

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### 71,161

#### 2,260,581

#### (#### 85,479,181

####)

#### 473,549,294

#### DISTRIBUTIONS

#### TO

#### SHAREHOLDERS
Distributable

earnings

(146,014)

(325,181)

(17,386,708)

(35,466,391)

#### Total

#### distributions

#### (#### 146,014

####)

#### (#### 325,181

####)

#### (#### 17,386,708

####)

#### (#### 35,466,391

####)

#### CAPITAL

#### TRANSACTIONS
(1) Proceeds

from

shares

issued

772,859

743,392

270,265,409

487,284,188

Cost

of

shares

redeemed

(1,536,434)

(11,340,047)

(313,094,717)

(552,826,719)

#### Net

#### Increase
(Decrease)

#### from

#### Capital

#### Transactions

#### (#### 763,575

####)

#### (#### 10,596,655

####)

#### (#### 42,829,308

####)

#### (#### 65,542,531

####)

#### Total

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### (#### 838,428

####)

#### (#### 8,661,255

####)

#### (#### 145,695,197

####)

#### 372,540,372

#### NET

#### ASSETS
Beginning

of

Period

$

7,911,296

$

16,572,551

$

1,850,813,188

$

1,478,272,816

#### End

#### of

#### Period

#### $

#### 7,072,868

#### $

#### 7,911,296

#### $

#### 1,705,117,991

#### $

#### 1,850,813,188

#### SHARE

#### TRANSACTIONS
Beginning

of

period

250,001

600,001

26,217,921

27,167,921

Shares

issued

—

—

—

—

Shares

issued

in-kind

25,000

25,000

3,725,000

7,550,000

Shares

redeemed

—

—

—

—

Shares

redeemed

in-kind

(50,000)

(375,000)

(4,325,000)

(8,500,000)

#### Shares

#### Outstanding,

#### End

#### of

#### Period

#### 225,001

#### 250,001

#### 25,617,921

#### 26,217,921
(1) *Capital* 

*transactions* 

*may* 

*include* 

*transaction* 

*fees* 

*associated* 

*with* 

*creation* 

*and* 

*redemption* 

*transactions* 

*which* 

*occurred* 

*during* 

*the* 

*period.* 

*See* 

*Note* 

*9* 

*to* 

*the* 

*Financial* 

*Statements.*

Statements

of

Changes

in

Net

Assets

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Quality

#### Dividend

#### Defensive

#### Index

#### Fund

#### FlexShares

####®

#### International

#### Quality

#### Dividend

#### Index

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### OPERATIONS
Net

investment

income

(loss)

$

4,061,010

$

7,561,434

$

12,032,053

$

22,959,259

Net

realized

gain

(loss)

12,645,525

36,737,246

8,040,010

29,203,700

Net

change

in

unrealized

appreciation

(depreciation)

(22,248,907)

63,176,943

21,779,985

76,950,451

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### (#### 5,542,372

####)

#### 107,475,623

#### 41,852,048

#### 129,113,410

#### DISTRIBUTIONS

#### TO

#### SHAREHOLDERS
Distributable

earnings

(3,776,851)

(7,574,384)

(25,410,963)

(28,104,138)

#### Total

#### distributions

#### (#### 3,776,851

####)

#### (#### 7,574,384

####)

#### (#### 25,410,963

####)

#### (#### 28,104,138

####)

#### CAPITAL

#### TRANSACTIONS
(1) Proceeds

from

shares

issued

56,376,857

83,216,409

61,379,329

45,411,482

Cost

of

shares

redeemed

(51,321,389)

(92,478,603)

—

(50,896,626)

#### Net

#### Increase
(Decrease)

#### from

#### Capital

#### Transactions

#### 5,055,468

#### (#### 9,262,194

####)

#### 61,379,329

#### (#### 5,485,144

####)

#### Total

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### (#### 4,263,755

####)

#### 90,639,045

#### 77,820,414

#### 95,524,128

#### NET

#### ASSETS
Beginning

of

Period

$

403,870,143

$

313,231,098

$

594,400,042

$

498,875,914

#### End

#### of

#### Period

#### $

#### 399,606,388

#### $

#### 403,870,143

#### $

#### 672,220,456

#### $

#### 594,400,042

#### SHARE

#### TRANSACTIONS
Beginning

of

period

5,725,001

5,875,001

23,800,001

24,100,001

Shares

issued

—

—

—

—

Shares

issued

in-kind

775,000

1,275,000

2,500,000

1,800,000

Shares

redeemed

—

—

—

—

Shares

redeemed

in-kind

(700,000)

(1,425,000)

—

(2,100,000)

#### Shares

#### Outstanding,

#### End

#### of

#### Period

#### 5,800,001

#### 5,725,001

#### 26,300,001

#### 23,800,001
(1) *Capital* 

*transactions* 

*may* 

*include* 

*transaction* 

*fees* 

*associated* 

*with* 

*creation* 

*and* 

*redemption* 

*transactions* 

*which* 

*occurred* 

*during* 

*the* 

*period.* 

*See* 

*Note* 

*9* 

*to* 

*the* 

*Financial* 

*Statements.*

Statements

of

Changes

in

Net

Assets

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### International

#### Quality

#### Dividend

#### Dynamic

#### Index

#### Fund

#### FlexShares

####®

#### iBoxx

#### 3-Year

#### Target

#### Duration

#### TIPS

#### Index

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### OPERATIONS
Net

investment

income

(loss)

$

1,251,279

$

2,743,835

$

47,142,466

$

68,408,052

Net

realized

gain

(loss)

1,579,703

4,066,815

7,354,398

(34,897,049)

Net

change

in

unrealized

appreciation

(depreciation)

579,700

11,027,648

42,224,459

89,699,533

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### 3,410,682

#### 17,838,298

#### 96,721,323

#### 123,210,536

#### DISTRIBUTIONS

#### TO

#### SHAREHOLDERS
Distributable

earnings

(3,047,161)

(3,841,529)

(37,386,571)

(75,178,977)

#### Total

#### distributions

#### (#### 3,047,161

####)

#### (#### 3,841,529

####)

#### (#### 37,386,571

####)

#### (#### 75,178,977

####)

#### CAPITAL

#### TRANSACTIONS
(1) Proceeds

from

shares

issued

5,802,594

—

678,396,105

76,578,550

Cost

of

shares

redeemed

(8,167,613)

(11,679,715)

(61,301,022)

(330,628,519)

#### Net

#### Increase
(Decrease)

#### from

#### Capital

#### Transactions

#### (#### 2,365,019

####)

#### (#### 11,679,715

####)

#### 617,095,083

#### (#### 254,049,969

####)

#### Total

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### (#### 2,001,498

####)

#### 2,317,054

#### 676,429,835

#### (#### 206,018,410

####)

#### NET

#### ASSETS
Beginning

of

Period

$

68,030,762

$

65,713,708

$

1,721,904,827

$

1,927,923,237

#### End

#### of

#### Period

#### $

#### 66,029,264

#### $

#### 68,030,762

#### $

#### 2,398,334,662

#### $

#### 1,721,904,827

#### SHARE

#### TRANSACTIONS
Beginning

of

period

2,300,001

2,700,001

72,404,000

83,204,000

Shares

issued

—

—

—

—

Shares

issued

in-kind

200,000

—

28,450,000

3,250,000

Shares

redeemed

—

—

—

—

Shares

redeemed

in-kind

(300,000)

(400,000)

(2,550,000)

(14,050,000)

#### Shares

#### Outstanding,

#### End

#### of

#### Period

#### 2,200,001

#### 2,300,001

#### 98,304,000

#### 72,404,000
(1) *Capital* 

*transactions* 

*may* 

*include* 

*transaction* 

*fees* 

*associated* 

*with* 

*creation* 

*and* 

*redemption* 

*transactions* 

*which* 

*occurred* 

*during* 

*the* 

*period.* 

*See* 

*Note* 

*9* 

*to* 

*the* 

*Financial* 

*Statements.*

Statements

of

Changes

in

Net

Assets

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### iBoxx

#### 5-Year

#### Target

#### Duration

#### TIPS

#### Index

#### Fund

#### FlexShares

####®

#### Disciplined

#### Duration

#### MBS

#### Index

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### OPERATIONS
Net

investment

income

(loss)

$

16,114,198

$

28,231,723

$

1,681,006

$

2,775,616

Net

realized

gain

(loss)

(3,501,032)

(15,415,526)

(630,841)

(133,212)

Net

change

in

unrealized

appreciation

(depreciation)

19,334,454

46,041,486

1,479,258

3,262,967

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### 31,947,620

#### 58,857,683

#### 2,529,423

#### 5,905,371

#### DISTRIBUTIONS

#### TO

#### SHAREHOLDERS
Distributable

earnings

(13,004,021)

(31,460,939)

(1,945,835)

(2,849,089)

#### Total

#### distributions

#### (#### 13,004,021

####)

#### (#### 31,460,939

####)

#### (#### 1,945,835

####)

#### (#### 2,849,089

####)

#### CAPITAL

#### TRANSACTIONS
(1) Proceeds

from

shares

issued

131,664,386

142,395,252

4,087,455

24,810,390

Cost

of

shares

redeemed

(60,412,912)

(277,862,798)

(14,201,203)

(9,118,840)

#### Net

#### Increase
(Decrease)

#### from

#### Capital

#### Transactions

#### 71,251,474

#### (#### 135,467,546

####)

#### (#### 10,113,748

####)

#### 15,691,550

#### Total

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### 90,195,073

#### (#### 108,070,802

####)

#### (#### 9,530,160

####)

#### 18,747,832

#### NET

#### ASSETS
Beginning

of

Period

$

703,479,600

$

811,550,402

$

93,171,871

$

74,424,039

#### End

#### of

#### Period

#### $

#### 793,674,673

#### $

#### 703,479,600

#### $

#### 83,641,711

#### $

#### 93,171,871

#### SHARE

#### TRANSACTIONS
Beginning

of

period

29,800,001

35,650,001

4,550,001

3,800,001

Shares

issued

—

—

200,000

1,200,000

Shares

issued

in-kind

5,600,000

6,050,000

—

—

Shares

redeemed

—

—

(700,000)

(450,000)

Shares

redeemed

in-kind

(2,550,000)

(11,900,000)

—

—

#### Shares

#### Outstanding,

#### End

#### of

#### Period

#### 32,850,001

#### 29,800,001

#### 4,050,001

#### 4,550,001
(1) *Capital* 

*transactions* 

*may* 

*include* 

*transaction* 

*fees* 

*associated* 

*with* 

*creation* 

*and* 

*redemption* 

*transactions* 

*which* 

*occurred* 

*during* 

*the* 

*period.* 

*See* 

*Note* 

*9* 

*to* 

*the* 

*Financial* 

*Statements.*

Statements

of

Changes

in

Net

Assets

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Credit-Scored

#### US

#### Corporate

#### Bond

#### Index

#### Fund

#### FlexShares

####®

#### Credit-Scored

#### US

#### Long

#### Corporate

#### Bond

#### Index

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### OPERATIONS
Net

investment

income

(loss)

$

11,856,419

$

18,255,065

$

1,160,166

$

1,969,879

Net

realized

gain

(loss)

85,750

301,461

(1,093,312)

(1,686,921)

Net

change

in

unrealized

appreciation

(depreciation)

1,723,692

17,278,675

(842,058)

5,656,873

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### 13,665,861

#### 35,835,201

#### (#### 775,204

####)

#### 5,939,831

#### DISTRIBUTIONS

#### TO

#### SHAREHOLDERS
Distributable

earnings

(11,744,114)

(17,529,058)

(1,197,370)

(1,908,246)

#### Total

#### distributions

#### (#### 11,744,114

####)

#### (#### 17,529,058

####)

#### (#### 1,197,370

####)

#### (#### 1,908,246

####)

#### CAPITAL

#### TRANSACTIONS
(1) Proceeds

from

shares

issued

69,406,626

244,936,059

—

21,700,022

Cost

of

shares

redeemed

(19,192,009)

(82,444,948)

(10,368,579)

(6,566,715)

#### Net

#### Increase
(Decrease)

#### from

#### Capital

#### Transactions

#### 50,214,617

#### 162,491,111

#### (#### 10,368,579

####)

#### 15,133,307

#### Total

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### 52,136,364

#### 180,797,254

#### (#### 12,341,153

####)

#### 19,164,892

#### NET

#### ASSETS
Beginning

of

Period

$

455,346,993

$

274,549,739

$

47,740,356

$

28,575,464

#### End

#### of

#### Period

#### $

#### 507,483,357

#### $

#### 455,346,993

#### $

#### 35,399,203

#### $

#### 47,740,356

#### SHARE

#### TRANSACTIONS
Beginning

of

period

9,450,001

6,050,001

1,100,001

750,001

Shares

issued

—

1,350,000

—

150,000

Shares

issued

in-kind

1,450,000

3,750,000

—

350,000

Shares

redeemed

—

—

—

—

Shares

redeemed

in-kind

(400,000)

(1,700,000)

(250,000)

(150,000)

#### Shares

#### Outstanding,

#### End

#### of

#### Period

#### 10,500,001

#### 9,450,001

#### 850,001

#### 1,100,001
(1) *Capital* 

*transactions* 

*may* 

*include* 

*transaction* 

*fees* 

*associated* 

*with* 

*creation* 

*and* 

*redemption* 

*transactions* 

*which* 

*occurred* 

*during* 

*the* 

*period.* 

*See* 

*Note* 

*9* 

*to* 

*the* 

*Financial* 

*Statements.*

Statements

of

Changes

in

Net

Assets

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### High

#### Yield

#### Value-

#### Scored

#### Bond

#### Index

#### Fund

#### FlexShares

####®

#### ESG &

#### Climate

#### Investment

#### Grade

#### Corporate

#### Core

#### Index

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### OPERATIONS
Net

investment

income

(loss)

$

54,027,270

$

118,418,866

$

1,119,076

$

1,805,823

Net

realized

gain

(loss)

5,568,151

581,371

(238,001)

(167,601)

Net

change

in

unrealized

appreciation

(depreciation)

(51,584,242)

79,237,994

(200,337)

2,294,353

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### 8,011,179

#### 198,238,231

#### 680,738

#### 3,932,575

#### DISTRIBUTIONS

#### TO

#### SHAREHOLDERS
Distributable

earnings

(55,490,144)

(118,779,804)

(1,124,574)

(1,728,547)

#### Total

#### distributions

#### (#### 55,490,144

####)

#### (#### 118,779,804

####)

#### (#### 1,124,574

####)

#### (#### 1,728,547

####)

#### CAPITAL

#### TRANSACTIONS
(1) Proceeds

from

shares

issued

327,950,131

1,086,486,120

6,166,743

18,407,586

Cost

of

shares

redeemed

(470,443,425)

(920,830,500)

(6,186,717)

—

#### Net

#### Increase
(Decrease)

#### from

#### Capital

#### Transactions

#### (#### 142,493,294

####)

#### 165,655,620

#### (#### 19,974

####)

#### 18,407,586

#### Total

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### (#### 189,972,259

####)

#### 245,114,047

#### (#### 463,810

####)

#### 20,611,614

#### NET

#### ASSETS
Beginning

of

Period

$

1,467,420,568

$

1,222,306,521

$

45,283,761

$

24,672,147

#### End

#### of

#### Period

#### $

#### 1,277,448,309

#### $

#### 1,467,420,568

#### $

#### 44,819,951

#### $

#### 45,283,761

#### SHARE

#### TRANSACTIONS
Beginning

of

period

35,700,001

31,550,001

1,100,000

650,000

Shares

issued

150,000

12,450,000

—

350,000

Shares

issued

in-kind

7,850,000

14,350,000

150,000

100,000

Shares

redeemed

—

(8,150,000)

—

—

Shares

redeemed

in-kind

(11,600,000)

(14,500,000)

(150,000)

—

#### Shares

#### Outstanding,

#### End

#### of

#### Period

#### 32,100,001

#### 35,700,001

#### 1,100,000
(1) *Capital* 

*transactions* 

*may* 

*include* 

*transaction* 

*fees* 

*associated* 

*with* 

*creation* 

*and* 

*redemption* 

*transactions* 

*which* 

*occurred* 

*during* 

*the* 

*period.* 

*See* 

*Note* 

*9* 

*to* 

*the* 

*Financial* 

*Statements.*

Statements

of

Changes

in

Net

Assets

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Ultra-Short

#### Income

#### Fund

#### FlexShares

####®

#### Core

#### Select

#### Bond

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### OPERATIONS
Net

investment

income

(loss)

$

28,498,029

$

59,847,731

$

3,142,434

$

6,328,571

Net

realized

gain

(loss)

710,219

411,894

572,706

(2,460,751)

Net

change

in

unrealized

appreciation

(depreciation)

(1,921,741)

5,426,170

(281,685)

13,795,260

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations

#### 27,286,507

#### 65,685,795

#### 3,433,455

#### 17,663,080

#### DISTRIBUTIONS

#### TO

#### SHAREHOLDERS
Distributable

earnings

(29,078,554)

(59,364,587)

(3,043,028)

(6,336,750)

#### Total

#### distributions

#### (#### 29,078,554

####)

#### (#### 59,364,587

####)

#### (#### 3,043,028

####)

#### (#### 6,336,750

####)

#### CAPITAL

#### TRANSACTIONS
(1) Proceeds

from

shares

issued

176,929,249

259,744,290

2,739,037

10,577,124

Cost

of

shares

redeemed

(94,108,681)

(191,309,820)

(38,420,442)

(37,759,017)

#### Net

#### Increase
(Decrease)

#### from

#### Capital

#### Transactions

#### 82,820,568

#### 68,434,470

#### (#### 35,681,405

####)

#### (#### 27,181,893

####)

#### Total

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### 81,028,521

#### 74,755,678

#### (#### 35,290,978

####)

#### (#### 15,855,563

####)

#### NET

#### ASSETS
Beginning

of

Period

$

1,151,144,756

$

1,076,389,078

$

166,575,300

$

182,430,863

#### End

#### of

#### Period

#### $

#### 1,232,173,277

#### $

#### 1,151,144,756

#### $

#### 131,284,322

#### $

#### 166,575,300

#### SHARE

#### TRANSACTIONS
Beginning

of

period

15,240,001

14,330,001

7,525,001

8,775,001

Shares

issued

2,150,000

3,440,000

—

—

Shares

issued

in-kind

200,000

10,000

125,000

475,000

Shares

redeemed

(970,000)

(2,520,000)

—

—

Shares

redeemed

in-kind

(280,000)

(20,000)

(1,750,000)

(1,725,000)

#### Shares

#### Outstanding,

#### End

#### of

#### Period

#### 16,340,001

#### 15,240,001

#### 5,900,001

#### 7,525,001
(1) *Capital* 

*transactions* 

*may* 

*include* 

*transaction* 

*fees* 

*associated* 

*with* 

*creation* 

*and* 

*redemption* 

*transactions* 

*which* 

*occurred* 

*during* 

*the* 

*period.* 

*See* 

*Note* 

*9* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

FlexShares®

Trust

Financial

Highlights

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

#### FlexShares

####®

#### US

#### Quality

#### Low

#### Volatility

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

65.48 $

51.39 $

50.02 $

54.60 $

40.93 $

40.44 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.59 1.06 0.88 0.82 0.57 0.64 Net

Realized

and

Unrealized

Gain

(Loss)

(0.57)

14.09 1.40 (4.70)

13.69 0.38 Total

from

Operations

0.02 15.15 2.28 (3.88)

14.26 1.02 #### Distributions
Net

Investment

Income

(0.58)

(1.06)

(0.91)

(0.70)

(0.59)

(0.53)

Total

from

Distributions

(0.58)

(1.06)

(0.91)

(0.70)

(0.59)

(0.53)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

64.92 $

65.48 $

51.39 $

50.02 $

54.60 $

40.93 #### Total

#### Return
(b) Net

Asset

Value

(d) 0

.02

%

.66

%

.56

%

(7

.12)

%

.05

%

.63

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.11

%

.19

%

.23

%

.23

%

.23

%

.23

%

Expenses

net

of

reimbursements

.11

%

.18

%

.22

%

.22

%

.22

%

.22

%

Net

Investment

Income

Before

Reimbursements

.81

%

.76

%

.70

%

.58

%

.17

%

.55

%

Net

Investment

Income

Net

of

Reimbursements

.81

%

.76

%

.70

%

.58

%

.17

%

.56

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 22

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

129,838

$

130,952

$

185,005

$

162,569

$

161,074

$

110,524

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Developed

#### Markets

#### ex-US

#### Quality

#### Low

#### Volatility

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

27.63 $

23.67 $

22.09 $

27.92 $

23.48 $

25.60 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.43 0.71 0.73 0.66 0.73 0.64 Net

Realized

and

Unrealized

Gain

(Loss)

2.46 4.10 1.55 (5.71)

4.43 (2.22)

Total

from

Operations

2.89 4.81 2.28 (5.05)

5.16 (1.58)

#### Distributions
Net

Investment

Income

(0.24)

(0.85)

(0.70)

(0.78)

(0.72)

(0.54)

Total

from

Distributions

(0.24)

(0.85)

(0.70)

(0.78)

(0.72)

(0.54)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

30.28 $

27.63 $

23.67 $

22.09 $

27.92 $

23.48 #### Total

#### Return
(b) Net

Asset

Value

(d) 10

.59

%

.56

%

.16

%

(18

.36)

%

.05

%

(6

.24)

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.25

%

.34

%

.33

%

.33

%

.33

%

.33

%

Expenses

net

of

reimbursements

.18

%

.32

%

.32

%

.32

%

.32

%

.32

%

Net

Investment

Income

Before

Reimbursements

.03

%

.66

%

.94

%

.60

%

.68

%

.63

%

Net

Investment

Income

Net

of

Reimbursements

.10

%

.67

%

.94

%

.60

%

.68

%

.64

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 24

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

52,993

$

46,977

$

66,263

$

61,852

$

75,371

$

65,747

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Emerging

#### Markets

#### Quality

#### Low

#### Volatility

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

26.32 $

21.63 $

20.53 $

26.41 $

23.95 $

24.94 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.34 0.66 0.76 0.67 0.69 0.56 Net

Realized

and

Unrealized

Gain

(Loss)

(0.14)

4.37 1.02 (5.82)

2.22 (0.91)

Total

from

Operations

0.20 5.03 1.78 (5.15)

2.91 (0.35)

#### Distributions
Net

Investment

Income

(0.61)

(0.34)

(0.68)

(0.69)

(0.45)

(0.64)

Tax

Return

of

Capital

—

—

—

(0.04)

—

—

Total

from

Distributions

(0.61)

(0.34)

(0.68)

(0.73)

(0.45)

(0.64)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

25.91 $

26.32 $

21.63 $

20.53 $

26.41 $

23.95 #### Total

#### Return
(b) Net

Asset

Value

(d) 0

.85

%

.35

%

.52

%

(19

.77)

%

.09

%

(1

.41)

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.25

%

.41

%

.41

%

.41

%

.41

%

.41

%

Expenses

net

of

reimbursements

.25

%

.40

%

.40

%

.40

%

.40

%

.40

%

Net

Investment

Income

Before

Reimbursements

.68

%

.70

%

.35

%

.75

%

.57

%

.38

%

Net

Investment

Income

Net

of

Reimbursements

.69

%

.70

%

.35

%

.75

%

.58

%

.39

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 25

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

12,953

$

13,161

$

12,980

$

8,214

$

15,844

$

9,578

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Morningstar

#### US

#### Market

#### Factor

#### Tilt

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

211.23 $

157.18 $

151.07 $

178.97 $

121.11 $

119.52 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 1.45 2.77 2.53 2.39 2.08 2.10 Net

Realized

and

Unrealized

Gain

(Loss)

(8.99)

54.05 6.03 (27.93)

57.80 1.60 Total

from

Operations

(7.54)

56.82 8.56 (25.54)

59.88 3.70 #### Distributions
Net

Investment

Income

(1.32)

(2.77)

(2.45)

(2.36)

(2.02)

(2.11)

Total

from

Distributions

(1.32)

(2.77)

(2.45)

(2.36)

(2.02)

(2.11)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

202.37 $

211.23 $

157.18 $

151.07 $

178.97 $

121.11 #### Total

#### Return
(b) Net

Asset

Value

(d) (3

.60)

%

.32

%

.67

%

(14

.33)

%

.68

%

.28

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.26

%

.26

%

.26

%

.26

%

.26

%

.26

%

Expenses

net

of

reimbursements

.25

%

.25

%

.25

%

.25

%

.25

%

.25

%

Net

Investment

Income

Before

Reimbursements

.36

%

.42

%

.58

%

.47

%

.28

%

.78

%

Net

Investment

Income

Net

of

Reimbursements

.36

%

.43

%

.58

%

.47

%

.29

%

.79

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 6

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

1,588,610

$

1,689,839

$

1,336,011

$

1,397,408

$

1,727,019

$

1,174,786

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Morningstar

#### Developed

#### Markets

#### ex-US

#### Factor

#### Tilt

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

71.36 $

60.16 $

54.48 $

73.71 $

54.24 $

62.67 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 1.10 2.04 1.93 1.94 1.71 1.31 Net

Realized

and

Unrealized

Gain

(Loss)

6.38 11.68 5.37 (18.44)

19.27 (7.88)

Total

from

Operations

7.48 13.72 7.30 (16.50)

20.98 (6.57)

#### Distributions
Net

Investment

Income

(1.26)

(2.52)

(1.62)

(2.61)

(1.51)

(1.86)

Tax

Return

of

Capital

—

—

—

(0.12)

—

—

Total

from

Distributions

(1.26)

(2.52)

(1.62)

(2.73)

(1.51)

(1.86)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

77.58 $

71.36 $

60.16 $

54.48 $

73.71 $

54.24 #### Total

#### Return
(b) Net

Asset

Value

(d) 10

.69

%

.99

%

.21

%

(22

.83)

%

.79

%

(10

.57)

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.41

%

.41

%

.40

%

.40

%

.40

%

.40

%

Expenses

net

of

reimbursements

.39

%

.39

%

.39

%

.39

%

.39

%

.39

%

Net

Investment

Income

Before

Reimbursements

.06

%

.91

%

.04

%

.02

%

.42

%

.28

%

Net

Investment

Income

Net

of

Reimbursements

.08

%

.92

%

.04

%

.02

%

.42

%

.28

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 13

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

481,019

$

456,698

$

469,239

$

446,754

$

648,638

$

499,016

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Morningstar

#### Emerging

#### Markets

#### Factor

#### Tilt

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

55.34 $

46.54 $

42.22 $

60.79 $

48.05 $

50.42 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.67 1.33 1.45 1.86 1.51 1.02 Net

Realized

and

Unrealized

Gain

(Loss)

(1.22)

8.95 4.36 (18.06)

12.40 (1.97)

Total

from

Operations

(0.55)

10.28 5.81 (16.20)

13.91 (0.95)

#### Distributions
Net

Investment

Income

(1.62)

(1.48)

(1.49)

(2.37)

(1.17)

(1.42)

Total

from

Distributions

(1.62)

(1.48)

(1.49)

(2.37)

(1.17)

(1.42)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

53.17 $

55.34 $

46.54 $

42.22 $

60.79 $

48.05 #### Total

#### Return
(b) Net

Asset

Value

(d) (0

.89)

%

.41

%

(g) 13

.63

%

(g) (27

.32)

%

.95

%

(1

.86)

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.58

%

.58

%

.61

%

.60

%

.60

%

.60

%

Expenses

net

of

reimbursements

.57

%

.57

%

.59

%

.59

%

.59

%

.59

%

Net

Investment

Income

Before

Reimbursements

.57

%

.54

%

.95

%

.49

%

.46

%

.13

%

Net

Investment

Income

Net

of

Reimbursements

.58

%

.55

%

.97

%

.49

%

.47

%

.14

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 17

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

249,894

$

276,698

$

218,724

$

206,889

$

334,372

$

225,847

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### US

#### Quality

#### Large

#### Cap

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

64.53 $

46.61 $

43.17 $

50.25 $

35.48 $

34.69 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.40 0.72 0.67 0.61 0.50 0.62 Net

Realized

and

Unrealized

Gain

(Loss)

(1.03)

17.83 3.43 (7.11)

14.76 0.76 Total

from

Operations

(0.63)

18.55 4.10 (6.50)

15.26 1.38 #### Distributions
Net

Investment

Income

(0.37)

(0.63)

(0.66)

(0.58)

(0.49)

(0.59)

Total

from

Distributions

(0.37)

(0.63)

(0.66)

(0.58)

(0.49)

(0.59)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

63.53 $

64.53 $

46.61 $

43.17 $

50.25 $

35.48 #### Total

#### Return
(b) Net

Asset

Value

(d) (1

.00)

%

.96

%

.54

%

(12

.98)

%

.21

%

.13

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.26

%

.26

%

.26

%

.30

%

.33

%

.33

%

Expenses

net

of

reimbursements

.25

%

.25

%

.25

%

.30

%

.32

%

.32

%

Net

Investment

Income

Before

Reimbursements

.22

%

.22

%

.44

%

.31

%

.11

%

.77

%

Net

Investment

Income

Net

of

Reimbursements

.22

%

.22

%

.44

%

.31

%

.11

%

.77

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 10

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

401,808

$

330,695

$

146,806

$

127,350

$

144,475

$

71,842

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### STOXX

####®

#### US

#### ESG

#### Select

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

133.24 $

102.72 $

92.96 $

112.73 $

79.16 $

72.29 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.79 1.46 1.32 1.22 1.26 1.27 Net

Realized

and

Unrealized

Gain

(Loss)

(0.18)

30.57 9.71 (19.75)

33.50 6.81 Total

from

Operations

0.61 32.03 11.03 (18.53)

34.76 8.08 #### Distributions
Net

Investment

Income

(0.77)

(1.51)

(1.27)

(1.24)

(1.19)

(1.21)

Total

from

Distributions

(0.77)

(1.51)

(1.27)

(1.24)

(1.19)

(1.21)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

133.08 $

133.24 $

102.72 $

92.96 $

112.73 $

79.16 #### Total

#### Return
(b) Net

Asset

Value

(d) 0

.44

%

.28

%

.91

%

(16

.51)

%

.15

%

.40

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.33

%

.33

%

.33

%

.33

%

.33

%

.33

%

Expenses

net

of

reimbursements

.32

%

.32

%

.32

%

.32

%

.32

%

.32

%

Net

Investment

Income

Before

Reimbursements

.15

%

.17

%

.30

%

.20

%

.25

%

.67

%

Net

Investment

Income

Net

of

Reimbursements

.15

%

.18

%

.30

%

.20

%

.26

%

.68

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 14

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

113,115

$

153,223

$

166,925

$

171,980

$

191,643

$

89,052

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### STOXX

####®

#### Global

#### ESG

#### Select

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

167.19 $

132.01 $

117.54 $

148.57 $

106.02 $

101.77 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 1.28 2.57 2.42 2.24 2.03 1.72 Net

Realized

and

Unrealized

Gain

(Loss)

3.16 35.41 14.27 (30.82)

42.38 4.26 Total

from

Operations

4.44 37.98 16.69 (28.58)

44.41 5.98 #### Distributions
Net

Investment

Income

(1.39)

(2.80)

(2.22)

(2.45)

(1.86)

(1.73)

Total

from

Distributions

(1.39)

(2.80)

(2.22)

(2.45)

(1.86)

(1.73)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

170.24 $

167.19 $

132.01 $

117.54 $

148.57 $

106.02 #### Total

#### Return
(b) Net

Asset

Value

(d) 2

.66

%

.88

%

.17

%

(19

.35)

%

.10

%

.03

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.47

%

.44

%

.43

%

.43

%

.43

%

.43

%

Expenses

net

of

reimbursements

.42

%

.42

%

.42

%

.42

%

.42

%

.42

%

Net

Investment

Income

Before

Reimbursements

.46

%

.60

%

.82

%

.69

%

.50

%

.66

%

Net

Investment

Income

Net

of

Reimbursements

.50

%

.62

%

.83

%

.69

%

.51

%

.66

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 25

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

80,865

$

137,933

$

151,816

$

146,925

$

185,717

$

111,323

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

*\* Commencement* 

*of* 

*investment* 

*operations.*

#### FlexShares

####®

#### ESG &

#### Climate

#### US

#### Large

#### Cap

#### Core

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

For

the

period

09/20/21\*

through

10/31/21

2024

2023

2022

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

63.59 $

47.61 $

44.21 $

53.39 $

50.00 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.42 0.77 0.77 0.70 0.06 Net

Realized

and

Unrealized

Gain

(Loss)

(2.35)

15.96 3.35 (9.25)

3.33 Total

from

Operations

(1.93)

16.73 4.12 (8.55)

3.39 #### Distributions
Net

Investment

Income

(0.42)

(0.75)

(0.72)

(0.62)

—

From

Net

Realized

Gains

—

—

—

(0.01)

—

Total

from

Distributions

(0.42)

(0.75)

(0.72)

(0.63)

—

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

61.24 $

63.59 $

47.61 $

44.21 $

53.39 #### Total

#### Return
(b) Net

Asset

Value

(d) (3

.07)

%

.29

%

.33

%

(16

.09)

%

.78

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.10

%

.10

%

.10

%

.10

%

.09

%

Expenses

net

of

reimbursements

.09

%

.09

%

.09

%

.09

%

.09

%

Net

Investment

Income

Before

Reimbursements

.30

%

.30

%

.61

%

.53

%

.96

%

Net

Investment

Income

Net

of

Reimbursements

.30

%

.30

%

.61

%

.53

%

.96

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 16

%

%

%

%

—

%

(f) Net

assets,

end

of

period

(thousands)

$

59,704

$

68,362

$

36,896

$

22,103

$

2,669

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

*\* Commencement* 

*of* 

*investment* 

*operations.*

#### FlexShares

####®

#### ESG &

#### Climate

#### Developed

#### Markets ex-US Core

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

For

the

period

09/20/21\*

through

10/31/21

2024

2023

2022

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

50.29 $

41.65 $

38.15 $

51.19 $

50.00 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.70 1.40 1.38 1.44 0.16 Net

Realized

and

Unrealized

Gain

(Loss)

2.25 8.61 3.31 (13.28)

1.03 Total

from

Operations

2.95 10.01 4.69 (11.84)

1.19 #### Distributions
Net

Investment

Income

(0.45)

(1.37)

(1.19)

(1.20)

—

Total

from

Distributions

(0.45)

(1.37)

(1.19)

(1.20)

—

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

52.79 $

50.29 $

41.65 $

38.15 $

51.19 #### Total

#### Return
(b) Net

Asset

Value

(d) 5

.91

%

.12

%

.08

%

(23

.36)

%

.38

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.19

%

.14

%

.13

%

.13

%

.12

%

Expenses

net

of

reimbursements

.12

%

.12

%

.12

%

.12

%

.12

%

Net

Investment

Income

Before

Reimbursements

.75

%

.84

%

.09

%

.35

%

.72

%

Net

Investment

Income

Net

of

Reimbursements

.81

%

.85

%

.09

%

.35

%

.72

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 13

%

%

%

%

—

%

(f) Net

assets,

end

of

period

(thousands)

$

54,105

$

55,321

$

37,484

$

17,169

$

5,119

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Morningstar

#### Global

#### Upstream

#### Natural

#### Resources

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

39.78 $

38.56 $

41.35 $

38.66 $

26.71 $

31.40 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.57 1.19 1.46 1.88 1.44 0.89 Net

Realized

and

Unrealized

Gain

(Loss)

(1.75)

1.40 (3.01)

2.76 11.72 (4.65)

Total

from

Operations

(1.18)

2.59 (1.55)

4.64 13.16 (3.76)

#### Distributions
Net

Investment

Income

(0.59)

(1.37)

(1.24)

(1.95)

(1.21)

(0.93)

Total

from

Distributions

(0.59)

(1.37)

(1.24)

(1.95)

(1.21)

(0.93)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

38.01 $

39.78 $

38.56 $

41.35 $

38.66 $

26.71 #### Total

#### Return
(b) Net

Asset

Value

(d) (2

.94)

%

.73

%

(i) (3

.92)

%

.20

%

.70

%

(11

.87)

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.47

%

.47

%

.47

%

.47

%

.47

%

.47

%

Expenses

net

of

reimbursements

.46

%

.46

%

.46

%

.46

%

.46

%

.46

%

Net

Investment

Income

Before

Reimbursements

.03

%

.94

%

.48

%

.48

%

.95

%

.03

%

Net

Investment

Income

Net

of

Reimbursements

.03

%

.95

%

.48

%

.48

%

.95

%

.04

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 14

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

4,627,329

$

5,658,679

$

6,925,286

$

6,834,852

$

6,052,710

$

2,924,726

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### STOXX

####®

#### Global

#### Broad

#### Infrastructure

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

57.63 $

47.76 $

48.32 $

57.73 $

48.10 $

52.56 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.70 1.50 1.40 1.35 1.38 1.25 Net

Realized

and

Unrealized

Gain

(Loss)

1.81 9.78 (0.73)

(9.27)

9.57 (4.53)

Total

from

Operations

2.51 11.28 0.67 (7.92)

10.95 (3.28)

#### Distributions
Net

Investment

Income

(0.92)

(1.41)

(1.23)

(1.49)

(1.32)

(1.18)

Total

from

Distributions

(0.92)

(1.41)

(1.23)

(1.49)

(1.32)

(1.18)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

59.22 $

57.63 $

47.76 $

48.32 $

57.73 $

48.10 #### Total

#### Return
(b) Net

Asset

Value

(d) 4

.50

%

.82

%

(j) 1

.24

%

(13

.92)

%

.85

%

(6

.23)

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.48

%

.48

%

.48

%

.48

%

.48

%

.48

%

Expenses

net

of

reimbursements

.47

%

.47

%

.47

%

.47

%

.47

%

.47

%

Net

Investment

Income

Before

Reimbursements

.49

%

.75

%

.74

%

.51

%

.45

%

.51

%

Net

Investment

Income

Net

of

Reimbursements

.50

%

.75

%

.74

%

.51

%

.45

%

.52

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 8

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

2,345,010

$

2,478,235

$

2,025,181

$

2,500,518

$

2,643,906

$

1,856,596

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Global

#### Quality

#### Real

#### Estate

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

59.87 $

47.05 $

52.12 $

70.35 $

50.88 $

66.60 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 1.00 1.97 1.50 1.67 1.38 1.43 Net

Realized

and

Unrealized

Gain

(Loss)

(1.61)

12.26 (5.09)

(17.88)

19.13 (14.62)

Total

from

Operations

(0.61)

14.23 (3.59)

(16.21)

20.51 (13.19)

#### Distributions
Net

Investment

Income

(1.37)

(1.41)

(1.48)

(1.99)

(1.04)

(2.50)

Tax

Return

of

Capital

—

—

—

(0.03)

—

(0.03)

Total

from

Distributions

(1.37)

(1.41)

(1.48)

(2.02)

(1.04)

(2.53)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

57.89 $

59.87 $

47.05 $

52.12 $

70.35 $

50.88 #### Total

#### Return
(b) Net

Asset

Value

(d) (0

.96)

%

.44

%

(7

.16)

%

(23

.51)

%

.58

%

(20

.29)

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.47

%

.46

%

.46

%

.46

%

.46

%

.46

%

Expenses

net

of

reimbursements

.45

%

.45

%

.45

%

.45

%

.45

%

.45

%

Net

Investment

Income

Before

Reimbursements

.45

%

.50

%

.83

%

.63

%

.16

%

.53

%

Net

Investment

Income

Net

of

Reimbursements

.46

%

.51

%

.83

%

.63

%

.17

%

.54

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 24

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

413,942

$

386,155

$

244,673

$

328,381

$

418,597

$

264,574

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Real

#### Assets

#### Allocation

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

31.65 $

27.62 $

28.86 $

33.67 $

25.72 $

30.30 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.62 0.86 0.73 0.93 0.83 0.86 Net

Realized

and

Unrealized

Gain

(Loss)

(0.26)

4.05 (1.21)

(4.72)

7.78 (4.58)

Total

from

Operations

0.36 4.91 (0.48)

(3.79)

8.61 (3.72)

#### Distributions
Net

Investment

Income

(0.58)

(0.88)

(0.76)

(1.02)

(0.66)

(0.86)

Total

from

Distributions

(0.58)

(0.88)

(0.76)

(1.02)

(0.66)

(0.86)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

31.43 $

31.65 $

27.62 $

28.86 $

33.67 $

25.72 #### Total

#### Return
(b) Net

Asset

Value

(d) 1

.28

%

.89

%

(1

.78)

%

(11

.49)

%

.66

%

(12

.45)

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

(h) 0

.50

%

.50

%

.57

%

.58

%

.58

%

.58

%

Expenses

net

of

reimbursements

(h) (0

.07)

%

.03

%

.10

%

.11

%

.12

%

.11

%

Net

Investment

Income

Before

Reimbursements

.42

%

.35

%

.96

%

.40

%

.07

%

.65

%

Net

Investment

Income

Net

of

Reimbursements

.09

%

.82

%

.42

%

.86

%

.53

%

.11

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 4

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

7,073

$

7,911

$

16,573

$

28,865

$

30,300

$

4,502

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Quality

#### Dividend

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

70.59 $

54.41 $

52.28 $

58.35 $

43.40 $

46.33 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.69 1.33 1.36 1.25 1.16 1.24 Net

Realized

and

Unrealized

Gain

(Loss)

(4.05)

16.18 2.05 (6.05)

14.89 (2.67)

Total

from

Operations

(3.36)

17.51 3.41 (4.80)

16.05 (1.43)

#### Distributions
Net

Investment

Income

(0.67)

(1.33)

(1.28)

(1.27)

(1.10)

(1.25)

From

Net

Realized

Gains

—

—

—

—

—

(0.25)

Total

from

Distributions

(0.67)

(1.33)

(1.28)

(1.27)

(1.10)

(1.50)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

66.56 $

70.59 $

54.41 $

52.28 $

58.35 $

43.40 #### Total

#### Return
(b) Net

Asset

Value

(d) (4

.80)

%

.40

%

.52

%

(8

.29)

%

.27

%

(2

.98)

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.38

%

.38

%

.38

%

.38

%

.38

%

.38

%

Expenses

net

of

reimbursements

.37

%

.37

%

.37

%

.37

%

.37

%

.37

%

Net

Investment

Income

Before

Reimbursements

.98

%

.04

%

.45

%

.24

%

.16

%

.79

%

Net

Investment

Income

Net

of

Reimbursements

.98

%

.05

%

.45

%

.24

%

.16

%

.79

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 20

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

1,705,118

$

1,850,813

$

1,478,273

$

1,522,730

$

1,642,545

$

1,265,177

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Quality

#### Dividend

#### Defensive

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

70.54 $

53.32 $

50.61 $

56.01 $

42.61 $

46.25 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.70 1.32 1.29 1.16 1.09 1.21 Net

Realized

and

Unrealized

Gain

(Loss)

(1.68)

17.22 2.66 (5.35)

13.39 (3.28)

Total

from

Operations

(0.98)

18.54 3.95 (4.19)

14.48 (2.07)

#### Distributions
Net

Investment

Income

(0.66)

(1.32)

(1.24)

(1.21)

(1.08)

(1.21)

From

Net

Realized

Gains

—

—

—

—

—

(0.36)

Total

from

Distributions

(0.66)

(1.32)

(1.24)

(1.21)

(1.08)

(1.57)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

68.90 $

70.54 $

53.32 $

50.61 $

56.01 $

42.61 #### Total

#### Return
(b) Net

Asset

Value

(d) (1

.42)

%

.07

%

.82

%

(7

.53)

%

.28

%

(4

.45)

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.38

%

.38

%

.38

%

.38

%

.38

%

.38

%

Expenses

net

of

reimbursements

.37

%

.37

%

.37

%

.37

%

.37

%

.37

%

Net

Investment

Income

Before

Reimbursements

.01

%

.05

%

.39

%

.16

%

.10

%

.77

%

Net

Investment

Income

Net

of

Reimbursements

.01

%

.06

%

.40

%

.16

%

.11

%

.77

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 20

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

399,606

$

403,870

$

313,231

$

345,444

$

448,058

$

411,173

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### International

#### Quality

#### Dividend

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

24.97 $

20.70 $

18.47 $

25.77 $

20.15 $

23.06 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.49 0.98 1.12 1.15 0.97 0.79 Net

Realized

and

Unrealized

Gain

(Loss)

1.14 4.48 2.14 (7.23)

5.55 (2.86)

Total

from

Operations

1.63 5.46 3.26 (6.08)

6.52 (2.07)

#### Distributions
Net

Investment

Income

(1.04)

(1.19)

(1.03)

(1.22)

(0.90)

(0.84)

Total

from

Distributions

(1.04)

(1.19)

(1.03)

(1.22)

(0.90)

(0.84)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

25.56 $

24.97 $

20.70 $

18.47 $

25.77 $

20.15 #### Total

#### Return
(b) Net

Asset

Value

(d) 6

.96

%

.73

%

.45

%

(24

.11)

%

.42

%

(8

.94)

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.49

%

.49

%

.49

%

.48

%

.48

%

.48

%

Expenses

net

of

reimbursements

.47

%

.47

%

.47

%

.47

%

.47

%

.47

%

Net

Investment

Income

Before

Reimbursements

.00

%

.01

%

.13

%

.11

%

.80

%

.68

%

Net

Investment

Income

Net

of

Reimbursements

.02

%

.03

%

.14

%

.11

%

.81

%

.68

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 32

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

672,220

$

594,400

$

498,876

$

432,097

$

616,007

$

453,477

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### International

#### Quality

#### Dividend

#### Dynamic

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

29.58 $

24.34 $

21.31 $

30.39 $

22.38 $

24.94 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.56 1.09 1.28 1.45 1.28 0.70 Net

Realized

and

Unrealized

Gain

(Loss)

1.19 5.68 2.91 (9.01)

7.63 (2.45)

Total

from

Operations

1.75 6.77 4.19 (7.56)

8.91 (1.75)

#### Distributions
Net

Investment

Income

(1.32)

(1.53)

(1.16)

(1.52)

(0.90)

(0.81)

Total

from

Distributions

(1.32)

(1.53)

(1.16)

(1.52)

(0.90)

(0.81)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

30.01 $

29.58 $

24.34 $

21.31 $

30.39 $

22.38 #### Total

#### Return
(b) Net

Asset

Value

(d) 6

.35

%

.20

%

.39

%

(25

.48)

%

.87

%

(6

.99)

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.54

%

.51

%

.48

%

.48

%

.48

%

.48

%

Expenses

net

of

reimbursements

.47

%

.47

%

.47

%

.47

%

.47

%

.47

%

Net

Investment

Income

Before

Reimbursements

.84

%

.77

%

.96

%

.49

%

.24

%

.90

%

Net

Investment

Income

Net

of

Reimbursements

.90

%

.80

%

.96

%

.49

%

.25

%

.91

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 33

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

66,029

$

68,031

$

65,714

$

61,788

$

75,975

$

22,376

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### iBoxx

#### 3-Year

#### Target

#### Duration

#### TIPS

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

23.78 $

23.17 $

23.58 $

26.38 $

25.73 $

24.58 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.54 0.90 0.96 1.72 1.09 0.33 Net

Realized

and

Unrealized

Gain

(Loss)

0.50 0.69 (0.52)

(2.83)

0.68 1.09 Total

from

Operations

1.04 1.59 0.44 (1.11)

1.77 1.42 #### Distributions
Net

Investment

Income

(0.42)

(0.98)

(0.85)

(1.66)

(1.12)

(0.27)

Tax

Return

of

Capital

—

—

—

(0.03)

—

—

Total

from

Distributions

(0.42)

(0.98)

(0.85)

(1.69)

(1.12)

(0.27)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

24.40 $

23.78 $

23.17 $

23.58 $

26.38 $

25.73 #### Total

#### Return
(b) Net

Asset

Value

(d) 4

.41

%

.02

%

.84

%

(4

.44)

%

.95

%

.81

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.19

%

.19

%

.19

%

.19

%

.19

%

.19

%

Expenses

net

of

reimbursements

.18

%

.18

%

.18

%

.18

%

.18

%

.18

%

Net

Investment

Income

Before

Reimbursements

.51

%

.80

%

.08

%

.82

%

.14

%

.33

%

Net

Investment

Income

Net

of

Reimbursements

.52

%

.81

%

.08

%

.83

%

.15

%

.33

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 43

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

2,398,335

$

1,721,905

$

1,927,923

$

2,157,939

$

1,437,584

$

1,429,491

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### iBoxx

#### 5-Year

#### Target

#### Duration

#### TIPS

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

23.61 $

22.76 $

23.63 $

28.02 $

27.34 $

25.50 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.51 0.89 1.01 1.83 1.16 0.36 Net

Realized

and

Unrealized

Gain

(Loss)

0.44 0.94 (1.01)

(4.35)

0.70 1.76 Total

from

Operations

0.95 1.83 0.00 (2.52)

1.86 2.12 #### Distributions
Net

Investment

Income

(0.40)

(0.98)

(0.87)

(1.84)

(1.18)

(0.28)

Tax

Return

of

Capital

—

—

—

(0.03)

—

—

Total

from

Distributions

(0.40)

(0.98)

(0.87)

(1.87)

(1.18)

(0.28)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

24.16 $

23.61 $

22.76 $

23.63 $

28.02 $

27.34 #### Total

#### Return
(b) Net

Asset

Value

(d) 4

.08

%

.20

%

(0

.11)

%

(9

.46)

%

.88

%

.39

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.19

%

.19

%

.19

%

.19

%

.19

%

.19

%

Expenses

net

of

reimbursements

.18

%

.18

%

.18

%

.18

%

.18

%

.18

%

Net

Investment

Income

Before

Reimbursements

.32

%

.77

%

.26

%

.98

%

.17

%

.35

%

Net

Investment

Income

Net

of

Reimbursements

.32

%

.77

%

.27

%

.98

%

.17

%

.35

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 25

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

793,675

$

703,480

$

811,550

$

643,886

$

714,479

$

596,095

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Disciplined

#### Duration

#### MBS

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

20.48 $

19.59 $

20.04 $

23.42 $

24.10 $

23.55 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.39 0.72 0.55 0.26 0.09 0.37 Net

Realized

and

Unrealized

Gain

(Loss)

0.22 0.91 (0.34)

(3.07)

(0.16)

0.85 Total

from

Operations

0.61 1.63 0.21 (2.81)

(0.07)

1.22 #### Distributions
Net

Investment

Income

(0.44)

(0.74)

(0.66)

(0.57)

(0.61)

(0.67)

Total

from

Distributions

(0.44)

(0.74)

(0.66)

(0.57)

(0.61)

(0.67)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

20.65 $

20.48 $

19.59 $

20.04 $

23.42 $

24.10 #### Total

#### Return
(b) Net

Asset

Value

(d) 3

.02

%

.43

%

.98

%

(12

.16)

%

(0

.28)

%

.19

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.21

%

.21

%

.21

%

.21

%

.21

%

.21

%

Expenses

net

of

reimbursements

.20

%

.20

%

.20

%

.20

%

.20

%

.20

%

Net

Investment

Income

Before

Reimbursements

.84

%

.53

%

.70

%

.19

%

.35

%

.54

%

Net

Investment

Income

Net

of

Reimbursements

.85

%

.54

%

.70

%

.19

%

.36

%

.54

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 17

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

83,642

$

93,172

$

74,424

$

97,189

$

111,243

$

100,020

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Credit-Scored

#### US

#### Corporate

#### Bond

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

48.18 $

45.38 $

45.26 $

53.52 $

54.70 $

52.58 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 1.18 2.36 1.74 1.04 0.91 1.32 Net

Realized

and

Unrealized

Gain

(Loss)

0.15 2.74 0.05 (7.83)

(0.51)

2.39 Total

from

Operations

1.33 5.10 1.79 (6.79)

0.40 3.71 #### Distributions
Net

Investment

Income

(1.18)

(2.30)

(1.67)

(1.06)

(0.96)

(1.37)

From

Net

Realized

Gains

—

—

—

(0.41)

(0.62)

(0.22)

Total

from

Distributions

(1.18)

(2.30)

(1.67)

(1.47)

(1.58)

(1.59)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

48.33 $

48.18 $

45.38 $

45.26 $

53.52 $

54.70 #### Total

#### Return
(b) Net

Asset

Value

(d) 2

.83

%

.44

%

.92

%

(12

.91)

%

.70

%

.20

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.16

%

.17

%

.23

%

.23

%

.23

%

.23

%

Expenses

net

of

reimbursements

.15

%

.16

%

.22

%

.22

%

.22

%

.22

%

Net

Investment

Income

Before

Reimbursements

.97

%

.94

%

.74

%

.11

%

.68

%

.46

%

Net

Investment

Income

Net

of

Reimbursements

.97

%

.95

%

.74

%

.11

%

.69

%

.46

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 45

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

507,483

$

455,347

$

274,550

$

242,139

$

315,740

$

202,397

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Credit-Scored

#### US

#### Long

#### Corporate

#### Bond

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

43.40 $

38.10 $

39.44 $

60.85 $

61.81 $

57.84 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 1.18 2.36 2.14 1.93 1.90 1.99 Net

Realized

and

Unrealized

Gain

(Loss)

(1.73)

5.24 (1.33)

(20.48)

1.22 3.90 Total

from

Operations

(0.55)

7.60 0.81 (18.55)

3.12 5.89 #### Distributions
Net

Investment

Income

(1.20)

(2.30)

(2.15)

(1.92)

(1.88)

(1.92)

From

Net

Realized

Gains

—

—

—

(0.94)

(2.20)

—

Total

from

Distributions

(1.20)

(2.30)

(2.15)

(2.86)

(4.08)

(1.92)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

41.65 $

43.40 $

38.10 $

39.44 $

60.85 $

61.81 #### Total

#### Return
(b) Net

Asset

Value

(d) (1

.31)

%

.16

%

(k) 1

.59

%

(k) (31

.58)

%

.14

%

.34

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.16

%

.17

%

.23

%

.23

%

.23

%

.23

%

Expenses

net

of

reimbursements

.15

%

.16

%

.22

%

.22

%

.22

%

.22

%

Net

Investment

Income

Before

Reimbursements

.63

%

.43

%

.01

%

.86

%

.13

%

.27

%

Net

Investment

Income

Net

of

Reimbursements

.63

%

.43

%

.02

%

.86

%

.14

%

.28

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 59

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

35,399

$

47,740

$

28,575

$

35,498

$

60,855

$

46,360

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### High

#### Yield

#### Value-Scored

#### Bond

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

41.10 $

38.74 $

40.09 $

49.58 $

46.25 $

47.85 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 1.53 3.42 3.57 2.98 2.67 3.12 Net

Realized

and

Unrealized

Gain

(Loss)

(1.27)

2.40 (1.40)

(9.24)

3.42 (1.77)

Total

from

Operations

0.26 5.82 2.17 (6.26)

6.09 1.35 #### Distributions
Net

Investment

Income

(1.56)

(3.46)

(3.52)

(2.86)

(2.76)

(2.95)

From

Net

Realized

Gains

—

—

—

(0.37)

—

—

Total

from

Distributions

(1.56)

(3.46)

(3.52)

(3.23)

(2.76)

(2.95)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

39.80 $

41.10 $

38.74 $

40.09 $

49.58 $

46.25 #### Total

#### Return
(b) Net

Asset

Value

(d) 0

.58

%

.55

%

(l) 5

.45

%

(l) (13

.06)

%

.38

%

.07

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.38

%

.38

%

.38

%

.38

%

.38

%

.38

%

Expenses

net

of

reimbursements

.37

%

.37

%

.37

%

.37

%

.37

%

.37

%

Net

Investment

Income

Before

Reimbursements

.56

%

.40

%

.90

%

.81

%

.40

%

.78

%

Net

Investment

Income

Net

of

Reimbursements

.57

%

.41

%

.91

%

.81

%

.40

%

.78

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 43

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

1,277,448

$

1,467,421

$

1,222,307

$

887,945

$

575,184

$

189,623

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

*\* Commencement* 

*of* 

*investment* 

*operations.*

#### FlexShares

####®

#### ESG &

#### Climate

#### Investment

#### Grade

#### Corporate

#### Core

#### Index

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

For

the

period

09/20/21\*

through

10/31/21

2024

2023

2022

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

41.17 $

37.96 $

38.59 $

49.35 $

50.00 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.98 1.91 1.61 1.07 0.10 Net

Realized

and

Unrealized

Gain

(Loss)

(0.40)

3.14 (0.62)

(10.68)

(0.75)

Total

from

Operations

0.58 5.05 0.99 (9.61)

(0.65)

#### Distributions
Net

Investment

Income

(1.00)

(1.84)

(1.62)

(1.15)

—

Total

from

Distributions

(1.00)

(1.84)

(1.62)

(1.15)

—

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

40.75 $

41.17 $

37.96 $

38.59 $

49.35 #### Total

#### Return
(b) Net

Asset

Value

(d) 1

.43

%

.47

%

.41

%

(19

.73)

%

(1

.32)

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.13

%

.13

%

.13

%

.13

%

.12

%

Expenses

net

of

reimbursements

.12

%

.12

%

.12

%

.12

%

.12

%

Net

Investment

Income

Before

Reimbursements

.84

%

.67

%

.00

%

.41

%

.81

%

Net

Investment

Income

Net

of

Reimbursements

.84

%

.67

%

.00

%

.41

%

.81

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 11

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

44,820

$

45,284

$

24,672

$

23,156

$

49,347

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Ultra-Short

#### Income

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

75.53 $

75.11 $

74.30 $

76.01 $

76.29 $

75.89 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 1.80 4.03 3.24 1.07 0.48 1.07 Net

Realized

and

Unrealized

Gain

(Loss)

(0.07)

0.41 0.59 (1.80)

(0.22)

0.57 Total

from

Operations

1.73 4.44 3.83 (0.73)

0.26 1.64 #### Distributions
Net

Investment

Income

(1.85)

(4.02)

(3.02)

(0.78)

(0.52)

(1.23)

From

Net

Realized

Gains

—

—

—

(0.20)

(0.02)

(0.01)

Total

from

Distributions

(1.85)

(4.02)

(3.02)

(0.98)

(0.54)

(1.24)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

75.41 $

75.53 $

75.11 $

74.30 $

76.01 $

76.29 #### Total

#### Return
(b) Net

Asset

Value

(d) 2

.31

%

.07

%

.27

%

(0

.94)

%

.34

%

.18

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

.26

%

.26

%

.26

%

.26

%

.26

%

.26

%

Expenses

net

of

reimbursements

.25

%

.25

%

.25

%

.25

%

.25

%

.25

%

Net

Investment

Income

Before

Reimbursements

.81

%

.35

%

.33

%

.43

%

.62

%

.41

%

Net

Investment

Income

Net

of

Reimbursements

.81

%

.36

%

.33

%

.43

%

.63

%

.41

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 42

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

1,232,173

$

1,151,145

$

1,076,389

$

856,357

$

374,339

$

469,201

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

#### FlexShares

####®

#### Core

#### Select

#### Bond

#### Fund
Six

Months

ended

April

30,

2025

(Unaudited)

Year

ended

October

31,

2024

2023

2022

2021

2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

22.14 $

20.79 $

21.46 $

26.22 $

26.78 $

25.66 #### PER

#### SHARE

#### Investment

#### Operations
Net

Investment

Income

(a) 0.46 0.81 0.65 0.53 0.46 0.51 Net

Realized

and

Unrealized

Gain

(Loss)

0.09 1.34 (0.66)

(4.75)

(0.39)

1.19 Total

from

Operations

0.55 2.15 (0.01)

(4.22)

0.07 1.70 #### Distributions
Net

Investment

Income

(0.44)

(0.80)

(0.66)

(0.54)

(0.52)

(0.58)

From

Net

Realized

Gains

—

—

—

—

(0.11)

—

Total

from

Distributions

(0.44)

(0.80)

(0.66)

(0.54)

(0.63)

(0.58)

#### Net

#### Asset

#### Value,

#### end

#### of

#### period
$

22.25 $

22.14 $

20.79 $

21.46 $

26.22 $

26.78 #### Total

#### Return
(b) Net

Asset

Value

(d) 2

.52

%

.44

%

(0

.15)

%

(16

.27)

%

.26

%

.69

%

#### RATIOS/SUPPLEMENT

#### DATA

#### Ratios

#### to

#### Average

#### Net

#### Assets
(c) Expenses

(h) 0

.36

%

.36

%

.36

%

.36

%

.36

%

.36

%

Expenses

net

of

reimbursements

(h) 0

.15

%

.25

%

.25

%

.22

%

.20

%

.20

%

Net

Investment

Income

Before

Reimbursements

.95

%

.55

%

.87

%

.10

%

.56

%

.76

%

Net

Investment

Income

Net

of

Reimbursements

.24

%

.66

%

.98

%

.24

%

.72

%

.93

%

#### Supplemental

#### Data
Portfolio

Turnover

Rate

(b)(e) 22

%

%

%

%

%

%

Net

assets,

end

of

period

(thousands)

$

131,284

$

166,575

$

182,431

$

159,362

$

126,517

$

109,123

Financial

Highlights

(cont.)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FLEXSHARES

SEMIANNUAL

REPORT

\*

Commencement

of

operations.

(a) Net

investment

income

per

share

is

based

on

average

shares

outstanding.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Annualized

for

periods

less

than

one

year.

(d) Net

asset

value

total

return

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period

at

adjusted

net

asset

value.

(e) In-kind

transactions

are

not

included

in

portfolio

turnover

calculations.

(f) Less

than

0.5%.

(g) Northern

Trust

Investments,

Inc.

voluntarily

reimbursed

expenses

of

the

Fund

in

the

amount

of

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

share

of

fees

and

expenses

incurred

by

the

Underlying

Fund(s)

in

which

the

Fund

is

invested.

This

ratio

does

not

include

these

indirect

fees

and

expenses.

(i) The

Fund

received

reimbursements

from

Northern

Trust

Investments,

Inc.

of

$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.

of

$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

of

the

Fund

in

the

amount

of

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

of

the

Fund

in

the

amount

of

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

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Trust

Schedule

of

Investments

FlexShares®

US

Quality

Low

Volatility

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 99

#### .0

#### %

#### Aerospace

#### &

#### Defense

#### -

#### 2

#### .4

#### %
General

Dynamics

Corp.

3,280

$

892,554

Lockheed

Martin

Corp.

2,800

1,337,700

Northrop

Grumman

Corp.

1,840

895,160

#### 3,125,414

#### Banks

#### -

#### 0

#### .3

#### %
JPMorgan

Chase

&

Co.

1,840

450,101

#### Beverages

#### -

#### 1

#### .2

#### %
PepsiCo,

Inc.

11,280

1,529,342

#### Biotechnology

#### -

#### 4

#### .7

#### %
AbbVie,

Inc.

2,800

546,280

Alkermes

plc\*(a)

28,320

814,766

Biogen,

Inc.\*

7,680

929,895

BioMarin

Pharmaceutical,

Inc.\*(a)

8,720

555,377

Gilead

Sciences,

Inc.

14,320

1,525,653

Neurocrine

Biosciences,

Inc.\*

8,960

964,902

Regeneron

Pharmaceuticals,

Inc.

1,280

766,413

#### 6,103,286

#### Broadline

#### Retail

#### -

#### 2

#### .6

#### %
Amazon.com,

Inc.\*

15,680

2,891,706

Dillard's,

Inc.,

Class

A

1,520

526,923

#### 3,418,629

#### Capital

#### Markets

#### -

#### 1

#### .3

#### %
CME

Group,

Inc.

3,520

975,322

FactSet

Research

Systems,

Inc.

1,520

656,974

#### 1,632,296

#### Chemicals

#### -

#### 0

#### .6

#### %
Corteva,

Inc.

12,000

743,880

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 1

#### .4

#### %
Republic

Services,

Inc.

3,440

862,580

Waste

Management,

Inc.

3,840

896,102

#### 1,758,682

#### Containers

#### &

#### Packaging

#### -

#### 1

#### .7

#### %
AptarGroup,

Inc.(a)

6,960

1,043,652

Avery

Dennison

Corp.

3,520

602,307

Packaging

Corp.

of

America

3,360

623,650

#### 2,269,609

#### Diversified

#### Consumer

#### Services

#### -

#### 0

#### .5

#### %
Service

Corp.

International

8,880

709,512

#### Diversified

#### Telecommunication

#### Services

#### -

#### 4

#### .0

#### %
AT&T,

Inc.

82,560

2,286,912

Iridium

Communications,

Inc.(a)

30,960

747,065

Verizon

Communications,

Inc.

48,720

2,146,603

#### 5,180,580

#### Investments

#### Shares

#### Value

#### Electric

#### Utilities

#### -

#### 4

#### .4

#### %
Alliant

Energy

Corp.

6,400

$

390,656

American

Electric

Power

Co.,

Inc.

7,360

797,382

Duke

Energy

Corp.

10,880

1,327,578

FirstEnergy

Corp.

9,760

418,509

Pinnacle

West

Capital

Corp.(a)

7,360

700,525

Southern

Co.

(The)

14,240

1,308,513

TXNM

Energy,

Inc.(a)

13,440

715,008

#### 5,658,171

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 0

#### .2

#### %
Badger

Meter,

Inc.

1,040

229,653

#### Entertainment

#### -

#### 0

#### .3

#### %
Electronic

Arts,

Inc.

2,320

336,609

#### Financial

#### Services

#### -

#### 6

#### .2

#### %
Berkshire

Hathaway,

Inc.,

Class

B\*

4,800

2,559,600

Jack

Henry

&

Associates,

Inc.

4,160

721,469

Visa,

Inc.,

Class

A(a)

14,000

4,837,000

#### 8,118,069

#### Food

#### Products

#### -

#### 4

#### .8

#### %
Cal-Maine

Foods,

Inc.

11,040

1,030,805

Conagra

Brands,

Inc.

43,280

1,069,449

Flowers

Foods,

Inc.(a)

32,480

571,323

General

Mills,

Inc.

18,560

1,053,094

Hershey

Co.

(The)

4,240

708,886

Hormel

Foods

Corp.

24,320

727,168

Kellanova

12,800

1,059,456

#### 6,220,181

#### Ground

#### Transportation

#### -

#### 0

#### .6

#### %
Landstar

System,

Inc.

6,240

837,096

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 0

#### .6

#### %
Becton

Dickinson

&

Co.

3,600

745,524

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 1

#### .1

#### %
Cencora,

Inc.

1,040

304,377

Chemed

Corp.

1,840

1,069,978

#### 1,374,355

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 1

#### .6

#### %
McDonald's

Corp.

4,160

1,329,744

Restaurant

Brands

International,

Inc.

10,960

705,824

#### 2,035,568

#### Household

#### Products

#### -

#### 3

#### .6

#### %
Clorox

Co.

(The)

1,920

273,216

Procter

&

Gamble

Co.

(The)

27,280

4,434,909

#### 4,708,125

#### Insurance

#### -

#### 6

#### .6

#### %
Allstate

Corp.

(The)

4,160

825,302

American

Financial

Group,

Inc.

2,640

334,382

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

US

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Insurance
(continued)

Assurant,

Inc.

5,120

$

986,829

Chubb

Ltd.

3,440

984,115

Enstar

Group

Ltd.\*

3,040

1,016,606

Markel

Group,

Inc.\*

290,976

RenaissanceRe

Holdings

Ltd.(a)

2,960

716,113

Selective

Insurance

Group,

Inc.

8,160

711,797

Travelers

Cos.,

Inc.

(The)

3,360

887,477

W

R

Berkley

Corp.

11,440

820,134

Willis

Towers

Watson

plc

3,360

1,034,208

#### 8,607,939

#### Interactive

#### Media

#### &

#### Services

#### -

#### 2

#### .7

#### %
Alphabet,

Inc.,

Class

A

6,240

990,912

Alphabet,

Inc.,

Class

C

4,400

707,916

Meta

Platforms,

Inc.,

Class

A

3,200

1,756,800

#### 3,455,628

#### IT

#### Services

#### -

#### 2

#### .8

#### %
Amdocs

Ltd.

11,520

1,020,441

International

Business

Machines

Corp.

10,640

2,572,965

#### 3,593,406

#### Leisure

#### Products

#### -

#### 0

#### .6

#### %
Hasbro,

Inc.

13,280

822,032

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### -

#### 0

#### .8

#### %
QIAGEN

NV\*

25,520

1,090,980

#### Media

#### -

#### 0

#### .4

#### %
Fox

Corp.,

Class

A

10,720

533,749

#### Metals

#### &

#### Mining

#### -

#### 1

#### .8

#### %
Agnico

Eagle

Mines

Ltd.

9,600

1,128,768

Royal

Gold,

Inc.

6,880

1,257,045

#### 2,385,813

#### Multi-Utilities

#### -

#### 2

#### .6

#### %
CMS

Energy

Corp.

10,240

754,176

Consolidated

Edison,

Inc.

11,280

1,271,820

NiSource,

Inc.

4,320

168,955

WEC

Energy

Group,

Inc.

10,480

1,147,770

#### 3,342,721

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 3

#### .3

#### %
Coterra

Energy,

Inc.

25,760

632,665

DT

Midstream,

Inc.

10,160

987,552

Exxon

Mobil

Corp.

16,560

1,749,233

Scorpio

Tankers,

Inc.

22,880

862,347

#### 4,231,797

#### Pharmaceuticals

#### -

#### 7

#### .3

#### %
Eli

Lilly

&

Co.

4,240

3,811,548

Johnson

&

Johnson

20,480

3,201,229

Merck

&

Co.,

Inc.

29,280

2,494,656

#### 9,507,433

#### Investments

#### Shares

#### Value

#### Professional

#### Services

#### -

#### 2

#### .6

#### %
Automatic

Data

Processing,

Inc.

4,720

$

1,418,832

Booz

Allen

Hamilton

Holding

Corp.

3,920

470,479

FTI

Consulting,

Inc.\*

5,440

904,563

Verisk

Analytics,

Inc.

1,840

545,431

#### 3,339,305

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 5

#### .4

#### %
Analog

Devices,

Inc.

93,562

Broadcom,

Inc.

4,400

846,868

NVIDIA

Corp.

47,200

5,141,024

Texas

Instruments,

Inc.

5,680

909,084

#### 6,990,538

#### Software

#### -

#### 10

#### .6

#### %
Appfolio,

Inc.,

Class

A\*(a)

1,360

280,867

CCC

Intelligent

Solutions

Holdings,

Inc.\*(a)

51,280

474,853

Check

Point

Software

Technologies

Ltd.\*

4,720

1,036,323

Commvault

Systems,

Inc.\*

4,480

748,742

Microsoft

Corp.

24,480

9,675,965

Tyler

Technologies,

Inc.\*

1,680

912,744

Zoom

Communications,

Inc.,

Class

A\*

8,320

645,133

#### 13,774,627

#### Specialized

#### REITs

#### -

#### 0

#### .1

#### %
Public

Storage,

REIT

144,206

#### Specialty

#### Retail

#### -

#### 1

#### .5

#### %
AutoZone,

Inc.\*

1,204,032

Murphy

USA,

Inc.(a)

1,440

717,941

Tractor

Supply

Co.(a)

960

48,595

#### 1,970,568

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 4

#### .6

#### %
Apple,

Inc.

28,160

5,984,000

#### Wireless

#### Telecommunication

#### Services

#### -

#### 1

#### .2

#### %
T-Mobile

US,

Inc.

6,080

1,501,456

#### Total

#### Common

#### Stocks

#### (Cost

#### $114,149,281)

#### 128,460,880

#### Principal

#### Amount

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 3

#### .1

#### %
(b) #### REPURCHASE

#### AGREEMENTS

#### -

#### 3

#### .1

#### %
CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$2,075,929,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$2,110,432

$

2,075,678

2,075,678

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

US

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### SECURITIES

#### LENDING

#### REINVESTMENTS
(continued)

#### REPURCHASE

#### AGREEMENTS
(continued)

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$1,000,123,

collateralized

by

various

Common

Stocks;

total

market

value

$1,101,995

$

1,000,000

$

1,000,000

The

Bank

of

Nova

Scotia,

Toronto

4.50%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$1,000,125,

collateralized

by

various

Common

Stocks;

total

market

value

$1,115,219

1,000,000

1,000,000

4,075,678

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $4,075,678)

#### 4,075,678

#### SHORT-TERM

#### INVESTMENTS

#### -

#### 0

#### .1

#### %
(c) (d) #### U.S.

#### TREASURY

#### OBLIGATIONS

#### -

#### 0

#### .1

#### %
U.S.

Treasury

Bills

4.18%,

9/11/2025

(Cost

$106,366)

108,000

106,357

#### Total

#### Investments

#### -

#### 102.2%

#### (Cost

#### $118,331,325)

#### 132,642,915
Liabilities

in

excess

of

other

assets

-

(2.2%)

(2,805,138)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $129,837,777
*\**

*Non-income* 

*producing* 

*security.*

(a) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$8,044,955,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$4,075,678* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments;* 

*$3,853,194* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.13%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*May* 

*8,* 

*2025* 

*–* 

*November* 

*15,* 

*2054* 

*and* 

*$296,564* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*Foreign* 

*Government* 

*Fixed* 

*Income* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*4.75%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*June* 

*12,* 

*2025* 

*–* 

*June* 

*30,* 

*2120;* 

*a* 

*total* 

*value* 

*of* 

*$8,225,436.*

(b) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$4,075,678.*

(c) *All* 

*or* 

*a* 

*portion* 

*of* 

*the* 

*security* 

*pledged* 

*as* 

*collateral* 

*for* 

*Futures* 

*Contracts.*

(d) *The* 

*rate* 

*shown* 

*was* 

*the* 

*current* 

*yield* 

*as* 

*of* 

*April* 

*30,* 

2025. *Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

18,819,617

Aggregate

gross

unrealized

depreciation

(4,618,386)

Net

unrealized

appreciation

$

14,201,231

Federal

income

tax

cost

$

118,436,342

#### Futures

#### Contracts
*FlexShares*

*®*

*US* 

*Quality* 

*Low* 

*Volatility* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Depreciation

#### \*

#### Long

#### Contracts
S&P

500

Micro

E-Mini

Index

06/20/2025

USD

$

1,368,815

$

(5,342)

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

*Abbreviations:*

*USD*

*—*

*US* 

*Dollar*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

US

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.0

%

Securities

Lending

Reinvestments

.1

Short-Term

Investments

.1

Others

(1) (2

.2)

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Trust

Schedule

of

Investments

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 98

#### .0

#### %

#### Aerospace

#### &

#### Defense

#### -

#### 1

#### .9

#### %
BAE

Systems

plc

31,500

$

729,783

Singapore

Technologies

Engineering

Ltd.

49,000

278,081

#### 1,007,864

#### Automobile

#### Components

#### -

#### 0

#### .5

#### %
Bridgestone

Corp.

6,000

252,005

#### Automobiles

#### -

#### 0

#### .9

#### %
Ferrari

NV

1,067

487,106

#### Banks

#### -

#### 10

#### .3

#### %
Bank

Hapoalim

BM

30,082

440,601

Bank

Leumi

Le-Israel

BM

31,535

447,585

BOC

Hong

Kong

Holdings

Ltd.

116,000

481,669

CaixaBank

SA(a)

29,575

226,326

Danske

Bank

A/S

3,360

117,553

DBS

Group

Holdings

Ltd.

20,900

679,486

Hang

Seng

Bank

Ltd.(a)

14,800

206,693

HSBC

Holdings

plc

14,245

158,305

Japan

Post

Bank

Co.

Ltd.

38,800

397,412

Mitsubishi

UFJ

Financial

Group,

Inc.

1,800

22,759

Mizrahi

Tefahot

Bank

Ltd.

3,972

201,162

National

Bank

of

Canada

3,535

309,866

Oversea-Chinese

Banking

Corp.

Ltd.

36,700

453,937

Royal

Bank

of

Canada(a)

5,442

651,913

Toronto-Dominion

Bank

(The)

4,532

289,020

United

Overseas

Bank

Ltd.

13,300

352,847

#### 5,437,134

#### Beverages

#### -

#### 0

#### .4

#### %
Suntory

Beverage

&

Food

Ltd.(a)

5,900

206,318

#### Broadline

#### Retail

#### -

#### 1

#### .1

#### %
Dollarama,

Inc.(a)

2,975

366,356

Pan

Pacific

International

Holdings

Corp.

7,000

216,419

#### 582,775

#### Capital

#### Markets

#### -

#### 3

#### .5

#### %
Deutsche

Boerse

AG

1,977

637,125

London

Stock

Exchange

Group

plc

5,005

777,152

Singapore

Exchange

Ltd.

40,400

444,316

#### 1,858,593

#### Chemicals

#### -

#### 2

#### .9

#### %
Air

Liquide

SA

4,550

933,894

Asahi

Kasei

Corp.

57,700

402,088

Covestro

AG\*(b)

3,202

213,879

#### 1,549,861

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 2

#### .2

#### %
Brambles

Ltd.

19,040

249,990

#### Investments

#### Shares

#### Value

#### Commercial

#### Services

#### &

#### Supplies
(continued)

Dai

Nippon

Printing

Co.

Ltd.

13,000

$

181,457

GFL

Environmental,

Inc.(a)

3,937

196,066

Secom

Co.

Ltd.

11,900

437,824

TOPPAN

Holdings,

Inc.

3,100

86,910

#### 1,152,247

#### Construction

#### &

#### Engineering

#### -

#### 0

#### .4

#### %
ACS

Actividades

de

Construccion

y

Servicios

SA

3,657

229,056

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 2

#### .5

#### %
Alimentation

Couche-Tard,

Inc.

5,092

265,272

Koninklijke

Ahold

Delhaize

NV

12,827

526,961

Loblaw

Cos.

Ltd.

1,767

286,292

Metro,

Inc.,

Class

A

3,202

246,275

#### 1,324,800

#### Containers

#### &

#### Packaging

#### -

#### 0

#### .4

#### %
CCL

Industries,

Inc.,

Class

B

4,427

230,885

#### Diversified

#### Consumer

#### Services

#### -

#### 0

#### .4

#### %
Pearson

plc

11,497

183,741

#### Diversified

#### Telecommunication

#### Services

#### -

#### 4

#### .9

#### %
BCE,

Inc.

2,467

54,891

Deutsche

Telekom

AG

(Registered)

23,467

842,965

Elisa

OYJ

4,235

226,361

HKT

Trust

&

HKT

Ltd.

11,000

15,660

Koninklijke

KPN

NV

110,232

513,129

Orange

SA

19,582

284,592

Singapore

Telecommunications

Ltd.

89,200

258,234

Telstra

Group

Ltd.

78,872

227,603

TELUS

Corp.

12,407

190,600

#### 2,614,035

#### Electric

#### Utilities

#### -

#### 4

#### .9

#### %
Chubu

Electric

Power

Co.,

Inc.

18,300

237,602

CK

Infrastructure

Holdings

Ltd.

27,500

185,468

CLP

Holdings

Ltd.

48,000

410,383

Fortis,

Inc.

5,198

256,908

Hydro

One

Ltd.(a)(b)

6,265

240,567

Iberdrola

SA

37,957

685,832

Origin

Energy

Ltd.

20,125

137,011

Power

Assets

Holdings

Ltd.

30,500

201,965

Redeia

Corp.

SA(a)

9,362

196,882

Terna

-

Rete

Elettrica

Nazionale

6,702

66,799

#### 2,619,417

#### Electrical

#### Equipment

#### -

#### 0

#### .0

#### %
(c) Schneider

Electric

SE

16,249

#### Entertainment

#### -

#### 0

#### .5

#### %
Nintendo

Co.

Ltd.

500

41,468

Universal

Music

Group

NV(a)

7,210

211,866

#### 253,334
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Financial

#### Services

#### -

#### 0

#### .0

#### %
(c) HAL

Trust

$

20,667

#### Food

#### Products

#### -

#### 3

#### .7

#### %
Ajinomoto

Co.,

Inc.

3,900

79,728

Chocoladefabriken

Lindt

&

Spruengli

AG

58,607

Danone

SA

6,807

587,768

Nestle

SA

(Registered)

9,397

1,003,338

WH

Group

Ltd.(b)

245,000

219,260

#### 1,948,701

#### Gas

#### Utilities

#### -

#### 1

#### .7

#### %
Hong

Kong

&

China

Gas

Co.

Ltd.

494,000

445,286

Osaka

Gas

Co.

Ltd.

8,900

225,682

Tokyo

Gas

Co.

Ltd.

6,400

212,810

#### 883,778

#### Ground

#### Transportation

#### -

#### 2

#### .7

#### %
Canadian

National

Railway

Co.

5,425

524,355

Canadian

Pacific

Kansas

City

Ltd.

980

71,040

Central

Japan

Railway

Co.

9,400

193,153

East

Japan

Railway

Co.

11,400

247,437

Tokyu

Corp.(a)

16,500

201,045

West

Japan

Railway

Co.(a)

9,000

189,035

#### 1,426,065

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 0

#### .4

#### %
BioMerieux

1,522

205,367

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

1,417

28,591

#### 233,958

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 1

#### .7

#### %
Compass

Group

plc

17,867

600,919

Flutter

Entertainment

plc\*

542

130,617

Sodexo

SA

2,485

157,908

#### 889,444

#### Household

#### Durables

#### -

#### 0

#### .1

#### %
Sony

Group

Corp.

1,800

47,587

#### Household

#### Products

#### -

#### 0

#### .5

#### %
Unicharm

Corp.(a)

27,200

252,759

#### Industrial

#### Conglomerates

#### -

#### 1

#### .3

#### %
Jardine

Matheson

Holdings

Ltd.

500

22,230

Keppel

Ltd.

37,800

189,912

Sekisui

Chemical

Co.

Ltd.

22,900

399,594

Siemens

AG

(Registered)

100,321

#### 712,057

#### Insurance

#### -

#### 6

#### .9

#### %
Fairfax

Financial

Holdings

Ltd.

490,824

Great-West

Lifeco,

Inc.

1,662

64,504

Hannover

Rueck

SE

770

247,184

Insurance

Australia

Group

Ltd.

38,272

201,049

#### Investments

#### Shares

#### Value

#### Insurance
(continued)

Intact

Financial

Corp.

1,872

$

414,935

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)\*

1,347

921,171

Sampo

OYJ,

Class

A

49,385

495,029

Tryg

A/S(a)

8,872

212,427

Zurich

Insurance

Group

AG

834

591,082

#### 3,638,205

#### IT

#### Services

#### -

#### 1

#### .5

#### %
CGI,

Inc.

3,570

377,806

Obic

Co.

Ltd.

6,600

230,935

Otsuka

Corp.

7,700

171,177

Shopify,

Inc.,

Class

A\*

31,515

#### 811,433

#### Leisure

#### Products

#### -

#### 0

#### .2

#### %
Bandai

Namco

Holdings,

Inc.

3,300

114,496

#### Machinery

#### -

#### 1

#### .5

#### %
GEA

Group

AG

1,995

129,946

Kone

OYJ,

Class

B

7,105

440,175

Schindler

Holding

AG

179,363

Schindler

Holding

AG

(Registered)

24,874

#### 774,358

#### Marine

#### Transportation

#### -

#### 1

#### .1

#### %
AP

Moller

-

Maersk

A/S,

Class

A(a)

11,899

Kawasaki

Kisen

Kaisha

Ltd.(a)

11,700

159,948

Kuehne

+

Nagel

International

AG

(Registered)(a)

1,697

389,995

#### 561,842

#### Metals

#### &

#### Mining

#### -

#### 1

#### .3

#### %
Franco-Nevada

Corp.

1,982

339,937

Nippon

Steel

Corp.(a)

10,500

221,572

Wheaton

Precious

Metals

Corp.

1,802

150,169

#### 711,678

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 3

#### .8

#### %
Eni

SpA

17,605

254,159

Galp

Energia

SGPS

SA

11,322

175,486

Idemitsu

Kosan

Co.

Ltd.

6,400

39,686

Imperial

Oil

Ltd.(a)

2,642

177,861

Pembina

Pipeline

Corp.

6,282

239,674

Shell

plc

12,320

401,604

TotalEnergies

SE

11,235

653,384

Tourmaline

Oil

Corp.(a)

2,082

91,793

#### 2,033,647

#### Passenger

#### Airlines

#### -

#### 2

#### .1

#### %
ANA

Holdings,

Inc.

19,600

375,951

Cathay

Pacific

Airways

Ltd.(a)

285,000

328,194

Japan

Airlines

Co.

Ltd.

21,600

390,917

Singapore

Airlines

Ltd.

5,200

26,723

#### 1,121,785
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Personal

#### Care

#### Products

#### -

#### 3

#### .9

#### %
Beiersdorf

AG

1,522

$

214,536

Kao

Corp.

9,800

419,578

Unilever

plc

22,400

1,423,878

#### 2,057,992

#### Pharmaceuticals

#### -

#### 10

#### .3

#### %
AstraZeneca

plc

1,592

228,124

GSK

plc

15,522

307,570

Novartis

AG

(Registered)

10,885

1,242,354

Novo

Nordisk

A/S,

Class

B

4,987

330,494

Otsuka

Holdings

Co.

Ltd.

4,300

209,724

Roche

Holding

AG

24,499

Roche

Holding

AG

-

BR

4,672

1,531,086

Sanofi

SA

11,252

1,226,629

Shionogi

&

Co.

Ltd.

20,500

344,062

#### 5,444,542

#### Professional

#### Services

#### -

#### 3

#### .5

#### %
Computershare

Ltd.

11,497

299,551

RELX

plc

3,850

209,143

SGS

SA

(Registered)(a)

3,968

389,774

Thomson

Reuters

Corp.

2,572

477,663

Wolters

Kluwer

NV

2,607

460,677

#### 1,836,808

#### Real

#### Estate

#### Management

#### &

#### Development

#### -

#### 2

#### .2

#### %
CK

Asset

Holdings

Ltd.

22,500

92,122

Daiwa

House

Industry

Co.

Ltd.

7,000

252,980

Sino

Land

Co.

Ltd.

14,190

14,602

Sun

Hung

Kai

Properties

Ltd.

35,000

332,411

Swiss

Prime

Site

AG

(Registered)

3,255

460,671

#### 1,152,786

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 0

#### .7

#### %
ASML

Holding

NV

542

358,889

#### Software

#### -

#### 2

#### .5

#### %
Constellation

Software,

Inc.

320,121

Nice

Ltd.\*

560

87,484

Oracle

Corp.

Japan

4,000

481,071

SAP

SE

1,540

446,927

#### 1,335,603

#### Specialty

#### Retail

#### -

#### 0

#### .6

#### %
Industria

de

Diseno

Textil

SA(a)

1,610

86,457

Nitori

Holdings

Co.

Ltd.

1,800

215,473

#### 301,930

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 0

#### .7

#### %
Canon,

Inc.(a)

9,900

305,662

Logitech

International

SA

(Registered)

945

71,345

#### 377,007

#### Investments

#### Shares

#### Value

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 0

#### .3

#### %
LVMH

Moet

Hennessy

Louis

Vuitton

SE

$

125,899

Pandora

A/S

57,010

#### 182,909

#### Tobacco

#### -

#### 1

#### .0

#### %
Japan

Tobacco,

Inc.

17,900

553,038

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 0

#### .5

#### %
Brenntag

SE

577

38,423

Bunzl

plc

4,637

145,551

Ferguson

Enterprises,

Inc.

525

89,071

#### 273,045

#### Transportation

#### Infrastructure

#### -

#### 1

#### .6

#### %
Aena

SME

SA(b)

1,767

444,712

Flughafen

Zurich

AG

(Registered)

770

194,339

Getlink

SE

9,887

187,467

#### 826,518

#### Wireless

#### Telecommunication

#### Services

#### -

#### 2

#### .0

#### %
KDDI

Corp.

32,100

567,894

SoftBank

Corp.

339,500

513,867

#### 1,081,761

#### Total

#### Common

#### Stocks

#### (Cost

#### $44,778,339)

#### 51,970,708

#### Number

#### of

#### Warrants

#### WARRANTS

#### -

#### 0

#### .0

#### %

#### Software

#### -

#### 0.0%
Constellation

Software,

Inc.,

expiring

3/31/2040

(Cost

$–)\*‡

—

#### Principal

#### Amount

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 2

#### .2

#### %
(d) #### REPURCHASE

#### AGREEMENTS

#### -

#### 2

#### .2

#### %
CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$1,101,658,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$1,119,968

$

1,101,524

1,101,524

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### SECURITIES

#### LENDING

#### REINVESTMENTS
(continued)

#### REPURCHASE

#### AGREEMENTS
(continued)

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$50,006,

collateralized

by

various

Common

Stocks;

total

market

value

$55,100

$

50,000

$

50,000

1,151,524

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $1,151,524)

#### 1,151,524

#### Total

#### Investments

#### -

#### 100.2%

#### (Cost

#### $45,929,863)

#### 53,122,232
Liabilities

in

excess

of

other

assets

-

(0.2%)

(129,067)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $52,993,165
*\**

*Non-income* 

*producing* 

*security.*

*‡*

*Security* 

*is* 

*valued* 

*using* 

*significant* 

*unobservable* 

*inputs* 

*and* 

*is* 

*classified* 

*as* 

*Level* 

*3* 

*in* 

*the* 

*fair* 

*value* 

*hierarchy.*

(a) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$3,379,762,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$1,151,524* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments;* 

*$1,981,919* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*May* 

*15,* 

*2025* 

*–* 

*February* 

*15,* 

*2055* 

*and* 

*$471,735* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*Foreign* 

*Government* 

*Fixed* 

*Income* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*4.75%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*June* 

*12,* 

*2025* 

*–* 

*June* 

*30,* 

*2120;* 

*a* 

*total* 

*value* 

*of* 

*$3,605,178.*

(b) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Regulation* 

*S* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

1933. *Regulation* 

*S* 

*applies* 

*to* 

*securities* 

*offerings* 

*that* 

*are* 

*made* 

*outside* 

*of* 

*the* 

*United* 

*States* 

*and* 

*do* 

*not* 

*involve* 

*direct* 

*selling* 

*efforts* 

*in* 

*the* 

*United* 

*States* 

*and* 

*as* 

*such* 

*may* 

*have* 

*restrictions* 

*on* 

*resale.*

(c) *Represents* 

*less* 

*than* 

*0.05%* 

*of* 

*net* 

*assets.*

(d) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$1,151,524.*

*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*OYJ*

*—*

*Public* 

*Limited* 

*Company*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

7,934,399

Aggregate

gross

unrealized

depreciation

(971,274)

Net

unrealized

appreciation

$

6,963,125

Federal

income

tax

cost

$

46,155,796

#### Futures

#### Contracts
*FlexShares*

*®*

*Developed* 

*Markets* 

*ex-US* 

*Quality* 

*Low* 

*Volatility* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation

#### \*

#### Long

#### Contracts
MSCI

EAFE

E-Mini

Index

06/20/2025

USD

$

997,880

$

15,130

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Forward

#### Foreign

#### Currency

#### Contracts
*FlexShares*

*®*

*Developed* 

*Markets* 

*ex-US* 

*Quality* 

*Low* 

*Volatility* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*outstanding* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### to

#### Receive

#### Counterparty

#### In

#### Exchange

#### For

#### Maturity

#### Date

#### Unrealized

#### Appreciation/
(Depreciation)

CAD

41,112

Bank

of

Montreal

USD

28,690

06/18/2025

$

1,147

ILS

73,522

Goldman

Sachs

&

Co.

LLC

USD

20,153

06/18/2025

SGD

16,357

BNP

Paribas

SA

USD

12,300

06/18/2025

Total

unrealized

appreciation

$

1,485

USD

37,273

Morgan

Stanley

AUD

59,288

06/18/2025

$

(682)

USD

171,635

Toronto-Dominion

Bank

(The)

CHF

149,993

06/18/2025

(11,982)

USD

20,080

Bank

of

Montreal

DKK

137,190

06/18/2025

(884)

USD

82,047

Citigroup

Global

Markets,

Inc.

EUR

75,420

06/18/2025

(3,945)

USD

14,138

Morgan

Stanley

GBP

10,939

06/18/2025

(476)

USD

104,619

Morgan

Stanley

JPY

14,950,000

06/18/2025

(758)

USD

12,332

Morgan

Stanley

NOK

131,563

06/18/2025

(355)

USD

16,585

Morgan

Stanley

SEK

167,599

06/18/2025

(844)

Total

unrealized

depreciation

$

(19,926)

Net

unrealized

depreciation

$

(18,441)

*Abbreviations:*

*AUD*

*—*

*Australian* 

*Dollar*

*CAD*

*—*

*Canadian* 

*Dollar*

*CHF*

*—*

*Swiss* 

*Franc*

*DKK*

*—*

*Danish* 

*Krone*

*EUR*

*—*

*Euro*

*GBP*

*—*

*British* 

*Pound*

*ILS*

*—*

*Israeli* 

*Shekel*

*JPY*

*—*

*Japanese* 

*Yen*

*NOK*

*—*

*Norwegian* 

*Krone*

*SEK*

*—*

*Swedish* 

*Krona*

*SGD*

*—*

*Singapore* 

*Dollar*

*USD*

*—*

*US* 

*Dollar*

*FlexShares®* 

*Developed* 

*Markets* 

*ex-US* 

*Quality* 

*Low* 

*Volatility* 

*Index* 

*invested,* 

*as* 

*a* 

*percentage* 

*of* 

*net* 

*assets,* 

*in* 

*companies* 

*domiciled* 

*in* 

*the* 

*following* 

*countries* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

Australia

.1

%

Canada

.9

Denmark

.4

Finland

.2

France

.3

Germany

.1

Hong

Kong

.5

Israel

.2

Italy

.6

Japan

.1

Netherlands

.9

New

Zealand

.0

†

Portugal

.3

Singapore

.1

Spain

.5

Switzerland

.6

United

Kingdom

.2

Other

.0

100.0%

*†*

*Amount* 

*represents* 

*less* 

*than* 

*0.05%.*

*1*

*Includes* 

*any* 

*non-equity* 

*securities,* 

*securities* 

*lending* 

*reinvestments* 

*and* 

*net* 

*other* 

*assets* 

*(liabilities).*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.0

%

Warrants

–

Securities

Lending

Reinvestments

.2

Others

(1) (0

.2)

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Trust

Schedule

of

Investments

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 99

#### .2

#### %

#### Air

#### Freight

#### &

#### Logistics

#### -

#### 0

#### .2

#### %
Hyundai

Glovis

Co.

Ltd.

$

24,460

#### Automobile

#### Components

#### -

#### 2

#### .0

#### %
Balkrishna

Industries

Ltd.

4,591

Bosch

Ltd.

5,230

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H(a)

10,800

76,390

Hyundai

Mobis

Co.

Ltd.

89,386

MRF

Ltd.

89,157

#### 264,754

#### Automobiles

#### -

#### 1

#### .7

#### %
Bajaj

Auto

Ltd.

665

63,207

Hero

MotoCorp

Ltd.

1,365

61,839

Maruti

Suzuki

India

Ltd.

650

94,303

#### 219,349

#### Banks

#### -

#### 17

#### .2

#### %
Agricultural

Bank

of

China

Ltd.,

Class

H

233,000

142,419

Banco

BBVA

Peru

SA

8,050

3,133

Bank

Central

Asia

Tbk.

PT

224,500

119,350

Bank

of

China

Ltd.,

Class

H

300,000

167,898

Boubyan

Bank

KSCP

34,534

76,529

Chang

Hwa

Commercial

Bank

Ltd.

185,000

105,275

China

CITIC

Bank

Corp.

Ltd.,

Class

H

22,000

17,391

China

Construction

Bank

Corp.,

Class

H

220,000

181,000

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

155,000

118,928

Credicorp

Ltd.

640

129,402

Dubai

Islamic

Bank

PJSC

51,645

106,298

First

Financial

Holding

Co.

Ltd.

133,450

105,982

HDFC

Bank

Ltd.

4,620

105,269

Hong

Leong

Bank

Bhd.

22,500

104,183

Hong

Leong

Financial

Group

Bhd.

16,000

63,703

ICICI

Bank

Ltd.

3,940

66,550

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

180,000

123,486

Itau

Unibanco

Holding

SA

(Preference)

1,650

10,370

Kuwait

Finance

House

KSCP

46,623

110,014

Malayan

Banking

Bhd.

36,500

84,504

Mega

Financial

Holding

Co.

Ltd.

45,000

53,114

National

Bank

of

Kuwait

SAKP

34,991

108,719

Public

Bank

Bhd.

29,500

30,560

Qatar

International

Islamic

Bank

QSC

23,880

69,522

Sberbank

of

Russia

PJSC‡

12,360

—

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

25,000

19,033

#### 2,222,632

#### Investments

#### Shares

#### Value

#### Broadline

#### Retail

#### -

#### 4

#### .2

#### %
Alibaba

Group

Holding

Ltd.,

ADR

3,695

$

441,294

PDD

Holdings,

Inc.,

ADR\*

855

90,262

Prosus

NV

10,467

Robinson

PCL\*‡

600

—

#### 542,023

#### Chemicals

#### -

#### 2

#### .7

#### %
Asian

Paints

Ltd.

4,470

128,343

Fertiglobe

plc

34,650

21,414

Mesaieed

Petrochemical

Holding

Co.

157,990

61,183

PhosAgro

PJSC‡

1,158

—

PI

Industries

Ltd.

5,171

Pidilite

Industries

Ltd.

3,345

120,122

Yanbu

National

Petrochemical

Co.

1,420

12,095

#### 348,328

#### Construction

#### &

#### Engineering

#### -

#### 0

#### .0

#### %
(b) Larsen

&

Toubro

Ltd.

3,757

#### Construction

#### Materials

#### -

#### 1

#### .2

#### %
Asia

Cement

Corp.

27,000

37,989

LafargeHolcim

Maroc

SA

505

103,660

Shree

Cement

Ltd.

8,791

#### 150,440

#### Consumer

#### Finance

#### -

#### 1

#### .0

#### %
Bajaj

Finance

Ltd.

6,643

Muthoot

Finance

Ltd.

2,265

58,175

SBI

Cards

&

Payment

Services

Ltd.

6,960

71,965

#### 136,783

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 0

#### .9

#### %
Nahdi

Medical

Co.

4,846

President

Chain

Store

Corp.

13,100

106,903

#### 111,749

#### Containers

#### &

#### Packaging

#### -

#### 0

#### .0

#### %
(b) Klabin

SA

(Preference)

6,000

3,900

#### Diversified

#### Telecommunication

#### Services

#### -

#### 4

#### .6

#### %
Chunghwa

Telecom

Co.

Ltd.

32,000

129,569

Emirates

Integrated

Telecommunications

Co.

PJSC

47,330

112,106

Itissalat

Al-Maghrib

9,760

120,679

Ooredoo

QPSC

8,815

31,377

Saudi

Telecom

Co.

7,560

95,938

Telefonica

Brasil

SA

8,800

43,196

Telekom

Malaysia

Bhd.

43,000

67,764

#### 600,629

#### Electric

#### Utilities

#### -

#### 1

#### .9

#### %
CPFL

Energia

SA

16,500

111,304

Manila

Electric

Co.

8,250

84,191

Power

Grid

Corp.

of

India

Ltd.

12,905

46,963

#### 242,458
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 0

#### .8

#### %
Delta

Electronics,

Inc.

$

2,607

Hon

Hai

Precision

Industry

Co.

Ltd.

14,000

61,939

Synnex

Technology

International

Corp.

20,000

44,336

#### 108,882

#### Energy

#### Equipment

#### &

#### Services

#### -

#### 0

#### .2

#### %
ADNOC

Drilling

Co.

PJSC

19,820

26,441

#### Entertainment

#### -

#### 0

#### .5

#### %
HYBE

Co.

Ltd.

33,809

NetEase,

Inc.,

ADR

25,695

#### 59,504

#### Food

#### Products

#### -

#### 4

#### .2

#### %
Britannia

Industries

Ltd.

1,600

103,005

Marico

Ltd.

10,135

85,228

Nestle

India

Ltd.

4,250

120,140

Nestle

Malaysia

Bhd.

4,100

82,665

QL

Resources

Bhd.

32,500

36,153

Want

Want

China

Holdings

Ltd.

170,000

111,584

#### 538,775

#### Gas

#### Utilities

#### -

#### 0

#### .6

#### %
Petronas

Gas

Bhd.

18,000

73,001

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 1

#### .4

#### %
Apollo

Hospitals

Enterprise

Ltd.

775

64,003

Bumrungrad

Hospital

PCL,

NVDR

10,000

49,394

IHH

Healthcare

Bhd.

43,000

68,959

#### 182,356

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 1

#### .1

#### %
Meituan,

Class

B\*(a)

6,500

109,218

Trip.com

Group

Ltd.

500

30,175

#### 139,393

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 1

#### .0

#### %
Aboitiz

Power

Corp.

131,500

87,816

Engie

Brasil

Energia

SA

6,000

44,056

Unipro

PJSC\*‡

726,000

—

#### 131,872

#### Industrial

#### Conglomerates

#### -

#### 2

#### .8

#### %
Industries

Qatar

QSC

20,265

69,906

International

Holding

Co.

PJSC\*

2,630

287,127

#### 357,033

#### Insurance

#### -

#### 2

#### .9

#### %
BB

Seguridade

Participacoes

SA

15,000

113,320

Caixa

Seguridade

Participacoes

SA

34,000

98,251

Fubon

Financial

Holding

Co.

Ltd.

1,000

2,636

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

50,000

92,202

#### Investments

#### Shares

#### Value

#### Insurance
(continued)

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

5,000

$

30,046

Porto

Seguro

SA

4,500

34,966

#### 371,421

#### Interactive

#### Media

#### &

#### Services

#### -

#### 4

#### .9

#### %
Baidu,

Inc.,

ADR\*

4,830

Tencent

Holdings

Ltd.

10,300

633,830

#### 638,660

#### IT

#### Services

#### -

#### 4

#### .5

#### %
HCL

Technologies

Ltd.

7,870

146,019

Infosys

Ltd.

3,930

69,781

Samsung

SDS

Co.

Ltd.

805

72,713

Tata

Consultancy

Services

Ltd.

6,845

279,824

Tech

Mahindra

Ltd.

885

15,745

#### 584,082

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### -

#### 1

#### .3

#### %
Divi's

Laboratories

Ltd.

1,170

84,298

Samsung

Biologics

Co.

Ltd.\*(a)

81,407

#### 165,705

#### Marine

#### Transportation

#### -

#### 0

#### .3

#### %
MISC

Bhd.

24,500

42,641

#### Metals

#### &

#### Mining

#### -

#### 0

#### .1

#### %
Polyus

PJSC\*‡

5,460

—

Vale

SA

1,700

15,873

#### 15,873

#### Multi-Utilities

#### -

#### 1

#### .6

#### %
Dubai

Electricity

&

Water

Authority

PJSC

146,940

107,213

Qatar

Electricity

&

Water

Co.

QSC

23,935

100,513

#### 207,726

#### Office

#### REITs

#### -

#### 0

#### .0

#### %
(b) Embassy

Office

Parks

REIT,

REIT

1,430

6,462

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 3

#### .6

#### %
ADNOC

Logistics

&

Services

2,240

2,958

China

Shenhua

Energy

Co.

Ltd.,

Class

H

28,000

105,433

Petroleo

Brasileiro

SA

1,000

5,661

Petroleo

Brasileiro

SA

(Preference)

2,300

12,184

Petronas

Dagangan

Bhd.

8,500

38,885

Petronet

LNG

Ltd.

1,070

3,974

Qatar

Fuel

QSC

23,885

98,400

Rabigh

Refining

&

Petrochemical

Co.\*

31,555

59,898

Reliance

Industries

Ltd.

3,400

56,543

Surgutneftegas

PAO

(Preference)‡

156,600

—

United

Tractors

Tbk.

PT

60,000

82,048

#### 465,984

#### Personal

#### Care

#### Products

#### -

#### 2

#### .4

#### %
Colgate-Palmolive

India

Ltd.

7,044

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Personal

#### Care

#### Products
(continued)

Dabur

India

Ltd.

16,655

$

96,154

Godrej

Consumer

Products

Ltd.

2,975

44,387

Hindustan

Unilever

Ltd.

5,935

164,533

#### 312,118

#### Pharmaceuticals

#### -

#### 4

#### .5

#### %
Cipla

Ltd.

6,640

121,830

Dr

Reddy's

Laboratories

Ltd.

5,770

80,857

Kalbe

Farma

Tbk.

PT

617,000

50,735

Lupin

Ltd.

4,615

114,474

Sun

Pharmaceutical

Industries

Ltd.

8,110

175,891

Torrent

Pharmaceuticals

Ltd.

7,668

Zydus

Lifesciences

Ltd.

2,835

29,807

#### 581,262

#### Real

#### Estate

#### Management

#### &

#### Development

#### -

#### 0

#### .5

#### %
Emaar

Properties

PJSC

955

3,406

Wharf

Holdings

Ltd.

(The)

27,000

67,825

#### 71,231

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 9

#### .4

#### %
MediaTek,

Inc.

1,700

71,757

Novatek

Microelectronics

Corp.

1,800

29,209

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

38,600

1,095,857

United

Microelectronics

Corp.

15,000

21,199

#### 1,218,022

#### Specialty

#### Retail

#### -

#### 1

#### .2

#### %
Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

62,595

57,431

Jarir

Marketing

Co.

29,785

100,212

#### 157,643

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 2

#### .3

#### %
Catcher

Technology

Co.

Ltd.

11,300

76,669

Samsung

Electronics

Co.

Ltd.

5,565

217,276

#### 293,945

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 0

#### .7

#### %
Page

Industries

Ltd.

5,399

Titan

Co.

Ltd.

2,130

85,209

#### 90,608

#### Tobacco

#### -

#### 1

#### .7

#### %
ITC

Ltd.

25,805

130,058

KT&G

Corp.

1,055

85,127

#### 215,185

#### Transportation

#### Infrastructure

#### -

#### 2

#### .9

#### %
China

Merchants

Port

Holdings

Co.

Ltd.

40,000

65,096

Jiangsu

Expressway

Co.

Ltd.,

Class

H

90,000

111,997

Salik

Co.

PJSC

69,020

95,082

#### Investments

#### Shares

#### Value

#### Transportation

#### Infrastructure
(continued)

Taiwan

High

Speed

Rail

Corp.

117,000

$

99,320

#### 371,495

#### Water

#### Utilities

#### -

#### 0

#### .7

#### %
Emirates

Central

Cooling

Systems

Corp.

209,235

91,713

#### Wireless

#### Telecommunication

#### Services

#### -

#### 3

#### .5

#### %
Advanced

Info

Service

PCL,

NVDR

9,800

86,544

Bharti

Airtel

Ltd.

4,910

108,360

Etihad

Etisalat

Co.

1,320

22,100

Far

EasTone

Telecommunications

Co.

Ltd.

26,500

71,008

Mobile

Telecommunications

Co.

KSCP

44,150

68,156

SK

Telecom

Co.

Ltd.

2,630

100,464

#### 456,632

#### Total

#### Common

#### Stocks

#### (Cost

#### $11,383,660)

#### 12,846,927

#### Total

#### Investments

#### -

#### 99.2%

#### (Cost

#### $11,383,660)

#### 12,846,927
Other

assets

less

liabilities

-

0.8%

106,005

#### NET

#### ASSETS

#### -

#### 100.0%

#### $12,952,932
*\**

*Non-income* 

*producing* 

*security.*

*‡*

*Security* 

*is* 

*valued* 

*using* 

*significant* 

*unobservable* 

*inputs* 

*and* 

*is* 

*classified* 

*as* 

*Level* 

*3* 

*in* 

*the* 

*fair* 

*value* 

*hierarchy.*

(a) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Regulation* 

*S* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

1933. *Regulation* 

*S* 

*applies* 

*to* 

*securities* 

*offerings* 

*that* 

*are* 

*made* 

*outside* 

*of* 

*the* 

*United* 

*States* 

*and* 

*do* 

*not* 

*involve* 

*direct* 

*selling* 

*efforts* 

*in* 

*the* 

*United* 

*States* 

*and* 

*as* 

*such* 

*may* 

*have* 

*restrictions* 

*on* 

*resale.*

(b) *Represents* 

*less* 

*than* 

*0.05%* 

*of* 

*net* 

*assets.*

*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*ADR*

*—*

*American* 

*Depositary* 

*Receipt*

*NVDR*

*—*

*Non-Voting* 

*Depositary* 

*Receipt*

*PJSC*

*—*

*Public* 

*Joint* 

*Stock* 

*Company*

*Preference*

*—*

*A* 

*special* 

*type* 

*of* 

*equity* 

*investment* 

*that* 

*shares* 

*in* 

*the* 

*earnings* 

*of* 

*the* 

*company,* 

*has* 

*limited* 

*voting* 

*rights,* 

*and* 

*may* 

*have* 

*a* 

*dividend* 

*preference.* 

*Preference* 

*shares* 

*may* 

*also* 

*have* 

*liquidation* 

*preference.* 

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

2,200,889

Aggregate

gross

unrealized

depreciation

(841,585)

Net

unrealized

appreciation

$

1,359,304

Federal

income

tax

cost

$

11,481,255

#### Futures

#### Contracts
*FlexShares*

*®*

*Emerging* 

*Markets* 

*Quality* 

*Low* 

*Volatility* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Depreciation

#### \*

#### Long

#### Contracts
MSCI

Emerging

Markets

E-Mini

Index

06/20/2025

USD

$

166,500

$

(5,111)

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

#### Forward

#### Foreign

#### Currency

#### Contracts
*FlexShares*

*®*

*Emerging* 

*Markets* 

*Quality* 

*Low* 

*Volatility* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*outstanding* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### to

#### Receive

#### Counterparty

#### In

#### Exchange

#### For

#### Maturity

#### Date

#### Unrealized

#### Appreciation/
(Depreciation)

INR

\*

800,000

Toronto-Dominion

Bank

(The)

USD

9,363

06/18/2025

$

Total

unrealized

appreciation

$

USD

37,594

Citigroup

Global

Markets,

Inc.

INR

\*

3,300,000

06/18/2025

$

(1,330)

Total

unrealized

depreciation

$

(1,330)

Net

unrealized

depreciation

$

(1,257)

\*

*Non-deliverable* 

*forward.* 

*See* 

*Note* 

*2* 

*in* 

*the* 

*Notes* 

*to* 

*Financial* 

*Statements.*

*Abbreviations:*

*INR*

*—*

*Indian* 

*Rupee*

*USD*

*—*

*US* 

*Dollar*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*FlexShares®* 

*Emerging* 

*Markets* 

*Quality* 

*Low* 

*Volatility* 

*Index* 

*invested,* 

*as* 

*a* 

*percentage* 

*of* 

*net* 

*assets,* 

*in* 

*companies* 

*domiciled* 

*in* 

*the* 

*following* 

*countries* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

Brazil

.8

%

China

.2

India

.3

Indonesia

.0

Kuwait

.8

Malaysia

.4

Morocco

.7

Peru

.0

Philippines

.3

Qatar

.3

Saudi

Arabia

.3

South

Africa

.1

South

Korea

.4

Taiwan

.5

Thailand

.1

United

Arab

Emirates

.0

Other

.8

100.0%

*1*

*Includes* 

*any* 

*non-equity* 

*securities* 

*and* 

*net* 

*other* 

*assets* 

*(liabilities).*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.2

%

Others

(1) 0

.8

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 99

#### .3

#### %

#### Aerospace

#### &

#### Defense

#### -

#### 1

#### .9

#### %
AAR

Corp.\*(a)

2,213

$

118,307

AeroVironment,

Inc.\*

1,106

167,581

Archer

Aviation,

Inc.,

Class

A\*(a)

16,485

137,320

Axon

Enterprise,

Inc.\*

1,570

962,881

Boeing

Co.

(The)\*

20,096

3,682,391

BWX

Technologies,

Inc.

3,634

396,542

Curtiss-Wright

Corp.

1,099

379,034

Ducommun,

Inc.\*

27,170

GE

Aerospace

23,707

4,777,909

General

Dynamics

Corp.

6,437

1,751,636

HEICO

Corp.

1,256

314,954

HEICO

Corp.,

Class

A

1,580

317,469

Hexcel

Corp.

5,181

251,123

Howmet

Aerospace,

Inc.

9,734

1,348,938

Huntington

Ingalls

Industries,

Inc.(a)

8,171

1,882,108

Kratos

Defense

&

Security

Solutions,

Inc.\*(a)

3,634

122,775

L3Harris

Technologies,

Inc.

4,082

898,122

Lockheed

Martin

Corp.

5,809

2,775,250

Mercury

Systems,

Inc.\*(a)

3,611

180,550

Moog,

Inc.,

Class

A

1,727

288,841

Northrop

Grumman

Corp.

3,925

1,909,512

Rocket

Lab

USA,

Inc.\*(a)

11,403

248,471

RTX

Corp.

37,052

4,673,369

Spirit

AeroSystems

Holdings,

Inc.,

Class

A\*(a)

5,024

180,864

Standardaero,

Inc.\*

2,512

67,874

Textron,

Inc.

5,338

375,635

TransDigm

Group,

Inc.

1,256

1,774,816

Triumph

Group,

Inc.\*(a)

6,004

152,502

V2X,

Inc.\*(a)

785

39,062

Woodward,

Inc.(a)

2,844

533,449

#### 30,736,455

#### Air

#### Freight

#### &

#### Logistics

#### -

#### 0

#### .3

#### %
CH

Robinson

Worldwide,

Inc.

4,396

392,211

Expeditors

International

of

Washington,

Inc.

3,611

396,885

FedEx

Corp.

6,437

1,353,894

Forward

Air

Corp.\*(a)

6,123

90,131

GXO

Logistics,

Inc.\*

5,966

216,208

Hub

Group,

Inc.,

Class

A

4,867

153,748

United

Parcel

Service,

Inc.,

Class

B

20,410

1,945,073

#### 4,548,150

#### Automobile

#### Components

#### -

#### 0

#### .5

#### %
Adient

plc\*

14,915

188,675

Aptiv

plc\*

8,321

474,796

Autoliv,

Inc.(a)

12,560

1,170,969

BorgWarner,

Inc.

40,663

1,154,016

Dana,

Inc.

25,591

351,620

Dorman

Products,

Inc.\*

1,570

177,881

#### Investments

#### Shares

#### Value

#### Automobile

#### Components
(continued)

Garrett

Motion,

Inc.(a)

21,352

$

196,865

Gentex

Corp.(a)

9,734

212,007

Gentherm,

Inc.\*

8,949

232,764

Goodyear

Tire

&

Rubber

Co.

(The)\*(a)

59,817

650,809

LCI

Industries

1,727

133,117

Lear

Corp.

10,676

915,467

Modine

Manufacturing

Co.\*(a)

2,826

230,715

Patrick

Industries,

Inc.

2,355

181,288

Phinia,

Inc.

9,891

397,124

QuantumScape

Corp.,

Class

A\*(a)

47,728

186,616

Standard

Motor

Products,

Inc.

12,764

Visteon

Corp.\*

4,239

335,686

XPEL,

Inc.\*(b)

#### 7,203,379

#### Automobiles

#### -

#### 1

#### .5

#### %
Ford

Motor

Co.

99,538

996,375

General

Motors

Co.

29,673

1,342,407

Harley-Davidson,

Inc.(a)

22,608

506,871

Lucid

Group,

Inc.\*(a)

92,473

232,107

Rivian

Automotive,

Inc.,

Class

A\*(a)

175,212

2,393,396

Tesla,

Inc.\*

62,643

17,675,349

Thor

Industries,

Inc.(a)

3,140

227,399

Winnebago

Industries,

Inc.

3,611

114,902

#### 23,488,806

#### Banks

#### -

#### 6

#### .1

#### %
1st

Source

Corp.(a)

2,041

122,358

Amalgamated

Financial

Corp.

5,652

159,160

Amerant

Bancorp,

Inc.,

Class

A(a)

5,966

100,467

Ameris

Bancorp

13,502

791,217

Associated

Banc-Corp.

33,912

748,099

Atlantic

Union

Bankshares

Corp.

27,161

752,360

Axos

Financial,

Inc.\*

10,428

661,969

Banc

of

California,

Inc.

12,874

173,542

BancFirst

Corp.

1,418

167,069

Bancorp,

Inc.

(The)\*

3,925

189,617

Bank

of

America

Corp.

186,987

7,457,042

Bank

of

Hawaii

Corp.

10,379

Bank

OZK(a)

22,608

963,101

BankUnited,

Inc.

14,444

472,463

Banner

Corp.

8,164

499,147

Berkshire

Hills

Bancorp,

Inc.

12,246

304,068

BOK

Financial

Corp.

3,925

365,692

Brookline

Bancorp,

Inc.

9,577

99,984

Business

First

Bancshares,

Inc.(a)

1,256

28,951

Byline

Bancorp,

Inc.

6,908

176,430

Cadence

Bank(a)

33,598

983,077

Camden

National

Corp.

942

36,286

Capitol

Federal

Financial,

Inc.

41,762

236,791

Cathay

General

Bancorp(a)

13,816

575,989

Central

Pacific

Financial

Corp.

2,355

60,500

Citigroup,

Inc.

52,281

3,574,975

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Banks
(continued)

Citizens

Financial

Group,

Inc.

14,444

$

532,839

City

Holding

Co.(a)

36,615

Coastal

Financial

Corp.\*

1,727

141,873

Columbia

Banking

System,

Inc.(a)

42,547

953,904

Comerica,

Inc.(a)

27,161

1,459,904

Commerce

Bancshares,

Inc.

4,121

250,310

Community

Financial

System,

Inc.(a)

3,925

214,266

Community

Trust

Bancorp,

Inc.

1,738

85,092

ConnectOne

Bancorp,

Inc.(a)

2,669

60,133

Cullen/Frost

Bankers,

Inc.

12,403

1,444,577

Customers

Bancorp,

Inc.\*

3,925

196,250

CVB

Financial

Corp.(a)

24,335

451,171

Dime

Community

Bancshares,

Inc.

3,768

96,800

Eagle

Bancorp,

Inc.

8,635

154,998

East

West

Bancorp,

Inc.

4,867

416,372

Eastern

Bankshares,

Inc.(a)

14,705

219,399

Enterprise

Financial

Services

Corp.

(a) 9,106

473,694

FB

Financial

Corp.

942

40,092

Fifth

Third

Bancorp

19,625

705,323

First

Bancorp/NC

3,002

121,461

First

Bancorp/PR

36,738

721,534

First

Busey

Corp.

16,960

352,598

First

Citizens

BancShares,

Inc.,

Class

A

562,208

First

Commonwealth

Financial

Corp.

21,331

326,791

First

Financial

Bancorp(a)

15,801

365,793

First

Financial

Bankshares,

Inc.(a)

3,140

105,221

First

Hawaiian,

Inc.

24,963

570,654

First

Horizon

Corp.

106,132

1,918,867

First

Interstate

BancSystem,

Inc.,

Class

A

15,229

398,924

First

Merchants

Corp.

13,816

492,402

First

Mid

Bancshares,

Inc.(a)

6,751

225,686

Flagstar

Financial,

Inc.(a)

4,082

47,800

FNB

Corp.(a)

65,626

859,044

Fulton

Financial

Corp.

32,499

542,083

Glacier

Bancorp,

Inc.(a)

2,826

115,188

Great

Southern

Bancorp,

Inc.

17,270

Hancock

Whitney

Corp.

15,386

801,457

Hanmi

Financial

Corp.

1,570

35,906

Heritage

Commerce

Corp.

21,352

193,022

Heritage

Financial

Corp.

5,809

132,561

Hilltop

Holdings,

Inc.

4,239

125,178

Home

BancShares,

Inc.

35,168

975,912

Hope

Bancorp,

Inc.

16,328

162,790

Horizon

Bancorp,

Inc.

14,915

218,952

Huntington

Bancshares,

Inc.

39,721

577,146

Independent

Bank

Corp.(a)

8,792

519,519

Independent

Bank

Corp./MI

942

28,693

International

Bancshares

Corp.

11,376

694,391

JPMorgan

Chase

&

Co.

77,872

19,049,049

KeyCorp

27,789

412,389

Lakeland

Financial

Corp.

632

35,183

#### Investments

#### Shares

#### Value

#### Banks
(continued)

Live

Oak

Bancshares,

Inc.

628

$

16,416

M&T

Bank

Corp.

5,024

852,874

Mercantile

Bank

Corp.

2,041

86,355

Metrocity

Bankshares,

Inc.

785

21,642

Metropolitan

Bank

Holding

Corp.\*(a)

9,723

National

Bank

Holdings

Corp.,

Class

A(a)

3,925

141,928

NBT

Bancorp,

Inc.(a)

13,295

Nicolet

Bankshares,

Inc.(a)

1,395

162,950

Northwest

Bancshares,

Inc.(a)

23,864

294,720

OceanFirst

Financial

Corp.(a)

12,403

205,394

OFG

Bancorp

11,304

444,812

Old

National

Bancorp(a)

62,957

1,296,285

Old

Second

Bancorp,

Inc.

3,925

61,976

Origin

Bancorp,

Inc.(a)

3,297

105,636

Orrstown

Financial

Services,

Inc.

628

18,821

Pacific

Premier

Bancorp,

Inc.

14,444

293,791

Park

National

Corp.

47,432

Pathward

Financial,

Inc.(a)

2,371

188,186

Peoples

Bancorp,

Inc.

5,056

146,675

Pinnacle

Financial

Partners,

Inc.(a)

4,082

409,180

PNC

Financial

Services

Group,

Inc.

(The)

10,833

1,740,755

Popular,

Inc.

14,130

1,348,285

Preferred

Bank(a)

3,611

288,374

Prosperity

Bancshares,

Inc.

17,427

1,183,293

Provident

Financial

Services,

Inc.

20,194

330,576

QCR

Holdings,

Inc.

1,738

112,883

Regions

Financial

Corp.(a)

27,161

554,356

Renasant

Corp.(a)

12,560

402,799

Republic

Bancorp,

Inc.,

Class

A

21,305

S&T

Bancorp,

Inc.

6,751

246,006

ServisFirst

Bancshares,

Inc.

3,454

245,994

Simmons

First

National

Corp.,

Class

A

8,792

164,059

Southside

Bancshares,

Inc.(a)

8,949

252,272

SouthState

Corp.(a)

18,840

1,634,935

Stellar

Bancorp,

Inc.

5,809

144,993

Stock

Yards

Bancorp,

Inc.

34,502

Synovus

Financial

Corp.

30,301

1,312,639

Texas

Capital

Bancshares,

Inc.\*

2,826

192,592

TFS

Financial

Corp.(a)

9,420

122,083

Tompkins

Financial

Corp.

4,082

243,287

Towne

Bank(a)

5,966

196,580

TriCo

Bancshares

4,239

163,541

Triumph

Financial,

Inc.\*

2,041

109,030

Truist

Financial

Corp.

35,482

1,360,380

TrustCo

Bank

Corp.

NY

6,751

205,568

Trustmark

Corp.

13,973

468,794

UMB

Financial

Corp.(a)

13,345

1,262,037

United

Bankshares,

Inc.

28,103

963,652

United

Community

Banks,

Inc.

26,376

728,241

Univest

Financial

Corp.(a)

4,239

125,220

US

Bancorp

43,489

1,754,346

Valley

National

Bancorp

79,756

685,902

Veritex

Holdings,

Inc.

10,990

255,847

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Banks
(continued)

WaFd,

Inc.(a)

18,840

$

537,505

Webster

Financial

Corp.

34,540

1,633,742

Wells

Fargo

&

Co.

92,630

6,577,657

WesBanco,

Inc.

20,567

612,485

Westamerica

Bancorp(a)

5,338

258,519

Western

Alliance

Bancorp(a)

21,980

1,532,226

Wintrust

Financial

Corp.(a)

11,932

1,326,480

WSFS

Financial

Corp.(a)

4,396

226,614

Zions

Bancorp

NA

30,615

1,376,757

#### 97,105,219

#### Beverages

#### -

#### 1

#### .0

#### %
Boston

Beer

Co.,

Inc.

(The),

Class

A\*

77,181

Brown-Forman

Corp.,

Class

A(a)

Brown-Forman

Corp.,

Class

B(a)

4,082

142,217

Celsius

Holdings,

Inc.\*(a)

3,454

120,752

Coca-Cola

Co.

(The)

86,507

6,276,083

Coca-Cola

Consolidated,

Inc.

212,862

Constellation

Brands,

Inc.,

Class

A(a)

3,454

647,763

Keurig

Dr

Pepper,

Inc.

21,509

743,996

MGP

Ingredients,

Inc.

4,867

143,431

Molson

Coors

Beverage

Co.,

Class

B(a)

32,499

1,869,667

Monster

Beverage

Corp.\*

16,799

1,009,956

National

Beverage

Corp.

21,179

PepsiCo,

Inc.

38,779

5,257,657

Vita

Coco

Co.,

Inc.

(The)\*(a)

3,768

124,532

#### 16,647,553

#### Biotechnology

#### -

#### 2

#### .2

#### %
89bio,

Inc.\*

20,253

162,429

AbbVie,

Inc.

48,670

9,495,517

ACADIA

Pharmaceuticals,

Inc.\*

628

9,169

ADMA

Biologics,

Inc.\*

5,181

123,308

Agios

Pharmaceuticals,

Inc.\*

4,187

124,312

Akero

Therapeutics,

Inc.\*

2,355

107,412

Alkermes

plc\*(a)

30,615

880,794

Alnylam

Pharmaceuticals,

Inc.\*

2,983

785,245

Amgen,

Inc.(a)

14,601

4,247,723

Amicus

Therapeutics,

Inc.\*

20,135

154,637

Apellis

Pharmaceuticals,

Inc.\*(a)

6,032

Arcellx,

Inc.\*(a)

20,394

Arcutis

Biotherapeutics,

Inc.\*(a)

1,727

25,750

Ardelyx,

Inc.\*

15,857

87,293

Astria

Therapeutics,

Inc.\*

942

4,861

Aurinia

Pharmaceuticals,

Inc.\*

12,403

102,201

Avidity

Biosciences,

Inc.\*

1,570

51,260

Beam

Therapeutics,

Inc.\*(a)

16,171

322,288

BioCryst

Pharmaceuticals,

Inc.\*

10,833

95,872

Biogen,

Inc.\*

3,297

399,201

Biohaven

Ltd.\*

5,652

125,022

BioMarin

Pharmaceutical,

Inc.\*

3,768

239,984

Blueprint

Medicines

Corp.\*

2,826

252,927

Bridgebio

Pharma,

Inc.\*

6,908

264,991

Catalyst

Pharmaceuticals,

Inc.\*

8,464

205,591

#### Investments

#### Shares

#### Value

#### Biotechnology
(continued)

CG

oncology,

Inc.\*(a)

2,512

$

67,673

Cogent

Biosciences,

Inc.\*(a)

5,338

27,811

Crinetics

Pharmaceuticals,

Inc.\*(a)

3,768

125,814

CRISPR

Therapeutics

AG\*(a)

5,966

230,705

Cullinan

Therapeutics,

Inc.\*

628

5,200

Cytokinetics,

Inc.\*(a)

2,669

114,340

Day

One

Biopharmaceuticals,

Inc.\*

10,519

81,838

Denali

Therapeutics,

Inc.\*(a)

8,792

146,387

Dynavax

Technologies

Corp.\*(a)

12,246

143,891

Dyne

Therapeutics,

Inc.\*(a)

5,553

Erasca,

Inc.\*

17,741

25,902

Exact

Sciences

Corp.\*(a)

2,355

107,482

Exelixis,

Inc.\*

14,758

577,776

Geron

Corp.\*

21,509

30,328

Gilead

Sciences,

Inc.

35,325

3,763,525

Gyre

Therapeutics,

Inc.\*(a)

6,437

62,825

Halozyme

Therapeutics,

Inc.\*

6,280

385,718

Humacyte,

Inc.\*(a)

3,768

5,464

ImmunityBio,

Inc.\*(a)

20,881

52,411

Immunome,

Inc.\*(a)

3,140

27,601

Immunovant,

Inc.\*(a)

6,594

106,493

Incyte

Corp.\*

3,611

226,265

Insmed,

Inc.\*

6,594

474,768

Ionis

Pharmaceuticals,

Inc.\*(a)

4,553

139,823

Iovance

Biotherapeutics,

Inc.\*(a)

11,932

42,836

Kiniksa

Pharmaceuticals

International

plc,

Class

A\*

1,099

29,640

Krystal

Biotech,

Inc.\*(a)

1,413

240,040

Kymera

Therapeutics,

Inc.\*(a)

2,826

96,847

Lexicon

Pharmaceuticals,

Inc.\*(a)

47,885

34,994

Madrigal

Pharmaceuticals,

Inc.\*

785

262,119

MiMedx

Group,

Inc.\*

2,983

20,523

Moderna,

Inc.\*(a)

4,867

138,904

Myriad

Genetics,

Inc.\*(a)

7,239

53,641

Natera,

Inc.\*(a)

3,297

497,616

Neurocrine

Biosciences,

Inc.\*

2,210

237,995

Novavax,

Inc.\*(a)

15,229

101,577

Nuvalent,

Inc.,

Class

A\*

24,099

Olema

Pharmaceuticals,

Inc.\*(a)

8,949

46,177

ORIC

Pharmaceuticals,

Inc.\*

6,908

39,445

Protagonist

Therapeutics,

Inc.\*(a)

1,099

50,356

PTC

Therapeutics,

Inc.\*

2,512

125,198

Regeneron

Pharmaceuticals,

Inc.

2,983

1,786,101

Relay

Therapeutics,

Inc.\*

23,707

78,944

Replimune

Group,

Inc.\*(a)

2,355

23,032

Revolution

Medicines,

Inc.\*(a)

7,850

316,983

Rhythm

Pharmaceuticals,

Inc.\*

2,826

184,227

Rocket

Pharmaceuticals,

Inc.\*

12,403

94,635

Roivant

Sciences

Ltd.\*(a)

25,905

301,016

Sarepta

Therapeutics,

Inc.\*

2,826

176,342

Savara,

Inc.\*(a)

17,584

56,269

Scholar

Rock

Holding

Corp.\*(a)

2,512

82,670

Soleno

Therapeutics,

Inc.\*

35,259

SpringWorks

Therapeutics,

Inc.\*

3,768

174,458

Summit

Therapeutics,

Inc.\*(a)

4,867

117,392

Syndax

Pharmaceuticals,

Inc.\*

9,577

135,515

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Biotechnology
(continued)

TG

Therapeutics,

Inc.\*(a)

4,710

$

214,352

Twist

Bioscience

Corp.\*

2,669

102,276

Ultragenyx

Pharmaceutical,

Inc.\*(a)

4,710

183,596

United

Therapeutics

Corp.\*

1,099

333,096

Upstream

Bio,

Inc.\*(a)

2,512

23,261

Vaxcyte,

Inc.\*(a)

3,611

129,418

Veracyte,

Inc.\*

5,809

177,174

Vericel

Corp.\*(a)

5,969

Vertex

Pharmaceuticals,

Inc.\*

5,809

2,959,685

Viking

Therapeutics,

Inc.\*(a)

2,041

58,924

Viridian

Therapeutics,

Inc.\*(a)

7,379

99,985

Xencor,

Inc.\*

5,966

65,745

Zymeworks,

Inc.\*(a)

10,205

132,767

#### 35,320,904

#### Broadline

#### Retail

#### -

#### 2

#### .8

#### %
Amazon.com,

Inc.\*

213,834

39,435,266

Coupang,

Inc.,

Class

A\*

28,574

667,774

Dillard's,

Inc.,

Class

A

108,851

eBay,

Inc.(a)

14,601

995,204

Etsy,

Inc.\*(a)

4,553

197,965

Kohl's

Corp.(a)

13,345

89,412

Macy's,

Inc.(a)

46,315

528,917

MercadoLibre,

Inc.\*

1,099

2,561,604

Nordstrom,

Inc.

16,799

405,528

Ollie's

Bargain

Outlet

Holdings,

Inc.\*(a)

2,844

301,777

#### 45,292,298

#### Building

#### Products

#### -

#### 0

#### .7

#### %
A

O

Smith

Corp.(a)

3,630

246,332

AAON,

Inc.(a)

3,318

302,834

Advanced

Drainage

Systems,

Inc.

2,198

249,451

Allegion

plc

1,727

240,398

American

Woodmark

Corp.\*(a)

3,611

213,049

Apogee

Enterprises,

Inc.(a)

2,355

93,423

Armstrong

World

Industries,

Inc.

1,256

182,145

AZEK

Co.,

Inc.

(The),

Class

A\*

4,239

210,085

AZZ,

Inc.

2,355

204,320

Builders

FirstSource,

Inc.\*

3,768

450,766

Carlisle

Cos.,

Inc.(a)

1,264

479,663

Carrier

Global

Corp.

19,625

1,227,347

CSW

Industrials,

Inc.(a)

147,178

Fortune

Brands

Innovations,

Inc.

3,925

211,244

Gibraltar

Industries,

Inc.\*

633

33,517

Griffon

Corp.

2,983

203,172

Hayward

Holdings,

Inc.\*

10,833

144,404

Janus

International

Group,

Inc.\*(a)

27,004

185,788

JELD-WEN

Holding,

Inc.\*(a)

4,867

26,866

Johnson

Controls

International

plc

15,857

1,330,402

Lennox

International,

Inc.(a)

785

429,199

Masco

Corp.

6,163

373,539

Masterbrand,

Inc.\*

22,451

272,780

Owens

Corning

2,983

433,758

Quanex

Building

Products

Corp.(a)

3,611

59,365

#### Investments

#### Shares

#### Value

#### Building

#### Products
(continued)

Resideo

Technologies,

Inc.\*

23,707

$

397,803

Simpson

Manufacturing

Co.,

Inc.(a)

1,422

218,547

Trane

Technologies

plc

5,056

1,938,015

Trex

Co.,

Inc.\*(a)

5,338

308,643

UFP

Industries,

Inc.

3,528

348,743

Zurn

Elkay

Water

Solutions

Corp.(a)

4,108

139,508

#### 11,302,284

#### Capital

#### Markets

#### -

#### 3

#### .2

#### %
Acadian

Asset

Management,

Inc.

4,740

127,696

Affiliated

Managers

Group,

Inc.

6,280

1,040,156

Ameriprise

Financial,

Inc.

2,355

1,109,252

Ares

Management

Corp.,

Class

A

3,611

550,786

Artisan

Partners

Asset

Management,

Inc.,

Class

A(a)

1,884

69,670

Bank

of

New

York

Mellon

Corp.

(The)

19,939

1,603,295

BGC

Group,

Inc.,

Class

A

26,376

238,967

Blackrock,

Inc.

3,925

3,588,471

Blackstone,

Inc.(a)

15,700

2,067,847

Blue

Owl

Capital,

Inc.,

Class

A(a)

15,651

290,013

Carlyle

Group,

Inc.

(The)

4,710

181,994

Charles

Schwab

Corp.

(The)

33,912

2,760,437

CME

Group,

Inc.

8,007

2,218,580

Cohen

&

Steers,

Inc.(a)

1,413

107,840

Coinbase

Global,

Inc.,

Class

A\*

4,239

860,051

Donnelley

Financial

Solutions,

Inc.\*(a)

1,099

52,972

Evercore,

Inc.,

Class

A

1,727

354,536

FactSet

Research

Systems,

Inc.

790

341,454

Federated

Hermes,

Inc.,

Class

B

13,816

561,068

Franklin

Resources,

Inc.

51,182

960,174

Goldman

Sachs

Group,

Inc.

(The)

8,792

4,814,060

Hamilton

Lane,

Inc.,

Class

A(a)

2,198

339,569

Houlihan

Lokey,

Inc.,

Class

A

1,580

256,086

Interactive

Brokers

Group,

Inc.,

Class

A

2,983

512,629

Intercontinental

Exchange,

Inc.

12,716

2,135,907

Invesco

Ltd.

63,899

890,113

Janus

Henderson

Group

plc

27,004

896,803

Jefferies

Financial

Group,

Inc.(a)

5,809

271,455

Kayne

Anderson

BDC,

Inc.

2,512

39,865

KKR

&

Co.,

Inc.

15,543

1,776,099

Lazard,

Inc.,

Class

A(a)

1,727

67,180

LPL

Financial

Holdings,

Inc.

1,884

602,484

MarketAxess

Holdings,

Inc.

2,041

452,265

Moelis

&

Co.,

Class

A

3,002

160,847

Moody's

Corp.

3,611

1,636,216

Morgan

Stanley

35,168

4,059,091

Morningstar,

Inc.

134,957

MSCI,

Inc.

1,738

947,401

Nasdaq,

Inc.

7,850

598,248

Northern

Trust

Corp.(a)(c)

6,280

590,195

Piper

Sandler

Cos.

942

227,135

PJT

Partners,

Inc.,

Class

A(a)

44,780

Raymond

James

Financial,

Inc.

4,710

645,458

Robinhood

Markets,

Inc.,

Class

A\*

13,502

663,083

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Capital

#### Markets
(continued)

S&P

Global,

Inc.

7,065

$

3,532,853

SEI

Investments

Co.

3,454

270,414

State

Street

Corp.

8,949

788,407

StepStone

Group,

Inc.,

Class

A

2,198

109,922

Stifel

Financial

Corp.

5,181

443,960

StoneX

Group,

Inc.\*(a)

8,839

782,826

T. Rowe

Price

Group,

Inc.

6,751

597,801

TPG,

Inc.,

Class

A(a)

2,054

95,408

Tradeweb

Markets,

Inc.,

Class

A

3,297

455,975

Victory

Capital

Holdings,

Inc.,

Class

A(a)

6,594

377,770

Virtu

Financial,

Inc.,

Class

A

18,683

731,439

Virtus

Investment

Partners,

Inc.(a)

942

144,682

WisdomTree,

Inc.

1,375

#### 50,180,017

#### Chemicals

#### -

#### 1

#### .3

#### %
AdvanSix,

Inc.(a)

4,867

104,251

Air

Products

and

Chemicals,

Inc.(a)

5,966

1,617,323

Albemarle

Corp.(a)

4,396

257,386

Ashland,

Inc.

953

51,834

Aspen

Aerogels,

Inc.\*(a)

3,611

19,499

Avient

Corp.

5,495

183,039

Axalta

Coating

Systems

Ltd.\*

8,058

261,885

Balchem

Corp.

1,738

272,084

Cabot

Corp.

3,140

246,616

Celanese

Corp.(a)

2,355

104,821

CF

Industries

Holdings,

Inc.

5,966

467,555

Chemours

Co.

(The)(a)

28,574

353,746

Corteva,

Inc.

14,915

924,581

Dow,

Inc.

16,642

509,079

DuPont

de

Nemours,

Inc.

10,048

663,068

Eastman

Chemical

Co.(a)

3,140

241,780

Ecolab,

Inc.

5,338

1,342,133

Ecovyst,

Inc.\*(a)

28,260

168,995

Element

Solutions,

Inc.

11,852

241,899

FMC

Corp.

3,140

131,629

Hawkins,

Inc.

57,724

HB

Fuller

Co.

3,620

195,625

Huntsman

Corp.

2,355

31,345

Ingevity

Corp.\*

1,884

62,134

Innospec,

Inc.

632

56,551

International

Flavors

&

Fragrances,

Inc.

5,966

468,092

Koppers

Holdings,

Inc.

3,140

78,688

Kronos

Worldwide,

Inc.(a)

5,495

42,366

Linde

plc

10,519

4,767,526

LyondellBasell

Industries

NV,

Class

A(a)

8,478

493,504

Mativ

Holdings,

Inc.(a)

942

4,814

Minerals

Technologies,

Inc.

2,198

113,395

Mosaic

Co.

(The)

61,701

1,875,710

NewMarket

Corp.

289,806

Olin

Corp.

3,297

71,281

Orion

SA

14,601

175,796

#### Investments

#### Shares

#### Value

#### Chemicals
(continued)

Perimeter

Solutions,

Inc.\*

14,130

$

143,137

PPG

Industries,

Inc.

6,123

666,550

PureCycle

Technologies,

Inc.\*(a)

14,601

97,973

Quaker

Chemical

Corp.(a)

49,898

RPM

International,

Inc.(a)

2,528

269,864

Scotts

Miracle-Gro

Co.

(The)

3,297

166,103

Sensient

Technologies

Corp.

942

88,501

Sherwin-Williams

Co.

(The)

5,181

1,828,479

Stepan

Co.

2,355

119,069

Tronox

Holdings

plc

8,635

46,715

Westlake

Corp.

29,023

#### 20,452,872

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 0

#### .8

#### %
ABM

Industries,

Inc.

11,147

543,305

ACV

Auctions,

Inc.,

Class

A\*

3,454

50,739

Brady

Corp.,

Class

A

948

66,635

BrightView

Holdings,

Inc.\*(a)

3,768

51,697

Brink's

Co.

(The)

8,850

789,774

Casella

Waste

Systems,

Inc.,

Class

A\*

1,896

222,685

Cimpress

plc\*(a)

1,727

72,568

Cintas

Corp.

7,584

1,605,381

Clean

Harbors,

Inc.\*(a)

1,570

335,886

Copart,

Inc.\*

20,096

1,226,459

CoreCivic,

Inc.\*

9,891

223,932

Deluxe

Corp.(a)

9,577

139,824

Enviri

Corp.\*

16,014

110,016

GEO

Group,

Inc.

(The)\*(a)

21,352

667,891

Healthcare

Services

Group,

Inc.\*

5,809

82,546

HNI

Corp.

3,160

133,668

Interface,

Inc.,

Class

A

6,751

126,919

Matthews

International

Corp.,

Class

A(a)

9,577

195,850

MillerKnoll,

Inc.(a)

16,642

272,929

Montrose

Environmental

Group,

Inc.\*(a)

3,925

57,423

MSA

Safety,

Inc.

1,884

296,579

OPENLANE,

Inc.\*(a)

2,826

52,309

Pitney

Bowes,

Inc.

42,547

369,308

Pursuit

Attractions

and

Hospitality,

Inc.\*(a)

2,054

60,162

Republic

Services,

Inc.

4,583

1,149,187

Rollins,

Inc.

5,532

316,043

Steelcase,

Inc.,

Class

A

24,021

238,288

Tetra

Tech,

Inc.(a)

8,164

254,635

UniFirst

Corp.

785

140,099

Veralto

Corp.

6,123

587,196

Vestis

Corp.

4,239

37,134

Waste

Management,

Inc.

8,218

1,917,752

#### 12,394,819

#### Communications

#### Equipment

#### -

#### 0

#### .8

#### %
Arista

Networks,

Inc.\*

22,608

1,859,960

Calix,

Inc.\*

3,140

128,457

Ciena

Corp.\*

5,181

347,956

Cisco

Systems,

Inc.

111,470

6,435,163

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Communications

#### Equipment
(continued)

CommScope

Holding

Co.,

Inc.\*

24,178

$

90,426

Digi

International,

Inc.\*

3,160

85,952

Extreme

Networks,

Inc.\*

8,635

113,637

F5,

Inc.\*(a)

1,099

290,949

Harmonic,

Inc.\*

4,082

36,656

Juniper

Networks,

Inc.

9,420

342,135

Lumentum

Holdings,

Inc.\*(a)

4,082

241,001

Motorola

Solutions,

Inc.

3,950

1,739,541

NETGEAR,

Inc.\*(a)

1,099

26,508

NetScout

Systems,

Inc.\*(a)

9,420

198,008

Viasat,

Inc.\*(a)

25,905

240,139

Viavi

Solutions,

Inc.\*(a)

4,239

44,849

#### 12,221,337

#### Construction

#### &

#### Engineering

#### -

#### 0

#### .3

#### %
AECOM

4,005

395,093

API

Group

Corp.\*(a)

6,594

249,451

Arcosa,

Inc.(a)

1,264

101,208

Argan,

Inc.

1,266

193,862

Centuri

Holdings,

Inc.\*

1,256

22,558

Comfort

Systems

USA,

Inc.

785

312,077

Construction

Partners,

Inc.,

Class

A\*(a)

790

64,891

Dycom

Industries,

Inc.\*

1,264

211,783

EMCOR

Group,

Inc.

1,256

503,279

Fluor

Corp.\*

5,372

187,429

Granite

Construction,

Inc.(a)

3,003

244,114

Great

Lakes

Dredge

&

Dock

Corp.\*

2,198

19,980

IES

Holdings,

Inc.\*(a)

785

154,394

MasTec,

Inc.\*(a)

2,355

299,839

MYR

Group,

Inc.\*

1,099

134,430

Primoris

Services

Corp.

3,611

216,552

Quanta

Services,

Inc.

3,454

1,010,951

Sterling

Infrastructure,

Inc.\*

1,884

281,526

Tutor

Perini

Corp.\*(a)

5,024

107,815

Valmont

Industries,

Inc.

628

184,142

WillScot

Holdings

Corp.(a)

8,478

212,967

#### 5,108,341

#### Construction

#### Materials

#### -

#### 0

#### .2

#### %
CRH

plc

18,055

1,722,808

Eagle

Materials,

Inc.(a)

1,580

357,696

Knife

River

Corp.\*(a)

1,099

102,625

Martin

Marietta

Materials,

Inc.(a)

1,422

745,100

Vulcan

Materials

Co.

2,844

746,066

#### 3,674,295

#### Consumer

#### Finance

#### -

#### 0

#### .9

#### %
Ally

Financial,

Inc.(a)

49,455

1,615,200

American

Express

Co.

15,543

4,140,811

Bread

Financial

Holdings,

Inc.

10,990

521,476

Capital

One

Financial

Corp.(a)

10,990

1,981,057

Credit

Acceptance

Corp.\*(a)

133,066

Discover

Financial

Services

7,222

1,319,243

Encore

Capital

Group,

Inc.\*

5,652

194,429

#### Investments

#### Shares

#### Value

#### Consumer

#### Finance
(continued)

Enova

International,

Inc.\*

5,966

$

547,619

EZCORP,

Inc.,

Class

A\*(a)

3,140

51,402

FirstCash

Holdings,

Inc.

1,264

169,325

Green

Dot

Corp.,

Class

A\*

3,942

LendingClub

Corp.\*

10,990

107,372

Navient

Corp.(a)

21,017

260,190

Nelnet,

Inc.,

Class

A

1,413

149,905

NerdWallet,

Inc.,

Class

A\*(a)

9,420

84,403

OneMain

Holdings,

Inc.

21,509

1,012,429

PRA

Group,

Inc.\*

2,355

43,097

PROG

Holdings,

Inc.

4,396

115,879

SLM

Corp.(a)

45,687

1,320,811

SoFi

Technologies,

Inc.\*(a)

40,035

500,838

Synchrony

Financial

9,263

481,213

Upstart

Holdings,

Inc.\*

3,768

180,110

World

Acceptance

Corp.\*

40,802

#### 14,974,619

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 1

#### .9

#### %
Albertsons

Cos.,

Inc.,

Class

A

80,070

1,759,939

Andersons,

Inc.

(The)

3,925

148,012

BJ's

Wholesale

Club

Holdings,

Inc.\*(a)

4,553

535,251

Casey's

General

Stores,

Inc.

942

435,760

Chefs'

Warehouse,

Inc.

(The)\*(a)

3,297

187,830

Costco

Wholesale

Corp.

9,891

9,836,599

Dollar

General

Corp.(a)

7,379

691,338

Dollar

Tree,

Inc.\*

4,239

346,623

Ingles

Markets,

Inc.,

Class

A

1,256

77,483

Kroger

Co.

(The)(a)

19,468

1,405,784

Maplebear,

Inc.\*

6,437

256,772

Performance

Food

Group

Co.\*

3,454

278,600

PriceSmart,

Inc.

32,071

SpartanNash

Co.

2,983

59,183

Sprouts

Farmers

Market,

Inc.\*

2,983

510,093

Sysco

Corp.(a)

10,990

784,686

Target

Corp.

11,932

1,153,824

United

Natural

Foods,

Inc.\*

6,437

171,932

US

Foods

Holding

Corp.\*

6,594

432,962

Walgreens

Boots

Alliance,

Inc.

142,242

1,560,395

Walmart,

Inc.

97,968

9,527,388

Weis

Markets,

Inc.(a)

1,559

134,058

#### 30,326,583

#### Containers

#### &

#### Packaging

#### -

#### 0

#### .6

#### %
Amcor

plc

61,234

563,355

AptarGroup,

Inc.(a)

2,198

329,590

Avery

Dennison

Corp.

1,423

243,489

Ball

Corp.

7,379

383,265

Crown

Holdings,

Inc.

22,451

2,162,705

Graphic

Packaging

Holding

Co.(a)

58,090

1,470,258

Greif,

Inc.,

Class

A(a)

5,057

265,391

International

Paper

Co.

11,618

530,710

O-I

Glass,

Inc.\*

23,707

300,131

Packaging

Corp.

of

America

2,355

437,112

Sealed

Air

Corp.

24,806

683,653

Silgan

Holdings,

Inc.

14,287

737,924

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Containers

#### &

#### Packaging
(continued)

Smurfit

WestRock

plc(a)

13,188

$

554,160

Sonoco

Products

Co.(a)

16,799

688,759

TriMas

Corp.(a)

1,107

26,623

#### 9,377,125

#### Distributors

#### -

#### 0

#### .2

#### %
Genuine

Parts

Co.

3,297

387,562

GigaCloud

Technology,

Inc.,

Class

A\*(a)

2,512

31,500

LKQ

Corp.

54,008

2,063,646

Pool

Corp.(a)

1,099

322,161

#### 2,804,869

#### Diversified

#### Consumer

#### Services

#### -

#### 0

#### .3

#### %
ADT,

Inc.

44,745

358,855

Adtalem

Global

Education,

Inc.\*

2,512

266,774

Bright

Horizons

Family

Solutions,

Inc.\*(a)

2,983

374,128

Coursera,

Inc.\*

16,799

141,448

Duolingo,

Inc.,

Class

A\*(a)

1,256

489,187

Frontdoor,

Inc.\*(a)

2,198

90,360

Graham

Holdings

Co.,

Class

B

144,448

Grand

Canyon

Education,

Inc.\*

1,099

196,029

H&R

Block,

Inc.(a)

25,434

1,535,451

Laureate

Education,

Inc.\*(a)

8,478

170,153

Mister

Car

Wash,

Inc.\*(a)

9,734

66,775

OneSpaWorld

Holdings

Ltd.(a)

8,058

134,569

Perdoceo

Education

Corp.(a)

8,321

209,023

Service

Corp.

International

4,108

328,229

Strategic

Education,

Inc.

1,580

128,896

Stride,

Inc.\*(a)

2,512

357,332

Udemy,

Inc.\*(a)

15,072

103,545

#### 5,095,202

#### Diversified

#### REITs

#### -

#### 0

#### .1

#### %
Alexander

&

Baldwin,

Inc.,

REIT

2,686

46,145

Armada

Hoffler

Properties,

Inc.,

REIT

2,126

Broadstone

Net

Lease,

Inc.,

REIT

13,031

210,842

Empire

State

Realty

Trust,

Inc.,

Class

A,

REIT(a)

14,287

101,723

Essential

Properties

Realty

Trust,

Inc.,

REIT(a)

6,751

217,180

Gladstone

Commercial

Corp.,

REIT(a)

8,321

117,576

Global

Net

Lease,

Inc.,

REIT(a)

51,339

387,609

WP

Carey,

Inc.,

REIT(a)

6,280

392,123

#### 1,475,324

#### Diversified

#### Telecommunication

#### Services

#### -

#### 0

#### .9

#### %
Anterix,

Inc.\*

2,669

79,670

AST

SpaceMobile,

Inc.,

Class

A\*(a)

5,338

123,895

AT&T,

Inc.

195,151

5,405,683

Cogent

Communications

Holdings,

Inc.

3,297

179,192

#### Investments

#### Shares

#### Value

#### Diversified

#### Telecommunication

#### Services
(continued)

Frontier

Communications

Parent,

Inc.\*

37,837

$

1,371,591

Globalstar,

Inc.\*(a)

2,763

53,105

Iridium

Communications,

Inc.(a)

1,256

30,307

Liberty

Global

Ltd.,

Class

A\*(a)

27,789

304,290

Liberty

Global

Ltd.,

Class

C\*(a)

35,325

400,586

Liberty

Latin

America

Ltd.,

Class

C\*(a)

28,417

156,293

Lumen

Technologies,

Inc.\*

195,308

691,390

Shenandoah

Telecommunications

Co.(a)

9,263

103,190

Verizon

Communications,

Inc.

114,453

5,042,799

#### 13,941,991

#### Electric

#### Utilities

#### -

#### 1

#### .7

#### %
ALLETE,

Inc.

12,560

822,554

Alliant

Energy

Corp.

5,966

364,165

American

Electric

Power

Co.,

Inc.

13,816

1,496,825

Constellation

Energy

Corp.

6,908

1,543,524

Duke

Energy

Corp.

20,724

2,528,743

Edison

International

9,734

520,866

Entergy

Corp.(a)

10,676

887,923

Evergy,

Inc.

7,850

542,435

Eversource

Energy

8,478

504,271

Exelon

Corp.

29,987

1,406,390

FirstEnergy

Corp.

14,444

619,359

Hawaiian

Electric

Industries,

Inc.\*(a)

37,994

398,937

IDACORP,

Inc.(a)

1,413

166,861

MGE

Energy,

Inc.(a)

948

85,718

NextEra

Energy,

Inc.

55,578

3,717,057

NRG

Energy,

Inc.

6,437

705,367

OGE

Energy

Corp.

6,594

299,236

Otter

Tail

Corp.(a)

8,164

648,058

PG&E

Corp.

54,793

905,180

Pinnacle

West

Capital

Corp.(a)

21,038

2,002,397

Portland

General

Electric

Co.

21,823

919,185

PPL

Corp.

17,584

641,816

Southern

Co.

(The)

29,202

2,683,372

TXNM

Energy,

Inc.

19,311

1,027,345

Xcel

Energy,

Inc.

16,642

1,176,589

#### 26,614,173

#### Electrical

#### Equipment

#### -

#### 0

#### .9

#### %
Acuity,

Inc.

1,570

382,468

AMETEK,

Inc.

4,867

825,346

Array

Technologies,

Inc.\*(a)

40,192

192,118

Atkore,

Inc.

7,379

471,297

Bloom

Energy

Corp.,

Class

A\*(a)

9,263

169,698

Eaton

Corp.

plc

9,006

2,651,096

Emerson

Electric

Co.

16,642

1,749,241

EnerSys

6,908

598,233

Enovix

Corp.\*(a)

9,734

65,218

Eos

Energy

Enterprises,

Inc.\*(a)

2,198

11,474

Fluence

Energy,

Inc.,

Class

A\*(a)

6,908

28,254

GE

Vernova,

Inc.

5,966

2,212,312

Generac

Holdings,

Inc.\*

2,826

323,238

Hubbell,

Inc.,

Class

B(a)

1,106

401,677

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Electrical

#### Equipment
(continued)

NEXTracker,

Inc.,

Class

A\*

25,434

$

1,032,875

nVent

Electric

plc(a)

4,710

258,626

Plug

Power,

Inc.\*(a)

161,867

141,245

Regal

Rexnord

Corp.(a)

1,896

200,673

Rockwell

Automation,

Inc.

2,528

626,135

Sensata

Technologies

Holding

plc(a)

32,970

705,558

Shoals

Technologies

Group,

Inc.,

Class

A\*(a)

1,700

Sunrun,

Inc.\*(a)

31,714

218,509

Thermon

Group

Holdings,

Inc.\*

3,611

94,716

Vertiv

Holdings

Co.,

Class

A

8,635

737,256

Vicor

Corp.\*

18,795

#### 14,117,758

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 1

#### .0

#### %
Advanced

Energy

Industries,

Inc.(a)

948

92,345

Amphenol

Corp.,

Class

A

25,748

1,981,309

Arrow

Electronics,

Inc.\*(a)

9,420

1,049,011

Avnet,

Inc.(a)

18,171

853,855

Badger

Meter,

Inc.(a)

1,727

381,356

Bel

Fuse,

Inc.,

Class

B(a)

628

41,304

Belden,

Inc.

2,512

259,012

Benchmark

Electronics,

Inc.(a)

3,816

124,134

CDW

Corp.

2,530

406,217

Cognex

Corp.(a)

3,925

107,152

Coherent

Corp.\*(a)

4,396

282,751

Corning,

Inc.

19,154

850,055

Crane

NXT

Co.(a)

3,925

184,161

CTS

Corp.(a)

790

30,083

ePlus,

Inc.\*

2,198

137,067

Fabrinet\*

1,739

356,599

Flex

Ltd.\*

13,659

469,050

Insight

Enterprises,

Inc.\*(a)

5,652

781,559

IPG

Photonics

Corp.\*

28,208

Itron,

Inc.\*

1,738

193,422

Jabil,

Inc.(a)

3,611

529,228

Keysight

Technologies,

Inc.\*

3,925

570,695

Knowles

Corp.\*

2,213

34,833

Littelfuse,

Inc.

628

114,491

Mirion

Technologies,

Inc.,

Class

A\*(a)

15,072

237,836

nLight,

Inc.\*(a)

12,246

94,417

Novanta,

Inc.\*

1,738

206,579

OSI

Systems,

Inc.\*(a)

96,433

PAR

Technology

Corp.\*(a)

9,169

PC

Connection,

Inc.

9,802

Plexus

Corp.\*

628

76,886

Rogers

Corp.\*

1,727

106,746

Sanmina

Corp.\*(a)

12,089

928,314

ScanSource,

Inc.\*

3,634

119,886

TD

SYNNEX

Corp.(a)

8,792

974,154

TE

Connectivity

plc

7,222

1,057,156

Teledyne

Technologies,

Inc.\*

1,106

515,429

Trimble,

Inc.\*(a)

5,024

312,191

TTM

Technologies,

Inc.\*

19,118

382,742

Vontier

Corp.(a)

8,321

264,691

#### Investments

#### Shares

#### Value

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components
(continued)

Zebra

Technologies

Corp.,

Class

A\*

942

$

235,801

#### 15,486,129

#### Energy

#### Equipment

#### &

#### Services

#### -

#### 0

#### .5

#### %
Archrock,

Inc.

10,833

254,901

Atlas

Energy

Solutions,

Inc.,

Class

A(a)

7,850

106,211

Baker

Hughes

Co.

25,120

889,248

Bristow

Group,

Inc.,

Class

A\*

628

18,237

Cactus,

Inc.,

Class

A(a)

3,950

149,863

ChampionX

Corp.

9,891

238,670

Halliburton

Co.

20,410

404,526

Helix

Energy

Solutions

Group,

Inc.\*

12,246

74,578

Helmerich

&

Payne,

Inc.(a)

20,253

382,579

Innovex

International,

Inc.\*(a)

6,123

92,457

Liberty

Energy,

Inc.,

Class

A

34,383

395,405

NOV,

Inc.(a)

74,261

862,170

Oceaneering

International,

Inc.\*(a)

7,536

133,764

Patterson-UTI

Energy,

Inc.(a)

29,202

164,699

ProPetro

Holding

Corp.\*

25,277

125,879

RPC,

Inc.(a)

27,475

129,957

Schlumberger

NV

36,895

1,226,759

Select

Water

Solutions,

Inc.,

Class

A(a)

11,461

97,648

Tidewater,

Inc.\*(a)

9,420

340,910

Transocean

Ltd.\*(a)

119,948

255,489

Valaris

Ltd.\*(a)

9,420

304,360

Weatherford

International

plc

13,188

545,983

#### 7,194,293

#### Entertainment

#### -

#### 1

#### .3

#### %
AMC

Entertainment

Holdings,

Inc.,

Class

A\*(a)

43,332

115,696

Atlanta

Braves

Holdings,

Inc.,

Class

C\*(a)

7,573

Cinemark

Holdings,

Inc.(a)

8,164

244,185

Electronic

Arts,

Inc.

5,652

820,049

IMAX

Corp.\*(a)

1,738

42,286

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A\*

1,580

127,269

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C\*(a)

4,898

434,306

Lions

Gate

Entertainment

Corp.,

Class

B\*

28,417

226,768

Live

Nation

Entertainment,

Inc.\*(a)

4,082

540,661

Madison

Square

Garden

Sports

Corp.\*

60,467

Netflix,

Inc.\*

9,577

10,838,482

ROBLOX

Corp.,

Class

A\*

10,990

736,879

Roku,

Inc.\*

5,652

385,353

Sphere

Entertainment

Co.\*(a)

3,768

102,678

Take-Two

Interactive

Software,

Inc.\*

3,925

915,781

TKO

Group

Holdings,

Inc.,

Class

A

3,611

588,268

Walt

Disney

Co.

(The)

49,298

4,483,653

Warner

Bros

Discovery,

Inc.\*

71,749

622,064

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Entertainment
(continued)

Warner

Music

Group

Corp.,

Class

A

4,710

$

143,420

#### 21,435,838

#### Financial

#### Services

#### -

#### 4

#### .6

#### %
Affirm

Holdings,

Inc.,

Class

A\*

10,362

515,613

Apollo

Global

Management,

Inc.(a)

11,618

1,585,625

AvidXchange

Holdings,

Inc.\*

10,205

82,967

Berkshire

Hathaway,

Inc.,

Class

B\*

50,083

26,706,760

Block,

Inc.,

Class

A\*

12,403

725,203

Cantaloupe,

Inc.\*(a)

2,355

18,840

Compass

Diversified

Holdings

7,379

126,845

Corebridge

Financial,

Inc.

3,768

111,646

Corpay,

Inc.\*

1,411

459,097

Enact

Holdings,

Inc.(a)

3,297

118,000

Equitable

Holdings,

Inc.

10,205

504,637

Essent

Group

Ltd.

18,997

1,081,499

Euronet

Worldwide,

Inc.\*

7,850

777,935

EVERTEC,

Inc.

4,553

154,529

Federal

Agricultural

Mortgage

Corp.,

Class

C

785

137,634

Fidelity

National

Information

Services,

Inc.

10,676

842,123

Fiserv,

Inc.\*

15,857

2,926,726

Global

Payments,

Inc.

6,123

467,246

HA

Sustainable

Infrastructure

Capital,

Inc.(a)

18,369

458,858

Jack

Henry

&

Associates,

Inc.

1,738

301,421

Jackson

Financial,

Inc.,

Class

A

12,874

1,003,013

Mastercard,

Inc.,

Class

A

18,212

9,981,269

Merchants

Bancorp(a)

2,687

80,825

MGIC

Investment

Corp.

53,066

1,321,874

Mr

Cooper

Group,

Inc.\*(a)

12,560

1,494,766

NCR

Atleos

Corp.\*(a)

12,560

350,675

NMI

Holdings,

Inc.,

Class

A\*

17,066

617,277

PayPal

Holdings,

Inc.\*

28,888

1,901,986

PennyMac

Financial

Services,

Inc.

4,396

428,346

Radian

Group,

Inc.

32,656

1,043,033

Remitly

Global,

Inc.\*

8,164

165,076

Repay

Holdings

Corp.,

Class

A\*

21,666

86,664

Rocket

Cos.,

Inc.,

Class

A(a)

6,280

81,075

Shift4

Payments,

Inc.,

Class

A\*(a)

1,884

154,111

Toast,

Inc.,

Class

A\*

12,089

430,127

Visa,

Inc.,

Class

A(a)

38,465

13,289,657

Voya

Financial,

Inc.(a)

18,212

1,078,150

Walker

&

Dunlop,

Inc.

2,198

168,235

Western

Union

Co.

(The)

55,892

553,890

WEX,

Inc.\*(a)

1,413

184,213

#### 72,517,466

#### Food

#### Products

#### -

#### 0

#### .9

#### %
Archer-Daniels-Midland

Co.

13,816

659,714

B&G

Foods,

Inc.(a)

19,939

137,380

Bunge

Global

SA

2,826

222,463

Cal-Maine

Foods,

Inc.(a)

7,222

674,318

Campbell's

Co.

(The)(a)

8,007

291,935

#### Investments

#### Shares

#### Value

#### Food

#### Products
(continued)

Conagra

Brands,

Inc.

17,270

$

426,742

Darling

Ingredients,

Inc.\*(a)

27,632

889,474

Flowers

Foods,

Inc.

13,816

243,023

Fresh

Del

Monte

Produce,

Inc.

6,437

218,922

Freshpet,

Inc.\*(a)

2,041

150,095

General

Mills,

Inc.

17,113

970,992

Hain

Celestial

Group,

Inc.

(The)\*(a)

1,884

5,727

Hershey

Co.

(The)(a)

2,826

472,479

Hormel

Foods

Corp.

6,280

187,772

Ingredion,

Inc.

12,798

1,699,830

J

&

J

Snack

Foods

Corp.(a)

1,106

143,327

J

M

Smucker

Co.

(The)

2,826

328,579

John

B

Sanfilippo

&

Son,

Inc.

1,570

104,044

Kellanova

6,908

571,775

Kraft

Heinz

Co.

(The)

21,666

630,481

Lamb

Weston

Holdings,

Inc.(a)

3,161

166,932

Lancaster

Colony

Corp.

1,099

178,895

McCormick

&

Co.,

Inc.

(Non-Voting)

6,280

481,425

Mission

Produce,

Inc.\*

9,420

98,675

Mondelez

International,

Inc.,

Class

A

35,639

2,428,085

Pilgrim's

Pride

Corp.(a)

6,280

342,762

Post

Holdings,

Inc.\*(a)

9,891

1,119,364

Simply

Good

Foods

Co.

(The)\*(a)

3,625

130,899

Tootsie

Roll

Industries,

Inc.(a)

2,413

77,216

TreeHouse

Foods,

Inc.\*(a)

3,925

91,413

Tyson

Foods,

Inc.,

Class

A

6,437

394,202

Utz

Brands,

Inc.(a)

6,637

88,206

WK

Kellogg

Co.(a)

8,635

154,826

#### 14,781,972

#### Gas

#### Utilities

#### -

#### 0

#### .4

#### %
Atmos

Energy

Corp.(a)

2,844

456,832

Chesapeake

Utilities

Corp.(a)

1,570

206,722

MDU

Resources

Group,

Inc.(a)

30,144

516,668

National

Fuel

Gas

Co.(a)

16,485

1,265,718

New

Jersey

Resources

Corp.(a)

21,038

1,029,600

Northwest

Natural

Holding

Co.

3,611

155,634

ONE

Gas,

Inc.(a)

1,570

123,261

Southwest

Gas

Holdings,

Inc.

1,099

79,359

Spire,

Inc.

12,403

949,325

UGI

Corp.(a)

37,523

1,230,379

#### 6,013,498

#### Ground

#### Transportation

#### -

#### 0

#### .9

#### %
ArcBest

Corp.(a)

1,413

82,689

Avis

Budget

Group,

Inc.\*(a)

1,727

159,972

CSX

Corp.

50,083

1,405,830

Hertz

Global

Holdings,

Inc.\*(a)

35,168

239,846

JB

Hunt

Transport

Services,

Inc.

1,896

247,580

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

7,850

307,484

Landstar

System,

Inc.

1,423

190,895

Lyft,

Inc.,

Class

A\*

17,584

218,041

Marten

Transport

Ltd.

2,056

26,399

Norfolk

Southern

Corp.

5,181

1,160,803

Old

Dominion

Freight

Line,

Inc.

4,267

654,046

RXO,

Inc.\*

8,007

112,819

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Ground

#### Transportation
(continued)

Ryder

System,

Inc.(a)

9,007

$

1,239,994

Saia,

Inc.\*(a)

785

191,540

Schneider

National,

Inc.,

Class

B(a)

3,768

80,974

Uber

Technologies,

Inc.\*

47,728

3,866,445

U-Haul

Holding

Co.(a)

2,198

120,450

U-Haul

Holding

Co.\*(a)

9,700

Union

Pacific

Corp.

13,345

2,877,983

XPO,

Inc.\*(a)

3,297

349,878

#### 13,543,368

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 2

#### .0

#### %
Abbott

Laboratories

38,779

5,070,354

Align

Technology,

Inc.\*

2,041

353,705

Alphatec

Holdings,

Inc.\*(a)

10,677

117,233

AtriCure,

Inc.\*(a)

2,512

75,134

Avanos

Medical,

Inc.\*

2,355

29,555

Baxter

International,

Inc.

11,147

347,452

Becton

Dickinson

&

Co.(a)

7,693

1,593,143

Boston

Scientific

Corp.\*

33,441

3,440,076

Ceribell,

Inc.\*(a)

1,727

27,787

CONMED

Corp.(a)

23,131

Cooper

Cos.,

Inc.

(The)\*

3,953

322,842

Dentsply

Sirona,

Inc.

33,441

464,830

Dexcom,

Inc.\*

7,435

530,710

Edwards

Lifesciences

Corp.\*

13,031

983,710

Embecta

Corp.(a)

16,328

199,038

Enovis

Corp.\*(a)

1,727

59,737

Envista

Holdings

Corp.\*

13,031

209,538

Establishment

Labs

Holdings,

Inc.\*(a)

628

19,060

GE

HealthCare

Technologies,

Inc.

7,693

541,049

Glaukos

Corp.\*

2,212

208,481

Globus

Medical,

Inc.,

Class

A\*(a)

3,454

247,894

Haemonetics

Corp.\*(a)

2,041

128,624

Hologic,

Inc.\*(a)

6,123

356,359

ICU

Medical,

Inc.\*

1,413

193,002

IDEXX

Laboratories,

Inc.\*

1,727

747,187

Inspire

Medical

Systems,

Inc.\*(a)

1,099

174,060

Insulet

Corp.\*

1,256

316,876

Integer

Holdings

Corp.\*

790

99,785

Integra

LifeSciences

Holdings

Corp.\*(a)

16,014

262,469

Intuitive

Surgical,

Inc.\*

7,850

4,049,030

iRhythm

Technologies,

Inc.\*(a)

2,041

218,162

Lantheus

Holdings,

Inc.\*(a)

3,855

402,231

LeMaitre

Vascular,

Inc.(a)

14,337

LivaNova

plc\*

2,041

75,517

Masimo

Corp.\*(a)

1,884

303,249

Medtronic

plc

34,540

2,927,610

Merit

Medical

Systems,

Inc.\*(a)

1,570

148,286

Novocure

Ltd.\*

4,710

85,439

Omnicell,

Inc.\*

4,396

137,419

Orthofix

Medical,

Inc.\*

2,184

Penumbra,

Inc.\*

1,570

459,759

PROCEPT

BioRobotics

Corp.\*(a)

2,198

118,648

ResMed,

Inc.

2,983

705,748

#### Investments

#### Shares

#### Value

#### Health

#### Care

#### Equipment

#### &

#### Supplies
(continued)

RxSight,

Inc.\*

785

$

11,555

Solventum

Corp.\*

2,983

197,236

STERIS

plc

2,371

532,859

Stryker

Corp.

8,007

2,993,977

Tandem

Diabetes

Care,

Inc.\*(a)

4,082

68,782

Teleflex,

Inc.

2,512

344,270

TransMedics

Group,

Inc.\*(a)

1,264

116,301

Zimmer

Biomet

Holdings,

Inc.(a)

6,437

663,333

#### 31,718,753

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 2

#### .3

#### %
Acadia

Healthcare

Co.,

Inc.\*(a)

19,939

466,573

AdaptHealth

Corp.,

Class

A\*

14,287

121,582

Addus

HomeCare

Corp.\*

942

98,486

agilon

health,

Inc.\*

59,660

254,151

Alignment

Healthcare,

Inc.\*(a)

942

16,692

Amedisys,

Inc.\*

44,698

AMN

Healthcare

Services,

Inc.\*

9,577

195,658

Ardent

Health

Partners,

Inc.\*

1,999

Astrana

Health,

Inc.\*

2,355

73,405

Brookdale

Senior

Living,

Inc.\*

43,594

285,977

Cardinal

Health,

Inc.

7,536

1,064,761

Castle

Biosciences,

Inc.\*

2,355

47,218

Cencora,

Inc.

4,082

1,194,679

Centene

Corp.\*

13,816

826,888

Chemed

Corp.

273,891

Cigna

Group

(The)

7,693

2,615,928

Clover

Health

Investments

Corp.,

Class

A\*

2,826

9,608

Concentra

Group

Holdings

Parent,

Inc.(a)

2,198

47,806

CorVel

Corp.\*(a)

51,226

CVS

Health

Corp.

34,069

2,272,743

DaVita,

Inc.\*

1,884

266,680

Elevance

Health,

Inc.

6,280

2,641,242

Encompass

Health

Corp.

3,297

385,716

Ensign

Group,

Inc.

(The)

1,727

222,766

Guardant

Health,

Inc.\*

7,222

341,095

HCA

Healthcare,

Inc.

5,024

1,733,682

HealthEquity,

Inc.\*(a)

3,476

297,963

Henry

Schein,

Inc.\*

24,963

1,621,846

Hims

&

Hers

Health,

Inc.\*(a)

3,611

119,524

Humana,

Inc.

2,983

782,262

Labcorp

Holdings,

Inc.(a)

2,686

647,353

LifeStance

Health

Group,

Inc.\*

4,396

28,882

McKesson

Corp.

3,611

2,573,885

Molina

Healthcare,

Inc.\*

1,884

616,087

National

HealthCare

Corp.(a)

2,041

192,854

NeoGenomics,

Inc.\*(a)

8,007

51,205

OPKO

Health,

Inc.\*(a)

74,261

102,480

Option

Care

Health,

Inc.\*

8,061

260,451

Owens

&

Minor,

Inc.\*

17,898

126,360

PACS

Group,

Inc.\*

1,727

16,631

Pediatrix

Medical

Group,

Inc.\*

19,468

250,748

Premier,

Inc.,

Class

A(a)

13,031

265,181

Privia

Health

Group,

Inc.\*

8,792

206,436

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

Quest

Diagnostics,

Inc.(a)

2,983

$

531,630

RadNet,

Inc.\*

1,413

74,013

Select

Medical

Holdings

Corp.(a)

18,526

337,914

Surgery

Partners,

Inc.\*(a)

2,845

62,448

Tenet

Healthcare

Corp.\*

2,983

426,420

UnitedHealth

Group,

Inc.

25,434

10,464,565

Universal

Health

Services,

Inc.,

Class

B

1,727

305,800

US

Physical

Therapy,

Inc.

33,564

#### 35,951,652

#### Health

#### Care

#### REITs

#### -

#### 0

#### .3

#### %
Alexandria

Real

Estate

Equities,

Inc.,

REIT(a)

2,512

182,522

American

Healthcare

REIT,

Inc.,

REIT(a)

3,297

106,427

CareTrust

REIT,

Inc.,

REIT

6,636

194,236

Healthcare

Realty

Trust,

Inc.,

Class

A,

REIT(a)

74,889

1,163,026

Healthpeak

Properties,

Inc.,

REIT

11,618

207,265

Medical

Properties

Trust,

Inc.,

REIT(a)

8,635

47,665

National

Health

Investors,

Inc.,

REIT(a)

628

47,521

Omega

Healthcare

Investors,

Inc.,

REIT(a)

9,263

361,720

Sabra

Health

Care

REIT,

Inc.,

REIT

10,362

184,962

Sila

Realty

Trust,

Inc.,

REIT

1,099

28,310

Ventas,

Inc.,

REIT

8,321

583,136

Welltower,

Inc.,

REIT

13,659

2,084,227

#### 5,191,017

#### Health

#### Care

#### Technology

#### -

#### 0

#### .1

#### %
Certara,

Inc.\*(a)

11,932

165,378

Doximity,

Inc.,

Class

A\*(a)

5,809

330,416

Evolent

Health,

Inc.,

Class

A\*(a)

9,891

97,525

GoodRx

Holdings,

Inc.,

Class

A\*(a)

11,775

54,518

HealthStream,

Inc.

5,314

Phreesia,

Inc.\*

1,413

35,269

Schrodinger,

Inc.\*

6,280

160,956

Teladoc

Health,

Inc.\*

21,038

151,263

Veeva

Systems,

Inc.,

Class

A\*

2,983

697,097

#### 1,697,736

#### Hotel

#### &

#### Resort

#### REITs

#### -

#### 0

#### .1

#### %
Apple

Hospitality

REIT,

Inc.,

REIT(a)

50,868

598,716

DiamondRock

Hospitality

Co.,

REIT

16,267

119,400

Host

Hotels

&

Resorts,

Inc.,

REIT(a)

14,853

209,724

Park

Hotels

&

Resorts,

Inc.,

REIT(a)

33,284

330,843

Pebblebrook

Hotel

Trust,

REIT(a)

4,867

44,046

RLJ

Lodging

Trust,

REIT(a)

12,560

88,045

Ryman

Hospitality

Properties,

Inc.,

REIT(a)

3,002

264,026

Summit

Hotel

Properties,

Inc.,

REIT

20,881

84,986

Sunstone

Hotel

Investors,

Inc.,

REIT

7,743

64,577

#### Investments

#### Shares

#### Value

#### Hotel

#### &

#### Resort

#### REITs
(continued)

Xenia

Hotels

&

Resorts,

Inc.,

REIT

8,873

$

94,764

#### 1,899,127

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 2

#### .2

#### %
Accel

Entertainment,

Inc.,

Class

A\*

7,850

80,855

Airbnb,

Inc.,

Class

A\*

8,792

1,071,921

Aramark(a)

8,164

272,923

BJ's

Restaurants,

Inc.\*(a)

1,896

63,118

Bloomin'

Brands,

Inc.

6,538

52,435

Booking

Holdings,

Inc.

762

3,885,651

Boyd

Gaming

Corp.(a)

11,932

824,979

Brinker

International,

Inc.\*

7,850

1,054,255

Caesars

Entertainment,

Inc.\*

36,424

985,633

Carnival

Corp.\*(a)

24,178

443,425

Cava

Group,

Inc.\*

1,884

174,138

Cheesecake

Factory,

Inc.

(The)(a)

2,826

142,346

Chipotle

Mexican

Grill,

Inc.\*

28,574

1,443,559

Choice

Hotels

International,

Inc.(a)

785

98,996

Churchill

Downs,

Inc.(a)

3,307

298,986

Cracker

Barrel

Old

Country

Store,

Inc.(a)

2,983

127,374

Darden

Restaurants,

Inc.

2,528

507,218

Dave

&

Buster's

Entertainment,

Inc.\*(a)

2,669

51,218

Domino's

Pizza,

Inc.(a)

628

307,952

DoorDash,

Inc.,

Class

A\*

7,536

1,453,619

DraftKings,

Inc.,

Class

A\*(a)

12,246

407,669

Dutch

Bros,

Inc.,

Class

A\*

3,454

206,342

Everi

Holdings,

Inc.\*(a)

10,205

143,380

Expedia

Group,

Inc.

3,611

566,674

Flutter

Entertainment

plc\*

3,454

832,379

Golden

Entertainment,

Inc.(a)

2,983

76,663

Hilton

Grand

Vacations,

Inc.\*(a)

9,420

316,795

Hilton

Worldwide

Holdings,

Inc.

5,689

1,282,756

Hyatt

Hotels

Corp.,

Class

A

2,198

247,671

Jack

in

the

Box,

Inc.(a)

1,099

28,618

Krispy

Kreme,

Inc.(a)

12,089

49,565

Las

Vegas

Sands

Corp.(a)

8,792

322,403

Life

Time

Group

Holdings,

Inc.\*

5,966

182,918

Light

&

Wonder,

Inc.\*(a)

4,396

375,331

Marriott

International,

Inc.,

Class

A(a)

5,495

1,310,997

Marriott

Vacations

Worldwide

Corp.

(a) 6,280

344,207

McDonald's

Corp.

16,014

5,118,875

MGM

Resorts

International\*

12,874

405,016

Norwegian

Cruise

Line

Holdings

Ltd.\*(a)

78,029

1,250,805

Papa

John's

International,

Inc.(a)

10,842

Penn

Entertainment,

Inc.\*(a)

20,410

310,640

Planet

Fitness,

Inc.,

Class

A\*

3,297

311,863

Red

Rock

Resorts,

Inc.,

Class

A(a)

1,739

74,255

Royal

Caribbean

Cruises

Ltd.

5,966

1,282,153

Sabre

Corp.\*

54,793

129,859

Shake

Shack,

Inc.,

Class

A\*(a)

785

68,876

Six

Flags

Entertainment

Corp.(a)

16,171

556,444

Starbucks

Corp.

30,615

2,450,731

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

Sweetgreen,

Inc.,

Class

A\*(a)

6,594

$

128,451

Target

Hospitality

Corp.\*(a)

3,140

21,352

Texas

Roadhouse,

Inc.,

Class

A

2,041

338,724

Travel

+

Leisure

Co.

12,403

544,864

United

Parks

&

Resorts,

Inc.\*(a)

3,454

150,767

Vail

Resorts,

Inc.(a)

1,884

262,253

Wendy's

Co.

(The)(a)

3,140

39,250

Wingstop,

Inc.(a)

942

248,584

Wyndham

Hotels

&

Resorts,

Inc.(a)

2,826

241,058

Wynn

Resorts

Ltd.(a)

5,181

416,086

Yum!

Brands,

Inc.

6,751

1,015,620

#### 35,412,337

#### Household

#### Durables

#### -

#### 0

#### .9

#### %
Beazer

Homes

USA,

Inc.\*(a)

1,884

36,851

Cavco

Industries,

Inc.\*

155,069

Century

Communities,

Inc.

6,322

344,802

Champion

Homes,

Inc.\*(a)

3,297

285,190

DR

Horton,

Inc.(a)

8,792

1,110,781

Dream

Finders

Homes,

Inc.,

Class

A\*(a)

1,099

24,903

Ethan

Allen

Interiors,

Inc.

3,950

112,298

Garmin

Ltd.

3,611

674,788

Green

Brick

Partners,

Inc.\*

6,908

407,503

Helen

of

Troy

Ltd.\*

2,983

83,106

Hovnanian

Enterprises,

Inc.,

Class

A\*

15,198

Installed

Building

Products,

Inc.(a)

632

104,805

KB

Home

14,287

771,927

La-Z-Boy,

Inc.(a)

6,751

266,664

Leggett

&

Platt,

Inc.(a)

15,229

146,503

Lennar

Corp.,

Class

A

7,065

767,330

Lennar

Corp.,

Class

B(a)

48,997

LGI

Homes,

Inc.\*(a)

4,082

222,918

M/I

Homes,

Inc.\*

6,123

653,202

Meritage

Homes

Corp.

14,540

990,756

Mohawk

Industries,

Inc.\*

9,891

1,051,908

Newell

Brands,

Inc.(a)

76,302

364,724

NVR,

Inc.\*

498,802

PulteGroup,

Inc.

6,594

676,413

Somnigroup

International,

Inc.(a)

8,635

527,253

Sonos,

Inc.\*

785

7,230

Taylor

Morrison

Home

Corp.,

Class

A\*

21,038

1,206,529

Toll

Brothers,

Inc.

3,454

348,405

TopBuild

Corp.\*(a)

942

278,606

Tri

Pointe

Homes,

Inc.\*

20,410

627,607

Whirlpool

Corp.(a)

10,833

826,341

#### 13,637,409

#### Household

#### Products

#### -

#### 0

#### .8

#### %
Central

Garden

&

Pet

Co.\*(a)

1,422

47,722

Central

Garden

&

Pet

Co.,

Class

A\*(a)

8,792

259,979

Church

&

Dwight

Co.,

Inc.

5,966

592,662

Clorox

Co.

(The)

2,669

379,799

#### Investments

#### Shares

#### Value

#### Household

#### Products
(continued)

Colgate-Palmolive

Co.

17,741

$

1,635,543

Energizer

Holdings,

Inc.

9,577

258,962

Kimberly-Clark

Corp.

6,751

889,647

Procter

&

Gamble

Co.

(The)

53,066

8,626,940

Reynolds

Consumer

Products,

Inc.(a)

3,611

83,053

Spectrum

Brands

Holdings,

Inc.(a)

2,355

148,601

Co.(a)

71,705

#### 12,994,613

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 0

#### .1

#### %
AES

Corp.

(The)

27,632

276,320

Clearway

Energy,

Inc.,

Class

A

4,294

Clearway

Energy,

Inc.,

Class

C(a)

6,280

184,255

Montauk

Renewables,

Inc.\*

17,741

37,256

Ormat

Technologies,

Inc.(a)

2,041

148,176

Talen

Energy

Corp.\*(a)

1,884

405,211

Vistra

Corp.

7,379

956,540

#### 2,012,052

#### Industrial

#### Conglomerates

#### -

#### 0

#### .4

#### %
3M

Co.

14,444

2,006,416

Honeywell

International,

Inc.

17,584

3,701,432

#### 5,707,848

#### Industrial

#### REITs

#### -

#### 0

#### .3

#### %
Americold

Realty

Trust,

Inc.,

REIT

7,065

136,637

EastGroup

Properties,

Inc.,

REIT

2,512

410,511

First

Industrial

Realty

Trust,

Inc.,

REIT

6,123

291,332

Innovative

Industrial

Properties,

Inc.,

REIT

1,727

93,794

Lineage,

Inc.,

REIT

3,297

159,014

LXP

Industrial

Trust,

REIT(a)

3,611

28,491

Plymouth

Industrial

REIT,

Inc.,

REIT(a)

7,536

112,060

Prologis,

Inc.,

REIT

20,096

2,053,811

Rexford

Industrial

Realty,

Inc.,

REIT(a)

9,734

322,196

STAG

Industrial,

Inc.,

REIT(a)

10,205

337,071

Terreno

Realty

Corp.,

REIT(a)

5,338

300,690

#### 4,245,607

#### Insurance

#### -

#### 3

#### .2

#### %
Aflac,

Inc.

14,601

1,586,837

Allstate

Corp.

(The)

6,908

1,370,478

American

Financial

Group,

Inc.

13,502

1,710,163

American

International

Group,

Inc.

17,898

1,459,045

AMERISAFE,

Inc.

14,691

Aon

plc,

Class

A(a)

4,740

1,681,705

Arch

Capital

Group

Ltd.

10,833

982,337

Arthur

J

Gallagher

&

Co.

5,495

1,762,192

Assurant,

Inc.

10,519

2,027,432

Assured

Guaranty

Ltd.

3,140

275,472

Axis

Capital

Holdings

Ltd.

14,220

1,369,670

Baldwin

Insurance

Group,

Inc.

(The),

Class

A\*(a)

628

26,137

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Insurance
(continued)

Brighthouse

Financial,

Inc.\*

13,188

$

767,805

Brown

&

Brown,

Inc.

5,057

559,304

Chubb

Ltd.

10,676

3,054,190

Cincinnati

Financial

Corp.

3,297

458,975

CNO

Financial

Group,

Inc.

22,922

869,661

Employers

Holdings,

Inc.

2,983

144,944

Enstar

Group

Ltd.\*(a)

2,512

840,038

Erie

Indemnity

Co.,

Class

A(a)

168,910

Everest

Group

Ltd.

948

340,171

F&G

Annuities

&

Life,

Inc.(a)

1,256

43,721

Fidelity

National

Financial,

Inc.

8,478

543,016

First

American

Financial

Corp.

19,909

1,210,666

Genworth

Financial,

Inc.,

Class

A\*(a)

69,394

476,043

Globe

Life,

Inc.

16,956

2,091,353

Goosehead

Insurance,

Inc.,

Class

A

1,884

183,144

Hamilton

Insurance

Group

Ltd.,

Class

B\*

3,454

63,899

Hanover

Insurance

Group,

Inc.

(The)

6,437

1,069,186

Hartford

Insurance

Group,

Inc.

(The)

8,635

1,059,256

Horace

Mann

Educators

Corp.

5,809

241,306

Kemper

Corp.

11,147

659,011

Kinsale

Capital

Group,

Inc.(a)

785

341,679

Lemonade,

Inc.\*(a)

942

27,525

Lincoln

National

Corp.

31,714

1,010,725

Loews

Corp.

6,123

531,660

Markel

Group,

Inc.\*

720,166

Marsh

&

McLennan

Cos.,

Inc.

11,304

2,548,713

Mercury

General

Corp.

6,751

374,140

MetLife,

Inc.

17,113

1,289,807

Old

Republic

International

Corp.

48,513

1,824,089

Oscar

Health,

Inc.,

Class

A\*(a)

6,908

89,873

Palomar

Holdings,

Inc.\*

45,536

Primerica,

Inc.

1,256

329,160

Principal

Financial

Group,

Inc.

6,908

512,228

Progressive

Corp.

(The)

15,857

4,467,551

Prudential

Financial,

Inc.

10,428

1,071,060

Reinsurance

Group

of

America,

Inc.

(a) 1,413

264,669

RenaissanceRe

Holdings

Ltd.(a)

1,727

417,813

RLI

Corp.(a)

2,512

185,913

Ryan

Specialty

Holdings,

Inc.,

Class

A(a)

3,140

205,701

Safety

Insurance

Group,

Inc.(a)

1,570

120,105

Selective

Insurance

Group,

Inc.

3,297

287,597

SiriusPoint

Ltd.\*

12,798

215,006

Stewart

Information

Services

Corp.

2,512

164,486

Travelers

Cos.,

Inc.

(The)

6,594

1,741,673

Trupanion,

Inc.\*(a)

17,239

Unum

Group(a)

5,338

414,549

W

R

Berkley

Corp.

6,401

458,888

White

Mountains

Insurance

Group

Ltd.(a)

832,469

Willis

Towers

Watson

plc

2,528

778,118

#### 50,398,896

#### Investments

#### Shares

#### Value

#### Interactive

#### Media

#### &

#### Services

#### -

#### 4

#### .4

#### %
Alphabet,

Inc.,

Class

A

131,095

$

20,817,886

Alphabet,

Inc.,

Class

C

114,767

18,464,863

Cargurus,

Inc.,

Class

A\*

3,611

100,963

Cars.com,

Inc.\*

9,263

107,821

IAC,

Inc.\*(a)

16,171

565,015

Match

Group,

Inc.

10,833

321,307

Meta

Platforms,

Inc.,

Class

A

48,984

26,892,216

Pinterest,

Inc.,

Class

A\*

15,229

385,598

Reddit,

Inc.,

Class

A\*

2,198

256,221

Rumble,

Inc.\*(a)

2,669

20,605

Snap,

Inc.,

Class

A\*(a)

26,376

209,953

Taboola.com

Ltd.\*

35,168

103,746

Vimeo,

Inc.\*(a)

22,765

114,736

Webtoon

Entertainment,

Inc.\*(a)

2,669

24,021

Yelp,

Inc.,

Class

A\*

4,239

148,704

Ziff

Davis,

Inc.\*

7,065

208,629

ZoomInfo

Technologies,

Inc.,

Class

A\*

59,974

513,377

#### 69,255,661

#### IT

#### Services

#### -

#### 1

#### .1

#### %
Accenture

plc,

Class

A

14,130

4,226,989

Akamai

Technologies,

Inc.\*

3,160

254,633

Applied

Digital

Corp.\*(a)

3,611

16,394

ASGN,

Inc.\*(a)

2,826

142,374

Cloudflare,

Inc.,

Class

A\*

7,693

929,161

Cognizant

Technology

Solutions

Corp.,

Class

A

12,403

912,489

Couchbase,

Inc.\*(a)

1,099

19,386

DigitalOcean

Holdings,

Inc.\*(a)

1,727

53,364

DXC

Technology

Co.\*

29,202

453,215

EPAM

Systems,

Inc.\*

2,512

394,158

Fastly,

Inc.,

Class

A\*

8,164

46,943

Gartner,

Inc.\*

1,884

793,315

GoDaddy,

Inc.,

Class

A\*

3,477

654,823

International

Business

Machines

Corp.

25,434

6,150,450

Kyndryl

Holdings,

Inc.\*

12,089

391,925

MongoDB,

Inc.\*

1,256

216,246

Okta,

Inc.\*(a)

3,611

405,010

Snowflake,

Inc.,

Class

A\*

6,594

1,051,677

Twilio,

Inc.,

Class

A\*

4,082

394,770

VeriSign,

Inc.\*

2,041

575,807

#### 18,083,129

#### Leisure

#### Products

#### -

#### 0

#### .2

#### %
Acushnet

Holdings

Corp.(a)

948

62,777

Brunswick

Corp.

4,332

199,489

Hasbro,

Inc.

3,925

242,957

Malibu

Boats,

Inc.,

Class

A\*(a)

3,611

103,130

Mattel,

Inc.\*

62,172

987,913

Peloton

Interactive,

Inc.,

Class

A\*(a)

73,476

506,250

Polaris,

Inc.(a)

8,478

287,913

Sturm

Ruger

&

Co.,

Inc.(a)

3,140

127,672

Topgolf

Callaway

Brands

Corp.\*(a)

19,311

127,646

YETI

Holdings,

Inc.\*(a)

4,710

134,470

#### 2,780,217
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### -

#### 0

#### .8

#### %
10X

Genomics,

Inc.,

Class

A\*

12,089

$

99,976

Adaptive

Biotechnologies

Corp.\*

8,792

64,709

Agilent

Technologies,

Inc.

5,966

641,942

Avantor,

Inc.\*(a)

16,328

212,101

Azenta,

Inc.\*(a)

3,140

82,708

BioLife

Solutions,

Inc.\*

5,181

124,914

Bio-Rad

Laboratories,

Inc.,

Class

A\*

1,099

268,244

Bio-Techne

Corp.

2,826

142,289

Bruker

Corp.

5,823

233,269

Charles

River

Laboratories

International,

Inc.\*

2,669

316,597

Cytek

Biosciences,

Inc.\*

13,188

48,927

Danaher

Corp.

14,758

2,941,712

Illumina,

Inc.\*

2,826

219,298

IQVIA

Holdings,

Inc.\*

3,611

559,958

Maravai

LifeSciences

Holdings,

Inc.,

Class

A\*(a)

12,089

24,420

Medpace

Holdings,

Inc.\*(a)

785

242,086

Mesa

Laboratories,

Inc.(a)

942

108,565

Mettler-Toledo

International,

Inc.\*

507,450

OmniAb,

Inc.\*‡(a)

562

—

Pacific

Biosciences

of

California,

Inc.\*(a)

54,479

60,472

Repligen

Corp.\*

1,570

216,644

Revvity,

Inc.

2,041

190,691

Sotera

Health

Co.\*(a)

9,263

106,524

Standard

BioTools,

Inc.\*(a)

33,755

37,468

Tempus

AI,

Inc.,

Class

A\*(a)

2,198

113,571

Thermo

Fisher

Scientific,

Inc.

8,478

3,637,062

Waters

Corp.\*(a)

1,570

545,936

West

Pharmaceutical

Services,

Inc.

(a) 1,884

398,070

#### 12,145,603

#### Machinery

#### -

#### 2

#### .0

#### %
AGCO

Corp.(a)

11,932

1,012,192

Alamo

Group,

Inc.

52,766

Albany

International

Corp.,

Class

A

1,739

114,357

Allison

Transmission

Holdings,

Inc.

4,553

419,969

Astec

Industries,

Inc.

5,688

Blue

Bird

Corp.\*(a)

3,611

125,916

Caterpillar,

Inc.

13,502

4,175,764

Chart

Industries,

Inc.\*(a)

7,850

1,059,593

CNH

Industrial

NV(a)

17,270

199,814

Columbus

McKinnon

Corp.(a)

2,672

39,679

Crane

Co.

1,413

227,465

Cummins,

Inc.

3,322

976,136

Deere

&

Co.

6,908

3,202,272

Donaldson

Co.,

Inc.(a)

5,809

381,826

Dover

Corp.

3,160

539,254

Energy

Recovery,

Inc.\*

1,099

16,980

Enerpac

Tool

Group

Corp.,

Class

A

4,424

178,597

Enpro,

Inc.

1,106

165,236

Esab

Corp.(a)

3,140

377,177

ESCO

Technologies,

Inc.

73,688

#### Investments

#### Shares

#### Value

#### Machinery
(continued)

Federal

Signal

Corp.(a)

1,580

$

128,659

Flowserve

Corp.(a)

6,320

285,854

Fortive

Corp.

6,751

470,477

Franklin

Electric

Co.,

Inc.

1,099

93,371

Gates

Industrial

Corp.

plc\*

31,557

597,058

Gorman-Rupp

Co.

(The)

16,890

Graco,

Inc.

4,766

388,953

Greenbrier

Cos.,

Inc.

(The)(a)

6,280

266,398

Hillenbrand,

Inc.

15,543

314,435

Hyster-Yale,

Inc.(a)

1,884

72,402

IDEX

Corp.

1,884

327,759

Illinois

Tool

Works,

Inc.(a)

6,594

1,581,966

Ingersoll

Rand,

Inc.(a)

8,321

627,653

ITT,

Inc.

4,108

562,878

JBT

Marel

Corp.(a)

1,256

132,207

Kadant,

Inc.

93,220

Kennametal,

Inc.

2,826

55,050

Lincoln

Electric

Holdings,

Inc.

1,884

331,961

Lindsay

Corp.

40,783

Middleby

Corp.

(The)\*(a)

9,734

1,298,029

Miller

Industries,

Inc.

628

25,629

Mueller

Industries,

Inc.

5,652

415,761

Mueller

Water

Products,

Inc.,

Class

A(a)

4,582

120,232

Nordson

Corp.

949

179,902

Oshkosh

Corp.

12,170

1,019,359

Otis

Worldwide

Corp.

9,324

897,621

PACCAR,

Inc.

13,973

1,260,504

Parker-Hannifin

Corp.

2,983

1,804,894

Pentair

plc

4,239

384,604

Proto

Labs,

Inc.\*

942

33,121

RBC

Bearings,

Inc.\*(a)

1,099

361,098

REV

Group,

Inc.

5,181

169,419

Snap-on,

Inc.

1,422

446,238

SPX

Technologies,

Inc.\*

1,264

169,566

Standex

International

Corp.

22,344

Stanley

Black

&

Decker,

Inc.

2,826

169,616

Symbotic,

Inc.,

Class

A\*(a)

1,570

33,881

Tennant

Co.

1,413

101,962

Terex

Corp.

11,854

417,261

Timken

Co.

(The)(a)

11,932

766,631

Toro

Co.

(The)

3,925

267,999

Trinity

Industries,

Inc.

2,528

63,453

Wabash

National

Corp.

5,338

36,886

Watts

Water

Technologies,

Inc.,

Class

A(a)

790

164,122

Westinghouse

Air

Brake

Technologies

Corp.

4,266

788,101

Worthington

Enterprises,

Inc.(a)

3,611

182,825

Xylem,

Inc.

5,809

700,391

#### 32,033,792

#### Marine

#### Transportation

#### -

#### 0

#### .1

#### %
Genco

Shipping

&

Trading

Ltd.(a)

2,983

38,660

Kirby

Corp.\*(a)

3,140

302,602

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Marine

#### Transportation
(continued)

Matson,

Inc.(a)

6,280

$

685,085

#### 1,026,347

#### Media

#### -

#### 1

#### .0

#### %
Altice

USA,

Inc.,

Class

A\*(a)

51,653

128,099

Cable

One,

Inc.(a)

628

167,846

Charter

Communications,

Inc.,

Class

A\*

2,983

1,168,918

Clear

Channel

Outdoor

Holdings,

Inc.\*(a)

63,114

62,117

Comcast

Corp.,

Class

A

107,231

3,667,300

EchoStar

Corp.,

Class

A\*(a)

21,980

494,110

Emerald

Holding,

Inc.

3,454

13,574

Fox

Corp.,

Class

A

5,024

250,145

Fox

Corp.,

Class

B

1,727

79,856

Gannett

Co.,

Inc.\*(a)

4,239

13,565

Gray

Media,

Inc.(a)

35,639

119,391

Ibotta,

Inc.,

Class

A\*(a)

22,985

Integral

Ad

Science

Holding

Corp.\*(a)

6,123

43,290

Interpublic

Group

of

Cos.,

Inc.

(The)

71,278

1,790,503

Liberty

Broadband

Corp.,

Class

A\*

4,553

405,445

Liberty

Broadband

Corp.,

Class

C\*

22,294

2,015,155

National

CineMedia,

Inc.

3,611

20,691

New

York

Times

Co.

(The),

Class

A

8,007

416,844

News

Corp.,

Class

A

8,216

222,818

News

Corp.,

Class

B

2,686

84,394

Nexstar

Media

Group,

Inc.,

Class

A

6,123

916,368

Omnicom

Group,

Inc.(a)

5,690

433,350

Paramount

Global,

Class

A

1,256

28,461

Paramount

Global,

Class

B

100,951

1,185,165

PubMatic,

Inc.,

Class

A\*

5,181

50,618

Scholastic

Corp.(a)

5,185

93,485

Sinclair,

Inc.

1,884

27,130

Sirius

XM

Holdings,

Inc.(a)

49,990

1,070,786

Stagwell,

Inc.,

Class

A\*(a)

5,024

28,034

TEGNA,

Inc.(a)

36,738

596,258

Trade

Desk,

Inc.

(The),

Class

A\*

9,420

505,195

#### 16,121,896

#### Metals

#### &

#### Mining

#### -

#### 0

#### .7

#### %
Alcoa

Corp.

11,775

288,841

Alpha

Metallurgical

Resources,

Inc.\*(a)

2,198

266,727

ATI,

Inc.\*

6,751

367,119

Carpenter

Technology

Corp.

2,512

491,372

Century

Aluminum

Co.\*

6,751

110,784

Cleveland-Cliffs,

Inc.\*(a)

88,179

726,595

Coeur

Mining,

Inc.\*(a)

30,615

169,913

Commercial

Metals

Co.

23,550

1,048,917

Freeport-McMoRan,

Inc.

33,284

1,199,223

Hecla

Mining

Co.(a)

12,326

70,505

Kaiser

Aluminum

Corp.

1,727

111,322

Materion

Corp.

39,347

Metallus,

Inc.\*(a)

7,429

93,977

MP

Materials

Corp.\*(a)

3,925

96,006

#### Investments

#### Shares

#### Value

#### Metals

#### &

#### Mining
(continued)

Newmont

Corp.

31,243

$

1,645,881

Nucor

Corp.

7,065

843,349

Reliance,

Inc.(a)

1,727

497,773

Royal

Gold,

Inc.(a)

2,512

458,968

Ryerson

Holding

Corp.(a)

4,553

106,449

Southern

Copper

Corp.(a)

1,469

131,505

Steel

Dynamics,

Inc.

4,553

590,570

SunCoke

Energy,

Inc.

8,635

78,233

United

States

Steel

Corp.(a)

40,820

1,784,242

Warrior

Met

Coal,

Inc.

8,321

397,910

Worthington

Steel,

Inc.

3,611

92,658

#### 11,708,186

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### -

#### 0

#### .5

#### %
AGNC

Investment

Corp.(a)

171,601

1,515,237

Annaly

Capital

Management,

Inc.(a)

111,156

2,178,658

Apollo

Commercial

Real

Estate

Finance,

Inc.(a)

14,915

139,753

Arbor

Realty

Trust,

Inc.(a)

25,434

293,254

ARMOUR

Residential

REIT,

Inc.(a)

9,106

149,976

Blackstone

Mortgage

Trust,

Inc.,

Class

A(a)

2,041

38,881

BrightSpire

Capital,

Inc.,

Class

A(a)

10,362

51,914

Chimera

Investment

Corp.(a)

19,625

242,172

Ellington

Financial,

Inc.(a)

24,335

317,085

Franklin

BSP

Realty

Trust,

Inc.(a)

20,567

234,052

KKR

Real

Estate

Finance

Trust,

Inc.

15,386

142,320

Ladder

Capital

Corp.

28,574

298,312

MFA

Financial,

Inc.

10,990

107,922

Orchid

Island

Capital,

Inc.(a)

14,444

103,275

PennyMac

Mortgage

Investment

Trust(a)

17,427

223,763

Ready

Capital

Corp.(a)

16,171

71,961

Redwood

Trust,

Inc.(a)

19,939

123,821

Rithm

Capital

Corp.

99,381

1,111,079

Starwood

Property

Trust,

Inc.(a)

56,520

1,084,619

TPG

RE

Finance

Trust,

Inc.(a)

10,990

83,964

Two

Harbors

Investment

Corp.(a)

12,403

147,224

#### 8,659,242

#### Multi-Utilities

#### -

#### 0

#### .7

#### %
Ameren

Corp.

8,321

825,776

Avista

Corp.

17,427

722,698

Black

Hills

Corp.(a)

11,932

726,659

CenterPoint

Energy,

Inc.

16,014

621,023

CMS

Energy

Corp.

7,850

578,152

Consolidated

Edison,

Inc.

8,792

991,298

Dominion

Energy,

Inc.

21,666

1,178,197

DTE

Energy

Co.

6,437

881,869

NiSource,

Inc.

11,243

439,714

Northwestern

Energy

Group,

Inc.

12,717

740,511

Public

Service

Enterprise

Group,

Inc.

12,089

966,274

Sempra

16,328

1,212,680

Unitil

Corp.

1,884

110,515

WEC

Energy

Group,

Inc.(a)

6,280

687,786

#### 10,683,152
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Office

#### REITs

#### -

#### 0

#### .1

#### %
Brandywine

Realty

Trust,

REIT(a)

50,711

$

200,815

BXP,

Inc.,

REIT

2,983

190,107

COPT

Defense

Properties,

REIT

2,669

69,688

Cousins

Properties,

Inc.,

REIT(a)

2,826

77,828

Douglas

Emmett,

Inc.,

REIT(a)

12,246

169,362

Easterly

Government

Properties,

Inc.,

Class

A,

REIT(a)

5,464

110,201

Highwoods

Properties,

Inc.,

REIT(a)

7,379

209,859

JBG

SMITH

Properties,

REIT(a)

14,758

206,317

Kilroy

Realty

Corp.,

REIT(a)

6,280

197,883

Paramount

Group,

Inc.,

REIT(a)

33,598

144,135

Piedmont

Office

Realty

Trust,

Inc.,

Class

A,

REIT

34,854

205,987

SL

Green

Realty

Corp.,

REIT(a)

4,082

214,754

Vornado

Realty

Trust,

REIT(a)

9,734

343,415

#### 2,340,351

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 3

#### .5

#### %
Antero

Midstream

Corp.

18,683

309,204

Antero

Resources

Corp.\*

9,734

339,035

APA

Corp.(a)

76,773

1,193,052

BKV

Corp.\*

2,512

45,542

California

Resources

Corp.

13,031

449,700

Calumet,

Inc.\*(a)

10,362

109,837

Cheniere

Energy,

Inc.

5,338

1,233,665

Chevron

Corp.(a)

46,001

6,258,896

Chord

Energy

Corp.

10,990

991,628

Civitas

Resources,

Inc.(a)

11,618

316,593

Clean

Energy

Fuels

Corp.\*

785

1,138

CNX

Resources

Corp.\*(a)

9,420

277,231

Comstock

Resources,

Inc.\*(a)

11,461

209,392

ConocoPhillips

36,267

3,232,115

Core

Natural

Resources,

Inc.(a)

9,734

702,892

Coterra

Energy,

Inc.

24,335

597,668

Crescent

Energy

Co.,

Class

A(a)

28,103

232,693

CVR

Energy,

Inc.

5,809

109,558

Delek

US

Holdings,

Inc.(a)

16,956

220,767

Devon

Energy

Corp.

21,038

639,766

Diamondback

Energy,

Inc.

5,058

667,707

Dorian

LPG

Ltd.(a)

6,796

145,570

DT

Midstream,

Inc.

5,181

503,593

EOG

Resources,

Inc.

15,229

1,680,216

EQT

Corp.

12,560

620,966

Expand

Energy

Corp.

4,553

473,057

Exxon

Mobil

Corp.

121,047

12,786,195

Green

Plains,

Inc.\*(a)

1,126

4,031

Gulfport

Energy

Corp.\*(a)

1,884

324,990

Hess

Corp.

6,437

830,695

HF

Sinclair

Corp.(a)

34,540

1,038,618

HighPeak

Energy,

Inc.(a)

5,338

42,757

International

Seaways,

Inc.(a)

8,635

293,245

Kinder

Morgan,

Inc.

51,182

1,346,087

Kosmos

Energy

Ltd.\*(a)

55,572

85,581

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

29,673

609,187

Marathon

Petroleum

Corp.

9,577

1,315,976

#### Investments

#### Shares

#### Value

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Matador

Resources

Co.(a)

20,881

$

825,635

Murphy

Oil

Corp.(a)

25,748

528,606

New

Fortress

Energy,

Inc.(a)

14,758

80,136

NextDecade

Corp.\*

14,305

107,001

Northern

Oil

&

Gas,

Inc.(a)

16,014

389,140

Occidental

Petroleum

Corp.

20,724

816,733

ONEOK,

Inc.

16,171

1,328,609

Ovintiv,

Inc.

49,939

1,676,952

Par

Pacific

Holdings,

Inc.\*(a)

4,710

67,447

PBF

Energy,

Inc.,

Class

A(a)

16,820

288,968

Peabody

Energy

Corp.(a)

20,392

251,637

Permian

Resources

Corp.(a)

129,525

1,528,395

Phillips

66(a)

11,932

1,241,644

Range

Resources

Corp.

7,693

261,023

Sitio

Royalties

Corp.,

Class

A(a)

7,693

130,473

SM

Energy

Co.

19,311

440,098

Talos

Energy,

Inc.\*

11,618

79,932

Targa

Resources

Corp.

5,338

912,264

Texas

Pacific

Land

Corp.(a)

610,924

Uranium

Energy

Corp.\*(a)

13,678

71,809

Valero

Energy

Corp.

9,263

1,075,342

Vital

Energy,

Inc.\*(a)

8,478

120,218

Vitesse

Energy,

Inc.(a)

1,256

25,685

Williams

Cos.,

Inc.

(The)

28,574

1,673,579

World

Kinect

Corp.

10,205

256,043

#### 55,027,136

#### Paper

#### &

#### Forest

#### Products

#### -

#### 0

#### .0

#### %
(d) Louisiana-Pacific

Corp.

3,611

311,666

Sylvamo

Corp.

5,652

336,972

#### 648,638

#### Passenger

#### Airlines

#### -

#### 0

#### .3

#### %
Alaska

Air

Group,

Inc.\*(a)

25,277

1,119,013

Allegiant

Travel

Co.(a)

628

29,472

American

Airlines

Group,

Inc.\*(a)

120,262

1,196,607

Delta

Air

Lines,

Inc.

16,328

679,734

Frontier

Group

Holdings,

Inc.\*(a)

17,741

52,868

JetBlue

Airways

Corp.\*(a)

46,786

203,987

Joby

Aviation,

Inc.\*(a)

22,294

140,452

SkyWest,

Inc.\*

6,594

587,987

Southwest

Airlines

Co.(a)

10,519

294,111

Sun

Country

Airlines

Holdings,

Inc.\*

6,751

66,160

United

Airlines

Holdings,

Inc.\*

8,007

551,042

Wheels

Up

Experience,

Inc.\*(a)

13,659

15,708

#### 4,937,141

#### Personal

#### Care

#### Products

#### -

#### 0

#### .2

#### %
BellRing

Brands,

Inc.\*

4,424

341,267

Coty,

Inc.,

Class

A\*

89,333

451,132

Edgewell

Personal

Care

Co.(a)

10,688

326,518

elf

Beauty,

Inc.\*(a)

1,570

97,136

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

3,768

225,929

Herbalife

Ltd.\*

28,731

206,863

Interparfums,

Inc.(a)

51,761

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Personal

#### Care

#### Products
(continued)

Kenvue,

Inc.(a)

42,861

$

1,011,520

#### 2,712,126

#### Pharmaceuticals

#### -

#### 2

#### .9

#### %
Amneal

Pharmaceuticals,

Inc.\*

8,949

68,549

Amphastar

Pharmaceuticals,

Inc.\*(a)

3,617

88,291

ANI

Pharmaceuticals,

Inc.\*

1,100

77,902

Avadel

Pharmaceuticals

plc,

ADR\*(a)

6,751

60,016

Axsome

Therapeutics,

Inc.\*(a)

1,737

195,048

Bristol-Myers

Squibb

Co.

46,001

2,309,250

Collegium

Pharmaceutical,

Inc.\*(a)

7,850

211,911

Corcept

Therapeutics,

Inc.\*(a)

3,847

276,522

Elanco

Animal

Health,

Inc.\*(a)

93,729

888,551

Eli

Lilly

&

Co.

17,898

16,089,407

Evolus,

Inc.\*(a)

1,738

19,813

EyePoint

Pharmaceuticals,

Inc.\*(a)

14,601

99,579

Harmony

Biosciences

Holdings,

Inc.\*

2,512

74,029

Innoviva,

Inc.\*(a)

7,222

134,979

Jazz

Pharmaceuticals

plc\*(a)

12,874

1,505,743

Johnson

&

Johnson

66,254

10,356,163

Ligand

Pharmaceuticals,

Inc.\*

34,496

Merck

&

Co.,

Inc.

69,394

5,912,369

Nuvation

Bio,

Inc.\*(a)

38,779

87,253

Organon

&

Co.(a)

51,339

663,813

Pacira

BioSciences,

Inc.\*(a)

10,990

295,631

Perrigo

Co.

plc(a)

22,765

585,516

Pfizer,

Inc.(a)

153,546

3,748,058

Pliant

Therapeutics,

Inc.\*(a)

785

1,248

Prestige

Consumer

Healthcare,

Inc.\*(a)

3,140

255,062

Royalty

Pharma

plc,

Class

A

8,007

262,790

Supernus

Pharmaceuticals,

Inc.\*

4,082

132,583

Viatris,

Inc.

24,335

204,901

Zoetis,

Inc.

10,519

1,645,172

#### 46,284,645

#### Professional

#### Services

#### -

#### 1

#### .1

#### %
Alight,

Inc.,

Class

A

64,370

328,931

Amentum

Holdings,

Inc.\*(a)

19,311

421,366

Automatic

Data

Processing,

Inc.

9,420

2,831,652

Barrett

Business

Services,

Inc.

3,160

128,170

Booz

Allen

Hamilton

Holding

Corp.

2,687

322,494

Broadridge

Financial

Solutions,

Inc.

2,355

570,852

CACI

International,

Inc.,

Class

A\*

1,099

503,199

CBIZ,

Inc.\*(a)

1,580

107,598

Clarivate

plc\*(a)

53,380

230,068

Concentrix

Corp.(a)

10,519

537,100

CSG

Systems

International,

Inc.(a)

3,925

236,010

Dayforce,

Inc.\*(a)

5,338

308,910

Dun

&

Bradstreet

Holdings,

Inc.(a)

42,861

384,463

Equifax,

Inc.

2,983

775,968

ExlService

Holdings,

Inc.\*

5,024

243,564

Exponent,

Inc.(a)

1,099

86,469

First

Advantage

Corp.\*(a)

3,937

55,512

FTI

Consulting,

Inc.\*

1,099

182,742

#### Investments

#### Shares

#### Value

#### Professional

#### Services
(continued)

Genpact

Ltd.

31,714

$

1,593,946

Heidrick

&

Struggles

International,

Inc.(a)

5,181

202,163

Huron

Consulting

Group,

Inc.\*

63,890

ICF

International,

Inc.

40,271

Insperity,

Inc.(a)

785

51,033

Jacobs

Solutions,

Inc.

3,297

408,169

KBR,

Inc.

4,239

223,862

Kelly

Services,

Inc.,

Class

A

4,553

52,587

Kforce,

Inc.

12,071

Korn

Ferry

3,611

222,799

Leidos

Holdings,

Inc.

3,318

488,343

ManpowerGroup,

Inc.

7,850

338,099

Maximus,

Inc.

3,140

210,254

NV5

Global,

Inc.\*

4,082

75,721

Parsons

Corp.\*

2,826

188,946

Paychex,

Inc.(a)

7,110

1,046,023

Paycom

Software,

Inc.

1,570

355,432

Paylocity

Holding

Corp.\*

2,355

452,395

Planet

Labs

PBC\*(a)

11,775

38,740

Robert

Half,

Inc.(a)

3,160

139,988

Science

Applications

International

Corp.(a)

2,512

304,027

SS&C

Technologies

Holdings,

Inc.

6,280

474,768

TransUnion

3,297

273,519

TriNet

Group,

Inc.(a)

1,727

135,276

UL

Solutions,

Inc.,

Class

A

942

53,873

Upwork,

Inc.\*(a)

25,905

340,651

Verisk

Analytics,

Inc.

3,476

1,030,391

Verra

Mobility

Corp.,

Class

A\*

9,009

196,396

WNS

Holdings

Ltd.\*(a)

2,669

161,528

#### 17,430,229

#### Real

#### Estate

#### Management

#### &

#### Development

#### -

#### 0

#### .2

#### %
CBRE

Group,

Inc.,

Class

A\*

6,123

748,108

Compass,

Inc.,

Class

A\*

30,144

232,712

CoStar

Group,

Inc.\*

10,389

770,552

Cushman

&

Wakefield

plc\*

33,755

316,284

eXp

World

Holdings,

Inc.(a)

6,908

63,277

Forestar

Group,

Inc.\*

5,652

108,858

Howard

Hughes

Holdings,

Inc.\*

1,884

125,343

Jones

Lang

LaSalle,

Inc.\*

1,413

321,330

Kennedy-Wilson

Holdings,

Inc.

15,072

96,461

Newmark

Group,

Inc.,

Class

A

34,069

374,418

Opendoor

Technologies,

Inc.\*(a)

147,894

112,148

Redfin

Corp.\*(a)

4,396

41,806

St

Joe

Co.

(The)

3,454

146,173

Zillow

Group,

Inc.,

Class

A\*

2,669

176,101

Zillow

Group,

Inc.,

Class

C\*(a)

4,867

327,695

#### 3,961,266

#### Residential

#### REITs

#### -

#### 0

#### .3

#### %
American

Homes

Rent,

Class

A,

REIT

8,792

328,733

AvalonBay

Communities,

Inc.,

REIT(a)

2,983

626,370

Camden

Property

Trust,

REIT

1,727

196,533

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Residential

#### REITs
(continued)

Centerspace,

REIT(a)

1,884

$

113,718

Elme

Communities,

REIT

9,734

151,558

Equity

LifeStyle

Properties,

Inc.,

REIT

5,181

335,625

Equity

Residential,

REIT

8,635

606,695

Essex

Property

Trust,

Inc.,

REIT

1,256

350,612

Independence

Realty

Trust,

Inc.,

REIT

4,867

94,566

Invitation

Homes,

Inc.,

REIT(a)

15,229

520,680

Mid-America

Apartment

Communities,

Inc.,

REIT(a)

2,669

426,106

NexPoint

Residential

Trust,

Inc.,

REIT

3,297

122,912

Sun

Communities,

Inc.,

REIT

2,041

253,962

UDR,

Inc.,

REIT(a)

6,123

256,431

UMH

Properties,

Inc.,

REIT(a)

7,536

133,161

#### 4,517,662

#### Retail

#### REITs

#### -

#### 0

#### .4

#### %
Acadia

Realty

Trust,

REIT

8,949

170,926

Agree

Realty

Corp.,

REIT(a)

5,338

414,282

Alexander's,

Inc.,

REIT(a)

64,810

Brixmor

Property

Group,

Inc.,

REIT

9,638

240,083

Curbline

Properties

Corp.,

REIT(a)

7,850

179,686

Federal

Realty

Investment

Trust,

REIT

3,925

369,028

Getty

Realty

Corp.,

REIT(a)

5,495

153,805

Kimco

Realty

Corp.,

REIT

18,840

376,423

Kite

Realty

Group

Trust,

REIT

12,874

278,722

Macerich

Co.

(The),

REIT

15,386

225,559

NETSTREIT

Corp.,

REIT

9,263

150,709

NNN

REIT,

Inc.,

REIT(a)

5,652

232,354

Phillips

Edison

&

Co.,

Inc.,

REIT

2,983

103,510

Realty

Income

Corp.,

REIT(a)

17,898

1,035,578

Regency

Centers

Corp.,

REIT

3,768

271,974

Saul

Centers,

Inc.,

REIT

3,297

107,812

Simon

Property

Group,

Inc.,

REIT

6,908

1,087,181

SITE

Centers

Corp.,

REIT(a)

6,170

73,053

Tanger,

Inc.,

REIT(a)

7,065

222,618

Urban

Edge

Properties,

REIT

4,266

77,087

Whitestone

REIT,

REIT

2,826

36,851

#### 5,872,051

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 7

#### .1

#### %
ACM

Research,

Inc.,

Class

A\*

9,734

189,521

Advanced

Micro

Devices,

Inc.\*

35,372

3,443,464

Allegro

MicroSystems,

Inc.\*(a)

9,106

173,651

Alpha

&

Omega

Semiconductor

Ltd.\*

3,611

67,995

Ambarella,

Inc.\*

2,198

105,482

Amkor

Technology,

Inc.

7,222

126,024

Analog

Devices,

Inc.

11,147

2,172,773

Applied

Materials,

Inc.

18,212

2,744,731

Astera

Labs,

Inc.\*

30,761

Axcelis

Technologies,

Inc.\*(a)

2,832

138,711

Broadcom,

Inc.

102,521

19,732,217

#### Investments

#### Shares

#### Value

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

Cirrus

Logic,

Inc.\*

1,570

$

150,783

Cohu,

Inc.\*

5,973

95,568

Credo

Technology

Group

Holding

Ltd.\*

5,338

229,801

Diodes,

Inc.\*

6,029

Enphase

Energy,

Inc.\*

1,570

70,006

Entegris,

Inc.(a)

3,454

273,281

First

Solar,

Inc.\*

1,884

237,045

FormFactor,

Inc.\*

1,897

53,382

Ichor

Holdings

Ltd.\*(a)

3,297

65,215

Impinj,

Inc.\*(a)

1,264

116,452

indie

Semiconductor,

Inc.,

Class

A\*(a)

4,082

8,123

Intel

Corp.

100,637

2,022,804

KLA

Corp.

2,983

2,096,124

Kulicke

&

Soffa

Industries,

Inc.(a)

942

30,361

Lam

Research

Corp.

29,045

2,081,655

Lattice

Semiconductor

Corp.\*(a)

6,437

314,962

MACOM

Technology

Solutions

Holdings,

Inc.\*

1,727

179,176

Marvell

Technology,

Inc.

19,468

1,136,347

MaxLinear,

Inc.,

Class

A\*(a)

5,495

54,895

Microchip

Technology,

Inc.(a)

10,048

463,012

Micron

Technology,

Inc.(a)

30,458

2,343,743

MKS

Instruments,

Inc.(a)

2,983

209,228

Monolithic

Power

Systems,

Inc.(a)

1,099

651,817

NVIDIA

Corp.

528,933

57,611,383

NXP

Semiconductors

NV

7,222

1,331,087

ON

Semiconductor

Corp.\*

10,205

405,139

Onto

Innovation,

Inc.\*(a)

2,355

287,239

PDF

Solutions,

Inc.\*(a)

4,712

86,465

Penguin

Solutions,

Inc.\*(a)

9,734

166,159

Photronics,

Inc.\*

13,589

248,271

Power

Integrations,

Inc.(a)

1,099

53,983

Qorvo,

Inc.\*

19,939

1,429,028

QUALCOMM,

Inc.

30,301

4,498,486

Rambus,

Inc.\*(a)

4,396

214,481

Semtech

Corp.\*

4,867

152,094

Silicon

Laboratories,

Inc.\*(a)

1,727

175,740

SiTime

Corp.\*

69,171

Skyworks

Solutions,

Inc.(a)

3,611

232,115

SolarEdge

Technologies,

Inc.\*

17,113

209,378

Synaptics,

Inc.\*

26,216

Teradyne,

Inc.

3,140

233,019

Texas

Instruments,

Inc.

19,939

3,191,237

Ultra

Clean

Holdings,

Inc.\*

3,768

70,480

Universal

Display

Corp.(a)

2,213

278,019

Veeco

Instruments,

Inc.\*(a)

1,264

23,637

#### 112,807,966

#### Software

#### -

#### 8

#### .1

#### %
ACI

Worldwide,

Inc.\*

2,512

134,040

Adeia,

Inc.

10,833

133,354

Adobe,

Inc.\*

9,734

3,650,055

Agilysys,

Inc.\*

23,495

Alarm.com

Holdings,

Inc.\*(a)

785

42,076

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Software
(continued)

Alkami

Technology,

Inc.\*(a)

4,710

$

125,710

Amplitude,

Inc.,

Class

A\*(a)

11,461

105,327

ANSYS,

Inc.\*

2,198

707,492

Appfolio,

Inc.,

Class

A\*

1,256

259,389

Appian

Corp.,

Class

A\*(a)

14,625

AppLovin

Corp.,

Class

A\*(a)

5,024

1,353,013

Asana,

Inc.,

Class

A\*

8,007

129,233

Atlassian

Corp.,

Class

A\*

3,611

824,427

Aurora

Innovation,

Inc.,

Class

A\*(a)

49,926

361,464

Autodesk,

Inc.\*

4,710

1,291,718

Bentley

Systems,

Inc.,

Class

B(a)

1,727

74,244

BILL

Holdings,

Inc.\*

5,181

236,098

Blackbaud,

Inc.\*

2,528

153,045

BlackLine,

Inc.\*

942

44,491

Box,

Inc.,

Class

A\*(a)

4,582

143,050

Braze,

Inc.,

Class

A\*

4,710

146,622

C3.ai,

Inc.,

Class

A\*(a)

4,710

103,667

Cadence

Design

Systems,

Inc.\*

6,005

1,787,929

CCC

Intelligent

Solutions

Holdings,

Inc.\*(a)

11,461

106,129

Cipher

Mining,

Inc.\*(a)

3,611

10,291

Cleanspark,

Inc.\*(a)

8,949

73,113

Clear

Secure,

Inc.,

Class

A(a)

785

19,374

Clearwater

Analytics

Holdings,

Inc.,

Class

A\*

4,239

96,395

Commvault

Systems,

Inc.\*

2,355

393,591

Confluent,

Inc.,

Class

A\*

9,734

231,767

Core

Scientific,

Inc.\*(a)

17,427

141,159

Crowdstrike

Holdings,

Inc.,

Class

A\*(a)

5,024

2,154,643

Datadog,

Inc.,

Class

A\*

6,908

705,721

Docusign,

Inc.\*

5,652

462,051

Dolby

Laboratories,

Inc.,

Class

A(a)

2,355

180,840

DoubleVerify

Holdings,

Inc.\*

6,245

Dropbox,

Inc.,

Class

A\*(a)

9,577

273,423

Dynatrace,

Inc.\*

5,966

280,223

Elastic

NV\*

3,925

338,335

EverCommerce,

Inc.\*(a)

7,850

76,616

Fair

Isaac

Corp.\*

532

1,058,510

Fortinet,

Inc.\*

15,010

1,557,438

Freshworks,

Inc.,

Class

A\*

8,792

129,858

Gen

Digital,

Inc.

14,758

381,789

Gitlab,

Inc.,

Class

A\*(a)

4,867

227,143

Guidewire

Software,

Inc.\*(a)

2,355

482,233

HubSpot,

Inc.\*

1,256

768,044

Informatica,

Inc.,

Class

A\*

3,925

73,908

Intapp,

Inc.\*(a)

632

34,292

InterDigital,

Inc.(a)

628

126,228

Intuit,

Inc.

6,280

3,940,512

Jamf

Holding

Corp.\*(a)

5,966

69,027

JFrog

Ltd.\*

5,181

174,962

Klaviyo,

Inc.,

Class

A\*(a)

3,140

95,582

Life360,

Inc.\*

20,206

LiveRamp

Holdings,

Inc.\*

1,099

28,750

#### Investments

#### Shares

#### Value

#### Software
(continued)

Manhattan

Associates,

Inc.\*

1,727

$

306,353

MARA

Holdings,

Inc.\*(a)

12,089

161,630

Meridianlink,

Inc.\*(a)

4,553

76,991

Microsoft

Corp.

166,420

65,779,169

MicroStrategy,

Inc.,

Class

A\*(a)

5,338

2,029,027

N-able,

Inc.\*

4,082

28,819

nCino,

Inc.\*(a)

942

21,854

NCR

Voyix

Corp.\*(a)

11,147

95,530

Nutanix,

Inc.,

Class

A\*

6,908

474,580

Oracle

Corp.

35,639

5,015,120

Pagaya

Technologies

Ltd.,

Class

A\*(a)

7,536

82,595

Palantir

Technologies,

Inc.,

Class

A\*

48,042

5,690,095

Palo

Alto

Networks,

Inc.\*(a)

14,130

2,641,321

Pegasystems,

Inc.(a)

628

57,826

Procore

Technologies,

Inc.\*

2,826

181,118

Progress

Software

Corp.(a)

628

37,655

PROS

Holdings,

Inc.\*

5,652

96,536

PTC,

Inc.\*

2,355

364,954

Q2

Holdings,

Inc.\*

3,454

273,730

Qualys,

Inc.\*

1,264

158,897

Rapid7,

Inc.\*

5,024

118,667

RingCentral,

Inc.,

Class

A\*

14,444

368,322

Riot

Platforms,

Inc.\*(a)

61,230

443,305

Roper

Technologies,

Inc.

2,355

1,318,988

Rubrik,

Inc.,

Class

A\*

2,198

155,025

Salesforce,

Inc.

20,724

5,568,746

Samsara,

Inc.,

Class

A\*

13,188

523,036

SentinelOne,

Inc.,

Class

A\*(a)

12,403

229,456

ServiceNow,

Inc.\*

4,553

4,348,161

SoundHound

AI,

Inc.,

Class

A\*(a)

4,553

42,297

Sprinklr,

Inc.,

Class

A\*

8,635

66,403

Sprout

Social,

Inc.,

Class

A\*

3,454

72,223

SPS

Commerce,

Inc.\*

1,099

157,718

Synopsys,

Inc.\*(a)

3,297

1,513,356

Tenable

Holdings,

Inc.\*

2,355

71,992

Teradata

Corp.\*(a)

6,280

135,020

Terawulf,

Inc.\*(a)

2,512

6,983

Tyler

Technologies,

Inc.\*(a)

1,099

597,087

UiPath,

Inc.,

Class

A\*

14,130

168,712

Unity

Software,

Inc.\*(a)

15,386

324,183

Varonis

Systems,

Inc.\*

4,082

174,873

Verint

Systems,

Inc.\*

12,089

213,250

Workday,

Inc.,

Class

A\*

5,024

1,230,880

Workiva,

Inc.,

Class

A\*

2,355

177,261

Zeta

Global

Holdings

Corp.,

Class

A\*(a)

2,669

34,857

Zoom

Communications,

Inc.,

Class

A\*

5,338

413,909

Zscaler,

Inc.\*

2,512

568,139

#### 129,179,611

#### Specialized

#### REITs

#### -

#### 0

#### .7

#### %
American

Tower

Corp.,

REIT

10,048

2,264,920

Crown

Castle,

Inc.,

REIT

8,949

946,446

CubeSmart,

REIT

7,222

293,719

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Specialized

#### REITs
(continued)

Digital

Realty

Trust,

Inc.,

REIT

6,908

$

1,109,010

EPR

Properties,

REIT(a)

4,583

226,813

Equinix,

Inc.,

REIT

2,054

1,767,980

Extra

Space

Storage,

Inc.,

REIT

4,867

713,113

Four

Corners

Property

Trust,

Inc.,

REIT(a)

5,024

140,421

Gaming

and

Leisure

Properties,

Inc.,

REIT(a)

6,005

287,399

Iron

Mountain,

Inc.,

REIT

6,163

552,636

Lamar

Advertising

Co.,

Class

A,

REIT(a)

2,983

339,495

National

Storage

Affiliates

Trust,

REIT

4,553

169,372

Outfront

Media,

Inc.,

REIT(a)

767

11,605

PotlatchDeltic

Corp.,

REIT

3,768

144,654

Public

Storage,

REIT

3,319

997,127

Rayonier,

Inc.,

REIT

2,029

49,629

SBA

Communications

Corp.,

REIT

2,041

496,779

Uniti

Group,

Inc.,

REIT

42,704

210,104

VICI

Properties,

Inc.,

Class

A,

REIT(a)

26,062

834,505

Weyerhaeuser

Co.,

REIT

13,816

357,973

#### 11,913,700

#### Specialty

#### Retail

#### -

#### 2

#### .3

#### %
Abercrombie

&

Fitch

Co.,

Class

A\*

2,512

174,383

Academy

Sports

&

Outdoors,

Inc.(a)

15,386

579,745

Advance

Auto

Parts,

Inc.(a)

13,188

431,511

American

Eagle

Outfitters,

Inc.(a)

37,523

395,117

Arko

Corp.(a)

6,452

25,969

Asbury

Automotive

Group,

Inc.\*(a)

4,108

896,119

AutoNation,

Inc.\*

5,809

1,011,637

AutoZone,

Inc.\*

1,478,702

Bath

&

Body

Works,

Inc.

40,192

1,226,258

Best

Buy

Co.,

Inc.

5,966

397,873

Boot

Barn

Holdings,

Inc.\*(a)

1,256

131,051

Buckle,

Inc.

(The)(a)

6,004

208,699

Burlington

Stores,

Inc.\*

1,256

282,650

Caleres,

Inc.

2,826

43,068

CarMax,

Inc.\*(a)

3,768

243,677

Carvana

Co.\*

2,983

728,896

Chewy,

Inc.,

Class

A\*

5,966

223,725

Dick's

Sporting

Goods,

Inc.

1,884

353,702

EVgo,

Inc.,

Class

A\*(a)

5,495

15,166

Five

Below,

Inc.\*

1,256

95,318

Floor

&

Decor

Holdings,

Inc.,

Class

A\*(a)

2,826

201,890

Foot

Locker,

Inc.\*(a)

10,990

134,847

GameStop

Corp.,

Class

A\*(a)

15,857

441,776

Gap,

Inc.

(The)(a)

43,489

952,409

Group

Automotive,

Inc.(a)

2,826

1,140,658

Guess?,

Inc.(a)

2,041

22,961

Home

Depot,

Inc.

(The)

22,451

8,093,361

Lithia

Motors,

Inc.,

Class

A

5,495

1,608,716

Lowe's

Cos.,

Inc.

15,857

3,544,991

#### Investments

#### Shares

#### Value

#### Specialty

#### Retail
(continued)

MarineMax,

Inc.\*(a)

4,396

$

94,338

Murphy

USA,

Inc.(a)

785

391,378

National

Vision

Holdings,

Inc.\*

11,461

141,543

O'Reilly

Automotive,

Inc.\*

1,256

1,777,491

Penske

Automotive

Group,

Inc.(a)

3,297

513,244

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A\*(a)

15,386

45,389

RH\*(a)

628

115,571

Ross

Stores,

Inc.

7,426

1,032,214

Sally

Beauty

Holdings,

Inc.\*

10,833

88,181

Shoe

Carnival,

Inc.(a)

5,338

92,775

Signet

Jewelers

Ltd.(a)

7,744

459,219

Sonic

Automotive,

Inc.,

Class

A(a)

4,082

247,859

TJX

Cos.,

Inc.

(The)

25,905

3,333,455

Tractor

Supply

Co.(a)

12,640

639,837

Ulta

Beauty,

Inc.\*

1,106

437,578

Upbound

Group,

Inc.

9,420

187,458

Urban

Outfitters,

Inc.\*

9,577

505,474

Valvoline,

Inc.\*(a)

7,112

243,657

Victoria's

Secret

&

Co.\*(a)

8,321

156,435

Warby

Parker,

Inc.,

Class

A\*

7,222

119,235

Wayfair,

Inc.,

Class

A\*(a)

4,710

142,054

Williams-Sonoma,

Inc.

2,826

436,532

#### 36,285,792

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 4

#### .8

#### %
Apple,

Inc.

335,666

71,329,025

Corsair

Gaming,

Inc.\*(a)

12,246

86,702

Dell

Technologies,

Inc.,

Class

C

7,693

705,910

Diebold

Nixdorf,

Inc.\*(a)

4,082

180,955

Hewlett

Packard

Enterprise

Co.

37,262

604,390

HP,

Inc.(a)

25,591

654,362

IonQ,

Inc.\*(a)

10,676

293,163

NetApp,

Inc.(a)

5,338

479,085

Pure

Storage,

Inc.,

Class

A\*

8,007

363,197

Seagate

Technology

Holdings

plc

5,338

485,918

Super

Micro

Computer,

Inc.\*(a)

11,932

380,154

Western

Digital

Corp.\*

8,478

371,845

Xerox

Holdings

Corp.(a)

9,106

40,157

#### 75,974,863

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 0

#### .7

#### %
Capri

Holdings

Ltd.\*

27,475

413,224

Carter's,

Inc.(a)

5,181

171,232

Columbia

Sportswear

Co.(a)

1,570

97,607

Crocs,

Inc.\*(a)

11,537

1,112,397

Deckers

Outdoor

Corp.\*

3,570

395,663

Figs,

Inc.,

Class

A\*(a)

15,386

62,006

G-III

Apparel

Group

Ltd.\*(a)

10,833

273,208

Hanesbrands,

Inc.\*

28,103

128,993

Kontoor

Brands,

Inc.

3,611

217,202

Levi

Strauss

&

Co.,

Class

A

19,154

306,656

Lululemon

Athletica,

Inc.\*

2,214

599,485

NIKE,

Inc.,

Class

B(a)

30,929

1,744,396

Oxford

Industries,

Inc.(a)

1,727

83,932

PVH

Corp.(a)

11,932

823,069

Ralph

Lauren

Corp.

2,041

459,123

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods
(continued)

Skechers

USA,

Inc.,

Class

A\*

24,370

$

1,170,247

Steven

Madden

Ltd.

3,140

65,940

Tapestry,

Inc.

41,605

2,939,393

Under

Armour,

Inc.,

Class

A\*(a)

23,550

134,706

Under

Armour,

Inc.,

Class

C\*(a)

43,332

235,726

VF

Corp.(a)

18,840

223,819

#### 11,658,024

#### Tobacco

#### -

#### 0

#### .7

#### %
Altria

Group,

Inc.

47,728

2,823,111

Philip

Morris

International,

Inc.

43,175

7,398,468

Universal

Corp.

4,553

265,304

#### 10,486,883

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 0

#### .7

#### %
Air

Lease

Corp.,

Class

A

18,840

880,958

Applied

Industrial

Technologies,

Inc.

2,041

496,534

BlueLinx

Holdings,

Inc.\*

1,267

82,532

Boise

Cascade

Co.

7,427

692,791

Core

&

Main,

Inc.,

Class

A\*(a)

5,652

297,747

DNOW,

Inc.\*(a)

16,014

254,142

DXP

Enterprises,

Inc.\*

1,413

124,994

Fastenal

Co.(a)

12,008

972,288

Ferguson

Enterprises,

Inc.

3,925

665,916

FTAI

Aviation

Ltd.(a)

2,983

319,509

GATX

Corp.(a)

2,041

297,904

Global

Industrial

Co.(a)

8,064

GMS,

Inc.\*

8,478

621,098

H&E

Equipment

Services,

Inc.

6,123

549,907

Herc

Holdings,

Inc.(a)

5,181

567,009

McGrath

RentCorp

1,727

184,219

MRC

Global,

Inc.\*(a)

15,857

184,734

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

2,669

204,125

QXO,

Inc.(a)

14,287

190,589

Rush

Enterprises,

Inc.,

Class

A(a)

4,396

224,152

Rush

Enterprises,

Inc.,

Class

B

714

41,298

SiteOne

Landscape

Supply,

Inc.\*

1,583

181,744

United

Rentals,

Inc.

1,570

991,376

Watsco,

Inc.(a)

632

290,619

WESCO

International,

Inc.

9,006

1,467,618

WW

Grainger,

Inc.

948

971,046

Xometry,

Inc.,

Class

A\*(a)

1,256

32,204

#### 11,795,117

#### Water

#### Utilities

#### -

#### 0

#### .1

#### %
American

States

Water

Co.

2,826

229,217

American

Water

Works

Co.,

Inc.

3,768

553,934

California

Water

Service

Group

4,239

214,705

Essential

Utilities,

Inc.(a)

12,874

529,508

Middlesex

Water

Co.(a)

2,198

138,738

SJW

Group

17,816

#### 1,683,918

#### Investments

#### Shares

#### Value

#### Wireless

#### Telecommunication

#### Services

#### -

#### 0

#### .2

#### %
Gogo,

Inc.\*(a)

$

Telephone

and

Data

Systems,

Inc.

20,096

753,399

T-Mobile

US,

Inc.

13,031

3,218,005

#### 3,971,760

#### Total

#### Common

#### Stocks

#### (Cost

#### $867,880,399)

#### 1,578,230,088

#### Number

#### of

#### Warrants

#### WARRANTS

#### -

#### 0

#### .0

#### %
(d) #### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 0.0%(d)
Occidental

Petroleum

Corp.,

expiring

8/3/2027,

price

22.00 (Cost

$21,117)\*

4,266

80,030

#### Number

#### of

#### Rights

#### RIGHTS

#### -

#### 0

#### .0

#### %

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 0.0%
ABIOMED,

Inc.,

CVR\*‡

1,110

—

#### Paper

#### &

#### Forest

#### Products

#### -

#### 0.0%
Resolute

Forest

Products,

Inc.,

CVR\*‡

6,734

—

#### Total

#### Rights

#### (Cost

#### $1,132)

#### —

#### Principal

#### Amount

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 10

#### .9

#### %
(e) #### CERTIFICATES

#### OF

#### DEPOSIT

#### -

#### 2

#### .7

#### %
Barclays

Bank

plc,

New

York

(SOFR

+

0.22%),

4.58%,

7/30/2025(f)

$

1,000,000

1,000,279

(SOFR

+

0.35%),

4.71%,

10/15/2025(f)

4,000,000

3,999,988

BNP

Paribas,

New

York

(SOFR

+

0.24%),

4.60%,

12/1/2025(f)

3,000,000

2,998,764

Canadian

Imperial

Bank

of

Commerce,

New

York

(SOFR

+

0.24%),

4.60%,

12/17/2025(f)

3,000,000

2,998,098

Cooperatieve

Rabobank

UA,

London

4.71%,

7/3/2025

2,000,000

2,000,600

Credit

Agricole

CIB,

New

York

(SOFR

+

0.21%),

4.57%,

5/1/2025(f)

2,000,000

2,000,000

(SOFR

+

0.31%),

4.67%,

10/31/2025(f)

2,000,000

2,000,378

Credit

Industriel

et

Commercial,

New

York

(SOFR

+

0.20%),

4.56%,

8/7/2025(f)

1,000,000

999,725

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### SECURITIES

#### LENDING

#### REINVESTMENTS
(continued)

#### CERTIFICATES

#### OF

#### DEPOSIT
(continued)

(SOFR

+

0.28%),

4.64%,

10/28/2025(f)

$

2,000,000

$

1,999,502

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

New

York

(SOFR

+

0.23%),

4.59%,

8/8/2025(f)

2,500,000

2,501,790

Mizuho

Bank

Ltd.,

New

York

(SOFR

+

0.20%),

4.66%,

8/19/2025(f)

1,000,000

999,754

MUFG

Bank

Ltd.,

New

York

Branch

(SOFR

+

0.19%),

4.55%,

9/8/2025(f)

2,000,000

1,999,172

Nordea

Bank

Abp,

New

York

Branch

(SOFR

+

0.32%),

4.68%,

7/18/2025(f)

4,000,000

4,000,776

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York

(SOFR

+

0.32%),

4.68%,

10/17/2025(f)

3,000,000

2,999,964

Societe

Generale,

New

York

(SOFR

+

0.34%),

4.56%,

6/17/2025(f)

1,000,000

1,000,171

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

+

0.23%),

4.56%,

10/1/2025(f)

3,000,000

2,999,889

Sumitomo

Mitsui

Trust

Bank

Ltd.,

London

4.50%,

7/17/2025

3,000,000

2,971,530

Westpac

Banking

Corp.,

New

York

(SOFR

+

0.33%),

4.69%,

9/11/2025(f)

3,000,000

3,000,102

#### Total

#### Certificates

#### of

#### Deposit

#### (Cost

#### $42,471,304)

#### 42,470,482

#### REPURCHASE

#### AGREEMENTS

#### -

#### 8

#### .2

#### %
BofA

Securities,

Inc.

4.78%,

dated

4/30/2025,

due

7/31/2025,

repurchase

price

$6,073,293,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

ranging

from

2.00%

-

4.63%,

maturing

6/30/2026

-

12/31/2031;

total

market

value

$6,191,244

6,000,000

6,000,000

CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$27,062,856,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$27,512,657

27,059,587

27,059,587

#### Investments

#### Principal

#### Amount

#### Value

#### REPURCHASE

#### AGREEMENTS
(continued)

Citigroup

Global

Markets,

Inc.

4.36%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$4,000,484,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

2.25%

-

4.63%,

maturing

5/15/2027

-

11/30/2031;

total

market

value

$4,019,089

$

4,000,000

$

4,000,000

National

Bank

of

Canada

Financial

Inc.

4.51%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$60,007,517,

collateralized

by

various

Common

Stocks;

total

market

value

$66,263,971

60,000,000

60,000,000

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$18,002,215,

collateralized

by

various

Common

Stocks;

total

market

value

$19,837,943

18,000,000

18,000,000

TD

Prime

Services

LLC

4.63%,

dated

4/30/2025,

due

6/4/2025,

repurchase

price

$10,045,014,

collateralized

by

various

Common

Stocks;

total

market

value

$11,021,080

10,000,000

10,000,000

The

Bank

of

Nova

Scotia,

Toronto

4.50%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$5,000,625,

collateralized

by

various

Common

Stocks;

total

market

value

$5,576,094

5,000,000

5,000,000

#### Total

#### Repurchase

#### Agreements

#### (Cost

#### $130,059,587)

#### 130,059,587

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $172,530,891)

#### 172,530,069

#### Total

#### Investments

#### -

#### 110.2%

#### (Cost

#### $1,040,433,539)

#### 1,750,840,187
Liabilities

in

excess

of

other

assets

-

(10.2%)

(162,230,207)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $1,588,609,980
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*\**

*Non-income* 

*producing* 

*security.*

*‡*

*Security* 

*is* 

*valued* 

*using* 

*significant* 

*unobservable* 

*inputs* 

*and* 

*is* 

*classified* 

*as* 

*Level* 

*3* 

*in* 

*the* 

*fair* 

*value* 

*hierarchy.*

(a) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$208,029,009,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$172,527,867* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments;* 

*$30,400,037* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*May* 

*8,* 

*2025* 

*–* 

*February* 

*15,* 

*2055* 

*and* 

*$12,101,330* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*Foreign* 

*Government* 

*Fixed* 

*Income* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*4.75%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*June* 

*12,* 

*2025* 

*–* 

*June* 

*30,* 

*2120;* 

*a* 

*total* 

*value* 

*of* 

*$215,029,234.*

(b) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Regulation* 

*S* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

1933. *Regulation* 

*S* 

*applies* 

*to* 

*securities* 

*offerings* 

*that* 

*are* 

*made* 

*outside* 

*of* 

*the* 

*United* 

*States* 

*and* 

*do* 

*not* 

*involve* 

*direct* 

*selling* 

*efforts* 

*in* 

*the* 

*United* 

*States* 

*and* 

*as* 

*such* 

*may* 

*have* 

*restrictions* 

*on* 

*resale.*

(c) *Investment* 

*in* 

*affiliated* 

*company.* 

*Northern* 

*Trust* 

*Investments,* 

*Inc.,* 

*the* 

*Investment* 

*Adviser* 

*of* 

*the* 

*Fund,* 

*is* 

*a* 

*subsidiary* 

*of* 

*Northern* 

*Trust* 

*Corporation.*

(d) *Represents* 

*less* 

*than* 

*0.05%* 

*of* 

*net* 

*assets.*

(e) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$172,530,069.*

(f) *Variable* 

*or* 

*floating* 

*rate* 

*security,* 

*linked* 

*to* 

*the* 

*referenced* 

*benchmark.* 

*The* 

*interest* 

*rate* 

*shown* 

*is* 

*the* 

*rate* 

*in* 

*effect* 

*as* 

*of* 

*April* 

*30,* 

2025. *Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*ADR*

*—*

*American* 

*Depositary* 

*Receipt*

*CVR*

*—*

*Contingent* 

*Value* 

*Rights*

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*SOFR*

*—*

*Secured* 

*Overnight* 

*Financing* 

*Rate*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

750,836,454

Aggregate

gross

unrealized

depreciation

(40,544,649)

Net

unrealized

appreciation

$

710,291,805

Federal

income

tax

cost

$

1,040,555,251

*Investment* 

*in* 

*a* 

*company* 

*which* 

*was* 

*affiliated* 

*for* 

*the* 

*period* 

*ended* 

*April* 

*30,* 

*2025,* 

*was* 

*as* 

*follows:*

#### Security

#### Value

#### October

#### 31,

#### 2024

#### Purchases

#### at

#### Cost

#### Sales

#### Proceeds

#### Shares

#### April

#### 30,

#### 2025

#### Value

#### April

#### 30,

#### 2025

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Dividend

#### Income

#### Realized

#### Gain
Northern

Trust

Corp.

$

643,328

$

4,358

$

17,508

6,280

$

590,195

$

(47,203)

$

9,480

$

7,220

#### Futures

#### Contracts
*FlexShares*

*®*

*Morningstar* 

*US* 

*Market* 

*Factor* 

*Tilt* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation

#### /

#### (#### Depreciation

####)

#### \*

#### Long

#### Contracts
Russell

2000

E-Mini

Index

06/20/2025

USD

$

1,477,350

$

(6,132)

S&P

500

E-Mini

Index

06/20/2025

USD

6,145,700

26,549

S&P

Midcap

E-Mini

Index

06/20/2025

USD

2,286,240

(13,548)

$

6,869

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*Abbreviations:*

*USD*

*—*

*US* 

*Dollar*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.3

%

Warrants

.0

†

Rights

–

Securities

Lending

Reinvestments

.9

Others

(1) (10

.2)

.0

%

*†*

*Amount* 

*represents* 

*less* 

*than* 

*0.05%.*

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 98

#### .1

#### %

#### Aerospace

#### &

#### Defense

#### -

#### 1

#### .5

#### %
Airbus

SE

6,417

$

1,073,316

Babcock

International

Group

plc

7,840

84,194

BAE

Systems

plc

34,751

805,101

Bet

Shemesh

Engines

Holdings

1997

Ltd.\*

2,356

314,647

Bombardier,

Inc.,

Class

B\*

1,147

75,664

CAE,

Inc.\*

4,337

108,292

Chemring

Group

plc

6,231

33,208

Dassault

Aviation

SA

111,708

Elbit

Systems

Ltd.

107,121

Hensoldt

AG

800

62,021

INVISIO

AB

1,284

Kongsberg

Gruppen

ASA

1,077

173,235

Leonardo

SpA

4,681

243,708

LISI

SA

880

27,659

MDA

Space

Ltd.\*

3,038

59,185

Melrose

Industries

plc

17,617

102,030

Montana

Aerospace

AG\*(a)

1,326

26,625

MTU

Aero

Engines

AG

651

224,893

QinetiQ

Group

plc

7,168

37,589

Rheinmetall

AG

845,178

Rolls-Royce

Holdings

plc

94,550

952,482

Saab

AB,

Class

B

2,903

134,813

Safran

SA

4,030

1,067,397

Singapore

Technologies

Engineering

Ltd.

17,900

101,585

Thales

SA

1,209

336,574

#### 7,109,509

#### Air

#### Freight

#### &

#### Logistics

#### -

#### 0

#### .6

#### %
Cargojet,

Inc.

608

37,546

Deutsche

Post

AG

18,197

775,911

DSV

A/S(b)

2,170

459,420

Freightways

Group

Ltd.(b)

7,410

43,315

ID

Logistics

Group

SACA\*(b)

36,371

InPost

SA\*

3,608

60,701

International

Distribution

Services

plc

14,455

70,820

KLN

Logistics

Group

Ltd.

80,000

64,580

Konoike

Transport

Co.

Ltd.

9,300

170,561

Logista

Integral

SA

2,344

80,256

Mainfreight

Ltd.(b)

1,312

43,221

Nippon

Express

Holdings,

Inc.

4,800

85,726

Oesterreichische

Post

AG

4,599

Sankyu,

Inc.

1,333

58,398

SBS

Holdings,

Inc.(b)

6,200

124,313

Senko

Group

Holdings

Co.

Ltd.

55,800

663,857

SG

Holdings

Co.

Ltd.

3,800

40,081

Yamato

Holdings

Co.

Ltd.

3,800

54,000

#### 2,873,676

#### Automobile

#### Components

#### -

#### 1

#### .6

#### %
Aisan

Industry

Co.

Ltd.

9,900

133,883

#### Investments

#### Shares

#### Value

#### Automobile

#### Components
(continued)

Aisin

Corp.

9,900

$

125,728

ARB

Corp.

Ltd.(b)

1,922

38,738

Brembo

NV(b)

1,435

13,409

Bridgestone

Corp.

12,400

520,810

CIE

Automotive

SA(b)

11,935

315,435

Cie

Generale

des

Etablissements

Michelin

SCA

13,702

501,072

Continental

AG

1,767

137,471

Denso

Corp.

40,300

521,973

Dometic

Group

AB(b)(c)

5,962

21,475

Eagle

Industry

Co.

Ltd.(b)

7,800

100,398

FCC

Co.

Ltd.

12,400

254,624

Forvia

SE

51,491

396,616

Gestamp

Automocion

SA(a)(b)

40,052

119,286

Hella

GmbH

&

Co.

KGaA\*

32,960

Johnson

Electric

Holdings

Ltd.(b)

108,500

198,120

JTEKT

Corp.

3,800

29,398

Koito

Manufacturing

Co.

Ltd.

5,000

60,677

KYB

Corp.(b)

15,500

317,411

Linamar

Corp.(b)

14,601

534,760

Magna

International,

Inc.

5,859

203,175

Musashi

Seimitsu

Industry

Co.

Ltd.

15,500

264,926

NHK

Spring

Co.

Ltd.

2,900

32,265

Nifco,

Inc.

2,400

59,630

Niterra

Co.

Ltd.

2,700

84,082

NOK

Corp.

4,100

56,683

Nokian

Renkaat

OYJ(b)

3,069

24,438

Opmobility

22,010

245,570

Pirelli

&

C

SpA(a)

3,854

23,763

Shoei

Co.

Ltd.(b)

3,800

44,543

Stanley

Electric

Co.

Ltd.

3,400

63,810

Sumitomo

Electric

Industries

Ltd.

15,500

248,735

Sumitomo

Riko

Co.

Ltd.

12,400

141,873

Sumitomo

Rubber

Industries

Ltd.(b)

3,800

47,953

Tokai

Rika

Co.

Ltd.(b)

15,500

231,348

Topre

Corp.

15,500

189,403

Toyo

Tire

Corp.(b)

4,500

84,202

Toyoda

Gosei

Co.

Ltd.

2,000

38,404

Toyota

Boshoku

Corp.

2,700

38,785

TS

Tech

Co.

Ltd.

31,000

350,771

Valeo

SE

73,191

721,177

Yokohama

Rubber

Co.

Ltd.

(The)(b)

3,800

83,252

#### 7,653,032

#### Automobiles

#### -

#### 2

#### .0

#### %
Aston

Martin

Lagonda

Global

Holdings

plc\*(a)(b)

16,400

14,753

Bayerische

Motoren

Werke

AG

5,611

473,908

Bayerische

Motoren

Werke

AG

(Preference)

1,516

121,752

Dr

Ing

hc

F

Porsche

AG

(Preference)

(a) 1,302

65,255

Ferrari

NV

1,209

551,931

Honda

Motor

Co.

Ltd.

89,900

915,765

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Automobiles
(continued)

Isuzu

Motors

Ltd.

9,300

$

125,606

Mazda

Motor

Corp.

10,600

63,493

Mercedes-Benz

Group

AG

14,663

874,579

Mitsubishi

Motors

Corp.(b)

13,500

37,403

Nissan

Motor

Co.

Ltd.\*(b)

28,800

68,951

Nissan

Shatai

Co.

Ltd.(b)

3,800

28,159

Porsche

Automobil

Holding

SE

(Preference)

3,534

145,305

Renault

SA

3,224

170,893

Stellantis

NV

37,200

344,217

Subaru

Corp.

9,700

176,299

Suzuki

Motor

Corp.

34,100

408,201

Toyota

Motor

Corp.

226,300

4,329,590

Trigano

SA(b)

2,697

319,765

Volkswagen

AG

(Preference)

4,340

470,853

Yamaha

Motor

Co.

Ltd.

18,600

146,307

#### 9,852,985

#### Banks

#### -

#### 13

#### .4

#### %
ABN

AMRO

Bank

NV,

CVA(a)(b)

6,851

141,739

AIB

Group

plc

46,500

312,660

Aichi

Financial

Group,

Inc.

3,200

61,066

Aktia

Bank

OYJ(b)

15,686

178,132

Alandsbanken

Abp,

Class

B(b)

1,972

82,269

Alior

Bank

SA

2,640

71,741

AMCO

-

Asset

Management

Co.

SpA\*‡(b)

ANZ

Group

Holdings

Ltd.

35,123

671,057

Awa

Bank

Ltd.

(The)

12,400

237,325

Banca

Monte

dei

Paschi

di

Siena

SpA(b)

18,693

157,585

Banca

Popolare

di

Sondrio

SpA

10,695

133,733

Banco

Bilbao

Vizcaya

Argentaria

SA

116,560

1,597,945

Banco

BPM

SpA

24,358

271,186

Banco

Comercial

Portugues

SA,

Class

R

183,623

117,684

Banco

de

Sabadell

SA

95,263

277,656

Banco

Santander

SA(b)

303,707

2,134,267

Bank

Hapoalim

BM

25,823

378,221

Bank

Leumi

Le-Israel

BM

31,868

452,311

Bank

Millennium

SA\*

17,360

67,314

Bank

of

East

Asia

Ltd.

(The)

25,413

35,000

Bank

of

Ireland

Group

plc

16,709

196,113

Bank

of

Montreal(b)

14,384

1,375,503

Bank

of

Nagoya

Ltd.

(The)

6,200

324,692

Bank

of

Nova

Scotia

(The)

24,304

1,213,704

Bank

of

Queensland

Ltd.(b)

8,126

38,788

Bank

Polska

Kasa

Opieki

SA\*

3,193

159,832

Bankinter

SA(b)

11,684

136,005

Banque

Cantonale

de

Geneve\*

527

158,405

Banque

Cantonale

Vaudoise

(Registered)\*(b)

50,592

Barclays

plc

294,841

1,168,855

BAWAG

Group

AG(a)

1,720

189,167

Bendigo

&

Adelaide

Bank

Ltd.(b)

7,372

52,689

#### Investments

#### Shares

#### Value

#### Banks
(continued)

BNP

Paribas

SA

20,956

$

1,769,717

BPER

Banca

SpA(b)

22,980

186,463

CaixaBank

SA(b)

68,324

522,856

Canadian

Imperial

Bank

of

Commerce

18,228

1,147,415

Chiba

Bank

Ltd.

(The)

13,800

121,998

Chugin

Financial

Group,

Inc.

2,600

29,064

Commerzbank

AG

17,081

450,859

Commonwealth

Bank

of

Australia

18,476

1,969,523

Concordia

Financial

Group

Ltd.

18,600

119,732

Credit

Agricole

SA

26,660

499,742

Credito

Emiliano

SpA

Dah

Sing

Banking

Group

Ltd.

136,400

147,223

Daishi

Hokuetsu

Financial

Group,

Inc.

31,000

675,897

Danske

Bank

A/S

14,291

499,987

DBS

Group

Holdings

Ltd.

40,361

1,312,188

DNB

Bank

ASA

15,376

383,735

EQB,

Inc.(b)

9,331

643,841

Erste

Group

Bank

AG

5,580

377,095

FIBI

Holdings

Ltd.

533

30,831

FinecoBank

Banca

Fineco

SpA

6,944

138,651

First

International

Bank

of

Israel

Ltd.

(The)

1,144

62,811

Fukuoka

Financial

Group,

Inc.

2,800

73,494

Graubuendner

Kantonalbank

14,779

Gunma

Bank

Ltd.

(The)

8,400

69,725

Hachijuni

Bank

Ltd.

(The)

10,200

76,622

Hang

Seng

Bank

Ltd.(b)

12,400

173,175

Heartland

Group

Holdings

Ltd.(b)

285,443

130,435

Hirogin

Holdings,

Inc.

9,200

76,108

Hokkoku

Financial

Holdings,

Inc.

7,500

278,674

Hokuhoku

Financial

Group,

Inc.

43,400

774,348

HSBC

Holdings

plc

355,508

3,950,769

Hyakugo

Bank

Ltd.

(The)

93,000

447,918

ING

Bank

Slaski

SA\*

532

46,305

ING

Groep

NV

62,744

1,213,511

Intesa

Sanpaolo

SpA

300,824

1,601,065

Israel

Discount

Bank

Ltd.,

Class

A

22,586

168,508

Iyogin

Holdings,

Inc.

6,200

71,480

Japan

Post

Bank

Co.

Ltd.

24,800

254,016

Judo

Capital

Holdings

Ltd.\*

32,064

36,519

Juroku

Financial

Group,

Inc.

12,400

418,144

Jyske

Bank

A/S

(Registered)

1,119

91,781

KBC

Ancora

803

52,578

KBC

Group

NV

4,743

437,044

Keiyo

Bank

Ltd.

(The)

34,100

197,705

Kiyo

Bank

Ltd.

(The)(b)

24,800

420,056

Kyoto

Financial

Group,

Inc.

6,200

106,101

Kyushu

Financial

Group,

Inc.(b)

5,600

28,149

Liechtensteinische

Landesbank

AG

17,710

Lion

Finance

Group

plc

11,594

929,166

Lloyds

Banking

Group

plc

1,253,640

1,227,064

Luzerner

Kantonalbank

AG

(Registered)

25,785

mBank

SA\*

47,464

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Banks
(continued)

Mebuki

Financial

Group,

Inc.

25,610

$

124,531

Mediobanca

Banca

di

Credito

Finanziario

SpA

10,416

212,949

Mitsubishi

UFJ

Financial

Group,

Inc.

133,300

1,685,408

Mizrahi

Tefahot

Bank

Ltd.

2,466

124,891

Mizuho

Financial

Group,

Inc.

49,600

1,244,868

Musashino

Bank

Ltd.

(The)

9,300

205,377

Nanto

Bank

Ltd.

(The)

10,800

294,532

National

Australia

Bank

Ltd.

34,007

786,166

National

Bank

of

Canada(b)

4,355

381,744

NatWest

Group

plc

140,523

897,565

Nishi-Nippon

Financial

Holdings,

Inc.

3,800

55,545

Nordea

Bank

Abp

56,203

769,194

Norion

Bank

AB\*

20,191

82,743

North

Pacific

Bank

Ltd.

117,800

408,798

Oberbank

AG

902

71,979

Oversea-Chinese

Banking

Corp.

Ltd.

65,100

805,212

Permanent

TSB

Group

Holdings

plc\*(b)

50,912

89,705

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

16,523

317,840

Raiffeisen

Bank

International

AG

3,344

89,254

Resona

Holdings,

Inc.

31,000

247,539

Ringkjoebing

Landbobank

A/S

91,325

Royal

Bank

of

Canada(b)

16,120

1,931,062

San-In

Godo

Bank

Ltd.

(The)

55,800

492,905

Santander

Bank

Polska

SA

704

107,994

Senshu

Ikeda

Holdings,

Inc.(b)

80,600

265,013

Shiga

Bank

Ltd.

(The)

15,500

620,478

Shizuoka

Financial

Group,

Inc.

11,300

125,049

Skandinaviska

Enskilda

Banken

AB,

Class

A(b)

27,156

429,235

Skandinaviska

Enskilda

Banken

AB,

Class

C

684

11,546

Societe

Generale

SA

15,128

784,172

Spar

Nord

Bank

A/S\*(b)

24,087

775,574

SpareBank

Nord

Norge

36,487

487,950

Sparebank

Oestlandet

1,329

22,171

SpareBank

SMN

3,103

56,297

SpareBank

Sor-Norge

ASA

4,796

76,496

Sparebanken

Vest

46,314

624,192

St

Galler

Kantonalbank

AG

(Registered)

24,797

Standard

Chartered

plc

38,006

546,227

Sumitomo

Mitsui

Financial

Group,

Inc.

43,400

1,034,492

Sumitomo

Mitsui

Trust

Group,

Inc.

15,500

383,045

Suruga

Bank

Ltd.

6,200

54,680

Svenska

Handelsbanken

AB,

Class

A

24,521

321,230

Svenska

Handelsbanken

AB,

Class

B(b)

609

Swedbank

AB,

Class

A

17,670

439,510

Sydbank

A/S

18,259

1,168,051

TBC

Bank

Group

plc

16,089

1,016,481

#### Investments

#### Shares

#### Value

#### Banks
(continued)

Tokyo

Kiraboshi

Financial

Group,

Inc.(b)

9,300

$

365,115

Toronto-Dominion

Bank

(The)

34,255

2,184,553

Unicaja

Banco

SA(a)

45,288

86,282

UniCredit

SpA

30,938

1,792,552

United

Overseas

Bank

Ltd.

24,800

657,940

Valiant

Holding

AG

(Registered)

5,239

775,251

Walliser

Kantonalbank

(Registered)\*

28,067

Westpac

Banking

Corp.

36,611

769,295

Yamaguchi

Financial

Group,

Inc.

4,100

48,232

#### 64,483,413

#### Beverages

#### -

#### 0

#### .8

#### %
Anheuser-Busch

InBev

SA/NV

11,129

728,691

Asahi

Group

Holdings

Ltd.(b)

31,000

428,684

Carlsberg

A/S,

Class

B(b)

1,054

143,809

Coca-Cola

Europacific

Partners

plc(b)

2,460

223,220

Coca-Cola

HBC

AG

3,030

157,840

Davide

Campari-Milano

NV(b)

6,802

45,496

Diageo

plc

26,505

740,625

Fevertree

Drinks

plc

5,658

60,081

Heineken

Holding

NV

2,728

213,353

Heineken

NV

3,286

293,973

Ito

En

Ltd.

800

19,164

Kirin

Holdings

Co.

Ltd.

9,300

140,765

Pernod

Ricard

SA

1,829

197,973

Remy

Cointreau

SA(b)

21,956

Royal

Unibrew

A/S

836

66,659

Sapporo

Holdings

Ltd.

800

44,442

Suntory

Beverage

&

Food

Ltd.(b)

1,800

62,945

Takara

Holdings,

Inc.

6,400

51,688

Treasury

Wine

Estates

Ltd.

11,691

66,876

#### 3,708,240

#### Biotechnology

#### -

#### 0

#### .4

#### %
Argenx

SE\*

713

460,366

Bavarian

Nordic

A/S\*

1,376

32,768

BioArctic

AB,

Class

B\*(a)(b)

2,108

42,838

BioGaia

AB,

Class

B

3,846

40,873

CSL

Ltd.

5,177

831,869

Galapagos

NV\*

11,781

Genmab

A/S\*

589

124,700

Genus

plc

558

13,729

Grifols

SA\*

2,888

27,229

PeptiDream,

Inc.\*

2,500

33,949

Swedish

Orphan

Biovitrum

AB\*

2,455

74,580

Takara

Bio,

Inc.

2,291

Telix

Pharmaceuticals

Ltd.\*(b)

4,018

69,749

Vitrolife

AB(b)

880

14,379

Zealand

Pharma

A/S,

Class

A\*(b)

896

62,995

#### 1,844,096

#### Broadline

#### Retail

#### -

#### 0

#### .7

#### %
Aeon

Kyushu

Co.

Ltd.(b)

3,200

57,117

Allegro.eu

SA\*(a)

6,278

55,002

ASKUL

Corp.

1,000

10,649

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Broadline

#### Retail
(continued)

B&M

European

Value

Retail

SA

14,042

$

63,095

Canadian

Tire

Corp.

Ltd.,

Class

A(b)

884

96,560

Dollarama,

Inc.(b)

3,131

385,567

Europris

ASA(a)

8,968

66,677

Harvey

Norman

Holdings

Ltd.(b)

5,586

18,693

Isetan

Mitsukoshi

Holdings

Ltd.(b)

5,000

64,428

J

Front

Retailing

Co.

Ltd.

4,100

50,301

Next

plc

1,674

275,694

Pan

Pacific

International

Holdings

Corp.

6,200

191,685

Pepco

Group

NV(a)

4,066

19,148

Prosus

NV

13,826

643,206

Puuilo

OYJ

2,622

37,376

Rakuten

Group,

Inc.\*

19,200

113,001

Ryohin

Keikaku

Co.

Ltd.

3,100

105,405

Seria

Co.

Ltd.

1,000

20,380

Takashimaya

Co.

Ltd.

8,600

66,261

THG

plc,

Class

B\*(b)

315,921

103,806

Tokmanni

Group

Corp.(b)

14,384

227,083

Wesfarmers

Ltd.

12,059

604,313

#### 3,275,447

#### Building

#### Products

#### -

#### 0

#### .8

#### %
AGC,

Inc.

4,000

124,874

Assa

Abloy

AB,

Class

B(b)

12,152

367,399

Belimo

Holding

AG

(Registered)

104,477

Bunka

Shutter

Co.

Ltd.(b)

15,500

222,220

Carel

Industries

SpA(a)(b)

2,318

46,534

Cie

de

Saint-Gobain

SA

9,331

1,012,970

Daikin

Industries

Ltd.

3,400

388,411

dormakaba

Holding

AG

106,412

Fletcher

Building

Ltd.\*

16,948

30,877

Forbo

Holding

AG

(Registered)

39,366

Geberit

AG

(Registered)

258,125

Genuit

Group

plc

14,542

74,005

Inrom

Construction

Industries

Ltd.(b)

28,551

119,255

James

Halstead

plc(b)

18,023

36,832

Kingspan

Group

plc

1,861

157,181

Lindab

International

AB(b)

3,965

83,700

Lixil

Corp.(b)

3,800

44,769

Munters

Group

AB(a)

2,720

34,942

Nibe

Industrier

AB,

Class

B(b)

22,196

93,848

Reliance

Worldwide

Corp.

Ltd.(b)

13,860

37,247

ROCKWOOL

A/S,

Class

A(b)

880

40,077

ROCKWOOL

A/S,

Class

B(b)

1,740

79,242

Sanwa

Holdings

Corp.

3,300

108,411

Systemair

AB

4,018

34,244

Takara

Standard

Co.

Ltd.

15,500

195,706

TOTO

Ltd.

3,000

79,795

Volution

Group

plc

3,838

29,118

#### 3,950,037

#### Capital

#### Markets

#### -

#### 3

#### .9

#### %
3i

Group

plc

18,786

1,062,415

Aberdeen

Group

plc(b)

31,578

62,256

#### Investments

#### Shares

#### Value

#### Capital

#### Markets
(continued)

AJ

Bell

plc

$

1,980

Allfunds

Group

plc

4,048

22,824

Alpha

Group

International

plc(a)

760

27,713

Amundi

SA(a)

1,234

97,281

Antin

Infrastructure

Partners

SA

4,332

50,721

Ashmore

Group

plc

22,554

43,591

ASX

Ltd.

1,878

84,992

Avanza

Bank

Holding

AB

2,704

90,415

Azimut

Holding

SpA

2,537

70,339

Banca

Generali

SpA

1,397

82,737

Brederode

SA

35,987

Bridgepoint

Group

plc(a)

12,544

44,803

Brookfield

Asset

Management

Ltd.,

Class

A(b)

3,844

204,709

Brookfield

Corp.,

Class

A(b)

14,477

776,201

Bure

Equity

AB

968

32,518

CI

Financial

Corp.(b)

40,889

925,057

Cie

Financiere

Tradition

SA

8,224

CVC

Capital

Partners

plc\*(a)(b)

9,052

160,728

Daiwa

Securities

Group,

Inc.(b)

21,700

142,121

Deutsche

Bank

AG

(Registered)

38,409

1,003,340

Deutsche

Boerse

AG

2,232

719,304

EFG

International

AG

1,680

25,392

EQT

AB(b)

8,277

238,401

Euronext

NV(a)

1,142

190,831

Fairfax

India

Holdings

Corp.\*(a)

18,693

318,716

flatexDEGIRO

AG

2,128

55,879

Galaxy

Digital

Holdings

Ltd.\*(b)

3,264

51,797

Gimv

NV

8,141

366,932

HMC

Capital

Ltd.,

REIT(b)

9,954

30,954

Hong

Kong

Exchanges

&

Clearing

Ltd.

14,158

622,209

HUB24

Ltd.

1,023

47,358

iFAST

Corp.

Ltd.

10,000

47,637

IG

Group

Holdings

plc

6,522

92,777

IGM

Financial,

Inc.

2,200

69,776

Insignia

Financial

Ltd.\*

188,263

456,544

IntegraFin

Holdings

plc(a)

15,498

63,034

Integral

Corp.(b)

3,100

58,983

Intermediate

Capital

Group

plc

2,728

68,357

Investec

plc

13,577

85,342

JAFCO

Group

Co.

Ltd.

15,500

260,525

Japan

Exchange

Group,

Inc.

12,400

138,396

JTC

plc(a)

4,522

50,374

Julius

Baer

Group

Ltd.

3,534

228,963

London

Stock

Exchange

Group

plc

5,208

808,673

Macquarie

Group

Ltd.

3,751

464,295

Magellan

Financial

Group

Ltd.(b)

55,335

271,565

Man

Group

plc

388,926

846,766

Monex

Group,

Inc.

12,300

61,569

Ninety

One

plc(b)

15,252

30,334

Nomura

Holdings,

Inc.

52,700

292,318

Nordnet

AB

publ(b)

2,420

63,731

Okasan

Securities

Group,

Inc.(b)

68,200

303,610

Onex

Corp.(b)

684

48,335

Partners

Group

Holding

AG

324,580

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Capital

#### Markets
(continued)

Perpetual

Ltd.(b)

35,278

$

373,803

Pinnacle

Investment

Management

Group

Ltd.(b)

736

8,514

Plus500

Ltd.

25,048

1,025,780

Quilter

plc(a)

50,468

91,004

Rathbones

Group

plc

18,879

395,902

Ratos

AB,

Class

B

56,513

192,422

SBI

Holdings,

Inc.(b)

4,700

123,200

Schroders

plc

17,815

78,144

Singapore

Exchange

Ltd.

12,000

131,975

St

James's

Place

plc

9,331

117,056

Swissquote

Group

Holding

SA

(Registered)

102,436

Tamburi

Investment

Partners

SpA

2,546

21,822

Tel

Aviv

Stock

Exchange

Ltd.

4,141

50,831

TMX

Group

Ltd.

3,410

137,926

Tokai

Tokyo

Financial

Holdings,

Inc.

86,800

286,615

TP

ICAP

Group

plc

261,919

897,353

UBS

Group

AG

(Registered)

34,379

1,041,306

UOB-Kay

Hian

Holdings

Ltd.

72,567

100,039

Van

Lanschot

Kempen

NV,

CVA

832

48,282

Vontobel

Holding

AG

(Registered)

24,546

VZ

Holding

AG

58,890

XTB

SA(a)

2,360

51,431

Yangzijiang

Financial

Holding

Ltd.

855,600

465,249

#### 18,659,735

#### Chemicals

#### -

#### 2

#### .6

#### %
ADEKA

Corp.

2,300

41,384

Aica

Kogyo

Co.

Ltd.

1,500

34,808

Air

Liquide

SA

6,386

1,310,737

Air

Water,

Inc.

4,100

55,878

Akzo

Nobel

NV(b)

1,364

86,147

Arkema

SA

1,209

91,599

Artience

Co.

Ltd.

12,400

254,972

Asahi

Kasei

Corp.

24,800

172,821

BASF

SE\*

16,771

850,846

Borregaard

ASA

1,692

29,108

C

Uyemura

&

Co.

Ltd.

600

38,825

Clariant

AG

(Registered)

2,166

24,223

Corbion

NV

3,482

74,374

Covestro

AG\*

1,760

118,840

Croda

International

plc

1,798

70,871

Daicel

Corp.

8,900

75,716

Denka

Co.

Ltd.

3,400

46,397

DIC

Corp.(b)

2,899

56,500

DSM-Firmenich

AG

2,201

238,489

Dyno

Nobel

Ltd.

43,710

63,487

Elementis

plc

23,522

39,336

Elkem

ASA\*(a)

92,380

162,134

EMS-Chemie

Holding

AG

(Registered)

93,149

Evonik

Industries

AG

4,557

102,308

FUCHS

SE

711

27,278

FUCHS

SE

(Preference)

1,182

59,174

#### Investments

#### Shares

#### Value

#### Chemicals
(continued)

Fuso

Chemical

Co.

Ltd.

1,100

$

26,683

Givaudan

SA

(Registered)

533,033

Hexpol

AB

5,784

50,195

ICL

Group

Ltd.

10,602

70,329

Israel

Corp.

Ltd.(b)

32,700

JCU

Corp.

1,400

30,917

Johnson

Matthey

plc

4,371

75,023

K+S

AG

(Registered)

5,115

89,136

Kaneka

Corp.

1,300

31,771

Kansai

Paint

Co.

Ltd.

3,800

57,277

Kemira

OYJ

2,992

61,731

Keppel

Infrastructure

Trust

41,800

12,805

Kumiai

Chemical

Industry

Co.

Ltd.(b)

21,700

115,620

Kuraray

Co.

Ltd.(b)

7,800

90,965

LANXESS

AG

3,226

96,153

Lenzing

AG\*

5,580

175,386

Lintec

Corp.

15,500

296,004

Methanex

Corp.

1,290

40,345

Mitsubishi

Chemical

Group

Corp.

24,800

120,140

Mitsubishi

Gas

Chemical

Co.,

Inc.(b)

6,200

94,430

Mitsui

Chemicals,

Inc.

4,600

100,939

Nihon

Parkerizing

Co.

Ltd.

34,100

283,768

Nippon

Paint

Holdings

Co.

Ltd.(b)

13,200

100,407

Nippon

Sanso

Holdings

Corp.(b)

2,800

89,610

Nippon

Soda

Co.

Ltd.(b)

15,778

295,893

Nissan

Chemical

Corp.

2,900

84,678

Nitto

Denko

Corp.

8,800

154,265

NOF

Corp.

3,600

54,136

Novonesis

Novozymes

B(b)

4,217

273,685

Nufarm

Ltd.

20,418

50,298

Nutrien

Ltd.

10,168

579,325

OCI

NV

1,933

16,041

Okamoto

Industries,

Inc.(b)

3,100

109,317

Orica

Ltd.

4,446

46,199

Palram

Industries

1990

Ltd.(b)

1,792

38,134

Resonac

Holdings

Corp.

3,700

67,352

Sanyo

Chemical

Industries

Ltd.

3,100

78,239

Shin-Etsu

Chemical

Co.

Ltd.

21,700

658,728

Shin-Etsu

Polymer

Co.

Ltd.

800

8,194

Sika

AG

(Registered)

1,674

419,238

SK

Kaken

Co.

Ltd.

3,100

193,641

SOL

SpA

1,258

57,559

Solvay

SA(b)

1,558

59,118

Sumitomo

Chemical

Co.

Ltd.(b)

34,100

82,166

Syensqo

SA

1,364

97,094

Symrise

AG,

Class

A

1,643

189,663

T

Hasegawa

Co.

Ltd.

900

18,020

Taiyo

Holdings

Co.

Ltd.

1,800

66,756

Teijin

Ltd.

4,100

34,277

Toagosei

Co.

Ltd.

3,200

30,095

Tokai

Carbon

Co.

Ltd.(b)

68,200

439,542

Tokuyama

Corp.

24,800

505,250

Tokyo

Ohka

Kogyo

Co.

Ltd.

2,100

46,184

Toray

Industries,

Inc.

31,000

197,619

Tosoh

Corp.

6,800

95,798

Toyobo

Co.

Ltd.(b)

31,000

192,337

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Chemicals
(continued)

Umicore

SA

5,406

$

49,162

Victrex

plc(b)

700

7,770

Wacker

Chemie

AG

19,207

Yara

International

ASA

2,139

69,141

Zeon

Corp.

3,600

35,245

#### 12,314,134

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 1

#### .3

#### %
Befesa

SA(a)(b)

11,718

355,656

Bilfinger

SE

13,020

1,104,116

Boyd

Group

Services,

Inc.(b)

53,324

Brambles

Ltd.

18,073

237,294

Cleanaway

Waste

Management

Ltd.

(b) 35,024

58,266

Dai

Nippon

Printing

Co.

Ltd.

6,200

86,541

Daiseki

Co.

Ltd.

1,499

38,358

DO

&

CO

AG\*

58,976

Downer

EDI

Ltd.

3,616

13,211

Element

Fleet

Management

Corp.(b)

5,828

127,378

Elis

SA(b)

4,023

103,170

GFL

Environmental,

Inc.(b)

2,272

113,148

ISS

A/S

2,508

63,106

Japan

Elevator

Service

Holdings

Co.

Ltd.

4,200

90,837

Kokuyo

Co.

Ltd.(b)

4,100

84,147

Loomis

AB,

Class

B

984

41,217

Mitie

Group

plc

389,484

750,177

Mitsubishi

Pencil

Co.

Ltd.(b)

1,800

27,977

Nippon

Kanzai

Holdings

Co.

Ltd.

1,300

24,762

Okamura

Corp.

24,800

344,599

Prestige

International,

Inc.

4,000

18,817

Prosegur

Cia

de

Seguridad

SA

29,664

82,784

RB

Global,

Inc.

2,139

215,139

Rentokil

Initial

plc

32,426

148,385

Sdiptech

AB,

Class

B\*

912

20,443

Secom

Co.

Ltd.

5,300

194,997

Securitas

AB,

Class

B(b)

9,203

146,467

Serco

Group

plc

347,417

796,765

Sohgo

Security

Services

Co.

Ltd.

9,500

75,026

SPIE

SA

2,511

122,853

TOPPAN

Holdings,

Inc.

3,700

103,732

Veridis

Environment

Ltd.\*

2,870

18,447

Waste

Connections,

Inc.

2,728

537,720

#### 6,257,835

#### Communications

#### Equipment

#### -

#### 0

#### .2

#### %
Nokia

OYJ(b)

49,941

249,165

Spirent

Communications

plc\*

25,338

62,476

Telefonaktiebolaget

LM

Ericsson,

Class

A

2,563

Telefonaktiebolaget

LM

Ericsson,

Class

B

30,814

259,997

VTech

Holdings

Ltd.

58,900

396,480

#### 970,681

#### Investments

#### Shares

#### Value

#### Construction

#### &

#### Engineering

#### -

#### 2

#### .5

#### %
Ackermans

&

van

Haaren

NV

$

107,637

ACS

Actividades

de

Construccion

y

Servicios

SA

4,116

257,805

AF

Gruppen

ASA

837

12,026

Ashtrom

Group

Ltd.

3,759

AtkinsRealis

Group,

Inc.

2,004

99,047

Balfour

Beatty

plc

181,226

1,107,683

Bouygues

SA\*

3,379

148,650

Burkhalter

Holding

AG

4,625

Chudenko

Corp.

1,500

36,859

COMSYS

Holdings

Corp.

3,100

68,828

Deme

Group

NV

40,690

Eiffage

SA

1,240

168,796

Elco

Ltd.(b)

3,906

172,810

Elecnor

SA(b)

2,201

47,237

Electra

Ltd.(b)

40,516

Ferrovial

SE

5,532

269,651

Fugro

NV(b)

5,456

63,882

Gold

Finance

Holdings

Ltd.\*‡

89,827

—

Hazama

Ando

Corp.

46,500

464,218

HOCHTIEF

AG

83,406

INFRONEER

Holdings,

Inc.

4,100

35,096

Instalco

AB(a)(b)

4,332

12,073

JGC

Holdings

Corp.

6,800

54,633

Johns

Lyng

Group

Ltd.(b)

11,210

15,923

Kajima

Corp.

9,400

224,522

Keller

Group

plc

24,335

461,560

Kinden

Corp.

2,300

59,725

Koninklijke

BAM

Groep

NV\*

88,319

597,360

Kumagai

Gumi

Co.

Ltd.

10,100

301,995

Kvutzat

Acro

Ltd.(b)

2,108

28,413

Maire

SpA(b)

1,395

15,065

MIRAIT

ONE

Corp.

27,900

439,116

Monadelphous

Group

Ltd.(b)

7,216

74,521

Morgan

Sindall

Group

plc

1,344

63,460

NCC

AB,

Class

B(b)

27,931

523,006

NRW

Holdings

Ltd.

8,192

14,205

Obayashi

Corp.

9,600

149,176

Okumura

Corp.(b)

12,400

384,240

Peab

AB,

Class

B

54,715

455,254

Penta-Ocean

Construction

Co.

Ltd.

89,900

516,812

Per

Aarsleff

Holding

A/S

5,022

403,874

Raito

Kogyo

Co.

Ltd.

15,500

288,615

Raiznext

Corp.

2,092

Renew

Holdings

plc

1,462

14,744

Sacyr

SA

9,151

33,537

Shapir

Engineering

and

Industry

Ltd.

2,525

17,610

Shikun

&

Binui

Ltd.\*(b)

7,872

25,807

Shimizu

Corp.

7,600

81,280

Shinnihon

Corp.

10,500

121,460

SHO-BOND

Holdings

Co.

Ltd.(b)

1,200

43,082

Skanska

AB,

Class

B

4,867

112,984

Stantec,

Inc.

1,398

122,463

Sweco

AB,

Class

B

3,524

61,858

Taihei

Dengyo

Kaisha

Ltd.(b)

4,400

150,841

Taikisha

Ltd.

2,000

32,866

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Construction

#### &

#### Engineering
(continued)

Taisei

Corp.

1,600

$

86,876

Takamatsu

Construction

Group

Co.

Ltd.

6,200

126,008

Thyssenkrupp

Nucera

AG

&

Co.

KGaA\*

1,748

18,171

Toda

Corp.

5,200

33,101

Toenec

Corp.

16,000

126,753

Toyo

Construction

Co.

Ltd.

3,800

35,645

Veidekke

ASA

3,088

46,573

Ventia

Services

Group

Pty.

Ltd.

2,356

6,392

Vinci

SA

9,734

1,356,584

Webuild

SpA(b)

126,790

459,770

Worley

Ltd.

7,728

61,513

WSP

Global,

Inc.

1,333

235,815

Yokogawa

Bridge

Holdings

Corp.

11,800

216,824

Yurtec

Corp.

3,400

43,716

#### 11,991,134

#### Construction

#### Materials

#### -

#### 1

#### .0

#### %
Breedon

Group

plc

98,673

567,520

Brickworks

Ltd.(b)

1,435

23,157

Buzzi

SpA

2,238

117,331

Cementir

Holding

NV

13,671

224,405

Heidelberg

Materials

AG

2,325

460,533

Holcim

AG

5,518

615,088

Imerys

SA

12,059

401,372

James

Hardie

Industries

plc,

CHDI\*

4,681

110,820

Krosaki

Harima

Corp.(b)

6,600

115,444

RHI

Magnesita

NV(b)

7,564

314,716

Shinagawa

Refractories

Co.

Ltd.

6,800

78,374

SigmaRoc

plc\*

273,420

330,878

Sumitomo

Osaka

Cement

Co.

Ltd.

12,400

339,731

Taiheiyo

Cement

Corp.

3,300

88,978

Titan

Cement

International

SA

13,981

646,841

Vicat

SACA

6,789

379,696

Wienerberger

AG

2,520

88,459

#### 4,903,343

#### Consumer

#### Finance

#### -

#### 0

#### .3

#### %
Acom

Co.

Ltd.

20,500

57,487

Aiful

Corp.

89,900

223,741

Cembra

Money

Bank

AG

558

67,564

Credit

Saison

Co.

Ltd.

2,100

49,173

goeasy

Ltd.

36,059

Hong

Leong

Finance

Ltd.

46,200

91,289

Isracard

Ltd.

62,930

296,402

Jaccs

Co.

Ltd.

12,400

326,865

KRUK

SA

52,410

Marui

Group

Co.

Ltd.

3,200

63,455

Orient

Corp.

21,700

119,119

Zip

Co.

Ltd.\*(b)

10,432

11,548

#### 1,395,112

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 1

#### .6

#### %
Aeon

Co.

Ltd.

10,813

320,433

#### Investments

#### Shares

#### Value

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
(continued)

Ain

Holdings,

Inc.(b)

800

$

30,987

Alimentation

Couche-Tard,

Inc.

7,688

400,513

Arcs

Co.

Ltd.

15,500

311,978

Axfood

AB(b)

1,496

41,926

Belc

Co.

Ltd.

800

39,708

Carrefour

SA(b)

9,486

146,598

Casino

Guichard

Perrachon

SA\*(b)

49,408

31,109

Coles

Group

Ltd.

17,639

239,496

Colruyt

Group

NV

16,484

Cosmos

Pharmaceutical

Corp.

25,813

Create

SD

Holdings

Co.

Ltd.

500

10,674

Dino

Polska

SA\*(a)

628

88,257

Empire

Co.

Ltd.,

Class

A

2,242

83,103

Endeavour

Group

Ltd.(b)

8,976

22,916

George

Weston

Ltd.

868

168,786

GrainCorp

Ltd.,

Class

A

9,652

41,069

H2O

Retailing

Corp.

34,100

466,413

Heiwado

Co.

Ltd.

12,400

231,413

HelloFresh

SE\*

2,894

30,114

Itochu-Shokuhin

Co.

Ltd.(b)

1,800

121,523

J

Sainsbury

plc

29,157

103,905

Jeronimo

Martins

SGPS

SA

4,147

100,505

Kato

Sangyo

Co.

Ltd.

9,300

325,995

Kesko

OYJ,

Class

A

2,248

50,342

Kesko

OYJ,

Class

B(b)

4,431

101,746

Kobe

Bussan

Co.

Ltd.

1,900

58,423

Koninklijke

Ahold

Delhaize

NV

19,065

783,231

Kusuri

no

Aoki

Holdings

Co.

Ltd.(b)

1,800

43,031

Life

Corp.

18,600

269,403

Loblaw

Cos.

Ltd.

1,860

301,360

Marks

&

Spencer

Group

plc

23,405

121,609

MatsukiyoCocokara

&

Co.

6,400

117,846

Maxvalu

Tokai

Co.

Ltd.

3,200

68,200

Metcash

Ltd.

19,051

39,251

Metro,

Inc.,

Class

A

2,728

209,819

Mitsubishi

Shokuhin

Co.

Ltd.

6,200

232,109

North

West

Co.,

Inc.

(The)

2,344

93,841

Ocado

Group

plc\*(b)

8,427

31,663

Redcare

Pharmacy

NV\*(a)(b)

28,613

Seven

&

i

Holdings

Co.

Ltd.

24,800

367,636

Sheng

Siong

Group

Ltd.

17,900

24,128

Shufersal

Ltd.

4,983

46,625

Sugi

Holdings

Co.

Ltd.

2,400

50,561

Sundrug

Co.

Ltd.

1,600

53,662

Tesco

plc

123,380

610,909

Tsuruha

Holdings,

Inc.(b)

900

72,403

United

Super

Markets

Holdings,

Inc.

2,000

12,886

Valor

Holdings

Co.

Ltd.

12,400

217,939

Welcia

Holdings

Co.

Ltd.(b)

2,300

40,593

Woolworths

Group

Ltd.

14,849

299,951

#### 7,747,498

#### Containers

#### &

#### Packaging

#### -

#### 0

#### .4

#### %
Billerud

Aktiebolag

5,485

57,893

CCL

Industries,

Inc.,

Class

B

2,089

108,949

FP

Corp.

1,200

25,911

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Containers

#### &

#### Packaging
(continued)

Fuji

Seal

International,

Inc.

12,400

$

221,677

Huhtamaki

OYJ

899

33,131

Mayr

Melnhof

Karton

AG\*

2,666

246,689

Metsa

Board

OYJ,

Class

B(b)

3,813

13,914

Orora

Ltd.(b)

26,585

30,789

Rengo

Co.

Ltd.

89,900

501,685

SIG

Group

AG(b)

2,516

48,713

Toyo

Seikan

Group

Holdings

Ltd.

3,100

54,159

Transcontinental,

Inc.,

Class

A

24,645

335,428

Verallia

SA(a)

1,364

45,523

Vidrala

SA

535

58,262

Winpak

Ltd.

1,716

53,059

#### 1,835,782

#### Distributors

#### -

#### 0

#### .1

#### %
Arata

Corp.

9,400

209,562

Bapcor

Ltd.(b)

10,184

33,168

D'ieteren

Group

68,506

Inchcape

plc

9,322

83,611

Inter

Cars

SA

31,055

MEKO

AB

10,881

143,051

PALTAC

Corp.

800

22,176

#### 591,129

#### Diversified

#### Consumer

#### Services

#### -

#### 0

#### .0

#### %
(d) IDP

Education

Ltd.(b)

5,016

28,436

Pearson

plc

10,168

162,501

#### 190,937

#### Diversified

#### REITs

#### -

#### 0

#### .4

#### %
Argosy

Property

Ltd.,

REIT(b)

70,866

42,056

British

Land

Co.

plc

(The),

REIT

17,422

91,546

Centuria

Capital

Group,

REIT(b)

46,058

46,563

Charter

Hall

Group,

REIT

7,886

85,275

Charter

Hall

Long

Wale

REIT,

REIT(b)

17,272

42,438

Covivio

SA,

REIT

1,628

91,236

Daiwa

House

REIT

Investment

Corp.,

REIT

13,421

GPT

Group

(The),

REIT

8,738

25,886

Growthpoint

Properties

Australia

Ltd.,

REIT(b)

67,239

99,813

H&R

REIT,

REIT(b)

44,919

319,015

Heiwa

Real

Estate

REIT,

Inc.,

REIT

70,118

ICADE,

REIT

10,261

243,782

KDX

Realty

Investment

Corp.,

REIT(b)

70,841

Land

Securities

Group

plc,

REIT

3,706

29,329

LondonMetric

Property

plc,

REIT

6,510

16,721

Mapletree

Pan

Asia

Commercial

Trust,

REIT

3,400

3,177

Merlin

Properties

Socimi

SA,

REIT

4,522

51,198

Mirvac

Group,

REIT

62,669

91,425

Mori

Trust

Reit,

Inc.,

REIT

16,890

#### Investments

#### Shares

#### Value

#### Diversified

#### REITs
(continued)

NIPPON

REIT

Investment

Corp.,

REIT

$

42,098

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT

37,883

NTT

UD

REIT

Investment

Corp.,

REIT(b)

30,107

Reit

Ltd.,

REIT

59,830

310,737

Star

Asia

Investment

Corp.,

REIT(b)

58,289

Stockland,

REIT

34,875

122,508

Suntec

REIT,

REIT

43,500

38,313

#### 2,090,665

#### Diversified

#### Telecommunication

#### Services

#### -

#### 1

#### .5

#### %
Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

38,130

57,839

BT

Group

plc(b)

118,730

275,625

Cellnex

Telecom

SA(a)

6,107

247,418

Chorus

Ltd.(b)

Cogeco

Communications,

Inc.(b)

3,534

173,464

Deutsche

Telekom

AG

(Registered)

66,805

2,399,722

Elisa

OYJ

1,854

99,096

Gamma

Communications

plc

2,584

46,042

Helios

Towers

plc\*

47,020

67,327

HKT

Trust

&

HKT

Ltd.

53,400

76,023

Infrastrutture

Wireless

Italiane

SpA(a)

5,179

62,051

Koninklijke

KPN

NV

40,486

188,462

Nippon

Telegraph

&

Telephone

Corp.

533,200

558,096

Orange

Polska

SA

26,182

67,482

Orange

SA

31,496

457,742

PCCW

Ltd.

77,035

51,359

Proximus

SADP(b)

41,881

322,308

Quebecor,

Inc.,

Class

B(b)

3,894

106,618

RAI

Way

SpA(a)

8,120

55,752

Singapore

Telecommunications

Ltd.

102,300

296,158

Spark

New

Zealand

Ltd.

1,489

1,838

Swisscom

AG

(Registered)(b)

228,232

Telecom

Italia

SpA\*

186,585

83,080

Telefonica

SA(b)

94,984

487,822

Telekom

Austria

AG,

Class

A

4,091

43,342

Telenor

ASA

6,872

103,511

Telia

Co.

AB

32,570

122,075

Telstra

Group

Ltd.

68,820

198,596

TELUS

Corp.

6,784

104,218

United

Internet

AG

(Registered)

1,720

38,889

#### 7,020,333

#### Electric

#### Utilities

#### -

#### 1

#### .6

#### %
Acciona

SA(b)

626

91,370

BKW

AG\*

88,616

Chubu

Electric

Power

Co.,

Inc.

12,400

160,998

Chugoku

Electric

Power

Co.,

Inc.

(The)

4,206

22,345

CK

Infrastructure

Holdings

Ltd.(b)

11,000

74,187

CLP

Holdings

Ltd.

36,000

307,788

Contact

Energy

Ltd.(b)

12,142

63,842

EDP

SA

60,512

239,104

Elia

Group

SA/NV

640

69,551

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Electric

#### Utilities
(continued)

Emera,

Inc.(b)

3,069

$

137,864

Endesa

SA

7,688

231,592

Enea

SA\*

89,528

339,296

Enel

SpA

147,188

1,278,963

EVN

AG

748

19,642

Fortis,

Inc.

5,664

279,940

Fortum

OYJ(b)

5,939

99,546

Genesis

Energy

Ltd.

18,684

24,394

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.(a)

44,500

30,988

Hokkaido

Electric

Power

Co.,

Inc.(b)

71,300

338,405

Hokuriku

Electric

Power

Co.(b)

65,100

334,308

Hydro

One

Ltd.(a)(b)

3,503

134,510

Iberdrola

SA

62,731

1,133,464

Kansai

Electric

Power

Co.,

Inc.

(The)

18,600

228,849

Kyushu

Electric

Power

Co.,

Inc.

6,800

60,568

Manawa

Energy

Ltd.

5,123

14,745

Mercury

NZ

Ltd.(b)

11,738

38,870

Naturenergie

Holding

AG\*

1,178

46,446

Origin

Energy

Ltd.

30,659

208,727

PGE

Polska

Grupa

Energetyczna

SA\*

25,070

54,848

Power

Assets

Holdings

Ltd.

19,000

125,814

Redeia

Corp.

SA(b)

3,420

71,922

Romande

Energie

Holding

SA

(Registered)

816

42,600

Shikoku

Electric

Power

Co.,

Inc.

7,600

62,472

SSE

plc

20,615

465,900

Tauron

Polska

Energia

SA\*

382,664

601,043

Terna

-

Rete

Elettrica

Nazionale

16,196

161,426

Tohoku

Electric

Power

Co.,

Inc.

10,000

71,754

Tokyo

Electric

Power

Co.

Holdings,

Inc.\*

13,400

40,968

Verbund

AG

928

71,417

#### 7,869,082

#### Electrical

#### Equipment

#### -

#### 1

#### .3

#### %
ABB

Ltd.

(Registered)

17,360

912,417

Accelleron

Industries

AG

1,254

67,358

Daihen

Corp.(b)

7,400

326,837

Fagerhult

Group

AB

6,336

27,525

Fuji

Electric

Co.

Ltd.

1,500

66,493

Fujikura

Ltd.(b)

2,000

73,570

Furukawa

Electric

Co.

Ltd.

6,262

Huber

+

Suhner

AG

(Registered)

840

74,110

Legrand

SA

3,224

352,928

Mabuchi

Motor

Co.

Ltd.(b)

3,200

46,842

Mitsubishi

Electric

Corp.

24,800

479,952

NEL

ASA\*

Nexans

SA

714

78,080

Nidec

Corp.

9,520

169,056

Nitto

Kogyo

Corp.(b)

9,300

195,337

NKT

A/S\*

36,472

Nordex

SE\*

800

14,996

Prysmian

SpA

2,976

162,179

#### Investments

#### Shares

#### Value

#### Electrical

#### Equipment
(continued)

Schneider

Electric

SE

5,952

$

1,381,604

Siemens

Energy

AG\*

5,766

442,691

Signify

NV(a)(b)

42,160

870,804

Time

Interconnect

Technology

Ltd.

248,000

130,161

TKH

Group

NV,

CVA(b)

1,333

52,580

Ushio,

Inc.

3,800

45,742

Vestas

Wind

Systems

A/S

8,494

112,892

#### 6,126,895

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 1

#### .2

#### %
Ai

Holdings

Corp.(b)

9,300

137,766

ALSO

Holding

AG

(Registered)

9,488

Amano

Corp.

800

23,337

Anritsu

Corp.(b)

8,200

82,121

Azbil

Corp.

8,400

72,552

Canon

Marketing

Japan,

Inc.

1,500

53,316

Celestica,

Inc.\*

1,178

100,317

Citizen

Watch

Co.

Ltd.(b)

74,400

429,792

Codan

Ltd.(b)

7,076

71,309

Comet

Holding

AG

(Registered)

72,046

FIT

Hon

Teng

Ltd.\*(a)(b)

496,000

124,085

Hakuto

Co.

Ltd.(b)

3,100

85,085

Halma

plc

4,929

181,446

Hamamatsu

Photonics

KK

5,400

49,991

Hexagon

AB,

Class

B\*

22,413

217,695

Hirose

Electric

Co.

Ltd.

582

66,160

Horiba

Ltd.(b)

800

54,734

Hosiden

Corp.

15,500

208,637

Ibiden

Co.

Ltd.(b)

2,800

77,577

Inficon

Holding

AG

(Registered)

700

74,281

Japan

Aviation

Electronics

Industry

Ltd.

3,400

54,561

Jenoptik

AG

2,585

51,189

Kaga

Electronics

Co.

Ltd.

12,600

226,136

Keyence

Corp.

2,100

880,987

Kitron

ASA

9,471

46,579

Kyocera

Corp.

15,500

183,861

Lagercrantz

Group

AB,

Class

B

2,640

59,999

Landis+Gyr

Group

AG

1,073

69,074

LEM

Holding

SA

(Registered)

22,540

Macnica

Holdings,

Inc.(b)

4,800

66,898

Murata

Manufacturing

Co.

Ltd.

21,800

338,371

Mycronic

AB

924

36,845

NCAB

Group

AB

4,028

17,758

Nohmi

Bosai

Ltd.

2,500

58,451

Oki

Electric

Industry

Co.

Ltd.

27,900

185,817

Omron

Corp.(b)

2,800

83,034

Oxford

Instruments

plc

Renishaw

plc

880

26,329

Riken

Keiki

Co.

Ltd.(b)

2,400

44,891

Sensirion

Holding

AG\*(a)

20,620

Sesa

SpA(b)

24,765

Shimadzu

Corp.

4,000

102,860

Softwareone

Holding

AG\*(b)

31,186

216,319

Spectris

plc

2,057

54,951

Taiyo

Yuden

Co.

Ltd.(b)

2,500

37,805

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components
(continued)

TDK

Corp.

18,800

$

200,534

Tokyo

Electron

Device

Ltd.(b)

5,100

105,654

Topcon

Corp.

4,100

93,273

Vaisala

OYJ,

Class

A

836

44,523

Venture

Corp.

Ltd.

7,600

67,519

VusionGroup

49,329

Yokogawa

Electric

Corp.

4,800

103,915

#### 5,767,188

#### Energy

#### Equipment

#### &

#### Services

#### -

#### 0

#### .5

#### %
Aker

Solutions

ASA(a)

7,560

20,456

DOF

Group

ASA\*

75,950

592,149

John

Wood

Group

plc\*(b)

33,661

8,291

Lapidoth

Capital

Ltd.(b)

986

16,937

Modec,

Inc.

6,200

187,991

Odfjell

Drilling

Ltd.

38,502

199,751

Saipem

SpA\*(b)

17,440

40,462

SBM

Offshore

NV(b)

49,104

1,034,884

Subsea

SA

3,608

54,451

Technip

Energies

NV

3,542

121,194

Tenaris

SA(b)

7,409

123,680

TGS

ASA

1,927

14,299

Vallourec

SACA\*

5,111

94,731

#### 2,509,276

#### Entertainment

#### -

#### 0

#### .6

#### %
Bollore

SE

12,457

77,033

Capcom

Co.

Ltd.

3,900

113,167

CD

Projekt

SA

745

46,113

CTS

Eventim

AG

&

Co.

KGaA

704

83,068

DeNA

Co.

Ltd.\*

1,100

29,729

Embracer

Group

AB,

Class

B\*

2,193

27,662

EVT

Ltd.(b)

6,232

56,344

Kinepolis

Group

NV(b)

1,030

35,594

Koei

Tecmo

Holdings

Co.

Ltd.

2,492

42,768

Konami

Group

Corp.

1,000

142,667

Modern

Times

Group

MTG

AB,

Class

B\*

28,675

345,471

Nexon

Co.

Ltd.(b)

6,200

97,581

Nintendo

Co.

Ltd.

12,400

1,028,407

Paradox

Interactive

AB

952

18,705

Square

Enix

Holdings

Co.

Ltd.

1,800

104,474

Toei

Animation

Co.

Ltd.

1,000

24,257

Toho

Co.

Ltd.

1,200

68,648

Ubisoft

Entertainment

SA\*(b)

1,425

16,782

Universal

Music

Group

NV(b)

11,811

347,066

Vivendi

SE

672

2,089

#### 2,707,625

#### Financial

#### Services

#### -

#### 1

#### .5

#### %
Adyen

NV\*(a)

549,584

AMP

Ltd.

65,142

53,977

Banca

IFIS

SpA(b)

7,037

176,465

Banca

Mediolanum

SpA

4,444

66,279

#### Investments

#### Shares

#### Value

#### Financial

#### Services
(continued)

BFF

Bank

SpA\*(a)(b)

60,946

$

577,106

Edenred

SE

3,069

95,520

Eurazeo

SE

1,022

74,585

EXOR

NV

1,984

186,965

Financial

Partners

Group

Co.

Ltd.

3,800

59,408

First

National

Financial

Corp.

3,334

Fuyo

General

Lease

Co.

Ltd.

3,000

83,707

Groupe

Bruxelles

Lambert

NV

510

42,031

HAL

Trust

570

75,032

Helia

Group

Ltd.(b)

82,677

256,040

Hypoport

SE\*

22,262

Industrivarden

AB,

Class

A

2,728

95,884

Industrivarden

AB,

Class

C(b)

2,173

76,309

Infratil

Ltd.

8,319

52,084

Investor

AB,

Class

A

7,781

231,375

Investor

AB,

Class

B

21,049

622,638

Japan

Securities

Finance

Co.

Ltd.

4,700

56,147

Kinnevik

AB,

Class

B\*

1,700

13,586

L

E

Lundbergforetagen

AB,

Class

B

1,674

88,431

M&G

plc

44,702

123,835

Mitsubishi

HC

Capital,

Inc.(b)

12,800

90,320

Nexi

SpA\*(a)(b)

6,992

40,885

ORIX

Corp.

23,200

463,707

OSB

Group

plc

127,131

804,894

Paragon

Banking

Group

plc

71,207

801,787

Peugeot

Invest

SA

1,984

163,736

Ricoh

Leasing

Co.

Ltd.(b)

4,400

169,041

Sofina

SA

88,223

Tokyo

Century

Corp.

2,400

25,289

Washington

H

Soul

Pattinson

&

Co.

Ltd.(b)

2,856

67,998

Wendel

SE

26,715

Wise

plc,

Class

A\*

8,088

105,709

Worldline

SA\*(a)(b)

82,894

458,899

Zenkoku

Hosho

Co.

Ltd.

1,200

26,004

#### 7,015,791

#### Food

#### Products

#### -

#### 2

#### .5

#### %
a2

Milk

Co.

Ltd.

(The)

7,139

37,113

AAK

AB

2,771

72,515

Ajinomoto

Co.,

Inc.

12,400

253,494

Ariake

Japan

Co.

Ltd.(b)

800

33,651

Aryzta

AG\*

2,029

5,101

Associated

British

Foods

plc

3,813

105,120

Austevoll

Seafood

ASA

3,432

32,235

Bakkafrost

P/F

820

41,237

Bakkavor

Group

plc(a)

61,194

140,587

Barry

Callebaut

AG

(Registered)(b)

55,908

Bell

Food

Group

AG

(Registered)(b)

651

210,332

Bumitama

Agri

Ltd.

60,800

37,718

Calbee,

Inc.

600

12,083

Chocoladefabriken

Lindt

&

Spruengli

AG(b)

322,337

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

284,271

Cranswick

plc

900

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Food

#### Products
(continued)

Danone

SA

7,781

$

671,870

DyDo

Group

Holdings,

Inc.(b)

1,000

20,450

Ebro

Foods

SA(b)

17,484

341,451

Elders

Ltd.(b)

60,266

244,092

Emmi

AG

(Registered)

40,364

First

Pacific

Co.

Ltd.

806,000

542,551

First

Resources

Ltd.

158,100

182,838

Fraser

and

Neave

Ltd.

64,000

59,799

Fuji

Oil

Co.

Ltd.

1,200

26,366

Glanbia

plc(b)

3,500

45,356

Golden

Agri-Resources

Ltd.

213,400

39,225

Grieg

Seafood

ASA

Hilton

Food

Group

plc

2,496

29,638

House

Foods

Group,

Inc.

2,400

47,120

Inghams

Group

Ltd.(b)

106,733

234,245

Itoham

Yonekyu

Holdings,

Inc.(b)

10,540

330,668

JDE

Peet's

NV

1,804

43,680

Kagome

Co.

Ltd.

900

18,538

Kameda

Seika

Co.

Ltd.(b)

900

24,986

Kerry

Group

plc,

Class

A

1,426

151,159

Kikkoman

Corp.

11,500

112,509

Kotobuki

Spirits

Co.

Ltd.(b)

2,500

37,209

Leroy

Seafood

Group

ASA

5,456

23,866

Lotus

Bakeries

NV

57,701

Maple

Leaf

Foods,

Inc.

3,772

68,897

Maruha

Nichiro

Corp.

12,400

283,660

Megmilk

Snow

Brand

Co.

Ltd.

15,500

285,246

MEIJI

Holdings

Co.

Ltd.

3,400

83,761

Mitsui

DM

Sugar

Co.

Ltd.

3,700

88,713

Morinaga

&

Co.

Ltd.

2,200

39,260

Morinaga

Milk

Industry

Co.

Ltd.

2,400

57,106

Mowi

ASA

6,696

122,750

Nestle

SA

(Registered)

28,613

3,055,071

Nichirei

Corp.

3,200

43,926

Nippn

Corp.(b)

21,700

342,295

Nisshin

Oillio

Group

Ltd.

(The)

9,300

321,106

Nisshin

Seifun

Group,

Inc.

2,690

34,747

Nissin

Foods

Holdings

Co.

Ltd.

4,100

90,514

Nissui

Corp.

8,200

49,824

Orkla

ASA

8,580

95,646

Premier

Foods

plc

Premium

Brands

Holdings

Corp.,

Class

A

512

29,056

Prima

Meat

Packers

Ltd.

6,200

99,972

Riken

Vitamin

Co.

Ltd.

9,300

162,411

S

Foods,

Inc.

3,400

64,239

Sakata

Seed

Corp.

1,400

32,438

Salmar

ASA

788

38,944

Saputo,

Inc.

1,893

36,865

Schouw

&

Co.

A/S

3,689

336,005

Showa

Sangyo

Co.

Ltd.

9,300

197,227

Societe

LDC

SADIR(b)

2,108

183,554

Strauss

Group

Ltd.

952

21,567

Suedzucker

AG

23,839

321,936

#### Investments

#### Shares

#### Value

#### Food

#### Products
(continued)

Tate

&

Lyle

plc

4,012

$

29,902

Toyo

Suisan

Kaisha

Ltd.

1,800

116,349

Viscofan

SA

29,136

WH

Group

Ltd.(a)

125,000

111,868

Wilmar

International

Ltd.

43,400

101,711

Yakult

Honsha

Co.

Ltd.(b)

3,300

67,844

Yamazaki

Baking

Co.

Ltd.

2,900

69,471

#### 12,083,544

#### Gas

#### Utilities

#### -

#### 0

#### .6

#### %
AltaGas

Ltd.(b)

4,588

135,518

APA

Group(b)

16,477

86,662

Brookfield

Infrastructure

Corp.,

Class

A

1,802

67,368

Enagas

SA(b)

5,691

89,081

Hong

Kong

&

China

Gas

Co.

Ltd.

124,000

111,772

Italgas

SpA(b)

6,936

57,084

Naturgy

Energy

Group

SA(b)

2,234

66,636

Nippon

Gas

Co.

Ltd.

1,900

35,039

Osaka

Gas

Co.

Ltd.

7,700

195,253

Rubis

SCA

31,775

1,031,594

Snam

SpA(b)

33,759

194,180

Superior

Plus

Corp.

76,911

385,307

Tokyo

Gas

Co.

Ltd.

9,300

309,239

#### 2,764,733

#### Ground

#### Transportation

#### -

#### 1

#### .1

#### %
Aurizon

Holdings

Ltd.

29,146

57,066

Ayvens

SA(a)(b)

6,498

65,852

Canadian

National

Railway

Co.

5,673

548,326

Canadian

Pacific

Kansas

City

Ltd.

10,044

728,086

Central

Japan

Railway

Co.

18,600

382,197

East

Japan

Railway

Co.

12,400

269,142

Firstgroup

plc

225,835

520,946

Hankyu

Hanshin

Holdings,

Inc.

3,400

96,966

Jungfraubahn

Holding

AG

(Registered)

46,068

Keikyu

Corp.

6,800

70,889

Keisei

Electric

Railway

Co.

Ltd.(b)

8,700

90,178

Kelsian

Group

Ltd.

59,582

103,315

Kintetsu

Group

Holdings

Co.

Ltd.

2,200

47,365

Kyushu

Railway

Co.

3,100

79,869

Maruzen

Showa

Unyu

Co.

Ltd.

6,200

260,796

MTR

Corp.

Ltd.(b)

31,264

108,047

Nagoya

Railroad

Co.

Ltd.

3,100

37,848

Nankai

Electric

Railway

Co.

Ltd.

3,000

47,522

Nikkon

Holdings

Co.

Ltd.(b)

3,100

64,112

Nishi-Nippon

Railroad

Co.

Ltd.(b)

24,800

381,284

Odakyu

Electric

Railway

Co.

Ltd.(b)

4,600

50,857

Sakai

Moving

Service

Co.

Ltd.

6,200

106,188

Seibu

Holdings,

Inc.(b)

3,800

91,936

Seino

Holdings

Co.

Ltd.(b)

3,100

48,856

Sixt

SE

29,235

Sixt

SE

(Preference)

19,783

Stef

SA\*(b)

1,054

152,163

TFI

International,

Inc.

961

77,969

Tobu

Railway

Co.

Ltd.

3,700

67,520

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Ground

#### Transportation
(continued)

Tokyu

Corp.(b)

4,300

$

52,393

West

Japan

Railway

Co.(b)

9,300

195,337

Zigup

plc

78,895

329,313

#### 5,227,424

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 1

#### .0

#### %
Alcon

AG

5,146

498,850

Ambu

A/S,

Class

B

3,468

62,171

Ansell

Ltd.(b)

2,720

52,734

Arjo

AB,

Class

B

11,562

38,648

Asahi

Intecc

Co.

Ltd.

3,200

49,187

BioMerieux

775

104,572

Carl

Zeiss

Meditec

AG

715

48,848

Cochlear

Ltd.

750

131,772

Coloplast

A/S,

Class

B(b)

1,798

203,203

ConvaTec

Group

plc(a)

25,563

88,707

Demant

A/S\*(b)

1,821

66,123

DiaSorin

SpA

33,473

Elekta

AB,

Class

B

2,128

10,811

EssilorLuxottica

SA

3,131

899,401

Fisher

&

Paykel

Healthcare

Corp.

Ltd.(b)

6,107

123,223

Fukuda

Denshi

Co.

Ltd.

1,000

42,485

Getinge

AB,

Class

B(b)

2,980

57,531

Hogy

Medical

Co.

Ltd.

1,200

34,408

Hoya

Corp.

3,600

423,500

Koninklijke

Philips

NV\*

8,255

209,354

Mani,

Inc.

3,400

27,376

Medacta

Group

SA(a)

54,463

Menicon

Co.

Ltd.

5,700

56,345

Nakanishi,

Inc.

3,400

44,383

Nihon

Kohden

Corp.

4,600

55,630

Nipro

Corp.

4,100

36,361

Olympus

Corp.

12,400

162,172

Paramount

Bed

Holdings

Co.

Ltd.

1,600

25,788

PHC

Holdings

Corp.

6,400

43,163

Revenio

Group

OYJ

1,710

53,456

Siemens

Healthineers

AG(a)

3,224

173,642

Smith

&

Nephew

plc

7,502

105,615

Sonova

Holding

AG

(Registered)

126,122

Straumann

Holding

AG

(Registered)

(b) 1,386

169,761

Sysmex

Corp.

4,500

83,649

Terumo

Corp.

18,600

357,161

Vimian

Group

AB\*(b)

12,578

50,808

Ypsomed

Holding

AG

(Registered)

25,093

#### 4,829,989

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 0

#### .4

#### %
Alfresa

Holdings

Corp.

1,500

22,641

Amplifon

SpA(b)

2,112

40,346

As

One

Corp.

1,600

25,367

Chartwell

Retirement

Residences

5,304

66,468

EBOS

Group

Ltd.(b)

2,169

47,111

Emeis

SA\*(b)

24,521

314,645

#### Investments

#### Shares

#### Value

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

Fagron

3,658

$

85,244

Fresenius

Medical

Care

AG

3,534

178,809

Fresenius

SE

&

Co.

KGaA\*

7,037

334,371

Galenica

AG(a)

792

83,272

Medicover

AB,

Class

B

3,403

85,208

Medipal

Holdings

Corp.

3,400

57,862

NMC

Health

plc\*‡

2,074

—

Raffles

Medical

Group

Ltd.

60,824

47,049

Ramsay

Health

Care

Ltd.

2,720

57,885

Ryman

Healthcare

Ltd.\*

11,375

14,919

Ship

Healthcare

Holdings,

Inc.

1,900

27,560

Sigma

Healthcare

Ltd.(b)

31,776

61,402

Sonic

Healthcare

Ltd.

5,642

94,150

Spire

Healthcare

Group

plc(a)

14,036

36,258

Summerset

Group

Holdings

Ltd.(b)

2,592

16,582

Suzuken

Co.

Ltd.

1,880

68,220

Terveystalo

OYJ(a)

4,480

62,334

#### 1,827,703

#### Health

#### Care

#### REITs

#### -

#### 0

#### .2

#### %
Aedifica

SA,

REIT

832

66,819

Assura

plc,

REIT

Cofinimmo

SA,

REIT

11,966

958,966

Parkway

Life

REIT,

REIT

19,000

61,553

Vital

Healthcare

Property

Trust,

REIT

30,574

31,026

#### 1,118,383

#### Health

#### Care

#### Technology

#### -

#### 0

#### .0

#### %
(d) M3,

Inc.

6,500

81,409

Medley,

Inc.\*(b)

1,000

24,257

Pro

Medicus

Ltd.

44,036

Sectra

AB,

Class

B\*(b)

2,856

87,828

#### 237,530

#### Hotel

#### &

#### Resort

#### REITs

#### -

#### 0

#### .2

#### %
CapitaLand

Ascott

Trust,

REIT

32,566

21,325

CDL

Hospitality

Trusts,

REIT

38,294

23,316

Covivio

Hotels

SACA,

REIT(b)

22,940

610,203

Far

East

Hospitality

Trust,

REIT

53,976

22,530

Hoshino

Resorts

REIT,

Inc.,

REIT(b)

36,949

Invincible

Investment

Corp.,

REIT

15,718

Japan

Hotel

REIT

Investment

Corp.,

REIT

38,111

#### 768,152

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 1

#### .6

#### %
Accor

SA

2,604

127,728

Amadeus

IT

Group

SA

5,115

402,245

AmRest

Holdings

SE

6,191

28,925

Aristocrat

Leisure

Ltd.

8,029

343,381

Basic-Fit

NV\*(a)

2,632

59,629

Betsson

AB,

Class

B\*

38,719

681,253

Carnival

plc\*

2,976

49,708

Colowide

Co.

Ltd.(b)

3,500

44,081

Compass

Group

plc

18,197

612,018

Corporate

Travel

Management

Ltd.

(b) 7,144

58,373

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

Create

Restaurants

Holdings,

Inc.

4,400

$

42,815

Dalata

Hotel

Group

plc

62,744

360,901

Deliveroo

plc,

Class

A\*(a)

4,779

10,884

Delivery

Hero

SE\*(a)

2,397

67,548

Domino's

Pizza

Enterprises

Ltd.(b)

1,449

23,392

Domino's

Pizza

Group

plc

18,742

67,341

Entain

plc

8,352

71,129

Evolution

AB\*(a)

1,736

121,350

FDJ

UNITED(a)

7,648

Flight

Centre

Travel

Group

Ltd.(b)

4,576

37,390

Fuji

Kyuko

Co.

Ltd.

1,000

14,575

Galaxy

Entertainment

Group

Ltd.(b)

33,000

120,005

Genting

Singapore

Ltd.

104,400

59,168

Greggs

plc

1,558

38,645

Heiwa

Corp.

17,950

279,116

HIS

Co.

Ltd.(b)

3,800

45,076

Ichibanya

Co.

Ltd.

5,000

33,371

InterContinental

Hotels

Group

plc

1,395

147,983

J

D

Wetherspoon

plc(b)

4,294

37,481

Just

Eat

Takeaway.com

NV\*(a)(b)

60,512

1,323,462

KOMEDA

Holdings

Co.

Ltd.

1,200

24,237

Kyoritsu

Maintenance

Co.

Ltd.(b)

2,200

46,563

Lottery

Corp.

Ltd.

(The)(b)

26,317

87,899

Lottomatica

Group

Spa

3,990

90,894

McDonald's

Holdings

Co.

Japan

Ltd.

(b) 1,100

46,502

Melia

Hotels

International

SA

832

6,025

Mitchells

&

Butlers

plc\*

74,462

246,161

Monogatari

Corp.

(The)

1,500

39,119

MOS

Food

Services,

Inc.

2,100

54,399

Ohsho

Food

Service

Corp.

2,112

47,973

Oriental

Land

Co.

Ltd.

14,000

297,686

Playtech

plc\*

5,824

59,121

Restaurant

Brands

International,

Inc.

(b) 3,379

217,300

Round

One

Corp.

6,400

39,843

Royal

Holdings

Co.

Ltd.

1,600

29,142

Sands

China

Ltd.\*(b)

29,600

53,362

Scandic

Hotels

Group

AB(a)

1,824

14,117

SJM

Holdings

Ltd.\*

114,000

31,754

SkiStar

AB

2,828

48,937

SKYCITY

Entertainment

Group

Ltd.\*(b)

260,741

177,947

Skylark

Holdings

Co.

Ltd.(b)

3,700

76,897

Sodexo

SA

1,054

66,976

SSP

Group

plc

34,815

68,824

Tabcorp

Holdings

Ltd.

101,492

36,366

Toridoll

Holdings

Corp.

1,100

32,914

Trainline

plc\*(a)

5,536

21,503

TUI

AG\*

8,498

65,167

WEB

Travel

Group

Ltd.\*(b)

8,654

23,866

Whitbread

plc

2,070

71,694

Wynn

Macau

Ltd.(b)

12,800

8,567

Yoshinoya

Holdings

Co.

Ltd.

3,400

74,584

#### Investments

#### Shares

#### Value

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

Zensho

Holdings

Co.

Ltd.

1,800

$

111,920

#### 7,634,880

#### Household

#### Durables

#### -

#### 1

#### .1

#### %
Atal

SA

3,740

60,731

Azorim-Investment

Development

&

Construction

Co.

Ltd.(b)

5,535

25,416

Barratt

Redrow

plc

9,182

57,128

Bellway

plc

2,480

88,842

Berkeley

Group

Holdings

plc

1,265

70,459

Breville

Group

Ltd.(b)

2,420

44,192

Cairn

Homes

plc

11,968

26,344

Casio

Computer

Co.

Ltd.

3,600

28,103

Chervon

Holdings

Ltd.(b)

43,400

72,756

De'

Longhi

SpA

1,012

31,291

Dom

Development

SA

2,232

130,205

Electra

Consumer

Products

1970

Ltd.(b)

3,534

97,307

ES-Con

Japan

Ltd.(b)

15,500

115,294

Fiskars

OYJ

Abp(b)

2,204

36,679

Fujitsu

General

Ltd.

2,100

41,267

GN

Store

Nord

A/S\*(b)

2,244

33,694

Haseko

Corp.

3,500

49,958

Iida

Group

Holdings

Co.

Ltd.

3,400

53,786

JM

AB

3,876

62,049

JVCKenwood

Corp.

49,600

371,026

Man

Wah

Holdings

Ltd.(b)

508,400

270,108

Nagawa

Co.

Ltd.

500

21,523

Nikon

Corp.(b)

5,800

55,686

Open

House

Group

Co.

Ltd.

1,800

79,728

Panasonic

Holdings

Corp.

43,400

499,295

Persimmon

plc

4,748

82,128

Rinnai

Corp.

1,800

40,419

Sangetsu

Corp.(b)

2,256

45,898

SEB

SA

616

57,910

Sekisui

House

Ltd.

12,400

284,790

Sony

Group

Corp.

68,200

1,803,016

Sumitomo

Forestry

Co.

Ltd.(b)

3,100

89,279

Tamron

Co.

Ltd.(b)

1,700

38,317

Taylor

Wimpey

plc

39,508

61,979

Vistry

Group

plc\*

6,850

57,569

YIT

OYJ\*(b)

55,924

163,125

#### 5,147,297

#### Household

#### Products

#### -

#### 0

#### .2

#### %
Earth

Corp.(b)

600

21,663

Essity

AB,

Class

A

1,020

29,347

Essity

AB,

Class

B

5,952

171,805

Henkel

AG

&

Co.

KGaA

748

52,803

Henkel

AG

&

Co.

KGaA

(Preference)

2,356

183,188

Pigeon

Corp.

6,400

77,465

Reckitt

Benckiser

Group

plc

8,029

518,843

Unicharm

Corp.(b)

15,700

145,894

#### 1,201,008
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 0

#### .5

#### %
Boralex,

Inc.,

Class

A

1,519

$

33,673

Brookfield

Renewable

Corp.(b)

1,904

54,158

Capital

Power

Corp.

1,280

48,502

Drax

Group

plc

132,525

1,092,174

EDP

Renovaveis

SA(b)

5,542

52,005

Electric

Power

Development

Co.

Ltd.

3,100

54,430

Enlight

Renewable

Energy

Ltd.\*

1,428

23,078

ERG

SpA(b)

704

14,413

Innergex

Renewable

Energy,

Inc.

3,658

35,963

Meridian

Energy

Ltd.

21,702

70,577

Northland

Power,

Inc.

Orsted

A/S\*(a)(b)

1,344

53,593

OY

Nofar

Energy

Ltd.\*

1,496

34,956

RWE

AG

13,330

518,228

Scatec

ASA\*(a)

8,405

64,071

Solaria

Energia

y

Medio

Ambiente

SA\*

2,380

17,948

TransAlta

Corp.

6,634

59,025

#### 2,227,106

#### Industrial

#### Conglomerates

#### -

#### 1

#### .3

#### %
Aker

ASA,

Class

A

15,275

Bonheur

ASA

5,859

135,599

Brookfield

Business

Corp.,

Class

A(b)

8,432

220,735

CK

Hutchison

Holdings

Ltd.

46,856

264,651

CTF

Services

Ltd.

38,000

35,968

DCC

plc

1,612

105,203

Hikari

Tsushin,

Inc.

27,748

Hitachi

Ltd.

52,700

1,299,766

Investment

AB

Latour,

Class

B

2,024

54,729

Italmobiliare

SpA(b)

1,024

28,577

Jardine

Cycle

&

Carriage

Ltd.

3,800

75,465

Jardine

Matheson

Holdings

Ltd.

3,100

137,826

Keppel

Ltd.

18,000

90,434

Lifco

AB,

Class

B(b)

3,736

144,793

Nisshinbo

Holdings,

Inc.(b)

49,600

295,952

Nolato

AB,

Class

B

11,029

62,035

Noritsu

Koki

Co.

Ltd.

6,200

196,032

Sekisui

Chemical

Co.

Ltd.

6,200

108,187

Siemens

AG

(Registered)

8,246

1,893,007

Smiths

Group

plc

2,666

66,377

Storskogen

Group

AB,

Class

B(b)

504,897

659,069

Swire

Pacific

Ltd.,

Class

A

10,500

90,855

TOKAI

Holdings

Corp.

4,100

28,772

#### 6,037,055

#### Industrial

#### REITs

#### -

#### 0

#### .3

#### %
ARGAN

SA,

REIT

588

40,706

CapitaLand

Ascendas

REIT,

REIT

47,235

96,228

Centuria

Industrial

REIT,

REIT(b)

6,256

11,769

Dream

Industrial

REIT,

REIT

7,125

54,677

ESR-REIT,

REIT

9,520

16,040

Frasers

Logistics

&

Commercial

Trust,

REIT(a)

49,400

33,862

#### Investments

#### Shares

#### Value

#### Industrial

#### REITs
(continued)

GLP

J-REIT,

REIT

$

32,821

Goodman

Group,

REIT

20,584

394,857

Goodman

Property

Trust,

REIT(b)

19,085

20,783

Granite

REIT,

REIT

22,159

Industrial

&

Infrastructure

Fund

Investment

Corp.,

REIT

55,681

LaSalle

Logiport

REIT,

REIT

41,983

Mapletree

Industrial

Trust,

REIT

35,589

55,058

Mapletree

Logistics

Trust,

REIT

62,253

53,399

Mitsui

Fudosan

Logistics

Park,

Inc.,

REIT

56,436

Nippon

Prologis

REIT,

Inc.,

REIT

11,587

Property

for

Industry

Ltd.,

REIT

26,697

32,637

Segro

plc,

REIT

10,943

99,480

Tritax

Big

Box

REIT

plc,

REIT

32,912

62,864

Warehouses

De

Pauw

CVA,

REIT\*

3,179

81,237

#### 1,274,264

#### Insurance

#### -

#### 5

#### .7

#### %
Admiral

Group

plc

3,317

144,346

Aegon

Ltd.

27,529

176,246

Ageas

SA/NV

2,790

175,227

AIA

Group

Ltd.

124,000

929,037

Allianz

SE

(Registered)

7,719

3,194,822

Alm

Brand

A/S

27,040

64,331

ASR

Nederland

NV

2,554

160,841

AUB

Group

Ltd.(b)

2,926

59,742

Aviva

plc

59,737

446,828

AXA

SA\*

34,627

1,636,288

Baloise

Holding

AG

(Registered)

62,234

Beazley

plc

11,643

137,554

CBL

Corp.

Ltd.\*(e)

102,937

—

Clal

Insurance

Enterprises

Holdings

Ltd.

899

24,605

Coface

SA

38,378

785,708

Conduit

Holdings

Ltd.

44,330

203,984

Dai-ichi

Life

Holdings,

Inc.

74,400

534,372

Definity

Financial

Corp.

1,025

51,061

Direct

Line

Insurance

Group

plc

444,447

1,680,023

Fairfax

Financial

Holdings

Ltd.

579,639

Generali(b)

18,476

675,023

Gjensidige

Forsikring

ASA

3,131

73,248

Great-West

Lifeco,

Inc.

4,472

173,564

Grupo

Catalana

Occidente

SA

704

39,293

Hannover

Rueck

SE

775

248,789

Harel

Insurance

Investments

&

Financial

Services

Ltd.

3,957

65,688

Helvetia

Holding

AG

(Registered)(b)

670

147,820

Hiscox

Ltd.

6,541

96,018

iA

Financial

Corp.,

Inc.

1,798

174,320

Insurance

Australia

Group

Ltd.

32,023

168,222

Intact

Financial

Corp.

2,108

467,246

Japan

Post

Holdings

Co.

Ltd.

34,100

331,103

Japan

Post

Insurance

Co.

Ltd.

4,400

88,207

Just

Group

plc

347,076

652,734

Lancashire

Holdings

Ltd.

78,244

588,394

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Insurance
(continued)

Legal

&

General

Group

plc

110,918

$

347,419

Lifenet

Insurance

Co.\*(b)

3,800

47,686

Mandatum

OYJ

10,146

71,669

Manulife

Financial

Corp.

33,790

1,033,539

Mapfre

SA

22,440

79,944

Medibank

Pvt

Ltd.

36,979

110,024

Menora

Mivtachim

Holdings

Ltd.(b)

25,999

Migdal

Insurance

&

Financial

Holdings

Ltd.

22,656

43,531

MS&AD

Insurance

Group

Holdings,

Inc.

24,800

564,190

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)\*

2,635

1,801,994

nib

holdings

Ltd.(b)

6,172

27,012

NN

Group

NV

4,854

297,409

Phoenix

Financial

Ltd.

4,927

97,036

Phoenix

Group

Holdings

plc

17,422

139,042

Poste

Italiane

SpA(a)

8,645

175,317

Power

Corp.

of

Canada

10,106

381,764

Powszechny

Zaklad

Ubezpieczen

SA

9,409

147,135

Protector

Forsikring

ASA

1,764

62,174

Prudential

plc

52,359

553,753

QBE

Insurance

Group

Ltd.

26,908

371,717

Sampo

OYJ,

Class

A

28,210

282,773

SCOR

SE

2,204

69,099

Sompo

Holdings,

Inc.

18,600

605,700

Steadfast

Group

Ltd.

17,908

67,261

Storebrand

ASA

10,005

120,504

Sun

Life

Financial,

Inc.

10,633

632,376

Suncorp

Group

Ltd.

12,426

161,083

Swiss

Life

Holding

AG

(Registered)

279,085

Swiss

Re

AG

5,270

947,542

T&D

Holdings,

Inc.

9,300

197,618

Talanx

AG

938

107,587

Tokio

Marine

Holdings,

Inc.

21,700

868,365

Trisura

Group

Ltd.\*

874

23,949

Tryg

A/S(b)

3,984

95,391

Unipol

Assicurazioni

SpA

5,890

105,453

Wuestenrot

&

Wuerttembergische

AG

8,215

132,605

Zurich

Insurance

Group

AG

1,612

1,142,475

#### 27,253,777

#### Interactive

#### Media

#### &

#### Services

#### -

#### 0

#### .2

#### %
Auto

Trader

Group

plc(a)

11,222

125,790

Baltic

Classifieds

Group

plc

16,280

73,934

Better

Collective

A/S\*(b)

2,464

32,470

CAR

Group

Ltd.

5,178

110,361

Domain

Holdings

Australia

Ltd.

12,956

35,564

Hemnet

Group

AB\*

925

31,745

Kakaku.com,

Inc.

1,600

28,379

LY

Corp.

34,600

130,939

MONY

Group

plc

27,525

74,192

REA

Group

Ltd.(b)

822

130,558

Rightmove

plc

11,759

115,882

#### Investments

#### Shares

#### Value

#### Interactive

#### Media

#### &

#### Services
(continued)

Scout24

SE(a)

1,124

$

133,776

SEEK

Ltd.(b)

4,807

65,544

Trustpilot

Group

plc\*(a)

14,960

44,720

#### 1,133,854

#### IT

#### Services

#### -

#### 1

#### .0

#### %
Addnode

Group

AB,

Class

B

5,472

47,373

Alten

SA

616

51,783

Atea

ASA

2,420

33,138

Bechtle

AG

1,364

57,990

BIPROGY,

Inc.

1,100

36,037

Bouvet

ASA

5,054

38,941

Capgemini

SE

1,953

310,477

CGI,

Inc.

2,449

259,172

Computacenter

plc

1,092

35,152

Data#3

Ltd.(b)

8,952

41,699

Digital

Garage,

Inc.

1,300

40,967

DTS

Corp.

2,100

59,846

Formula

Systems

1985

Ltd.

13,681

Fujitsu

Ltd.

18,600

410,885

GMO

internet

group,

Inc.

1,200

28,107

Indra

Sistemas

SA

2,759

87,879

Kainos

Group

plc

4,469

43,665

Kontron

AG

14,570

352,449

Megaport

Ltd.\*(b)

6,954

50,813

NEC

Corp.

15,500

377,720

Netcompany

Group

A/S\*(a)

4,314

NEXTDC

Ltd.\*(b)

9,703

73,446

Nomura

Research

Institute

Ltd.

5,445

205,829

NS

Solutions

Corp.(b)

1,600

37,925

NTT

Data

Group

Corp.(b)

8,000

158,581

Obic

Co.

Ltd.

3,900

136,462

Otsuka

Corp.

3,100

68,915

OVH

Groupe

SAS\*(b)

3,078

40,937

Reply

SpA

83,596

SCSK

Corp.(b)

2,700

70,850

Shopify,

Inc.,

Class

A\*

13,299

1,262,409

Softcat

plc

2,394

53,433

Sopra

Steria

Group

81,028

TietoEVRY

OYJ(b)

7,319

TIS,

Inc.

1,400

40,545

Wavestone(b)

532

28,393

#### 4,731,756

#### Leisure

#### Products

#### -

#### 0

#### .2

#### %
Bandai

Namco

Holdings,

Inc.

6,200

215,114

Beneteau

SACA(b)

8,344

76,118

BRP,

Inc.(b)

8,655

Games

Workshop

Group

plc

63,808

Mizuno

Corp.

3,000

53,526

Roland

Corp.

3,100

68,785

Sankyo

Co.

Ltd.

3,300

50,365

Sanlorenzo

SpA(b)

984

31,543

Sega

Sammy

Holdings,

Inc.

2,600

54,546

Shimano,

Inc.(b)

1,100

155,661

Technogym

SpA(a)

4,905

66,240

Thule

Group

AB(a)(b)

2,024

46,167

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Leisure

#### Products
(continued)

Universal

Entertainment

Corp.(b)

9,600

$

74,504

Yamaha

Corp.

8,400

61,245

Yonex

Co.

Ltd.(b)

2,400

39,271

#### 1,065,548

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### -

#### 0

#### .2

#### %
AddLife

AB,

Class

B

6,375

Bachem

Holding

AG\*

20,097

Eurofins

Scientific

SE(b)

1,550

97,754

Evotec

SE\*

3,328

27,730

Gerresheimer

AG

574

38,758

Lonza

Group

AG

(Registered)

837

599,523

QIAGEN

NV\*(b)

1,368

58,712

Sartorius

AG

(Preference)

85,192

Sartorius

Stedim

Biotech

37,035

Siegfried

Holding

AG

(Registered)\*(b)

45,318

SKAN

Group

AG

36,881

Tecan

Group

AG

(Registered)

42,728

Wuxi

Biologics

Cayman,

Inc.\*(a)

31,000

91,145

#### 1,187,248

#### Machinery

#### -

#### 3

#### .9

#### %
Aalberts

NV

2,078

68,834

Alfa

Laval

AB(b)

3,720

154,317

Alstom

SA\*

6,510

157,033

Amada

Co.

Ltd.

7,200

71,980

ANDRITZ

AG

1,352

96,901

Atlas

Copco

AB,

Class

A(b)

30,318

471,042

Atlas

Copco

AB,

Class

B(b)

17,391

242,431

ATS

Corp.\*(b)

1,476

37,122

AutoStore

Holdings

Ltd.\*(a)

15,006

6,729

Beijer

Alma

AB

2,304

48,015

Bodycote

plc

59,520

378,424

Bucher

Industries

AG

(Registered)

35,424

Burckhardt

Compression

Holding

AG

2,716

CKD

Corp.

4,100

59,873

Construcciones

y

Auxiliar

de

Ferrocarriles

SA

6,603

322,756

Daetwyler

Holding

AG

4,626

Daifuku

Co.

Ltd.(b)

3,100

82,303

Daimler

Truck

Holding

AG

8,866

354,357

Danieli

&

C

Officine

Meccaniche

SpA(b)

3,255

112,114

Danieli

&

C

Officine

Meccaniche

SpA

(Retirement

Savings

Plan)

11,780

318,972

DMG

Mori

Co.

Ltd.

2,100

36,416

Duerr

AG

16,430

387,544

Ebara

Corp.

5,500

82,978

Electrolux

Professional

AB,

Class

B\*

5,882

34,335

Epiroc

AB,

Class

A(b)

7,192

155,698

Epiroc

AB,

Class

B

4,256

83,488

FANUC

Corp.

9,300

238,237

FLSmidth

&

Co.

A/S

1,271

59,974

Fluidra

SA

912

21,066

Fuji

Corp.

1,000

14,898

#### Investments

#### Shares

#### Value

#### Machinery
(continued)

Fujitec

Co.

Ltd.

$

7,852

GEA

Group

AG

2,294

149,421

Georg

Fischer

AG

(Registered)(b)

1,240

89,633

Glory

Ltd.

15,500

273,184

Harmonic

Drive

Systems,

Inc.

1,500

35,281

Hiab

OYJ,

Class

B

684

32,517

Hitachi

Construction

Machinery

Co.

Ltd.(b)

2,800

83,309

Hoshizaki

Corp.(b)

2,400

102,165

Husqvarna

AB,

Class

B(b)

7,480

34,938

IHI

Corp.

1,900

148,521

IMI

plc

1,824

43,074

Indutrade

AB

3,998

108,107

Interpump

Group

SpA(b)

1,535

52,487

Interroll

Holding

AG

(Registered)

67,904

Iveco

Group

NV(b)

67,425

1,073,418

Jungheinrich

AG

(Preference)

16,833

609,256

Kanadevia

Corp.

58,900

377,416

Kardex

Holding

AG

(Registered)

2,010

Kawasaki

Heavy

Industries

Ltd.

2,000

118,746

KION

Group

AG

1,419

60,038

Kitz

Corp.

21,700

165,975

Knorr-Bremse

AG

918

90,996

Komatsu

Ltd.

18,600

534,763

Kone

OYJ,

Class

B

4,340

268,875

Konecranes

OYJ

1,310

87,562

Krones

AG

35,906

KSB

SE

&

Co.

KGaA

(Preference)

197,833

Kubota

Corp.

21,700

251,473

Kurita

Water

Industries

Ltd.

2,500

82,813

Kyokuto

Kaihatsu

Kogyo

Co.

Ltd.

3,400

57,183

Makino

Milling

Machine

Co.

Ltd.

7,300

576,262

Makita

Corp.

3,600

105,547

Metso

OYJ(b)

9,579

104,076

MINEBEA

MITSUMI,

Inc.

6,711

98,520

MISUMI

Group,

Inc.

4,100

57,545

Mitsubishi

Heavy

Industries

Ltd.

39,100

766,567

Mitsubishi

Logisnext

Co.

Ltd.(b)

12,400

174,473

Mitsuboshi

Belting

Ltd.(b)

1,300

32,582

Mitsui

E&S

Co.

Ltd.(b)

34,100

435,095

Miura

Co.

Ltd.

2,100

44,830

Morgan

Advanced

Materials

plc

85,033

223,523

Nabtesco

Corp.

3,400

51,164

Namura

Shipbuilding

Co.

Ltd.(b)

21,700

305,784

NFI

Group,

Inc.\*

4,826

40,528

NGK

Insulators

Ltd.

3,400

41,988

Nitta

Corp.

6,200

159,303

Noritake

Co.

Ltd.(b)

9,300

242,215

NSK

Ltd.

15,200

66,495

NTN

Corp.(b)

151,900

234,176

OC

Oerlikon

Corp.

AG

Pfaffikon

(Registered)

55,087

234,090

OKUMA

Corp.

1,400

31,359

OSG

Corp.

27,900

331,048

Pfeiffer

Vacuum

Technology

AG

38,913

Rational

AG

47,047

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Machinery
(continued)

Rotork

plc

13,640

$

55,386

Sandvik

AB(b)

11,935

247,612

Schindler

Holding

AG

182,292

Schindler

Holding

AG

(Registered)

123,658

Seatrium

Ltd.\*

32,477

47,508

SFS

Group

AG\*

29,717

Shibaura

Machine

Co.

Ltd.

9,300

234,391

Shibuya

Corp.

6,200

134,745

SKF

AB,

Class

A(b)

1,408

28,029

SKF

AB,

Class

B

5,394

106,008

SMC

Corp.(b)

700

228,050

Spirax

Group

plc

1,023

80,277

Stabilus

SE

7,936

219,216

Stadler

Rail

AG(b)

3,003

79,227

Sulzer

AG

(Registered)

47,430

Sumitomo

Heavy

Industries

Ltd.(b)

3,300

68,735

Tadano

Ltd.

3,400

23,591

Techtronic

Industries

Co.

Ltd.

15,500

156,705

THK

Co.

Ltd.

3,100

76,348

Tocalo

Co.

Ltd.

3,800

43,744

TOMRA

Systems

ASA\*

3,872

60,675

Toyota

Industries

Corp.(b)

3,100

364,246

Trelleborg

AB,

Class

B

2,666

91,991

Troax

Group

AB

1,806

25,129

Tsubakimoto

Chain

Co.

27,900

339,752

Valmet

OYJ(b)

3,037

92,660

VAT

Group

AG(a)

122,125

Vesuvius

plc

72,478

331,280

Volvo

AB,

Class

A

3,112

84,923

Volvo

AB,

Class

B

27,869

758,784

Wacker

Neuson

SE

7,967

213,733

Wartsila

OYJ

Abp

5,216

96,410

Weir

Group

plc

(The)

3,286

98,667

YAMABIKO

Corp.

12,400

185,861

Yaskawa

Electric

Corp.

3,100

65,569

#### 18,970,863

#### Marine

#### Transportation

#### -

#### 0

#### .5

#### %
AP

Moller

-

Maersk

A/S,

Class

A(b)

107,088

AP

Moller

-

Maersk

A/S,

Class

B(b)

106,096

Clarkson

plc

1,408

61,780

D/S

Norden

A/S

6,231

169,692

Dfds

A/S\*

8,215

114,176

Golden

Ocean

Group

Ltd.(b)

3,228

24,809

Hoegh

Autoliners

ASA

1,824

14,599

Iino

Kaiun

Kaisha

Ltd.(b)

27,900

203,226

Kawasaki

Kisen

Kaisha

Ltd.(b)

9,300

127,138

Kuehne

+

Nagel

International

AG

(Registered)(b)

620

142,485

Mitsui

OSK

Lines

Ltd.(b)

7,300

242,532

MPC

Container

Ships

ASA

104,780

154,594

Nippon

Yusen

KK(b)

9,300

303,176

NS

United

Kaiun

Kaisha

Ltd.

3,200

84,464

Odfjell

SE,

Class

A

5,939

55,839

Pacific

Basin

Shipping

Ltd.(b)

1,891,000

424,303

#### Investments

#### Shares

#### Value

#### Marine

#### Transportation
(continued)

SITC

International

Holdings

Co.

Ltd.

24,000

$

66,386

Stolt-Nielsen

Ltd.

891

20,020

Wallenius

Wilhelmsen

ASA

2,952

21,279

#### 2,443,682

#### Media

#### -

#### 0

#### .9

#### %
4imprint

Group

plc

3,315

Atresmedia

Corp.

de

Medios

de

Comunicacion

SA

25,451

160,859

CyberAgent,

Inc.

6,300

54,083

Cyfrowy

Polsat

SA\*

8,832

43,401

Dentsu

Group,

Inc.(b)

3,200

66,719

Future

plc

35,929

337,852

Hakuhodo

DY

Holdings,

Inc.

4,700

35,339

Informa

plc

14,880

144,652

IPSOS

SA

12,896

609,543

ITV

plc

48,868

52,284

JCDecaux

SE\*

968

16,847

Metropole

Television

SA\*(b)

15,345

240,719

MFE-MediaForEurope

NV,

Class

A(b)

47,266

171,720

MFE-MediaForEurope

NV,

Class

B(b)

20,271

98,624

Nine

Entertainment

Co.

Holdings

Ltd.(b)

425,692

389,502

ProSiebenSat.1

Media

SE

56,761

396,494

Publicis

Groupe

SA

2,883

292,527

Sanoma

OYJ

3,895

42,904

Schibsted

ASA,

Class

A

1,862

56,668

SES

SA,

Class

A,

ADR(b)

123,969

656,413

SKY

Perfect

JSAT

Holdings,

Inc.

6,200

49,986

Television

Francaise

SA

27,652

264,041

TV

Asahi

Holdings

Corp.

7,400

134,314

TX

Group

AG

46,251

WPP

plc

16,554

127,405

#### 4,492,462

#### Metals

#### &

#### Mining

#### -

#### 5

#### .0

#### %
Acerinox

SA

62,062

700,904

Agnico

Eagle

Mines

Ltd.

6,127

718,713

Alamos

Gold,

Inc.,

Class

A

3,913

111,642

Alleima

AB(b)

56,885

446,769

Anglo

American

plc

14,725

399,067

Antofagasta

plc

4,384

95,624

Aperam

SA

15,469

449,105

ArcelorMittal

SA

7,998

235,658

ARE

Holdings,

Inc.

27,900

347,185

Aurubis

AG

738

64,219

AVZ

Minerals

Ltd.\*‡(b)

111,012

2,841

B2Gold

Corp.

25,413

79,295

Barrick

Gold

Corp.

20,429

388,821

Bekaert

SA

12,369

476,650

Bellevue

Gold

Ltd.\*(b)

49,941

29,079

BHP

Group

Ltd.(b)

55,738

1,362,007

BlueScope

Steel

Ltd.

7,719

117,894

Boliden

AB\*

4,433

136,094

Calibre

Mining

Corp.\*

238,080

556,721

Capricorn

Metals

Ltd.\*(b)

18,670

110,500

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Metals

#### &

#### Mining
(continued)

Capstone

Copper

Corp.\*

11,016

$

52,955

Centerra

Gold,

Inc.

8,892

59,417

Champion

Iron

Ltd.(b)

6,468

18,913

De

Grey

Mining

Ltd.\*

1,760

2,570

Deterra

Royalties

Ltd.(b)

121,582

283,949

Dowa

Holdings

Co.

Ltd.

1,100

35,304

Dundee

Precious

Metals,

Inc.

62,620

819,187

Eldorado

Gold

Corp.\*

1,221

Emerald

Resources

NL\*(b)

21,402

54,913

Endeavour

Mining

plc

3,755

101,114

Equinox

Gold

Corp.\*(b)

126,263

847,360

Eramet

SA(b)

2,356

130,160

ERO

Copper

Corp.\*

4,268

53,207

Evolution

Mining

Ltd.

27,187

136,208

Falcon

Metals

Ltd.\*

—

(f) First

Majestic

Silver

Corp.

6,752

42,087

First

Quantum

Minerals

Ltd.\*

10,478

140,410

Foran

Mining

Corp.\*(b)

11,210

27,349

Fortescue

Ltd.

27,063

280,350

Fortuna

Mining

Corp.\*

8,897

55,393

Franco-Nevada

Corp.

2,246

385,217

Genesis

Minerals

Ltd.\*(b)

28,768

71,052

Glencore

plc

205,127

669,627

Gold

Road

Resources

Ltd.

26,415

51,212

Granges

AB(b)

33,201

415,490

Grupa

Kety

SA

70,724

Hill

&

Smith

plc

3,178

75,983

Hochschild

Mining

plc\*

113,894

429,306

Hudbay

Minerals,

Inc.

4,608

33,460

IAMGOLD

Corp.\*

13,733

97,134

IGO

Ltd.(b)

16,378

41,079

Ivanhoe

Mines

Ltd.,

Class

A\*(b)

8,367

74,142

Jastrzebska

Spolka

Weglowa

SA\*

17,670

113,176

JFE

Holdings,

Inc.(b)

9,300

108,231

K92

Mining,

Inc.\*(b)

5,700

52,325

KGHM

Polska

Miedz

SA

2,883

91,600

Kinross

Gold

Corp.

17,385

256,124

Kobe

Steel

Ltd.

9,400

109,987

Labrador

Iron

Ore

Royalty

Corp.(b)

512

11,068

Liontown

Resources

Ltd.\*(b)

27,470

9,228

Lundin

Gold,

Inc.

1,287

52,391

Lundin

Mining

Corp.(b)

10,787

88,089

Lynas

Rare

Earths

Ltd.\*(b)

13,899

76,304

MAG

Silver

Corp.(b)

4,656

72,167

Maruichi

Steel

Tube

Ltd.

2,000

47,266

Mineral

Resources

Ltd.\*(b)

2,376

31,303

Mitsubishi

Materials

Corp.

3,800

59,768

Mongolian

Mining

Corp.\*(b)

186,000

153,747

New

Gold,

Inc.\*

27,280

108,425

NGEx

Minerals

Ltd.\*

5,511

48,236

Nickel

Industries

Ltd.(b)

42,752

15,455

Nippon

Light

Metal

Holdings

Co.

Ltd.

21,700

226,371

Nippon

Steel

Corp.(b)

21,715

458,232

Norsk

Hydro

ASA

22,630

119,152

#### Investments

#### Shares

#### Value

#### Metals

#### &

#### Mining
(continued)

Northern

Star

Resources

Ltd.(b)

13,276

$

162,927

Novagold

Resources,

Inc.\*

4,608

19,516

OceanaGold

Corp.

232,508

821,428

Orla

Mining

Ltd.\*(b)

7,750

85,170

Outokumpu

OYJ(b)

7,392

28,351

Pan

American

Silver

Corp.

4,418

111,018

Perseus

Mining

Ltd.

31,279

67,046

Pilbara

Minerals

Ltd.\*(b)

34,446

33,171

Ramelius

Resources

Ltd.(b)

54,775

92,176

Regis

Resources

Ltd.\*

22,413

64,678

Rio

Tinto

Ltd.(b)

4,557

341,440

Rio

Tinto

plc

20,150

1,196,881

Sandfire

Resources

Ltd.\*(b)

11,559

73,738

Sandstorm

Gold

Ltd.

2,294

19,912

Seabridge

Gold,

Inc.\*

3,604

44,694

Sims

Ltd.(b)

3,162

29,579

South32

Ltd.

35,216

61,966

SSAB

AB,

Class

A

6,150

38,896

SSAB

AB,

Class

B(b)

12,333

76,799

SSR

Mining,

Inc.\*(b)

68,944

732,714

Stanmore

Resources

Ltd.(b)

115,010

143,131

Sumitomo

Metal

Mining

Co.

Ltd.

5,000

111,504

Teck

Resources

Ltd.,

Class

B

4,123

139,841

thyssenkrupp

AG

163,556

1,862,941

Tokyo

Steel

Manufacturing

Co.

Ltd.

18,600

210,593

Torex

Gold

Resources,

Inc.\*

28,272

913,882

UACJ

Corp.

12,200

411,827

Vault

Minerals

Ltd.\*

213,354

58,701

voestalpine

AG

1,880

49,495

Wesdome

Gold

Mines

Ltd.\*

3,534

43,391

West

African

Resources

Ltd.\*

357,430

546,597

Wheaton

Precious

Metals

Corp.

4,526

377,172

Yamato

Kogyo

Co.

Ltd.

1,300

77,367

Yodogawa

Steel

Works

Ltd.

1,600

64,947

Zimplats

Holdings

Ltd.\*(b)

4,902

39,207

#### 23,846,622

#### Multi-Utilities

#### -

#### 1

#### .0

#### %
A2A

SpA

29,479

75,029

ACEA

SpA

3,026

71,204

AGL

Energy

Ltd.

11,596

78,871

Algonquin

Power

&

Utilities

Corp.(b)

5,134

27,616

Atco

Ltd.,

Class

I

1,953

73,282

Canadian

Utilities

Ltd.,

Class

A

2,278

63,641

Centrica

plc

100,595

215,185

E.ON

SE

42,749

749,091

Engie

SA

38,657

799,110

Hera

SpA

19,272

91,266

Iren

SpA

224,192

640,693

National

Grid

plc

95,108

1,375,797

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

6,188

20,364

Sembcorp

Industries

Ltd.

16,300

82,393

Telecom

Plus

plc

11,322

Veolia

Environnement

SA

13,237

484,218

#### 4,859,082
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Office

#### REITs

#### -

#### 0

#### .2

#### %
Abacus

Group,

REIT(b)

35,454

$

25,861

Allied

Properties

REIT,

REIT(b)

22,289

247,530

Champion

REIT,

REIT(b)

682,000

202,277

Cromwell

Property

Group,

REIT(b)

219,776

52,734

Derwent

London

plc,

REIT

1,023

26,550

Dexus,

REIT

13,082

62,946

Gecina

SA,

REIT

45,265

Global

One

Real

Estate

Investment

Corp.,

REIT

40,146

Great

Portland

Estates

plc,

REIT

19,240

79,667

Ichigo

Office

REIT

Investment

Corp.,

REIT(b)

23,972

Japan

Prime

Realty

Investment

Corp.,

REIT

32,172

Japan

Real

Estate

Investment

Corp.,

REIT(b)

95,317

Keppel

REIT,

REIT

3,800

2,488

Nippon

Building

Fund,

Inc.,

REIT

108,765

Orix

JREIT,

Inc.,

REIT

85,715

Precinct

Properties

Group,

REIT

67,298

43,133

Workspace

Group

plc,

REIT

4,978

29,555

#### 1,204,093

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 5

#### .2

#### %
Advantage

Energy

Ltd.\*(b)

50,344

356,814

Aker

BP

ASA

3,997

86,030

Ampol

Ltd.(b)

4,284

64,964

ARC

Resources

Ltd.

11,377

210,112

Athabasca

Oil

Corp.\*

14,752

48,486

Baytex

Energy

Corp.(b)

256,587

395,664

Beach

Energy

Ltd.(b)

537,943

404,438

Birchcliff

Energy

Ltd.

15,130

61,668

Bluenord

ASA\*

7,626

438,295

Boss

Energy

Ltd.\*(b)

21,197

42,994

BP

plc

306,869

1,435,827

BRIGHTOIL\*‡

50,147

—

BW

Energy

Ltd.\*(b)

16,694

43,627

Cameco

Corp.

5,115

230,440

Canadian

Natural

Resources

Ltd.

24,459

700,498

Cenovus

Energy,

Inc.

23,808

279,739

Cool

Co.

Ltd.(b)

7,714

48,352

Cosmo

Energy

Holdings

Co.

Ltd.(b)

1,600

65,676

Denison

Mines

Corp.\*(b)

19,424

27,843

DNO

ASA

321,625

369,328

Enbridge,

Inc.

23,684

1,105,413

ENEOS

Holdings,

Inc.

52,700

253,414

Energean

plc

52,204

615,009

Eni

SpA

39,649

572,402

Equinor

ASA

17,019

390,438

Esso

SA

Francaise(b)

672

107,938

Etablissements

Maurel

et

Prom

SA

16,750

86,635

FLEX

LNG

Ltd.(b)

9,610

232,606

Freehold

Royalties

Ltd.(b)

5,060

41,797

Galp

Energia

SGPS

SA

5,704

88,410

Gaztransport

Et

Technigaz

SA

67,021

#### Investments

#### Shares

#### Value

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Gibson

Energy,

Inc.(b)

4,495

$

70,583

Harbour

Energy

plc

19,840

40,545

Headwater

Exploration,

Inc.(b)

70,990

287,804

Idemitsu

Kosan

Co.

Ltd.

21,700

134,560

Imperial

Oil

Ltd.(b)

2,356

158,607

Inpex

Corp.

17,500

221,940

International

Petroleum

Corp.\*(b)

4,726

62,783

Ithaca

Energy

plc(b)

78,616

140,080

Itochu

Enex

Co.

Ltd.

15,600

168,643

Iwatani

Corp.

5,588

53,435

Japan

Petroleum

Exploration

Co.

Ltd.

8,500

61,080

Karoon

Energy

Ltd.(b)

264,151

243,385

Keyera

Corp.

3,011

93,275

Koninklijke

Vopak

NV

1,224

50,702

MEG

Energy

Corp.(b)

4,396

61,550

Neste

OYJ(b)

7,378

76,791

New

Hope

Corp.

Ltd.

10,930

25,666

NexGen

Energy

Ltd.\*

10,602

55,416

NuVista

Energy

Ltd.\*(b)

58,001

493,384

Oil

Refineries

Ltd.(b)

840,689

210,689

Okeanis

Eco

Tankers

Corp.(a)(b)

3,720

86,633

OMV

AG

2,883

149,312

ORLEN

SA

12,462

225,977

Paladin

Energy

Ltd.\*(b)

5,712

21,417

Paramount

Resources

Ltd.,

Class

A(b)

26,908

304,865

Parex

Resources,

Inc.(b)

36,797

295,697

Parkland

Corp.

2,923

73,493

Paz

Retail

And

Energy

Ltd.

3,070

432,152

Pembina

Pipeline

Corp.

7,378

281,489

Peyto

Exploration

&

Development

Corp.(b)

65,007

812,293

PrairieSky

Royalty

Ltd.

3,853

64,742

Repsol

SA

19,964

245,323

San-Ai

Obbli

Co.

Ltd.(b)

15,500

182,231

Santos

Ltd.

60,667

233,295

Secure

Waste

Infrastructure

Corp.

5,504

52,318

Shell

plc

117,645

3,834,963

South

Bow

Corp.(b)

1,888

46,541

Suncor

Energy,

Inc.

24,273

855,609

Tamar

Petroleum

Ltd.(a)(b)

11,265

106,241

Tamarack

Valley

Energy

Ltd.(b)

180,141

465,578

TC

Energy

Corp.

11,873

598,678

Topaz

Energy

Corp.(b)

3,731

62,206

TORM

plc,

Class

A(b)

15,810

263,803

TotalEnergies

SE

40,517

2,356,312

Tourmaline

Oil

Corp.(b)

5,952

262,417

United

Energy

Group

Ltd.(b)

2,170,000

113,331

Var

Energi

ASA

7,339

20,220

Veren,

Inc.

13,396

79,137

Vermilion

Energy,

Inc.(b)

57,040

343,570

Viva

Energy

Group

Ltd.(a)(b)

18,033

19,846

Whitecap

Resources,

Inc.(b)

11,560

65,445

Whitehaven

Coal

Ltd.(b)

16,702

53,327

Woodside

Energy

Group

Ltd.(b)

37,882

502,713

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Yellow

Cake

plc\*(a)(b)

7,602

$

43,561

#### 25,137,531

#### Paper

#### &

#### Forest

#### Products

#### -

#### 0

#### .3

#### %
Daio

Paper

Corp.(b)

3,745

23,918

Hokuetsu

Corp.(b)

6,700

51,387

Holmen

AB,

Class

B

1,116

44,270

Mondi

plc

9,672

146,371

Navigator

Co.

SA

(The)(b)

5,269

20,041

Nippon

Paper

Industries

Co.

Ltd.(b)

40,300

313,043

Oji

Holdings

Corp.

11,400

53,931

Semapa-Sociedade

de

Investimento

e

Gestao(b)

4,873

91,344

Stella-Jones,

Inc.

1,224

59,902

Stora

Enso

OYJ,

Class

R(b)

5,168

47,973

Svenska

Cellulosa

AB

SCA,

Class

A(b)

2,068

26,716

Svenska

Cellulosa

AB

SCA,

Class

B

5,938

77,143

UPM-Kymmene

OYJ

10,478

277,761

West

Fraser

Timber

Co.

Ltd.

1,071

79,141

#### 1,312,941

#### Passenger

#### Airlines

#### -

#### 0

#### .4

#### %
Air

Canada\*

5,030

50,872

Air

France-KLM\*(b)

41,230

359,104

Air

New

Zealand

Ltd.(b)

11,968

4,120

ANA

Holdings,

Inc.

3,200

61,380

Cathay

Pacific

Airways

Ltd.(b)

38,000

43,759

Deutsche

Lufthansa

AG

(Registered)

10,813

77,634

easyJet

plc

6,806

44,963

El

Al

Israel

Airlines\*(b)

70,928

215,958

Exchange

Income

Corp.(b)

2,185

80,136

International

Consolidated

Airlines

Group

SA

67,363

233,940

Japan

Airlines

Co.

Ltd.

3,100

56,104

JET2

plc

3,893

82,314

Norwegian

Air

Shuttle

ASA\*

126,294

165,815

Qantas

Airways

Ltd.

20,943

118,593

Singapore

Airlines

Ltd.

21,799

112,025

Wizz

Air

Holdings

plc\*(a)(b)

17,391

377,706

#### 2,084,423

#### Personal

#### Care

#### Products

#### -

#### 0

#### .8

#### %
Beiersdorf

AG

1,240

174,787

Intercos

SpA

2,166

32,747

Interparfums

SA

6,880

Kao

Corp.

6,200

265,447

Kobayashi

Pharmaceutical

Co.

Ltd.

(b) 900

34,368

Kose

Corp.(b)

700

30,146

L'Oreal

SA\*

2,666

1,172,833

Milbon

Co.

Ltd.

1,000

18,971

Noevir

Holdings

Co.

Ltd.

1,000

28,919

Pola

Orbis

Holdings,

Inc.

2,000

18,291

Rohto

Pharmaceutical

Co.

Ltd.

3,900

65,210

#### Investments

#### Shares

#### Value

#### Personal

#### Care

#### Products
(continued)

Shiseido

Co.

Ltd.(b)

5,600

$

92,398

Unilever

plc

27,342

1,738,021

#### 3,679,018

#### Pharmaceuticals

#### -

#### 4

#### .0

#### %
ALK-Abello

A/S,

Class

B\*

2,158

49,961

Almirall

SA

4,661

51,659

Astellas

Pharma,

Inc.

21,700

217,167

AstraZeneca

plc

17,267

2,474,256

Bausch

Health

Cos.,

Inc.\*

6,304

33,453

Bayer

AG

(Registered)

16,244

425,257

Camurus

AB\*

702

45,199

Chugai

Pharmaceutical

Co.

Ltd.

8,300

478,251

Daiichi

Sankyo

Co.

Ltd.

21,700

554,366

Eisai

Co.

Ltd.(b)

3,500

101,045

Faes

Farma

SA

17,897

86,871

Financiere

de

Tubize

SA

510

73,164

Galderma

Group

AG(b)

608

70,955

GSK

plc

77,562

1,536,900

H

Lundbeck

A/S,

Class

A

5,650

23,364

Haleon

plc

67,642

340,075

Haw

Par

Corp.

Ltd.

46,500

461,546

Hikma

Pharmaceuticals

plc

2,800

74,238

Hutchmed

China

Ltd.\*(b)

12,540

38,524

Indivior

plc\*(b)

31,217

354,838

Ipsen

SA

710

82,404

JCR

Pharmaceuticals

Co.

Ltd.

2,400

8,329

Kaken

Pharmaceutical

Co.

Ltd.

1,500

42,747

Kissei

Pharmaceutical

Co.

Ltd.

1,400

36,757

Kyowa

Kirin

Co.

Ltd.

4,300

67,074

Laboratorios

Farmaceuticos

Rovi

SA

24,846

Merck

KGaA

1,581

219,079

Mochida

Pharmaceutical

Co.

Ltd.

900

19,497

Nippon

Shinyaku

Co.

Ltd.

1,400

36,089

Novartis

AG

(Registered)

21,049

2,402,416

Novo

Nordisk

A/S,

Class

B

35,495

2,352,295

Nxera

Pharma

Co.

Ltd.\*(b)

3,400

21,214

Ono

Pharmaceutical

Co.

Ltd.

9,300

107,057

Orion

OYJ,

Class

A

21,875

Orion

OYJ,

Class

B

1,209

75,794

Otsuka

Holdings

Co.

Ltd.

6,300

307,271

Recordati

Industria

Chimica

e

Farmaceutica

SpA

1,578

93,008

Roche

Holding

AG

151,893

Roche

Holding

AG

-

BR

7,688

2,519,475

Sandoz

Group

AG

3,596

156,574

Sanofi

SA

12,462

1,358,537

Santen

Pharmaceutical

Co.

Ltd.

1,100

11,159

Shionogi

&

Co.

Ltd.

10,200

171,192

Sumitomo

Pharma

Co.

Ltd.\*(b)

3,200

17,656

Takeda

Pharmaceutical

Co.

Ltd.

18,600

565,015

Teva

Pharmaceutical

Industries

Ltd.\*(b)

22,227

335,019

Torii

Pharmaceutical

Co.

Ltd.

800

26,248

Tsumura

&

Co.

900

27,056

UCB

SA(b)

1,302

238,510

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Pharmaceuticals
(continued)

Virbac

SACA

$

46,538

ZERIA

Pharmaceutical

Co.

Ltd.

1,800

29,529

#### 19,063,242

#### Professional

#### Services

#### -

#### 1

#### .1

#### %
Adecco

Group

AG

(Registered)(b)

2,368

61,725

AFRY

AB

3,300

57,310

ALS

Ltd.(b)

8,440

92,832

Arcadis

NV

1,152

55,786

BayCurrent,

Inc.

1,400

75,477

Bell

System24

Holdings,

Inc.

3,800

31,329

Benefit

Systems

SA

65,846

Bureau

Veritas

SA

3,813

120,844

Computershare

Ltd.

6,727

175,270

dip

Corp.

1,400

20,327

en

Japan,

Inc.

2,000

22,967

Experian

plc

9,579

475,322

Funai

Soken

Holdings,

Inc.

2,700

43,158

GlobalData

plc(b)

15,742

37,322

Hilan

Ltd.

646

41,202

Intertek

Group

plc

2,170

132,866

IPH

Ltd.(b)

14,593

42,672

JAC

Recruitment

Co.

Ltd.

5,200

30,331

MEITEC

Group

Holdings,

Inc.

2,400

49,324

Pagegroup

plc

17,519

62,946

Persol

Holdings

Co.

Ltd.

42,000

75,938

Randstad

NV(b)

1,829

73,226

Recruit

Holdings

Co.

Ltd.

16,100

896,426

RELX

plc

20,150

1,094,607

SGS

SA

(Registered)(b)

1,812

177,992

SmartGroup

Corp.

Ltd.

7,766

38,858

SMS

Co.

Ltd.

2,000

18,599

TechnoPro

Holdings,

Inc.(b)

1,100

24,809

Teleperformance

SE

1,054

115,572

Thomson

Reuters

Corp.

1,767

328,161

Transcosmos,

Inc.

6,200

135,614

UT

Group

Co.

Ltd.

9,300

129,485

Wolters

Kluwer

NV

2,356

416,323

#### 5,220,466

#### Real

#### Estate

#### Management

#### &

#### Development

#### -

#### 1

#### .8

#### %
Aedas

Homes

SA(a)

3,813

123,098

Aeon

Mall

Co.

Ltd.

1,990

38,226

AFI

Properties

Ltd.\*

578

29,241

Africa

Israel

Residences

Ltd.(b)

510

33,677

Airport

City

Ltd.\*

1,928

28,641

Allreal

Holding

AG

(Registered)(b)

558

123,449

Altus

Group

Ltd.(b)

1,672

62,145

Amot

Investments

Ltd.

5,448

28,789

Aroundtown

SA\*(b)

17,984

53,602

Atrium

Ljungberg

AB,

Class

B

3,960

14,081

Aura

Investments

Ltd.(b)

6,930

36,221

Azrieli

Group

Ltd.

532

38,712

Big

Shopping

Centers

Ltd.\*

41,870

Blue

Square

Real

Estate

Ltd.

1,457

124,118

#### Investments

#### Shares

#### Value

#### Real

#### Estate

#### Management

#### &

#### Development
(continued)

CA

Immobilien

Anlagen

AG

572

$

15,488

Capitaland

India

Trust

55,054

41,110

CapitaLand

Investment

Ltd.

10,200

21,483

Castellum

AB\*

5,643

68,483

Catena

AB

924

43,475

Cibus

Nordic

Real

Estate

AB

publ(b)

4,386

75,966

Citycon

OYJ(b)

35,030

140,725

CK

Asset

Holdings

Ltd.

31,000

126,923

Colliers

International

Group,

Inc.

704

83,998

Corem

Property

Group

AB,

Class

B

17,612

8,915

CPI

Europe

AG\*

9,672

191,307

CTP

NV(a)(b)

1,492

28,018

Daito

Trust

Construction

Co.

Ltd.

1,100

122,308

Daiwa

House

Industry

Co.

Ltd.

12,300

444,521

Deutsche

EuroShop

AG

3,420

75,188

Deutsche

Wohnen

SE

1,012

25,711

Develia

SA

139,128

275,838

Dios

Fastigheter

AB

7,480

52,116

Electra

Real

Estate

Ltd.\*(b)

1,476

18,207

Fabege

AB

5,412

46,265

Fastighets

AB

Balder,

Class

B\*

2,542

18,238

FastPartner

AB,

Class

A

3,124

18,339

FirstService

Corp.

572

100,196

G

City

Ltd.

26,375

91,105

Grainger

plc

33,108

95,078

Grand

City

Properties

SA\*

6,160

73,525

Great

Eagle

Holdings

Ltd.

93,451

156,662

Hang

Lung

Group

Ltd.

279,000

400,797

Hang

Lung

Properties

Ltd.

69,479

57,073

Heiwa

Real

Estate

Co.

Ltd.

1,300

42,790

Henderson

Land

Development

Co.

Ltd.

31,239

88,625

Ho

Bee

Land

Ltd.

49,400

68,101

Hufvudstaden

AB,

Class

A

3,704

Hulic

Co.

Ltd.

9,300

97,179

Hysan

Development

Co.

Ltd.

186,000

303,656

Ichigo,

Inc.

17,800

47,919

International

Workplace

Group

plc

28,576

70,574

Intershop

Holding

AG

57,584

Israel

Canada

T.R

Ltd.(b)

12,240

39,824

Isras

Holdings

Ltd.\*

1,151

123,702

Isras

Investment

Co.

Ltd.

99,876

Kojamo

OYJ\*(b)

722

LEG

Immobilien

SE

1,085

91,948

Lendlease

Corp.

Ltd.(b)

3,968

13,406

Leopalace21

Corp.

49,600

203,074

Lifestyle

Communities

Ltd.(b)

1,054

4,829

Mainstreet

Equity

Corp.

35,855

Mega

Or

Holdings

Ltd.,

REIT

1,216

41,268

Melisron

Ltd.

39,072

Mitsubishi

Estate

Co.

Ltd.

15,500

272,206

Mitsui

Fudosan

Co.

Ltd.

27,900

275,597

Mivne

Real

Estate

KD

Ltd.

14,248

41,581

Mobimo

Holding

AG

(Registered)

85,657

Nomura

Real

Estate

Holdings,

Inc.

7,000

41,561

NP3

Fastigheter

AB(b)

1,462

38,123

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Real

#### Estate

#### Management

#### &

#### Development
(continued)

Nyfosa

AB\*

$

PEXA

Group

Ltd.\*(b)

Prashkovsky

Investments

and

Construction

Ltd.(b)

850

21,886

Property

&

Building

Corp.

Ltd.(b)

864

60,567

PSP

Swiss

Property

AG

(Registered)

675

120,666

Relo

Group,

Inc.

2,270

29,935

Sagax

AB,

Class

B(b)

2,420

54,999

Sinarmas

Land

Ltd.

424,700

102,459

Sino

Land

Co.

Ltd.

10,304

10,603

Sirius

Real

Estate

Ltd.,

REIT(b)

58,680

72,461

Starts

Corp.,

Inc.

9,300

252,973

StorageVault

Canada,

Inc.(b)

12,833

35,025

Sumitomo

Realty

&

Development

Co.

Ltd.

6,200

230,370

Sun

Frontier

Fudousan

Co.

Ltd.

9,300

127,073

Sun

Hung

Kai

Properties

Ltd.

36,000

341,909

Swire

Properties

Ltd.

13,600

30,060

Swiss

Prime

Site

AG

(Registered)

957

135,442

TAG

Immobilien

AG\*

2,432

39,533

Tokyo

Tatemono

Co.

Ltd.

5,200

93,107

Tokyu

Fudosan

Holdings

Corp.

11,200

78,182

Tosei

Corp.

3,400

57,207

UOL

Group

Ltd.

6,799

30,045

Vonovia

SE

10,199

339,000

Wallenstam

AB,

Class

B(b)

8,888

43,957

Wharf

Holdings

Ltd.

(The)(b)

17,000

42,704

Wharf

Real

Estate

Investment

Co.

Ltd.

25,000

59,964

Wihlborgs

Fastigheter

AB

7,304

75,729

YH

Dimri

Construction

&

Development

Ltd.(b)

38,033

#### 8,445,798

#### Residential

#### REITs

#### -

#### 0

#### .1

#### %
Advance

Residence

Investment

Corp.,

REIT

37,176

Altarea

SCA,

REIT(b)

1,661

191,911

Boardwalk

REIT,

REIT(b)

1,000

47,064

Canadian

Apartment

Properties

REIT,

REIT(b)

1,012

30,844

Comforia

Residential

REIT,

Inc.,

REIT

37,004

Daiwa

Securities

Living

Investments

Corp.,

REIT

16,441

Ingenia

Communities

Group,

REIT

8,284

29,418

InterRent

REIT,

REIT(b)

4,600

37,598

Killam

Apartment

REIT,

REIT(b)

2,624

33,092

Nippon

Accommodations

Fund,

Inc.,

REIT

32,670

UNITE

Group

plc

(The),

REIT

7,032

80,824

Xior

Student

Housing

NV,

REIT(a)

1,648

53,484

#### 627,526

#### Investments

#### Shares

#### Value

#### Retail

#### REITs

#### -

#### 0

#### .6

#### %
AEON

REIT

Investment

Corp.,

REIT

$

59,591

BWP

Trust,

REIT

14,098

32,294

CapitaLand

China

Trust,

REIT

16,000

8,455

CapitaLand

Integrated

Commercial

Trust,

REIT

41,800

68,829

Carmila

SA,

REIT\*

17,391

378,778

Choice

Properties

REIT,

REIT(b)

3,957

41,824

Crombie

REIT,

REIT(b)

3,256

34,392

Eurocommercial

Properties

NV,

REIT

13,857

400,887

First

Capital

REIT,

REIT

2,774

34,301

Fortune

REIT,

REIT

32,000

17,909

Frasers

Centrepoint

Trust,

REIT

12,749

22,067

Hammerson

plc,

REIT

20,062

67,689

HomeCo

Daily

Needs

REIT,

REIT(a)

(b) 103,664

81,254

Japan

Metropolitan

Fund

Invest,

REIT

68,671

Kiwi

Property

Group

Ltd.,

REIT

482,478

236,219

Klepierre

SA,

REIT

3,069

112,475

Lendlease

Global

Commercial

REIT,

REIT

48,539

19,145

Link

REIT,

REIT

37,223

174,482

Mercialys

SA,

REIT\*

28,303

379,003

Scentre

Group,

REIT

63,240

146,480

Unibail-Rodamco-Westfield,

REIT

2,077

175,944

Vicinity

Ltd.,

REIT

61,712

93,188

Waypoint

REIT

Ltd.,

REIT

33,326

54,589

#### 2,708,466

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 1

#### .4

#### %
Advantest

Corp.

7,700

316,497

ams-OSRAM

AG\*

30,008

265,297

ASM

International

NV

209,822

ASML

Holding

NV

4,402

2,914,815

ASMPT

Ltd.

5,000

33,657

BE

Semiconductor

Industries

NV(b)

930

99,628

Camtek

Ltd.\*(b)

510

33,523

Disco

Corp.

1,200

232,361

Elmos

Semiconductor

SE

27,731

Ferrotec

Holdings

Corp.(b)

15,500

266,882

Infineon

Technologies

AG

13,175

432,676

Japan

Material

Co.

Ltd.

2,500

20,997

Lasertec

Corp.(b)

1,100

102,489

Melexis

NV(b)

29,626

Micronics

Japan

Co.

Ltd.(b)

1,900

40,161

Nordic

Semiconductor

ASA\*

2,324

22,971

Nova

Ltd.\*

65,407

Renesas

Electronics

Corp.

17,900

209,883

Rohm

Co.

Ltd.

6,200

56,397

Sanken

Electric

Co.

Ltd.\*(b)

7,800

342,918

SCREEN

Holdings

Co.

Ltd.(b)

1,300

86,253

Siltronic

AG

999

40,428

Socionext,

Inc.

3,000

32,231

SOITEC\*

20,809

STMicroelectronics

NV

7,688

173,214

SUMCO

Corp.(b)

5,700

39,321

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

Tokyo

Electron

Ltd.

4,800

$

714,246

Towa

Corp.(b)

3,300

30,700

Tower

Semiconductor

Ltd.\*

1,608

58,195

Ulvac,

Inc.(b)

1,000

33,897

#### 6,953,032

#### Software

#### -

#### 1

#### .4

#### %
Appier

Group,

Inc.

4,100

36,160

Asseco

Poland

SA

14,725

608,927

Atoss

Software

SE

52,898

BlackBerry

Ltd.\*

2,822

9,561

Bytes

Technology

Group

plc

Constellation

Software,

Inc.

892,023

Crayon

Group

Holding

ASA\*(a)

4,100

49,026

Dassault

Systemes

SE

6,882

256,911

Descartes

Systems

Group,

Inc.

(The)\*

1,123

118,032

Docebo,

Inc.\*

1,000

Enghouse

Systems

Ltd.

1,292

23,430

Fortnox

AB

7,995

72,101

Fuji

Soft,

Inc.

20,613

GB

Group

plc

8,897

29,056

Kinaxis,

Inc.\*

520

70,077

Lectra

798

20,637

Lightspeed

Commerce,

Inc.\*(b)

800

7,813

Nemetschek

SE

857

113,299

Nice

Ltd.\*

745

116,385

Open

Text

Corp.

4,433

119,771

Oracle

Corp.

Japan

800

96,214

Sage

Group

plc

(The)

13,299

219,823

Sansan,

Inc.\*

3,400

46,433

SAP

SE

11,470

3,328,735

Sinch

AB\*(a)

4,046

9,439

SiteMinder

Ltd.\*(b)

17,179

45,397

Systena

Corp.

11,400

29,731

TeamViewer

SE\*(a)

Technology

One

Ltd.

5,005

96,266

Temenos

AG

(Registered)(b)

779

55,931

Trend

Micro,

Inc.

1,200

86,063

Truecaller

AB,

Class

B

Vitec

Software

Group

AB,

Class

B

1,025

46,867

WiseTech

Global

Ltd.

2,449

138,710

#### 6,818,231

#### Specialized

#### REITs

#### -

#### 0

#### .1

#### %
Abacus

Storage

King,

REIT(b)

132,091

125,087

Arena

REIT,

REIT

16,390

39,012

Big

Yellow

Group

plc,

REIT

1,705

22,910

Keppel

DC

REIT,

REIT

22,914

37,906

National

Storage

REIT,

REIT(b)

22,472

33,071

Safestore

Holdings

plc,

REIT

2,496

20,987

Shurgard

Self

Storage

Ltd.,

REIT

532

22,074

#### 301,047

#### Investments

#### Shares

#### Value

#### Specialty

#### Retail

#### -

#### 1

#### .7

#### %
ABC-Mart,

Inc.

2,100

$

39,051

Accent

Group

Ltd.(b)

25,789

30,610

AOKI

Holdings,

Inc.

9,300

83,390

ARCLANDS

Corp.(b)

15,518

188,644

Aritzia,

Inc.\*

1,920

67,401

Autobacs

Seven

Co.

Ltd.

2,100

21,848

Avolta

AG(b)

1,330

60,694

Bic

Camera,

Inc.

4,200

45,095

Bilia

AB,

Class

A(b)

19,251

242,910

Carasso

Motors

Ltd.

7,744

59,563

CCC

SA\*

952

55,030

CECONOMY

AG\*

41,633

147,895

Currys

plc\*

337,063

499,739

DCM

Holdings

Co.

Ltd.

37,200

354,162

Delek

Automotive

Systems

Ltd.\*

14,619

105,212

Douglas

AG\*

11,470

136,383

Dunelm

Group

plc

6,106

89,795

Eagers

Automotive

Ltd.(b)

58,900

695,705

Fast

Retailing

Co.

Ltd.

2,000

658,721

Fielmann

Group

AG

8,639

Fox

Wizel

Ltd.

533

44,760

Frasers

Group

plc\*(b)

4,620

40,852

H

&

M

Hennes

&

Mauritz

AB,

Class

B(b)

7,130

103,532

Hornbach

Holding

AG

&

Co.

KGaA

3,100

349,221

IDOM,

Inc.(b)

18,600

143,699

Industria

de

Diseno

Textil

SA(b)

13,020

699,175

JB

Hi-Fi

Ltd.(b)

1,669

110,625

JD

Sports

Fashion

plc

50,924

53,449

Joyful

Honda

Co.

Ltd.

2,000

28,435

Kingfisher

plc

31,714

121,659

Kohnan

Shoji

Co.

Ltd.

7,700

202,703

Komeri

Co.

Ltd.

9,300

198,531

K's

Holdings

Corp.

3,800

36,484

Leon's

Furniture

Ltd.

5,580

92,912

Lovisa

Holdings

Ltd.(b)

1,530

24,406

Luk

Fook

Holdings

International

Ltd.

124,672

272,022

Nextage

Co.

Ltd.

15,500

193,967

Nishimatsuya

Chain

Co.

Ltd.

3,800

58,849

Nitori

Holdings

Co.

Ltd.

1,100

131,678

Nojima

Corp.

21,700

391,434

Pet

Valu

Holdings

Ltd.

1,716

35,542

Pets

at

Home

Group

plc

22,870

72,275

Premier

Investments

Ltd.(b)

1,517

20,277

Sanrio

Co.

Ltd.

2,600

103,606

Shimamura

Co.

Ltd.

1,000

66,685

Super

Retail

Group

Ltd.(b)

5,324

45,682

USS

Co.

Ltd.

3,600

36,066

Watches

of

Switzerland

Group

plc\*(c)

76,787

363,078

WH

Smith

plc

768

9,278

Yamada

Holdings

Co.

Ltd.

26,400

85,471

Yellow

Hat

Ltd.

24,800

236,803

Zalando

SE\*(a)

1,836

66,724

ZOZO,

Inc.(b)

8,400

85,625

#### 8,115,992
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 0

#### .2

#### %
Brother

Industries

Ltd.

4,000

$

70,401

Canon,

Inc.(b)

9,300

287,137

Eizo

Corp.

3,000

42,989

Elecom

Co.

Ltd.

1,600

18,822

FUJIFILM

Holdings

Corp.(b)

15,500

318,987

Logitech

International

SA

(Registered)

1,984

149,787

Ricoh

Co.

Ltd.

9,300

98,190

Riso

Kagaku

Corp.

3,400

29,223

Seiko

Epson

Corp.

6,200

86,454

Toshiba

TEC

Corp.

1,100

20,675

Wacom

Co.

Ltd.

7,600

29,145

#### 1,151,810

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 1

#### .3

#### %
adidas

AG

1,860

426,465

Asics

Corp.

9,200

198,912

Brunello

Cucinelli

SpA(b)

660

74,365

Burberry

Group

plc

3,264

31,547

Cie

Financiere

Richemont

SA

(Registered)

5,797

1,024,660

Coats

Group

plc

9,111

8,811

Crystal

International

Group

Ltd.(a)

197,500

114,608

Delta

Galil

Ltd.

12,819

Gildan

Activewear,

Inc.

2,466

113,418

Goldwin,

Inc.

1,000

57,326

Gunze

Ltd.

12,400

223,068

Hermes

International

SCA

1,011,085

HUGO

BOSS

AG

1,232

51,215

Kering

SA

775

157,114

LPP

SA

12,278

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,852

1,581,777

Moncler

SpA

2,325

142,825

New

Wave

Group

AB,

Class

B

3,468

42,429

Pandora

A/S

930

137,713

Puma

SE

672

17,241

Samsonite

Group

SA(a)(b)

24,600

44,221

Seiko

Group

Corp.

9,300

245,801

Stella

International

Holdings

Ltd.(b)

186,000

333,398

Swatch

Group

AG

(The)(b)

527

91,163

Wacoal

Holdings

Corp.(b)

700

24,488

Yue

Yuen

Industrial

Holdings

Ltd.

16,000

22,985

#### 6,201,732

#### Tobacco

#### -

#### 0

#### .6

#### %
British

American

Tobacco

plc

39,370

1,708,010

Imperial

Brands

plc

15,562

638,966

Japan

Tobacco,

Inc.

12,400

383,110

Scandinavian

Tobacco

Group

A/S(a)

13,857

202,195

#### 2,932,281

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 2

#### .1

#### %
AddTech

AB,

Class

B

2,356

79,291

Ashtead

Group

plc

5,239

279,210

#### Investments

#### Shares

#### Value

#### Trading

#### Companies

#### &

#### Distributors
(continued)

Azelis

Group

NV

1,148

$

17,800

Beijer

Ref

AB,

Class

B(b)

3,876

59,155

Bossard

Holding

AG

(Registered),

Class

A

8,315

Brenntag

SE

1,984

132,116

Bufab

AB

968

40,166

Bunzl

plc

4,216

132,336

Chori

Co.

Ltd.(b)

4,000

101,374

Diploma

plc

1,805

95,521

DKSH

Holding

AG

660

48,832

Finning

International,

Inc.

2,562

72,169

Grafton

Group

plc

3,744

45,393

Hanwa

Co.

Ltd.

12,100

402,513

Howden

Joinery

Group

plc

8,925

91,673

IMCD

NV(b)

744

98,825

Inaba

Denki

Sangyo

Co.

Ltd.

900

23,711

Inabata

&

Co.

Ltd.(b)

15,500

333,059

ITOCHU

Corp.(b)

27,100

1,383,498

Kanamoto

Co.

Ltd.(b)

12,400

277,748

Kanematsu

Corp.(b)

27,900

483,517

Marubeni

Corp.(b)

34,100

604,352

Mitani

Corp.

12,400

163,867

Mitsubishi

Corp.

77,500

1,473,500

Mitsui

&

Co.

Ltd.

55,800

1,133,682

MonotaRO

Co.

Ltd.(b)

2,400

46,245

Nagase

&

Co.

Ltd.

2,200

38,728

Nishio

Holdings

Co.

Ltd.

6,500

186,378

Reece

Ltd.(b)

3,403

34,338

Rexel

SA

3,511

97,344

Richelieu

Hardware

Ltd.(b)

2,967

70,046

RS

GROUP

plc

2,788

19,197

Russel

Metals,

Inc.

19,096

552,986

SGH

Ltd.

3,217

105,081

Sojitz

Corp.

3,899

92,145

Sumitomo

Corp.

24,800

608,177

Toromont

Industries

Ltd.(b)

1,006

84,949

Toyota

Tsusho

Corp.

12,000

237,661

Travis

Perkins

plc

4,608

34,406

Trusco

Nakayama

Corp.

15,500

231,457

Yamazen

Corp.(b)

3,200

31,498

Yuasa

Trading

Co.

Ltd.

6,200

189,947

#### 10,242,206

#### Transportation

#### Infrastructure

#### -

#### 0

#### .3

#### %
Aena

SME

SA(a)

775

195,049

Aeroports

de

Paris

SA

775

96,732

Atlas

Arteria

Ltd.

24,967

82,592

Auckland

International

Airport

Ltd.

19,372

86,452

Dalrymple

Bay

Infrastructure

Ltd.(b)

15,200

39,973

Enav

SpA(a)

12,657

56,170

Flughafen

Zurich

AG

(Registered)

78,240

Fraport

AG

Frankfurt

Airport

Services

Worldwide\*

890

58,932

Getlink

SE

5,208

98,749

Hutchison

Port

Holdings

Trust

268,800

40,051

Mitsubishi

Logistics

Corp.

8,500

58,530

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Transportation

#### Infrastructure
(continued)

Port

of

Tauranga

Ltd.(b)

5,225

$

19,070

Qube

Holdings

Ltd.

34,432

87,244

SATS

Ltd.

8,200

17,647

Transurban

Group(b)

33,325

300,868

Westshore

Terminals

Investment

Corp.

1,647

30,369

#### 1,346,668

#### Water

#### Utilities

#### -

#### 0

#### .0

#### %
(d) Pennon

Group

plc

5,173

34,617

Severn

Trent

plc

2,914

108,593

United

Utilities

Group

plc

7,905

119,050

#### 262,260

#### Wireless

#### Telecommunication

#### Services

#### -

#### 0

#### .6

#### %
1&1

AG

10,602

188,491

Airtel

Africa

plc(a)

34,804

79,726

Cellcom

Israel

Ltd.\*

4,930

31,092

Freenet

AG

2,356

98,129

KDDI

Corp.

31,000

548,433

Partner

Communications

Co.

Ltd.

775

5,145

Rogers

Communications,

Inc.,

Class

B(b)

7,729

201,101

SoftBank

Corp.

341,000

516,138

SoftBank

Group

Corp.

10,700

537,400

StarHub

Ltd.

61,500

55,108

Tele2

AB,

Class

B

7,801

115,055

Vodafone

Group

plc

373,550

365,531

#### 2,741,349

#### Total

#### Common

#### Stocks

#### (Cost

#### $351,490,675)

#### 471,628,684

#### CLOSED

#### END

#### FUNDS

#### -

#### 0

#### .0

#### %
(d) #### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 0

#### .0

#### %
(d) Renewables

Infrastructure

Group

Ltd.

(The)

(Cost

$28,710)

20,740

22,162

#### Investments

#### Number

#### of

#### Rights

#### Value

#### RIGHTS

#### -

#### 0

#### .0

#### %
(d) #### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 0.0%(d)
EDP

Renovaveis

SA,

expiring

5/7/2025,

price

1.00 EUR\*(b)

(Cost

$–)

5,542

567

#### Number

#### of

#### Warrants

#### WARRANTS

#### -

#### 0

#### .0

#### %

#### Construction

#### &

#### Engineering

#### -

#### 0.0%
Webuild

SpA,

expiring

8/2/2030\*‡(b)

10,785

—

#### Software

#### -

#### 0.0%
Constellation

Software,

Inc.,

expiring

3/31/2040\*‡

—

#### Total

#### Warrants

#### (Cost

#### $–)

#### —

#### Principal

#### Amount

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 3

#### .9

#### %
(g) #### REPURCHASE

#### AGREEMENTS

#### -

#### 3

#### .9

#### %
CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$6,825,701,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$6,939,148

$

6,824,876

$

6,824,876

Citigroup

Global

Markets,

Inc.

4.36%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$2,000,242,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

2.25%

-

4.63%,

maturing

5/15/2027

-

11/30/2031;

total

market

value

$2,009,544

2,000,000

2,000,000

MetLife,

Inc.

4.37%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$6,000,728,

collateralized

by

various

U.S.

Treasury

Securities,

0.00%,

5/15/2046;

;

total

market

value

$6,041,639

6,000,000

6,000,000

National

Bank

of

Canada

Financial

Inc.

4.51%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$2,000,251,

collateralized

by

various

Common

Stocks;

total

market

value

$2,208,799

2,000,000

2,000,000

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### SECURITIES

#### LENDING

#### REINVESTMENTS
(continued)

#### REPURCHASE

#### AGREEMENTS
(continued)

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$1,125,138,

collateralized

by

various

Common

Stocks;

total

market

value

$1,239,927

$

1,125,000

$

1,125,000

The

Bank

of

Nova

Scotia,

Toronto

4.50%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$1,000,125,

collateralized

by

various

Common

Stocks;

total

market

value

$1,115,219

1,000,000

1,000,000

18,949,876

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $18,949,876)

#### 18,949,876

#### Total

#### Investments

#### -

#### 102.0%

#### (Cost

#### $370,469,261)

#### 490,601,289
Liabilities

in

excess

of

other

assets

-

(2.0%)

(9,581,982)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $481,019,307
*\**

*Non-income* 

*producing* 

*security.*

*‡*

*Security* 

*is* 

*valued* 

*using* 

*significant* 

*unobservable* 

*inputs* 

*and* 

*is* 

*classified* 

*as* 

*Level* 

*3* 

*in* 

*the* 

*fair* 

*value* 

*hierarchy.*

(a) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Regulation* 

*S* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

1933. *Regulation* 

*S* 

*applies* 

*to* 

*securities* 

*offerings* 

*that* 

*are* 

*made* 

*outside* 

*of* 

*the* 

*United* 

*States* 

*and* 

*do* 

*not* 

*involve* 

*direct* 

*selling* 

*efforts* 

*in* 

*the* 

*United* 

*States* 

*and* 

*as* 

*such* 

*may* 

*have* 

*restrictions* 

*on* 

*resale.*

(b) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$67,151,614,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$18,949,876* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments;* 

*$30,654,777* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*May* 

*8,* 

*2025* 

*–* 

*February* 

*15,* 

*2055* 

*and* 

*$22,533,808* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*Foreign* 

*Government* 

*Fixed* 

*Income* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*June* 

*12,* 

*2025* 

*–* 

*June* 

*30,* 

*2120;* 

*a* 

*total* 

*value* 

*of* 

*$72,138,461.*

(c) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Rule* 

*144A* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

*1933,* 

*as* 

*amended.* 

*These* 

*securities* 

*may* 

*be* 

*resold* 

*in* 

*transactions* 

*exempt* 

*from* 

*registration* 

*to* 

*qualified* 

*institutional* 

*investors.* 

*At* 

*April* 

*30,* 

*2025,* 

*the* 

*value* 

*of* 

*these* 

*securities* 

*amounted* 

*to* 

*approximately* 

*$384,553* 

*or* 

*0.08%* 

*of* 

*net* 

*assets.*

(d) *Represents* 

*less* 

*than* 

*0.05%* 

*of* 

*net* 

*assets.*

(e) *Security* 

*fair* 

*valued* 

*as* 

*of* 

*April* 

*30,* 

*2025* 

*in* 

*accordance* 

*with* 

*procedures* 

*approved* 

*by* 

*the* 

*Board* 

*of* 

*Trustees.* 

*Total* 

*value* 

*of* 

*all* 

*such* 

*securities* 

*at* 

*April* 

*30,* 

*2025* 

*amounted* 

*to* 

*$0,* 

*which* 

*represents* 

*approximately* 

*0.00%* 

*of* 

*net* 

*assets* 

*of* 

*the* 

*Fund.*

(f) *Amount* 

*less* 

*than* 

*one* 

*dollar.*

*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

(g) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$18,949,876.*

Abbreviations

*ADR*

*—*

*American* 

*Depositary* 

*Receipt*

*CHDI*

*—*

*Clearing* 

*House* 

*Electronic* 

*Subregister* 

*System* 

(CHESS)

*Depository* 

*Interest*

*CVA*

*—*

*Dutch* 

*Certification*

*OYJ*

*—*

*Public* 

*Limited* 

*Company*

*Preference*

*—*

*A* 

*special* 

*type* 

*of* 

*equity* 

*investment* 

*that* 

*shares* 

*in* 

*the* 

*earnings* 

*of* 

*the* 

*company,* 

*has* 

*limited* 

*voting* 

*rights,* 

*and* 

*may* 

*have* 

*a* 

*dividend* 

*preference.* 

*Preference* 

*shares* 

*may* 

*also* 

*have* 

*liquidation* 

*preference.* 

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*SCA*

*—*

*Limited* 

*partnership* 

*with* 

*share* 

*capital*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

135,427,739

Aggregate

gross

unrealized

depreciation

(21,598,591)

Net

unrealized

appreciation

$

113,829,148

Federal

income

tax

cost

$

376,775,837

#### Futures

#### Contracts
*FlexShares*

*®*

*Morningstar* 

*Developed* 

*Markets* 

*ex-US* 

*Factor* 

*Tilt* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation

#### /

#### (#### Depreciation

####)

#### \*

#### Long

#### Contracts
EURO

STOXX

Index

06/20/2025

EUR

$

2,322,153

$

(45,806)

FTSE

Index

06/20/2025

GBP

2,487,180

(15,734)

S&P/TSX

Index

06/19/2025

CAD

1,298,776

29,745

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation/

#### (Depreciation)\*

#### Long

#### Contracts
(continued)

SGX

Nikkei

Index

06/12/2025

JPY

$

2,022,995

$

7,269

SPI

Index

06/19/2025

AUD

781,449

22,778

$

(1,748)

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*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* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### to

#### Receive

#### Counterparty

#### In

#### Exchange

#### For

#### Maturity

#### Date

#### Unrealized

#### Appreciation/
(Depreciation)

CAD

340,000

JPMorgan

Chase

Bank

NA

USD

238,970

06/18/2025

$

7,780

CHF

160,000

Citibank

NA

USD

182,930

06/18/2025

12,938

EUR

300,000

JPMorgan

Chase

Bank

NA

USD

326,129

06/18/2025

15,927

GBP

323,203

Bank

of

Montreal

USD

417,773

06/18/2025

14,007

GBP

160,000

JPMorgan

Chase

Bank

NA

USD

207,055

06/18/2025

6,695

JPY

90,030,000

JPMorgan

Chase

Bank

NA

USD

603,779

06/18/2025

30,804

JPY

30,000,000

Morgan

Stanley

USD

203,285

06/18/2025

8,172

Total

unrealized

appreciation

$

96,323

USD

503,418

Citibank

NA

CHF

440,000

06/18/2025

$

(35,218)

USD

277,933

Morgan

Stanley

GBP

210,000

06/18/2025

(2,614)

USD

90,254

UBS

AG

GBP

70,000

06/18/2025

(3,262)

USD

993,756

JPMorgan

Chase

Bank

NA

JPY

148,050,000

06/18/2025

(49,785)

Total

unrealized

depreciation

$

(90,879)

Net

unrealized

appreciation

$

5,444

*Abbreviations:*

*AUD*

*—*

*Australian* 

*Dollar*

*CAD*

*—*

*Canadian* 

*Dollar*

*CHF*

*—*

*Swiss* 

*Franc*

*EUR*

*—*

*Euro*

*GBP*

*—*

*British* 

*Pound*

*JPY*

*—*

*Japanese* 

*Yen*

*USD*

*—*

*US* 

*Dollar*

*FlexShares®* 

*Morningstar* 

*Developed* 

*Markets* 

*ex-US* 

*Factor* 

*Tilt* 

*Index* 

*invested,* 

*as* 

*a* 

*percentage* 

*of* 

*net* 

*assets,* 

*in* 

*companies* 

*domiciled* 

*in* 

*the* 

*following* 

*countries* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

Australia

.3

%

Austria

.6

Belgium

.2

Bermuda

.0

†

Canada

.8

Chile

.0

†

Denmark

.8

Faeroe

Islands

.0

†

Finland

.7

France

.1

Gabon

.0

†

Georgia

.4

Germany

.3

Greece

.0

†

Guernsey

.0

†

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

Hong

Kong

.8

%

India

.1

Indonesia

.1

Ireland

.3

Israel

.5

Italy

.1

Japan

.4

Jersey

.1

Jordan

.0

†

Kyrgyzstan

.0

†

Liechtenstein

.0

†

Luxembourg

.2

Macao

.1

Mongolia

.0

†

Netherlands

.0

New

Zealand

.3

Norway

.3

Peru

.1

Poland

.9

Portugal

.1

Singapore

.4

South

Africa

.1

Spain

.6

Sweden

.2

Switzerland

.2

Taiwan

.0

†

United

Kingdom

.3

United

States

.7

Zambia

.0

†

Other

.9

100.0%

*†*

*Amount* 

*represents* 

*less* 

*than* 

*0.05%.*

*1*

*Includes* 

*any* 

*non-equity* 

*securities,* 

*securities* 

*lending* 

*reinvestments* 

*and* 

*net* 

*other* 

*assets* 

*(liabilities).*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.1

%

Closed

End

Funds

.0

†

Rights

.0

†

Warrants

–

Securities

Lending

Reinvestments

.9

Others

(1) (2

.0)

.0

%

*†*

*Amount* 

*represents* 

*less* 

*than* 

*0.05%.*

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 99

#### .0

#### %

#### Aerospace

#### &

#### Defense

#### -

#### 0

#### .4

#### %
AECC

Aviation

Power

Co.

Ltd.,

Class

A

4,700

$

21,226

Aselsan

Elektronik

Sanayi

ve

Ticaret

A/S

20,398

71,600

AviChina

Industry

&

Technology

Co.

Ltd.,

Class

H

52,000

23,872

Bharat

Dynamics

Ltd.(a)

1,410

25,529

Bharat

Electronics

Ltd.

54,943

204,271

Colt

CZ

Group

SE

4,587

Data

Patterns

India

Ltd.

588

17,307

Embraer

SA\*

9,400

107,791

Hanwha

Aerospace

Co.

Ltd.

256,789

Hanwha

Systems

Co.

Ltd.

736

20,193

Hindustan

Aeronautics

Ltd.(a)

2,961

157,293

Korea

Aerospace

Industries

Ltd.

1,128

65,704

Kuang-Chi

Technologies

Co.

Ltd.,

Class

A

3,200

18,593

LIG

Nex1

Co.

Ltd.

35,173

Mazagon

Dock

Shipbuilders

Ltd.

1,056

38,218

United

Aircraft

Corp.

PAO\*‡

25,155,036

—

Zen

Technologies

Ltd.

1,440

24,142

#### 1,092,288

#### Air

#### Freight

#### &

#### Logistics

#### -

#### 0

#### .4

#### %
Abu

Dhabi

Aviation

Co.

174,558

259,956

Agility

Global

plc

108,194

36,231

Agility

Public

Warehousing

Co.

KSC

34,075

29,248

Aramex

PJSC\*

5,821

4,406

Blue

Dart

Express

Ltd.

7,049

CJ

Logistics

Corp.

14,340

Delhivery

Ltd.\*

5,029

18,188

Hyundai

Glovis

Co.

Ltd.

940

75,385

J&T

Global

Express

Ltd.\*(b)

65,800

51,251

JD

Logistics,

Inc.\*(a)

34,300

54,139

Kerry

TJ

Logistics

Co.

Ltd.

73,700

81,689

Reysas

Tasimacilik

ve

Lojistik

Ticaret

A/S\*

21,808

8,364

SAL

Saudi

Logistics

Services

9,152

SCGJWD

Logistics

PCL,

NVDR

244,000

57,704

SF

Holding

Co.

Ltd.,

Class

A

5,200

31,159

Sinotrans

Ltd.,

Class

A

4,700

3,035

Sinotrans

Ltd.,

Class

H

47,000

20,425

YTO

Express

Group

Co.

Ltd.,

Class

A

4,700

8,465

ZTO

Express

Cayman,

Inc.

5,500

103,763

#### 873,949

#### Automobile

#### Components

#### -

#### 1

#### .2

#### %
Actron

Technology

Corp.

2,688

10,758

Apollo

Tyres

Ltd.

6,912

38,608

Asahi

India

Glass

Ltd.

2,401

20,857

Balkrishna

Industries

Ltd.

861

27,263

Bharat

Forge

Ltd.

4,042

52,829

#### Investments

#### Shares

#### Value

#### Automobile

#### Components
(continued)

Bosch

Ltd.

$

51,251

CALB

Group

Co.

Ltd.\*(a)

10,000

21,148

Ceat

Ltd.

799

31,512

Cheng

Shin

Rubber

Industry

Co.

Ltd.

41,585

64,166

CIE

Automotive

India

Ltd.

1,715

8,241

Cub

Elecparts,

Inc.

3,269

9,179

Depo

Auto

Parts

Ind

Co.

Ltd.

4,200

23,835

DN

Automotive

Corp.

8,507

123,281

Eco&Dream

Co.

Ltd.\*

658

11,549

Endurance

Technologies

Ltd.(a)

7,768

Eurocharm

Holdings

Co.

Ltd.

9,159

44,244

Exide

Industries

Ltd.

8,016

33,375

Fras-Le

SA

4,700

24,275

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

600

4,801

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H(a)

10,400

73,561

Hankook

&

Co.

Co

Ltd.

907

9,596

Hankook

Tire

&

Technology

Co.

Ltd.

1,410

41,065

HL

Mando

Co.

Ltd.

1,045

27,384

Hota

Industrial

Manufacturing

Co.

Ltd.

5,517

10,902

Hu

Lane

Associate,

Inc.

2,607

12,390

Huayu

Automotive

Systems

Co.

Ltd.,

Class

A

4,700

11,519

Hyundai

Mobis

Co.

Ltd.

1,457

274,180

Hyundai

Wia

Corp.

5,988

180,293

Iljin

Hysolus

Co.

Ltd.\*

1,370

13,059

JBM

Auto

Ltd.

1,568

12,068

JK

Tyre

&

Industries

Ltd.

41,078

150,924

Kenda

Rubber

Industrial

Co.

Ltd.

14,500

10,677

Kumho

Tire

Co.,

Inc.\*

48,405

164,131

Minda

Corp.

Ltd.

3,724

21,442

Minth

Group

Ltd.\*

12,000

28,783

Motherson

Sumi

Wiring

India

Ltd.

30,126

19,883

MRF

Ltd.

78,012

Myoung

Shin

Industrial

Co.

Ltd.

11,280

66,180

Nan

Kang

Rubber

Tire

Co.

Ltd.

14,000

17,072

Nexen

Tire

Corp.

9,259

35,238

Nexteer

Automotive

Group

Ltd.(b)

329,000

220,615

Ningbo

Tuopu

Group

Co.

Ltd.,

Class

A

2,465

17,734

Sailun

Group

Co.

Ltd.,

Class

A

9,400

15,816

Samvardhana

Motherson

International

Ltd.

39,809

62,797

Sansera

Engineering

Ltd.(a)

611

7,839

Sebang

Global

Battery

Co.

Ltd.

2,162

104,792

Sona

Blw

Precision

Forgings

Ltd.(a)

5,170

29,444

Sri

Trang

Agro-Industry

PCL,

NVDR

305,500

123,462

Sundram

Fasteners

Ltd.

1,504

16,326

Superalloy

Industrial

Co.

Ltd.

14,000

27,139

Tianneng

Power

International

Ltd.(b)

260,000

216,591

Tong

Yang

Industry

Co.

Ltd.

9,072

37,300

Tube

Investments

of

India

Ltd.

1,645

56,439

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Automobile

#### Components
(continued)

TVS

Holdings

Ltd.

$

16,156

TYC

Brother

Industrial

Co.

Ltd.

62,795

94,635

UNO

Minda

Ltd.

4,214

44,602

#### 2,958,986

#### Automobiles

#### -

#### 2

#### .0

#### %
Anhui

Jianghuai

Automobile

Group

Corp.

Ltd.,

Class

A

4,700

23,582

BAIC

BluePark

New

Energy

Technology

Co.

Ltd.,

Class

A\*

5,000

5,088

Bajaj

Auto

Ltd.

1,081

102,747

Beiqi

Foton

Motor

Co.

Ltd.,

Class

A\*

37,600

13,564

Brilliance

China

Automotive

Holdings

Ltd.(b)

1,066,000

378,029

BYD

Co.

Ltd.,

Class

A

2,300

111,817

BYD

Co.

Ltd.,

Class

H

15,000

716,082

China

Automotive

Engineering

Research

Institute

Co.

Ltd.,

Class

A

4,700

12,276

China

Motor

Corp.

7,000

15,649

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

A

17,108

28,856

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

B

18,990

8,987

Eicher

Motors

Ltd.

2,397

157,949

Ford

Otomotiv

Sanayi

A/S

1,736

39,970

Geely

Automobile

Holdings

Ltd.

151,000

318,563

Great

Wall

Motor

Co.

Ltd.,

Class

A

4,700

14,612

Great

Wall

Motor

Co.

Ltd.,

Class

H

41,000

58,793

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

A

4,100

4,522

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H

14,000

4,965

Hero

MotoCorp

Ltd.

2,115

95,817

Hyundai

Motor

Co.

3,525

472,645

Hyundai

Motor

Co.

(2nd

Preference)

893

95,865

Hyundai

Motor

Co.

(3rd

Preference)

10,945

Hyundai

Motor

Co.

(Preference)

624

65,802

KG

Mobility

Co.\*‡

2,867

6,884

Kia

Corp.

6,063

385,575

Li

Auto,

Inc.,

Class

A\*(b)

17,500

214,950

Mahindra

&

Mahindra

Ltd.

14,476

501,840

Maruti

Suzuki

India

Ltd.

1,974

286,390

NIO,

Inc.,

Class

A\*(b)

21,940

88,980

SAIC

Motor

Corp.

Ltd.,

Class

A

16,400

36,671

Sanyang

Motor

Co.

Ltd.

21,700

46,951

Seres

Group

Co.

Ltd.,

Class

A

2,200

39,464

Tata

Motors

Ltd.

31,819

242,643

Tofas

Turk

Otomobil

Fabrikasi

A/S

3,233

16,812

TVS

Motor

Co.

Ltd.

3,807

120,405

XPeng,

Inc.,

Class

A\*(b)

18,600

174,734

Yadea

Group

Holdings

Ltd.(a)(b)

28,000

50,694

Yulon

Motor

Co.

Ltd.

18,120

22,265

ZEEKR

Intelligent

Technology

Holding

Ltd.,

ADR\*(b)

611

13,136

#### Investments

#### Shares

#### Value

#### Automobiles
(continued)

Zhejiang

Leapmotor

Technology

Co.

Ltd.\*(a)

9,600

$

68,892

#### 5,074,411

#### Banks

#### -

#### 14

#### .9

#### %
Absa

Group

Ltd.

19,505

178,998

Abu

Dhabi

Commercial

Bank

PJSC

76,281

241,737

Abu

Dhabi

Islamic

Bank

PJSC

38,540

192,015

AFFIN

Bank

Bhd.

7,554

4,639

Agricultural

Bank

of

China

Ltd.,

Class

H

705,000

430,926

Ahli

Bank

QSC

29,516

29,735

Ajman

Bank

PJSC

9,369

3,852

Akbank

TAS

84,170

106,143

Al

Ahli

Bank

of

Kuwait

KSCP\*

13,327

13,179

Al

Rajhi

Bank

28,247

733,493

Al

Rayan

Bank

114,727

70,330

Alinma

Bank

18,941

146,442

Alliance

Bank

Malaysia

Bhd.

27,600

28,016

Allo

Bank

Indonesia

Tbk.

PT

347,800

15,400

Alpha

Services

and

Holdings

SA

57,481

139,047

AMMB

Holdings

Bhd.

51,700

61,824

Arab

National

Bank

21,761

124,733

AU

Small

Finance

Bank

Ltd.(a)

7,044

56,580

Axis

Bank

Ltd.

33,840

474,652

Banco

BBVA

Peru

SA

118,534

46,130

Banco

Bradesco

SA

34,400

74,312

Banco

Bradesco

SA

(Preference)

126,900

307,757

Banco

de

Bogota

SA

1,363

9,971

Banco

de

Chile

1,085,841

157,811

Banco

de

Credito

e

Inversiones

SA

2,726

106,884

Banco

del

Bajio

SA(a)

18,800

45,101

Banco

do

Brasil

SA

42,300

216,155

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

(Preference),

Class

B

79,900

162,301

Banco

Itau

Chile

SA\*

1,943

28,033

Banco

Pan

SA

(Preference)

126,900

170,578

Banco

Santander

Brasil

SA

9,400

49,014

Banco

Santander

Chile

1,543,010

92,363

Bancolombia

SA

6,721

79,717

Bancolombia

SA

(Preference)

11,589

119,073

Bandhan

Bank

Ltd.(a)

11,877

23,283

Bangkok

Bank

PCL,

NVDR

14,100

59,093

Bank

AlBilad

12,126

93,429

Bank

Al-Jazira\*

12,300

44,269

Bank

Central

Asia

Tbk.

PT

817,800

434,764

Bank

Islam

Malaysia

Bhd.

44,100

25,039

Bank

Mandiri

Persero

Tbk.

PT

883,480

260,254

Bank

Negara

Indonesia

Persero

Tbk.

PT

329,000

82,845

Bank

OCBC

Nisp

Tbk.

PT

1,311,300

103,087

Bank

of

Baroda

28,761

85,084

Bank

of

Beijing

Co.

Ltd.,

Class

A

53,100

43,867

Bank

of

Changsha

Co.

Ltd.,

Class

A

9,400

11,713

Bank

of

Chengdu

Co.

Ltd.,

Class

A

10,600

24,782

Bank

of

China

Ltd.,

Class

H

1,974,000

1,104,770

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Banks
(continued)

Bank

of

Chongqing

Co.

Ltd.,

Class

A

10,000

$

14,733

Bank

of

Communications

Co.

Ltd.,

Class

A

84,000

86,396

Bank

of

Communications

Co.

Ltd.,

Class

H

194,000

170,116

Bank

of

Hangzhou

Co.

Ltd.,

Class

A

14,100

28,539

Bank

of

India

21,338

29,083

Bank

of

Jiangsu

Co.

Ltd.,

Class

A

41,780

58,446

Bank

of

Maharashtra

28,294

16,966

Bank

of

Nanjing

Co.

Ltd.,

Class

A

26,500

38,020

Bank

of

Ningbo

Co.

Ltd.,

Class

A

11,950

39,324

Bank

of

Shanghai

Co.

Ltd.,

Class

A

16,800

24,011

Bank

of

the

Philippine

Islands

55,930

140,188

Bank

of

Xi'an

Co.

Ltd.,

Class

A

4,900

2,334

Bank

Pan

Indonesia

Tbk.

PT\*

150,400

14,587

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

1,654,400

383,701

Bank

Tabungan

Negara

Persero

Tbk.

PT

2,232,524

141,886

Banque

Saudi

Fransi

33,041

161,906

BDO

Unibank,

Inc.

55,460

159,266

BNK

Financial

Group,

Inc.

8,037

58,518

BOC

Hong

Kong

Holdings

Ltd.

93,500

388,242

Boubyan

Bank

KSCP

16,828

37,292

Burgan

Bank

SAK

34,732

25,505

Canara

Bank

46,706

53,874

Capitec

Bank

Holdings

Ltd.

1,504

278,231

Chang

Hwa

Commercial

Bank

Ltd.

164,624

93,680

China

Banking

Corp.

28,590

46,579

China

CITIC

Bank

Corp.

Ltd.,

Class

A

32,900

32,661

China

CITIC

Bank

Corp.

Ltd.,

Class

H

235,000

185,765

China

Construction

Bank

Corp.,

Class

A

28,200

35,178

China

Construction

Bank

Corp.,

Class

H

2,444,000

2,010,744

China

Everbright

Bank

Co.

Ltd.,

Class

A

65,800

34,246

China

Everbright

Bank

Co.

Ltd.,

Class

H

53,000

23,032

China

Merchants

Bank

Co.

Ltd.,

Class

A

37,600

210,914

China

Merchants

Bank

Co.

Ltd.,

Class

H

97,000

530,988

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

47,400

25,975

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

164,500

77,215

China

Zheshang

Bank

Co.

Ltd.,

Class

A

14,100

5,805

China

Zheshang

Bank

Co.

Ltd.,

Class

H

60,900

20,576

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

18,800

17,731

#### Investments

#### Shares

#### Value

#### Banks
(continued)

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

47,000

$

36,062

CIMB

Group

Holdings

Bhd.

211,640

349,218

City

Union

Bank

Ltd.

19,584

40,928

CNPC

Capital

Co.

Ltd.,

Class

A

14,700

13,905

Commercial

Bank

of

Kuwait

KPSC

39,498

85,467

Commercial

Bank

PSQC

(The)

73,414

86,702

Commercial

International

Bank

-

Egypt

(CIB)

56,960

90,806

Commercial

International

Bank

-

Egypt

(CIB)

(Registered),

GDR(a)

624

Credicorp

Ltd.

1,598

323,100

Credit

Bank

of

Moscow

PJSC\*‡

229,590

—

CTBC

Financial

Holding

Co.

Ltd.

483,403

593,995

Doha

Bank

QPSC

863,108

558,970

Dubai

Islamic

Bank

PJSC

70,876

145,879

Dukhan

Bank

24,440

23,494

E.Sun

Financial

Holding

Co.

Ltd.

236,164

208,969

Emirates

NBD

Bank

PJSC

63,403

354,727

Equitas

Small

Finance

Bank

Ltd.(a)

206,148

163,364

Eurobank

Ergasias

Services

and

Holdings

SA

64,061

180,670

Faisal

Islamic

Bank

of

Egypt

209,808

187,133

Far

Eastern

International

Bank

113,070

45,429

Federal

Bank

Ltd.

49,256

114,669

First

Abu

Dhabi

Bank

PJSC

110,164

450,488

First

Financial

Holding

Co.

Ltd.

176,509

140,178

Grupo

Aval

Acciones

y

Valores

SA

(Preference)

106,455

14,466

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

69,970

602,368

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O\*

60,250

155,157

Grupo

Security

SA

705,188

190,791

Gulf

Bank

KSCP

47,770

52,385

Haci

Omer

Sabanci

Holding

A/S

29,281

55,768

Hana

Financial

Group,

Inc.

7,426

336,952

HDFC

Bank

Ltd.

81,968

1,867,678

Hong

Leong

Bank

Bhd.

18,800

87,051

Hong

Leong

Financial

Group

Bhd.

4,900

19,509

Hua

Nan

Financial

Holdings

Co.

Ltd.

146,484

123,662

Huaxia

Bank

Co.

Ltd.,

Class

A

37,600

37,637

Huishang

Bank

Corp.

Ltd.,

Class

H

329,000

123,459

ICICI

Bank

Ltd.

76,140

1,286,067

IDFC

First

Bank

Ltd.\*

94,683

72,724

iM

Financial

Group

Co.

Ltd.

60,489

437,444

Indian

Bank

7,271

48,695

IndusInd

Bank

Ltd.

14,241

141,325

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

1,833,000

1,257,503

Industrial

Bank

Co.

Ltd.,

Class

A

42,300

121,551

Industrial

Bank

of

Korea

5,076

54,777

Intercorp

Financial

Services,

Inc.(a)

1,040

34,840

Itau

Unibanco

Holding

SA

(Preference)

134,420

844,785

Itausa

SA

22,289

42,126

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Banks
(continued)

Itausa

SA

(Preference)

143,445

$

271,110

Jammu

&

Kashmir

Bank

Ltd.

(The)

157,497

175,946

JB

Financial

Group

Co.

Ltd.

3,370

40,468

Jiangsu

Changshu

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

7,370

7,367

KakaoBank

Corp.

4,277

67,096

Karnataka

Bank

Ltd.

(The)

64,531

149,611

Karur

Vysya

Bank

Ltd.

(The)

24,581

63,478

Kasikornbank

PCL,

NVDR

28,100

134,170

KB

Financial

Group,

Inc.

9,682

614,363

Kiatnakin

Phatra

Bank

PCL,

NVDR

5,100

7,634

King's

Town

Bank

Co.

Ltd.

29,450

44,383

Komercni

Banka

A/S

2,068

100,375

Kotak

Mahindra

Bank

Ltd.

15,886

415,203

Krung

Thai

Bank

PCL,

NVDR

98,600

64,346

Kuwait

Finance

House

KSCP

194,766

459,582

Kuwait

International

Bank

KSCP

41,628

30,705

Malayan

Banking

Bhd.

164,500

380,847

MBSB

Bhd.

14,100

2,336

Mega

Financial

Holding

Co.

Ltd.

174,964

206,513

Metropolitan

Bank

&

Trust

Co.

35,250

48,531

Moneta

Money

Bank

A/S(a)

9,400

58,006

National

Bank

of

Greece

SA

18,424

194,649

National

Bank

of

Kuwait

SAKP

126,089

391,765

National

Bank

of

Ras

Al-Khaimah

PSC

(The)

20,398

37,763

Nedbank

Group

Ltd.

12,267

167,098

O-Bank

Co.

Ltd.

658,000

195,242

Optima

bank

SA(b)

22,419

407,757

OTP

Bank

Nyrt.

5,612

414,543

Ping

An

Bank

Co.

Ltd.,

Class

A

31,200

46,868

Piraeus

Financial

Holdings

SA

15,328

85,535

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

A

65,800

46,387

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H(a)(b)

235,000

144,854

Public

Bank

Bhd.

361,900

374,900

Punjab

National

Bank

47,376

56,195

Qatar

International

Islamic

Bank

QSC

20,821

60,616

Qatar

Islamic

Bank

QPSC

46,201

267,867

Qatar

National

Bank

QPSC

113,129

518,883

RBL

Bank

Ltd.(a)

164,359

389,810

Regional

SAB

de

CV

5,100

35,777

RHB

Bank

Bhd.

100,851

155,425

Riyad

Bank

34,921

286,283

Saudi

Awwal

Bank

26,226

244,717

Saudi

Investment

Bank

(The)

16,863

67,616

Saudi

National

Bank

(The)

71,064

676,367

Sberbank

of

Russia

PJSC‡

369,050

—

Sberbank

of

Russia

PJSC

(Preference)‡

39,708

—

SCB

X

PCL,

NVDR

18,700

66,616

Security

Bank

Corp.

113,270

134,756

#### Investments

#### Shares

#### Value

#### Banks
(continued)

Shanghai

Commercial

&

Savings

Bank

Ltd.

(The)

110,475

$

162,346

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

47,000

70,926

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

20,000

23,132

Sharjah

Islamic

Bank

469,295

319,418

Shinhan

Financial

Group

Co.

Ltd.

12,267

443,562

SinoPac

Financial

Holdings

Co.

Ltd.

337,750

224,934

Standard

Bank

Group

Ltd.

33,041

411,471

State

Bank

of

India

45,590

425,580

Taichung

Commercial

Bank

Co.

Ltd.

57,181

35,400

Taishin

Financial

Holding

Co.

Ltd.

330,990

172,827

Taiwan

Business

Bank

125,536

55,540

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

153,232

116,662

Thai

Credit

Bank

PCL,

NVDR\*

122,200

69,505

Thanachart

Capital

PCL,

NVDR

19,300

27,588

Tisco

Financial

Group

PCL,

NVDR

14,000

41,176

TMBThanachart

Bank

PCL,

NVDR

1,142,200

62,572

Turkiye

Garanti

Bankasi

A/S

13,019

34,765

Turkiye

Is

Bankasi

A/S,

Class

B

14,080

Turkiye

Is

Bankasi

A/S,

Class

C

216,905

58,090

Turkiye

Vakiflar

Bankasi

TAO,

Class

D\*

26,299

14,168

Ujjivan

Small

Finance

Bank

Ltd.(a)

194,107

97,945

Union

Bank

of

India

Ltd.

42,770

63,676

Union

Bank

of

Taiwan

56,175

29,156

VTB

Bank

PJSC\*‡

27,302

—

Warba

Bank

KSCP\*

71,937

52,121

Woori

Financial

Group,

Inc.

16,262

202,603

Yapi

ve

Kredi

Bankasi

A/S\*

76,200

45,094

Yes

Bank

Ltd.\*

248,395

52,099

#### 37,155,765

#### Beverages

#### -

#### 1

#### .0

#### %
Ambev

SA

59,100

152,098

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

A/S,

Class

B

5,350

22,201

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

A

600

13,581

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

B

1,100

16,823

Arca

Continental

SAB

de

CV

5,582

58,848

Beijing

Shunxin

Agriculture

Co.

Ltd.,

Class

A\*

2,100

4,606

Beijing

Yanjing

Brewery

Co.

Ltd.,

Class

A

10,900

19,495

Carabao

Group

PCL,

NVDR

9,300

17,400

China

Foods

Ltd.

282,000

112,732

China

Resources

Beer

Holdings

Co.

Ltd.

25,107

88,712

Chongqing

Brewery

Co.

Ltd.,

Class

A

1,800

14,318

Cia

Cervecerias

Unidas

SA

4,553

34,609

Coca-Cola

Femsa

SAB

de

CV

8,400

79,263

Coca-Cola

Icecek

A/S

20,196

27,359

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Beverages
(continued)

Eastroc

Beverage

Group

Co.

Ltd.,

Class

A

780

$

30,715

Embotelladora

Andina

SA

(Preference),

Class

B

12,864

54,474

Emperador,

Inc.

67,600

15,806

Fomento

Economico

Mexicano

SAB

de

CV

30,800

324,710

Guangzhou

Zhujiang

Brewery

Co.

Ltd.,

Class

A

1,700

2,476

Hebei

Hengshui

Laobaigan

Liquor

Co.

Ltd.,

Class

A

2,300

5,498

Heineken

Malaysia

Bhd.

5,100

31,155

Hey

Song

Corp.

15,000

18,338

Jiangsu

Yanghe

Distillery

Co.

Ltd.,

Class

A

600

5,667

JiuGui

Liquor

Co.

Ltd.,

Class

A

500

2,953

Kweichow

Moutai

Co.

Ltd.,

Class

A

1,400

298,205

Lotte

Chilsung

Beverage

Co.

Ltd.

1,551

119,694

Luzhou

Laojiao

Co.

Ltd.,

Class

A

1,000

17,038

Nongfu

Spring

Co.

Ltd.,

Class

H(a)(b)

27,400

126,494

Osotspa

PCL,

NVDR

3,500

1,655

Radico

Khaitan

Ltd.

1,344

39,066

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

A

960

26,978

Tsingtao

Brewery

Co.

Ltd.,

Class

H

10,000

70,796

United

Breweries

Ltd.

1,379

35,257

United

Spirits

Ltd.

5,076

93,963

Varun

Beverages

Ltd.

19,013

117,554

Vina

Concha

y

Toro

SA

177,425

217,790

Wuliangye

Yibin

Co.

Ltd.,

Class

A

3,600

63,794

Yantai

Changyu

Pioneer

Wine

Co.

Ltd.,

Class

A

1,100

3,423

ZJLD

Group,

Inc.(a)(b)

7,000

5,867

#### 2,391,411

#### Biotechnology

#### -

#### 0

#### .7

#### %
3SBio,

Inc.(a)

52,000

80,199

ABLBio,

Inc.\*

564

25,869

Akeso,

Inc.\*(a)

7,000

77,856

Alteogen,

Inc.\*

611

150,869

BeiGene

Ltd.\*

11,100

226,160

Beijing

Tiantan

Biological

Products

Corp.

Ltd.,

Class

A

4,700

12,354

Biocon

Ltd.

4,294

16,356

CanSino

Biologics,

Inc.,

Class

H\*(a)

(b) 800

3,502

Celltrion,

Inc.

2,319

263,141

Dizal

Jiangsu

Pharmaceutical

Co.

Ltd.,

Class

A\*

2,397

19,112

Ever

Supreme

Bio

Technology

Co.

Ltd.

2,728

14,202

Everest

Medicines

Ltd.\*(a)

8,500

53,983

GI

Innovation,

Inc.\*

2,119

21,540

Green

Cross

Corp.

1,922

Green

Cross

Holdings

Corp.

12,267

120,815

#### Investments

#### Shares

#### Value

#### Biotechnology
(continued)

HLB

Therapeutics

Co.

Ltd.\*

3,010

$

15,987

Hugel,

Inc.\*

26,226

InnoCare

Pharma

Ltd.\*(a)

44,000

57,648

Innovent

Biologics,

Inc.\*(a)

19,500

135,160

Keymed

Biosciences,

Inc.\*(a)

4,000

23,031

Medigen

Vaccine

Biologics

Corp.\*

11,148

19,206

Medytox,

Inc.

34,780

Naturecell

Co.

Ltd.\*

987

18,192

OBI

Pharma,

Inc.\*

14,661

18,061

Pacific

Shuanglin

Bio-pharmacy

Co.

Ltd.,

Class

A

4,700

14,172

PharmaEngine,

Inc.

2,114

5,896

PharmaEssentia

Corp.\*

4,800

78,792

PharmaResearch

Co.

Ltd.

25,427

Remegen

Co.

Ltd.,

Class

A\*

2,971

20,732

Seegene,

Inc.

1,624

30,047

Shanghai

Haohai

Biological

Technology

Co.

Ltd.,

Class

A

1,034

7,464

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

A\*

3,745

15,598

TaiMed

Biologics,

Inc.\*

5,600

14,323

Voronoi,

Inc.\*

12,643

Zai

Lab

Ltd.\*

14,500

45,811

#### 1,707,076

#### Broadline

#### Retail

#### -

#### 3

#### .9

#### %
Alibaba

Group

Holding

Ltd.

404,200

6,124,480

Central

Retail

Corp.

PCL,

NVDR

51,475

36,520

Easyhome

New

Retail

Group

Co.

Ltd.,

Class

A

14,400

6,563

El

Puerto

de

Liverpool

SAB

de

CV,

Class

C1

5,200

23,913

Falabella

SA

19,376

87,106

Far

Eastern

Department

Stores

Ltd.

21,120

15,485

GoTo

Gojek

Tokopedia

Tbk.

PT,

Class

A\*

14,574,700

74,630

Hyundai

Department

Store

Co.

Ltd.

5,311

223,424

JD.com,

Inc.,

Class

A

59,700

984,645

Magazine

Luiza

SA

5,815

9,573

MINISO

Group

Holding

Ltd.,

ADR

1,992

35,916

Mitra

Adiperkasa

Tbk.

PT

171,500

14,102

momo.com,

Inc.

1,801

18,189

Naspers

Ltd.,

Class

N

2,397

630,262

PDD

Holdings,

Inc.,

ADR\*

9,729

1,027,091

Poya

International

Co.

Ltd.

1,018

15,246

RattanIndia

Enterprises

Ltd.\*

122,247

60,282

Shinsegae,

Inc.

2,397

266,596

Vipshop

Holdings

Ltd.,

ADR

7,661

104,343

V-Mart

Retail

Ltd.\*

5,451

Woolworths

Holdings

Ltd.

9,632

29,818

#### 9,793,635

#### Building

#### Products

#### -

#### 0

#### .2

#### %
Astral

Ltd.

1,227

19,536

Beijing

New

Building

Materials

plc,

Class

A

5,200

20,062

Blue

Star

Ltd.

2,439

49,260

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Building

#### Products
(continued)

Cera

Sanitaryware

Ltd.

$

7,863

China

Lesso

Group

Holdings

Ltd.

376,000

200,250

Electrosteel

Castings

Ltd.

5,130

5,867

Kajaria

Ceramics

Ltd.

1,150

10,951

Kaleseramik

Canakkale

Kalebodur

Seramik

Sanayi

A/S

12,831

9,642

KCC

Glass

Corp.

4,136

93,107

Kyung

Dong

Navien

Co.

Ltd.

2,350

119,856

Taiwan

Glass

Industry

Corp.\*

38,314

16,831

Xinyi

Glass

Holdings

Ltd.(b)

50,213

47,074

Zhuzhou

Kibing

Group

Co.

Ltd.,

Class

A

19,400

14,451

#### 614,750

#### Capital

#### Markets

#### -

#### 2

#### .1

#### %

ONE

WAM

Ltd.

4,608

53,782

Anand

Rathi

Wealth

Ltd.

1,536

30,940

Angel

One

Ltd.

867

23,730

B3

SA

-

Brasil

Bolsa

Balcao

84,600

201,585

Banco

BTG

Pactual

SA

18,800

126,553

Bengal

&

Assam

Co.

Ltd.

1,551

134,789

BOC

International

China

Co.

Ltd.,

Class

A

9,400

12,774

Bolsa

Mexicana

de

Valores

SAB

de

CV

211,350

444,294

Boursa

Kuwait

Securities

Co.

KPSC

1,296

11,475

Bursa

Malaysia

Bhd.

14,100

24,115

Caida

Securities

Co.

Ltd.,

Class

A

14,100

12,425

Caitong

Securities

Co.

Ltd.,

Class

A

2,820

2,831

Capital

Securities

Corp.

49,000

39,681

Changjiang

Securities

Co.

Ltd.,

Class

A

14,100

12,464

China

Bills

Finance

Corp.

21,312

9,929

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H(b)

282,000

36,001

China

CITIC

Financial

Asset

Management

Co.

Ltd.,

Class

H\*(a)

(b) 423,000

39,820

China

Everbright

Ltd.

264,000

141,623

China

Galaxy

Securities

Co.

Ltd.,

Class

A

5,200

11,198

China

Galaxy

Securities

Co.

Ltd.,

Class

H(b)

42,000

38,129

China

International

Capital

Corp.

Ltd.,

Class

A

5,000

22,615

China

International

Capital

Corp.

Ltd.,

Class

H(a)

19,600

33,717

China

Merchants

Securities

Co.

Ltd.,

Class

A

11,820

26,772

China

Merchants

Securities

Co.

Ltd.,

Class

H(a)

7,200

10,937

Choice

International

Ltd.\*

799

5,771

CITIC

Securities

Co.

Ltd.,

Class

A

14,100

48,690

CITIC

Securities

Co.

Ltd.,

Class

H

23,500

58,366

Coronation

Fund

Managers

Ltd.

104,199

212,808

#### Investments

#### Shares

#### Value

#### Capital

#### Markets
(continued)

CRISIL

Ltd.

$

20,239

CSC

Financial

Co.

Ltd.,

Class

A

4,900

15,693

CSC

Financial

Co.

Ltd.,

Class

H(a)

305,500

345,892

Daishin

Securities

Co.

Ltd.

11,092

139,908

Daishin

Securities

Co.

Ltd.

(Preference)

7,849

92,598

Daou

Technology,

Inc.

9,353

142,779

Edelweiss

Financial

Services

Ltd.

15,228

14,187

EFG

Holding

S.A.E.\*

449,602

252,376

Egypt

Kuwait

Holding

Co.

SAE

305,500

195,154

Everbright

Securities

Co.

Ltd.,

Class

A

4,700

10,419

Founder

Securities

Co.

Ltd.,

Class

A

12,200

12,514

GF

Securities

Co.

Ltd.,

Class

A

14,100

30,305

GF

Securities

Co.

Ltd.,

Class

H

28,800

37,584

Guosen

Securities

Co.

Ltd.,

Class

A

14,600

21,851

Guotai

Haitong

Securities

Co.

Ltd.

14,314

33,958

Guotai

Haitong

Securities

Co.

Ltd.,

Class

H(a)

42,551

60,797

Hanwha

Investment

&

Securities

Co.

Ltd.\*

3,300

7,974

HDFC

Asset

Management

Co.

Ltd.(a)

1,692

87,608

Hongta

Securities

Co.

Ltd.,

Class

A

14,100

14,328

Huatai

Securities

Co.

Ltd.,

Class

A

14,400

31,822

Huatai

Securities

Co.

Ltd.,

Class

H(a)

37,600

55,760

IBF

Financial

Holdings

Co.

Ltd.

57,767

21,855

IIFL

Capital

Services

Ltd.

2,068

5,402

Indian

Energy

Exchange

Ltd.(a)

15,730

35,441

Industrial

Securities

Co.

Ltd.,

Class

A

12,250

9,749

International

Financial

Advisors

KSC\*

99,546

155,947

Investcorp

Capital

plc

207,888

96,783

Investec

Ltd.

4,653

28,926

Is

Yatirim

Menkul

Degerler

A/S

14,639

13,726

JF

SmartInvest

Holdings

Ltd.

5,500

25,923

JM

Financial

Ltd.

6,842

8,223

Kfin

Technologies

Ltd.

1,718

24,354

KIWOOM

Securities

Co.

Ltd.

28,720

Korea

Investment

Holdings

Co.

Ltd.

1,034

60,374

Minmetals

Capital

Co.

Ltd.,

Class

A

14,400

10,330

Mirae

Asset

Securities

Co.

Ltd.

5,617

46,825

Moscow

Exchange

MICEX-RTS

PJSC‡

29,911

—

Motilal

Oswal

Financial

Services

Ltd.

2,350

18,157

Multi

Commodity

Exchange

of

India

Ltd.

34,962

NH

Investment

&

Securities

Co.

Ltd.

4,042

43,647

Ninety

One

Ltd.

94,094

181,348

Nippon

Life

India

Asset

Management

Ltd.(a)

2,736

20,684

Norte

Grande

SA

14,772,762

90,900

Orient

Securities

Co.

Ltd.,

Class

A

12,032

15,175

Orient

Securities

Co.

Ltd.,

Class

H(a)

(b) 20,400

11,996

Pacific

Securities

Co.

Ltd.

(The),

Class

A\*

23,500

11,584

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Capital

#### Markets
(continued)

Pihsiang

Machinery

Manufacturing

Co.

Ltd.\*‡

5,000

$

—

President

Securities

Corp.

34,450

25,313

PSG

Financial

Services

Ltd.

36,144

38,657

Reinet

Investments

SCA

3,478

91,315

Samsung

Securities

Co.

Ltd.

1,927

70,763

Saratoga

Investama

Sedaya

Tbk.

PT

470,000

43,319

Saudi

Tadawul

Group

Holding

Co.\*

846

41,320

SDIC

Capital

Co.

Ltd.,

Class

A

14,500

13,656

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

19,700

12,803

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

H(a)

40,800

10,838

Shinyoung

Securities

Co.

Ltd.\*

1,504

94,483

SPIC

Industry-Finance

Holdings

Co.

Ltd.,

Class

A

10,000

8,812

Tata

Investment

Corp.

Ltd.

16,862

Tianfeng

Securities

Co.

Ltd.,

Class

A\*

23,500

12,651

UTI

Asset

Management

Co.

Ltd.

3,055

36,859

Woori

Technology

Investment

Co.

Ltd.\*

20,868

97,330

Xiangcai

Co.

Ltd.,

Class

A

14,100

15,124

Yuanta

Futures

Co.

Ltd.

30,100

77,455

#### 5,160,151

#### Chemicals

#### -

#### 2

#### .9

#### %
Aarti

Industries

Ltd.

1,000

4,986

Abou

Kir

Fertilizers

&

Chemical

Industries

5,593

5,943

ADAMA

Ltd.,

Class

A\*

14,100

12,017

Advanced

Nano

Products

Co.

Ltd.

570

21,613

Advanced

Petrochemical

Co.\*

3,400

AECI

Ltd.(b)

37,177

204,105

Akzo

Nobel

India

Ltd.

16,273

Alkyl

Amines

Chemicals

4,434

Allied

Supreme

Corp.

3,217

24,442

Alpek

SAB

de

CV,

Class

A(b)

144,950

74,049

Archean

Chemical

Industries

Ltd.

2,352

17,464

Asian

Paints

Ltd.

10,199

292,834

Atul

Ltd.

10,061

Barito

Pacific

Tbk.

PT

422,699

18,971

Bayer

CropScience

Ltd.

2,609

Berger

Paints

India

Ltd.

4,632

29,837

Boubyan

Petrochemicals

Co.

KSCP

7,344

16,658

Carborundum

Universal

Ltd.

2,499

30,236

Castrol

India

Ltd.

9,900

23,170

Chambal

Fertilisers

and

Chemicals

Ltd.

6,650

54,521

Chandra

Asri

Pacific

Tbk.

PT

136,300

64,660

Chemplast

Sanmar

Ltd.\*

2,585

12,565

China

Hainan

Rubber

Industry

Group

Co.

Ltd.,

Class

A

9,600

5,948

China

Lumena

New

Materials

Corp.\*‡

22,200

—

China

Steel

Chemical

Corp.

9,434

26,960

#### Investments

#### Shares

#### Value

#### Chemicals
(continued)

Clean

Science

&

Technology

Ltd.

658

$

9,150

CNNC

Hua

Yuan

Titanium

Dioxide

Co.

Ltd.,

Class

A

7,975

4,480

Coromandel

International

Ltd.

1,898

49,744

Deepak

Fertilisers

&

Petrochemicals

Corp.

Ltd.

3,008

45,570

Deepak

Nitrite

Ltd.

1,105

25,317

DL

Holdings

Co.

Ltd.

3,572

81,667

Dongjin

Semichem

Co.

Ltd.

1,712

35,107

Dongyue

Group

Ltd.(b)

550,000

650,380

EID

Parry

India

Ltd.\*

37,365

361,493

Enchem

Co.

Ltd.\*

18,856

ESSA

Industries

Indonesia

Tbk.

PT

526,400

19,185

Eternal

Materials

Co.

Ltd.

24,850

19,813

Fine

Organic

Industries

Ltd.

16,560

Finolex

Industries

Ltd.

7,955

16,429

Formosa

Chemicals

&

Fibre

Corp.

52,209

40,647

Formosa

Plastics

Corp.

57,985

61,642

Fufeng

Group

Ltd.(b)

473,000

395,859

Fujian

Kuncai

Material

Technology

Co.

Ltd.,

Class

A

4,700

13,098

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

H(a)(b)

9,680

23,642

Garware

Hi-Tech

Films

Ltd.

5,319

Grand

Pacific

Petrochemical\*

346,500

127,298

Gujarat

Fluorochemicals

Ltd.

715

32,945

Gujarat

Narmada

Valley

Fertilizers

&

Chemicals

Ltd.

4,606

26,515

Hangjin

Technology

Co.

Ltd.,

Class

A

4,700

15,686

Hansol

Chemical

Co.

Ltd.

7,651

Hanwha

Solutions

Corp.

2,444

51,407

Hektas

Ticaret

TAS\*

390,437

31,369

Hengli

Petrochemical

Co.

Ltd.,

Class

A

14,100

29,684

Himadri

Speciality

Chemical

Ltd.

5,505

28,521

HS

Hyosung

Advanced

Materials

Corp.

993

124,204

Huabao

International

Holdings

Ltd.(b)

17,000

5,042

Huafon

Chemical

Co.

Ltd.,

Class

A

14,400

13,264

Hubei

Xingfa

Chemicals

Group

Co.

Ltd.,

Class

A

4,700

13,221

Hyosung

TNC

Corp.

944

157,721

Impack

Pratama

Industri

Tbk.

PT

770,800

15,602

Indorama

Ventures

PCL,

NVDR

29,100

16,551

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co.

Ltd.,

Class

A

23,500

17,537

ISU

Specialty

Chemical\*

799

24,198

Jiangsu

Eastern

Shenghong

Co.

Ltd.,

Class

A

6,300

7,633

Jinan

Acetate

Chemical

Co.

Ltd.

1,609

42,259

Jinan

Shengquan

Group

Share

Holding

Co.

Ltd.,

Class

A

4,700

16,987

Jubilant

Ingrevia

Ltd.

2,701

20,540

KCC

Corp.

10,356

Kingfa

Sci

&

Tech

Co.

Ltd.,

Class

A

9,400

14,172

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Chemicals
(continued)

Kolon

Industries,

Inc.

6,298

$

133,581

Korea

Petrochemical

Ind

Co.

Ltd.

5,718

KuibyshevAzot

PJSC‡

9,900

—

Kumho

Petrochemical

Co.

Ltd.

35,352

Lake

Materials

Co.

Ltd.

2,491

22,413

LG

Chem

Ltd.

658

99,985

LG

Chem

Ltd.

(Preference)

7,964

Linde

India

Ltd.

21,149

Lotte

Chemical

Corp.

517

21,931

LOTTE

Fine

Chemical

Co.

Ltd.

5,781

141,322

Luxi

Chemical

Group

Co.

Ltd.,

Class

A

1,800

2,647

Meihua

Holdings

Group

Co.

Ltd.,

Class

A

10,900

16,449

Mesaieed

Petrochemical

Holding

Co.

46,624

18,055

Miwon

Commercial

Co.

Ltd.

6,743

Nan

Pao

Resins

Chemical

Co.

Ltd.

2,000

21,261

Nan

Ya

Plastics

Corp.

67,056

64,156

Nantex

Industry

Co.

Ltd.

9,120

7,614

Navin

Fluorine

International

Ltd.

1,068

57,160

Ningbo

Shanshan

Co.

Ltd.,

Class

A

14,100

13,609

Ningxia

Baofeng

Energy

Group

Co.

Ltd.,

Class

A

5,900

13,022

Nizhnekamskneftekhim

PJSC‡

28,600

—

Nizhnekamskneftekhim

PJSC

(Preference)‡

26,400

—

OCI

Co.

Ltd.

1,786

69,229

OCI

Holdings

Co.

Ltd.

5,687

258,846

Orbia

Advance

Corp.

SAB

de

CV(b)

357,044

239,124

Organichesky

Sintez

PJSC‡

11,550

—

Oriental

Union

Chemical

Corp.

15,775

6,708

Paradeep

Phosphates

Ltd.(a)

3,995

6,811

PCBL

Chemical

Ltd.

6,996

29,782

Petkim

Petrokimya

Holding

A/S\*

16,968

7,125

Petronas

Chemicals

Group

Bhd.

32,900

27,982

PhosAgro

PJSC‡

1,540

—

PI

Industries

Ltd.

1,189

51,231

Pidilite

Industries

Ltd.

4,042

145,152

PTT

Global

Chemical

PCL,

NVDR

7,300

3,781

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

A\*

1,900

4,186

Rashtriya

Chemicals

&

Fertilizers

Ltd.

10,669

17,233

Rongsheng

Petrochemical

Co.

Ltd.,

Class

A

14,600

16,745

SABIC

Agri-Nutrients

Co.

3,760

98,939

Sahara

International

Petrochemical

Co.

7,050

35,711

Sasa

Polyester

Sanayi

A/S\*

153,086

16,837

Sasol

Ltd.\*

12,032

41,484

Satellite

Chemical

Co.

Ltd.,

Class

A

4,662

11,625

Saudi

Aramco

Base

Oil

Co.

8,710

Saudi

Basic

Industries

Corp.

12,314

200,260

Saudi

Industrial

Investment

Group

2,632

10,610

Saudi

Kayan

Petrochemical

Co.\*

3,854

5,929

Scientex

Bhd.

24,900

20,197

#### Investments

#### Shares

#### Value

#### Chemicals
(continued)

Shaanxi

Beiyuan

Chemical

Industry

Group

Co.

Ltd.,

Class

A

23,500

$

13,622

Shaanxi

Huaqin

Technology

Industry

Co.

Ltd.,

Class

A

940

9,396

Shandong

Hualu

Hengsheng

Chemical

Co.

Ltd.,

Class

A

6,110

17,154

Shanghai

Chlor-Alkali

Chemical

Co.

Ltd.,

Class

B

10,000

5,650

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

Class

A

4,060

9,397

Shinkong

Synthetic

Fibers

Corp.

41,300

16,077

Sichuan

Yahua

Industrial

Group

Co.

Ltd.,

Class

A

3,600

5,552

Sinon

Corp.

139,225

174,341

SK

Chemicals

Co.

Ltd.

4,151

116,222

SKC

Co.

Ltd.\*

14,365

Sociedad

Quimica

y

Minera

de

Chile

SA

(Preference),

Class

B

3,807

129,765

Solar

Applied

Materials

Technology

Corp.

12,078

20,015

Solar

Industries

India

Ltd.

59,402

Soulbrain

Co.

Ltd.

5,753

Soulbrain

Holdings

Co.

Ltd.

1,833

40,296

SRF

Ltd.

2,021

71,978

Sumitomo

Chemical

India

Ltd.

2,585

15,562

Supreme

Industries

Ltd.

1,062

44,487

Taiwan

Fertilizer

Co.

Ltd.

16,360

26,190

Taiwan

Speciality

Chemicals

Corp.

2,000

11,037

Tata

Chemicals

Ltd.

2,679

26,551

Tianqi

Lithium

Corp.,

Class

A

800

3,173

TKG

Huchems

Co.

Ltd.

7,379

83,419

Transfar

Zhilian

Co.

Ltd.,

Class

A

18,800

13,590

TSRC

Corp.

26,350

15,406

Unipar

Carbocloro

SA

(Preference),

Class

B

22,100

213,021

UPC

Technology

Corp.\*

329,350

85,677

UPL

Ltd.

9,118

72,300

USI

Corp.

280,950

89,600

Wanhua

Chemical

Group

Co.

Ltd.,

Class

A

5,000

37,479

Yanbu

National

Petrochemical

Co.

2,350

20,017

Yung

Chi

Paint

&

Varnish

Manufacturing

Co.

Ltd.

32,000

75,340

Zhejiang

Longsheng

Group

Co.

Ltd.,

Class

A

9,600

12,980

Zhejiang

NHU

Co.

Ltd.,

Class

A

4,800

14,613

Zibo

Qixiang

Tengda

Chemical

Co.

Ltd.,

Class

A

18,800

11,519

#### 7,347,391

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 0

#### .1

#### %
Ambipar

Participacoes

e

Empreendimentos

SA,

Class

B\*

8,620

Bluspring

Enterprises

Ltd.\*

658

1,364

Catrion

Catering

Holding

Co.

624

19,597

China

Everbright

Environment

Group

Ltd.

98,000

45,369

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Commercial

#### Services

#### &

#### Supplies
(continued)

China

Southern

Power

Grid

Energy

Efficiency&Clean

Energy

Co.

Ltd.,

Class

A

23,500

$

13,913

Cleanaway

Co.

Ltd.

1,000

5,675

CMS

Info

Systems

Ltd.

1,739

9,089

Dynagreen

Environmental

Protection

Group

Co.

Ltd.,

Class

H(a)

18,000

10,167

Ecopro

HN

Co.

Ltd.

4,144

Frontken

Corp.

Bhd.

14,400

11,680

GPS

Participacoes

e

Empreendimentos

SA(c)

14,200

37,874

Indian

Railway

Catering

&

Tourism

Corp.

Ltd.

4,841

43,062

ION

Exchange

India

Ltd.

3,312

19,566

Jihua

Group

Corp.

Ltd.,

Class

A

32,900

11,687

KEPCO

Plant

Service

&

Engineering

Co.

Ltd.

5,305

L&K

Engineering

Co.

Ltd.

2,508

18,506

Parkin

Co.

PJSC

14,922

21,857

Corp.

15,501

Sungeel

Hitech

Co.

Ltd.\*

615

14,580

Sunny

Friend

Environmental

Technology

Co.

Ltd.

622

1,529

Taiwan

Secom

Co.

Ltd.

3,165

11,331

Taiwan

Shin

Kong

Security

Co.

Ltd.

5,520

7,059

Tuhu

Car,

Inc.,

Class

A\*(a)(b)

5,300

11,386

Zhefu

Holding

Group

Co.

Ltd.,

Class

A

32,900

14,269

#### 363,130

#### Communications

#### Equipment

#### -

#### 0

#### .3

#### %
Accton

Technology

Corp.

7,934

147,353

Arcadyan

Technology

Corp.

2,832

20,897

BYD

Electronic

International

Co.

Ltd.

(b) 21,500

89,552

Datang

Telecom

Technology

Co.

Ltd.,

Class

A\*

9,400

10,199

FOCI

Fiber

Optic

Communications,

Inc.\*

2,000

11,631

Gemtek

Technology

Corp.

155,660

137,735

Glarun

Technology

Co.

Ltd.,

Class

A

1,800

5,162

Hengtong

Optic-electric

Co.

Ltd.,

Class

A

4,700

9,972

Joongang

Advanced

Materials

Co.

Ltd.\*

3,055

9,456

Lanner

Electronics,

Inc.

31,350

85,278

LuxNet

Corp.

3,840

18,370

Seojin

System

Co.

Ltd.\*

1,367

19,570

Sercomm

Corp.

6,960

22,741

Tejas

Networks

Ltd.\*(a)

1,873

15,570

Wistron

NeWeb

Corp.

9,572

37,710

ZTE

Corp.,

Class

A

7,700

33,863

ZTE

Corp.,

Class

H(b)

20,000

59,061

Zyxel

Group

Corp.

112,792

105,446

#### 839,566

#### Investments

#### Shares

#### Value

#### Construction

#### &

#### Engineering

#### -

#### 1

#### .8

#### %
Acter

Group

Corp.

Ltd.

2,810

$

35,276

BES

Engineering

Corp.

50,496

16,657

CCCC

Design

&

Consulting

Group

Co.

Ltd.,

Class

A

9,400

10,095

Central

New

Energy

Holding

Group

Ltd.\*(b)

15,000

20,736

CH

Karnchang

PCL,

NVDR

33,100

14,269

China

Aluminum

International

Engineering

Corp.

Ltd.,

Class

A\*

18,800

11,286

China

Communications

Services

Corp.

Ltd.,

Class

H

872,000

455,414

China

Conch

Venture

Holdings

Ltd.

587,500

605,326

China

Energy

Engineering

Corp.

Ltd.,

Class

A

23,600

7,149

China

Energy

Engineering

Corp.

Ltd.,

Class

H

104,000

13,277

China

Railway

Group

Ltd.,

Class

A

44,300

33,670

China

Railway

Group

Ltd.,

Class

H(b)

74,000

31,872

China

Southern

Power

Grid

Technology

Co.

Ltd.,

Class

A

3,149

12,439

Continental

Holdings

Corp.

183,285

139,256

CTCI

Corp.

22,200

19,088

DA

CIN

Construction

Co.

Ltd.

69,000

121,246

DL

E&C

Co.

Ltd.

9,917

303,126

Engineers

India

Ltd.

9,696

20,503

Enka

Insaat

ve

Sanayi

A/S

17,350

28,872

Estithmar

Holding

QPSC\*

29,093

21,966

G

R

Infraprojects

Ltd.

1,392

17,104

Gamuda

Bhd.

81,049

79,640

GEK

Terna

SA

1,470

30,546

Girsim

Elektrik

Sanayi

Taahut

ve

Ticaret

A/S\*

3,854

4,058

GMR

Power

and

Urban

Infra

Ltd.\*

81,404

109,324

GS

Engineering

&

Construction

Corp.

805

10,335

Guangdong

Construction

Engineering

Group

Co.

Ltd.,

Class

A

4,900

2,334

HDC

Hyundai

Development

Co-

Engineering

&

Construction,

Class

E

14,194

249,131

Hyundai

Engineering

&

Construction

Co.

Ltd.

1,812

53,028

IJM

Corp.

Bhd.

37,600

19,780

IRB

Infrastructure

Developers

Ltd.

39,439

21,287

IRCON

International

Ltd.(a)

7,912

14,296

IS

Dongseo

Co.

Ltd.

5,828

74,331

ITD

Cementation

India

Ltd.

846

4,882

Kalpataru

Projects

International

Ltd.

2,050

23,588

KEC

International

Ltd.

2,064

17,058

KEPCO

Engineering

&

Construction

Co.,

Inc.

11,242

KNR

Constructions

Ltd.

6,325

16,374

Kontrolmatik

Enerji

ve

Muhendislik

A/S

115,004

81,394

Kuo

Toong

International

Co.

Ltd.

12,255

21,151

Larsen

&

Toubro

Ltd.

9,494

375,450

Larsen

&

Toubro

Ltd.,

GDR(a)

11,603

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Construction

#### &

#### Engineering
(continued)

Metallurgical

Corp.

of

China

Ltd.,

Class

A

42,300

$

16,832

Metallurgical

Corp.

of

China

Ltd.,

Class

H

106,000

20,094

NBCC

India

Ltd.

21,225

23,915

NCC

Ltd.

10,340

25,935

NMDC

Group

PJSC

5,448

37,051

PNC

Infratech

Ltd.(a)

2,700

8,484

Power

Construction

Corp.

of

China

Ltd.,

Class

A

35,600

23,136

Power

Mech

Projects

Ltd.

5,829

Praj

Industries

Ltd.

2,950

16,108

PSG

Corp.

PCL,

NVDR\*

3,600

Rail

Vikas

Nigam

Ltd.(a)

9,256

38,324

Ruentex

Engineering

&

Construction

Co.

2,590

13,767

Run

Long

Construction

Co.

Ltd.

14,889

15,013

Samsung

E&A

Co.

Ltd.

4,418

59,798

Shaanxi

Construction

Engineering

Group

Corp.

Ltd.,

Class

A

4,900

2,638

Shanghai

Tunnel

Engineering

Co.

Ltd.,

Class

A

14,100

11,551

Sinopec

Engineering

Group

Co.

Ltd.,

Class

H

540,500

385,439

Sterling

and

Wilson

Renewable\*(a)

1,569

5,040

Techno

Electric

&

Engineering

Co.

Ltd.

1,479

18,618

Tekfen

Holding

A/S\*

66,881

238,241

United

Integrated

Services

Co.

Ltd.

3,550

49,060

Voltas

Ltd.

3,887

56,872

Waaree

Renewable

Technologies

Ltd.

3,738

Waskita

Karya

Persero

Tbk.

PT\*‡

173,900

—

Wilson

Bayly

Holmes-Ovcon

Ltd.

16,262

167,932

Yankey

Engineering

Co.

Ltd.

1,980

24,825

#### 4,437,737

#### Construction

#### Materials

#### -

#### 1

#### .2

#### %
ACC

Ltd.

1,141

25,498

Akcansa

Cimento

A/S

12,690

46,227

Ambuja

Cements

Ltd.

11,609

74,161

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

5,100

16,909

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

28,500

80,487

Asia

Cement

Corp.

70,700

99,475

Baticim

Bati

Anadolu

Cimento

Sanayii

A/S\*

987,846

135,875

Berkah

Beton

Sadaya

Tbk.

PT\*‡

425,000

Birla

Corp.

Ltd.

4,103

Cementos

Argos

SA

13,950

35,404

Cemex

SAB

de

CV

341,088

210,839

China

Jushi

Co.

Ltd.,

Class

A

9,600

15,505

China

National

Building

Material

Co.

Ltd.,

Class

H

94,462

45,923

#### Investments

#### Shares

#### Value

#### Construction

#### Materials
(continued)

China

Resources

Building

Materials

Technology

Holdings

Ltd.

846,000

$

178,916

Cimsa

Cimento

Sanayi

ve

Ticaret

A/S

123,422

150,123

CSG

Holding

Co.

Ltd.,

Class

A

18,800

12,270

CSG

Holding

Co.

Ltd.,

Class

B

4,700

1,055

Dalmia

Bharat

Ltd.

1,598

36,746

GCC

SAB

de

CV

2,953

24,808

Goldsun

Building

Materials

Co.

Ltd.

20,000

24,544

Grasim

Industries

Ltd.

5,969

193,412

Grupo

Argos

SA

8,750

45,532

Grupo

Argos

SA

(Preference)

5,950

23,242

Hanil

Cement

Co.

Ltd.

8,413

106,531

Huaxin

Cement

Co.

Ltd.,

Class

A

3,700

6,118

Hume

Cement

Industries

Bhd.

79,900

49,995

India

Cements

Ltd.

(The)\*

2,773

10,108

Indocement

Tunggal

Prakarsa

Tbk.

PT

526,400

169,653

JK

Cement

Ltd.

530

32,074

JK

Lakshmi

Cement

Ltd.

2,744

25,235

Nuh

Cimento

Sanayi

A/S

2,068

13,142

Nuvoco

Vistas

Corp.

Ltd.\*

830

3,136

Oyak

Cimento

Fabrikalari

A/S\*

17,222

10,496

Qassim

Cement

Co.

(The)

725

10,186

Ramco

Cements

Ltd.

(The)

2,289

25,566

Rhi

Magnesita

India

Ltd.

2,052

Riyadh

Cement

Co.

1,967

17,804

Saudi

Cement

Co.

2,914

35,775

Semen

Indonesia

Persero

Tbk.

PT

1,292,517

203,221

Shree

Cement

Ltd.

82,641

Siam

Cement

PCL

(The),

NVDR

9,400

45,023

Southern

Province

Cement

Co.

1,634

13,526

Star

Cement

Ltd.\*

7,008

18,112

Tangshan

Jidong

Cement

Co.

Ltd.,

Class

A\*

4,700

3,061

TCC

Group

Holdings

Co.

Ltd.

94,000

87,143

Tipco

Asphalt

PCL,

NVDR

249,100

111,855

TPI

Polene

PCL,

NVDR

1,320,800

37,167

UltraTech

Cement

Ltd.

1,833

252,569

Universal

Cement

Corp.

188,926

165,103

Yamama

Cement

Co.

3,337

32,205

Yanbu

Cement

Co.

705

4,097

#### 3,054,777

#### Consumer

#### Finance

#### -

#### 1

#### .4

#### %
AEON

Credit

Service

M

Bhd.

79,900

110,360

Arzan

Financial

Group

for

Financing

&

Investment

KPSC

33,417

32,065

Bajaj

Finance

Ltd.

3,948

403,498

Bangkok

Commercial

Asset

Management

PCL,

NVDR

531,100

100,958

BFI

Finance

Indonesia

Tbk.

PT

2,965,700

157,218

Capri

Global

Capital

Ltd.

7,792

14,901

Cholamandalam

Financial

Holdings

Ltd.

1,776

39,187

Cholamandalam

Investment

and

Finance

Co.

Ltd.

6,157

108,748

CreditAccess

Grameen

Ltd.

1,166

15,024

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Consumer

#### Finance
(continued)

FinVolution

Group,

ADR

54,708

$

432,740

Five-Star

Business

Finance

Ltd.\*

1,974

16,495

Gentera

SAB

de

CV

586,400

1,025,713

Hotai

Finance

Co.

Ltd.

3,220

6,836

JMT

Network

Services

PCL,

NVDR

4,800

1,983

Krungthai

Card

PCL,

NVDR

5,100

7,099

Lufax

Holding

Ltd.\*‡

18,800

21,702

Mahindra

&

Mahindra

Financial

Services

Ltd.

9,024

27,991

Manappuram

Finance

Ltd.

207,411

566,746

Muangthai

Capital

PCL,

NVDR

14,000

18,859

Muthoot

Finance

Ltd.

1,466

37,653

Ngern

Tid

Lor

PCL,

NVDR

4,140

1,487

Poonawalla

Fincorp

Ltd.\*

5,720

25,406

Samsung

Card

Co.

Ltd.

539

15,907

SBI

Cards

&

Payment

Services

Ltd.

4,373

45,216

Shriram

Finance

Ltd.

20,680

149,732

Srisawad

Corp.

PCL,

NVDR

24,800

22,643

Sundaram

Finance

Ltd.

1,551

96,504

Yulon

Finance

Corp.

4,672

15,703

#### 3,518,374

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 1

#### .4

#### %

Speed

Mart

Retail

Holdings

Bhd.\*

47,000

24,507

Abdullah

Al

Othaim

Markets

Co.

3,666

8,816

Al-Dawaa

Medical

Services

Co.

1,645

37,058

Alibaba

Health

Information

Technology

Ltd.\*

52,000

33,796

Almunajem

Foods

Co.

9,898

Atacadao

SA\*

18,800

28,392

Avenue

Supermarts

Ltd.\*(a)

2,068

102,805

Beijing

UBOX

Online

Technology

Corp.\*

23,500

7,243

Berli

Jucker

PCL

500

Berli

Jucker

PCL,

NVDR,

NVDR

42,000

29,924

BGF

retail

Co.

Ltd.

3,564

Bid

Corp.

Ltd.

5,311

133,444

BIM

Birlesik

Magazalar

A/S

11,687

137,048

BinDawood

Holding

Co.

6,204

10,420

Cencosud

SA

33,276

112,728

Clicks

Group

Ltd.

3,760

79,946

Corporativo

Fragua

SAB

de

CV

1,242

31,774

CP

ALL

PCL,

NVDR

61,100

94,197

CP

Axtra

PCL,

NVDR

32,992

24,938

DaShenLin

Pharmaceutical

Group

Co.

Ltd.,

Class

A

4,320

11,254

Dis-Chem

Pharmacies

Ltd.(a)

10,996

18,646

Dongsuh

Cos.,

Inc.

859

15,712

East

Buy

Holding

Ltd.\*(a)(b)

3,000

4,689

E-MART,

Inc.

31,351

Fangzhou,

Inc.\*

23,500

14,152

Ghitha

Holding

PJSC\*

3,102

14,948

Great

Tree

Pharmacy

Co.

Ltd.

1,805

9,002

Grupo

Comercial

Chedraui

SA

de

CV(b)

4,623

29,953

#### Investments

#### Shares

#### Value

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
(continued)

GS

Retail

Co.

Ltd.

1,076

$

11,203

Innovation

New

Material

Technology

Co.

Ltd.,

Class

A

23,500

12,134

InRetail

Peru

Corp.\*(a)

1,222

34,216

JD

Health

International,

Inc.\*(a)(b)

16,450

78,700

La

Comer

SAB

de

CV(b)

10,549

19,955

Magnit

PJSC‡

2,296

—

Medplus

Health

Services

Ltd.\*

1,880

17,939

Migros

Ticaret

A/S

2,688

33,443

Nahdi

Medical

Co.

11,388

Philippine

Seven

Corp.

23,500

22,299

Pick

n

Pay

Stores

Ltd.\*(b)

20,309

30,530

Ping

An

Healthcare

and

Technology

Co.

Ltd.(a)

42,300

41,020

President

Chain

Store

Corp.

8,000

65,285

Puregold

Price

Club,

Inc.

413,600

236,586

Raia

Drogasil

SA

18,864

66,108

Robinsons

Retail

Holdings,

Inc.

183,300

128,807

Sendas

Distribuidora

SA

498,200

808,715

Shoprite

Holdings

Ltd.

7,144

109,631

SMU

SA

971,537

188,434

Sok

Marketler

Ticaret

A/S

125,992

123,175

SPAR

Group

Ltd.

(The)\*

6,251

38,491

Spinneys

1961

Holding

plc

52,781

20,692

Sumber

Alfaria

Trijaya

Tbk.

PT

302,400

39,348

Sun

Art

Retail

Group

Ltd.

47,000

11,213

Wal-Mart

de

Mexico

SAB

de

CV(b)

70,000

222,248

Yifeng

Pharmacy

Chain

Co.

Ltd.,

Class

A

4,700

18,379

Yonghui

Superstores

Co.

Ltd.,

Class

A\*

14,100

10,018

#### 3,460,518

#### Containers

#### &

#### Packaging

#### -

#### 0

#### .1

#### %
Cheng

Loong

Corp.

26,600

14,513

EPL

Ltd.

1,551

3,474

Klabin

SA

23,500

76,916

Pantai

Indah

Kapuk

Dua

Tbk.

PT

24,000

16,410

SCG

Packaging

PCL,

NVDR

4,600

1,941

Shenzhen

YUTO

Packaging

Technology

Co.

Ltd.,

Class

A

4,700

13,396

Taiwan

Hon

Chuan

Enterprise

Co.

Ltd.

4,857

23,387

Time

Technoplast

Ltd.

2,209

8,827

Ton

Yi

Industrial

Corp.

26,100

14,730

#### 173,594

#### Distributors

#### -

#### 0

#### .1

#### %
China

Tobacco

International

HK

Co.

Ltd.(a)(b)

6,000

19,343

MBM

Resources

Bhd.

65,800

86,920

Wuchan

Zhongda

Group

Co.

Ltd.,

Class

A

13,800

9,691

Zhejiang

China

Commodities

City

Group

Co.

Ltd.,

Class

A

7,800

16,464

#### 132,418
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Diversified

#### Consumer

#### Services

#### -

#### 0

#### .2

#### %
Advtech

Ltd.

11,201

$

18,572

China

Education

Group

Holdings

Ltd.

(a)(b) 395,691

124,503

Fu

Shou

Yuan

International

Group

Ltd.(b)

473,000

214,703

Humansoft

Holding

Co.

KSC

987

7,644

Lung

Yen

Life

Service

Corp.\*

8,448

17,935

National

Co.

for

Learning

&

Education

19,271

New

Oriental

Education

&

Technology

Group,

Inc.

23,200

114,584

Offcn

Education

Technology

Co.

Ltd.,

Class

A\*

4,700

1,948

Taaleem

Holdings

PJSC

16,512

16,364

TAL

Education

Group,

ADR\*

7,003

61,276

Tianli

International

Holdings

Ltd.(a)

50,000

25,404

#### 622,204

#### Diversified

#### REITs

#### -

#### 0

#### .3

#### %
Axis

REIT,

REIT

94,644

41,893

Concentradora

Fibra

Danhos

SA

de

CV,

REIT

380,750

430,641

Fibra

Uno

Administracion

SA

de

CV,

REIT

61,100

78,938

Growthpoint

Properties

Ltd.,

REIT(b)

67,163

47,179

KLCCP

Stapled

Group,

REIT

9,600

19,334

Redefine

Properties

Ltd.,

REIT

210,909

52,370

SK

REITs

Co.

Ltd.,

REIT

1,683

5,872

#### 676,227

#### Diversified

#### Telecommunication

#### Services

#### -

#### 1

#### .0

#### %
Chief

Telecom,

Inc.

1,104

14,912

China

Tower

Corp.

Ltd.,

Class

H(a)

103,400

149,872

Chunghwa

Telecom

Co.

Ltd.

51,609

208,966

CITIC

Telecom

International

Holdings

Ltd.

598,000

181,990

Converge

Information

and

Communications

Technology

Solutions,

Inc.

47,000

16,038

Emirates

Integrated

Telecommunications

Co.

PJSC

13,771

32,618

Emirates

Telecommunications

Group

Co.

PJSC

52,922

250,702

Etihad

Atheeb

Telecommunication

Co.

6,439

172,009

Hellenic

Telecommunications

Organization

SA

5,358

101,837

HFCL

Ltd.

20,750

19,499

Indus

Towers

Ltd.\*

12,032

58,135

Jasmine

Technology

Solution

PCL,

NVDR\*

8,800

10,735

LG

Uplus

Corp.

3,683

31,143

Magyar

Telekom

Telecommunications

plc\*

9,650

45,785

Ooredoo

QPSC

30,644

109,076

#### Investments

#### Shares

#### Value

#### Diversified

#### Telecommunication

#### Services
(continued)

PT

Tower

Bersama

Infrastructure

Tbk.

42,300

$

5,071

Railtel

Corp.

of

India

Ltd.

3,796

13,302

Rostelecom

PJSC‡

33,770

—

Rostelecom

PJSC

(Preference)‡

15,392

—

Sarana

Menara

Nusantara

Tbk.

PT

191,100

6,562

Saudi

Telecom

Co.

25,709

326,255

Tata

Communications

Ltd.

2,192

41,290

Tata

Teleservices

Maharashtra

Ltd.\*

26,489

17,815

Telefonica

Brasil

SA

22,560

110,740

Telekom

Malaysia

Bhd.

28,200

44,440

Telkom

Indonesia

Persero

Tbk.

PT

1,109,200

176,403

Telkom

SA

SOC

Ltd.\*

104,011

219,580

TIME

dotCom

Bhd.

6,200

7,400

True

Corp.

PCL,

NVDR\*

150,400

54,478

Turk

Telekomunikasyon

A/S\*

19,746

26,955

#### 2,453,608

#### Electric

#### Utilities

#### -

#### 1

#### .2

#### %
Adani

Energy

Solutions

Ltd.\*

3,525

37,537

Celsia

SA

ESP

188,329

179,235

Centrais

Eletricas

Brasileiras

SA

23,500

182,433

Centrais

Eletricas

Brasileiras

SA

(Preference),

Class

B

5,000

42,596

CESC

Ltd.

16,168

30,430

CEZ

A/S

4,042

205,582

Chongqing

Three

Gorges

Water

Conservancy

&

Electric

Power

Co.

Ltd.,

Class

A

9,400

9,500

Cia

Energetica

de

Minas

Gerais

6,110

16,448

Cia

Energetica

de

Minas

Gerais

(Preference)

53,712

103,887

Cia

Paranaense

de

Energia

-

Copel

14,100

26,001

Cia

Paranaense

de

Energia

-

Copel

(Preference)

28,200

57,432

CPFL

Energia

SA

4,700

31,705

Enel

Americas

SA

484,541

47,106

Enel

Chile

SA

617,128

43,232

Energisa

SA

5,000

40,573

Enerjisa

Enerji

A/S(a)

7,676

10,808

Engie

Energia

Chile

SA\*

157,920

185,097

Equatorial

Energia

SA

30,613

199,043

Federal

Grid

Co.

-

Rosseti

PJSC

(Registered)\*‡

22,532,366

—

Inter

RAO

UES

PJSC‡

1,596,292

—

Interconexion

Electrica

SA

ESP

10,951

56,518

Isa

Energia

Brasil

SA

(Preference)

4,700

19,916

Korea

Electric

Power

Corp.

5,593

100,922

Manila

Electric

Co.

8,460

86,334

Mosenergo

PJSC‡

4,455,000

—

Neoenergia

SA

14,100

57,034

Power

Grid

Corp.

of

India

Ltd.

68,573

249,548

Public

Power

Corp.

SA

6,063

90,769

Reliance

Infrastructure

Ltd.\*

91,274

275,009

RusHydro

PJSC\*‡

2,361,000

—

Saudi

Electricity

Co.

16,779

67,010

SJVN

Ltd.

13,152

14,638

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Electric

#### Utilities
(continued)

Tata

Power

Co.

Ltd.

(The)

26,649

$

121,253

Tenaga

Nasional

Bhd.

112,800

362,319

Torrent

Power

Ltd.

2,867

52,230

Transmissora

Alianca

de

Energia

Eletrica

SA

5,000

31,724

#### 3,033,869

#### Electrical

#### Equipment

#### -

#### 1

#### .2

#### %
ABB

India

Ltd.

861

56,281

AcBel

Polytech,

Inc.

35,683

28,673

Amara

Raja

Energy

&

Mobility

Ltd.

2,250

25,884

Astor

Transformator

Enerji

Turizm

Insaat

ve

Petrol

Sanayi

Ticaret

A/S

5,872

15,344

Bharat

Heavy

Electricals

Ltd.

22,842

61,331

Bizlink

Holding,

Inc.

2,865

48,104

CG

Power

&

Industrial

Solutions

Ltd.

10,622

78,806

Cheryong

Electric

Co.

Ltd.

4,089

89,604

Chicony

Power

Technology

Co.

Ltd.

2,551

8,495

China

XD

Electric

Co.

Ltd.,

Class

A

5,000

4,275

Chung-Hsin

Electric

&

Machinery

Manufacturing

Corp.

7,728

30,687

CyberPower

Systems,

Inc.

25,636

224,835

Dongfang

Electric

Corp.

Ltd.,

Class

A

5,000

10,471

Doosan

Enerbility

Co.

Ltd.\*

6,204

126,349

Doosan

Fuel

Cell

Co.

Ltd.\*

690

7,407

Ecopro

BM

Co.

Ltd.\*

705

50,339

Ecopro

Co.

Ltd.

1,458

52,310

Ecopro

Materials

Co.

Ltd.\*

2,772

Elecon

Engineering

Co.

Ltd.

3,552

22,907

Electrical

Industries

Co.

10,708

20,269

Fangda

Carbon

New

Material

Co.

Ltd.,

Class

A

5,300

3,371

Farasis

Energy

Gan

Zhou

Co.

Ltd.,

Class

A\*

784

1,315

Finolex

Cables

Ltd.

1,850

18,975

Fortune

Electric

Co.

Ltd.

3,221

42,399

GE

Vernova

T&D

India

Ltd.

1,350

25,025

GEM

Co.

Ltd.,

Class

A

7,300

6,151

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

9,600

11,566

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

5,600

3,863

GoodWe

Technologies

Co.

Ltd.,

Class

A

2,631

Gotion

High-tech

Co.

Ltd.,

Class

A

4,600

13,085

Graphite

India

Ltd.

2,629

14,072

Gulf

Cables

&

Electrical

Industries

Group

Co.

KSCP

3,008

22,089

Hangzhou

Steam

Turbine

Power

Group

Co.

Ltd.,

Class

B

4,700

6,564

Havells

India

Ltd.

3,478

65,909

HBL

Engineering

Ltd.

4,272

24,370

HD

Hyundai

Electric

Co.

Ltd.

76,578

HEG

Ltd.

2,209

12,194

#### Investments

#### Shares

#### Value

#### Electrical

#### Equipment
(continued)

Hitachi

Energy

India

Ltd.

$

34,911

Hoymiles

Power

Electronics,

Inc.,

Class

A

611

8,163

Hyosung

Heavy

Industries

Corp.

33,058

Iljin

Electric

Co.

Ltd.

611

10,832

Inox

Wind

Energy

Ltd.\*

5,449

Inox

Wind

Ltd.\*

11,470

22,947

Jiangsu

Zhongtian

Technology

Co.

Ltd.,

Class

A

4,500

8,619

KEI

Industries

Ltd.

989

35,864

Korea

Electric

Terminal

Co.

Ltd.

2,491

113,028

L&F

Co.

Ltd.\*

19,875

LG

Energy

Solution

Ltd.\*

611

139,479

LS

Corp.

658

60,639

LS

Electric

Co.

Ltd.

42,948

LS

Materials

Ltd.\*

1,081

8,479

Ming

Yang

Smart

Energy

Group

Ltd.,

Class

A

4,500

6,326

NARI

Technology

Co.

Ltd.,

Class

A

9,700

29,583

Olectra

Greentech

Ltd.

1,392

19,137

Phihong

Technology

Co.

Ltd.\*

11,472

9,218

Polycab

India

Ltd.

987

64,489

POSCO

Future

M

Co.

Ltd.\*

41,297

Pylon

Technologies

Co.

Ltd.,

Class

A

2,266

12,786

Riyadh

Cables

Group

Co.

720

24,417

Roshow

Technology

Co.

Ltd.,

Class

A\*

14,100

13,862

Sanil

Electric

Co.

Ltd.

517

19,822

Schneider

Electric

Infrastructure

Ltd.\*

1,400

9,537

Shanghai

Electric

Group

Co.

Ltd.,

Class

A\*

24,000

24,057

Shihlin

Electric

&

Engineering

Corp.

5,136

22,803

Shinsung

Delta

Tech

Co.

Ltd.

554

23,111

Siemens

Energy

India

Ltd.\*

1,410

41,359

Suzlon

Energy

Ltd.\*

192,653

128,612

Ta

Ya

Electric

Wire

&

Cable

16,380

18,284

Taihan

Electric

Wire

Co.

Ltd.\*

1,021

8,353

Tatung

Co.

Ltd.\*

30,816

39,119

TBEA

Co.

Ltd.,

Class

A

15,350

24,369

Teco

Electric

and

Machinery

Co.

Ltd.

22,000

33,774

Transformers

&

Rectifiers

India

Ltd.

846

4,956

Triveni

Turbine

Ltd.

2,700

16,623

V-Guard

Industries

Ltd.

4,754

20,294

Voltronic

Power

Technology

Corp.

1,500

70,350

Walsin

Lihwa

Corp.

66,050

42,646

WEG

SA

23,100

182,143

Xiangtan

Electric

Manufacturing

Co.

Ltd.,

Class

A\*

9,400

12,813

XTC

New

Energy

Materials

Xiamen

Co.

Ltd.,

Class

A

2,231

14,576

Zhejiang

Chint

Electrics

Co.

Ltd.,

Class

A

4,700

14,412

Zhejiang

Huayou

Cobalt

Co.

Ltd.,

Class

A

4,840

22,578

#### 2,875,297
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 2

#### .9

#### %
AAC

Technologies

Holdings,

Inc.

13,000

$

62,278

Ability

Opto-Electronics

Technology

Co.

Ltd.

3,072

12,535

All

Ring

Tech

Co.

Ltd.

2,000

15,946

Asia

Optical

Co.,

Inc.

7,296

30,796

AUO

Corp.

83,050

31,939

Aurora

Corp.

4,316

8,259

Avary

Holding

Shenzhen

Co.

Ltd.,

Class

A

4,100

16,128

BOE

Technology

Group

Co.

Ltd.,

Class

A

56,400

29,820

Cal-Comp

Electronics

Thailand

PCL,

NVDR

131,600

23,440

Castles

Technology

Co.

Ltd.

38,000

81,981

Chang

Wah

Electromaterials,

Inc.

10,200

13,682

Channel

Well

Technology

Co.

Ltd.

76,289

173,173

Cheng

Uei

Precision

Industry

Co.

Ltd.

111,559

170,567

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

A

21,630

15,159

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

H(a)

52,000

20,921

Chin-Poon

Industrial

Co.

Ltd.

135,684

136,817

Chroma

ATE,

Inc.

6,603

60,388

Chunghwa

Precision

Test

Tech

Co.

Ltd.

720

16,389

Compeq

Manufacturing

Co.

Ltd.

33,000

57,781

Coretronic

Corp.

9,168

17,944

Co-Tech

Development

Corp.

4,640

6,898

CPT

Technology

Group

Co.

Ltd.,

Class

A\*

18,800

11,260

Daeduck

Electronics

Co.

Ltd.

11,656

114,469

Daejoo

Electronic

Materials

Co.

Ltd.

14,178

Delta

Electronics

Thailand

PCL,

NVDR

65,900

193,330

Delta

Electronics,

Inc.

28,760

299,892

Dynamic

Holding

Co.

Ltd.

97,245

130,742

Dynapack

International

Technology

Corp.\*

2,935

15,876

E

Ink

Holdings,

Inc.

14,429

100,154

Egis

Technology,

Inc.\*

2,189

6,659

Elite

Material

Co.

Ltd.

5,163

89,755

Everdisplay

Optronics

Shanghai

Co.

Ltd.,

Class

A\*

47,586

14,283

FLEXium

Interconnect,

Inc.

8,432

13,367

Fositek

Corp.

1,000

14,336

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

A

14,100

35,062

Foxconn

Technology

Co.

Ltd.

22,261

41,066

General

Interface

Solution

GIS

Holding

Ltd.\*

105,191

154,088

Genius

Electronic

Optical

Co.

Ltd.

2,150

25,242

Genus

Power

Infrastructures

Ltd.

5,088

17,092

#### Investments

#### Shares

#### Value

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components
(continued)

Global

Brands

Manufacture

Ltd.

102,016

$

192,658

GoerTek,

Inc.,

Class

A

3,800

11,082

Gold

Circuit

Electronics

Ltd.

5,240

31,375

Hana

Microelectronics

PCL,

NVDR

7,200

4,160

Hannstar

Board

Corp.

101,772

150,512

HannStar

Display

Corp.\*

69,288

15,295

Holy

Stone

Enterprise

Co.

Ltd.

3,250

8,485

Hon

Hai

Precision

Industry

Co.

Ltd.

302,856

1,339,903

Honeywell

Automation

India

Ltd.

21,247

I-Chiun

Precision

Industry

Co.

Ltd.

3,054

7,477

Innolux

Corp.

98,000

41,979

IsuPetasys

Co.

Ltd.

987

22,115

ITEQ

Corp.

6,096

12,160

Jaymart

Group

Holdings

PCL,

NVDR

267,200

68,390

JNTC

Co.

Ltd.\*

799

7,700

Kaynes

Technology

India

Ltd.\*

535

36,395

KCE

Electronics

PCL,

NVDR

2,500

1,302

Kingboard

Holdings

Ltd.

20,500

55,118

Kingboard

Laminates

Holdings

Ltd.

27,500

28,760

Largan

Precision

Co.

Ltd.

1,900

134,259

LG

Display

Co.

Ltd.\*

5,876

35,012

LG

Innotek

Co.

Ltd.

32,310

Lingyi

iTech

Guangdong

Co.,

Class

A

6,500

7,142

Lotes

Co.

Ltd.

2,050

80,121

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

8,300

35,256

MH

Development

Ltd.\*‡

22,000

—

Nan

Ya

Printed

Circuit

Board

Corp.

5,664

17,497

Nationgate

Holdings

Bhd.

15,000

4,728

Nichidenbo

Corp.

65,025

131,136

Pan-International

Industrial

Corp.

161,845

190,269

Park

Systems

Corp.

33,560

PG

Electroplast

Ltd.

4,747

47,440

Primax

Electronics

Ltd.

14,600

34,009

Promate

Electronic

Co.

Ltd.

5,500

12,175

Quest

Holdings

SA

1,081

7,766

Raytron

Technology

Co.

Ltd.,

Class

A

2,635

Redington

Ltd.

222,968

648,473

RoboSense

Technology

Co.

Ltd.\*

9,700

47,157

Samsung

Electro-Mechanics

Co.

Ltd.

893

73,940

Samsung

SDI

Co.

Ltd.

799

98,926

Scientech

Corp.

1,000

8,458

Shanghai

BOCHU

Electronic

Technology

Corp.

Ltd.,

Class

A

526

14,065

Shengyi

Technology

Co.

Ltd.,

Class

A

4,900

16,388

Simplo

Technology

Co.

Ltd.

4,656

50,806

Sinbon

Electronics

Co.

Ltd.

4,561

31,516

Solomon

Technology

Corp.

3,078

12,703

SOLUM

Co.

Ltd.\*

16,403

189,589

Solus

Advanced

Materials

Co.

Ltd.

1,741

10,459

Sunny

Optical

Technology

Group

Co.

Ltd.(b)

10,800

91,222

Supreme

Electronics

Co.

Ltd.

14,160

22,491

Synnex

Technology

International

Corp.

36,401

80,694

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components
(continued)

Taiwan

Surface

Mounting

Technology

Corp.

6,816

$

21,738

Taiwan

Union

Technology

Corp.

4,128

17,553

TCL

Technology

Group

Corp.,

Class

A

17,860

10,205

Test

Research,

Inc.

4,350

14,553

Thinking

Electronic

Industrial

Co.

Ltd.

2,688

10,716

Tianma

Microelectronics

Co.

Ltd.,

Class

A\*

10,900

11,976

Tong

Hsing

Electronic

Industries

Ltd.

2,783

9,180

TPK

Holding

Co.

Ltd.\*

9,050

8,659

Tripod

Technology

Corp.

14,000

80,324

TXC

Corp.

4,608

12,751

Unimicron

Technology

Corp.

21,910

64,326

Unitech

Printed

Circuit

Board

Corp.\*

9,446

7,118

Universal

Microwave

Technology,

Inc.

1,000

11,803

VS

Industry

Bhd.

137,700

25,051

Wah

Lee

Industrial

Corp.

6,400

18,990

Walsin

Technology

Corp.

5,952

14,534

Weikeng

Industrial

Co.

Ltd.

24,860

25,495

Wintek

Corp.\*‡

64,000

—

WPG

Holdings

Ltd.

32,200

67,958

WT

Microelectronics

Co.

Ltd.

21,650

78,861

Wuhan

Guide

Infrared

Co.

Ltd.,

Class

A

14,100

16,017

Yageo

Corp.

10,797

154,952

Zero

One

Technology

Co.

Ltd.

2,000

7,754

Zhejiang

Dahua

Technology

Co.

Ltd.,

Class

A

5,200

11,255

Zhen

Ding

Technology

Holding

Ltd.

17,150

52,389

#### 7,306,165

#### Energy

#### Equipment

#### &

#### Services

#### -

#### 0

#### .3

#### %
Ades

Holding

Co.

3,337

13,469

ADNOC

Drilling

Co.

PJSC

33,358

44,501

Bumi

Armada

Bhd.

940,000

106,744

China

Oilfield

Services

Ltd.,

Class

A

5,000

9,177

China

Oilfield

Services

Ltd.,

Class

H

18,000

14,090

China

Petroleum

Engineering

Corp.,

Class

A

27,800

11,713

COFCO

Capital

Holdings

Co.

Ltd.,

Class

A

4,900

8,022

Dayang

Enterprise

Holdings

Bhd.

267,900

106,788

Dialog

Group

Bhd.

42,300

14,312

Gulf

International

Services

QSC

557,091

471,714

NMDC

Energy

28,086

19,116

Offshore

Oil

Engineering

Co.

Ltd.,

Class

A

23,500

17,181

Yinson

Holdings

Bhd.

58,088

25,174

#### 862,001

#### Entertainment

#### -

#### 0

#### .8

#### %
China

Ruyi

Holdings

Ltd.\*(b)

132,000

34,725

CJ

ENM

Co.

Ltd.\*

4,058

176,137

#### Investments

#### Shares

#### Value

#### Entertainment
(continued)

HYBE

Co.

Ltd.

$

52,968

International

Games

System

Co.

Ltd.

3,640

94,690

iQIYI,

Inc.,

ADR\*(b)

179,822

330,873

JYP

Entertainment

Corp.

23,367

Kingsoft

Corp.

Ltd.

16,800

83,624

Krafton,

Inc.\*

122,832

Maoyan

Entertainment\*(a)(b)

131,600

116,247

MD

Entertainment

Tbk.

PT

28,800

4,389

NCSoft

Corp.

25,627

NetEase

Cloud

Music,

Inc.\*(a)

950

22,112

NetEase,

Inc.

26,300

566,379

Perfect

World

Co.

Ltd.,

Class

A

4,100

7,672

PVR

Inox

Ltd.\*

2,045

22,812

Saregama

India

Ltd.

1,900

11,786

SM

Entertainment

Co.

Ltd.

12,551

SMI

Holdings

Group

Ltd.\*‡

72,000

—

Studio

Dragon

Corp.\*

6,771

Tencent

Music

Entertainment

Group,

ADR

5,059

Tencent

Music

Entertainment

Group,

Class

A

18,800

128,611

Tips

Music

Ltd.

564

4,203

Wemade

Co.

Ltd.\*

7,820

XD,

Inc.\*(a)

9,400

43,517

XPEC

Entertainment,

Inc.\*‡

14,800

—

YG

Entertainment,

Inc.

19,967

#### 1,924,739

#### Financial

#### Services

#### -

#### 1

#### .4

#### %
Aavas

Financiers

Ltd.\*

1,935

44,500

Aditya

Birla

Capital

Ltd.\*

13,950

32,423

Aptus

Value

Housing

Finance

India

Ltd.

3,811

14,374

Bajaj

Finserv

Ltd.

6,110

141,143

Bajaj

Holdings

&

Investment

Ltd.

64,908

Can

Fin

Homes

Ltd.

2,250

19,046

Chailease

Holding

Co.

Ltd.

38,067

136,281

Corp.

Financiera

Colombiana

SA\*

40,326

158,097

CSSC

Hong

Kong

Shipping

Co.

Ltd.

(a) 564,000

123,641

E-Finance

for

Digital

&

Financial

Investments

9,861

3,650

Far

East

Horizon

Ltd.(b)

52,000

40,301

Fawry

for

Banking

&

Payment

Technology

Services

SAE\*

44,933

9,431

FirstRand

Ltd.

142,175

554,984

Genertec

Universal

Medical

Group

Co.

Ltd.(a)

258,500

171,007

Grupo

de

Inversiones

Suramericana

SA

(Preference)

3,587

31,998

Home

First

Finance

Co.

India

Ltd.(a)

1,225

17,825

Housing

&

Urban

Development

Corp.

Ltd.

7,450

19,705

IFCI

Ltd.\*

14,570

7,290

IGB

Bhd.

197,400

123,975

IIFL

Finance

Ltd.\*

3,422

14,549

Indian

Railway

Finance

Corp.

Ltd.(a)

26,757

39,421

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Financial

#### Services
(continued)

Indian

Renewable

Energy

Development

Agency

Ltd.\*

11,500

$

22,740

Infibeam

Avenues

Ltd.

45,120

9,095

Jio

Financial

Services

Ltd.\*

39,997

123,290

JSW

Holdings

Ltd.\*

25,902

L&T

Finance

Ltd.

11,562

22,468

LIC

Housing

Finance

Ltd.

8,977

63,855

Meritz

Financial

Group,

Inc.

2,397

209,263

National

Investments

Co.

KSCP

20,286

16,353

One

Communications

Ltd.\*

5,513

56,429

Piramal

Enterprises

Ltd.

2,685

30,763

PNB

Housing

Finance

Ltd.\*(a)

1,056

12,627

Power

Finance

Corp.

Ltd.

34,263

165,224

REC

Ltd.

30,691

152,613

Remgro

Ltd.

11,515

98,946

Sammaan

Capital

Ltd.

280,778

400,643

Turkiye

Sinai

Kalkinma

Bankasi

A/S\*

64,719

17,602

Yuanta

Financial

Holding

Co.

Ltd.

333,556

324,347

#### 3,520,709

#### Food

#### Products

#### -

#### 2

#### .1

#### %
Agthia

Group

PJSC

16,027

19,723

Alfa

SAB

de

CV,

Class

A(b)

75,082

54,964

Alicorp

SAA

78,728

175,906

Almarai

Co.

JSC

6,815

95,932

Anjoy

Foods

Group

Co.

Ltd.,

Class

A

500

5,253

Avanti

Feeds

Ltd.

1,410

14,588

AVI

Ltd.

5,424

26,353

Balrampur

Chini

Mills

Ltd.

3,850

25,105

Beijing

Dabeinong

Technology

Group

Co.

Ltd.,

Class

A

19,400

10,898

Betagro

PCL

24,400

17,311

Bombay

Burmah

Trading

Co.

940

20,753

BRF

SA

14,500

58,139

Britannia

Industries

Ltd.

1,880

121,031

CCL

Products

India

Ltd.

2,597

18,182

Century

Pacific

Food,

Inc.

17,700

12,089

Charoen

Pokphand

Enterprise

4,272

13,357

Charoen

Pokphand

Foods

PCL,

NVDR

94,900

75,284

Charoen

Pokphand

Indonesia

Tbk.

PT

65,800

18,749

Cherkizovo

Group

PJSC‡

2,594

—

China

Feihe

Ltd.(a)

94,000

71,275

China

Huiyuan

Juice

Group

Ltd.\*‡

24,000

—

China

Mengniu

Dairy

Co.

Ltd.

80,000

200,343

Chongqing

Fuling

Zhacai

Group

Co.

Ltd.,

Class

A

3,120

5,632

CJ

CheilJedang

Corp.

23,707

COFCO

Joycome

Foods

Ltd.\*(a)(b)

1,081,000

203,523

Daesang

Corp.

6,580

110,631

Formosa

Oilseed

Processing

Co.

Ltd.‡

4,000

3,725

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

5,280

30,475

#### Investments

#### Shares

#### Value

#### Food

#### Products
(continued)

Godrej

Agrovet

Ltd.(a)

1,739

$

15,855

Great

Wall

Enterprise

Co.

Ltd.

24,650

46,089

Gruma

SAB

de

CV,

Class

B

2,916

55,826

Grupo

Bimbo

SAB

de

CV,

Class

A,

Series

A(b)

16,764

51,067

Grupo

Nutresa

SA

1,739

52,121

Guan

Chong

Bhd.

159,800

125,174

Hebei

Yangyuan

Zhihui

Beverage

Co.

Ltd.,

Class

A

4,700

15,712

Heilongjiang

Agriculture

Co.

Ltd.,

Class

A

5,500

11,367

Henan

Shuanghui

Investment

&

Development

Co.

Ltd.,

Class

A

2,700

9,286

Huishan

Dairy\*‡

158,000

—

Indofood

CBP

Sukses

Makmur

Tbk.

PT

42,400

28,990

Indofood

Sukses

Makmur

Tbk.

PT

84,600

40,771

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

5,700

23,356

IOI

Corp.

Bhd.

32,900

27,906

Japfa

Comfeed

Indonesia

Tbk.

PT

1,894,100

207,666

JBS

SA

18,900

147,156

Jiangsu

Provincial

Agricultural

Reclamation

and

Development

Corp.,

Class

A

9,400

12,593

Jiangxi

Zhengbang

Technology

Co.

Ltd.,

Class

A\*

37,517

14,257

Kuala

Lumpur

Kepong

Bhd.

9,592

43,614

Lian

HWA

Food

Corp.

2,013

8,182

Lien

Hwa

Industrial

Holdings

Corp.

18,685

25,530

Lotte

Wellfood

Co.

Ltd.

1,128

94,033

LT

Foods

Ltd.

3,911

16,043

M

Dias

Branco

SA

42,400

190,004

Marfrig

Global

Foods

SA

4,700

17,832

Marico

Ltd.

10,951

92,090

Mayora

Indah

Tbk.

PT

83,900

11,524

Modern

Mills

Co.(a)

1,786

18,570

Mrs

Bectors

Food

Specialities

Ltd.(a)

1,104

19,475

Muyuan

Foods

Co.

Ltd.,

Class

A

4,720

25,781

Namchow

Holdings

Co.

Ltd.

59,850

87,951

National

Agriculture

Development

Co.

(The)\*

4,089

24,266

Nestle

India

Ltd.

5,358

151,461

Nestle

Malaysia

Bhd.

700

14,114

New

Hope

Liuhe

Co.

Ltd.,

Class

A\*

4,300

5,678

NongShim

Co.

Ltd.

15,026

Orion

Corp.

35,448

Orion

Holdings

Corp.

8,037

103,410

Patanjali

Foods

Ltd.

1,887

42,572

PPB

Group

Bhd.

14,080

40,592

QL

Resources

Bhd.

33,392

37,145

Samyang

Foods

Co.

Ltd.

36,166

Sao

Martinho

SA

59,900

206,424

Sarawak

Oil

Palms

Bhd.

112,800

78,947

Saudia

Dairy

&

Foodstuff

Co.

23,938

Savola

Group

(The)\*

3,044

25,401

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Food

#### Products
(continued)

SD

Guthrie

Bhd.

28,203

$

31,046

SLC

Agricola

SA

65,800

230,011

Tata

Consumer

Products

Ltd.

9,574

132,113

Thai

Union

Group

PCL,

NVDR

16,500

5,334

Thaifoods

Group

PCL,

NVDR

455,900

73,015

Tiger

Brands

Ltd.

3,901

60,802

Tingyi

Cayman

Islands

Holding

Corp.

52,000

94,147

Tres

Tentos

Agroindustrial

SA

47,000

134,490

Triputra

Agro

Persada

PT

2,932,800

172,258

Triveni

Engineering

&

Industries

Ltd.

4,263

20,648

Ulker

Biskuvi

Sanayi

A/S\*

6,672

18,476

Ultrajaya

Milk

Industry

&

Trading

Co.

Tbk.

PT

188,000

15,686

Uni-President

China

Holdings

Ltd.

43,000

51,569

Uni-President

Enterprises

Corp.

75,479

181,246

United

Plantations

Bhd.

3,200

16,997

Universal

Robina

Corp.

3,190

4,726

Want

Want

China

Holdings

Ltd.

47,000

30,850

Yihai

International

Holding

Ltd.(b)

3,000

5,184

Zad

Holding

Co.

4,794

18,763

Zydus

Wellness

Ltd.

882

18,428

#### 5,125,126

#### Gas

#### Utilities

#### -

#### 0

#### .5

#### %
Adani

Total

Gas

Ltd.

2,567

18,237

Aygaz

A/S

2,928

9,745

Beijing

Enterprises

Holdings

Ltd.

8,500

34,527

China

Gas

Holdings

Ltd.

56,400

51,057

China

Resources

Gas

Group

Ltd.

23,400

65,480

ENN

Energy

Holdings

Ltd.

19,300

153,186

ENN

Natural

Gas

Co.

Ltd.,

Class

A

5,300

14,420

GAIL

India

Ltd.

65,988

147,693

Great

Taipei

Gas

Co.

Ltd.

141,000

135,564

Grupo

Energia

Bogota

SA

ESP

66,364

46,034

Gujarat

Gas

Ltd.

2,679

14,381

Gujarat

State

Petronet

Ltd.

4,080

15,695

Indraprastha

Gas

Ltd.

4,710

10,737

Korea

Gas

Corp.

999

27,303

Kunlun

Energy

Co.

Ltd.

94,000

89,700

Mahanagar

Gas

Ltd.(a)

1,127

17,957

National

Gas

&

Industrialization

Co.

1,155

27,252

Perusahaan

Gas

Negara

Tbk.

PT

311,200

31,589

Petronas

Gas

Bhd.

14,100

57,184

Towngas

Smart

Energy

Co.

Ltd.

376,000

169,704

Zhongyu

Energy

Holdings

Ltd.\*(b)

47,000

26,001

#### 1,163,446

#### Ground

#### Transportation

#### -

#### 0

#### .3

#### %
Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.,

Class

A

64,500

51,598

BTS

Group

Holdings

PCL,

NVDR\*

184,748

27,929

Container

Corp.

of

India

Ltd.

4,387

34,983

Daqin

Railway

Co.

Ltd.,

Class

A

23,600

21,089

Dubai

Taxi

Co.

PJSC

20,586

14,236

Full

Truck

Alliance

Co.

Ltd.,

ADR(b)

10,293

116,928

#### Investments

#### Shares

#### Value

#### Ground

#### Transportation
(continued)

GMexico

Transportes

SAB

de

CV(a)

(b) 9,400

$

16,240

Localiza

Rent

a

Car

SA

11,506

87,310

Lotte

Rental

Co.

Ltd.

4,982

103,040

Rumo

SA

14,100

48,317

United

International

Transportation

Co.

1,833

36,065

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

SA\*

192,700

167,465

#### 725,200

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 0

#### .2

#### %
Classys,

Inc.

6,514

Dentium

Co.

Ltd.

2,779

142,713

Hartalega

Holdings

Bhd.

21,400

11,060

HLB,

Inc.\*

1,927

77,134

Kossan

Rubber

Industries

Bhd.

35,000

14,844

Lifetech

Scientific

Corp.\*(b)

100,000

18,569

Microport

Scientific

Corp.\*(b)

25,598

23,239

Poly

Medicure

Ltd.

850

25,897

SD

Biosensor,

Inc.

14,620

96,678

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

H

56,400

41,529

Shanghai

MicroPort

Endovascular

MedTech

Group

Co.

Ltd.,

Class

A

898

10,444

Shanghai

MicroPort

MedBot

Group

Co.

Ltd.\*

17,500

42,787

Sri

Trang

Gloves

Thailand

PCL,

NVDR

68,600

14,170

Supermax

Corp.

Bhd.\*

57,600

10,612

TaiDoc

Technology

Corp.

2,900

12,150

Top

Glove

Corp.

Bhd.\*

101,200

20,639

#### 568,979

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 1

#### .1

#### %
Al

Hammadi

Holding

3,807

40,750

Apollo

Hospitals

Enterprise

Ltd.

1,692

139,732

Aster

DM

Healthcare

Ltd.(a)

4,914

29,370

Bangkok

Chain

Hospital

PCL,

NVDR

20,800

9,402

Bangkok

Dusit

Medical

Services

PCL,

NVDR

59,800

42,964

Bumrungrad

Hospital

PCL,

NVDR

4,900

24,203

Burjeel

Holdings

plc

30,456

12,521

Chabiotech

Co.

Ltd.\*

3,095

Chularat

Hospital

PCL,

NVDR

341,100

18,176

Dallah

Healthcare

Co.

585

19,027

Dr

Lal

PathLabs

Ltd.(a)

822

26,942

Dr

Soliman

Abdel

Kader

Fakeeh

Hospital

Co.\*

1,410

17,292

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

1,457

111,249

Fleury

SA

126,900

291,170

Fortis

Healthcare

Ltd.

7,446

60,421

Global

Health

Ltd.\*

1,978

28,030

Gushengtang

Holdings

Ltd.

4,800

19,374

Hanmi

Science

Co.

Ltd.

5,077

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

Hapvida

Participacoes

e

Investimentos

SA\*(a)

47,000

$

19,260

Hygeia

Healthcare

Holdings

Co.

Ltd.\*(a)(b)

132,600

240,074

IHH

Healthcare

Bhd.

37,600

60,299

Jiangxi

Rimag

Group

Co.

Ltd.\*

1,000

2,734

Jinxin

Fertility

Group

Ltd.(a)(b)

50,000

18,763

KPJ

Healthcare

Bhd.

49,024

32,721

Krishna

Institute

of

Medical

Sciences

Ltd.\*(a)

4,320

33,587

Life

Healthcare

Group

Holdings

Ltd.

500,738

393,728

Max

Healthcare

Institute

Ltd.

10,514

136,671

Medikaloka

Hermina

Tbk.

PT(a)

367,500

25,017

Metropolis

Healthcare

Ltd.\*(a)

1,104

22,235

Middle

East

Healthcare

Co.\*

1,504

27,867

Mitra

Keluarga

Karyasehat

Tbk.

PT(a)

100,200

15,151

MLP

Saglik

Hizmetleri

A/S,

Class

B\*(a)

1,900

16,130

Mouwasat

Medical

Services

Co.

1,363

26,345

Narayana

Hrudayalaya

Ltd.(a)

1,200

25,006

National

Medical

Care

Co.

506

20,100

Netcare

Ltd.

500,785

367,119

New

Horizon

Health

Ltd.\*‡(a)

4,000

2,564

Odontoprev

SA

4,790

9,036

Pure

Health

Holding

PJSC

49,397

37,925

Rainbow

Children's

Medicare

Ltd.

1,143

18,693

Ramkhamhaeng

Hospital

PCL,

NVDR

32,800

17,772

Rede

D'Or

Sao

Luiz

SA(a)

18,800

106,330

Saudi

Chemical

Co.

Holding\*

1,410

3,176

Selcuk

Ecza

Deposu

Ticaret

ve

Sanayi

A/S

7,003

11,681

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

A

4,700

11,623

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

14,600

19,995

Siloam

International

Hospitals

Tbk.

PT

24,000

3,759

Sinopharm

Group

Co.

Ltd.,

Class

H

37,600

88,925

Topchoice

Medical

Corp.,

Class

A

700

3,868

Universal

Vision

Biotechnology

Co.

Ltd.

2,226

12,423

Vijaya

Diagnostic

Centre

Ltd.

658

7,792

Xian

International

Medical

Investment

Co.

Ltd.,

Class

A\*

14,100

9,785

#### 2,746,949

#### Health

#### Care

#### Technology

#### -

#### 0

#### .0

#### %
(d) Lunit,

Inc.\*

899

32,697

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 1

#### .9

#### %
Abu

Dhabi

National

Hotels

362,044

51,255

Alsea

SAB

de

CV

19,240

43,601

Ambassador

Hotel

(The)

7,800

10,950

#### Investments

#### Shares

#### Value

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

Americana

Restaurants

International

plc

-

Foreign

Co.

21,954

$

13,448

Asset

World

Corp.

PCL,

NVDR

7,400

Atour

Lifestyle

Holdings

Ltd.,

ADR

942

23,023

Bloomberry

Resorts

Corp.

1,738,100

106,113

Central

Plaza

Hotel

PCL

16,700

12,498

Chalet

Hotels

Ltd.\*

2,045

19,160

DigiPlus

Interactive

Corp.

535,800

383,708

DoubleUGames

Co.

Ltd.

3,713

147,319

DPC

Dash

Ltd.\*

2,200

27,959

EIH

Ltd.

4,500

19,732

Eternal

Ltd.\*

103,165

283,935

Genting

Bhd.

47,000

34,855

Genting

Malaysia

Bhd.

47,000

18,626

Grand

Korea

Leisure

Co.

Ltd.

12,932

110,534

H

World

Group

Ltd.

28,200

99,640

Haidilao

International

Holding

Ltd.

(a)(b) 28,164

63,993

Hana

Tour

Service,

Inc.

4,089

Hanjin

Kal

Corp.

628

35,122

Indian

Hotels

Co.

Ltd.

(The),

Class

A

14,429

134,531

Intralot

SA-Integrated

Information

Systems

&

Gaming

Services\*(b)

7,896

9,335

Jahez

International

Co.\*

3,384

24,359

Jollibee

Foods

Corp.

6,430

26,339

Jubilant

Foodworks

Ltd.

6,968

59,004

Kangwon

Land,

Inc.

1,822

20,764

Leejam

Sports

Co.

JSC

18,625

Lemon

Tree

Hotels

Ltd.\*(a)

19,505

31,611

Lion

Travel

Service

Co.

Ltd.

29,000

123,316

Meituan,

Class

B\*(a)

77,000

1,293,809

Minor

International

PCL,

NVDR

26,000

20,820

MK

Restaurants

Group

PCL,

NVDR

23,600

13,423

NET

Holding

A/S\*

38,070

36,289

OPAP

SA

2,578

57,351

Paradise

Co.

Ltd.

19,503

169,442

Sapphire

Foods

India

Ltd.\*

4,000

14,985

Seera

Group

Holding\*

6,298

40,969

Smartfit

Escola

de

Ginastica

e

Danca

SA

4,895

21,140

Southern

Sun

Ltd.

224,425

99,631

Thomas

Cook

India

Ltd.

2,021

3,214

Tongcheng

Travel

Holdings

Ltd.(a)(b)

19,200

50,756

Travellers

International

Hotel

Group,

Inc.\*‡

209,900

—

TravelSky

Technology

Ltd.,

Class

H

40,000

55,811

Trip.com

Group

Ltd.

8,050

485,822

Tsogo

Sun

Ltd.

218,315

96,801

Westlife

Foodworld

Ltd.\*

3,000

23,816

Wowprime

Corp.

1,654

11,481

Yum

China

Holdings,

Inc.

5,546

240,197

#### 4,693,688

#### Household

#### Durables

#### -

#### 0

#### .9

#### %
Amber

Enterprises

India

Ltd.\*

29,144

Arcelik

A/S\*

2,915

8,618

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Household

#### Durables
(continued)

Bajaj

Electricals

Ltd.

$

2,800

Coway

Co.

Ltd.

1,269

78,291

Crompton

Greaves

Consumer

Electricals

Ltd.

6,674

26,646

Cuckoo

Holdings

Co.

Ltd.

3,901

66,686

Cury

Construtora

e

Incorporadora

SA

47,000

228,716

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

98,700

432,185

Direcional

Engenharia

SA

47,000

301,772

Dixon

Technologies

India

Ltd.(a)

509

99,120

Edifier

Technology

Co.

Ltd.,

Class

A

4,700

8,419

Eureka

Forbes

Ltd.\*

1,960

11,432

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

9,400

58,967

Haier

Smart

Home

Co.

Ltd.,

Class

A

5,700

19,456

Haier

Smart

Home

Co.

Ltd.,

Class

H

37,200

108,174

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

4,700

12,664

Hanssem

Co.

Ltd.

9,048

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

H(b)

10,000

30,433

Hisense

Visual

Technology

Co.

Ltd.,

Class

A

4,700

15,415

LG

Electronics,

Inc.

2,867

144,006

LG

Electronics,

Inc.

(Preference)

584

14,585

Merry

Electronics

Co.

Ltd.

5,887

20,800

Nien

Made

Enterprise

Co.

Ltd.

3,000

36,676

PIK-Spetsializirovannyy

Zastroyshchik

PAO\*‡

4,646

—

Sheela

Foam

Ltd.\*

2,350

17,922

Shenzhen

MTC

Co.

Ltd.,

Class

A

9,600

5,697

Skyworth

Group

Ltd.

470,000

180,613

Symphony

Ltd.

564

7,703

Taiwan

Sakura

Corp.

5,000

13,773

TCL

Electronics

Holdings

Ltd.

37,000

46,806

TTK

Prestige

Ltd.

2,979

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

A/S

160,421

48,469

Vestel

Elektronik

Sanayi

ve

Ticaret

A/S\*

57,622

60,499

Whirlpool

of

India

Ltd.

674

10,047

#### 2,158,561

#### Household

#### Products

#### -

#### 0

#### .0

#### %
(d) Blue

Moon

Group

Holdings

Ltd.(a)

48,000

23,645

Jyothy

Labs

Ltd.

5,039

22,307

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A(b)

43,800

77,352

#### 123,304

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 1

#### .7

#### %
Aboitiz

Power

Corp.

48,300

32,255

ACWA

Power

Co.\*

2,021

173,495

Adani

Green

Energy

Ltd.\*

4,747

50,609

#### Investments

#### Shares

#### Value

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
(continued)

Adani

Power

Ltd.\*

24,722

$

155,691

Aksa

Enerji

Uretim

A/S,

Class

B

3,760

3,041

Auren

Energia

SA

117,800

185,812

B

Grimm

Power

PCL,

NVDR

700

Banpu

Power

PCL,

NVDR

500

Barito

Renewables

Energy

Tbk.

PT

220,900

80,176

BCPG

PCL,

NVDR

510,900

104,765

Canvest

Environmental

Protection

Group

Co.

Ltd.(a)

188,000

115,398

CECEP

Wind-Power

Corp.,

Class

A

32,900

13,001

CGN

New

Energy

Holdings

Co.

Ltd.

(b) 470,000

138,187

CGN

Power

Co.

Ltd.,

Class

A

34,600

16,769

CGN

Power

Co.

Ltd.,

Class

H(a)

141,000

44,911

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

A

5,800

13,416

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H(b)

62,000

49,090

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

39,900

50,707

China

Power

International

Development

Ltd.

141,000

55,457

China

Resources

Power

Holdings

Co.

Ltd.

50,000

120,830

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

14,100

8,270

China

Yangtze

Power

Co.

Ltd.,

Class

A

28,200

114,543

CHN

Energy

Changyuan

Electric

Power

Co.

Ltd.,

Class

A

18,800

12,994

CK

Power

PCL,

NVDR

206,600

16,699

Colbun

SA

169,138

26,172

Datang

International

Power

Generation

Co.

Ltd.,

Class

A

48,300

20,616

Datang

International

Power

Generation

Co.

Ltd.,

Class

H(b)

128,000

30,536

Electricity

Generating

PCL,

NVDR

4,900

15,255

Energy

Absolute

PCL,

NVDR\*

1,472,600

96,101

Eneva

SA\*

23,500

56,079

Engie

Brasil

Energia

SA

5,700

41,853

First

Gen

Corp.

122,200

36,361

Fujian

Funeng

Co.

Ltd.,

Class

A

3,340

4,406

GCL

Energy

Technology

Co.

Ltd.,

Class

A

14,100

13,900

GD

Power

Development

Co.

Ltd.,

Class

A

42,500

26,157

Global

Power

Synergy

PCL,

NVDR

18,400

17,213

Guangdong

Electric

Power

Development

Co.

Ltd.,

Class

A

4,900

2,894

Guangdong

Electric

Power

Development

Co.

Ltd.,

Class

B

14,400

3,138

Gulf

Development

PCL,

NVDR\*

113,871

167,031

HD

Renewable

Energy

Co.

Ltd.

2,368

14,771

Huadian

Power

International

Corp.

Ltd.,

Class

A

26,500

20,834

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
(continued)

Huadian

Power

International

Corp.

Ltd.,

Class

H(b)

38,000

$

21,267

Huaneng

Power

International,

Inc.,

Class

A

9,900

9,760

Huaneng

Power

International,

Inc.,

Class

H

96,000

59,546

Hubei

Energy

Group

Co.

Ltd.,

Class

A

8,700

5,546

Inner

Mongolia

MengDian

HuaNeng

Thermal

Power

Corp.

Ltd.,

Class

A

9,800

5,384

Jaiprakash

Power

Ventures

Ltd.\*

1,783,603

306,965

Jilin

Electric

Power

Co.

Ltd.,

Class

A

19,400

14,264

JSW

Energy

Ltd.

8,695

49,319

KPI

Green

Energy

Ltd.(a)

916

4,136

Malakoff

Corp.

Bhd.

935,300

172,321

Mega

First

Corp.

Bhd.

236,200

216,768

NHPC

Ltd.

54,473

55,315

NLC

India

Ltd.

8,784

23,662

NTPC

Ltd.

71,440

299,810

PJSC\*‡

11,431,280

—

Orygen

Peru

SAA

149,695

102,663

Pertamina

Geothermal

Energy

PT(a)

267,900

14,686

Ratch

Group

PCL,

NVDR

1,000

786

Reliance

Power

Ltd.\*

127,041

60,134

SDIC

Power

Holdings

Co.

Ltd.,

Class

A

8,600

17,833

Serena

Energia

SA\*

89,300

154,580

Shandong

Hi-Speed

Holdings

Group

Ltd.\*(b)

43,500

35,564

Shanghai

Electric

Power

Co.

Ltd.,

Class

A

10,000

12,296

Shenergy

Co.

Ltd.,

Class

A

4,900

5,951

Shenzhen

Energy

Group

Co.

Ltd.,

Class

A

10,600

9,341

Shinfox

Energy

Co.

Ltd.

4,749

12,814

Sichuan

Chuantou

Energy

Co.

Ltd.,

Class

A

9,400

21,990

SP

New

Energy

Corp.\*

3,713,000

85,089

TPI

Polene

Power

PCL,

NVDR

797,900

50,160

Unipro

PJSC\*‡

5,337,000

—

Wintime

Energy

Group

Co.

Ltd.,

Class

A

76,800

14,170

Xinyi

Energy

Holdings

Ltd.(b)

969,869

115,063

Zhejiang

Zheneng

Electric

Power

Co.

Ltd.,

Class

A

28,800

20,818

#### 4,127,774

#### Industrial

#### Conglomerates

#### -

#### 2

#### .1

#### %
3M

India

Ltd.

18,889

Aamal

Co.

843,462

192,275

Aboitiz

Equity

Ventures,

Inc.

34,390

20,010

AG

Anadolu

Grubu

Holding

A/S

3,478

24,688

Alliance

Global

Group,

Inc.

1,334,800

146,253

#### Investments

#### Shares

#### Value

#### Industrial

#### Conglomerates
(continued)

Alpha

Dhabi

Holding

PJSC

30,597

$

94,297

AntarChile

SA

3,018

23,193

Apar

Industries

Ltd.

15,917

Astra

Industrial

Group

Co.

693

27,566

Astra

International

Tbk.

PT

418,300

120,954

Ayala

Corp.

5,170

55,490

Bidvest

Group

Ltd.

7,238

91,398

CITIC

Ltd.

170,000

207,603

CJ

Corp.

17,664

DMCI

Holdings,

Inc.

121,000

22,963

Doosan

Co.

Ltd.

48,039

Dubai

Investments

PJSC

65,347

41,275

Far

Eastern

New

Century

Corp.

94,000

96,548

Fosun

International

Ltd.

48,000

24,945

Godrej

Industries

Ltd.\*

1,296

16,627

Grupo

Carso

SAB

de

CV,

Series

A1(b)

9,400

65,471

GS

Holdings

Corp.

1,457

39,667

GT

Capital

Holdings,

Inc.

2,400

21,037

Hanwha

Corp.

987

33,432

Hong

Leong

Industries

Bhd.

28,200

88,750

Hosken

Consolidated

Investments

Ltd.

3,337

23,656

Hyosung

Corp.

3,001

112,102

Industries

Qatar

QSC

46,295

159,699

International

Holding

Co.

PJSC\*

10,575

1,154,511

JG

Summit

Holdings,

Inc.

42,411

12,878

KOC

Holding

A/S

19,646

70,340

LG

Corp.

2,914

136,527

LT

Group,

Inc.

98,000

20,844

LX

Holdings

Corp.

19,317

89,009

Metlen

Energy

&

Metals

SA

2,685

126,971

Modon

Holding

PSC\*

57,528

47,770

Multiply

Group

PJSC\*

69,200

40,318

National

Industries

Group

Holding

SAK

37,648

30,595

Nava

Ltd.

60,254

324,471

Opus

Global

Nyrt.(b)

128,733

199,012

Quinenco

SA

8,136

33,849

Reunert

Ltd.

67,586

224,739

Samsung

C&T

Corp.

2,027

174,537

San

Miguel

Corp.

8,340

11,721

Shanghai

Industrial

Holdings

Ltd.(b)

141,000

215,281

Siemens

Ltd.

1,410

48,425

Sime

Darby

Bhd.

68,800

33,164

SK

Square

Co.

Ltd.\*

2,068

129,332

SK,

Inc.

799

74,420

SM

Investments

Corp.

6,580

102,490

Sunway

Bhd.

45,100

47,556

Turkiye

Sise

ve

Cam

Fabrikalari

A/S

34,639

30,802

#### 5,229,970

#### Industrial

#### REITs

#### -

#### 0

#### .7

#### %
Equites

Property

Fund

Ltd.,

REIT(b)

307,709

250,550

ESR

Kendall

Square

REIT

Co.

Ltd.,

REIT

9,865

33,832

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Industrial

#### REITs
(continued)

FIBRA

Macquarie

Mexico,

REIT(a)(b)

290,250

$

455,800

Frasers

Property

Thailand

Industrial

Freehold

&

Leasehold

REIT,

REIT

630,000

167,849

Prologis

Property

Mexico

SA

de

CV,

REIT(b)

159,101

567,724

Reysas

Gayrimenkul

Yatirim

Ortakligi

A/S,

REIT\*

190,585

69,178

TF

Administradora

Industrial

S

de

RL

de

CV,

REIT(b)

56,400

106,605

WHA

Premium

Growth

Freehold

&

Leasehold

Real

Estate

InvestmentTrust,

Class

F,

REIT

635,000

170,132

#### 1,821,670

#### Insurance

#### -

#### 3

#### .0

#### %
Abu

Dhabi

National

Insurance

Co.

PSC

97,149

163,456

Al

Rajhi

Co.

for

Co-operative

Insurance\*

700

24,447

Allianz

Malaysia

Bhd.

23,500

100,209

Anadolu

Anonim

Turk

Sigorta

Sirketi

6,624

15,062

BB

Seguridade

Participacoes

SA

14,400

108,787

BKI

Holdings

PCL,

NVDR

9,400

79,353

Bupa

Arabia

for

Cooperative

Insurance

Co.

1,324

59,301

Caixa

Seguridade

Participacoes

SA

10,300

29,764

Capital

Financial

Indonesia

Tbk.

PT\*

584,500

28,169

Cathay

Financial

Holding

Co.

Ltd.

248,145

453,881

Central

Reinsurance

Co.

Ltd.

116,800

95,863

China

Life

Insurance

Co.

Ltd.,

Class

H

115,000

210,582

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

13,900

57,129

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

65,800

179,037

China

Taiping

Insurance

Holdings

Co.

Ltd.

31,800

44,124

Co.

for

Cooperative

Insurance

(The)

1,034

38,263

DB

Insurance

Co.

Ltd.

1,128

72,370

Discovery

Ltd.

8,554

94,701

Fubon

Financial

Holding

Co.

Ltd.

234,823

618,941

HDFC

Life

Insurance

Co.

Ltd.(a)

12,502

110,053

Hubei

Biocause

Pharmaceutical

Co.

Ltd.,

Class

A\*

18,800

7,093

Hyundai

Marine

&

Fire

Insurance

Co.

Ltd.\*

792

12,369

ICICI

Lombard

General

Insurance

Co.

Ltd.(a)

3,807

84,559

ICICI

Prudential

Life

Insurance

Co.

Ltd.(a)

5,452

39,646

KGI

Financial

Holding

Co.

Ltd.

249,757

128,849

Korean

Reinsurance

Co.

51,700

294,597

LPI

Capital

Bhd.

4,900

16,261

Max

Financial

Services

Ltd.\*

4,371

67,518

Mercuries

&

Associates

Holding

Ltd.

252,550

107,391

#### Investments

#### Shares

#### Value

#### Insurance
(continued)

Mercuries

Life

Insurance

Co.

Ltd.\*

101,431

$

17,474

Momentum

Group

Ltd.

35,752

65,254

New

China

Life

Insurance

Co.

Ltd.,

Class

A

4,700

31,134

New

China

Life

Insurance

Co.

Ltd.,

Class

H(b)

18,800

68,730

Old

Mutual

Ltd.(b)

91,227

55,551

OUTsurance

Group

Ltd.

10,487

43,039

Panin

Financial

Tbk.

PT\*

3,557,900

82,732

PB

Fintech

Ltd.\*

4,371

84,089

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

217,000

128,442

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

172,000

317,175

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

18,900

131,963

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H(b)

158,000

949,463

Porto

Seguro

SA

5,000

38,851

Qatar

Insurance

Co.

SAQ

1,147,740

614,377

Qualitas

Controladora

SAB

de

CV

5,000

55,198

Rasan

Information

Technology

Co.\*

1,504

34,243

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

799

210,500

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Preference)

9,324

Samsung

Life

Insurance

Co.

Ltd.

2,289

138,805

Sanlam

Ltd.(b)

41,548

188,690

Santam

Ltd.

723

15,660

SBI

Life

Insurance

Co.

Ltd.(a)

6,580

137,529

Shin

Kong

Financial

Holding

Co.

Ltd.\*

212,344

78,343

Shinkong

Insurance

Co.

Ltd.

7,450

24,808

Star

Health

&

Allied

Insurance

Co.

Ltd.\*

1,187

5,477

Sunshine

Insurance

Group

Co.

Ltd.

893,000

396,136

Syarikat

Takaful

Malaysia

Keluarga

Bhd.

227,200

187,447

Thai

Life

Insurance

PCL,

NVDR

30,700

11,304

Tongyang

Life

Insurance

Co.

Ltd.\*

9,654

41,496

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

Class

H\*(a)(b)

5,900

8,536

#### 7,513,545

#### Interactive

#### Media

#### &

#### Services

#### -

#### 3

#### .3

#### %
Baidu,

Inc.,

Class

A\*

57,750

643,802

Bilibili,

Inc.,

Class

Z\*

3,760

66,281

Dear

U

Co.

Ltd.

14,150

Hello

Group,

Inc.,

ADR(b)

53,580

305,942

Info

Edge

India

Ltd.

1,269

106,189

JOYY,

Inc.,

ADR

10,951

450,743

Kakao

Corp.

4,436

119,365

Kanzhun

Ltd.\*

9,400

70,063

Kuaishou

Technology\*(a)

70,500

469,109

Meitu,

Inc.(a)

95,000

67,011

NAVER

Corp.

2,162

304,946

SOOP

Co.

Ltd.

7,739

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Interactive

#### Media

#### &

#### Services
(continued)

Tencent

Holdings

Ltd.

87,900

$

5,409,091

Weibo

Corp.,

Class

A

34,780

289,508

#### 8,323,939

#### IT

#### Services

#### -

#### 1

#### .2

#### %
Al

Moammar

Information

Systems

Co.

505

17,691

Arabian

Internet

&

Communications

Services

Co.

35,887

Chinasoft

International

Ltd.(b)

52,000

33,193

Coforge

Ltd.

1,034

89,406

Cyient

Ltd.

1,392

19,569

Digitide

Solutions

Ltd.\*

658

1,135

Elm

Co.

103,731

GDS

Holdings

Ltd.,

Class

A\*

13,600

44,370

Happiest

Minds

Technologies

Ltd.

1,060

7,175

HCL

Technologies

Ltd.

15,933

295,619

Hyundai

Autoever

Corp.

8,147

Infosys

Ltd.

59,643

1,059,026

LTIMindtree

Ltd.(a)

1,457

79,098

Mastek

Ltd.

6,971

Mphasis

Ltd.

892

26,068

Perfect

Presentation

For

Commercial

Services

Co.\*

8,319

27,723

Persistent

Systems

Ltd.

1,622

102,167

Posco

DX

Co.

Ltd.

769

13,281

Samsung

SDS

Co.

Ltd.

893

80,662

Sonata

Software

Ltd.

4,080

20,358

State

Grid

Information

&

Communication

Co.

Ltd.,

Class

A

4,700

11,707

Systex

Corp.

4,271

16,025

Tata

Consultancy

Services

Ltd.

14,711

601,386

Tech

Mahindra

Ltd.

9,729

173,083

Wipro

Ltd.

44,650

127,634

Zensar

Technologies

Ltd.

2,950

25,122

#### 3,026,234

#### Leisure

#### Products

#### -

#### 0

#### .2

#### %
Ferretti

SpA

56,400

143,278

Fusheng

Precision

Co.

Ltd.

3,950

44,029

Giant

Manufacturing

Co.

Ltd.

5,181

21,059

Johnson

Health

Tech

Co.

Ltd.

2,000

10,756

Merida

Industry

Co.

Ltd.

2,745

11,329

Topkey

Corp.

28,542

161,526

#### 391,977

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### -

#### 0

#### .2

#### %
Divi's

Laboratories

Ltd.

2,115

152,384

EirGenix,

Inc.\*

6,144

12,198

Genscript

Biotech

Corp.\*(b)

8,000

11,265

LigaChem

Biosciences,

Inc.\*

35,899

Peptron,

Inc.\*

52,959

Samsung

Biologics

Co.

Ltd.\*(a)

208,698

Syngene

International

Ltd.(a)

3,431

25,750

WuXi

AppTec

Co.

Ltd.,

Class

A

4,060

33,077

#### Investments

#### Shares

#### Value

#### Life

#### Sciences

#### Tools

#### &

#### Services
(continued)

WuXi

AppTec

Co.

Ltd.,

Class

H(a)(b)

5,218

$

40,474

XtalPi

Holdings

Ltd.\*

47,000

31,274

#### 603,978

#### Machinery

#### -

#### 1

#### .5

#### %
Action

Construction

Equipment

Ltd.

1,488

20,581

AIA

Engineering

Ltd.

600

22,683

Airtac

International

Group

1,913

52,635

Ashok

Leyland

Ltd.

23,077

61,544

Azad

Engineering

Ltd.\*

5,268

Balu

Forge

Industries

Ltd.

564

3,417

BEML

Ltd.

16,853

C

Sun

Manufacturing

Ltd.

2,828

12,512

China

CSSC

Holdings

Ltd.,

Class

A

5,000

20,158

China

First

Heavy

Industries

Co.

Ltd.,

Class

A\*

32,900

11,687

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

A

9,600

9,980

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

H

9,400

5,940

China

Railway

Construction

Heavy

Industry

Corp.

Ltd.,

Class

A

29,281

15,764

CITIC

Heavy

Industries

Co.

Ltd.,

Class

A\*

23,500

14,140

Cochin

Shipyard

Ltd.(a)

1,450

27,313

Craftsman

Automation

Ltd.

18,697

CSBC

Corp.

Taiwan\*

29,992

15,754

Cummins

India

Ltd.

2,139

73,307

Doosan

Bobcat,

Inc.

971

33,471

Elgi

Equipments

Ltd.

3,360

17,716

Escorts

Kubota

Ltd.

564

21,757

Force

Motors

Ltd.

1,880

198,361

G

Shank

Enterprise

Co.

Ltd.

4,472

10,165

Grindwell

Norton

Ltd.

771

15,387

Haitian

International

Holdings

Ltd.

11,000

25,448

Hangzhou

Honghua

Digital

Technology

Stock

Co.

Ltd.,

Class

A

611

5,218

Hanwha

Engine\*

1,457

27,931

Hanwha

Ocean

Co.

Ltd.\*

1,645

90,842

HD

Hyundai

Construction

Equipment

Co.

Ltd.

4,418

210,411

HD

Hyundai

Heavy

Industries

Co.

Ltd.

90,779

HD

Hyundai

Infracore

Co.

Ltd.

47,141

272,930

HD

Hyundai

Marine

Solution

Co.

Ltd.

25,294

HD

Hyundai

Mipo

46,908

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

1,128

215,840

HD-Hyundai

Marine

Engine\*

611

15,861

Hiwin

Technologies

Corp.

5,535

38,073

Hyundai

Elevator

Co.

Ltd.

676

35,143

Hyundai

Rotem

Co.

Ltd.

1,106

87,297

Ingersoll

Rand

India

Ltd.

6,267

ISGEC

Heavy

Engineering

Ltd.

4,400

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Machinery
(continued)

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

Class

A

2,000

$

20,493

Jupiter

Wagons

Ltd.

3,955

16,600

Jyoti

CNC

Automation

Ltd.\*(a)

1,014

12,922

Kaori

Heat

Treatment

Co.

Ltd.\*

2,214

14,606

Keda

Industrial

Group

Co.

Ltd.,

Class

A

14,100

17,609

Kenmec

Mechanical

Engineering

Co.

Ltd.\*

8,075

15,906

Kinik

Co.

2,800

21,318

Kirloskar

Brothers

Ltd.

700

14,185

Kirloskar

Oil

Engines

Ltd.

3,024

26,720

Kirloskar

Pneumatic

Co.

Ltd.

799

10,702

KSB

Ltd.

564

4,891

LMW

Ltd.

28,972

Marcopolo

SA

65,800

63,459

Marcopolo

SA

(Preference)

253,900

315,727

Mirle

Automation

Corp.

5,000

9,614

Ningbo

Deye

Technology

Co.

Ltd.,

Class

A

1,260

14,955

Nova

Technology

Corp.

8,000

42,648

Otokar

Otomotiv

ve

Savunma

Sanayi

A/S\*

1,440

14,125

Pentamaster

Corp.

Bhd.

28,200

16,534

People

&

Technology,

Inc.

7,285

208,070

Rainbow

Robotics\*

17,887

Rechi

Precision

Co.

Ltd.

106,000

98,268

Sam

Engineering

&

Equipment

M

Bhd.

23,500

18,081

Samsung

Heavy

Industries

Co.

Ltd.\*

9,978

102,272

San

Shing

Fastech

Corp.

5,000

8,286

Sany

Heavy

Equipment

International

Holdings

Co.

Ltd.

12,000

8,774

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

4,700

12,224

Schaeffler

India

Ltd.

846

34,777

SFA

Engineering

Corp.

7,097

101,600

Shakti

Pumps

India

Ltd.

2,397

23,854

Shanghai

Zhenhua

Heavy

Industries

Co.

Ltd.,

Class

B

4,800

1,200

Shin

Zu

Shing

Co.

Ltd.

3,324

19,331

Sinotruk

Hong

Kong

Ltd.

21,000

50,478

SKF

India

Ltd.

17,707

Sunonwealth

Electric

Machine

Industry

Co.

Ltd.

5,022

13,519

Texmaco

Rail

&

Engineering

Ltd.

2,867

4,573

Thermax

Ltd.

576

22,440

Tian

Di

Science

&

Technology

Co.

Ltd.,

Class

A

4,900

4,176

Timken

India

Ltd.

9,551

Titagarh

Rail

System

Ltd.

2,400

21,223

Turk

Traktor

ve

Ziraat

Makineleri

A/S

788

12,447

UBTech

Robotics

Corp.

Ltd.\*

2,350

26,365

Vesuvius

India

Ltd.

18,465

Waffer

Technology

Corp.

5,406

8,426

#### Investments

#### Shares

#### Value

#### Machinery
(continued)

Weichai

Power

Co.

Ltd.,

Class

A

14,100

$

29,509

Weichai

Power

Co.

Ltd.,

Class

H

47,000

92,125

XCMG

Construction

Machinery

Co.

Ltd.,

Class

A

28,800

34,935

Yangzijiang

Shipbuilding

Holdings

Ltd.\*

70,500

120,407

Yantai

Eddie

Precision

Machinery

Co.

Ltd.,

Class

A

4,700

12,160

Zhejiang

Sanhua

Intelligent

Controls

Co.

Ltd.,

Class

A

4,800

17,712

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

7,100

28,520

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

A

3,600

3,633

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

H(b)

29,200

21,049

#### 3,809,762

#### Marine

#### Transportation

#### -

#### 0

#### .4

#### %
Cia

Sud

Americana

de

Vapores

SA

402,367

22,003

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

19,100

37,764

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H(b)

70,500

106,368

Evergreen

Marine

Corp.

Taiwan

Ltd.

27,994

180,745

Far-Eastern

Shipping

Co.

plc\*‡

302,500

—

Gulf

Navigation

Holding

PJSC\*

5,764

8,474

HMM

Co.

Ltd.

6,511

83,638

MISC

Bhd.

51,700

89,981

Orient

Overseas

International

Ltd.

3,500

48,970

Pan

Ocean

Co.

Ltd.

9,729

22,825

Qatar

Navigation

QSC

27,730

84,538

Shanghai

Zhonggu

Logistics

Co.

Ltd.,

Class

A\*

2,552

3,781

Shipping

Corp.

of

India

Ltd.

1,175

2,476

Taiwan

Navigation

Co.

Ltd.

79,334

68,462

Transcoal

Pacific

Tbk.

PT

42,300

14,206

U-Ming

Marine

Transport

Corp.

14,000

22,893

Wan

Hai

Lines

Ltd.

34,121

88,015

Wisdom

Marine

Lines

Co.

Ltd.

11,898

22,469

Yang

Ming

Marine

Transport

Corp.

38,380

81,601

#### 989,209

#### Media

#### -

#### 0

#### .6

#### %
Affle

India

Ltd.\*

1,168

21,899

Cheil

Worldwide,

Inc.

781

10,192

China

Literature

Ltd.\*(a)

4,200

14,596

China

South

Publishing

&

Media

Group

Co.

Ltd.,

Class

A

4,900

9,634

Elang

Mahkota

Teknologi

Tbk.

PT

695,100

22,402

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

28,700

28,452

Grupo

Televisa

SAB,

Series

CPO(b)

1,070,700

390,539

Innocean

Worldwide,

Inc.

8,977

115,062

Leo

Group

Co.

Ltd.,

Class

A

28,200

14,483

Megacable

Holdings

SAB

de

CV

321,000

786,963

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Media
(continued)

MultiChoice

Group\*

6,166

$

35,936

Network18

Media

&

Investments

Ltd.\*

9,120

4,700

Oriental

Pearl

Group

Co.

Ltd.,

Class

A

14,100

14,289

People.cn

Co.

Ltd.,

Class

A

4,700

12,820

Saudi

Research

&

Media

Group\*

605

27,936

VGI

PCL,

NVDR\*

322,600

22,019

Zee

Entertainment

Enterprises

Ltd.

40,508

50,992

#### 1,582,914

#### Metals

#### &

#### Mining

#### -

#### 3

#### .7

#### %
African

Rainbow

Minerals

Ltd.

1,864

15,543

Al

Masane

Al

Kobra

Mining

Co.

1,403

22,630

Alrosa

PJSC‡

85,800

—

Aluminum

Corp.

of

China

Ltd.,

Class

A

19,600

17,272

Aluminum

Corp.

of

China

Ltd.,

Class

H

94,000

50,547

Amman

Mineral

Internasional

PT\*

169,200

72,623

Aneka

Tambang

Tbk.

201,400

26,328

Angang

Steel

Co.

Ltd.,

Class

A\*

47,000

14,884

Angang

Steel

Co.

Ltd.,

Class

H\*

38,000

7,203

Anglo

American

Platinum

Ltd.

1,504

51,668

APL

Apollo

Tubes

Ltd.

3,225

61,833

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

47,000

44,264

Beijing

Shougang

Co.

Ltd.,

Class

A

10,600

5,269

Bengang

Steel

Plates

Co.

Ltd.,

Class

A\*

28,200

14,522

Borusan

Birlesik

Boru

Fabrikalari

Sanayi

ve

Ticaret

A/S\*

720

6,796

Bradespar

SA

(Preference)

98,700

282,254

Bumi

Resources

Minerals

Tbk.

PT\*

1,235,000

28,420

CAP

SA\*

22,560

114,875

Century

Iron

&

Steel

Industrial

Co.

Ltd.

2,544

13,920

China

Gold

International

Resources

Corp.

Ltd.

4,900

30,930

China

Hongqiao

Group

Ltd.(b)

70,500

126,914

China

Metal

Products

115,088

95,178

China

Metal

Recycling

Holdings

Ltd.\*‡(b)

51,000

—

China

Nonferrous

Mining

Corp.

Ltd.

50,000

33,141

China

Northern

Rare

Earth

Group

High-Tech

Co.

Ltd.,

Class

A

4,600

14,751

China

Steel

Corp.

175,050

113,022

China

Zhongwang

Holdings

Ltd.\*‡

699,600

—

Chung

Hung

Steel

Corp.

23,000

11,578

Cia

Siderurgica

Nacional

SA

15,300

25,133

CMOC

Group

Ltd.,

Class

A

25,000

24,302

CMOC

Group

Ltd.,

Class

H

51,000

40,118

CSN

Mineracao

SA

9,600

10,412

Dazhong

Mining

Co.

Ltd.

4,700

5,352

DRDGOLD

Ltd.

10,054

14,865

#### Investments

#### Shares

#### Value

#### Metals

#### &

#### Mining
(continued)

East

Pipes

Integrated

Co.

for

Industry

$

10,386

Eregli

Demir

ve

Celik

Fabrikalari

TAS\*

63,262

37,010

EVERGREEN

Steel

Corp.

6,672

17,210

Feng

Hsin

Steel

Co.

Ltd.

9,308

17,491

Fushun

Special

Steel

Co.

Ltd.,

Class

A

14,100

9,688

Gerdau

SA

(Preference)

30,964

81,985

Gloria

Material

Technology

Corp.

219,278

302,353

GMK

Norilskiy

Nickel

PAO\*‡

209,000

—

Godawari

Power

and

Ispat

Ltd.

15,651

33,779

Gold

Fields

Ltd.

12,925

291,069

Grupo

Mexico

SAB

de

CV,

Series

B

79,900

415,929

Hangzhou

Iron

&

Steel

Co.,

Class

A

9,400

14,250

Harmony

Gold

Mining

Co.

Ltd.(b)

14,133

223,720

Henan

Shenhuo

Coal

Industry

&

Electricity

Power

Co.

Ltd.,

Class

A

5,000

11,717

Hesteel

Co.

Ltd.,

Class

A

37,600

11,234

Hindalco

Industries

Ltd.

40,279

297,812

Hindustan

Copper

Ltd.

6,750

17,040

Hsin

Kuang

Steel

Co.

Ltd.

101,704

136,896

Huaibei

Mining

Holdings

Co.

Ltd.,

Class

A

9,400

15,350

Hunan

Valin

Steel

Co.

Ltd.,

Class

A

23,500

15,822

Hyundai

Steel

Co.

2,481

42,761

Impala

Platinum

Holdings

Ltd.\*

12,690

75,617

Industrias

CH

SAB

de

CV,

Class

B,

Series

B\*

1,900

17,083

Industrias

Penoles

SAB

de

CV\*

2,585

51,646

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

A\*

70,500

16,793

Inner

Mongolia

ERDOS

Resources

Co.

Ltd.,

Class

B

10,388

9,785

Jai

Balaji

Industries

Ltd.\*

7,730

10,906

Jiangxi

Copper

Co.

Ltd.,

Class

A

4,700

13,771

Jiangxi

Copper

Co.

Ltd.,

Class

H

35,000

58,945

Jinchuan

Group

International

Resources

Co.

Ltd.‡(b)

235,000

18,135

Jindal

Saw

Ltd.

8,256

24,235

Jindal

Stainless

Ltd.

5,734

39,576

Jindal

Steel

&

Power

Ltd.

7,755

82,214

JSW

Steel

Ltd.

19,599

238,899

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

A/S,

Class

A\*

22,474

22,603

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

A/S,

Class

D\*

28,435

17,168

KG

DONGBUSTEEL

18,330

76,595

Kirloskar

Ferrous

Industries

Ltd.

4,183

22,724

Korea

Zinc

Co.

Ltd.

105,539

Koza

Anadolu

Metal

Madencilik

Isletmeleri

A/S\*

62,087

139,640

Kumba

Iron

Ore

Ltd.

761

13,231

Lloyds

Metals

&

Energy

Ltd.

2,064

29,395

Maanshan

Iron

&

Steel

Co.

Ltd.,

Class

H\*

22,000

4,653

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Metals

#### &

#### Mining
(continued)

Magnitogorsk

Iron

&

Steel

Works

PJSC‡

45,174

$

—

Maharashtra

Seamless

Ltd.

17,096

132,636

Merdeka

Copper

Gold

Tbk.

PT\*

183,462

18,457

Metalurgica

Gerdau

SA

32,900

50,384

Metalurgica

Gerdau

SA

(Preference)

253,700

376,871

Minsur

SA

337,037

371,484

MMG

Ltd.\*(b)

64,000

19,477

National

Aluminium

Co.

Ltd.

17,561

32,524

NMDC

Ltd.

72,192

55,364

NMDC

Steel

Ltd.\*

16,007

6,698

Northam

Platinum

Holdings

Ltd.

8,977

60,077

Novolipetsk

Steel

PJSC‡

51,150

—

Petrosea

Tbk.

PT

47,000

8,069

PMB

Technology

Bhd.\*

4,700

1,525

Polyus

PJSC\*‡

11,550

—

Poongsan

Corp.

500

20,858

POSCO

Holdings,

Inc.

1,739

318,684

Press

Metal

Aluminium

Holdings

Bhd.

61,100

69,384

PTC

Industries

Ltd.\*

15,144

Qatar

Aluminum

Manufacturing

Co.

1,052,612

370,915

Ramkrishna

Forgings

Ltd.

3,648

25,698

Raspadskaya

OJSC\*‡

4,240

—

Ratnamani

Metals

&

Tubes

Ltd.

576

18,302

Sam-A

Aluminum

Co.

Ltd.

1,698

Sarda

Energy

&

Minerals

Ltd.

3,700

19,795

Saudi

Arabian

Mining

Co.\*

18,377

250,357

SeAH

Besteel

Holdings

Corp.

4,277

53,737

SeAH

Steel

Holdings

Corp.

611

97,356

Severstal

PAO‡

5,995

—

Shandong

Gold

Mining

Co.

Ltd.,

Class

A

5,200

21,694

Shandong

Gold

Mining

Co.

Ltd.,

Class

H(a)(b)

12,250

36,017

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

A

18,800

9,448

Shanxi

Taigang

Stainless

Steel

Co.

Ltd.,

Class

A\*

15,900

7,728

Shenghe

Resources

Holding

Co.

Ltd.,

Class

A

9,400

13,693

Shougang

Fushan

Resources

Group

Ltd.

96,000

30,454

Shyam

Metalics

&

Energy

Ltd.

1,950

19,870

Sibanye

Stillwater

Ltd.\*

58,092

67,127

Steel

Authority

of

India

Ltd.

28,100

37,821

TA

Chen

Stainless

Pipe

45,804

59,935

Tata

Steel

Ltd.

122,341

202,850

Tianshan

Aluminum

Group

Co.

Ltd.,

Class

A

15,300

15,673

Tongling

Nonferrous

Metals

Group

Co.

Ltd.,

Class

A

29,400

12,792

Tung

Ho

Steel

Enterprise

Corp.

17,050

34,385

Turk

Altin

Isletmeleri

A/S\*

14,797

9,580

United

Co.

RUSAL

International

PJSC\*‡

75,100

—

#### Investments

#### Shares

#### Value

#### Metals

#### &

#### Mining
(continued)

Usha

Martin

Ltd.

6,762

$

23,151

Usinas

Siderurgicas

de

Minas

Gerais

SA

Usiminas

(Preference),

Class

A\*

188,000

183,637

Vale

SA

89,300

833,786

Vedanta

Ltd.

44,321

219,916

VSMPO-AVISMA

Corp.

PJSC‡

—

Wanguo

Gold

Group

Ltd.

14,000

41,162

Welspun

Corp.

Ltd.

3,165

28,753

Western

Mining

Co.

Ltd.,

Class

A

4,800

10,165

Xiamen

Tungsten

Co.

Ltd.,

Class

A

3,900

9,837

Young

Poong

Corp.

1,560

40,660

Yunnan

Aluminium

Co.

Ltd.,

Class

A

6,300

13,185

Yunnan

Copper

Co.

Ltd.,

Class

A

4,800

7,693

Yunnan

Tin

Co.

Ltd.,

Class

A

4,900

9,304

Zhaojin

Mining

Industry

Co.

Ltd.,

Class

H(b)

24,500

58,322

Zhejiang

JIULI

Hi-tech

Metals

Co.

Ltd.,

Class

A

4,700

15,143

Zhongjin

Gold

Corp.

Ltd.,

Class

A

10,900

20,456

Zijin

Mining

Group

Co.

Ltd.,

Class

A

23,500

56,495

Zijin

Mining

Group

Co.

Ltd.,

Class

H(b)

88,000

192,688

#### 9,228,116

#### Multi-Utilities

#### -

#### 0

#### .1

#### %
Dubai

Electricity

&

Water

Authority

PJSC

147,298

107,474

Power

&

Water

Utility

Co.

for

Jubail

&

Yanbu

3,293

Qatar

Electricity

&

Water

Co.

QSC

12,549

52,698

YTL

Corp.

Bhd.

122,200

54,374

YTL

Power

International

Bhd.

67,431

53,445

#### 271,284

#### Office

#### REITs

#### -

#### 0

#### .1

#### %
Embassy

Office

Parks

REIT,

REIT

5,719

25,843

RL

Commercial

REIT,

Inc.,

REIT

2,110,300

245,582

Shinhan

Alpha

REIT

Co.

Ltd.,

REIT

6,674

27,278

#### 298,703

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 4

#### .4

#### %
ADNOC

Logistics

&

Services

21,792

28,775

Aegis

Logistics

Ltd.

2,650

24,636

AKR

Corporindo

Tbk.

PT

2,898,900

220,037

Alamtri

Resources

Indonesia

Tbk.

PT

366,700

41,972

Bangchak

Corp.

PCL,

NVDR

14,000

14,983

Bangchak

Sriracha

PCL,

NVDR

253,800

39,888

Banpu

PCL,

NVDR

32,100

4,132

Bashneft

PJSC‡

1,305

—

Bashneft

PJSC

(Preference)‡

1,163

—

Bayan

Resources

Tbk.

PT

131,700

156,890

Bharat

Petroleum

Corp.

Ltd.

45,571

167,243

Brava

Energia

116,950

358,613

Bukit

Asam

Tbk.

PT

26,100

4,339

Bumi

Resources

Tbk.

PT\*

939,000

6,053

CGN

Mining

Co.

Ltd.(b)

25,000

4,642

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Chennai

Petroleum

Corp.

Ltd.

18,142

$

131,485

China

Coal

Energy

Co.

Ltd.,

Class

A

11,400

15,916

China

Coal

Energy

Co.

Ltd.,

Class

H

48,000

49,580

China

Merchants

Energy

Shipping

Co.

Ltd.,

Class

A

14,100

11,357

China

Petroleum

&

Chemical

Corp.,

Class

A

89,300

69,593

China

Petroleum

&

Chemical

Corp.,

Class

H

564,000

288,738

China

Shenhua

Energy

Co.

Ltd.,

Class

A

14,100

74,356

China

Shenhua

Energy

Co.

Ltd.,

Class

H

87,000

327,595

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

H(b)

50,000

26,758

Coal

India

Ltd.

59,126

269,652

Cosan

SA

23,500

32,253

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

A

8,600

12,185

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

H

40,000

31,774

Dana

Gas

PJSC

2,036,228

413,005

Dian

Swastatika

Sentosa

Tbk.

PT\*

23,500

64,413

Ecopetrol

SA

140,483

57,371

Exxaro

Resources

Ltd.(b)

4,700

38,401

Formosa

Petrochemical

Corp.

20,736

22,660

Gansu

Energy

Chemical

Co.

Ltd.,

Class

A

28,200

9,125

Gazprom

PJSC\*‡

412,500

—

Great

Eastern

Shipping

Co.

Ltd.

(The)

37,506

386,253

Guangzhou

Development

Group,

Inc.,

Class

A

16,600

14,742

Harum

Energy

Tbk.

PT\*

799,000

36,821

HD

Hyundai

Co.

Ltd.

1,081

59,848

Helleniq

Energy

Holdings

SA

1,316

11,407

Hindustan

Petroleum

Corp.

Ltd.

26,226

117,558

Indian

Oil

Corp.

Ltd.

100,392

163,819

Indo

Tambangraya

Megah

Tbk.

PT

150,400

199,325

Inner

Mongolia

Dian

Tou

Energy

Corp.

Ltd.,

Class

A

5,500

13,517

Inner

Mongolia

Yitai

Coal

Co.

Ltd.,

Class

B

30,300

60,236

IRPC

PCL,

NVDR

4,053,700

105,575

Jinneng

Holding

Shanxi

Coal

Industry

Co.

Ltd.,

Class

A

4,900

7,469

Jizhong

Energy

Resources

Co.

Ltd.,

Class

A

4,800

4,124

Kinetic

Development

Group

Ltd.(b)

752,000

114,429

LUKOIL

PJSC‡

12,265

—

Mangalore

Refinery

&

Petrochemicals

Ltd.

5,520

8,769

Medco

Energi

Internasional

Tbk.

PT

178,600

11,297

MOL

Hungarian

Oil

&

Gas

plc

9,259

78,439

#### Investments

#### Shares

#### Value

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Motor

Oil

Hellas

Corinth

Refineries

SA

1,443

$

34,939

Nanjing

Tanker

Corp.,

Class

A\*

9,800

3,603

Novatek

PJSC‡

20,020

—

Oil

&

Natural

Gas

Corp.

Ltd.

108,335

313,462

Oil

India

Ltd.

17,237

83,804

Petrindo

Jaya

Kreasi

Tbk.

PT

5,200

2,232

PetroChina

Co.

Ltd.,

Class

H

544,000

416,697

Petroleo

Brasileiro

SA

93,900

531,581

Petroleo

Brasileiro

SA

(Preference)

116,100

615,014

Petronas

Dagangan

Bhd.

4,900

22,416

Petronet

LNG

Ltd.

18,001

66,851

Petroreconcavo

SA

51,700

117,255

PRIO

SA\*

19,000

113,133

PTT

Exploration

&

Production

PCL

1,390

PTT

Exploration

&

Production

PCL,

NVDR

32,431

96,599

PTT

PCL,

NVDR

202,100

187,550

Qatar

Fuel

QSC

21,385

88,101

Qatar

Gas

Transport

Co.

Ltd.

55,319

69,570

Reliance

Industries

Ltd.

117,641

1,956,419

Rosneft

Oil

Co.

PJSC‡

74,042

—

Saudi

Arabian

Oil

Co.(a)

82,203

555,559

Semirara

Mining

&

Power

Corp.,

Class

A

9,400

5,722

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

A

18,800

49,622

Shan

Xi

Hua

Yang

Group

New

Energy

Co.

Ltd.,

Class

A

7,050

6,358

Sinopec

Kantons

Holdings

Ltd.(b)

376,000

211,887

SK

Discovery

Co.

Ltd.

4,136

121,039

SK

Gas

Ltd.

8,087

SK

Innovation

Co.

Ltd.

1,645

109,242

S-Oil

Corp.

744

27,216

Star

Petroleum

Refining

PCL,

NVDR

700,900

114,351

Surgutneftegas

PAO‡

319,000

—

Surgutneftegas

PAO

(Preference)‡

225,500

—

Tatneft

PJSC‡

26,900

—

Tatneft

PJSC

(Preference)‡

3,870

—

Thai

Oil

PCL,

NVDR

14,102

11,293

Thungela

Resources

Ltd.(b)

49,209

243,979

Transneft

PJSC

(Preference)‡

5,500

—

Turkiye

Petrol

Rafinerileri

A/S

22,184

71,928

Ultrapar

Participacoes

SA

14,100

44,406

United

Tractors

Tbk.

PT

28,200

38,563

Vista

Energy

SAB

de

CV,

ADR\*(b)

2,068

93,412

Yancoal

Australia

Ltd.(a)(b)

9,400

30,062

Yankuang

Energy

Group

Co.

Ltd.,

Class

A

10,335

17,361

Yankuang

Energy

Group

Co.

Ltd.,

Class

H(b)

89,699

93,809

#### 10,986,560

#### Paper

#### &

#### Forest

#### Products

#### -

#### 0

#### .4

#### %
Aditya

Birla

Real

Estate

Ltd.

1,050

23,834

Century

Plyboards

India

Ltd.

2,316

19,136

Chung

Hwa

Pulp

Corp.\*

16,800

6,697

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Paper

#### &

#### Forest

#### Products
(continued)

Dexco

SA

122,200

$

119,364

Empresas

CMPC

SA

34,791

54,019

Indah

Kiat

Pulp

&

Paper

Tbk.

PT

35,400

10,983

Lee

&

Man

Paper

Manufacturing

Ltd.

(b) 893,000

240,676

Longchen

Paper

&

Packaging

Co.

Ltd.\*

251,200

71,552

Nine

Dragons

Paper

Holdings

Ltd.\*(b)

55,000

20,284

Pabrik

Kertas

Tjiwi

Kimia

Tbk.

PT

498,200

153,812

Sappi

Ltd.

15,336

28,651

Shandong

Sun

Paper

Industry

JSC

Ltd.,

Class

A

9,200

17,747

Shihlin

Paper

Corp.\*

9,648

13,710

Suzano

SA

15,600

137,996

YFY,

Inc.

22,472

18,338

#### 936,799

#### Passenger

#### Airlines

#### -

#### 0

#### .4

#### %
Aegean

Airlines

SA

1,222

16,391

Aeroflot

PJSC\*‡

74,029

—

Air

Arabia

PJSC

62,322

59,386

Asiana

Airlines,

Inc.\*

15,651

104,267

China

Airlines

Ltd.

61,000

40,148

China

Eastern

Airlines

Corp.

Ltd.,

Class

A\*

14,300

7,265

China

Eastern

Airlines

Corp.

Ltd.,

Class

H\*

46,000

13,762

China

Southern

Airlines

Co.

Ltd.,

Class

A\*

14,100

10,911

China

Southern

Airlines

Co.

Ltd.,

Class

H\*

24,000

9,904

Eva

Airways

Corp.

79,300

95,458

Hainan

Airlines

Holding

Co.

Ltd.,

Class

A\*

67,200

12,399

InterGlobe

Aviation

Ltd.\*(a)

2,585

160,622

Jeju

Air

Co.

Ltd.\*

16,967

79,971

Korean

Air

Lines

Co.

Ltd.

3,854

56,800

Latam

Airlines

Group

SA

4,613,669

72,118

Pegasus

Hava

Tasimaciligi

A/S\*

5,283

30,618

SpiceJet

Ltd.\*

50,008

28,442

Turk

Hava

Yollari

AO\*

18,835

139,207

Tway

Air

Co.

Ltd.\*

30,832

46,416

#### 984,085

#### Personal

#### Care

#### Products

#### -

#### 0

#### .4

#### %
Amorepacific

Corp.

25,641

APR

Corp.\*

500

26,486

Bloomage

Biotechnology

Corp.

Ltd.,

Class

A

1,989

13,375

Colgate-Palmolive

India

Ltd.

1,927

59,016

Cosmax,

Inc.

17,475

Dabur

India

Ltd.

8,037

46,400

#### Investments

#### Shares

#### Value

#### Personal

#### Care

#### Products
(continued)

EIS

Eczacibasi

Ilac

ve

Sinai

ve

Finansal

Yatirimlar

Sanayi

ve

Ticaret

A/S

55,700

$

63,434

Emami

Ltd.

3,696

27,329

Giant

Biogene

Holding

Co.

Ltd.(a)

7,800

80,467

Gillette

India

Ltd.

18,264

Godrej

Consumer

Products

Ltd.

5,828

86,954

Grape

King

Bio

Ltd.

2,637

11,213

Hengan

International

Group

Co.

Ltd.

12,000

32,419

Hindustan

Unilever

Ltd.

12,502

346,587

Honasa

Consumer

Ltd.\*

3,619

10,557

Hyundai

Bioscience

Co.

Ltd.\*

2,715

20,532

Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk.

PT

456,000

16,345

Kolmar

Korea

Co.

Ltd.

12,815

LG

H&H

Co.

Ltd.

23,030

LG

H&H

Co.

Ltd.

(Preference)

3,905

Microbio

Co.

Ltd.\*

26,681

19,730

Natura

&

Co.

Holding

SA\*

10,258

17,231

Procter

&

Gamble

Hygiene

&

Health

Care

Ltd.

32,706

Sarantis

SA

1,316

20,196

TCI

Co.

Ltd.

1,000

4,643

VT

Co.

Ltd.\*

564

15,196

#### 1,051,946

#### Pharmaceuticals

#### -

#### 1

#### .7

#### %
Ajanta

Pharma

Ltd.

576

18,450

Alembic

Pharmaceuticals

Ltd.

2,000

20,727

Alkem

Laboratories

Ltd.

1,081

65,461

AMI

Organics

Ltd.

1,692

22,643

Aspen

Pharmacare

Holdings

Ltd.

10,199

66,737

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

700

7,903

Aurobindo

Pharma

Ltd.\*

5,264

76,583

Beijing

Tong

Ren

Tang

Chinese

Medicine

Co.

Ltd.(b)

5,000

5,435

Bora

Pharmaceuticals

Co.

Ltd.

1,008

22,440

Boryung

9,588

57,130

Caliway

Biopharmaceuticals

Co.

Ltd.\*

1,000

20,886

Caplin

Point

Laboratories

Ltd.

912

20,283

Caregen

Co.

Ltd.

2,416

Center

Laboratories,

Inc.

11,446

12,812

Changchun

High-Tech

Industry

Group

Co.

Ltd.,

Class

A\*

600

7,262

Chengdu

Kanghong

Pharmaceutical

Group

Co.

Ltd.,

Class

A

4,700

18,061

China

Medical

System

Holdings

Ltd.

21,000

22,477

China

Resources

Double

Crane

Pharmaceutical

Co.

Ltd.,

Class

A

4,700

12,205

China

Resources

Pharmaceutical

Group

Ltd.(a)

51,000

32,226

China

Shineway

Pharmaceutical

Group

Ltd.(b)

94,000

87,761

China

Traditional

Chinese

Medicine

Holdings

Co.

Ltd.\*(b)

1,010,000

263,092

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Pharmaceuticals
(continued)

Chong

Kun

Dang

Pharmaceutical

Corp.

3,405

$

195,461

Cipla

Ltd.

8,460

155,223

Concord

Biotech

Ltd.

821

14,758

CSPC

Pharmaceutical

Group

Ltd.

226,080

178,714

Daewoong

Co.

Ltd.

8,789

125,513

Daewoong

Pharmaceutical

Co.

Ltd.

4,757

Dong-A

Socio

Holdings

Co.

Ltd.

1,355

98,182

DongKook

Pharmaceutical

Co.

Ltd.

720

7,699

Dr

Reddy's

Laboratories

Ltd.

9,917

138,970

Eris

Lifesciences

Ltd.(a)

1,069

18,121

Genomma

Lab

Internacional

SAB

de

CV,

Class

B

18,800

22,137

Gland

Pharma

Ltd.(a)

6,744

GlaxoSmithKline

Pharmaceuticals

Ltd.

13,194

Glenmark

Pharmaceuticals

Ltd.

2,256

36,883

Grand

Pharmaceutical

Group

Ltd.

28,500

21,904

Granules

India

Ltd.

3,193

17,227

Hanall

Biopharma

Co.

Ltd.\*

576

11,244

Hanmi

Pharm

Co.

Ltd.

19,491

Hansoh

Pharmaceutical

Group

Co.

Ltd.(a)

14,000

43,509

HK

inno

N

Corp.

5,443

Hlb

Pharma

Ceutical

Co.

Ltd.\*

1,128

15,871

Hua

Han

Health

Industry

Holdings

Ltd.\*‡

3,780,000

—

Hubei

Jumpcan

Pharmaceutical

Co.

Ltd.,

Class

A

4,700

17,013

Humanwell

Healthcare

Group

Co.

Ltd.,

Class

A

4,700

13,506

Hypera

SA

9,400

40,048

Ipca

Laboratories

Ltd.

2,726

45,212

Jamjoom

Pharmaceuticals

Factory

Co.

22,139

JB

Chemicals

&

Pharmaceuticals

Ltd.

1,152

21,986

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

5,000

35,179

Jiangzhong

Pharmaceutical

Co.

Ltd.,

Class

A

4,700

14,826

JW

Pharmaceutical

Corp.

4,794

75,375

Kalbe

Farma

Tbk.

PT

137,500

11,306

Laurus

Labs

Ltd.(a)

4,136

29,562

Livzon

Pharmaceutical

Group,

Inc.,

Class

H

3,930

13,075

Lotus

Pharmaceutical

Co.

Ltd.

2,000

13,726

Lumosa

Therapeutics

Co.

Ltd.\*

2,188

11,185

Lupin

Ltd.

3,995

99,095

Luye

Pharma

Group

Ltd.\*(a)(b)

752,500

196,017

Mankind

Pharma

Ltd.\*

1,945

56,757

Marksans

Pharma

Ltd.

3,525

9,154

Mezzion

Pharma

Co.

Ltd.\*

9,038

Natco

Pharma

Ltd.

2,021

20,355

Neuland

Laboratories

Ltd.

21,008

Oneness

Biotech

Co.

Ltd.\*

4,406

8,610

#### Investments

#### Shares

#### Value

#### Pharmaceuticals
(continued)

Oscotec,

Inc.\*

1,269

$

24,594

Pfizer

Ltd.

17,327

Pharmally

International

Holding

Co.

Ltd.\*‡

2,564

—

Piramal

Pharma

Ltd.

13,309

33,247

Richter

Gedeon

Nyrt.

3,658

111,044

Sam

Chun

Dang

Pharm

Co.

Ltd.

23,755

Sanofi

Consumer

Healthcare

India

Ltd.

19,238

Sanofi

India

Ltd.

10,130

Saudi

Pharmaceutical

Industries

&

Medical

Appliances

Corp.\*

517

3,515

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

A

2,200

7,088

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H(b)

14,000

25,239

Shanghai

Shyndec

Pharmaceutical

Co.

Ltd.,

Class

A

1,900

2,676

Shenzhen

Hepalink

Pharmaceutical

Group

Co.

Ltd.,

Class

A\*

9,400

14,082

Shilpa

Medicare

Ltd.\*

1,175

8,999

Sino

Biopharmaceutical

Ltd.

169,999

85,715

SK

Biopharmaceuticals

Co.

Ltd.\*

20,903

SSY

Group

Ltd.

480,000

182,599

ST

Pharm

Co.

Ltd.

7,836

Strides

Pharma

Science

Ltd.

2,300

17,693

Sun

Pharmaceutical

Industries

Ltd.

17,108

371,042

Suven

Pharmaceuticals

Ltd.\*

2,303

30,997

Synmosa

Biopharma

Corp.

8,651

8,723

Tianjin

Pharmaceutical

Da

Re

Tang

Group

Corp.

Ltd.,

Class

S

4,900

10,682

Torrent

Pharmaceuticals

Ltd.

1,692

66,531

TTY

Biopharm

Co.

Ltd.

2,575

6,207

United

Laboratories

International

Holdings

Ltd.

(The)(b)

24,000

43,019

Wockhardt

Ltd.\*

1,920

29,469

Yuhan

Corp.

988

79,096

YungShin

Global

Holding

Corp.

11,055

22,675

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

A

2,600

20,502

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.,

Class

A

600

16,963

Zhejiang

Jiuzhou

Pharmaceutical

Co.

Ltd.,

Class

A

4,700

8,866

Zydus

Lifesciences

Ltd.

4,379

46,040

#### 4,174,699

#### Professional

#### Services

#### -

#### 0

#### .1

#### %
BLS

International

Services

Ltd.

3,626

15,251

Computer

Age

Management

Services

Ltd.

712

32,921

CTOS

Digital

Bhd.

98,700

22,645

eClerx

Services

Ltd.

679

20,214

Firstsource

Solutions

Ltd.

6,900

27,826

L&T

Technology

Services

Ltd.(a)

510

25,699

My

EG

Services

Bhd.

90,687

18,810

NICE

Information

Service

Co.

Ltd.

13,724

125,027

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Professional

#### Services
(continued)

Quess

Corp.

Ltd.(a)

658

$

2,578

RITES

Ltd.

4,200

11,192

Sporton

International,

Inc.

1,595

8,353

#### 310,516

#### Real

#### Estate

#### Management

#### &

#### Development

#### -

#### 3

#### .3

#### %
Advancetek

Enterprise

Co.

Ltd.

119,442

268,887

Aldar

Properties

PJSC

90,757

204,095

Allos

SA

5,300

19,903

Amata

Corp.

PCL,

NVDR

225,200

99,774

Anant

Raj

Ltd.

3,135

16,769

AP

Thailand

PCL,

NVDR

399,500

95,674

Arabian

Centres

Co.(a)

3,995

21,089

Arriyadh

Development

Co.

2,145

19,615

Ayala

Land,

Inc.

62,800

28,165

Barwa

Real

Estate

Co.

66,505

51,144

Brigade

Enterprises

Ltd.

1,551

18,884

Bumi

Serpong

Damai

Tbk.

PT\*

2,552,100

132,986

C&D

International

Investment

Group

Ltd.(b)

13,004

27,200

Cathay

Real

Estate

Development

Co.

Ltd.

20,550

12,401

Cencosud

Shopping

SA

11,750

24,571

Central

Pattana

PCL,

NVDR

14,800

22,485

China

Dili

Group,

Class

D\*‡

50,001

—

China

Enterprise

Co.

Ltd.,

Class

A

28,200

10,833

China

Jinmao

Holdings

Group

Ltd.

188,000

27,880

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

10,200

12,850

China

Overseas

Land

&

Investment

Ltd.

94,000

167,522

China

Overseas

Property

Holdings

Ltd.

15,000

10,426

China

Resources

Land

Ltd.

74,000

250,493

China

Resources

Mixc

Lifestyle

Services

Ltd.(a)

9,800

47,138

China

Vanke

Co.

Ltd.,

Class

A\*

9,900

9,283

China

Vanke

Co.

Ltd.,

Class

H\*(b)

36,500

25,181

Chong

Hong

Construction

Co.

Ltd.

87,111

238,321

Ciputra

Development

Tbk.

PT

3,431,049

190,154

Commercial

Real

Estate

Co.

KSC

46,154

25,156

Corp.

Inmobiliaria

Vesta

SAB

de

CV(b)

10,300

28,130

Country

Garden

Services

Holdings

Co.

Ltd.

52,000

46,470

Da-Li

Development

Co.

Ltd.

145,931

211,484

Dar

Al

Arkan

Real

Estate

Development

Co.\*

7,655

44,694

Delpha

Construction

Co.

Ltd.

8,965

9,292

DLF

Ltd.

13,113

104,660

Eco

World

Development

Group

Bhd.

42,300

18,430

Emaar

Development

PJSC

23,303

84,697

Emaar

Economic

City\*

1,106

4,494

Emaar

Properties

PJSC

155,147

553,335

#### Investments

#### Shares

#### Value

#### Real

#### Estate

#### Management

#### &

#### Development
(continued)

Evergrande

Property

Services

Group

Ltd.\*(a)

1,974,000

$

188,371

Farglory

Land

Development

Co.

Ltd.

11,524

21,511

Fortress

Real

Estate

Investments

Ltd.,

Class

B

28,150

29,896

Godrej

Properties

Ltd.\*

1,974

50,504

Grandjoy

Holdings

Group

Co.

Ltd.,

Class

A\*

28,200

10,134

Greentown

China

Holdings

Ltd.(b)

25,000

31,981

Greentown

Service

Group

Co.

Ltd.(a)

536,000

306,890

Hangzhou

Binjiang

Real

Estate

Group

Co.

Ltd.,

Class

A

4,300

6,134

Hanson

International

Tbk.

PT\*‡

2,409,275

—

Highwealth

Construction

Corp.

52,000

66,335

Hiyes

International

Co.

Ltd.

25,804

96,413

Huaku

Development

Co.

Ltd.

5,702

18,541

Huang

Hsiang

Construction

Corp.

5,050

8,132

Hung

Sheng

Construction

Ltd.

167,000

119,051

Iguatemi

SA

88,500

321,085

IOI

Properties

Group

Bhd.

38,700

16,413

KE

Holdings,

Inc.,

ADR

8,037

163,151

KE

Holdings,

Inc.,

Class

A

9,400

64,851

Kindom

Development

Co.

Ltd.

137,301

218,081

Kuwait

Real

Estate

Co.

KSC

10,951

13,439

LAMDA

Development

SA\*

1,368

10,295

Land

&

Houses

PCL,

NVDR

9,800

1,244

Longfor

Group

Holdings

Ltd.(a)(b)

49,488

66,625

LSR

Group

PJSC,

Class

A‡

21,295

—

Mabanee

Co.

KPSC

10,312

26,689

Macrotech

Developers

Ltd.(a)

4,230

66,556

Mah

Sing

Group

Bhd.

84,600

22,939

Mahindra

Lifespace

Developers

Ltd.

4,512

18,233

MAS

P.L.C.\*

204,732

204,113

Matrix

Concepts

Holdings

Bhd.

430,050

141,523

Max

Estates

Ltd.\*

940

4,552

MBK

PCL,

NVDR

228,044

105,130

Megaworld

Corp.

3,807,000

121,322

MNC

Land

Tbk.

PT\*

2,575,600

19,239

Multiplan

Empreendimentos

Imobiliarios

SA\*

5,000

22,733

Nanjing

Gaoke

Co.

Ltd.,

Class

A

14,100

14,017

Oberoi

Realty

Ltd.

2,021

39,270

Onewo,

Inc.,

Class

H

5,000

13,830

OSK

Holdings

Bhd.

380,700

149,986

Pakuwon

Jati

Tbk.

PT

6,142,900

141,361

Parque

Arauco

SA

251,779

573,894

Phoenix

Mills

Ltd.

(The)

3,134

61,746

Plaza

SA

8,634

20,086

PNB

Holdings

Corp.\*‡

46,815

61,715

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A

17,100

19,707

Prestige

Estates

Projects

Ltd.

2,076

33,790

Quality

Houses

PCL,

NVDR

1,372,400

61,625

Quzhou

Xin'an

Development

Co.

Ltd.,

Class

A\*

42,300

15,667

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Real

#### Estate

#### Management

#### &

#### Development
(continued)

Radiance

Holdings

Group

Co.

Ltd.\*(a)(b)

235,000

$

91,519

Raymond

Ltd.

1,316

23,791

Retal

Urban

Development

Co.,

Class

A

5,400

24,244

Robinsons

Land

Corp.

676,800

141,528

Ruentex

Development

Co.

Ltd.

39,428

40,497

Salhia

Real

Estate

Co.

KSCP\*

17,090

25,099

Sansiri

PCL,

NVDR

2,754,200

114,604

Saudi

Real

Estate

Co.\*

3,478

21,419

Seazen

Group

Ltd.\*(b)

94,000

23,758

Shanghai

Jinqiao

Export

Processing

Zone

Development

Co.

Ltd.,

Class

B

112,900

88,401

Shanghai

Lingang

Holdings

Corp.

Ltd.,

Class

A

9,400

11,765

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co.

Ltd.,

Class

B

4,900

2,151

Shanghai

Zhangjiang

High-Tech

Park

Development

Co.

Ltd.,

Class

A

4,700

16,935

Shenzhen

Investment

Ltd.(b)

752,000

76,609

Shoucheng

Holdings

Ltd.

94,000

19,273

Sichuan

Languang

Justbon

Services

Group

Co.

Ltd.,

Class

H\*‡

26,500

—

SignatureGlobal

India

Ltd.\*

765

10,396

Sime

Darby

Property

Bhd.

67,600

19,426

Sinic

Holdings

Group

Co.

Ltd.\*‡

318,000

—

SK

D&D

Co.

Ltd.

SM

Prime

Holdings,

Inc.

141,000

61,469

Sobha

Ltd.

571

8,936

SP

Setia

Bhd.

Group

50,000

12,746

Sunac

China

Holdings

Ltd.\*(b)

188,000

36,365

Sunteck

Realty

Ltd.

2,491

11,820

Supalai

PCL,

NVDR

23,800

11,257

Talaat

Moustafa

Group

19,728

20,171

Tanco

Holdings

Bhd.\*

33,840

6,744

United

Development

Co.

QSC

690,242

195,452

UOA

Development

Bhd.

9,200

3,582

Valor

Estate

Ltd.\*

1,636

3,372

WHA

Corp.

PCL,

NVDR

117,490

10,622

Yea

Shin

International

Development

Co.

Ltd.

124,517

132,370

Youngor

Fashion

Co.

Ltd.,

Class

A

14,400

14,850

Yuexiu

Property

Co.

Ltd.(b)

19,079

11,563

Yungshin

Construction

&

Development

Co.

Ltd.

1,600

6,203

Zhuhai

Huafa

Properties

Co.

Ltd.,

Class

A

4,900

3,434

#### 8,275,742

#### Residential

#### REITs

#### -

#### 0

#### .0

#### %
(d) Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

A/S,

REIT\*

51,117

15,311

#### Investments

#### Shares

#### Value

#### Retail

#### REITs

#### -

#### 0

#### .5

#### %
Hyprop

Investments

Ltd.,

REIT

139,731

$

319,771

IGB

REIT,

REIT

39,800

21,583

LOTTE

Reit

Co.

Ltd.,

REIT

2,174

5,483

Nexus

Select

Trust,

REIT

10,105

15,507

Pavilion

REIT,

REIT

15,000

5,041

Resilient

REIT

Ltd.,

REIT(b)

112,001

363,881

Sunway

REIT,

REIT

53,900

23,609

Vukile

Property

Fund

Ltd.,

REIT

452,516

459,660

#### 1,214,535

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 7

#### .0

#### %
ACM

Research

Shanghai,

Inc.,

Class

A

1,081

15,615

ADATA

Technology

Co.

Ltd.

110,167

288,309

Advanced

Wireless

Semiconductor

Co.

5,104

12,065

Airoha

Technology

Corp.

1,250

19,659

Alchip

Technologies

Ltd.

1,600

106,306

Alfa

Solar

Enerji

Sanayi

ve

Ticaret

A/S

37,271

43,183

Andes

Technology

Corp.\*

1,507

13,429

Anji

Microelectronics

Technology

Shanghai

Co.

Ltd.,

Class

A

4,196

Anpec

Electronics

Corp.

2,000

9,411

AP

Memory

Technology

Corp.

2,224

16,550

Ardentec

Corp.

170,702

397,093

ASE

Technology

Holding

Co.

Ltd.

85,923

364,024

ASMedia

Technology,

Inc.

24,373

ASPEED

Technology,

Inc.

709

66,504

ASR

Microelectronics

Co.

Ltd.,

Class

A\*

987

13,058

Black

Sesame

International

Holding

Ltd.\*

9,400

23,298

Cambricon

Technologies

Corp.

Ltd.,

Class

A\*

500

48,439

Chipbond

Technology

Corp.

17,001

33,754

ChipMOS

Technologies,

Inc.

230,035

189,520

Daqo

New

Energy

Corp.,

ADR\*(b)

19,411

247,296

DB

HiTek

Co.

Ltd.

753

20,315

Duksan

Techopia

Co.

Ltd.\*

705

11,035

Elan

Microelectronics

Corp.

3,378

13,836

Elite

Semiconductor

Microelectronics

Technology,

Inc.

15,787

25,371

eMemory

Technology,

Inc.

1,350

108,268

Ennostar,

Inc.

7,000

7,879

Eo

Technics

Co.

Ltd.

11,680

Episil

Technologies,

Inc.\*

6,292

7,063

Eugene

Technology

Co.

Ltd.

893

21,359

Everlight

Electronics

Co.

Ltd.

11,850

28,381

Fadu,

Inc.\*

1,880

14,032

Faraday

Technology

Corp.

4,154

23,379

Fitipower

Integrated

Technology,

Inc.

1,488

10,212

Flat

Glass

Group

Co.

Ltd.,

Class

H

1,000

1,132

FocalTech

Systems

Co.

Ltd.

4,711

9,147

Formosa

Advanced

Technologies

Co.

Ltd.

3,520

2,928

Formosa

Sumco

Technology

Corp.

1,000

2,483

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

Foxsemicon

Integrated

Technology,

Inc.

2,650

$

22,703

Gallant

Precision

Machining

Co.

Ltd.

2,722

5,966

GCL

System

Integration

Technology

Co.

Ltd.,

Class

A\*

9,800

2,847

GCL

Technology

Holdings

Ltd.\*(b)

470,000

47,881

Genesys

Logic,

Inc.

2,000

8,755

Global

Mixed

Mode

Technology,

Inc.

2,448

16,915

Global

Unichip

Corp.

1,432

45,893

Globalwafers

Co.

Ltd.

4,616

44,525

Grand

Process

Technology

Corp.

500

14,555

Greatech

Technology

Bhd.\*

37,600

12,635

Greatek

Electronics,

Inc.

7,632

13,077

Gudeng

Precision

Industrial

Co.

Ltd.

1,812

20,792

Hana

Micron,

Inc.

16,591

126,986

Hanmi

Semiconductor

Co.

Ltd.

818

43,792

Holtek

Semiconductor,

Inc.

5,712

7,269

Hongyuan

Green

Energy

Co.

Ltd.,

Class

A

4,700

9,189

Hua

Hong

Semiconductor

Ltd.(a)(b)

6,000

27,429

Inari

Amertron

Bhd.

39,200

17,442

ISC

Co.

Ltd.

14,849

ITE

Technology,

Inc.

4,100

16,601

Jentech

Precision

Industrial

Co.

Ltd.

1,287

40,240

Jinko

Solar

Co.

Ltd.,

Class

A

19,530

14,736

Jusung

Engineering

Co.

Ltd.

1,152

27,230

King

Yuan

Electronics

Co.

Ltd.

19,998

54,273

Kinsus

Interconnect

Technology

Corp.

4,000

9,405

Koh

Young

Technology,

Inc.

2,867

27,833

LandMark

Optoelectronics

Corp.\*

2,048

16,809

LEENO

Industrial,

Inc.

530

13,460

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

5,848

11,836

LX

Semicon

Co.

Ltd.

4,371

166,661

M31

Technology

Corp.

7,465

Macronix

International

Co.

Ltd.

31,104

19,304

Marketech

International

Corp.

2,489

12,491

Materials

Analysis

Technology,

Inc.

1,000

4,862

MediaTek,

Inc.

22,679

957,279

Montage

Technology

Co.

Ltd.,

Class

A

1,608

17,008

MPI

Corp.

1,428

29,066

Nanya

Technology

Corp.\*

26,600

29,941

NAURA

Technology

Group

Co.

Ltd.,

Class

A

800

49,673

Novatek

Microelectronics

Corp.

9,312

151,109

Nuvoton

Technology

Corp.

4,000

8,567

Orient

Semiconductor

Electronics

Ltd.

14,256

14,219

Pan

Jit

International,

Inc.

8,000

11,043

Parade

Technologies

Ltd.

1,400

23,506

Phison

Electronics

Corp.

2,776

38,841

Phoenix

Silicon

International

Corp.

1,794

7,320

Pixart

Imaging,

Inc.

3,200

21,411

#### Investments

#### Shares

#### Value

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

Powerchip

Semiconductor

Manufacturing

Corp.\*

52,000

$

23,006

Powertech

Technology,

Inc.

14,550

49,360

Premier

Energies

Ltd.(a)

517

6,009

Radiant

Opto-Electronics

Corp.

8,350

38,639

Raydium

Semiconductor

Corp.

1,824

18,563

RDC

Semiconductor

Co.

Ltd.\*

1,500

7,293

Realtek

Semiconductor

Corp.

7,724

126,548

RichWave

Technology

Corp.\*

2,388

10,229

SDI

Corp.

1,781

3,993

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

H

4,000

14,391

Sigurd

Microelectronics

Corp.

16,300

36,745

Silergy

Corp.

4,000

50,027

Silicon

Integrated

Systems

Corp.

5,959

9,046

Sino-American

Silicon

Products,

Inc.

16,352

56,496

Sitronix

Technology

Corp.

45,849

304,628

SK

Hynix,

Inc.

7,896

985,959

Skytech,

Inc.

1,000

6,191

Smart

Gunes

Enerjisi

Teknolojileri

ArGE

Uretim

Sanayi

ve

Ticaret

A/S\*

64,954

51,376

Sunplus

Technology

Co.

Ltd.\*

5,116

3,399

Taiwan

Mask

Corp.

7,000

6,785

Taiwan

Semiconductor

Co.

Ltd.

89,386

129,958

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

349,885

9,933,263

Taiwan-Asia

Semiconductor

Corp.

13,000

8,820

TechWing,

Inc.

750

17,886

Tokai

Carbon

Korea

Co.

Ltd.

8,018

Tongwei

Co.

Ltd.,

Class

A

4,600

10,330

Topco

Scientific

Co.

Ltd.

2,704

20,756

Trina

Solar

Co.

Ltd.,

Class

A

4,502

8,120

United

Microelectronics

Corp.

290,332

410,312

United

Renewable

Energy

Co.

Ltd.\*

50,256

13,482

UPI

Semiconductor

Corp.

1,358

7,770

Vanguard

International

Semiconductor

Corp.

15,078

42,382

Verisilicon

Microelectronics

Shanghai

Co.

Ltd.,

Class

A\*

1,233

16,303

Via

Technologies,

Inc.

5,424

12,295

VisEra

Technologies

Co.

Ltd.

1,392

8,748

Visual

Photonics

Epitaxy

Co.

Ltd.

4,000

12,444

ViTrox

Corp.

Bhd.

9,400

6,819

Wafer

Works

Corp.

226,445

142,311

Will

Semiconductor

Co.

Ltd.

Shanghai,

Class

A

900

16,305

Win

Semiconductors

Corp.\*

6,961

19,697

Winbond

Electronics

Corp.\*

63,007

31,028

WinWay

Technology

Co.

Ltd.

650

17,214

WONIK

IPS

Co.

Ltd.

1,269

20,265

Wonik

QnC

Corp.

5,758

68,861

Wuxi

Autowell

Technology

Co.

Ltd.,

Class

A

2,350

10,694

Wuxi

Taiji

Industry

Ltd.

Co.,

Class

A

14,100

12,270

XinTec,

Inc.

3,000

12,522

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

Xinyi

Solar

Holdings

Ltd.

124,000

$

41,415

#### 17,429,242

#### Software

#### -

#### 0

#### .2

#### %
AurionPro

Solutions

Ltd.

517

8,732

Beijing

Fourth

Paradigm

Technology

Co.

Ltd.\*

4,700

24,577

Beijing

Kingsoft

Office

Software,

Inc.,

Class

A

611

24,665

Birlasoft

Ltd.

3,951

18,248

Douzone

Bizon

Co.

Ltd.

15,044

Hundsun

Technologies,

Inc.,

Class

A

4,550

16,257

Iflytek

Co.

Ltd.,

Class

A

4,800

31,016

Insyde

Software

Corp.

1,000

8,004

Intellect

Design

Arena

Ltd.

1,615

15,093

Kingdee

International

Software

Group

Co.

Ltd.\*

50,000

84,981

KPIT

Technologies

Ltd.

2,381

35,330

MIA

Teknoloji

A/S\*

4,277

3,863

Newgen

Software

Technologies

Ltd.

1,920

22,421

Oracle

Financial

Services

Software

Ltd.

43,668

Rategain

Travel

Technologies

Ltd.\*

1,968

10,105

Route

Mobile

Ltd.

4,390

Shanghai

Baosight

Software

Co.

Ltd.,

Class

A

3,200

11,813

Shanghai

Baosight

Software

Co.

Ltd.,

Class

B

9,949

14,605

Tanla

Platforms

Ltd.

1,242

6,973

Tata

Elxsi

Ltd.

517

35,285

TOTVS

SA

9,400

62,463

Venustech

Group,

Inc.,

Class

A

4,700

10,005

#### 507,538

#### Specialty

#### Retail

#### -

#### 1

#### .0

#### %
Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

28,106

25,787

Aditya

Birla

Fashion

and

Retail

Ltd.\*

6,536

20,389

Aldrees

Petroleum

and

Transport

Services

Co.

768

28,215

Ali

Alghanim

Sons

Automotive

Co.

KSCC

58,839

200,675

Aspirasi

Hidup

Indonesia

Tbk.

PT

150,400

4,847

Bermaz

Auto

Bhd.

399,500

97,213

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

900

7,857

Chow

Tai

Fook

Jewellery

Group

Ltd.

49,000

65,589

Com7

PCL,

NVDR

23,400

14,430

Dogan

Sirketler

Grubu

Holding

A/S

39,249

15,879

Dogus

Otomotiv

Servis

ve

Ticaret

A/S

893

4,539

Empresas

Copec

SA

11,703

79,537

Foschini

Group

Ltd.

9,259

64,328

FSN

E-Commerce

Ventures

Ltd.\*

18,240

41,964

HLA

Group

Corp.

Ltd.,

Class

A

19,000

21,713

Home

Product

Center

PCL,

NVDR

97,400

24,784

#### Investments

#### Shares

#### Value

#### Specialty

#### Retail
(continued)

Hotai

Motor

Co.

Ltd.

6,120

$

118,447

Hotel

Shilla

Co.

Ltd.\*

2,906

Italtile

Ltd.

166,051

86,657

Jarir

Marketing

Co.

4,888

16,446

JUMBO

SA

3,149

99,514

Lojas

Renner

SA

21,620

55,793

M.Video

PJSC\*‡

31,680

—

Map

Aktif

Adiperkasa

PT

240,000

9,398

Metro

Brands

Ltd.

1,409

17,845

Motus

Holdings

Ltd.

50,478

235,973

MR

DIY

Group

M

Bhd.(a)

57,600

22,426

Mr

Price

Group

Ltd.

4,324

55,092

National

Petroleum

Co.

Ltd.

2,000

3,871

Oriental

Holdings

Bhd.

8,500

13,769

Padini

Holdings

Bhd.

235,300

113,969

Pan

German

Universal

Motors

Ltd.

8,370

74,585

PC

Jeweller

Ltd.\*

78,725

11,396

Pepkor

Holdings

Ltd.(a)

47,705

68,764

Pop

Mart

International

Group

Ltd.(a)

10,400

259,910

PTT

Oil

&

Retail

Business

PCL,

NVDR

15,300

6,641

Redtape

Ltd.

2,068

3,223

Saudi

Automotive

Services

Co.

795

14,010

Siam

Global

House

PCL,

NVDR

43,810

9,246

Topsports

International

Holdings

Ltd.

(a) 52,000

20,787

Truworths

International

Ltd.

9,158

36,571

United

Electronics

Co.

874

21,903

Vibra

Energia

SA

23,500

78,037

We

Buy

Cars

Holdings

Ltd.

130,002

301,140

XXF

Group

Holdings

Ltd.\*(b)

40,000

34,766

Zhongsheng

Group

Holdings

Ltd.

12,000

18,136

#### 2,528,967

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 4

#### .0

#### %
Acer,

Inc.

47,000

51,287

Advantech

Co.

Ltd.

8,552

90,111

AIC,

Inc.

11,836

109,171

Asia

Vital

Components

Co.

Ltd.

5,136

74,512

ASROCK,

Inc.

1,086

5,959

Asustek

Computer,

Inc.

18,000

326,423

AURAS

Technology

Co.

Ltd.

1,550

23,602

Catcher

Technology

Co.

Ltd.

7,418

50,330

Chicony

Electronics

Co.

Ltd.

13,050

62,837

China

Greatwall

Technology

Group

Co.

Ltd.,

Class

A\*

5,500

11,109

Clevo

Co.

13,536

20,315

CMC

Magnetics

Corp.

329,000

81,368

Compal

Electronics,

Inc.

117,700

100,650

CosmoAM&T

Co.

Ltd.\*

8,554

Darfon

Electronics

Corp.

65,800

78,076

Elitegroup

Computer

Systems

Co.

Ltd.

94,900

45,843

Ennoconn

Corp.

2,304

19,270

Getac

Holdings

Corp.\*

9,843

32,930

Gigabyte

Technology

Co.

Ltd.

8,976

64,128

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals
(continued)

HTC

Corp.\*

11,432

$

13,833

Ibase

Technology,

Inc.

51,512

98,247

IEI

Integration

Corp.

46,219

120,667

Innodisk

Corp.

1,321

9,624

Inventec

Corp.

50,008

63,560

JPC

connectivity,

Inc.

1,842

7,228

King

Slide

Works

Co.

Ltd.

1,104

60,234

Kinpo

Electronics

7,500

4,620

Legend

Holdings

Corp.,

Class

H\*(a)

220,900

220,481

Lenovo

Group

Ltd.

188,000

217,948

Lite-On

Technology

Corp.

35,626

106,935

Micro-Star

International

Co.

Ltd.

16,000

69,787

Mitac

Holdings

Corp.\*

14,304

23,480

Netweb

Technologies

India

Ltd.

3,141

Pegatron

Corp.

55,304

139,717

Qisda

Corp.

47,000

39,236

Quanta

Computer,

Inc.\*

42,731

318,649

Quanta

Storage,

Inc.

5,200

13,137

Reeder

Teknoloji

Sanayi

ve

Ticaret

A/S\*

154,536

45,766

Samsung

Electronics

Co.

Ltd.

119,521

4,666,490

Samsung

Electronics

Co.

Ltd.

(Preference)

20,539

676,927

Shenzhen

Transsion

Holdings

Co.

Ltd.,

Class

A

3,002

Tsinghua

Tongfang

Co.

Ltd.,

Class

A\*

14,100

13,512

Wistron

Corp.

44,429

140,998

Wiwynn

Corp.

1,150

68,677

Xiaomi

Corp.,

Class

B\*(a)

241,200

1,553,631

#### 9,956,002

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 1

#### .1

#### %

Degrees

International

Ltd.

282,000

154,915

Aksa

Akrilik

Kimya

Sanayii

A/S\*

38,400

9,545

ANTA

Sports

Products

Ltd.(b)

20,800

246,632

Arvind

Ltd.

4,000

17,225

Azzas

2154

SA

50,042

281,439

Bata

India

Ltd.

2,718

Bosideng

International

Holdings

Ltd.

94,000

48,729

Eclat

Textile

Co.

Ltd.\*

3,546

45,901

F&F

Co.

Ltd.

621

30,842

Feng

TAY

Enterprise

Co.

Ltd.

11,872

41,760

FF

Group\*‡

3,536

—

Fuguiniao

Group

Ltd.\*‡

334,800

—

Fulgent

Sun

International

Holding

Co.

Ltd.

56,083

178,860

Garware

Technical

Fibres

Ltd.

940

9,589

Indo

Count

Industries

Ltd.

1,410

5,084

JNBY

Design

Ltd.(a)

72,500

136,685

Kalyan

Jewellers

India

Ltd.

4,236

25,900

KPR

Mill

Ltd.

1,754

20,704

Lao

Feng

Xiang

Co.

Ltd.,

Class

B

7,400

25,745

Laopu

Gold

Co.

Ltd.,

Class

H\*

27,835

Li

Ning

Co.

Ltd.

63,000

119,424

Makalot

Industrial

Co.

Ltd.

4,420

39,248

#### Investments

#### Shares

#### Value

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods
(continued)

Mavi

Giyim

Sanayi

ve

Ticaret

A/S,

Class

B(a)

19,700

$

16,535

Misto

Holdings

Corp.

556

14,492

Page

Industries

Ltd.

52,913

Pou

Chen

Corp.

76,600

78,437

Rajesh

Exports

Ltd.\*

48,363

103,820

Raymond

Lifestyle

Ltd.\*

752

8,565

Ruentex

Industries

Ltd.

16,940

28,972

Safari

Industries

India

Ltd.

864

20,495

Shenzhou

International

Group

Holdings

Ltd.

9,900

68,683

Shinkong

Textile

Co.

Ltd.

7,600

9,743

Sports

Gear

Co.

Ltd.

18,979

68,835

Swan

Energy

Ltd.

2,940

13,982

Tainan

Spinning

Co.

Ltd.

423,000

158,709

Taiwan

Paiho

Ltd.

7,000

12,760

Titan

Co.

Ltd.

6,110

244,425

Trident

Ltd.

22,165

6,952

Vardhman

Textiles

Ltd.

44,133

237,267

Vedant

Fashions

Ltd.

864

7,997

Vivara

Participacoes

SA

5,300

20,699

Welspun

Living

Ltd.

7,370

11,098

Xtep

International

Holdings

Ltd.

28,462

19,489

Youngone

Corp.

15,989

Youngone

Holdings

Co.

Ltd.

1,974

132,479

#### 2,822,116

#### Tobacco

#### -

#### 0

#### .3

#### %
British

American

Tobacco

Malaysia

Bhd.

42,300

63,229

Gudang

Garam

Tbk.

PT\*

155,900

94,150

ITC

Ltd.

45,449

229,064

KT&G

Corp.

2,961

238,921

RLX

Technology,

Inc.,

ADR(b)

14,168

26,353

Smoore

International

Holdings

Ltd.

(a)(b) 37,000

64,222

#### 715,939

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 0

#### .4

#### %
Adani

Enterprises

Ltd.

5,499

149,790

Barloworld

Ltd.

53,016

309,156

BOC

Aviation

Ltd.(a)

5,100

38,309

Bohai

Leasing

Co.

Ltd.,

Class

A\*

18,800

8,180

Brighton-Best

International

Taiwan,

Inc.

14,272

14,860

Chin

Hin

Group

Bhd.\*

18,800

8,932

COSCO

SHIPPING

Development

Co.

Ltd.,

Class

A

37,600

11,597

IndiaMart

InterMesh

Ltd.(a)

715

19,534

LX

International

Corp.

10,716

200,147

Posco

International

Corp.

1,081

37,529

Realord

Group

Holdings

Ltd.\*

14,000

12,782

Shanghai

Waigaoqiao

Free

Trade

Zone

Group

Co.

Ltd.,

Class

B

65,000

49,790

Shanxi

Coal

International

Energy

Group

Co.

Ltd.,

Class

A

2,200

2,868

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Trading

#### Companies

#### &

#### Distributors
(continued)

Sinochem

International

Corp.,

Class

A\*

18,800

$

9,267

SK

Networks

Co.

Ltd.

40,091

119,300

Xiamen

C

&

D,

Inc.,

Class

A

9,400

13,499

#### 1,005,540

#### Transportation

#### Infrastructure

#### -

#### 0

#### .9

#### %
Abu

Dhabi

Ports

Co.

PJSC\*

3,196

3,454

Adani

Ports

&

Special

Economic

Zone

Ltd.

13,912

200,322

Airports

of

Thailand

PCL

54,000

61,832

Airports

of

Thailand

PCL,

NVDR,

NVDR

7,100

8,130

Bangkok

Expressway

&

Metro

PCL,

NVDR

101,000

17,839

Beibuwan

Port

Co.

Ltd.,

Class

A

14,100

16,405

CCR

SA

19,182

45,571

China

Merchants

Expressway

Network

&

Technology

Holdings

Co.

Ltd.,

Class

A

9,600

16,959

China

Merchants

Port

Holdings

Co.

Ltd.

34,521

56,179

COSCO

SHIPPING

Ports

Ltd.

11,798

6,116

EcoRodovias

Infraestrutura

e

Logistica

SA

75,200

87,800

Evergreen

International

Storage

&

Transport

Corp.

15,520

14,024

GMR

Airports

Ltd.\*

47,410

48,929

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

Class

B

4,900

54,204

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

6,110

124,279

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

2,450

77,750

Guangdong

Provincial

Expressway

Development

Co.

Ltd.,

Class

B

9,800

10,022

Guangzhou

Baiyun

International

Airport

Co.

Ltd.,

Class

A

9,400

11,687

Gujarat

Pipavav

Port

Ltd.

3,736

5,881

International

Container

Terminal

Services,

Inc.

13,160

80,155

Jasa

Marga

Persero

Tbk.

PT

11,523

2,971

Jiangsu

Expressway

Co.

Ltd.,

Class

H

32,000

39,821

JSW

Infrastructure

Ltd.

5,850

20,333

Ningbo

Zhoushan

Port

Co.

Ltd.,

Class

A

23,500

11,519

Novorossiysk

Commercial

Sea

Port

PJSC‡

189,696

—

Piraeus

Port

Authority

SA

2,585

116,071

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

5,099

57,130

Qingdao

Port

International

Co.

Ltd.,

Class

A

5,200

6,215

#### Investments

#### Shares

#### Value

#### Transportation

#### Infrastructure
(continued)

Qingdao

Port

International

Co.

Ltd.,

Class

H(a)

23,000

$

16,609

Salik

Co.

PJSC

25,828

35,581

Santos

Brasil

Participacoes

SA

28,200

67,444

Saudi

Ground

Services

Co.

1,815

24,097

Shanghai

International

Port

Group

Co.

Ltd.,

Class

A

19,300

14,456

Shenzhen

Expressway

Corp.

Ltd.,

Class

H

18,000

15,320

Shenzhen

International

Holdings

Ltd.

24,500

25,117

Shenzhen

Yan

Tian

Port

Holding

Co.

Ltd.,

Class

A

18,800

11,726

Sociedad

Matriz

SAAM

SA

1,458,363

180,113

Taiwan

High

Speed

Rail

Corp.

48,000

40,747

TangShan

Port

Group

Co.

Ltd.,

Class

A

4,900

2,705

TAV

Havalimanlari

Holding

A/S\*

4,067

24,163

Westports

Holdings

Bhd.

17,500

17,236

Wilson

Sons

SA

9,600

29,047

Zhejiang

Expressway

Co.

Ltd.,

Class

H

646,000

533,148

#### 2,239,107

#### Water

#### Utilities

#### -

#### 0

#### .6

#### %
Aguas

Andinas

SA,

Class

A

69,842

25,551

AlKhorayef

Water

&

Power

Technologies

Co.\*

17,751

Beijing

Capital

Eco-Environment

Protection

Group

Co.

Ltd.,

Class

A

24,000

10,442

Beijing

Enterprises

Water

Group

Ltd.

(b) 132,000

41,704

China

Water

Affairs

Group

Ltd.(b)

282,000

217,099

Chongqing

Water

Group

Co.

Ltd.,

Class

A

18,800

12,503

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

5,300

106,620

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

70,500

266,987

Cia

De

Sanena

Do

Parana\*

89,300

484,719

Guangdong

Investment

Ltd.

56,000

45,351

Manila

Water

Co.,

Inc.

394,800

241,029

Miahona\*

3,290

20,016

National

Central

Cooling

Co.

PJSC

5,029

3,615

VA

Tech

Wabag

Ltd.\*

987

15,013

#### 1,508,400

#### Wireless

#### Telecommunication

#### Services

#### -

#### 1

#### .1

#### %
Advanced

Info

Service

PCL,

NVDR

14,100

124,517

America

Movil

SAB

de

CV,

Series

B(b)

459,900

397,523

Axiata

Group

Bhd.

20,804

10,125

Bharti

Airtel

Ltd.

38,869

857,813

Bharti

Hexacom

Ltd.

7,517

Celcomdigi

Bhd.

42,300

37,448

Empresa

Nacional

de

Telecomunicaciones

SA

47,047

134,784

Etihad

Etisalat

Co.

6,251

104,658

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Wireless

#### Telecommunication

#### Services
(continued)

Far

EasTone

Telecommunications

Co.

Ltd.

30,033

$

80,475

Indosat

Tbk.

PT

127,200

13,410

Maxis

Bhd.

28,200

24,246

Mobile

Telecommunications

Co.

KSCP

44,509

68,710

Mobile

Telecommunications

Co.

Saudi

Arabia

10,716

36,397

Mobile

TeleSystems

PJSC‡

31,356

—

MTN

Group

Ltd.(b)

42,112

277,733

PLDT,

Inc.

1,645

38,287

Sistema

AFK

PAO‡

122,643

—

SK

Telecom

Co.

Ltd.

2,303

87,972

Taiwan

Mobile

Co.

Ltd.

24,954

88,556

TIM

SA

18,800

62,928

Turkcell

Iletisim

Hizmetleri

A/S

29,869

69,819

Vodacom

Group

Ltd.

14,194

104,474

Vodafone

Idea

Ltd.\*

304,325

25,647

Vodafone

Qatar

QSC

44,198

28,648

XLSMART

Telecom

Sejahtera

Tbk.

PT

102,900

13,327

#### 2,695,014

#### Total

#### Common

#### Stocks

#### (Cost

#### $199,553,263)

#### 247,339,829

#### Number

#### of

#### Rights

#### RIGHTS

#### -

#### 0

#### .0

#### %
(d) #### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 0.0%(d)
Samsung

SDI

Co.

Ltd.,

expiring

5/22/2025,

price

146,200.00

KRW\*

2,715

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 0.0%(d)
Chabiotech

Co.

Ltd.,

expiring

6/5/2025,

price

7,540.00

KRW\*

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 0.0%(d)
MBK

Public

Co.

Ltd.,

expiring

12/31/2025,

price

1.00 THB\*

22,804

546

#### Total

#### Rights

#### (Cost

#### $–)

#### 3,589

#### Principal

#### Amount

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 0

#### .8

#### %
(e) #### REPURCHASE

#### AGREEMENTS

#### -

#### 0

#### .8

#### %
CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$1,226,534,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$1,246,919

$

1,226,385

1,226,385

#### Investments

#### Principal

#### Amount

#### Value

#### REPURCHASE

#### AGREEMENTS
(continued)

National

Bank

of

Canada

Financial

Inc.

4.51%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$300,038,

collateralized

by

various

Common

Stocks;

total

market

value

$331,320

$

300,000

$

300,000

Societe

Generale

4.48%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$100,012,

collateralized

by

various

Common

Stocks;

total

market

value

$111,207

100,000

100,000

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$200,025,

collateralized

by

various

Common

Stocks;

total

market

value

$220,545

200,000

200,000

The

Bank

of

Nova

Scotia,

Toronto

4.50%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$200,025,

collateralized

by

various

Common

Stocks;

total

market

value

$223,044

200,000

200,000

2,026,385

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $2,026,385)

#### 2,026,385

#### Total

#### Investments

#### -

#### 99.8%

#### (Cost

#### $201,579,648)

#### 249,369,803
Other

assets

less

liabilities

-

0.2%

524,284

#### NET

#### ASSETS

#### -

#### 100.0%

#### $249,894,087
*\**

*Non-income* 

*producing* 

*security.*

*‡*

*Security* 

*is* 

*valued* 

*using* 

*significant* 

*unobservable* 

*inputs* 

*and* 

*is* 

*classified* 

*as* 

*Level* 

*3* 

*in* 

*the* 

*fair* 

*value* 

*hierarchy.*

(a) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Regulation* 

*S* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

1933. *Regulation* 

*S* 

*applies* 

*to* 

*securities* 

*offerings* 

*that* 

*are* 

*made* 

*outside* 

*of* 

*the* 

*United* 

*States* 

*and* 

*do* 

*not* 

*involve* 

*direct* 

*selling* 

*efforts* 

*in* 

*the* 

*United* 

*States* 

*and* 

*as* 

*such* 

*may* 

*have* 

*restrictions* 

*on* 

*resale.*

(b) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$11,410,840,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$2,026,385* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments;* 

*$6,263,943* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*May* 

*15,* 

*2025* 

*–* 

*February* 

*15,* 

*2055* 

*and* 

*$3,941,845* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*Foreign* 

*Government* 

*Fixed* 

*Income* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*June* 

*12,* 

*2025* 

*–* 

*June* 

*30,* 

*2120;* 

*a* 

*total* 

*value* 

*of* 

*$12,232,173.*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

(c) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Rule* 

*144A* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

*1933,* 

*as* 

*amended.* 

*These* 

*securities* 

*may* 

*be* 

*resold* 

*in* 

*transactions* 

*exempt* 

*from* 

*registration* 

*to* 

*qualified* 

*institutional* 

*investors.* 

*At* 

*April* 

*30,* 

*2025,* 

*the* 

*value* 

*of* 

*these* 

*securities* 

*amounted* 

*to* 

*approximately* 

*$37,874* 

*or* 

*0.02%* 

*of* 

*net* 

*assets.*

(d) *Represents* 

*less* 

*than* 

*0.05%* 

*of* 

*net* 

*assets.*

(e) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$2,026,385.*

*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*ADR*

*—*

*American* 

*Depositary* 

*Receipt*

*GDR*

*—*

*Global* 

*Depositary* 

*Receipt*

*NVDR*

*—*

*Non-Voting* 

*Depositary* 

*Receipt*

*OJSC*

*—*

*Open* 

*Joint* 

*Stock* 

*Company*

*PJSC*

*—*

*Public* 

*Joint* 

*Stock* 

*Company*

*Preference*

*—*

*A* 

*special* 

*type* 

*of* 

*equity* 

*investment* 

*that* 

*shares* 

*in* 

*the* 

*earnings* 

*of* 

*the* 

*company,* 

*has* 

*limited* 

*voting* 

*rights,* 

*and* 

*may* 

*have* 

*a* 

*dividend* 

*preference.* 

*Preference* 

*shares* 

*may* 

*also* 

*have* 

*liquidation* 

*preference.* 

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*SCA*

*—*

*Limited* 

*partnership* 

*with* 

*share* 

*capital*

*TIPS*

*—*

*Treasury* 

*inflation* 

*protected* 

*securities* 

*("TIPS")* 

*are* 

*debt* 

*securities* 

*issued* 

*by* 

*the* 

*US* 

*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* 

*by* 

*the* 

*TIPS* 

*is* 

*fixed,* 

*while* 

*the* 

*principal* 

*value* 

*rises* 

*or* 

*falls* 

*based* 

*on* 

*changes* 

*in* 

*a* 

*published* 

*Consumer* 

*Price* 

*Index* 

*("CPI").* 

*Thus,* 

*if* 

*inflation* 

*occurs,* 

*the* 

*principal* 

*and* 

*interest* 

*payments* 

*on* 

*the* 

*TIPS* 

*are* 

*adjusted* 

*accordingly* 

*to* 

*protect* 

*investors* 

*from* 

*inflationary* 

*loss. During* 

*a* 

*deflationary* 

*period,* 

*the* 

*principal* 

*and* 

*interest* 

*payments* 

*decrease,* 

*although* 

*the* 

*TIPS* 

*principal* 

*amounts* 

*will* 

*not* 

*drop* 

*below* 

*their* 

*face* 

*amounts* 

*at* 

*maturity.* 

*In* 

*exchange* 

*for* 

*the* 

*inflation* 

*protection,* 

*the* 

*TIPS* 

*generally* 

*pay* 

*lower* 

*interest* 

*rates* 

*than* 

*typical* 

*US* 

*Treasury* 

*securities.* 

*Only* 

*if* 

*inflation* 

*occurs* 

*will* 

*TIPS* 

*offer* 

*a* 

*higher* 

*real* 

*yield* 

*than* 

*a* 

*conventional* 

*Treasury* 

*security* 

*of* 

*the* 

*same* 

*maturity.*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

66,978,454

Aggregate

gross

unrealized

depreciation

(25,972,492)

Net

unrealized

appreciation

$

41,005,962

Federal

income

tax

cost

$

208,282,419

#### Futures

#### Contracts
*FlexShares*

*®*

*Morningstar* 

*Emerging* 

*Markets* 

*Factor* 

*Tilt* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Depreciation

#### \*

#### Long

#### Contracts
MSCI

Emerging

Markets

E-Mini

Index

06/20/2025

USD

$

4,051,500

$

(55,971)

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

#### Forward

#### Foreign

#### Currency

#### Contracts
*FlexShares*

*®*

*Morningstar* 

*Emerging* 

*Markets* 

*Factor* 

*Tilt* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*outstanding* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### to

#### Receive

#### Counterparty

#### In

#### Exchange

#### For

#### Maturity

#### Date

#### Unrealized

#### Appreciation/
(Depreciation)

USD

51,377

UBS

AG

ZAR

950,000

06/18/2025

$

514

Total

unrealized

appreciation

$

514

USD

213,690

Citibank

NA

BRL

\*

1,270,000

06/18/2025

$

(8,168)

USD

317,838

Bank

of

Montreal

HKD

2,466,137

06/18/2025

(395)

USD

176,935

Citibank

NA

INR

\*

15,531,500

06/18/2025

(6,261)

USD

176,022

Citibank

NA

KRW

\*

254,462,590

06/18/2025

(3,553)

USD

19,866

UBS

AG

MXN

404,000

06/18/2025

(635)

USD

261,675

Citibank

NA

TWD

\*

8,556,120

06/18/2025

(6,953)

Total

unrealized

depreciation

$

(25,965)

Net

unrealized

depreciation

$

(25,451)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

\*

*Non-deliverable* 

*forward.* 

*See* 

*Note* 

*2* 

*in* 

*the* 

*Notes* 

*to* 

*Financial* 

*Statements.*

*Abbreviations:*

*BRL*

*—*

*Brazilian* 

*Real*

*HKD*

*—*

*Hong* 

*Kong* 

*Dollar*

*INR*

*—*

*Indian* 

*Rupee*

*KRW*

*—*

*Korean* 

*Won*

*MXN*

*—*

*Mexican* 

*Peso*

*TWD*

*—*

*Taiwan* 

*Dollar*

*USD*

*—*

*US* 

*Dollar*

*ZAR*

*—*

*South* 

*African* 

*Rand*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*FlexShares®* 

*Morningstar* 

*Emerging* 

*Markets* 

*Factor* 

*Tilt* 

*Index* 

*invested,* 

*as* 

*a* 

*percentage* 

*of* 

*net* 

*assets,* 

*in* 

*companies* 

*domiciled* 

*in* 

*the* 

*following* 

*countries* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

Australia

.0

†

Brazil

.9

%

Cayman

Islands

.0

†

Chile

.3

China

.3

Colombia

.5

Czech

Republic

.1

Egypt

.3

Germany

.0

†

Greece

.7

Hungary

.3

India

.4

Indonesia

.1

Italy

.1

Kuwait

.7

Luxembourg

.0

†

Malaysia

.3

Mexico

.3

Peru

.4

Philippines

.3

Qatar

.7

Romania

.1

Saudi

Arabia

.5

Singapore

.0

†

South

Africa

.0

South

Korea

.4

Taiwan

.9

Thailand

.7

Turkey

.2

United

Arab

Emirates

.3

United

Kingdom

.0

†

United

States

.2

Other

.0

100.0%

*†*

*Amount* 

*represents* 

*less* 

*than* 

*0.05%.*

*1*

*Includes* 

*any* 

*non-equity* 

*securities,* 

*securities* 

*lending* 

*reinvestments* 

*and* 

*net* 

*other* 

*assets* 

*(liabilities).*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.0

%

Rights

.0

†

Securities

Lending

Reinvestments

.8

Others

(1) 0

.2

.0

%

*†*

*Amount* 

*represents* 

*less* 

*than* 

*0.05%.*

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares®

US

Quality

Large

Cap

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 99

#### .3

#### %

#### Aerospace

#### &

#### Defense

#### -

#### 1

#### .5

#### %
GE

Aerospace

19,228

$

3,875,211

Lockheed

Martin

Corp.

4,554

2,175,674

#### 6,050,885

#### Air

#### Freight

#### &

#### Logistics

#### -

#### 1

#### .0

#### %
CH

Robinson

Worldwide,

Inc.

15,180

1,354,360

Expeditors

International

of

Washington,

Inc.

13,662

1,501,590

United

Parcel

Service,

Inc.,

Class

B

11,891

1,133,212

#### 3,989,162

#### Automobiles

#### -

#### 1

#### .2

#### %
Tesla,

Inc.\*

17,457

4,925,667

#### Banks

#### -

#### 5

#### .3

#### %
Bank

of

America

Corp.

134,849

5,377,778

Citigroup,

Inc.

76,406

5,224,642

Fifth

Third

Bancorp

23,276

836,540

JPMorgan

Chase

&

Co.

32,384

7,921,774

Wells

Fargo

&

Co.

25,806

1,832,484

#### 21,193,218

#### Beverages

#### -

#### 0

#### .5

#### %
Molson

Coors

Beverage

Co.,

Class

B

37,697

2,168,708

#### Biotechnology

#### -

#### 1

#### .1

#### %
AbbVie,

Inc.

4,554

888,486

Amgen,

Inc.

8,096

2,355,288

Gilead

Sciences,

Inc.

7,590

808,639

United

Therapeutics

Corp.\*

1,771

536,772

#### 4,589,185

#### Broadline

#### Retail

#### -

#### 3

#### .2

#### %
Amazon.com,

Inc.\*

51,612

9,518,285

eBay,

Inc.

32,637

2,224,538

MercadoLibre,

Inc.\*

506

1,179,410

#### 12,922,233

#### Building

#### Products

#### -

#### 0

#### .6

#### %
A

O

Smith

Corp.(a)

5,313

360,540

Carlisle

Cos.,

Inc.

3,289

1,248,110

Masco

Corp.

13,409

812,719

#### 2,421,369

#### Capital

#### Markets

#### -

#### 2

#### .7

#### %
Bank

of

New

York

Mellon

Corp.

(The)

31,119

2,502,279

Goldman

Sachs

Group,

Inc.

(The)

6,831

3,740,314

Morgan

Stanley

21,252

2,452,906

Robinhood

Markets,

Inc.,

Class

A\*

3,542

173,948

State

Street

Corp.

23,276

2,050,615

#### 10,920,062

#### Investments

#### Shares

#### Value

#### Chemicals

#### -

#### 0

#### .0

#### %
(b) International

Flavors

&

Fragrances,

Inc.

759

$

59,551

#### Communications

#### Equipment

#### -

#### 1

#### .7

#### %
Arista

Networks,

Inc.\*

11,891

978,273

Cisco

Systems,

Inc.

92,092

5,316,471

F5,

Inc.\*

1,771

468,854

#### 6,763,598

#### Construction

#### &

#### Engineering

#### -

#### 0

#### .1

#### %
EMCOR

Group,

Inc.

1,012

405,508

#### Consumer

#### Finance

#### -

#### 1

#### .8

#### %
Ally

Financial,

Inc.

38,709

1,264,236

Capital

One

Financial

Corp.

15,180

2,736,347

Discover

Financial

Services

6,325

1,155,388

Synchrony

Financial

36,938

1,918,929

#### 7,074,900

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 0

#### .7

#### %
Kroger

Co.

(The)

34,661

2,502,871

Target

Corp.

2,024

195,721

#### 2,698,592

#### Diversified

#### Telecommunication

#### Services

#### -

#### 1

#### .0

#### %
AT&T,

Inc.

146,740

4,064,698

#### Electric

#### Utilities

#### -

#### 3

#### .6

#### %
Edison

International

12,397

663,363

Entergy

Corp.(a)

28,842

2,398,789

Evergy,

Inc.

11,638

804,186

Exelon

Corp.

41,492

1,945,975

NRG

Energy,

Inc.

21,252

2,328,794

PPL

Corp.

69,322

2,530,253

Southern

Co.

(The)

39,974

3,673,211

#### 14,344,571

#### Electrical

#### Equipment

#### -

#### 0

#### .0

#### %
(b) Emerson

Electric

Co.

759

79,778

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 0

#### .7

#### %
Flex

Ltd.\*

27,071

929,618

Jabil,

Inc.

9,108

1,334,868

Zebra

Technologies

Corp.,

Class

A\*

1,771

443,317

#### 2,707,803

#### Entertainment

#### -

#### 1

#### .8

#### %
Electronic

Arts,

Inc.

5,060

734,156

Netflix,

Inc.\*

3,542

4,008,552

Spotify

Technology

SA\*

3,542

2,174,717

Warner

Bros

Discovery,

Inc.\*

39,215

339,994

#### 7,257,419

#### Financial

#### Services

#### -

#### 3

#### .7

#### %
Berkshire

Hathaway,

Inc.,

Class

B\*

21,252

11,332,629

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

US

Quality

Large

Cap

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Financial

#### Services
(continued)

Fidelity

National

Information

Services,

Inc.

17,710

$

1,396,965

Fiserv,

Inc.\*

3,542

653,747

PayPal

Holdings,

Inc.\*

20,999

1,382,574

#### 14,765,915

#### Food

#### Products

#### -

#### 0

#### .3

#### %
General

Mills,

Inc.

23,276

1,320,680

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 1

#### .2

#### %
Abbott

Laboratories

4,554

595,436

GE

HealthCare

Technologies,

Inc.

3,795

266,902

Hologic,

Inc.\*

11,385

662,607

IDEXX

Laboratories,

Inc.\*

1,265

547,302

Medtronic

plc

3,795

321,664

ResMed,

Inc.

10,120

2,394,291

Stryker

Corp.

506

189,204

#### 4,977,406

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 4

#### .0

#### %
Cardinal

Health,

Inc.

7,843

1,108,138

Cencora,

Inc.

9,867

2,887,775

Centene

Corp.\*

20,999

1,256,790

Cigna

Group

(The)

9,867

3,355,175

DaVita,

Inc.\*

10,120

1,432,486

HCA

Healthcare,

Inc.

3,542

1,222,273

McKesson

Corp.

5,313

3,787,053

Tenet

Healthcare

Corp.\*

5,819

831,826

Universal

Health

Services,

Inc.,

Class

B

1,012

179,195

#### 16,060,711

#### Hotel

#### &

#### Resort

#### REITs

#### -

#### 0

#### .4

#### %
Host

Hotels

&

Resorts,

Inc.,

REIT

106,513

1,503,964

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 1

#### .5

#### %
Booking

Holdings,

Inc.

558

2,845,398

DoorDash,

Inc.,

Class

A\*

4,807

927,222

Expedia

Group,

Inc.

3,036

476,440

Royal

Caribbean

Cruises

Ltd.

7,337

1,576,795

#### 5,825,855

#### Household

#### Durables

#### -

#### 0

#### .7

#### %
NVR,

Inc.\*

1,802,815

PulteGroup,

Inc.

7,843

804,535

#### 2,607,350

#### Household

#### Products

#### -

#### 2

#### .1

#### %
Colgate-Palmolive

Co.

14,674

1,352,796

Kimberly-Clark

Corp.

13,662

1,800,379

Procter

&

Gamble

Co.

(The)

31,625

5,141,276

#### 8,294,451

#### Industrial

#### Conglomerates

#### -

#### 0

#### .4

#### %
3M

Co.

12,397

1,722,067

#### Investments

#### Shares

#### Value

#### Insurance

#### -

#### 1

#### .9

#### %
Aflac,

Inc.

22,264

$

2,419,651

American

International

Group,

Inc.

29,348

2,392,449

MetLife,

Inc.

27,324

2,059,410

Prudential

Financial,

Inc.

8,855

909,497

#### 7,781,007

#### Interactive

#### Media

#### &

#### Services

#### -

#### 7

#### .9

#### %
Alphabet,

Inc.,

Class

A

69,828

11,088,687

Alphabet,

Inc.,

Class

C

67,298

10,827,575

Meta

Platforms,

Inc.,

Class

A

17,710

9,722,790

#### 31,639,052

#### IT

#### Services

#### -

#### 1

#### .4

#### %
Accenture

plc,

Class

A

8,096

2,421,918

Cognizant

Technology

Solutions

Corp.,

Class

A

18,975

1,395,991

Gartner,

Inc.\*

1,518

639,200

GoDaddy,

Inc.,

Class

A\*

6,831

1,286,482

#### 5,743,591

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### -

#### 0

#### .5

#### %
ICON

plc\*

3,036

459,772

Mettler-Toledo

International,

Inc.\*

1,116

1,194,756

Waters

Corp.\*(a)

1,265

439,878

#### 2,094,406

#### Machinery

#### -

#### 2

#### .5

#### %
Caterpillar,

Inc.

10,373

3,208,058

Cummins,

Inc.

3,542

1,040,781

Illinois

Tool

Works,

Inc.

11,891

2,852,770

Snap-on,

Inc.

5,819

1,826,060

Westinghouse

Air

Brake

Technologies

Corp.

6,072

1,121,741

#### 10,049,410

#### Media

#### -

#### 0

#### .6

#### %
Comcast

Corp.,

Class

A

24,541

839,302

Fox

Corp.,

Class

A

22,011

1,095,928

Omnicom

Group,

Inc.

7,590

578,054

#### 2,513,284

#### Metals

#### &

#### Mining

#### -

#### 0

#### .3

#### %
Agnico

Eagle

Mines

Ltd.

9,867

1,160,162

#### Multi-Utilities

#### -

#### 1

#### .2

#### %
Consolidated

Edison,

Inc.

22,011

2,481,740

Public

Service

Enterprise

Group,

Inc.

27,577

2,204,230

#### 4,685,970

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 1

#### .6

#### %
EOG

Resources,

Inc.

23,023

2,540,128

Marathon

Petroleum

Corp.(a)

12,903

1,773,001

Phillips

506

52,654

Valero

Energy

Corp.

15,939

1,850,359

#### 6,216,142

#### Pharmaceuticals

#### -

#### 4

#### .1

#### %
Bristol-Myers

Squibb

Co.

51,612

2,590,923

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

US

Quality

Large

Cap

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Pharmaceuticals
(continued)

Eli

Lilly

&

Co.

4,301

$

3,866,384

Johnson

&

Johnson

40,480

6,327,429

Merck

&

Co.,

Inc.

38,456

3,276,451

Viatris,

Inc.(a)

67,298

566,649

#### 16,627,836

#### Professional

#### Services

#### -

#### 0

#### .7

#### %
Automatic

Data

Processing,

Inc.

759

228,155

Leidos

Holdings,

Inc.

13,662

2,010,773

Paychex,

Inc.(a)

4,554

669,985

#### 2,908,913

#### Real

#### Estate

#### Management

#### &

#### Development

#### -

#### 0

#### .5

#### %
CBRE

Group,

Inc.,

Class

A\*

17,710

2,163,808

#### Residential

#### REITs

#### -

#### 0

#### .6

#### %
AvalonBay

Communities,

Inc.,

REIT(a)

1,012

212,500

Equity

Residential,

REIT

2,530

177,758

Essex

Property

Trust,

Inc.,

REIT

7,337

2,048,123

Mid-America

Apartment

Communities,

Inc.,

REIT(a)

506

80,783

#### 2,519,164

#### Retail

#### REITs

#### -

#### 0

#### .6

#### %
Simon

Property

Group,

Inc.,

REIT

14,421

2,269,577

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 10

#### .1

#### %
Analog

Devices,

Inc.

9,614

1,873,961

Applied

Materials,

Inc.

16,445

2,478,426

Broadcom,

Inc.

43,516

8,375,524

KLA

Corp.

3,795

2,666,708

Lam

Research

Corp.(a)

16,192

1,160,481

NVIDIA

Corp.

198,605

21,632,057

QUALCOMM,

Inc.

17,204

2,554,106

#### 40,741,263

#### Software

#### -

#### 9

#### .3

#### %
Adobe,

Inc.\*

6,831

2,561,488

AppLovin

Corp.,

Class

A\*

2,783

749,490

Check

Point

Software

Technologies

Ltd.\*

10,626

2,333,044

Fair

Isaac

Corp.\*

1,113

2,214,514

Fortinet,

Inc.\*

22,011

2,283,861

Intuit,

Inc.

6,831

4,286,248

Manhattan

Associates,

Inc.\*

1,771

314,158

Microsoft

Corp.

47,817

18,900,147

Oracle

Corp.

10,626

1,495,291

Palantir

Technologies,

Inc.,

Class

A\*

7,337

868,994

Roper

Technologies,

Inc.

141,700

Salesforce,

Inc.

4,301

1,155,722

Zoom

Communications,

Inc.,

Class

A\*

2,783

215,794

#### 37,520,451

#### Investments

#### Shares

#### Value

#### Specialized

#### REITs

#### -

#### 0

#### .5

#### %
Public

Storage,

REIT

6,072

$

1,824,211

#### Specialty

#### Retail

#### -

#### 1

#### .9

#### %
AutoZone,

Inc.\*

506

1,903,876

Best

Buy

Co.,

Inc.

9,867

658,030

Home

Depot,

Inc.

(The)

6,831

2,462,507

Lowe's

Cos.,

Inc.

5,819

1,300,896

Williams-Sonoma,

Inc.

7,843

1,211,508

#### 7,536,817

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 8

#### .1

#### %
Apple,

Inc.

140,415

29,838,189

Dell

Technologies,

Inc.,

Class

C

10,373

951,826

NetApp,

Inc.(a)

19,481

1,748,420

#### 32,538,435

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 0

#### .4

#### %
Deckers

Outdoor

Corp.\*

13,409

1,486,119

#### Tobacco

#### -

#### 1

#### .6

#### %
Altria

Group,

Inc.

59,202

3,501,798

Philip

Morris

International,

Inc.

17,963

3,078,140

#### 6,579,938

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 0

#### .2

#### %
WW

Grainger,

Inc.

759

777,451

#### Total

#### Common

#### Stocks

#### (Cost

#### $358,389,438)

#### 399,092,313

#### Principal

#### Amount

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 1

#### .1

#### %
(c) #### REPURCHASE

#### AGREEMENTS

#### -

#### 1

#### .1

#### %
CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$2,210,072,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$2,246,805

$

2,209,805

2,209,805

MetLife,

Inc.

4.37%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$2,000,243,

collateralized

by

various

U.S.

Treasury

Securities,

0.00%,

5/15/2046;

;

total

market

value

$2,013,880

2,000,000

2,000,000

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

US

Quality

Large

Cap

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### SECURITIES

#### LENDING

#### REINVESTMENTS
(continued)

#### REPURCHASE

#### AGREEMENTS
(continued)

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$104,013,

collateralized

by

various

Common

Stocks;

total

market

value

$114,607

$

104,000

$

104,000

4,313,805

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $4,313,805)

#### 4,313,805

#### Total

#### Investments

#### -

#### 100.4%

#### (Cost

#### $362,703,243)

#### 403,406,118
Liabilities

in

excess

of

other

assets

-

(0.4%)

(1,598,007)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $401,808,111
*\**

*Non-income* 

*producing* 

*security.*

(a) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$5,577,541,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$4,313,805* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments* 

*and* 

*$1,338,527* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.13%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*May* 

*8,* 

*2025* 

*–* 

*November* 

*15,* 

*2054;* 

*a* 

*total* 

*value* 

*of* 

*$5,652,332.*

(b) *Represents* 

*less* 

*than* 

*0.05%* 

*of* 

*net* 

*assets.*

(c) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$4,313,805.*

*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

51,746,037

Aggregate

gross

unrealized

depreciation

(11,210,407)

Net

unrealized

appreciation

$

40,535,630

Federal

income

tax

cost

$

362,864,067

#### Futures

#### Contracts
*FlexShares*

*®*

*US* 

*Quality* 

*Large* 

*Cap* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Depreciation

#### \*

#### Long

#### Contracts
S&P

500

Micro

E-Mini

Index

06/20/2025

USD

$

2,486,215

$

(6,421)

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

*Abbreviations:*

*USD*

*—*

*US* 

*Dollar*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.3

%

Securities

Lending

Reinvestments

.1

Others

(1) (0

.4)

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

April

30,

2025

(Unaudited)

h

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 99

#### .3

#### %

#### Air

#### Freight

#### &

#### Logistics

#### -

#### 0

#### .4

#### %
Expeditors

International

of

Washington,

Inc.

$

26,158

FedEx

Corp.

646

135,873

United

Parcel

Service,

Inc.,

Class

B

3,502

333,741

#### 495,772

#### Automobile

#### Components

#### -

#### 0

#### .0

#### %
(a) Aptiv

plc\*

21,340

#### Automobiles

#### -

#### 2

#### .9

#### %
General

Motors

Co.

4,760

215,342

Tesla,

Inc.\*

10,710

3,021,934

#### 3,237,276

#### Banks

#### -

#### 6

#### .0

#### %
Bank

of

America

Corp.

33,082

1,319,310

Citigroup,

Inc.

10,982

750,949

Fifth

Third

Bancorp

2,006

72,096

JPMorgan

Chase

&

Co.

16,286

3,983,881

KeyCorp

2,890

42,888

Regions

Financial

Corp.

3,502

71,476

Truist

Financial

Corp.

5,100

195,534

US

Bancorp

7,514

303,115

#### 6,739,249

#### Beverages

#### -

#### 2

#### .5

#### %
Coca-Cola

Co.

(The)

22,440

1,628,022

Coca-Cola

Europacific

Partners

plc

1,190

107,980

Constellation

Brands,

Inc.,

Class

A

680

127,527

Keurig

Dr

Pepper,

Inc.

5,066

175,233

Monster

Beverage

Corp.\*

1,972

118,557

PepsiCo,

Inc.

5,236

709,897

#### 2,867,216

#### Biotechnology

#### -

#### 0

#### .5

#### %
Biogen,

Inc.\*

49,401

Gilead

Sciences,

Inc.

2,414

257,188

Incyte

Corp.\*

21,304

Moderna,

Inc.\*

612

17,466

Vertex

Pharmaceuticals,

Inc.\*

242,522

#### 587,881

#### Broadline

#### Retail

#### -

#### 4

#### .8

#### %
Amazon.com,

Inc.\*

28,662

5,285,846

eBay,

Inc.

2,040

139,046

#### 5,424,892

#### Building

#### Products

#### -

#### 0

#### .7

#### %
Allegion

plc

56,794

Carrier

Global

Corp.

2,278

142,466

Lennox

International,

Inc.

92,947

Owens

Corning

24,720

#### Investments

#### Shares

#### Value

#### Building

#### Products
(continued)

Trane

Technologies

plc

1,292

$

495,236

#### 812,163

#### Capital

#### Markets

#### -

#### 3

#### .4

#### %
Bank

of

New

York

Mellon

Corp.

(The)

3,468

278,862

Blackrock,

Inc.

850

777,121

FactSet

Research

Systems,

Inc.

58,782

Goldman

Sachs

Group,

Inc.

(The)

1,530

837,752

Intercontinental

Exchange,

Inc.

3,298

553,965

Morgan

Stanley

2,312

266,851

MSCI,

Inc.

111,202

Nasdaq,

Inc.

1,632

124,375

S&P

Global,

Inc.

1,496

748,075

State

Street

Corp.

1,054

92,857

#### 3,849,842

#### Chemicals

#### -

#### 0

#### .8

#### %
Corteva,

Inc.

3,298

204,443

Dow,

Inc.

1,836

56,163

DuPont

de

Nemours,

Inc.

1,224

80,772

Ecolab,

Inc.

816

205,167

Sherwin-Williams

Co.

(The)

884

311,981

#### 858,526

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 0

#### .6

#### %
Cintas

Corp.

2,006

424,630

Republic

Services,

Inc.

102,306

Waste

Management,

Inc.

714

166,619

#### 693,555

#### Communications

#### Equipment

#### -

#### 1

#### .5

#### %
Arista

Networks,

Inc.\*

4,114

338,459

Cisco

Systems,

Inc.

22,916

1,322,940

#### 1,661,399

#### Construction

#### &

#### Engineering

#### -

#### 0

#### .1

#### %
AECOM

46,957

EMCOR

Group,

Inc.

27,248

#### 74,205

#### Construction

#### Materials

#### -

#### 0

#### .2

#### %
CRH

plc

2,618

249,810

#### Consumer

#### Finance

#### -

#### 0

#### .2

#### %
Discover

Financial

Services

1,224

223,588

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 4

#### .6

#### %
Costco

Wholesale

Corp.

2,108

2,096,406

Dollar

General

Corp.

35,040

Dollar

Tree,

Inc.\*

1,020

83,406

Kroger

Co.

(The)

3,910

282,341

Sprouts

Farmers

Market,

Inc.\*

34,884

Sysco

Corp.

1,428

101,959

Target

Corp.

1,258

121,649

US

Foods

Holding

Corp.\*

31,254

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
(continued)

Walmart,

Inc.

25,432

$

2,473,262

#### 5,260,201

#### Containers

#### &

#### Packaging

#### -

#### 0

#### .1

#### %
Ball

Corp.

1,598

83,000

Smurfit

WestRock

plc(b)

884

37,146

#### 120,146

#### Diversified

#### Telecommunication

#### Services

#### -

#### 0

#### .6

#### %
Verizon

Communications,

Inc.

16,048

707,075

#### Electric

#### Utilities

#### -

#### 0

#### .8

#### %
Alliant

Energy

Corp.

1,054

64,336

American

Electric

Power

Co.,

Inc.

2,550

276,267

Duke

Energy

Corp.

1,462

178,393

Edison

International

1,768

94,606

Eversource

Energy

646

38,424

Exelon

Corp.

3,706

173,812

NRG

Energy,

Inc.(b)

578

63,337

PPL

Corp.

1,598

58,327

#### 947,502

#### Electrical

#### Equipment

#### -

#### 0

#### .2

#### %
Emerson

Electric

Co.

1,088

114,360

Hubbell,

Inc.,

Class

B

37,044

Rockwell

Automation,

Inc.

109,475

#### 260,879

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 0

#### .2

#### %
CDW

Corp.

782

125,558

TE

Connectivity

plc(b)

578

84,608

Zebra

Technologies

Corp.,

Class

A\*

34,043

#### 244,209

#### Energy

#### Equipment

#### &

#### Services

#### -

#### 0

#### .2

#### %
Schlumberger

NV

6,426

213,665

#### Entertainment

#### -

#### 1

#### .6

#### %
Electronic

Arts,

Inc.

918

133,193

Netflix,

Inc.\*

816

923,483

Walt

Disney

Co.

(The)

8,602

782,352

#### 1,839,028

#### Financial

#### Services

#### -

#### 6

#### .5

#### %
Apollo

Global

Management,

Inc.

2,482

338,743

Berkshire

Hathaway,

Inc.,

Class

B\*

7,650

4,079,363

Corebridge

Financial,

Inc.

1,734

51,378

Fidelity

National

Information

Services,

Inc.

1,496

118,005

Fiserv,

Inc.\*

1,632

301,218

Mastercard,

Inc.,

Class

A

2,380

1,304,383

Visa,

Inc.,

Class

A(b)

3,264

1,127,712

#### 7,320,802

#### Food

#### Products

#### -

#### 1

#### .2

#### %
Archer-Daniels-Midland

Co.

2,788

133,127

#### Investments

#### Shares

#### Value

#### Food

#### Products
(continued)

Bunge

Global

SA

782

$

61,559

Conagra

Brands,

Inc.

2,346

57,970

General

Mills,

Inc.

3,094

175,554

Hershey

Co.

(The)

850

142,111

J

M

Smucker

Co.

(The)

544

63,251

Kellanova

1,700

140,709

Kraft

Heinz

Co.

(The)(b)

5,168

150,389

McCormick

&

Co.,

Inc.

(Non-Voting)

1,224

93,832

Mondelez

International,

Inc.,

Class

A

4,862

331,248

Tyson

Foods,

Inc.,

Class

A

1,122

68,711

#### 1,418,461

#### Ground

#### Transportation

#### -

#### 0

#### .9

#### %
Grab

Holdings

Ltd.,

Class

A\*

5,474

26,713

Uber

Technologies,

Inc.\*

7,990

647,270

Union

Pacific

Corp.

1,156

249,303

XPO,

Inc.\*(b)

46,905

#### 970,191

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 2

#### .3

#### %
Abbott

Laboratories

6,664

871,318

Baxter

International,

Inc.

1,403

43,732

Becton

Dickinson

&

Co.

544

112,657

Boston

Scientific

Corp.\*

2,822

290,299

Edwards

Lifesciences

Corp.\*

1,666

125,766

GE

HealthCare

Technologies,

Inc.

2,550

179,342

Hologic,

Inc.\*

986

57,385

IDEXX

Laboratories,

Inc.\*

102,971

Medtronic

plc

3,638

308,357

Stryker

Corp.

1,394

521,244

#### 2,613,071

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 1

#### .7

#### %
Cardinal

Health,

Inc.

1,190

168,135

Cencora,

Inc.

680

199,016

Cigna

Group

(The)

510

173,420

CVS

Health

Corp.

7,242

483,114

Elevance

Health,

Inc.

1,088

457,591

McKesson

Corp.

612

436,227

#### 1,917,503

#### Health

#### Care

#### REITs

#### -

#### 0

#### .6

#### %
Alexandria

Real

Estate

Equities,

Inc.,

REIT

544

39,527

Healthpeak

Properties,

Inc.,

REIT

2,856

50,951

Ventas,

Inc.,

REIT

1,632

114,371

Welltower,

Inc.,

REIT

2,924

446,173

#### 651,022

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 2

#### .8

#### %
Booking

Holdings,

Inc.

805,686

Carnival

Corp.\*(b)

4,080

74,827

Chipotle

Mexican

Grill,

Inc.\*

6,528

329,795

Domino's

Pizza,

Inc.

50,018

Expedia

Group,

Inc.

74,699

Flutter

Entertainment

plc\*

850

204,841

Hilton

Worldwide

Holdings,

Inc.

1,156

260,655

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

Marriott

International,

Inc.,

Class

A(b)

952

$

227,128

McDonald's

Corp.

2,040

652,086

Royal

Caribbean

Cruises

Ltd.(b)

94,990

Starbucks

Corp.

2,210

176,910

Yum!

Brands,

Inc.

1,088

163,679

#### 3,115,314

#### Household

#### Products

#### -

#### 2

#### .7

#### %
Church

&

Dwight

Co.,

Inc.

952

94,572

Clorox

Co.

(The)

714

101,602

Colgate-Palmolive

Co.

4,726

435,690

Kimberly-Clark

Corp.

1,938

255,390

Procter

&

Gamble

Co.

(The)

13,464

2,188,842

#### 3,076,096

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 0

#### .1

#### %
Vistra

Corp.

986

127,815

#### Insurance

#### -

#### 2

#### .1

#### %
Aflac,

Inc.

2,788

303,000

Allstate

Corp.

(The)

544

107,924

American

International

Group,

Inc.

1,122

91,465

Aon

plc,

Class

A

1,020

361,886

Chubb

Ltd.

1,088

311,255

Hartford

Insurance

Group,

Inc.

(The)

850

104,269

Marsh

&

McLennan

Cos.,

Inc.

1,428

321,971

MetLife,

Inc.

2,278

171,693

Principal

Financial

Group,

Inc.

1,054

78,154

RenaissanceRe

Holdings

Ltd.(b)

24,677

Travelers

Cos.,

Inc.

(The)

850

224,511

Unum

Group(b)

1,054

81,854

Willis

Towers

Watson

plc

146,513

#### 2,329,172

#### Interactive

#### Media

#### &

#### Services

#### -

#### 4

#### .6

#### %
Meta

Platforms,

Inc.,

Class

A

9,418

5,170,482

Snap,

Inc.,

Class

A\*(b)

4,114

32,747

#### 5,203,229

#### IT

#### Services

#### -

#### 2

#### .5

#### %
Accenture

plc,

Class

A

3,604

1,078,137

Akamai

Technologies,

Inc.\*

21,918

Cognizant

Technology

Solutions

Corp.,

Class

A

986

72,540

EPAM

Systems,

Inc.\*

42,679

Gartner,

Inc.\*

100,217

GoDaddy,

Inc.,

Class

A\*

544

102,451

International

Business

Machines

Corp.

5,338

1,290,835

Okta,

Inc.\*

34,321

Twilio,

Inc.,

Class

A\*

42,746

#### 2,785,844

#### Investments

#### Shares

#### Value

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### -

#### 0

#### .1

#### %
IQVIA

Holdings,

Inc.\*

612

$

94,903

Mettler-Toledo

International,

Inc.\*

72,799

#### 167,702

#### Machinery

#### -

#### 1

#### .6

#### %
Caterpillar,

Inc.

918

283,910

Cummins,

Inc.

544

159,849

Deere

&

Co.

1,054

488,592

Fortive

Corp.

952

66,345

IDEX

Corp.

23,660

Illinois

Tool

Works,

Inc.

544

130,511

Ingersoll

Rand,

Inc.

1,496

112,843

Lincoln

Electric

Holdings,

Inc.

29,954

Nordson

Corp.

32,227

Otis

Worldwide

Corp.

2,278

219,303

Pentair

plc

748

67,866

Stanley

Black

&

Decker,

Inc.

850

51,017

Westinghouse

Air

Brake

Technologies

Corp.

62,811

Xylem,

Inc.

680

81,988

#### 1,810,876

#### Media

#### -

#### 0

#### .3

#### %
Comcast

Corp.,

Class

A

7,106

243,025

Omnicom

Group,

Inc.

1,088

82,862

#### 325,887

#### Metals

#### &

#### Mining

#### -

#### 0

#### .3

#### %
Freeport-McMoRan,

Inc.

4,080

147,002

Newmont

Corp.

4,386

231,055

#### 378,057

#### Multi-Utilities

#### -

#### 0

#### .3

#### %
CMS

Energy

Corp.

612

45,074

Consolidated

Edison,

Inc.

646

72,837

NiSource,

Inc.

1,020

39,892

Public

Service

Enterprise

Group,

Inc.

1,836

146,751

#### 304,554

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 3

#### .7

#### %
Chevron

Corp.

9,452

1,286,039

Coterra

Energy,

Inc.

2,210

54,278

Devon

Energy

Corp.

1,190

36,188

EQT

Corp.

2,924

144,562

Exxon

Mobil

Corp.

24,854

2,625,328

#### 4,146,395

#### Personal

#### Care

#### Products

#### -

#### 0

#### .2

#### %
Estee

Lauder

Cos.,

Inc.

(The),

Class

A

1,054

63,198

Kenvue,

Inc.

9,180

216,648

#### 279,846

#### Pharmaceuticals

#### -

#### 5

#### .9

#### %
Eli

Lilly

&

Co.

3,264

2,934,173

Johnson

&

Johnson

13,804

2,157,703

Merck

&

Co.,

Inc.

12,070

1,028,364

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Pharmaceuticals
(continued)

Pfizer,

Inc.

10,642

$

259,771

Zoetis,

Inc.

1,734

271,198

#### 6,651,209

#### Professional

#### Services

#### -

#### 0

#### .7

#### %
Automatic

Data

Processing,

Inc.

1,972

592,783

Broadridge

Financial

Solutions,

Inc.

82,416

Verisk

Analytics,

Inc.

120,944

#### 796,143

#### Real

#### Estate

#### Management

#### &

#### Development

#### -

#### 0

#### .2

#### %
CBRE

Group,

Inc.,

Class

A\*

1,768

216,014

#### Residential

#### REITs

#### -

#### 0

#### .1

#### %
Essex

Property

Trust,

Inc.,

REIT

66,438

Sun

Communities,

Inc.,

REIT

42,306

#### 108,744

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 7

#### .0

#### %
Advanced

Micro

Devices,

Inc.\*

4,590

446,836

Intel

Corp.

20,264

407,306

Lam

Research

Corp.

2,448

175,448

Marvell

Technology,

Inc.

2,516

146,859

Micron

Technology,

Inc.

6,392

491,864

NVIDIA

Corp.

46,614

5,077,197

NXP

Semiconductors

NV

1,190

219,329

ON

Semiconductor

Corp.\*

714

28,346

QUALCOMM,

Inc.

3,162

469,431

Skyworks

Solutions,

Inc.

28,412

Texas

Instruments,

Inc.

2,618

419,011

#### 7,910,039

#### Software

#### -

#### 8

#### .4

#### %
Adobe,

Inc.\*

1,258

471,725

ANSYS,

Inc.\*

43,776

Autodesk,

Inc.\*

1,224

335,682

Check

Point

Software

Technologies

Ltd.\*

52,255

Crowdstrike

Holdings,

Inc.,

Class

A\*

680

291,632

Gen

Digital,

Inc.

2,822

73,005

Guidewire

Software,

Inc.\*

62,660

HubSpot,

Inc.\*

124,746

Intuit,

Inc.

918

576,017

Microsoft

Corp.

14,620

5,778,701

Oracle

Corp.

3,128

440,172

Palo

Alto

Networks,

Inc.\*

2,516

470,316

ServiceNow,

Inc.\*

782

746,818

#### 9,467,505

#### Specialized

#### REITs

#### -

#### 1

#### .1

#### %
American

Tower

Corp.,

REIT

2,244

505,820

Equinix,

Inc.,

REIT

409,717

Iron

Mountain,

Inc.,

REIT

1,156

103,658

VICI

Properties,

Inc.,

Class

A,

REIT

5,134

164,391

#### Investments

#### Shares

#### Value

#### Specialized

#### REITs
(continued)

Weyerhaeuser

Co.,

REIT

4,046

$

104,832

#### 1,288,418

#### Specialty

#### Retail

#### -

#### 2

#### .4

#### %
AutoZone,

Inc.\*

127,928

Best

Buy

Co.,

Inc.

1,088

72,559

Burlington

Stores,

Inc.\*

30,605

Home

Depot,

Inc.

(The)

1,870

674,116

Lowe's

Cos.,

Inc.

2,176

486,467

Ross

Stores,

Inc.

1,564

217,396

TJX

Cos.,

Inc.

(The)

6,494

835,648

Tractor

Supply

Co.

2,643

133,789

Williams-Sonoma,

Inc.

714

110,292

#### 2,688,800

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 5

#### .3

#### %
Apple,

Inc.

26,316

5,592,150

Hewlett

Packard

Enterprise

Co.

7,446

120,774

HP,

Inc.

5,304

135,623

NetApp,

Inc.

612

54,927

Super

Micro

Computer,

Inc.\*(b)

2,890

92,076

Western

Digital

Corp.\*

1,020

44,737

#### 6,040,287

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 0

#### .5

#### %
Deckers

Outdoor

Corp.\*

680

75,364

Lululemon

Athletica,

Inc.\*

680

184,124

NIKE,

Inc.,

Class

B

3,332

187,925

Tapestry,

Inc.

1,190

84,073

#### 531,486

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 0

#### .2

#### %
Ferguson

Enterprises,

Inc.

1,156

196,127

#### Water

#### Utilities

#### -

#### 0

#### .1

#### %
American

Water

Works

Co.,

Inc.

1,088

159,947

#### Total

#### Common

#### Stocks

#### (Cost

#### $95,340,625)

#### 112,385,975

#### Principal

#### Amount

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 0

#### .5

#### %
(c) #### REPURCHASE

#### AGREEMENTS

#### -

#### 0

#### .5

#### %
CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$514,204,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$522,751

$

514,142

514,142

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### SECURITIES

#### LENDING

#### REINVESTMENTS
(continued)

#### REPURCHASE

#### AGREEMENTS
(continued)

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$1,000,

collateralized

by

various

Common

Stocks;

total

market

value

$1,102

$

1,000

$

1,000

515,142

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $515,142)

#### 515,142

#### Total

#### Investments

#### -

#### 99.8%

#### (Cost

#### $95,855,767)

#### 112,901,117
Other

assets

less

liabilities

-

0.2%

213,710

#### NET

#### ASSETS

#### -

#### 100.0%

#### $113,114,827
*\**

*Non-income* 

*producing* 

*security.*

(a) *Represents* 

*less* 

*than* 

*0.05%* 

*of* 

*net* 

*assets.*

(b) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$1,831,913,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$515,142* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments* 

*and* 

*$1,366,326* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*May* 

*8,* 

*2025* 

*–* 

*November* 

*15,* 

*2054;* 

*a* 

*total* 

*value* 

*of* 

*$1,881,468.*

(c) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$515,142.*

*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

21,033,465

Aggregate

gross

unrealized

depreciation

(3,987,583)

Net

unrealized

appreciation

$

17,045,882

Federal

income

tax

cost

$

95,852,091

#### Futures

#### Contracts
*FlexShares*

*®*

*STOXX*

*®*

*US* 

*ESG* 

*Select* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Depreciation

#### \*

#### Long

#### Contracts
S&P

500

Micro

E-Mini

Index

06/20/2025

USD

$

754,245

$

(3,144)

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

*Abbreviations:*

*USD*

*—*

*US* 

*Dollar*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.3

%

Securities

Lending

Reinvestments

.5

Others

(1) 0

.2

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 98

#### .8

#### %

#### Air

#### Freight

#### &

#### Logistics

#### -

#### 0

#### .3

#### %
Deutsche

Post

AG

893

$

38,077

DSV

A/S

84,474

International

Distribution

Services

plc

1,035

5,071

Nippon

Express

Holdings,

Inc.

3,572

United

Parcel

Service,

Inc.,

Class

B

1,178

112,263

#### 243,457

#### Automobile

#### Components

#### -

#### 0

#### .3

#### %
Aisin

Corp.

1,200

15,240

Bridgestone

Corp.

1,900

79,801

Cie

Generale

des

Etablissements

Michelin

SCA

1,919

70,176

Continental

AG

17,194

Denso

Corp.

2,600

33,676

Niterra

Co.

Ltd.

700

21,799

#### 237,886

#### Automobiles

#### -

#### 1

#### .1

#### %
Bayerische

Motoren

Werke

AG

513

43,328

Ferrari

NV

60,717

General

Motors

Co.

2,546

115,181

Honda

Motor

Co.

Ltd.

9,500

96,772

Mazda

Motor

Corp.

1,100

6,589

Mercedes-Benz

Group

AG

1,292

77,062

Mitsubishi

Motors

Corp.(a)

1,900

5,264

Nissan

Motor

Co.

Ltd.\*(a)

4,700

11,252

Renault

SA

24,701

Stellantis

NV

3,264

30,202

Subaru

Corp.

1,100

19,993

Toyota

Motor

Corp.

16,300

311,853

Volkswagen

AG

(Preference)

37,104

Yamaha

Motor

Co.

Ltd.

2,300

18,092

#### 858,110

#### Banks

#### -

#### 9

#### .8

#### %
ABN

AMRO

Bank

NV,

CVA(a)(b)

1,311

27,123

AIB

Group

plc

4,701

31,609

ANZ

Group

Holdings

Ltd.

6,726

128,506

Banca

Monte

dei

Paschi

di

Siena

SpA(a)

2,743

23,124

Banca

Popolare

di

Sondrio

SpA

4,377

Banco

Bilbao

Vizcaya

Argentaria

SA

11,457

157,066

Banco

BPM

SpA(a)

2,622

29,192

Banco

Comercial

Portugues

SA,

Class

R

5,161

3,308

Banco

Santander

SA(a)

29,906

210,161

Bank

of

Ireland

Group

plc

2,111

24,777

Bank

of

Montreal

1,767

168,973

Bank

Polska

Kasa

Opieki

SA\*

540

27,031

Bankinter

SA

1,504

17,507

Banque

Cantonale

Vaudoise

(Registered)\*(a)

10,735

Barclays

plc

25,232

100,029

#### Investments

#### Shares

#### Value

#### Banks
(continued)

BAWAG

Group

AG(b)

$

17,707

BNP

Paribas

SA

2,698

227,844

BPER

Banca

SpA(a)

1,804

14,638

CaixaBank

SA(a)

6,403

49,000

Canadian

Imperial

Bank

of

Commerce

1,672

105,249

Citigroup,

Inc.

6,137

419,648

Commerzbank

AG

1,008

26,607

Commonwealth

Bank

of

Australia

4,047

431,406

Danske

Bank

A/S

1,140

39,884

DBS

Group

Holdings

Ltd.

1,780

57,870

DNB

Bank

ASA

2,185

54,531

Erste

Group

Bank

AG

28,113

FinecoBank

Banca

Fineco

SpA

1,723

34,403

Hang

Seng

Bank

Ltd.(a)

1,900

26,535

HSBC

Holdings

plc

35,606

395,690

Intesa

Sanpaolo

SpA

12,388

65,932

Japan

Post

Bank

Co.

Ltd.

4,000

40,970

JPMorgan

Chase

&

Co.

13,889

3,397,527

KBC

Group

NV

24,326

Lloyds

Banking

Group

plc

126,654

123,969

Mediobanca

Banca

di

Credito

Finanziario

SpA

1,254

25,637

Mitsubishi

UFJ

Financial

Group,

Inc.

24,700

312,300

National

Australia

Bank

Ltd.

4,560

105,417

National

Bank

of

Canada

513

44,968

NatWest

Group

plc

13,471

86,044

Nordea

Bank

Abp

6,802

94,139

Oversea-Chinese

Banking

Corp.

Ltd.

7,500

92,766

Resona

Holdings,

Inc.

5,700

45,515

Ringkjoebing

Landbobank

A/S

2,872

Santander

Bank

Polska

SA

7,056

Skandinaviska

Enskilda

Banken

AB,

Class

A(a)

3,458

54,658

Societe

Generale

SA

2,109

109,322

Standard

Chartered

plc

3,363

48,334

Svenska

Handelsbanken

AB,

Class

A

4,009

52,519

Swedbank

AB,

Class

A

2,318

57,656

UniCredit

SpA

1,292

74,859

Westpac

Banking

Corp.

7,125

149,715

#### 7,909,144

#### Beverages

#### -

#### 1

#### .4

#### %
Anheuser-Busch

InBev

SA/NV

1,273

83,352

Asahi

Group

Holdings

Ltd.(a)

1,900

26,274

Carlsberg

A/S,

Class

B

23,741

Coca-Cola

Co.

(The)

9,462

686,468

Coca-Cola

Europacific

Partners

plc

44,826

Coca-Cola

HBC

AG

20,368

Davide

Campari-Milano

NV(a)

1,485

Diageo

plc

3,420

95,565

Heineken

Holding

NV

11,653

Heineken

NV

42,495

Kirin

Holdings

Co.

Ltd.

1,700

25,731

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

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Global

ESG

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Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Beverages
(continued)

Pernod

Ricard

SA

$

47,301

Treasury

Wine

Estates

Ltd.

2,394

13,694

#### 1,122,953

#### Biotechnology

#### -

#### 0

#### .5

#### %
Biogen,

Inc.\*

32,207

CSL

Ltd.

931

149,598

Genmab

A/S\*

13,762

Swedish

Orphan

Biovitrum

AB\*

2,461

Vertex

Pharmaceuticals,

Inc.\*

212,971

#### 410,999

#### Broadline

#### Retail

#### -

#### 5

#### .1

#### %
Allegro.eu

SA\*(b)

1,012

8,866

Amazon.com,

Inc.\*

20,349

3,752,763

eBay,

Inc.

1,045

71,227

Isetan

Mitsukoshi

Holdings

Ltd.(a)

1,500

19,329

J

Front

Retailing

Co.

Ltd.

1,300

15,949

Next

plc

31,292

Prosus

NV

1,653

76,900

Rakuten

Group,

Inc.\*

3,000

17,656

Ryohin

Keikaku

Co.

Ltd.

800

27,201

Wesfarmers

Ltd.

2,831

141,870

#### 4,163,053

#### Building

#### Products

#### -

#### 0

#### .7

#### %
Allegion

plc

21,437

Assa

Abloy

AB,

Class

B

2,090

63,188

Belimo

Holding

AG

(Registered)

17,838

Cie

de

Saint-Gobain

SA

1,292

140,259

Geberit

AG

(Registered)(a)

39,551

Lennox

International,

Inc.(a)

31,165

Lixil

Corp.

1,300

15,316

Nibe

Industrier

AB,

Class

B

1,544

6,528

ROCKWOOL

A/S,

Class

B

9,108

Trane

Technologies

plc

551

211,204

#### 555,594

#### Capital

#### Markets

#### -

#### 1

#### .9

#### %
3i

Group

plc

1,786

101,005

Aberdeen

Group

plc(a)

3,700

7,295

Allfunds

Group

plc

824

4,646

ASX

Ltd.

16,473

Bank

of

New

York

Mellon

Corp.

(The)

1,102

88,612

Blackrock,

Inc.

434,274

Daiwa

Securities

Group,

Inc.(a)

4,400

28,817

EQT

AB(a)

1,368

39,402

Euronext

NV(b)

17,713

Hong

Kong

Exchanges

&

Clearing

Ltd.

1,900

83,500

IG

Group

Holdings

plc

853

12,134

Intercontinental

Exchange,

Inc.

2,318

389,354

Intermediate

Capital

Group

plc

8,971

Investec

plc

714

4,488

Julius

Baer

Group

Ltd.

23,518

#### Investments

#### Shares

#### Value

#### Capital

#### Markets
(continued)

London

Stock

Exchange

Group

plc

817

$

126,860

Macquarie

Group

Ltd.

798

98,776

Man

Group

plc

2,576

5,608

Partners

Group

Holding

AG

49,734

Schroders

plc

1,105

Swissquote

Group

Holding

SA

(Registered)

12,869

#### 1,555,154

#### Chemicals

#### -

#### 0

#### .3

#### %
Akzo

Nobel

NV(a)

23,874

Arkema

SA

4,697

BASF

SE\*

1,463

74,223

Covestro

AG\*

28,832

DSM-Firmenich

AG

28,822

Dyno

Nobel

Ltd.

3,726

5,412

FUCHS

SE

(Preference)

6,758

Hexpol

AB

792

6,873

Mitsubishi

Chemical

Group

Corp.

1,400

6,782

Nippon

Sanso

Holdings

Corp.(a)

3,200

Nitto

Denko

Corp.

800

14,024

Novonesis

Novozymes

B

684

44,392

Orica

Ltd.

1,198

12,449

Syensqo

SA

3,915

Yara

International

ASA

15,904

#### 280,157

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 0

#### .9

#### %
Brambles

Ltd.

3,762

49,394

Cintas

Corp.

1,121

237,293

Downer

EDI

Ltd.(a)

2,477

9,050

Elis

SA

11,438

ISS

A/S

598

15,047

Rentokil

Initial

plc

2,050

9,381

Republic

Services,

Inc.,

Class

A

80,992

Securitas

AB,

Class

B

1,131

18,000

SPIE

SA

22,800

TOPPAN

Holdings,

Inc.

600

16,821

Waste

Connections,

Inc.

89,883

Waste

Management,

Inc.

570

133,015

#### 693,114

#### Communications

#### Equipment

#### -

#### 0

#### .5

#### %
Cisco

Systems,

Inc.

6,403

369,645

Nokia

OYJ

4,864

24,268

#### 393,913

#### Construction

#### &

#### Engineering

#### -

#### 0

#### .5

#### %
Ackermans

&

van

Haaren

NV

12,965

ACS

Actividades

de

Construccion

y

Servicios

SA

24,678

Balfour

Beatty

plc

1,015

6,204

Bouygues

SA\*

562

24,724

Eiffage

SA

30,220

Ferrovial

SE

874

42,602

HOCHTIEF

AG

8,680

Obayashi

Corp.

1,900

29,524

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

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Global

ESG

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Index

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(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Construction

#### &

#### Engineering
(continued)

Skanska

AB,

Class

B

616

$

14,300

Sweco

AB,

Class

B

632

11,094

Vinci

SA

1,406

195,948

Worley

Ltd.

1,517

12,075

#### 413,014

#### Construction

#### Materials

#### -

#### 0

#### .2

#### %
Buzzi

SpA

12,792

Holcim

AG

1,083

120,722

Wienerberger

AG

10,004

#### 143,518

#### Consumer

#### Finance

#### -

#### 0

#### .0

#### %
(c) Cembra

Money

Bank

AG

5,570

Marui

Group

Co.

Ltd.

900

17,846

#### 23,416

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 3

#### .7

#### %
Aeon

Co.

Ltd.(a)

2,800

82,975

Axfood

AB

6,194

Carrefour

SA

830

12,827

Coles

Group

Ltd.

1,512

20,529

Costco

Wholesale

Corp.

1,083

1,077,043

Dollar

Tree,

Inc.\*

570

46,609

J

Sainsbury

plc

3,108

11,076

Jeronimo

Martins

SGPS

SA

703

17,038

Kesko

OYJ,

Class

B

10,838

Koninklijke

Ahold

Delhaize

NV

1,919

78,837

Kroger

Co.

(The)

1,178

85,063

Marks

&

Spencer

Group

plc

3,266

16,970

Seven

&

i

Holdings

Co.

Ltd.

3,800

56,331

Walmart,

Inc.

14,402

1,400,595

Woolworths

Group

Ltd.

2,546

51,429

#### 2,974,354

#### Containers

#### &

#### Packaging

#### -

#### 0

#### .1

#### %
Ball

Corp.

703

36,514

Huhtamaki

OYJ

8,476

Orora

Ltd.(a)

5,198

6,020

Smurfit

WestRock

plc(a)

1,140

47,903

#### 98,913

#### Distributors

#### -

#### 0

#### .0

#### %
(c) D'ieteren

Group

10,985

Inchcape

plc

1,147

10,288

#### 21,273

#### Diversified

#### Consumer

#### Services

#### -

#### 0

#### .0

#### %
(c) Pearson

plc

1,344

21,479

#### Diversified

#### REITs

#### -

#### 0

#### .1

#### %
British

Land

Co.

plc

(The),

REIT

2,348

12,338

Covivio

SA,

REIT

2,746

KDX

Realty

Investment

Corp.,

REIT(a)

2,084

Land

Securities

Group

plc,

REIT

886

7,012

#### Investments

#### Shares

#### Value

#### Diversified

#### REITs
(continued)

Mirvac

Group,

REIT

8,997

$

13,125

Stockland,

REIT

4,417

15,516

#### 52,821

#### Diversified

#### Telecommunication

#### Services

#### -

#### 0

#### .9

#### %
BT

Group

plc(a)

9,994

23,201

Cellnex

Telecom

SA(b)

1,102

44,646

Deutsche

Telekom

AG

(Registered)

7,049

253,209

Elisa

OYJ

20,525

Infrastrutture

Wireless

Italiane

SpA(b)

803

9,621

Koninklijke

KPN

NV

5,456

25,398

Nippon

Telegraph

&

Telephone

Corp.

104,500

109,379

Singapore

Telecommunications

Ltd.

17,100

49,504

Spark

New

Zealand

Ltd.

860

1,062

Swisscom

AG

(Registered)(a)

34,804

Telenor

ASA

1,605

24,176

Telia

Co.

AB

4,722

17,698

Telstra

Group

Ltd.

29,944

86,410

#### 699,633

#### Electric

#### Utilities

#### -

#### 2

#### .1

#### %
Acciona

SA

2,189

Alliant

Energy

Corp.

722

44,071

American

Electric

Power

Co.,

Inc.

1,710

185,261

BKW

AG\*

8,459

Contact

Energy

Ltd.(a)

822

4,322

Duke

Energy

Corp.

1,843

224,883

Edison

International

1,292

69,135

EDP

SA

5,248

20,737

Elia

Group

SA/NV

1,847

Emera,

Inc.(a)

589

26,459

Endesa

SA

782

23,557

Enel

SpA

11,077

96,252

Entergy

Corp.(a)

627

52,148

Eversource

Energy

684

40,684

Exelon

Corp.

3,173

148,814

FirstEnergy

Corp.(a)

1,026

43,995

Fortis,

Inc.

1,444

71,369

Fortum

OYJ(a)

938

15,722

Iberdrola

SA

13,452

243,059

Kansai

Electric

Power

Co.,

Inc.

(The)

1,900

23,377

Kyushu

Electric

Power

Co.,

Inc.

600

5,344

NRG

Energy,

Inc.(a)

52,050

Origin

Energy

Ltd.

3,821

26,013

PPL

Corp.

1,900

69,350

Redeia

Corp.

SA

1,241

26,098

SSE

plc

2,219

50,150

Terna

-

Rete

Elettrica

Nazionale

2,660

26,512

Tohoku

Electric

Power

Co.,

Inc.

2,200

15,786

Verbund

AG

13,006

Xcel

Energy,

Inc.(a)

950

67,165

#### 1,697,814

#### Electrical

#### Equipment

#### -

#### 0

#### .9

#### %
ABB

Ltd.

(Registered)

2,337

122,829

GE

Vernova,

Inc.

169,094

Legrand

SA

589

64,477

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

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Global

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Electrical

#### Equipment
(continued)

Nexans

SA

$

11,264

Nidec

Corp.

4,300

76,359

Prysmian

SpA

665

36,240

Schneider

Electric

SE

722

167,594

Siemens

Energy

AG\*

950

72,937

Vestas

Wind

Systems

A/S(a)

1,635

21,731

#### 742,525

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 0

#### .3

#### %
CDW

Corp.

73,215

Comet

Holding

AG

(Registered)

775

Halma

plc

3,350

Hexagon

AB,

Class

B\*(a)

3,002

29,158

Ibiden

Co.

Ltd.

8,312

Lagercrantz

Group

AB,

Class

B

4,955

Murata

Manufacturing

Co.

Ltd.

3,800

58,982

Shimadzu

Corp.

800

20,572

TE

Connectivity

plc

66,749

#### 266,068

#### Energy

#### Equipment

#### &

#### Services

#### -

#### 0

#### .1

#### %
Schlumberger

NV

3,173

105,502

Technip

Energies

NV

4,722

Vallourec

SACA\*

4,263

#### 114,487

#### Entertainment

#### -

#### 0

#### .6

#### %
Bollore

SE

1,826

11,292

Electronic

Arts,

Inc.

60,648

Square

Enix

Holdings

Co.

Ltd.

11,608

Walt

Disney

Co.

(The)

4,370

397,451

#### 480,999

#### Financial

#### Services

#### -

#### 2

#### .5

#### %
AMP

Ltd.

Apollo

Global

Management,

Inc.

1,368

186,705

Banca

Mediolanum

SpA

2,670

Berkshire

Hathaway,

Inc.,

Class

B\*

3,268

1,742,661

Edenred

SE

665

20,698

EXOR

NV

18,847

Infratil

Ltd.

2,486

15,564

Kinnevik

AB,

Class

B\*

M&G

plc

2,250

6,233

Nexi

SpA\*(b)

1,394

8,151

Wendel

SE

4,223

#### 2,005,974

#### Food

#### Products

#### -

#### 0

#### .4

#### %
AAK

AB

553

14,472

Ajinomoto

Co.,

Inc.

2,800

57,241

Associated

British

Foods

plc

603

16,624

Bakkafrost

P/F

2,313

Danone

SA

614

53,017

General

Mills,

Inc.

1,330

75,464

JDE

Peet's

NV

2,228

#### Investments

#### Shares

#### Value

#### Food

#### Products
(continued)

Kerry

Group

plc,

Class

A

$

36,041

Mowi

ASA

1,158

21,228

Orkla

ASA

1,914

21,336

Salmar

ASA

7,265

#### 307,229

#### Gas

#### Utilities

#### -

#### 0

#### .2

#### %
APA

Group(a)

1,656

8,710

Enagas

SA

5,040

Naturgy

Energy

Group

SA(a)

596

17,778

Osaka

Gas

Co.

Ltd.

1,000

25,358

Rubis

SCA

8,960

Snam

SpA(a)

3,978

22,881

Tokyo

Gas

Co.

Ltd.

1,100

36,577

#### 125,304

#### Ground

#### Transportation

#### -

#### 0

#### .5

#### %
Canadian

National

Railway

Co.

1,387

134,061

ComfortDelGro

Corp.

Ltd.

4,500

5,273

Hankyu

Hanshin

Holdings,

Inc.

8,556

MTR

Corp.

Ltd.

2,000

6,912

Uber

Technologies,

Inc.\*

3,458

280,132

#### 434,934

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 2

#### .2

#### %
Abbott

Laboratories

4,218

551,503

Alcon

AG

1,026

99,460

Ansell

Ltd.(a)

6,243

Baxter

International,

Inc.

1,007

31,388

Cochlear

Ltd.

21,084

ConvaTec

Group

plc(b)

2,022

7,017

Demant

A/S\*(a)

10,131

Edwards

Lifesciences

Corp.\*

1,007

76,018

Elekta

AB,

Class

B

920

4,674

EssilorLuxottica

SA

76,410

Fisher

&

Paykel

Healthcare

Corp.

Ltd.(a)

902

18,200

GE

HealthCare

Technologies,

Inc.

2,185

153,671

Getinge

AB,

Class

B

6,911

Hologic,

Inc.\*

674

39,227

Hoya

Corp.

1,100

129,403

IDEXX

Laboratories,

Inc.\*

57,542

Koninklijke

Philips

NV\*

1,919

48,667

Medtronic

plc

2,033

172,317

Siemens

Healthineers

AG(b)

15,835

Sonova

Holding

AG

(Registered)

30,837

Straumann

Holding

AG

(Registered)

(a) 300

36,745

Stryker

Corp.

589

220,239

#### 1,813,522

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 0

#### .5

#### %
Cardinal

Health,

Inc.

836

118,118

EBOS

Group

Ltd.(a)

3,997

Elevance

Health,

Inc.

570

239,731

Fresenius

Medical

Care

AG

24,084

Fresenius

SE

&

Co.

KGaA\*

722

34,307

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

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STOXX®

Global

ESG

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Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

Ramsay

Health

Care

Ltd.(a)

$

Sigma

Healthcare

Ltd.(a)

3,558

6,875

Sonic

Healthcare

Ltd.

982

16,387

#### 443,584

#### Health

#### Care

#### REITs

#### -

#### 0

#### .4

#### %
Aedifica

SA,

REIT

2,650

Alexandria

Real

Estate

Equities,

Inc.,

REIT

23,469

Healthpeak

Properties,

Inc.,

REIT

1,197

21,355

Ventas,

Inc.,

REIT

703

49,266

Welltower,

Inc.,

REIT

1,444

220,340

#### 317,080

#### Hotel

#### &

#### Resort

#### REITs

#### -

#### 0

#### .0

#### %
(c) Invincible

Investment

Corp.,

REIT

9,100

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 1

#### .7

#### %
Accor

SA

614

30,117

Amadeus

IT

Group

SA

1,102

86,662

Aristocrat

Leisure

Ltd.

1,577

67,445

Booking

Holdings,

Inc.

387,545

Carnival

Corp.\*

1,767

32,407

Chipotle

Mexican

Grill,

Inc.,

Class

A\*

3,458

174,698

Compass

Group

plc

2,736

92,020

Entain

plc

2,623

Expedia

Group,

Inc.(a)

32,798

FDJ

UNITED(b)

9,864

Food

&

Life

Cos.

Ltd.

3,677

Greggs

plc

5,779

Hilton

Worldwide

Holdings,

Inc.

589

132,808

InterContinental

Hotels

Group

plc

30,233

Just

Eat

Takeaway.com

NV\*(b)

7,961

Lottery

Corp.

Ltd.

(The)(a)

6,841

22,849

Marriott

International,

Inc.,

Class

A

99,727

Oriental

Land

Co.

Ltd.

3,200

68,043

Sodexo

SA

13,789

TUI

AG\*

714

5,475

Whitbread

plc

14,373

Yum!

Brands,

Inc.

65,742

#### 1,386,635

#### Household

#### Durables

#### -

#### 1

#### .0

#### %
Berkeley

Group

Holdings

plc

13,758

GN

Store

Nord

A/S\*(a)

3,123

Panasonic

Holdings

Corp.

5,700

65,576

Persimmon

plc

2,975

SEB

SA

5,828

Sekisui

House

Ltd.

1,800

41,340

Sony

Group

Corp.

26,000

687,367

Taylor

Wimpey

plc

9,948

15,606

Vistry

Group

plc\*

920

7,732

#### 843,305

#### Investments

#### Shares

#### Value

#### Household

#### Products

#### -

#### 1

#### .5

#### %
Clorox

Co.

(The)

$

48,667

Essity

AB,

Class

B

1,178

34,003

Henkel

AG

&

Co.

KGaA

(Preference)

23,637

Kimberly-Clark

Corp.

532

70,107

Procter

&

Gamble

Co.

(The)

5,719

929,738

Reckitt

Benckiser

Group

plc

1,026

66,301

#### 1,172,453

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 0

#### .2

#### %
Drax

Group

plc

897

7,392

EDP

Renovaveis

SA

2,036

Meridian

Energy

Ltd.

2,621

8,524

Orsted

A/S\*(a)(b)

8,494

Vistra

Corp.

836

108,371

#### 134,817

#### Industrial

#### Conglomerates

#### -

#### 0

#### .5

#### %
CK

Hutchison

Holdings

Ltd.

5,500

31,065

Hitachi

Ltd.

6,800

167,712

Investment

AB

Latour,

Class

B

8,707

Keppel

Ltd.

3,800

19,092

Lifco

AB,

Class

B

12,518

Sekisui

Chemical

Co.

Ltd.

1,100

19,194

Siemens

AG

(Registered)

589

135,215

#### 393,503

#### Industrial

#### REITs

#### -

#### 0

#### .1

#### %
CapitaLand

Ascendas

REIT,

REIT

6,900

14,057

Goodman

Group,

REIT

3,401

65,240

Segro

plc,

REIT

2,002

18,200

Tritax

Big

Box

REIT

plc,

REIT

5,198

9,928

#### 107,425

#### Insurance

#### -

#### 2

#### .2

#### %
Aegon

Ltd.

1,341

8,585

Aflac,

Inc.

1,159

125,960

Ageas

SA/NV

25,059

Aon

plc,

Class

A

121,338

ASR

Nederland

NV

3,527

Aviva

plc

3,724

27,855

AXA

SA\*

4,731

223,562

Beazley

plc

972

11,484

Direct

Line

Insurance

Group

plc

2,445

9,242

Generali(a)

2,489

90,936

Gjensidige

Forsikring

ASA

6,878

Hannover

Rueck

SE

38,522

Hiscox

Ltd.

768

11,274

Insurance

Australia

Group

Ltd.

2,960

15,549

Legal

&

General

Group

plc

5,631

17,638

Manulife

Financial

Corp.

5,187

158,655

Medibank

Pvt

Ltd.

3,009

8,953

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)\*

181,909

nib

holdings

Ltd.

NN

Group

NV

15,379

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

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Operations

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Global

ESG

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(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Insurance
(continued)

Phoenix

Group

Holdings

plc

2,054

$

16,393

Poste

Italiane

SpA(b)

952

19,306

Power

Corp.

of

Canada

1,349

50,960

Principal

Financial

Group,

Inc.

28,325

Prudential

plc

2,280

24,114

QBE

Insurance

Group

Ltd.

1,440

19,893

Steadfast

Group

Ltd.

4,081

15,328

Sun

Life

Financial,

Inc.

1,330

79,099

Suncorp

Group

Ltd.

1,276

16,541

Swiss

Life

Holding

AG

(Registered)

38,012

Swiss

Re

AG

589

105,902

Tryg

A/S(a)

742

17,766

Unipol

Assicurazioni

SpA

640

11,458

Unum

Group(a)

532

41,315

Willis

Towers

Watson

plc

58,482

Zurich

Insurance

Group

AG

148,125

#### 1,793,328

#### Interactive

#### Media

#### &

#### Services

#### -

#### 4

#### .7

#### %
Auto

Trader

Group

plc(b)

1,684

18,876

CAR

Group

Ltd.

731

15,580

Meta

Platforms,

Inc.,

Class

A

6,669

3,661,281

Pinterest,

Inc.,

Class

A\*

1,045

26,459

REA

Group

Ltd.(a)

18,583

Rightmove

plc

1,716

16,911

Scout24

SE(b)

24,161

SEEK

Ltd.(a)

716

9,763

Snap,

Inc.,

Class

A\*(a)

2,937

23,379

#### 3,814,993

#### IT

#### Services

#### -

#### 2

#### .8

#### %
Accenture

plc,

Class

A

3,059

915,100

Alten

SA

1,429

Bechtle

AG

5,357

Capgemini

SE

63,431

CGI,

Inc.

703

74,397

Computacenter

plc

7,082

EPAM

Systems,

Inc.\*

26,832

Fujitsu

Ltd.

5,500

121,498

Gartner,

Inc.\*

48,003

GoDaddy,

Inc.,

Class

A\*

60,831

International

Business

Machines

Corp.

3,002

725,944

NEC

Corp.

3,500

85,292

NTT

Data

Group

Corp.(a)

1,900

37,663

Obic

Co.

Ltd.

13,996

Okta,

Inc.,

Class

A\*

30,283

Otsuka

Corp.

500

11,115

Reply

SpA

8,377

Softcat

plc

8,414

Sopra

Steria

Group

8,594

Twilio,

Inc.,

Class

A\*

23,887

#### 2,277,525

#### Investments

#### Shares

#### Value

#### Leisure

#### Products

#### -

#### 0

#### .0

#### %
(c) Sega

Sammy

Holdings,

Inc.

700

$

14,686

Thule

Group

AB(b)

7,390

Yamaha

Corp.

1,458

#### 23,534

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### -

#### 0

#### .2

#### %
Eurofins

Scientific

SE(a)

25,542

Gerresheimer

AG

3,309

IQVIA

Holdings,

Inc.\*

38,302

Lonza

Group

AG

(Registered)

40,828

QIAGEN

NV\*(a)

14,249

Sartorius

AG

(Preference)

13,682

Siegfried

Holding

AG

(Registered)\*

15,503

Tecan

Group

AG

(Registered)

4,079

#### 155,494

#### Machinery

#### -

#### 1

#### .0

#### %
Aalberts

NV

3,313

Alfa

Laval

AB

18,211

Alstom

SA\*

11,120

Atlas

Copco

AB,

Class

A(a)

3,572

55,497

Daimler

Truck

Holding

AG

587

23,461

Ebara

Corp.

1,500

22,630

Epiroc

AB,

Class

A

1,219

26,390

FANUC

Corp.

2,400

61,481

Georg

Fischer

AG

(Registered)(a)

11,276

Husqvarna

AB,

Class

B

711

3,321

Indutrade

AB

3,921

Interpump

Group

SpA

581

KION

Group

AG

4,569

Knorr-Bremse

AG

9,119

Kone

OYJ,

Class

B

1,026

63,564

Konecranes

OYJ

14,438

Metso

OYJ(a)

1,078

11,713

MINEBEA

MITSUMI,

Inc.

1,500

22,021

Otis

Worldwide

Corp.

931

89,627

Pentair

plc

25,858

Rotork

plc

2,384

9,680

Sandvik

AB(a)

1,767

36,659

Schindler

Holding

AG

30,382

SKF

AB,

Class

B

516

10,141

Spirax

Group

plc

15,224

Stanley

Black

&

Decker,

Inc.(a)

23,948

Techtronic

Industries

Co.

Ltd.

1,500

15,165

TOMRA

Systems

ASA\*

2,194

Trelleborg

AB,

Class

B

14,699

Valmet

OYJ

6,865

VAT

Group

AG(b)

20,056

Volvo

AB,

Class

B

3,230

87,943

Wartsila

OYJ

Abp

864

15,970

Weir

Group

plc

(The)

12,821

#### 783,858

#### Marine

#### Transportation

#### -

#### 0

#### .0

#### %
(c) AP

Moller

-

Maersk

A/S,

Class

B(a)

13,690

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

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(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Marine

#### Transportation
(continued)

Kuehne

+

Nagel

International

AG

(Registered)

$

15,167

#### 28,857

#### Media

#### -

#### 0

#### .2

#### %
Dentsu

Group,

Inc.(a)

8,340

Informa

plc

2,050

19,928

ITV

plc

10,219

10,933

Omnicom

Group,

Inc.

774

58,948

Publicis

Groupe

SA

532

53,980

WPP

plc

1,426

10,975

#### 163,104

#### Metals

#### &

#### Mining

#### -

#### 1

#### .0

#### %
Anglo

American

plc

1,843

49,948

Antofagasta

plc

724

15,792

Aurubis

AG

5,221

BHP

Group

Ltd.

10,298

251,641

BlueScope

Steel

Ltd.

613

9,362

Boliden

AB\*

508

15,596

Fortescue

Ltd.

3,382

35,035

IGO

Ltd.(a)

1,622

4,068

Newmont

Corp.

1,748

92,085

Norsk

Hydro

ASA

3,364

17,712

Northern

Star

Resources

Ltd.(a)

2,831

34,743

Pilbara

Minerals

Ltd.\*

1,807

1,740

Rio

Tinto

Ltd.(a)

627

46,979

Rio

Tinto

plc

1,501

89,157

South32

Ltd.

11,137

19,596

SSAB

AB,

Class

B(a)

1,242

7,734

Teck

Resources

Ltd.,

Class

B

1,292

43,821

voestalpine

AG

7,451

Wheaton

Precious

Metals

Corp.

41,167

#### 788,848

#### Multi-Utilities

#### -

#### 1

#### .0

#### %
A2A

SpA

3,990

10,155

AGL

Energy

Ltd.

1,853

12,603

Ameren

Corp.

45,253

Centrica

plc

3,030

6,482

CMS

Energy

Corp.

532

39,182

Consolidated

Edison,

Inc.

817

92,117

Dominion

Energy,

Inc.

1,482

80,591

E.ON

SE

2,128

37,289

Engie

SA

4,389

90,728

Hera

SpA

2,055

9,732

National

Grid

plc

9,788

141,590

NiSource,

Inc.

722

28,237

Public

Service

Enterprise

Group,

Inc.

1,691

135,162

Veolia

Environnement

SA

1,045

38,227

#### 767,348

#### Office

#### REITs

#### -

#### 0

#### .0

#### %
(c) Derwent

London

plc,

REIT

Dexus,

REIT

2,336

11,240

#### Investments

#### Shares

#### Value

#### Office

#### REITs
(continued)

Gecina

SA,

REIT

$

6,687

#### 18,316

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 5

#### .1

#### %
Aker

BP

ASA

BP

plc

22,762

106,502

Chevron

Corp.

8,018

1,090,929

Coterra

Energy,

Inc.

1,189

29,202

Enbridge,

Inc.

2,869

133,906

Eni

SpA

5,130

74,060

EQT

Corp.(a)

2,033

100,512

Equinor

ASA

1,919

44,024

Exxon

Mobil

Corp.

17,632

1,862,468

Galp

Energia

SGPS

SA

6,866

ORLEN

SA

889

16,121

Pembina

Pipeline

Corp.

1,197

45,669

Santos

Ltd.

2,282

8,775

Shell

plc

12,084

395,748

Suncor

Energy,

Inc.

1,622

57,175

TotalEnergies

SE

1,957

113,812

#### 4,085,984

#### Paper

#### &

#### Forest

#### Products

#### -

#### 0

#### .1

#### %
Holmen

AB,

Class

B

6,704

Mondi

plc

920

13,923

Stora

Enso

OYJ,

Class

R(a)

1,610

14,945

Svenska

Cellulosa

AB

SCA,

Class

B

1,193

15,498

UPM-Kymmene

OYJ

12,910

#### 63,980

#### Passenger

#### Airlines

#### -

#### 0

#### .1

#### %
International

Consolidated

Airlines

Group

SA

6,441

22,369

Qantas

Airways

Ltd.

3,839

21,739

Ryanair

Holdings

plc,

ADR(a)

713

34,124

Singapore

Airlines

Ltd.

1,900

9,764

#### 87,996

#### Personal

#### Care

#### Products

#### -

#### 0

#### .8

#### %
Beiersdorf

AG

17,479

Estee

Lauder

Cos.,

Inc.

(The),

Class

A(a)

627

37,595

Kao

Corp.

500

21,407

L'Oreal

SA\*

608

267,473

Shiseido

Co.

Ltd.(a)

1,200

19,799

Unilever

plc

4,313

274,160

#### 637,913

#### Pharmaceuticals

#### -

#### 7

#### .9

#### %
ALK-Abello

A/S,

Class

B\*

Astellas

Pharma,

Inc.

4,600

46,035

AstraZeneca

plc

3,078

441,059

Chugai

Pharmaceutical

Co.

Ltd.(a)

1,300

74,907

Eli

Lilly

&

Co.

2,071

1,861,725

GSK

plc

8,170

161,889

Haleon

plc

11,856

59,607

Hikma

Pharmaceuticals

plc

12,011

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

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Statements

of

Operations

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Global

ESG

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Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Pharmaceuticals
(continued)

Ipsen

SA

$

8,821

Johnson

&

Johnson

9,766

1,526,523

Merck

&

Co.,

Inc.

6,118

521,254

Merck

KGaA

28,961

Novartis

AG

(Registered)

3,819

435,880

Novo

Nordisk

A/S,

Class

B

3,591

237,980

Orion

OYJ,

Class

B

17,679

Roche

Holding

AG

1,083

354,916

Sandoz

Group

AG

627

27,300

Sanofi

SA

2,470

269,265

Santen

Pharmaceutical

Co.

Ltd.

1,700

17,246

Shionogi

&

Co.

Ltd.

3,500

58,742

Takeda

Pharmaceutical

Co.

Ltd.

2,300

69,868

Zoetis,

Inc.,

Class

A

1,121

175,324

#### 6,407,316

#### Professional

#### Services

#### -

#### 0

#### .9

#### %
Adecco

Group

AG

(Registered)(a)

9,801

ALS

Ltd.

1,192

13,111

Arcadis

NV

5,133

Automatic

Data

Processing,

Inc.

646

194,188

Bureau

Veritas

SA(a)

751

23,801

Computershare

Ltd.

1,140

29,702

Intertek

Group

plc

21,675

Randstad

NV(a)

7,687

Recruit

Holdings

Co.

Ltd.

1,900

105,790

RELX

plc

3,819

207,459

SGS

SA

(Registered)(a)

28,781

Wolters

Kluwer

NV

513

90,651

#### 737,779

#### Real

#### Estate

#### Management

#### &

#### Development

#### -

#### 0

#### .5

#### %
Castellum

AB\*

809

9,818

CBRE

Group,

Inc.,

Class

A\*

1,254

153,214

CK

Asset

Holdings

Ltd.

1,000

4,094

Daiwa

House

Industry

Co.

Ltd.

900

32,526

Lendlease

Corp.

Ltd.(a)

1,203

Mitsubishi

Estate

Co.

Ltd.

1,900

33,367

Mitsui

Fudosan

Co.

Ltd.

3,800

37,536

Swiss

Prime

Site

AG

(Registered)

26,182

Tokyu

Fudosan

Holdings

Corp.

1,600

11,169

Vonovia

SE

1,542

51,254

Wharf

Real

Estate

Investment

Co.

Ltd.

3,000

7,196

Wihlborgs

Fastigheter

AB

546

5,661

#### 373,220

#### Residential

#### REITs

#### -

#### 0

#### .1

#### %
Essex

Property

Trust,

Inc.,

REIT

26,519

Sun

Communities,

Inc.,

REIT

22,273

#### 48,792

#### Retail

#### REITs

#### -

#### 0

#### .1

#### %
CapitaLand

Integrated

Commercial

Trust,

REIT

16,600

27,334

#### Investments

#### Shares

#### Value

#### Retail

#### REITs
(continued)

Klepierre

SA,

REIT

651

$

23,858

Link

REIT,

REIT

5,300

24,844

Unibail-Rodamco-Westfield,

REIT

18,806

#### 94,842

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 7

#### .7

#### %
Advanced

Micro

Devices,

Inc.\*

2,584

251,552

ASM

International

NV

45,929

ASML

Holding

NV

608

402,591

ASMPT

Ltd.

700

4,712

BE

Semiconductor

Industries

NV

14,141

Infineon

Technologies

AG

1,653

54,286

Intel

Corp.

13,984

281,078

Marvell

Technology,

Inc.

1,444

84,286

Micron

Technology,

Inc.(a)

4,503

346,506

NVIDIA

Corp.

34,162

3,720,925

NXP

Semiconductors

NV

608

112,060

QUALCOMM,

Inc.

1,786

265,150

Renesas

Electronics

Corp.

4,900

57,454

Rohm

Co.

Ltd.

1,000

9,096

Skyworks

Solutions,

Inc.

22,627

STMicroelectronics

NV

880

19,823

Texas

Instruments,

Inc.

1,501

240,235

Tokyo

Electron

Ltd.

1,700

252,962

#### 6,185,413

#### Software

#### -

#### 8

#### .5

#### %
Adobe,

Inc.\*

703

263,611

Autodesk,

Inc.\*

722

198,009

Check

Point

Software

Technologies

Ltd.\*

25,030

Crowdstrike

Holdings,

Inc.,

Class

A\*

589

252,604

Dassault

Systemes

SE

988

36,883

Gen

Digital,

Inc.(a)

1,444

37,356

Guidewire

Software,

Inc.\*(a)

35,425

HubSpot,

Inc.\*

74,603

Intuit,

Inc.

286,126

Microsoft

Corp.

10,431

4,122,957

Oracle

Corp.

2,679

376,989

Palo

Alto

Networks,

Inc.\*(a)

1,615

301,892

Sage

Group

plc

(The)

1,272

21,025

SAP

SE

1,178

341,870

ServiceNow,

Inc.\*

513

489,920

Temenos

AG

(Registered)(a)

2,513

Xero

Ltd.\*

25,424

#### 6,892,237

#### Specialized

#### REITs

#### -

#### 0

#### .8

#### %
American

Tower

Corp.,

REIT(a)

1,140

256,967

Big

Yellow

Group

plc,

REIT

6,154

Equinix,

Inc.,

REIT(a)

130,834

Iron

Mountain,

Inc.,

REIT

532

47,704

Keppel

DC

REIT,

REIT

2,497

4,131

Safestore

Holdings

plc,

REIT

1,934

VICI

Properties,

Inc.,

Class

A,

REIT(a)

2,679

85,782

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Specialized

#### REITs
(continued)

Weyerhaeuser

Co.,

REIT

3,477

$

90,089

#### 623,595

#### Specialty

#### Retail

#### -

#### 1

#### .5

#### %
Best

Buy

Co.,

Inc.

684

45,616

Fast

Retailing

Co.

Ltd.

98,808

H

&

M

Hennes

&

Mauritz

AB,

Class

B

868

12,604

Industria

de

Diseno

Textil

SA(a)

1,178

63,259

JB

Hi-Fi

Ltd.

11,997

Kingfisher

plc

3,203

12,287

Lowe's

Cos.,

Inc.

931

208,134

Nitori

Holdings

Co.

Ltd.

11,971

Ross

Stores,

Inc.

855

118,845

TJX

Cos.,

Inc.

(The)

3,648

469,425

Tractor

Supply

Co.(a)

1,273

64,439

USS

Co.

Ltd.

2,200

22,040

Williams-Sonoma,

Inc.

532

82,178

Zalando

SE\*(b)

15,046

ZOZO,

Inc.

1,200

12,232

#### 1,248,881

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 5

#### .4

#### %
Apple,

Inc.

18,810

3,997,125

FUJIFILM

Holdings

Corp.

2,300

47,333

Hewlett

Packard

Enterprise

Co.

4,218

68,416

HP,

Inc.

3,078

78,704

Logitech

International

SA

(Registered)

17,591

NetApp,

Inc.

28,989

Ricoh

Co.

Ltd.

1,700

17,949

Seiko

Epson

Corp.

1,100

15,339

Super

Micro

Computer,

Inc.\*(a)

1,767

56,297

Western

Digital

Corp.\*

608

26,667

#### 4,354,410

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 1

#### .0

#### %
adidas

AG

26,138

Asics

Corp.

2,400

51,890

Brunello

Cucinelli

SpA

6,422

Burberry

Group

plc

1,865

Christian

Dior

SE

7,714

Deckers

Outdoor

Corp.\*

39,899

Hermes

International

SCA

103,283

Kering

SA

30,815

LPP

SA

4,093

Lululemon

Athletica,

Inc.\*

102,893

LVMH

Moet

Hennessy

Louis

Vuitton

SE

627

347,747

Moncler

SpA

20,210

Pandora

A/S

29,616

Swatch

Group

AG

(The)(a)

5,189

Tapestry,

Inc.

646

45,640

#### 823,414

#### Investments

#### Shares

#### Value

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 0

#### .7

#### %
AddTech

AB,

Class

B

$

13,395

Ashtead

Group

plc

779

41,516

Beijer

Ref

AB,

Class

B(a)

897

13,690

Bunzl

plc

3,013

Diploma

plc

12,119

DKSH

Holding

AG

5,401

Ferguson

Enterprises,

Inc.

779

132,165

Grafton

Group

plc

4,050

IMCD

NV(a)

15,541

ITOCHU

Corp.(a)

1,900

96,998

Mitsui

&

Co.

Ltd.

3,800

77,204

MonotaRO

Co.

Ltd.(a)

800

15,415

Rexel

SA

677

18,770

RS

GROUP

plc

663

4,565

Sojitz

Corp.

9,430

Sumitomo

Corp.

2,000

49,047

Toyota

Tsusho

Corp.

2,000

39,610

#### 551,929

#### Transportation

#### Infrastructure

#### -

#### 0

#### .2

#### %
Aena

SME

SA(b)

33,473

Aeroports

de

Paris

SA

7,489

Auckland

International

Airport

Ltd.

4,062

18,128

Flughafen

Zurich

AG

(Registered)

11,610

Getlink

SE

4,683

Qube

Holdings

Ltd.

2,166

5,488

SATS

Ltd.

2,300

4,950

Transurban

Group

5,377

48,545

#### 134,366

#### Water

#### Utilities

#### -

#### 0

#### .2

#### %
American

Water

Works

Co.,

Inc.

836

122,900

Pennon

Group

plc

Severn

Trent

plc

15,801

United

Utilities

Group

plc

1,512

22,771

#### 161,693

#### Wireless

#### Telecommunication

#### Services

#### -

#### 0

#### .1

#### %
Tele2

AB,

Class

B

1,093

16,120

Vodafone

Group

plc(a)

27,949

27,349

#### 43,469

#### Total

#### Common

#### Stocks

#### (Cost

#### $64,387,166)

#### 79,841,147

#### Number

#### of

#### Rights

#### RIGHTS

#### -

#### 0

#### .0

#### %
(c) #### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 0.0%(c)
EDP

Renovaveis

SA,

expiring

5/7/2025,

price

1.00 EUR\*(a)

(Cost

$–)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 2

#### .3

#### %
(d) #### REPURCHASE

#### AGREEMENTS

#### -

#### 2

#### .3

#### %
CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$472,975,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$480,836

$

472,918

$

472,918

Citigroup

Global

Markets,

Inc.

4.36%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$1,000,121,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

2.25%

-

4.63%,

maturing

5/15/2027

-

11/30/2031;

total

market

value

$1,004,772

1,000,000

1,000,000

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$200,025,

collateralized

by

various

Common

Stocks;

total

market

value

$220,399

200,000

200,000

The

Bank

of

Nova

Scotia,

Toronto

4.50%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$200,025,

collateralized

by

various

Common

Stocks;

total

market

value

$223,043

200,000

200,000

1,872,918

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $1,872,918)

#### 1,872,918

#### Total

#### Investments

#### -

#### 101.1%

#### (Cost

#### $66,260,084)

#### 81,714,087
Liabilities

in

excess

of

other

assets

-

(1.1%)

(849,420)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $80,864,667
*\**

*Non-income* 

*producing* 

*security.*

(a) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$3,255,570,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$1,872,918* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments;* 

*$1,199,258* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*May* 

*8,* 

*2025* 

*–* 

*February* 

*15,* 

*2055* 

*and* 

*$351,089* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*Foreign* 

*Government* 

*Fixed* 

*Income* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*5.75%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*June* 

*12,* 

*2025* 

*–* 

*June* 

*30,* 

*2120;* 

*a* 

*total* 

*value* 

*of* 

*$3,423,265.*

(b) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Regulation* 

*S* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

1933. *Regulation* 

*S* 

*applies* 

*to* 

*securities* 

*offerings* 

*that* 

*are* 

*made* 

*outside* 

*of* 

*the* 

*United* 

*States* 

*and* 

*do* 

*not* 

*involve* 

*direct* 

*selling* 

*efforts* 

*in* 

*the* 

*United* 

*States* 

*and* 

*as* 

*such* 

*may* 

*have* 

*restrictions* 

*on* 

*resale.*

(c) *Represents* 

*less* 

*than* 

*0.05%* 

*of* 

*net* 

*assets.*

(d) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$1,872,918.*

*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*ADR*

*—*

*American* 

*Depositary* 

*Receipt*

*CVA*

*—*

*Dutch* 

*Certification*

*OYJ*

*—*

*Public* 

*Limited* 

*Company*

*Preference*

*—*

*A* 

*special* 

*type* 

*of* 

*equity* 

*investment* 

*that* 

*shares* 

*in* 

*the* 

*earnings* 

*of* 

*the* 

*company,* 

*has* 

*limited* 

*voting* 

*rights,* 

*and* 

*may* 

*have* 

*a* 

*dividend* 

*preference.* 

*Preference* 

*shares* 

*may* 

*also* 

*have* 

*liquidation* 

*preference.* 

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*SCA*

*—*

*Limited* 

*partnership* 

*with* 

*share* 

*capital*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

17,473,225

Aggregate

gross

unrealized

depreciation

(2,219,550)

Net

unrealized

appreciation

$

15,253,675

Federal

income

tax

cost

$

66,433,471

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Futures

#### Contracts
*FlexShares*

*®*

*STOXX*

*®*

*Global* 

*ESG* 

*Select* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation

#### /

#### (#### Depreciation

####)

#### \*

#### Long

#### Contracts
EURO

STOXX

Index

06/20/2025

EUR

$

58,054

$

MSCI

EAFE

E-Mini

Index

06/20/2025

USD

249,470

661

S&P

500

E-Mini

Index

06/20/2025

USD

558,700

(12,399)

S&P

500

Micro

E-Mini

Index

06/20/2025

USD

195,545

7,224

$

(4,244)

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

#### Forward

#### Foreign

#### Currency

#### Contracts
*FlexShares*

*®*

*STOXX*

*®*

*Global* 

*ESG* 

*Select* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*outstanding* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### to

#### Receive

#### Counterparty

#### In

#### Exchange

#### For

#### Maturity

#### Date

#### Unrealized

#### Appreciation/
(Depreciation)

JPY

25,000,000

JPMorgan

Chase

Bank

NA

USD

167,468

06/18/2025

$

8,746

Total

unrealized

appreciation

$

8,746

USD

139,584

Citibank

NA

CHF

122,000

06/18/2025

$

(9,765)

USD

154,531

Bank

of

Montreal

EUR

142,000

06/18/2025

(7,375)

USD

162,470

JPMorgan

Chase

Bank

NA

EUR

150,000

06/18/2025

(8,558)

USD

170,469

Morgan

Stanley

JPY

25,000,000

06/18/2025

(5,745)

Total

unrealized

depreciation

$

(31,443)

Net

unrealized

depreciation

$

(22,697)

*Abbreviations:*

*CHF*

*—*

*Swiss* 

*Franc*

*EUR*

*—*

*Euro*

*JPY*

*—*

*Japanese* 

*Yen*

*USD*

*—*

*US* 

*Dollar*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*FlexShares®* 

*STOXX®* 

*Global* 

*ESG* 

*Select* 

*Index* 

*invested,* 

*as* 

*a* 

*percentage* 

*of* 

*net* 

*assets,* 

*in* 

*companies* 

*domiciled* 

*in* 

*the* 

*following* 

*countries* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

Australia

.1

%

Austria

.1

Belgium

.2

Canada

.5

Chile

.0

†

China

.2

Denmark

.7

Faeroe

Islands

.0

†

Finland

.4

France

.0

Germany

.2

Hong

Kong

.2

Ireland

.2

Israel

.0

†

Italy

.0

Japan

.1

Jordan

.0

†

Luxembourg

.0

†

Morocco

.0

†

Netherlands

.8

New

Zealand

.1

Norway

.3

Poland

.1

Portugal

.1

Singapore

.4

South

Africa

.1

Spain

.2

Sweden

.1

Switzerland

.5

United

Kingdom

.4

United

States

.8

Other

.2

100.0%

*†*

*Amount* 

*represents* 

*less* 

*than* 

*0.05%.*

*1*

*Includes* 

*any* 

*non-equity* 

*securities,* 

*securities* 

*lending* 

*reinvestments* 

*and* 

*net* 

*other* 

*assets* 

*(liabilities).*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.8

%

Rights

.0

†

Securities

Lending

Reinvestments

.3

Others

(1) (1

.1)

.0

%

*†*

*Amount* 

*represents* 

*less* 

*than* 

*0.05%.*

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 99.5%

#### Automobiles

#### -

#### 2.3%
Tesla,

Inc.\*

4,875

$

1,375,530

#### Banks

#### -

#### 2.2%
JPMorgan

Chase

&

Co.

5,265

1,287,924

#### Beverages

#### -

#### 1.1%
PepsiCo,

Inc.

5,070

687,391

#### Biotechnology

#### -

#### 2.7%
Amgen,

Inc.

2,301

669,407

Gilead

Sciences,

Inc.

4,953

527,692

Regeneron

Pharmaceuticals,

Inc.

663

396,978

#### 1,594,077

#### Broadline

#### Retail

#### -

#### 4.5%
Amazon.com,

Inc.\*

13,338

2,459,794

eBay,

Inc.

3,042

207,343

#### 2,667,137

#### Building

#### Products

#### -

#### 1.0%
Owens

Corning

546

79,394

Trane

Technologies

plc

1,365

523,218

#### 602,612

#### Capital

#### Markets

#### -

#### 5.2%
Blackrock,

Inc.

392,218

FactSet

Research

Systems,

Inc.

101,139

Goldman

Sachs

Group,

Inc.

(The)

1,170

640,634

Moody's

Corp.

1,014

459,464

Morgan

Stanley

5,109

589,681

MSCI,

Inc.

255,111

S&P

Global,

Inc.

1,287

643,564

#### 3,081,811

#### Chemicals

#### -

#### 1.0%
Ecolab,

Inc.

1,560

392,231

International

Flavors

&

Fragrances,

Inc.

1,053

82,618

PPG

Industries,

Inc.

1,404

152,840

#### 627,689

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 1.6%
Cintas

Corp.

2,067

437,543

Waste

Management,

Inc.

2,184

509,658

#### 947,201

#### Communications

#### Equipment

#### -

#### 1.2%
Cisco

Systems,

Inc.

12,636

729,476

#### Consumer

#### Finance

#### -

#### 0.4%
American

Express

Co.

936

249,360

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 2.4%
Sysco

Corp.

3,042

217,199

#### Investments

#### Shares

#### Value

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
(continued)

Target

Corp.(a)

2,808

$

271,533

Walmart,

Inc.

9,711

944,395

#### 1,433,127

#### Containers

#### &

#### Packaging

#### -

#### 0.3%
Avery

Dennison

Corp.

507

86,753

Packaging

Corp.

of

America

546

101,343

#### 188,096

#### Diversified

#### Telecommunication

#### Services

#### -

#### 1.2%
Verizon

Communications,

Inc.

15,990

704,519

#### Electric

#### Utilities

#### -

#### 1.5%
Edison

International

741

39,651

Eversource

Energy

2,106

125,265

Exelon

Corp.

6,084

285,340

NextEra

Energy,

Inc.

3,588

239,965

PG&E

Corp.

12,246

202,304

#### 892,525

#### Electrical

#### Equipment

#### -

#### 0.1%
Emerson

Electric

Co.

45,092

Hubbell,

Inc.,

Class

B

14,891

#### 59,983

#### Energy

#### Equipment

#### &

#### Services

#### -

#### 0.6%
Baker

Hughes

Co.

6,123

216,754

Halliburton

Co.

5,265

104,352

Schlumberger

NV

819

27,232

#### 348,338

#### Entertainment

#### -

#### 1.0%
Walt

Disney

Co.

(The)

6,669

606,545

#### Financial

#### Services

#### -

#### 5.5%
Berkshire

Hathaway,

Inc.,

Class

B\*

859

458,062

Fiserv,

Inc.\*

1,053

194,352

Mastercard,

Inc.,

Class

A

1,872

1,025,968

PayPal

Holdings,

Inc.\*

5,967

392,867

Visa,

Inc.,

Class

A(a)

3,432

1,185,756

#### 3,257,005

#### Food

#### Products

#### -

#### 0.1%
Mondelez

International,

Inc.,

Class

A

585

39,856

#### Ground

#### Transportation

#### -

#### 2.1%
CSX

Corp.

11,973

336,082

Norfolk

Southern

Corp.

1,404

314,566

Union

Pacific

Corp.

2,691

580,341

#### 1,230,989

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 1.8%
Abbott

Laboratories

5,850

764,887

Medtronic

plc

3,510

297,508

#### 1,062,395
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 2.8%
Cigna

Group

(The)

1,716

$

583,509

CVS

Health

Corp.

7,683

512,533

Elevance

Health,

Inc.

1,404

590,494

#### 1,686,536

#### Health

#### Care

#### REITs

#### -

#### 0.3%
Ventas,

Inc.,

REIT

2,457

172,187

#### Hotel

#### &

#### Resort

#### REITs

#### -

#### 0.1%
Host

Hotels

&

Resorts,

Inc.,

REIT

4,095

57,821

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 1.6%
Booking

Holdings,

Inc.

729,197

Expedia

Group,

Inc.

780

122,406

Las

Vegas

Sands

Corp.

2,184

80,087

#### 931,690

#### Household

#### Durables

#### -

#### 0.1%
TopBuild

Corp.\*

57,673

#### Household

#### Products

#### -

#### 1.8%
Church

&

Dwight

Co.,

Inc.

42,617

Clorox

Co.

(The)

741

105,444

Procter

&

Gamble

Co.

(The)

5,772

938,354

#### 1,086,415

#### Industrial

#### REITs

#### -

#### 0.8%
Prologis,

Inc.,

REIT

4,524

462,353

#### Insurance

#### -

#### 1.5%
Aflac,

Inc.

3,237

351,797

Hartford

Insurance

Group,

Inc.

(The)

1,794

220,070

MetLife,

Inc.

3,627

273,367

Travelers

Cos.,

Inc.

(The)

82,409

#### 927,643

#### Interactive

#### Media

#### &

#### Services

#### -

#### 6.7%
Alphabet,

Inc.,

Class

A

9,789

1,554,493

Alphabet,

Inc.,

Class

C

6,318

1,016,503

Meta

Platforms,

Inc.,

Class

A

2,613

1,434,537

#### 4,005,533

#### IT

#### Services

#### -

#### 1.7%
Akamai

Technologies,

Inc.\*

936

75,423

Cognizant

Technology

Solutions

Corp.,

Class

A

3,042

223,800

International

Business

Machines

Corp.

3,042

735,616

#### 1,034,839

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### -

#### 0.1%
Illumina,

Inc.\*

1,014

78,686

#### Machinery

#### -

#### 1.8%
CNH

Industrial

NV

5,421

62,721

Deere

&

Co.

1,365

632,759

#### Investments

#### Shares

#### Value

#### Machinery
(continued)

Ingersoll

Rand,

Inc.

2,457

$

185,332

Westinghouse

Air

Brake

Technologies

Corp.

1,053

194,531

#### 1,075,343

#### Media

#### -

#### 0.7%
Comcast

Corp.,

Class

A

9,906

338,785

Interpublic

Group

of

Cos.,

Inc.

(The)

2,368

59,484

#### 398,269

#### Metals

#### &

#### Mining

#### -

#### 0.6%
Newmont

Corp.

6,981

367,759

#### Multi-Utilities

#### -

#### 0.5%
Consolidated

Edison,

Inc.

2,106

237,451

Public

Service

Enterprise

Group,

Inc.

546

43,642

#### 281,093

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 2.0%
Chevron

Corp.

3,705

504,102

Devon

Energy

Corp.

3,783

115,041

EQT

Corp.

2,574

127,259

Occidental

Petroleum

Corp.

4,017

158,310

ONEOK,

Inc.

3,549

291,586

#### 1,196,298

#### Personal

#### Care

#### Products

#### -

#### 0.1%
Estee

Lauder

Cos.,

Inc.

(The),

Class

A

1,404

84,184

#### Pharmaceuticals

#### -

#### 4.3%
Eli

Lilly

&

Co.

210,355

Johnson

&

Johnson

6,084

950,990

Merck

&

Co.,

Inc.

8,931

760,921

Pfizer,

Inc.

26,169

638,785

#### 2,561,051

#### Professional

#### Services

#### -

#### 1.9%
Automatic

Data

Processing,

Inc.

2,106

633,064

Equifax,

Inc.

741

192,756

Paychex,

Inc.

1,989

292,622

#### 1,118,442

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 8.0%
Broadcom,

Inc.

2,574

495,418

Enphase

Energy,

Inc.\*

780

34,780

First

Solar,

Inc.\*

624

78,512

Intel

Corp.

25,506

512,670

NVIDIA

Corp.

33,579

3,657,425

#### 4,778,805

#### Software

#### -

#### 11.7%
Adobe,

Inc.\*

1,599

599,593

Autodesk,

Inc.\*

1,326

363,656

Cadence

Design

Systems,

Inc.\*

1,677

499,310

Microsoft

Corp.

9,789

3,869,200

Salesforce,

Inc.

2,691

723,099

ServiceNow,

Inc.\*

546

521,435

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Software
(continued)

Workday,

Inc.,

Class

A\*

1,287

$

315,315

Zoom

Communications,

Inc.,

Class

A\*

1,326

102,818

#### 6,994,426

#### Specialized

#### REITs

#### -

#### 0.8%
Equinix,

Inc.,

REIT

585

503,539

#### Specialty

#### Retail

#### -

#### 1.3%
Home

Depot,

Inc.

(The)

1,014

365,537

Lowe's

Cos.,

Inc.

26,156

Tractor

Supply

Co.

3,237

163,857

Ulta

Beauty,

Inc.\*

108,010

Williams-Sonoma,

Inc.

741

114,462

#### 778,022

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 7.5%
Apple,

Inc.

19,110

4,060,875

Dell

Technologies,

Inc.,

Class

C

1,599

146,724

Hewlett

Packard

Enterprise

Co.(a)

7,917

128,414

HP,

Inc.

5,928

151,579

#### 4,487,592

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 0.7%
NIKE,

Inc.,

Class

B(a)

7,332

413,525

#### Water

#### Utilities

#### -

#### 0.3%
American

Water

Works

Co.,

Inc.

1,170

172,002

#### Total

#### Common

#### Stocks

#### (Cost

#### $55,551,301)

#### 59,385,312

#### Principal

#### Amount

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 0.8%(b)

#### REPURCHASE

#### AGREEMENTS

#### -

#### 0.8%
CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$505,920,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$514,328

(Cost

$505,859)

$505,859

505,859

#### SHORT-TERM

#### INVESTMENTS

#### -

#### 0.1%(c)(d)

#### U.S.

#### TREASURY

#### OBLIGATIONS

#### -

#### 0.1%
U.S.

Treasury

Bills

4.20%,

9/11/2025

(Cost

$25,605)

$

26,000

25,605

#### Total

#### Investments

#### -

#### 100.4%

#### (Cost

#### $56,082,765)

#### 59,916,776
Liabilities

in

excess

of

other

assets

-

(0.4%)

(212,420)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $59,704,356
*\**

*Non-income* 

*producing* 

*security.*

(a) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$1,375,935,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$505,859* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments* 

*and* 

*$899,249* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.13%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*May* 

*8,* 

*2025* 

*–* 

*May* 

*15,* 

*2054;* 

*a* 

*total* 

*value* 

*of* 

*$1,405,108.*

(b) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$505,859.*

(c) *All* 

*or* 

*a* 

*portion* 

*of* 

*the* 

*security* 

*pledged* 

*as* 

*collateral* 

*for* 

*Futures* 

*Contracts.*

(d) *The* 

*rate* 

*shown* 

*was* 

*the* 

*current* 

*yield* 

*as* 

*of* 

*April* 

*30,* 

2025. *Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

6,994,381

Aggregate

gross

unrealized

depreciation

(3,159,363)

Net

unrealized

appreciation

$

3,835,018

Federal

income

tax

cost

$

56,082,766

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Futures

#### Contracts
*FlexShares®* 

*ESG &* 

*Climate* 

*US* 

*Large* 

*Cap* 

*Core* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation

#### \*

#### Long

#### Contracts
S&P

500

Micro

E-Mini

Index

06/20/2025

USD

$

307,285

$

1,008

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

*Abbreviations:*

*USD*

*—*

*US* 

*Dollar*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

99.5 %

Securities

Lending

Reinvestments

0.8 Short-Term

Investments

0.1 Others

(1) (0.4)

100.0%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 98

#### .2

#### %

#### Air

#### Freight

#### &

#### Logistics

#### -

#### 0

#### .8

#### %
Deutsche

Post

AG

9,963

$

424,817

#### Automobile

#### Components

#### -

#### 0

#### .6

#### %
Bridgestone

Corp.(a)

7,900

331,807

#### Automobiles

#### -

#### 1

#### .8

#### %
Honda

Motor

Co.

Ltd.

7,000

71,305

Isuzu

Motors

Ltd.

2,000

27,012

Mercedes-Benz

Group

AG

6,293

375,348

Nissan

Motor

Co.

Ltd.\*(a)

30,700

73,500

Renault

SA

738

39,119

Toyota

Motor

Corp.

14,300

273,589

Yamaha

Motor

Co.

Ltd.

12,300

96,751

#### 956,624

#### Banks

#### -

#### 13

#### .2

#### %
ABN

AMRO

Bank

NV,

CVA(a)(b)

6,129

126,802

Banco

Santander

SA(a)

49,015

344,447

Bank

of

Montreal

758

72,485

Bank

of

Nova

Scotia

(The)

615

30,712

Barclays

plc

46,801

185,536

BNP

Paribas

SA

1,783

150,573

Canadian

Imperial

Bank

of

Commerce

8,917

561,307

Commonwealth

Bank

of

Australia

8,405

895,965

Credit

Agricole

SA

3,813

71,475

Danske

Bank

A/S

9,389

328,485

DBS

Group

Holdings

Ltd.

1,900

61,771

HSBC

Holdings

plc

41,348

459,501

ING

Groep

NV

31,344

606,214

Intesa

Sanpaolo

SpA

2,439

12,981

KBC

Group

NV

3,136

288,967

Mediobanca

Banca

di

Credito

Finanziario

SpA

7,011

143,336

Mitsubishi

UFJ

Financial

Group,

Inc.

38,900

491,841

Mizuho

Financial

Group,

Inc.

3,400

85,334

National

Australia

Bank

Ltd.

8,323

192,409

National

Bank

of

Canada

2,050

179,696

Royal

Bank

of

Canada(a)

6,448

772,425

Societe

Generale

SA

4,899

253,943

Standard

Chartered

plc

15,211

218,614

Sumitomo

Mitsui

Financial

Group,

Inc.

13,900

331,324

Svenska

Handelsbanken

AB,

Class

A

20,418

267,480

#### 7,133,623

#### Beverages

#### -

#### 1

#### .3

#### %
Asahi

Group

Holdings

Ltd.(a)

7,600

105,097

Budweiser

Brewing

Co.

APAC

Ltd.(b)

14,300

15,158

Diageo

plc

18,839

526,415

Pernod

Ricard

SA

676

73,171

#### 719,841

#### Investments

#### Shares

#### Value

#### Biotechnology

#### -

#### 0

#### .7

#### %
CSL

Ltd.

2,234

$

358,972

#### Broadline

#### Retail

#### -

#### 1

#### .2

#### %
Dollarama,

Inc.(a)

2,296

282,741

Next

plc

1,640

270,094

Rakuten

Group,

Inc.\*

20,500

120,652

#### 673,487

#### Building

#### Products

#### -

#### 1

#### .4

#### %
Cie

de

Saint-Gobain

SA

3,464

376,050

Geberit

AG

(Registered)

199,145

Kingspan

Group

plc

2,193

185,222

#### 760,417

#### Capital

#### Markets

#### -

#### 4

#### .1

#### %
3i

Group

plc

10,475

592,398

Amundi

SA(b)

820

64,644

Daiwa

Securities

Group,

Inc.(a)

18,400

120,508

Deutsche

Boerse

AG

132,130

EQT

AB(a)

5,207

149,976

Hong

Kong

Exchanges

&

Clearing

Ltd.

12,700

558,134

IGM

Financial,

Inc.

1,127

35,745

London

Stock

Exchange

Group

plc

25,465

Macquarie

Group

Ltd.

1,886

233,447

Nomura

Holdings,

Inc.

42,300

234,631

Schroders

plc

11,172

49,005

#### 2,196,083

#### Chemicals

#### -

#### 3

#### .1

#### %
Akzo

Nobel

NV(a)

2,419

152,779

Covestro

AG\*

2,320

156,653

Givaudan

SA

(Registered)

363,432

Nippon

Paint

Holdings

Co.

Ltd.(a)

6,100

46,400

Nitto

Denko

Corp.

10,200

178,807

Novonesis

Novozymes

B

779

50,557

Shin-Etsu

Chemical

Co.

Ltd.

6,071

Sika

AG

(Registered)

1,886

472,332

Symrise

AG,

Class

A

1,865

215,290

Toray

Industries,

Inc.

2,000

12,750

#### 1,655,071

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 0

#### .8

#### %
Brambles

Ltd.

12,115

159,067

Dai

Nippon

Printing

Co.

Ltd.

5,500

76,770

Rentokil

Initial

plc

9,594

43,903

Secom

Co.

Ltd.

3,800

139,809

#### 419,549

#### Communications

#### Equipment

#### -

#### 0

#### .2

#### %
Nokia

OYJ

26,240

130,917

#### Construction

#### &

#### Engineering

#### -

#### 0

#### .1

#### %
Taisei

Corp.

21,719

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Construction

#### &

#### Engineering
(continued)

WSP

Global,

Inc.

$

54,310

#### 76,029

#### Construction

#### Materials

#### -

#### 0

#### .1

#### %
James

Hardie

Industries

plc,

CHDI\*

2,583

61,151

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 2

#### .1

#### %
Carrefour

SA

7,400

114,360

Jeronimo

Martins

SGPS

SA

3,956

95,876

Loblaw

Cos.

Ltd.

963

156,026

Tesco

plc

95,694

473,823

Woolworths

Group

Ltd.

15,723

317,606

#### 1,157,691

#### Containers

#### &

#### Packaging

#### -

#### 0

#### .2

#### %
SIG

Group

AG(a)

4,325

83,737

#### Diversified

#### Consumer

#### Services

#### -

#### 0

#### .3

#### %
Pearson

plc

8,589

137,266

#### Diversified

#### Telecommunication

#### Services

#### -

#### 1

#### .9

#### %
BCE,

Inc.

3,526

78,454

Deutsche

Telekom

AG

(Registered)

13,858

497,797

Nippon

Telegraph

&

Telephone

Corp.

92,200

96,505

Swisscom

AG

(Registered)(a)

232,918

Telefonica

SA

6,744

34,636

TELUS

Corp.

6,724

103,296

#### 1,043,606

#### Electric

#### Utilities

#### -

#### 2

#### .1

#### %
EDP

SA

44,710

176,664

Enel

SpA

33,333

289,641

Iberdrola

SA

26,568

480,048

Terna

-

Rete

Elettrica

Nazionale

19,106

190,430

#### 1,136,783

#### Electrical

#### Equipment

#### -

#### 2

#### .6

#### %
Legrand

SA

42,583

Mitsubishi

Electric

Corp.

5,100

98,700

Schneider

Electric

SE

2,972

689,874

Siemens

Energy

AG\*

5,350

410,752

Vestas

Wind

Systems

A/S

14,165

188,264

#### 1,430,173

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 0

#### .5

#### %
Celestica,

Inc.\*

1,168

99,466

Murata

Manufacturing

Co.

Ltd.

10,900

169,185

#### 268,651

#### Energy

#### Equipment

#### &

#### Services

#### -

#### 0

#### .1

#### %
Tenaris

SA

1,701

28,395

#### Entertainment

#### -

#### 0

#### .0

#### %
(c) Toho

Co.

Ltd.

17,162

#### Investments

#### Shares

#### Value

#### Financial

#### Services

#### -

#### 0

#### .3

#### %
Edenred

SE

3,464

$

107,814

Mitsubishi

HC

Capital,

Inc.

10,200

71,974

#### 179,788

#### Food

#### Products

#### -

#### 1

#### .6

#### %
Ajinomoto

Co.,

Inc.

1,800

36,798

Nestle

SA

(Registered)(a)

7,503

801,111

#### 837,909

#### Gas

#### Utilities

#### -

#### 0

#### .1

#### %
Hong

Kong

&

China

Gas

Co.

Ltd.

82,000

73,914

#### Ground

#### Transportation

#### -

#### 1

#### .4

#### %
Canadian

National

Railway

Co.

5,309

513,143

Canadian

Pacific

Kansas

City

Ltd.

2,132

154,548

MTR

Corp.

Ltd.

22,500

77,759

#### 745,450

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 1

#### .9

#### %
Alcon

AG

15,898

BioMerieux

574

77,451

Koninklijke

Philips

NV\*

11,234

284,904

Olympus

Corp.

8,700

113,782

Siemens

Healthineers

AG(b)

3,915

210,859

Sonova

Holding

AG

(Registered)

717

221,099

Sysmex

Corp.

6,900

128,262

#### 1,052,255

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 1

#### .3

#### %
Amadeus

IT

Group

SA

6,293

494,884

Galaxy

Entertainment

Group

Ltd.

14,000

50,911

Oriental

Land

Co.

Ltd.

4,100

87,180

Sands

China

Ltd.\*

32,800

59,131

#### 692,106

#### Household

#### Durables

#### -

#### 1

#### .2

#### %
Sekisui

House

Ltd.

5,400

124,022

Sony

Group

Corp.

20,500

541,962

#### 665,984

#### Household

#### Products

#### -

#### 0

#### .9

#### %
Henkel

AG

&

Co.

KGaA

(Preference)

2,296

178,522

Reckitt

Benckiser

Group

plc

4,715

304,689

#### 483,211

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 0

#### .3

#### %
EDP

Renovaveis

SA

4,510

42,321

Orsted

A/S\*(a)(b)

2,275

90,717

#### 133,038

#### Industrial

#### Conglomerates

#### -

#### 2

#### .4

#### %
Hitachi

Ltd.

27,300

673,313

Siemens

AG

(Registered)

2,808

644,623

#### 1,317,936

#### Industrial

#### REITs

#### -

#### 0

#### .3

#### %
Segro

plc,

REIT

18,163

165,116

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Insurance

#### -

#### 7

#### .5

#### %
AIA

Group

Ltd.

32,800

$

245,745

Allianz

SE

(Registered)

2,214

916,354

Aviva

plc

36,797

275,239

AXA

SA\*

13,919

657,738

Legal

&

General

Group

plc

21,853

68,448

Manulife

Financial

Corp.

18,060

552,404

MS&AD

Insurance

Group

Holdings,

Inc.

800

18,200

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)\*

209,948

QBE

Insurance

Group

Ltd.

15,436

213,238

Sompo

Holdings,

Inc.

2,000

65,129

Swiss

Re

AG

1,086

195,262

Tokio

Marine

Holdings,

Inc.

700

28,012

Zurich

Insurance

Group

AG

881

624,392

#### 4,070,109

#### Interactive

#### Media

#### &

#### Services

#### -

#### 0

#### .3

#### %
LY

Corp.

36,900

139,643

#### IT

#### Services

#### -

#### 2

#### .2

#### %
Capgemini

SE

1,640

260,718

CGI,

Inc.

2,829

299,387

Fujitsu

Ltd.

23,300

514,710

Nomura

Research

Institute

Ltd.

2,600

98,284

#### 1,173,099

#### Leisure

#### Products

#### -

#### 0

#### .3

#### %
Shimano,

Inc.(a)

1,000

141,510

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### -

#### 0

#### .0

#### %
(c) Lonza

Group

AG

(Registered)

14,326

#### Machinery

#### -

#### 1

#### .9

#### %
Atlas

Copco

AB,

Class

A(a)

10,229

158,925

Epiroc

AB,

Class

A

5,391

116,708

GEA

Group

AG

2,132

138,869

Komatsu

Ltd.

6,100

175,379

Kone

OYJ,

Class

B

2,255

139,704

Kubota

Corp.(a)

700

8,112

SKF

AB,

Class

B

4,756

93,469

Spirax

Group

plc

984

77,217

Volvo

AB,

Class

B

1,332

36,266

Weir

Group

plc

(The)

594

17,836

Yaskawa

Electric

Corp.

3,300

69,799

#### 1,032,284

#### Media

#### -

#### 0

#### .7

#### %
Publicis

Groupe

SA

2,439

247,476

WPP

plc

13,243

101,922

#### 349,398

#### Metals

#### &

#### Mining

#### -

#### 2

#### .7

#### %
Anglo

American

plc

9,983

270,553

Barrick

Gold

Corp.

1,209

23,011

#### Investments

#### Shares

#### Value

#### Metals

#### &

#### Mining
(continued)

Fortescue

Ltd.

15,313

$

158,630

Kinross

Gold

Corp.

16,543

243,720

Northern

Star

Resources

Ltd.

20,090

246,551

Wheaton

Precious

Metals

Corp.

6,150

512,507

#### 1,454,972

#### Multi-Utilities

#### -

#### 0

#### .3

#### %
National

Grid

plc

11,869

171,693

#### Office

#### REITs

#### -

#### 0

#### .1

#### %
Gecina

SA,

REIT

676

69,544

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 4

#### .7

#### %
Enbridge,

Inc.

14,760

688,900

ENEOS

Holdings,

Inc.

38,900

187,055

Neste

OYJ

5,453

56,755

Pembina

Pipeline

Corp.

7,011

267,487

Repsol

SA

14,145

173,818

Shell

plc

23,247

757,800

TC

Energy

Corp.

1,209

60,962

TotalEnergies

SE

6,150

357,660

#### 2,550,437

#### Personal

#### Care

#### Products

#### -

#### 1

#### .7

#### %
Kao

Corp.

6,400

274,010

L'Oreal

SA\*

1,435

631,289

#### 905,299

#### Pharmaceuticals

#### -

#### 8

#### .3

#### %
Astellas

Pharma,

Inc.

10,900

109,084

AstraZeneca

plc

5,186

743,122

Daiichi

Sankyo

Co.

Ltd.

7,600

194,156

GSK

plc

20,459

405,398

Novartis

AG

(Registered)

6,478

739,363

Novo

Nordisk

A/S,

Class

B

11,746

778,421

Roche

Holding

AG

127,481

Sanofi

SA

6,416

699,436

Takeda

Pharmaceutical

Co.

Ltd.

14,100

428,318

Teva

Pharmaceutical

Industries

Ltd.\*

11,787

177,661

UCB

SA

90,128

#### 4,492,568

#### Professional

#### Services

#### -

#### 2

#### .5

#### %
Computershare

Ltd.

881

22,954

Recruit

Holdings

Co.

Ltd.

3,900

217,147

RELX

plc

12,833

697,126

Wolters

Kluwer

NV

2,357

416,500

#### 1,353,727

#### Real

#### Estate

#### Management

#### &

#### Development

#### -

#### 0

#### .6

#### %
Daiwa

House

Industry

Co.

Ltd.

7,200

260,207

Mitsubishi

Estate

Co.

Ltd.

3,500

61,466

#### 321,673

#### Retail

#### REITs

#### -

#### 0

#### .8

#### %
CapitaLand

Integrated

Commercial

Trust,

REIT

69,700

114,770

Scentre

Group,

REIT

72,611

168,186

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Retail

#### REITs
(continued)

Unibail-Rodamco-Westfield,

REIT

1,681

$

142,398

#### 425,354

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 2

#### .1

#### %
Advantest

Corp.

3,700

152,083

ASML

Holding

NV

1,209

800,548

Tokyo

Electron

Ltd.

1,200

178,561

#### 1,131,192

#### Software

#### -

#### 2

#### .8

#### %
Open

Text

Corp.

3,731

100,804

SAP

SE

4,284

1,243,269

Xero

Ltd.\*

1,558

163,679

#### 1,507,752

#### Specialty

#### Retail

#### -

#### 1

#### .4

#### %
Fast

Retailing

Co.

Ltd.

500

164,680

Industria

de

Diseno

Textil

SA(a)

9,983

536,088

ZOZO,

Inc.(a)

6,100

62,180

#### 762,948

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 0

#### .6

#### %
Canon,

Inc.(a)

11,300

348,887

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 1

#### .7

#### %
Cie

Financiere

Richemont

SA

(Registered)

594

104,993

Hermes

International

SCA

290,823

Kering

SA

1,025

207,796

LVMH

Moet

Hennessy

Louis

Vuitton

SE

533

295,613

#### 899,225

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 1

#### .3

#### %
Bunzl

plc

3,833

120,314

ITOCHU

Corp.(a)

11,800

602,409

#### 722,723

#### Transportation

#### Infrastructure

#### -

#### 1

#### .1

#### %
Aena

SME

SA(b)

533

134,144

Getlink

SE

4,264

80,850

Transurban

Group

42,476

383,485

#### 598,479

#### Water

#### Utilities

#### -

#### 0

#### .3

#### %
Severn

Trent

plc

3,792

141,313

#### Wireless

#### Telecommunication

#### Services

#### -

#### 1

#### .4

#### %
SoftBank

Corp.

354,600

536,723

Vodafone

Group

plc

247,496

242,183

#### 778,906

#### Total

#### Common

#### Stocks

#### (Cost

#### $46,521,921)

#### 53,105,620

#### Investments

#### Number

#### of

#### Rights

#### Value

#### RIGHTS

#### -

#### 0

#### .0

#### %
(c) #### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 0.0%(c)
EDP

Renovaveis

SA,

expiring

5/7/2025,

price

1.00 EUR\*(a)

(Cost

$–)

4,400

#### Principal

#### Amount

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 1

#### .1

#### %
(d) #### REPURCHASE

#### AGREEMENTS

#### -

#### 1

#### .1

#### %
CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$610,168,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$620,309

(Cost

$610,094)

$610,094

$

610,094

#### Total

#### Investments

#### -

#### 99.3%

#### (Cost

#### $47,132,015)

#### 53,716,164
Other

assets

less

liabilities

-

0.7%

388,919

#### NET

#### ASSETS

#### -

#### 100.0%

#### $54,105,083
*\**

*Non-income* 

*producing* 

*security.*

(a) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$4,477,682,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$610,094* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments;* 

*$2,578,090* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*May* 

*8,* 

*2025* 

*–* 

*February* 

*15,* 

*2055* 

*and* 

*$1,567,397* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*Foreign* 

*Government* 

*Fixed* 

*Income* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*5.75%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*June* 

*12,* 

*2025* 

*–* 

*June* 

*30,* 

*2120;* 

*a* 

*total* 

*value* 

*of* 

*$4,755,581.*

(b) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Regulation* 

*S* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

1933. *Regulation* 

*S* 

*applies* 

*to* 

*securities* 

*offerings* 

*that* 

*are* 

*made* 

*outside* 

*of* 

*the* 

*United* 

*States* 

*and* 

*do* 

*not* 

*involve* 

*direct* 

*selling* 

*efforts* 

*in* 

*the* 

*United* 

*States* 

*and* 

*as* 

*such* 

*may* 

*have* 

*restrictions* 

*on* 

*resale.*

(c) *Represents* 

*less* 

*than* 

*0.05%* 

*of* 

*net* 

*assets.*

(d) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$610,094.*

*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*CHDI*

*—*

*Clearing* 

*House* 

*Electronic* 

*Subregister* 

*System* 

(CHESS)

*Depository* 

*Interest*

*CVA*

*—*

*Dutch* 

*Certification*

*OYJ*

*—*

*Public* 

*Limited* 

*Company*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*Preference*

*—*

*A* 

*special* 

*type* 

*of* 

*equity* 

*investment* 

*that* 

*shares* 

*in* 

*the* 

*earnings* 

*of* 

*the* 

*company,* 

*has* 

*limited* 

*voting* 

*rights,* 

*and* 

*may* 

*have* 

*a* 

*dividend* 

*preference.* 

*Preference* 

*shares* 

*may* 

*also* 

*have* 

*liquidation* 

*preference.* 

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*SCA*

*—*

*Limited* 

*partnership* 

*with* 

*share* 

*capital*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

9,408,116

Aggregate

gross

unrealized

depreciation

(2,899,782)

Net

unrealized

appreciation

$

6,508,334

Federal

income

tax

cost

$

47,195,857

#### Futures

#### Contracts
*FlexShares*

*®*

*ESG &* 

*Climate* 

*Developed* 

*Markets ex-US Core* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation

#### \*

#### Long

#### Contracts
MSCI

EAFE

E-Mini

Index

06/20/2025

USD

$

873,145

$

9,429

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*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* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### to

#### Receive

#### Counterparty

#### In

#### Exchange

#### For

#### Maturity

#### Date

#### Unrealized

#### Appreciation/
(Depreciation)

CAD

73,291

Bank

of

Montreal

USD

51,148

06/18/2025

$

2,043

JPY

7,835,000

JPMorgan

Chase

Bank

NA

USD

53,379

06/18/2025

1,846

Total

unrealized

appreciation

$

3,889

JPY

10,443,000

BNP

Paribas

SA

USD

73,718

06/18/2025

$

(109)

USD

43,420

Bank

of

Montreal

AUD

69,070

06/18/2025

(798)

USD

69,628

Citigroup

Global

Markets,

Inc.

CHF

60,857

06/18/2025

(4,871)

USD

19,159

Bank

of

Montreal

EUR

17,606

06/18/2025

(915)

USD

64,139

JPMorgan

Chase

Bank

NA

EUR

59,000

06/18/2025

(3,132)

USD

43,963

Bank

of

Montreal

GBP

34,011

06/18/2025

(1,474)

USD

20,238

Bank

of

Montreal

HKD

157,028

06/18/2025

(25)

USD

110,008

JPMorgan

Chase

Bank

NA

JPY

16,389,000

06/18/2025

(5,511)

USD

146,891

Morgan

Stanley

JPY

21,542,090

06/18/2025

(4,950)

USD

24,133

Bank

of

Montreal

NOK

257,473

06/18/2025

(696)

USD

20,614

Morgan

Stanley

NZD

36,099

06/18/2025

(840)

USD

38,607

Morgan

Stanley

SEK

390,201

06/18/2025

(1,970)

Total

unrealized

depreciation

$

(25,291)

Net

unrealized

depreciation

$

(21,402)

*Abbreviations:*

*AUD*

*—*

*Australian* 

*Dollar*

*CAD*

*—*

*Canadian* 

*Dollar*

*CHF*

*—*

*Swiss* 

*Franc*

*EUR*

*—*

*Euro*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*Abbreviations:* 

(continued)

*GBP*

*—*

*British* 

*Pound*

*HKD*

*—*

*Hong* 

*Kong* 

*Dollar*

*JPY*

*—*

*Japanese* 

*Yen*

*NOK*

*—*

*Norwegian* 

*Krone*

*NZD*

*—*

*New* 

*Zealand* 

*Dollar*

*SEK*

*—*

*Swedish* 

*Krona*

*USD*

*—*

*US* 

*Dollar*

*FlexShares®* 

*ESG &* 

*Climate* 

*Developed* 

*Markets ex-US Core* 

*Index* 

*invested,* 

*as* 

*a* 

*percentage* 

*of* 

*net* 

*assets,* 

*in* 

*companies* 

*domiciled* 

*in* 

*the* 

*following* 

*countries* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

Australia

.3

%

Belgium

.7

Canada

.8

Denmark

.7

Finland

.6

France

.1

Germany

.6

Hong

Kong

.0

Ireland

.4

Israel

.3

Italy

.2

Japan

.6

Netherlands

.4

New

Zealand

.3

Portugal

.6

Singapore

.3

Spain

.1

Sweden

.5

Switzerland

.8

United

Kingdom

.9

Other

.8

100.0%

*1*

*Includes* 

*any* 

*non-equity* 

*securities,* 

*securities* 

*lending* 

*reinvestments* 

*and* 

*net* 

*other* 

*assets* 

*(liabilities).*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.2

%

Rights

.0

†

Securities

Lending

Reinvestments

.1

Others

(1) 0

.7

.0

%

*†*

*Amount* 

*represents* 

*less* 

*than* 

*0.05%.*

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 99

#### .1

#### %

#### Building

#### Products

#### -

#### 0

#### .5

#### %
Simpson

Manufacturing

Co.,

Inc.

82,790

$

12,723,995

UFP

Industries,

Inc.

116,880

11,553,588

#### 24,277,583

#### Chemicals

#### -

#### 18

#### .2

#### %
CF

Industries

Holdings,

Inc.

900,950

70,607,451

Corteva,

Inc.

3,659,805

226,871,312

FMC

Corp.(a)

577,095

24,191,822

ICL

Group

Ltd.

5,863,480

38,895,978

K+S

AG

(Registered)

1,224,805

21,343,914

Mosaic

Co.

(The)

1,555,965

47,301,336

Nutrien

Ltd.(a)

4,236,900

241,398,704

PhosAgro

PJSC‡

308,581

—

PI

Industries

Ltd.

606,315

26,124,644

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

A\*

3,409,000

7,510,051

SABIC

Agri-Nutrients

Co.

1,928,520

50,746,467

Scotts

Miracle-Gro

Co.

(The)(a)

202,105

10,182,050

UPL

Ltd.

4,672,765

37,051,922

Yara

International

ASA

1,229,675

39,748,221

Yunnan

Yuntianhua

Co.

Ltd.,

Class

A

974,000

2,994,633

#### 844,968,505

#### Containers

#### &

#### Packaging

#### -

#### 0

#### .2

#### %
Klabin

SA

2,678,500

8,766,843

#### Food

#### Products

#### -

#### 10

#### .9

#### %
Archer-Daniels-Midland

Co.(a)

2,391,170

114,178,367

Bakkafrost

P/F(a)

416,385

20,939,809

Bunge

Global

SA

715,890

56,354,861

Cal-Maine

Foods,

Inc.(a)

221,585

20,689,391

Charoen

Pokphand

Foods

PCL,

NVDR

25,567,500

20,282,555

Charoen

Pokphand

Indonesia

Tbk.

PT

57,466,000

16,374,348

Jiangxi

Zhengbang

Technology

Co.

Ltd.,

Class

A\*

5,600,500

2,128,295

Mowi

ASA

3,681,720

67,492,608

Muyuan

Foods

Co.

Ltd.,

Class

A

3,165,500

17,290,216

New

Hope

Liuhe

Co.

Ltd.,

Class

A\*

2,678,500

3,536,765

PPB

Group

Bhd.

5,357,000

15,444,051

QL

Resources

Bhd.

14,610,000

16,252,144

Salmar

ASA

637,970

31,529,528

Tyson

Foods,

Inc.,

Class

A

1,434,215

87,831,327

United

Plantations

Bhd.

2,435,000

12,933,998

#### 503,258,263

#### Industrial

#### Conglomerates

#### -

#### 1

#### .8

#### %
Industries

Qatar

QSC

24,432,790

84,283,395

#### Metals

#### &

#### Mining

#### -

#### 29

#### .5

#### %
Agnico

Eagle

Mines

Ltd.

924,104

108,399,747

Alcoa

Corp.

353,075

8,660,930

#### Investments

#### Shares

#### Value

#### Metals

#### &

#### Mining
(continued)

Anglo

American

plc

2,332,730

$

63,220,139

Barrick

Gold

Corp.(a)

3,255,595

61,963,073

BHP

Group

Ltd.(a)

9,279,785

226,759,634

Boliden

AB\*

521,090

15,997,548

First

Quantum

Minerals

Ltd.\*(a)

1,312,465

17,587,582

Fortescue

Ltd.

3,104,625

32,161,343

Franco-Nevada

Corp.

357,945

61,391,986

Freeport-McMoRan,

Inc.(a)

2,079,490

74,924,025

Glencore

plc

18,786,025

61,326,054

GMK

Norilskiy

Nickel

PAO\*‡

4,615,800

—

GMK

Norilskiy

Nickel

PAO,

ADR,

ADR\*‡

1,231,473

—

Gold

Fields

Ltd.

1,531,615

34,491,743

Grupo

Mexico

SAB

de

CV,

Series

B

5,472,298

28,486,701

Hindalco

Industries

Ltd.

2,734,505

20,218,190

Ivanhoe

Mines

Ltd.,

Class

A\*(a)

1,373,340

12,169,465

Kinross

Gold

Corp.

2,269,420

33,434,226

Korea

Zinc

Co.

Ltd.

15,943

8,950,063

Newmont

Corp.

1,614,405

85,046,855

Northern

Star

Resources

Ltd.(a)

2,191,500

26,894,796

Rio

Tinto

plc

1,957,740

116,286,974

Royal

Gold,

Inc.

90,095

16,461,257

Saudi

Arabian

Mining

Co.\*

2,629,800

35,826,810

South32

Ltd.(a)

8,373,965

14,734,724

Southern

Copper

Corp.(a)

124,185

11,117,041

Teck

Resources

Ltd.,

Class

B(a)

893,645

30,310,047

Vale

SA

7,061,500

65,932,612

Vedanta

Ltd.

2,878,170

14,281,195

Wheaton

Precious

Metals

Corp.(a)

844,945

70,413,103

Zijin

Mining

Group

Co.

Ltd.,

Class

A

2,678,500

6,439,198

#### 1,363,887,061

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 28

#### .7

#### %
BP

plc

15,391,635

72,016,800

Cameco

Corp.(a)

861,990

38,834,169

Canadian

Natural

Resources

Ltd.

1,889,560

54,116,408

Cenovus

Energy,

Inc.(a)

1,305,160

15,335,370

Chevron

Corp.(a)

978,870

133,185,052

China

Petroleum

&

Chemical

Corp.,

Class

H

22,358,000

11,446,124

ConocoPhillips

742,675

66,187,196

Coterra

Energy,

Inc.

426,125

10,465,630

Devon

Energy

Corp.

392,035

11,921,784

Diamondback

Energy,

Inc.

119,315

15,750,773

Eni

SpA

1,913,910

27,630,592

EOG

Resources,

Inc.

328,725

36,268,229

EQT

Corp.

318,985

15,770,619

Equinor

ASA

786,505

18,043,437

Expand

Energy

Corp.(a)

114,445

11,890,836

Exxon

Mobil

Corp.

2,086,795

220,428,156

Gazprom

PJSC\*‡

15,937,700

—

Hess

Corp.

165,580

21,368,099

Imperial

Oil

Ltd.(a)

160,710

10,819,100

LUKOIL

PJSC‡

214,305

—

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

LUKOIL

PJSC,

ADR,

ADR\*‡

269,035

$

—

Novatek

PJSC‡

1,237,715

—

Occidental

Petroleum

Corp.(a)

409,080

16,121,843

Oil

&

Natural

Gas

Corp.

Ltd.

4,003,140

11,582,909

PetroChina

Co.

Ltd.,

Class

H

19,480,000

14,921,428

Petroleo

Brasileiro

SA

(Preference)

4,626,500

24,507,849

Repsol

SA

1,124,970

13,823,932

Rosneft

Oil

Co.

PJSC‡

2,926,433

—

Santos

Ltd.

3,080,275

11,845,193

Saudi

Arabian

Oil

Co.(b)

5,780,690

39,068,088

Shell

plc

5,792,865

188,834,414

Suncor

Energy,

Inc.(a)

1,307,595

46,091,943

Tatneft

PJSC‡

2,021,036

—

Texas

Pacific

Land

Corp.(a)

12,175

15,691,992

TotalEnergies

SE

1,928,520

112,155,260

Tourmaline

Oil

Corp.(a)

340,900

15,029,907

Woodside

Energy

Group

Ltd.(a)

1,969,915

26,141,735

#### 1,327,294,867

#### Paper

#### &

#### Forest

#### Products

#### -

#### 2

#### .8

#### %
Canfor

Corp.\*(a)

150,970

1,439,423

Dexco

SA

730,500

713,545

Mondi

plc

1,156,625

17,503,763

Stella-Jones,

Inc.

141,230

6,911,712

Stora

Enso

OYJ,

Class

R(a)

1,624,145

15,076,452

Suzano

SA

1,948,000

17,231,752

Svenska

Cellulosa

AB

SCA,

Class

B(a)

1,495,090

19,423,195

UPM-Kymmene

OYJ

1,431,780

37,955,070

West

Fraser

Timber

Co.

Ltd.(a)

160,710

11,875,530

#### 128,130,442

#### Specialized

#### REITs

#### -

#### 1

#### .0

#### %
PotlatchDeltic

Corp.,

REIT

155,840

5,982,698

Rayonier,

Inc.,

REIT

241,065

5,896,450

Weyerhaeuser

Co.,

REIT

1,390,385

36,024,875

#### 47,904,023

#### Water

#### Utilities

#### -

#### 5

#### .5

#### %
Aguas

Andinas

SA,

Class

A

10,706,695

3,917,015

American

States

Water

Co.

90,095

7,307,606

American

Water

Works

Co.,

Inc.

465,085

68,372,146

Beijing

Enterprises

Water

Group

Ltd.

(a) 16,738,000

5,288,161

California

Water

Service

Group

138,795

7,029,967

Chengdu

Xingrong

Environment

Co.

Ltd.,

Class

A

974,000

950,826

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

1,358,700

27,332,876

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

730,500

2,766,439

Cia

De

Sanena

Do

Parana\*

974,000

5,286,858

Essential

Utilities,

Inc.

611,185

25,138,039

Grandblue

Environment

Co.

Ltd.,

Class

A

243,500

777,827

#### Investments

#### Shares

#### Value

#### Water

#### Utilities
(continued)

Guangdong

Investment

Ltd.

10,968,000

$

8,882,231

Pennon

Group

plc

1,874,950

12,546,897

Severn

Trent

plc

1,059,225

39,473,111

United

Utilities

Group

plc

2,590,840

39,018,096

#### 254,088,095

#### Total

#### Common

#### Stocks

#### (Cost

#### $4,586,878,258)

#### 4,586,859,077

#### Principal

#### Amount

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 3

#### .2

#### %
(c) #### CERTIFICATES

#### OF

#### DEPOSIT

#### -

#### 0

#### .8

#### %
Barclays

Bank

plc,

New

York

(SOFR

+

0.22%),

4.58%,

7/30/2025(d)

$

1,000,000

1,000,279

(SOFR

+

0.35%),

4.71%,

10/15/2025(d)

4,000,000

3,999,988

BNP

Paribas,

New

York

(SOFR

+

0.24%),

4.60%,

12/1/2025(d)

3,000,000

2,998,764

Canadian

Imperial

Bank

of

Commerce,

New

York

(SOFR

+

0.24%),

4.60%,

12/17/2025(d)

2,000,000

1,998,732

Cooperatieve

Rabobank

UA,

London

4.71%,

7/3/2025

3,000,000

3,000,900

Credit

Agricole

CIB,

New

York

(SOFR

+

0.21%),

4.57%,

5/1/2025(d)

1,000,000

1,000,000

(SOFR

+

0.31%),

4.67%,

10/31/2025(d)

2,000,000

2,000,378

Credit

Industriel

et

Commercial,

New

York

(SOFR

+

0.20%),

4.56%,

8/7/2025(d)

1,000,000

999,725

(SOFR

+

0.28%),

4.64%,

10/28/2025(d)

2,000,000

1,999,502

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

New

York

(SOFR

+

0.23%),

4.59%,

8/8/2025(d)

2,500,000

2,501,790

MUFG

Bank

Ltd.,

New

York

Branch

(SOFR

+

0.19%),

4.55%,

9/8/2025(d)

2,000,000

1,999,172

Nordea

Bank

Abp,

New

York

Branch

(SOFR

+

0.32%),

4.68%,

7/18/2025(d)

4,000,000

4,000,776

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York

(SOFR

+

0.32%),

4.68%,

10/17/2025(d)

3,000,000

2,999,964

Societe

Generale,

New

York

(SOFR

+

0.34%),

4.56%,

6/17/2025(d)

1,000,000

1,000,170

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### SECURITIES

#### LENDING

#### REINVESTMENTS
(continued)

#### CERTIFICATES

#### OF

#### DEPOSIT
(continued)

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

+

0.23%),

4.56%,

10/1/2025(d)

$

2,000,000

$

1,999,926

Sumitomo

Mitsui

Trust

Bank

Ltd.,

London

4.50%,

7/17/2025

3,000,000

2,971,530

Westpac

Banking

Corp.,

New

York

(SOFR

+

0.33%),

4.69%,

9/11/2025(d)

2,000,000

2,000,068

#### Total

#### Certificates

#### of

#### Deposit

#### (Cost

#### $38,471,613)

#### 38,471,664

#### REPURCHASE

#### AGREEMENTS

#### -

#### 2

#### .4

#### %
BofA

Securities,

Inc.

4.78%,

dated

4/30/2025,

due

7/31/2025,

repurchase

price

$8,097,724,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

ranging

from

2.00%

-

4.63%,

maturing

6/30/2026

-

12/31/2031;

total

market

value

$8,254,992

8,000,000

8,000,000

CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$2,254,262,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$2,291,729

2,253,990

2,253,990

Citigroup

Global

Markets,

Inc.

4.36%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$27,003,270,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

2.25%

-

4.63%,

maturing

5/15/2027

-

11/30/2031;

total

market

value

$27,128,849

27,000,000

27,000,000

MetLife,

Inc.

4.37%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$8,000,971,

collateralized

by

various

U.S.

Treasury

Securities,

0.00%,

5/15/2046;

;

total

market

value

$8,055,519

8,000,000

8,000,000

National

Bank

of

Canada

Financial

Inc.

4.51%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$14,001,754,

collateralized

by

various

Common

Stocks;

total

market

value

$15,461,593

14,000,000

14,000,000

#### Investments

#### Principal

#### Amount

#### Value

#### REPURCHASE

#### AGREEMENTS
(continued)

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$30,003,692,

collateralized

by

various

Common

Stocks;

total

market

value

$33,060,571

$

30,000,000

$

30,000,000

TD

Prime

Services

LLC

4.63%,

dated

4/30/2025,

due

6/4/2025,

repurchase

price

$5,022,507,

collateralized

by

various

Common

Stocks;

total

market

value

$5,510,095

5,000,000

5,000,000

The

Bank

of

Nova

Scotia,

Toronto

4.50%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$15,001,875,

collateralized

by

various

Common

Stocks;

total

market

value

$16,728,283

15,000,000

15,000,000

#### Total

#### Repurchase

#### Agreements

#### (Cost

#### $109,253,990)

#### 109,253,990

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $147,725,603)

#### 147,725,654

#### Total

#### Investments

#### -

#### 102.3%

#### (Cost

#### $4,734,603,861)

#### 4,734,584,731
Liabilities

in

excess

of

other

assets

-

(2.3%)

(107,255,975)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $4,627,328,756
*\**

*Non-income* 

*producing* 

*security.*

*‡*

*Security* 

*is* 

*valued* 

*using* 

*significant* 

*unobservable* 

*inputs* 

*and* 

*is* 

*classified* 

*as* 

*Level* 

*3* 

*in* 

*the* 

*fair* 

*value* 

*hierarchy.*

(a) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$272,985,800,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$147,722,608* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments;* 

*$111,054,179* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*June* 

*15,* 

*2025* 

*–* 

*February* 

*15,* 

*2055* 

*and* 

*$32,682,612* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*Foreign* 

*Government* 

*Fixed* 

*Income* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*June* 

*12,* 

*2025* 

*–* 

*June* 

*30,* 

*2120;* 

*a* 

*total* 

*value* 

*of* 

*$291,459,399.*

(b) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Regulation* 

*S* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

1933. *Regulation* 

*S* 

*applies* 

*to* 

*securities* 

*offerings* 

*that* 

*are* 

*made* 

*outside* 

*of* 

*the* 

*United* 

*States* 

*and* 

*do* 

*not* 

*involve* 

*direct* 

*selling* 

*efforts* 

*in* 

*the* 

*United* 

*States* 

*and* 

*as* 

*such* 

*may* 

*have* 

*restrictions* 

*on* 

*resale.*

(c) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$147,725,654.*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

(d) *Variable* 

*or* 

*floating* 

*rate* 

*security,* 

*linked* 

*to* 

*the* 

*referenced* 

*benchmark.* 

*The* 

*interest* 

*rate* 

*shown* 

*is* 

*the* 

*rate* 

*in* 

*effect* 

*as* 

*of* 

*April* 

*30,* 

2025. *Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*ADR*

*—*

*American* 

*Depositary* 

*Receipt*

*NVDR*

*—*

*Non-Voting* 

*Depositary* 

*Receipt*

*OYJ*

*—*

*Public* 

*Limited* 

*Company*

*PJSC*

*—*

*Public* 

*Joint* 

*Stock* 

*Company*

*Preference*

*—*

*A* 

*special* 

*type* 

*of* 

*equity* 

*investment* 

*that* 

*shares* 

*in* 

*the* 

*earnings* 

*of* 

*the* 

*company,* 

*has* 

*limited* 

*voting* 

*rights,* 

*and* 

*may* 

*have* 

*a* 

*dividend* 

*preference.* 

*Preference* 

*shares* 

*may* 

*also* 

*have* 

*liquidation* 

*preference.* 

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*SCA*

*—*

*Limited* 

*partnership* 

*with* 

*share* 

*capital*

*SOFR*

*—*

*Secured* 

*Overnight* 

*Financing* 

*Rate*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

545,991,786

Aggregate

gross

unrealized

depreciation

(585,961,441)

Net

unrealized

depreciation

$

(39,969,655)

Federal

income

tax

cost

$

4,774,723,075

#### Futures

#### Contracts
*FlexShares*

*®*

*Morningstar* 

*Global* 

*Upstream* 

*Natural* 

*Resources* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation

#### /

#### (#### Depreciation

####)

#### \*

#### Long

#### Contracts
FTSE

Index

06/20/2025

GBP

$

8,252,916

$

(149,330)

FTSE/JSE

Top

Index

06/19/2025

ZAR

915,176

36,085

Hang

Seng

Index

05/29/2025

HKD

2,136,060

5,366

MSCI

Emerging

Markets

E-Mini

Index

06/20/2025

USD

832,500

(12,043)

Russell

2000

E-Mini

Index

06/20/2025

USD

9,553,530

(233,549)

S&P/TSX

Index

06/19/2025

CAD

16,884,095

361,815

SPI

Index

06/19/2025

AUD

1,693,139

48,933

$

57,277

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

#### Forward

#### Foreign

#### Currency

#### Contracts
*FlexShares*

*®*

*Morningstar* 

*Global* 

*Upstream* 

*Natural* 

*Resources* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*outstanding* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### to

#### Receive

#### Counterparty

#### In

#### Exchange

#### For

#### Maturity

#### Date

#### Unrealized

#### Appreciation/
(Depreciation)

AUD

2,994,480

Bank

of

Montreal

USD

1,882,435

06/18/2025

$

34,573

CAD

3,463,539

Bank

of

Montreal

USD

2,417,094

06/18/2025

96,523

GBP

2,297,860

Bank

of

Montreal

USD

2,970,213

06/18/2025

99,586

INR

\*

53,715,711

Citibank

NA

USD

611,931

06/18/2025

21,653

JPY

9,759,416

Morgan

Stanley

USD

66,547

06/18/2025

2,243

KRW

\*

373,297,844

Citibank

NA

USD

258,225

06/18/2025

5,213

NOK

9,288,048

Bank

of

Montreal

USD

870,559

06/18/2025

25,112

USD

219,568

UBS

AG

ZAR

4,060,000

06/18/2025

2,198

Total

unrealized

appreciation

$

287,101

USD

1,003,018

Bank

of

Montreal

AUD

1,600,000

06/18/2025

$

(21,271)

USD

1,013,389

Citibank

NA

BRL

\*

6,022,760

06/18/2025

(38,736)

USD

839,371

Bank

of

Montreal

CAD

1,200,000

06/18/2025

(31,513)

USD

1,160,409

UBS

AG

GBP

900,000

06/18/2025

(41,936)

USD

2,612,977

Bank

of

Montreal

HKD

20,274,345

06/18/2025

(3,244)

USD

72,493

JPMorgan

Chase

Bank

NA

JPY

10,800,000

06/18/2025

(3,632)

USD

412,082

UBS

AG

MXN

8,380,000

06/18/2025

(13,179)

USD

49,553

Morgan

Stanley

SEK

500,827

06/18/2025

(2,528)

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Contracts

#### to

#### Receive

#### Counterparty

#### In

#### Exchange

#### For

#### Maturity

#### Date

#### Unrealized

#### Appreciation/
(Depreciation)

USD

739,505

Citibank

NA

TWD

\*

24,180,000

06/18/2025

$

(19,650)

Total

unrealized

depreciation

$

(175,689)

Net

unrealized

appreciation

$

111,412

\*

*Non-deliverable* 

*forward.* 

*See* 

*Note* 

*2* 

*in* 

*the* 

*Notes* 

*to* 

*Financial* 

*Statements.*

*Abbreviations:*

*AUD*

*—*

*Australian* 

*Dollar*

*BRL*

*—*

*Brazilian* 

*Real*

*CAD*

*—*

*Canadian* 

*Dollar*

*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*

*—*

*US* 

*Dollar*

*ZAR*

*—*

*South* 

*African* 

*Rand*

*FlexShares®* 

*Morningstar* 

*Global* 

*Upstream* 

*Natural* 

*Resources* 

*Index* 

*invested,* 

*as* 

*a* 

*percentage* 

*of* 

*net* 

*assets,* 

*in* 

*companies* 

*domiciled* 

*in* 

*the* 

*following* 

*countries* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

Australia

.2

%

Austria

.4

Brazil

.3

Canada

.7

Chile

.1

China

.8

Faeroe

Islands

.4

Finland

.1

France

.4

Germany

.5

Hong

Kong

.2

India

.4

Indonesia

.4

Israel

.8

Italy

.6

Malaysia

.0

Mexico

.6

Norway

.4

Qatar

.8

Saudi

Arabia

.7

South

Africa

.1

South

Korea

.2

Spain

.3

Sweden

.8

Thailand

.4

United

Kingdom

.6

United

States

.5

Zambia

.4

Other

.9

100.0%

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*1*

*Includes* 

*any* 

*non-equity* 

*securities,* 

*securities* 

*lending* 

*reinvestments* 

*and* 

*net* 

*other* 

*assets* 

*(liabilities).*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.1

%

Securities

Lending

Reinvestments

.2

Others

(1) (2

.3)

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 99

#### .0

#### %

#### Air

#### Freight

#### &

#### Logistics

#### -

#### 2

#### .6

#### %
CTT-Correios

de

Portugal

SA(a)

83,952

$

741,510

Deutsche

Post

AG

1,254,528

53,492,437

International

Distribution

Services

plc

814,968

3,992,812

Oesterreichische

Post

AG

41,184

1,392,773

PostNL

NV(a)

532,224

543,598

Singapore

Post

Ltd.

1,900,800

829,789

Viettel

Post

Joint

Stock

Corp.

79,200

335,013

#### 61,327,932

#### Chemicals

#### -

#### 0

#### .0

#### %
(b) PureCycle

Technologies,

Inc.\*(a)

53,856

361,374

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 6

#### .9

#### %
Ambipar

Participacoes

e

Empreendimentos

SA,

Class

B\*

59,300

1,277,882

Befesa

SA(a)(c)

44,352

1,346,137

Casella

Waste

Systems,

Inc.,

Class

A\*(a)

19,800

2,325,510

China

Everbright

Environment

Group

Ltd.(a)

4,752,000

2,199,915

Clean

Harbors,

Inc.\*

16,632

3,558,250

Cleanaway

Waste

Management

Ltd.

(a) 2,707,056

4,503,485

CoreCivic,

Inc.\*(a)

38,808

878,613

Daiei

Kankyo

Co.

Ltd.(a)

49,100

1,004,788

Daiseki

Co.

Ltd.

79,260

2,028,176

GEO

Group,

Inc.

(The)\*

47,520

1,486,426

GFL

Environmental,

Inc.

449,064

22,408,294

Renewi

plc

95,832

1,100,824

Republic

Services,

Inc.,

Class

A

67,320

16,880,490

TRE

Holdings

Corp.(a)

79,200

855,076

Veralto

Corp.

81,576

7,823,138

Waste

Connections,

Inc.

323,928

63,849,907

Waste

Management,

Inc.

120,384

28,092,810

#### 161,619,721

#### Construction

#### &

#### Engineering

#### -

#### 0

#### .0

#### %
(b) Envision

Greenwise

Holdings

Ltd.\*(a)

(c) 792,000

842,586

#### Diversified

#### Telecommunication

#### Services

#### -

#### 15

#### .3

#### %
AST

SpaceMobile,

Inc.,

Class

A\*(a)

72,072

1,672,791

AT&T,

Inc.

2,353,824

65,200,925

BCE,

Inc.(a)

718,484

15,937,414

BT

Group

plc(a)

4,854,168

11,268,692

Cellnex

Telecom

SA(c)

372,240

15,080,846

China

Tower

Corp.

Ltd.,

Class

H(c)

3,168,000

4,591,837

Cogent

Communications

Holdings,

Inc.(a)

14,256

774,814

Deutsche

Telekom

AG

(Registered)

2,736,360

98,293,608

Frontier

Communications

Parent,

Inc.\*

79,992

2,899,710

GCI

Liberty,

Inc.\*‡

36,294

—

#### Investments

#### Shares

#### Value

#### Diversified

#### Telecommunication

#### Services
(continued)

Helios

Towers

plc\*

859,320

$

1,230,435

HKT

Trust

&

HKT

Ltd.

2,775,000

3,950,636

Infrastrutture

Wireless

Italiane

SpA(c)

251,856

3,017,574

Iridium

Communications,

Inc.

36,432

879,104

KINX,

Inc.

3,168

175,616

Koninklijke

KPN

NV

2,984,256

13,891,686

Lumen

Technologies,

Inc.\*

309,672

1,096,239

Nippon

Telegraph

&

Telephone

Corp.

41,025,600

42,941,125

Quebecor,

Inc.,

Class

B(a)

123,552

3,382,854

Swisscom

AG

(Registered)(a)

19,008

12,722,117

Verizon

Communications,

Inc.

1,379,664

60,787,996

#### 359,796,019

#### Electric

#### Utilities

#### -

#### 13

#### .1

#### %
American

Electric

Power

Co.,

Inc.

175,032

18,962,967

Constellation

Energy

Corp.

102,960

23,005,382

Duke

Energy

Corp.

255,024

31,118,028

Enel

SpA

4,519,944

39,275,226

Entergy

Corp.(a)

139,392

11,593,233

Exelon

Corp.

329,472

15,452,237

Iberdrola

SA

3,423,024

61,849,393

NextEra

Energy,

Inc.

673,992

45,076,585

PG&E

Corp.

877,536

14,496,895

Southern

Co.

(The)(a)

361,152

33,186,257

Xcel

Energy,

Inc.(a)

187,704

13,270,673

#### 307,286,876

#### Gas

#### Utilities

#### -

#### 0

#### .8

#### %
AltaGas

Ltd.(a)

180,576

5,333,744

APA

Group(a)

708,840

3,728,191

Enagas

SA(a)

121,176

1,896,774

Snam

SpA(a)

1,171,368

6,737,656

#### 17,696,365

#### Ground

#### Transportation

#### -

#### 14

#### .5

#### %
Aurizon

Holdings

Ltd.

2,117,808

4,146,543

Canadian

National

Railway

Co.

719,928

69,584,875

Canadian

Pacific

Kansas

City

Ltd.

1,174,536

85,141,743

Central

Japan

Railway

Co.

1,287,000

26,445,576

CSX

Corp.

630,432

17,696,226

East

Japan

Railway

Co.

1,425,600

30,942,636

Keisei

Electric

Railway

Co.

Ltd.(a)

633,600

6,567,426

Kyushu

Railway

Co.

200,600

5,168,291

MTR

Corp.

Ltd.(a)

1,980,000

6,842,818

Norfolk

Southern

Corp.(a)

74,448

16,680,074

Odakyu

Electric

Railway

Co.

Ltd.(a)

413,900

4,575,998

Rumo

SA

1,504,800

5,156,520

Tobu

Railway

Co.

Ltd.

237,600

4,335,900

Union

Pacific

Corp.

201,168

43,383,891

West

Japan

Railway

Co.(a)

588,700

12,365,011

#### 339,033,528

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 3

#### .9

#### %
Acadia

Healthcare

Co.,

Inc.\*(a)

23,760

555,984

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

Bangkok

Dusit

Medical

Services

PCL,

NVDR

16,869,600

$

12,120,054

Bumrungrad

Hospital

PCL,

NVDR

871,200

4,303,188

Encompass

Health

Corp.

33,264

3,891,555

Fresenius

SE

&

Co.

KGaA\*

517,968

24,611,845

HCA

Healthcare,

Inc.(a)

59,400

20,497,752

IHH

Healthcare

Bhd.

2,772,000

4,445,479

KPJ

Healthcare

Bhd.

2,534,400

1,691,558

Life

Healthcare

Group

Holdings

Ltd.

1,567,368

1,232,414

Ramsay

Health

Care

Ltd.(a)

231,872

4,934,563

Rede

D'Or

Sao

Luiz

SA(c)

950,400

5,375,315

Select

Medical

Holdings

Corp.(a)

38,016

693,412

Tenet

Healthcare

Corp.\*

32,472

4,641,872

Universal

Health

Services,

Inc.,

Class

B

18,216

3,225,507

#### 92,220,498

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 0

#### .6

#### %
Vistra

Corp.

112,464

14,578,708

#### IT

#### Services

#### -

#### 0

#### .2

#### %
Fastly,

Inc.,

Class

A\*

30,096

173,052

NEXTDC

Ltd.\*(a)

514,800

3,896,740

SUNeVision

Holdings

Ltd.

504,000

419,204

#### 4,488,996

#### Media

#### -

#### 2

#### .6

#### %
Charter

Communications,

Inc.,

Class

A\*

31,680

12,414,125

Comcast

Corp.,

Class

A

1,234,728

42,227,697

EchoStar

Corp.,

Class

A\*(a)

46,728

1,050,445

Liberty

Broadband

Corp.,

Class

C\*

39,600

3,579,444

Sirius

XM

Holdings,

Inc.(a)

77,616

1,662,535

#### 60,934,246

#### Multi-Utilities

#### -

#### 8

#### .1

#### %
Consolidated

Edison,

Inc.

115,632

13,037,508

Dominion

Energy,

Inc.

272,448

14,815,722

E.ON

SE

1,304,424

22,857,423

Engie

SA

1,088,208

22,495,217

National

Grid

plc

2,962,080

42,848,356

Public

Service

Enterprise

Group,

Inc.

164,736

13,167,349

Sempra(a)

211,464

15,705,431

Veolia

Environnement

SA

932,184

34,099,864

WEC

Energy

Group,

Inc.

105,336

11,536,399

#### 190,563,269

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 9

#### .1

#### %
Antero

Midstream

Corp.

121,176

2,005,463

Cheniere

Energy,

Inc.

73,656

17,022,638

DT

Midstream,

Inc.

32,472

3,156,278

Enbridge,

Inc.

1,264,824

59,033,666

Hess

Midstream

LP,

Class

A

36,432

1,354,177

Keyera

Corp.(a)

132,264

4,097,283

#### Investments

#### Shares

#### Value

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Kinder

Morgan,

Inc.

653,400

$

17,184,420

Kinetik

Holdings,

Inc.,

Class

A

12,672

523,860

Koninklijke

Vopak

NV

36,432

1,509,129

ONEOK,

Inc.

204,336

16,788,246

Pembina

Pipeline

Corp.(a)

340,560

12,993,204

Santos

Ltd.

1,859,616

7,151,151

South

Bow

Corp.(a)

121,176

2,987,072

Targa

Resources

Corp.

72,864

12,452,458

TC

Energy

Corp.(a)

602,712

30,390,857

Transneft

PJSC

(Preference)‡

147,300

—

Williams

Cos.,

Inc.

(The)

401,544

23,518,432

#### 212,168,334

#### Specialized

#### REITs

#### -

#### 4

#### .5

#### %
American

Tower

Corp.,

REIT

153,648

34,633,796

Crown

Castle,

Inc.,

REIT

140,976

14,909,622

Digital

Core

REIT

Management

Pte.

Ltd.,

REIT

792,000

396,000

Digital

Realty

Trust,

Inc.,

REIT(a)

103,752

16,656,346

Equinix,

Inc.,

REIT

32,306

27,807,390

Keppel

DC

REIT,

REIT

1,504,805

2,489,376

SBA

Communications

Corp.,

Class

A,

REIT

34,848

8,482,003

Uniti

Group,

Inc.,

REIT

76,032

374,077

#### 105,748,610

#### Transportation

#### Infrastructure

#### -

#### 7

#### .3

#### %
Adani

Ports

&

Special

Economic

Zone

Ltd.

1,264,032

18,201,073

Aena

SME

SA(c)

92,664

23,321,347

Airports

of

Thailand

PCL,

NVDR

5,227,200

5,985,343

Atlas

Arteria

Ltd.(a)

1,351,944

4,472,264

Auckland

International

Airport

Ltd.

2,165,243

9,662,925

Bangkok

Expressway

&

Metro

PCL,

NVDR

11,167,200

1,972,354

CCR

SA

1,346,400

3,198,693

China

Merchants

Port

Holdings

Co.

Ltd.

1,584,000

2,577,802

COSCO

SHIPPING

Ports

Ltd.

1,584,000

821,138

Flughafen

Zurich

AG

(Registered)

23,760

5,996,743

Gemadept

Corp.

554,433

1,129,973

Getlink

SE

392,832

7,448,484

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

Class

B

316,800

3,504,463

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

510,840

10,390,603

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

213,840

6,786,184

International

Container

Terminal

Services,

Inc.

1,884,960

11,480,859

Japan

Airport

Terminal

Co.

Ltd.(a)

124,800

3,586,338

Jiangsu

Expressway

Co.

Ltd.,

Class

H

1,584,000

1,971,140

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

245,520

2,750,827

Qube

Holdings

Ltd.(a)

2,321,352

5,881,856

Santos

Brasil

Participacoes

SA

633,600

1,515,340

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Transportation

#### Infrastructure
(continued)

Shenzhen

International

Holdings

Ltd.

(a) 1,584,000

$

1,623,893

Transurban

Group(a)

3,886,344

35,087,015

Westports

Holdings

Bhd.

1,188,000

1,170,104

#### 170,536,761

#### Water

#### Utilities

#### -

#### 2

#### .7

#### %
Aguas

Andinas

SA,

Class

A

3,602,016

1,317,788

American

States

Water

Co.

12,672

1,027,826

American

Water

Works

Co.,

Inc.

64,152

9,430,985

Beijing

Enterprises

Water

Group

Ltd.

(a) 6,336,000

2,001,779

California

Water

Service

Group

16,632

842,411

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

554,400

11,152,827

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

237,600

899,803

Cia

De

Sanena

Do

Parana

(Preference)\*

1,267,200

1,360,896

Essential

Utilities,

Inc.

84,744

3,485,521

Guangdong

Investment

Ltd.

3,168,000

2,565,546

Middlesex

Water

Co.(a)

7,128

449,919

Pennon

Group

plc

609,840

4,080,962

Severn

Trent

plc

334,224

12,455,202

SJW

Group

9,504

539,257

United

Utilities

Group

plc

848,232

12,774,389

#### 64,385,111

#### Wireless

#### Telecommunication

#### Services

#### -

#### 6

#### .8

#### %
Bharti

Airtel

Ltd.

1,876,248

41,407,542

KDDI

Corp.

2,217,600

39,232,428

SoftBank

Group

Corp.

799,400

40,149,338

T-Mobile

US,

Inc.

154,440

38,138,958

#### 158,928,266

#### Total

#### Common

#### Stocks

#### (Cost

#### $2,027,125,123)

#### 2,322,517,200

#### Principal

#### Amount

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 3

#### .4

#### %
(d) #### REPURCHASE

#### AGREEMENTS

#### -

#### 3

#### .4

#### %
BofA

Securities,

Inc.

4.78%,

dated

4/30/2025,

due

7/31/2025,

repurchase

price

$2,024,431,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

ranging

from

2.00%

-

4.63%,

maturing

6/30/2026

-

12/31/2031;

total

market

value

$2,063,748

$

2,000,000

2,000,000

#### Investments

#### Principal

#### Amount

#### Value

#### REPURCHASE

#### AGREEMENTS
(continued)

CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$14,552,661,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$14,794,535

$

14,550,903

$

14,550,903

Citigroup

Global

Markets,

Inc.

4.36%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$35,004,239,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

2.25%

-

4.63%,

maturing

5/15/2027

-

11/30/2031;

total

market

value

$35,167,026

35,000,000

35,000,000

National

Bank

of

Canada

Financial

Inc.

4.51%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$20,002,506,

collateralized

by

various

Common

Stocks;

total

market

value

$22,087,990

20,000,000

20,000,000

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$4,000,492,

collateralized

by

various

Common

Stocks;

total

market

value

$4,407,979

4,000,000

4,000,000

The

Bank

of

Nova

Scotia,

Toronto

4.50%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$4,000,500,

collateralized

by

various

Common

Stocks;

total

market

value

$4,460,875

4,000,000

4,000,000

79,550,903

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $79,550,903)

#### 79,550,903

#### Total

#### Investments

#### -

#### 102.4%

#### (Cost

#### $2,106,676,026)

#### 2,402,068,103
Liabilities

in

excess

of

other

assets

-

(2.4%)

(57,057,816)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $2,345,010,287
*\**

*Non-income* 

*producing* 

*security.*

*‡*

*Security* 

*is* 

*valued* 

*using* 

*significant* 

*unobservable* 

*inputs* 

*and* 

*is* 

*classified* 

*as* 

*Level* 

*3* 

*in* 

*the* 

*fair* 

*value* 

*hierarchy.*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

(a) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$129,429,593,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$79,550,903* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments;* 

*$36,286,203* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*May* 

*8,* 

*2025* 

*–* 

*February* 

*15,* 

*2055* 

*and* 

*$19,385,446* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*Foreign* 

*Government* 

*Fixed* 

*Income* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*June* 

*12,* 

*2025* 

*–* 

*June* 

*30,* 

*2120;* 

*a* 

*total* 

*value* 

*of* 

*$135,222,552.*

(b) *Represents* 

*less* 

*than* 

*0.05%* 

*of* 

*net* 

*assets.*

(c) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Regulation* 

*S* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

1933. *Regulation* 

*S* 

*applies* 

*to* 

*securities* 

*offerings* 

*that* 

*are* 

*made* 

*outside* 

*of* 

*the* 

*United* 

*States* 

*and* 

*do* 

*not* 

*involve* 

*direct* 

*selling* 

*efforts* 

*in* 

*the* 

*United* 

*States* 

*and* 

*as* 

*such* 

*may* 

*have* 

*restrictions* 

*on* 

*resale.*

(d) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$79,550,903.*

*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*NVDR*

*—*

*Non-Voting* 

*Depositary* 

*Receipt*

*PJSC*

*—*

*Public* 

*Joint* 

*Stock* 

*Company*

*Preference*

*—*

*A* 

*special* 

*type* 

*of* 

*equity* 

*investment* 

*that* 

*shares* 

*in* 

*the* 

*earnings* 

*of* 

*the* 

*company,* 

*has* 

*limited* 

*voting* 

*rights,* 

*and* 

*may* 

*have* 

*a* 

*dividend* 

*preference.* 

*Preference* 

*shares* 

*may* 

*also* 

*have* 

*liquidation* 

*preference.* 

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

397,744,989

Aggregate

gross

unrealized

depreciation

(127,481,145)

Net

unrealized

appreciation

$

270,263,844

Federal

income

tax

cost

$

2,132,135,914

#### Futures

#### Contracts
*FlexShares*

*®*

*STOXX*

*®*

*Global* 

*Broad* 

*Infrastructure* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation

#### \*

#### Long

#### Contracts
FTSE

Index

06/20/2025

GBP

$

7,574,594

$

10,526

S&P

500

E-Mini

Index

06/20/2025

USD

5,307,650

48,900

S&P/TSX

Index

06/19/2025

CAD

6,277,420

177,726

SPI

Index

06/19/2025

AUD

3,386,278

128,990

TOPIX

Index

06/12/2025

JPY

747,196

25,091

$

391,233

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

#### Forward

#### Foreign

#### Currency

#### Contracts
*FlexShares*

*®*

*STOXX*

*®*

*Global* 

*Broad* 

*Infrastructure* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*outstanding* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### to

#### Receive

#### Counterparty

#### In

#### Exchange

#### For

#### Maturity

#### Date

#### Unrealized

#### Appreciation/
(Depreciation)

USD

1,189,231

JPMorgan

Chase

Bank

NA

JPY

177,172,000

06/18/2025

$

(59,578)

Net

unrealized

depreciation

$

(59,578)

*Abbreviations:*

*AUD*

*—*

*Australian* 

*Dollar*

*CAD*

*—*

*Canadian* 

*Dollar*

*GBP*

*—*

*British* 

*Pound*

*JPY*

*—*

*Japanese* 

*Yen*

*USD*

*—*

*US* 

*Dollar*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*FlexShares®* 

*STOXX®* 

*Global* 

*Broad* 

*Infrastructure* 

*Index* 

*invested,* 

*as* 

*a* 

*percentage* 

*of* 

*net* 

*assets,* 

*in* 

*companies* 

*domiciled* 

*in* 

*the* 

*following* 

*countries* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

Australia

.1

%

Austria

.1

Brazil

.3

Canada

.3

Chile

.1

China

.8

France

.7

Germany

.5

Hong

Kong

.5

India

.5

Italy

.1

Japan

.4

Malaysia

.3

Mexico

.0

Netherlands

.7

New

Zealand

.4

Philippines

.5

Portugal

.0

†

Singapore

.2

South

Africa

.0

†

South

Korea

.0

†

Spain

.4

Switzerland

.8

Thailand

.0

United

Kingdom

.8

United

States

.4

Vietnam

.1

Other

.0

100.0%

*†*

*Amount* 

*represents* 

*less* 

*than* 

*0.05%.*

*1*

*Includes* 

*any* 

*non-equity* 

*securities,* 

*securities* 

*lending* 

*reinvestments* 

*and* 

*net* 

*other* 

*assets* 

*(liabilities).*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.0

%

Securities

Lending

Reinvestments

.4

Others

(1) (2

.4)

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Trust

Schedule

of

Investments

FlexShares®

Global

Quality

Real

Estate

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 97

#### .9

#### %

#### Capital

#### Markets

#### -

#### 0

#### .1

#### %
HMC

Capital

Ltd.,

REIT(a)

155,584

$

483,815

#### Diversified

#### REITs

#### -

#### 6

#### .7

#### %
Alexander

&

Baldwin,

Inc.,

REIT

59,631

1,024,461

American

Assets

Trust,

Inc.,

REIT

46,189

865,120

British

Land

Co.

plc

(The),

REIT

571,857

3,004,905

Broadstone

Net

Lease,

Inc.,

REIT

109,109

1,765,384

Charter

Hall

Group,

REIT

271,986

2,941,111

Covivio

SA,

REIT

7,007

392,685

Empire

State

Realty

Trust,

Inc.,

Class

A,

REIT(a)

116,402

828,782

Essential

Properties

Realty

Trust,

Inc.,

REIT(a)

101,101

3,252,419

KDX

Realty

Investment

Corp.,

REIT(a)

2,359

2,457,567

LondonMetric

Property

plc,

REIT

1,172,600

3,011,883

Mapletree

Pan

Asia

Commercial

Trust,

REIT

1,401,400

1,309,419

Mori

Trust

Reit,

Inc.,

REIT

2,288

1,016,960

NIPPON

REIT

Investment

Corp.,

REIT(a)

1,859

1,086,936

Reit

Ltd.,

REIT

183,326

952,134

Stockland,

REIT

429,000

1,506,981

Suntec

REIT,

REIT

1,329,900

1,171,314

Tokyu

REIT,

Inc.,

REIT(a)

913

1,144,450

#### 27,732,511

#### Financial

#### Services

#### -

#### 0

#### .4

#### %
HA

Sustainable

Infrastructure

Capital,

Inc.(a)

66,066

1,650,329

#### Health

#### Care

#### REITs

#### -

#### 6

#### .5

#### %
CareTrust

REIT,

Inc.,

REIT

107,250

3,139,207

Healthpeak

Properties,

Inc.,

REIT

402,831

7,186,505

LTC

Properties,

Inc.,

REIT(a)

32,032

1,148,988

National

Health

Investors,

Inc.,

REIT(a)

26,026

1,969,387

Parkway

Life

REIT,

REIT

386,100

1,250,826

Sabra

Health

Care

REIT,

Inc.,

REIT(a)

135,993

2,427,475

Welltower,

Inc.,

REIT(a)

64,922

9,906,448

#### 27,028,836

#### Hotel

#### &

#### Resort

#### REITs

#### -

#### 2

#### .7

#### %
Apple

Hospitality

REIT,

Inc.,

REIT(a)

130,273

1,533,313

CDL

Hospitality

Trusts,

REIT

185,900

113,189

Far

East

Hospitality

Trust,

REIT

200,200

83,564

Host

Hotels

&

Resorts,

Inc.,

REIT

402,402

5,681,916

Park

Hotels

&

Resorts,

Inc.,

REIT(a)

118,690

1,179,779

RLJ

Lodging

Trust,

REIT(a)

112,398

787,910

Sunstone

Hotel

Investors,

Inc.,

REIT

110,968

925,473

Xenia

Hotels

&

Resorts,

Inc.,

REIT(a)

75,790

809,437

#### 11,114,581

#### Investments

#### Shares

#### Value

#### Industrial

#### REITs

#### -

#### 4

#### .5

#### %
AIMS

APAC

REIT,

REIT

100,100

$

94,297

First

Industrial

Realty

Trust,

Inc.,

REIT

75,647

3,599,284

Goodman

Group,

REIT

40,326

773,562

Innovative

Industrial

Properties,

Inc.,

REIT

16,588

900,894

Mitsubishi

Estate

Logistics

REIT

Investment

Corp.,

REIT(a)

1,167

953,955

Montea

NV,

REIT

13,498

981,546

Prologis,

Inc.,

REIT

109,824

11,224,013

#### 18,527,551

#### Office

#### REITs

#### -

#### 3

#### .7

#### %
Cousins

Properties,

Inc.,

REIT(a)

96,096

2,646,484

Highwoods

Properties,

Inc.,

REIT

61,633

1,752,842

Ichigo

Office

REIT

Investment

Corp.,

REIT(a)

1,664

972,922

Kilroy

Realty

Corp.,

REIT(a)

63,921

2,014,151

Orix

JREIT,

Inc.,

REIT

1,519

1,914,724

Piedmont

Office

Realty

Trust,

Inc.,

Class

A,

REIT(a)

133,276

787,661

SL

Green

Realty

Corp.,

REIT(a)

37,323

1,963,563

Vornado

Realty

Trust,

REIT(a)

93,522

3,299,456

#### 15,351,803

#### Real

#### Estate

#### Management

#### &

#### Development

#### -

#### 16

#### .9

#### %
Aeon

Mall

Co.

Ltd.

81,300

1,561,708

Airport

City

Ltd.\*(a)

59,345

881,601

Allreal

Holding

AG

(Registered)

8,580

1,898,198

Amot

Investments

Ltd.

190,190

1,005,030

Aroundtown

SA\*(a)

446,732

1,331,511

Azrieli

Group

Ltd.

14,443

1,050,963

Big

Shopping

Centers

Ltd.\*

9,295

1,356,045

Capitaland

India

Trust

1,258,400

939,680

City

Developments

Ltd.

297,500

1,132,400

CK

Asset

Holdings

Ltd.

1,107,000

4,532,380

CTP

NV(a)(b)

74,074

1,391,044

Daito

Trust

Construction

Co.

Ltd.

33,700

3,747,069

Hang

Lung

Group

Ltd.

754,000

1,083,157

Henderson

Land

Development

Co.

Ltd.

307,000

870,956

Hufvudstaden

AB,

Class

A

91,806

1,118,436

Hulic

Co.

Ltd.

266,300

2,782,671

Ichigo,

Inc.

357,500

962,423

Intershop

Holding

AG

1,099

180,815

Israel

Canada

T.R

Ltd.(a)

220,935

718,833

Katitas

Co.

Ltd.(a)

68,300

989,258

Kerry

Properties

Ltd.

535,000

1,257,005

Kojamo

OYJ\*(a)

110,396

1,286,300

Mega

Or

Holdings

Ltd.,

REIT

29,029

985,170

Melisron

Ltd.

15,158

1,287,517

Mivne

Real

Estate

KD

Ltd.

374,660

1,093,387

Mobimo

Holding

AG

(Registered)

4,147

1,607,325

Nomura

Real

Estate

Holdings,

Inc.

318,000

1,888,069

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Global

Quality

Real

Estate

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Real

#### Estate

#### Management

#### &

#### Development
(continued)

PSP

Swiss

Property

AG

(Registered)

26,312

$

4,703,660

Sino

Land

Co.

Ltd.

2,336,954

2,404,850

Sirius

Real

Estate

Ltd.,

REIT(a)

959,530

1,184,880

Sumitomo

Realty

&

Development

Co.

Ltd.(a)

178,300

6,625,000

Sun

Hung

Kai

Properties

Ltd.

841,000

7,987,369

Swire

Properties

Ltd.

663,000

1,465,411

Tokyo

Tatemono

Co.

Ltd.

107,200

1,919,439

Tokyu

Fudosan

Holdings

Corp.

328,900

2,295,890

UOL

Group

Ltd.

300,300

1,327,051

VGP

NV(a)

10,010

926,240

Zug

Estates

Holding

AG,

Class

B(a)

154,792

#### 69,933,533

#### Residential

#### REITs

#### -

#### 16

#### .9

#### %
American

Homes

Rent,

Class

A,

REIT

190,619

7,127,245

AvalonBay

Communities,

Inc.,

REIT(a)

81,796

17,175,524

Boardwalk

REIT,

REIT

22,594

1,063,372

Camden

Property

Trust,

REIT

61,347

6,981,289

Centerspace,

REIT(a)

14,586

880,411

Equity

Residential,

REIT

196,482

13,804,825

Independence

Realty

Trust,

Inc.,

REIT(a)

129,844

2,522,869

Killam

Apartment

REIT,

REIT(a)

82,082

1,035,161

Mid-America

Apartment

Communities,

Inc.,

REIT(a)

67,210

10,730,077

NexPoint

Residential

Trust,

Inc.,

REIT

24,882

927,601

UDR,

Inc.,

REIT(a)

180,323

7,551,927

#### 69,800,301

#### Retail

#### REITs

#### -

#### 21

#### .7

#### %
Acadia

Realty

Trust,

REIT

68,354

1,305,561

Agree

Realty

Corp.,

REIT(a)

59,488

4,616,864

BWP

Trust,

REIT

481,338

1,102,583

CapitaLand

China

Trust,

REIT

214,500

113,353

CapitaLand

Integrated

Commercial

Trust,

REIT

3,360,500

5,533,488

Carmila

SA,

REIT\*

56,199

1,224,022

Choice

Properties

REIT,

REIT(a)

114,972

1,215,226

CT

REIT,

REIT(a)

88,660

953,161

Eurocommercial

Properties

NV,

REIT

41,327

1,195,602

First

Capital

REIT,

REIT(a)

88,517

1,094,527

Fukuoka

REIT

Corp.,

REIT

900

986,189

Getty

Realty

Corp.,

REIT(a)

36,751

1,028,661

InvenTrust

Properties

Corp.,

REIT(a)

44,044

1,227,066

Japan

Metropolitan

Fund

Invest,

REIT

4,086

2,724,191

Kimco

Realty

Corp.,

REIT

388,245

7,757,135

Kite

Realty

Group

Trust,

REIT

126,841

2,746,108

Klepierre

SA,

REIT

124,124

4,548,998

Mercialys

SA,

REIT\*

80,938

1,083,834

NNN

REIT,

Inc.,

REIT

105,248

4,326,745

#### Investments

#### Shares

#### Value

#### Retail

#### REITs
(continued)

PARAGON

REIT,

REIT

185,900

$

139,528

Realty

Income

Corp.,

REIT(a)

19,305

1,116,987

Regency

Centers

Corp.,

REIT

99,099

7,152,966

Retail

Estates

NV,

REIT

2,095

153,844

Shaftesbury

Capital

plc,

REIT

850,421

1,542,562

Simon

Property

Group,

Inc.,

REIT

128,700

20,254,806

SITE

Centers

Corp.,

REIT(a)

64,493

763,597

SmartCentres

REIT,

REIT(a)

59,917

1,105,686

Starhill

Global

REIT,

REIT

271,700

103,003

Tanger,

Inc.,

REIT(a)

63,349

1,996,127

Unibail-Rodamco-Westfield,

REIT

69,641

5,899,332

Urban

Edge

Properties,

REIT(a)

71,500

1,292,005

Vicinity

Ltd.,

REIT(a)

2,234,518

3,374,225

#### 89,677,982

#### Specialized

#### REITs

#### -

#### 17

#### .8

#### %
American

Tower

Corp.,

REIT

46,189

10,411,463

Big

Yellow

Group

plc,

REIT

107,536

1,444,977

CubeSmart,

REIT

128,986

5,245,861

Digital

Realty

Trust,

Inc.,

REIT

52,910

8,494,171

EPR

Properties,

REIT(a)

43,758

2,165,583

Equinix,

Inc.,

REIT

15,015

12,924,161

Four

Corners

Property

Trust,

Inc.,

REIT(a)

55,198

1,542,784

Lamar

Advertising

Co.,

Class

A,

REIT(a)

39,325

4,475,578

National

Storage

Affiliates

Trust,

REIT(a)

41,613

1,548,004

National

Storage

REIT,

REIT(a)

827,678

1,218,057

Public

Storage,

REIT

8,294

2,491,766

Safestore

Holdings

plc,

REIT

150,722

1,267,305

Shurgard

Self

Storage

Ltd.,

REIT

29,744

1,234,119

VICI

Properties,

Inc.,

Class

A,

REIT

605,891

19,400,630

#### 73,864,459

#### Total

#### Common

#### Stocks

#### (Cost

#### $391,116,640)

#### 405,165,701

#### Principal

#### Amount

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 9

#### .7

#### %
(c) #### REPURCHASE

#### AGREEMENTS

#### -

#### 9

#### .7

#### %
CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$10,308,520,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$10,479,854

$

10,307,275

10,307,275

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Global

Quality

Real

Estate

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### SECURITIES

#### LENDING

#### REINVESTMENTS
(continued)

#### REPURCHASE

#### AGREEMENTS
(continued)

Citigroup

Global

Markets,

Inc.

4.36%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$15,001,817,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

2.25%

-

4.63%,

maturing

5/15/2027

-

11/30/2031;

total

market

value

$15,071,583

$

15,000,000

$

15,000,000

National

Bank

of

Canada

Financial

Inc.

4.51%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$7,000,877,

collateralized

by

various

Common

Stocks;

total

market

value

$7,730,797

7,000,000

7,000,000

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$4,000,492,

collateralized

by

various

Common

Stocks;

total

market

value

$4,407,978

4,000,000

4,000,000

The

Bank

of

Nova

Scotia,

Toronto

4.50%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$4,000,500,

collateralized

by

various

Common

Stocks;

total

market

value

$4,460,875

4,000,000

4,000,000

40,307,275

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $40,307,275)

#### 40,307,275

#### Total

#### Investments

#### -

#### 107.6%

#### (Cost

#### $431,423,915)

#### 445,472,976
Liabilities

in

excess

of

other

assets

-

(7.6%)

(31,530,569)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $413,942,407
*\**

*Non-income* 

*producing* 

*security.*

(a) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$74,774,762,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$40,307,275* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments;* 

*$32,757,186* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*May* 

*8,* 

*2025* 

*–* 

*February* 

*15,* 

*2055* 

*and* 

*$3,567,072* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*Foreign* 

*Government* 

*Fixed* 

*Income* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*June* 

*12,* 

*2025* 

*–* 

*June* 

*30,* 

*2120;* 

*a* 

*total* 

*value* 

*of* 

*$76,631,533.*

(b) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Regulation* 

*S* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

1933. *Regulation* 

*S* 

*applies* 

*to* 

*securities* 

*offerings* 

*that* 

*are* 

*made* 

*outside* 

*of* 

*the* 

*United* 

*States* 

*and* 

*do* 

*not* 

*involve* 

*direct* 

*selling* 

*efforts* 

*in* 

*the* 

*United* 

*States* 

*and* 

*as* 

*such* 

*may* 

*have* 

*restrictions* 

*on* 

*resale.*

(c) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$40,307,275.*

*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*OYJ*

*—*

*Public* 

*Limited* 

*Company*

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

29,698,595

Aggregate

gross

unrealized

depreciation

(17,993,391)

Net

unrealized

appreciation

$

11,705,204

Federal

income

tax

cost

$

433,660,849

#### Futures

#### Contracts
*FlexShares*

*®*

*Global* 

*Quality* 

*Real* 

*Estate* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation

#### /

#### (#### Depreciation

####)

#### \*

#### Long

#### Contracts
EURO

STOXX

Index

06/20/2025

EUR

$

812,754

$

(26,530)

S&P

Midcap

E-Mini

Index

06/20/2025

USD

5,429,820

(141,827)

SPI

Index

06/19/2025

AUD

2,344,346

82,558

TOPIX

Mini

Index

06/12/2025

JPY

18,680

$

(85,732)

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Global

Quality

Real

Estate

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Forward

#### Foreign

#### Currency

#### Contracts
*FlexShares*

*®*

*Global* 

*Quality* 

*Real* 

*Estate* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*outstanding* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### to

#### Receive

#### Counterparty

#### In

#### Exchange

#### For

#### Maturity

#### Date

#### Unrealized

#### Appreciation/
(Depreciation)

JPY

29,093,000

Morgan

Stanley

USD

198,379

06/18/2025

$

6,685

Total

unrealized

appreciation

$

6,685

USD

21,599

Bank

of

Montreal

AUD

34,359

06/18/2025

$

(397)

USD

62,996

Bank

of

Montreal

CAD

90,270

06/18/2025

(2,516)

USD

15,622

Bank

of

Montreal

EUR

14,355

06/18/2025

(746)

USD

30,658

Goldman

Sachs

&

Co.

ILS

111,846

06/18/2025

(117)

USD

318,834

JPMorgan

Chase

Bank

NA

JPY

47,500,000

06/18/2025

(15,973)

USD

47,296

BNP

Paribas

SA

SGD

62,894

06/18/2025

(1,004)

USD

277,028

JPMorgan

Chase

Bank

NA

SGD

370,000

06/18/2025

(7,123)

Total

unrealized

depreciation

$

(27,876)

Net

unrealized

depreciation

$

(21,191)

*Abbreviations:*

*AUD*

*—*

*Australian* 

*Dollar*

*CAD*

*—*

*Canadian* 

*Dollar*

*EUR*

*—*

*Euro*

*ILS*

*—*

*Israeli* 

*Shekel*

*JPY*

*—*

*Japanese* 

*Yen*

*SGD*

*—*

*Singapore* 

*Dollar*

*USD*

*—*

*US* 

*Dollar*

*FlexShares®* 

*Global* 

*Quality* 

*Real* 

*Estate* 

*Index* 

*invested,* 

*as* 

*a* 

*percentage* 

*of* 

*net* 

*assets,* 

*in* 

*companies* 

*domiciled* 

*in* 

*the* 

*following* 

*countries* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

Australia

.7

%

Belgium

.8

Canada

.6

Finland

.3

France

.2

Germany

.3

Hong

Kong

.7

Israel

.3

Japan

.7

Netherlands

.6

Singapore

.2

Sweden

.3

Switzerland

.1

United

Kingdom

.8

United

States

.3

Other

.1

100.0%

*1*

*Includes* 

*any* 

*non-equity* 

*securities,* 

*securities* 

*lending* 

*reinvestments* 

*and* 

*net* 

*other* 

*assets* 

*(liabilities).*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.9

%

Securities

Lending

Reinvestments

.7

Others

(1) (7

.6)

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Trust

Schedule

of

Investments

FlexShares®

Real

Assets

Allocation

Index

Fund

April

30,

2025

(Unaudited)

The

underlying

index

of

the

FlexShares®

Real

Assets

Allocation

Index

Fund

is

comprised

of

securities

of

affiliated

FlexShares®

Funds.

The

Schedules

of

Investments

of

the

affiliated

FlexShares®

Funds

are

located

elsewhere

in

this

Report.

#### Investments

#### Shares

#### Value

#### EXCHANGE

#### TRADED

#### FUNDS

#### -

#### 99.7%
FlexShares®

Global

Quality

Real

Estate

Index

Fund(a)

48,969

$

2,833,346

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund(a)

18,477

698,616

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund(a)

59,589

3,521,114

#### Total

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $7,312,136)

#### 7,053,076

#### Total

#### Investments

#### -

#### 99.7%

#### (Cost

#### $7,312,136)

#### 7,053,076
Other

assets

less

liabilities

-

0.3%

19,792

#### NET

#### ASSETS

#### -

#### 100.0%

#### $7,072,868
(a) *Investment* 

*in* 

*affiliated* 

*Fund.* 

*Northern* 

*Trust* 

*Investments,* 

*Inc.* 

*is* 

*the* 

*Investment* 

*Adviser* 

*to* 

*both* 

*the* 

*Fund* 

*and* 

*the* 

*affiliated* 

*Funds.*

*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

66,079

Aggregate

gross

unrealized

depreciation

(326,234)

Net

unrealized

depreciation

$

(260,155)

Federal

income

tax

cost

$

7,313,231

*Investment* 

*in* 

*a* 

*company* 

*which* 

*was* 

*affiliated* 

*for* 

*the* 

*period* 

*ended* 

*April* 

*30,* 

*2025,* 

*was* 

*as* 

*follows:*

#### Security

#### Value

#### October

#### 31,

#### 2024

#### Purchases

#### at

#### Cost

#### Sales

#### Proceeds

#### Shares

#### April

#### 30,

#### 2025

#### Value

#### April

#### 30,

#### 2025

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Dividend

#### Income

#### Realized

#### Loss
FlexShares®

Global

Quality

Real

Estate

Index

Fund

$

3,143,386

$

477,399

$

660,994

48,969

$

2,833,346

$

(92,964)

$

71,867

$

(33,481)

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

793,413

110,889

165,569

18,477

698,616

(32,154)

11,619

(7,963)

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

3,955,335

464,007

982,993

59,589

3,521,114

85,694

63,041

(929)

$7,892,134

$1,052,295

$1,809,556

127,035

$7,053,076

$(39,424)

$146,527

$(42,373)

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Exchange

Traded

Funds

.7

%

Others

(1) 0

.3

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares®

Quality

Dividend

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 99

#### .4

#### %

#### Aerospace

#### &

#### Defense

#### -

#### 0

#### .6

#### %
Lockheed

Martin

Corp.

20,613

$

9,847,861

#### Banks

#### -

#### 3

#### .1

#### %
Bank

of

America

Corp.

31,744

1,265,951

Cullen/Frost

Bankers,

Inc.

65,536

7,632,978

JPMorgan

Chase

&

Co.

106,496

26,051,051

Popular,

Inc.

91,136

8,696,197

Truist

Financial

Corp.

236,544

9,069,097

#### 52,715,274

#### Biotechnology

#### -

#### 4

#### .5

#### %
AbbVie,

Inc.

284,672

55,539,507

Gilead

Sciences,

Inc.

200,704

21,383,004

#### 76,922,511

#### Broadline

#### Retail

#### -

#### 0

#### .9

#### %
Dillard's,

Inc.,

Class

A(a)

15,519

5,379,817

eBay,

Inc.

150,528

10,259,988

#### 15,639,805

#### Building

#### Products

#### -

#### 0

#### .8

#### %
Trane

Technologies

plc

35,918

13,767,729

#### Capital

#### Markets

#### -

#### 3

#### .0

#### %
Bank

of

New

York

Mellon

Corp.

(The)

130,048

10,457,160

Blue

Owl

Capital

Corp.(a)

620,848

8,698,081

Invesco

Ltd.

521,216

7,260,539

Morgan

Stanley

133,120

15,364,710

Virtu

Financial,

Inc.,

Class

A

252,928

9,902,131

#### 51,682,621

#### Chemicals

#### -

#### 0

#### .6

#### %
Cabot

Corp.

21,511

1,689,474

Olin

Corp.

108,544

2,346,721

Scotts

Miracle-Gro

Co.

(The)

124,928

6,293,873

#### 10,330,068

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 0

#### .4

#### %
Cintas

Corp.

33,792

7,153,091

#### Construction

#### &

#### Engineering

#### -

#### 0

#### .1

#### %
EMCOR

Group,

Inc.

4,096

1,641,267

#### Construction

#### Materials

#### -

#### 0

#### .1

#### %
Eagle

Materials,

Inc.(a)

5,120

1,159,117

#### Consumer

#### Finance

#### -

#### 0

#### .9

#### %
Ally

Financial,

Inc.(a)

243,712

7,959,634

OneMain

Holdings,

Inc.(a)

162,816

7,663,749

Synchrony

Financial

10,240

531,968

#### 16,155,351

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 0

#### .6

#### %
Costco

Wholesale

Corp.

5,321

5,291,735

#### Investments

#### Shares

#### Value

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
(continued)

Walmart,

Inc.

52,224

$

5,078,784

#### 10,370,519

#### Distributors

#### -

#### 0

#### .4

#### %
Pool

Corp.(a)

22,473

6,587,735

#### Diversified

#### Consumer

#### Services

#### -

#### 0

#### .2

#### %
H&R

Block,

Inc.(a)

53,248

3,214,582

#### Diversified

#### Telecommunication

#### Services

#### -

#### 0

#### .3

#### %
Iridium

Communications,

Inc.(a)

197,632

4,768,860

#### Electric

#### Utilities

#### -

#### 1

#### .5

#### %
Duke

Energy

Corp.

5,120

624,742

Edison

International

72,704

3,890,391

Evergy,

Inc.(a)

146,432

10,118,451

NRG

Energy,

Inc.(a)

4,096

448,840

OGE

Energy

Corp.

221,184

10,037,330

#### 25,119,754

#### Energy

#### Equipment

#### &

#### Services

#### -

#### 0

#### .9

#### %
ChampionX

Corp.(a)

280,576

6,770,299

Schlumberger

NV

267,264

8,886,528

Weatherford

International

plc

12,288

508,723

#### 16,165,550

#### Entertainment

#### -

#### 0

#### .5

#### %
Electronic

Arts,

Inc.

63,488

9,211,474

#### Financial

#### Services

#### -

#### 2

#### .4

#### %
Fidelity

National

Information

Services,

Inc.

122,880

9,692,775

Mastercard,

Inc.,

Class

A

10,240

5,612,134

Radian

Group,

Inc.

262,144

8,372,879

Visa,

Inc.,

Class

A(a)

27,648

9,552,384

Western

Union

Co.

(The)(a)

857,088

8,493,742

#### 41,723,914

#### Food

#### Products

#### -

#### 0

#### .6

#### %
Cal-Maine

Foods,

Inc.(a)

102,400

9,561,088

#### Gas

#### Utilities

#### -

#### 0

#### .7

#### %
MDU

Resources

Group,

Inc.(a)

141,312

2,422,088

UGI

Corp.(a)

291,840

9,569,433

#### 11,991,521

#### Ground

#### Transportation

#### -

#### 1

#### .2

#### %
Old

Dominion

Freight

Line,

Inc.

1,024

156,959

Union

Pacific

Corp.

97,280

20,979,405

#### 21,136,364

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 0

#### .6

#### %
ResMed,

Inc.

43,008

10,175,263

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 0

#### .3

#### %
UnitedHealth

Group,

Inc.

11,264

4,634,460

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Quality

Dividend

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Hotel

#### &

#### Resort

#### REITs

#### -

#### 0

#### .5

#### %
Host

Hotels

&

Resorts,

Inc.,

REIT

561,152

$

7,923,466

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 1

#### .7

#### %
Booking

Holdings,

Inc.

3,127

15,945,449

Domino's

Pizza,

Inc.

7,168

3,514,972

Las

Vegas

Sands

Corp.(a)

223,232

8,185,917

Marriott

International,

Inc.,

Class

A(a)

3,072

732,918

Wyndham

Hotels

&

Resorts,

Inc.(a)

8,192

698,778

#### 29,078,034

#### Household

#### Durables

#### -

#### 0

#### .5

#### %
Installed

Building

Products,

Inc.(a)

50,176

8,320,686

#### Household

#### Products

#### -

#### 3

#### .3

#### %
Colgate-Palmolive

Co.

30,720

2,832,077

Procter

&

Gamble

Co.

(The)

324,608

52,771,522

#### 55,603,599

#### Industrial

#### Conglomerates

#### -

#### 0

#### .7

#### %
3M

Co.

89,088

12,375,214

#### Insurance

#### -

#### 3

#### .3

#### %
Aflac,

Inc.

99,328

10,794,967

MetLife,

Inc.

122,880

9,261,465

Old

Republic

International

Corp.

266,240

10,010,624

Principal

Financial

Group,

Inc.

84,992

6,302,157

Prudential

Financial,

Inc.

95,232

9,781,279

Willis

Towers

Watson

plc(a)

31,750

9,772,650

#### 55,923,142

#### Interactive

#### Media

#### &

#### Services

#### -

#### 5

#### .3

#### %
Alphabet,

Inc.,

Class

A

137,216

21,789,901

Alphabet,

Inc.,

Class

C

111,616

17,957,898

Meta

Platforms,

Inc.,

Class

A

90,884

49,895,316

#### 89,643,115

#### IT

#### Services

#### -

#### 2

#### .3

#### %
Accenture

plc,

Class

A

99,435

29,745,980

Amdocs

Ltd.

101,376

8,979,886

#### 38,725,866

#### Machinery

#### -

#### 2

#### .3

#### %
Caterpillar,

Inc.

60,342

18,661,970

Illinois

Tool

Works,

Inc.(a)

48,128

11,546,389

Parker-Hannifin

Corp.

1,142

690,979

Snap-on,

Inc.(a)

26,683

8,373,392

#### 39,272,730

#### Marine

#### Transportation

#### -

#### 0

#### .2

#### %
Matson,

Inc.(a)

28,672

3,127,828

#### Media

#### -

#### 0

#### .5

#### %
Nexstar

Media

Group,

Inc.,

Class

A

61,440

9,195,110

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### -

#### 0

#### .5

#### %
Starwood

Property

Trust,

Inc.(a)

470,016

9,019,607

#### Investments

#### Shares

#### Value

#### Multi-Utilities

#### -

#### 1

#### .1

#### %
Dominion

Energy,

Inc.

195,584

$

10,635,858

WEC

Energy

Group,

Inc.

68,608

7,513,948

#### 18,149,806

#### Office

#### REITs

#### -

#### 0

#### .5

#### %
Kilroy

Realty

Corp.,

REIT(a)

273,408

8,615,086

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 4

#### .1

#### %
Chevron

Corp.(a)

2,048

278,651

ConocoPhillips

209,920

18,708,070

Devon

Energy

Corp.

287,744

8,750,295

DT

Midstream,

Inc.

92,160

8,957,952

EOG

Resources,

Inc.(a)

92,160

10,168,013

Exxon

Mobil

Corp.

60,416

6,381,742

Marathon

Petroleum

Corp.(a)

61,440

8,442,470

Scorpio

Tankers,

Inc.

10,240

385,946

Valero

Energy

Corp.(a)

69,632

8,083,579

#### 70,156,718

#### Paper

#### &

#### Forest

#### Products

#### -

#### 0

#### .1

#### %
Louisiana-Pacific

Corp.

16,384

1,414,103

#### Pharmaceuticals

#### -

#### 5

#### .4

#### %
Bristol-Myers

Squibb

Co.

327,680

16,449,536

Johnson

&

Johnson

356,352

55,701,381

Merck

&

Co.,

Inc.

92,160

7,852,032

Zoetis,

Inc.

74,752

11,691,213

#### 91,694,162

#### Professional

#### Services

#### -

#### 3

#### .2

#### %
Automatic

Data

Processing,

Inc.

65,536

19,700,122

Booz

Allen

Hamilton

Holding

Corp.

18,432

2,212,209

Broadridge

Financial

Solutions,

Inc.

24,576

5,957,222

Leidos

Holdings,

Inc.

30,720

4,521,370

Paychex,

Inc.(a)

73,728

10,846,863

Paycom

Software,

Inc.

34,816

7,881,994

Robert

Half,

Inc.(a)

93,184

4,128,051

#### 55,247,831

#### Residential

#### REITs

#### -

#### 2

#### .6

#### %
AvalonBay

Communities,

Inc.,

REIT(a)

47,104

9,890,898

Camden

Property

Trust,

REIT

77,824

8,856,371

Equity

Residential,

REIT

140,288

9,856,635

Essex

Property

Trust,

Inc.,

REIT(a)

17,408

4,859,443

Mid-America

Apartment

Communities,

Inc.,

REIT(a)

63,488

10,135,859

#### 43,599,206

#### Retail

#### REITs

#### -

#### 0

#### .3

#### %
Brixmor

Property

Group,

Inc.,

REIT(a)

217,088

5,407,662

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 10

#### .3

#### %
Broadcom,

Inc.

101,376

19,511,839

KLA

Corp.

21,504

15,110,646

Lam

Research

Corp.

211,968

15,191,747

NVIDIA

Corp.

758,784

82,646,753

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Quality

Dividend

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

NXP

Semiconductors

NV

49,152

$

9,059,205

QUALCOMM,

Inc.

179,200

26,604,032

Skyworks

Solutions,

Inc.(a)

111,616

7,174,676

#### 175,298,898

#### Software

#### -

#### 7

#### .5

#### %
Bentley

Systems,

Inc.,

Class

B(a)

189,440

8,144,026

Gen

Digital,

Inc.

350,208

9,059,881

Intuit,

Inc.

45,056

28,271,288

Microsoft

Corp.

204,800

80,949,248

Oracle

Corp.

2,048

288,195

Salesforce,

Inc.

4,096

1,100,636

#### 127,813,274

#### Specialized

#### REITs

#### -

#### 1

#### .7

#### %
CubeSmart,

REIT

233,472

9,495,306

Lamar

Advertising

Co.,

Class

A,

REIT(a)

72,704

8,274,442

Public

Storage,

REIT

36,864

11,075,052

#### 28,844,800

#### Specialty

#### Retail

#### -

#### 2

#### .0

#### %
Bath

&

Body

Works,

Inc.(a)

129,024

3,936,522

Home

Depot,

Inc.

(The)

9,180

3,309,298

Lowe's

Cos.,

Inc.

86,016

19,229,737

TJX

Cos.,

Inc.

(The)

2,048

263,537

Williams-Sonoma,

Inc.

47,104

7,276,155

#### 34,015,249

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 8

#### .5

#### %
Apple,

Inc.

659,456

140,134,400

NetApp,

Inc.(a)

50,176

4,503,296

#### 144,637,696

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 1

#### .9

#### %
Kontoor

Brands,

Inc.

108,544

6,528,922

NIKE,

Inc.,

Class

B(a)

192,512

10,857,677

Ralph

Lauren

Corp.

33,792

7,601,510

Tapestry,

Inc.

110,592

7,813,325

#### 32,801,434

#### Tobacco

#### -

#### 3

#### .3

#### %
Altria

Group,

Inc.

276,480

16,353,792

Philip

Morris

International,

Inc.

233,472

40,007,762

#### 56,361,554

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 0

#### .6

#### %
Fastenal

Co.

131,072

10,612,900

#### Total

#### Common

#### Stocks

#### (Cost

#### $1,419,351,979)

#### 1,694,554,555

#### Investments

#### Principal

#### Amount

#### Value

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 7

#### .9

#### %
(b) #### CERTIFICATES

#### OF

#### DEPOSIT

#### -

#### 0

#### .6

#### %
Barclays

Bank

plc,

New

York

(SOFR

+

0.35%),

4.71%,

10/15/2025(c)

$

1,000,000

$

999,997

BNP

Paribas,

New

York

(SOFR

+

0.24%),

4.60%,

12/1/2025(c)

1,000,000

999,588

Canadian

Imperial

Bank

of

Commerce,

New

York

(SOFR

+

0.24%),

4.60%,

12/17/2025(c)

1,000,000

999,366

Cooperatieve

Rabobank

UA,

London

4.71%,

7/3/2025

1,000,000

1,000,300

Credit

Agricole

CIB,

New

York

(SOFR

+

0.31%),

4.67%,

10/31/2025(c)

1,000,000

1,000,189

MUFG

Bank

Ltd.,

New

York

Branch

(SOFR

+

0.19%),

4.55%,

9/8/2025(c)

1,000,000

999,586

Nordea

Bank

Abp,

New

York

Branch

(SOFR

+

0.32%),

4.68%,

7/18/2025(c)

1,000,000

1,000,194

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York

(SOFR

+

0.32%),

4.68%,

10/17/2025(c)

1,000,000

999,988

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

+

0.23%),

4.56%,

10/1/2025(c)

1,000,000

999,963

Sumitomo

Mitsui

Trust

Bank

Ltd.,

London

4.50%,

7/17/2025

2,000,000

1,981,020

Westpac

Banking

Corp.,

New

York

(SOFR

+

0.33%),

4.69%,

9/11/2025(c)

1,000,000

1,000,034

#### Total

#### Certificates

#### of

#### Deposit

#### (Cost

#### $11,980,967)

#### 11,980,225

#### REPURCHASE

#### AGREEMENTS

#### -

#### 7

#### .3

#### %
BofA

Securities,

Inc.

4.78%,

dated

4/30/2025,

due

7/31/2025,

repurchase

price

$8,097,724,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

ranging

from

2.00%

-

4.63%,

maturing

6/30/2026

-

12/31/2031;

total

market

value

$8,254,992

8,000,000

8,000,000

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Quality

Dividend

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### SECURITIES

#### LENDING

#### REINVESTMENTS
(continued)

#### REPURCHASE

#### AGREEMENTS
(continued)

CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$47,666,272,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$48,458,514

$

47,660,513

$

47,660,513

Citigroup

Global

Markets,

Inc.

4.36%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$36,004,360,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

2.25%

-

4.63%,

maturing

5/15/2027

-

11/30/2031;

total

market

value

$36,171,798

36,000,000

36,000,000

National

Bank

of

Canada

Financial

Inc.

4.51%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$7,000,877,

collateralized

by

various

Common

Stocks;

total

market

value

$7,730,797

7,000,000

7,000,000

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$11,001,354,

collateralized

by

various

Common

Stocks;

total

market

value

$12,122,230

11,000,000

11,000,000

TD

Prime

Services

LLC

4.63%,

dated

4/30/2025,

due

6/4/2025,

repurchase

price

$2,009,003,

collateralized

by

various

Common

Stocks;

total

market

value

$2,204,042

2,000,000

2,000,000

The

Bank

of

Nova

Scotia,

Toronto

4.50%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$12,001,500,

collateralized

by

various

Common

Stocks;

total

market

value

$13,382,627

12,000,000

12,000,000

#### Total

#### Repurchase

#### Agreements

#### (Cost

#### $123,660,513)

#### 123,660,513

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $135,641,480)

#### 135,640,738

#### Total

#### Investments

#### -

#### 107.3%

#### (Cost

#### $1,554,993,459)

#### 1,830,195,293
Liabilities

in

excess

of

other

assets

-

(7.3%)

(125,077,302)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $1,705,117,991
(a) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$179,878,682,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$135,638,019* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments;* 

*$42,721,600* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*May* 

*8,* 

*2025* 

*–* 

*February* 

*15,* 

*2055* 

*and* 

*$6,244,758* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*Foreign* 

*Government* 

*Fixed* 

*Income* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*4.75%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*August* 

*4,* 

*2025* 

*–* 

*June* 

*30,* 

*2120;* 

*a* 

*total* 

*value* 

*of* 

*$184,604,377.*

(b) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$135,640,738.*

(c) *Variable* 

*or* 

*floating* 

*rate* 

*security,* 

*linked* 

*to* 

*the* 

*referenced* 

*benchmark.* 

*The* 

*interest* 

*rate* 

*shown* 

*is* 

*the* 

*rate* 

*in* 

*effect* 

*as* 

*of* 

*April* 

*30,* 

2025. *Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*SOFR*

*—*

*Secured* 

*Overnight* 

*Financing* 

*Rate*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

368,499,348

Aggregate

gross

unrealized

depreciation

(93,770,736)

Net

unrealized

appreciation

$

274,728,612

Federal

income

tax

cost

$

1,555,476,874

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Quality

Dividend

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Futures

#### Contracts
*FlexShares*

*®*

*Quality* 

*Dividend* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation

#### \*

#### Long

#### Contracts
S&P

500

E-Mini

Index

06/20/2025

USD

$

8,380,500

$

7,900

S&P

Midcap

E-Mini

Index

06/20/2025

USD

2,286,240

2,293

$

10,193

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

*Abbreviations:*

*USD*

*—*

*US* 

*Dollar*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.4

%

Securities

Lending

Reinvestments

.9

Others

(1) (7

.3)

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Trust

Schedule

of

Investments

FlexShares®

Quality

Dividend

Defensive

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 99

#### .0

#### %

#### Aerospace

#### &

#### Defense

#### -

#### 0

#### .9

#### %
Lockheed

Martin

Corp.

7,888

$

3,768,492

#### Air

#### Freight

#### &

#### Logistics

#### -

#### 0

#### .9

#### %
CH

Robinson

Worldwide,

Inc.

21,808

1,945,710

Expeditors

International

of

Washington,

Inc.

14,384

1,580,945

#### 3,526,655

#### Banks

#### -

#### 3

#### .5

#### %
Bank

of

America

Corp.

5,104

203,547

Cullen/Frost

Bankers,

Inc.

14,848

1,729,347

JPMorgan

Chase

&

Co.

25,752

6,299,454

Popular,

Inc.

20,416

1,948,095

Truist

Financial

Corp.

53,128

2,036,928

UMB

Financial

Corp.

18,560

1,755,219

#### 13,972,590

#### Biotechnology

#### -

#### 5

#### .1

#### %
AbbVie,

Inc.

63,800

12,447,380

Amgen,

Inc.

10,904

3,172,192

Gilead

Sciences,

Inc.

45,008

4,795,152

#### 20,414,724

#### Broadline

#### Retail

#### -

#### 0

#### .9

#### %
Dillard's,

Inc.,

Class

A(a)

3,480

1,206,377

eBay,

Inc.

33,640

2,292,902

#### 3,499,279

#### Building

#### Products

#### -

#### 1

#### .4

#### %
Carlisle

Cos.,

Inc.(a)

4,872

1,848,827

Masco

Corp.

11,832

717,137

Trane

Technologies

plc

8,120

3,112,477

#### 5,678,441

#### Capital

#### Markets

#### -

#### 1

#### .6

#### %
Bank

of

New

York

Mellon

Corp.

(The)

29,000

2,331,890

Blue

Owl

Capital

Corp.(a)

136,920

1,918,249

Virtu

Financial,

Inc.,

Class

A

56,608

2,216,203

#### 6,466,342

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 0

#### .2

#### %
Rollins,

Inc.

10,208

583,183

#### Communications

#### Equipment

#### -

#### 0

#### .7

#### %
Motorola

Solutions,

Inc.

6,264

2,758,603

#### Construction

#### &

#### Engineering

#### -

#### 0

#### .5

#### %
EMCOR

Group,

Inc.

5,104

2,045,173

#### Consumer

#### Finance

#### -

#### 0

#### .4

#### %
OneMain

Holdings,

Inc.

37,584

1,769,079

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 0

#### .6

#### %
Costco

Wholesale

Corp.

1,160

1,153,620

#### Investments

#### Shares

#### Value

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
(continued)

Walmart,

Inc.

11,832

$

1,150,662

#### 2,304,282

#### Containers

#### &

#### Packaging

#### -

#### 0

#### .5

#### %
Avery

Dennison

Corp.

10,904

1,865,783

#### Distributors

#### -

#### 0

#### .4

#### %
Pool

Corp.

6,032

1,768,221

#### Diversified

#### Consumer

#### Services

#### -

#### 0

#### .6

#### %
H&R

Block,

Inc.

41,296

2,493,040

#### Diversified

#### Telecommunication

#### Services

#### -

#### 0

#### .7

#### %
Iridium

Communications,

Inc.(a)

65,888

1,589,878

Verizon

Communications,

Inc.

30,856

1,359,515

#### 2,949,393

#### Electric

#### Utilities

#### -

#### 3

#### .1

#### %
Duke

Energy

Corp.

28,072

3,425,345

Evergy,

Inc.

32,944

2,276,430

Exelon

Corp.

43,152

2,023,829

OGE

Energy

Corp.

48,720

2,210,914

PPL

Corp.

66,816

2,438,784

#### 12,375,302

#### Entertainment

#### -

#### 0

#### .5

#### %
Electronic

Arts,

Inc.

14,384

2,086,975

#### Financial

#### Services

#### -

#### 1

#### .9

#### %
Fidelity

National

Information

Services,

Inc.

27,376

2,159,419

Mastercard,

Inc.,

Class

A

2,320

1,271,499

Visa,

Inc.,

Class

A(a)

6,264

2,164,212

Western

Union

Co.

(The)(a)

195,344

1,935,859

#### 7,530,989

#### Food

#### Products

#### -

#### 1

#### .2

#### %
Cal-Maine

Foods,

Inc.

23,432

2,187,846

General

Mills,

Inc.

29,232

1,658,623

Kellanova

12,992

1,075,348

#### 4,921,817

#### Gas

#### Utilities

#### -

#### 0

#### .9

#### %
MDU

Resources

Group,

Inc.(a)

124,352

2,131,393

National

Fuel

Gas

Co.

17,400

1,335,972

#### 3,467,365

#### Ground

#### Transportation

#### -

#### 0

#### .4

#### %
Landstar

System,

Inc.

11,368

1,525,017

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 0

#### .6

#### %
ResMed,

Inc.

10,208

2,415,111

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 1

#### .3

#### %
Chemed

Corp.

1,392

809,462

McKesson

Corp.

4,640

3,307,345

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Quality

Dividend

Defensive

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

UnitedHealth

Group,

Inc.

2,552

$

1,049,995

#### 5,166,802

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 1

#### .8

#### %
Domino's

Pizza,

Inc.

4,640

2,275,317

Las

Vegas

Sands

Corp.

39,440

1,446,265

Wendy's

Co.

(The)(a)

75,632

945,400

Yum!

Brands,

Inc.

16,472

2,478,047

#### 7,145,029

#### Household

#### Products

#### -

#### 4

#### .0

#### %
Colgate-Palmolive

Co.

9,744

898,299

Kimberly-Clark

Corp.

17,864

2,354,118

Procter

&

Gamble

Co.

(The)

77,720

12,634,941

#### 15,887,358

#### Industrial

#### Conglomerates

#### -

#### 0

#### .7

#### %
3M

Co.

19,952

2,771,532

#### Insurance

#### -

#### 3

#### .8

#### %
Aflac,

Inc.

23,664

2,571,803

American

Financial

Group,

Inc.

17,400

2,203,884

Assurant,

Inc.

9,744

1,878,059

MetLife,

Inc.

26,216

1,975,900

Old

Republic

International

Corp.

58,696

2,206,970

Unum

Group(a)

29,696

2,306,191

Willis

Towers

Watson

plc(a)

7,192

2,213,698

#### 15,356,505

#### Interactive

#### Media

#### &

#### Services

#### -

#### 5

#### .1

#### %
Alphabet,

Inc.,

Class

A

32,248

5,120,982

Alphabet,

Inc.,

Class

C

25,984

4,180,566

Meta

Platforms,

Inc.,

Class

A

19,952

10,953,648

#### 20,255,196

#### IT

#### Services

#### -

#### 2

#### .5

#### %
Amdocs

Ltd.

23,896

2,116,708

International

Business

Machines

Corp.

33,176

8,022,620

#### 10,139,328

#### Leisure

#### Products

#### -

#### 0

#### .5

#### %
Hasbro,

Inc.

35,032

2,168,481

#### Machinery

#### -

#### 1

#### .6

#### %
Allison

Transmission

Holdings,

Inc.

14,848

1,369,580

Illinois

Tool

Works,

Inc.

10,672

2,560,319

Otis

Worldwide

Corp.

23,432

2,255,799

#### 6,185,698

#### Metals

#### &

#### Mining

#### -

#### 0

#### .7

#### %
Royal

Gold,

Inc.

14,384

2,628,101

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### -

#### 0

#### .5

#### %
Starwood

Property

Trust,

Inc.(a)

106,488

2,043,505

#### Investments

#### Shares

#### Value

#### Multi-Utilities

#### -

#### 1

#### .9

#### %
Consolidated

Edison,

Inc.

23,664

$

2,668,116

Dominion

Energy,

Inc.

43,384

2,359,222

WEC

Energy

Group,

Inc.

22,504

2,464,638

#### 7,491,976

#### Office

#### REITs

#### -

#### 0

#### .5

#### %
Kilroy

Realty

Corp.,

REIT(a)

61,016

1,922,614

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 1

#### .3

#### %
Chevron

Corp.

63,132

DT

Midstream,

Inc.

21,112

2,052,086

Exxon

Mobil

Corp.

13,456

1,421,357

Scorpio

Tankers,

Inc.

48,256

1,818,769

#### 5,355,344

#### Pharmaceuticals

#### -

#### 6

#### .1

#### %
Bristol-Myers

Squibb

Co.

73,080

3,668,616

Johnson

&

Johnson

80,272

12,547,316

Merck

&

Co.,

Inc.

91,408

7,787,962

Zoetis,

Inc.

2,320

362,848

#### 24,366,742

#### Professional

#### Services

#### -

#### 3

#### .5

#### %
Automatic

Data

Processing,

Inc.

14,616

4,393,570

Booz

Allen

Hamilton

Holding

Corp.

18,328

2,199,726

Leidos

Holdings,

Inc.

16,936

2,492,640

Paychex,

Inc.

16,472

2,423,361

Verisk

Analytics,

Inc.

8,120

2,407,012

#### 13,916,309

#### Residential

#### REITs

#### -

#### 2

#### .7

#### %
AvalonBay

Communities,

Inc.,

REIT(a)

10,672

2,240,906

Camden

Property

Trust,

REIT

17,632

2,006,522

Equity

Residential,

REIT

31,784

2,233,144

Essex

Property

Trust,

Inc.,

REIT

7,656

2,137,172

Mid-America

Apartment

Communities,

Inc.,

REIT(a)

13,920

2,222,328

#### 10,840,072

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 8

#### .0

#### %
Broadcom,

Inc.

22,736

4,375,998

KLA

Corp.

4,872

3,423,506

NVIDIA

Corp.

167,272

18,219,266

QUALCOMM,

Inc.

40,136

5,958,590

#### 31,977,360

#### Software

#### -

#### 7

#### .1

#### %
Bentley

Systems,

Inc.,

Class

B(a)

45,472

1,954,841

Gen

Digital,

Inc.

79,808

2,064,633

Intuit,

Inc.

7,656

4,803,910

Microsoft

Corp.

48,256

19,073,667

Oracle

Corp.

1,160

163,235

Salesforce,

Inc.

1,624

436,385

#### 28,496,671

#### Specialized

#### REITs

#### -

#### 1

#### .8

#### %
CubeSmart,

REIT

51,968

2,113,539

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Quality

Dividend

Defensive

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Specialized

#### REITs
(continued)

Public

Storage,

REIT

8,352

$

2,509,191

SBA

Communications

Corp.,

REIT

9,976

2,428,158

#### 7,050,888

#### Specialty

#### Retail

#### -

#### 2

#### .7

#### %
Home

Depot,

Inc.

(The)

2,088

752,703

Lowe's

Cos.,

Inc.

20,648

4,616,067

TJX

Cos.,

Inc.

(The)

40,832

5,254,262

#### 10,623,032

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 7

#### .2

#### %
Apple,

Inc.

136,184

28,939,100

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 1

#### .0

#### %
Kontoor

Brands,

Inc.

24,824

1,493,164

NIKE,

Inc.,

Class

B(a)

43,616

2,459,942

#### 3,953,106

#### Tobacco

#### -

#### 3

#### .3

#### %
Altria

Group,

Inc.

61,944

3,663,988

Philip

Morris

International,

Inc.

56,144

9,620,836

#### 13,284,824

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 0

#### .7

#### %
Fastenal

Co.

29,232

2,366,915

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

4,872

372,611

#### 2,739,526

#### Wireless

#### Telecommunication

#### Services

#### -

#### 1

#### .2

#### %
T-Mobile

US,

Inc.

19,024

4,697,977

#### Total

#### Common

#### Stocks

#### (Cost

#### $330,672,903)

#### 395,588,932

#### Principal

#### Amount

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 4

#### .1

#### %
(b) #### REPURCHASE

#### AGREEMENTS

#### -

#### 4

#### .1

#### %
BofA

Securities,

Inc.

4.78%,

dated

4/30/2025,

due

7/31/2025,

repurchase

price

$1,012,216,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

ranging

from

2.00%

-

4.63%,

maturing

6/30/2026

-

12/31/2031;

total

market

value

$1,031,874

$

1,000,000

1,000,000

CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$2,481,085,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$2,522,323

2,480,786

2,480,786

#### Investments

#### Principal

#### Amount

#### Value

#### REPURCHASE

#### AGREEMENTS
(continued)

Citigroup

Global

Markets,

Inc.

4.36%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$10,001,211,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

2.25%

-

4.63%,

maturing

5/15/2027

-

11/30/2031;

total

market

value

$10,047,722

$

10,000,000

$

10,000,000

National

Bank

of

Canada

Financial

Inc.

4.51%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$1,000,125,

collateralized

by

various

Common

Stocks;

total

market

value

$1,104,400

1,000,000

1,000,000

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$1,000,123,

collateralized

by

various

Common

Stocks;

total

market

value

$1,101,995

1,000,000

1,000,000

The

Bank

of

Nova

Scotia,

Toronto

4.50%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$1,000,125,

collateralized

by

various

Common

Stocks;

total

market

value

$1,115,219

1,000,000

1,000,000

16,480,786

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $16,480,786)

#### 16,480,786

#### Total

#### Investments

#### -

#### 103.1%

#### (Cost

#### $347,153,689)

#### 412,069,718
Liabilities

in

excess

of

other

assets

-

(3.1%)

(12,463,330)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $399,606,388
(a) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$21,460,544,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$16,480,786* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments;* 

*$4,504,629* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*May* 

*8,* 

*2025* 

*–* 

*February* 

*15,* 

*2055* 

*and* 

*$1,090,915* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*Foreign* 

*Government* 

*Fixed* 

*Income* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*4.75%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*August* 

*4,* 

*2025* 

*–* 

*June* 

*30,* 

*2120;* 

*a* 

*total* 

*value* 

*of* 

*$22,076,330.*

(b) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$16,480,786.*

*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Quality

Dividend

Defensive

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

Abbreviations

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

80,597,542

Aggregate

gross

unrealized

depreciation

(15,746,596)

Net

unrealized

appreciation

$

64,850,946

Federal

income

tax

cost

$

347,186,200

#### Futures

#### Contracts
*FlexShares*

*®*

*Quality* 

*Dividend* 

*Defensive* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Depreciation

#### \*

#### Long

#### Contracts
S&P

500

E-Mini

Index

06/20/2025

USD

$

2,234,800

$

(15,682)

S&P

500

Micro

E-Mini

Index

06/20/2025

USD

1,815,775

(16,890)

$

(32,572)

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

*Abbreviations:*

*USD*

*—*

*US* 

*Dollar*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.0

%

Securities

Lending

Reinvestments

.1

Others

(1) (3

.1)

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Trust

Schedule

of

Investments

FlexShares®

International

Quality

Dividend

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 97

#### .7

#### %

#### Air

#### Freight

#### &

#### Logistics

#### -

#### 1

#### .1

#### %
Deutsche

Post

AG

62,857

$

2,680,191

Sinotrans

Ltd.,

Class

H

9,994,000

4,343,144

#### 7,023,335

#### Automobile

#### Components

#### -

#### 0

#### .2

#### %
Magna

International,

Inc.

33,927

1,176,503

#### Automobiles

#### -

#### 1

#### .9

#### %
Bayerische

Motoren

Werke

AG

21,566

1,821,476

Dr

Ing

hc

F

Porsche

AG

(Preference)

(a) 16,832

843,608

Hero

MotoCorp

Ltd.

20,777

941,268

Honda

Motor

Co.

Ltd.

157,800

1,607,427

Isuzu

Motors

Ltd.

105,200

1,420,834

Kia

Corp.

14,991

953,350

Mercedes-Benz

Group

AG

41,028

2,447,126

Stellantis

NV

135,182

1,250,859

Subaru

Corp.

33,000

599,779

Yadea

Group

Holdings

Ltd.(a)(b)

526,000

952,331

#### 12,838,058

#### Banks

#### -

#### 18

#### .2

#### %
Bancolombia

SA

(Preference)

139,916

1,437,592

Bank

Leumi

Le-Israel

BM

73,903

1,048,925

Bank

Polska

Kasa

Opieki

SA\*

110,723

5,542,477

Barclays

plc

903,405

3,581,420

BNP

Paribas

SA

61,542

5,197,170

BOC

Hong

Kong

Holdings

Ltd.

1,495,000

6,207,719

Canara

Bank

265,367

306,095

China

Merchants

Bank

Co.

Ltd.,

Class

H

703,500

3,851,029

FinecoBank

Banca

Fineco

SpA

274,046

5,471,880

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

683,800

5,886,793

Hang

Seng

Bank

Ltd.(b)

114,100

1,593,489

HSBC

Holdings

plc

1,865,985

20,736,735

ING

Bank

Slaski

SA\*

6,575

572,279

ING

Groep

NV

194,094

3,753,907

Intesa

Sanpaolo

SpA

1,749,739

9,312,572

Japan

Post

Bank

Co.

Ltd.

26,300

269,380

KBC

Group

NV

61,805

5,695,019

Komercni

Banka

A/S

20,251

982,926

Mitsubishi

UFJ

Financial

Group,

Inc.

289,300

3,657,828

National

Bank

of

Canada(b)

2,893

253,590

Nordea

Bank

Abp

190,149

2,631,649

Royal

Bank

of

Canada

84,423

10,113,280

Santander

Bank

Polska

SA

36,294

5,567,517

Sberbank

of

Russia

PJSC‡

1,227,390

—

Skandinaviska

Enskilda

Banken

AB,

Class

A(b)

344,793

5,449,895

Sumitomo

Mitsui

Financial

Group,

Inc.

108,800

2,593,382

Swedbank

AB,

Class

A

221,446

5,508,082

#### Investments

#### Shares

#### Value

#### Banks
(continued)

Toronto-Dominion

Bank

(The)

79,689

$

5,082,027

#### 122,304,657

#### Beverages

#### -

#### 0

#### .2

#### %
Budweiser

Brewing

Co.

APAC

Ltd.

(a)(b) 1,236,100

1,310,269

#### Broadline

#### Retail

#### -

#### 0

#### .8

#### %
Alibaba

Group

Holding

Ltd.,

ADR(b)

32,612

3,894,851

Next

plc

8,679

1,429,360

#### 5,324,211

#### Building

#### Products

#### -

#### 0

#### .5

#### %
Geberit

AG

(Registered)(b)

5,136

3,563,793

#### Capital

#### Markets

#### -

#### 2

#### .6

#### %
Brookfield

Asset

Management

Ltd.,

Class

A(b)

88,105

4,691,960

Daiwa

Securities

Group,

Inc.(b)

210,400

1,377,984

IGM

Financial,

Inc.

153,592

4,871,400

Julius

Baer

Group

Ltd.

24,722

1,601,703

Moscow

Exchange

MICEX-RTS

PJSC‡

775,590

—

Partners

Group

Holding

AG

2,783

3,642,369

Schroders

plc

289,826

1,271,304

#### 17,456,720

#### Chemicals

#### -

#### 1

#### .8

#### %
BASF

SE\*

29,193

1,481,053

Evonik

Industries

AG

72,062

1,617,851

Fertiglobe

plc

6,065,832

3,748,775

Nitto

Denko

Corp.

89,400

1,567,195

Shin-Etsu

Chemical

Co.

Ltd.

125,200

3,800,589

#### 12,215,463

#### Construction

#### &

#### Engineering

#### -

#### 0

#### .3

#### %
Bouygues

SA\*

42,080

1,851,193

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 0

#### .3

#### %
Carrefour

SA(b)

17,884

276,381

Coles

Group

Ltd.

140,442

1,906,868

#### 2,183,249

#### Diversified

#### Telecommunication

#### Services

#### -

#### 3

#### .3

#### %
BCE,

Inc.(b)

66,539

1,480,493

Elisa

OYJ

8,416

449,835

Emirates

Integrated

Telecommunications

Co.

PJSC

2,296,253

5,438,913

Koninklijke

KPN

NV

741,660

3,452,421

Orange

SA

156,485

2,274,251

Telenor

ASA

266,682

4,016,965

Telia

Co.

AB(b)

473,926

1,776,320

Telstra

Group

Ltd.

576,759

1,664,367

TELUS

Corp.

90,472

1,389,862

#### 21,943,427
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

International

Quality

Dividend

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Electric

#### Utilities

#### -

#### 2

#### .7

#### %
Emera,

Inc.(b)

40,502

$

1,819,409

Enel

SpA

992,825

8,626,971

Fortum

OYJ(b)

317,178

5,316,340

Origin

Energy

Ltd.

238,804

1,625,779

Power

Grid

Corp.

of

India

Ltd.

254,584

926,472

#### 18,314,971

#### Electrical

#### Equipment

#### -

#### 0

#### .0

#### %
(c) Schneider

Electric

SE

1,052

244,195

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 0

#### .1

#### %
Largan

Precision

Co.

Ltd.

5,000

353,313

#### Entertainment

#### -

#### 1

#### .4

#### %
Nintendo

Co.

Ltd.

116,300

9,645,464

#### Financial

#### Services

#### -

#### 2

#### .7

#### %
Banca

Mediolanum

SpA

340,848

5,083,462

Chailease

Holding

Co.

Ltd.

1,105,345

3,957,165

FirstRand

Ltd.

116,246

453,769

ORIX

Corp.

195,300

3,903,535

REC

Ltd.

1,003,871

4,991,803

#### 18,389,734

#### Food

#### Products

#### -

#### 1

#### .9

#### %
China

Feihe

Ltd.(a)

1,841,000

1,395,938

Nestle

SA

(Registered)

93,365

9,968,780

Want

Want

China

Holdings

Ltd.

2,104,000

1,381,016

#### 12,745,734

#### Gas

#### Utilities

#### -

#### 1

#### .9

#### %
China

Gas

Holdings

Ltd.(b)

5,575,600

5,047,353

ENN

Energy

Holdings

Ltd.

103,500

821,492

Grupo

Energia

Bogota

SA

ESP

7,785,852

5,400,730

Hong

Kong

&

China

Gas

Co.

Ltd.

1,841,000

1,659,457

#### 12,929,032

#### Ground

#### Transportation

#### -

#### 0

#### .0

#### %
(c) Canadian

National

Railway

Co.

2,104

203,363

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 0

#### .2

#### %
Hoya

Corp.

13,800

1,623,416

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 1

#### .5

#### %
Evolution

AB\*(a)(b)

43,921

3,070,176

OPAP

SA(b)

275,624

6,131,586

Sodexo

SA

14,991

952,593

#### 10,154,355

#### Household

#### Durables

#### -

#### 0

#### .7

#### %
Nien

Made

Enterprise

Co.

Ltd.

332,023

4,059,062

Sony

Group

Corp.

19,700

520,813

#### 4,579,875

#### Household

#### Products

#### -

#### 0

#### .4

#### %
Unilever

Indonesia

Tbk.

PT

23,038,800

2,380,213

#### Investments

#### Shares

#### Value

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 0

#### .0

#### %
Unipro

PJSC\*‡

125,500,000

$

—

#### Industrial

#### Conglomerates

#### -

#### 0

#### .9

#### %
Astra

International

Tbk.

PT

4,471,000

1,292,819

Hitachi

Ltd.

157,800

3,891,898

Siemens

AG

(Registered)

4,997

1,147,145

#### 6,331,862

#### Insurance

#### -

#### 2

#### .7

#### %
Admiral

Group

plc

38,661

1,682,415

Allianz

SE

(Registered)

108,853

Aviva

plc

261,685

1,957,383

BB

Seguridade

Participacoes

SA

710,100

5,364,570

Manulife

Financial

Corp.

109,934

3,362,565

Powszechny

Zaklad

Ubezpieczen

SA

364,518

5,700,226

#### 18,176,012

#### Interactive

#### Media

#### &

#### Services

#### -

#### 1

#### .0

#### %
Tencent

Holdings

Ltd.

108,200

6,658,290

#### IT

#### Services

#### -

#### 1

#### .2

#### %
HCL

Technologies

Ltd.

204,351

3,791,501

Infosys

Ltd.

65,224

1,158,122

Nomura

Research

Institute

Ltd.

78,900

2,982,535

#### 7,932,158

#### Leisure

#### Products

#### -

#### 0

#### .0

#### %
(c) Shimano,

Inc.(b)

800

113,208

#### Machinery

#### -

#### 2

#### .1

#### %
Komatsu

Ltd.

61,700

1,773,918

Kone

OYJ,

Class

B

94,154

5,833,111

VAT

Group

AG(a)

6,575

2,354,758

Weichai

Power

Co.

Ltd.,

Class

H(b)

2,155,000

4,224,019

#### 14,185,806

#### Marine

#### Transportation

#### -

#### 1

#### .4

#### %
COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H(b)

920,500

1,388,816

Kawasaki

Kisen

Kaisha

Ltd.(b)

139,700

1,909,808

Kuehne

+

Nagel

International

AG

(Registered)

22,092

5,077,060

Orient

Overseas

International

Ltd.

73,000

1,021,380

#### 9,397,064

#### Media

#### -

#### 0

#### .4

#### %
WPP

plc

352,157

2,710,307

#### Metals

#### &

#### Mining

#### -

#### 5

#### .4

#### %
BHP

Group

Ltd.(b)

608,056

14,858,378

China

Hongqiao

Group

Ltd.(b)

3,156,000

5,681,427

Fortescue

Ltd.

429,216

4,446,322

GMK

Norilskiy

Nickel

PAO\*‡

1,631,500

—

Kumba

Iron

Ore

Ltd.(b)

243,538

4,234,305

Rio

Tinto

plc

69,432

4,124,162

Severstal

PAO‡

58,985

—

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

International

Quality

Dividend

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Metals

#### &

#### Mining
(continued)

Vale

SA

315,600

$

2,946,730

#### 36,291,324

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 6

#### .2

#### %
Aker

BP

ASA

65,487

1,409,524

Alamtri

Resources

Indonesia

Tbk.

PT

35,294,600

4,039,743

Bharat

Petroleum

Corp.

Ltd.

482,605

1,771,130

Canadian

Natural

Resources

Ltd.

128,344

3,675,732

China

Shenhua

Energy

Co.

Ltd.,

Class

H

1,129,500

4,253,085

Coal

India

Ltd.

246,168

1,122,684

Equinor

ASA

118,087

2,709,068

Indian

Oil

Corp.

Ltd.

816,878

1,332,976

PetroChina

Co.

Ltd.,

Class

H

3,830,000

2,933,731

Petroleo

Brasileiro

SA

(Preference)

289,300

1,532,502

Shell

plc

58,912

1,920,399

TotalEnergies

SE

82,056

4,772,059

Turkiye

Petrol

Rafinerileri

A/S

300,872

975,533

United

Tractors

Tbk.

PT

2,761,500

3,776,268

Var

Energi

ASA

1,438,610

3,963,480

Woodside

Energy

Group

Ltd.(b)

123,084

1,633,385

#### 41,821,299

#### Passenger

#### Airlines

#### -

#### 0

#### .8

#### %
Singapore

Airlines

Ltd.

1,052,000

5,406,234

#### Personal

#### Care

#### Products

#### -

#### 0

#### .8

#### %
L'Oreal

SA\*

10,783

4,743,681

Unilever

plc

8,942

568,407

#### 5,312,088

#### Pharmaceuticals

#### -

#### 6

#### .5

#### %
AstraZeneca

plc

18,936

2,713,413

Chugai

Pharmaceutical

Co.

Ltd.

26,300

1,515,421

Daiichi

Sankyo

Co.

Ltd.

162,300

4,146,251

Novartis

AG

(Registered)

153,592

17,530,141

Novo

Nordisk

A/S,

Class

B

72,062

4,775,633

Roche

Holding

AG

526

184,092

Roche

Holding

AG

-

BR

37,872

12,411,232

Sanofi

SA

1,841

200,695

#### 43,476,878

#### Professional

#### Services

#### -

#### 2

#### .4

#### %
Bureau

Veritas

SA(b)

157,274

4,984,420

Intertek

Group

plc

76,270

4,669,897

Randstad

NV(b)

81,267

3,253,633

SGS

SA

(Registered)(b)

33,747

3,314,947

#### 16,222,897

#### Real

#### Estate

#### Management

#### &

#### Development

#### -

#### 1

#### .5

#### %
China

Resources

Land

Ltd.

1,578,000

5,341,599

CK

Asset

Holdings

Ltd.

1,183,500

4,845,594

#### 10,187,193

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 6

#### .2

#### %
ASML

Holding

NV

5,260

3,482,945

#### Investments

#### Shares

#### Value

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

BE

Semiconductor

Industries

NV(b)

13,413

$

1,436,899

MediaTek,

Inc.

186,122

7,856,195

Novatek

Microelectronics

Corp.

304,770

4,945,616

Realtek

Semiconductor

Corp.

82,947

1,358,979

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

506,480

14,379,009

Tokyo

Electron

Ltd.

54,800

8,154,305

#### 41,613,948

#### Software

#### -

#### 1

#### .7

#### %
Nemetschek

SE

36,294

4,798,213

Open

Text

Corp.

47,866

1,293,245

Oracle

Financial

Services

Software

Ltd.

7,890

814,507

SAP

SE

14,465

4,197,921

#### 11,103,886

#### Specialty

#### Retail

#### -

#### 2

#### .3

#### %
Chow

Tai

Fook

Jewellery

Group

Ltd.

(b) 4,839,200

6,477,478

Fast

Retailing

Co.

Ltd.

600

197,616

H

&

M

Hennes

&

Mauritz

AB,

Class

B(b)

119,665

1,737,611

Industria

de

Diseno

Textil

SA(b)

131,500

7,061,559

#### 15,474,264

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 0

#### .8

#### %
Catcher

Technology

Co.

Ltd.

178,000

1,207,704

Lite-On

Technology

Corp.

789,000

2,368,258

Quanta

Computer,

Inc.\*

244,375

1,822,326

#### 5,398,288

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 1

#### .8

#### %
ANTA

Sports

Products

Ltd.(b)

142,800

1,693,226

Bosideng

International

Holdings

Ltd.

9,994,000

5,180,843

Cie

Financiere

Richemont

SA

(Registered)

2,104

371,896

Feng

TAY

Enterprise

Co.

Ltd.

32,123

112,992

Hermes

International

SCA

789

2,144,478

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,285

1,821,928

Shenzhou

International

Group

Holdings

Ltd.

131,500

912,311

#### 12,237,674

#### Tobacco

#### -

#### 2

#### .6

#### %
British

American

Tobacco

plc

115,983

5,031,753

Imperial

Brands

plc

158,589

6,511,572

Japan

Tobacco,

Inc.

191,600

5,919,666

#### 17,462,991

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 2

#### .3

#### %
ITOCHU

Corp.(b)

145,700

7,438,218

Marubeni

Corp.

105,200

1,864,453

Mitsubishi

Corp.

140,200

2,665,609

Mitsui

&

Co.

Ltd.

63,000

1,279,964

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

International

Quality

Dividend

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Trading

#### Companies

#### &

#### Distributors
(continued)

Sumitomo

Corp.

78,900

$

1,934,886

#### 15,183,130

#### Transportation

#### Infrastructure

#### -

#### 0

#### .5

#### %
Jiangsu

Expressway

Co.

Ltd.,

Class

H

2,418,000

3,008,975

#### Wireless

#### Telecommunication

#### Services

#### -

#### 1

#### .5

#### %
KDDI

Corp.

41,900

741,269

PLDT,

Inc.

55,230

1,285,453

Tele2

AB,

Class

B

434,739

6,411,847

Vodafone

Group

plc(b)

1,907,013

1,866,077

#### 10,304,646

#### Total

#### Common

#### Stocks

#### (Cost

#### $578,202,326)

#### 656,764,965

#### Principal

#### Amount

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 0

#### .9

#### %
(d) #### REPURCHASE

#### AGREEMENTS

#### -

#### 0

#### .9

#### %
CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$3,811,243,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$3,874,588

$

3,810,783

3,810,783

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$2,000,246,

collateralized

by

various

Common

Stocks;

total

market

value

$2,203,989

2,000,000

2,000,000

5,810,783

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $5,810,783)

#### 5,810,783

#### Total

#### Investments

#### -

#### 98.6%

#### (Cost

#### $584,013,109)

#### 662,575,748
Other

assets

less

liabilities

-

1.4%

9,644,708

#### NET

#### ASSETS

#### -

#### 100.0%

#### $672,220,456
*\**

*Non-income* 

*producing* 

*security.*

*‡*

*Security* 

*is* 

*valued* 

*using* 

*significant* 

*unobservable* 

*inputs* 

*and* 

*is* 

*classified* 

*as* 

*Level* 

*3* 

*in* 

*the* 

*fair* 

*value* 

*hierarchy.*

(a) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Regulation* 

*S* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

1933. *Regulation* 

*S* 

*applies* 

*to* 

*securities* 

*offerings* 

*that* 

*are* 

*made* 

*outside* 

*of* 

*the* 

*United* 

*States* 

*and* 

*do* 

*not* 

*involve* 

*direct* 

*selling* 

*efforts* 

*in* 

*the* 

*United* 

*States* 

*and* 

*as* 

*such* 

*may* 

*have* 

*restrictions* 

*on* 

*resale.*

(b) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$70,604,300,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$5,810,783* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments;* 

*$50,426,368* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*May* 

*15,* 

*2025* 

*–* 

*February* 

*15,* 

*2055* 

*and* 

*$19,426,110* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*Foreign* 

*Government* 

*Fixed* 

*Income* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*June* 

*12,* 

*2025* 

*–* 

*June* 

*30,* 

*2120;* 

*a* 

*total* 

*value* 

*of* 

*$75,663,261.*

(c) *Represents* 

*less* 

*than* 

*0.05%* 

*of* 

*net* 

*assets.*

(d) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$5,810,783.*

*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*ADR*

*—*

*American* 

*Depositary* 

*Receipt*

*OYJ*

*—*

*Public* 

*Limited* 

*Company*

*PJSC*

*—*

*Public* 

*Joint* 

*Stock* 

*Company*

*Preference*

*—*

*A* 

*special* 

*type* 

*of* 

*equity* 

*investment* 

*that* 

*shares* 

*in* 

*the* 

*earnings* 

*of* 

*the* 

*company,* 

*has* 

*limited* 

*voting* 

*rights,* 

*and* 

*may* 

*have* 

*a* 

*dividend* 

*preference.* 

*Preference* 

*shares* 

*may* 

*also* 

*have* 

*liquidation* 

*preference.* 

*SCA*

*—*

*Limited* 

*partnership* 

*with* 

*share* 

*capital*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

111,388,856

Aggregate

gross

unrealized

depreciation

(44,668,121)

Net

unrealized

appreciation

$

66,720,735

Federal

income

tax

cost

$

595,655,538

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

International

Quality

Dividend

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Futures

#### Contracts
*FlexShares*

*®*

*International* 

*Quality* 

*Dividend* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation

#### /

#### (#### Depreciation

####)

#### \*

#### Long

#### Contracts
MSCI

EAFE

E-Mini

Index

06/20/2025

USD

$

10,851,945

$

131,157

MSCI

Emerging

Markets

E-Mini

Index

06/20/2025

USD

4,773,000

(70,494)

$

60,663

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

#### Forward

#### Foreign

#### Currency

#### Contracts
*FlexShares*

*®*

*International* 

*Quality* 

*Dividend* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*outstanding* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### to

#### Receive

#### Counterparty

#### In

#### Exchange

#### For

#### Maturity

#### Date

#### Unrealized

#### Appreciation/
(Depreciation)

CAD

434,313

Bank

of

Montreal

USD

303,093

06/18/2025

$

12,104

GBP

77,045

Bank

of

Montreal

USD

99,589

06/18/2025

3,339

Total

unrealized

appreciation

$

15,443

USD

77,951

Bank

of

Montreal

AUD

124,000

06/18/2025

$

(1,432)

USD

206,313

Citibank

NA

BRL

\*

1,226,155

06/18/2025

(7,886)

USD

932,883

Citibank

NA

CHF

815,364

06/18/2025

(65,262)

USD

372,174

UBS

AG

DKK

2,540,779

06/18/2025

(16,088)

USD

1,292,631

Bank

of

Montreal

EUR

1,187,812

06/18/2025

(61,694)

USD

554,419

JPMorgan

Chase

Bank

NA

EUR

510,000

06/18/2025

(27,076)

USD

542,380

Toronto-Dominion

Bank

(The)

GBP

418,000

06/18/2025

(16,042)

USD

420,152

Bank

of

Montreal

HKD

3,260,000

06/18/2025

(522)

USD

316,129

Citibank

NA

INR

\*

27,750,000

06/18/2025

(11,187)

USD

852,442

JPMorgan

Chase

Bank

NA

JPY

126,997,000

06/18/2025

(42,706)

USD

531,290

Morgan

Stanley

JPY

77,915,715

06/18/2025

(17,904)

USD

385,528

Citibank

NA

KRW

\*

557,330,039

06/18/2025

(7,782)

Total

unrealized

depreciation

$

(275,581)

Net

unrealized

depreciation

$

(260,138)

\*

*Non-deliverable* 

*forward.* 

*See* 

*Note* 

*2* 

*in* 

*the* 

*Notes* 

*to* 

*Financial* 

*Statements.*

*Abbreviations:*

*AUD*

*—*

*Australian* 

*Dollar*

*BRL*

*—*

*Brazilian* 

*Real*

*CAD*

*—*

*Canadian* 

*Dollar*

*CHF*

*—*

*Swiss* 

*Franc*

*DKK*

*—*

*Danish* 

*Krone*

*EUR*

*—*

*Euro*

*GBP*

*—*

*British* 

*Pound*

*HKD*

*—*

*Hong* 

*Kong* 

*Dollar*

*INR*

*—*

*Indian* 

*Rupee*

*JPY*

*—*

*Japanese* 

*Yen*

*KRW*

*—*

*Korean* 

*Won*

*USD*

*—*

*US* 

*Dollar*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

International

Quality

Dividend

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*FlexShares®* 

*International* 

*Quality* 

*Dividend* 

*Index* 

*invested,* 

*as* 

*a* 

*percentage* 

*of* 

*net* 

*assets,* 

*in* 

*companies* 

*domiciled* 

*in* 

*the* 

*following* 

*countries* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

Australia

.9

%

Belgium

.8

Brazil

.5

Canada

.9

China

.5

Colombia

.0

Czech

Republic

.1

Denmark

.7

Finland

.7

France

.4

Germany

.1

Greece

.9

Hong

Kong

.3

India

.6

Indonesia

.7

Israel

.2

Italy

.4

Japan

.8

Mexico

.9

Netherlands

.3

Norway

.8

Philippines

.2

Poland

.6

Singapore

.8

South

Africa

.7

South

Korea

.1

Spain

.1

Sweden

.0

Switzerland

.9

Taiwan

.3

Turkey

.1

United

Arab

Emirates

.4

United

Kingdom

.0

Other

.3

100.0%

*1*

*Includes* 

*any* 

*non-equity* 

*securities,* 

*securities* 

*lending* 

*reinvestments* 

*and* 

*net* 

*other* 

*assets* 

*(liabilities).*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.7

%

Securities

Lending

Reinvestments

.9

Others

(1) 1

.4

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Trust

Schedule

of

Investments

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS

#### -

#### 98

#### .1

#### %

#### Air

#### Freight

#### &

#### Logistics

#### -

#### 1

#### .0

#### %
Deutsche

Post

AG

6,116

$

260,783

Sinotrans

Ltd.,

Class

H

990,000

430,230

#### 691,013

#### Automobile

#### Components

#### -

#### 0

#### .2

#### %
Magna

International,

Inc.

3,234

112,147

#### Automobiles

#### -

#### 2

#### .0

#### %
Bayerische

Motoren

Werke

AG

2,178

183,955

Dr

Ing

hc

F

Porsche

AG

(Preference)

(a) 1,760

88,210

Honda

Motor

Co.

Ltd.

13,200

134,462

Isuzu

Motors

Ltd.

9,900

133,710

Kia

Corp.

1,078

68,555

Mercedes-Benz

Group

AG

3,982

237,507

Stellantis

NV

13,024

120,513

Yadea

Group

Holdings

Ltd.(a)(b)

202,000

365,724

#### 1,332,636

#### Banks

#### -

#### 18

#### .4

#### %
ANZ

Group

Holdings

Ltd.

17,974

343,410

Bancolombia

SA

(Preference)

13,640

140,147

Bank

Polska

Kasa

Opieki

SA\*

10,890

545,122

Barclays

plc

88,286

349,997

BNP

Paribas

SA

6,160

520,207

BOC

Hong

Kong

Holdings

Ltd.

22,000

91,351

CaixaBank

SA(b)

33,066

253,041

Canara

Bank

355,828

410,439

China

Merchants

Bank

Co.

Ltd.,

Class

H

80,000

437,928

DNB

Bank

ASA

2,420

60,395

FinecoBank

Banca

Fineco

SpA

27,148

542,064

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

68,200

587,130

Hang

Seng

Bank

Ltd.(b)

11,000

153,623

HSBC

Holdings

plc

180,004

2,000,389

ING

Bank

Slaski

SA\*

6,314

549,562

ING

Groep

NV

19,360

374,435

Intesa

Sanpaolo

SpA

173,888

925,478

KBC

Group

NV

6,160

567,613

Komercni

Banka

A/S

3,234

156,969

Mitsubishi

UFJ

Financial

Group,

Inc.

4,400

55,632

National

Bank

of

Canada(b)

2,310

202,487

Nordea

Bank

Abp

19,316

267,332

Royal

Bank

of

Canada(b)

8,338

998,834

Santander

Bank

Polska

SA

3,586

550,094

Sberbank

of

Russia

PJSC

(Preference)‡

31,920

—

Skandinaviska

Enskilda

Banken

AB,

Class

A(b)

34,254

541,428

Swedbank

AB,

Class

A

21,912

545,023

#### 12,170,130

#### Investments

#### Shares

#### Value

#### Beverages

#### -

#### 0

#### .8

#### %
Budweiser

Brewing

Co.

APAC

Ltd.

(a)(b) 475,200

$

503,713

#### Broadline

#### Retail

#### -

#### 0

#### .4

#### %
Alibaba

Group

Holding

Ltd.,

ADR(b)

1,980

236,471

#### Building

#### Products

#### -

#### 0

#### .9

#### %
Geberit

AG

(Registered)

836

580,088

#### Capital

#### Markets

#### -

#### 3

#### .2

#### %
Brookfield

Asset

Management

Ltd.,

Class

A(b)

8,756

466,293

Hong

Kong

Exchanges

&

Clearing

Ltd.

9,900

435,081

IGM

Financial,

Inc.

15,246

483,550

Julius

Baer

Group

Ltd.

2,442

158,214

Partners

Group

Holding

AG(b)

471,165

Schroders

plc

29,128

127,768

#### 2,142,071

#### Chemicals

#### -

#### 1

#### .8

#### %
BASF

SE\*

5,434

275,684

Evonik

Industries

AG

7,172

161,017

Fertiglobe

plc

562,078

347,373

Shin-Etsu

Chemical

Co.

Ltd.

14,400

437,128

#### 1,221,202

#### Construction

#### &

#### Engineering

#### -

#### 0

#### .3

#### %
Bouygues

SA\*

4,334

190,662

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 0

#### .3

#### %
Coles

Group

Ltd.

13,750

186,692

#### Diversified

#### Telecommunication

#### Services

#### -

#### 3

#### .2

#### %
BCE,

Inc.(b)

7,766

172,794

Orange

SA

15,664

227,650

Telefonica

SA(b)

36,674

188,352

Telenor

ASA

39,402

593,503

Telia

Co.

AB

46,596

174,646

Telkom

Indonesia

Persero

Tbk.

PT

2,950,200

469,188

Telstra

Group

Ltd.

57,816

166,841

TELUS

Corp.

8,998

138,230

#### 2,131,204

#### Electric

#### Utilities

#### -

#### 2

#### .6

#### %
Emera,

Inc.(b)

3,982

178,877

Enel

SpA

98,538

856,228

Fortum

OYJ(b)

33,000

553,126

Origin

Energy

Ltd.

23,342

158,912

#### 1,747,143

#### Entertainment

#### -

#### 0

#### .6

#### %
Universal

Music

Group

NV(b)

12,716

373,659

#### Financial

#### Services

#### -

#### 2

#### .1

#### %
Banca

Mediolanum

SpA

34,144

509,229

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Financial

#### Services
(continued)

FirstRand

Ltd.

110,352

$

430,762

Power

Finance

Corp.

Ltd.

72,116

347,760

REC

Ltd.

20,284

100,863

#### 1,388,614

#### Food

#### Products

#### -

#### 0

#### .3

#### %
Nestle

SA

(Registered)

2,068

220,805

#### Gas

#### Utilities

#### -

#### 2

#### .0

#### %
China

Gas

Holdings

Ltd.

545,600

493,909

ENN

Energy

Holdings

Ltd.

11,000

87,308

Grupo

Energia

Bogota

SA

ESP

769,164

533,538

Hong

Kong

&

China

Gas

Co.

Ltd.

242,000

218,136

#### 1,332,891

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 1

#### .7

#### %
Hoya

Corp.

4,400

517,611

Sonova

Holding

AG

(Registered)

1,386

427,396

Straumann

Holding

AG

(Registered)

(b) 286

35,030

Sysmex

Corp.

6,800

126,403

#### 1,106,440

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 0

#### .9

#### %
Evolution

AB\*(a)(b)

2,244

156,860

Haidilao

International

Holding

Ltd.

(a)(b) 187,000

424,896

#### 581,756

#### Household

#### Durables

#### -

#### 0

#### .6

#### %
Nien

Made

Enterprise

Co.

Ltd.

34,000

415,658

#### Household

#### Products

#### -

#### 1

#### .1

#### %
Reckitt

Benckiser

Group

plc

2,552

164,913

Unilever

Indonesia

Tbk.

PT

5,418,600

559,813

#### 724,726

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 0

#### .4

#### %
Aboitiz

Power

Corp.

380,600

254,165

#### Industrial

#### Conglomerates

#### -

#### 2

#### .2

#### %
Astra

International

Tbk.

PT

481,800

139,316

Hitachi

Ltd.

53,400

1,317,030

#### 1,456,346

#### Insurance

#### -

#### 2

#### .8

#### %
Ageas

SA/NV

902

56,651

Aviva

plc

25,212

188,584

BB

Seguridade

Participacoes

SA

35,200

265,924

Manulife

Financial

Corp.

10,780

329,729

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H(b)

40,500

243,375

Powszechny

Zaklad

Ubezpieczen

SA

36,366

568,681

Tokio

Marine

Holdings,

Inc.

4,400

176,074

#### 1,829,018

#### Investments

#### Shares

#### Value

#### Interactive

#### Media

#### &

#### Services

#### -

#### 0

#### .8

#### %
Tencent

Holdings

Ltd.

8,300

$

510,756

#### IT

#### Services

#### -

#### 0

#### .7

#### %
HCL

Technologies

Ltd.

572

10,613

Infosys

Ltd.

5,984

106,252

Tech

Mahindra

Ltd.

17,754

315,851

#### 432,716

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### -

#### 0

#### .5

#### %
WuXi

AppTec

Co.

Ltd.,

Class

H(a)(b)

39,600

307,161

#### Machinery

#### -

#### 1

#### .1

#### %
Kone

OYJ,

Class

B

6,490

402,074

Weichai

Power

Co.

Ltd.,

Class

H

160,000

313,616

#### 715,690

#### Marine

#### Transportation

#### -

#### 1

#### .1

#### %
COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H(b)

88,000

132,771

Kuehne

+

Nagel

International

AG

(Registered)

2,178

500,536

Orient

Overseas

International

Ltd.

8,000

111,932

#### 745,239

#### Media

#### -

#### 0

#### .4

#### %
Publicis

Groupe

SA

1,650

167,419

WPP

plc

9,350

71,961

#### 239,380

#### Metals

#### &

#### Mining

#### -

#### 5

#### .4

#### %
BHP

Group

Ltd.(b)

53,504

1,307,417

China

Hongqiao

Group

Ltd.(b)

264,000

475,252

Fortescue

Ltd.

42,130

436,432

GMK

Norilskiy

Nickel

PAO\*‡

212,800

—

Kumba

Iron

Ore

Ltd.(b)

24,310

422,669

Rio

Tinto

plc

6,732

399,871

Severstal

PAO‡

7,952

—

Vale

SA

57,200

534,072

#### 3,575,713

#### Multi-Utilities

#### -

#### 0

#### .1

#### %
E.ON

SE

3,278

57,440

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 6

#### .3

#### %
Aker

BP

ASA

6,270

134,954

Alamtri

Resources

Indonesia

Tbk.

PT

3,493,600

399,870

Bharat

Petroleum

Corp.

Ltd.

43,054

158,005

Canadian

Natural

Resources

Ltd.

25,674

735,295

China

Shenhua

Energy

Co.

Ltd.,

Class

H

129,000

485,744

Coal

India

Ltd.

24,486

111,672

Equinor

ASA

10,978

251,849

Indian

Oil

Corp.

Ltd.

63,998

104,432

Petroleo

Brasileiro

SA

(Preference)

22,000

116,540

Shell

plc

1,188

38,726

TC

Energy

Corp.

7,590

382,714

TotalEnergies

SE

2,310

134,341

Turkiye

Petrol

Rafinerileri

A/S

38,368

124,403

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Shares

#### Value

#### COMMON

#### STOCKS
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

United

Tractors

Tbk.

PT

272,800

$

373,046

Var

Energi

ASA

164,978

454,527

Woodside

Energy

Group

Ltd.(b)

13,310

176,630

#### 4,182,748

#### Passenger

#### Airlines

#### -

#### 0

#### .8

#### %
Singapore

Airlines

Ltd.

103,400

531,373

#### Personal

#### Care

#### Products

#### -

#### 1

#### .7

#### %
L'Oreal

SA\*

2,618

1,151,716

#### Pharmaceuticals

#### -

#### 4

#### .8

#### %
AstraZeneca

plc

902

129,251

CSPC

Pharmaceutical

Group

Ltd.

220,000

173,908

Daiichi

Sankyo

Co.

Ltd.

16,600

424,077

GSK

plc

15,488

306,897

Hansoh

Pharmaceutical

Group

Co.

Ltd.(a)

206,000

640,205

Novartis

AG

(Registered)

4,796

547,389

Novo

Nordisk

A/S,

Class

B

5,544

367,407

Roche

Holding

AG

1,672

547,940

#### 3,137,074

#### Professional

#### Services

#### -

#### 2

#### .9

#### %
Bureau

Veritas

SA(b)

15,488

490,855

Intertek

Group

plc

7,546

462,030

Randstad

NV(b)

9,240

369,936

Recruit

Holdings

Co.

Ltd.

10,400

579,058

#### 1,901,879

#### Real

#### Estate

#### Management

#### &

#### Development

#### -

#### 1

#### .2

#### %
CK

Asset

Holdings

Ltd.

115,000

470,843

Daiwa

House

Industry

Co.

Ltd.

2,200

79,508

Sun

Hung

Kai

Properties

Ltd.

27,000

256,432

#### 806,783

#### Retail

#### REITs

#### -

#### 0

#### .2

#### %
Unibail-Rodamco-Westfield,

REIT

1,760

149,091

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 6

#### .6

#### %
ASML

Holding

NV

203,944

BE

Semiconductor

Industries

NV(b)

2,750

294,600

Disco

Corp.

700

135,544

eMemory

Technology,

Inc.

2,400

192,477

MediaTek,

Inc.

18,500

780,884

Novatek

Microelectronics

Corp.

30,500

494,935

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

45,500

1,291,749

Tokyo

Electron

Ltd.

5,500

818,406

United

Microelectronics

Corp.

110,000

155,458

#### 4,367,997

#### Software

#### -

#### 1

#### .4

#### %
Nemetschek

SE

3,850

508,985

Open

Text

Corp.

3,916

105,803

#### Investments

#### Shares

#### Value

#### Software
(continued)

Oracle

Financial

Services

Software

Ltd.

572

$

59,049

SAP

SE

880

255,387

#### 929,224

#### Specialty

#### Retail

#### -

#### 3

#### .8

#### %
Chow

Tai

Fook

Jewellery

Group

Ltd.

(b) 479,600

641,965

Fast

Retailing

Co.

Ltd.

2,100

691,658

Industria

de

Diseno

Textil

SA(b)

13,112

704,115

Jarir

Marketing

Co.

80,058

269,357

ZOZO,

Inc.(b)

17,600

179,406

#### 2,486,501

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 1

#### .2

#### %
Catcher

Technology

Co.

Ltd.

22,000

149,267

Lite-On

Technology

Corp.

51,000

153,081

Quanta

Computer,

Inc.\*

66,000

492,168

#### 794,516

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 1

#### .4

#### %
Bosideng

International

Holdings

Ltd.

968,000

501,807

Cie

Financiere

Richemont

SA

(Registered)

1,364

241,096

LVMH

Moet

Hennessy

Louis

Vuitton

SE

85,412

Shenzhou

International

Group

Holdings

Ltd.

17,600

122,104

#### 950,419

#### Tobacco

#### -

#### 2

#### .7

#### %
British

American

Tobacco

plc

11,990

520,169

Imperial

Brands

plc

15,862

651,284

Japan

Tobacco,

Inc.

19,800

611,740

#### 1,783,193

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 1

#### .7

#### %
Brenntag

SE

1,254

83,505

ITOCHU

Corp.(b)

14,400

735,143

Marubeni

Corp.(b)

11,000

194,953

Mitsui

&

Co.

Ltd.

4,400

89,394

#### 1,102,995

#### Wireless

#### Telecommunication

#### Services

#### -

#### 1

#### .5

#### %
PLDT,

Inc.

5,610

130,570

SK

Telecom

Co.

Ltd.

15,127

Tele2

AB,

Class

B

43,538

642,130

Vodafone

Group

plc

206,910

202,469

#### 990,296

#### Total

#### Common

#### Stocks

#### (Cost

#### $58,691,689)

#### 64,779,150
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 4

#### .7

#### %
(c) #### REPURCHASE

#### AGREEMENTS

#### -

#### 4

#### .7

#### %
CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$2,384,955,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$2,424,594

$

2,384,667

$

2,384,667

National

Bank

of

Canada

Financial

Inc.

4.51%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$100,013,

collateralized

by

various

Common

Stocks;

total

market

value

$110,440

100,000

100,000

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$200,025,

collateralized

by

various

Common

Stocks;

total

market

value

$220,399

200,000

200,000

The

Bank

of

Nova

Scotia,

Toronto

4.50%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$400,050,

collateralized

by

various

Common

Stocks;

total

market

value

$446,088

400,000

400,000

3,084,667

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $3,084,667)

#### 3,084,667

#### Total

#### Investments

#### -

#### 102.8%

#### (Cost

#### $61,776,356)

#### 67,863,817
Liabilities

in

excess

of

other

assets

-

(2.8%)

(1,834,553)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $66,029,264
*\**

*Non-income* 

*producing* 

*security.*

*‡*

*Security* 

*is* 

*valued* 

*using* 

*significant* 

*unobservable* 

*inputs* 

*and* 

*is* 

*classified* 

*as* 

*Level* 

*3* 

*in* 

*the* 

*fair* 

*value* 

*hierarchy.*

(a) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Regulation* 

*S* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

1933. *Regulation* 

*S* 

*applies* 

*to* 

*securities* 

*offerings* 

*that* 

*are* 

*made* 

*outside* 

*of* 

*the* 

*United* 

*States* 

*and* 

*do* 

*not* 

*involve* 

*direct* 

*selling* 

*efforts* 

*in* 

*the* 

*United* 

*States* 

*and* 

*as* 

*such* 

*may* 

*have* 

*restrictions* 

*on* 

*resale.*

(b) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$10,374,026,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$3,084,667* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments;* 

*$5,748,849* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*June* 

*30,* 

*2025* 

*–* 

*February* 

*15,* 

*2055* 

*and* 

*$2,167,732* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*Foreign* 

*Government* 

*Fixed* 

*Income* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*5.75%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*June* 

*12,* 

*2025* 

*–* 

*June* 

*30,* 

*2120;* 

*a* 

*total* 

*value* 

*of* 

*$11,001,248.*

(c) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$3,084,667.*

*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*ADR*

*—*

*American* 

*Depositary* 

*Receipt*

*OYJ*

*—*

*Public* 

*Limited* 

*Company*

*PJSC*

*—*

*Public* 

*Joint* 

*Stock* 

*Company*

*Preference*

*—*

*A* 

*special* 

*type* 

*of* 

*equity* 

*investment* 

*that* 

*shares* 

*in* 

*the* 

*earnings* 

*of* 

*the* 

*company,* 

*has* 

*limited* 

*voting* 

*rights,* 

*and* 

*may* 

*have* 

*a* 

*dividend* 

*preference.* 

*Preference* 

*shares* 

*may* 

*also* 

*have* 

*liquidation* 

*preference.* 

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

9,229,539

Aggregate

gross

unrealized

depreciation

(4,499,095)

Net

unrealized

appreciation

$

4,730,444

Federal

income

tax

cost

$

63,129,032

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Futures

#### Contracts
*FlexShares*

*®*

*International* 

*Quality* 

*Dividend* 

*Dynamic* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation

#### \*

#### Long

#### Contracts
MSCI

EAFE

E-Mini

Index

06/20/2025

USD

$

873,145

$

12,000

MSCI

Emerging

Markets

E-Mini

Index

06/20/2025

USD

388,500

3,386

$

15,386

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

#### Forward

#### Foreign

#### Currency

#### Contracts
*FlexShares*

*®*

*International* 

*Quality* 

*Dividend* 

*Dynamic* 

*Index* 

*Fund* 

*had* 

*the* 

*following* 

*outstanding* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### to

#### Receive

#### Counterparty

#### In

#### Exchange

#### For

#### Maturity

#### Date

#### Unrealized

#### Appreciation/
(Depreciation)

CAD

45,542

Bank

of

Montreal

USD

31,782

06/18/2025

$

1,269

GBP

30,000

Toronto-Dominion

Bank

(The)

USD

38,272

06/18/2025

1,806

Total

unrealized

appreciation

$

3,075

USD

76,657

Citibank

NA

CHF

67,000

06/18/2025

$

(5,363)

USD

54,198

UBS

AG

DKK

370,000

06/18/2025

(2,343)

USD

203,502

Bank

of

Montreal

EUR

187,000

06/18/2025

(9,712)

USD

64,630

Bank

of

Montreal

GBP

50,000

06/18/2025

(2,167)

USD

95,463

Morgan

Stanley

JPY

14,000,000

06/18/2025

(3,217)

Total

unrealized

depreciation

$

(22,802)

Net

unrealized

depreciation

$

(19,727)

*Abbreviations:*

*CAD*

*—*

*Canadian* 

*Dollar*

*CHF*

*—*

*Swiss* 

*Franc*

*DKK*

*—*

*Danish* 

*Krone*

*EUR*

*—*

*Euro*

*GBP*

*—*

*British* 

*Pound*

*JPY*

*—*

*Japanese* 

*Yen*

*USD*

*—*

*US* 

*Dollar*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*FlexShares®* 

*International* 

*Quality* 

*Dividend* 

*Dynamic* 

*Index* 

*invested,* 

*as* 

*a* 

*percentage* 

*of* 

*net* 

*assets,* 

*in* 

*companies* 

*domiciled* 

*in* 

*the* 

*following* 

*countries* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

Australia

.2

%

Belgium

.9

Brazil

.4

Canada

.5

China

.8

Colombia

.0

Czech

Republic

.2

Denmark

.6

Finland

.4

France

.7

Germany

.2

Hong

Kong

.2

India

.6

Indonesia

.9

Italy

.5

Japan

.3

Mexico

.9

Netherlands

.5

Norway

.3

Philippines

.6

Poland

.4

Saudi

Arabia

.4

Singapore

.8

South

Africa

.3

South

Korea

.1

Spain

.7

Sweden

.5

Switzerland

.7

Taiwan

.3

Turkey

.2

United

Arab

Emirates

.5

United

Kingdom

.5

Other

.9

100.0%

*1*

*Includes* 

*any* 

*non-equity* 

*securities,* 

*securities* 

*lending* 

*reinvestments* 

*and* 

*net* 

*other* 

*assets* 

*(liabilities).*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Common

Stocks

.1

%

Securities

Lending

Reinvestments

.7

Others

(1) (2

.8)

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Trust

Schedule

of

Investments

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Principal

#### Amount

#### Value

#### U.S.

#### TREASURY

#### OBLIGATIONS

#### -

#### 99

#### .9

#### %
U.S.

Treasury

Inflation

Linked

Bonds

2.38%,

1/15/2027

$

44,074,877

$

45,266,794

1.75%,

1/15/2028

40,233,945

41,052,159

3.63%,

4/15/2028

198,792,172

213,452,499

2.50%,

1/15/2029

35,647,513

37,315,054

3.88%,

4/15/2029

64,939,033

71,476,745

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

7/15/2026

83,194,838

82,962,391

0.13%,

10/15/2026

75,838,612

75,408,607

0.38%,

1/15/2027

85,831,390

85,253,744

0.13%,

4/15/2027

75,539,943

74,476,114

0.38%,

7/15/2027

81,610,412

81,055,298

1.63%,

10/15/2027

73,667,366

75,167,012

0.50%,

1/15/2028

86,790,163

85,685,411

1.25%,

4/15/2028

256,142,548

257,244,063

0.75%,

7/15/2028

279,725,114

277,673,611

2.38%,

10/15/2028

263,772,142

275,596,519

0.88%,

1/15/2029

77,502,758

76,581,560

2.13%,

4/15/2029

77,890,958

80,419,688

0.25%,

7/15/2029

84,123,510

80,938,434

1.63%,

10/15/2029

80,838,618

82,162,262

0.13%,

1/15/2030

86,257,150

81,450,790

1.63%,

4/15/2030

46,728,018

47,192,766

0.13%,

7/15/2030

90,014,164

84,512,147

0.13%,

1/15/2031

89,327,757

82,574,319

#### Total

#### U.S.

#### Treasury

#### Obligations

#### (Cost

#### $2,355,356,722)

#### 2,394,917,987

#### Total

#### Investments

#### -

#### 99.9%

#### (Cost

#### $2,355,356,722)

#### 2,394,917,987
Other

assets

less

liabilities

-

0.1%

3,416,675

#### NET

#### ASSETS

#### -

#### 100.0%

#### $2,398,334,662
*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

38,158,361

Aggregate

gross

unrealized

depreciation

(274,955)

Net

unrealized

appreciation

$

37,883,406

Federal

income

tax

cost

$

2,357,034,581

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
U.S.

Treasury

Obligations

.9

%

Others

(1) 0

.1

.0

%

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares®

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Principal

#### Amount

#### Value

#### U.S.

#### TREASURY

#### OBLIGATIONS

#### -

#### 99

#### .8

#### %
U.S.

Treasury

Inflation

Linked

Bonds

2.50%,

1/15/2029

$

14,615,094

$

15,298,768

3.88%,

4/15/2029

26,579,643

29,255,538

3.38%,

4/15/2032

6,581,197

7,330,032

U.S.

Treasury

Inflation

Linked

Notes

0.75%,

7/15/2028

32,268,397

32,031,740

2.38%,

10/15/2028

30,770,170

32,149,535

0.88%,

1/15/2029

31,773,970

31,396,305

2.13%,

4/15/2029

31,932,146

32,968,824

0.25%,

7/15/2029

34,486,173

33,180,461

1.63%,

10/15/2029

33,136,765

33,679,344

0.13%,

1/15/2030

68,017,529

64,227,504

1.63%,

4/15/2030

36,150,113

36,509,655

0.13%,

7/15/2030

70,975,650

66,637,341

0.13%,

1/15/2031

70,393,597

65,071,637

0.13%,

7/15/2031

74,028,293

67,940,138

0.13%,

1/15/2032

40,908,232

36,924,490

0.63%,

7/15/2032

37,026,150

34,418,821

1.13%,

1/15/2033

36,938,916

35,202,170

1.38%,

7/15/2033

34,293,287

33,227,195

1.75%,

1/15/2034

36,741,072

36,382,361

1.88%,

7/15/2034

38,441,493

38,487,776

2.13%,

1/15/2035(a)

29,317,276

29,825,687

#### Total

#### U.S.

#### Treasury

#### Obligations

#### (Cost

#### $788,398,998)

#### 792,145,322

#### Total

#### Investments

#### -

#### 99.8%

#### (Cost

#### $788,398,998)

#### 792,145,322
Other

assets

less

liabilities

-

0.2%

1,529,351

#### NET

#### ASSETS

#### -

#### 100.0%

#### $793,674,673
(a) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$2,057,470,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*4.88%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*July* 

*31,* 

*2025* 

*–* 

*February* 

*15,* 

*2055;* 

*a* 

*total* 

*value* 

*of* 

*$2,085,693.*

*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

1,661,672

Aggregate

gross

unrealized

depreciation

(7,313,483)

Net

unrealized

depreciation

$

(5,651,811)

Federal

income

tax

cost

$

797,797,133

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
U.S.

Treasury

Obligations

.8

%

Others

(1) 0

.2

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares®

Disciplined

Duration

MBS

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Principal

#### Amount

#### Value

#### MORTGAGE-BACKED

#### SECURITIES

#### -

#### 99

#### .3

#### %
FHLMC

2.50%,

4/1/2028

$

778,796

$

765,014

2.50%,

5/1/2028

266,990

261,554

2.50%,

6/1/2028

300,807

294,558

3.00%,

6/1/2029

377,541

371,103

3.00%,

8/1/2029

535,816

529,672

3.00%,

1/1/2032

780,782

761,897

2.50%,

2/1/2032

959,885

924,566

3.00%,

9/1/2032

514,084

501,446

5.00%,

5/1/2034

28,909

29,132

5.00%,

7/1/2035

74,679

75,527

5.00%,

8/1/2035

60,118

60,800

5.00%,

10/1/2035

12,420

12,584

5.00%,

12/1/2035

59,913

60,638

6.00%,

1/1/2037

42,746

44,794

6.00%,

4/1/2037

23,273

24,385

6.00%,

5/1/2037

38,143

39,962

5.00%,

2/1/2038

32,010

32,380

5.00%,

7/1/2038

34,341

34,746

5.00%,

10/1/2038

31,175

31,543

5.00%,

2/1/2039

75,361

76,261

5.00%,

5/1/2039

39,515

39,936

5.00%,

6/1/2039

14,610

14,792

5.00%,

7/1/2039

36,103

36,470

5.00%,

9/1/2039

3,594

3,636

6.00%,

11/1/2039

24,282

25,440

5.00%,

1/1/2040

10,975

11,087

5.00%,

3/1/2040

28,621

28,912

5.00%,

4/1/2040

13,609

13,747

6.00%,

4/1/2040

26,880

28,019

5.00%,

5/1/2040

10,908

11,019

6.00%,

5/1/2040

66,789

69,938

5.00%,

7/1/2040

67,363

68,046

6.00%,

7/1/2040

101,373

106,211

4.00%,

1/1/2041

9,437

9,133

5.00%,

5/1/2041

90,296

91,218

3.50%,

11/1/2041

49,663

46,570

3.00%,

3/1/2042

7,936

7,252

3.00%,

4/1/2042

60,625

55,390

3.00%,

6/1/2042

51,763

47,271

3.50%,

7/1/2042

492,190

461,523

3.00%,

8/1/2042

29,047

26,532

3.00%,

12/1/2042

62,039

56,649

3.00%,

1/1/2043

32,931

30,022

3.00%,

2/1/2043

16,769

15,342

3.00%,

4/1/2043

21,353

19,427

3.00%,

6/1/2043

12,431

11,349

3.50%,

8/1/2043

554,455

519,900

3.00%,

10/1/2043

42,951

39,023

4.00%,

8/1/2044

9,293

8,866

5.00%,

8/1/2044

24,530

24,845

4.00%,

1/1/2045

28,691

27,352

4.00%,

2/1/2045

61,311

58,730

4.50%,

2/1/2045

321,149

312,453

#### Investments

#### Principal

#### Amount

#### Value
4.00%,

8/1/2045

$

70,291

$

66,910

4.00%,

9/1/2045

11,469

10,915

4.00%,

10/1/2045

119,974

114,050

4.00%,

11/1/2045

24,252

23,065

4.00%,

12/1/2045

10,044

9,553

4.00%,

1/1/2046

31,799

30,293

2.50%,

9/1/2046

19,350

16,552

3.00%,

11/1/2046

19,183

17,192

FHLMC

UMBS

3.00%,

8/1/2026

11,962

11,839

3.00%,

1/1/2027

24,064

23,775

3.00%,

2/1/2027

14,782

14,601

3.00%,

4/1/2027

90,890

89,770

2.50%,

6/1/2027

10,215

10,038

2.50%,

3/1/2028

396,446

388,289

2.50%,

7/1/2028

1,161,453

1,135,615

2.50%,

8/1/2030

592,165

573,016

2.50%,

11/1/2030

19,352

18,880

3.00%,

5/1/2031

27,165

26,730

2.00%,

8/1/2031

19,553

18,622

2.00%,

11/1/2031

31,471

29,941

2.00%,

1/1/2032

63,876

60,729

2.00%,

2/1/2032

68,675

65,061

2.00%,

12/1/2032

278,825

265,033

3.00%,

4/1/2033

787,155

775,428

2.00%,

10/1/2035

867,456

794,139

1.50%,

11/1/2035

512,249

454,850

1.50%,

2/1/2036

565,546

500,710

2.00%,

3/1/2036

325,008

298,286

1.50%,

4/1/2036

253,355

224,243

2.50%,

4/1/2037

648,891

604,160

4.50%,

9/1/2037

778,491

773,052

5.00%,

3/1/2038

36,861

37,324

5.00%,

7/1/2039

56,734

57,238

3.00%,

9/1/2039

87,100

81,090

3.00%,

10/1/2039

24,230

22,541

5.00%,

10/1/2039

19,324

19,504

3.00%,

11/1/2039

95,009

88,353

5.00%,

1/1/2040

17,852

18,076

5.00%,

3/1/2040

30,441

30,712

5.00%,

5/1/2040

43,870

44,260

6.00%,

5/1/2040

680,062

717,497

2.00%,

7/1/2040

93,065

82,150

1.50%,

10/1/2040

473,326

404,718

3.50%,

12/1/2040

34,364

32,183

2.00%,

1/1/2041

145,016

125,128

2.00%,

2/1/2041

453,694

391,143

1.50%,

3/1/2041

621,799

515,950

2.00%,

3/1/2041

525,960

453,227

4.50%,

3/1/2041

59,886

59,301

4.50%,

4/1/2041

13,972

13,856

1.50%,

5/1/2041

511,100

423,776

2.00%,

6/1/2041

708,481

609,623

2.50%,

6/1/2041

406,331

358,731

2.00%,

10/1/2041

445,351

382,281

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Disciplined

Duration

MBS

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### MORTGAGE-BACKED

#### SECURITIES
(continued)

4.00%,

1/1/2042

$

44,370

$

42,853

5.00%,

2/1/2042

35,995

36,315

3.50%,

11/1/2042

63,165

59,154

3.50%,

1/1/2043

29,340

27,478

3.50%,

2/1/2043

21,252

19,903

2.50%,

6/1/2043

332,856

292,957

4.00%,

12/1/2043

9,646

9,284

4.50%,

3/1/2044

43,467

42,857

4.00%,

6/1/2044

3,366

3,210

4.50%,

7/1/2044

16,335

15,992

4.00%,

8/1/2044

10,041

9,569

4.50%,

12/1/2044

10,620

10,370

4.00%,

2/1/2045

12,262

11,731

4.50%,

9/1/2045

8,295

8,131

4.00%,

10/1/2045

32,263

30,647

4.00%,

12/1/2045

16,187

15,473

4.50%,

12/1/2045

482,489

472,001

3.00%,

1/1/2046

34,945

31,325

4.00%,

1/1/2046

28,070

26,744

4.00%,

2/1/2046

198,395

190,924

4.50%,

4/1/2046

25,047

24,645

4.00%,

11/1/2046

146,385

138,972

4.50%,

3/1/2047

359,035

350,235

2.00%,

6/1/2051

769,339

614,514

2.00%,

5/1/2052

1,287,260

1,021,880

6.50%,

2/1/2053

71,092

73,851

6.00%,

10/1/2053

367,919

373,589

7.00%,

12/1/2053

417,302

435,970

6.50%,

4/1/2054

221,716

228,840

6.50%,

8/1/2054

504,667

519,724

7.50%,

9/1/2054

849,914

899,064

FNMA

UMBS

3.00%,

11/1/2026

210,435

208,023

3.00%,

12/1/2026

64,931

64,171

3.00%,

1/1/2027

21,167

20,913

3.00%,

2/1/2027

26,903

26,572

3.00%,

6/1/2027

99,461

98,169

3.00%,

8/1/2027

112,954

111,453

3.00%,

10/1/2027

35,969

35,457

3.00%,

11/1/2027

37,656

37,145

2.50%,

12/1/2027

85,243

83,569

2.50%,

1/1/2028

470,978

460,756

2.50%,

4/1/2028

27,822

27,249

2.00%,

5/1/2028

120,482

117,076

2.50%,

9/1/2028

21,968

21,548

3.00%,

2/1/2029

60,410

59,394

2.50%,

3/1/2029

110,095

107,829

2.50%,

6/1/2029

38,207

37,504

3.00%,

8/1/2029

1,109,187

1,088,431

3.50%,

12/1/2029

399,038

394,510

3.50%,

4/1/2030

416,057

412,081

2.50%,

7/1/2030

101,293

99,182

3.00%,

7/1/2030

357,874

351,932

2.50%,

8/1/2030

331,775

321,054

3.00%,

9/1/2030

583,950

574,326

3.00%,

12/1/2030

961,415

940,988

#### Investments

#### Principal

#### Amount

#### Value
2.50%,

2/1/2031

$

361,818

$

351,426

3.50%,

2/1/2031

428,449

424,290

2.50%,

3/1/2031

213,767

208,807

2.00%,

9/1/2031

16,426

15,635

2.00%,

11/1/2031

38,898

37,027

3.50%,

12/1/2031

363,719

357,988

2.00%,

2/1/2032

580,550

561,971

3.50%,

2/1/2032

489,017

480,497

6.00%,

12/1/2032

6,509

6,792

6.00%,

4/1/2033

4,968

5,155

6.00%,

8/1/2034

22,708

23,701

6.50%,

9/1/2034

60,755

63,644

6.00%,

12/1/2034

108,507

112,925

3.50%,

1/1/2035

119,894

116,515

3.00%,

2/1/2035

441,393

432,910

3.00%,

7/1/2035

660,324

644,111

5.00%,

8/1/2035

15,396

15,551

1.50%,

10/1/2035

127,239

112,904

6.00%,

11/1/2035

21,637

22,508

5.00%,

12/1/2035

34,211

34,577

6.00%,

6/1/2036

31,714

33,188

2.00%,

7/1/2036

745,196

681,204

5.00%,

7/1/2036

15,009

15,170

6.50%,

8/1/2036

10,450

11,004

2.50%,

11/1/2036

276,936

257,321

6.00%,

11/1/2036

31,678

33,149

1.50%,

2/1/2037

727,961

642,630

2.50%,

4/1/2037

662,423

614,679

1.50%,

8/1/2037

251,201

221,896

6.00%,

8/1/2037

102,538

106,796

6.00%,

9/1/2037

13,287

13,907

6.50%,

10/1/2037

25,365

26,582

5.00%,

3/1/2038

37,785

38,206

5.00%,

5/1/2038

29,113

29,407

6.00%,

5/1/2038

10,867

11,372

4.50%,

7/1/2038

715,843

710,925

6.00%,

9/1/2038

19,885

20,810

5.50%,

11/1/2038

769,022

784,869

5.00%,

6/1/2039

31,495

31,891

5.00%,

10/1/2039

33,293

33,593

3.00%,

1/1/2040

30,402

28,249

5.00%,

2/1/2040

29,817

30,377

3.00%,

6/1/2040

355,843

332,666

5.00%,

6/1/2040

10,861

10,958

6.00%,

6/1/2040

85,675

89,393

4.00%,

8/1/2040

1,503,516

1,482,282

3.00%,

9/1/2040

314,351

293,859

3.50%,

1/1/2041

27,642

25,889

1.50%,

2/1/2041

684,289

568,018

3.50%,

2/1/2041

18,475

17,303

1.50%,

4/1/2041

372,502

309,206

4.50%,

5/1/2041

31,637

31,353

5.00%,

5/1/2041

26,226

26,459

6.00%,

5/1/2041

18,395

19,252

4.50%,

6/1/2041

10,001

9,911

2.50%,

7/1/2041

501,317

439,187

5.00%,

7/1/2041

344,585

347,652

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Disciplined

Duration

MBS

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### MORTGAGE-BACKED

#### SECURITIES
(continued)

6.00%,

7/1/2041

$

20,588

$

21,545

4.50%,

8/1/2041

90,263

89,405

5.00%,

8/1/2041

49,230

49,689

4.00%,

9/1/2041

137,169

132,480

4.50%,

9/1/2041

57,668

57,117

3.50%,

10/1/2041

102,221

95,733

4.00%,

10/1/2041

42,271

40,730

5.00%,

10/1/2041

49,541

49,982

4.00%,

11/1/2041

56,845

54,916

4.00%,

12/1/2041

14,477

13,982

4.00%,

1/1/2042

124,045

118,452

4.50%,

1/1/2042

14,559

14,423

6.00%,

1/1/2042

50,231

52,575

3.00%,

3/1/2042

21,409

19,531

4.00%,

3/1/2042

64,422

62,543

3.00%,

4/1/2042

40,741

37,172

4.50%,

4/1/2042

71,274

70,710

3.50%,

5/1/2042

19,578

18,335

4.50%,

5/1/2042

51,726

51,023

3.50%,

6/1/2042

33,789

31,644

3.50%,

7/1/2042

103,323

96,764

4.00%,

7/1/2042

85,969

83,030

3.50%,

8/1/2042

33,575

31,444

3.00%,

9/1/2042

56,969

51,962

3.50%,

9/1/2042

10,875

10,184

4.00%,

9/1/2042

52,533

50,716

3.00%,

10/1/2042

106,833

97,488

3.50%,

10/1/2042

20,545

19,241

2.50%,

12/1/2042

195,112

172,086

3.00%,

12/1/2042

110,077

100,376

2.50%,

1/1/2043

6,845

6,038

3.00%,

1/1/2043

111,938

101,855

3.50%,

1/1/2043

31,889

29,864

4.00%,

1/1/2043

57,200

55,245

4.50%,

1/1/2043

144,393

143,057

2.50%,

2/1/2043

266,451

233,996

3.00%,

2/1/2043

148,866

135,592

3.50%,

2/1/2043

57,729

54,065

3.50%,

3/1/2043

67,684

63,388

2.50%,

5/1/2043

10,331

9,073

2.50%,

6/1/2043

5,653

4,991

4.00%,

8/1/2043

31,853

30,684

4.00%,

9/1/2043

74,903

72,245

4.50%,

9/1/2043

22,646

22,227

4.00%,

10/1/2043

89,833

86,549

4.00%,

11/1/2043

195,529

188,373

4.50%,

11/1/2043

69,971

68,819

4.50%,

12/1/2043

53,051

52,132

4.00%,

1/1/2044

75,166

72,399

4.50%,

2/1/2044

14,699

14,421

4.50%,

3/1/2044

89,449

89,350

5.00%,

3/1/2044

13,470

13,490

4.00%,

4/1/2044

703,736

672,342

4.50%,

4/1/2044

150,403

147,551

5.00%,

6/1/2044

25,265

25,441

4.00%,

10/1/2044

28,088

27,075

#### Investments

#### Principal

#### Amount

#### Value
4.50%,

10/1/2044

$

6,924

$

6,771

4.50%,

12/1/2044

27,249

26,812

4.00%,

2/1/2045

22,235

21,180

4.50%,

2/1/2045

91,385

89,918

4.00%,

4/1/2045

18,881

17,958

4.00%,

8/1/2045

9,538

9,070

4.00%,

11/1/2045

52,742

50,055

4.50%,

11/1/2045

62,394

61,110

4.00%,

12/1/2045

121,542

117,263

4.00%,

2/1/2046

6,309

6,035

4.50%,

3/1/2046

98,039

95,945

4.00%,

4/1/2046

9,004

8,573

2.50%,

6/1/2046

61,703

54,250

4.50%,

6/1/2046

70,049

68,492

4.50%,

7/1/2046

13,741

13,413

4.50%,

8/1/2046

10,864

10,629

2.50%,

10/1/2046

51,256

43,789

4.50%,

10/1/2046

23,674

23,074

2.50%,

12/1/2046

17,090

14,600

4.50%,

1/1/2047

21,960

21,422

4.00%,

2/1/2047

24,344

23,121

4.50%,

2/1/2047

26,893

26,461

4.50%,

5/1/2047

414,283

400,912

4.50%,

7/1/2047

55,721

54,436

5.00%,

7/1/2047

22,419

22,642

3.50%,

11/1/2048

834,752

769,618

5.50%,

2/1/2049

1,291,303

1,326,390

6.00%,

2/1/2049

62,524

65,564

4.50%,

7/1/2049

393,348

381,355

4.50%,

11/1/2049

390,879

381,628

4.00%,

1/1/2050

517,523

487,636

3.50%,

7/1/2050

409,572

379,432

4.00%,

7/1/2050

626,528

588,990

4.50%,

9/1/2050

940,225

930,939

4.50%,

10/1/2050

1,033,069

1,005,347

1.50%,

2/1/2051

649,476

489,529

1.50%,

10/1/2051

1,248,906

941,319

2.50%,

2/1/2052

1,072,298

897,796

5.00%,

11/1/2052

845,969

831,053

6.50%,

11/1/2052

70,061

73,034

6.50%,

1/1/2053

210,973

217,986

6.50%,

11/1/2053

711,346

732,623

7.50%,

11/1/2053

301,178

318,808

7.00%,

12/1/2053

423,003

441,920

7.00%,

3/1/2054

608,484

635,698

7.50%,

3/1/2054

465,757

493,303

6.50%,

8/1/2054

340,319

350,490

GNMA

5.50%,

8/20/2033

19,071

19,684

5.50%,

11/20/2033

18,001

18,584

5.50%,

3/20/2034

22,271

23,014

5.50%,

7/20/2034

14,169

14,516

5.50%,

9/20/2034

6,451

6,610

5.50%,

3/20/2036

48,668

49,867

5.50%,

9/20/2038

30,499

31,252

5.50%,

2/20/2039

50,058

51,384

4.50%,

5/15/2039

1,638,170

1,607,532

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Disciplined

Duration

MBS

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### MORTGAGE-BACKED

#### SECURITIES
(continued)

5.00%,

8/15/2039

$

850,644

$

846,982

4.00%,

6/15/2040

243,279

232,473

4.00%,

8/15/2040

243,242

232,409

4.00%,

11/15/2040

187,742

179,129

5.50%,

12/20/2040

14,285

14,567

5.50%,

1/20/2041

14,688

15,050

4.00%,

9/15/2041

729,863

691,180

5.50%,

12/20/2041

37,463

37,721

5.50%,

2/20/2042

10,007

10,254

3.00%,

4/15/2042

831,328

754,567

3.50%,

6/15/2042

386,774

360,298

2.50%,

3/20/2043

32,825

28,655

2.50%,

5/20/2043

47,255

41,251

5.50%,

3/20/2044

39,780

40,761

4.50%,

10/20/2044

97,455

95,302

2.50%,

11/20/2044

30,988

27,051

5.00%,

6/20/2045

118,413

119,281

4.00%,

8/15/2045

725,910

689,255

4.50%,

12/20/2045

204,959

200,347

4.50%,

4/20/2046

234,572

229,292

5.00%,

5/20/2046

284,953

287,041

3.50%,

6/15/2046

1,486,639

1,386,032

3.50%,

10/20/2047

327,329

300,547

4.00%,

2/20/2048

768,540

722,939

5.00%,

5/20/2048

105,374

104,978

5.50%,

1/20/2049

241,044

244,135

5.50%,

7/20/2049

6,520

6,644

2.50%,

10/20/2050

1,048,455

895,032

2.00%,

12/20/2051

1,159,126

945,975

4.00%,

12/20/2051

343,892

322,642

2.00%,

2/20/2052

1,191,093

971,874

2.50%,

3/20/2052

1,050,702

895,586

6.00%,

12/20/2052

373,916

378,512

7.50%,

2/20/2053

167,097

172,767

7.50%,

3/20/2053

290,880

300,631

6.50%,

6/20/2053

580,346

594,818

7.00%,

8/20/2053

549,956

568,629

6.50%,

10/20/2053

813,502

833,130

7.00%,

10/20/2053

149,986

155,079

7.50%,

2/20/2054

376,520

388,860

6.50%,

7/20/2054

487,305

498,803

7.00%,

7/20/2054

1,050,361

1,083,428

6.50%,

8/20/2054

459,994

470,444

7.50%,

8/20/2054

511,517

527,603

7.00%,

9/20/2054

1,197,732

1,234,339

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $85,966,618)

#### 83,022,407

#### Total

#### Investments

#### -

#### 99.3%

#### (Cost

#### $85,966,618)

#### 83,022,407
Other

assets

less

liabilities

-

0.7%

619,304

#### NET

#### ASSETS

#### -

#### 100.0%

#### $83,641,711
*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*FHLMC*

*—*

*Federal* 

*Home* 

*Loan* 

*Mortgage* 

*Corp.*

*FNMA*

*—*

*Federal* 

*National* 

*Mortgage* 

*Association*

*GNMA*

*—*

*Government* 

*National* 

*Mortgage* 

*Association*

*UMBS*

*—*

*Uniform* 

*Mortgage-Backed* 

*Securities*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

591,999

Aggregate

gross

unrealized

depreciation

(3,678,343)

Net

unrealized

depreciation

$

(3,086,344)

Federal

income

tax

cost

$

86,108,751

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Mortgage-Backed

Securities

.3

%

Others

(1) 0

.7

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS

#### -

#### 98

#### .6

#### %

#### Aerospace

#### &

#### Defense

#### -

#### 0

#### .9

#### %
General

Dynamics

Corp.

3.50%,

4/1/2027(a)

$

250,000

$

248,099

2.63%,

11/15/2027

25,000

24,146

HEICO

Corp.

5.25%,

8/1/2028(a)

400,000

408,541

5.35%,

8/1/2033(a)

300,000

303,430

Hexcel

Corp.

4.20%,

2/15/2027(b)

200,000

197,067

Howmet

Aerospace,

Inc.

5.90%,

2/1/2027(a)

150,000

153,573

6.75%,

1/15/2028

150,000

158,016

3.00%,

1/15/2029(a)

400,000

379,613

L3Harris

Technologies,

Inc.

5.40%,

1/15/2027

100,000

101,586

Leidos,

Inc.

4.38%,

5/15/2030

352,000

341,874

2.30%,

2/15/2031

250,000

216,093

5.40%,

3/15/2032

100,000

100,733

5.75%,

3/15/2033

380,000

389,337

5.50%,

3/15/2035

250,000

248,819

RTX

Corp.

5.75%,

11/8/2026(a)

425,000

433,140

3.50%,

3/15/2027

25,000

24,637

Textron,

Inc.

3.65%,

3/15/2027(a)

475,000

466,963

3.90%,

9/17/2029

200,000

191,984

3.00%,

6/1/2030

150,000

137,188

6.10%,

11/15/2033(a)

100,000

104,133

#### 4,628,972

#### Air

#### Freight

#### &

#### Logistics

#### -

#### 0

#### .1

#### %
CH

Robinson

Worldwide,

Inc.

4.20%,

4/15/2028(a)

250,000

247,812

#### Automobile

#### Components

#### -

#### 0

#### .0

#### %
(c) Lear

Corp.

4.25%,

5/15/2029

150,000

145,961

#### Banks

#### -

#### 25

#### .6

#### %
Australia

&

New

Zealand

Banking

Group

Ltd.

4.90%,

7/16/2027

300,000

305,243

Banco

Bilbao

Vizcaya

Argentaria

SA

6.14%,

9/14/2028(d)

250,000

258,642

7.88%,

11/15/2034(d)

500,000

558,765

6.03%,

3/13/2035(d)

400,000

408,877

Banco

Santander

SA

4.25%,

4/11/2027

200,000

198,791

1.72%,

9/14/2027(d)

102,000

97,952

5.55%,

3/14/2028(a)(d)

400,000

406,134

5.37%,

7/15/2028(d)

200,000

203,836

3.31%,

6/27/2029

50,000

47,533

5.54%,

3/14/2030(a)(d)

50,000

51,314

2.75%,

12/3/2030

200,000

175,340

2.96%,

3/25/2031(a)

125,000

112,764

6.92%,

8/8/2033

1,200,000

1,275,983

6.35%,

3/14/2034(a)

570,000

582,332

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Banks

#### -

#### 25.6%
(continued)

Bank

of

America

Corp.

1.73%,

7/22/2027(a)(d)

$

849,000

$

820,810

5.93%,

9/15/2027(d)

340,000

346,495

3.25%,

10/21/2027(a)

170,000

166,373

3.82%,

1/20/2028(d)

800,000

790,925

2.55%,

2/4/2028(d)

150,000

145,127

3.71%,

4/24/2028(d)

1,224,000

1,206,419

4.38%,

4/27/2028(d)

829,000

827,632

3.59%,

7/21/2028(d)

1,100,000

1,079,706

4.95%,

7/22/2028(d)

685,000

692,345

6.20%,

11/10/2028(d)

729,000

758,847

3.42%,

12/20/2028(a)(d)

1,800,000

1,750,707

Series

FIX,

4.98%,

1/24/2029(d)

500,000

506,634

3.97%,

3/5/2029(d)

350,000

345,077

5.20%,

4/25/2029(d)

300,000

306,438

2.09%,

6/14/2029(d)

150,000

139,690

2.59%,

4/29/2031(d)

275,000

248,477

1.92%,

10/24/2031(d)

150,000

129,382

2.30%,

7/21/2032(d)

250,000

214,830

5.02%,

7/22/2033(d)

50,000

49,845

5.29%,

4/25/2034(a)(d)

281,000

281,764

5.87%,

9/15/2034(d)

50,000

52,096

5.47%,

1/23/2035(d)

500,000

507,156

5.43%,

8/15/2035(a)(d)

1,025,000

1,003,232

5.52%,

10/25/2035(d)

600,000

588,500

5.74%,

2/12/2036(d)

350,000

349,249

2.48%,

9/21/2036(d)

1,075,000

896,927

3.85%,

3/8/2037(d)

1,475,000

1,315,141

Bank

of

Montreal

5.72%,

9/25/2028

100,000

104,080

3.80%,

12/15/2032(a)(d)

1,195,000

1,156,117

3.09%,

1/10/2037(d)

600,000

506,830

7.70%,

5/26/2084(d)

500,000

508,955

7.30%,

11/26/2084(a)(d)

400,000

393,278

Bank

of

Nova

Scotia

(The)

4.40%,

9/8/2028(d)

50,000

49,940

4.93%,

2/14/2029(a)(d)

600,000

606,758

5.13%,

2/14/2031(d)

350,000

355,450

4.59%,

5/4/2037(d)

1,100,000

1,015,718

Series

2,

3.63%,

10/27/2081(d)

350,000

308,352

8.63%,

10/27/2082(d)

300,000

310,152

8.00%,

1/27/2084(a)(d)

350,000

358,123

7.35%,

4/27/2085(d)

250,000

247,367

Bank

OZK

2.75%,

10/1/2031(d)

151,000

129,745

BankUnited,

Inc.

5.13%,

6/11/2030

180,000

172,870

Barclays

plc

5.20%,

5/12/2026(a)

272,000

272,474

4.34%,

1/10/2028

50,000

49,657

4.97%,

5/16/2029(d)

200,000

200,877

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Banks

#### -

#### 25.6%
(continued)

Barclays

plc

(continued)

5.09%,

6/20/2030(d)

$

900,000

$

892,904

7.44%,

11/2/2033(a)(d)

200,000

223,192

7.12%,

6/27/2034(a)(d)

450,000

481,961

3.56%,

9/23/2035(a)(d)

550,000

501,224

Canadian

Imperial

Bank

of

Commerce

5.00%,

4/28/2028

25,000

25,492

4.86%,

3/30/2029(d)

1,000,000

1,009,023

5.25%,

1/13/2031(d)

400,000

408,193

6.95%,

1/28/2085(d)

200,000

192,842

Citibank

NA

4.93%,

8/6/2026

50,000

50,388

Citigroup,

Inc.

1.46%,

6/9/2027(d)

25,000

24,150

4.45%,

9/29/2027

1,250,000

1,246,247

3.89%,

1/10/2028(a)(d)

750,000

742,130

3.07%,

2/24/2028(a)(d)

1,110,000

1,082,742

4.66%,

5/24/2028(a)(d)

350,000

351,165

3.67%,

7/24/2028(d)

1,510,000

1,481,995

3.52%,

10/27/2028(d)

786,000

766,663

5.17%,

2/13/2030(d)

400,000

405,883

3.98%,

3/20/2030(d)

707,000

688,086

4.54%,

9/19/2030(a)(d)

650,000

643,390

2.98%,

11/5/2030(a)(d)

1,000,000

928,059

2.67%,

1/29/2031(d)

526,000

477,756

4.41%,

3/31/2031(d)

1,100,000

1,079,965

2.57%,

6/3/2031(a)(d)

100,000

89,535

6.63%,

6/15/2032

250,000

269,655

5.88%,

2/22/2033

100,000

103,108

3.79%,

3/17/2033(d)

350,000

321,710

4.91%,

5/24/2033(a)(d)

150,000

147,394

6.00%,

10/31/2033(a)

135,000

139,835

6.27%,

11/17/2033(a)(d)

203,000

215,152

6.17%,

5/25/2034(d)

1,650,000

1,688,883

5.59%,

11/19/2034(a)(d)

350,000

352,113

5.83%,

2/13/2035(d)

1,050,000

1,043,819

5.45%,

6/11/2035(a)(d)

150,000

150,519

6.02%,

1/24/2036(d)

350,000

350,964

5.33%,

3/27/2036(d)

50,000

49,595

5.41%,

9/19/2039(d)

500,000

477,244

Citizens

Bank

NA

4.58%,

8/9/2028(d)

450,000

449,757

Citizens

Financial

Group,

Inc.

2.85%,

7/27/2026

25,000

24,366

5.72%,

7/23/2032(d)

150,000

152,523

2.64%,

9/30/2032(a)

300,000

243,227

5.64%,

5/21/2037(a)(d)

250,000

242,305

Comerica

Bank

5.33%,

8/25/2033(d)

250,000

236,355

Comerica,

Inc.

4.00%,

2/1/2029

683,000

651,943

5.98%,

1/30/2030(d)

450,000

455,527

Commonwealth

Bank

of

Australia

4.58%,

11/27/2026

150,000

151,393

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Banks

#### -

#### 25.6%
(continued)

Cooperatieve

Rabobank

UA

3.75%,

7/21/2026

$

150,000

$

148,364

4.88%,

1/21/2028

50,000

51,020

4.80%,

1/9/2029

250,000

254,046

4.49%,

10/17/2029(a)

250,000

251,299

Discover

Bank

3.45%,

7/27/2026(a)

502,000

494,175

4.65%,

9/13/2028(a)

477,000

476,176

2.70%,

2/6/2030

303,000

272,685

Fifth

Third

Bancorp

3.95%,

3/14/2028

2,000

1,974

6.36%,

10/27/2028(d)

955,000

992,782

6.34%,

7/27/2029(a)(d)

175,000

183,511

4.77%,

7/28/2030(a)(d)

506,000

504,291

5.63%,

1/29/2032(a)(d)

100,000

102,418

First

Citizens

BancShares,

Inc.

6.25%,

3/12/2040(d)

250,000

238,345

First

Horizon

Bank

5.75%,

5/1/2030

250,000

251,151

First-Citizens

Bank

&

Trust

Co.

6.13%,

3/9/2028

200,000

206,413

FNB

Corp.

5.72%,

12/11/2030(d)

50,000

49,888

HSBC

Holdings

plc

4.38%,

11/23/2026(a)

300,000

298,875

1.59%,

5/24/2027(d)

100,000

96,847

5.89%,

8/14/2027(d)

400,000

406,287

2.25%,

11/22/2027(a)(d)

450,000

433,518

4.04%,

3/13/2028(d)

1,064,000

1,052,805

5.60%,

5/17/2028(a)(d)

550,000

559,478

4.76%,

6/9/2028(d)

930,000

932,190

5.21%,

8/11/2028(d)

900,000

911,211

2.01%,

9/22/2028(d)

500,000

470,283

7.39%,

11/3/2028(d)

583,000

619,753

5.13%,

11/19/2028(a)(d)

200,000

202,156

4.90%,

3/3/2029(d)

200,000

201,068

6.16%,

3/9/2029(a)(d)

300,000

311,147

4.58%,

6/19/2029(d)

870,000

867,321

2.21%,

8/17/2029(d)

700,000

645,879

5.55%,

3/4/2030(d)

200,000

205,015

3.97%,

5/22/2030(d)

1,403,000

1,355,629

2.85%,

6/4/2031(d)

350,000

316,390

2.36%,

8/18/2031(d)

150,000

131,706

7.63%,

5/17/2032

125,000

140,260

4.76%,

3/29/2033(a)(d)

1,052,000

1,008,444

5.40%,

8/11/2033(a)(d)

402,000

406,446

8.11%,

11/3/2033(d)

950,000

1,082,891

6.25%,

3/9/2034(d)

500,000

528,700

6.55%,

6/20/2034(d)

1,000,000

1,044,916

7.40%,

11/13/2034(d)

250,000

274,783

5.87%,

11/18/2035(d)

350,000

345,952

5.45%,

3/3/2036(d)

100,000

99,371

Huntington

Bancshares,

Inc.

4.44%,

8/4/2028(d)

401,000

398,465

6.21%,

8/21/2029(d)

405,000

421,131

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Banks

#### -

#### 25.6%
(continued)

Huntington

Bancshares,

Inc.

(continued)

5.02%,

5/17/2033(d)

$

250,000

$

241,357

5.71%,

2/2/2035(d)

400,000

400,724

2.49%,

8/15/2036(d)

250,000

205,884

6.14%,

11/18/2039(d)

250,000

247,211

Huntington

National

Bank

(The)

5.65%,

1/10/2030

344,000

354,942

ING

Groep

NV

3.95%,

3/29/2027(a)

400,000

396,957

6.08%,

9/11/2027(d)

600,000

612,115

4.02%,

3/28/2028(a)(d)

700,000

693,927

5.55%,

3/19/2035(a)(d)

145,000

146,650

JPMorgan

Chase

&

Co.

6.07%,

10/22/2027(a)(d)

350,000

358,778

5.04%,

1/23/2028(a)(d)

350,000

353,383

3.78%,

2/1/2028(d)

603,000

596,172

2.95%,

2/24/2028(d)

550,000

535,951

5.57%,

4/22/2028(a)(d)

100,000

102,266

4.32%,

4/26/2028(d)

1,002,000

1,000,705

3.54%,

5/1/2028(d)

435,000

427,392

2.18%,

6/1/2028(a)(d)

765,000

732,030

4.98%,

7/22/2028(d)

350,000

354,081

4.85%,

7/25/2028(a)(d)

968,000

978,435

4.51%,

10/22/2028(d)

300,000

300,848

3.51%,

1/23/2029(d)

350,000

341,495

4.92%,

1/24/2029(d)

1,150,000

1,166,276

4.01%,

4/23/2029(d)

350,000

346,717

5.58%,

4/22/2030(d)

425,000

440,409

4.57%,

6/14/2030(a)(d)

150,000

149,885

5.00%,

7/22/2030(d)

550,000

557,953

8.75%,

9/1/2030

635,000

748,065

2.74%,

10/15/2030(a)(d)

625,000

578,222

4.49%,

3/24/2031(a)(d)

100,000

99,319

2.52%,

4/22/2031(d)

150,000

135,750

2.96%,

5/13/2031(d)

1,153,000

1,053,822

1.76%,

11/19/2031(d)

100,000

85,667

1.95%,

2/4/2032(d)

100,000

85,857

5.72%,

9/14/2033(d)

1,475,000

1,521,517

6.25%,

10/23/2034(d)

250,000

268,505

5.29%,

7/22/2035(d)

250,000

250,405

KeyBank

NA

3.40%,

5/20/2026

305,000

300,490

5.85%,

11/15/2027

550,000

564,839

3.90%,

4/13/2029

400,000

380,023

4.90%,

8/8/2032

350,000

326,428

5.00%,

1/26/2033

50,000

48,149

KeyCorp

2.25%,

4/6/2027

253,000

242,086

5.12%,

4/4/2031(d)

200,000

199,699

6.40%,

3/6/2035(a)(d)

350,000

366,635

Lloyds

Banking

Group

plc

3.75%,

3/18/2028(d)

300,000

295,312

3.57%,

11/7/2028(d)

250,000

243,527

M&T

Bank

Corp.

4.55%,

8/16/2028(a)(d)

371,000

369,507

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Banks

#### -

#### 25.6%
(continued)

M&T

Bank

Corp.

(continued)

4.83%,

1/16/2029(a)(d)

$

250,000

$

250,539

7.41%,

10/30/2029(a)(d)

700,000

753,019

6.08%,

3/13/2032(a)(d)

195,000

202,905

5.05%,

1/27/2034(d)

650,000

625,518

5.39%,

1/16/2036(d)

400,000

389,344

Manufacturers

&

Traders

Trust

Co.

3.40%,

8/17/2027(a)

353,000

342,508

4.70%,

1/27/2028

402,000

404,047

Mitsubishi

UFJ

Financial

Group,

Inc.

3.74%,

3/7/2029

100,000

97,688

3.20%,

7/18/2029

100,000

94,561

5.26%,

4/17/2030(a)(d)

175,000

178,815

5.41%,

4/19/2034(d)

50,000

50,892

5.43%,

4/17/2035(d)

250,000

252,068

Mizuho

Financial

Group,

Inc.

5.67%,

5/27/2029(a)(d)

175,000

180,648

5.78%,

7/6/2029(a)(d)

200,000

207,105

4.25%,

9/11/2029(d)

50,000

49,478

2.17%,

5/22/2032(a)(d)

50,000

42,773

5.59%,

7/10/2035(d)

250,000

254,232

Morgan

Stanley

Bank

NA

4.95%,

1/14/2028(d)

75,000

75,606

5.50%,

5/26/2028(d)

250,000

254,987

National

Australia

Bank

Ltd.

2.50%,

7/12/2026

50,000

49,103

National

Bank

of

Canada

5.60%,

7/2/2027(a)(d)

150,000

151,781

4.50%,

10/10/2029

550,000

547,625

NatWest

Group

plc

1.64%,

6/14/2027(d)

200,000

193,401

5.58%,

3/1/2028(d)

100,000

101,694

3.07%,

5/22/2028(a)(d)

275,000

266,879

5.52%,

9/30/2028(a)(d)

350,000

356,984

4.89%,

5/18/2029(d)

300,000

301,736

5.81%,

9/13/2029(a)(d)

200,000

206,794

5.08%,

1/27/2030(a)(d)

243,000

244,897

4.45%,

5/8/2030(a)(d)

435,000

428,385

6.02%,

3/2/2034(d)

250,000

260,482

6.48%,

6/1/2034(d)

600,000

621,361

3.03%,

11/28/2035(a)(d)

400,000

353,959

PNC

Financial

Services

Group,

Inc.

(The)

2.60%,

7/23/2026

150,000

146,944

1.15%,

8/13/2026

50,000

47,985

3.45%,

4/23/2029(a)

100,000

96,600

2.31%,

4/23/2032(d)

200,000

172,700

4.81%,

10/21/2032(d)

100,000

99,133

4.63%,

6/6/2033(d)

50,000

47,323

6.04%,

10/28/2033(d)

100,000

104,487

Regions

Financial

Corp.

5.72%,

6/6/2030(a)(d)

150,000

153,347

5.50%,

9/6/2035(a)(d)

350,000

342,741

Royal

Bank

of

Canada

1.15%,

7/14/2026

50,000

48,246

5.20%,

7/20/2026(a)

150,000

151,814

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Banks

#### -

#### 25.6%
(continued)

Royal

Bank

of

Canada

(continued)

5.20%,

8/1/2028(a)

$

50,000

$

51,336

4.97%,

1/24/2029(d)

300,000

304,245

4.97%,

8/2/2030(d)

250,000

253,200

4.65%,

10/18/2030(d)

150,000

149,720

5.15%,

2/4/2031(d)

150,000

152,627

2.30%,

11/3/2031

75,000

65,114

7.50%,

5/2/2084(d)

400,000

410,890

6.35%,

11/24/2084(d)

500,000

458,726

Santander

Holdings

USA,

Inc.

2.49%,

1/6/2028(a)(d)

850,000

815,808

6.50%,

3/9/2029(a)(d)

645,000

668,745

6.57%,

6/12/2029(d)

150,000

155,664

6.17%,

1/9/2030(a)(d)

250,000

257,413

5.35%,

9/6/2030(a)(d)

700,000

701,797

6.34%,

5/31/2035(d)

350,000

357,631

Santander

UK

Group

Holdings

plc

1.67%,

6/14/2027(d)

200,000

193,031

2.47%,

1/11/2028(d)

325,000

312,506

3.82%,

11/3/2028(d)

300,000

292,715

6.53%,

1/10/2029(a)(d)

500,000

520,905

5.69%,

4/15/2031(a)(d)

200,000

205,047

Sumitomo

Mitsui

Financial

Group,

Inc.

5.72%,

9/14/2028

50,000

51,972

3.04%,

7/16/2029

150,000

141,088

5.42%,

7/9/2031

400,000

411,554

5.81%,

9/14/2033

50,000

52,528

5.56%,

7/9/2034

100,000

102,331

Synovus

Bank

5.63%,

2/15/2028

350,000

351,193

Synovus

Financial

Corp.

6.17%,

11/1/2030(d)

200,000

201,800

Toronto-Dominion

Bank

(The)

5.16%,

1/10/2028(a)

50,000

51,056

2.00%,

9/10/2031

25,000

21,561

3.63%,

9/15/2031(d)

1,605,000

1,574,012

4.46%,

6/8/2032

100,000

97,220

5.15%,

9/10/2034(d)

450,000

445,870

8.13%,

10/31/2082(d)

855,000

883,715

7.25%,

7/31/2084(a)(d)

400,000

397,363

Truist

Bank

3.30%,

5/15/2026

380,000

375,071

3.80%,

10/30/2026

610,000

603,354

2.25%,

3/11/2030

500,000

440,406

Truist

Financial

Corp.

6.05%,

6/8/2027(d)

250,000

254,096

4.12%,

6/6/2028(a)(d)

450,000

447,671

4.87%,

1/26/2029(a)(d)

625,000

629,827

3.88%,

3/19/2029

500,000

483,316

7.16%,

10/30/2029(a)(d)

875,000

944,661

5.44%,

1/24/2030(a)(d)

575,000

587,496

4.92%,

7/28/2033(d)

950,000

907,454

6.12%,

10/28/2033(d)

350,000

365,979

5.12%,

1/26/2034(d)

600,000

587,319

5.87%,

6/8/2034(d)

694,000

711,031

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Banks

#### -

#### 25.6%
(continued)

Truist

Financial

Corp.

(continued)

5.71%,

1/24/2035(a)(d)

$

1,050,000

$

1,068,122

US

Bancorp

Series

V,

2.38%,

7/22/2026

50,000

48,996

Series

X,

3.15%,

4/27/2027(a)

75,000

73,592

4.55%,

7/22/2028(a)(d)

300,000

300,837

4.65%,

2/1/2029(a)(d)

100,000

100,332

5.78%,

6/12/2029(a)(d)

400,000

413,778

1.38%,

7/22/2030(a)

55,000

46,839

4.97%,

7/22/2033(a)(d)

401,000

387,784

5.68%,

1/23/2035(d)

500,000

509,477

2.49%,

11/3/2036(d)

550,000

455,109

Webster

Financial

Corp.

4.10%,

3/25/2029

115,000

110,222

Wells

Fargo

&

Co.

3.53%,

3/24/2028(d)

305,000

299,914

3.58%,

5/22/2028(d)

500,000

490,967

2.39%,

6/2/2028(d)

975,000

934,731

4.81%,

7/25/2028(d)

600,000

603,763

5.57%,

7/25/2029(d)

50,000

51,441

Wells

Fargo

Bank

NA

5.45%,

8/7/2026(a)

100,000

101,430

5.25%,

12/11/2026

100,000

101,594

Westpac

Banking

Corp.

2.85%,

5/13/2026(a)

100,000

98,687

1.15%,

6/3/2026

400,000

387,338

3.35%,

3/8/2027

75,000

74,155

5.46%,

11/18/2027(a)

250,000

258,367

3.40%,

1/25/2028(a)

75,000

73,788

5.54%,

11/17/2028(a)

50,000

52,344

1.95%,

11/20/2028(a)

200,000

185,623

5.05%,

4/16/2029(a)

25,000

25,769

2.15%,

6/3/2031

50,000

44,014

4.32%,

11/23/2031(a)(d)

804,000

797,767

5.41%,

8/10/2033(a)(d)

515,000

510,739

6.82%,

11/17/2033

400,000

435,054

4.11%,

7/24/2034(a)(d)

754,000

721,484

2.67%,

11/15/2035(a)(d)

900,000

782,879

5.62%,

11/20/2035(d)

550,000

545,117

3.02%,

11/18/2036(d)

600,000

517,767

Wintrust

Financial

Corp.

4.85%,

6/6/2029

150,000

145,266

Zions

Bancorp

NA

3.25%,

10/29/2029

252,000

225,703

6.82%,

11/19/2035(d)

250,000

246,568

#### 129,992,822

#### Beverages

#### -

#### 0

#### .6

#### %
Coca-Cola

Co.

(The)

3.45%,

3/25/2030(a)

153,000

148,560

1.65%,

6/1/2030

450,000

397,306

4.65%,

8/14/2034(a)

350,000

349,852

Constellation

Brands,

Inc.

3.70%,

12/6/2026(a)

85,000

84,005

3.60%,

2/15/2028(a)

50,000

48,789

4.80%,

1/15/2029

50,000

50,326

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Beverages

#### -

#### 0.6%
(continued)

Constellation

Brands,

Inc.

(continued)

3.15%,

8/1/2029(a)

$

202,000

$

190,182

2.88%,

5/1/2030

200,000

183,376

2.25%,

8/1/2031

200,000

171,139

4.75%,

5/9/2032(a)

150,000

146,962

4.90%,

5/1/2033

174,000

169,789

Pepsico

Singapore

Financing

I

Pte.

Ltd.

4.55%,

2/16/2029

100,000

101,216

4.70%,

2/16/2034

150,000

148,754

PepsiCo,

Inc.

2.63%,

7/29/2029(a)

50,000

47,123

2.75%,

3/19/2030

300,000

280,431

1.63%,

5/1/2030(a)

300,000

264,484

#### 2,782,294

#### Biotechnology

#### -

#### 0

#### .4

#### %
Biogen,

Inc.

2.25%,

5/1/2030(a)

200,000

177,865

Gilead

Sciences,

Inc.

2.95%,

3/1/2027(a)

175,000

171,614

4.80%,

11/15/2029

700,000

712,290

Regeneron

Pharmaceuticals,

Inc.

1.75%,

9/15/2030(a)

815,000

696,781

#### 1,758,550

#### Broadline

#### Retail

#### -

#### 0

#### .2

#### %
eBay,

Inc.

1.40%,

5/10/2026(a)

400,000

387,455

3.60%,

6/5/2027(a)

250,000

246,099

2.70%,

3/11/2030

250,000

228,636

6.30%,

11/22/2032

300,000

323,266

#### 1,185,456

#### Building

#### Products

#### -

#### 0

#### .8

#### %
Allegion

plc

3.50%,

10/1/2029(a)

152,000

144,307

Carlisle

Cos.,

Inc.

3.75%,

12/1/2027

350,000

342,938

2.75%,

3/1/2030(a)

275,000

251,536

2.20%,

3/1/2032

300,000

248,480

CRH

SMW

Finance

DAC

5.20%,

5/21/2029(a)

250,000

255,524

5.13%,

1/9/2030

200,000

203,851

Holcim

Finance

US

LLC

5.40%,

4/7/2035(e)

50,000

49,975

Lennox

International,

Inc.

5.50%,

9/15/2028

400,000

410,515

Masco

Corp.

3.50%,

11/15/2027

150,000

146,572

1.50%,

2/15/2028

201,000

184,818

2.00%,

10/1/2030

300,000

257,769

2.00%,

2/15/2031

250,000

211,855

Trane

Technologies

Financing

Ltd.

3.80%,

3/21/2029

812,000

795,460

5.25%,

3/3/2033(a)

130,000

132,737

5.10%,

6/13/2034

340,000

341,025

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Building

#### Products

#### -

#### 0.8%
(continued)

Trane

Technologies

Global

Holding

Co.

Ltd.

3.75%,

8/21/2028(a)

$

250,000

$

245,692

#### 4,223,054

#### Capital

#### Markets

#### -

#### 7

#### .5

#### %
Affiliated

Managers

Group,

Inc.

3.30%,

6/15/2030(a)

200,000

186,493

5.50%,

8/20/2034

200,000

194,808

Ameriprise

Financial,

Inc.

5.70%,

12/15/2028(a)

450,000

471,250

5.15%,

5/15/2033

175,000

177,127

Apollo

Debt

Solutions

BDC

6.90%,

4/13/2029(a)

225,000

231,339

6.70%,

7/29/2031

400,000

407,065

6.55%,

3/15/2032(e)

200,000

201,188

Ares

Capital

Corp.

2.15%,

7/15/2026

50,000

48,218

7.00%,

1/15/2027

5,000

5,138

5.80%,

3/8/2032

200,000

195,385

Ares

Strategic

Income

Fund

5.70%,

3/15/2028(a)(e)

650,000

648,799

6.35%,

8/15/2029(a)(e)

50,000

50,954

Bain

Capital

Specialty

Finance,

Inc.

2.55%,

10/13/2026

227,000

216,877

5.95%,

3/15/2030

200,000

195,939

Bank

of

New

York

Mellon

(The)

4.73%,

4/20/2029(d)

100,000

101,412

Bank

of

New

York

Mellon

Corp.

(The)

3.30%,

8/23/2029

150,000

142,937

Blackstone

Private

Credit

Fund

2.63%,

12/15/2026(a)

652,000

625,482

3.25%,

3/15/2027

650,000

626,080

4.95%,

9/26/2027(e)

150,000

148,586

7.30%,

11/27/2028

200,000

211,595

4.00%,

1/15/2029

775,000

732,084

5.95%,

7/16/2029

300,000

301,541

5.60%,

11/22/2029(a)(e)

100,000

98,484

6.25%,

1/25/2031(a)

175,000

177,969

6.00%,

1/29/2032

350,000

347,083

6.00%,

11/22/2034(a)(e)

400,000

381,667

Blackstone

Reg

Finance

Co.

LLC

5.00%,

12/6/2034(a)

250,000

244,966

Blackstone

Secured

Lending

Fund

2.75%,

9/16/2026

252,000

243,523

2.13%,

2/15/2027

302,000

285,788

5.88%,

11/15/2027

150,000

151,882

5.35%,

4/13/2028(a)

850,000

847,622

2.85%,

9/30/2028(a)

350,000

319,904

Blue

Owl

Capital

Corp.

3.40%,

7/15/2026

440,000

427,668

2.63%,

1/15/2027

50,000

47,405

2.88%,

6/11/2028(a)

450,000

410,474

5.95%,

3/15/2029

700,000

694,734

Blue

Owl

Credit

Income

Corp.

3.13%,

9/23/2026

400,000

385,302

4.70%,

2/8/2027(a)

350,000

345,193

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Capital

#### Markets

#### -

#### 7.5%
(continued)

Blue

Owl

Credit

Income

Corp.

(continued)

7.75%,

9/16/2027(a)

$

450,000

$

466,356

7.95%,

6/13/2028

50,000

52,744

7.75%,

1/15/2029

200,000

210,148

6.60%,

9/15/2029(a)(e)

400,000

404,458

5.80%,

3/15/2030(e)

500,000

489,602

6.65%,

3/15/2031(a)

50,000

50,521

Blue

Owl

Finance

LLC

6.25%,

4/18/2034(a)

50,000

50,447

Blue

Owl

Technology

Finance

Corp.

2.50%,

1/15/2027

205,000

193,023

6.10%,

3/15/2028(e)

500,000

496,335

6.75%,

4/4/2029

150,000

150,324

Brookfield

Finance

I

UK

plc

2.34%,

1/30/2032

25,000

20,822

Brookfield

Finance,

Inc.

4.85%,

3/29/2029

50,000

50,269

6.35%,

1/5/2034(a)

100,000

105,500

Carlyle

Secured

Lending,

Inc.

6.75%,

2/18/2030

100,000

101,049

Cboe

Global

Markets,

Inc.

3.65%,

1/12/2027

151,000

149,820

1.63%,

12/15/2030

1,000

856

Charles

Schwab

Corp.

(The)

5.64%,

5/19/2029(d)

100,000

103,706

6.14%,

8/24/2034(d)

100,000

106,254

CI

Financial

Corp.

3.20%,

12/17/2030

200,000

174,528

CME

Group,

Inc.

2.65%,

3/15/2032(a)

150,000

133,455

Deutsche

Bank

AG

7.15%,

7/13/2027(d)

350,000

359,086

2.31%,

11/16/2027(d)

150,000

144,432

5.71%,

2/8/2028(d)

100,000

101,546

5.37%,

1/10/2029(d)

150,000

152,011

5.88%,

7/8/2031(d)

200,000

201,775

3.55%,

9/18/2031(d)

250,000

231,157

3.73%,

1/14/2032(a)(d)

650,000

585,582

4.88%,

12/1/2032(a)(d)

653,000

638,052

3.74%,

1/7/2033(a)(d)

550,000

485,125

7.08%,

2/10/2034(d)

800,000

835,630

FactSet

Research

Systems,

Inc.

2.90%,

3/1/2027

200,000

193,269

3.45%,

3/1/2032(a)

250,000

223,364

Franklin

Resources,

Inc.

1.60%,

10/30/2030(a)

50,000

42,813

Goldman

Sachs

Group,

Inc.

(The)

3.50%,

11/16/2026(a)

200,000

197,401

5.95%,

1/15/2027(a)

50,000

51,353

3.85%,

1/26/2027

125,000

123,943

1.54%,

9/10/2027(d)

150,000

144,032

2.64%,

2/24/2028(d)

150,000

145,059

3.69%,

6/5/2028(a)(d)

200,000

196,775

4.48%,

8/23/2028(a)(d)

400,000

400,218

3.81%,

4/23/2029(d)

120,000

117,715

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Capital

#### Markets

#### -

#### 7.5%
(continued)

Goldman

Sachs

Group,

Inc.

(The)

(continued)

4.22%,

5/1/2029(d)

$

370,000

$

366,453

6.48%,

10/24/2029(d)

150,000

159,135

2.60%,

2/7/2030(a)

100,000

91,335

3.80%,

3/15/2030

120,000

115,606

5.73%,

4/25/2030(a)(d)

300,000

310,964

5.05%,

7/23/2030(a)(d)

70,000

70,834

1.99%,

1/27/2032(d)

120,000

102,279

2.62%,

4/22/2032(a)(d)

100,000

87,905

2.38%,

7/21/2032(d)

193,000

166,246

2.65%,

10/21/2032(d)

450,000

390,495

6.13%,

2/15/2033(a)

50,000

53,805

3.10%,

2/24/2033(d)

400,000

352,754

6.56%,

10/24/2034(a)(d)

50,000

54,475

5.85%,

4/25/2035(d)

150,000

154,664

5.33%,

7/23/2035(d)

200,000

198,767

5.02%,

10/23/2035(a)(d)

300,000

290,689

Janus

Henderson

US

Holdings,

Inc.

5.45%,

9/10/2034

150,000

143,709

LPL

Holdings,

Inc.

5.70%,

5/20/2027(a)

450,000

458,662

6.75%,

11/17/2028(a)

200,000

212,599

6.00%,

5/20/2034(a)

450,000

457,840

Moody's

Corp.

3.25%,

1/15/2028

190,000

185,724

4.25%,

2/1/2029(a)

202,000

201,172

2.00%,

8/19/2031(a)

503,000

431,201

4.25%,

8/8/2032(a)

225,000

217,177

5.00%,

8/5/2034(a)

200,000

199,178

Morgan

Stanley

3.13%,

7/27/2026

10,000

9,859

3.63%,

1/20/2027

75,000

74,305

5.65%,

4/13/2028(d)

150,000

153,147

3.77%,

1/24/2029(d)

150,000

147,290

4.99%,

4/12/2029(d)

850,000

861,595

5.16%,

4/20/2029(d)

150,000

152,712

5.45%,

7/20/2029(d)

100,000

102,658

4.43%,

1/23/2030(d)

13,000

12,902

5.66%,

4/18/2030(d)

150,000

155,149

5.04%,

7/19/2030(d)

500,000

506,166

4.65%,

10/18/2030(d)

350,000

348,883

5.23%,

1/15/2031(a)(d)

600,000

611,753

2.70%,

1/22/2031(d)

270,000

246,621

3.62%,

4/1/2031(d)

50,000

47,448

1.93%,

4/28/2032(d)

170,000

143,259

2.24%,

7/21/2032(d)

196,000

167,124

2.51%,

10/20/2032(d)

86,000

74,251

2.94%,

1/21/2033(d)

250,000

219,594

4.89%,

7/20/2033(d)

5,000

4,931

6.34%,

10/18/2033(a)(d)

153,000

163,836

5.25%,

4/21/2034(d)

182,000

182,000

5.42%,

7/21/2034(d)

150,000

151,578

6.63%,

11/1/2034(d)

86,000

93,602

5.47%,

1/18/2035(d)

300,000

303,048

5.83%,

4/19/2035(d)

150,000

154,881

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Capital

#### Markets

#### -

#### 7.5%
(continued)

Morgan

Stanley

(continued)

5.32%,

7/19/2035(a)(d)

$

200,000

$

199,097

5.59%,

1/18/2036(d)

150,000

152,164

Nasdaq,

Inc.

3.85%,

6/30/2026(a)

400,000

398,009

5.35%,

6/28/2028(a)

45,000

46,254

5.55%,

2/15/2034(a)

627,000

643,593

Nomura

Holdings,

Inc.

2.68%,

7/16/2030(a)

250,000

223,363

5.78%,

7/3/2034(a)

175,000

177,919

Nuveen

Churchill

Direct

Lending

Corp.

6.65%,

3/15/2030

50,000

50,814

S&P

Global,

Inc.

2.95%,

1/22/2027(a)

250,000

245,258

2.45%,

3/1/2027

900,000

874,398

4.75%,

8/1/2028

100,000

101,557

2.70%,

3/1/2029(a)

627,000

591,873

4.25%,

5/1/2029(a)

1,000,000

996,816

2.50%,

12/1/2029(a)

250,000

231,274

1.25%,

8/15/2030

200,000

170,732

2.90%,

3/1/2032

875,000

783,801

5.25%,

9/15/2033

200,000

204,845

State

Street

Corp.

4.53%,

2/20/2029(a)(d)

350,000

351,914

2.40%,

1/24/2030

75,000

69,025

2.20%,

3/3/2031

50,000

43,663

4.16%,

8/4/2033(d)

50,000

47,553

Stifel

Financial

Corp.

4.00%,

5/15/2030

196,000

186,831

UBS

AG

4.86%,

1/10/2028(a)(d)

250,000

251,707

#### 38,215,236

#### Chemicals

#### -

#### 0

#### .6

#### %
Cabot

Corp.

3.40%,

9/15/2026

50,000

49,284

CF

Industries,

Inc.

5.15%,

3/15/2034

350,000

338,869

Huntsman

International

LLC

4.50%,

5/1/2029(a)

400,000

377,038

LYB

International

Finance

III

LLC

5.50%,

3/1/2034(a)

200,000

194,452

NewMarket

Corp.

2.70%,

3/18/2031

200,000

176,037

PPG

Industries,

Inc.

3.75%,

3/15/2028(a)

200,000

196,956

RPM

International,

Inc.

4.55%,

3/1/2029(a)

150,000

148,888

2.95%,

1/15/2032

200,000

173,363

Sherwin-Williams

Co.

(The)

3.45%,

6/1/2027(a)

225,000

221,138

2.95%,

8/15/2029(a)

701,000

655,949

2.30%,

5/15/2030(a)

350,000

313,172

4.80%,

9/1/2031(a)

150,000

150,171

2.20%,

3/15/2032

150,000

126,612

#### 3,121,929

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 0

#### .7

#### %
Cintas

Corp.

No.

3.70%,

4/1/2027

$

500,000

$

495,234

4.00%,

5/1/2032

265,000

253,571

RELX

Capital,

Inc.

4.00%,

3/18/2029

852,000

842,149

3.00%,

5/22/2030

352,000

329,045

4.75%,

5/20/2032(a)

200,000

198,705

5.25%,

3/27/2035

50,000

50,482

Republic

Services,

Inc.

3.38%,

11/15/2027

50,000

49,118

3.95%,

5/15/2028

1,000

994

4.88%,

4/1/2029(a)

150,000

152,665

5.00%,

11/15/2029

50,000

51,172

2.30%,

3/1/2030

100,000

90,988

1.45%,

2/15/2031

2,000

1,683

Veralto

Corp.

5.50%,

9/18/2026

450,000

456,382

5.35%,

9/18/2028

275,000

283,817

5.45%,

9/18/2033(a)

300,000

305,977

Waste

Connections,

Inc.

5.00%,

3/1/2034

150,000

150,495

#### 3,712,477

#### Communications

#### Equipment

#### -

#### 0

#### .9

#### %
Cisco

Systems,

Inc.

4.85%,

2/26/2029(a)

275,000

282,009

4.95%,

2/26/2031

450,000

462,987

5.05%,

2/26/2034

225,000

227,734

5.10%,

2/24/2035(a)

100,000

101,307

Juniper

Networks,

Inc.

3.75%,

8/15/2029(a)

201,000

194,637

2.00%,

12/10/2030(a)

200,000

171,745

Motorola

Solutions,

Inc.

4.60%,

2/23/2028

401,000

403,364

5.00%,

4/15/2029

250,000

254,053

4.60%,

5/23/2029(a)

428,000

428,102

2.30%,

11/15/2030

402,000

354,167

2.75%,

5/24/2031(a)

650,000

577,333

5.60%,

6/1/2032

250,000

258,558

5.40%,

4/15/2034

550,000

555,719

Nokia

OYJ

4.38%,

6/12/2027(a)

175,000

172,764

#### 4,444,479

#### Construction

#### &

#### Engineering

#### -

#### 0

#### .0

#### %
(c) Quanta

Services,

Inc.

4.75%,

8/9/2027(a)

150,000

150,813

#### Construction

#### Materials

#### -

#### 0

#### .3

#### %
Eagle

Materials,

Inc.

2.50%,

7/1/2031(a)

400,000

349,125

Martin

Marietta

Materials,

Inc.

Series

CB,

2.50%,

3/15/2030(a)

110,000

99,858

2.40%,

7/15/2031(a)

203,000

176,111

5.15%,

12/1/2034

200,000

198,912

Vulcan

Materials

Co.

3.90%,

4/1/2027

50,000

49,397

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Construction

#### Materials

#### -

#### 0.3%
(continued)

Vulcan

Materials

Co.

(continued)

3.50%,

6/1/2030(a)

$

175,000

$

165,852

5.35%,

12/1/2034(a)

500,000

503,650

#### 1,542,905

#### Consumer

#### Finance

#### -

#### 1

#### .1

#### %
AerCap

Ireland

Capital

DAC

4.95%,

9/10/2034

100,000

95,835

6.95%,

3/10/2055(d)

450,000

451,871

American

Express

Co.

1.65%,

11/4/2026(a)

100,000

96,201

2.55%,

3/4/2027

20,000

19,401

3.30%,

5/3/2027

200,000

196,606

5.10%,

2/16/2028(d)

505,000

511,401

5.53%,

4/25/2030(a)(d)

25,000

25,854

5.09%,

1/30/2031(d)

250,000

254,541

4.99%,

5/26/2033(a)(d)

378,000

369,785

5.04%,

5/1/2034(a)(d)

100,000

99,755

5.63%,

7/28/2034(d)

435,000

438,111

5.92%,

4/25/2035(d)

250,000

256,642

Capital

One

Financial

Corp.

3.75%,

7/28/2026

50,000

49,403

6.18%,

1/30/2036(d)

200,000

197,509

Caterpillar

Financial

Services

Corp.

1.15%,

9/14/2026

25,000

24,048

5.00%,

5/14/2027

40,000

40,792

Ford

Motor

Credit

Co.

LLC

7.35%,

11/4/2027

200,000

205,909

7.20%,

6/10/2030

300,000

308,865

Synchrony

Financial

3.70%,

8/4/2026

270,000

264,367

3.95%,

12/1/2027

705,000

686,289

5.15%,

3/19/2029

662,000

654,577

5.94%,

8/2/2030(a)(d)

50,000

50,638

2.88%,

10/28/2031

475,000

402,462

#### 5,700,862

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 0

#### .8

#### %
Costco

Wholesale

Corp.

1.38%,

6/20/2027(a)

475,000

451,771

1.60%,

4/20/2030(a)

900,000

797,734

1.75%,

4/20/2032(a)

570,000

482,455

Kroger

Co.

(The)

2.65%,

10/15/2026

50,000

48,740

Series

B,

7.70%,

6/1/2029

100,000

111,093

8.00%,

9/15/2029

50,000

56,452

Sysco

Corp.

3.30%,

7/15/2026

525,000

517,779

3.25%,

7/15/2027(a)

280,000

273,689

5.75%,

1/17/2029(a)

350,000

364,229

2.40%,

2/15/2030(a)

220,000

199,308

5.95%,

4/1/2030

445,000

468,556

6.00%,

1/17/2034(a)

125,000

132,670

#### 3,904,476

#### Containers

#### &

#### Packaging

#### -

#### 0

#### .3

#### %
Amcor

Flexibles

North

America,

Inc.

3.10%,

9/15/2026

100,000

97,997

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Containers

#### &

#### Packaging

#### -

#### 0.3%
(continued)

AptarGroup,

Inc.

3.60%,

3/15/2032(a)

$

195,000

$

177,467

Avery

Dennison

Corp.

4.88%,

12/6/2028(a)

406,000

409,046

2.65%,

4/30/2030

100,000

90,096

2.25%,

2/15/2032

100,000

82,675

5.75%,

3/15/2033

200,000

203,627

Packaging

Corp.

of

America

3.00%,

12/15/2029(a)

278,000

259,578

5.70%,

12/1/2033(a)

250,000

257,506

#### 1,577,992

#### Distributors

#### -

#### 0

#### .1

#### %
Genuine

Parts

Co.

4.95%,

8/15/2029(a)

50,000

50,247

2.75%,

2/1/2032

25,000

21,441

LKQ

Corp.

5.75%,

6/15/2028

550,000

561,602

6.25%,

6/15/2033

50,000

51,581

#### 684,871

#### Diversified

#### REITs

#### -

#### 1

#### .3

#### %
Broadstone

Net

Lease

LLC

REIT,

2.60%,

9/15/2031(a)

150,000

126,365

Digital

Realty

Trust

LP

REIT,

3.60%,

7/1/2029

50,000

48,171

GLP

Capital

LP

REIT,

5.75%,

6/1/2028

650,000

660,269

REIT,

5.30%,

1/15/2029(a)

500,000

499,513

REIT,

4.00%,

1/15/2030

315,000

296,929

REIT,

4.00%,

1/15/2031

400,000

370,984

REIT,

3.25%,

1/15/2032

455,000

392,041

REIT,

6.75%,

12/1/2033

200,000

210,856

REIT,

5.63%,

9/15/2034

250,000

244,410

Rayonier

LP

REIT,

2.75%,

5/17/2031

250,000

217,294

Simon

Property

Group

LP

REIT,

4.75%,

9/26/2034

500,000

478,050

VICI

Properties

LP

REIT,

4.75%,

2/15/2028

705,000

705,226

REIT,

4.95%,

2/15/2030

503,000

499,450

REIT,

5.13%,

11/15/2031

250,000

247,319

REIT,

5.13%,

5/15/2032(a)

740,000

724,209

REIT,

5.75%,

4/1/2034

300,000

301,586

REIT,

5.63%,

4/1/2035

300,000

296,875

WP

Carey,

Inc.

REIT,

4.25%,

10/1/2026

150,000

149,309

REIT,

2.45%,

2/1/2032

50,000

41,884

#### 6,510,740

#### Diversified

#### Telecommunication

#### Services

#### -

#### 0

#### .4

#### %
Deutsche

Telekom

International

Finance

BV

8.75%,

6/15/2030(b)

650,000

764,751

Koninklijke

KPN

NV

8.38%,

10/1/2030(a)

326,000

380,711

Sprint

Capital

Corp.

6.88%,

11/15/2028

700,000

748,705

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Diversified

#### Telecommunication

#### Services

#### -

#### 0.4%
(continued)

Sprint

Capital

Corp.

(continued)

8.75%,

3/15/2032

$

250,000

$

300,071

#### 2,194,238

#### Electric

#### Utilities

#### -

#### 3

#### .1

#### %
AEP

Texas,

Inc.

4.70%,

5/15/2032

50,000

48,524

5.70%,

5/15/2034

500,000

503,031

American

Electric

Power

Co.,

Inc.

5.20%,

1/15/2029(a)

550,000

561,188

2.30%,

3/1/2030

250,000

223,859

5.63%,

3/1/2033(a)

250,000

256,175

6.95%,

12/15/2054(d)

150,000

150,889

7.05%,

12/15/2054(d)

500,000

504,529

3.88%,

2/15/2062(d)

91,000

85,483

Appalachian

Power

Co.

5.65%,

4/1/2034(a)

200,000

202,792

Duke

Energy

Corp.

2.65%,

9/1/2026

400,000

390,732

4.50%,

8/15/2032

500,000

483,561

6.45%,

9/1/2054(a)(d)

300,000

300,631

3.25%,

1/15/2082(d)

551,000

516,975

Emera

US

Finance

LP

3.55%,

6/15/2026

850,000

836,739

Enel

Chile

SA

4.88%,

6/12/2028

425,000

422,369

Entergy

Corp.

7.13%,

12/1/2054(a)(d)

450,000

452,446

Evergy

Metro,

Inc.

5.40%,

4/1/2034

450,000

457,849

Evergy,

Inc.

2.90%,

9/15/2029(a)

250,000

232,906

6.65%,

6/1/2055(d)

100,000

97,215

Exelon

Corp.

6.50%,

3/15/2055(d)

250,000

248,552

Fortis,

Inc.

3.06%,

10/4/2026

550,000

537,986

Interstate

Power

and

Light

Co.

5.70%,

10/15/2033

100,000

102,975

4.95%,

9/30/2034(a)

300,000

291,973

ITC

Holdings

Corp.

3.25%,

6/30/2026

450,000

443,040

MidAmerican

Energy

Co.

3.10%,

5/1/2027

225,000

220,884

3.65%,

4/15/2029(a)

503,000

492,925

6.75%,

12/30/2031

100,000

112,600

5.35%,

1/15/2034(a)

200,000

205,630

Nevada

Power

Co.

Series

CC,

3.70%,

5/1/2029(a)

702,000

687,473

Series

DD,

2.40%,

5/1/2030

200,000

181,379

NextEra

Energy

Capital

Holdings,

Inc.

6.75%,

6/15/2054(a)(d)

150,000

151,528

4.80%,

12/1/2077(a)(d)

61,000

57,363

5.65%,

5/1/2079(d)

97,000

93,699

3.80%,

3/15/2082(d)

110,000

103,048

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Electric

#### Utilities

#### -

#### 3.1%
(continued)

OGE

Energy

Corp.

5.45%,

5/15/2029(a)

$

150,000

$

154,718

Oncor

Electric

Delivery

Co.

LLC

7.00%,

5/1/2032

100,000

111,579

4.15%,

6/1/2032(a)

250,000

239,071

PacifiCorp

5.10%,

2/15/2029(a)

300,000

305,985

3.50%,

6/15/2029

150,000

144,288

2.70%,

9/15/2030

200,000

179,912

5.30%,

2/15/2031

350,000

359,466

5.45%,

2/15/2034

990,000

997,159

7.38%,

9/15/2055(d)

250,000

253,768

PPL

Capital

Funding,

Inc.

3.10%,

5/15/2026

500,000

492,968

Sierra

Pacific

Power

Co.

2.60%,

5/1/2026

200,000

196,470

Southern

Co.

(The)

3.25%,

7/1/2026

400,000

394,698

5.11%,

8/1/2027(b)

625,000

634,680

Series

21-A,

3.75%,

9/15/2051(d)

200,000

193,639

Series

2025,

6.38%,

3/15/2055(d)

550,000

560,290

#### 15,877,639

#### Electrical

#### Equipment

#### -

#### 0

#### .1

#### %
ABB

Finance

USA,

Inc.

3.80%,

4/3/2028(a)

150,000

148,819

Acuity

Brands

Lighting,

Inc.

2.15%,

12/15/2030

250,000

217,233

Hubbell,

Inc.

3.50%,

2/15/2028(a)

200,000

194,810

Regal

Rexnord

Corp.

6.05%,

4/15/2028(a)

50,000

51,289

#### 612,151

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 2

#### .1

#### %
Allegion

US

Holding

Co.,

Inc.

3.55%,

10/1/2027

150,000

145,984

5.41%,

7/1/2032(a)

250,000

254,119

5.60%,

5/29/2034

350,000

354,363

Amphenol

Corp.

5.05%,

4/5/2027(a)

350,000

356,341

5.05%,

4/5/2029(a)

200,000

205,498

4.35%,

6/1/2029

243,000

243,835

2.20%,

9/15/2031(a)

350,000

304,066

5.25%,

4/5/2034

250,000

255,813

Arrow

Electronics,

Inc.

3.88%,

1/12/2028(a)

115,000

112,585

5.15%,

8/21/2029(a)

550,000

554,501

Avnet,

Inc.

6.25%,

3/15/2028

200,000

207,014

3.00%,

5/15/2031

150,000

130,543

CDW

LLC

2.67%,

12/1/2026(a)

454,000

438,954

4.25%,

4/1/2028

152,000

149,115

3.28%,

12/1/2028

257,000

241,135

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 2.1%
(continued)

CDW

LLC

(continued)

3.25%,

2/15/2029

$

200,000

$

186,291

5.10%,

3/1/2030(a)

350,000

349,335

3.57%,

12/1/2031(a)

500,000

450,108

5.55%,

8/22/2034(a)

250,000

245,117

Flex

Ltd.

6.00%,

1/15/2028

230,000

235,177

4.88%,

6/15/2029

200,000

198,575

4.88%,

5/12/2030

262,000

257,929

Jabil,

Inc.

4.25%,

5/15/2027

400,000

398,338

3.95%,

1/12/2028(a)

230,000

225,742

3.60%,

1/15/2030(a)

450,000

424,781

3.00%,

1/15/2031

50,000

44,722

Keysight

Technologies,

Inc.

4.60%,

4/6/2027(a)

300,000

300,409

3.00%,

10/30/2029(a)

250,000

231,854

4.95%,

10/15/2034

150,000

145,827

TD

SYNNEX

Corp.

1.75%,

8/9/2026

300,000

287,053

2.38%,

8/9/2028

52,000

47,989

2.65%,

8/9/2031

20,000

16,878

6.10%,

4/12/2034(a)

300,000

301,707

Teledyne

Technologies,

Inc.

2.25%,

4/1/2028(a)

257,000

242,570

2.75%,

4/1/2031

450,000

400,901

Trimble,

Inc.

4.90%,

6/15/2028

200,000

201,730

6.10%,

3/15/2033

350,000

363,563

Tyco

Electronics

Group

SA

3.13%,

8/15/2027(a)

350,000

341,370

4.63%,

2/1/2030(a)

150,000

151,096

2.50%,

2/4/2032

325,000

282,810

Vontier

Corp.

2.40%,

4/1/2028

252,000

234,435

2.95%,

4/1/2031(a)

275,000

237,079

#### 10,757,252

#### Energy

#### Equipment

#### &

#### Services

#### -

#### 0

#### .0

#### %
(c) Helmerich

&

Payne,

Inc.

2.90%,

9/29/2031

150,000

124,384

NOV,

Inc.

3.60%,

12/1/2029

50,000

47,144

#### 171,528

#### Entertainment

#### -

#### 0

#### .9

#### %
Electronic

Arts,

Inc.

1.85%,

2/15/2031(a)

400,000

343,642

Netflix,

Inc.

4.38%,

11/15/2026

250,000

250,938

4.88%,

4/15/2028

500,000

510,824

5.88%,

11/15/2028(a)

1,385,000

1,460,897

6.38%,

5/15/2029(a)

600,000

646,447

4.90%,

8/15/2034(a)

350,000

352,939

Take-Two

Interactive

Software,

Inc.

3.70%,

4/14/2027(a)

150,000

148,110

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Entertainment

#### -

#### 0.9%
(continued)

Take-Two

Interactive

Software,

Inc.

(continued)

4.95%,

3/28/2028(a)

$

300,000

$

305,206

4.00%,

4/14/2032(a)

150,000

140,387

5.60%,

6/12/2034

150,000

152,743

Tencent

Music

Entertainment

Group

2.00%,

9/3/2030

200,000

175,776

#### 4,487,909

#### Financial

#### Services

#### -

#### 3

#### .7

#### %
Apollo

Global

Management,

Inc.

6.38%,

11/15/2033

25,000

27,039

6.00%,

12/15/2054(a)(d)

250,000

234,157

Block

Financial

LLC

2.50%,

7/15/2028

250,000

232,273

3.88%,

8/15/2030(a)

285,000

268,729

Corebridge

Financial,

Inc.

6.88%,

12/15/2052(d)

525,000

530,823

Essent

Group

Ltd.

6.25%,

7/1/2029

250,000

256,373

Fidelity

National

Information

Services,

Inc.

1.65%,

3/1/2028

700,000

647,361

2.25%,

3/1/2031

350,000

303,035

5.10%,

7/15/2032(a)

450,000

450,589

Fiserv,

Inc.

3.20%,

7/1/2026

1,000,000

986,604

5.15%,

3/15/2027

325,000

328,819

2.25%,

6/1/2027(a)

425,000

406,722

5.45%,

3/2/2028(a)

800,000

819,072

5.38%,

8/21/2028

250,000

256,543

4.20%,

10/1/2028

496,000

491,722

3.50%,

7/1/2029

1,386,000

1,320,973

4.75%,

3/15/2030(a)

550,000

549,567

2.65%,

6/1/2030(a)

500,000

451,643

5.35%,

3/15/2031

600,000

614,373

5.60%,

3/2/2033

450,000

458,313

5.63%,

8/21/2033(a)

671,000

683,473

5.45%,

3/15/2034

650,000

652,354

5.15%,

8/12/2034(a)

350,000

344,026

Global

Payments,

Inc.

3.20%,

8/15/2029

50,000

46,553

HA

Sustainable

Infrastructure

Capital,

Inc.

6.38%,

7/1/2034(e)

50,000

48,011

JPMorgan

Chase

Bank

NA

5.11%,

12/8/2026(a)

150,000

152,250

Mastercard,

Inc.

2.95%,

11/21/2026

250,000

246,240

3.30%,

3/26/2027(a)

453,000

448,042

2.95%,

6/1/2029

551,000

527,297

3.35%,

3/26/2030(a)

1,253,000

1,204,836

1.90%,

3/15/2031

50,000

44,006

2.00%,

11/18/2031(a)

275,000

237,677

4.35%,

1/15/2032

550,000

544,374

4.85%,

3/9/2033

250,000

252,563

4.88%,

5/9/2034

450,000

452,512

4.55%,

1/15/2035

250,000

244,202

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Financial

#### Services

#### -

#### 3.7%
(continued)

MGIC

Investment

Corp.

5.25%,

8/15/2028

$

300,000

$

299,336

National

Rural

Utilities

Cooperative

Finance

Corp.

8.00%,

3/1/2032(a)

200,000

233,931

NMI

Holdings,

Inc.

6.00%,

8/15/2029

150,000

151,719

Radian

Group,

Inc.

4.88%,

3/15/2027

243,000

241,956

6.20%,

5/15/2029

150,000

154,845

Synchrony

Bank

5.63%,

8/23/2027

404,000

408,331

Visa,

Inc.

1.90%,

4/15/2027

217,000

209,492

2.75%,

9/15/2027(a)

310,000

302,144

2.05%,

4/15/2030

175,000

158,616

Voya

Financial,

Inc.

4.70%,

1/23/2048(d)

200,000

182,320

Western

Union

Co.

(The)

2.75%,

3/15/2031

150,000

129,960

Woodside

Finance

Ltd.

5.10%,

9/12/2034(a)

550,000

524,049

#### 18,759,845

#### Food

#### Products

#### -

#### 1

#### .3

#### %
Flowers

Foods,

Inc.

3.50%,

10/1/2026

400,000

392,873

2.40%,

3/15/2031

250,000

213,998

General

Mills,

Inc.

4.20%,

4/17/2028(a)

417,000

415,920

4.88%,

1/30/2030

50,000

50,557

4.95%,

3/29/2033(a)

535,000

531,819

Ingredion,

Inc.

3.20%,

10/1/2026

250,000

245,544

2.90%,

6/1/2030(a)

300,000

277,303

Kellanova

3.25%,

4/1/2026

100,000

98,905

3.40%,

11/15/2027

150,000

146,896

Series

B,

7.45%,

4/1/2031(a)

100,000

113,635

5.25%,

3/1/2033

50,000

50,768

Kraft

Heinz

Foods

Co.

3.00%,

6/1/2026

400,000

393,811

Mondelez

International,

Inc.

2.63%,

3/17/2027(a)

302,000

292,727

4.75%,

2/20/2029

100,000

101,533

2.75%,

4/13/2030

623,000

572,757

1.50%,

2/4/2031(a)

100,000

84,103

3.00%,

3/17/2032(a)

550,000

490,139

4.75%,

8/28/2034

50,000

49,239

Tyson

Foods,

Inc.

3.55%,

6/2/2027

750,000

738,379

4.35%,

3/1/2029

50,000

49,548

5.70%,

3/15/2034(a)

500,000

511,233

Unilever

Capital

Corp.

2.90%,

5/5/2027

1,000

980

3.50%,

3/22/2028

102,000

100,664

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Food

#### Products

#### -

#### 1.3%
(continued)

Unilever

Capital

Corp.

(continued)

2.13%,

9/6/2029(a)

$

175,000

$

161,318

5.90%,

11/15/2032

250,000

271,614

5.00%,

12/8/2033

50,000

51,161

4.63%,

8/12/2034

200,000

197,661

#### 6,605,085

#### Gas

#### Utilities

#### -

#### 0

#### .3

#### %
Atmos

Energy

Corp.

2.63%,

9/15/2029

450,000

419,685

5.90%,

11/15/2033

350,000

372,164

National

Fuel

Gas

Co.

5.50%,

10/1/2026

150,000

151,694

3.95%,

9/15/2027

150,000

147,970

5.50%,

3/15/2030(a)

50,000

51,204

2.95%,

3/1/2031

250,000

221,374

5.95%,

3/15/2035

250,000

250,631

Southern

Natural

Gas

Co.

LLC

8.00%,

3/1/2032

100,000

113,262

#### 1,727,984

#### Ground

#### Transportation

#### -

#### 0

#### .1

#### %
Burlington

Northern

Santa

Fe

LLC

7.95%,

8/15/2030

100,000

117,230

Canadian

National

Railway

Co.

3.85%,

8/5/2032

50,000

46,840

Union

Pacific

Corp.

5.10%,

2/20/2035

300,000

301,982

#### 466,052

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 1

#### .1

#### %
Becton

Dickinson

&

Co.

3.70%,

6/6/2027

525,000

519,066

Boston

Scientific

Corp.

2.65%,

6/1/2030

600,000

551,522

DH

Europe

Finance

II

Sarl

2.60%,

11/15/2029

152,000

141,048

Edwards

Lifesciences

Corp.

4.30%,

6/15/2028

450,000

446,691

Medtronic

Global

Holdings

SCA

4.50%,

3/30/2033

50,000

49,010

Smith

&

Nephew

plc

5.15%,

3/20/2027(a)

100,000

101,198

2.03%,

10/14/2030

250,000

216,821

STERIS

Irish

FinCo.

UnLtd

Co.

2.70%,

3/15/2031

250,000

221,937

Stryker

Corp.

4.70%,

2/10/2028(a)

650,000

657,646

3.65%,

3/7/2028

300,000

295,375

4.85%,

12/8/2028(a)

600,000

611,285

4.25%,

9/11/2029

50,000

49,722

4.85%,

2/10/2030

50,000

50,693

1.95%,

6/15/2030(a)

467,000

412,913

4.63%,

9/11/2034

475,000

462,411

5.20%,

2/10/2035(a)

600,000

604,687

Zimmer

Biomet

Holdings,

Inc.

4.70%,

2/19/2027

50,000

50,199

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 1.1%
(continued)

Zimmer

Biomet

Holdings,

Inc.

(continued)

3.55%,

3/20/2030

$

150,000

$

142,095

#### 5,584,319

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 1

#### .9

#### %
Cardinal

Health,

Inc.

3.41%,

6/15/2027

604,000

593,448

5.13%,

2/15/2029(a)

700,000

715,104

5.00%,

11/15/2029(a)

300,000

304,992

5.45%,

2/15/2034

475,000

479,878

5.35%,

11/15/2034(a)

400,000

401,494

Cencora,

Inc.

3.45%,

12/15/2027(a)

861,000

842,844

4.63%,

12/15/2027(a)

300,000

302,218

4.85%,

12/15/2029(a)

250,000

252,861

2.80%,

5/15/2030(a)

250,000

230,392

2.70%,

3/15/2031(a)

530,000

474,219

5.13%,

2/15/2034

250,000

250,522

5.15%,

2/15/2035

100,000

100,174

Centene

Corp.

4.25%,

12/15/2027

530,000

517,919

2.45%,

7/15/2028

125,000

114,919

4.63%,

12/15/2029

352,000

339,326

3.38%,

2/15/2030

400,000

364,328

3.00%,

10/15/2030

25,000

21,956

2.50%,

3/1/2031

160,000

135,666

Cigna

Group

(The)

3.40%,

3/1/2027

300,000

294,947

HCA,

Inc.

5.38%,

9/1/2026

350,000

351,966

5.63%,

9/1/2028

200,000

204,871

3.50%,

9/1/2030

200,000

186,888

5.45%,

4/1/2031

150,000

152,871

5.50%,

6/1/2033

50,000

50,320

5.60%,

4/1/2034

25,000

25,128

Laboratory

Corp.

of

America

Holdings

1.55%,

6/1/2026(a)

152,000

147,385

McKesson

Corp.

1.30%,

8/15/2026(a)

552,000

532,382

4.90%,

7/15/2028(a)

200,000

204,347

4.25%,

9/15/2029(a)

300,000

299,352

5.10%,

7/15/2033(a)

250,000

255,088

OhioHealth

Corp.

2.30%,

11/15/2031

50,000

43,840

Universal

Health

Services,

Inc.

1.65%,

9/1/2026

100,000

95,960

4.63%,

10/15/2029(a)

300,000

292,293

#### 9,579,898

#### Health

#### Care

#### REITs

#### -

#### 0

#### .5

#### %
Alexandria

Real

Estate

Equities,

Inc.

REIT,

1.88%,

2/1/2033

100,000

77,918

REIT,

2.95%,

3/15/2034(a)

153,000

125,889

National

Health

Investors,

Inc.

REIT,

3.00%,

2/1/2031

200,000

174,648

Omega

Healthcare

Investors,

Inc.

REIT,

4.50%,

4/1/2027

341,000

340,416

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Health

#### Care

#### REITs

#### -

#### 0.5%
(continued)

Omega

Healthcare

Investors,

Inc.

(continued)

REIT,

4.75%,

1/15/2028

$

141,000

$

141,163

REIT,

3.63%,

10/1/2029(a)

251,000

236,087

REIT,

3.38%,

2/1/2031(a)

450,000

407,592

REIT,

3.25%,

4/15/2033

375,000

317,052

Sabra

Health

Care

LP

REIT,

5.13%,

8/15/2026(a)

302,000

300,538

REIT,

3.90%,

10/15/2029

151,000

141,747

REIT,

3.20%,

12/1/2031(a)

250,000

221,047

#### 2,484,097

#### Hotel

#### &

#### Resort

#### REITs

#### -

#### 0

#### .1

#### %
Host

Hotels

&

Resorts

LP

Series

H,

REIT,

3.38%,

12/15/2029(a)

53,000

48,869

Series

I,

REIT,

3.50%,

9/15/2030

350,000

318,437

Series

J,

REIT,

2.90%,

12/15/2031(a)

400,000

341,787

#### 709,093

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 2

#### .2

#### %
Booking

Holdings,

Inc.

4.63%,

4/13/2030(a)

50,000

50,394

Choice

Hotels

International,

Inc.

3.70%,

12/1/2029(a)

250,000

234,410

3.70%,

1/15/2031

275,000

250,121

5.85%,

8/1/2034

300,000

294,411

Darden

Restaurants,

Inc.

6.30%,

10/10/2033(a)

50,000

53,094

Hyatt

Hotels

Corp.

5.25%,

6/30/2029

200,000

200,628

5.75%,

4/23/2030(b)

150,000

152,482

5.38%,

12/15/2031

250,000

248,498

5.50%,

6/30/2034

50,000

48,568

Las

Vegas

Sands

Corp.

5.90%,

6/1/2027(a)

750,000

759,674

3.90%,

8/8/2029(a)

400,000

371,401

6.00%,

8/15/2029

350,000

353,895

Marriott

International,

Inc.

Series

R,

3.13%,

6/15/2026

425,000

418,636

5.00%,

10/15/2027

68,000

68,957

Series

X,

4.00%,

4/15/2028

102,000

100,810

5.55%,

10/15/2028(a)

200,000

206,634

Series

AA,

4.65%,

12/1/2028

100,000

100,370

4.90%,

4/15/2029(a)

400,000

403,536

4.88%,

5/15/2029

150,000

151,277

Series

FF,

4.63%,

6/15/2030

327,000

325,010

Series

HH,

2.85%,

4/15/2031(a)

450,000

402,322

Series

GG,

3.50%,

10/15/2032(a)

375,000

333,396

5.30%,

5/15/2034

350,000

344,931

McDonald's

Corp.

3.50%,

3/1/2027

610,000

602,141

3.50%,

7/1/2027

309,000

304,745

3.80%,

4/1/2028(a)

406,000

402,516

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 2.2%
(continued)

McDonald's

Corp.

(continued)

4.80%,

8/14/2028(a)

$

150,000

$

152,694

5.00%,

5/17/2029(a)

100,000

102,575

2.63%,

9/1/2029(a)

445,000

416,051

2.13%,

3/1/2030

401,000

361,326

3.60%,

7/1/2030(a)

245,000

235,984

4.60%,

9/9/2032(a)

180,000

179,439

4.95%,

8/14/2033(a)

350,000

353,336

4.95%,

3/3/2035(a)

600,000

595,205

Sands

China

Ltd.

2.30%,

3/8/2027(b)

200,000

188,527

5.40%,

8/8/2028(a)(b)

855,000

841,244

2.85%,

3/8/2029(b)

350,000

313,685

4.38%,

6/18/2030(a)(b)

350,000

324,076

3.25%,

8/8/2031(b)

50,000

42,616

#### 11,289,615

#### Household

#### Durables

#### -

#### 0

#### .7

#### %
DR

Horton,

Inc.

1.30%,

10/15/2026(a)

300,000

287,205

5.00%,

10/15/2034(a)

300,000

291,209

Lennar

Corp.

5.25%,

6/1/2026

350,000

350,824

5.00%,

6/15/2027

200,000

201,124

4.75%,

11/29/2027

350,000

351,269

Meritage

Homes

Corp.

5.13%,

6/6/2027

100,000

100,563

NVR,

Inc.

3.00%,

5/15/2030(a)

477,000

439,090

PulteGroup,

Inc.

5.00%,

1/15/2027

343,000

345,305

7.88%,

6/15/2032

100,000

113,419

6.38%,

5/15/2033

250,000

263,833

Toll

Brothers

Finance

Corp.

4.88%,

3/15/2027

703,000

703,902

4.35%,

2/15/2028

100,000

99,076

#### 3,546,819

#### Household

#### Products

#### -

#### 0

#### .7

#### %
Church

&

Dwight

Co.,

Inc.

3.15%,

8/1/2027

350,000

341,607

2.30%,

12/15/2031

200,000

172,444

5.60%,

11/15/2032(a)

300,000

312,638

Clorox

Co.

(The)

3.10%,

10/1/2027(a)

150,000

146,410

4.40%,

5/1/2029

550,000

551,113

1.80%,

5/15/2030

100,000

87,559

4.60%,

5/1/2032(a)

250,000

247,163

Colgate-Palmolive

Co.

3.25%,

8/15/2032(a)

200,000

185,397

4.60%,

3/1/2033

200,000

202,278

Kimberly-Clark

Corp.

1.05%,

9/15/2027

150,000

140,043

3.95%,

11/1/2028

50,000

49,823

3.10%,

3/26/2030(a)

62,000

58,793

Procter

&

Gamble

Co.

(The)

2.45%,

11/3/2026

62,000

60,756

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Household

#### Products

#### -

#### 0.7%
(continued)

Procter

&

Gamble

Co.

(The)

(continued)

2.80%,

3/25/2027

$

116,000

$

113,734

3.00%,

3/25/2030(a)

464,000

443,021

4.55%,

1/29/2034(a)

475,000

473,915

#### 3,586,694

#### Industrial

#### Conglomerates

#### -

#### 0

#### .2

#### %
3M

Co.

2.25%,

9/19/2026

250,000

242,726

Honeywell

International,

Inc.

4.65%,

7/30/2027(a)

100,000

101,111

Pentair

Finance

Sarl

4.50%,

7/1/2029

200,000

197,327

5.90%,

7/15/2032(a)

200,000

205,064

#### 746,228

#### Insurance

#### -

#### 5

#### .0

#### %
ACE

Capital

Trust

II

9.70%,

4/1/2030(a)

150,000

178,285

Aflac,

Inc.

2.88%,

10/15/2026

100,000

97,944

3.60%,

4/1/2030

102,000

98,193

Alleghany

Corp.

3.63%,

5/15/2030(a)

275,000

266,300

Allstate

Corp.

(The)

5.05%,

6/24/2029(a)

150,000

153,182

5.25%,

3/30/2033(a)

50,000

50,604

American

Financial

Group,

Inc.

5.25%,

4/2/2030

125,000

128,212

American

International

Group,

Inc.

Series

A-9,

5.75%,

4/1/2048(d)

250,000

246,384

Aon

Corp.

8.21%,

1/1/2027(a)

130,000

135,868

2.85%,

5/28/2027(a)

263,000

255,737

4.50%,

12/15/2028

170,000

170,788

3.75%,

5/2/2029(a)

375,000

364,500

2.80%,

5/15/2030

487,000

446,989

2.05%,

8/23/2031

150,000

128,688

2.60%,

12/2/2031

235,000

205,824

5.00%,

9/12/2032

275,000

275,344

5.35%,

2/28/2033

404,000

410,896

Aon

North

America,

Inc.

5.13%,

3/1/2027(a)

300,000

304,145

5.15%,

3/1/2029

500,000

510,334

5.30%,

3/1/2031(a)

650,000

668,852

5.45%,

3/1/2034

935,000

951,286

Arch

Capital

Finance

LLC

4.01%,

12/15/2026

250,000

247,912

Arch

Capital

Group

Ltd.

7.35%,

5/1/2034

150,000

172,047

Arthur

J

Gallagher

&

Co.

4.85%,

12/15/2029(a)

300,000

303,713

2.40%,

11/9/2031

250,000

216,959

5.50%,

3/2/2033(a)

150,000

152,652

6.50%,

2/15/2034(a)

300,000

325,367

5.45%,

7/15/2034

250,000

253,917

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Insurance

#### -

#### 5.0%
(continued)

Arthur

J

Gallagher

&

Co.

(continued)

5.15%,

2/15/2035

$

400,000

$

396,950

Assurant,

Inc.

4.90%,

3/27/2028

250,000

251,214

3.70%,

2/22/2030

201,000

189,009

2.65%,

1/15/2032

125,000

105,177

6.75%,

2/15/2034

75,000

80,935

Athene

Holding

Ltd.

4.13%,

1/12/2028(a)

400,000

394,347

6.15%,

4/3/2030

475,000

498,564

3.50%,

1/15/2031

500,000

463,328

6.65%,

2/1/2033

450,000

477,728

5.88%,

1/15/2034

500,000

506,319

AXIS

Specialty

Finance

LLC

3.90%,

7/15/2029

250,000

240,448

4.90%,

1/15/2040(a)(d)

302,000

287,223

Berkshire

Hathaway

Finance

Corp.

1.85%,

3/12/2030

250,000

226,411

2.88%,

3/15/2032(a)

485,000

444,172

Brown

&

Brown,

Inc.

4.50%,

3/15/2029

250,000

249,091

2.38%,

3/15/2031

252,000

217,494

4.20%,

3/17/2032

200,000

186,265

5.65%,

6/11/2034(a)

250,000

252,819

Chubb

INA

Holdings

LLC

3.35%,

5/3/2026

200,000

197,993

Cincinnati

Financial

Corp.

6.92%,

5/15/2028(a)

200,000

214,081

CNA

Financial

Corp.

5.50%,

6/15/2033

200,000

202,815

CNO

Financial

Group,

Inc.

5.25%,

5/30/2029

175,000

175,131

Enstar

Finance

LLC

5.50%,

1/15/2042(d)

250,000

239,832

Enstar

Group

Ltd.

4.95%,

6/1/2029

252,000

251,276

3.10%,

9/1/2031(a)

350,000

304,585

F&G

Annuities

&

Life,

Inc.

7.40%,

1/13/2028

385,000

402,136

6.50%,

6/4/2029(a)

250,000

254,738

6.25%,

10/4/2034

150,000

144,650

Fairfax

Financial

Holdings

Ltd.

4.63%,

4/29/2030

500,000

490,320

3.38%,

3/3/2031

150,000

136,559

5.63%,

8/16/2032(a)

375,000

381,099

6.00%,

12/7/2033

200,000

207,803

Fidelity

National

Financial,

Inc.

4.50%,

8/15/2028

100,000

98,683

3.40%,

6/15/2030(a)

410,000

376,918

2.45%,

3/15/2031

100,000

85,442

First

American

Financial

Corp.

4.00%,

5/15/2030

100,000

94,659

2.40%,

8/15/2031(a)

50,000

42,264

5.45%,

9/30/2034

250,000

241,694

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Insurance

#### -

#### 5.0%
(continued)

Hanover

Insurance

Group,

Inc.

(The)

2.50%,

9/1/2030

$

250,000

$

218,822

Hartford

Insurance

Group,

Inc.

(The)

2.80%,

8/19/2029

302,000

280,097

Horace

Mann

Educators

Corp.

7.25%,

9/15/2028

100,000

107,389

Kemper

Corp.

2.40%,

9/30/2030(a)

200,000

174,137

3.80%,

2/23/2032

150,000

133,549

Manulife

Financial

Corp.

4.06%,

2/24/2032(d)

451,000

443,797

Marsh

&

McLennan

Cos.,

Inc.

4.38%,

3/15/2029

230,000

230,500

4.65%,

3/15/2030

400,000

403,381

4.85%,

11/15/2031(a)

500,000

505,501

2.38%,

12/15/2031(a)

150,000

129,735

5.75%,

11/1/2032(a)

250,000

264,902

5.88%,

8/1/2033

100,000

105,998

5.40%,

9/15/2033(a)

250,000

257,224

5.15%,

3/15/2034

175,000

177,218

5.00%,

3/15/2035

100,000

99,295

Old

Republic

International

Corp.

3.88%,

8/26/2026

603,000

596,158

5.75%,

3/28/2034

150,000

151,532

Primerica,

Inc.

2.80%,

11/19/2031(a)

350,000

304,718

Principal

Financial

Group,

Inc.

3.10%,

11/15/2026

250,000

244,656

Progressive

Corp.

(The)

2.50%,

3/15/2027(a)

250,000

242,532

3.20%,

3/26/2030(a)

51,000

48,461

6.25%,

12/1/2032

50,000

54,422

Prudential

Financial,

Inc.

6.00%,

9/1/2052(d)

70,000

69,591

RenaissanceRe

Finance,

Inc.

3.45%,

7/1/2027

100,000

97,977

RenaissanceRe

Holdings

Ltd.

5.75%,

6/5/2033(a)

350,000

357,204

5.80%,

4/1/2035

250,000

256,724

SiriusPoint

Ltd.

7.00%,

4/5/2029

200,000

207,333

Unum

Group

4.00%,

6/15/2029

100,000

97,873

Willis

North

America,

Inc.

4.65%,

6/15/2027(a)

561,000

563,191

4.50%,

9/15/2028(a)

260,000

259,812

2.95%,

9/15/2029

354,000

329,466

5.35%,

5/15/2033(a)

390,000

393,229

#### 25,537,518

#### Interactive

#### Media

#### &

#### Services

#### -

#### 0

#### .7

#### %
Alphabet,

Inc.

2.00%,

8/15/2026

400,000

391,013

Meta

Platforms,

Inc.

3.50%,

8/15/2027

100,000

99,231

4.60%,

5/15/2028(a)

150,000

152,997

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Interactive

#### Media

#### &

#### Services

#### -

#### 0.7%
(continued)

Meta

Platforms,

Inc.

(continued)

4.55%,

8/15/2031(a)

$

100,000

$

101,368

3.85%,

8/15/2032(a)

1,200,000

1,144,977

4.95%,

5/15/2033

544,000

554,196

4.75%,

8/15/2034(a)

1,200,000

1,195,164

#### 3,638,946

#### IT

#### Services

#### -

#### 0

#### .8

#### %
Accenture

Capital,

Inc.

4.05%,

10/4/2029

250,000

248,398

4.25%,

10/4/2031

300,000

296,791

4.50%,

10/4/2034

500,000

481,916

Amdocs

Ltd.

2.54%,

6/15/2030

350,000

311,125

Booz

Allen

Hamilton,

Inc.

5.95%,

8/4/2033(a)

300,000

302,330

CGI,

Inc.

1.45%,

9/14/2026

301,000

288,628

4.95%,

3/14/2030(e)

50,000

50,253

2.30%,

9/14/2031(a)

245,000

210,423

Genpact

Luxembourg

Sarl

6.00%,

6/4/2029

25,000

25,886

IBM

International

Capital

Pte.

Ltd.

4.90%,

2/5/2034

275,000

270,258

International

Business

Machines

Corp.

3.30%,

5/15/2026

100,000

98,884

1.70%,

5/15/2027

150,000

142,851

4.65%,

2/10/2028

950,000

961,079

1.95%,

5/15/2030

150,000

132,582

VeriSign,

Inc.

2.70%,

6/15/2031(a)

400,000

353,406

#### 4,174,810

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### -

#### 0

#### .4

#### %
Agilent

Technologies,

Inc.

3.05%,

9/22/2026

150,000

147,128

2.75%,

9/15/2029

332,000

308,186

2.10%,

6/4/2030

450,000

398,862

2.30%,

3/12/2031

451,000

393,883

4.75%,

9/9/2034

250,000

240,478

Thermo

Fisher

Scientific,

Inc.

5.09%,

8/10/2033

455,000

460,174

#### 1,948,711

#### Machinery

#### -

#### 1

#### .5

#### %
AGCO

Corp.

5.80%,

3/21/2034(a)

200,000

198,666

Dover

Corp.

2.95%,

11/4/2029

150,000

139,988

Flowserve

Corp.

3.50%,

10/1/2030

250,000

230,487

2.80%,

1/15/2032

175,000

149,173

Fortive

Corp.

3.15%,

6/15/2026(a)

401,000

394,109

IDEX

Corp.

3.00%,

5/1/2030(a)

350,000

320,435

2.63%,

6/15/2031(a)

500,000

435,124

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Machinery

#### -

#### 1.5%
(continued)

Ingersoll

Rand,

Inc.

5.20%,

6/15/2027(a)

$

200,000

$

202,961

5.40%,

8/14/2028

50,000

51,409

5.18%,

6/15/2029(a)

200,000

203,940

5.70%,

8/14/2033

625,000

642,295

Nordson

Corp.

5.60%,

9/15/2028

250,000

257,966

4.50%,

12/15/2029

250,000

247,943

5.80%,

9/15/2033

100,000

102,536

nVent

Finance

Sarl

5.65%,

5/15/2033

150,000

148,562

Oshkosh

Corp.

4.60%,

5/15/2028

25,000

24,919

Otis

Worldwide

Corp.

2.29%,

4/5/2027

350,000

337,031

5.25%,

8/16/2028

350,000

359,406

2.57%,

2/15/2030(a)

798,000

728,928

Parker-Hannifin

Corp.

4.25%,

9/15/2027(a)

230,000

230,257

3.25%,

6/14/2029

555,000

531,720

Westinghouse

Air

Brake

Technologies

Corp.

3.45%,

11/15/2026(a)

320,000

315,279

4.70%,

9/15/2028(b)

614,000

615,874

5.61%,

3/11/2034(a)

200,000

205,442

Xylem,

Inc.

3.25%,

11/1/2026

200,000

196,828

1.95%,

1/30/2028

150,000

140,852

2.25%,

1/30/2031

150,000

131,127

#### 7,543,257

#### Marine

#### Transportation

#### -

#### 0

#### .1

#### %
Kirby

Corp.

4.20%,

3/1/2028(a)

250,000

246,445

#### Media

#### -

#### 0

#### .6

#### %
Discovery

Communications

LLC

3.95%,

3/20/2028(a)

200,000

191,292

Fox

Corp.

4.71%,

1/25/2029(a)

875,000

873,928

3.50%,

4/8/2030

300,000

282,932

6.50%,

10/13/2033

750,000

797,811

Interpublic

Group

of

Cos.,

Inc.

(The)

4.65%,

10/1/2028(a)

125,000

125,564

4.75%,

3/30/2030(a)

152,000

152,261

2.40%,

3/1/2031

75,000

65,685

5.38%,

6/15/2033

75,000

74,759

Omnicom

Group,

Inc.

2.45%,

4/30/2030

150,000

134,572

4.20%,

6/1/2030(a)

200,000

195,575

2.60%,

8/1/2031(a)

200,000

175,272

#### 3,069,651

#### Metals

#### &

#### Mining

#### -

#### 1

#### .7

#### %
AngloGold

Ashanti

Holdings

plc

3.38%,

11/1/2028

100,000

95,190

3.75%,

10/1/2030(a)

50,000

46,569

BHP

Billiton

Finance

USA

Ltd.

5.25%,

9/8/2026(a)

350,000

354,814

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Metals

#### &

#### Mining

#### -

#### 1.7%
(continued)

BHP

Billiton

Finance

USA

Ltd.

(continued)

4.75%,

2/28/2028

$

315,000

$

320,363

5.10%,

9/8/2028(a)

500,000

512,924

5.25%,

9/8/2030

480,000

495,373

4.90%,

2/28/2033(a)

250,000

247,821

5.25%,

9/8/2033

950,000

960,707

5.30%,

2/21/2035

650,000

653,407

Reliance,

Inc.

2.15%,

8/15/2030(a)

250,000

219,694

Rio

Tinto

Alcan,

Inc.

7.25%,

3/15/2031

300,000

337,706

6.13%,

12/15/2033

300,000

322,109

Rio

Tinto

Finance

USA

Ltd.

7.13%,

7/15/2028

182,000

196,976

Rio

Tinto

Finance

USA

plc

4.88%,

3/14/2030

650,000

659,857

5.00%,

3/14/2032

300,000

302,024

5.25%,

3/14/2035(a)

850,000

853,197

Steel

Dynamics,

Inc.

1.65%,

10/15/2027(a)

200,000

186,489

3.45%,

4/15/2030(a)

250,000

235,604

3.25%,

1/15/2031

150,000

137,830

5.38%,

8/15/2034(a)

250,000

250,983

Vale

Canada

Ltd.

7.20%,

9/15/2032

150,000

161,793

Vale

Overseas

Ltd.

3.75%,

7/8/2030(a)

545,000

508,345

6.13%,

6/12/2033(a)

525,000

541,412

#### 8,601,187

#### Multi-Utilities

#### -

#### 1

#### .5

#### %
Berkshire

Hathaway

Energy

Co.

8.48%,

9/15/2028

125,000

142,424

3.70%,

7/15/2030(a)

583,000

563,565

1.65%,

5/15/2031

250,000

210,946

Black

Hills

Corp.

3.15%,

1/15/2027

500,000

486,723

5.95%,

3/15/2028

100,000

103,799

6.00%,

1/15/2035

500,000

516,398

CenterPoint

Energy,

Inc.

Series

B,

6.85%,

2/15/2055(d)

150,000

149,779

CMS

Energy

Corp.

4.75%,

6/1/2050(a)(d)

135,000

126,434

3.75%,

12/1/2050(a)(d)

200,000

172,965

Dominion

Energy,

Inc.

Series

A,

6.88%,

2/1/2055(a)

(d) 700,000

719,829

DTE

Energy

Co.

4.95%,

7/1/2027

100,000

101,030

5.20%,

4/1/2030

250,000

254,419

NiSource,

Inc.

3.49%,

5/15/2027

250,000

245,625

5.25%,

3/30/2028(a)

600,000

613,078

6.95%,

11/30/2054(d)

100,000

101,326

6.38%,

3/31/2055(d)

250,000

243,900

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Multi-Utilities

#### -

#### 1.5%
(continued)

Puget

Sound

Energy,

Inc.

5.33%,

6/15/2034

$

500,000

$

505,836

Sempra

5.40%,

8/1/2026

100,000

100,772

4.13%,

4/1/2052(d)

200,000

183,263

6.40%,

10/1/2054(d)

400,000

364,837

6.88%,

10/1/2054(d)

250,000

241,401

Southern

Co.

Gas

Capital

Corp.

5.15%,

9/15/2032

50,000

49,998

4.95%,

9/15/2034

550,000

534,436

6.00%,

10/1/2034

50,000

51,941

WEC

Energy

Group,

Inc.

5.60%,

9/12/2026(a)

150,000

152,041

5.15%,

10/1/2027

700,000

711,350

#### 7,648,115

#### Office

#### REITs

#### -

#### 0

#### .1

#### %
COPT

Defense

Properties

LP

REIT,

2.00%,

1/15/2029

375,000

335,613

REIT,

2.75%,

4/15/2031

50,000

43,319

Kilroy

Realty

LP

REIT,

3.05%,

2/15/2030

25,000

22,025

#### 400,957

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 9

#### .3

#### %
Boardwalk

Pipelines

LP

4.45%,

7/15/2027(a)

100,000

99,942

3.40%,

2/15/2031

100,000

90,881

3.60%,

9/1/2032

170,000

149,673

5.63%,

8/1/2034(a)

200,000

198,083

Burlington

Resources

LLC

7.20%,

8/15/2031

100,000

112,531

Canadian

Natural

Resources

Ltd.

3.85%,

6/1/2027(a)

1,175,000

1,159,339

5.00%,

12/15/2029(a)(e)

500,000

498,365

2.95%,

7/15/2030

300,000

272,057

7.20%,

1/15/2032

225,000

244,430

6.45%,

6/30/2033(a)

200,000

208,763

5.40%,

12/15/2034(a)(e)

300,000

291,062

Cenovus

Energy,

Inc.

2.65%,

1/15/2032(a)

150,000

125,664

Cheniere

Corpus

Christi

Holdings

LLC

3.70%,

11/15/2029(a)

475,000

453,979

Cheniere

Energy

Partners

LP

4.00%,

3/1/2031(a)

880,000

822,567

3.25%,

1/31/2032

500,000

438,976

5.95%,

6/30/2033

900,000

918,709

5.75%,

8/15/2034(a)

200,000

200,557

Cheniere

Energy,

Inc.

5.65%,

4/15/2034

450,000

448,183

Chevron

Corp.

2.24%,

5/11/2030(a)

400,000

361,780

Chevron

USA,

Inc.

1.02%,

8/12/2027

25,000

23,422

4.82%,

4/15/2032(a)

250,000

252,585

ConocoPhillips

Co.

4.85%,

1/15/2032

200,000

200,321

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 9.3%
(continued)

ConocoPhillips

Co.

(continued)

5.00%,

1/15/2035(a)

$

400,000

$

393,705

Coterra

Energy,

Inc.

3.90%,

5/15/2027

402,000

396,000

4.38%,

3/15/2029(a)

500,000

491,796

5.60%,

3/15/2034

200,000

196,919

5.40%,

2/15/2035(a)

300,000

289,895

Devon

Energy

Corp.

7.88%,

9/30/2031(a)

400,000

452,990

7.95%,

4/15/2032(a)

200,000

222,205

5.20%,

9/15/2034

200,000

187,523

Diamondback

Energy,

Inc.

3.13%,

3/24/2031

200,000

180,803

6.25%,

3/15/2033

105,000

109,625

5.40%,

4/18/2034

550,000

537,681

Eastern

Energy

Gas

Holdings

LLC

5.80%,

1/15/2035

200,000

206,453

Eastern

Gas

Transmission

&

Storage,

Inc.

3.00%,

11/15/2029

202,000

190,360

El

Paso

Natural

Gas

Co.

LLC

8.38%,

6/15/2032(a)(b)

100,000

115,637

Enbridge,

Inc.

5.90%,

11/15/2026

1,300,000

1,324,743

4.25%,

12/1/2026

100,000

99,636

3.13%,

11/15/2029(a)

350,000

327,471

5.70%,

3/8/2033(a)

475,000

484,803

2.50%,

8/1/2033

500,000

407,628

5.63%,

4/5/2034(a)

350,000

354,074

7.20%,

6/27/2054(a)(d)

550,000

546,666

7.38%,

3/15/2055(d)

225,000

226,050

Series

16-A,

6.00%,

1/15/2077(a)(d)

400,000

391,969

5.50%,

7/15/2077(d)

550,000

526,155

6.25%,

3/1/2078(d)

302,000

295,848

Series

20-A,

5.75%,

7/15/2080(d)

435,000

416,918

7.38%,

1/15/2083(d)

200,000

200,574

7.63%,

1/15/2083(d)

300,000

305,994

8.25%,

1/15/2084(a)(d)

400,000

414,991

8.50%,

1/15/2084(d)

200,000

215,578

Energy

Transfer

LP

5.55%,

2/15/2028

20,000

20,497

8.25%,

11/15/2029

50,000

55,638

3.75%,

5/15/2030

100,000

94,487

6.40%,

12/1/2030

150,000

159,504

5.75%,

2/15/2033(a)

55,000

55,772

6.55%,

12/1/2033

205,000

215,806

5.60%,

9/1/2034(a)

175,000

173,437

Enterprise

Products

Operating

LLC

4.15%,

10/16/2028(a)

34,000

33,834

3.13%,

7/31/2029

582,000

554,540

2.80%,

1/31/2030(a)

407,000

379,384

5.35%,

1/31/2033

552,000

563,379

Series

D,

6.88%,

3/1/2033

250,000

276,968

4.85%,

1/31/2034

625,000

613,973

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 9.3%
(continued)

Enterprise

Products

Operating

LLC

(continued)

4.95%,

2/15/2035

$

350,000

$

343,256

Series

E,

5.25%,

8/16/2077(a)

(d) 552,000

533,973

5.38%,

2/15/2078(a)(d)

350,000

337,710

EOG

Resources,

Inc.

4.38%,

4/15/2030

302,000

300,416

Expand

Energy

Corp.

5.38%,

2/1/2029

300,000

298,643

5.38%,

3/15/2030(a)

150,000

148,914

4.75%,

2/1/2032(a)

400,000

375,289

Hess

Corp.

4.30%,

4/1/2027

150,000

149,640

7.88%,

10/1/2029

250,000

281,437

7.30%,

8/15/2031

325,000

365,411

7.13%,

3/15/2033(a)

200,000

224,612

Kinder

Morgan

Energy

Partners

LP

7.40%,

3/15/2031

100,000

111,347

7.75%,

3/15/2032(a)

100,000

113,407

7.30%,

8/15/2033

75,000

82,069

Kinder

Morgan,

Inc.

4.30%,

3/1/2028(a)

200,000

199,346

5.00%,

2/1/2029

150,000

151,538

7.80%,

8/1/2031

202,000

229,028

7.75%,

1/15/2032(a)

250,000

283,512

5.20%,

6/1/2033

50,000

49,199

5.40%,

2/1/2034(a)

1,375,000

1,360,757

MPLX

LP

5.00%,

3/1/2033

235,000

227,026

5.50%,

6/1/2034

225,000

221,294

Occidental

Petroleum

Corp.

8.50%,

7/15/2027

20,000

21,143

5.00%,

8/1/2027(a)

150,000

149,906

6.38%,

9/1/2028

5,000

5,132

5.20%,

8/1/2029

450,000

443,348

3.50%,

8/15/2029

300,000

277,097

8.88%,

7/15/2030(a)

412,000

461,617

6.63%,

9/1/2030

153,000

158,246

6.13%,

1/1/2031(a)

300,000

302,872

7.50%,

5/1/2031

275,000

293,487

7.88%,

9/15/2031

350,000

381,095

5.38%,

1/1/2032(a)

135,000

128,424

5.55%,

10/1/2034

100,000

93,337

ONEOK,

Inc.

4.85%,

7/15/2026

200,000

199,860

5.38%,

6/1/2029(a)

375,000

380,992

3.40%,

9/1/2029

250,000

236,092

5.80%,

11/1/2030

100,000

103,541

6.35%,

1/15/2031(a)

210,000

221,998

6.10%,

11/15/2032(a)

325,000

337,506

6.05%,

9/1/2033

200,000

205,188

5.05%,

11/1/2034(a)

250,000

237,061

Ovintiv,

Inc.

5.65%,

5/15/2028(a)

600,000

611,074

8.13%,

9/15/2030

175,000

194,374

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 9.3%
(continued)

Ovintiv,

Inc.

(continued)

7.20%,

11/1/2031

$

50,000

$

52,763

7.38%,

11/1/2031

150,000

160,859

6.25%,

7/15/2033(a)

150,000

147,838

6.50%,

8/15/2034

150,000

148,855

Pioneer

Natural

Resources

Co.

1.90%,

8/15/2030

400,000

351,219

2.15%,

1/15/2031

375,000

329,059

Plains

All

American

Pipeline

LP

3.80%,

9/15/2030(a)

365,000

344,021

5.70%,

9/15/2034

250,000

247,255

Sabine

Pass

Liquefaction

LLC

5.88%,

6/30/2026(a)

9,000

9,078

5.00%,

3/15/2027

35,000

35,245

4.20%,

3/15/2028

400,000

397,168

4.50%,

5/15/2030

350,000

345,187

Suncor

Energy,

Inc.

7.88%,

6/15/2026

150,000

155,217

7.15%,

2/1/2032(a)

250,000

270,912

5.95%,

12/1/2034(a)

200,000

203,061

Targa

Resources

Corp.

5.20%,

7/1/2027(a)

335,000

339,388

6.15%,

3/1/2029

165,000

172,008

4.20%,

2/1/2033

400,000

365,283

6.13%,

3/15/2033(a)

425,000

437,357

6.50%,

3/30/2034(a)

225,000

236,395

5.50%,

2/15/2035

50,000

48,836

Targa

Resources

Partners

LP

6.50%,

7/15/2027

25,000

25,103

4.88%,

2/1/2031

300,000

291,770

4.00%,

1/15/2032

400,000

366,391

Tennessee

Gas

Pipeline

Co.

LLC

7.00%,

3/15/2027

75,000

78,017

7.00%,

10/15/2028(a)

450,000

480,459

Texas

Eastern

Transmission

LP

7.00%,

7/15/2032

100,000

108,324

TotalEnergies

Capital

SA

5.15%,

4/5/2034

500,000

504,675

TransCanada

PipeLines

Ltd.

4.25%,

5/15/2028

800,000

793,767

4.10%,

4/15/2030(a)

800,000

772,208

4.63%,

3/1/2034(a)

1,000,000

938,848

7.00%,

6/1/2065(d)

250,000

245,160

Transcanada

Trust

Series

16-A,

5.88%,

8/15/2076(d)

550,000

541,988

5.30%,

3/15/2077(a)(d)

700,000

669,897

5.50%,

9/15/2079(a)(d)

450,000

426,907

5.60%,

3/7/2082(a)(d)

275,000

253,738

Valero

Energy

Corp.

7.50%,

4/15/2032

300,000

335,849

Western

Midstream

Operating

LP

4.65%,

7/1/2026

2,000

1,991

4.50%,

3/1/2028

150,000

148,056

4.75%,

8/15/2028

100,000

99,190

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 9.3%
(continued)

Western

Midstream

Operating

LP

(continued)

6.35%,

1/15/2029(a)

$

550,000

$

571,117

4.05%,

2/1/2030(b)

275,000

260,185

6.15%,

4/1/2033(a)

400,000

404,026

5.45%,

11/15/2034

550,000

522,504

Williams

Cos.,

Inc.

(The)

3.75%,

6/15/2027

4,000

3,940

Series

A,

7.50%,

1/15/2031

100,000

112,181

7.75%,

6/15/2031

100,000

113,652

8.75%,

3/15/2032(b)

100,000

119,099

4.65%,

8/15/2032

5,000

4,818

5.65%,

3/15/2033

50,000

51,112

5.15%,

3/15/2034

200,000

196,118

#### 47,349,086

#### Paper

#### &

#### Forest

#### Products

#### -

#### 0

#### .1

#### %
Suzano

Austria

GmbH

6.00%,

1/15/2029

100,000

101,873

5.00%,

1/15/2030

150,000

146,460

3.75%,

1/15/2031(a)

50,000

45,196

#### 293,529

#### Personal

#### Care

#### Products

#### -

#### 0

#### .4

#### %
Conopco,

Inc.

Series

E,

7.25%,

12/15/2026

150,000

156,905

6.63%,

4/15/2028

240,000

256,156

Haleon

US

Capital

LLC

3.38%,

3/24/2027

700,000

689,268

3.63%,

3/24/2032

700,000

649,624

#### 1,751,953

#### Pharmaceuticals

#### -

#### 1

#### .1

#### %
Eli

Lilly

&

Co.

4.75%,

2/12/2030

50,000

51,262

4.90%,

2/12/2032(a)

750,000

769,693

4.70%,

2/27/2033(a)

250,000

251,278

4.70%,

2/9/2034(a)

350,000

347,085

4.60%,

8/14/2034

550,000

542,073

5.10%,

2/12/2035

500,000

510,583

Johnson

&

Johnson

4.90%,

6/1/2031(a)

350,000

362,756

5.00%,

3/1/2035(a)

300,000

306,052

Merck

&

Co.,

Inc.

1.45%,

6/24/2030

200,000

173,806

4.50%,

5/17/2033(a)

50,000

49,540

Novartis

Capital

Corp.

2.20%,

8/14/2030(a)

52,000

47,060

4.20%,

9/18/2034(a)

475,000

453,985

Royalty

Pharma

plc

2.20%,

9/2/2030

100,000

86,759

Zoetis,

Inc.

3.00%,

9/12/2027(a)

626,000

609,043

3.90%,

8/20/2028

102,000

101,023

2.00%,

5/15/2030

350,000

310,820

5.60%,

11/16/2032(a)

475,000

497,519

#### 5,470,337
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Professional

#### Services

#### -

#### 0

#### .8

#### %
Broadridge

Financial

Solutions,

Inc.

3.40%,

6/27/2026

$

450,000

$

444,055

2.90%,

12/1/2029(a)

452,000

419,967

2.60%,

5/1/2031

400,000

351,173

Equifax,

Inc.

5.10%,

12/15/2027(a)

75,000

75,941

Jacobs

Engineering

Group,

Inc.

6.35%,

8/18/2028(a)

300,000

313,391

5.90%,

3/1/2033(a)

300,000

305,102

Paychex,

Inc.

5.10%,

4/15/2030

400,000

405,984

5.60%,

4/15/2035

550,000

560,163

Verisk

Analytics,

Inc.

4.13%,

3/15/2029(a)

252,000

248,413

5.75%,

4/1/2033

325,000

336,494

5.25%,

6/5/2034

350,000

352,400

#### 3,813,083

#### Real

#### Estate

#### Management

#### &

#### Development

#### -

#### 0

#### .2

#### %
CBRE

Services,

Inc.

5.95%,

8/15/2034(a)

750,000

774,729

#### Residential

#### REITs

#### -

#### 0

#### .8

#### %
American

Homes

Rent

LP

REIT,

4.25%,

2/15/2028

250,000

248,001

REIT,

4.90%,

2/15/2029

162,000

163,144

REIT,

5.50%,

7/15/2034

250,000

248,154

AvalonBay

Communities,

Inc.

REIT,

5.00%,

2/15/2033

25,000

24,926

Essential

Properties

LP

REIT,

2.95%,

7/15/2031

200,000

172,449

Essex

Portfolio

LP

REIT,

3.63%,

5/1/2027(a)

150,000

147,843

REIT,

1.70%,

3/1/2028(a)

250,000

231,699

REIT,

4.00%,

3/1/2029(a)

151,000

147,552

REIT,

3.00%,

1/15/2030

202,000

186,829

REIT,

1.65%,

1/15/2031

150,000

126,405

REIT,

2.65%,

3/15/2032

50,000

42,757

REIT,

5.50%,

4/1/2034(a)

100,000

100,527

Invitation

Homes

Operating

Partnership

LP

REIT,

2.30%,

11/15/2028(a)

275,000

255,144

REIT,

5.45%,

8/15/2030(a)

150,000

153,924

REIT,

2.00%,

8/15/2031

200,000

167,639

REIT,

4.15%,

4/15/2032

300,000

279,221

REIT,

5.50%,

8/15/2033

150,000

150,021

Mid-America

Apartments

LP

REIT,

1.10%,

9/15/2026

150,000

143,656

REIT,

3.95%,

3/15/2029

50,000

49,064

REIT,

5.30%,

2/15/2032

25,000

25,600

Store

Capital

LLC

REIT,

4.50%,

3/15/2028

170,000

167,484

REIT,

4.63%,

3/15/2029(a)

41,000

39,962

Tanger

Properties

LP

REIT,

3.13%,

9/1/2026

200,000

196,323

REIT,

3.88%,

7/15/2027

150,000

147,488

REIT,

2.75%,

9/1/2031(a)

200,000

172,184

#### 3,787,996

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Retail

#### REITs

#### -

#### 0

#### .5

#### %
Agree

LP

REIT,

2.00%,

6/15/2028(a)

$

52,000

$

48,302

REIT,

2.90%,

10/1/2030

150,000

136,516

REIT,

4.80%,

10/1/2032

150,000

144,828

REIT,

2.60%,

6/15/2033(a)

150,000

122,355

REIT,

5.63%,

6/15/2034

300,000

302,811

Brixmor

Operating

Partnership

LP

REIT,

4.13%,

6/15/2026

802,000

797,181

REIT,

3.90%,

3/15/2027(a)

100,000

98,660

REIT,

2.25%,

4/1/2028

150,000

140,166

REIT,

4.13%,

5/15/2029

2,000

1,949

NNN

REIT,

Inc.

REIT,

3.50%,

10/15/2027

176,000

171,386

REIT,

2.50%,

4/15/2030

100,000

90,036

REIT,

5.60%,

10/15/2033(a)

275,000

278,453

REIT,

5.50%,

6/15/2034(a)

250,000

250,504

#### 2,583,147

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 1

#### .5

#### %
Advanced

Micro

Devices,

Inc.

3.92%,

6/1/2032(a)

300,000

285,436

Applied

Materials,

Inc.

3.30%,

4/1/2027

50,000

49,356

4.80%,

6/15/2029

50,000

51,195

Broadcom,

Inc.

4.80%,

4/15/2028

450,000

456,520

4.15%,

4/15/2032(a)(e)

250,000

237,771

Lam

Research

Corp.

4.00%,

3/15/2029(a)

350,000

346,844

1.90%,

6/15/2030

200,000

177,558

Microchip

Technology,

Inc.

5.05%,

3/15/2029

100,000

100,161

NVIDIA

Corp.

2.85%,

4/1/2030(a)

150,000

141,758

NXP

BV

3.88%,

6/18/2026(a)

300,000

297,508

3.15%,

5/1/2027

100,000

97,337

5.55%,

12/1/2028

200,000

204,608

4.30%,

6/18/2029(a)

300,000

293,331

3.40%,

5/1/2030

402,000

372,404

2.50%,

5/11/2031

225,000

193,820

2.65%,

2/15/2032

375,000

316,194

5.00%,

1/15/2033(a)

245,000

236,954

Qorvo,

Inc.

4.38%,

10/15/2029(a)

202,000

193,072

QUALCOMM,

Inc.

1.65%,

5/20/2032(a)

50,000

41,018

Skyworks

Solutions,

Inc.

1.80%,

6/1/2026

251,000

241,836

3.00%,

6/1/2031(a)

375,000

323,045

Texas

Instruments,

Inc.

4.90%,

3/14/2033(a)

250,000

253,203

4.85%,

2/8/2034(a)

250,000

251,736

TSMC

Arizona

Corp.

1.75%,

10/25/2026

850,000

818,630

3.88%,

4/22/2027

727,000

721,729

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 1.5%
(continued)

TSMC

Arizona

Corp.

(continued)

2.50%,

10/25/2031

$

750,000

$

666,169

#### 7,369,193

#### Software

#### -

#### 3

#### .0

#### %
Adobe,

Inc.

2.15%,

2/1/2027(a)

312,000

302,555

4.85%,

4/4/2027(a)

250,000

254,372

4.80%,

4/4/2029(a)

400,000

410,542

2.30%,

2/1/2030

1,073,000

987,462

4.95%,

4/4/2034

200,000

201,826

AppLovin

Corp.

5.13%,

12/1/2029

200,000

201,642

5.38%,

12/1/2031(a)

300,000

302,745

Autodesk,

Inc.

3.50%,

6/15/2027(a)

210,000

206,929

2.85%,

1/15/2030(a)

230,000

214,421

2.40%,

12/15/2031(a)

511,000

441,831

Cadence

Design

Systems,

Inc.

4.20%,

9/10/2027(a)

200,000

199,972

4.30%,

9/10/2029(a)

500,000

498,991

4.70%,

9/10/2034(a)

450,000

440,888

Fortinet,

Inc.

2.20%,

3/15/2031

250,000

218,090

Intuit,

Inc.

1.35%,

7/15/2027(a)

200,000

189,071

5.13%,

9/15/2028(a)

350,000

362,071

1.65%,

7/15/2030(a)

150,000

130,912

5.20%,

9/15/2033(a)

700,000

719,601

Oracle

Corp.

2.65%,

7/15/2026

50,000

48,945

Roper

Technologies,

Inc.

3.80%,

12/15/2026(a)

400,000

396,314

1.40%,

9/15/2027(a)

500,000

466,064

4.20%,

9/15/2028(a)

426,000

422,790

2.95%,

9/15/2029

800,000

748,308

2.00%,

6/30/2030

277,000

242,384

1.75%,

2/15/2031

529,000

446,977

4.75%,

2/15/2032

200,000

197,942

4.90%,

10/15/2034

500,000

485,921

Salesforce,

Inc.

1.95%,

7/15/2031

390,000

340,102

ServiceNow,

Inc.

1.40%,

9/1/2030(a)

750,000

643,399

Synopsys,

Inc.

4.65%,

4/1/2028(a)

700,000

708,037

4.85%,

4/1/2030(a)

650,000

657,088

5.15%,

4/1/2035

1,050,000

1,052,242

VMware

LLC

1.40%,

8/15/2026(a)

275,000

263,961

4.65%,

5/15/2027

40,000

40,062

3.90%,

8/21/2027

395,000

389,067

4.70%,

5/15/2030(a)

92,000

91,164

2.20%,

8/15/2031

200,000

170,048

Workday,

Inc.

3.50%,

4/1/2027

350,000

343,770

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Software

#### -

#### 3.0%
(continued)

Workday,

Inc.

(continued)

3.70%,

4/1/2029

$

300,000

$

290,279

3.80%,

4/1/2032(a)

600,000

555,100

#### 15,283,885

#### Specialized

#### REITs

#### -

#### 1

#### .2

#### %
American

Tower

Corp.

REIT,

1.45%,

9/15/2026

550,000

527,438

Crown

Castle,

Inc.

REIT,

3.70%,

6/15/2026

50,000

49,437

REIT,

1.05%,

7/15/2026

850,000

813,611

REIT,

3.65%,

9/1/2027

400,000

391,183

REIT,

5.00%,

1/11/2028

100,000

100,865

CubeSmart

LP

REIT,

2.25%,

12/15/2028(a)

300,000

275,647

REIT,

4.38%,

2/15/2029

150,000

148,039

REIT,

3.00%,

2/15/2030(a)

150,000

138,804

REIT,

2.00%,

2/15/2031

200,000

170,428

REIT,

2.50%,

2/15/2032

250,000

209,886

EPR

Properties

REIT,

4.75%,

12/15/2026

250,000

247,812

REIT,

4.50%,

6/1/2027

303,000

297,911

REIT,

4.95%,

4/15/2028

153,000

151,216

REIT,

3.75%,

8/15/2029

250,000

233,940

REIT,

3.60%,

11/15/2031(a)

200,000

176,815

Equinix,

Inc.

REIT,

3.20%,

11/18/2029

150,000

141,122

Public

Storage

Operating

Co.

REIT,

1.50%,

11/9/2026

50,000

47,985

Weyerhaeuser

Co.

REIT,

4.75%,

5/15/2026

655,000

655,846

REIT,

6.95%,

10/1/2027

150,000

158,813

REIT,

4.00%,

11/15/2029(a)

226,000

219,929

REIT,

4.00%,

4/15/2030(a)

379,000

366,720

REIT,

7.38%,

3/15/2032

300,000

336,593

REIT,

6.88%,

12/15/2033

135,000

147,210

#### 6,007,250

#### Specialty

#### Retail

#### -

#### 2

#### .9

#### %
AutoZone,

Inc.

5.05%,

7/15/2026(a)

100,000

100,645

3.75%,

6/1/2027(a)

350,000

345,520

4.50%,

2/1/2028(a)

150,000

151,026

6.25%,

11/1/2028(a)

250,000

264,853

3.75%,

4/18/2029

150,000

145,854

5.10%,

7/15/2029(a)

450,000

458,858

4.00%,

4/15/2030(a)

275,000

267,061

1.65%,

1/15/2031

350,000

296,085

4.75%,

8/1/2032(a)

350,000

344,491

4.75%,

2/1/2033

250,000

244,379

5.20%,

8/1/2033

100,000

99,781

6.55%,

11/1/2033(a)

215,000

233,517

5.40%,

7/15/2034(a)

500,000

505,246

Home

Depot,

Inc.

(The)

5.15%,

6/25/2026

100,000

101,255

2.13%,

9/15/2026

75,000

73,150

4.90%,

4/15/2029

49,000

50,314

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Specialty

#### Retail

#### -

#### 2.9%
(continued)

Home

Depot,

Inc.

(The)

(continued)

2.95%,

6/15/2029(a)

$

426,000

$

405,681

4.75%,

6/25/2029

150,000

153,238

2.70%,

4/15/2030(a)

750,000

695,864

1.38%,

3/15/2031(a)

525,000

440,880

4.85%,

6/25/2031

50,000

51,057

1.88%,

9/15/2031

450,000

384,880

3.25%,

4/15/2032(a)

378,000

346,176

4.50%,

9/15/2032(a)

150,000

149,235

4.95%,

6/25/2034

550,000

553,049

Lowe's

Cos.,

Inc.

3.35%,

4/1/2027

500,000

491,168

3.10%,

5/3/2027(a)

250,000

244,255

1.30%,

4/15/2028

300,000

275,426

3.65%,

4/5/2029(a)

400,000

387,853

4.50%,

4/15/2030(a)

225,000

224,183

1.70%,

10/15/2030(a)

150,000

128,956

2.63%,

4/1/2031(a)

750,000

669,362

3.75%,

4/1/2032(a)

655,000

610,036

5.00%,

4/15/2033(a)

275,000

274,088

5.15%,

7/1/2033

250,000

251,118

O'Reilly

Automotive,

Inc.

5.75%,

11/20/2026

350,000

356,694

3.60%,

9/1/2027(a)

501,000

492,909

4.35%,

6/1/2028(a)

200,000

200,168

3.90%,

6/1/2029

650,000

634,195

4.20%,

4/1/2030

50,000

49,060

1.75%,

3/15/2031

200,000

168,714

4.70%,

6/15/2032(a)

875,000

857,735

Ross

Stores,

Inc.

1.88%,

4/15/2031

250,000

212,053

TJX

Cos.,

Inc.

(The)

2.25%,

9/15/2026

340,000

332,105

1.15%,

5/15/2028(a)

150,000

137,737

3.88%,

4/15/2030(a)

281,000

275,475

1.60%,

5/15/2031(a)

250,000

213,435

Tractor

Supply

Co.

1.75%,

11/1/2030

300,000

255,511

5.25%,

5/15/2033(a)

300,000

301,260

#### 14,905,591

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 0

#### .8

#### %
Apple,

Inc.

2.45%,

8/4/2026

512,000

502,941

2.05%,

9/11/2026

32,000

31,213

3.20%,

5/11/2027

25,000

24,707

2.90%,

9/12/2027

82,000

80,380

1.20%,

2/8/2028

314,000

292,532

3.25%,

8/8/2029(a)

282,000

274,550

2.20%,

9/11/2029

492,000

457,556

1.65%,

5/11/2030

300,000

266,847

1.25%,

8/20/2030

25,000

21,660

1.65%,

2/8/2031

650,000

567,987

3.35%,

8/8/2032

25,000

23,589

HP,

Inc.

3.00%,

6/17/2027

200,000

193,715

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 0.8%
(continued)

HP,

Inc.

(continued)

4.00%,

4/15/2029

$

112,000

$

108,622

5.50%,

1/15/2033(a)

150,000

149,294

NetApp,

Inc.

2.38%,

6/22/2027

250,000

238,719

2.70%,

6/22/2030(a)

400,000

359,438

5.50%,

3/17/2032

350,000

354,335

Teledyne

FLIR

LLC

2.50%,

8/1/2030(a)

150,000

133,641

Western

Digital

Corp.

2.85%,

2/1/2029

150,000

136,873

#### 4,218,599

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 0

#### .0

#### %
(c) Tapestry,

Inc.

4.13%,

7/15/2027

8,000

7,939

5.10%,

3/11/2030

150,000

150,590

#### 158,529

#### Tobacco

#### -

#### 1

#### .5

#### %
Altria

Group,

Inc.

2.63%,

9/16/2026(a)

271,000

264,252

6.20%,

11/1/2028

400,000

422,215

4.80%,

2/14/2029

979,000

984,943

3.40%,

5/6/2030(a)

628,000

590,560

2.45%,

2/4/2032(a)

1,000,000

847,849

6.88%,

11/1/2033(a)

300,000

330,013

5.63%,

2/6/2035(a)

100,000

101,173

BAT

Capital

Corp.

6.42%,

8/2/2033

50,000

53,526

Philip

Morris

International,

Inc.

0.88%,

5/1/2026

11,000

10,637

5.13%,

11/17/2027(a)

323,000

329,882

4.88%,

2/15/2028(a)

400,000

407,224

4.88%,

2/13/2029

150,000

152,415

5.63%,

11/17/2029(a)

225,000

235,814

5.13%,

2/15/2030(a)

487,000

499,559

2.10%,

5/1/2030(a)

200,000

178,567

5.50%,

9/7/2030(a)

250,000

261,294

5.75%,

11/17/2032(a)

450,000

472,088

5.38%,

2/15/2033(a)

475,000

486,406

5.63%,

9/7/2033

350,000

363,094

5.25%,

2/13/2034

640,000

646,482

#### 7,637,993

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 0

#### .2

#### %
Air

Lease

Corp.

3.75%,

6/1/2026

50,000

49,436

2.20%,

1/15/2027

27,000

25,954

5.85%,

12/15/2027

25,000

25,758

5.30%,

2/1/2028

300,000

305,253

5.10%,

3/1/2029

50,000

50,697

2.88%,

1/15/2032(a)

35,000

30,389

Ferguson

Enterprises,

Inc.

5.00%,

10/3/2034

200,000

193,548

GATX

Corp.

4.00%,

6/30/2030

50,000

48,168

6.05%,

3/15/2034

50,000

51,988

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 0.2%
(continued)

WW

Grainger,

Inc.

4.45%,

9/15/2034

$

250,000

$

242,508

#### 1,023,699

#### Wireless

#### Telecommunication

#### Services

#### -

#### 0

#### .3

#### %
T-Mobile

USA,

Inc.

3.75%,

4/15/2027

725,000

717,144

2.05%,

2/15/2028

300,000

282,105

4.95%,

3/15/2028(a)

310,000

315,016

4.80%,

7/15/2028(a)

300,000

303,080

3.88%,

4/15/2030

68,000

65,614

#### 1,682,959

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $496,482,920)
500,639,302

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 18

#### .0

#### %
(f) #### CERTIFICATES

#### OF

#### DEPOSIT

#### -

#### 0

#### .6

#### %
BNP

Paribas,

New

York

(SOFR

+

0.24%),

4.60%,

12/1/2025(g)

$

1,000,000

999,588

Canadian

Imperial

Bank

of

Commerce,

New

York

(SOFR

+

0.24%),

4.60%,

12/17/2025(g)

1,000,000

999,366

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York

(SOFR

+

0.32%),

4.68%,

10/17/2025(g)

1,000,000

999,988

#### Total

#### Certificates

#### of

#### Deposit

#### (Cost

#### $3,000,000)

#### 2,998,942

#### REPURCHASE

#### AGREEMENTS

#### -

#### 17

#### .4

#### %
CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$26,040,371,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$26,473,178

26,037,225

26,037,225

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$62,307,666,

collateralized

by

various

Common

Stocks;

total

market

value

$68,717,255

62,300,000

62,300,000

#### Total

#### Repurchase

#### Agreements

#### (Cost

#### $88,337,225)

#### 88,337,225

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $91,337,225)

#### 91,336,167

#### Investments

#### Principal

#### Amount

#### Value

#### SHORT-TERM

#### INVESTMENTS

#### -

#### 0

#### .5

#### %
(h) #### U.S.

#### GOVERNMENT

#### AGENCY

#### SECURITIES

#### -

#### 0

#### .5

#### %
FHLB

Zero

Coupon,

5/1/2025

(Cost

$2,530,000)

$

2,530,000

$

2,529,703

#### Total

#### Investments

#### -

#### 117.1%

#### (Cost

#### $590,350,145)

#### 594,505,172
Liabilities

in

excess

of

other

assets

-

(17.1%)

(87,021,815)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $507,483,357
(a) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$96,070,540,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$91,337,225* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments* 

*and* 

*$13,691,957* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*5.00%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*September* 

*30,* 

*2025* 

*–* 

*November* 

*15,* 

*2054;* 

*a* 

*total* 

*value* 

*of* 

*$105,029,182.*

(b) *Step* 

*bond.* 

*Interest* 

*rate* 

*is* 

*a* 

*fixed* 

*rate* 

*for* 

*an* 

*initial* 

*period* 

*that* 

*either* 

*resets* 

*at* 

*a* 

*specific* 

*date* 

*or* 

*may* 

*reset* 

*in* 

*the* 

*future* 

*at* 

*a* 

*contingent* 

*upon* 

*predetermined* 

*trigger.* 

*The* 

*interest* 

*rate* 

*shown* 

*was* 

*the* 

*current* 

*rate* 

*as* 

*of* 

*April* 

*30,* 

2025. (c) *Represents* 

*less* 

*than* 

*0.05%* 

*of* 

*net* 

*assets.*

(d) *Security* 

*issued* 

*at* 

*a* 

*fixed* 

*coupon* 

*rate,* 

*which* 

*converts* 

*to* 

*a* 

*variable* 

*rate* 

*at* 

*a* 

*future* 

*date.* 

*Rate* 

*shown* 

*is* 

*the* 

*rate* 

*in* 

*effect* 

*as* 

*of* 

*period* 

*end.*

(e) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Rule* 

*144A* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

*1933,* 

*as* 

*amended.* 

*These* 

*securities* 

*may* 

*be* 

*resold* 

*in* 

*transactions* 

*exempt* 

*from* 

*registration* 

*to* 

*qualified* 

*institutional* 

*investors.* 

*At* 

*April* 

*30,* 

*2025,* 

*the* 

*value* 

*of* 

*these* 

*securities* 

*amounted* 

*to* 

*approximately* 

*$4,095,510* 

*or* 

*0.81%* 

*of* 

*net* 

*assets.*

(f) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$91,336,167.*

(g) *Variable* 

*or* 

*floating* 

*rate* 

*security,* 

*linked* 

*to* 

*the* 

*referenced* 

*benchmark.* 

*The* 

*interest* 

*rate* 

*shown* 

*is* 

*the* 

*rate* 

*in* 

*effect* 

*as* 

*of* 

*April* 

*30,* 

2025. *Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

(h) *The* 

*rate* 

*shown* 

*was* 

*the* 

*current* 

*yield* 

*as* 

*of* 

*April* 

*30,* 

2025. Abbreviations

*FHLB*

*—*

*Federal* 

*Home* 

*Loan* 

*Bank*

*OYJ*

*—*

*Public* 

*Limited* 

*Company*

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*SCA*

*—*

*Limited* 

*partnership* 

*with* 

*share* 

*capital*

*SOFR*

*—*

*Secured* 

*Overnight* 

*Financing* 

*Rate*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

5,386,558

Aggregate

gross

unrealized

depreciation

(1,661,959)

Net

unrealized

appreciation

$

3,724,599

Federal

income

tax

cost

$

590,780,573

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Corporate

Bonds

.6

%

Securities

Lending

Reinvestments

.0

Short-Term

Investments

.5

Others

(1) (17

.1)

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Trust

Schedule

of

Investments

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS

#### -

#### 98

#### .2

#### %

#### Aerospace

#### &

#### Defense

#### -

#### 0

#### .8

#### %
General

Dynamics

Corp.

4.25%,

4/1/2040

$

50,000

$

44,325

Howmet

Aerospace,

Inc.

5.95%,

2/1/2037

30,000

31,225

Lockheed

Martin

Corp.

4.30%,

6/15/2062

20,000

15,573

5.90%,

11/15/2063

30,000

30,516

5.20%,

2/15/2064

5,000

4,538

Northrop

Grumman

Corp.

5.20%,

6/1/2054

25,000

23,023

Precision

Castparts

Corp.

4.20%,

6/15/2035

15,000

14,324

3.90%,

1/15/2043

10,000

8,047

RTX

Corp.

4.50%,

6/1/2042

50,000

43,430

6.40%,

3/15/2054

20,000

21,473

Textron,

Inc.

5.50%,

5/15/2035

50,000

49,631

#### 286,105

#### Automobile

#### Components

#### -

#### 0

#### .1

#### %
Aptiv

Swiss

Holdings

Ltd.

3.10%,

12/1/2051

50,000

28,347

Lear

Corp.

5.25%,

5/15/2049

25,000

20,800

#### 49,147

#### Automobiles

#### -

#### 0

#### .1

#### %
Ford

Motor

Co.

4.75%,

1/15/2043

50,000

37,389

#### Banks

#### -

#### 7

#### .4

#### %
Bank

of

America

Corp.

4.24%,

4/24/2038(a)

100,000

89,424

2.68%,

6/19/2041(a)

70,000

49,607

3.31%,

4/22/2042(a)

30,000

22,583

4.08%,

3/20/2051(a)

90,000

69,427

2.97%,

7/21/2052(a)

15,000

9,442

Citigroup,

Inc.

6.13%,

8/25/2036

50,000

50,891

8.13%,

7/15/2039

75,000

92,770

5.32%,

3/26/2041(a)

45,000

43,194

5.88%,

1/30/2042

95,000

96,272

6.68%,

9/13/2043

95,000

100,343

5.30%,

5/6/2044

50,000

45,551

4.75%,

5/18/2046

170,000

140,719

4.65%,

7/23/2048

15,000

12,606

5.61%,

3/4/2056(a)

50,000

47,779

6.88%,

2/15/2098

25,000

27,381

Cooperatieve

Rabobank

UA

5.25%,

5/24/2041

95,000

92,240

5.25%,

8/4/2045

25,000

22,977

Fifth

Third

Bancorp

8.25%,

3/1/2038

30,000

35,301

HSBC

Holdings

plc

6.50%,

5/2/2036

25,000

26,648

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Banks

#### -

#### 7.4%
(continued)

HSBC

Holdings

plc

(continued)

6.50%,

9/15/2037

$

75,000

$

77,783

6.80%,

6/1/2038

75,000

80,201

6.33%,

3/9/2044(a)

125,000

131,177

5.25%,

3/14/2044

50,000

46,467

JPMorgan

Chase

&

Co.

6.40%,

5/15/2038

20,000

21,951

3.11%,

4/22/2041(a)

35,000

26,494

4.95%,

6/1/2045

100,000

90,928

5.53%,

11/29/2045(a)

50,000

49,238

3.96%,

11/15/2048(a)

10,000

7,815

3.33%,

4/22/2052(a)

10,000

6,869

Lloyds

Banking

Group

plc

3.37%,

12/14/2046(a)

75,000

52,187

4.34%,

1/9/2048

100,000

76,741

Mitsubishi

UFJ

Financial

Group,

Inc.

3.75%,

7/18/2039

50,000

42,168

Regions

Bank

6.45%,

6/26/2037

25,000

25,309

Sumitomo

Mitsui

Financial

Group,

Inc.

5.84%,

7/9/2044

50,000

49,872

Wells

Fargo

&

Co.

3.07%,

4/30/2041(a)

10,000

7,356

5.38%,

11/2/2043

60,000

55,365

5.61%,

1/15/2044

180,000

169,685

4.65%,

11/4/2044

55,000

45,897

4.90%,

11/17/2045

140,000

119,608

4.40%,

6/14/2046

145,000

114,949

4.75%,

12/7/2046

140,000

116,084

5.01%,

4/4/2051(a)

40,000

35,187

4.61%,

4/25/2053(a)

10,000

8,280

Westpac

Banking

Corp.

2.96%,

11/16/2040

45,000

32,801

3.13%,

11/18/2041

75,000

52,996

#### 2,618,563

#### Beverages

#### -

#### 1

#### .7

#### %
Coca-Cola

Co.

(The)

4.20%,

3/25/2050

50,000

40,847

2.60%,

6/1/2050

40,000

24,455

3.00%,

3/5/2051

55,000

36,314

2.50%,

3/15/2051

70,000

41,579

5.30%,

5/13/2054

100,000

96,600

5.20%,

1/14/2055

100,000

95,609

2.75%,

6/1/2060

15,000

8,761

5.40%,

5/13/2064

135,000

130,928

Constellation

Brands,

Inc.

4.50%,

5/9/2047

32,149

26,163

PepsiCo,

Inc.

5.50%,

1/15/2040

35,000

36,172

3.50%,

3/19/2040

5,000

4,077

3.60%,

8/13/2042

20,000

15,781

4.60%,

7/17/2045

10,000

8,808

3.45%,

10/6/2046

20,000

14,874

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Beverages

#### -

#### 1.7%
(continued)

PepsiCo,

Inc.

(continued)

5.25%,

7/17/2054

$

30,000

$

28,973

#### 609,941

#### Biotechnology

#### -

#### 1

#### .5

#### %
AbbVie,

Inc.

5.40%,

3/15/2054

50,000

47,908

5.50%,

3/15/2064

20,000

19,219

Amgen,

Inc.

5.65%,

3/2/2053

40,000

38,392

5.75%,

3/2/2063

65,000

61,815

Biogen,

Inc.

5.20%,

9/15/2045

15,000

13,239

3.15%,

5/1/2050

20,000

12,182

Gilead

Sciences,

Inc.

5.10%,

6/15/2035

50,000

50,180

4.80%,

4/1/2044

25,000

22,391

4.50%,

2/1/2045

50,000

42,933

4.15%,

3/1/2047

55,000

44,653

5.55%,

10/15/2053

50,000

48,735

5.50%,

11/15/2054

50,000

48,427

5.60%,

11/15/2064

50,000

48,222

Regeneron

Pharmaceuticals,

Inc.

2.80%,

9/15/2050

75,000

42,957

#### 541,253

#### Broadline

#### Retail

#### -

#### 0

#### .3

#### %
Amazon.com,

Inc.

4.05%,

8/22/2047

15,000

12,352

4.25%,

8/22/2057

100,000

81,223

eBay,

Inc.

4.00%,

7/15/2042

20,000

15,839

#### 109,414

#### Building

#### Products

#### -

#### 0

#### .4

#### %
Masco

Corp.

4.50%,

5/15/2047

50,000

39,639

Trane

Technologies

Financing

Ltd.

4.50%,

3/21/2049

40,000

32,755

Trane

Technologies

Global

Holding

Co.

Ltd.

5.75%,

6/15/2043

50,000

49,956

4.30%,

2/21/2048

20,000

16,043

#### 138,393

#### Capital

#### Markets

#### -

#### 2

#### .4

#### %
BlackRock

Funding,

Inc.

5.25%,

3/14/2054

15,000

14,192

Brookfield

Finance,

Inc.

5.97%,

3/4/2054

25,000

24,359

Goldman

Sachs

Group,

Inc.

(The)

6.75%,

10/1/2037

50,000

53,723

4.02%,

10/31/2038(a)

20,000

17,026

3.21%,

4/22/2042(a)

25,000

18,241

2.91%,

7/21/2042(a)

40,000

27,762

5.15%,

5/22/2045

25,000

22,173

4.75%,

10/21/2045

20,000

17,336

5.56%,

11/19/2045(a)

25,000

24,043

Moody's

Corp.

2.75%,

8/19/2041

5,000

3,444

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Capital

#### Markets

#### -

#### 2.4%
(continued)

Moody's

Corp.

(continued)

5.25%,

7/15/2044

$

25,000

$

23,374

4.88%,

12/17/2048

35,000

30,375

3.25%,

5/20/2050

40,000

26,408

3.75%,

2/25/2052

75,000

55,114

3.10%,

11/29/2061

55,000

33,385

Morgan

Stanley

3.22%,

4/22/2042(a)

25,000

18,406

6.38%,

7/24/2042

20,000

21,474

4.30%,

1/27/2045

5,000

4,137

5.60%,

3/24/2051(a)

50,000

48,434

5.52%,

11/19/2055(a)

50,000

47,749

Nasdaq,

Inc.

5.95%,

8/15/2053

60,000

60,392

6.10%,

6/28/2063

60,000

60,306

Raymond

James

Financial,

Inc.

3.75%,

4/1/2051

50,000

35,654

S&P

Global,

Inc.

6.55%,

11/15/2037

20,000

22,345

4.50%,

5/15/2048

20,000

16,923

3.25%,

12/1/2049

15,000

10,423

3.70%,

3/1/2052

40,000

29,862

2.30%,

8/15/2060

50,000

25,377

3.90%,

3/1/2062

80,000

58,918

#### 851,355

#### Chemicals

#### -

#### 1

#### .9

#### %
CF

Industries,

Inc.

4.95%,

6/1/2043

70,000

59,694

5.38%,

3/15/2044

25,000

22,442

Dow

Chemical

Co.

(The)

9.40%,

5/15/2039

10,000

12,798

Ecolab,

Inc.

5.50%,

12/8/2041

25,000

24,939

2.70%,

12/15/2051

120,000

72,178

2.75%,

8/18/2055

47,000

27,783

LYB

International

Finance

BV

5.25%,

7/15/2043

50,000

43,432

LYB

International

Finance

III

LLC

4.20%,

10/15/2049

80,000

57,486

4.20%,

5/1/2050

50,000

35,736

3.63%,

4/1/2051

25,000

16,156

3.80%,

10/1/2060

25,000

15,573

LyondellBasell

Industries

NV

4.63%,

2/26/2055

25,000

18,901

PPG

Industries,

Inc.

5.50%,

11/15/2040

25,000

25,005

RPM

International,

Inc.

5.25%,

6/1/2045

20,000

18,570

Sherwin-Williams

Co.

(The)

4.00%,

12/15/2042

25,000

19,604

4.55%,

8/1/2045

50,000

41,598

4.50%,

6/1/2047

60,000

49,716

3.80%,

8/15/2049

70,000

50,329

2.90%,

3/15/2052

75,000

44,897

#### 656,837
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 0

#### .1

#### %
Republic

Services,

Inc.

6.20%,

3/1/2040

$

20,000

$

21,438

5.70%,

5/15/2041

25,000

25,185

#### 46,623

#### Communications

#### Equipment

#### -

#### 1

#### .7

#### %
Cisco

Systems,

Inc.

5.90%,

2/15/2039

175,000

186,728

5.50%,

1/15/2040

55,000

56,195

5.30%,

2/26/2054

155,000

147,918

5.35%,

2/26/2064

100,000

94,787

Juniper

Networks,

Inc.

5.95%,

3/15/2041

35,000

34,496

Motorola

Solutions,

Inc.

5.50%,

9/1/2044

30,000

28,970

Nokia

OYJ

6.63%,

5/15/2039

40,000

40,174

#### 589,268

#### Construction

#### Materials

#### -

#### 0

#### .4

#### %
Lafarge

SA

7.13%,

7/15/2036

25,000

28,069

Martin

Marietta

Materials,

Inc.

3.20%,

7/15/2051

50,000

31,951

5.50%,

12/1/2054

50,000

46,423

Vulcan

Materials

Co.

4.70%,

3/1/2048

10,000

8,441

5.70%,

12/1/2054

30,000

28,670

#### 143,554

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 1

#### .2

#### %
Kroger

Co.

(The)

4.45%,

2/1/2047

130,000

105,877

5.50%,

9/15/2054

50,000

46,771

5.65%,

9/15/2064

50,000

46,439

Sysco

Corp.

5.38%,

9/21/2035

30,000

30,168

6.60%,

4/1/2040

50,000

53,603

4.85%,

10/1/2045

15,000

12,908

6.60%,

4/1/2050

60,000

63,607

3.15%,

12/14/2051

80,000

49,868

#### 409,241

#### Containers

#### &

#### Packaging

#### -

#### 0

#### .2

#### %
Packaging

Corp.

of

America

4.05%,

12/15/2049

45,000

33,565

3.05%,

10/1/2051

50,000

30,739

#### 64,304

#### Diversified

#### REITs

#### -

#### 0

#### .4

#### %
GLP

Capital

LP

REIT,

6.25%,

9/15/2054

25,000

23,577

Simon

Property

Group

LP

REIT,

6.75%,

2/1/2040

30,000

33,385

VICI

Properties

LP

REIT,

5.63%,

5/15/2052

70,000

62,688

REIT,

6.13%,

4/1/2054

35,000

33,528

#### 153,178

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Diversified

#### Telecommunication

#### Services

#### -

#### 1

#### .1

#### %
AT&T,

Inc.

3.55%,

9/15/2055

$

100,000

$

66,967

3.80%,

12/1/2057

50,000

34,418

3.65%,

9/15/2059

60,000

39,686

Telefonica

Emisiones

SA

7.05%,

6/20/2036

95,000

105,224

4.90%,

3/6/2048

150,000

125,166

#### 371,461

#### Electric

#### Utilities

#### -

#### 5

#### .9

#### %
AEP

Texas,

Inc.

Series

G,

4.15%,

5/1/2049

25,000

18,622

3.45%,

5/15/2051

25,000

16,455

Alabama

Power

Co.

5.50%,

3/15/2041

25,000

24,419

4.10%,

1/15/2042

25,000

20,351

3.13%,

7/15/2051

25,000

16,313

Appalachian

Power

Co.

7.00%,

4/1/2038

50,000

55,709

4.45%,

6/1/2045

25,000

19,990

Series

Y,

4.50%,

3/1/2049

25,000

19,831

Arizona

Public

Service

Co.

2.65%,

9/15/2050

50,000

28,850

Duke

Energy

Corp.

3.75%,

9/1/2046

100,000

72,241

3.95%,

8/15/2047

50,000

36,611

5.00%,

8/15/2052

75,000

64,118

6.10%,

9/15/2053

50,000

49,842

5.80%,

6/15/2054

50,000

47,915

Duke

Energy

Progress

LLC

4.10%,

3/15/2043

400,000

325,689

Emera

US

Finance

LP

4.75%,

6/15/2046

50,000

40,282

Evergy

Kansas

Central,

Inc.

4.13%,

3/1/2042

25,000

20,679

3.45%,

4/15/2050

50,000

34,153

5.70%,

3/15/2053

50,000

48,597

Evergy

Metro,

Inc.

Series

B,

6.05%,

11/15/2035

50,000

52,839

FirstEnergy

Corp.

Series

C,

4.85%,

7/15/2047(b)

25,000

20,812

Georgia

Power

Co.

Series

A,

3.25%,

3/15/2051

50,000

33,176

Idaho

Power

Co.

5.80%,

4/1/2054

45,000

44,232

5.70%,

3/15/2055

10,000

9,691

Indiana

Michigan

Power

Co.

3.25%,

5/1/2051

25,000

16,284

International

Transmission

Co.

4.63%,

8/15/2043

45,000

37,826

Interstate

Power

and

Light

Co.

3.10%,

11/30/2051

25,000

15,766

5.45%,

9/30/2054

40,000

37,475

Kentucky

Utilities

Co.

5.13%,

11/1/2040

20,000

18,973

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Electric

#### Utilities

#### -

#### 5.9%
(continued)

Louisville

Gas

and

Electric

Co.

5.13%,

11/15/2040

$

20,000

$

19,132

Mississippi

Power

Co.

Series

12-A,

4.25%,

3/15/2042

25,000

20,825

Nevada

Power

Co.

Series

R,

6.75%,

7/1/2037

25,000

27,865

5.38%,

9/15/2040

25,000

24,771

5.45%,

5/15/2041

25,000

24,231

Series

EE,

3.13%,

8/1/2050

25,000

15,902

Series

GG,

5.90%,

5/1/2053

25,000

24,688

Ohio

Power

Co.

Series

R,

2.90%,

10/1/2051

25,000

15,041

Oklahoma

Gas

and

Electric

Co.

5.85%,

6/1/2040

10,000

10,110

4.15%,

4/1/2047

50,000

39,191

5.60%,

4/1/2053

55,000

52,909

Pacific

Gas

and

Electric

Co.

5.25%,

3/1/2052

25,000

20,797

6.75%,

1/15/2053

20,000

20,133

PacifiCorp

6.25%,

10/15/2037

50,000

52,628

6.00%,

1/15/2039

25,000

25,358

4.13%,

1/15/2049

75,000

56,472

4.15%,

2/15/2050

25,000

18,722

3.30%,

3/15/2051

75,000

48,066

2.90%,

6/15/2052

25,000

14,658

5.35%,

12/1/2053

25,000

22,302

5.50%,

5/15/2054

25,000

22,620

Public

Service

Co.

of

Colorado

3.95%,

3/15/2043

50,000

38,515

Public

Service

Co.

of

Oklahoma

Series

K,

3.15%,

8/15/2051

25,000

15,809

Southwestern

Electric

Power

Co.

Series

J,

3.90%,

4/1/2045

25,000

18,699

Series

L,

3.85%,

2/1/2048

25,000

17,957

3.25%,

11/1/2051

25,000

15,773

Tucson

Electric

Power

Co.

3.25%,

5/1/2051

75,000

48,797

5.50%,

4/15/2053

25,000

23,534

Wisconsin

Electric

Power

Co.

3.65%,

12/15/2042

35,000

26,730

4.25%,

6/1/2044

10,000

8,099

4.30%,

12/15/2045

10,000

8,176

Wisconsin

Public

Service

Corp.

2.85%,

12/1/2051

50,000

30,288

#### 2,076,539

#### Electrical

#### Equipment

#### -

#### 0

#### .1

#### %
ABB

Finance

USA,

Inc.

4.38%,

5/8/2042

50,000

43,727

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 0

#### .8

#### %
Amphenol

Corp.

5.38%,

11/15/2054

50,000

48,564

Corning,

Inc.

5.75%,

8/15/2040

50,000

50,198

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 0.8%
(continued)

Corning,

Inc.

(continued)

4.75%,

3/15/2042

$

30,000

$

26,521

5.35%,

11/15/2048

50,000

45,948

5.45%,

11/15/2079

75,000

64,468

Tyco

Electronics

Group

SA

7.13%,

10/1/2037

40,000

46,463

#### 282,162

#### Energy

#### Equipment

#### &

#### Services

#### -

#### 0

#### .1

#### %
NOV,

Inc.

3.95%,

12/1/2042

50,000

35,012

#### Entertainment

#### -

#### 0

#### .8

#### %
Electronic

Arts,

Inc.

2.95%,

2/15/2051

70,000

43,573

Netflix,

Inc.

5.40%,

8/15/2054

90,000

87,323

Walt

Disney

Co.

(The)

6.15%,

3/1/2037

30,000

32,542

6.65%,

11/15/2037

60,000

67,683

Warnermedia

Holdings,

Inc.

5.05%,

3/15/2042

40,000

30,150

5.14%,

3/15/2052

45,000

30,765

#### 292,036

#### Financial

#### Services

#### -

#### 2

#### .5

#### %
Apollo

Global

Management,

Inc.

5.80%,

5/21/2054

65,000

62,296

Fidelity

National

Information

Services,

Inc.

3.10%,

3/1/2041

35,000

24,906

4.50%,

8/15/2046

20,000

16,372

Fiserv,

Inc.

4.40%,

7/1/2049

145,000

113,869

Mastercard,

Inc.

3.80%,

11/21/2046

95,000

75,273

3.95%,

2/26/2048

35,000

28,101

3.65%,

6/1/2049

120,000

90,766

3.85%,

3/26/2050

45,000

35,133

2.95%,

3/15/2051

25,000

16,340

Visa,

Inc.

2.70%,

4/15/2040

140,000

105,548

4.30%,

12/14/2045

225,000

193,292

3.65%,

9/15/2047

15,000

11,478

Voya

Financial,

Inc.

5.70%,

7/15/2043

30,000

28,536

Western

Union

Co.

(The)

6.20%,

11/17/2036

35,000

35,144

6.20%,

6/21/2040

20,000

19,483

Woodside

Finance

Ltd.

5.70%,

9/12/2054

50,000

44,506

#### 901,043

#### Food

#### Products

#### -

#### 0

#### .8

#### %
General

Mills,

Inc.

4.55%,

4/17/2038

25,000

22,978

5.40%,

6/15/2040

50,000

47,886

Ingredion,

Inc.

6.63%,

4/15/2037

25,000

27,393

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Food

#### Products

#### -

#### 0.8%
(continued)

Ingredion,

Inc.

(continued)

3.90%,

6/1/2050

$

35,000

$

26,005

Kraft

Heinz

Foods

Co.

6.88%,

1/26/2039

25,000

27,681

5.00%,

6/4/2042

10,000

9,052

Mondelez

International,

Inc.

2.63%,

9/4/2050

50,000

29,462

Tyson

Foods,

Inc.

5.15%,

8/15/2044

50,000

44,811

5.10%,

9/28/2048

45,000

39,895

#### 275,163

#### Gas

#### Utilities

#### -

#### 0

#### .8

#### %
Atmos

Energy

Corp.

4.30%,

10/1/2048

25,000

20,366

2.85%,

2/15/2052

100,000

61,030

5.75%,

10/15/2052

50,000

49,774

6.20%,

11/15/2053

50,000

53,115

5.00%,

12/15/2054

50,000

44,594

Piedmont

Natural

Gas

Co.,

Inc.

4.65%,

8/1/2043

25,000

21,681

3.64%,

11/1/2046

50,000

35,542

#### 286,102

#### Ground

#### Transportation

#### -

#### 3

#### .0

#### %
Burlington

Northern

Santa

Fe

LLC

6.15%,

5/1/2037

15,000

16,241

5.75%,

5/1/2040

75,000

77,545

5.40%,

6/1/2041

25,000

24,485

4.95%,

9/15/2041

25,000

23,324

4.40%,

3/15/2042

25,000

21,734

4.38%,

9/1/2042

50,000

43,038

4.45%,

3/15/2043

75,000

65,315

5.15%,

9/1/2043

50,000

47,572

4.55%,

9/1/2044

15,000

13,151

3.90%,

8/1/2046

45,000

35,309

4.15%,

12/15/2048

15,000

12,101

3.05%,

2/15/2051

25,000

16,347

3.30%,

9/15/2051

15,000

10,253

2.88%,

6/15/2052

90,000

55,976

4.45%,

1/15/2053

120,000

100,294

5.20%,

4/15/2054

120,000

112,290

Canadian

National

Railway

Co.

4.50%,

11/7/2043

25,000

21,448

Canadian

Pacific

Railway

Co.

5.75%,

1/15/2042

30,000

29,681

6.13%,

9/15/2115

50,000

49,332

Uber

Technologies,

Inc.

5.35%,

9/15/2054

20,000

18,317

Union

Pacific

Corp.

3.80%,

10/1/2051

50,000

37,422

5.60%,

12/1/2054

50,000

49,129

3.95%,

8/15/2059

50,000

36,340

3.84%,

3/20/2060

75,000

53,304

5.15%,

1/20/2063

40,000

35,615

3.75%,

2/5/2070

15,000

9,970

3.80%,

4/6/2071

25,000

16,911

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Ground

#### Transportation

#### -

#### 3.0%
(continued)

Union

Pacific

Corp.

(continued)

3.85%,

2/14/2072

$

50,000

$

34,259

#### 1,066,703

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 1

#### .3

#### %
Abbott

Laboratories

4.75%,

11/30/2036

50,000

49,398

6.15%,

11/30/2037

50,000

55,224

6.00%,

4/1/2039

20,000

21,851

4.90%,

11/30/2046

15,000

14,073

Becton

Dickinson

&

Co.

4.67%,

6/6/2047

25,000

21,196

Boston

Scientific

Corp.

6.50%,

11/15/2035(b)

30,000

33,265

7.38%,

1/15/2040

30,000

35,493

4.70%,

3/1/2049

25,000

22,012

STERIS

Irish

FinCo.

UnLtd

Co.

3.75%,

3/15/2051

100,000

69,540

Stryker

Corp.

4.10%,

4/1/2043

20,000

16,360

4.38%,

5/15/2044

25,000

21,179

4.63%,

3/15/2046

100,000

87,180

Zimmer

Biomet

Holdings,

Inc.

4.25%,

8/15/2035

25,000

22,750

#### 469,521

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 3

#### .6

#### %
Cardinal

Health,

Inc.

4.60%,

3/15/2043

60,000

50,345

4.50%,

11/15/2044

25,000

20,554

4.90%,

9/15/2045

30,000

25,909

4.37%,

6/15/2047

40,000

31,973

5.75%,

11/15/2054

50,000

47,884

Cencora,

Inc.

4.25%,

3/1/2045

35,000

28,283

4.30%,

12/15/2047

40,000

31,915

Cigna

Group

(The)

3.20%,

3/15/2040

250,000

189,908

3.88%,

10/15/2047

25,000

18,407

4.90%,

12/15/2048

20,000

17,239

5.60%,

2/15/2054

75,000

70,667

Elevance

Health,

Inc.

5.85%,

1/15/2036

20,000

20,884

6.38%,

6/15/2037

30,000

32,327

4.63%,

5/15/2042

35,000

30,345

4.65%,

1/15/2043

30,000

26,119

5.10%,

1/15/2044

40,000

36,393

4.55%,

5/15/2052

25,000

20,266

6.10%,

10/15/2052

20,000

20,259

5.13%,

2/15/2053

10,000

8,815

5.65%,

6/15/2054

5,000

4,770

4.85%,

8/15/2054

25,000

20,678

HCA,

Inc.

5.50%,

6/15/2047

40,000

36,323

5.25%,

6/15/2049

65,000

56,391

3.50%,

7/15/2051

75,000

48,473

4.63%,

3/15/2052

80,000

62,699

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 3.6%
(continued)

HCA,

Inc.

(continued)

5.90%,

6/1/2053

$

40,000

$

37,886

6.00%,

4/1/2054

50,000

47,541

5.95%,

9/15/2054

40,000

37,847

6.20%,

3/1/2055

40,000

39,191

Laboratory

Corp.

of

America

Holdings

4.70%,

2/1/2045

20,000

17,018

McKesson

Corp.

4.88%,

3/15/2044

25,000

21,996

UnitedHealth

Group,

Inc.

3.88%,

8/15/2059

30,000

20,984

5.20%,

4/15/2063

50,000

44,089

5.50%,

4/15/2064

55,000

50,911

#### 1,275,289

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 2

#### .2

#### %
Marriott

International,

Inc.

5.50%,

4/15/2037

50,000

48,714

McDonald's

Corp.

6.30%,

10/15/2037

100,000

108,788

6.30%,

3/1/2038

45,000

48,587

5.70%,

2/1/2039

45,000

46,136

3.63%,

5/1/2043

20,000

15,260

4.60%,

5/26/2045

40,000

34,553

4.88%,

12/9/2045

150,000

133,494

4.45%,

3/1/2047

30,000

24,987

4.45%,

9/1/2048

75,000

62,285

3.63%,

9/1/2049

140,000

100,605

4.20%,

4/1/2050

75,000

59,366

5.15%,

9/9/2052

65,000

59,211

5.45%,

8/14/2053

30,000

28,512

#### 770,498

#### Household

#### Products

#### -

#### 0

#### .5

#### %
Church

&

Dwight

Co.,

Inc.

3.95%,

8/1/2047

25,000

19,357

5.00%,

6/15/2052

50,000

44,067

Colgate-Palmolive

Co.

4.00%,

8/15/2045

15,000

12,422

Kimberly-Clark

Corp.

6.63%,

8/1/2037

25,000

28,663

5.30%,

3/1/2041

40,000

39,231

3.70%,

6/1/2043

25,000

19,792

3.90%,

5/4/2047

25,000

19,554

#### 183,086

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 0

#### .3

#### %
Southern

Power

Co.

5.15%,

9/15/2041

50,000

46,244

5.25%,

7/15/2043

30,000

27,816

Series

F,

4.95%,

12/15/2046

25,000

21,429

#### 95,489

#### Industrial

#### Conglomerates

#### -

#### 0

#### .2

#### %
Honeywell

International,

Inc.

5.25%,

3/1/2054

50,000

46,880

5.35%,

3/1/2064

40,000

36,910

#### 83,790

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Industrial

#### REITs

#### -

#### 0

#### .1

#### %
Prologis

LP

REIT,

2.13%,

10/15/2050

$

50,000

$

26,032

REIT,

5.25%,

6/15/2053

25,000

23,169

#### 49,201

#### Insurance

#### -

#### 6

#### .7

#### %
Aflac,

Inc.

6.45%,

8/15/2040

20,000

21,508

4.00%,

10/15/2046

25,000

19,525

Alleghany

Corp.

4.90%,

9/15/2044

25,000

22,419

3.25%,

8/15/2051

40,000

26,447

Allstate

Corp.

(The)

6.50%,

5/15/2057(a)

30,000

29,802

American

Financial

Group,

Inc.

4.50%,

6/15/2047

50,000

40,246

Aon

Corp.

6.25%,

9/30/2040

20,000

21,277

2.90%,

8/23/2051

50,000

30,134

Aon

Global

Ltd.

4.25%,

12/12/2042

20,000

16,139

4.45%,

5/24/2043

20,000

16,539

4.60%,

6/14/2044

50,000

42,261

4.75%,

5/15/2045

50,000

43,076

Aon

North

America,

Inc.

5.75%,

3/1/2054

150,000

145,047

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

30,000

26,763

Arch

Capital

Group

Ltd.

3.64%,

6/30/2050

50,000

35,657

Arch

Capital

Group

US,

Inc.

5.14%,

11/1/2043

35,000

32,188

Arthur

J

Gallagher

&

Co.

3.50%,

5/20/2051

35,000

23,683

3.05%,

3/9/2052

25,000

15,344

5.75%,

3/2/2053

50,000

47,923

6.75%,

2/15/2054

50,000

54,331

5.75%,

7/15/2054

50,000

48,180

5.55%,

2/15/2055

25,000

23,549

Athene

Holding

Ltd.

3.95%,

5/25/2051

35,000

24,101

3.45%,

5/15/2052

40,000

25,005

6.25%,

4/1/2054

75,000

72,666

Berkshire

Hathaway

Finance

Corp.

4.20%,

8/15/2048

105,000

86,994

2.85%,

10/15/2050

55,000

34,945

3.85%,

3/15/2052

290,000

221,722

Brown

&

Brown,

Inc.

4.95%,

3/17/2052

50,000

41,491

Everest

Reinsurance

Holdings,

Inc.

3.13%,

10/15/2052

50,000

30,259

Fairfax

Financial

Holdings

Ltd.

6.35%,

3/22/2054

50,000

50,097

Hartford

Insurance

Group,

Inc.

(The)

5.95%,

10/15/2036

25,000

26,069

6.63%,

3/30/2040

25,000

27,044

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Insurance

#### -

#### 6.7%
(continued)

Hartford

Insurance

Group,

Inc.

(The)

(continued)

6.10%,

10/1/2041

$

25,000

$

25,495

4.40%,

3/15/2048

35,000

28,911

Markel

Group,

Inc.

5.00%,

3/30/2043

25,000

22,083

5.00%,

4/5/2046

20,000

17,519

4.15%,

9/17/2050

10,000

7,504

3.45%,

5/7/2052

30,000

19,792

6.00%,

5/16/2054

25,000

24,765

Marsh

&

McLennan

Cos.,

Inc.

4.75%,

3/15/2039

25,000

23,536

4.35%,

1/30/2047

25,000

20,797

4.90%,

3/15/2049

85,000

75,947

2.90%,

12/15/2051

50,000

30,781

6.25%,

11/1/2052

50,000

53,086

5.45%,

3/15/2053

50,000

47,744

5.70%,

9/15/2053

75,000

74,364

5.45%,

3/15/2054

25,000

23,854

5.40%,

3/15/2055

75,000

71,393

MetLife,

Inc.

6.40%,

12/15/2036

25,000

24,720

10.75%,

8/1/2039

20,000

26,055

Old

Republic

International

Corp.

3.85%,

6/11/2051

50,000

34,450

Progressive

Corp.

(The)

4.13%,

4/15/2047

10,000

8,035

Prudential

Financial,

Inc.

4.35%,

2/25/2050

25,000

20,467

Transatlantic

Holdings,

Inc.

8.00%,

11/30/2039

25,000

30,070

Trinity

Acquisition

plc

6.13%,

8/15/2043

20,000

19,712

Unum

Group

5.75%,

8/15/2042

50,000

47,815

W

R

Berkley

Corp.

6.25%,

2/15/2037

25,000

26,344

4.75%,

8/1/2044

25,000

21,721

Willis

North

America,

Inc.

5.05%,

9/15/2048

30,000

25,902

3.88%,

9/15/2049

55,000

39,691

5.90%,

3/5/2054

50,000

48,432

#### 2,363,416

#### Interactive

#### Media

#### &

#### Services

#### -

#### 1

#### .9

#### %
Meta

Platforms,

Inc.

4.45%,

8/15/2052

160,000

133,092

5.60%,

5/15/2053

205,000

203,396

5.40%,

8/15/2054

50,000

48,110

4.65%,

8/15/2062

140,000

117,003

5.75%,

5/15/2063

135,000

134,968

5.55%,

8/15/2064

45,000

43,288

#### 679,857

#### IT

#### Services

#### -

#### 2

#### .0

#### %
IBM

International

Capital

Pte.

Ltd.

5.25%,

2/5/2044

150,000

141,493

5.30%,

2/5/2054

100,000

91,946

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### IT

#### Services

#### -

#### 2.0%
(continued)

International

Business

Machines

Corp.

4.15%,

5/15/2039

$

190,000

$

164,832

5.60%,

11/30/2039

50,000

50,640

2.85%,

5/15/2040

85,000

61,116

4.00%,

6/20/2042

45,000

36,675

4.90%,

7/27/2052

80,000

69,871

5.70%,

2/10/2055

100,000

96,953

#### 713,526

#### Leisure

#### Products

#### -

#### 0

#### .1

#### %
Brunswick

Corp.

5.10%,

4/1/2052

15,000

11,142

Mattel,

Inc.

6.20%,

10/1/2040

25,000

23,917

#### 35,059

#### Machinery

#### -

#### 1

#### .0

#### %
Dover

Corp.

5.38%,

10/15/2035

25,000

25,694

6.60%,

3/15/2038

25,000

27,501

5.38%,

3/1/2041

15,000

14,375

Fortive

Corp.

4.30%,

6/15/2046

25,000

19,859

Illinois

Tool

Works,

Inc.

4.88%,

9/15/2041

50,000

46,890

3.90%,

9/1/2042

80,000

65,271

Ingersoll

Rand,

Inc.

5.70%,

6/15/2054

25,000

24,093

Otis

Worldwide

Corp.

3.11%,

2/15/2040

50,000

37,565

3.36%,

2/15/2050

52,000

35,035

Snap-on,

Inc.

3.10%,

5/1/2050

50,000

32,606

Xylem,

Inc.

4.38%,

11/1/2046

25,000

20,336

#### 349,225

#### Media

#### -

#### 2

#### .1

#### %
Charter

Communications

Operating

LLC

5.38%,

4/1/2038

40,000

36,157

6.48%,

10/23/2045

75,000

69,859

5.75%,

4/1/2048

50,000

42,685

4.40%,

12/1/2061

15,000

9,740

5.50%,

4/1/2063

20,000

15,709

Fox

Corp.

5.48%,

1/25/2039

100,000

96,021

5.58%,

1/25/2049

125,000

113,899

Interpublic

Group

of

Cos.,

Inc.

(The)

3.38%,

3/1/2041

35,000

25,265

5.40%,

10/1/2048

20,000

18,130

Paramount

Global

6.88%,

4/30/2036

50,000

50,204

4.38%,

3/15/2043

50,000

36,017

4.95%,

5/19/2050

25,000

18,436

Time

Warner

Cable

LLC

6.55%,

5/1/2037

50,000

49,198

7.30%,

7/1/2038

25,000

26,093

6.75%,

6/15/2039

25,000

24,959

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Media

#### -

#### 2.1%
(continued)

Time

Warner

Cable

LLC

(continued)

5.88%,

11/15/2040

$

30,000

$

27,337

5.50%,

9/1/2041

60,000

51,398

4.50%,

9/15/2042

25,000

18,722

#### 729,829

#### Metals

#### &

#### Mining

#### -

#### 2

#### .6

#### %
Barrick

PD

Australia

Finance

Pty.

Ltd.

5.95%,

10/15/2039

75,000

76,214

BHP

Billiton

Finance

USA

Ltd.

5.00%,

9/30/2043

145,000

134,482

5.50%,

9/8/2053

30,000

28,824

Reliance,

Inc.

6.85%,

11/15/2036

25,000

27,252

Rio

Tinto

Alcan,

Inc.

5.75%,

6/1/2035

15,000

15,947

Rio

Tinto

Finance

USA

Ltd.

5.20%,

11/2/2040

70,000

68,168

2.75%,

11/2/2051

50,000

29,586

Rio

Tinto

Finance

USA

plc

5.13%,

3/9/2053

40,000

36,201

5.75%,

3/14/2055

75,000

74,012

5.88%,

3/14/2065

100,000

98,764

Southern

Copper

Corp.

7.50%,

7/27/2035

50,000

56,742

6.75%,

4/16/2040

50,000

53,577

5.25%,

11/8/2042

50,000

45,545

5.88%,

4/23/2045

30,000

28,912

Steel

Dynamics,

Inc.

3.25%,

10/15/2050

20,000

12,905

Vale

Overseas

Ltd.

6.88%,

11/21/2036

35,000

37,316

6.40%,

6/28/2054

85,000

82,096

#### 906,543

#### Multi-Utilities

#### -

#### 2

#### .0

#### %
Ameren

Illinois

Co.

4.30%,

7/1/2044

25,000

20,628

Berkshire

Hathaway

Energy

Co.

6.13%,

4/1/2036

35,000

36,900

5.95%,

5/15/2037

30,000

31,499

3.80%,

7/15/2048

75,000

54,573

4.45%,

1/15/2049

25,000

20,160

4.25%,

10/15/2050

75,000

58,081

2.85%,

5/15/2051

70,000

41,636

4.60%,

5/1/2053

35,000

28,581

Consolidated

Edison

Co.

of

New

York,

Inc.

4.50%,

5/15/2058

25,000

19,810

3.70%,

11/15/2059

25,000

17,085

3.60%,

6/15/2061

25,000

16,654

Consumers

Energy

Co.

4.35%,

8/31/2064

25,000

19,293

NiSource,

Inc.

5.80%,

2/1/2042

10,000

9,696

5.25%,

2/15/2043

65,000

60,047

4.80%,

2/15/2044

30,000

26,321

5.65%,

2/1/2045

25,000

23,945

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Multi-Utilities

#### -

#### 2.0%
(continued)

NiSource,

Inc.

(continued)

4.38%,

5/15/2047

$

10,000

$

8,112

Puget

Sound

Energy,

Inc.

5.76%,

7/15/2040

25,000

24,985

4.30%,

5/20/2045

50,000

40,432

5.69%,

6/15/2054

10,000

9,678

Southern

Co.

Gas

Capital

Corp.

5.88%,

3/15/2041

50,000

49,972

4.40%,

6/1/2043

35,000

28,966

3.95%,

10/1/2046

50,000

37,701

4.40%,

5/30/2047

25,000

20,107

Series

21A,

3.15%,

9/30/2051

25,000

15,483

#### 720,345

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 13

#### .0

#### %
APA

Corp.

5.10%,

9/1/2040(c)

25,000

20,572

Canadian

Natural

Resources

Ltd.

6.50%,

2/15/2037

35,000

35,799

6.25%,

3/15/2038

75,000

75,553

6.75%,

2/1/2039

50,000

52,675

4.95%,

6/1/2047

50,000

40,923

Cenovus

Energy,

Inc.

5.40%,

6/15/2047

12,000

10,250

3.75%,

2/15/2052

45,000

29,223

ConocoPhillips

Co.

5.70%,

9/15/2063

20,000

18,697

5.65%,

1/15/2065

55,000

50,871

Coterra

Energy,

Inc.

5.90%,

2/15/2055

45,000

40,916

Devon

Energy

Corp.

5.60%,

7/15/2041

50,000

43,934

4.75%,

5/15/2042

25,000

19,761

5.00%,

6/15/2045

25,000

19,910

5.75%,

9/15/2054

50,000

42,609

Diamondback

Energy,

Inc.

5.90%,

4/18/2064

75,000

66,503

Eastern

Gas

Transmission

&

Storage,

Inc.

4.80%,

11/1/2043

25,000

21,652

3.90%,

11/15/2049

25,000

17,543

Enbridge

Energy

Partners

LP

5.50%,

9/15/2040

40,000

38,080

7.38%,

10/15/2045

20,000

22,329

Enbridge,

Inc.

5.50%,

12/1/2046

55,000

50,944

4.00%,

11/15/2049

25,000

18,485

3.40%,

8/1/2051

5,000

3,245

6.70%,

11/15/2053

60,000

63,107

5.95%,

4/5/2054

105,000

100,850

Energy

Transfer

LP

6.05%,

6/1/2041

40,000

38,402

6.50%,

2/1/2042

50,000

49,546

6.10%,

2/15/2042

15,000

14,505

4.95%,

1/15/2043

15,000

12,412

5.15%,

2/1/2043

25,000

21,342

5.30%,

4/1/2044

25,000

21,419

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 13.0%
(continued)

Energy

Transfer

LP

(continued)

5.00%,

5/15/2044(b)

$

30,000

$

24,697

5.35%,

5/15/2045

25,000

21,666

6.13%,

12/15/2045

55,000

52,008

5.30%,

4/15/2047

50,000

42,223

5.40%,

10/1/2047

35,000

30,134

6.25%,

4/15/2049

90,000

85,473

5.95%,

5/15/2054

80,000

72,729

6.05%,

9/1/2054

40,000

36,536

Enterprise

Products

Operating

LLC

5.95%,

2/1/2041

40,000

40,351

5.70%,

2/15/2042

50,000

49,197

4.85%,

8/15/2042

60,000

53,490

4.45%,

2/15/2043

50,000

42,013

4.85%,

3/15/2044

50,000

44,203

5.10%,

2/15/2045

40,000

36,340

4.90%,

5/15/2046

90,000

79,376

4.25%,

2/15/2048

25,000

19,886

4.80%,

2/1/2049

25,000

21,190

4.20%,

1/31/2050

50,000

38,445

3.70%,

1/31/2051

25,000

17,617

3.20%,

2/15/2052

50,000

32,103

3.30%,

2/15/2053

25,000

16,210

4.95%,

10/15/2054

55,000

46,555

5.55%,

2/16/2055

25,000

23,363

3.95%,

1/31/2060

100,000

70,444

EOG

Resources,

Inc.

4.95%,

4/15/2050

50,000

43,383

5.65%,

12/1/2054

40,000

37,931

Hess

Corp.

5.60%,

2/15/2041

45,000

44,364

Kinder

Morgan

Energy

Partners

LP

6.50%,

2/1/2037

25,000

25,976

6.95%,

1/15/2038

70,000

75,654

6.50%,

9/1/2039

25,000

25,861

6.55%,

9/15/2040

25,000

25,715

7.50%,

11/15/2040

25,000

28,106

6.38%,

3/1/2041

50,000

50,479

5.63%,

9/1/2041

25,000

23,217

5.00%,

8/15/2042

25,000

21,625

4.70%,

11/1/2042

25,000

20,586

5.00%,

3/1/2043

25,000

21,580

5.40%,

9/1/2044

30,000

26,914

Kinder

Morgan,

Inc.

5.55%,

6/1/2045

50,000

45,775

5.05%,

2/15/2046

25,000

21,325

5.20%,

3/1/2048

25,000

21,636

3.25%,

8/1/2050

50,000

31,000

3.60%,

2/15/2051

50,000

33,199

5.95%,

8/1/2054

60,000

56,718

Marathon

Petroleum

Corp.

5.85%,

12/15/2045

20,000

18,330

Occidental

Petroleum

Corp.

7.95%,

6/15/2039

35,000

37,888

6.20%,

3/15/2040

30,000

27,571

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 13.0%
(continued)

Occidental

Petroleum

Corp.

(continued)

4.63%,

6/15/2045

$

20,000

$

14,380

6.60%,

3/15/2046

20,000

18,859

4.10%,

2/15/2047

30,000

19,585

4.20%,

3/15/2048

10,000

6,648

4.40%,

8/15/2049

25,000

16,650

6.05%,

10/1/2054

50,000

43,135

ONEOK

Partners

LP

6.13%,

2/1/2041

15,000

14,719

6.20%,

9/15/2043

25,000

24,005

ONEOK,

Inc.

6.40%,

5/1/2037

15,000

15,438

5.15%,

10/15/2043

35,000

30,302

5.60%,

4/1/2044

55,000

48,987

4.20%,

3/15/2045

25,000

18,643

4.95%,

7/13/2047

50,000

40,411

4.85%,

2/1/2049

40,000

31,614

4.45%,

9/1/2049

45,000

33,135

3.95%,

3/1/2050

45,000

30,896

7.15%,

1/15/2051

30,000

31,462

6.63%,

9/1/2053

50,000

49,775

5.70%,

11/1/2054

40,000

35,493

Ovintiv,

Inc.

6.50%,

2/1/2038

30,000

28,691

7.10%,

7/15/2053

30,000

29,186

Plains

All

American

Pipeline

LP

5.15%,

6/1/2042

35,000

30,044

4.70%,

6/15/2044

50,000

39,869

South

Bow

USA

Infrastructure

Holdings

LLC

6.18%,

10/1/2054(c)

25,000

23,118

Spectra

Energy

Partners

LP

5.95%,

9/25/2043

30,000

28,558

4.50%,

3/15/2045

50,000

39,170

Suncor

Energy,

Inc.

6.80%,

5/15/2038

50,000

52,580

6.50%,

6/15/2038

50,000

52,717

6.85%,

6/1/2039

50,000

53,764

4.00%,

11/15/2047

40,000

28,744

3.75%,

3/4/2051

15,000

10,056

Targa

Resources

Corp.

4.95%,

4/15/2052

25,000

20,132

6.25%,

7/1/2052

15,000

14,426

6.50%,

2/15/2053

50,000

49,660

Tennessee

Gas

Pipeline

Co.

LLC

7.63%,

4/1/2037

15,000

17,034

TotalEnergies

Capital

SA

5.64%,

4/5/2064

115,000

108,213

5.43%,

9/10/2064

50,000

45,543

TransCanada

PipeLines

Ltd.

6.20%,

10/15/2037

50,000

51,183

7.25%,

8/15/2038

50,000

55,423

7.63%,

1/15/2039

75,000

86,080

6.10%,

6/1/2040

45,000

45,358

5.00%,

10/16/2043

25,000

22,542

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 13.0%
(continued)

Transcontinental

Gas

Pipe

Line

Co.

LLC

4.45%,

8/1/2042

$

50,000

$

42,172

Western

Midstream

Operating

LP

5.45%,

4/1/2044

70,000

59,227

5.30%,

3/1/2048

25,000

20,084

5.50%,

8/15/2048

25,000

20,443

5.25%,

2/1/2050(b)

85,000

67,943

Williams

Cos.,

Inc.

(The)

5.80%,

11/15/2043

25,000

24,081

4.90%,

1/15/2045

40,000

34,093

5.10%,

9/15/2045

50,000

43,776

5.30%,

8/15/2052

20,000

17,702

#### 4,608,888

#### Pharmaceuticals

#### -

#### 3

#### .2

#### %
AstraZeneca

plc

6.45%,

9/15/2037

40,000

44,620

Eli

Lilly

&

Co.

5.95%,

11/15/2037

10,000

10,677

5.05%,

8/14/2054

85,000

79,230

5.50%,

2/12/2055

50,000

50,130

4.15%,

3/15/2059

45,000

35,595

2.50%,

9/15/2060

50,000

27,344

4.95%,

2/27/2063

50,000

44,913

5.10%,

2/9/2064

100,000

91,831

5.20%,

8/14/2064

50,000

46,908

5.60%,

2/12/2065

50,000

49,897

Johnson

&

Johnson

5.95%,

8/15/2037

10,000

10,994

5.85%,

7/15/2038

5,000

5,462

5.25%,

6/1/2054

20,000

19,765

2.45%,

9/1/2060

45,000

24,690

Merck

&

Co.,

Inc.

6.55%,

9/15/2037

25,000

28,075

4.15%,

5/18/2043

50,000

42,196

4.00%,

3/7/2049

20,000

15,745

2.90%,

12/10/2061

90,000

51,704

5.15%,

5/17/2063

75,000

68,333

Novartis

Capital

Corp.

4.70%,

9/18/2054

50,000

44,294

Pfizer

Investment

Enterprises

Pte.

Ltd.

5.30%,

5/19/2053

50,000

46,301

5.34%,

5/19/2063

50,000

45,374

Royalty

Pharma

plc

3.30%,

9/2/2040

55,000

40,397

3.55%,

9/2/2050

50,000

32,787

Utah

Acquisition

Sub,

Inc.

5.25%,

6/15/2046

30,000

22,778

Zoetis,

Inc.

4.70%,

2/1/2043

120,000

108,016

4.45%,

8/20/2048

35,000

29,436

3.00%,

5/15/2050

50,000

32,188

#### 1,149,680

#### Professional

#### Services

#### -

#### 0

#### .1

#### %
Verisk

Analytics,

Inc.

5.50%,

6/15/2045

25,000

23,963

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Professional

#### Services

#### -

#### 0.1%
(continued)

Verisk

Analytics,

Inc.

(continued)

3.63%,

5/15/2050

$

25,000

$

17,448

#### 41,411

#### Retail

#### REITs

#### -

#### 0

#### .1

#### %
Federal

Realty

OP

LP

REIT,

3.63%,

8/1/2046

25,000

17,346

NNN

REIT,

Inc.

REIT,

3.10%,

4/15/2050

25,000

15,416

#### 32,762

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 2

#### .5

#### %
Advanced

Micro

Devices,

Inc.

4.39%,

6/1/2052

25,000

20,593

Analog

Devices,

Inc.

2.80%,

10/1/2041

20,000

14,411

5.30%,

12/15/2045

20,000

18,994

5.30%,

4/1/2054

40,000

37,571

Applied

Materials,

Inc.

5.85%,

6/15/2041

20,000

20,903

Broadcom,

Inc.

3.14%,

11/15/2035(c)

100,000

82,856

4.93%,

5/15/2037(c)

50,000

47,887

KLA

Corp.

4.95%,

7/15/2052

50,000

44,861

5.25%,

7/15/2062

50,000

45,781

Lam

Research

Corp.

4.88%,

3/15/2049

30,000

26,877

3.13%,

6/15/2060

20,000

12,250

NVIDIA

Corp.

3.70%,

4/1/2060

45,000

33,028

NXP

BV

3.25%,

5/11/2041

45,000

31,926

3.13%,

2/15/2042

35,000

24,149

QUALCOMM,

Inc.

4.30%,

5/20/2047

75,000

61,659

4.50%,

5/20/2052

30,000

24,839

6.00%,

5/20/2053

100,000

103,037

Texas

Instruments,

Inc.

4.15%,

5/15/2048

100,000

81,357

4.10%,

8/16/2052

10,000

7,794

5.00%,

3/14/2053

50,000

45,319

5.15%,

2/8/2054

50,000

46,483

5.05%,

5/18/2063

60,000

53,673

#### 886,248

#### Software

#### -

#### 3

#### .6

#### %
AppLovin

Corp.

5.95%,

12/1/2054

35,000

33,423

Intuit,

Inc.

5.50%,

9/15/2053

95,000

92,861

Microsoft

Corp.

3.45%,

8/8/2036

50,000

44,627

4.10%,

2/6/2037

15,000

14,242

4.45%,

11/3/2045

20,000

18,290

2.53%,

6/1/2050

85,000

52,657

2.50%,

9/15/2050

25,000

15,280

2.92%,

3/17/2052

180,000

119,461

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Software

#### -

#### 3.6%
(continued)

Microsoft

Corp.

(continued)

4.75%,

11/3/2055

$

50,000

$

45,553

2.68%,

6/1/2060

100,000

59,035

3.04%,

3/17/2062

80,000

51,277

Oracle

Corp.

3.90%,

5/15/2035

25,000

22,164

3.85%,

7/15/2036

40,000

34,437

3.80%,

11/15/2037

30,000

25,050

3.60%,

4/1/2040

45,000

35,075

5.38%,

7/15/2040

50,000

47,437

3.65%,

3/25/2041

25,000

19,107

4.50%,

7/8/2044

40,000

32,893

4.13%,

5/15/2045

30,000

23,284

3.60%,

4/1/2050

30,000

20,406

3.95%,

3/25/2051

30,000

21,662

6.90%,

11/9/2052

50,000

53,789

5.55%,

2/6/2053

25,000

22,897

5.38%,

9/27/2054

25,000

22,158

4.38%,

5/15/2055

14,000

10,626

6.00%,

8/3/2055

50,000

48,635

3.85%,

4/1/2060

15,000

10,038

4.10%,

3/25/2061

50,000

35,033

Salesforce,

Inc.

2.70%,

7/15/2041

40,000

28,197

3.05%,

7/15/2061

75,000

45,118

Synopsys,

Inc.

5.15%,

4/1/2035

85,000

85,181

5.70%,

4/1/2055

75,000

72,492

#### 1,262,385

#### Specialty

#### Retail

#### -

#### 4

#### .0

#### %
Dick's

Sporting

Goods,

Inc.

4.10%,

1/15/2052

25,000

17,129

Home

Depot,

Inc.

(The)

5.88%,

12/16/2036

135,000

143,762

3.30%,

4/15/2040

15,000

11,846

5.40%,

9/15/2040

50,000

50,110

5.95%,

4/1/2041

25,000

26,166

4.20%,

4/1/2043

20,000

16,827

4.88%,

2/15/2044

50,000

45,714

4.25%,

4/1/2046

25,000

20,755

3.90%,

6/15/2047

200,000

155,843

4.50%,

12/6/2048

25,000

21,186

3.35%,

4/15/2050

55,000

38,047

3.63%,

4/15/2052

55,000

39,777

4.95%,

9/15/2052

30,000

27,020

5.30%,

6/25/2054

15,000

14,239

3.50%,

9/15/2056

35,000

23,996

5.40%,

6/25/2064

50,000

47,459

Lowe's

Cos.,

Inc.

2.80%,

9/15/2041

50,000

33,901

5.00%,

9/15/2043

45,000

39,488

4.38%,

9/15/2045

50,000

40,270

3.70%,

4/15/2046

100,000

72,740

4.05%,

5/3/2047

105,000

79,871

3.00%,

10/15/2050

75,000

45,764

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Specialty

#### Retail

#### -

#### 4.0%
(continued)

Lowe's

Cos.,

Inc.

(continued)

4.25%,

4/1/2052

$

50,000

$

38,126

5.63%,

4/15/2053

110,000

103,023

5.75%,

7/1/2053

50,000

47,853

4.45%,

4/1/2062

100,000

75,789

5.80%,

9/15/2062

75,000

70,728

5.85%,

4/1/2063

40,000

37,944

TJX

Cos.,

Inc.

(The)

4.50%,

4/15/2050

30,000

26,143

#### 1,411,516

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 2

#### .1

#### %
Apple,

Inc.

3.85%,

5/4/2043

75,000

62,180

3.45%,

2/9/2045

50,000

38,439

4.38%,

5/13/2045

75,000

66,061

4.65%,

2/23/2046

75,000

68,186

3.75%,

11/13/2047

60,000

46,808

2.95%,

9/11/2049

25,000

16,712

2.65%,

5/11/2050

50,000

31,162

2.65%,

2/8/2051

125,000

77,356

2.70%,

8/5/2051

80,000

49,643

3.95%,

8/8/2052

70,000

55,486

2.80%,

2/8/2061

175,000

103,452

2.85%,

8/5/2061

10,000

5,991

4.10%,

8/8/2062

70,000

55,408

HP,

Inc.

6.00%,

9/15/2041

55,000

53,804

#### 730,688

#### Tobacco

#### -

#### 4

#### .1

#### %
Altria

Group,

Inc.

5.80%,

2/14/2039

145,000

143,718

3.40%,

2/4/2041

40,000

28,784

4.25%,

8/9/2042

110,000

87,066

5.38%,

1/31/2044

125,000

116,101

3.88%,

9/16/2046

60,000

42,969

5.95%,

2/14/2049

185,000

179,369

4.45%,

5/6/2050

25,000

19,169

3.70%,

2/4/2051

50,000

33,686

4.00%,

2/4/2061

40,000

27,231

BAT

Capital

Corp.

4.39%,

8/15/2037

90,000

78,918

3.73%,

9/25/2040

25,000

19,134

7.08%,

8/2/2043

50,000

53,621

4.54%,

8/15/2047

95,000

74,760

4.76%,

9/6/2049

25,000

20,017

3.98%,

9/25/2050

10,000

6,939

5.65%,

3/16/2052

50,000

45,017

7.08%,

8/2/2053

50,000

54,331

Philip

Morris

International,

Inc.

6.38%,

5/16/2038

60,000

65,245

4.38%,

11/15/2041

50,000

42,792

3.88%,

8/21/2042

115,000

91,289

4.13%,

3/4/2043

70,000

57,300

4.88%,

11/15/2043

20,000

17,948

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Tobacco

#### -

#### 4.1%
(continued)

Reynolds

American,

Inc.

5.70%,

8/15/2035

$

5,000

$

5,030

7.25%,

6/15/2037

20,000

21,918

5.85%,

8/15/2045

110,000

103,053

#### 1,435,405

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 0

#### .4

#### %
WW

Grainger,

Inc.

4.60%,

6/15/2045

100,000

87,631

3.75%,

5/15/2046

30,000

23,119

4.20%,

5/15/2047

30,000

24,519

#### 135,269

#### Water

#### Utilities

#### -

#### 0

#### .3

#### %
American

Water

Capital

Corp.

3.25%,

6/1/2051

25,000

16,451

Essential

Utilities,

Inc.

5.30%,

5/1/2052

100,000

89,056

#### 105,507

#### Wireless

#### Telecommunication

#### Services

#### -

#### 1

#### .7

#### %
T-Mobile

USA,

Inc.

5.30%,

5/15/2035

50,000

50,200

4.38%,

4/15/2040

45,000

39,291

4.50%,

4/15/2050

75,000

60,844

5.65%,

1/15/2053

70,000

66,821

5.75%,

1/15/2054

50,000

48,267

6.00%,

6/15/2054

40,000

39,954

5.50%,

1/15/2055

70,000

65,234

5.25%,

6/15/2055

50,000

44,738

5.88%,

11/15/2055

150,000

147,810

3.60%,

11/15/2060

25,000

16,354

5.80%,

9/15/2062

15,000

14,457

#### 593,970

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $36,277,988)
34,752,916

#### ASSET-BACKED

#### SECURITIES

#### -

#### 0

#### .1

#### %
Consumers

Energy

Co.

4.10%,

11/15/2045

(Cost

$40,756)

50,000

39,640

#### Investments

#### Principal

#### Amount

#### Value

#### SHORT-TERM

#### INVESTMENTS

#### -

#### 1

#### .0

#### %
(d) #### U.S.

#### GOVERNMENT

#### AGENCY

#### SECURITIES

#### -

#### 1

#### .0

#### %
FHLB

Zero

Coupon,

5/1/2025

(Cost

$370,000)

$

370,000

$

369,956

#### Total

#### Investments

#### -

#### 99.3%

#### (Cost

#### $36,688,744)

#### 35,162,512
Other

assets

less

liabilities

-

0.7%

236,691

#### NET

#### ASSETS

#### -

#### 100.0%

#### $35,399,203
(a) *Security* 

*issued* 

*at* 

*a* 

*fixed* 

*coupon* 

*rate,* 

*which* 

*converts* 

*to* 

*a* 

*variable* 

*rate* 

*at* 

*a* 

*future* 

*date.* 

*Rate* 

*shown* 

*is* 

*the* 

*rate* 

*in* 

*effect* 

*as* 

*of* 

*period* 

*end.*

(b) *Step* 

*bond.* 

*Interest* 

*rate* 

*is* 

*a* 

*fixed* 

*rate* 

*for* 

*an* 

*initial* 

*period* 

*that* 

*either* 

*resets* 

*at* 

*a* 

*specific* 

*date* 

*or* 

*may* 

*reset* 

*in* 

*the* 

*future* 

*at* 

*a* 

*contingent* 

*upon* 

*predetermined* 

*trigger.* 

*The* 

*interest* 

*rate* 

*shown* 

*was* 

*the* 

*current* 

*rate* 

*as* 

*of* 

*April* 

*30,* 

2025. (c) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Rule* 

*144A* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

*1933,* 

*as* 

*amended.* 

*These* 

*securities* 

*may* 

*be* 

*resold* 

*in* 

*transactions* 

*exempt* 

*from* 

*registration* 

*to* 

*qualified* 

*institutional* 

*investors.* 

*At* 

*April* 

*30,* 

*2025,* 

*the* 

*value* 

*of* 

*these* 

*securities* 

*amounted* 

*to* 

*approximately* 

*$174,433* 

*or* 

*0.49%* 

*of* 

*net* 

*assets.*

(d) *The* 

*rate* 

*shown* 

*was* 

*the* 

*current* 

*yield* 

*as* 

*of* 

*April* 

*30,* 

2025. *Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*FHLB*

*—*

*Federal* 

*Home* 

*Loan* 

*Bank*

*OYJ*

*—*

*Public* 

*Limited* 

*Company*

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

101,823

Aggregate

gross

unrealized

depreciation

(1,785,859)

Net

unrealized

depreciation

$

(1,684,036)

Federal

income

tax

cost

$

36,846,548

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Corporate

Bonds

.2

%

Asset-Backed

Securities

.1

Short-Term

Investments

.0

Others

(1) 0

.7

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Trust

Schedule

of

Investments

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS

#### -

#### 96

#### .4

#### %

#### Aerospace

#### &

#### Defense

#### -

#### 2

#### .7

#### %
AAR

Escrow

Issuer

LLC

6.75%,

3/15/2029(a)(b)

$

480,000

$

491,368

Bombardier,

Inc.

6.00%,

2/15/2028(a)(b)

595,000

588,399

7.50%,

2/1/2029(b)

550,000

566,551

BWX

Technologies,

Inc.

4.13%,

6/30/2028(b)

1,705,000

1,637,914

4.13%,

4/15/2029(a)(b)

684,000

650,354

F-Brasile

SpA

Series

NR,

7.38%,

8/15/2026(b)

1,650,000

1,646,040

Moog,

Inc.

4.25%,

12/15/2027(a)(b)

1,495,000

1,442,153

Spirit

AeroSystems,

Inc.

3.85%,

6/15/2026(a)

2,400,000

2,358,663

9.75%,

11/15/2030(b)

85,000

94,087

TransDigm,

Inc.

5.50%,

11/15/2027

4,330,000

4,309,387

6.75%,

8/15/2028(b)

4,380,000

4,468,012

4.63%,

1/15/2029(a)

5,930,000

5,703,663

6.38%,

3/1/2029(b)

3,165,000

3,224,224

4.88%,

5/1/2029(a)

2,946,000

2,842,930

6.88%,

12/15/2030(a)(b)

1,245,000

1,282,789

7.13%,

12/1/2031(a)(b)

950,000

987,418

6.63%,

3/1/2032(b)

1,850,000

1,895,055

6.00%,

1/15/2033(b)

450,000

449,067

#### 34,638,074

#### Air

#### Freight

#### &

#### Logistics

#### -

#### 0

#### .2

#### %
Rand

Parent

LLC

8.50%,

2/15/2030(a)(b)

2,615,000

2,431,656

#### Automobile

#### Components

#### -

#### 2

#### .0

#### %
Adient

Global

Holdings

Ltd.

8.25%,

4/15/2031(b)

2,435,000

2,410,518

7.50%,

2/15/2033(a)(b)

4,850,000

4,595,754

Allison

Transmission,

Inc.

3.75%,

1/30/2031(a)(b)

1,423,000

1,278,405

American

Axle

&

Manufacturing,

Inc.

6.88%,

7/1/2028

440,000

423,483

5.00%,

10/1/2029(a)

650,000

570,047

Clarios

Global

LP

6.25%,

5/15/2026(a)(b)

500,000

500,069

Dornoch

Debt

Merger

Sub,

Inc.

6.63%,

10/15/2029(a)(b)

450,000

310,985

Garrett

Motion

Holdings,

Inc.

7.75%,

5/31/2032(a)(b)

4,330,000

4,321,283

Icahn

Enterprises

LP

6.25%,

5/15/2026

179,000

178,334

5.25%,

5/15/2027

1,200,000

1,137,897

9.75%,

1/15/2029

400,000

394,800

4.38%,

2/1/2029(a)

400,000

333,527

10.00%,

11/15/2029(a)(b)

300,000

293,347

9.00%,

6/15/2030(a)

400,000

377,831

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Automobile

#### Components

#### -

#### 2.0%
(continued)

IHO

Verwaltungs

GmbH

6.37%,

5/15/2029(b)(c)

$

2,030,000

$

1,965,939

7.75%,

11/15/2030(b)(c)

500,000

488,134

8.00%,

11/15/2032(a)(b)(c)

500,000

478,810

JB

Poindexter

&

Co.,

Inc.

8.75%,

12/15/2031(b)

400,000

402,149

Patrick

Industries,

Inc.

4.75%,

5/1/2029(a)(b)

740,000

695,004

6.38%,

11/1/2032(b)

200,000

194,166

Phinia,

Inc.

6.75%,

4/15/2029(b)

315,000

318,362

6.63%,

10/15/2032(b)

150,000

147,185

Real

Hero

Merger

Sub

2,

Inc.

6.25%,

2/1/2029(b)

975,000

727,363

ZF

North

America

Capital,

Inc.

6.88%,

4/14/2028(b)

620,000

591,993

7.13%,

4/14/2030(a)(b)

1,140,000

1,048,807

6.75%,

4/23/2030(a)(b)

600,000

547,541

6.88%,

4/23/2032(a)(b)

600,000

526,608

#### 25,258,341

#### Automobiles

#### -

#### 0

#### .8

#### %
Jaguar

Land

Rover

Automotive

plc

4.50%,

10/1/2027(b)

2,040,000

1,949,014

5.88%,

1/15/2028(a)(b)

2,476,000

2,443,428

5.50%,

7/15/2029(b)

2,107,000

2,019,636

Mclaren

Finance

plc

7.50%,

8/1/2026(b)

630,000

630,473

PM

General

Purchaser

LLC

9.50%,

10/1/2028(b)

905,000

873,711

Thor

Industries,

Inc.

4.00%,

10/15/2029(a)(b)

1,540,000

1,385,037

Winnebago

Industries,

Inc.

6.25%,

7/15/2028(b)

349,000

346,641

#### 9,647,940

#### Banks

#### -

#### 0

#### .0

#### %
(d) Texas

Capital

Bancshares,

Inc.

4.00%,

5/6/2031(e)

290,000

275,880

UniCredit

SpA

7.30%,

4/2/2034(a)(b)(e)

10,000

10,460

5.46%,

6/30/2035(b)(e)

15,000

14,599

Valley

National

Bancorp

3.00%,

6/15/2031(e)

330,000

299,723

#### 600,662

#### Biotechnology

#### -

#### 0

#### .0

#### %
(d) Grifols

SA

4.75%,

10/15/2028(b)

15,000

13,963

#### Broadline

#### Retail

#### -

#### 1

#### .7

#### %
ANGI

Group

LLC

3.88%,

8/15/2028(b)

2,175,000

1,982,268

Go

Daddy

Operating

Co.

LLC

3.50%,

3/1/2029(a)(b)

2,500,000

2,328,807

Kohl's

Corp.

5.55%,

7/17/2045

950,000

451,341

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Broadline

#### Retail

#### -

#### 1.7%
(continued)

Macy's

Retail

Holdings

LLC

5.88%,

3/15/2030(b)

$

185,000

$

172,289

4.50%,

12/15/2034

2,950,000

2,244,423

5.13%,

1/15/2042

950,000

623,212

Match

Group

Holdings

II

LLC

3.63%,

10/1/2031(a)(b)

200,000

171,493

Millennium

Escrow

Corp.

6.63%,

8/1/2026(b)

2,430,000

1,758,348

Nordstrom,

Inc.

4.38%,

4/1/2030

2,500,000

2,214,302

4.25%,

8/1/2031

4,000,000

3,403,220

5.00%,

1/15/2044(a)

6,400,000

4,483,136

Saks

Global

Enterprises

LLC

11.00%,

12/15/2029(b)

3,550,000

2,153,208

#### 21,986,047

#### Building

#### Products

#### -

#### 1

#### .2

#### %
AmeriTex

HoldCo

Intermediate

LLC

10.25%,

10/15/2028(b)

1,750,000

1,802,740

CP

Atlas

Buyer,

Inc.

7.00%,

12/1/2028(b)

865,000

714,860

EMRLD

Borrower

LP

6.63%,

12/15/2030(b)

2,230,000

2,261,463

Griffon

Corp.

5.75%,

3/1/2028(a)

1,810,000

1,786,037

Miter

Brands

Acquisition

Holdco,

Inc.

6.75%,

4/1/2032(b)

1,325,000

1,325,953

MIWD

Holdco

II

LLC

5.50%,

2/1/2030(a)(b)

590,000

531,691

Oscar

Acquisition

Co.

LLC

9.50%,

4/15/2030(b)

1,170,000

1,064,705

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/1/2028(b)

1,212,000

1,184,110

8.88%,

11/15/2031(b)

1,395,000

1,431,243

Standard

Industries,

Inc.

5.00%,

2/15/2027(b)

435,000

431,724

4.38%,

7/15/2030(b)

1,350,000

1,259,029

3.38%,

1/15/2031(b)

380,000

335,524

Wilsonart

LLC

11.00%,

8/15/2032(a)(b)

1,050,000

950,479

#### 15,079,558

#### Capital

#### Markets

#### -

#### 0

#### .6

#### %
Acadian

Asset

Management,

Inc.

4.80%,

7/27/2026

100,000

97,839

AG

Issuer

LLC

6.25%,

3/1/2028(b)

525,000

517,222

AG

TTMT

Escrow

Issuer

LLC

8.63%,

9/30/2027(a)(b)

530,000

545,941

Aretec

Group,

Inc.

7.50%,

4/1/2029(b)

300,000

293,313

10.00%,

8/15/2030(b)

1,040,000

1,119,822

Coinbase

Global,

Inc.

3.38%,

10/1/2028(b)

1,000,000

920,390

3.63%,

10/1/2031(b)

450,000

390,526

Compass

Group

Diversified

Holdings

LLC

5.25%,

4/15/2029(a)(b)

735,000

693,357

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Capital

#### Markets

#### -

#### 0.6%
(continued)

Dresdner

Funding

Trust

I

8.15%,

6/30/2031(b)

$

1,975,000

$

2,149,846

Jane

Street

Group

4.50%,

11/15/2029(b)

385,000

366,482

Prospect

Capital

Corp.

3.36%,

11/15/2026

1,000,000

936,377

StoneX

Group,

Inc.

7.88%,

3/1/2031(b)

200,000

208,206

#### 8,239,321

#### Chemicals

#### -

#### 3

#### .5

#### %
Ashland,

Inc.

3.38%,

9/1/2031(a)(b)

907,000

786,967

6.88%,

5/15/2043

615,000

637,529

ASP

Unifrax

Holdings,

Inc.

5.85%,

9/30/2029(b)(c)

3,009,374

1,200,510

Avient

Corp.

7.13%,

8/1/2030(a)(b)

450,000

458,819

Axalta

Coating

Systems

Dutch

Holding

B

BV

7.25%,

2/15/2031(a)(b)

1,155,000

1,195,968

Axalta

Coating

Systems

LLC

4.75%,

6/15/2027(b)

200,000

197,470

3.38%,

2/15/2029(a)(b)

450,000

416,801

Cerdia

Finanz

GmbH

9.38%,

10/3/2031(b)

1,800,000

1,811,250

Chemours

Co.

(The)

5.75%,

11/15/2028(a)(b)

2,100,000

1,902,223

4.63%,

11/15/2029(a)(b)

600,000

502,426

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028(b)

1,290,000

1,003,930

12.00%,

2/15/2031(b)

1,570,000

1,415,318

Cornerstone

Chemical

Co.

LLC

10.25%,

9/1/2027(b)(c)

195,000

96,839

CVR

Partners

LP

6.13%,

6/15/2028(a)(b)

4,080,000

3,943,192

Element

Solutions,

Inc.

3.88%,

9/1/2028(a)(b)

920,000

869,746

FXI

Holdings,

Inc.

12.25%,

11/15/2026(b)

2,801,000

2,475,070

GPD

Cos.,

Inc.

10.13%,

4/1/2026(b)

555,000

499,157

HB

Fuller

Co.

4.00%,

2/15/2027

335,000

326,124

4.25%,

10/15/2028(a)

660,000

622,585

Herens

Holdco

Sarl

4.75%,

5/15/2028(b)

315,000

274,760

INEOS

Finance

plc

6.75%,

5/15/2028(a)(b)

960,000

937,272

7.50%,

4/15/2029(a)(b)

1,535,000

1,441,782

INEOS

Quattro

Finance

plc

9.63%,

3/15/2029(b)

1,350,000

1,299,375

Ingevity

Corp.

3.88%,

11/1/2028(a)(b)

555,000

512,809

Methanex

Corp.

5.13%,

10/15/2027(a)

440,000

431,900

5.65%,

12/1/2044

15,000

11,495

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Chemicals

#### -

#### 3.5%
(continued)

Minerals

Technologies,

Inc.

5.00%,

7/1/2028(a)(b)

$

1,680,000

$

1,621,586

NOVA

Chemicals

Corp.

5.25%,

6/1/2027(a)(b)

860,000

850,138

8.50%,

11/15/2028(a)(b)

1,925,000

2,028,804

9.00%,

2/15/2030(a)(b)

1,850,000

1,976,642

Nufarm

Australia

Ltd.

5.00%,

1/27/2030(b)

2,200,000

2,037,574

Olympus

Water

US

Holding

Corp.

7.13%,

10/1/2027(b)

180,000

180,464

4.25%,

10/1/2028(b)

600,000

554,299

9.75%,

11/15/2028(b)

1,295,000

1,349,336

Rain

Carbon,

Inc.

12.25%,

9/1/2029(b)

2,000,000

2,033,356

SCIH

Salt

Holdings,

Inc.

4.88%,

5/1/2028(a)(b)

1,478,000

1,415,926

SCIL

IV

LLC

5.38%,

11/1/2026(a)(b)

1,155,000

1,139,736

SK

Invictus

Intermediate

II

Sarl

5.00%,

10/30/2029(a)(b)

430,000

403,674

SNF

Group

SACA

3.13%,

3/15/2027(b)

1,000,000

947,459

3.38%,

3/15/2030(a)(b)

200,000

180,806

Vibrantz

Technologies,

Inc.

9.00%,

2/15/2030(b)

1,450,000

1,098,324

WR

Grace

Holdings

LLC

4.88%,

6/15/2027(a)(b)

450,000

435,643

5.63%,

8/15/2029(a)(b)

1,500,000

1,328,921

7.38%,

3/1/2031(a)(b)

135,000

135,721

#### 44,989,726

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 2

#### .7

#### %
ADT

Security

Corp.

(The)

4.13%,

8/1/2029(a)(b)

735,000

693,565

4.88%,

7/15/2032(a)(b)

421,000

397,026

Allied

Universal

Holdco

LLC

4.63%,

6/1/2028(a)(b)

975,000

935,769

6.00%,

6/1/2029(a)(b)

475,000

445,443

7.88%,

2/15/2031(b)

790,000

806,875

APi

Group

DE,

Inc.

4.13%,

7/15/2029(b)

1,100,000

1,027,050

4.75%,

10/15/2029(b)

475,000

446,681

Aramark

Services,

Inc.

5.00%,

2/1/2028(b)

935,000

919,913

Brink's

Co.

(The)

4.63%,

10/15/2027(a)(b)

385,000

378,973

Cimpress

plc

7.38%,

9/15/2032(a)(b)

2,050,000

1,870,472

Clean

Harbors,

Inc.

4.88%,

7/15/2027(b)

1,120,000

1,103,042

5.13%,

7/15/2029(b)

50,000

49,094

CoreCivic,

Inc.

4.75%,

10/15/2027

220,000

214,313

8.25%,

4/15/2029(a)

550,000

579,760

Deluxe

Corp.

8.00%,

6/1/2029(a)(b)

3,390,000

3,112,491

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 2.7%
(continued)

Deluxe

Corp.

(continued)

8.13%,

9/15/2029(b)

$

1,350,000

$

1,351,815

Garda

World

Security

Corp.

4.63%,

2/15/2027(a)(b)

945,000

928,836

7.75%,

2/15/2028(a)(b)

370,000

381,935

GEO

Group,

Inc.

(The)

8.63%,

4/15/2029

740,000

777,923

10.25%,

4/15/2031

765,000

835,872

GFL

Environmental,

Inc.

4.00%,

8/1/2028(b)

1,555,000

1,481,230

4.75%,

6/15/2029(b)

510,000

494,814

4.38%,

8/15/2029(a)(b)

285,000

272,018

Interface,

Inc.

5.50%,

12/1/2028(b)

330,000

322,155

Matthews

International

Corp.

8.63%,

10/1/2027(b)

330,000

342,126

OT

Midco,

Inc.

10.00%,

2/15/2030(a)(b)

4,300,000

3,498,673

Pitney

Bowes,

Inc.

6.88%,

3/15/2027(b)

830,000

827,231

Prime

Security

Services

Borrower

LLC

5.75%,

4/15/2026(b)

8,000

7,992

3.38%,

8/31/2027(a)(b)

1,865,000

1,778,808

Reworld

Holding

Corp.

4.88%,

12/1/2029(a)(b)

540,000

504,564

RR

Donnelley

&

Sons

Co.

9.50%,

8/1/2029(b)

1,900,000

1,809,107

10.88%,

8/1/2029(b)

900,000

853,921

Steelcase,

Inc.

5.13%,

1/18/2029

150,000

142,530

Veritiv

Operating

Co.

10.50%,

11/30/2030(a)(b)

1,845,000

1,927,193

VM

Consolidated,

Inc.

5.50%,

4/15/2029(b)

384,000

370,255

West

Technology

Group

LLC

8.50%,

4/10/2027(b)

3,425,000

2,226,250

Williams

Scotsman,

Inc.

6.63%,

6/15/2029(a)(b)

300,000

304,014

Wrangler

Holdco

Corp.

6.63%,

4/1/2032(b)

150,000

153,979

#### 34,573,708

#### Communications

#### Equipment

#### -

#### 0

#### .1

#### %
Ciena

Corp.

4.00%,

1/31/2030(b)

150,000

138,916

CommScope

Technologies

LLC

5.00%,

3/15/2027(b)

360,000

313,280

Viavi

Solutions,

Inc.

3.75%,

10/1/2029(a)(b)

800,000

732,995

#### 1,185,191

#### Construction

#### &

#### Engineering

#### -

#### 1

#### .1

#### %
AECOM

5.13%,

3/15/2027(a)

2,605,000

2,599,082

Arcosa,

Inc.

4.38%,

4/15/2029(b)

810,000

761,406

6.88%,

8/15/2032(a)(b)

350,000

356,647

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Construction

#### &

#### Engineering

#### -

#### 1.1%
(continued)

Artera

Services

LLC

8.50%,

2/15/2031(a)(b)

$

1,750,000

$

1,660,357

Brand

Industrial

Services,

Inc.

10.38%,

8/1/2030(b)

2,615,000

2,484,056

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

7.50%,

2/1/2032(b)

100,000

97,584

Global

Infrastructure

Solutions,

Inc.

5.63%,

6/1/2029(a)(b)

433,000

411,771

7.50%,

4/15/2032(b)

466,000

457,081

Great

Lakes

Dredge

&

Dock

Corp.

5.25%,

6/1/2029(a)(b)

2,230,000

2,034,865

Railworks

Holdings

LP

8.25%,

11/15/2028(b)

725,000

726,140

Tutor

Perini

Corp.

11.88%,

4/30/2029(b)

1,000,000

1,078,770

Weekley

Homes

LLC

4.88%,

9/15/2028(a)(b)

895,000

837,092

#### 13,504,851

#### Construction

#### Materials

#### -

#### 0

#### .0

#### %
(d) Knife

River

Corp.

7.75%,

5/1/2031(b)

270,000

282,425

#### Consumer

#### Finance

#### -

#### 2

#### .3

#### %
Azorra

Finance

Ltd.

7.75%,

4/15/2030(a)(b)

850,000

843,438

Bread

Financial

Holdings,

Inc.

9.75%,

3/15/2029(a)(b)

1,235,000

1,299,249

Cobra

Acquisition

Co.

LLC

6.38%,

11/1/2029(b)

615,000

494,372

Credit

Acceptance

Corp.

9.25%,

12/15/2028(a)(b)

1,925,000

2,034,357

Enova

International,

Inc.

11.25%,

12/15/2028(b)

1,765,000

1,886,578

9.13%,

8/1/2029(b)

3,135,000

3,206,732

FirstCash,

Inc.

4.63%,

9/1/2028(b)

1,700,000

1,648,374

5.63%,

1/1/2030(a)(b)

1,450,000

1,425,650

6.88%,

3/1/2032(a)(b)

1,295,000

1,324,942

GGAM

Finance

Ltd.

8.00%,

2/15/2027(a)(b)

160,000

164,269

8.00%,

6/15/2028(a)(b)

585,000

613,973

5.88%,

3/15/2030(a)(b)

150,000

148,955

goeasy

Ltd.

9.25%,

12/1/2028(a)(b)

890,000

931,777

7.63%,

7/1/2029(a)(b)

1,450,000

1,461,574

LFS

Topco

LLC

5.88%,

10/15/2026(a)(b)

240,000

229,628

OneMain

Finance

Corp.

3.88%,

9/15/2028

300,000

277,617

7.88%,

3/15/2030

870,000

898,745

7.50%,

5/15/2031

350,000

354,940

7.13%,

11/15/2031(a)

525,000

527,168

PROG

Holdings,

Inc.

6.00%,

11/15/2029(a)(b)

4,195,000

3,866,074

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Consumer

#### Finance

#### -

#### 2.3%
(continued)

Rfna

LP

7.88%,

2/15/2030(a)(b)

$

750,000

$

737,768

SLM

Corp.

3.13%,

11/2/2026

250,000

242,168

Synchrony

Financial

7.25%,

2/2/2033(a)

3,965,000

4,043,249

World

Acceptance

Corp.

7.00%,

11/1/2026(b)

205,000

202,255

#### 28,863,852

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 1

#### .6

#### %
Albertsons

Cos.,

Inc.

4.63%,

1/15/2027(a)(b)

2,690,000

2,659,572

3.50%,

3/15/2029(b)

2,235,000

2,084,613

4.88%,

2/15/2030(b)

970,000

937,066

C&S

Group

Enterprises

LLC

5.00%,

12/15/2028(b)

385,000

321,957

Ingles

Markets,

Inc.

4.00%,

6/15/2031(a)(b)

715,000

647,057

KeHE

Distributors

LLC

9.00%,

2/15/2029(b)

1,980,000

2,025,542

Performance

Food

Group,

Inc.

5.50%,

10/15/2027(b)

2,340,000

2,320,819

4.25%,

8/1/2029(a)(b)

3,990,000

3,776,349

6.13%,

9/15/2032(a)(b)

800,000

800,238

US

Foods,

Inc.

6.88%,

9/15/2028(b)

500,000

512,509

4.75%,

2/15/2029(b)

830,000

806,131

4.63%,

6/1/2030(a)(b)

640,000

609,588

5.75%,

4/15/2033(a)(b)

2,050,000

2,007,991

Walgreens

Boots

Alliance,

Inc.

3.45%,

6/1/2026

150,000

146,593

8.13%,

8/15/2029

475,000

494,213

4.50%,

11/18/2034

300,000

282,402

#### 20,432,640

#### Containers

#### &

#### Packaging

#### -

#### 2

#### .1

#### %
Ardagh

Metal

Packaging

Finance

USA

LLC

6.00%,

6/15/2027(b)

870,000

866,806

3.25%,

9/1/2028(b)

395,000

361,054

Ball

Corp.

2.88%,

8/15/2030

100,000

88,540

Clydesdale

Acquisition

Holdings,

Inc.

6.63%,

4/15/2029(b)

2,315,000

2,331,990

6.88%,

1/15/2030(a)(b)

1,400,000

1,422,464

8.75%,

4/15/2030(a)(b)

7,669,000

7,901,547

Crown

Americas

LLC

4.25%,

9/30/2026

1,400,000

1,380,250

Crown

Cork

&

Seal

Co.,

Inc.

7.38%,

12/15/2026(a)

150,000

154,260

Graham

Packaging

Co.,

Inc.

7.13%,

8/15/2028(a)(b)

1,775,000

1,735,753

Graphic

Packaging

International

LLC

4.75%,

7/15/2027(b)

50,000

49,172

3.75%,

2/1/2030(b)

135,000

124,073

Intelligent

Packaging

Ltd.

Finco,

Inc.

6.00%,

9/15/2028(b)

885,000

877,552

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Containers

#### &

#### Packaging

#### -

#### 2.1%
(continued)

Iris

Holding,

Inc.

10.00%,

12/15/2028(a)(b)

$

795,000

$

701,708

LABL,

Inc.

10.50%,

7/15/2027(b)

615,000

550,425

5.88%,

11/1/2028(a)(b)

792,000

654,982

9.50%,

11/1/2028(b)

185,000

161,642

8.25%,

11/1/2029(a)(b)

455,000

308,263

8.63%,

10/1/2031(b)

950,000

776,625

Mauser

Packaging

Solutions

Holding

Co.

7.88%,

4/15/2027(a)(b)

450,000

451,188

9.25%,

4/15/2027(a)(b)

1,527,000

1,401,046

Sealed

Air

Corp.

6.50%,

7/15/2032(b)

150,000

152,570

Silgan

Holdings,

Inc.

4.13%,

2/1/2028(a)

275,000

264,107

TriMas

Corp.

4.13%,

4/15/2029(b)

1,800,000

1,683,969

Trivium

Packaging

Finance

BV

5.50%,

8/15/2026(b)(f)

1,495,000

1,480,314

8.50%,

8/15/2027(a)(b)(f)

885,000

874,718

#### 26,755,018

#### Distributors

#### -

#### 0

#### .3

#### %
American

Builders

&

Contractors

Supply

Co.,

Inc.

4.00%,

1/15/2028(a)(b)

785,000

757,583

Gates

Corp.

6.88%,

7/1/2029(b)

1,350,000

1,369,749

Resideo

Funding,

Inc.

4.00%,

9/1/2029(b)

285,000

262,334

Windsor

Holdings

III

LLC

8.50%,

6/15/2030(b)

1,220,000

1,284,105

#### 3,673,771

#### Diversified

#### Consumer

#### Services

#### -

#### 0

#### .5

#### %
Adtalem

Global

Education,

Inc.

5.50%,

3/1/2028(a)(b)

845,000

835,203

Belron

UK

Finance

plc

5.75%,

10/15/2029(b)

860,000

858,905

Champions

Financing,

Inc.

8.75%,

2/15/2029(a)(b)

1,785,000

1,571,541

Grand

Canyon

University

5.13%,

10/1/2028

3,035,000

2,856,517

StoneMor,

Inc.

8.50%,

5/15/2029(b)

600,000

539,464

#### 6,661,630

#### Diversified

#### REITs

#### -

#### 0

#### .9

#### %
Global

Net

Lease,

Inc.

REIT,

3.75%,

12/15/2027(a)

(b) 500,000

469,753

Iron

Mountain

Information

Management

Services,

Inc.

REIT,

5.00%,

7/15/2032(b)

1,780,000

1,663,008

Necessity

Retail

REIT,

Inc.

(The)

REIT,

4.50%,

9/30/2028(a)(b)

1,090,000

1,027,818

Uniti

Group

LP

REIT,

10.50%,

2/15/2028(b)

990,000

1,051,167

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Diversified

#### REITs

#### -

#### 0.9%
(continued)

Uniti

Group

LP

(continued)

REIT,

4.75%,

4/15/2028(b)

$

115,000

$

110,063

REIT,

6.50%,

2/15/2029(b)

5,600,000

5,123,048

REIT,

6.00%,

1/15/2030(b)

2,300,000

2,056,874

#### 11,501,731

#### Diversified

#### Telecommunication

#### Services

#### -

#### 4

#### .0

#### %
Altice

Financing

SA

9.63%,

7/15/2027(b)

350,000

300,635

5.00%,

1/15/2028(b)

1,055,000

810,217

5.75%,

8/15/2029(b)

2,030,000

1,497,169

Bell

Canada

7.00%,

9/15/2055(a)(e)

1,500,000

1,488,512

CCO

Holdings

LLC

5.13%,

5/1/2027(b)

1,331,000

1,312,793

5.00%,

2/1/2028(b)

1,365,000

1,331,768

5.38%,

6/1/2029(a)(b)

1,340,000

1,310,773

6.38%,

9/1/2029(a)(b)

1,250,000

1,261,199

4.75%,

3/1/2030(b)

2,995,000

2,827,385

4.50%,

8/15/2030(b)

2,555,000

2,372,533

4.25%,

2/1/2031(a)(b)

3,090,000

2,791,887

7.38%,

3/1/2031(b)

460,000

473,777

4.75%,

2/1/2032(a)(b)

1,370,000

1,239,795

4.50%,

5/1/2032(a)

2,917,000

2,591,692

4.50%,

6/1/2033(a)(b)

3,355,000

2,919,076

4.25%,

1/15/2034(a)(b)

1,420,000

1,196,191

Fibercop

SpA

Series

2033,

6.38%,

11/15/2033(b)

650,000

620,263

6.00%,

9/30/2034(b)

450,000

415,562

7.20%,

7/18/2036(a)(b)

1,100,000

1,056,403

Series

2038,

7.72%,

6/4/2038(b)

5,190,000

5,144,451

Frontier

Communications

Holdings

LLC

6.75%,

5/1/2029(b)

1,100,000

1,104,616

Iliad

Holding

SASU

7.00%,

10/15/2028(b)

725,000

733,839

Intelsat

Jackson

Holdings

SA

6.50%,

3/15/2030(a)(b)

2,800,000

2,754,130

Level

Financing,

Inc.

10.50%,

4/15/2029(b)

545,000

603,443

11.00%,

11/15/2029(a)(b)

2,235,000

2,497,612

10.75%,

12/15/2030(b)

645,000

714,082

10.00%,

10/15/2032(b)

500,000

498,750

Telesat

Canada

5.63%,

12/6/2026(b)

1,575,000

889,875

4.88%,

6/1/2027(b)

1,275,000

679,345

Virgin

Media

Finance

plc

5.00%,

7/15/2030(a)(b)

275,000

241,095

Virgin

Media

Secured

Finance

plc

5.50%,

5/15/2029(b)

1,150,000

1,107,236

4.50%,

8/15/2030(a)(b)

440,000

395,523

Zayo

Group

Holdings,

Inc.

4.00%,

3/1/2027(b)

4,310,000

3,969,472

6.13%,

3/1/2028(b)

2,760,000

2,244,139

#### 51,395,238
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Electric

#### Utilities

#### -

#### 1

#### .5

#### %
California

Buyer

Ltd.

6.38%,

2/15/2032(a)(b)

$

1,100,000

$

1,080,695

Edison

International

8.13%,

6/15/2053(e)

3,200,000

3,046,858

7.88%,

6/15/2054(e)

440,000

411,974

Emera,

Inc.

Series

16-A,

6.75%,

6/15/2076(a)(e)

7,105,000

7,114,617

Leeward

Renewable

Energy

Operations

LLC

4.25%,

7/1/2029(a)(b)

370,000

324,087

Long

Ridge

Energy

LLC

8.75%,

2/15/2032(b)

1,200,000

1,142,651

NRG

Energy,

Inc.

3.38%,

2/15/2029(b)

34,000

31,517

5.25%,

6/15/2029(b)

50,000

49,405

3.63%,

2/15/2031(a)(b)

760,000

683,067

PG&E

Corp.

5.00%,

7/1/2028

515,000

502,338

5.25%,

7/1/2030(a)

490,000

472,106

7.38%,

3/15/2055(e)

1,700,000

1,650,343

Vistra

Operations

Co.

LLC

5.00%,

7/31/2027(b)

1,015,000

1,006,163

XPLR

Infrastructure

Operating

Partners

LP

3.88%,

10/15/2026(b)

1,180,000

1,138,331

#### 18,654,152

#### Electrical

#### Equipment

#### -

#### 0

#### .1

#### %
Atkore,

Inc.

4.25%,

6/1/2031(b)

100,000

88,743

EnerSys

4.38%,

12/15/2027(b)

960,000

931,039

#### 1,019,782

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 0

#### .2

#### %
Crane

NXT

Co.

6.55%,

11/15/2036

750,000

756,630

4.20%,

3/15/2048

1,470,000

870,632

Insight

Enterprises,

Inc.

6.63%,

5/15/2032(a)(b)

250,000

253,626

Sensata

Technologies,

Inc.

4.38%,

2/15/2030(b)

720,000

663,926

#### 2,544,814

#### Energy

#### Equipment

#### &

#### Services

#### -

#### 3

#### .5

#### %
Archrock

Partners

LP

6.25%,

4/1/2028(b)

775,000

773,681

Borr

IHC

Ltd.

10.00%,

11/15/2028(a)(b)

2,085,366

1,773,604

Bristow

Group,

Inc.

6.88%,

3/1/2028(a)(b)

435,000

422,014

Diamond

Foreign

Asset

Co.

8.50%,

10/1/2030(a)(b)

3,500,000

3,346,035

Helix

Energy

Solutions

Group,

Inc.

9.75%,

3/1/2029(b)

1,935,000

1,958,607

Kodiak

Gas

Services

LLC

7.25%,

2/15/2029(a)(b)

1,490,000

1,513,300

Noble

Finance

II

LLC

8.00%,

4/15/2030(b)

9,365,000

8,922,666

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Energy

#### Equipment

#### &

#### Services

#### -

#### 3.5%
(continued)

Oceaneering

International,

Inc.

6.00%,

2/1/2028

$

645,000

$

613,222

Precision

Drilling

Corp.

6.88%,

1/15/2029(b)

405,000

379,727

Seadrill

Finance

Ltd.

8.38%,

8/1/2030(a)(b)

3,685,000

3,450,803

Star

Holding

LLC

8.75%,

8/1/2031(a)(b)

1,050,000

962,062

TGS

ASA

8.50%,

1/15/2030(a)(b)

3,500,000

3,465,000

Transocean,

Inc.

8.50%,

5/15/2031(b)

2,148,000

1,660,488

6.80%,

3/15/2038

1,600,000

985,711

USA

Compression

Partners

LP

7.13%,

3/15/2029(b)

3,090,000

3,119,945

Valaris

Ltd.

8.38%,

4/30/2030(a)(b)

7,530,000

7,055,523

Vallourec

SACA

7.50%,

4/15/2032(a)(b)

650,000

672,965

Weatherford

International

Ltd.

8.63%,

4/30/2030(a)(b)

3,150,000

3,122,299

#### 44,197,652

#### Entertainment

#### -

#### 0

#### .8

#### %
Allen

Media

LLC

10.50%,

2/15/2028(b)

2,180,000

654,000

AMC

Entertainment

Holdings,

Inc.

10.00%,

6/15/2026(b)(c)

2,000,000

1,974,709

Banijay

Entertainment

SAS

8.13%,

5/1/2029(b)

2,200,000

2,254,570

Cinemark

USA,

Inc.

5.25%,

7/15/2028(b)

1,475,000

1,448,326

Live

Nation

Entertainment,

Inc.

6.50%,

5/15/2027(b)

550,000

555,887

4.75%,

10/15/2027(a)(b)

3,115,000

3,048,980

3.75%,

1/15/2028(a)(b)

150,000

143,391

ROBLOX

Corp.

3.88%,

5/1/2030(b)

770,000

712,562

#### 10,792,425

#### Financial

#### Services

#### -

#### 3

#### .2

#### %
Armor

Holdco,

Inc.

8.50%,

11/15/2029(b)

360,000

331,404

Block,

Inc.

3.50%,

6/1/2031(a)

750,000

669,423

Boost

Newco

Borrower

LLC

7.50%,

1/15/2031(b)

1,100,000

1,160,782

Burford

Capital

Global

Finance

LLC

6.88%,

4/15/2030(a)(b)

50,000

49,900

9.25%,

7/1/2031(b)

2,250,000

2,370,476

CPI

CG,

Inc.

10.00%,

7/15/2029(b)

500,000

536,160

Freedom

Mortgage

Corp.

7.63%,

5/1/2026(b)

250,000

249,331

6.63%,

1/15/2027(a)(b)

160,000

158,798

12.00%,

10/1/2028(a)(b)

535,000

573,568

12.25%,

10/1/2030(b)

425,000

467,618

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Financial

#### Services

#### -

#### 3.2%
(continued)

Freedom

Mortgage

Holdings

LLC

9.25%,

2/1/2029(b)

$

250,000

$

254,673

9.13%,

5/15/2031(b)

420,000

424,652

8.38%,

4/1/2032(a)(b)

500,000

489,015

Jefferies

Finance

LLC

5.00%,

8/15/2028(b)

1,935,000

1,800,513

6.63%,

10/15/2031(b)

700,000

685,834

Jefferson

Capital

Holdings

LLC

6.00%,

8/15/2026(b)

491,000

488,545

9.50%,

2/15/2029(b)

1,250,000

1,310,365

Midcap

Financial

Issuer

Trust

6.50%,

5/1/2028(b)

7,365,000

7,030,844

5.63%,

1/15/2030(b)

3,180,000

2,782,612

Mobius

Merger

Sub,

Inc.

9.00%,

6/1/2030(b)

2,015,000

1,768,315

Nationstar

Mortgage

Holdings,

Inc.

6.00%,

1/15/2027(a)(b)

575,000

575,252

5.50%,

8/15/2028(a)(b)

1,801,000

1,790,097

6.50%,

8/1/2029(b)

540,000

548,852

7.13%,

2/1/2032(a)(b)

540,000

560,198

NCR

Atleos

Corp.

9.50%,

4/1/2029(a)(b)

1,285,000

1,382,498

Oxford

Finance

LLC

6.38%,

2/1/2027(b)

365,000

363,733

PennyMac

Financial

Services,

Inc.

4.25%,

2/15/2029(b)

175,000

163,374

5.75%,

9/15/2031(a)(b)

235,000

223,842

PHH

Escrow

Issuer

LLC

9.88%,

11/1/2029(b)

500,000

483,550

Planet

Financial

Group

LLC

10.50%,

12/15/2029(b)

1,550,000

1,528,610

Provident

Funding

Associates

LP

9.75%,

9/15/2029(b)

1,300,000

1,334,892

Rocket

Mortgage

LLC

2.88%,

10/15/2026(a)(b)

880,000

849,274

3.63%,

3/1/2029(b)

539,000

501,274

3.88%,

3/1/2031(a)(b)

947,000

856,008

Shift4

Payments

LLC

6.75%,

8/15/2032(b)

800,000

811,398

Stena

International

SA

7.25%,

1/15/2031(a)(b)

1,250,000

1,233,852

7.63%,

2/15/2031(b)

675,000

679,161

United

Wholesale

Mortgage

LLC

5.75%,

6/15/2027(b)

1,120,000

1,104,976

5.50%,

4/15/2029(a)(b)

1,265,000

1,224,898

UWM

Holdings

LLC

6.63%,

2/1/2030(a)(b)

1,400,000

1,384,414

#### 41,202,981

#### Food

#### Products

#### -

#### 0

#### .7

#### %
Lamb

Weston

Holdings,

Inc.

4.88%,

5/15/2028(a)(b)

450,000

443,602

4.13%,

1/31/2030(a)(b)

45,000

42,215

4.38%,

1/31/2032(a)(b)

413,000

378,357

Post

Holdings,

Inc.

5.50%,

12/15/2029(b)

1,080,000

1,060,023

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Food

#### Products

#### -

#### 0.7%
(continued)

Post

Holdings,

Inc.

(continued)

4.63%,

4/15/2030(a)(b)

$

1,334,000

$

1,257,435

4.50%,

9/15/2031(b)

1,690,000

1,537,966

6.25%,

2/15/2032(a)(b)

550,000

554,262

6.38%,

3/1/2033(a)(b)

500,000

494,379

Simmons

Foods,

Inc.

4.63%,

3/1/2029(a)(b)

1,325,000

1,230,869

TreeHouse

Foods,

Inc.

4.00%,

9/1/2028

210,000

188,409

Viking

Baked

Goods

Acquisition

Corp.

8.63%,

11/1/2031(a)(b)

2,225,000

2,113,517

#### 9,301,034

#### Gas

#### Utilities

#### -

#### 1

#### .2

#### %
AltaGas

Ltd.

7.20%,

10/15/2054(b)(e)

5,500,000

5,371,390

AmeriGas

Partners

LP

5.88%,

8/20/2026

3,200,000

3,161,152

5.75%,

5/20/2027

3,550,000

3,392,862

9.38%,

6/1/2028(a)(b)

3,550,000

3,528,061

Suburban

Propane

Partners

LP

5.00%,

6/1/2031(a)(b)

365,000

333,645

#### 15,787,110

#### Ground

#### Transportation

#### -

#### 1

#### .1

#### %
Albion

Financing

Sarl

6.13%,

10/15/2026(b)

880,000

876,576

Albion

Financing

Sarl

8.75%,

4/15/2027(b)

1,045,000

1,054,822

Avis

Budget

Car

Rental

LLC

8.25%,

1/15/2030(b)

1,000,000

997,700

Brightline

East

LLC

11.00%,

1/31/2030(a)(b)

2,850,000

2,322,750

Carriage

Purchaser,

Inc.

7.88%,

10/15/2029(b)

445,000

365,362

Dcli

Bidco

LLC

7.75%,

11/15/2029(a)(b)

1,050,000

978,096

EquipmentShare.com,

Inc.

9.00%,

5/15/2028(a)(b)

1,240,000

1,262,075

8.63%,

5/15/2032(b)

445,000

454,314

First

Student

Bidco,

Inc.

4.00%,

7/31/2029(a)(b)

740,000

684,260

Hertz

Corp.

(The)

4.63%,

12/1/2026(b)

355,000

296,478

12.63%,

7/15/2029(a)(b)

850,000

826,736

5.00%,

12/1/2029(a)(b)

2,069,000

1,274,647

NESCO

Holdings

II,

Inc.

5.50%,

4/15/2029(a)(b)

1,300,000

1,178,337

RXO,

Inc.

7.50%,

11/15/2027(b)

115,000

116,889

Star

Leasing

Co.

LLC

7.63%,

2/15/2030(b)

1,250,000

1,121,169

#### 13,810,211

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 0

#### .8

#### %
Avantor

Funding,

Inc.

4.63%,

7/15/2028(b)

285,000

274,085

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 0.8%
(continued)

Embecta

Corp.

5.00%,

2/15/2030(a)(b)

$

395,000

$

355,509

6.75%,

2/15/2030(b)

900,000

864,000

Hologic,

Inc.

3.25%,

2/15/2029(a)(b)

2,900,000

2,708,145

Medline

Borrower

LP

5.25%,

10/1/2029(a)(b)

2,440,000

2,317,116

Neogen

Food

Safety

Corp.

8.63%,

7/20/2030(a)(b)

150,000

151,423

Sotera

Health

Holdings

LLC

7.38%,

6/1/2031(b)

1,500,000

1,538,461

Teleflex,

Inc.

4.63%,

11/15/2027(a)

890,000

868,845

4.25%,

6/1/2028(a)(b)

1,630,000

1,560,675

#### 10,638,259

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 3

#### .2

#### %
Acadia

Healthcare

Co.,

Inc.

5.50%,

7/1/2028(b)

430,000

420,970

5.00%,

4/15/2029(a)(b)

805,000

761,016

AdaptHealth

LLC

6.13%,

8/1/2028(a)(b)

375,000

363,687

CVS

Health

Corp.

7.00%,

3/10/2055(e)

250,000

252,887

DaVita,

Inc.

4.63%,

6/1/2030(a)(b)

2,558,000

2,379,094

3.75%,

2/15/2031(a)(b)

1,373,000

1,207,093

Encompass

Health

Corp.

4.50%,

2/1/2028(a)

935,000

921,753

4.63%,

4/1/2031(a)

1,225,000

1,166,182

Global

Medical

Response,

Inc.

8.75%,

10/31/2028(b)(c)

1,756,562

1,756,525

HAH

Group

Holding

Co.

LLC

9.75%,

10/1/2031(a)(b)

2,000,000

1,918,984

HealthEquity,

Inc.

4.50%,

10/1/2029(b)

2,705,000

2,556,138

Kedrion

SpA

6.50%,

9/1/2029(a)(b)

1,565,000

1,497,568

LifePoint

Health,

Inc.

5.38%,

1/15/2029(a)(b)

295,000

265,560

9.88%,

8/15/2030(b)

755,000

803,111

11.00%,

10/15/2030(b)

560,000

613,002

8.38%,

2/15/2032(a)(b)

500,000

509,968

Molina

Healthcare,

Inc.

4.38%,

6/15/2028(b)

1,510,000

1,451,433

3.88%,

11/15/2030(a)(b)

1,270,000

1,144,854

3.88%,

5/15/2032(a)(b)

1,470,000

1,295,389

Option

Care

Health,

Inc.

4.38%,

10/31/2029(a)(b)

1,040,000

982,210

Owens

&

Minor,

Inc.

4.50%,

3/31/2029(b)

1,025,000

830,688

6.63%,

4/1/2030(b)

5,250,000

4,468,821

Pediatrix

Medical

Group,

Inc.

5.38%,

2/15/2030(b)

100,000

96,435

Prime

Healthcare

Services,

Inc.

9.38%,

9/1/2029(a)(b)

2,650,000

2,526,459

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 3.2%
(continued)

Radiology

Partners,

Inc.

4.28%,

1/31/2029(b)(c)

$

1,486,101

$

1,434,282

9.78%,

2/15/2030(b)(c)

1,327,466

1,212,400

Star

Parent,

Inc.

9.00%,

10/1/2030(a)(b)

1,930,000

1,952,814

Tenet

Healthcare

Corp.

5.13%,

11/1/2027

990,000

981,839

6.13%,

10/1/2028

1,450,000

1,446,532

6.13%,

6/15/2030(a)

585,000

587,006

6.75%,

5/15/2031(a)

250,000

256,272

Toledo

Hospital

(The)

Series

B,

5.33%,

11/15/2028

275,000

264,702

6.02%,

11/15/2048

210,000

183,334

US

Acute

Care

Solutions

LLC

9.75%,

5/15/2029(a)(b)

2,650,000

2,690,230

#### 41,199,238

#### Health

#### Care

#### REITs

#### -

#### 0

#### .1

#### %
CTR

Partnership

LP

REIT,

3.88%,

6/30/2028(a)(b)

735,000

715,131

MPT

Operating

Partnership

LP

REIT,

8.50%,

2/15/2032(b)

250,000

253,996

#### 969,127

#### Hotel

#### &

#### Resort

#### REITs

#### -

#### 0

#### .4

#### %
RHP

Hotel

Properties

LP

REIT,

7.25%,

7/15/2028(a)(b)

185,000

190,124

REIT,

4.50%,

2/15/2029(a)(b)

490,000

468,882

REIT,

6.50%,

4/1/2032(b)

1,750,000

1,744,160

RLJ

Lodging

Trust

LP

REIT,

3.75%,

7/1/2026(b)

1,165,000

1,142,217

REIT,

4.00%,

9/15/2029(b)

1,400,000

1,265,297

Service

Properties

Trust

REIT,

4.75%,

10/1/2026

245,000

237,201

REIT,

4.95%,

2/15/2027(a)

85,000

80,789

XHR

LP

REIT,

4.88%,

6/1/2029(a)(b)

260,000

244,390

REIT,

6.63%,

5/15/2030(a)(b)

155,000

152,679

#### 5,525,739

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 6

#### .9

#### %
1011778

BC

ULC

3.88%,

1/15/2028(a)(b)

300,000

288,059

4.38%,

1/15/2028(b)

520,000

503,410

4.00%,

10/15/2030(b)

2,795,000

2,543,541

Acushnet

Co.

7.38%,

10/15/2028(a)(b)

120,000

124,174

Affinity

Interactive

6.88%,

12/15/2027(a)(b)

1,730,000

1,240,358

Boyd

Gaming

Corp.

4.75%,

12/1/2027(a)

10,000

9,795

4.75%,

6/15/2031(a)(b)

2,345,000

2,186,208

Boyne

USA,

Inc.

4.75%,

5/15/2029(b)

500,000

475,825

Brinker

International,

Inc.

8.25%,

7/15/2030(b)

238,000

249,696

Caesars

Entertainment,

Inc.

8.13%,

7/1/2027(a)(b)

388,000

389,166

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 6.9%
(continued)

Carnival

Corp.

5.75%,

3/1/2027(b)

$

2,647,000

$

2,637,645

Churchill

Downs,

Inc.

5.50%,

4/1/2027(b)

235,000

232,725

4.75%,

1/15/2028(b)

3,415,000

3,309,295

5.75%,

4/1/2030(a)(b)

3,590,000

3,510,950

6.75%,

5/1/2031(b)

1,575,000

1,590,714

Fertitta

Entertainment

LLC

4.63%,

1/15/2029(b)

2,620,000

2,427,116

6.75%,

1/15/2030(b)

8,845,000

7,738,560

Genting

New

York

LLC

7.25%,

10/1/2029(b)

2,100,000

2,098,595

GPS

Hospitality

Holding

Co.

LLC

7.00%,

8/15/2028(b)

1,290,000

745,055

Hilton

Domestic

Operating

Co.,

Inc.

5.88%,

4/1/2029(b)

450,000

454,667

3.75%,

5/1/2029(a)(b)

1,410,000

1,325,661

4.00%,

5/1/2031(a)(b)

5,960,000

5,465,930

3.63%,

2/15/2032(a)(b)

5,750,000

5,086,358

Hilton

Grand

Vacations

Borrower

LLC

5.00%,

6/1/2029(a)(b)

825,000

762,783

4.88%,

7/1/2031(a)(b)

3,500,000

3,045,725

Jacobs

Entertainment,

Inc.

6.75%,

2/15/2029(a)(b)

960,000

873,600

Light

&

Wonder

International,

Inc.

7.00%,

5/15/2028(b)

500,000

500,113

7.25%,

11/15/2029(b)

255,000

259,973

MajorDrive

Holdings

IV

LLC

6.38%,

6/1/2029(a)(b)

820,000

603,229

Marriott

Ownership

Resorts,

Inc.

4.75%,

1/15/2028(a)

726,000

688,162

4.50%,

6/15/2029(b)

400,000

364,897

Midwest

Gaming

Borrower

LLC

4.88%,

5/1/2029(b)

5,065,000

4,781,655

NCL

Corp.

Ltd.

5.88%,

2/15/2027(b)

575,000

572,318

6.75%,

2/1/2032(a)(b)

500,000

488,220

Penn

Entertainment,

Inc.

5.63%,

1/15/2027(a)(b)

440,000

433,008

Raising

Cane's

Restaurants

LLC

9.38%,

5/1/2029(a)(b)

300,000

317,926

Resorts

World

Las

Vegas

LLC

4.63%,

4/16/2029(a)(b)

7,750,000

6,667,489

8.45%,

7/27/2030(b)

1,175,000

1,142,201

4.63%,

4/6/2031(b)

1,880,000

1,506,602

Royal

Caribbean

Cruises

Ltd.

4.25%,

7/1/2026(b)

1,380,000

1,361,126

5.50%,

8/31/2026(a)(b)

695,000

695,332

5.38%,

7/15/2027(b)

340,000

339,603

Scientific

Games

Holdings

LP

6.63%,

3/1/2030(a)(b)

850,000

809,022

SeaWorld

Parks

&

Entertainment,

Inc.

5.25%,

8/15/2029(b)

1,410,000

1,340,167

Six

Flags

Entertainment

Corp.

5.50%,

4/15/2027(b)

395,000

390,723

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 6.9%
(continued)

Six

Flags

Entertainment

Corp.

(continued)

6.50%,

10/1/2028

$

330,000

$

331,748

5.25%,

7/15/2029(a)

381,000

362,221

7.25%,

5/15/2031(a)(b)

615,000

623,445

Speedway

Motorsports

LLC

4.88%,

11/1/2027(b)

50,000

47,909

Station

Casinos

LLC

4.50%,

2/15/2028(b)

490,000

472,794

TKC

Holdings,

Inc.

6.88%,

5/15/2028(b)

770,000

770,052

10.50%,

5/15/2029(b)

1,015,000

1,015,493

Travel

+

Leisure

Co.

6.63%,

7/31/2026(b)

1,325,000

1,334,275

6.00%,

4/1/2027(f)

525,000

527,954

4.50%,

12/1/2029(b)

20,000

18,745

4.63%,

3/1/2030(b)

85,000

79,154

VOC

Escrow

Ltd.

5.00%,

2/15/2028(b)

285,000

279,525

Wyndham

Hotels

&

Resorts,

Inc.

4.38%,

8/15/2028(a)(b)

1,375,000

1,320,716

Wynn

Las

Vegas

LLC

5.25%,

5/15/2027(b)

1,710,000

1,692,469

Wynn

Resorts

Finance

LLC

5.13%,

10/1/2029(b)

530,000

510,992

7.13%,

2/15/2031(b)

1,330,000

1,371,980

Yum!

Brands,

Inc.

4.75%,

1/15/2030(b)

225,000

218,374

3.63%,

3/15/2031(a)

2,815,000

2,538,928

6.88%,

11/15/2037

2,165,000

2,249,727

#### 88,343,878

#### Household

#### Durables

#### -

#### 2

#### .3

#### %
Adams

Homes,

Inc.

9.25%,

10/15/2028(b)

1,000,000

1,004,675

Ashton

Woods

USA

LLC

6.63%,

1/15/2028(b)

285,000

284,468

4.63%,

8/1/2029(a)(b)

500,000

462,615

4.63%,

4/1/2030(a)(b)

885,000

811,308

Brookfield

Residential

Properties,

Inc.

6.25%,

9/15/2027(a)(b)

40,000

39,219

5.00%,

6/15/2029(b)

715,000

636,425

4.88%,

2/15/2030(a)(b)

1,110,000

966,311

CD&R

Smokey

Buyer,

Inc.

9.50%,

10/15/2029(a)(b)

2,240,000

1,922,317

Empire

Communities

Corp.

9.75%,

5/1/2029(b)

1,400,000

1,365,980

Installed

Building

Products,

Inc.

5.75%,

2/1/2028(b)

330,000

324,323

K. Hovnanian

Enterprises,

Inc.

11.75%,

9/30/2029(a)(b)

3,150,000

3,337,330

Landsea

Homes

Corp.

8.88%,

4/1/2029(b)

2,000,000

1,892,648

LGI

Homes,

Inc.

8.75%,

12/15/2028(a)(b)

1,945,000

1,964,071

4.00%,

7/15/2029(a)(b)

615,000

535,173

7.00%,

11/15/2032(a)(b)

2,150,000

1,983,375

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Household

#### Durables

#### -

#### 2.3%
(continued)

M/I

Homes,

Inc.

4.95%,

2/1/2028

$

150,000

$

146,723

3.95%,

2/15/2030

5,000

4,539

Mattamy

Group

Corp.

5.25%,

12/15/2027(a)(b)

790,000

767,387

4.63%,

3/1/2030(b)

1,000,000

914,794

New

Home

Co.,

Inc.

(The)

9.25%,

10/1/2029(b)

400,000

412,744

Shea

Homes

LP

4.75%,

2/15/2028(a)

700,000

679,504

4.75%,

4/1/2029(a)

494,000

467,138

Somnigroup

International,

Inc.

4.00%,

4/15/2029(a)(b)

1,870,000

1,736,140

3.88%,

10/15/2031(b)

2,810,000

2,466,638

STL

Holding

Co.

LLC

8.75%,

2/15/2029(b)

900,000

914,020

Taylor

Morrison

Communities,

Inc.

5.88%,

6/15/2027(b)

305,000

306,489

5.75%,

1/15/2028(b)

865,000

865,391

5.13%,

8/1/2030(a)(b)

250,000

242,222

TopBuild

Corp.

3.63%,

3/15/2029(a)(b)

120,000

111,550

4.13%,

2/15/2032(b)

245,000

220,477

Tri

Pointe

Homes,

Inc.

5.70%,

6/15/2028(a)

1,030,000

1,029,541

#### 28,815,535

#### Household

#### Products

#### -

#### 0

#### .5

#### %
Central

Garden

&

Pet

Co.

4.13%,

10/15/2030(a)

265,000

242,710

4.13%,

4/30/2031(a)(b)

800,000

720,017

Energizer

Holdings,

Inc.

6.50%,

12/31/2027(a)(b)

570,000

572,003

4.75%,

6/15/2028(a)(b)

1,155,000

1,112,807

4.38%,

3/31/2029(a)(b)

505,000

471,159

Kronos

Acquisition

Holdings,

Inc.

8.25%,

6/30/2031(a)(b)

2,275,000

1,880,193

10.75%,

6/30/2032(b)

1,300,000

778,955

#### 5,777,844

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 0

#### .0

#### %
(d) TransAlta

Corp.

7.75%,

11/15/2029

200,000

208,303

#### Insurance

#### -

#### 2

#### .1

#### %
Acrisure

LLC

4.25%,

2/15/2029(b)

395,000

369,135

Alliant

Holdings

Intermediate

LLC

4.25%,

10/15/2027(a)(b)

150,000

144,738

7.00%,

1/15/2031(b)

550,000

558,193

AmWINS

Group,

Inc.

4.88%,

6/30/2029(b)

540,000

515,553

APH

Somerset

Investor

LLC

7.88%,

11/1/2029(b)

2,200,000

2,147,178

Ardonagh

Finco

Ltd.

7.75%,

2/15/2031(a)(b)

1,900,000

1,933,828

Ardonagh

Group

Finance

Ltd.

8.88%,

2/15/2032(b)

11,350,000

11,577,197

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Insurance

#### -

#### 2.1%
(continued)

Assurant,

Inc.

7.00%,

3/27/2048(e)

$

440,000

$

437,878

Constellation

Insurance,

Inc.

6.80%,

1/24/2030(b)(f)

220,000

213,386

6.63%,

5/1/2031(b)

470,000

468,234

Global

Atlantic

Fin

Co.

4.70%,

10/15/2051(b)(e)

2,970,000

2,822,564

7.95%,

10/15/2054(b)(e)

1,105,000

1,122,149

HUB

International

Ltd.

7.25%,

6/15/2030(b)

2,105,000

2,183,396

Liberty

Mutual

Group,

Inc.

7.80%,

3/15/2037(a)(b)

325,000

363,879

4.13%,

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

1,015,000

958,546

4.30%,

2/1/2061(b)

1,300,000

809,879

#### 26,625,733

#### Interactive

#### Media

#### &

#### Services

#### -

#### 0

#### .1

#### %
Cars.com,

Inc.

6.38%,

11/1/2028(a)(b)

416,000

408,650

Ziff

Davis,

Inc.

4.63%,

10/15/2030(a)(b)

965,000

852,640

ZipRecruiter,

Inc.

5.00%,

1/15/2030(a)(b)

590,000

492,136

#### 1,753,426

#### IT

#### Services

#### -

#### 1

#### .3

#### %
Acuris

Finance

US,

Inc.

5.00%,

5/1/2028(a)(b)

1,159,000

1,024,953

9.00%,

8/1/2029(a)(b)

1,550,000

1,479,281

Arches

Buyer,

Inc.

4.25%,

6/1/2028(a)(b)

770,000

724,129

6.13%,

12/1/2028(b)

490,000

438,111

ASGN,

Inc.

4.63%,

5/15/2028(b)

2,955,000

2,812,105

Cogent

Communications

Group

LLC

3.50%,

5/1/2026(a)(b)

1,410,000

1,383,174

7.00%,

6/15/2027(a)(b)

825,000

829,038

Cogent

Communications

Group,

Inc.

7.00%,

6/15/2027(b)

50,000

50,158

Conduent

Business

Services

LLC

6.00%,

11/1/2029(a)(b)

530,000

487,189

ION

Trading

Technologies

Sarl

5.75%,

5/15/2028(b)

790,000

710,722

9.50%,

5/30/2029(b)

1,400,000

1,355,820

Newfold

Digital

Holdings

Group,

Inc.

11.75%,

10/15/2028(a)(b)

3,420,000

1,812,600

6.00%,

2/15/2029(b)

2,350,000

1,372,940

Twilio,

Inc.

3.63%,

3/15/2029(a)

225,000

210,961

3.88%,

3/15/2031(a)

1,040,000

944,859

Unisys

Corp.

6.88%,

11/1/2027(b)

525,000

505,209

Virtusa

Corp.

7.13%,

12/15/2028(b)

355,000

338,430

#### 16,479,679
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### -

#### 0

#### .0

#### %
(d) Charles

River

Laboratories

International,

Inc.

4.25%,

5/1/2028(a)(b)

$

250,000

$

237,747

4.00%,

3/15/2031(b)

250,000

219,823

#### 457,570

#### Machinery

#### -

#### 1

#### .8

#### %
Amsted

Industries,

Inc.

4.63%,

5/15/2030(b)

125,000

118,153

ATS

Corp.

4.13%,

12/15/2028(a)(b)

750,000

695,906

Calderys

Financing

II

LLC

11.75%,

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

650,000

638,281

Calderys

Financing

LLC

11.25%,

6/1/2028(b)

1,585,000

1,674,622

Chart

Industries,

Inc.

7.50%,

1/1/2030(b)

210,000

217,873

Esab

Corp.

6.25%,

4/15/2029(a)(b)

1,350,000

1,369,751

Hillenbrand,

Inc.

5.00%,

9/15/2026(f)

300,000

295,602

6.25%,

2/15/2029(a)

270,000

268,422

3.75%,

3/1/2031

50,000

43,411

Husky

Injection

Molding

Systems

Ltd.

9.00%,

2/15/2029(a)(b)

3,700,000

3,755,981

Interpipe

Holdings

plc

8.38%,

5/13/2026(b)

300,000

276,675

Manitowoc

Co.,

Inc.

(The)

9.25%,

10/1/2031(a)(b)

1,500,000

1,520,625

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

9/1/2028(b)

3,435,000

3,392,063

Mueller

Water

Products,

Inc.

4.00%,

6/15/2029(b)

215,000

201,857

OT

Merger

Corp.

7.88%,

10/15/2029(b)

985,000

394,000

Roller

Bearing

Co.

of

America,

Inc.

4.38%,

10/15/2029(a)(b)

1,750,000

1,660,057

Terex

Corp.

5.00%,

5/15/2029(b)

675,000

645,622

TK

Elevator

US

Newco,

Inc.

5.25%,

7/15/2027(a)(b)

1,650,000

1,624,750

Trinity

Industries,

Inc.

7.75%,

7/15/2028(a)(b)

160,000

164,976

Wabash

National

Corp.

4.50%,

10/15/2028(a)(b)

2,685,000

2,261,138

Werner

FinCo.

LP

11.50%,

6/15/2028(b)

1,350,000

1,404,074

#### 22,623,839

#### Media

#### -

#### 7

#### .2

#### %
Advantage

Sales

&

Marketing,

Inc.

6.50%,

11/15/2028(a)(b)

1,730,000

1,392,839

AMC

Networks,

Inc.

10.25%,

1/15/2029(a)(b)

1,725,000

1,772,309

4.25%,

2/15/2029

3,745,000

2,757,331

Belo

Corp.

7.75%,

6/1/2027

400,000

413,420

7.25%,

9/15/2027

1,245,000

1,278,308

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Media

#### -

#### 7.2%
(continued)

Cable

One,

Inc.

4.00%,

11/15/2030(b)

$

1,325,000

$

1,077,741

Clear

Channel

Outdoor

Holdings,

Inc.

7.75%,

4/15/2028(b)

580,000

481,400

CMG

Media

Corp.

8.88%,

6/18/2029(a)(b)

1,150,000

1,006,250

CSC

Holdings

LLC

5.50%,

4/15/2027(b)

2,650,000

2,462,327

5.38%,

2/1/2028(b)

1,150,000

1,004,970

11.75%,

1/31/2029(a)(b)

1,750,000

1,654,482

6.50%,

2/1/2029(a)(b)

1,950,000

1,594,786

3.38%,

2/15/2031(b)

750,000

500,708

Directv

Financing

LLC

5.88%,

8/15/2027(b)

7,520,000

7,267,882

10.00%,

2/15/2031(b)

12,350,000

11,695,393

DISH

Network

Corp.

11.75%,

11/15/2027(b)

2,250,000

2,364,635

GCI

LLC

4.75%,

10/15/2028(a)(b)

1,290,000

1,220,392

Gray

Media,

Inc.

7.00%,

5/15/2027(b)

1,070,000

1,040,955

10.50%,

7/15/2029(b)

2,450,000

2,514,881

4.75%,

10/15/2030(b)

5,282,000

3,129,585

5.38%,

11/15/2031(b)

9,249,000

5,518,328

iHeartCommunications,

Inc.

9.13%,

5/1/2029(b)

1,500,000

1,158,285

10.88%,

5/1/2030(b)

1,000,000

420,000

7.75%,

8/15/2030(b)

750,000

534,649

Lamar

Media

Corp.

4.88%,

1/15/2029(a)

150,000

145,639

3.63%,

1/15/2031(a)

1,560,000

1,409,803

Neptune

Bidco

US,

Inc.

9.29%,

4/15/2029(a)(b)

2,770,000

2,465,300

Nexstar

Media,

Inc.

5.63%,

7/15/2027(b)

1,590,000

1,575,135

4.75%,

11/1/2028(a)(b)

760,000

715,665

Paramount

Global

6.25%,

2/28/2057(a)(e)

1,220,000

1,126,036

6.38%,

3/30/2062(a)(e)

2,060,000

1,981,566

Radiate

Holdco

LLC

4.50%,

9/15/2026(b)

1,720,000

1,483,982

Scripps

Escrow

II,

Inc.

3.88%,

1/15/2029(b)

2,075,000

1,581,090

5.38%,

1/15/2031(b)

1,380,000

785,586

Scripps

Escrow,

Inc.

5.88%,

7/15/2027(b)

467,000

369,873

Sinclair

Television

Group,

Inc.

5.50%,

3/1/2030(b)

3,625,000

2,610,000

4.38%,

12/31/2032(b)

1,725,000

1,043,716

8.13%,

2/15/2033(a)(b)

2,750,000

2,722,115

9.75%,

2/15/2033(b)

500,000

516,250

Sirius

XM

Radio

LLC

3.13%,

9/1/2026(a)(b)

980,000

953,630

5.00%,

8/1/2027(a)(b)

1,205,000

1,190,510

4.00%,

7/15/2028(a)(b)

1,905,000

1,792,085

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Media

#### -

#### 7.2%
(continued)

Sirius

XM

Radio

LLC

(continued)

5.50%,

7/1/2029(a)(b)

$

1,232,000

$

1,199,514

4.13%,

7/1/2030(a)(b)

1,645,000

1,471,866

3.88%,

9/1/2031(a)(b)

45,000

38,614

TEGNA,

Inc.

4.63%,

3/15/2028(a)

3,227,000

3,083,314

5.00%,

9/15/2029(a)

1,175,000

1,094,484

Univision

Communications,

Inc.

6.63%,

6/1/2027(b)

805,000

778,905

8.00%,

8/15/2028(b)

615,000

597,379

4.50%,

5/1/2029(b)

430,000

368,732

7.38%,

6/30/2030(a)(b)

380,000

346,121

8.50%,

7/31/2031(a)(b)

555,000

524,074

Urban

One,

Inc.

7.38%,

2/1/2028(b)

3,861,000

1,853,280

Virgin

Media

Vendor

Financing

Notes

IV

DAC

5.00%,

7/15/2028(b)

100,000

96,715

VZ

Secured

Financing

BV

5.00%,

1/15/2032(b)

1,360,000

1,186,798

Ziggo

Bond

Co.

BV

5.13%,

2/28/2030(a)(b)

198,000

175,531

Ziggo

BV

4.88%,

1/15/2030(a)(b)

820,000

754,928

#### 92,300,092

#### Metals

#### &

#### Mining

#### -

#### 2

#### .8

#### %
Arsenal

AIC

Parent

LLC

8.00%,

10/1/2030(b)

935,000

968,068

11.50%,

10/1/2031(b)

1,350,000

1,482,293

ATI,

Inc.

4.88%,

10/1/2029(a)

50,000

47,768

5.13%,

10/1/2031(a)

95,000

89,911

Century

Aluminum

Co.

7.50%,

4/1/2028(a)(b)

275,000

276,118

Commercial

Metals

Co.

4.13%,

1/15/2030

50,000

47,008

3.88%,

2/15/2031(a)

50,000

44,828

4.38%,

3/15/2032

30,000

27,268

Constellium

SE

5.63%,

6/15/2028(b)

200,000

196,801

Eldorado

Gold

Corp.

6.25%,

9/1/2029(a)(b)

1,610,000

1,586,984

FMG

Resources

August

2006

Pty.

Ltd.

4.50%,

9/15/2027(b)

715,000

697,464

5.88%,

4/15/2030(b)

2,175,000

2,150,335

4.38%,

4/1/2031(b)

4,995,000

4,520,633

6.13%,

4/15/2032(a)(b)

2,170,000

2,138,520

Hecla

Mining

Co.

7.25%,

2/15/2028

250,000

250,630

IAMGOLD

Corp.

5.75%,

10/15/2028(b)

475,000

470,544

Infrabuild

Australia

Pty.

Ltd.

14.50%,

11/15/2028(b)

1,270,000

1,332,230

Kaiser

Aluminum

Corp.

4.63%,

3/1/2028(a)(b)

560,000

538,804

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Metals

#### &

#### Mining

#### -

#### 2.8%
(continued)

Novelis

Corp.

3.25%,

11/15/2026(b)

$

500,000

$

484,910

4.75%,

1/30/2030(b)

10,350,000

9,624,322

3.88%,

8/15/2031(a)(b)

5,925,000

5,113,757

Perenti

Finance

Pty.

Ltd.

7.50%,

4/26/2029(b)

350,000

363,125

SunCoke

Energy,

Inc.

4.88%,

6/30/2029(b)

1,980,000

1,818,967

TMS

International

Corp.

6.25%,

4/15/2029(b)

1,385,000

1,281,414

Warrior

Met

Coal,

Inc.

7.88%,

12/1/2028(b)

56,000

56,500

#### 35,609,202

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### -

#### 1

#### .3

#### %
Apollo

Commercial

Real

Estate

Finance,

Inc.

4.63%,

6/15/2029(a)(b)

530,000

489,501

Blackstone

Mortgage

Trust,

Inc.

3.75%,

1/15/2027(b)

885,000

841,147

7.75%,

12/1/2029(a)(b)

950,000

986,688

Ladder

Capital

Finance

Holdings

LLLP

4.25%,

2/1/2027(b)

910,000

886,532

4.75%,

6/15/2029(b)

1,240,000

1,186,946

Rithm

Capital

Corp.

8.00%,

4/1/2029(b)

5,285,000

5,276,381

Starwood

Property

Trust,

Inc.

3.63%,

7/15/2026(b)

1,040,000

1,015,198

4.38%,

1/15/2027(a)(b)

365,000

358,050

7.25%,

4/1/2029(b)

2,140,000

2,219,233

6.00%,

4/15/2030(a)(b)

1,200,000

1,186,168

6.50%,

7/1/2030(a)(b)

1,850,000

1,860,736

#### 16,306,580

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 10

#### .2

#### %
Alliance

Resource

Operating

Partners

LP

8.63%,

6/15/2029(a)(b)

2,235,000

2,307,007

Antero

Midstream

Partners

LP

5.75%,

1/15/2028(a)(b)

990,000

984,064

5.38%,

6/15/2029(b)

1,570,000

1,532,171

Ascent

Resources

Utica

Holdings

LLC

5.88%,

6/30/2029(b)

250,000

242,584

Baytex

Energy

Corp.

8.50%,

4/30/2030(a)(b)

3,021,000

2,807,216

7.38%,

3/15/2032(a)(b)

350,000

301,758

Blue

Racer

Midstream

LLC

6.63%,

7/15/2026(b)

50,000

49,770

7.00%,

7/15/2029(b)

700,000

712,080

7.25%,

7/15/2032(b)

1,300,000

1,332,987

Buckeye

Partners

LP

3.95%,

12/1/2026

345,000

336,333

4.13%,

12/1/2027(a)

405,000

389,116

4.50%,

3/1/2028(a)(b)

205,000

197,634

6.88%,

7/1/2029(a)(b)

860,000

876,201

5.85%,

11/15/2043(a)

120,000

100,754

5.60%,

10/15/2044

15,000

12,290

California

Resources

Corp.

8.25%,

6/15/2029(a)(b)

6,375,000

6,077,963

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 10.2%
(continued)

Calumet

Specialty

Products

Partners

LP

8.13%,

1/15/2027(b)

$

350,000

$

328,190

CITGO

Petroleum

Corp.

8.38%,

1/15/2029(b)

1,295,000

1,295,629

Civitas

Resources,

Inc.

5.00%,

10/15/2026(b)

995,000

966,124

8.38%,

7/1/2028(b)

2,925,000

2,873,641

8.75%,

7/1/2031(a)(b)

3,285,000

3,122,485

CNX

Midstream

Partners

LP

4.75%,

4/15/2030(a)(b)

1,005,000

925,074

CNX

Resources

Corp.

6.00%,

1/15/2029(a)(b)

1,045,000

1,013,828

7.38%,

1/15/2031(a)(b)

1,015,000

1,016,020

7.25%,

3/1/2032(b)

135,000

134,924

Coronado

Finance

Pty.

Ltd.

9.25%,

10/1/2029(a)(b)

1,300,000

886,899

CQP

Holdco

LP

5.50%,

6/15/2031(b)

8,690,000

8,339,203

7.50%,

12/15/2033(b)

2,600,000

2,735,678

Crescent

Energy

Finance

LLC

9.25%,

2/15/2028(a)(b)

1,045,000

1,056,135

CVR

Energy,

Inc.

5.75%,

2/15/2028(b)

770,000

702,724

8.50%,

1/15/2029(a)(b)

1,615,000

1,484,016

Delek

Logistics

Partners

LP

7.13%,

6/1/2028(b)

425,000

419,933

DT

Midstream,

Inc.

4.13%,

6/15/2029(b)

860,000

807,135

4.38%,

6/15/2031(b)

2,130,000

1,961,811

Encino

Acquisition

Partners

Holdings

LLC

8.50%,

5/1/2028(b)

1,150,000

1,150,819

Energean

plc

6.50%,

4/30/2027(b)

400,000

392,000

Energy

Transfer

LP

8.00%,

5/15/2054(a)(e)

1,750,000

1,816,395

7.13%,

10/1/2054(e)

675,000

670,255

EnQuest

plc

11.63%,

11/1/2027(b)

2,790,000

2,724,142

FTAI

Infra

Escrow

Holdings

LLC

10.50%,

6/1/2027(b)

625,000

646,146

Genesis

Energy

LP

7.75%,

2/1/2028

850,000

846,758

8.25%,

1/15/2029

1,000,000

1,016,310

Global

Partners

LP

7.00%,

8/1/2027(a)

460,000

456,653

6.88%,

1/15/2029(a)

635,000

633,106

8.25%,

1/15/2032(a)(b)

660,000

671,893

Gulfport

Energy

Operating

Corp.

6.75%,

9/1/2029(b)

2,000,000

1,970,977

Harvest

Midstream

I

LP

7.50%,

9/1/2028(b)

1,365,000

1,381,643

7.50%,

5/15/2032(b)

750,000

763,291

Hess

Midstream

Operations

LP

5.13%,

6/15/2028(b)

260,000

254,537

6.50%,

6/1/2029(b)

255,000

258,970

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 10.2%
(continued)

Hilcorp

Energy

I

LP

6.25%,

11/1/2028(b)

$

375,000

$

362,873

5.75%,

2/1/2029(b)

365,000

341,750

6.00%,

4/15/2030(b)

300,000

273,948

6.00%,

2/1/2031(a)(b)

210,000

188,491

6.25%,

4/15/2032(b)

315,000

274,010

8.38%,

11/1/2033(b)

350,000

332,836

6.88%,

5/15/2034(b)

305,000

259,191

7.25%,

2/15/2035(a)(b)

450,000

392,050

Howard

Midstream

Energy

Partners

LLC

8.88%,

7/15/2028(b)

558,000

579,911

Ithaca

Energy

North

Sea

plc

8.13%,

10/15/2029(a)(b)

2,300,000

2,302,196

ITT

Holdings

LLC

6.50%,

8/1/2029(b)

2,522,000

2,302,736

Karoon

USA

Finance,

Inc.

10.50%,

5/14/2029(b)

2,550,000

2,511,350

Kimmeridge

Texas

Gas

LLC

8.50%,

2/15/2030(a)(b)

1,300,000

1,248,188

Kraken

Oil

&

Gas

Partners

LLC

7.63%,

8/15/2029(a)(b)

1,000,000

894,592

Magnolia

Oil

&

Gas

Operating

LLC

6.88%,

12/1/2032(a)(b)

2,735,000

2,648,100

Martin

Midstream

Partners

LP

11.50%,

2/15/2028(b)

611,000

633,668

Matador

Resources

Co.

6.88%,

4/15/2028(b)

500,000

497,220

6.25%,

4/15/2033(a)(b)

800,000

755,119

MEG

Energy

Corp.

5.88%,

2/1/2029(a)(b)

1,800,000

1,736,605

Moss

Creek

Resources

Holdings,

Inc.

8.25%,

9/1/2031(a)(b)

5,200,000

4,778,296

Murphy

Oil

Corp.

6.00%,

10/1/2032(a)

150,000

136,467

5.87%,

12/1/2042(f)

1,085,000

795,388

NGL

Energy

Operating

LLC

8.13%,

2/15/2029(a)(b)

2,505,000

2,354,227

8.38%,

2/15/2032(a)(b)

5,691,000

5,188,652

Northern

Oil

&

Gas,

Inc.

8.13%,

3/1/2028(a)(b)

2,270,000

2,241,053

8.75%,

6/15/2031(a)(b)

2,765,000

2,656,419

NuStar

Logistics

LP

6.00%,

6/1/2026

655,000

655,197

6.38%,

10/1/2030

295,000

299,514

Parkland

Corp.

4.50%,

10/1/2029(b)

1,625,000

1,532,000

4.63%,

5/1/2030(a)(b)

440,000

414,139

6.63%,

8/15/2032(b)

175,000

174,194

PBF

Holding

Co.

LLC

6.00%,

2/15/2028

1,525,000

1,345,508

9.88%,

3/15/2030(b)

500,000

440,098

Rockies

Express

Pipeline

LLC

4.95%,

7/15/2029(b)

445,000

425,383

4.80%,

5/15/2030(b)

70,000

65,584

7.50%,

7/15/2038(b)

450,000

441,550

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 10.2%
(continued)

Rockies

Express

Pipeline

LLC

(continued)

6.88%,

4/15/2040(a)(b)

$

610,000

$

575,850

Sitio

Royalties

Operating

Partnership

LP

7.88%,

11/1/2028(a)(b)

1,250,000

1,284,605

SM

Energy

Co.

6.63%,

1/15/2027

460,000

451,978

6.50%,

7/15/2028(a)

875,000

838,718

6.75%,

8/1/2029(b)

300,000

280,089

7.00%,

8/1/2032(a)(b)

500,000

460,937

South

Bow

Canadian

Infrastructure

Holdings

Ltd.

7.63%,

3/1/2055(a)(b)(e)

850,000

849,152

Strathcona

Resources

Ltd.

6.88%,

8/1/2026(a)(b)

445,000

436,246

Summit

Midstream

Holdings

LLC

8.63%,

10/31/2029(a)(b)

500,000

492,568

Sunoco

LP

5.88%,

3/15/2028

395,000

393,099

7.00%,

9/15/2028(a)(b)

330,000

337,985

7.00%,

5/1/2029(a)(b)

525,000

539,786

4.50%,

5/15/2029(a)

745,000

705,831

4.50%,

4/30/2030

800,000

752,852

7.25%,

5/1/2032(b)

525,000

544,433

Tallgrass

Energy

Partners

LP

6.00%,

3/1/2027(b)

401,000

395,832

5.50%,

1/15/2028(b)

1,445,000

1,404,879

7.38%,

2/15/2029(b)

485,000

483,234

6.00%,

12/31/2030(b)

485,000

451,603

6.00%,

9/1/2031(a)(b)

240,000

221,249

Teine

Energy

Ltd.

6.88%,

4/15/2029(a)(b)

375,000

355,966

TGNR

Intermediate

Holdings

LLC

5.50%,

10/15/2029(a)(b)

1,455,000

1,337,068

Topaz

Solar

Farms

LLC

5.75%,

9/30/2039(a)(b)

3,024,456

2,826,868

TransMontaigne

Partners

LLC

8.50%,

6/15/2030(a)(b)

500,000

503,242

Venture

Global

Calcasieu

Pass

LLC

3.88%,

8/15/2029(b)

745,000

682,290

6.25%,

1/15/2030(b)

645,000

645,177

4.13%,

8/15/2031(a)(b)

750,000

673,765

Venture

Global

LNG,

Inc.

8.13%,

6/1/2028(a)(b)

330,000

327,714

9.50%,

2/1/2029(b)

40,000

41,449

8.38%,

6/1/2031(b)

1,125,000

1,084,856

9.88%,

2/1/2032(a)(b)

985,000

1,000,134

Vermilion

Energy,

Inc.

6.88%,

5/1/2030(a)(b)

880,000

768,836

7.25%,

2/15/2033(a)(b)

150,000

125,841

Viper

Energy,

Inc.

5.38%,

11/1/2027(b)

200,000

198,952

7.38%,

11/1/2031(b)

190,000

197,245

Wildfire

Intermediate

Holdings

LLC

7.50%,

10/15/2029(a)(b)

1,100,000

1,006,500

#### 130,138,604

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Paper

#### &

#### Forest

#### Products

#### -

#### 0

#### .5

#### %
Domtar

Corp.

6.75%,

10/1/2028(b)

$

1,805,000

$

1,512,229

Mercer

International,

Inc.

5.13%,

2/1/2029(a)

5,500,000

4,524,001

#### 6,036,230

#### Passenger

#### Airlines

#### -

#### 0

#### .3

#### %
Air

Canada

3.88%,

8/15/2026(a)(b)

2,040,000

2,001,740

American

Airlines,

Inc.

5.50%,

4/20/2026(b)

15,000

14,900

7.25%,

2/15/2028(b)

350,000

345,725

OneSky

Flight

LLC

8.88%,

12/15/2029(b)

1,150,000

1,160,807

#### 3,523,172

#### Personal

#### Care

#### Products

#### -

#### 0

#### .6

#### %
BellRing

Brands,

Inc.

7.00%,

3/15/2030(b)

5,250,000

5,447,082

Edgewell

Personal

Care

Co.

4.13%,

4/1/2029(a)(b)

245,000

228,991

Oriflame

Investment

Holding

plc

5.13%,

5/4/2026(b)

1,530,000

319,770

Prestige

Brands,

Inc.

5.13%,

1/15/2028(a)(b)

175,000

173,544

3.75%,

4/1/2031(a)(b)

2,395,000

2,162,210

#### 8,331,597

#### Pharmaceuticals

#### -

#### 0

#### .4

#### %
Cheplapharm

Arzneimittel

GmbH

5.50%,

1/15/2028(a)(b)

1,290,000

1,141,088

HLF

Financing

Sarl

LLC

12.25%,

4/15/2029(a)(b)

675,000

716,226

4.88%,

6/1/2029(a)(b)

625,000

477,327

Jazz

Securities

DAC

4.38%,

1/15/2029(a)(b)

285,000

270,471

Mallinckrodt

International

Finance

SA

14.75%,

11/14/2028(b)

783,851

819,970

Organon

&

Co.

4.13%,

4/30/2028(b)

575,000

542,322

5.13%,

4/30/2031(a)(b)

1,657,000

1,390,805

P&L

Development

LLC

+

0.00%),

9.00%,

5/15/2029(b)(c)(g)

413,829

402,972

#### 5,761,181

#### Professional

#### Services

#### -

#### 0

#### .4

#### %
AMN

Healthcare,

Inc.

4.63%,

10/1/2027(a)(b)

685,000

656,373

4.00%,

4/15/2029(b)

90,000

80,699

CoreLogic,

Inc.

4.50%,

5/1/2028(b)

1,575,000

1,490,448

KBR,

Inc.

4.75%,

9/30/2028(b)

267,000

253,130

Korn

Ferry

4.63%,

12/15/2027(a)(b)

410,000

396,718

Science

Applications

International

Corp.

4.88%,

4/1/2028(a)(b)

443,000

430,718

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Professional

#### Services

#### -

#### 0.4%
(continued)

TriNet

Group,

Inc.

3.50%,

3/1/2029(b)

$

1,026,000

$

935,851

7.13%,

8/15/2031(b)

700,000

712,486

VT

Topco,

Inc.

8.50%,

8/15/2030(b)

300,000

313,913

#### 5,270,336

#### Real

#### Estate

#### Management

#### &

#### Development

#### -

#### 0

#### .7

#### %
Anywhere

Real

Estate

Group

LLC

5.75%,

1/15/2029(b)

900,000

710,733

5.25%,

4/15/2030(b)

750,000

551,002

Five

Point

Operating

Co.

LP

10.50%,

1/15/2028(b)(f)

890,000

904,788

Forestar

Group,

Inc.

5.00%,

3/1/2028(a)(b)

605,000

587,226

Greystar

Real

Estate

Partners

LLC

7.75%,

9/1/2030(a)(b)

550,000

577,571

Howard

Hughes

Corp.

(The)

5.38%,

8/1/2028(b)

822,000

791,986

4.13%,

2/1/2029(a)(b)

430,000

393,894

4.38%,

2/1/2031(a)(b)

1,720,000

1,525,226

Hunt

Cos.,

Inc.

5.25%,

4/15/2029(a)(b)

955,000

907,111

Kennedy-Wilson,

Inc.

4.75%,

3/1/2029(a)

1,155,000

1,040,045

4.75%,

2/1/2030(a)

450,000

396,810

5.00%,

3/1/2031(a)

570,000

487,618

WeWork

Cos.

LLC

12.00%,

8/15/2027‡(h)

3,213,750

—

#### 8,874,010

#### Retail

#### REITs

#### -

#### 0

#### .2

#### %
Brookfield

Property

REIT,

Inc.

REIT,

5.75%,

5/15/2026(a)(b)

1,361,000

1,348,346

REIT,

4.50%,

4/1/2027(b)

1,022,000

991,571

#### 2,339,917

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 0

#### .0

#### %
(d) Entegris,

Inc.

4.75%,

4/15/2029(a)(b)

350,000

340,596

#### Software

#### -

#### 1

#### .9

#### %
Alteryx,

Inc.

8.75%,

3/15/2028(b)

450,000

462,375

Central

Parent

LLC

8.00%,

6/15/2029(b)

1,840,000

1,629,115

Central

Parent,

Inc.

7.25%,

6/15/2029(b)

1,220,000

1,046,205

Cloud

Software

Group,

Inc.

6.50%,

3/31/2029(b)

1,925,000

1,925,691

9.00%,

9/30/2029(b)

2,700,000

2,720,060

Consensus

Cloud

Solutions,

Inc.

6.00%,

10/15/2026(b)

305,000

304,143

6.50%,

10/15/2028(b)

515,000

505,402

Dye

&

Durham

Ltd.

8.63%,

4/15/2029(b)

350,000

355,909

Elastic

NV

4.13%,

7/15/2029(a)(b)

295,000

278,416

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Software

#### -

#### 1.9%
(continued)

Fair

Isaac

Corp.

4.00%,

6/15/2028(a)(b)

$

2,320,000

$

2,224,831

Gen

Digital,

Inc.

7.13%,

9/30/2030(b)

430,000

442,737

GoTo

Group,

Inc.

5.50%,

5/1/2028(b)

5,641,000

3,229,234

Helios

Software

Holdings,

Inc.

4.63%,

5/1/2028(b)

1,051,000

946,239

8.75%,

5/1/2029(a)(b)

1,050,000

1,019,025

McAfee

Corp.

7.38%,

2/15/2030(a)(b)

2,010,000

1,736,212

Open

Text

Corp.

3.88%,

12/1/2029(a)(b)

530,000

488,341

Open

Text

Holdings,

Inc.

4.13%,

2/15/2030(a)(b)

696,000

643,156

4.13%,

12/1/2031(a)(b)

400,000

357,723

PTC,

Inc.

4.00%,

2/15/2028(a)(b)

515,000

497,377

Rackspace

Finance

LLC

3.50%,

5/15/2028(b)

2,290,000

815,178

SS&C

Technologies,

Inc.

5.50%,

9/30/2027(b)

2,085,000

2,074,719

6.50%,

6/1/2032(a)(b)

900,000

912,368

#### 24,614,456

#### Specialized

#### REITs

#### -

#### 0

#### .7

#### %
Iron

Mountain,

Inc.

REIT,

5.25%,

3/15/2028(a)(b)

1,550,000

1,526,116

REIT,

7.00%,

2/15/2029(a)(b)

610,000

626,533

REIT,

4.88%,

9/15/2029(b)

425,000

409,308

REIT,

5.25%,

7/15/2030(b)

2,515,000

2,437,198

REIT,

4.50%,

2/15/2031(b)

3,080,000

2,853,377

REIT,

5.63%,

7/15/2032(a)(b)

144,000

139,655

SBA

Communications

Corp.

REIT,

3.88%,

2/15/2027

295,000

288,598

REIT,

3.13%,

2/1/2029(a)

145,000

134,339

#### 8,415,124

#### Specialty

#### Retail

#### -

#### 6

#### .2

#### %
Academy

Ltd.

6.00%,

11/15/2027(b)

175,000

174,684

Arko

Corp.

5.13%,

11/15/2029(b)

440,000

352,173

Asbury

Automotive

Group,

Inc.

5.00%,

2/15/2032(b)

325,000

296,182

At

Home

Group,

Inc.

4.88%,

7/15/2028(b)

1,340,000

354,939

Bath

&

Body

Works,

Inc.

6.95%,

3/1/2033

855,000

846,632

6.88%,

11/1/2035(a)

680,000

680,141

6.75%,

7/1/2036(a)

435,000

427,973

7.60%,

7/15/2037

1,025,000

1,011,808

BCPE

Ulysses

Intermediate,

Inc.

7.75%,

4/1/2027(b)(c)

430,000

417,168

Carvana

Co.

9.00%,

12/1/2028(a)(b)(c)

700,000

719,632

11.00%,

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

2,550,000

2,700,053

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Specialty

#### Retail

#### -

#### 6.2%
(continued)

Carvana

Co.

(continued)

9.00%,

6/1/2031(a)(b)(c)

$

12,465,368

$

13,666,879

eG

Global

Finance

plc

12.00%,

11/30/2028(b)

2,350,000

2,584,608

Evergreen

Acqco

LP

9.75%,

4/26/2028(b)

1,502,000

1,550,747

Foot

Locker,

Inc.

4.00%,

10/1/2029(b)

620,000

502,466

Gap,

Inc.

(The)

3.63%,

10/1/2029(a)(b)

790,000

714,269

3.88%,

10/1/2031(a)(b)

1,398,000

1,197,703

Global

Auto

Holdings

Ltd.

8.38%,

1/15/2029(b)

1,500,000

1,323,688

8.75%,

1/15/2032(b)

1,350,000

1,081,404

Group

Automotive,

Inc.

4.00%,

8/15/2028(b)

500,000

475,337

GYP

Holdings

III

Corp.

4.63%,

5/1/2029(b)

750,000

705,291

Ken

Garff

Automotive

LLC

4.88%,

9/15/2028(a)(b)

165,000

159,307

LBM

Acquisition

LLC

6.25%,

1/15/2029(b)

1,100,000

963,910

LCM

Investments

Holdings

II

LLC

4.88%,

5/1/2029(b)

773,000

730,774

8.25%,

8/1/2031(b)

580,000

606,615

Michaels

Cos.,

Inc.

(The)

5.25%,

5/1/2028(b)

5,770,000

3,006,635

7.88%,

5/1/2029(b)

7,305,000

2,510,512

Murphy

Oil

USA,

Inc.

5.63%,

5/1/2027

800,000

796,493

4.75%,

9/15/2029(a)

2,005,000

1,932,124

3.75%,

2/15/2031(b)

4,130,000

3,722,362

Park

River

Holdings,

Inc.

5.63%,

2/1/2029(b)

570,000

445,945

6.75%,

8/1/2029(b)

480,000

379,476

Penske

Automotive

Group,

Inc.

3.75%,

6/15/2029(a)

170,000

157,610

PetSmart,

Inc.

4.75%,

2/15/2028(a)(b)

2,415,000

2,308,142

7.75%,

2/15/2029(a)(b)

2,860,000

2,663,734

Sonic

Automotive,

Inc.

4.63%,

11/15/2029(b)

425,000

398,654

Specialty

Building

Products

Holdings

LLC

7.75%,

10/15/2029(b)

1,375,000

1,291,993

Staples,

Inc.

10.75%,

9/1/2029(b)

14,500,000

12,563,015

12.75%,

1/15/2030(b)

4,970,000

2,890,885

Upbound

Group,

Inc.

6.38%,

2/15/2029(b)

2,505,000

2,363,324

Valvoline,

Inc.

3.63%,

6/15/2031(a)(b)

3,845,000

3,367,545

Victoria's

Secret

&

Co.

4.63%,

7/15/2029(a)(b)

1,655,000

1,442,909

Victra

Holdings

LLC

8.75%,

9/15/2029(b)

2,000,000

2,029,632

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Specialty

#### Retail

#### -

#### 6.2%
(continued)

White

Cap

Buyer

LLC

6.88%,

10/15/2028(b)

$

500,000

$

487,175

#### 79,002,548

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 0

#### .5

#### %
Diebold

Nixdorf,

Inc.

7.75%,

3/31/2030(a)(b)

1,750,000

1,821,958

Seagate

HDD

Cayman

9.63%,

12/1/2032(a)

1,350,000

1,523,641

5.75%,

12/1/2034(a)

960,000

926,283

Xerox

Corp.

4.80%,

3/1/2035

697,000

298,309

6.75%,

12/15/2039

1,125,000

489,184

Xerox

Holdings

Corp.

5.50%,

8/15/2028(a)(b)

1,200,000

768,738

#### 5,828,113

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 0

#### .7

#### %
Crocs,

Inc.

4.25%,

3/15/2029(a)(b)

1,200,000

1,113,672

4.13%,

8/15/2031(a)(b)

865,000

756,068

Hanesbrands,

Inc.

9.00%,

2/15/2031(b)

410,000

424,758

Kontoor

Brands,

Inc.

4.13%,

11/15/2029(a)(b)

1,625,000

1,493,152

S&S

Holdings

LLC

8.38%,

10/1/2031(b)

1,775,000

1,668,050

William

Carter

Co.

(The)

5.63%,

3/15/2027(a)(b)

250,000

243,394

Wolverine

World

Wide,

Inc.

4.00%,

8/15/2029(a)(b)

3,705,000

3,082,384

#### 8,781,478

#### Tobacco

#### -

#### 0

#### .2

#### %
Turning

Point

Brands,

Inc.

7.63%,

3/15/2032(a)(b)

2,000,000

2,078,326

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 0

#### .5

#### %
BlueLinx

Holdings,

Inc.

6.00%,

11/15/2029(b)

765,000

727,392

Fortress

Transportation

and

Infrastructure

Investors

LLC

5.50%,

5/1/2028(b)

650,000

638,337

7.88%,

12/1/2030(a)(b)

260,000

271,817

7.00%,

5/1/2031(a)(b)

500,000

508,391

5.88%,

4/15/2033(a)(b)

500,000

478,430

Foundation

Building

Materials,

Inc.

6.00%,

3/1/2029(b)

1,450,000

1,222,188

Imola

Merger

Corp.

4.75%,

5/15/2029(a)(b)

2,580,000

2,463,576

#### 6,310,131

#### Wireless

#### Telecommunication

#### Services

#### -

#### 1

#### .0

#### %
Millicom

International

Cellular

SA

5.13%,

1/15/2028(b)

675,000

658,429

6.25%,

3/25/2029(b)

450,000

444,794

4.50%,

4/27/2031(a)(b)

850,000

757,044

7.38%,

4/2/2032(b)

175,000

177,096

Rogers

Communications,

Inc.

7.13%,

4/15/2055(a)(e)

3,900,000

3,885,860

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Wireless

#### Telecommunication

#### Services

#### -

#### 1.0%
(continued)

Rogers

Communications,

Inc.

(continued)

5.25%,

3/15/2082(b)(e)

$

2,480,000

$

2,414,812

Sunrise

HoldCo

IV

BV

5.50%,

1/15/2028(a)(b)

834,000

817,281

Vmed

O2

UK

Financing

I

plc

4.25%,

1/31/2031(b)

265,000

231,199

4.75%,

7/15/2031(b)

620,000

544,904

7.75%,

4/15/2032(b)

350,000

353,137

Vodafone

Group

plc

7.00%,

4/4/2079(a)(e)

870,000

893,880

Zegona

Finance

plc

8.63%,

7/15/2029(a)(b)

1,260,000

1,339,909

#### 12,518,345

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $1,265,787,281)
1,230,823,712

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 17

#### .5

#### %
(i) #### CERTIFICATES

#### OF

#### DEPOSIT

#### -

#### 2

#### .2

#### %
Barclays

Bank

plc,

New

York

(SOFR

+

0.35%),

4.71%,

10/15/2025(g)

$

3,000,000

2,999,991

BNP

Paribas,

New

York

(SOFR

+

0.24%),

4.60%,

12/1/2025(g)

3,000,000

2,998,764

Canadian

Imperial

Bank

of

Commerce,

New

York

(SOFR

+

0.24%),

4.60%,

12/17/2025(g)

2,000,000

1,998,732

Credit

Agricole

CIB,

New

York

(SOFR

+

0.31%),

4.67%,

10/31/2025(g)

5,000,000

5,000,945

Credit

Industriel

et

Commercial,

New

York

(SOFR

+

0.28%),

4.64%,

10/28/2025(g)

1,000,000

999,751

Mizuho

Bank

Ltd.,

New

York

(SOFR

+

0.20%),

4.66%,

8/19/2025(g)

2,000,000

1,999,508

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York

(SOFR

+

0.32%),

4.68%,

10/17/2025(g)

4,000,000

3,999,952

Societe

Generale,

New

York

(SOFR

+

0.34%),

4.56%,

6/17/2025(g)

1,000,000

1,000,171

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

+

0.23%),

4.56%,

10/1/2025(g)

2,000,000

1,999,926

#### Investments

#### Principal

#### Amount

#### Value

#### CERTIFICATES

#### OF

#### DEPOSIT
(continued)

Sumitomo

Mitsui

Trust

Bank

Ltd.,

London

4.50%,

7/17/2025

$

5,000,000

$

4,952,550

#### Total

#### Certificates

#### of

#### Deposit

#### (Cost

#### $27,951,968)

#### 27,950,290

#### COMMERCIAL

#### PAPER

#### -

#### 0

#### .3

#### %
Skandanaviska

Enskilda

Banken

(SOFR

+

0.27%),

4.63%,

10/28/2025(b)(g)

(Cost

$4,000,000)

$

4,000,000

3,999,772

#### REPURCHASE

#### AGREEMENTS

#### -

#### 15

#### .0

#### %
CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$103,650,327,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$105,373,059

103,637,804

103,637,804

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$88,010,829,

collateralized

by

various

Common

Stocks;

total

market

value

$97,078,068

88,000,000

88,000,000

#### Total

#### Repurchase

#### Agreements

#### (Cost

#### $191,637,804)

#### 191,637,804

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $223,589,772)

#### 223,587,866

#### SHORT-TERM

#### INVESTMENTS

#### -

#### 0

#### .8

#### %
(j) #### U.S.

#### GOVERNMENT

#### AGENCY

#### SECURITIES

#### -

#### 0

#### .8

#### %
FHLB

Zero

Coupon,

5/1/2025

(Cost

$10,600,000)

10,600,000

10,598,754

#### Total

#### Investments

#### -

#### 114.7%

#### (Cost

#### $1,499,977,053)

#### 1,465,010,332
Liabilities

in

excess

of

other

assets

-

(14.7%)

(187,562,023)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $1,277,448,309
*‡*

*Security* 

*is* 

*valued* 

*using* 

*significant* 

*unobservable* 

*inputs* 

*and* 

*is* 

*classified* 

*as* 

*Level* 

*3* 

*in* 

*the* 

*fair* 

*value* 

*hierarchy.*

(a) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$253,779,551,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$223,582,118* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments* 

*and* 

*$51,575,661* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.00%* 

*–* 

*6.25%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*June* 

*30,* 

*2025* 

*–* 

*February* 

*15,* 

*2055;* 

*a* 

*total* 

*value* 

*of* 

*$275,157,779.*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

(b) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Rule* 

*144A* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

*1933,* 

*as* 

*amended.* 

*These* 

*securities* 

*may* 

*be* 

*resold* 

*in* 

*transactions* 

*exempt* 

*from* 

*registration* 

*to* 

*qualified* 

*institutional* 

*investors.* 

*At* 

*April* 

*30,* 

*2025,* 

*the* 

*value* 

*of* 

*these* 

*securities* 

*amounted* 

*to* 

*approximately* 

*$1,086,144,416* 

*or* 

*85.02%* 

*of* 

*net* 

*assets.*

(c) *Payment* 

*in-kind* 

*security.*

(d) *Represents* 

*less* 

*than* 

*0.05%* 

*of* 

*net* 

*assets.*

(e) *Security* 

*issued* 

*at* 

*a* 

*fixed* 

*coupon* 

*rate,* 

*which* 

*converts* 

*to* 

*a* 

*variable* 

*rate* 

*at* 

*a* 

*future* 

*date.* 

*Rate* 

*shown* 

*is* 

*the* 

*rate* 

*in* 

*effect* 

*as* 

*of* 

*period* 

*end.*

(f) *Step* 

*bond.* 

*Interest* 

*rate* 

*is* 

*a* 

*fixed* 

*rate* 

*for* 

*an* 

*initial* 

*period* 

*that* 

*either* 

*resets* 

*at* 

*a* 

*specific* 

*date* 

*or* 

*may* 

*reset* 

*in* 

*the* 

*future* 

*at* 

*a* 

*contingent* 

*upon* 

*predetermined* 

*trigger.* 

*The* 

*interest* 

*rate* 

*shown* 

*was* 

*the* 

*current* 

*rate* 

*as* 

*of* 

*April* 

*30,* 

2025. (g) *Variable* 

*or* 

*floating* 

*rate* 

*security,* 

*linked* 

*to* 

*the* 

*referenced* 

*benchmark.* 

*The* 

*interest* 

*rate* 

*shown* 

*is* 

*the* 

*rate* 

*in* 

*effect* 

*as* 

*of* 

*April* 

*30,* 

2025. (h) *Issuer* 

*has* 

*defaulted* 

*on* 

*terms* 

*of* 

*debt* 

*obligation.* 

*Income* 

*is* 

*not* 

*being* 

*accrued.*

(i) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$223,587,866.*

(j) *The* 

*rate* 

*shown* 

*was* 

*the* 

*current* 

*yield* 

*as* 

*of* 

*April* 

*30,* 

2025. *Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*FHLB*

*—*

*Federal* 

*Home* 

*Loan* 

*Bank*

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*SOFR*

*—*

*Secured* 

*Overnight* 

*Financing* 

*Rate*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

9,648,982

Aggregate

gross

unrealized

depreciation

(49,220,406)

Net

unrealized

depreciation

$

(39,571,424)

Federal

income

tax

cost

$

1,504,581,756

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Trust

Schedule

of

Investments

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS

#### -

#### 97

#### .9

#### %

#### Air

#### Freight

#### &

#### Logistics

#### -

#### 0

#### .1

#### %
CH

Robinson

Worldwide,

Inc.

4.20%,

4/15/2028

$

10,000

$

9,913

GXO

Logistics,

Inc.

6.50%,

5/6/2034

25,000

24,983

#### 34,896

#### Automobile

#### Components

#### -

#### 0

#### .2

#### %
Aptiv

Swiss

Holdings

Ltd.

5.40%,

3/15/2049

45,000

37,462

3.10%,

12/1/2051

30,000

17,008

BorgWarner,

Inc.

5.40%,

8/15/2034

30,000

29,678

Lear

Corp.

5.25%,

5/15/2049

20,000

16,640

#### 100,788

#### Automobiles

#### -

#### 0

#### .5

#### %
Ford

Motor

Co.

4.35%,

12/8/2026

230,000

225,529

#### Banks

#### -

#### 13

#### .1

#### %
Bank

of

America

Corp.

1.73%,

7/22/2027(a)

100,000

96,680

3.42%,

12/20/2028(a)

133,000

129,358

2.09%,

6/14/2029(a)

127,000

118,271

4.27%,

7/23/2029(a)

200,000

198,704

1.92%,

10/24/2031(a)

275,000

237,201

4.57%,

4/27/2033(a)

67,000

64,912

5.29%,

4/25/2034(a)

285,000

285,775

2.68%,

6/19/2041(a)

44,000

31,181

4.33%,

3/15/2050(a)

55,000

44,557

Bank

of

Montreal

3.09%,

1/10/2037(a)

120,000

101,366

Barclays

plc

5.83%,

5/9/2027(a)

193,000

195,010

6.49%,

9/13/2029(a)

220,000

231,597

3.81%,

3/10/2042(a)

200,000

153,117

Citigroup,

Inc.

3.20%,

10/21/2026

187,000

183,837

4.45%,

9/29/2027

417,000

415,748

3.98%,

3/20/2030(a)

187,000

181,997

2.67%,

1/29/2031(a)

107,000

97,186

4.41%,

3/31/2031(a)

100,000

98,179

2.57%,

6/3/2031(a)

73,000

65,361

3.06%,

1/25/2033(a)

102,000

89,607

5.83%,

2/13/2035(a)

150,000

149,117

8.13%,

7/15/2039

55,000

68,031

6.68%,

9/13/2043

92,000

97,174

4.65%,

7/23/2048

15,000

12,606

HSBC

Holdings

plc

5.60%,

5/17/2028(a)

270,000

274,653

7.39%,

11/3/2028(a)

210,000

223,238

5.55%,

3/4/2030(a)

260,000

266,520

6.50%,

9/15/2037

50,000

52,940

ING

Groep

NV

4.02%,

3/28/2028(a)

200,000

198,265

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Banks

#### -

#### 13.1%
(continued)

JPMorgan

Chase

&

Co.

3.78%,

2/1/2028(a)

$

100,000

$

98,868

6.09%,

10/23/2029(a)

130,000

136,643

4.45%,

12/5/2029(a)

100,000

99,875

5.58%,

4/22/2030(a)

455,000

471,496

4.57%,

6/14/2030(a)

100,000

99,924

5.00%,

7/22/2030(a)

105,000

106,518

2.58%,

4/22/2032(a)

14,000

12,407

5.34%,

1/23/2035(a)

160,000

161,343

Royal

Bank

of

Canada

5.00%,

2/1/2033

70,000

70,325

5.00%,

5/2/2033

30,000

30,090

5.15%,

2/1/2034

215,000

218,055

#### 5,867,732

#### Beverages

#### -

#### 2

#### .0

#### %
Anheuser-Busch

InBev

Finance,

Inc.

4.70%,

2/1/2036

10,000

9,667

Anheuser-Busch

InBev

Worldwide,

Inc.

5.00%,

6/15/2034

70,000

70,587

5.45%,

1/23/2039

62,000

62,825

4.35%,

6/1/2040

60,000

53,306

5.55%,

1/23/2049

60,000

59,372

5.80%,

1/23/2059

42,000

42,507

Diageo

Capital

plc

5.30%,

10/24/2027

280,000

286,785

Pepsico

Singapore

Financing

I

Pte.

Ltd.

4.70%,

2/16/2034

20,000

19,834

PepsiCo,

Inc.

4.45%,

5/15/2028

67,000

68,025

2.63%,

7/29/2029

30,000

28,274

1.95%,

10/21/2031

30,000

25,860

3.50%,

3/19/2040

133,000

108,457

2.63%,

10/21/2041

30,000

21,092

4.65%,

2/15/2053

40,000

34,852

5.25%,

7/17/2054

10,000

9,657

3.88%,

3/19/2060

5,000

3,725

#### 904,825

#### Biotechnology

#### -

#### 1

#### .1

#### %
Amgen,

Inc.

4.05%,

8/18/2029

26,000

25,587

3.15%,

2/21/2040

20,000

15,139

2.80%,

8/15/2041

26,000

18,361

5.60%,

3/2/2043

120,000

116,751

4.40%,

5/1/2045

20,000

16,721

4.66%,

6/15/2051

200,000

167,646

4.88%,

3/1/2053

26,000

22,211

2.77%,

9/1/2053

14,000

8,064

5.75%,

3/2/2063

5,000

4,755

Biogen,

Inc.

2.25%,

5/1/2030

10,000

8,893

3.15%,

5/1/2050

43,000

26,192

3.25%,

2/15/2051

20,000

12,479

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Biotechnology

#### -

#### 1.1%
(continued)

Regeneron

Pharmaceuticals,

Inc.

1.75%,

9/15/2030

$

54,000

$

46,167

2.80%,

9/15/2050

20,000

11,455

#### 500,421

#### Broadline

#### Retail

#### -

#### 0

#### .5

#### %
Alibaba

Group

Holding

Ltd.

2.70%,

2/9/2041

200,000

135,990

eBay,

Inc.

2.70%,

3/11/2030

50,000

45,727

2.60%,

5/10/2031

30,000

26,555

3.65%,

5/10/2051

20,000

14,025

#### 222,297

#### Building

#### Products

#### -

#### 1

#### .1

#### %
Carrier

Global

Corp.

2.72%,

2/15/2030

20,000

18,466

6.20%,

3/15/2054

50,000

52,455

CRH

SMW

Finance

DAC

5.13%,

1/9/2030

200,000

203,851

Fortune

Brands

Innovations,

Inc.

5.88%,

6/1/2033

25,000

25,707

4.50%,

3/25/2052

10,000

7,768

Johnson

Controls

International

plc

5.50%,

4/19/2029

20,000

20,703

4.63%,

7/2/2044(b)

33,000

27,894

Owens

Corning

4.30%,

7/15/2047

26,000

20,565

5.95%,

6/15/2054

15,000

14,808

Trane

Technologies

Financing

Ltd.

3.80%,

3/21/2029

110,000

107,759

5.25%,

3/3/2033

10,000

10,211

Trane

Technologies

Global

Holding

Co.

Ltd.

4.30%,

2/21/2048

7,000

5,615

#### 515,802

#### Capital

#### Markets

#### -

#### 10

#### .0

#### %
Ameriprise

Financial,

Inc.

5.70%,

12/15/2028

50,000

52,361

Ares

Capital

Corp.

7.00%,

1/15/2027

70,000

71,926

5.95%,

7/15/2029

30,000

30,369

Ares

Strategic

Income

Fund

6.35%,

8/15/2029(c)

10,000

10,191

Bain

Capital

Specialty

Finance,

Inc.

2.55%,

10/13/2026

7,000

6,688

Bank

of

New

York

Mellon

Corp.

(The)

3.40%,

1/29/2028

67,000

65,828

3.99%,

6/13/2028(a)

77,000

76,598

4.60%,

7/26/2030(a)

33,000

33,171

4.29%,

6/13/2033(a)

20,000

19,233

5.19%,

3/14/2035(a)

105,000

106,133

Barings

BDC,

Inc.

3.30%,

11/23/2026

7,000

6,741

7.00%,

2/15/2029

10,000

10,259

Brookfield

Finance,

Inc.

2.72%,

4/15/2031

200,000

177,562

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Capital

#### Markets

#### -

#### 10.0%
(continued)

FactSet

Research

Systems,

Inc.

3.45%,

3/1/2032

$

10,000

$

8,934

Goldman

Sachs

Group,

Inc.

(The)

4.48%,

8/23/2028(a)

901,000

901,492

5.73%,

4/25/2030(a)

200,000

207,309

2.38%,

7/21/2032(a)

17,000

14,643

3.10%,

2/24/2033(a)

70,000

61,732

6.75%,

10/1/2037

112,000

120,340

4.41%,

4/23/2039(a)

100,000

87,897

3.44%,

2/24/2043(a)

135,000

100,387

Golub

Capital

Private

Credit

Fund

5.80%,

9/12/2029(c)

10,000

9,840

Hercules

Capital,

Inc.

3.38%,

1/20/2027

14,000

13,437

Legg

Mason,

Inc.

5.63%,

1/15/2044

10,000

9,634

Moody's

Corp.

2.00%,

8/19/2031

20,000

17,145

2.75%,

8/19/2041

43,000

29,622

3.75%,

2/25/2052

15,000

11,023

Morgan

Stanley

3.13%,

7/27/2026

325,000

320,434

5.12%,

2/1/2029(a)

133,000

135,107

2.70%,

1/22/2031(a)

133,000

121,484

2.24%,

7/21/2032(a)

30,000

25,580

5.25%,

4/21/2034(a)

185,000

185,000

5.42%,

7/21/2034(a)

89,000

89,936

5.83%,

4/19/2035(a)

50,000

51,627

5.30%,

4/20/2037(a)

33,000

32,232

5.94%,

2/7/2039(a)

30,000

30,203

5.60%,

3/24/2051(a)

228,000

220,857

Nasdaq,

Inc.

3.85%,

6/30/2026

50,000

49,751

5.35%,

6/28/2028

62,000

63,727

5.55%,

2/15/2034

35,000

35,926

3.95%,

3/7/2052

4,000

2,959

6.10%,

6/28/2063

20,000

20,102

Oaktree

Specialty

Lending

Corp.

7.10%,

2/15/2029

10,000

10,180

S&P

Global,

Inc.

2.45%,

3/1/2027

80,000

77,724

1.25%,

8/15/2030

50,000

42,683

2.90%,

3/1/2032

50,000

44,789

4.50%,

5/15/2048

24,000

20,307

3.70%,

3/1/2052

30,000

22,397

Sixth

Street

Specialty

Lending,

Inc.

6.13%,

3/1/2029

20,000

20,250

State

Street

Corp.

5.82%,

11/4/2028(a)

50,000

51,867

2.40%,

1/24/2030

88,000

80,989

6.12%,

11/21/2034(a)

50,000

52,313

UBS

AG

1.25%,

6/1/2026

200,000

193,863

5.65%,

9/11/2028

200,000

207,908

#### 4,470,690
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Chemicals

#### -

#### 1

#### .5

#### %
Albemarle

Corp.

5.05%,

6/1/2032

$

20,000

$

18,415

5.45%,

12/1/2044

10,000

8,093

Dow

Chemical

Co.

(The)

5.15%,

2/15/2034

50,000

49,083

5.55%,

11/30/2048

35,000

31,304

6.90%,

5/15/2053

54,000

56,320

Ecolab,

Inc.

4.80%,

3/24/2030

33,000

33,771

1.30%,

1/30/2031

63,000

52,897

3.95%,

12/1/2047

20,000

15,813

FMC

Corp.

5.15%,

5/18/2026

100,000

100,124

3.45%,

10/1/2029

40,000

36,791

5.65%,

5/18/2033

5,000

4,817

6.38%,

5/18/2053

5,000

4,577

International

Flavors

&

Fragrances,

Inc.

5.00%,

9/26/2048

17,000

14,143

Linde,

Inc.

1.10%,

8/10/2030

50,000

42,860

LYB

International

Finance

III

LLC

5.50%,

3/1/2034

70,000

68,058

Nutrien

Ltd.

5.40%,

6/21/2034

20,000

20,044

5.88%,

12/1/2036

20,000

20,496

6.13%,

1/15/2041

25,000

25,383

5.25%,

1/15/2045

57,000

51,856

PPG

Industries,

Inc.

3.75%,

3/15/2028

30,000

29,543

#### 684,388

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 0

#### .3

#### %
RELX

Capital,

Inc.

3.00%,

5/22/2030

33,000

30,848

5.25%,

3/27/2035

20,000

20,193

Republic

Services,

Inc.

3.05%,

3/1/2050

100,000

66,518

Waste

Management,

Inc.

3.90%,

3/1/2035

10,000

9,012

#### 126,571

#### Construction

#### &

#### Engineering

#### -

#### 0

#### .1

#### %
MasTec,

Inc.

5.90%,

6/15/2029

20,000

20,440

Quanta

Services,

Inc.

3.05%,

10/1/2041

35,000

24,248

#### 44,688

#### Consumer

#### Finance

#### -

#### 4

#### .5

#### %
Ally

Financial,

Inc.

6.99%,

6/13/2029(a)

80,000

83,101

6.85%,

1/3/2030(a)

40,000

41,516

American

Express

Co.

3.13%,

5/20/2026

50,000

49,393

3.30%,

5/3/2027

50,000

49,152

5.28%,

7/27/2029(a)

100,000

102,667

4.42%,

8/3/2033(a)

65,000

62,842

5.63%,

7/28/2034(a)

60,000

60,429

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Consumer

#### Finance

#### -

#### 4.5%
(continued)

American

Express

Co.

(continued)

4.05%,

12/3/2042

$

14,000

$

11,660

Capital

One

Financial

Corp.

6.38%,

6/8/2034(a)

40,000

41,726

Ford

Motor

Credit

Co.

LLC

6.95%,

6/10/2026

200,000

202,098

7.20%,

6/10/2030

400,000

411,820

General

Motors

Financial

Co.,

Inc.

6.00%,

1/9/2028

33,000

33,836

5.85%,

4/6/2030

63,000

64,066

6.40%,

1/9/2033

145,000

149,871

6.10%,

1/7/2034

35,000

35,171

John

Deere

Capital

Corp.

5.15%,

9/8/2026

140,000

142,027

4.90%,

6/11/2027

50,000

50,910

4.85%,

6/11/2029

40,000

41,005

4.70%,

6/10/2030

50,000

50,885

4.40%,

9/8/2031

130,000

129,765

4.35%,

9/15/2032

87,000

85,227

Series

I,

5.15%,

9/8/2033

40,000

40,868

5.10%,

4/11/2034

20,000

20,269

Synchrony

Financial

2.88%,

10/28/2031

44,000

37,281

#### 1,997,585

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 0

#### .5

#### %
Kroger

Co.

(The)

5.00%,

4/15/2042

20,000

18,428

5.40%,

1/15/2049

28,000

25,840

3.95%,

1/15/2050

20,000

14,906

5.65%,

9/15/2064

70,000

65,015

Target

Corp.

2.65%,

9/15/2030

60,000

55,005

3.90%,

11/15/2047

10,000

7,704

4.80%,

1/15/2053

47,000

41,168

#### 228,066

#### Containers

#### &

#### Packaging

#### -

#### 0

#### .7

#### %
AptarGroup,

Inc.

3.60%,

3/15/2032

13,000

11,831

Avery

Dennison

Corp.

4.88%,

12/6/2028

10,000

10,075

2.65%,

4/30/2030

10,000

9,010

5.75%,

3/15/2033

14,000

14,254

Berry

Global,

Inc.

1.65%,

1/15/2027

30,000

28,463

5.50%,

4/15/2028

40,000

40,901

Smurfit

Kappa

Treasury

ULC

5.20%,

1/15/2030(c)

200,000

202,834

#### 317,368

#### Diversified

#### REITs

#### -

#### 0

#### .5

#### %
Digital

Realty

Trust

LP

REIT,

5.55%,

1/15/2028

30,000

30,823

REIT,

4.45%,

7/15/2028

33,000

32,937

REIT,

3.60%,

7/1/2029

10,000

9,634

Equinix

Europe

Financing

Corp.

LLC

REIT,

5.50%,

6/15/2034

20,000

20,372

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Diversified

#### REITs

#### -

#### 0.5%
(continued)

Simon

Property

Group

LP

REIT,

2.65%,

7/15/2030

$

80,000

$

73,046

REIT,

6.75%,

2/1/2040

17,000

18,918

REIT,

5.85%,

3/8/2053

17,000

16,658

#### 202,388

#### Diversified

#### Telecommunication

#### Services

#### -

#### 2

#### .6

#### %
Telefonica

Emisiones

SA

4.90%,

3/6/2048

150,000

125,166

TELUS

Corp.

4.30%,

6/15/2049

30,000

22,745

Verizon

Communications,

Inc.

2.55%,

3/21/2031

437,000

389,101

2.36%,

3/15/2032

237,000

202,295

5.05%,

5/9/2033

55,000

55,455

3.40%,

3/22/2041

230,000

175,436

4.86%,

8/21/2046

50,000

44,026

5.01%,

4/15/2049

30,000

27,236

3.88%,

3/1/2052

154,000

113,188

2.99%,

10/30/2056

39,000

23,172

#### 1,177,820

#### Electric

#### Utilities

#### -

#### 4

#### .7

#### %
Avangrid,

Inc.

3.80%,

6/1/2029

14,000

13,564

Connecticut

Light

and

Power

Co.

(The)

4.65%,

1/1/2029

25,000

25,267

Series

A,

2.05%,

7/1/2031

117,000

101,325

4.00%,

4/1/2048

57,000

44,349

5.25%,

1/15/2053

10,000

9,323

Enel

Americas

SA

4.00%,

10/25/2026

7,000

6,937

Enel

Chile

SA

4.88%,

6/12/2028

20,000

19,876

Eversource

Energy

4.75%,

5/15/2026

110,000

110,108

4.60%,

7/1/2027

167,000

167,483

Series

R,

1.65%,

8/15/2030

17,000

14,524

Exelon

Corp.

5.30%,

3/15/2033

10,000

10,116

5.45%,

3/15/2034

20,000

20,287

4.95%,

6/15/2035

70,000

66,928

4.45%,

4/15/2046

53,000

42,820

NextEra

Energy

Capital

Holdings,

Inc.

6.75%,

6/15/2054(a)

120,000

121,222

6.70%,

9/1/2054(a)

70,000

70,568

Oklahoma

Gas

and

Electric

Co.

5.60%,

4/1/2053

50,000

48,099

Pacific

Gas

and

Electric

Co.

6.10%,

1/15/2029

130,000

134,347

5.70%,

3/1/2035

110,000

108,479

4.50%,

7/1/2040

60,000

49,746

4.20%,

6/1/2041

168,000

129,758

3.95%,

12/1/2047

100,000

70,077

6.70%,

4/1/2053

10,000

10,111

Public

Service

Co.

of

New

Hampshire

3.60%,

7/1/2049

10,000

7,171

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Electric

#### Utilities

#### -

#### 4.7%
(continued)

Public

Service

Electric

and

Gas

Co.

4.65%,

3/15/2033

$

15,000

$

14,851

5.20%,

3/1/2034

20,000

20,424

3.60%,

12/1/2047

77,000

56,736

4.05%,

5/1/2048

60,000

47,463

5.45%,

3/1/2054

20,000

19,281

Southern

California

Edison

Co.

4.40%,

9/6/2026

100,000

99,821

5.65%,

10/1/2028

40,000

41,102

5.95%,

11/1/2032

67,000

68,259

5.20%,

6/1/2034

100,000

96,069

5.45%,

3/1/2035

140,000

135,910

Series

C,

4.13%,

3/1/2048

33,000

24,003

Series

E,

5.45%,

6/1/2052

75,000

64,200

#### 2,090,604

#### Electrical

#### Equipment

#### -

#### 0

#### .2

#### %
ABB

Finance

USA,

Inc.

3.80%,

4/3/2028

50,000

49,606

Hubbell,

Inc.

3.50%,

2/15/2028

20,000

19,481

#### 69,087

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### -

#### 0

#### .2

#### %
Flex

Ltd.

6.00%,

1/15/2028

70,000

71,575

#### Energy

#### Equipment

#### &

#### Services

#### -

#### 0

#### .2

#### %
Baker

Hughes

Holdings

LLC

4.08%,

12/15/2047

55,000

41,515

Halliburton

Co.

6.70%,

9/15/2038

10,000

10,771

5.00%,

11/15/2045

60,000

51,262

#### 103,548

#### Entertainment

#### -

#### 0

#### .6

#### %
Walt

Disney

Co.

(The)

6.40%,

12/15/2035

97,000

107,771

3.50%,

5/13/2040

5,000

4,051

7.75%,

12/1/2045

54,000

67,456

4.75%,

11/15/2046

60,000

52,986

3.60%,

1/13/2051

10,000

7,263

3.80%,

5/13/2060

50,000

35,840

#### 275,367

#### Financial

#### Services

#### -

#### 2

#### .1

#### %
Corebridge

Financial,

Inc.

4.35%,

4/5/2042

10,000

8,160

6.88%,

12/15/2052(a)

7,000

7,077

6.38%,

9/15/2054(a)

50,000

48,171

Equitable

Holdings,

Inc.

5.59%,

1/11/2033

44,000

44,932

5.00%,

4/20/2048

4,000

3,476

Mastercard,

Inc.

3.30%,

3/26/2027

100,000

98,906

2.95%,

6/1/2029

96,000

91,870

2.00%,

11/18/2031

33,000

28,521

4.85%,

3/9/2033

60,000

60,615

3.95%,

2/26/2048

15,000

12,043

2.95%,

3/15/2051

30,000

19,609

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Financial

#### Services

#### -

#### 2.1%
(continued)

PayPal

Holdings,

Inc.

4.40%,

6/1/2032

$

98,000

$

95,665

5.05%,

6/1/2052

30,000

26,749

Shell

International

Finance

BV

3.88%,

11/13/2028

70,000

69,593

6.38%,

12/15/2038

60,000

65,863

3.00%,

11/26/2051

70,000

44,183

Visa,

Inc.

2.05%,

4/15/2030

100,000

90,638

2.70%,

4/15/2040

90,000

67,852

Voya

Financial,

Inc.

5.00%,

9/20/2034

10,000

9,564

4.70%,

1/23/2048(a)

30,000

27,348

Woodside

Finance

Ltd.

5.10%,

9/12/2034

20,000

19,056

5.70%,

9/12/2054

25,000

22,253

#### 962,144

#### Food

#### Products

#### -

#### 0

#### .9

#### %
Campbell's

Co.

(The)

4.15%,

3/15/2028

50,000

49,690

2.38%,

4/24/2030

17,000

15,279

4.80%,

3/15/2048

20,000

17,179

General

Mills,

Inc.

4.55%,

4/17/2038

20,000

18,382

4.70%,

4/17/2048

40,000

33,912

Hershey

Co.

(The)

4.25%,

5/4/2028

20,000

20,209

1.70%,

6/1/2030

32,000

28,195

3.13%,

11/15/2049

10,000

6,732

2.65%,

6/1/2050

10,000

6,070

Hormel

Foods

Corp.

3.05%,

6/3/2051

40,000

25,831

Ingredion,

Inc.

2.90%,

6/1/2030

33,000

30,503

3.90%,

6/1/2050

10,000

7,430

JBS

USA

Holding

Lux

Sarl

6.50%,

12/1/2052

70,000

72,066

Mondelez

International,

Inc.

3.00%,

3/17/2032

50,000

44,558

2.63%,

9/4/2050

50,000

29,462

#### 405,498

#### Gas

#### Utilities

#### -

#### 0

#### .4

#### %
Southern

California

Gas

Co.

2.95%,

4/15/2027

187,000

182,349

Washington

Gas

Light

Co.

3.65%,

9/15/2049

20,000

14,364

#### 196,713

#### Ground

#### Transportation

#### -

#### 1

#### .8

#### %
Canadian

National

Railway

Co.

3.65%,

2/3/2048

14,000

10,495

4.45%,

1/20/2049

92,000

78,386

4.40%,

8/5/2052

7,000

5,851

CSX

Corp.

2.40%,

2/15/2030

63,000

57,602

5.20%,

11/15/2033

60,000

61,401

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Ground

#### Transportation

#### -

#### 1.8%
(continued)

CSX

Corp.

(continued)

6.22%,

4/30/2040

$

70,000

$

74,501

3.80%,

4/15/2050

33,000

24,809

4.65%,

3/1/2068

3,000

2,441

JB

Hunt

Transport

Services,

Inc.

4.90%,

3/15/2030

30,000

30,300

Norfolk

Southern

Corp.

5.95%,

3/15/2064

105,000

106,353

Ryder

System,

Inc.

6.60%,

12/1/2033

50,000

54,029

Union

Pacific

Corp.

4.50%,

1/20/2033

80,000

78,841

2.89%,

4/6/2036

40,000

32,812

4.50%,

9/10/2048

55,000

46,734

4.30%,

3/1/2049

20,000

16,432

5.60%,

12/1/2054

130,000

127,736

#### 808,723

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 1

#### .9

#### %
Abbott

Laboratories

1.40%,

6/30/2030

98,000

85,998

4.90%,

11/30/2046

98,000

91,942

Baxter

International,

Inc.

1.73%,

4/1/2031

50,000

41,850

3.13%,

12/1/2051

78,000

47,967

Becton

Dickinson

&

Co.

2.82%,

5/20/2030

50,000

45,753

1.96%,

2/11/2031

50,000

42,835

3.79%,

5/20/2050

50,000

36,885

Boston

Scientific

Corp.

2.65%,

6/1/2030

100,000

91,920

GE

HealthCare

Technologies,

Inc.

5.86%,

3/15/2030

120,000

125,798

Medtronic

Global

Holdings

SCA

4.25%,

3/30/2028

60,000

60,305

4.50%,

3/30/2033

5,000

4,901

Medtronic,

Inc.

4.38%,

3/15/2035

80,000

76,730

Stryker

Corp.

4.63%,

9/11/2034

90,000

87,615

Zimmer

Biomet

Holdings,

Inc.

3.55%,

3/20/2030

30,000

28,419

#### 868,918

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 5

#### .0

#### %
Aetna,

Inc.

3.88%,

8/15/2047

40,000

28,759

Cardinal

Health,

Inc.

4.90%,

9/15/2045

33,000

28,499

Cencora,

Inc.

2.70%,

3/15/2031

50,000

44,738

5.13%,

2/15/2034

30,000

30,062

Centene

Corp.

2.45%,

7/15/2028

120,000

110,322

2.63%,

8/1/2031

80,000

67,572

Cigna

Group

(The)

4.38%,

10/15/2028

60,000

59,897

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 5.0%
(continued)

Cigna

Group

(The)

(continued)

5.25%,

2/15/2034

$

20,000

$

20,161

4.80%,

8/15/2038

90,000

83,593

6.13%,

11/15/2041

33,000

34,014

3.88%,

10/15/2047

20,000

14,726

3.40%,

3/15/2051

79,000

52,083

CVS

Health

Corp.

3.63%,

4/1/2027

33,000

32,478

4.30%,

3/25/2028

100,000

99,242

5.25%,

2/21/2033

80,000

79,320

4.78%,

3/25/2038

130,000

117,243

5.05%,

3/25/2048

174,000

147,880

6.05%,

6/1/2054

30,000

28,897

Elevance

Health,

Inc.

2.25%,

5/15/2030

50,000

44,857

4.10%,

5/15/2032

164,000

155,247

4.75%,

2/15/2033

20,000

19,657

5.20%,

2/15/2035

50,000

50,042

4.55%,

3/1/2048

32,000

26,497

3.70%,

9/15/2049

30,000

21,246

6.10%,

10/15/2052

14,000

14,181

5.13%,

2/15/2053

20,000

17,630

5.65%,

6/15/2054

40,000

38,159

5.85%,

11/1/2064

30,000

28,827

HCA,

Inc.

5.45%,

4/1/2031

20,000

20,383

3.63%,

3/15/2032

30,000

27,211

7.50%,

11/6/2033

77,000

86,818

5.60%,

4/1/2034

80,000

80,411

5.13%,

6/15/2039

20,000

18,445

4.38%,

3/15/2042

55,000

44,773

5.25%,

6/15/2049

20,000

17,351

4.63%,

3/15/2052

87,000

68,185

6.00%,

4/1/2054

15,000

14,262

Laboratory

Corp.

of

America

Holdings

1.55%,

6/1/2026

50,000

48,482

4.35%,

4/1/2030

10,000

9,831

2.70%,

6/1/2031

50,000

44,475

4.80%,

10/1/2034

25,000

24,067

Quest

Diagnostics,

Inc.

4.20%,

6/30/2029

43,000

42,621

2.95%,

6/30/2030

50,000

46,280

2.80%,

6/30/2031

10,000

8,985

6.40%,

11/30/2033

10,000

10,852

UnitedHealth

Group,

Inc.

5.00%,

4/15/2034

50,000

49,665

6.05%,

2/15/2063

20,000

20,232

5.75%,

7/15/2064

70,000

67,531

#### 2,246,689

#### Health

#### Care

#### REITs

#### -

#### 0

#### .8

#### %
Alexandria

Real

Estate

Equities,

Inc.

REIT,

5.25%,

5/15/2036

160,000

153,914

Healthcare

Realty

Holdings

LP

REIT,

3.63%,

1/15/2028

30,000

29,070

REIT,

2.40%,

3/15/2030

20,000

17,596

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Health

#### Care

#### REITs

#### -

#### 0.8%
(continued)

Healthcare

Realty

Holdings

LP

(continued)

REIT,

2.05%,

3/15/2031

$

7,000

$

5,827

Healthpeak

OP

LLC

REIT,

3.50%,

7/15/2029

20,000

19,023

Ventas

Realty

LP

REIT,

4.00%,

3/1/2028

33,000

32,544

REIT,

3.00%,

1/15/2030

48,000

44,555

REIT,

4.75%,

11/15/2030

30,000

29,979

REIT,

5.00%,

1/15/2035

20,000

19,312

#### 351,820

#### Hotel

#### &

#### Resort

#### REITs

#### -

#### 0

#### .1

#### %
Host

Hotels

&

Resorts

LP

Series

I,

REIT,

3.50%,

9/15/2030

10,000

9,098

Series

J,

REIT,

2.90%,

12/15/2031

10,000

8,545

REIT,

5.50%,

4/15/2035

20,000

19,311

#### 36,954

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 0

#### .7

#### %
Las

Vegas

Sands

Corp.

3.90%,

8/8/2029

70,000

64,995

6.20%,

8/15/2034

10,000

9,799

Marriott

International,

Inc.

5.45%,

9/15/2026

50,000

50,532

5.00%,

10/15/2027

20,000

20,282

4.90%,

4/15/2029

30,000

30,265

Series

HH,

2.85%,

4/15/2031

63,000

56,325

5.30%,

5/15/2034

20,000

19,710

Starbucks

Corp.

4.45%,

8/15/2049

80,000

63,712

#### 315,620

#### Household

#### Durables

#### -

#### 0

#### .5

#### %
Leggett

&

Platt,

Inc.

4.40%,

3/15/2029

15,000

14,344

3.50%,

11/15/2051

10,000

5,889

Mohawk

Industries,

Inc.

5.85%,

9/18/2028

12,000

12,433

3.63%,

5/15/2030

7,000

6,605

NVR,

Inc.

3.00%,

5/15/2030

14,000

12,887

PulteGroup,

Inc.

5.00%,

1/15/2027

76,000

76,511

Toll

Brothers

Finance

Corp.

3.80%,

11/1/2029

20,000

19,157

Whirlpool

Corp.

4.75%,

2/26/2029

50,000

47,392

4.60%,

5/15/2050

20,000

13,210

#### 208,428

#### Household

#### Products

#### -

#### 0

#### .3

#### %
Clorox

Co.

(The)

1.80%,

5/15/2030

10,000

8,756

4.60%,

5/1/2032

20,000

19,773

Procter

&

Gamble

Co.

(The)

4.55%,

1/29/2034

105,000

104,760

#### 133,289
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### -

#### 0

#### .3

#### %
Constellation

Energy

Generation

LLC

5.60%,

3/1/2028

$

80,000

$

82,650

5.80%,

3/1/2033

20,000

20,722

6.13%,

1/15/2034

40,000

42,027

#### 145,399

#### Industrial

#### REITs

#### -

#### 0

#### .5

#### %
Americold

Realty

Operating

Partnership

LP

REIT,

5.41%,

9/12/2034

10,000

9,708

Prologis

LP

REIT,

4.88%,

6/15/2028

60,000

61,122

REIT,

4.63%,

1/15/2033

47,000

46,202

REIT,

5.13%,

1/15/2034

44,000

44,008

REIT,

5.00%,

1/31/2035

30,000

29,657

REIT,

4.38%,

9/15/2048

7,000

5,726

REIT,

3.00%,

4/15/2050

23,000

14,736

#### 211,159

#### Insurance

#### -

#### 3

#### .1

#### %
Aflac,

Inc.

3.60%,

4/1/2030

53,000

51,022

4.75%,

1/15/2049

10,000

8,493

Allstate

Corp.

(The)

1.45%,

12/15/2030

10,000

8,442

5.25%,

3/30/2033

40,000

40,483

American

International

Group,

Inc.

5.13%,

3/27/2033

15,000

14,985

4.38%,

6/30/2050

40,000

32,538

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

10,000

8,921

Arch

Capital

Group

Ltd.

3.64%,

6/30/2050

20,000

14,263

Athene

Holding

Ltd.

6.25%,

4/1/2054

20,000

19,378

AXIS

Specialty

Finance

LLC

4.90%,

1/15/2040(a)

27,000

25,679

Brighthouse

Financial,

Inc.

4.70%,

6/22/2047

20,000

14,866

3.85%,

12/22/2051

5,000

3,151

Brown

&

Brown,

Inc.

5.65%,

6/11/2034

40,000

40,451

CNO

Financial

Group,

Inc.

6.45%,

6/15/2034

15,000

15,476

Everest

Reinsurance

Holdings,

Inc.

3.13%,

10/15/2052

30,000

18,155

Fidelity

National

Financial,

Inc.

4.50%,

8/15/2028

20,000

19,737

3.20%,

9/17/2051

14,000

8,251

First

American

Financial

Corp.

2.40%,

8/15/2031

20,000

16,905

Globe

Life,

Inc.

5.85%,

9/15/2034

10,000

10,207

Hartford

Insurance

Group,

Inc.

(The)

4.40%,

3/15/2048

5,000

4,130

3.60%,

8/19/2049

43,000

30,860

2.90%,

9/15/2051

14,000

8,635

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Insurance

#### -

#### 3.1%
(continued)

Lincoln

National

Corp.

3.05%,

1/15/2030

$

20,000

$

18,568

4.35%,

3/1/2048

10,000

7,739

4.38%,

6/15/2050

10,000

7,656

Manulife

Financial

Corp.

4.06%,

2/24/2032(a)

50,000

49,201

3.70%,

3/16/2032

37,000

34,497

MetLife,

Inc.

4.55%,

3/23/2030

90,000

90,937

5.38%,

7/15/2033

15,000

15,462

5.30%,

12/15/2034

10,000

10,159

10.75%,

8/1/2039

33,000

42,991

4.60%,

5/13/2046

30,000

26,052

5.00%,

7/15/2052

33,000

29,603

5.25%,

1/15/2054

24,000

22,382

Primerica,

Inc.

2.80%,

11/19/2031

10,000

8,706

Principal

Financial

Group,

Inc.

3.70%,

5/15/2029

33,000

31,966

2.13%,

6/15/2030

58,000

51,218

5.38%,

3/15/2033

10,000

10,184

5.50%,

3/15/2053

8,000

7,650

Progressive

Corp.

(The)

4.20%,

3/15/2048

70,000

57,171

Prudential

Financial,

Inc.

3.00%,

3/10/2040

23,000

17,198

4.50%,

9/15/2047(a)

50,000

48,531

3.91%,

12/7/2047

25,000

19,168

4.35%,

2/25/2050

33,000

27,017

5.13%,

3/1/2052(a)

30,000

28,195

6.00%,

9/1/2052(a)

47,000

46,725

Prudential

Funding

Asia

plc

3.13%,

4/14/2030

15,000

14,109

3.63%,

3/24/2032

10,000

9,210

Reinsurance

Group

of

America,

Inc.

5.75%,

9/15/2034

20,000

20,265

RenaissanceRe

Holdings

Ltd.

5.75%,

6/5/2033

22,000

22,453

Travelers

Cos.,

Inc.

(The)

4.00%,

5/30/2047

50,000

39,939

4.05%,

3/7/2048

8,000

6,394

4.10%,

3/4/2049

5,000

4,005

5.45%,

5/25/2053

37,000

36,260

Unum

Group

4.00%,

6/15/2029

40,000

39,149

4.13%,

6/15/2051

24,000

17,721

W

R

Berkley

Corp.

3.55%,

3/30/2052

5,000

3,445

3.15%,

9/30/2061

30,000

17,657

Willis

North

America,

Inc.

5.35%,

5/15/2033

30,000

30,248

5.90%,

3/5/2054

20,000

19,373

#### 1,404,232
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Interactive

#### Media

#### &

#### Services

#### -

#### 0

#### .8

#### %
Alphabet,

Inc.

0.80%,

8/15/2027

$

170,000

$

159,229

1.10%,

8/15/2030

10,000

8,625

1.90%,

8/15/2040

7,000

4,685

2.05%,

8/15/2050

60,000

33,578

Meta

Platforms,

Inc.

5.60%,

5/15/2053

40,000

39,687

5.40%,

8/15/2054

40,000

38,488

5.75%,

5/15/2063

83,000

82,981

5.55%,

8/15/2064

10,000

9,620

#### 376,893

#### IT

#### Services

#### -

#### 0

#### .6

#### %
Amdocs

Ltd.

2.54%,

6/15/2030

10,000

8,889

Genpact

Luxembourg

Sarl

6.00%,

6/4/2029

10,000

10,355

IBM

International

Capital

Pte.

Ltd.

5.25%,

2/5/2044

100,000

94,328

International

Business

Machines

Corp.

4.15%,

5/15/2039

100,000

86,754

2.85%,

5/15/2040

72,000

51,769

#### 252,095

#### Leisure

#### Products

#### -

#### 0

#### .2

#### %
Brunswick

Corp.

4.40%,

9/15/2032

25,000

22,437

5.10%,

4/1/2052

20,000

14,856

Hasbro,

Inc.

3.90%,

11/19/2029

33,000

31,380

6.35%,

3/15/2040

10,000

10,008

#### 78,681

#### Machinery

#### -

#### 0

#### .8

#### %
AGCO

Corp.

5.80%,

3/21/2034

10,000

9,933

CNH

Industrial

NV

3.85%,

11/15/2027

10,000

9,822

Cummins,

Inc.

5.15%,

2/20/2034

30,000

30,436

Deere

&

Co.

7.13%,

3/3/2031

20,000

22,881

Ingersoll

Rand,

Inc.

5.40%,

8/14/2028

38,000

39,071

5.31%,

6/15/2031

80,000

81,915

Otis

Worldwide

Corp.

3.11%,

2/15/2040

40,000

30,052

Stanley

Black

&

Decker,

Inc.

6.00%,

3/6/2028

20,000

20,755

4.85%,

11/15/2048

10,000

7,970

2.75%,

11/15/2050

22,000

12,043

Westinghouse

Air

Brake

Technologies

Corp.

4.70%,

9/15/2028(b)

52,000

52,159

5.61%,

3/11/2034

10,000

10,272

Xylem,

Inc.

1.95%,

1/30/2028

20,000

18,780

2.25%,

1/30/2031

17,000

14,861

#### 360,950

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Marine

#### Transportation

#### -

#### 0

#### .0

#### %
(d) Kirby

Corp.

4.20%,

3/1/2028

$

20,000

$

19,716

#### Media

#### -

#### 2

#### .3

#### %
Comcast

Corp.

2.65%,

2/1/2030

247,000

228,690

4.65%,

2/15/2033

67,000

65,816

4.60%,

10/15/2038

20,000

18,322

3.25%,

11/1/2039

70,000

54,172

4.00%,

3/1/2048

114,000

86,778

4.00%,

11/1/2049

40,000

30,086

2.89%,

11/1/2051

250,000

150,377

5.35%,

5/15/2053

10,000

9,174

2.99%,

11/1/2063

170,000

95,473

5.50%,

5/15/2064

3,000

2,759

Fox

Corp.

4.71%,

1/25/2029

50,000

49,939

5.48%,

1/25/2039

20,000

19,204

5.58%,

1/25/2049

55,000

50,115

Interpublic

Group

of

Cos.,

Inc.

(The)

3.38%,

3/1/2041

30,000

21,656

Paramount

Global

4.95%,

1/15/2031

25,000

24,186

4.38%,

3/15/2043

30,000

21,610

5.25%,

4/1/2044

30,000

22,903

4.95%,

5/19/2050

80,000

58,994

#### 1,010,254

#### Metals

#### &

#### Mining

#### -

#### 0

#### .6

#### %
BHP

Billiton

Finance

USA

Ltd.

5.25%,

9/8/2033

30,000

30,338

Newmont

Corp.

3.25%,

5/13/2030

60,000

56,780

2.60%,

7/15/2032

10,000

8,726

5.88%,

4/1/2035

57,000

60,247

5.75%,

11/15/2041

10,000

9,974

4.20%,

5/13/2050

25,000

19,930

Nucor

Corp.

4.30%,

5/23/2027

20,000

20,057

2.70%,

6/1/2030

30,000

27,426

3.13%,

4/1/2032

33,000

29,606

4.40%,

5/1/2048

8,000

6,612

2.98%,

12/15/2055

14,000

8,304

#### 278,000

#### Multi-Utilities

#### -

#### 1

#### .6

#### %
Algonquin

Power

&

Utilities

Corp.

5.37%,

6/15/2026(b)

20,000

20,130

Ameren

Corp.

5.38%,

3/15/2035

40,000

39,940

Consolidated

Edison

Co.

of

New

York,

Inc.

Series

20A,

3.35%,

4/1/2030

80,000

76,515

2.40%,

6/15/2031

50,000

44,560

5.20%,

3/1/2033

10,000

10,156

5.50%,

3/15/2034

50,000

51,785

Series

E,

4.65%,

12/1/2048

22,000

18,668

6.15%,

11/15/2052

7,000

7,257

5.90%,

11/15/2053

10,000

10,062

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Multi-Utilities

#### -

#### 1.6%
(continued)

Consolidated

Edison

Co.

of

New

York,

Inc.

(continued)

5.70%,

5/15/2054

$

30,000

$

29,459

4.50%,

5/15/2058

55,000

43,582

National

Grid

plc

5.60%,

6/12/2028

15,000

15,466

5.81%,

6/12/2033

25,000

25,880

NiSource,

Inc.

6.95%,

11/30/2054(a)

35,000

35,464

Public

Service

Enterprise

Group,

Inc.

5.85%,

11/15/2027

63,000

65,225

1.60%,

8/15/2030

10,000

8,545

San

Diego

Gas

&

Electric

Co.

Series

VVV,

1.70%,

10/1/2030

20,000

17,154

2.95%,

8/15/2051

87,000

53,328

5.55%,

4/15/2054

10,000

9,481

Sempra

3.70%,

4/1/2029

50,000

48,357

5.50%,

8/1/2033

20,000

20,131

3.80%,

2/1/2038

66,000

53,355

4.00%,

2/1/2048

33,000

23,818

#### 728,318

#### Office

#### REITs

#### -

#### 0

#### .6

#### %
Boston

Properties

LP

REIT,

3.25%,

1/30/2031

80,000

72,073

REIT,

2.45%,

10/1/2033

33,000

25,825

REIT,

5.75%,

1/15/2035

20,000

19,724

COPT

Defense

Properties

LP

REIT,

2.00%,

1/15/2029

10,000

8,950

REIT,

2.75%,

4/15/2031

20,000

17,327

Cousins

Properties

LP

REIT,

5.88%,

10/1/2034

10,000

10,006

Highwoods

Realty

LP

REIT,

3.05%,

2/15/2030

30,000

26,759

REIT,

7.65%,

2/1/2034

10,000

10,952

Kilroy

Realty

LP

REIT,

4.75%,

12/15/2028

30,000

29,234

REIT,

6.25%,

1/15/2036

17,000

16,454

Piedmont

Operating

Partnership

LP

REIT,

3.15%,

8/15/2030

10,000

8,547

REIT,

2.75%,

4/1/2032

7,000

5,455

#### 251,306

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 6

#### .4

#### %
Boardwalk

Pipelines

LP

3.40%,

2/15/2031

40,000

36,352

BP

Capital

Markets

America,

Inc.

3.06%,

6/17/2041

20,000

14,404

3.00%,

3/17/2052

120,000

73,416

3.38%,

2/8/2061

100,000

62,613

BP

Capital

Markets

plc

3.72%,

11/28/2028

80,000

78,407

Canadian

Natural

Resources

Ltd.

2.95%,

7/15/2030

157,000

142,377

Cheniere

Corpus

Christi

Holdings

LLC

2.74%,

12/31/2039

30,000

23,691

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 6.4%
(continued)

Cheniere

Energy,

Inc.

4.63%,

10/15/2028

$

29,000

$

28,723

Columbia

Pipeline

Group,

Inc.

5.80%,

6/1/2045

10,000

9,646

DCP

Midstream

Operating

LP

3.25%,

2/15/2032

20,000

17,183

Devon

Energy

Corp.

5.20%,

9/15/2034

100,000

93,761

Enbridge,

Inc.

6.20%,

11/15/2030

10,000

10,598

2.50%,

8/1/2033

30,000

24,458

5.63%,

4/5/2034

80,000

80,931

6.70%,

11/15/2053

75,000

78,884

5.95%,

4/5/2054

5,000

4,803

5.50%,

7/15/2077(a)

50,000

47,832

Enterprise

Products

Operating

LLC

5.55%,

2/16/2055

130,000

121,485

5.38%,

2/15/2078(a)

20,000

19,298

Hess

Corp.

6.00%,

1/15/2040

57,000

59,639

Kinder

Morgan,

Inc.

2.00%,

2/15/2031

14,000

11,941

5.40%,

2/1/2034

110,000

108,861

5.30%,

12/1/2034

30,000

29,227

5.55%,

6/1/2045

33,000

30,212

5.20%,

3/1/2048

27,000

23,367

3.60%,

2/15/2051

10,000

6,640

5.45%,

8/1/2052

35,000

31,071

Marathon

Petroleum

Corp.

3.80%,

4/1/2028

30,000

29,468

4.50%,

4/1/2048

58,000

43,633

Occidental

Petroleum

Corp.

6.13%,

1/1/2031

40,000

40,383

6.45%,

9/15/2036

65,000

63,322

Zero

Coupon,

10/10/2036

50,000

27,787

6.60%,

3/15/2046

30,000

28,288

6.05%,

10/1/2054

5,000

4,313

ONEOK,

Inc.

6.10%,

11/15/2032

25,000

25,962

5.20%,

7/15/2048

20,000

16,855

4.85%,

2/1/2049

30,000

23,710

4.50%,

3/15/2050

60,000

44,755

5.70%,

11/1/2054

70,000

62,114

5.85%,

11/1/2064

70,000

62,421

Pioneer

Natural

Resources

Co.

2.15%,

1/15/2031

30,000

26,325

Plains

All

American

Pipeline

LP

4.50%,

12/15/2026

100,000

100,000

3.80%,

9/15/2030

75,000

70,689

Sabine

Pass

Liquefaction

LLC

5.90%,

9/15/2037

40,000

40,593

Shell

Finance

US,

Inc.

4.55%,

8/12/2043

100,000

86,665

South

Bow

USA

Infrastructure

Holdings

LLC

6.18%,

10/1/2054(c)

10,000

9,247

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 6.4%
(continued)

Suncor

Energy,

Inc.

3.75%,

3/4/2051

$

60,000

$

40,223

Targa

Resources

Corp.

6.50%,

3/30/2034

100,000

105,065

TotalEnergies

Capital

International

SA

2.83%,

1/10/2030

50,000

47,068

3.46%,

7/12/2049

50,000

34,791

3.13%,

5/29/2050

60,000

39,005

TotalEnergies

Capital

SA

4.72%,

9/10/2034

10,000

9,795

5.49%,

4/5/2054

70,000

66,128

Transcanada

Trust

5.60%,

3/7/2082(a)

30,000

27,681

Valero

Energy

Corp.

4.00%,

4/1/2029

30,000

29,301

2.80%,

12/1/2031

60,000

52,765

4.00%,

6/1/2052

30,000

20,681

Williams

Cos.,

Inc.

(The)

3.75%,

6/15/2027

50,000

49,253

4.80%,

11/15/2029

50,000

50,322

5.65%,

3/15/2033

73,000

74,624

5.15%,

3/15/2034

5,000

4,903

5.60%,

3/15/2035

30,000

30,258

5.75%,

6/24/2044

33,000

31,603

5.10%,

9/15/2045

37,000

32,395

4.85%,

3/1/2048

39,000

32,620

5.30%,

8/15/2052

14,000

12,391

#### 2,867,222

#### Paper

#### &

#### Forest

#### Products

#### -

#### 0

#### .1

#### %
Suzano

Austria

GmbH

3.75%,

1/15/2031

20,000

18,078

Series

DM3N,

3.13%,

1/15/2032

50,000

42,631

#### 60,709

#### Passenger

#### Airlines

#### -

#### 0

#### .1

#### %
Southwest

Airlines

Co.

2.63%,

2/10/2030

30,000

26,831

#### Personal

#### Care

#### Products

#### -

#### 0

#### .5

#### %
Estee

Lauder

Cos.,

Inc.

(The)

3.15%,

3/15/2027

100,000

97,817

4.38%,

5/15/2028

20,000

20,046

2.60%,

4/15/2030

30,000

27,337

1.95%,

3/15/2031

83,000

70,950

4.15%,

3/15/2047

10,000

7,708

5.15%,

5/15/2053

5,000

4,573

#### 228,431

#### Pharmaceuticals

#### -

#### 5

#### .1

#### %
AstraZeneca

Finance

LLC

4.88%,

3/3/2033

53,000

53,649

5.00%,

2/26/2034

60,000

60,586

AstraZeneca

plc

4.00%,

9/18/2042

55,000

46,052

4.38%,

11/16/2045

30,000

25,822

Bristol-Myers

Squibb

Co.

6.40%,

11/15/2063

20,000

21,328

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Pharmaceuticals

#### -

#### 5.1%
(continued)

Eli

Lilly

&

Co.

5.10%,

2/9/2064

$

120,000

$

110,197

GlaxoSmithKline

Capital

plc

3.38%,

6/1/2029

33,000

31,926

GlaxoSmithKline

Capital,

Inc.

6.38%,

5/15/2038

72,000

79,259

Johnson

&

Johnson

6.95%,

9/1/2029

120,000

133,831

3.63%,

3/3/2037

210,000

186,542

2.10%,

9/1/2040

100,000

68,348

2.25%,

9/1/2050

20,000

11,560

2.45%,

9/1/2060

17,000

9,327

Merck

&

Co.,

Inc.

4.05%,

5/17/2028

100,000

100,380

4.50%,

5/17/2033

30,000

29,724

3.90%,

3/7/2039

20,000

17,354

2.35%,

6/24/2040

143,000

99,553

4.90%,

5/17/2044

55,000

51,031

2.75%,

12/10/2051

15,000

9,127

Novartis

Capital

Corp.

2.00%,

2/14/2027

50,000

48,390

2.20%,

8/14/2030

85,000

76,925

4.20%,

9/18/2034

60,000

57,345

2.75%,

8/14/2050

75,000

47,471

Pfizer

Investment

Enterprises

Pte.

Ltd.

5.11%,

5/19/2043

30,000

28,181

5.34%,

5/19/2063

152,000

137,936

Pfizer,

Inc.

1.75%,

8/18/2031

33,000

28,268

4.10%,

9/15/2038

275,000

242,266

3.90%,

3/15/2039

40,000

34,220

7.20%,

3/15/2039

57,000

66,622

2.55%,

5/28/2040

63,000

44,088

2.70%,

5/28/2050

20,000

12,146

Sanofi

SA

3.63%,

6/19/2028

15,000

14,846

Takeda

Pharmaceutical

Co.

Ltd.

2.05%,

3/31/2030

320,000

284,655

#### 2,268,955

#### Professional

#### Services

#### -

#### 0

#### .3

#### %
Automatic

Data

Processing,

Inc.

4.45%,

9/9/2034

10,000

9,738

Equifax,

Inc.

4.80%,

9/15/2029

55,000

55,211

3.10%,

5/15/2030

37,000

34,171

Verisk

Analytics,

Inc.

3.63%,

5/15/2050

30,000

20,939

#### 120,059

#### Real

#### Estate

#### Management

#### &

#### Development

#### -

#### 0

#### .1

#### %
CBRE

Services,

Inc.

2.50%,

4/1/2031

20,000

17,492

5.95%,

8/15/2034

18,000

18,594

Jones

Lang

LaSalle,

Inc.

6.88%,

12/1/2028

10,000

10,655

#### 46,741
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Residential

#### REITs

#### -

#### 1

#### .1

#### %
AvalonBay

Communities,

Inc.

REIT,

2.95%,

5/11/2026

$

100,000

$

98,517

REIT,

1.90%,

12/1/2028

40,000

36,809

REIT,

5.00%,

2/15/2033

14,000

13,959

REIT,

4.35%,

4/15/2048

20,000

16,399

Camden

Property

Trust

REIT,

2.80%,

5/15/2030

50,000

46,005

ERP

Operating

LP

REIT,

4.15%,

12/1/2028

30,000

29,863

REIT,

3.00%,

7/1/2029

67,000

63,101

REIT,

1.85%,

8/1/2031

18,000

15,402

Essex

Portfolio

LP

REIT,

1.70%,

3/1/2028

30,000

27,804

REIT,

1.65%,

1/15/2031

50,000

42,135

REIT,

4.50%,

3/15/2048

5,000

4,162

Mid-America

Apartments

LP

REIT,

1.70%,

2/15/2031

60,000

51,124

Store

Capital

LLC

REIT,

2.70%,

12/1/2031

20,000

16,930

UDR,

Inc.

REIT,

4.40%,

1/26/2029

37,000

36,867

REIT,

5.13%,

9/1/2034

10,000

9,753

#### 508,830

#### Retail

#### REITs

#### -

#### 0

#### .5

#### %
Brixmor

Operating

Partnership

LP

REIT,

3.90%,

3/15/2027

33,000

32,557

REIT,

2.25%,

4/1/2028

30,000

28,033

REIT,

2.50%,

8/16/2031

7,000

6,040

REIT,

5.50%,

2/15/2034

7,000

6,997

Federal

Realty

OP

LP

REIT,

5.38%,

5/1/2028

30,000

30,675

REIT,

3.50%,

6/1/2030

10,000

9,438

REIT,

3.63%,

8/1/2046

10,000

6,938

Kimco

Realty

OP

LLC

REIT,

4.85%,

3/1/2035

70,000

67,131

Regency

Centers

LP

REIT,

4.13%,

3/15/2028

15,000

14,929

REIT,

3.70%,

6/15/2030

26,000

25,015

REIT,

4.65%,

3/15/2049

10,000

8,434

#### 236,187

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 2

#### .5

#### %
Applied

Materials,

Inc.

4.35%,

4/1/2047

50,000

42,152

Intel

Corp.

3.75%,

3/25/2027

100,000

98,507

2.00%,

8/12/2031

47,000

39,313

5.15%,

2/21/2034

30,000

29,213

5.63%,

2/10/2043

54,000

49,815

3.73%,

12/8/2047

87,000

59,329

4.75%,

3/25/2050

120,000

94,143

4.95%,

3/25/2060

48,000

37,344

Micron

Technology,

Inc.

5.30%,

1/15/2031

30,000

30,131

5.88%,

9/15/2033

30,000

30,703

3.37%,

11/1/2041

30,000

21,304

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 2.5%
(continued)

QUALCOMM,

Inc.

2.15%,

5/20/2030

$

80,000

$

72,264

6.00%,

5/20/2053

35,000

36,063

TSMC

Arizona

Corp.

1.75%,

10/25/2026

200,000

192,619

3.88%,

4/22/2027

280,000

277,970

#### 1,110,870

#### Software

#### -

#### 4

#### .1

#### %
Adobe,

Inc.

4.80%,

4/4/2029

40,000

41,054

2.30%,

2/1/2030

33,000

30,369

5.30%,

1/17/2035

20,000

20,794

Autodesk,

Inc.

2.85%,

1/15/2030

20,000

18,645

2.40%,

12/15/2031

10,000

8,647

Cadence

Design

Systems,

Inc.

4.30%,

9/10/2029

50,000

49,899

Microsoft

Corp.

2.40%,

8/8/2026

60,000

58,860

3.30%,

2/6/2027

263,000

260,800

3.40%,

6/15/2027

300,000

298,420

1.35%,

9/15/2030

100,000

87,422

3.45%,

8/8/2036

33,000

29,454

4.50%,

6/15/2047

45,000

40,557

2.53%,

6/1/2050

125,000

77,437

2.92%,

3/17/2052

40,000

26,547

2.68%,

6/1/2060

113,000

66,709

3.04%,

3/17/2062

55,000

35,253

Oracle

Corp.

4.70%,

9/27/2034

130,000

123,715

3.60%,

4/1/2040

130,000

101,327

3.65%,

3/25/2041

100,000

76,428

5.55%,

2/6/2053

310,000

283,926

4.10%,

3/25/2061

115,000

80,575

ServiceNow,

Inc.

1.40%,

9/1/2030

17,000

14,584

#### 1,831,422

#### Specialized

#### REITs

#### -

#### 0

#### .4

#### %
Equinix,

Inc.

REIT,

3.20%,

11/18/2029

70,000

65,857

REIT,

3.90%,

4/15/2032

60,000

56,159

Weyerhaeuser

Co.

REIT,

4.00%,

4/15/2030

30,000

29,028

REIT,

3.38%,

3/9/2033

30,000

26,491

#### 177,535

#### Specialty

#### Retail

#### -

#### 1

#### .6

#### %
Home

Depot,

Inc.

(The)

3.30%,

4/15/2040

100,000

78,974

4.25%,

4/1/2046

50,000

41,510

4.50%,

12/6/2048

75,000

63,557

4.95%,

9/15/2052

170,000

153,112

5.40%,

6/25/2064

55,000

52,205

Lowe's

Cos.,

Inc.

3.65%,

4/5/2029

50,000

48,482

2.63%,

4/1/2031

70,000

62,474

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Specialty

#### Retail

#### -

#### 1.6%
(continued)

Lowe's

Cos.,

Inc.

(continued)

5.50%,

10/15/2035

$

33,000

$

33,809

2.80%,

9/15/2041

138,000

93,567

4.55%,

4/5/2049

40,000

32,151

4.45%,

4/1/2062

26,000

19,705

5.85%,

4/1/2063

14,000

13,280

Tiffany

&

Co.

4.90%,

10/1/2044

10,000

9,050

#### 701,876

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 2

#### .9

#### %
Apple,

Inc.

4.30%,

5/10/2033

280,000

280,399

2.38%,

2/8/2041

130,000

90,041

4.45%,

5/6/2044

114,000

103,492

4.65%,

2/23/2046

190,000

172,737

4.85%,

5/10/2053

75,000

70,642

4.10%,

8/8/2062

47,000

37,203

Dell

International

LLC

5.50%,

4/1/2035

80,000

78,556

8.10%,

7/15/2036

110,000

129,567

Hewlett

Packard

Enterprise

Co.

5.25%,

7/1/2028

150,000

153,212

5.00%,

10/15/2034

110,000

106,202

HP,

Inc.

5.50%,

1/15/2033

10,000

9,953

6.00%,

9/15/2041

53,000

51,848

#### 1,283,852

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 0

#### .2

#### %
NIKE,

Inc.

2.85%,

3/27/2030

45,000

42,107

3.25%,

3/27/2040

50,000

38,688

3.38%,

11/1/2046

15,000

10,741

Ralph

Lauren

Corp.

2.95%,

6/15/2030

14,000

12,961

#### 104,497

#### Water

#### Utilities

#### -

#### 0

#### .5

#### %
American

Water

Capital

Corp.

2.30%,

6/1/2031

200,000

174,541

Essential

Utilities,

Inc.

2.70%,

4/15/2030

48,000

43,742

5.38%,

1/15/2034

10,000

10,036

4.28%,

5/1/2049

10,000

7,691

5.30%,

5/1/2052

10,000

8,906

#### 244,916

#### Wireless

#### Telecommunication

#### Services

#### -

#### 0

#### .4

#### %
Vodafone

Group

plc

5.00%,

5/30/2038

48,000

45,596

5.25%,

5/30/2048

40,000

36,312

4.88%,

6/19/2049

50,000

42,047

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Wireless

#### Telecommunication

#### Services

#### -

#### 0.4%
(continued)

Vodafone

Group

plc

(continued)

5.63%,

2/10/2053

$

70,000

$

64,928

#### 188,883

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $45,200,242)
43,891,650

#### Total

#### Investments

#### -

#### 97.9%

#### (Cost

#### $45,200,242)

#### 43,891,650
Other

assets

less

liabilities

-

2.1%

928,301

#### NET

#### ASSETS

#### -

#### 100.0%

#### $44,819,951
(a) *Security* 

*issued* 

*at* 

*a* 

*fixed* 

*coupon* 

*rate,* 

*which* 

*converts* 

*to* 

*a* 

*variable* 

*rate* 

*at* 

*a* 

*future* 

*date.* 

*Rate* 

*shown* 

*is* 

*the* 

*rate* 

*in* 

*effect* 

*as* 

*of* 

*period* 

*end.*

(b) *Step* 

*bond.* 

*Interest* 

*rate* 

*is* 

*a* 

*fixed* 

*rate* 

*for* 

*an* 

*initial* 

*period* 

*that* 

*either* 

*resets* 

*at* 

*a* 

*specific* 

*date* 

*or* 

*may* 

*reset* 

*in* 

*the* 

*future* 

*at* 

*a* 

*contingent* 

*upon* 

*predetermined* 

*trigger.* 

*The* 

*interest* 

*rate* 

*shown* 

*was* 

*the* 

*current* 

*rate* 

*as* 

*of* 

*April* 

*30,* 

2025. (c) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Rule* 

*144A* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

*1933,* 

*as* 

*amended.* 

*These* 

*securities* 

*may* 

*be* 

*resold* 

*in* 

*transactions* 

*exempt* 

*from* 

*registration* 

*to* 

*qualified* 

*institutional* 

*investors.* 

*At* 

*April* 

*30,* 

*2025,* 

*the* 

*value* 

*of* 

*these* 

*securities* 

*amounted* 

*to* 

*approximately* 

*$232,112* 

*or* 

*0.52%* 

*of* 

*net* 

*assets.*

(d) *Represents* 

*less* 

*than* 

*0.05%* 

*of* 

*net* 

*assets.*

*Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*SCA*

*—*

*Limited* 

*partnership* 

*with* 

*share* 

*capital*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

330,594

Aggregate

gross

unrealized

depreciation

(1,686,929)

Net

unrealized

depreciation

$

(1,356,335)

Federal

income

tax

cost

$

45,247,985

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Corporate

Bonds

.9

%

Others

(1) 2

.1

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Trust

Schedule

of

Investments

FlexShares®

Ultra-Short

Income

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS

#### -

#### 84

#### .3

#### %

#### Aerospace

#### &

#### Defense

#### -

#### 0

#### .2

#### %
RTX

Corp.

3.95%,

8/16/2025

$

2,000,000

$

1,995,075

#### Automobiles

#### -

#### 2

#### .1

#### %
BMW

US

Capital

LLC

(United

States

SOFR

Compounded

Index

+

0.78%),

5.16%,

3/19/2027(a)(b)

8,300,000

8,281,823

Hyundai

Capital

America

5.45%,

6/24/2026(b)

1,000,000

1,008,720

(SOFR

+

1.50%),

5.87%,

1/8/2027(a)(b)

1,500,000

1,508,559

(SOFR

+

1.04%),

5.42%,

3/19/2027(a)(b)

1,000,000

998,211

(SOFR

+

1.04%),

5.39%,

6/24/2027(a)(b)

5,000,000

4,972,500

Mercedes-Benz

Finance

North

America

LLC

(SOFR

+

0.63%),

4.91%,

7/31/2026(a)(b)

4,100,000

4,089,056

Volkswagen

Group

of

America

Finance

LLC

(SOFR

+

0.83%),

5.21%,

3/20/2026(a)(b)

5,500,000

5,499,065

#### 26,357,934

#### Banks

#### -

#### 23

#### .3

#### %
Bank

of

America

NA

(SOFR

+

0.78%),

5.15%,

8/18/2025(a)

3,950,000

3,952,752

Bank

of

Montreal

(United

States

SOFR

Compounded

Index

+

0.62%),

4.97%,

9/15/2026(a)

3,300,000

3,296,049

(SOFR

+

0.86%),

5.19%,

1/27/2029(a)

14,000,000

13,916,181

Bank

of

New

Zealand

(SOFR

+

0.81%),

5.14%,

1/27/2027(a)(b)

4,000,000

4,003,040

Bank

of

Nova

Scotia

(The)

(United

States

SOFR

Compounded

Index

+

0.55%),

4.91%,

3/2/2026(a)

5,000,000

4,999,790

(SOFR

+

0.61%),

4.96%,

9/15/2026(a)

1,780,000

1,777,865

Banque

Federative

du

Credit

Mutuel

SA

(SOFR

+

1.13%),

5.49%,

1/23/2027(a)(b)

2,940,000

2,949,878

(United

States

SOFR

Compounded

Index

+

1.07%),

5.44%,

2/16/2028(a)(b)

10,000,000

9,976,480

(United

States

SOFR

Compounded

Index

+

1.23%),

5.56%,

1/22/2030(a)(b)

3,900,000

3,900,156

Barclays

plc

(SOFR

+

1.49%),

5.88%,

3/12/2028(a)

10,000,000

10,073,198

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Banks

#### -

#### 23.3%
(continued)

Canadian

Imperial

Bank

of

Commerce

(SOFR

+

0.72%),

5.06%,

1/13/2028(a)

$

10,000,000

$

9,931,850

Citibank

NA

4.93%,

8/6/2026

4,000,000

4,031,040

(United

States

SOFR

Compounded

Index

+

1.06%),

5.42%,

12/4/2026(a)

3,000,000

3,009,362

Citigroup,

Inc.

(SOFR

+

0.77%),

5.13%,

6/9/2027(a)

3,500,000

3,496,920

(SOFR

+

0.87%),

5.31%,

3/4/2029(a)

13,000,000

12,868,528

Commonwealth

Bank

of

Australia

4.42%,

3/14/2028

3,200,000

3,230,014

Credit

Agricole

SA

(SOFR

+

0.87%),

5.23%,

3/11/2027(a)(b)

6,670,000

6,674,860

4.63%,

9/11/2028(b)(c)

5,210,000

5,204,745

Fifth

Third

Bank

NA

(SOFR

+

0.81%),

5.14%,

1/28/2028(a)

4,900,000

4,860,403

HSBC

Holdings

plc

(SOFR

+

1.04%),

5.38%,

11/19/2028(a)

2,800,000

2,787,260

(SOFR

+

1.03%),

5.39%,

3/3/2029(a)

8,600,000

8,540,058

Huntington

National

Bank

(The)

4.87%,

4/12/2028(c)

4,100,000

4,119,731

ING

Groep

NV

(United

States

SOFR

Compounded

Index

+

1.01%),

5.31%,

4/1/2027(a)

5,582,000

5,588,602

JPMorgan

Chase

&

Co.

(SOFR

+

0.77%),

5.11%,

9/22/2027(a)

2,500,000

2,495,000

(SOFR

+

0.80%),

5.16%,

1/24/2029(a)

12,100,000

12,087,895

Lloyds

Banking

Group

plc

4.72%,

8/11/2026(c)

2,300,000

2,298,791

(United

States

SOFR

Compounded

Index

+

1.06%),

5.37%,

11/26/2028(a)

12,000,000

11,970,829

Morgan

Stanley

Bank

NA

(SOFR

+

0.87%),

5.31%,

5/26/2028(a)

8,740,000

8,723,656

(SOFR

+

0.90%),

5.24%,

1/12/2029(a)

3,500,000

3,484,600

National

Australia

Bank

Ltd.

(SOFR

+

0.50%),

4.89%,

3/6/2028(a)(b)

3,000,000

2,976,591

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Ultra-Short

Income

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Banks

#### -

#### 23.3%
(continued)

National

Bank

of

Canada

(United

States

SOFR

Compounded

Index

+

1.03%),

5.40%,

7/2/2027(a)

$

7,260,000

$

7,260,076

NatWest

Markets

plc

(SOFR

+

0.90%),

5.27%,

5/17/2027(a)(b)

10,250,000

10,225,810

Nordea

Bank

Abp

(SOFR

+

0.70%),

5.05%,

3/17/2028(a)(b)

8,700,000

8,683,600

PNC

Bank

NA

(SOFR

+

0.50%),

4.84%,

1/15/2027(a)

2,000,000

1,997,834

Royal

Bank

of

Canada

(United

States

SOFR

Compounded

Index

+

0.53%),

4.86%,

1/20/2026(a)

2,750,000

2,752,769

(United

States

SOFR

Compounded

Index

+

0.57%),

4.90%,

4/27/2026(a)

2,000,000

2,002,836

(United

States

SOFR

Compounded

Index

+

0.83%),

5.19%,

1/24/2029(a)

8,000,000

7,947,786

Santander

Holdings

USA,

Inc.

3.45%,

6/2/2025

1,355,000

1,352,584

6.12%,

5/31/2027(c)

3,250,000

3,285,333

(SOFR

+

1.61%),

5.99%,

3/20/2029(a)

8,000,000

8,023,440

Skandinaviska

Enskilda

Banken

AB

(SOFR

+

0.89%),

5.28%,

3/5/2027(a)(b)

3,000,000

3,007,977

Societe

Generale

SA

(SOFR

+

1.41%),

5.75%,

4/13/2029(a)(b)

2,900,000

2,888,839

Standard

Chartered

plc

6.17%,

1/9/2027(b)(c)

2,100,000

2,118,483

Sumitomo

Mitsui

Financial

Group,

Inc.

(SOFR

+

0.88%),

5.17%,

1/14/2027(a)

1,480,000

1,484,420

(SOFR

+

1.17%),

5.46%,

7/9/2029(a)

2,500,000

2,516,258

Sumitomo

Mitsui

Trust

Bank

Ltd.

4.45%,

9/10/2027(b)

2,500,000

2,508,459

Swedbank

AB

(SOFR

+

1.03%),

5.43%,

11/20/2029(a)(b)

4,800,000

4,829,746

Toronto-Dominion

Bank

(The)

(SOFR

+

1.02%),

5.41%,

6/6/2025(a)

3,000,000

3,002,220

(SOFR

+

0.59%),

4.95%,

9/10/2026(a)

2,000,000

1,996,560

Truist

Financial

Corp.

6.05%,

6/8/2027(c)

4,000,000

4,065,540

US

Bancorp

1.45%,

5/12/2025

5,316,000

5,310,564

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Banks

#### -

#### 23.3%
(continued)

Wells

Fargo

&

Co.

(SOFR

+

0.78%),

5.14%,

1/24/2028(a)

$

8,000,000

$

7,959,948

Wells

Fargo

Bank

NA

5.55%,

8/1/2025

2,350,000

2,353,835

Westpac

Banking

Corp.

(SOFR

+

0.42%),

4.79%,

4/16/2026(a)

3,710,000

3,708,781

(SOFR

+

0.46%),

4.79%,

10/20/2026(a)

8,000,000

7,999,752

#### 286,509,574

#### Beverages

#### -

#### 1

#### .5

#### %
Keurig

Dr

Pepper,

Inc.

(SOFR

+

0.58%),

4.97%,

11/15/2026(a)

4,010,000

4,012,715

(United

States

SOFR

Compounded

Index

+

0.88%),

5.23%,

3/15/2027(a)

2,500,000

2,506,277

Pepsico

Singapore

Financing

I

Pte.

Ltd.

(United

States

SOFR

Compounded

Index

+

0.56%),

4.93%,

2/16/2027(a)

12,200,000

12,199,346

#### 18,718,338

#### Broadline

#### Retail

#### -

#### 0

#### .4

#### %
eBay,

Inc.

5.90%,

11/22/2025

5,000,000

5,028,553

#### Capital

#### Markets

#### -

#### 6

#### .3

#### %
BlackRock

Funding,

Inc.

4.60%,

7/26/2027

13,180,000

13,355,063

Blackstone

Private

Credit

Fund

7.05%,

9/29/2025

2,500,000

2,516,813

4.95%,

9/26/2027(b)

1,290,000

1,277,842

Charles

Schwab

Corp.

(The)

(United

States

SOFR

Compounded

Index

+

0.52%),

4.92%,

5/13/2026(a)

1,000,000

999,126

(United

States

SOFR

Compounded

Index

+

1.05%),

5.41%,

3/3/2027(a)

6,500,000

6,531,265

Citadel

Finance

LLC

3.38%,

3/9/2026(b)

2,000,000

1,964,598

Deutsche

Bank

AG

(SOFR

+

1.21%),

5.58%,

1/10/2029(a)

10,000,000

9,921,603

Goldman

Sachs

Group,

Inc.

(The)

3.75%,

2/25/2026

5,000,000

4,979,234

LPL

Holdings,

Inc.

4.90%,

4/3/2028

2,500,000

2,511,474

Macquarie

Bank

Ltd.

5.27%,

7/2/2027(b)

1,290,000

1,318,208

Mizuho

Markets

Cayman

LP

(SOFR

+

0.53%,

0.10%

Floor),

4.95%,

1/9/2026(a)(b)

2,900,000

2,900,534

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Ultra-Short

Income

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Capital

#### Markets

#### -

#### 6.3%
(continued)

Morgan

Stanley

(SOFR

+

1.02%),

5.44%,

4/13/2028(a)

$

4,456,000

$

4,468,226

Nasdaq,

Inc.

5.65%,

6/28/2025

2,000,000

2,002,431

State

Street

Bank

&

Trust

Co.

(SOFR

+

0.46%),

4.82%,

11/25/2026(a)

2,610,000

2,607,245

State

Street

Corp.

(SOFR

+

0.85%),

5.22%,

8/3/2026(a)

10,000,000

9,999,449

4.33%,

10/22/2027

8,040,000

8,085,749

UBS

Group

AG

6.37%,

7/15/2026(b)(c)

2,529,000

2,536,140

#### 77,975,000

#### Chemicals

#### -

#### 1

#### .6

#### %
DuPont

de

Nemours,

Inc.

4.49%,

11/15/2025

11,750,000

11,729,861

LYB

International

Finance

III

LLC

1.25%,

10/1/2025

2,497,000

2,460,388

Nutrien

Ltd.

5.95%,

11/7/2025

1,020,000

1,025,101

4.50%,

3/12/2027

3,300,000

3,307,761

Sherwin-Williams

Co.

(The)

4.25%,

8/8/2025

1,500,000

1,497,882

#### 20,020,993

#### Commercial

#### Services

#### &

#### Supplies

#### -

#### 0

#### .2

#### %
Element

Fleet

Management

Corp.

6.27%,

6/26/2026(b)

2,820,000

2,868,160

#### Communications

#### Equipment

#### -

#### 0

#### .6

#### %
Juniper

Networks,

Inc.

1.20%,

12/10/2025

7,200,000

7,055,337

#### Consumer

#### Finance

#### -

#### 9

#### .0

#### %
AerCap

Ireland

Capital

DAC

4.45%,

10/1/2025

10,000,000

9,981,152

American

Express

Co.

(United

States

SOFR

Compounded

Index

+

1.35%),

5.71%,

10/30/2026(a)

3,500,000

3,513,510

6.34%,

10/30/2026(c)

700,000

706,244

(SOFR

+

0.75%),

5.11%,

4/23/2027(a)

3,000,000

3,002,127

(United

States

SOFR

Compounded

Index

+

0.97%),

5.30%,

7/28/2027(a)

5,000,000

5,014,200

American

Honda

Finance

Corp.

(SOFR

+

0.45%),

4.84%,

6/13/2025(a)

8,000,000

8,000,459

(United

States

SOFR

Compounded

Index

+

0.79%),

5.16%,

10/3/2025(a)

2,100,000

2,103,050

(SOFR

+

0.72%),

5.05%,

10/22/2027(a)

12,000,000

11,928,243

Avolon

Holdings

Funding

Ltd.

4.95%,

1/15/2028(b)

3,200,000

3,184,245

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Consumer

#### Finance

#### -

#### 9.0%
(continued)

Caterpillar

Financial

Services

Corp.

(SOFR

+

0.52%),

4.91%,

6/13/2025(a)

$

5,000,000

$

5,001,350

(SOFR

+

0.46%),

4.85%,

2/27/2026(a)

7,000,000

7,000,562

Ford

Motor

Credit

Co.

LLC

(SOFR

+

2.95%),

7.34%,

3/6/2026(a)

3,380,000

3,398,117

General

Motors

Financial

Co.,

Inc.

(United

States

SOFR

Compounded

Index

+

1.35%),

5.72%,

5/8/2027(a)

2,169,000

2,149,429

(SOFR

+

1.29%),

5.63%,

1/7/2030(a)

10,000,000

9,637,200

John

Deere

Capital

Corp.

(SOFR

+

0.44%),

4.75%,

3/6/2026(a)

10,000,000

9,999,216

(SOFR

+

0.79%),

5.10%,

6/8/2026(a)

1,300,000

1,304,940

(SOFR

+

0.60%),

4.91%,

6/11/2027(a)

2,000,000

2,001,211

Synchrony

Financial

4.88%,

6/13/2025

3,602,000

3,599,264

Toyota

Motor

Credit

Corp.

(SOFR

+

0.65%),

5.01%,

9/11/2025(a)

5,000,000

5,004,029

(SOFR

+

0.47%),

4.81%,

1/8/2027(a)

14,000,000

13,947,857

#### 110,476,405

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### -

#### 2

#### .5

#### %
Dollar

Tree,

Inc.

4.00%,

5/15/2025

8,000,000

7,995,531

Sysco

Corp.

3.25%,

7/15/2027

6,370,000

6,226,427

Walmart,

Inc.

4.10%,

4/28/2027

6,800,000

6,839,980

(United

States

SOFR

Compounded

Index

+

0.43%),

4.76%,

4/28/2027(a)

9,500,000

9,514,155

#### 30,576,093

#### Diversified

#### REITs

#### -

#### 0

#### .9

#### %
Simon

Property

Group

LP

REIT,

3.50%,

9/1/2025

11,426,000

11,380,356

#### Electric

#### Utilities

#### -

#### 0

#### .9

#### %
NextEra

Energy

Capital

Holdings,

Inc.

(United

States

SOFR

Compounded

Index

+

0.76%),

5.09%,

1/29/2026(a)

4,000,000

4,001,982

(United

States

SOFR

Compounded

Index

+

0.80%),

5.17%,

2/4/2028(a)

6,700,000

6,704,676

#### 10,706,658

#### Electrical

#### Equipment

#### -

#### 0

#### .4

#### %
Hubbell,

Inc.

3.35%,

3/1/2026

4,679,000

4,628,319

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Ultra-Short

Income

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Energy

#### Equipment

#### &

#### Services

#### -

#### 0

#### .2

#### %
Halliburton

Co.

3.80%,

11/15/2025

$

1,957,000

$

1,944,805

Schlumberger

Holdings

Corp.

5.00%,

5/29/2027(b)

641,000

649,614

#### 2,594,419

#### Entertainment

#### -

#### 1

#### .2

#### %
Netflix,

Inc.

3.63%,

6/15/2025(b)

5,000,000

4,989,873

Take-Two

Interactive

Software,

Inc.

5.00%,

3/28/2026

10,000,000

10,028,050

#### 15,017,923

#### Financial

#### Services

#### -

#### 1

#### .9

#### %
JPMorgan

Chase

Bank

NA

(SOFR

+

1.00%),

5.36%,

12/8/2026(a)

2,000,000

2,010,492

Mastercard,

Inc.

(United

States

SOFR

Compounded

Index

+

0.44%),

4.83%,

3/15/2028(a)

12,900,000

12,870,336

PayPal

Holdings,

Inc.

(SOFR

+

0.67%),

5.06%,

3/6/2028(a)

8,200,000

8,201,115

#### 23,081,943

#### Food

#### Products

#### -

#### 1

#### .9

#### %
Bunge

Ltd.

Finance

Corp.

1.63%,

8/17/2025

4,400,000

4,358,970

Campbell's

Co.

(The)

5.30%,

3/20/2026

960,000

965,583

Kellanova

3.25%,

4/1/2026

7,600,000

7,516,765

Kraft

Heinz

Foods

Co.

3.00%,

6/1/2026

4,000,000

3,938,113

McCormick

&

Co.,

Inc.

0.90%,

2/15/2026

620,000

601,936

Mead

Johnson

Nutrition

Co.

4.13%,

11/15/2025

3,698,000

3,684,941

Mondelez

International,

Inc.

4.13%,

5/7/2028

2,000,000

1,995,765

#### 23,062,073

#### Ground

#### Transportation

#### -

#### 1

#### .0

#### %
CSX

Corp.

3.35%,

11/1/2025

2,250,000

2,238,027

JB

Hunt

Transport

Services,

Inc.

3.88%,

3/1/2026

5,000,000

4,962,428

Penske

Truck

Leasing

Co.

LP

1.20%,

11/15/2025(b)

5,000,000

4,898,907

#### 12,099,362

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### -

#### 1

#### .4

#### %
GE

HealthCare

Technologies,

Inc.

5.60%,

11/15/2025

7,200,000

7,232,931

Stryker

Corp.

4.55%,

2/10/2027

6,300,000

6,331,945

Zimmer

Biomet

Holdings,

Inc.

4.70%,

2/19/2027

3,906,000

3,921,527

#### 17,486,403

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services

#### -

#### 2

#### .0

#### %
Cencora,

Inc.

4.63%,

12/15/2027

$

2,090,000

$

2,105,450

CVS

Health

Corp.

3.88%,

7/20/2025

8,000,000

7,979,014

Elevance

Health,

Inc.

4.50%,

10/30/2026

1,490,000

1,493,835

HCA,

Inc.

5.00%,

3/1/2028

1,660,000

1,679,066

McKesson

Corp.

0.90%,

12/3/2025

7,439,000

7,290,694

UnitedHealth

Group,

Inc.

(SOFR

+

0.50%),

4.84%,

7/15/2026(a)

3,930,000

3,925,684

#### 24,473,743

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### -

#### 0

#### .8

#### %
Marriott

International,

Inc.

3.75%,

10/1/2025

5,600,000

5,572,063

McDonald's

Corp.

3.38%,

5/26/2025

4,300,000

4,295,555

#### 9,867,618

#### Household

#### Durables

#### -

#### 1

#### .6

#### %
DR

Horton,

Inc.

2.60%,

10/15/2025

15,000,000

14,858,504

Lennar

Corp.

4.75%,

5/30/2025

3,000,000

2,999,556

Whirlpool

Corp.

3.70%,

5/1/2025

2,500,000

2,500,000

#### 20,358,060

#### Insurance

#### -

#### 1

#### .3

#### %
Arthur

J

Gallagher

&

Co.

4.60%,

12/15/2027

10,230,000

10,309,506

Marsh

&

McLennan

Cos.,

Inc.

(United

States

SOFR

Compounded

Index

+

0.70%),

5.07%,

11/8/2027(a)

5,870,000

5,861,620

#### 16,171,126

#### IT

#### Services

#### -

#### 0

#### .4

#### %
Accenture

Capital,

Inc.

3.90%,

10/4/2027

4,500,000

4,495,533

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### -

#### 0

#### .4

#### %
Agilent

Technologies,

Inc.

4.20%,

9/9/2027

4,520,000

4,518,733

#### Machinery

#### -

#### 1

#### .8

#### %
AGCO

Corp.

5.45%,

3/21/2027

1,250,000

1,260,850

CNH

Industrial

Capital

LLC

3.95%,

5/23/2025

7,845,000

7,841,088

4.50%,

10/8/2027

2,500,000

2,496,937

Daimler

Truck

Finance

North

America

LLC

(SOFR

+

0.96%),

5.26%,

9/25/2027(a)(b)

3,570,000

3,554,629

(SOFR

+

0.84%),

5.18%,

1/13/2028(a)(b)

5,100,000

5,073,086

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Ultra-Short

Income

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Machinery

#### -

#### 1.8%
(continued)

Stanley

Black

&

Decker,

Inc.

6.27%,

3/6/2026

$

2,020,000

$

2,021,741

#### 22,248,331

#### Metals

#### &

#### Mining

#### -

#### 2

#### .1

#### %
BHP

Billiton

Finance

USA

Ltd.

4.88%,

2/27/2026

5,000,000

5,021,465

Glencore

Funding

LLC

(United

States

SOFR

Compounded

Index

+

0.75%),

5.10%,

10/1/2026(a)(b)

10,000,000

9,989,684

Rio

Tinto

Finance

USA

plc

(United

States

SOFR

Compounded

Index

+

0.84%),

5.22%,

3/14/2028(a)

10,400,000

10,410,400

#### 25,421,549

#### Multi-Utilities

#### -

#### 0

#### .8

#### %
Consolidated

Edison

Co.

of

New

York,

Inc.

(United

States

SOFR

Compounded

Index

+

0.52%),

4.89%,

11/18/2027(a)

6,200,000

6,182,020

Dominion

Energy,

Inc.

3.90%,

10/1/2025

3,300,000

3,290,722

#### 9,472,742

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### -

#### 3

#### .3

#### %
BP

Capital

Markets

America,

Inc.

3.41%,

2/11/2026

5,000,000

4,959,530

Enbridge

Energy

Partners

LP

5.88%,

10/15/2025

11,725,000

11,749,647

Enterprise

Products

Operating

LLC

5.05%,

1/10/2026

720,000

722,933

Kinder

Morgan,

Inc.

4.30%,

6/1/2025

1,200,000

1,199,138

Marathon

Petroleum

Corp.

4.70%,

5/1/2025

1,000,000

1,000,000

Pioneer

Natural

Resources

Co.

5.10%,

3/29/2026

6,000,000

6,036,402

Western

Midstream

Operating

LP

3.95%,

6/1/2025

5,000,000

4,992,505

Williams

Cos.,

Inc.

(The)

5.40%,

3/2/2026

10,000,000

10,054,399

#### 40,714,554

#### Pharmaceuticals

#### -

#### 1

#### .4

#### %
Bristol-Myers

Squibb

Co.

(SOFR

+

0.49%),

4.89%,

2/20/2026(a)

3,182,000

3,181,742

Eli

Lilly

&

Co.

4.15%,

8/14/2027

6,000,000

6,045,358

GlaxoSmithKline

Capital

plc

(SOFR

+

0.50%),

4.94%,

3/12/2027(a)

8,300,000

8,289,625

#### 17,516,725

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 1

#### .6

#### %
Advanced

Micro

Devices,

Inc.

4.21%,

9/24/2026

6,100,000

6,125,562

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### -

#### 1.6%
(continued)

Intel

Corp.

3.70%,

7/29/2025

$

10,000,000

$

9,973,985

Microchip

Technology,

Inc.

4.25%,

9/1/2025

3,846,000

3,839,947

#### 19,939,494

#### Software

#### -

#### 3

#### .6

#### %
Adobe,

Inc.

4.75%,

1/17/2028

10,000,000

10,217,496

Autodesk,

Inc.

4.38%,

6/15/2025

6,738,000

6,732,689

Fortinet,

Inc.

1.00%,

3/15/2026

5,000,000

4,845,236

Intuit,

Inc.

0.95%,

7/15/2025

905,000

898,214

5.25%,

9/15/2026

4,950,000

5,021,040

Oracle

Corp.

(SOFR

+

0.76%),

5.14%,

8/3/2028(a)

9,400,000

9,415,698

Synopsys,

Inc.

4.55%,

4/1/2027

7,800,000

7,841,976

#### 44,972,349

#### Specialized

#### REITs

#### -

#### 0

#### .7

#### %
Public

Storage

Operating

Co.

REIT,

(United

States

SOFR

Compounded

Index

+

0.60%),

4.96%,

7/25/2025(a)

4,296,000

4,298,620

REIT,

(United

States

SOFR

Compounded

Index

+

0.70%),

5.07%,

4/16/2027(a)

4,180,000

4,156,231

#### 8,454,851

#### Specialty

#### Retail

#### -

#### 1

#### .9

#### %
Home

Depot,

Inc.

(The)

(SOFR

+

0.33%),

4.63%,

12/24/2025(a)

8,040,000

8,035,176

Lowe's

Cos.,

Inc.

4.80%,

4/1/2026

7,600,000

7,615,332

Ross

Stores,

Inc.

0.88%,

4/15/2026

7,600,000

7,336,711

#### 22,987,219

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### -

#### 1

#### .0

#### %
Dell

International

LLC

4.75%,

4/1/2028

2,750,000

2,772,247

Hewlett

Packard

Enterprise

Co.

4.90%,

10/15/2025(d)

8,600,000

8,604,575

4.45%,

9/25/2026

1,470,000

1,469,994

#### 12,846,816

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### -

#### 0

#### .8

#### %
Ralph

Lauren

Corp.

3.75%,

9/15/2025

9,675,000

9,631,384

#### Trading

#### Companies

#### &

#### Distributors

#### -

#### 0

#### .7

#### %
Air

Lease

Corp.

3.38%,

7/1/2025

6,203,000

6,187,364

Aviation

Capital

Group

LLC

4.88%,

10/1/2025(b)

3,000,000

2,996,660

#### 9,184,024
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Ultra-Short

Income

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### CORPORATE

#### BONDS
(continued)

#### Wireless

#### Telecommunication

#### Services

#### -

#### 0

#### .6

#### %
T-Mobile

USA,

Inc.

2.63%,

4/15/2026

$

7,700,000

$

7,557,205

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $1,038,484,303)
1,038,470,974

#### ASSET-BACKED

#### SECURITIES

#### -

#### 7

#### .5

#### %
BA

Credit

Card

Trust

Series

2022-A2,

Class

A2,

5.00%,

4/15/2028

5,000,000

5,012,133

Capital

One

Multi-Asset

Execution

Trust

Series

2022-A3,

Class

A,

4.95%,

10/15/2027

4,882,000

4,890,661

Series

2024-A1,

Class

A,

3.92%,

9/15/2029

9,000,000

8,972,480

CarMax

Auto

Owner

Trust

Series

2021-4,

Class

A3,

0.56%,

9/15/2026

249,213

248,038

Series

2023-3,

Class

A2A,

5.72%,

11/16/2026

261,500

261,708

Chase

Issuance

Trust

Series

2023-A1,

Class

A,

5.16%,

9/15/2028

1,900,000

1,925,440

Citibank

Credit

Card

Issuance

Trust

Series

2023-A1,

Class

A1,

5.23%,

12/8/2027

10,000,000

10,040,613

Dell

Equipment

Finance

Trust

Series

2023-1,

Class

A3,

5.65%,

9/22/2028(b)

1,146,200

1,149,368

Drive

Auto

Receivables

Trust

Series

2024-2,

Class

A2,

4.94%,

12/15/2027

1,477,646

1,478,417

Exeter

Automobile

Receivables

Trust

Series

2024-5A,

Class

A2,

4.79%,

4/15/2027

2,578,025

2,577,487

Ford

Credit

Auto

Owner

Trust

Series

2023-B,

Class

A2A,

5.57%,

6/15/2026

51,472

51,493

Series

2024-B,

Class

A2A,

5.40%,

4/15/2027

1,246,158

1,249,925

GM

Financial

Automobile

Leasing

Trust

Series

2024-1,

Class

A3,

5.09%,

3/22/2027

1,018,000

1,022,299

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2023-3,

Class

A2A,

5.74%,

9/16/2026

6,548

6,551

Series

2022-1,

Class

A3,

1.26%,

11/16/2026

231,646

230,715

Series

2022-3,

Class

A3,

3.64%,

4/16/2027

120,807

120,445

Series

2024-4,

Class

A2A,

4.53%,

10/18/2027

656,824

656,654

Harley-Davidson

Motorcycle

Trust

Series

2024-A,

Class

A2,

5.65%,

2/16/2027

425,801

426,755

#### Investments

#### Principal

#### Amount

#### Value
Honda

Auto

Receivables

Owner

Trust

Series

2023-3,

Class

A2,

5.71%,

3/18/2026

$

$

Series

2023-4,

Class

A2,

5.87%,

6/22/2026

620,528

621,611

Series

2024-1,

Class

A2,

5.36%,

9/15/2026

761,349

762,031

Series

2024-2,

Class

A2,

5.48%,

11/18/2026

1,062,433

1,064,765

Series

2024-4,

Class

A2,

4.56%,

3/15/2027

5,000,000

4,999,699

Series

2023-3,

Class

A3,

5.41%,

2/18/2028

5,000,000

5,036,062

Hyundai

Auto

Receivables

Trust

Series

2023-C,

Class

A2A,

5.80%,

1/15/2027

520,085

521,069

Series

2024-C,

Class

A2A,

4.53%,

9/15/2027

900,000

899,864

Series

2023-B,

Class

A3,

5.48%,

4/17/2028

4,980,984

5,014,565

John

Deere

Owner

Trust

Series

2024-C,

Class

A2A,

4.36%,

8/16/2027

3,100,000

3,097,822

Kubota

Credit

Owner

Trust

Series

2025-1A,

Class

A2,

4.61%,

12/15/2027(b)

1,320,000

1,324,070

Mercedes-Benz

Auto

Receivables

Trust

Series

2023-2,

Class

A2,

5.92%,

11/16/2026

267,234

267,590

Series

2023-2,

Class

A3,

5.95%,

11/15/2028

2,700,000

2,739,268

Santander

Drive

Auto

Receivables

Trust

Series

2022-2,

Class

B,

3.44%,

9/15/2027

940,846

938,979

Series

2025-2,

Class

A2,

4.71%,

6/15/2028

12,350,000

12,356,319

Tesla

Auto

Lease

Trust

Series

2023-B,

Class

A3,

6.13%,

9/21/2026(b)

980,898

984,420

Series

2024-B,

Class

A2B,

4.94%,

1/20/2027(b)(e)

3,125,931

3,126,384

Toyota

Auto

Receivables

Owner

Trust

Series

2023-C,

Class

A2A,

5.60%,

8/17/2026

116,376

116,452

Series

2023-C,

Class

A3,

5.16%,

4/17/2028

5,000,000

5,028,000

Verizon

Master

Trust

Series

2023-4,

Class

A1A,

5.16%,

6/20/2029

3,410,000

3,443,961

World

Omni

Auto

Receivables

Trust

Series

2023-D,

Class

A2A,

5.91%,

2/16/2027

393,937

394,751

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $93,037,293)

#### 93,059,275
*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Ultra-Short

Income

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

#### Investments

#### Principal

#### Amount

#### Value

#### U.S.

#### TREASURY

#### OBLIGATIONS

#### -

#### 1

#### .7

#### %
U.S.

Treasury

Notes

4.38%,

7/31/2026

$

8,000,000

$

8,055,000

3.75%,

8/15/2027

4,250,000

4,264,277

3.88%,

10/15/2027

8,000,000

8,052,813

#### Total

#### U.S.

#### Treasury

#### Obligations

#### (Cost

#### $20,274,337)

#### 20,372,090

#### COLLATERALIZED

#### MORTGAGE

#### OBLIGATIONS

#### -

#### 1

#### .5

#### %
Bravo

Residential

Funding

Trust

Series

2025-NQM1,

Class

A1,

5.60%,

12/25/2064(b)(d)

7,603,540

7,626,647

J.P.

Morgan

Mortgage

Trust

Series

2024-2,

Class

A6A,

6.00%,

8/25/2054(b)(e)

761,800

761,353

Series

2025-NQM1,

Class

A1,

5.59%,

6/25/2065(b)(d)

3,959,427

3,977,019

OBX

Trust

Series

2024-NQM11,

Class

A1,

5.87%,

6/25/2064(b)(d)

4,240,187

4,263,339

Series

2024-NQM16,

Class

A1,

5.53%,

10/25/2064(b)(d)

2,320,061

2,323,207

#### Total

#### Collateralized

#### Mortgage

#### Obligations

#### (Cost

#### $18,921,049)

#### 18,951,565

#### COMMERCIAL

#### MORTGAGE-BACKED

#### SECURITIES

#### -

#### 0

#### .4

#### %
FRESB

Mortgage

Trust

Series

2022-SB94,

Class

A5F,

1.64%,

11/25/2026(e)

(Cost

$4,560,336)

4,757,237

4,552,973

#### SHORT-TERM

#### INVESTMENTS

#### -

#### 3

#### .4

#### %

#### U.S.

#### GOVERNMENT

#### AGENCY

#### SECURITIES

#### -

#### 2

#### .2

#### %
FHLB

Zero

Coupon,

5/1/2025

(Cost

$27,500,000)

27,500,000

27,496,769

#### Investments

#### Principal

#### Amount

#### Value

#### U.S.

#### TREASURY

#### OBLIGATIONS

#### -

#### 1

#### .2

#### %
(f) U.S.

Treasury

Bills

3.94%,

9/4/2025

$

10,000,000

$

9,855,014

4.50%,

8/7/2025

5,000,000

4,943,082

#### TOTAL

#### U.S.

#### TREASURY

#### OBLIGATIONS

#### (Cost

#### $14,808,481)

#### 14,798,096

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $42,308,481)

#### 42,294,865

#### Total

#### Investments

#### -

#### 98.8%

#### (Cost

#### $1,217,585,799)

#### 1,217,701,742
Other

assets

less

liabilities

-

1.2%

14,471,535

#### NET

#### ASSETS

#### -

#### 100.0%

#### $1,232,173,277
(a) *Variable* 

*or* 

*floating* 

*rate* 

*security,* 

*linked* 

*to* 

*the* 

*referenced* 

*benchmark.* 

*The* 

*interest* 

*rate* 

*shown* 

*is* 

*the* 

*rate* 

*in* 

*effect* 

*as* 

*of* 

*April* 

*30,* 

2025. (b) *Security* 

*exempt* 

*from* 

*registration* 

*pursuant* 

*to* 

*Rule* 

*144A* 

*under* 

*the* 

*Securities* 

*Act* 

*of* 

*1933,* 

*as* 

*amended.* 

*These* 

*securities* 

*may* 

*be* 

*resold* 

*in* 

*transactions* 

*exempt* 

*from* 

*registration* 

*to* 

*qualified* 

*institutional* 

*investors.* 

*At* 

*April* 

*30,* 

*2025,* 

*the* 

*value* 

*of* 

*these* 

*securities* 

*amounted* 

*to* 

*approximately* 

*$170,044,585* 

*or* 

*13.80%* 

*of* 

*net* 

*assets.*

(c) *Security* 

*issued* 

*at* 

*a* 

*fixed* 

*coupon* 

*rate,* 

*which* 

*converts* 

*to* 

*a* 

*variable* 

*rate* 

*at* 

*a* 

*future* 

*date.* 

*Rate* 

*shown* 

*is* 

*the* 

*rate* 

*in* 

*effect* 

*as* 

*of* 

*period* 

*end.*

(d) *Step* 

*bond.* 

*Interest* 

*rate* 

*is* 

*a* 

*fixed* 

*rate* 

*for* 

*an* 

*initial* 

*period* 

*that* 

*either* 

*resets* 

*at* 

*a* 

*specific* 

*date* 

*or* 

*may* 

*reset* 

*in* 

*the* 

*future* 

*at* 

*a* 

*contingent* 

*upon* 

*predetermined* 

*trigger.* 

*The* 

*interest* 

*rate* 

*shown* 

*was* 

*the* 

*current* 

*rate* 

*as* 

*of* 

*April* 

*30,* 

2025. (e) *Variable* 

*or* 

*floating* 

*rate* 

*security,* 

*the* 

*interest* 

*rate* 

*of* 

*which* 

*adjusts* 

*periodically* 

*based* 

*on* 

*changes* 

*in* 

*current* 

*interest* 

*rates* 

*and* 

*prepayments* 

*on* 

*the* 

*underlying* 

*pool* 

*of* 

*assets.* 

*The* 

*interest* 

*rate* 

*shown* 

*was* 

*the* 

*current* 

*rate* 

*as* 

*of* 

*April* 

*30,* 

2025. (f) *The* 

*rate* 

*shown* 

*was* 

*the* 

*current* 

*yield* 

*as* 

*of* 

*April* 

*30,* 

2025. *Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

Abbreviations

*FHLB*

*—*

*Federal* 

*Home* 

*Loan* 

*Bank*

*REIT*

*—*

*Real* 

*Estate* 

*Investment* 

*Trust*

*SOFR*

*—*

*Secured* 

*Overnight* 

*Financing* 

*Rate*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

1,939,510

Aggregate

gross

unrealized

depreciation

(1,823,567)

Net

unrealized

appreciation

$

115,943

Federal

income

tax

cost

$

1,217,585,799

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Ultra-Short

Income

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*FlexShares®* 

*Ultra-Short* 

*Income* 

*invested,* 

*as* 

*a* 

*percentage* 

*of* 

*net* 

*assets,* 

*in* 

*companies* 

*domiciled* 

*in* 

*the* 

*following* 

*countries* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

Australia

.6

%

Canada

.4

Finland

.7

France

.6

Germany

.9

Ireland

.1

Japan

.8

Netherlands

.4

New

Zealand

.3

Sweden

.6

Switzerland

.2

United

Kingdom

.9

United

States

.3

Other

.2

100.0%

*1*

*Includes* 

*any* 

*non-fixed-income* 

*securities* 

*and* 

*net* 

*other* 

*assets* 

*(liabilities).*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Corporate

Bonds

.3

%

Asset-Backed

Securities

.5

U.S.

Treasury

Obligations

.7

Collateralized

Mortgage

Obligations

.5

Commercial

Mortgage-Backed

Securities

.4

Short-Term

Investments

.4

Others

(1) 1

.2

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Trust

Schedule

of

Investments

FlexShares®

Core

Select

Bond

Fund

April

30,

2025

(Unaudited)

#### Investments

#### Shares

#### Value

#### EXCHANGE

#### TRADED

#### FUNDS

#### -

#### 97.8%
FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund(a)

255,682

$

12,349,440

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund(a)

14,932

622,515

FlexShares®

Disciplined

Duration

MBS

Index

Fund(a)

796,206

16,465,540

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund(a)

111,785

2,728,672

FlexShares®

Ultra-Short

Income

Fund(a)

224,580

16,940,070

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

730

35,946

iShares

1-3

Year

Treasury

Bond

ETF(b)

7,908

657,313

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

12,530

657,700

iShares

20+

Year

Treasury

Bond

ETF(b)

181,732

16,259,562

iShares

3-7

Year

Treasury

Bond

ETF(b)

55,916

6,675,811

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF(b)

424,956

22,305,941

iShares

7-10

Year

Treasury

Bond

ETF

6,945

667,206

iShares

MBS

ETF(b)

342,034

32,079,368

#### Total

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $132,376,827)

#### 128,445,084

#### Principal

#### Amount

#### SECURITIES

#### LENDING

#### REINVESTMENTS

#### -

#### 14

#### .1

#### %
(c) #### REPURCHASE

#### AGREEMENTS

#### -

#### 14

#### .1

#### %
CF

Secured

LLC

4.35%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$18,478,316,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

5/15/2025

-

2/15/2053;

total

market

value

$18,785,437

$

18,476,083

18,476,083

TD

Prime

Services

LLC

4.43%,

dated

4/30/2025,

due

5/1/2025,

repurchase

price

$3,000,

collateralized

by

various

Common

Stocks;

total

market

value

$3,306

3,000

3,000

18,479,083

#### Total

#### Securities

#### Lending

#### Reinvestments

#### (Cost

#### $18,479,083)

#### 18,479,083

#### Investments

#### Principal

#### Amount

#### Value

#### SHORT-TERM

#### INVESTMENTS

#### -

#### 0

#### .3

#### %
(d) (e) #### U.S.

#### TREASURY

#### OBLIGATIONS

#### -

#### 0

#### .3

#### %
U.S.

Treasury

Bills

4.20%,

9/11/2025

(Cost

$420,506)

$

427,000

$

420,504

#### Total

#### Investments

#### -

#### 112.2%

#### (Cost

#### $151,276,416)

#### 147,344,671
Liabilities

in

excess

of

other

assets

-

(12.2%)

(16,060,349)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $131,284,322
(a) *Investment* 

*in* 

*affiliated* 

*Fund.* 

*Northern* 

*Trust* 

*Investments,* 

*Inc.* 

*is* 

*the* 

*Investment* 

*Adviser* 

*to* 

*both* 

*the* 

*Fund* 

*and* 

*the* 

*affiliated* 

*Funds.*

(b) *The* 

*security* 

*or* 

*a* 

*portion* 

*of* 

*this* 

*security* 

*is* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

*2025* 

*was* 

*$18,592,947,* 

*collateralized* 

*in* 

*the* 

*form* 

*of* 

*cash* 

*with* 

*a* 

*value* 

*of* 

*$18,479,083* 

*that* 

*was* 

*reinvested* 

*in* 

*the* 

*securities* 

*shown* 

*in* 

*the* 

*Securities* 

*Lending* 

*Reinvestment* 

*section* 

*of* 

*the* 

*Schedule* 

*of* 

*Investments* 

*and* 

*$650,315* 

*of* 

*collateral* 

*in* 

*the* 

*form* 

*of* 

*U.S.* 

*Government* 

*Treasury* 

*Securities,* 

*interest* 

*rates* 

*ranging* 

*from* 

*0.25%* 

*–* 

*4.88%,* 

*and* 

*maturity* 

*dates* 

*ranging* 

*from* 

*May* 

*15,* 

*2025* 

*–* 

*August* 

*15,* 

*2053;* 

*a* 

*total* 

*value* 

*of* 

*$19,129,398.*

(c) *The* 

*security* 

*was* 

*purchased* 

*with* 

*cash* 

*collateral* 

*held* 

*from* 

*securities* 

*on* 

*loan* 

*at* 

*April* 

*30,* 

2025. *The* 

*total* 

*value* 

*of* 

*securities* 

*purchased* 

*was* 

*$18,479,083.*

(d) *All* 

*or* 

*a* 

*portion* 

*of* 

*the* 

*security* 

*pledged* 

*as* 

*collateral* 

*for* 

*Futures* 

*Contracts.*

(e) *The* 

*rate* 

*shown* 

*was* 

*the* 

*current* 

*yield* 

*as* 

*of* 

*April* 

*30,* 

2025. *Percentages* 

*shown* 

*are* 

*based* 

*on* 

*Net* 

*Assets.*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Core

Select

Bond

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

Abbreviations

*ETF*

*—*

*Exchange* 

*Traded* 

*Fund*

*TIPS*

*—*

*Treasury* 

*inflation* 

*protected* 

*securities* 

*("TIPS")* 

*are* 

*debt* 

*securities* 

*issued* 

*by* 

*the* 

*US* 

*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* 

*by* 

*the* 

*TIPS* 

*is* 

*fixed,* 

*while* 

*the* 

*principal* 

*value* 

*rises* 

*or* 

*falls* 

*based* 

*on* 

*changes* 

*in* 

*a* 

*published* 

*Consumer* 

*Price* 

*Index* 

*("CPI").* 

*Thus,* 

*if* 

*inflation* 

*occurs,* 

*the* 

*principal* 

*and* 

*interest* 

*payments* 

*on* 

*the* 

*TIPS* 

*are* 

*adjusted* 

*accordingly* 

*to* 

*protect* 

*investors* 

*from* 

*inflationary* 

*loss. During* 

*a* 

*deflationary* 

*period,* 

*the* 

*principal* 

*and* 

*interest* 

*payments* 

*decrease,* 

*although* 

*the* 

*TIPS* 

*principal* 

*amounts* 

*will* 

*not* 

*drop* 

*below* 

*their* 

*face* 

*amounts* 

*at* 

*maturity.* 

*In* 

*exchange* 

*for* 

*the* 

*inflation* 

*protection,* 

*the* 

*TIPS* 

*generally* 

*pay* 

*lower* 

*interest* 

*rates* 

*than* 

*typical* 

*US* 

*Treasury* 

*securities.* 

*Only* 

*if* 

*inflation* 

*occurs* 

*will* 

*TIPS* 

*offer* 

*a* 

*higher* 

*real* 

*yield* 

*than* 

*a* 

*conventional* 

*Treasury* 

*security* 

*of* 

*the* 

*same* 

*maturity.*

*As* 

*of* 

*April* 

*30,* 

*2025,* 

*the* 

*gross* 

*unrealized* 

*appreciation* 

(depreciation)

*of* 

*investments* 

*based* 

*on* 

*the* 

*aggregate* 

*cost* 

*of* 

*investments* 

*(including* 

*derivative* 

*instruments,* 

*if* 

*applicable)* 

*for* 

*federal* 

*income* 

*tax* 

*purposes* 

*was* 

*as* 

*follows:*

Aggregate

gross

unrealized

appreciation

$

578,295

Aggregate

gross

unrealized

depreciation

(6,983,448)

Net

unrealized

depreciation

$

(6,405,153)

Federal

income

tax

cost

$

153,712,520

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Core

Select

Bond

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*Investment* 

*in* 

*a* 

*company* 

*which* 

*was* 

*affiliated* 

*for* 

*the* 

*period* 

*ended* 

*April* 

*30,* 

*2025,* 

*was* 

*as* 

*follows:*

#### Security

#### Value

#### October

#### 31,

#### 2024

#### Purchases

#### at

#### Cost

#### Sales

#### Proceeds

#### Shares

#### April

#### 30,

#### 2025

#### Value

#### April

#### 30,

#### 2025

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Dividend

#### Income

#### Realized

#### Gain
FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

$

15,715,700

$

259,947

$

3,646,486

255,682

$

12,349,440

$

(43,288)

$

353,124

$

63,567

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

826,332

13,460

187,559

14,932

622,515

(21,442)

20,933

(8,276)

FlexShares®

Disciplined

Duration

MBS

Index

Fund

20,827,898

343,466

4,834,894

796,206

16,465,540

(106,851)

413,017

235,921

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

3,392,003

56,219

794,951

111,785

2,728,672

72,590

52,676

2,811

FlexShares®

Ultra-

Short

Income

Fund

7,843,422

12,514,972

3,430,772

224,580

16,940,070

(37,728)

263,731

50,176

$48,605,355

$13,188,064

$12,894,662

1,403,185

$49,106,237

$(136,719)

$1,103,481

$344,199

#### Futures

#### Contracts
*FlexShares*

*®*

*Core* 

*Select* 

*Bond* 

*Fund* 

*had* 

*the* 

*following* 

*open* 

*futures* 

*contracts* 

*as* 

*of* 

*April* 

*30,* 

*2025:*

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation

#### /

#### (#### Depreciation

####)

#### \*

#### Long

#### Contracts
U.S.

Treasury

Year

Note

06/30/2025

USD

$

16,235,578

$

(24,225)

U.S.

Treasury

Year

Note

06/30/2025

USD

4,367,813

48,669

U.S.

Treasury

Long

Bond

06/18/2025

USD

9,330,000

(157,679)

$

(133,235)

#### Short

#### Contracts
U.S.

Treasury

Year

Ultra

Note

(39) 06/18/2025

USD

$

(4,474,641)

$

(79,174)

U.S.

Treasury

Ultra

Bond

(49) 06/18/2025

USD

(5,930,531)

175,105

$

95,931

$(37,304)

*\**

*This* 

*amount* 

*represents* 

*the* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.*

*See* 

*Accompanying* 

*Notes* 

*to* 

*the* 

*Financial* 

*Statements.*

FlexShares

Trust

Statements

of

Operations

FlexShares®

Core

Select

Bond

Fund

(cont.)

FLEXSHARES

SEMIANNUAL

REPORT

*Abbreviations:*

*USD*

*—*

*US* 

*Dollar*

#### Security

#### Type

#### %

#### of

#### Net

#### Assets
Exchange

Traded

Funds

.8

%

Securities

Lending

Reinvestments

.1

Short-Term

Investments

.3

Others

(1) (12

.2)

.0

%

(1) *Includes* 

*any* 

*other* 

*net* 

*assets/(liabilities).*

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

April

30,

2025

(Unaudited)

1. #### Organization
FlexShares®

Trust

(the

"Trust"),

a

Maryland

statutory

trust,

was

formed

on

May

13,

2010,

originally

named

NT

ETF

Trust

and

renamed

FlexShares®

Trust

as

of

April

12,

2011. The

Trust

is

registered

as

an

open-end

manage-

ment

investment

company

under

the

Investment

Com-

pany

Act

of

1940

("1940

Act"),

as

amended.

The

Trust

consists

of

twenty-eight

operational

exchange-traded

funds

as

of

April

30,

2025 (each

a

"Fund"

and

collective-

ly,

the

"Funds").

FlexShares®

ESG

&

Climate

US

Large

Cap

Core

Index

Fund

is

a

non-diversified

series

of

the

Trust,

pursuant

to

the

1940

Act.

Each

of

the

other

Funds

are

diversified

series

of

the

Trust,

pursuant

to

the

1940

Act.

Each

Fund,

except

the

FlexShares®

Ultra-Short

Income

Fund

and

the

FlexShares®

Core

Select

Bond

Fund,

seeks

to

provide

investment

results

that

correspond

generally

to

the

price

and

yield

performance,

before

fees

and

expenses,

of

a

specified

benchmark

index

(each

an

"Underlying

Index").

The

FlexShares®

US

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®

US

Quality

Large

Cap

Index

Fund,

FlexShares®

ESG

&

Climate

US

Large

Cap

Core

Index

Fund,

FlexShares®

ESG

&

Climate

Developed

Markets

ex-US

Core

Index

Fund,

FlexShares®

Global

Quality

Real

Estate

Index

Fund,

FlexShares®

Real

As-

sets

Allocation

Index

Fund,

FlexShares®

Quality

Div-

idend

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

US

Corporate

Bond

Index

Fund,

FlexShares®

Credit-Scored

US

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

to

track

Underlying

Indexes

developed

by

Northern

Trust

Investments,

Inc.

("NTI"

or

"Investment

Adviser"),

an

indirect

subsidiary

of

Northern

Trust

Corporation.The

FlexShares®

Morn-

ingstar

US

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

to

track

Underlying

Indexes

sponsored

by

Morningstar,

Inc. The

FlexShares®

STOXX®

US

ESG

Select

Index

Fund,

Flex-

Shares®

STOXX®

Global

ESG

Select

Index

Fund,

and

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

seek

to

track

Underlying

Indexes

sponsored

by

STOXX

Ltd.

The

FlexShares®

iBoxx

3-Year

Target

Du-

ration

TIPS

Index

Fund

and

FlexShares®

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

seek

to

track

Underly-

ing

Indexes

sponsored

by

S&P

Dow

Jones

Indices

LLC. The

FlexShares®

Disciplined

Duration

MBS

Index

Fund

seeks

to

track

an

Underlying

Index

sponsored

by

ICE

Data

Indices,

LLC. The

FlexShares®

Real

Assets

Allocation

Index

Fund

is

a

fund

of

funds

that

seeks

to

achieve

its

investment

objective

by

investing

primarily

in

the

shares

of

other

FlexShares

ETFs

that

are

eligible

for

inclusion

in

its

Un-

derlying

Index,

rather

than

in

securities

of

individual

com-

panies.

The

FlexShares®

Core

Select

Bond

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-in-

come

securities

either

directly

or

indirectly

through

Flex-

Shares®

ETFs,

unaffiliated

ETFs

and

other

registered

investment

companies.

The

investment

performance

of

each

of

the

FlexShares®

Real

Assets

Allocation

Index

Fund

and

FlexShares®

Core

Select

Bond

Fund

is

direct-

ly

related

to

the

performance

of

the

underlying

funds

in

which

it

invests

("Underlying

Fund").

The

FlexShares®

Ultra-Short

Income

Fund

and

the

Flex-

Shares®

Core

Select

Bond

Fund

are

actively

managed

and

do

not

seek

to

replicate

the

performance

of

a

spec-

ified

index.

The

FlexShares®

Ultra-Short

Income

Fund

seeks

maximum

current

income

consistent

with

the

preservation

of

capital

and

liquidity.

The

FlexShares®

Core

Select

Bond

Fund

seeks

total

return

and

preser-

vation

of

capital.

Each

Fund,

except

the

FlexShares®

Ultra-Short

Income

Fund

and

the

FlexShares®

Core

Se-

lect

Bond

Fund,

is

referred

to

herein

as

an

"Index

Fund."

Each

Fund

is

managed

by

the

Investment

Adviser.

2. #### Significant

#### Accounting

#### Policies
The

Trust,

which

is

an

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

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

preparation

of

their

financial

statements.

These

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

("U.S.

GAAP").

The

preparation

of

financial

statements

in

conformity

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

report-

ed

amounts

and

disclosures

in

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

#### Investment

#### Valuation
Each

Fund's

net

asset

value

("NAV")

is

determined

dai-

ly

as

of

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

("NYSE"),

normally

4:00

p.m.

Eastern

time,

on

each

day

the

NYSE

is

open

for

trading,

based

on

prices

at

the

time

of

closing

provided

that

any

U.S.

fixed-income

assets

may

be

valued

as

of

the

announced

closing

time

for

trading

in

fixed-income

instruments

on

any

day

that

the

Securities

Industry

and

Financial

Mar-

kets

Association

announces

an

early

closing

time.

The

NAV

of

a

Fund

is

calculated

by

dividing

the

value

of

all

assets

of

the

Fund

(including

accrued

interest

and

div-

idends),

less

all

liabilities

(including

accrued

expenses

and

dividends

declared

but

unpaid),

by

the

total

number

of

shares

outstanding.

The

investments

of

the

Funds

are

valued

at

fair

value

pursuant

to

the

pricing

policy

and

procedures

approved

by

the

Trust's

Board

of

Trustees

("Board").

The

Funds'

investments

are

valued

using

market

quotations

when

available.

The

Board

has

designated

NTI

as

the

valua-

tion

designee

pursuant

to

Rule

2a-5

under

the

1940

Act

to

perform

fair

value

determinations

relating

to

any

or

all

Fund

investments.

Accordingly,

when

market

quotations

are

not

readily

available,

are

deemed

unreliable,

or

do

not

reflect

material

events

occurring

between

the

close

of

local

markets

and

the

time

of

valuation,

NTI

values

Fund

securities

at

fair

value

as

determined

in

good

faith

in

accordance

with

the

Funds'

fair

value

pricing

proce-

dures

as

approved

by

the

Board.

Such

circumstances

include

periods

when

trading

in

a

security

is

suspend-

ed,

the

exchange

or

market

on

which

a

security

trades

closes

early,

the

trading

volume

in

a

security

is

limit-

ed,

corporate

actions

and

announcements

take

place,

or

regulatory

news

affecting

an

issuer

is

released,

such

as

government

approvals.

The

Board

oversees

NTI

in

its

role

as

valuation

designee

in

accordance

with

the

requirements

of

Rule

2a-5

under

the

1940

Act.

Addi-

tionally,

NTI,

in

its

discretion,

may

make

adjustments

to

the

prices

of

securities

held

by

a

Fund

if

an

event

occurs

after

the

publication

of

market

values

normally

used

by

NTI

on

behalf

of

a

Fund

but

before

the

time

as

of

which

the

Fund

calculates

its

NAV,

depending

on

the

nature

and

significance

of

the

event,

consistent

with

applicable

regulatory

guidance

and

the

Trust's

fair

value

procedures.

Other

events

that

can

trigger

fair

valuing

of

foreign

securities

include,

for

example,

significant

fluctu-

ations

in

general

market

indicators,

government

actions,

or

natural

disasters.

The

use

of

fair

valuation

involves

the

risk

that

the

values

used

by

NTI

to

price

a

Fund's

investments

may

be

high-

er

or

lower

than

the

values

used

by

other

investment

companies

and

investors

to

price

the

same

investments.

Fair

value

pricing

involves

subjective

judgments

and

it

is

possible

that

a

fair

value

determination

for

a

portfo-

lio

security

may

be

materially

different

than

the

value

that

could

be

realized

upon

the

sale

of

such

security.

In

addition,

fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

an

Index

Fund's

NAV

and

the

prices

used

by

an

Index

Fund's

Underly-

ing

Index.

This

difference

may

adversely

affect

an

Index

Fund's

ability

to

track

its

Underlying

Index.

Portfolio

se-

curities

of

certain

Funds

are

listed

on

foreign

exchanges

and

their

values

may

change

on

days

when

sharehold-

ers

will

not

be

able

to

purchase

or

sell

Fund

shares.

Security

prices

are

generally

provided

by

independent

pricing

services.

Portfolio

securities

listed

or

traded

on

domestic

securities

exchanges

or

the

NASDAQ/

NMS,

including

dollar-denominated

foreign

securities

or

American

Depositary

Receipts

("ADRs"),

are

valued

at

the

closing

price,

or

last

sale

price,

reported

on

the

exchange

or

system

where

the

security

is

principally

traded.

The

closing

price

for

securities

traded

on

the

NASDAQ/NMS

is

the

Nasdaq

Official

Closing

Price

("NOCP").

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system

where

the

security

is

principally

traded,

then

the

value

is

determined

with

reference

to

the

last

sale

price,

or

the

NOCP,

if

applicable,

on

any

other

exchange

or

system.

If

there

have

been

no

sales

of

the

security

for

that

day

on

any

exchange

or

system,

the

security

is

valued

at

fair

value

pursuant

to

the

Trust's

fair

value

procedures.

Securities

that

are

traded

regularly

in

the

over-the-

counter

market

(other

than

the

NASDAQ/NMS),

includ-

ing

securities

listed

on

exchanges

but

primarily

traded

over-the-counter,

are

valued

on

the

basis

of

bid

quotes

or

the

mean

between

the

bid

and

asked

quotes

based

upon

quotes

furnished

by

one

or

more

broker-dealers

or

market

makers

for

those

securities.

Securities

that

may

be

traded

over-the-counter

include

equity

securities,

fixed-income

securities,

non-exchange-listed

foreign

securities,

and

certain

derivative

instruments.

Fixed-in-

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

come

securities

may

be

valued

using

prices

provided

di-

rectly

from

one

or

more

broker-dealers,

market

makers,

or

independent

third-party

pricing

services

which

may

use

matrix

pricing

and

valuation

models,

as

well

as

re-

cent

market

transactions

for

the

same

or

similar

assets,

to

derive

values

when

such

prices

are

believed

to

reflect

fair

market

values

of

such

securities.

Such

prices

may

be

determined

by

taking

into

account

securities

prices,

yields,

maturities,

call

features,

ratings,

prepayment

speeds,

credit

risks,

cash

flows,

institutional

size

trading

in

similar

groups

of

securities

and

developments

related

to

specific

securities.

Fixed-income

securities

maturing

within

a

relatively

short

period,

less

than

days,

are

valued

at

amortized

cost

when

it

approximates

fair

value.

Foreign

equity

securities

are

generally

priced

at

the

closing

price

or

last

sales

price

reported

on

the

foreign

exchange

on

which

they

are

principally

traded.

If

there

have

been

no

sales

for

that

day

on

the

primary

ex-

change,

then

the

value

is

determined

with

reference

to

the

last

sale

price

on

any

other

exchange.

If

there

have

been

no

sales

of

the

security

for

that

day

on

any

ex-

change,

the

security

will

be

valued

at

fair

value

pursuant

to

the

Trust's

fair

value

procedures.

Spot

and

forward

foreign

currency

exchange

contracts

generally

are

val-

ued

using

an

independent

pricing

service.

The

value

of

assets

denominated

in

foreign

currencies

is

converted

into

U.S.

dollars

using

exchange

rates

deemed

appro-

priate

by

NTI

as

Investment

Adviser.

Any

use

of

a

differ-

ent

rate

from

the

rates

used

by

an

Underlying

Index's

index

provider

may

adversely

affect

an

Index

Fund's

ability

to

track

its

Underlying

Index.

An

Underlying

In-

dex's

index

provider

determines

the

composition

and

relative

weightings

of

the

securities

in

the

Underlying

Index

and

publishes

information

regarding

the

market

value

of

the

Underlying

Index.

Exchange-traded

financial

futures

and

options

thereon

are

valued

at

the

settlement

price

as

established

by

the

exchange

on

which

they

are

traded.

Over-the-counter

options

are

valued

at

broker-provided

bid

prices,

as

are

swaps.

The

foregoing

prices

may

be

obtained

from

one

or

more

independent

pricing

services

or,

as

needed

or

applicable,

independent

broker-dealers.

If

there

was

no

sale

on

that

day,

and

for

other

non-exchange

traded

de-

rivatives,

the

contract

is

valued

at

fair

value

pursuant

to

the

Trust's

fair

value

procedures.

Each

Fund

relies

on

various

sources

to

calculate

its

NAV.

The

ability

of

the

Funds'

administrator

to

calculate

the

NAV

per

share

of

the

Funds

is

subject

to

operation-

al

risks

associated

with

processing

or

human

errors,

systems

or

technology

failures,

and

errors

caused

by

third

party

service

providers,

data

sources,

or

trading

counterparties.

Such

failures

may

result

in

delays

in

the

calculation

of

the

Funds'

NAVs

and/or

the

inability

to

cal-

culate

NAV

over

extended

time

periods.

The

Funds

may

be

unable

to

recover

any

losses

associated

with

such

failures,

and

it

may

be

necessary

for

alternative

proce-

dures

to

be

followed

to

price

portfolio

securities

when

determining

the

Funds'

NAVs.

Various

inputs

are

used

in

determining

the

value

of

each

Fund's

investments.

These

inputs

are

summarized

in

three

levels

listed

below:

Level

1—Quoted

prices

in

active

markets

for

identical

assets

on

the

measurement

date.

Level

2—Other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Level

3—Significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

investments).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

For

example,

short-

term

debt

securities

may

be

valued

at

amortized

cost,

as

long

as

amortized

cost

approximates

the

current

fair

value

of

a

security,

but

since

the

valuation

is

not

ob-

tained

from

a

quoted

price

in

an

active

market,

such

se-

curities

are

reflected

as

Level

2. FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

The

following

is

a

summary

of

the

valuations

as

of

April

30,

2025 for

each

Fund

based

upon

the

three

levels

defined

above.

The

value

of

Level

securities

compared

to

the

total

Fund

net

assets

is

not

material

and,

there-

fore,

the

reconciliation

of

Level

securities

and

related

valuation

techniques

are

not

disclosed.

Please

refer

to

the

Schedules

of

Investments

to

view

equity

and

debt

securities

segregated

by

industry

type,

where

applicable.

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### US

#### Quality

#### Low

#### Volatility

#### Index

#### Fund

#### Investments
Common

Stocks\*

$

128,460,880

$

—

$

—

$

128,460,880

Securities

Lending

Reinvestments

Repurchase

Agreements

—

4,075,678

—

4,075,678

Short-Term

Investments

—

106,357

—

106,357

Total

Investments

$

128,460,880

$

4,182,035

$

—

$

132,642,915

#### Other

#### Financial

#### Instruments
Liabilities

Futures

Contracts

$

(5,342)

$

—

$

—

$

(5,342)

Total

Other

Financial

Instruments

$

(5,342)

$

—

$

—

$

(5,342)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### Developed

#### Markets

#### ex-US

#### Quality

#### Low

#### Volatility

#### Index

#### Fund

#### Investments
Common

Stocks\*

$

51,970,708

$

—

$

—

$

51,970,708

Warrants

—

—

—

—

Securities

Lending

Reinvestments

Repurchase

Agreements

—

1,151,524

—

1,151,524

Total

Investments

$

51,970,708

$

1,151,524

$

—

$

53,122,232

#### Other

#### Financial

#### Instruments
Assets

Futures

Contracts

$

15,130

$

—

$

—

$

15,130

&nbsp;&nbsp;&nbsp;&nbsp;Forward

Foreign

Currency

Contracts

—

1,485

—

1,485

Liabilities

Forward

Foreign

Currency

Contracts

$

—

$

(19,926)

$

—

$

(19,926)

Total

Other

Financial

Instruments

$

15,130

$

(18,441)

$

—

$

(3,311)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### Emerging

#### Markets

#### Quality

#### Low

#### Volatility

#### Index

#### Fund

#### Investments
Common

Stocks\*

$

12,846,927

$

—

$

—

$

12,846,927

Total

Investments

$

12,846,927

$

—

$

—

$

12,846,927

#### Other

#### Financial

#### Instruments
Assets

Forward

Foreign

Currency

Contracts

$

—

$

$

—

$

Liabilities

Futures

Contracts

$

(5,111)

$

—

$

—

$

(5,111)

Forward

Foreign

Currency

Contracts

—

(1,330)

—

(1,330)

Total

Other

Financial

Instruments

$

(5,111)

$

(1,257)

$

—

$

(6,368)

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### Morningstar

#### US

#### Market

#### Factor

#### Tilt

#### Index

#### Fund

#### Investments
Common

Stocks\*

$

1,578,230,088

$

—

$

—

$

1,578,230,088

Rights

—

—

—

—

Warrants

80,030

—

—

80,030

Securities

Lending

Reinvestments

Certificates

of

Deposit

—

42,470,482

—

42,470,482

Repurchase

Agreements

—

130,059,587

—

130,059,587

Total

Investments

$

1,578,310,118

$

172,530,069

$

—

$

1,750,840,187

#### Other

#### Financial

#### Instruments
Assets

Futures

Contracts

$

26,549

$

—

$

—

$

26,549

Liabilities

Futures

Contracts

$

(19,680)

$

—

$

—

$

(19,680)

Total

Other

Financial

Instruments

$

6,869

$

—

$

—

$

6,869

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### Morningstar

#### Developed

#### Markets

#### ex-US

#### Factor

#### Tilt

#### Index

#### Fund

#### Investments
Closed

End

Funds

$

22,162

$

—

$

—

$

22,162

Common

Stocks

Banks

64,483,196

—

64,483,413

Health

Care

REITs

92,598

1,025,785

—

1,118,383

Metals

&

Mining

23,841,211

2,570

2,841

23,846,622

Other\*

382,180,266

—

—

382,180,266

Rights

567

—

—

567

Warrants

—

—

—

—

Securities

Lending

Reinvestments

Repurchase

Agreements

—

18,949,876

—

18,949,876

Total

Investments

$

470,620,000

$

19,978,231

$

3,058

$

490,601,289

#### Other

#### Financial

#### Instruments
Assets

Futures

Contracts

$

59,792

$

—

$

—

$

59,792

&nbsp;&nbsp;&nbsp;&nbsp;Forward

Foreign

Currency

Contracts

—

96,323

—

96,323

Liabilities

Futures

Contracts

$

(61,540)

$

—

$

—

$

(61,540)

Forward

Foreign

Currency

Contracts

—

(90,879)

—

(90,879)

Total

Other

Financial

Instruments

$

(1,748)

$

5,444

$

—

$

3,696

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### Morningstar

#### Emerging

#### Markets

#### Factor

#### Tilt

#### Index

#### Fund

#### Investments
Common

Stocks

Automobiles

$

5,067,527

$

—

$

6,884

$

5,074,411

Commercial

Services

&

Supplies

361,766

1,364

—

363,130

Construction

Materials

3,054,648

—

3,054,777

Consumer

Finance

3,496,672

—

21,702

3,518,374

Consumer

Staples

Distribution

&

Retail

3,460,162

—

3,460,518

Electrical

Equipment

2,833,938

41,359

—

2,875,297

Food

Products

5,104,090

17,311

3,725

5,125,126

Health

Care

Providers

&

Services

2,744,385

—

2,564

2,746,949

Hotels,

Restaurants

&

Leisure

4,692,491

1,197

—

4,693,688

Industrial

REITs

1,483,689

337,981

—

1,821,670

IT

Services

3,025,099

1,135

—

3,026,234

Leisure

Products

248,699

143,278

—

391,977

Metals

&

Mining

9,209,981

—

18,135

9,228,116

Real

Estate

Management

&

Development

8,214,027

—

61,715

8,275,742

Transportation

Infrastructure

2,177,275

61,832

—

2,239,107

Water

Utilities

1,504,785

3,615

—

1,508,400

Other\*

189,936,313

—

—

189,936,313

Rights

2,715

874

—

3,589

Securities

Lending

Reinvestments

Repurchase

Agreements

—

2,026,385

—

2,026,385

Total

Investments

$

246,618,262

$

2,636,687

$

114,854

$

249,369,803

#### Other

#### Financial

#### Instruments
Assets

Forward

Foreign

Currency

Contracts

$

—

$

514

$

—

$

514

Liabilities

Futures

Contracts

$

(55,971)

$

—

$

—

$

(55,971)

Forward

Foreign

Currency

Contracts

—

(25,965)

—

(25,965)

Total

Other

Financial

Instruments

$

(55,971)

$

(25,451)

$

—

$

(81,422)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### US

#### Quality

#### Large

#### Cap

#### Index

#### Fund

#### Investments
Common

Stocks\*

$

399,092,313

$

—

$

—

$

399,092,313

Securities

Lending

Reinvestments

Repurchase

Agreements

—

4,313,805

—

4,313,805

Total

Investments

$

399,092,313

$

4,313,805

$

—

$

403,406,118

#### Other

#### Financial

#### Instruments
Liabilities

Futures

Contracts

$

(6,421)

$

—

$

—

$

(6,421)

Total

Other

Financial

Instruments

$

(6,421)

$

—

$

—

$

(6,421)

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### STOXX®

#### US

#### ESG

#### Select

#### Index

#### Fund

#### Investments
Common

Stocks\*

$

112,385,975

$

—

$

—

$

112,385,975

Securities

Lending

Reinvestments

Repurchase

Agreements

—

515,142

—

515,142

Total

Investments

$

112,385,975

$

515,142

$

—

$

112,901,117

#### Other

#### Financial

#### Instruments
Liabilities

Futures

Contracts

$

(3,144)

$

—

$

—

$

(3,144)

Total

Other

Financial

Instruments

$

(3,144)

$

—

$

—

$

(3,144)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### STOXX®

#### Global

#### ESG

#### Select

#### Index

#### Fund

#### Investments
Common

Stocks

Health

Care

REITs

$

314,430

$

2,650

$

—

$

317,080

Other\*

79,524,067

—

—

79,524,067

Rights

—

—

Securities

Lending

Reinvestments

Repurchase

Agreements

—

1,872,918

—

1,872,918

Total

Investments

$

79,838,519

$

1,875,568

$

—

$

81,714,087

#### Other

#### Financial

#### Instruments
Assets

Futures

Contracts

$

8,155

$

—

$

—

$

8,155

&nbsp;&nbsp;&nbsp;&nbsp;Forward

Foreign

Currency

Contracts

—

8,746

—

8,746

Liabilities

Futures

Contracts

$

(12,399)

$

—

$

—

$

(12,399)

Forward

Foreign

Currency

Contracts

—

(31,443)

—

(31,443)

Total

Other

Financial

Instruments

$

(4,244)

$

(22,697)

$

—

$

(26,941)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### ESG &

#### Climate

#### US

#### Large

#### Cap

#### Core

#### Index

#### Fund

#### Investments
Common

Stocks\*

$

59,385,312

$

—

$

—

$

59,385,312

Securities

Lending

Reinvestments

Repurchase

Agreements

—

505,859

—

505,859

Short-Term

Investments

—

25,605

—

25,605

Total

Investments

$

59,385,312

$

531,464

$

—

$

59,916,776

#### Other

#### Financial

#### Instruments
Assets

Futures

Contracts

$

1,008

$

—

$

—

$

1,008

Total

Other

Financial

Instruments

$

1,008

$

—

$

—

$

1,008

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### ESG &

#### Climate

#### Developed

#### Markets ex-US Core

#### Index

#### Fund

#### Investments
Common

Stocks\*

$

53,105,620

$

—

$

—

$

53,105,620

Rights

—

—

Securities

Lending

Reinvestments

Repurchase

Agreements

—

610,094

—

610,094

Total

Investments

$

53,106,070

$

610,094

$

—

$

53,716,164

#### Other

#### Financial

#### Instruments
Assets

Futures

Contracts

$

9,429

$

—

$

—

$

9,429

&nbsp;&nbsp;&nbsp;&nbsp;Forward

Foreign

Currency

Contracts

—

3,889

—

3,889

Liabilities

Forward

Foreign

Currency

Contracts

$

—

$

(25,291)

$

—

$

(25,291)

Total

Other

Financial

Instruments

$

9,429

$

(21,402)

$

—

$

(11,973)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### Morningstar

#### Global

#### Upstream

#### Natural

#### Resources

#### Index

#### Fund

#### Investments
Common

Stocks\*

$

4,586,859,077

$

—

$

—

$

4,586,859,077

Securities

Lending

Reinvestments

Certificates

of

Deposit

—

38,471,664

—

38,471,664

Repurchase

Agreements

—

109,253,990

—

109,253,990

Total

Investments

$

4,586,859,077

$

147,725,654

$

—

$

4,734,584,731

#### Other

#### Financial

#### Instruments
Assets

Futures

Contracts

$

452,199

$

—

$

—

$

452,199

&nbsp;&nbsp;&nbsp;&nbsp;Forward

Foreign

Currency

Contracts

—

287,101

—

287,101

Liabilities

Futures

Contracts

$

(394,922)

$

—

$

—

$

(394,922)

Forward

Foreign

Currency

Contracts

—

(175,689)

—

(175,689)

Total

Other

Financial

Instruments

$

57,277

$

111,412

$

—

$

168,689

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### STOXX®

#### Global

#### Broad

#### Infrastructure

#### Index

#### Fund

#### Investments
Common

Stocks\*

$

2,322,517,200

$

—

$

—

$

2,322,517,200

Securities

Lending

Reinvestments

Repurchase

Agreements

—

79,550,903

—

79,550,903

Total

Investments

$

2,322,517,200

$

79,550,903

$

—

$

2,402,068,103

#### Other

#### Financial

#### Instruments
Assets

Futures

Contracts

$

391,233

$

—

$

—

$

391,233

Liabilities

Forward

Foreign

Currency

Contracts

$

—

$

(59,578)

$

—

$

(59,578)

Total

Other

Financial

Instruments

$

391,233

$

(59,578)

$

—

$

331,655

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### Global

#### Quality

#### Real

#### Estate

#### Index

#### Fund

#### Investments
Common

Stocks\*

$

405,165,701

$

—

$

—

$

405,165,701

Securities

Lending

Reinvestments

Repurchase

Agreements

—

40,307,275

—

40,307,275

Total

Investments

$

405,165,701

$

40,307,275

$

—

$

445,472,976

#### Other

#### Financial

#### Instruments
Assets

Futures

Contracts

$

82,625

$

—

$

—

$

82,625

&nbsp;&nbsp;&nbsp;&nbsp;Forward

Foreign

Currency

Contracts

—

6,685

—

6,685

Liabilities

Futures

Contracts

$

(168,357)

$

—

$

—

$

(168,357)

Forward

Foreign

Currency

Contracts

—

(27,876)

—

(27,876)

Total

Other

Financial

Instruments

$

(85,732)

$

(21,191)

$

—

$

(106,923)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### Real

#### Assets

#### Allocation

#### Index

#### Fund

#### Investments
Exchange

Traded

Funds

$

7,053,076

$

—

$

—

$

7,053,076

Total

Investments

$

7,053,076

$

—

$

—

$

7,053,076

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### Quality

#### Dividend

#### Index

#### Fund

#### Investments
Common

Stocks\*

$

1,694,554,555

$

—

$

—

$

1,694,554,555

Securities

Lending

Reinvestments

Certificates

of

Deposit

—

11,980,225

—

11,980,225

Repurchase

Agreements

—

123,660,513

—

123,660,513

Total

Investments

$

1,694,554,555

$

135,640,738

$

—

$

1,830,195,293

#### Other

#### Financial

#### Instruments
Assets

Futures

Contracts

$

10,193

$

—

$

—

$

10,193

Total

Other

Financial

Instruments

$

10,193

$

—

$

—

$

10,193

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### Quality

#### Dividend

#### Defensive

#### Index

#### Fund

#### Investments
Common

Stocks\*

$

395,588,932

$

—

$

—

$

395,588,932

Securities

Lending

Reinvestments

Repurchase

Agreements

—

16,480,786

—

16,480,786

Total

Investments

$

395,588,932

$

16,480,786

$

—

$

412,069,718

#### Other

#### Financial

#### Instruments
Liabilities

Futures

Contracts

$

(32,572)

$

—

$

—

$

(32,572)

Total

Other

Financial

Instruments

$

(32,572)

$

—

$

—

$

(32,572)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### International

#### Quality

#### Dividend

#### Index

#### Fund

#### Investments
Common

Stocks\*

$

656,764,965

$

—

$

—

$

656,764,965

Securities

Lending

Reinvestments

Repurchase

Agreements

—

5,810,783

—

5,810,783

Total

Investments

$

656,764,965

$

5,810,783

$

—

$

662,575,748

#### Other

#### Financial

#### Instruments
Assets

Futures

Contracts

$

131,157

$

—

$

—

$

131,157

&nbsp;&nbsp;&nbsp;&nbsp;Forward

Foreign

Currency

Contracts

—

15,443

—

15,443

Liabilities

Futures

Contracts

$

(70,494)

$

—

$

—

$

(70,494)

Forward

Foreign

Currency

Contracts

—

(275,581)

—

(275,581)

Total

Other

Financial

Instruments

$

60,663

$

(260,138)

$

—

$

(199,475)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### International

#### Quality

#### Dividend

#### Dynamic

#### Index

#### Fund

#### Investments
Common

Stocks\*

$

64,779,150

$

—

$

—

$

64,779,150

Securities

Lending

Reinvestments

Repurchase

Agreements

—

3,084,667

—

3,084,667

Total

Investments

$

64,779,150

$

3,084,667

$

—

$

67,863,817

#### Other

#### Financial

#### Instruments
Assets

Futures

Contracts

$

15,386

$

—

$

—

$

15,386

&nbsp;&nbsp;&nbsp;&nbsp;Forward

Foreign

Currency

Contracts

—

3,075

—

3,075

Liabilities

Forward

Foreign

Currency

Contracts

$

—

$

(22,802)

$

—

$

(22,802)

Total

Other

Financial

Instruments

$

15,386

$

(19,727)

$

—

$

(4,341)

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### iBoxx

#### 3-Year

#### Target

#### Duration

#### TIPS

#### Index

#### Fund

#### Investments
U.S.

Treasury

Obligations

$

—

$

2,394,917,987

$

—

$

2,394,917,987

Total

Investments

$

—

$

2,394,917,987

$

—

$

2,394,917,987

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### iBoxx

#### 5-Year

#### Target

#### Duration

#### TIPS

#### Index

#### Fund

#### Investments
U.S.

Treasury

Obligations

$

—

$

792,145,322

$

—

$

792,145,322

Total

Investments

$

—

$

792,145,322

$

—

$

792,145,322

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### Disciplined

#### Duration

#### MBS

#### Index

#### Fund

#### Investments
Mortgage-Backed

Securities

$

—

$

83,022,407

$

—

$

83,022,407

Total

Investments

$

—

$

83,022,407

$

—

$

83,022,407

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### Credit-Scored

#### US

#### Corporate

#### Bond

#### Index

#### Fund

#### Investments
Corporate

Bonds\*

$

—

$

500,639,302

$

—

$

500,639,302

Securities

Lending

Reinvestments

Certificates

of

Deposit

—

2,998,942

—

2,998,942

Repurchase

Agreements

—

88,337,225

—

88,337,225

Short-Term

Investments

—

2,529,703

—

2,529,703

Total

Investments

$

—

$

594,505,172

$

—

$

594,505,172

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### Credit-Scored

#### US

#### Long

#### Corporate

#### Bond

#### Index

#### Fund

#### Investments
Asset-Backed

Securities

$

—

$

39,640

$

—

$

39,640

Corporate

Bonds\*

—

34,752,916

—

34,752,916

Short-Term

Investments

—

369,956

—

369,956

Total

Investments

$

—

$

35,162,512

$

—

$

35,162,512

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### High

#### Yield

#### Value-Scored

#### Bond

#### Index

#### Fund

#### Investments
Corporate

Bonds\*

$

—

$

1,230,823,712

$

—

$

1,230,823,712

Securities

Lending

Reinvestments

Certificates

of

Deposit

—

27,950,290

—

27,950,290

Commercial

Paper

—

3,999,772

—

3,999,772

Repurchase

Agreements

—

191,637,804

—

191,637,804

Short-Term

Investments

—

10,598,754

—

10,598,754

Total

Investments

$

—

$

1,465,010,332

$

—

$

1,465,010,332

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### ESG &

#### Climate

#### Investment

#### Grade

#### Corporate

#### Core

#### Index

#### Fund

#### Investments
Corporate

Bonds\*

$

—

$

43,891,650

$

—

$

43,891,650

Total

Investments

$

—

$

43,891,650

$

—

$

43,891,650

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### Ultra-Short

#### Income

#### Fund

#### Investments
Asset-Backed

Securities

$

—

$

93,059,275

$

—

$

93,059,275

Collateralized

Mortgage

Obligations

—

18,951,565

—

18,951,565

Commercial

Mortgage-Backed

Securities

—

4,552,973

—

4,552,973

Corporate

Bonds\*

—

1,038,470,974

—

1,038,470,974

U.S.

Treasury

Obligations

—

20,372,090

—

20,372,090

Short-Term

Investments

—

42,294,865

—

42,294,865

Total

Investments

$

—

$

1,217,701,742

$

—

$

1,217,701,742

#### Level

#### 1

#### —

#### Quoted

#### Prices

#### Level

#### 2

#### —

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### —

#### Significant

#### Unobservable

#### Inputs

#### Total

#### FlexShares®

#### Core

#### Select

#### Bond

#### Fund

#### Investments
Exchange

Traded

Funds

$

128,445,084

$

—

$

—

$

128,445,084

Securities

Lending

Reinvestments

Repurchase

Agreements

—

18,479,083

—

18,479,083

Short-Term

Investments

—

420,504

—

420,504

Total

Investments

$

128,445,084

$

18,899,587

$

—

$

147,344,671

#### Other

#### Financial

#### Instruments
Assets

Futures

Contracts

$

223,774

$

—

$

—

$

223,774

Liabilities

Futures

Contracts

$

(261,078)

$

—

$

—

$

(261,078)

Total

Other

Financial

Instruments

$

(37,304)

$

—

$

—

$

(37,304)

\*

See

Schedules

of

Investments

for

segregation

by

industry

type.

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

#### Foreign

#### Securities
Certain

Funds

invest

in

publicly-traded

equity

securities

of

issuers

in

countries

other

than

the

United

States

of

America

("U.S.").

Such

investments

include

direct

in-

vestments

in

non-U.S.

dollar

denominated

securities

traded

outside

the

U.S.

The

Funds'

investments

in

for-

eign

securities

also

may

be

in

the

form

of

ADRs

and

Global

Depositary

Receipts

("GDRs")

(collectively,

"De-

positary

Receipts")

based

on

securities

in

their

Under-

lying

Indexes.

ADRs

are

receipts

that

are

traded

in

the

United

States

evidencing

ownership

of

the

underlying

foreign

securities

and

are

denominated

in

U.S.

dollars.

GDRs

are

receipts

issued

by

a

non-U.S.

financial

in-

stitution

evidencing

ownership

of

underlying

foreign

or

U.S.

securities

and

usually

are

denominated

in

foreign

currencies.

GDRs

may

not

be

denominated

in

the

same

currency

as

the

securities

they

represent.

Generally,

GDRs

are

designed

for

use

in

foreign

securities

mar-

kets.

In

addition

to

investment

risks

associated

with

the

un-

derlying

issuer,

ADRs

and

GDRs

expose

a

Fund

to

risk

associated

with

non-uniform

terms

that

apply

to

ADR

and

GDR

programs,

credit

exposure

to

the

depository

bank

and

to

the

sponsors

and

other

parties

with

whom

the

depository

bank

establishes

the

programs,

currency

and

liquidity

risk.

ADRs

and

GDRs

are

generally

subject

to

the

same

risks

as

the

foreign

securities

that

they

evi-

dence

or

into

which

they

may

be

converted.

To

the

extent

a

Fund

invests

in

ADRs,

such

ADRs

will

be

listed

on

a

national

securities

exchange.

To

the

extent

a

Fund

invests

in

GDRs,

such

GDRs

will

be

listed

on

a

foreign

exchange.

A

Fund

will

not

invest

in

any

unlist-

ed

Depositary

Receipt,

any

Depositary

Receipt

that

NTI

deems

to

be

illiquid

or

any

Depositary

Receipt

for

which

market

quotations

are

not

readily

available.

Generally,

all

Depositary

Receipts

must

be

sponsored.

Certain Funds

may

invest

in

U.S.

dollar

denominated

bonds

of

non-U.S.

corporations

and

debt

securities

of

foreign

governments.

Investing

in

foreign

securities,

including

Depositary

Re-

ceipts,

may

result

in

a

Fund

experiencing

more

rapid

and

extreme

changes

in

value

than

a

fund

that

invests

exclusively

in

U.S.

securities,

due

to

less

liquid

markets,

and

adverse

economic,

political,

diplomatic,

financial,

and

regulatory

factors.

Foreign

governments

also

may

impose

taxes

and

limits

on

investment

and

repatriation.

Any

of

these

events

could

cause

the

value

of

a

Fund's

foreign

investment

to

decline.

To

the

extent

that

a

Fund's

assets

are

significantly

invested

in

a

single

country

or

geographic

region,

a

Fund

will

be

subject

to

the

risks

associated

with

that

particular

country

or

region.

Certain Funds

may

invest their

assets

in

emerging

mar-

ket

countries.

The

markets

of

emerging

market

countries

are

less

developed

and

less

liquid,

subject

to

greater

price

volatility

and

generally

subject

to

increased

eco-

nomic,

political,

regulatory

and

other

uncertainties

than

more

developed

foreign

markets.

The

risks

of

foreign

investment

are

increased

when

the

issuer

is

located

in

a

country

with

an

emerging

economy

or

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

on

a

semiannual

basis

equal

to

a

fixed

percentage

of

the

in-

flation

adjusted

principal

amount.

If

the

periodic

adjust-

ment

rate

measuring

inflation

falls,

the

principal

value

of

TIPS

will

be

adjusted

downward,

and

consequently

the

interest

payable

on

these

securities

(calculated

with

respect

to

a

smaller

principal

amount)

will

be

reduced.

Repayment

of

the

original

bond

principal

upon

maturity

(as

adjusted

for

inflation)

is

guaranteed

in

the

case

of

TIPS,

even

during

a

period

of

deflation.

The

value

of

TIPS

is

expected

to

change

in

response

to

changes

in

real

interest

rates.

Real

interest

rates

in

turn

are

tied

to

the

relationship

between

nominal

interest

rates

and

the

rate

of

inflation.

Therefore,

if

the

rate

of

inflation

rises

at

a

faster

rate

than

nominal

interest

rates,

real

interest

rates

might

decline,

leading

to

an

increase

in

value

of

TIPS.

In

contrast,

if

nominal

interest

rates

increase

at

a

faster

rate

than

inflation,

real

interest

rates

might

rise,

leading

to

a

decrease

in

value

of

TIPS.

Any

increase

in

the

principal

amount

of

TIPS

will

be

consid-

ered

taxable

ordinary

income,

even

though

investors

do

not

receive

their

principal

until

maturity.

While

these

securities

are

expected

to

be

protected

from

long-term

inflationary

trends,

short-term

increas-

es

in

inflation

may

lead

to

a

decline

in

value.

If

interest

rates

rise

due

to

reasons

other

than

inflation,

investors

in

these

securities

may

not

be

protected

to

the

extent

that

the

increase

is

not

reflected

in

the

TIPS'

inflation

measure.

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

The

periodic

adjustment

of

TIPS

is

tied

to

the

Consum-

er

Price

Index

for

Urban

Consumers

("CPI-U"),

which

is

calculated

monthly

by

the

U.S.

Bureau

of

Labor

Statis-

tics.

The

CPI-U

is

a

measurement

of

changes

in

the

cost

of

living,

made

up

of

components

such

as

housing,

food,

transportation

and

energy.

There

can

be

no

assurance

that

the

CPI-U

will

accurately

measure

the

real

rate

of

inflation

in

the

prices

of

goods

and

services.

#### Mortgage-Backed

#### Pass-Through

#### Securi-

#### ties
The

FlexShares®

Disciplined

Duration

MBS

Index

Fund

invests

primarily

in

U.S.

agency

mortgage-backed

pass-

through

securities

("MBS"),

a

category

of

pass-through

securities

backed

by

pools

of

mortgages

and

issued

by

one

of

the

following

U.S.

government

agencies:

the

Federal

National

Mortgage

Association

(FNMA

or

Fannie

Mae),

the

Federal

Home

Loan

Mortgage

Cor-

poration

(FHLMC

or

Freddie

Mac)

or

the

Government

National

Mortgage

Association

(GNMA

or

Ginnie

Mae)

(each

a

"US

Agency"). Certain

Index

Funds

will

invest in

the

securities

of such

Index

Fund's Underlying

Index

and

in

"to-be

announced

transactions"

("TBA

transac-

tions")

that

represent

securities

in

its

Underlying

Index.

In

a

TBA

transaction,

the

buyer

and

seller

agree

upon

general

trade

parameters

such

as

agency,

coupon

rate,

settlement

date,

par

amount

and

price.

The

actual

pools

delivered

generally

are

determined

two

days

prior

to

settlement.

#### Mortgage

#### Dollar

#### Rolls
Certain

Funds may

enter

into

mortgage

dollar

roll

trans-

actions.

A

mortgage

dollar

roll

involves

the

sale

by

the

Fund

of

securities

for

delivery

in

the

future

(generally

within

days).

The

Fund

simultaneously

contracts

with

the

same

counterparty

to

repurchase

substantially

sim-

ilar

(same

type,

coupon

and

maturity)

but

not

identical

securities

on

a

specified

future

date.

During

the

roll

pe-

riod,

the

Fund

will

not

be

entitled

to

accrue

interest

and

receive

principal

payments

on

the

securities

sold.

How-

ever,

the

Fund

benefits

to

the

extent

of

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

on

the

cash

proceeds

of

the

securities

sold.

Successful

use

of

mort-

gage

dollar

rolls

depends

upon

the

Investment

Adviser's

ability

to

predict

correctly

interest

rates

and

mortgage

prepayments.

The

use

of

this

technique

may

diminish

the

investment

performance

of

the

Fund

compared

with

what

such

performance

would

have

been

without

the

use

of

mortgage

dollar

rolls.

For

financial

reporting

and

tax

purposes,

a

Fund

treats

mortgage

dollar

rolls

as

two

separate

transactions:

one

involving

the

purchase

of

a

security

and

a

separate

transaction

involving

a

sale.

The

Fund

currently

does

not

intend

to

enter

into

mortgage

dollar

rolls

that

are

accounted

for

as

financing

and

does

not

treat

them

as

borrowings.

#### Repurchase

#### Agreements
To

the

extent

consistent

with

its

investment

policies,

each

Fund

may

enter

into

repurchase

agreements

un-

der

which

it

purchases

securities

(collateral)

for

cash

from

a

seller

and

agrees

to

resell

those

securities

to

the

same

seller

within

a

specified

time

at

a

specified

price.

During

the

term

of

a

repurchase

agreement,

the

market

value

of

the

underlying

collateral,

including

accrued

in-

terest,

is

required

to

equal

or

exceed

the

market

value

of

the

repurchase

agreement.

The

underlying

collateral

for

tri-party

repurchase

agreements

is

held

in

accounts

at

JPMorgan

Chase,

the

Fund's

custodian,

and

is

not

reflected

in

the

assets

of

the

Funds,

at

the

Bank

of

New

York

or

JPMorgan

Chase

which,

in

turn,

holds

securities

through

the

book-entry

system

at

the

Federal

Reserve

Bank

of

New

York.

The

Fund

is

subject

to

credit

risk

on

repurchase

agreements

to

the

extent

that

the

counter-

party

fails

to

perform

under

the

agreement

and

the

value

of

the

collateral

received

falls

below

the

agreed

repur-

chase

price.

The

Northern

Trust

Company,

the

parent

of

NTI,

current-

ly

is

a

party

to

various

Master

Repurchase

Agreements

with

a

number

of

different

counterparties,

and

acts

as

agent

on

behalf

of

various

disclosed

principals,

includ-

ing

the

Funds

and

various

other

accounts

managed

by

NTI,

in

entering

into

repurchase

agreements

under

the

Master

Repurchase

Agreements.

NTI

administers

and

manages

these

repurchase

agreements

in

accordance

with

and

as

part

of

its

duties

under

its

investment

ad-

visory

agreement

with

the

Funds

and

does

not

collect

any

additional

fees

from

the

Funds

for

such

services.

As

of

April

30,

2025,

none

of

the

Funds

presented

in

these

financial

statements

had

repurchase

agreements

outstanding

except

as

discussed

below.

As

of

April

30,

2025,

the

FlexShares®

US

Quality

Low

Volatility

Index

Fund,

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund,

FlexShares®

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

Morningstar

US

Market

Factor

Tilt

Index

Fund,

Flex-

Shares®

Morningstar

Developed

Markets

ex-US

Fac-

tor

Tilt

Index

Fund,

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund,

FlexShares®

US

Quality

Large

Cap

Index

Fund,

FlexShares®

STOXX®

US

ESG

Select

Index

Fund,

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund,

FlexShares®

ESG

&

Climate US

Large

Cap Core

Index

Fund,

FlexShares®

ESG

&

Cli-

mate

Developed

Markets

ex-US

Core

Index

Fund,

Flex-

Shares®

Morningstar

Global

Upstream

Natural

Resourc-

es

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

US

Corporate

Bond

Index

Fund,

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund,

and

FlexShares®

Core

Select

Bond

Fund

invested

cash

collateral

for

loans

of

portfolio

securities

in

repurchase

agreements,

as

re-

flected

in

the

respective

Schedule

of

Investments

under

the

caption

"Securities

Lending

Reinvestments."

#### Securities

#### Lending
Each

Fund

may

lend

securities

to

banks,

brokers

and

dealers

or

other

qualified

institutions.

In

exchange,

the

Fund

is

required

to

receive

minimum

initial

collateral

val-

ue

as

follows:

The

collateral

is

maintained

thereafter,

at

a

value

equal

to

at

least

100%

of

the

value

of

the

securities

loaned.

The

collateral

amount

is

valued

at

the

beginning

of

each

business

day

and

is

compared

to

the

market

value

of

the

loaned

securities

from

the

prior

business

day

to

de-

termine

if

additional

collateral

is

required.

If

additional

collateral

is

required,

a

request

is

sent

to

the

borrower.

Securities

lending

may

represent

no

more

than

one-third

of

the

value

of

a

Fund's

total

assets

(including

the

loan

collateral).

JPMorgan

Chase

Bank,

N.A.

(the

"Securities

Lending

Agent")

serves

as

the

securities

lending

agent

for

the

securities

lending

program

of

a

Fund.

Collateral

for

loans

of

portfolio

securities

made

by

a

Fund

may

consist

of

cash,

cash

equivalents,

securities

issued

or

guaranteed

by

the

U.S.

government

or

for-

eign

governments

or

its

agencies

(or

any

combination

thereof).

Any

cash

collateral

received

by

the

Fund

in

connection

with

these

loans

may

be

invested

in

a

vari-

ety

of

short-term

investments,

either

directly

or

indirectly

through

money

market

portfolios.

The

market

value

of

securities

on

loan

and

the

value

of

investments

made

with

cash

collateral

received

are

disclosed

in

the

Sched-

ules

of

Investments.

Securities

lending

income

includes

income

from

the

securities

lending

program

recorded

when

earned

from

the

Securities

Lending

Agent

and

any

fees

charged

to

borrowers

less

expenses

associated

with

the

loan.

The

net

amount

is

reflected

in

the

State-

ments

of

Operations

under

"Securities

lending

income

(net

of

fees)."

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund,

or

excess

collateral

returned

by

the

Fund,

on

the

next

business

day.

When

a

Fund

lends

its

securities,

it

will

continue

to

re-

ceive

payments

equal

to

the

dividends

and

interest

paid

on

the

securities

loaned

and

simultaneously

may

earn

interest

on

the

investment

of

the

cash

collateral.

A

Fund

will

have

the

right

to

terminate

a

loan

at

any

time

and

recall

the

loaned

securities

within

the

normal

and

customary

settlement

time

for

securities

transactions.

A

Fund

does

not

have

the

right

to

vote

securities

on

loan,

but

can

terminate

the

loan

and

regain

the

right

to

vote

if

a

material

event

affecting

the

securities

occurred.

A

bor-

rower

might

become

insolvent

or

refuse

to

honor

its

ob-

ligation

to

return

the

securities.

In

the

event

of

a

default

by

a

borrower

with

respect

to

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

by

applying

the

collateral

held

from

the

de-

Type

of

Loan

Minimum

Initial

Collateral

Requirement

U.S.

dollar

denominated

securities

secured

by

U.S.

dollar

denominated

government

securities

or

cash

collateral

102%

U.S.

dollar

denominated

securities

secured

by

non-U.S.

dollar

denominated

government

securities

or

cash

collateral

105%

Non-U.S.

dollar

denominated

securities

secured

by

government

securities

or

cash

collateral

in

the

same

denomination

as

the

lent

securities

102%

Non-U.S.

dollar

denominated

securities

secured

by

government

securities

or

cash

collateral

in

the

different

denomination

from

the

lent

securities

105%

U.S.

dollar

and

Non-U.S.

dollar

denominated

securities

secured

by

equity

securities

collateral

105%

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

faulting

borrower

against

the

purchase

cost

of

the

re-

placement

securities.

If

the

proceeds

from

the

collateral

are

less

than

the

purchase

cost

of

the

replacement

se-

curities,

the

Securities

Lending

Agent

is

responsible

for

such

shortfall,

subject

to

certain

limitations

that

are

set

forth

in

detail

in

the

Securities

Lending

Agency

Agree-

ment.

In

this

event,

a

Fund

could

experience

delays

in

recovering

its

securities

and

possibly

may

incur

a

capi-

tal

loss.

Each

Fund

will

be

responsible

for

any

loss

that

might

result

from

its

investment

of

the

cash

collateral

it

receives

from

a

borrower.

In

accordance

with

guidance

presented

in

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

as

of

April

30,

2025,

which

were

comprised

of

cash,

were

as

follows:

As

of

April

30,

2025,

the

Securities

Lending

Agency

Agreement

does

not

permit

the

Funds

to

enforce

a

net-

ting

arrangement.

The

cash

collateral

received

from

securities

loaned

as

disclosed

in

the

Statements

of

Assets

and

Liabilities

is

collateralized

by

securities

on

loan

as

disclosed

with-

in

the

Schedules

of

Investments

and

such

borrowings

have

maturities

that

are

overnight

and

continuous.

Securities

lending

agreements

may

be

subject

to

regu-

lation

as

qualified

financial

contracts

("QFCs").

Regula-

tions

adopted

by

federal

banking

regulators

under

the

Dodd-Frank

Act,

which

took

effect

in

2019,

require

that

certain

QFCs

with

counterparties

that

are

part

of

U.S.

or

foreign

global

systemically

important

banking

organiza-

tions

be

amended

to

include

contractual

restrictions

on

close-out

and

cross-default

rights.

If

a

covered

counter-

party

of

a

Fund

or

certain

of

the

covered

counterparty's

affiliates

were

to

become

subject

to

certain

insolvency

proceedings,

the

Fund

may

be

temporarily

unable

to

ex-

ercise

certain

default

rights,

and

the

QFC

may

be

trans-

ferred

to

another

entity.

These

requirements

may

impact

a

Fund's

credit

and

counterparty

risks.

The

remaining

maturities

of

the

securities

lending

transactions

are

con-

sidered

overnight

and

continuous.

#### Derivative

#### Contracts
*Futures* 

*Contracts* 

All

of

the

Index

Funds

may

invest

in

futures

contracts

to

help

track

the

price

and

yield

performance

of

their

Underlying

Indexes.

At

the

time

a

Fund

enters

into

a

futures

contract,

it

is

generally

required

to

make

a

mar-

gin

deposit

with

the

custodian

of

a

specified

amount

of

liquid

assets.

Subsequent

payments

to

be

made

or

received

by

the

Funds

equal

to

the

change

in

contract

value

are

recorded

as

variation

margin

payable

or

re-

ceivable

and

offset

in

unrealized

gains

or

losses.

Fu-

tures

are

marked

to

market

each

day

with

the

change

in

value

reflected

in

the

unrealized

gains

or

losses.

A

Fund

recognizes

a

realized

gain

or

loss

when

a

contract

is

closed

or

expires.

The

Statements

of

Operations

reflect

unrealized

gains

or

losses

on

open

futures

contracts,

as

"Net

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts",

and

any

realized

gains

(losses)

on

closed

futures

contracts

as

"Net

realized

gain

(loss)

from

Expiration

or

closing

of

futures

contracts".

Certain

Funds may

take

long

or

short

positions

in

fu-

tures

to

manage

the

Fund's

exposure

to

interest

rate

risk.

The

Fund

seeks

to

mitigate

the

potential

impact

of

interest

rates

on

the

performance

of

bonds

by

entering

into

short

positions

in

U.S.

Treasury

futures

or

transac-

Fund

FlexShares®

US

Quality

Low

Volatility

Index

Fund

$

4,075,678

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

1,151,524

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

172,527,867

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

18,949,876

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

2,026,385

FlexShares®

US

Quality

Large

Cap

Index

Fund

4,313,805

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

515,142

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

1,872,918

FlexShares®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

505,859

FlexShares®

ESG &

Climate

Developed

Markets ex-

US Core

Index

Fund

610,094

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

147,722,608

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

79,550,903

FlexShares®

Global

Quality

Real

Estate

Index

Fund

40,307,275

FlexShares®

Quality

Dividend

Index

Fund

135,638,019

FlexShares®

Quality

Dividend

Defensive

Index

Fund

16,480,786

FlexShares®

International

Quality

Dividend

Index

Fund

5,810,783

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

3,084,667

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

91,337,225

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

223,582,118

FlexShares®

Core

Select

Bond

Fund

18,479,083

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

tions

in

interest

rate

swaps.

The

Fund's

short

positions

in

U.S.

Treasury

futures

and

interest

rate

swaps

are

not

intended

to

mitigate

credit

spread

risk

or

other

factors

influencing

the

price

of

bonds,

which

may

have

a

great-

er

impact

than

interest

rates.

In

addition,

when

interest

rates

fall,

long-only

bond

investments

will

perform

better

than

the

Fund's

investments.

As

of

April

30,

2025,

the

FlexShares®

US

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

US

Market

Factor

Tilt

Index

Fund,

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund,

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund,

FlexShares®

US

Quality

Large

Cap

Index

Fund,

FlexShares®

STOXX®

US

ESG

Select

Index

Fund,

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund,

FlexShares®

ESG

&

Climate

US

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-

al

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

of

futures

contracts

involves,

to

varying

degrees,

elements

of

market

and

counterparty

risk,

which

may

exceed

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities.

Futures

contracts

present

the

fol-

lowing

risks:

imperfect

correlation

between

the

change

in

market

value

of

a

Fund's

securities

and

the

price

of

futures

contracts;

the

possible

inability

to

close

a

futures

contract

when

desired;

losses

due

to

unanticipated

mar-

ket

movements,

which

potentially

are

unlimited;

and

the

possible

inability

of

NTI

to

correctly

predict

the

direction

of

securities

prices,

interest

rates,

currency

exchange

rates

and

other

economic

factors.

Futures

markets

are

highly

volatile

and

the

use

of

futures

may

increase

the

volatility

of

a

Fund's

NAV.

As

a

result

of

the

low

margin

deposits

normally

required

in

futures

trading,

a

relatively

small

price

movement

in

a

futures

contract

may

result

in

substantial

losses

to

a

Fund.

Futures

contracts

may

be

illiquid,

and

exchanges

may

limit

fluctuations

in

futures

contract

prices

during

a

single

day.

Foreign

exchanges

or

boards

of

trade

generally

do

not

offer

the

same

pro-

tection

as

U.S.

exchanges.

*Foreign* 

*Currency* 

*Translations* 

Values

of

investments

denominated

in

foreign

curren-

cies

are

converted

into

U.S.

dollars

using

the

prevailing

market

rates

on

the

date

of

valuation

as

quoted

by

one

or

more

banks

or

dealers

that

make

a

two-way

market

in

such

currencies

(or

a

data

service

provider

based

on

quotations

received

from

such

banks

or

dealers).

Any

use

of

a

rate

different

from

the

rates

used

by

an

Underlying

Index's

index

provider

may

affect

the

cor-

responding

Index

Fund's

ability

to

track

its

Underlying

Index.

The

cost

of

purchases

and

proceeds

from

sales

of

investments,

interest

and

dividend

income

are

trans-

lated

into

U.S.

dollars

using

the

spot

market

rate

of

ex-

change

prevailing

on

the

respective

dates

of

such

trans-

actions.

"Net

realized

gain

(loss)

on

foreign

currency

transactions"

on

the

Statements

of

Operations

include

the

effect

of

changes

in

exchange

rates

between

trade

date

and

settlement

date

on

investment

security

trans-

actions,

foreign

currency

transactions

and

interest

and

dividends

received,

and

the

portion

of

foreign

currency

gains

and

losses

related

to

fluctuation

in

exchange

rates

between

the

initial

purchase

trade

date

and

subsequent

sale

trade

date

is

included

in

"Net

realized

gain

(loss)

on

investment

in

securities"

on

the

Statements

of

Oper-

ations.

Unrealized

gains

and

losses

on

assets

and

lia-

bilities,

other

than

investments

in

securities,

which

result

from

changes

in

foreign

currency

exchange

rates

have

been

included

in

"Net

change

in

unrealized

appreciation

(depreciation)

on

translation

of

other

assets

and

liabil-

ities

denominated

in

foreign

currencies"

on

the

State-

ments

of

Operations.

*Forward* 

*Foreign* 

*Currency* 

*Exchange* 

*Con-*

*tracts* 

Certain

Funds may

enter

into

forward

foreign

currency

exchange

contracts

to

facilitate

local

settlements,

or

to

protect

against

currency

exposure

in

connection

with

its

distributions

to

shareholders

and

in

order

to

protect

against

uncertainty

in

the

level

of

future

foreign

currency

exchange

rates.

The

Funds,

however,

do

not

expect

to

engage

in

currency

transactions

for

speculative

purpos-

es

(e.g.,

for

potential

income

or

capital

gain).

All

forward

foreign

currency

exchange

contracts

held

are

"marked-

to-market"

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

gains

or

losses

are

recorded.

The

Funds

record

realized

gains

or

losses

at

the

time

the

forward

foreign

currency

exchange

contract

is

offset

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

by

entering

into

a

closing

transaction

or

extinguished

by

delivery

of

the

currency.

The

difference

between

the

future

foreign

currency

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

rates

at

the

reporting

date

are

included

in

"Net

change

in

unrealized

appreciation

(depreciation)

on

forward

foreign

currency

contracts"

in

the

Statements

of

Operations.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

U.S.

Dollars

without

the

delivery

of

for-

eign

currency.

There

are

several

risks

associated

with

these

contracts.

One

risk

is

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

contracts,

and

unanticipated

movements

in

the

value

of

a

foreign

currency

relative

to

the

U.S.

dollar.

The

contractual

amounts

of

forward

foreign

currency

exchange

contracts

do

not

necessarily

represent

the

amounts

potentially

subject

to

risk.

The

measurement

of

the

risks

associated

with

these

instru-

ments

is

meaningful

only

when

all

related

and

offsetting

transactions

are

considered.

The

Statements

of

Oper-

ations

reflect

(i) realized

gains

or

losses,

if

any,

in

"Net

realized

gain

(loss)

from

settlement

of

forward

foreign

currency

contracts"

and

(ii) unrealized

gains

or

losses

in

"Net

change

in

unrealized

appreciation

(depreciation)

on

forward

foreign

currency

contracts".

Forward

foreign

currency

exchange

contracts

are

privately

negotiated

transactions

and

can

have

substantial

price

volatility.

As

a

result,

they

offer

less

protection

against

default

by

the

other

party

than

is

available

for

instruments

traded

on

an

exchange.

The

institutions

that

deal

in

forward

for-

eign

currency

exchange

contracts

are

not

required

to

continue

to

make

markets

in

the

currencies

they

trade,

and

these

markets

can

experience

periods

of

illiquidity.

As

of

April

30,

2025,

the

FlexShares®

Developed

Mar-

kets

ex-US

Quality

Low

Volatility

Index

Fund,

Flex-

Shares®

Emerging

Markets

Quality

Low

Volatility

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

Markets

ex-US

Core

Index

Fund,

FlexShares®

Morningstar

Global

Upstream

Natu-

ral

Resources

Index

Fund,

FlexShares®

STOXX®

Glob-

al

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

to

obtain

exposure

to

U.S.

agency

mortgage-backed

pass-through

securities,

in

whole

or

in

part,

through

the

use

of

TBA

transactions.

In

a

TBA

transaction,

the

buyer

and

seller

agree

upon

general

trade

parameters

such

as

agency,

coupon

rate,

settlement

date,

par

amount

and

price.

The

actual

pools

delivered

generally

are

determined

two

days

prior

to

the

settlement

date.

The

Fund

may

use

TBA

transactions

in

several

ways.

For

example,

the

Fund

may

regularly

enter

into

TBA

agreements

and

"roll

over"

such

agree-

ments

prior

to

the

settlement

date

stipulated

in

such

agreements.

This

type

of

TBA

transaction

is

sometimes

known

as

a

"TBA

Roll."

In

a

TBA

Roll,

the

Fund

general-

ly

will

sell

the

obligation

to

purchase

the

pools

stipulated

in

the

TBA

agreement

prior

to

the

stipulated

settlement

date

and

will

enter

into

a

new

TBA

agreement

for

future

delivery

of

pools

of

mortgage-backed

pass-through

se-

curities.

In

addition,

the

Fund

may

enter

into

TBA

agreements

and

settle

such

transactions

on

the

stipulated

settle-

ment

date

by

accepting

actual

receipt

or

delivery

of

the

pools

of

mortgage-backed

securities

stipulated

in

the

TBA

agreement.

Pending

settlement

of

such

contracts,

the

Fund

may

cover

its

payment

obligations

at

settle-

ment

by

investing

its

assets

in

liquid,

short-term

instru-

ments

or

cash

equivalents,

or

designate

other

liquid

se-

curities,

which

will

be

marked

to

market

daily.

The

Fund

may

also

cover

its

payment

obligations

at

settlement

by

investing

in

shares

of

money

market

funds

advised

by

NTI

or

its

affiliates,

which

will

result

in

the

Fund

assum-

ing

its

pro

rata

share

of

the

fees

and

expenses

of

the

money

market

funds

in

addition

to

the

Fund's

own

fees

and

expenses.

TBA

Transactions

investments

involve

the

risk

of

loss

if

the

securities

received

are

less

favorable

than

what

was

anticipated

by

the

Fund

when

entering

into

the

TBA

transaction.

TBA

transactions

also

involve

the

risk

that

the

counterparty

will

fail

to

deliver

the

securities,

expos-

ing

the

Fund

to

further

losses.

Default

or

bankruptcy

of

a

counterparty

to

a

TBA

transaction

would

expose

the

Fund

to

possible

losses

because

of

adverse

market

action,

expenses

or

delays

in

connection

with

the

pur-

chase

or

sale

of

the

pools

of

mortgage

pass-through

se-

curities

specified

in

the

TBA

transaction.

Whether

or

not

the

Fund

takes

delivery

of

the

securities

at

the

termina-

tion

date

of

a

TBA

transaction,

the

Fund

will

nonetheless

be

exposed

to

changes

in

the

value

of

the

underlying

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

investments

during

the

term

of

the

agreement.

#### Offsetting

#### of

#### Financial

#### Assets

#### and

#### Deriva-

#### tive

#### Assets
The

Funds'

accounting

policy

with

respect

to

balance

sheet

offsetting

is

that,

absent

an

event

of

default

by

the

counterparty

or

a

termination

of

the

agreement,

the

International

Swaps

and

Derivatives

Association

(ISDA)

Master

Agreement

or

similar

agreement

does

not

result

in

an

offset

of

reported

amounts

of

financial

assets

and

financial

liabilities

in

the

Statements

of

Assets

and

Lia-

bilities

across

transactions

between

the

Fund

and

the

applicable

counterparty.

In

the

event

of

a

default,

the

agreement

provides

the

right

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

the

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

The

Funds'

right

to

setoff

may

be

restricted

or

prohibited

by

the

bankruptcy

or

insolvency

laws

of

the

particular

jurisdiction

to

which

a

specific

master

netting

agreement

counterparty

is

subject.

For

financial

reporting

purposes,

the

Trust

can

offset

fi-

nancial

assets

and

financial

liabilities

of

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-

Shares®

Global

Quality

Real

Estate

Index

Fund,

Flex-

Shares®

International

Quality

Dividend

Index

Fund,

and

the

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

that

are

subject

to

master

netting

arrange-

ments

or

similar

agreements

in

the

Statements

of

As-

sets

and

Liabilities.

The

following

table

presents

the

gross

and

net

amounts

of

these

assets

and

liabilities:

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Gross

Amounts

of

Assets

presented

in

Statements

of

Assets

and

Liabilities

Financial

Instruments

Cash

Collateral

Received

Net

Amount

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

Foreign

Currency

Contracts

—

Bank

of

Montreal

$

1,147

$

(884) $

–

$

Foreign

Currency

Contracts

—

BNP

Paribas

SA

–

–

Foreign

Currency

Contracts

—

Goldman

Sachs

&

Co.

LLC

–

–

Total

$

1,485

$

(884) $

–

$

601

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

Foreign

Currency

Contracts

—

Toronto-Dominion

Bank

(The)

–

–

Total

$

$

–

$

–

$

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

Foreign

Currency

Contracts

—

Bank

of

Montreal

14,007

–

–

14,007

Foreign

Currency

Contracts

—

Citibank

NA

12,938

(12,938)

–

–

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

NA

61,206

(49,785)

–

11,421

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Gross

Amounts

of

Assets

presented

in

Statements

of

Assets

and

Liabilities

Financial

Instruments

Cash

Collateral

Received

Net

Amount

Foreign

Currency

Contracts

—

Morgan

Stanley

$

8,172

$

(2,614)

$

–

$

5,558

Total

$

96,323

$

(65,337)

$

–

$

30,986

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

Foreign

Currency

Contracts

—

UBS

AG

514

(514) –

–

Total

$

514

$

(514) $

–

$

–

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

NA

8,746

(8,558)

–

Total

$

8,746

$

(8,558)

$

–

$

FlexShares®

ESG

&

Climate

Developed

Markets

ex-US

Core

Index

Fund

Foreign

Currency

Contracts

—

Bank

of

Montreal

2,043

(2,043)

–

–

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

NA

1,846

(1,846)

–

–

Total

$

3,889

$

(3,889)

$

–

$

–

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

Foreign

Currency

Contracts

—

Bank

of

Montreal

255,794

(56,028)

–

199,766

Foreign

Currency

Contracts

—

Citibank

NA

26,866

(26,866)

–

–

Foreign

Currency

Contracts

—

Morgan

Stanley

2,243

(2,243)

–

–

Foreign

Currency

Contracts

—

UBS

AG

2,198

(2,198)

–

–

Total

$

287,101

$

(87,335)

$

–

$

199,766

FlexShares®

Global

Quality

Real

Estate

Index

Fund

Foreign

Currency

Contracts

—

Morgan

Stanley

6,685

–

–

6,685

Total

$

6,685

$

–

$

–

$

6,685

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Gross

Amounts

of

Assets

presented

in

Statements

of

Assets

and

Liabilities

Financial

Instruments

Cash

Collateral

Received

Net

Amount

FlexShares®

International

Quality

Dividend

Index

Fund

Foreign

Currency

Contracts

—

Bank

of

Montreal

$

15,443

$

(15,443)

$

–

$

–

Total

$

15,443

$

(15,443)

$

–

$

–

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

Foreign

Currency

Contracts

—

Bank

of

Montreal

1,269

(1,269)

–

–

Foreign

Currency

Contracts

—

Toronto-Dominion

Bank

(The)

1,806

–

–

1,806

Total

$

3,075

$

(1,269)

$

–

$

1,806

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Gross

Amounts

of

Liabilities

presented

in

Statements

of

Assets

and

Liabilities

Financial

Instruments

Cash

Collateral

Pledged

Net

Amount

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

Foreign

Currency

Contracts

—

Bank

of

Montreal

$

884

$

(884) $

–

$

–

Foreign

Currency

Contracts

—

Citigroup

Global

Markets,

Inc.

3,945

–

–

3,945

Foreign

Currency

Contracts

—

Morgan

Stanley

3,115

–

–

3,115

Foreign

Currency

Contracts

—

Toronto-Dominion

Bank

(The)

11,982

–

–

11,982

Total

$

19,926

$

(884) $

–

$

19,042

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

Foreign

Currency

Contracts

—

Citigroup

Global

Markets,

Inc.

1,330

–

–

1,330

Total

$

1,330

$

–

–

$

1,330

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

Foreign

Currency

Contracts

—

Citibank

NA

35,218

(12,938)

–

22,280

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

NA

49,785

(49,785)

–

–

Foreign

Currency

Contracts

—

Morgan

Stanley

2,614

(2,614)

–

–

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Gross

Amounts

of

Liabilities

presented

in

Statements

of

Assets

and

Liabilities

Financial

Instruments

Cash

Collateral

Pledged

Net

Amount

Foreign

Currency

Contracts

—

UBS

AG

$

3,262

$

–

$

–

$

3,262

Total

$

90,879

$

(65,337)

–

$

25,542

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

Foreign

Currency

Contracts

—

Bank

of

Montreal

–

–

Foreign

Currency

Contracts

—

Citibank

NA

24,935

–

–

24,935

Foreign

Currency

Contracts

—

UBS

AG

635

(514) –

Total

$

25,965

$

(514) –

$

25,451

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

Foreign

Currency

Contracts

—

Bank

of

Montreal

7,375

–

–

7,375

Foreign

Currency

Contracts

—

Citibank

NA

9,765

–

–

9,765

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

NA

8,558

(8,558)

–

–

Foreign

Currency

Contracts

—

Morgan

Stanley

5,745

–

–

5,745

Total

$

31,443

$

(8,558)

–

$

22,885

FlexShares®

ESG

&

Climate

Developed

Markets

ex-US

Core

Index

Fund

Foreign

Currency

Contracts

—

Bank

of

Montreal

3,908

(2,043)

–

1,865

Foreign

Currency

Contracts

—

BNP

Paribas

SA

–

–

Foreign

Currency

Contracts

—

Citigroup

Global

Markets,

Inc.

4,871

–

–

4,871

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

NA

8,643

(1,846)

–

6,797

Foreign

Currency

Contracts

—

Morgan

Stanley

7,760

–

–

7,760

Total

$

25,291

$

(3,889)

–

$

21,402

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

Foreign

Currency

Contracts

—

Bank

of

Montreal

56,028

(56,028)

–

–

Foreign

Currency

Contracts

—

Citibank

NA

58,386

(26,866)

–

31,520

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

NA

3,632

–

–

3,632

Foreign

Currency

Contracts

—

Morgan

Stanley

2,528

(2,243)

–

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Gross

Amounts

of

Liabilities

presented

in

Statements

of

Assets

and

Liabilities

Financial

Instruments

Cash

Collateral

Pledged

Net

Amount

Foreign

Currency

Contracts

—

UBS

AG

$

55,115

$

(2,198)

$

–

$

52,917

Total

$

175,689

$

(87,335)

–

$

88,354

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

NA

59,578

–

–

59,578

Total

$

59,578

$

–

–

$

59,578

FlexShares®

Global

Quality

Real

Estate

Index

Fund

Foreign

Currency

Contracts

—

Bank

of

Montreal

3,659

–

–

3,659

Foreign

Currency

Contracts

—

BNP

Paribas

SA

1,004

–

–

1,004

Foreign

Currency

Contracts

—

Goldman

Sachs

&

Co.

–

–

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

NA

23,096

–

–

23,096

Total

$

27,876

$

–

–

$

27,876

FlexShares®

International

Quality

Dividend

Index

Fund

Foreign

Currency

Contracts

—

Bank

of

Montreal

63,648

(15,443)

–

48,205

Foreign

Currency

Contracts

—

Citibank

NA

92,117

–

–

92,117

Foreign

Currency

Contracts

—

JPMorgan

Chase

Bank

NA

69,782

–

–

69,782

Foreign

Currency

Contracts

—

Morgan

Stanley

17,904

–

–

17,904

Foreign

Currency

Contracts

—

Toronto-Dominion

Bank

(The)

16,042

–

–

16,042

Foreign

Currency

Contracts

—

UBS

AG

16,088

–

–

16,088

Total

$

275,581

$

(15,443)

–

$

260,138

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

Foreign

Currency

Contracts

—

Bank

of

Montreal

11,879

(1,269)

–

10,610

Foreign

Currency

Contracts

—

Citibank

NA

5,363

–

–

5,363

Foreign

Currency

Contracts

—

Morgan

Stanley

3,217

–

–

3,217

Foreign

Currency

Contracts

—

UBS

AG

2,343

–

–

2,343

Total

$

22,802

$

(1,269)

–

$

21,533

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

The

following

tables

indicate

the

location

of

derivative-

related

items

on

the

Statements

of

Assets

and

Liabilities

as

well

as

the

effect

of

derivative

instruments

on

the

Statements

of

Operations

during

the

reporting

period.

As

of April

30,

2025,

the

volume

of

derivative

activities,

which

represents

activities

throughout

the

period,

was

as

follows:

Derivatives

by

risk

type

Statements

of

Assets

and

Liabilities

Location

Fund

Value

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

on

futures

contracts\*

FlexShares®

US

Quality

Low

Volatility

Index

Fund

$(5,342)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

on

futures

contracts\*

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

15,130

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

1,485

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

on

forward

foreign

currency

contracts

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(19,926)

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

on

futures

contracts\*

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(5,111)

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

on

forward

foreign

currency

contracts

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(1,330)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

on

futures

contracts\*

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

26,549

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

on

futures

contracts\*

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(19,680)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

on

futures

contracts\*

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

59,792

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

on

futures

contracts\*

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(61,540)

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

96,323

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

on

forward

foreign

currency

contracts

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(90,879)

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

on

futures

contracts\*

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(55,971)

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

514

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

on

forward

foreign

currency

contracts

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(25,965)

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

on

futures

contracts\*

FlexShares®

US

Quality

Large

Cap

Index

Fund

(6,421)

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

on

futures

contracts\*

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

(3,144)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

on

futures

contracts\*

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

8,155

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

on

futures

contracts\*

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

(12,399)

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

8,746

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

on

forward

foreign

currency

contracts

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

(31,443)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

on

futures

contracts\*

FlexShares®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

1,008

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

on

futures

contracts\*

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

9,429

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

3,889

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

on

forward

foreign

currency

contracts

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(25,291)

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

Derivatives

by

risk

type

Statements

of

Assets

and

Liabilities

Location

Fund

Value

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

on

futures

contracts\*

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

452,199

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

on

futures

contracts\*

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(394,922)

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

287,101

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

on

forward

foreign

currency

contracts

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(175,689)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

on

futures

contracts\*

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

391,233

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

on

forward

foreign

currency

contracts

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

(59,578)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

on

futures

contracts\*

FlexShares®

Global

Quality

Real

Estate

Index

Fund

82,625

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

on

futures

contracts\*

FlexShares®

Global

Quality

Real

Estate

Index

Fund

(168,357)

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

FlexShares®

Global

Quality

Real

Estate

Index

Fund

6,685

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

on

forward

foreign

currency

contracts

FlexShares®

Global

Quality

Real

Estate

Index

Fund

(27,876)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

on

futures

contracts\*

FlexShares®

Quality

Dividend

Index

Fund

10,193

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

on

futures

contracts\*

FlexShares®

Quality

Dividend

Defensive

Index

Fund

(32,572)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

on

futures

contracts\*

FlexShares®

International

Quality

Dividend

Index

Fund

131,157

Equity

Index

Futures

Contracts

Liabilities

—

Unrealized

depreciation

on

futures

contracts\*

FlexShares®

International

Quality

Dividend

Index

Fund

(70,494)

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

FlexShares®

International

Quality

Dividend

Index

Fund

15,443

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

on

forward

foreign

currency

contracts

FlexShares®

International

Quality

Dividend

Index

Fund

(275,581)

Equity

Index

Futures

Contracts

Assets

—

Unrealized

appreciation

on

futures

contracts\*

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

15,386

Foreign

Currency

Contracts

Assets

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

3,075

Foreign

Currency

Contracts

Liabilities

—

Unrealized

depreciation

on

forward

foreign

currency

contracts

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

(22,802)

Interest

Rate

Futures

Contracts

Assets

—

Unrealized

appreciation

on

futures

contracts\*

FlexShares®

Core

Select

Bond

Fund

223,774

Interest

Rate

Futures

Contracts

Liabilities

—

Unrealized

depreciation

on

futures

contracts\*

FlexShares®

Core

Select

Bond

Fund

(261,078)

*\**

*Includes* 

*cumulative* 

*appreciation/depreciation* 

*on* 

*futures* 

*contracts* 

*as* 

*reported* 

*in* 

*the* 

*Schedule* 

*of* 

*Investments.* 

*Current* 

*day's* 

*variation* 

*margin* 

*is* 

*reported* 

*within* 

*the* 

*Statement* 

*of* 

*Assets* 

*and* 

*Liabilities* 

*for* 

*futures* 

*contracts.* 

Derivatives

by

risk

type

Location

of

Gain

or

(Loss)

on

Derivatives

on

the

Statements

of

Operations

Fund

Realized

Gain

or

(Loss)

on

Derivatives

Change

in

Unrealized

Appreciation

or

(Depreciation)

on

Derivatives

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

US

Quality

Low

Volatility

Index

Fund

$(107,049)

$4,039

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(1,594)

34,037

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

Derivatives

by

risk

type

Location

of

Gain

or

(Loss)

on

Derivatives

on

the

Statements

of

Operations

Fund

Realized

Gain

or

(Loss)

on

Derivatives

Change

in

Unrealized

Appreciation

or

(Depreciation)

on

Derivatives

Foreign

Currency

Contracts

Net

realized

gain

(loss)

on

Foreign

currency

transactions,

Net

change

in

unrealized

appreciation

(depreciation)

on

Forward

foreign

currency

contracts

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

20,608

(27,953)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

4,149

(9,461)

Foreign

Currency

Contracts

Net

realized

gain

(loss)

on

Foreign

currency

transactions,

Net

change

in

unrealized

appreciation

(depreciation)

on

Forward

foreign

currency

contracts

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

1,127

(1,226)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(503,094)

(69,295)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

60,390

(7,456)

Foreign

Currency

Contracts

Net

realized

gain

(loss)

on

Foreign

currency

transactions,

Net

change

in

unrealized

appreciation

(depreciation)

on

Forward

foreign

currency

contracts

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(26,885)

25,530

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

58,882

(111,992)

Foreign

Currency

Contracts

Net

realized

gain

(loss)

on

Foreign

currency

transactions,

Net

change

in

unrealized

appreciation

(depreciation)

on

Forward

foreign

currency

contracts

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

30,361

(33,345)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

US

Quality

Large

Cap

Index

Fund

(101,071)

(12,795)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

(50,101)

(11,893)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

(52,680)

5,920

Foreign

Currency

Contracts

Net

realized

gain

(loss)

on

Foreign

currency

transactions,

Net

change

in

unrealized

appreciation

(depreciation)

on

Forward

foreign

currency

contracts

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

26,294

(39,996)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

(3,377)

(4,584)

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

Derivatives

by

risk

type

Location

of

Gain

or

(Loss)

on

Derivatives

on

the

Statements

of

Operations

Fund

Realized

Gain

or

(Loss)

on

Derivatives

Change

in

Unrealized

Appreciation

or

(Depreciation)

on

Derivatives

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(21,099)

42,521

Foreign

Currency

Contracts

Net

realized

gain

(loss)

on

Foreign

currency

transactions,

Net

change

in

unrealized

appreciation

(depreciation)

on

Forward

foreign

currency

contracts

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

20,947

(36,722)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(330,092)

(183,479)

Foreign

Currency

Contracts

Net

realized

gain

(loss)

on

Foreign

currency

transactions,

Net

change

in

unrealized

appreciation

(depreciation)

on

Forward

foreign

currency

contracts

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

106,908

51,989

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

(117,635)

377,054

Foreign

Currency

Contracts

Net

realized

gain

(loss)

on

Foreign

currency

transactions,

Net

change

in

unrealized

appreciation

(depreciation)

on

Forward

foreign

currency

contracts

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

–

(59,578)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

Global

Quality

Real

Estate

Index

Fund

(453,061)

(147,867)

Foreign

Currency

Contracts

Net

realized

gain

(loss)

on

Foreign

currency

transactions,

Net

change

in

unrealized

appreciation

(depreciation)

on

Forward

foreign

currency

contracts

FlexShares®

Global

Quality

Real

Estate

Index

Fund

(44,839)

6,239

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

Quality

Dividend

Index

Fund

(650,889)

(36,951)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

Quality

Dividend

Defensive

Index

Fund

(173,413)

(46,315)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

International

Quality

Dividend

Index

Fund

(389,651)

340,755

Foreign

Currency

Contracts

Net

realized

gain

(loss)

on

Foreign

currency

transactions,

Net

change

in

unrealized

appreciation

(depreciation)

on

Forward

foreign

currency

contracts

FlexShares®

International

Quality

Dividend

Index

Fund

381,354

(454,236)

Equity

Index

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

(57,193)

37,634

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

Derivatives

by

risk

type

Location

of

Gain

or

(Loss)

on

Derivatives

on

the

Statements

of

Operations

Fund

Realized

Gain

or

(Loss)

on

Derivatives

Change

in

Unrealized

Appreciation

or

(Depreciation)

on

Derivatives

Foreign

Currency

Contracts

Net

realized

gain

(loss)

on

Foreign

currency

transactions,

Net

change

in

unrealized

appreciation

(depreciation)

on

Forward

foreign

currency

contracts

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

14,467

(30,577)

Interest

Rate

Futures

Contracts

Net

realized

gain

(loss)

on

Futures

contracts,

Net

change

in

unrealized

appreciation

(depreciation)

on

Futures

contracts

FlexShares®

Core

Select

Bond

Fund

265,472

80,638

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

Activity

for

the

fiscal

period

is

measured

by

the

number

of

trades

during

the

fiscal

year

and

average

notional

amount

for

foreign

currency

exchange

contracts,

equity

futures

contracts

and

interest

rate

contracts.

&nbsp;&nbsp;&nbsp;&nbsp;Foreign

Exchange

Contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Equity

Contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest

Rate

Futures

Fund

Number

of

Trades

Average

Notional

Amount

Number

of

Trades

Long

Average

Notional

Amount

Long

Number

of

Trades

Short

Average

Notional

Balance

Short

Number

of

Trades

Long

Average

Notional

Balance

Long

Number

of

Trades

Short

Average

Notional

Balance

Short

FlexShares®

US

Quality

Low

Volatility

Index

Fund

–

$–

$35,099

–

$–

–

$–

–

$–

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

–

20,199

120,859

–

–

–

–

–

–

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

–

18,035

56,164

–

–

–

–

–

–

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

–

–

231,822

–

–

–

–

–

–

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

–

198,011

97,036

–

–

–

–

–

–

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

–

77,051

55,731

–

–

–

–

–

–

FlexShares®

US

Quality

Large

Cap

Index

Fund

–

–

29,415

–

–

–

–

–

–

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

–

–

33,687

–

–

–

–

–

–

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

–

86,378

91,301

–

–

–

–

–

–

FlexShares®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

–

–

29,805

–

–

–

–

–

–

FlexShares®

ESG &

Climate

Developed

Markets ex-

US Core

Index

Fund

–

32,935

120,244

–

–

–

–

–

–

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

–

475,446

1,513

130,185

–

–

–

–

–

–

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

–

1,189,231

582

157,478

–

–

–

–

–

–

FlexShares®

Global

Quality

Real

Estate

Index

Fund

–

59,204

175,339

–

–

–

–

–

–

FlexShares®

Quality

Dividend

Index

Fund

–

–

299,808

–

–

–

–

–

–

FlexShares®

Quality

Dividend

Defensive

Index

Fund

–

–

94,641

–

–

–

–

–

–

FlexShares®

International

Quality

Dividend

Index

Fund

–

252,052

87,877

–

–

–

–

–

–

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

–

40,623

85,712

–

–

–

–

–

–

FlexShares®

Core

Select

Bond

Fund

–

–

–

–

–

–

1,341

162,877

161,688

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

#### Taxes

#### and

#### Distributions
Each

Fund

has

qualified

and

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

comply-

ing

with

the

requirements

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended,

which

in-

cludes

distributing

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders.

Accord-

ingly,

no

provision

for

federal

and

state

income

taxes

is

required

in

the

financial

statements.

As

of

April

30,

2025,

management

of

the

Funds

has

re-

viewed

all

open

tax

years

and

major

jurisdictions

and

concluded

that

there

is

no

tax

liability

resulting

from

un-

recognized

tax

benefits

relating

to

uncertain

income

tax

positions

taken

or

expected

to

be

taken

in

future

tax

re-

turns.

The

Funds

are

also

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

months.

On

an

ongoing

basis

management

will

monitor

the

tax

positions

taken

to

determine

if

ad-

justment

to

conclusions

are

necessary

based

on

factors

including

but

not

limited

to

further

implementation

on

guidance

expected

from

FASB

and

on-going

analysis

of

tax

law,

regulation,

and

interpretations

thereof.

3. #### Investment

#### Transactions

#### and

#### Related

#### Income

#### and

#### Expenses
Throughout

the

reporting

period,

investment

transac-

tions

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purpos-

es,

investment

transactions

are

accounted

for

on

the

trade

date

on

the

last

business

day

of

the

reporting

pe-

riod.

Interest

income

is

recognized

on

an

accrual

basis.

Bond

discount

is

accreted

and

premium

is

amortized

using

the

effective

yield

method.

Dividend

income

is

recorded

on

the

ex-dividend

date,

or

as

soon

as

information

is

available.

Gains

or

losses

realized

on

sales

of

securities

are

determined

using

the

specific

identification

method

by

comparing

the

identified

cost

of

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

of

real

estate

investment

trusts

("REITs").

Dis-

tributions

from

such

investments

may

be

comprised

of

return

of

capital,

capital

gains

and

income.

The

actual

character

of

amounts

received

during

the

year

is

not

known

until

after

the

REIT's

fiscal

year

end.

The

Fund

records

the

character

of

distributions

received

from

RE-

ITs

during

the

year

based

on

estimates

available.

The

characterization

of

distributions

received

by

the

Fund

may

be

subsequently

revised

based

on

information

re-

ceived

from

the

REITs

after

their

tax

reporting

periods

concluded.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

a

Fund

invests.

These

for-

eign

taxes,

if

any,

are

paid

by

the

Funds

and

disclosed

in

the

Statements

of

Operations.

Foreign

taxes

payable,

if

any,

are

reflected

in

the

Funds'

Statements

of

Assets

and

Liabilities.

Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund,

while

expenses

which

are

attributable

to

more

than

one

Fund

are

allocated

among

the

respec-

tive

Funds

based

upon

relative

net

assets

or

another

reasonable

basis.

4. #### Investment

#### Advisory

#### Fees
NTI

serves

as

the

Investment

Adviser

of

the

Funds

pur-

suant

to

the

Investment

Advisory

Agreement.

The

In-

vestment

Adviser

is

responsible

for

making

investment

decisions

for

the

Funds

and

for

placing

purchase

and

sale

orders

for

portfolio

securities,

subject

to

the

general

supervision

of

the

Board.

As

compensation

for

its

advisory

services

and

assump-

tion

of

certain

Fund

expenses,

NTI

is

entitled

to

a

unitary

management

fee

("Management

Fee"),

computed

daily

and

payable

monthly,

at

the

annual

rates

set

forth

in

the

table

below

(expressed

as

a

percentage

of

each

Fund's

respective

average

daily

net

assets).

From

the

Management

Fee,

NTI

pays

most

of

the

ex-

penses

of

the

Fund,

including

the

cost

of

transfer

agen-

cy,

custody,

fund

administration,

legal,

audit

and

other

services

("Covered

Expenses").

Covered

Expenses

do

not

include

the

following

fees

under

the

Investment

Ad-

visory

Agreement:

its

advisory

fees

payable

under

the

Advisory

Agreement,

distribution

fees

and

expenses

paid

by

the

Trust

under

any

distribution

plan

adopted

pursuant

to

Rule

12b-1,

interest

expenses,

brokerage

commissions

and

other

trading

expenses,

fees

and

expenses

of

the

independent

trustees

and

their

inde-

pendent

legal

counsel,

taxes

and

other

extraordinary

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

costs

such

as

(i) dividend

expenses

on

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

to

an

expense

offset

agreement,

if

applicable.

The

Management

Fee

rate

payable

by

each

Fund

is

set

forth

in

the

following

table:

The

Investment

Adviser

has

contractually

agreed

to

reimburse

a

portion

of

the

operating

expenses

of

each

Fund

(other

than

Rule

12b-1

fees,

tax

expenses,

ex-

traordinary

expenses,

and

acquired

fund

fees

and

ex-

penses

("AFFE"))

so

the

"Total

Annual

Fund

Operating

Expenses

After

Expense

Reimbursement"

do

not

ex-

ceed

the

Fund's

Management

Fee

plus

(+)

0.0049%.

In

the

case

of

the

FlexShares®

Real

Assets

Allocation

Index

Fund,

the

Investment

Adviser

has

contractually

agreed

to

waive

Management

Fees

or

reimburse

certain

expenses

in

an

amount

equal

to

the

AFFE

attributable

to

the

Fund's

investments

in

its

Underlying

Funds.

In

the

case

of

the

FlexShares®

Core

Select

Bond

Fund,

the

Investment

Adviser

has

contractually

agreed

to

waive

Management

Fees

or

reimburse

certain

expenses

in

an

amount

equal

to

the

sum

of

(a) any

AFFE

incurred

by

the

Fund

that

are

attributable

to

the

Fund's

investment

in

Underlying

Funds

managed

by

NTI

or

an

investment

adviser

controlling,

controlled

by,

or

under

common

control

with

NTI

("Affiliated

Funds");

and

(b) 0.05%

or

such

lesser

amount

in

AFFE

incurred

by

the

Fund

that

are

attributable

to

the

Fund's

investment

in

Underlying

Funds

that

are

not

Affiliated

Funds.

AFFE

are

expenses

incurred

indirectly

by

the

Fund

through

its

ownership

of

shares

in

other

investment

companies.

Because

AFFE

are

not

direct

expenses

of

a

Fund,

they

are

not

reflected

on

a

Fund's

financial

statements.

The

contractual

ex-

pense

reimbursement

arrangements

are

expected

to

continue

until

at

least

March

1,

2026

and

will

continue

automatically

thereafter

for

periods

of

one

year

unless

terminated,

as

to

any

succeeding

renewal

year,

by

ei-

ther

party

upon

days'

written

notice

prior

to

the

end

of

the

current

term.

The

Board

may

terminate

the

con-

tractual

expense

reimbursement

agreements

discussed

above

with

respect

to

any

Fund

at

any

time

if

it

deter-

mines

that

it

is

in

the

best

interest

of

a

Fund

and

its

shareholders.

These

expenses

and

the

reimbursements

are

shown

as

"Investment

advisory

fees

reimbursed"

on

the

Statements

of

Operations.

The

Investment

Adviser

may

voluntarily

waive

or

reim-

burse

additional

management

fees

or

expenses.

Any

Fund

Unitary

Management

Fee

FlexShares®

US

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

US

Market

Factor

Tilt

Index

Fund

0.25%

FlexShares®

Morningstar

Developed

Markets

ex-

US

Factor

Tilt

Index

Fund

0.39%

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

0.57%

FlexShares®

US

Quality

Large

Cap

Index

Fund

0.25%

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

0.32%

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

0.42%

FlexShares®

ESG &

Climate

US

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®

Real

Assets

Allocation

Index

Fund

0.49%

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%

FlexShares®

Disciplined

Duration

MBS

Index

Fund

0.20%

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

0.15%

FlexShares®

Credit-Scored

US

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* 

*to* 

*December* 

*20,* 

*2024,* 

*the* 

*investment* 

*advisory* 

*fee* 

*for* 

*FlexShares®* 

*US* 

*Quality* 

*Low* 

*Volatility* 

*Index* 

*Fund* 

*was* 

*0.17%.*

*\*\**

*Prior* 

*to* 

*December* 

*20,* 

*2024,* 

*the* 

*investment* 

*advisory* 

*fee* 

*for* 

*FlexShares®* 

*Developed* 

*Markets* 

*ex-US* 

*Quality* 

*Low* 

*Volatility* 

*Index* 

*Fund* 

*was* 

*0.32%.*

*\*\*\**

*Prior* 

*to* 

*December* 

*20,* 

*2024,* 

*the* 

*investment* 

*advisory* 

*fee* 

*for* 

*FlexShares®* 

*Emerging* 

*Markets* 

*Quality* 

*Low* 

*Volatility* 

*Index* 

*Fundwas* 

*0.40%.*

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

such

additional

voluntary

expense

reimbursement

or

fee

waiver

could

be

implemented,

increased

or

decreased,

or

discontinued

at

any

time.

Amounts

waived

or

reim-

bursed

by

the

Investment

Adviser

pursuant

to

voluntary

or

contractual

agreements

discussed

above

may

not

be

recouped

by

the

Investment

Adviser.

These

waivers

and/or

reimbursements

are

shown

as

"Investment

advi-

sory

fees

reimbursed"

on

the

Statements

of

Operations.

5. #### Administration

#### Fees
Per

terms

of

agreements

JPMorgan

Chase

Bank,

N.A.

(the

"Administrator")

serves

as

administrator

of

the

Funds.

The

Administrator

provides

certain

adminis-

trative

services

to

the

Funds.

For

these

services,

the

Administrator

is

entitled

to

certain

fees

and

reasonable

out-of-pocket

expenses.

These

fees

and

expenses

are

Covered

Expenses

as

defined

above.

6. #### Custodian

#### Fees
JPMorgan

Chase

Bank,

N.A.

(the

"Custodian")

acts

as

custodian

for

the

Funds

in

accordance

with

a

Global

Custody

Agreement.

The

Custodian

holds

cash,

secu-

rities

and

other

assets

of

the

Funds

as

required

by

the

1940

Act.

As

compensation

for

the

services

rendered

under

the

agreement,

the

Custodian

is

entitled

to

fees

and

reasonable

out-of-pocket

expenses.

These

fees

and

expenses

are

Covered

Expenses

as

defined

above.

7. #### Trustees

#### Fees
The

Trust

compensates

each

Trustee

who

is

not

an

offi-

cer,

director

or

employee

of

Northern

Trust

Corporation,

or

its

subsidiaries,

for

his

or

her

services

as

a

Trustee

of

the

Trust

and

as

a

member

of

Board

committees.

The

Trust

has

adopted

a

deferred

compensation

plan

(the

"DC

Plan")

for

its

Trustees

who

are

not

officers

of

Northern

Trust

or

NTI.

Under

the

DC

Plan,

Indepen-

dent

Trustees

may

elect

to

defer

all

or

a

portion

of

their

compensation.

The

amount

deferred

is

adjusted

peri-

odically

based

upon

the

performance

of

the

investment

options

selected

by

the

Trustees.

The

investment

op-

tions

currently

available

under

the

DC

Plan

are

the

Flex-

Shares®

Morningstar

US

Market

Factor

Tilt

Index

Fund,

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund,

FlexShares®

STOXX®

US

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

related

to

the

DC

Plan

are

stated

on

the

Statements

of

Operations.

8. #### Distribution

#### and

#### Service

#### Plan
ACA

Foreside,

formerly

known

as

Foreside

Fund

Ser-

vices,

LLC

(the

"Distributor")

serves

as

the

Funds'

dis-

tributor

and

distributes

Creation

Units

(as

described

in

Note

9)

for

each

Fund

on

an

agency

basis.

The

Distribu-

tor

does

not

receive

a

fee

from

the

Funds

for

its

distribu-

tion

services.

However,

it

receives

compensation

from

NTI

for

its

services

as

distributor

pursuant

to

a

separate

letter

agreement

between

it

and

NTI.

The

Trust

has

adopted

a

Distribution

and

Service

Plan

("the

Plan")

pursuant

to

Rule

12b-1

under

the

1940

Act.

Payments

to

financial

intermediaries

under

the

Plan

are

tied

directly

to

their

own

out-of-pocket

expenses.

The

Plan

has

not

been

implemented

with

respect

to

the

Funds.

The

Plan

may

not

be

implemented

without

further

Board

approval.

The

maximum

distribution

fee

is

0.25%

of

each

Fund's

respective

average

daily

net

assets

under

the

Plan.

The

Funds

did

not

pay

any

12b-1

fees

during

the

fiscal

year.

9. #### Issuance

#### and

#### Redemption

#### of

#### Fund

#### Shares
Each

Fund

only

issues

and

redeems

shares

to

Autho-

rized

Participants

in

exchange

for

the

deposit

or

delivery

of

a

basket

of

assets

(securities

and/or

cash),

in

large

blocks

known

as

Creation

Units,

each

of

which

is

com-

prised

of

a

specified

number

of

shares.

Retail

investors

may

only

purchase

and

sell

fund

shares

in

the

secondary

market

through

a

broker-dealer

and

such

transactions

may

be

subject

to

customary

commis-

sion

and

fee

rates

imposed

by

the

broker-dealer.

Authorized

Participants

may

pay

transaction

fees

to

off-

set

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units.

The

transaction

fees

are

paid

directly

to

the

Fund

and

used

to

offset

Fund

custody

fees.

Certain

fees

or

costs

as-

sociated

with

Creation

Unit

purchases

may

be

paid

by

NTI

in

certain

circumstances.

In

addition,

the

Trust

may

from

time

to

time

waive

the

standard

transaction

fee.

The

net

custody

fees

charged

to

the

Fund

are

paid

for

by

the

Investment

Adviser

through

the

Fund's

Unitary

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

Fee.

Transaction

fees

remaining

in

the

Funds

were

as

follows:

The

FlexShares®

Real

Assets

Allocation

Index

Fund,

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund,

FlexShares®

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

and

the

FlexShares®

Core

Select

Bond

Fund

do

not

charge

standard

creation

unit

transaction

fees.

10. #### Investment

#### Transactions
For

the period

ended

April

30,

2025,

the

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index,

FlexShares®

iBoxx

5-Year

Target

Duration

TIPS

Index

and

Flex-

Shares®

Disciplined

Duration

MBS

Index

Funds

invested

solely

in

U.S.

Government,

including

U.S.

government

agency,

securities.

The

cost

of

securities

purchased

by

each

Fund

and

proceeds

from

sales

of

securities,

excluding

short-term

securities,

derivatives

and

in-kind

transactions

for

the period

ended

April

30,

2025,

were

as

follows:

Fund

As

of

April

30,

2025

As

of

October

31,

2024

FlexShares®

US

Quality

Low

Volatility

Index

Fund

$

2,800

$

1,750

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

8,750

—

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

4,500

6,000

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

13,500

27,000

FlexShares®

US

Quality

Large

Cap

Index

Fund

11,500

9,500

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

2,800

2,450

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

6,000

15,000

FlexShares®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

1,500

1,000

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

11,500

—

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

52,500

49,500

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

36,000

22,000

FlexShares®

Global

Quality

Real

Estate

Index

Fund

8,000

16,000

FlexShares®

Quality

Dividend

Index

Fund

2,100

4,200

FlexShares®

Quality

Dividend

Defensive

Index

Fund

1,750

FlexShares®

International

Quality

Dividend

Index

Fund

31,500

17,500

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

14,000

—

FlexShares®

Disciplined

Duration

MBS

Index

Fund

2,400

4,000

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

3,750

4,250

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

500

1,500

FlexShares®

High

Yield

Value-

Scored

Bond

Index

Fund

15,750

12,250

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

750

Fund

Purchases

Sales

FlexShares®

US

Quality

Low

Volatility

Index

Fund

$

28,866,659

$

29,502,466

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

10,770,974

10,656,206

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

3,130,960

3,277,945

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

106,391,714

106,820,566

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

56,710,464

62,939,028

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

43,505,692

64,254,461

FlexShares®

US

Quality

Large

Cap

Index

Fund

40,869,576

36,483,157

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

19,559,712

20,311,406

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

26,411,834

29,781,805

FlexShares®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

11,121,972

11,311,250

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

6,774,392

6,790,361

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

694,523,374

811,327,993

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

195,276,183

215,868,055

FlexShares®

Global

Quality

Real

Estate

Index

Fund

97,439,465

98,533,298

FlexShares®

Real

Assets

Allocation

Index

Fund

280,584

275,525

FlexShares®

Quality

Dividend

Index

Fund

371,537,036

371,289,245

FlexShares®

Quality

Dividend

Defensive

Index

Fund

82,368,105

81,956,102

FlexShares®

International

Quality

Dividend

Index

Fund

194,491,657

191,321,393

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

21,030,390

23,829,349

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

913,871,614

928,574,925

FlexShares®

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

188,758,446

197,848,580

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

11. #### In-Kind

#### Transactions
During

the

period

ended

April

30,

2025,

certain

Funds

received

securities

in

exchange

for

subscriptions

of

shares

(subscriptions-in-kind).

For

the period

ended

April

30,

2025,

the

fair

value

of

the

securities

received

for

subscriptions

for

these

Funds

were

as

follows:

During

the

period

ended

April

30,

2025,

certain

Funds

delivered

securities

in

exchange

for

redemption

of

shares

(redemptions-in-kind).

For

financial

reporting

purposes,

these

Funds

recorded

net

realized

gains

and

losses

in

connection

with

each

transaction.

For

the peri-

od

ended

April

30,

2025,

the

fair

value

and

realized

gain

(losses)

of

the

securities

transferred

for

redemptions

for

these

Funds

were

as

follows:

Fund

Purchases

Sales

FlexShares®

Disciplined

Duration

MBS

Index

Fund

15,277,121

25,799,935

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

211,637,556

211,706,951

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

24,378,373

24,510,503

FlexShares®

High

Yield

Value-

Scored

Bond

Index

Fund

595,522,938

618,231,571

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

5,349,212

4,770,641

FlexShares®

Ultra-Short

Income

Fund

469,234,184

380,649,161

FlexShares®

Core

Select

Bond

Fund

32,319,407

34,267,223

Fund

Fair

Value

FlexShares®

US

Quality

Low

Volatility

Index

Fund

\*

$

30,771,477

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

\*

6,574,773

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

10,892,316

FlexShares®

US

Quality

Large

Cap

Index

Fund

98,097,163

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

13,439,630

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

3,944,510

FlexShares®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

14,556,908

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

5,768,268

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

134,175,208

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

57,646,232

FlexShares®

Global

Quality

Real

Estate

Index

Fund

38,113,523

FlexShares®

Real

Assets

Allocation

Index

Fund

771,711

FlexShares®

Quality

Dividend

Index

Fund

267,141,191

FlexShares®

Quality

Dividend

Defensive

Index

Fund

55,549,344

FlexShares®

International

Quality

Dividend

Index

Fund

42,941,118

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

4,096,240

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

675,663,047

FlexShares®

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

131,186,091

Fund

Fair

Value

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

68,701,424

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

305,426,316

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

6,132,316

FlexShares®

Ultra-Short

Income

Fund

14,875,350

FlexShares®

Core

Select

Bond

Fund

2,727,185

Fund

Fair

Value

Net

Realized

FlexShares®

US

Quality

Low

Volatility

Index

Fund

$31,356,141

$7,470,560

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

5,104,760

750,934

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

44,063,285

28,631,049

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

11,816,267

3,577,074

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

2,050,441

462,859

FlexShares®

US

Quality

Large

Cap

Index

Fund

27,384,070

10,872,071

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

54,088,360

17,193,081

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

60,810,769

23,269,491

FlexShares®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

19,911,937

5,449,663

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

9,357,906

2,241,698

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

783,597,265

157,303,773

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

236,032,199

55,083,541

FlexShares®

Real

Assets

Allocation

Index

Fund

1,534,030

(22,240)

FlexShares®

Quality

Dividend

Index

Fund

312,357,958

76,097,179

FlexShares®

Quality

Dividend

Defensive

Index

Fund

51,278,545

16,005,734

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

5,752,225

511,276

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

61,296,920

1,153,868

FlexShares®

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

60,310,165

943,991

FLEXSHARES

SEMIANNUAL

REPORT

Notes

to

the

Financial

Statements

(cont.)

12. #### Guarantees

#### and

#### Indemnifications
In

the

normal

course

of

business

each

Fund

enters

into

contracts

with

third-party

service

providers

that

contain

a

variety

of

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

of

the

performance

of

their

duties

to

the

Funds.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown,

as

it

involves

possible

future

claims

that

may

or

may

not

be

made

against

the

Funds.

13. #### New

#### Accounting

#### Pronouncements
On

December

14,

2023,

the

FASB

issued

ASU

2023-09,

which

establishes

new

income

tax

disclosure

require-

ments

in

addition

to

modifying

and

eliminating

certain

existing

requirements.

Under

the

new

guidance,

enti-

ties

must

consistently

categorize

and

provide

greater

disaggregation

of

information

in

the

rate

reconciliation.

They

must

also

further

disaggregate

income

taxes

paid.

The

ASU's

disclosure

requirements

apply

to

all

entities

subject

to

ASC

740. As

the

FASB

notes

in

ASC

740-

10-50-11A,

the

"objective

of

these

disclosure

require-

ments

is

for

an

entity,

particularly

an

entity

operating

in

multiple

jurisdictions,

to

disclose

sufficient

information

to

enable

users

of

financial

statements

to

understand

the

nature

and

magnitude

of

factors

contributing

to

the

difference

between

the

effective

tax

rate

and

the

stat-

utory

tax

rate."

Public

business

entities

(PBEs)

must

apply

the

ASU's

guidance

to

annual

periods

beginning

after

December

15,

2024

(2025

for

calendar-year-end

PBEs).

Entities

other

than

PBEs

have

an

additional

year

to

adopt

it.

Management

does

not

believe

this

update

has

a

material

impact

on

the

Funds'

financial

statements

and

disclosures.

14. #### Global Instability
Unexpected

political,

regulatory

and

diplomatic

events

and

military

conflicts

around

the

world

may

affect

inves-

tor

and

consumer

confidence

and

may

adversely

impact

global

and

domestic

financial

markets

and

the

broader

economy. Such

conflicts

have

caused,

and

could

contin-

ue

to

cause,

significant

market

disruptions

and

volatility

within

specific

markets

and

globally.

The

hostilities

and

sanctions

resulting

from

those

conflicts

have,

and

could

continue

to

have,

a

significant

impact

on

certain

Fund

investments

as

well

as

Fund

performance

and

liquidity.

The

economies

of

the

United

States

and

its

trading

part-

ners,

as

well

as

the

financial

markets

generally,

may

be

adversely

impacted

by

trade

disputes

and

other

matters.

15. #### Subsequent

#### Events
Management

has

evaluated

subsequent

events

for

the

Funds

through

the

date

the

financial

statements

were

issued,

and

has

concluded

that

there

are

no

recognized

or

non-recognized

subsequent

events

relevant

for

finan-

cial

statement

disclosure.

Fund

Fair

Value

Net

Realized

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

18,600,577

109,097

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

10,186,679

410,977

FlexShares®

High

Yield

Value-

Scored

Bond

Index

Fund

451,389,143

6,431,067

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

6,199,427

(159,353)

FlexShares®

Ultra-Short

Income

Fund

21,096,586

145,491

FlexShares®

Core

Select

Bond

Fund

38,060,073

22,996

Form

N-CSR

-

Items

-

FLEXSHARES

SEMIANNUAL

REPORT

Item

8. Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

There

were

no

changes

in

or

disagreements

with

accountants

on

accounting

and

financial

disclosures

required

by

Item

of

Regulation

S-K

[17

CFR

229.304].

Item

9. Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

There

were

no

matters

submitted

during

the

period

covered

by

the

report

to

a

vote

of

shareholders,

through

the

solicitation

of

proxies

or

otherwise.

Item

10. Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

The

information

is

disclosed

as

part

of

the

financial

statements

for

each

Fund

as

part

of

Item

7:

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies.

Item

11. Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract.

There

were

no

approvals

or

renewals

of

investment

advisory

contracts

during

the

period

ended

April

30,

2025. FS00238-0625

FlexShares®

Trust

S. LaSalle

Street

Chicago,

IL

60603

855.353.9383 www.flexshares.com

FlexShares®

is

a

registered

trademark

of

NTI.

Morningstar®

is

a

registered

trademark

of

Morningstar,

Inc.

("Morningstar").

Morningstar®

US

Market

Factor

Tilt

Index

SM

,

Morningstar®

Developed

Markets

ex-US

Factor

Tilt

Index

SM

,

Morningstar®

Emerging

Markets

Factor

Tilt

Index

SM

,

and

Morningstar®

Global

Upstream

Natural

Resources

Index

SM

are

service

marks

of

Morningstar,

Inc.

STOXX

and

its

licensors

(the

"Licensors")

have

no

relationship

to

FlexShares®

Trust

other

than

the

licensing

of

the

STOXX®

USA

ESG

Select

KPIs

Index,

STOXX®

Global

ESG

Select

KPIs

Index

and

STOXX®

Global

Broad

Infrastructure

Index

and

the

related

trademarks

for

use

in

connection

with

the

FlexShares®

STOXX®

US

ESG

Select

Index

Fund,

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

and

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund,

respectively.

The

iBoxx

3-Year

Target

Duration

TIPS

Index

and

iBoxx

5-Year

Target

Duration

TIPS

Index

are

each

the

property

of

Markit

North

America,

Inc.

("Markit")

and

have

been

licensed

for

use

in

connection

the

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

and

the

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund,

respectively.

Northern

Trust

Quality

Low

Volatility

Index

SM

,

Northern

Trust

Developed

Markets

ex-US

Quality

Low

Volatility

Index

SM

,

Northern

Trust

Emerging

Markets

Quality

Low

Volatility

Index

SM

,

Northern

Trust

Quality

Large

Cap

Index

SM

,

Northern

Trust

ESG

&

Climate

US

Large

Cap

Core

Index

SM

,

Northern

Trust

ESG

&

Climate

Developed

Markets

ex-US

Core

Index

SM

,

Northern

Trust

Quality

Dividend

Index

SM

,

Northern

Trust

Quality

Dividend

Defensive

Index

SM

,

Northern

Trust

International

Quality

Dividend

Index

SM

,

Northern

Trust

International

Quality

Dividend

Defensive

Index

SM

,

Northern

Trust

Global

Quality

Real

Estate

Index

SM

,

Northern

Trust

Credit-Scored

US

Corporate

Bond

Index

SM

,

Northern

Trust

Credit-Scored

US

Long

Corporate

Bond

Index

SM

,

Northern

Trust

Real

Assets

Allocation

Index

SM

,

Northern

Trust

High

Yield

US

Corporate

Bond

Index

SM

,

Northern

Trust

High

Yield

Value-Scored

US

Corporate

Bond

Index

SM

,

and

Northern

Trust

ESG

&

Climate

Investment

Grade

U.S.

Corporate

Core

Index

SM

are

service

marks

of

NTI

and

have

been

licensed

for

use

by

FlexShares

Trust.

The

ICE®

BofA®

Constrained

Duration

US

Mortgage

Backed

Securities

IndexSM

are

trademarks

of

ICE

Data

Indices,

LLC

or

its

affiliates

("ICE")

and

have

been

licensed

for

use

by

NTI.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not Applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not Applicable.

**Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated** **Purchasers.**

Not Applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**Item 16. Controls and Procedures.** 

(a) The Registrant's principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a - 3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not Applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.** 

(a)(1)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable for this reporting period.

(a)(2) &nbsp;&nbsp;&nbsp;&nbsp; Not Applicable.

(a)(3)&nbsp;&nbsp;&nbsp;&nbsp; Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. [ex99cert.docx](ex99cert.htm)

(a)(4)&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable.

(a)(5)&nbsp;&nbsp;&nbsp;&nbsp; There has been no change to the registrant's independent public accountant during the reporting period.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto. [ex99906cert.docx](ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FlexShares<sup>®</sup> Trust

By: &nbsp;&nbsp;&nbsp;&nbsp;

/s/ Kevin O'Rourke

Kevin O'Rourke

President and Principal Executive Officer

July 2, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: &nbsp;&nbsp;&nbsp;&nbsp;

/s/ Kevin O'Rourke

Kevin O'Rourke

President and Principal Executive Officer

July 2, 2025

By: &nbsp;&nbsp;&nbsp;&nbsp;

/s// Randal E. Rein

Randal E. Rein

Treasurer and Principal Financial Officer

July 2, 2025

## Ex-99.Cert

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002:

I, Kevin O'Rourke certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of FlexShares<sup>®</sup> Trust;

2. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. &nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)

&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; July 2, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: /s/ Kevin O'Rourke <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Kevin O'Rourke

President and Principal Executive Officer

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002:

I, Randal E. Rein, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of FlexShares<sup>®</sup> Trust;

2. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. &nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)

&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; July 2, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: /s/ Randal E. Rein

Randal E. Rein

Treasurer and Principal Financial Officer

## Exhibit 99.906

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of FlexShares<sup>®</sup> Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: July 2, 2025

By: &nbsp;&nbsp;&nbsp;&nbsp; /s/Kevin O'Rourke

Kevin O'Rourke

President and Principal Executive Officer

By: &nbsp;&nbsp;&nbsp;&nbsp; /s/Randal Rein

Randal E. Rein

Treasurer and Principal Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.