FlexShares Trust (QLC) N-CSRS Certified semi-annual shareholder report (management investment company)

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: 811-22555

FlexShares Trust

(Exact name of registrant as specified in charter)

50 South LaSalle Street

Chicago, Illinois 60603

(Address of principal executive offices) (Zip code)

Michael Mabry, Esq.

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, Pennsylvania 19103-6996

(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

Chicago, Illinois 60603

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: 855-353-9383

Date of fiscal year end: October 31

Date of reporting period: April 30, 2022

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 (17 CFR 270.30e-1).

FlexShares^® Trust

Semiannual Report

April 30, 2022

Table of Contents

Statements of Assets and Liabilities	2
Statements of Operations	10
Statements of Changes in Net Assets	18
Financial Highlights	34
Schedules of Investments	67
FlexShares® US Quality Low Volatility Index Fund	67
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund	71
FlexShares® Emerging Markets Quality Low Volatility Index Fund	78
FlexShares® Morningstar US Market Factor Tilt Index Fund	83
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund	125
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund	172
FlexShares® US Quality Large Cap Index Fund	221
FlexShares® STOXX® US ESG Select Index Fund	226
FlexShares® STOXX® Global ESG Select Index Fund	233
FlexShares® ESG  & Climate US Large Cap Core Index Fund	248
FlexShares® ESG  & Climate Developed Markets ex-US Core Index Fund	253
FlexShares® ESG  & Climate Emerging Markets Core Index Fund	262
FlexShares® Morningstar Global Upstream Natural Resources Index Fund	268
FlexShares® STOXX® Global Broad Infrastructure Index Fund	275
FlexShares® Global Quality Real Estate Index Fund	282
FlexShares® Real Assets Allocation Index Fund	287
FlexShares® Quality Dividend Index Fund	288
FlexShares® Quality Dividend Defensive Index Fund	293
FlexShares® Quality Dividend Dynamic Index Fund	298
FlexShares® International Quality Dividend Index Fund	305
FlexShares® International Quality Dividend Defensive Index Fund	310
FlexShares® International Quality Dividend Dynamic Index Fund	317
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund	324
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund	325
FlexShares® Disciplined Duration MBS Index Fund	326
FlexShares® Credit-Scored US Corporate Bond Index Fund	331
FlexShares® Credit-Scored US Long Corporate Bond Index Fund	347
FlexShares® High Yield Value-Scored Bond Index Fund	356
FlexShares® ESG  & Climate High Yield Corporate Core Index Fund	375
FlexShares® ESG  & Climate Investment Grade Corporate Core Index Fund	390
FlexShares® Ready Access Variable Income Fund	399
FlexShares® Core Select Bond Fund	412
Notes to the Financial Statements	415
Fund Expenses	463
Liquidity Risk Management Program	467
Approval of Advisory Agreement	468
Supplemental Information	471
For More Information	484

FlexShares^® Trust

Statements of Assets and Liabilities April 30, 2022(Unaudited)

	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	$	140,491,034	$	66,363,409	$	14,445,142		$	942,368,425
Affiliate securities, at cost		—		—		—			457,315
Securities Lending Reinvestments, at cost		—		968,888		—			224,504,072
Securities, at value†		159,611,468		67,897,986		14,728,604			1,487,531,138
Affiliate securities, at value		—		—		—			639,322
Securities Lending Reinvestments, at value		—		968,888		—			224,509,853
Cash		1,915,287		296,153		140,681			8,181,959
Cash segregated at broker*		5,266		121,465		25,220			889,559
Foreign cash††		—		494,578		75,429			—
Restricted cash**		—		—		—			—
Due from Authorized Participant		—		—		—			—
Unrealized appreciation on forward foreign currency contracts		—		46,852		—			—
Receivables:
Dividends and interest		109,539		497,488		25,636			951,748
Securities lending income		755		663		—			38,534
Capital shares issued		—		—		—			—
Investment adviser		601		298		56			6,657
Securities sold		—		—		—			—
Variation margin on futures contracts		—		—		1,456			—
Total Assets		161,642,916		70,324,371		14,997,082			1,722,748,770
LIABILITIES
Cash overdraft		—		—		—			—
Unrealized depreciation on forward foreign currency contracts		—		19,702		7			—
Due to brokers		36,890		—		—			—
Payables:
Cash collateral received from securities loaned		—		968,888		—			224,498,570
Deferred compensation (Note 7)		6,668		3,769		670			160,443
Investment advisory fees (Note 4)		30,557		19,272		4,981			326,831
Trustee fees (Note 7)		1,318		649		139			15,215
Securities purchased		—		—		—			302,616
Deferred non-US capital gains taxes		—		—		26,014			—
Due to Authorized Participant		—		—		—			—
Variation margin on futures contracts		44,808		44,736		—			452,746
Capital shares redeemed		—		—		—			1,708
Other		700		2,250		—			1,500
Total Liabilities		120,941		1,059,266		31,811			225,759,629
Net Assets	$	161,521,975	$	69,265,105	$	14,965,271		$	1,496,989,141
NET ASSETS CONSIST OF:
Paid-in capital	$	138,978,179	$	68,069,095	$	15,170,847		$	912,802,399
Distributable earnings (loss)		22,543,796		1,196,010		(205,576	)		584,186,742
Net Assets	$	161,521,975	$	69,265,105	$	14,965,271		$	1,496,989,141
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		3,100,001		2,700,001		600,001			9,400,001
Net Asset Value	$	52.10	$	25.65	$	24.94		$	159.25
† Securities on loan, at value	$	8,082,484	$	1,820,532	$	—		$	273,615,671
†† Cost of foreign cash	$	—	$	509,148	$	75,724		$	—

* Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30.

** Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units.

See Accompanying Notes to the Financial Statements.

2 FLEXSHARES SEMIANNUAL REPORT

Statements of Assets and Liabilities (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
ASSETS
Securities, at cost	$	497,335,966		$	240,653,989		$	121,600,985	$	171,124,663
Affiliate securities, at cost		—			—			—		126,155
Securities Lending Reinvestments, at cost		20,154,710			1,939,381			—		248,877
Securities, at value†		541,709,255			268,198,880			138,992,889		180,067,420
Affiliate securities, at value		—			—			—		112,840
Securities Lending Reinvestments, at value		20,154,710			1,939,381			—		248,877
Cash		2,907,819			152,492			1,706,009		667,652
Cash segregated at broker*		1,303,381			155,851			295,182		95,953
Foreign cash††		4,620,790			348,121			—		—
Restricted cash**		—			—			—		—
Due from Authorized Participant		—			—			—		—
Unrealized appreciation on forward foreign currency contracts		145,305			34,473			—		—
Receivables:
Dividends and interest		5,222,318			737,952			106,364		156,018
Securities lending income		38,309			12,346			1,101		762
Capital shares issued		—			—			1,186,821		—
Investment adviser		2,613			1,414			598		846
Securities sold		10,873,352			66,126			—		—
Variation margin on futures contracts		130,532			—			—		—
Total Assets		587,108,384			271,647,036			142,288,964		181,350,368
LIABILITIES
Cash overdraft		—			—			—		—
Unrealized depreciation on forward foreign currency contracts		264,535			8,641			—		—
Due to brokers		—			—			—		—
Payables:
Cash collateral received from securities loaned		20,154,710			1,939,381			—		248,877
Deferred compensation (Note 7)		91,412			45,819			6,663		8,145
Investment advisory fees (Note 4)		187,985			138,090			38,806		50,862
Trustee fees (Note 7)		5,706			2,992			1,164		1,587
Securities purchased		3,877			69			1,162,180		—
Deferred non-US capital gains taxes		—			824,320			—		—
Due to Authorized Participant		—			3,469			—		—
Variation margin on futures contracts		—			29,584			56,016		49,363
Capital shares redeemed		12,872,599			—			—		—
Other		13,500			50,000			2,500		—
Total Liabilities		33,594,324			3,042,365			1,267,329		358,834
Net Assets	$	553,514,060		$	268,604,671		$	141,021,635	$	180,991,534
NET ASSETS CONSIST OF:
Paid-in capital	$	611,403,371		$	302,405,456		$	125,063,483	$	167,061,361
Distributable earnings (loss)		(57,889,311	)		(33,800,785	)		15,958,152		13,930,173
Net Assets	$	553,514,060		$	268,604,671		$	141,021,635	$	180,991,534
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		8,600,001			5,000,001			3,075,001		1,825,001
Net Asset Value	$	64.36		$	53.72		$	45.86	$	99.17
† Securities on loan, at value	$	79,077,868		$	9,267,693		$	10,583,830	$	3,994,982
†† Cost of foreign cash	$	4,790,050		$	335,967		$	—	$	—

* Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30.

** Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 3

Statements of Assets and Liabilities (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® ESG & Climate Emerging Markets Core Index Fund
ASSETS
Securities, at cost	$	141,113,185		$	13,715,807		$	19,041,956		$	4,943,860
Affiliate securities, at cost		—			—			—			—
Securities Lending Reinvestments, at cost		2,134,066			—			—			—
Securities, at value†		162,192,893			12,976,705			17,759,098			4,831,794
Affiliate securities, at value		—			—			—			—
Securities Lending Reinvestments, at value		2,134,066			—			—			—
Cash		765,397			86,523			119,601			62,950
Cash segregated at broker*		175,072			200			41,040			6,998
Foreign cash††		626,875			1,022			67,947			1,363
Restricted cash**		429	(1)		—			11,524			441,975
Due from Authorized Participant		—			—			—			—
Unrealized appreciation on forward foreign currency contracts		48,271			—			11,248			—
Receivables:
Dividends and interest		482,476			7,047			57,615			1,394
Securities lending income		2,330			—			—			—
Capital shares issued		—			—			—			—
Investment adviser		815			—			44			2
Securities sold		4,490,739			—			271			—
Variation margin on futures contracts		—			—			—			—
Total Assets		170,919,363			13,071,497			18,068,388			5,346,476
LIABILITIES
Cash overdraft		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		12,365			—			12,994			—
Due to brokers		—			—			—			—
Payables:
Cash collateral received from securities loaned		2,134,495			—			—			—
Deferred compensation (Note 7)		9,483			30			60			—
Investment advisory fees (Note 4)		59,538			722			1,661			240
Trustee fees (Note 7)		1,615			10			46			8
Securities purchased		4,876,451			27,193			79			—
Deferred non-US capital gains taxes		—			—			—			34
Due to Authorized Participant		—			—			11,524			441,975
Variation margin on futures contracts		72,291			2,548			7,383			1,545
Capital shares redeemed		—			—			—			—
Other		13,000			2,500			13,500			—
Total Liabilities		7,179,238			33,003			47,247			443,802
Net Assets	$	163,740,125		$	13,038,494		$	18,021,141		$	4,902,674
NET ASSETS CONSIST OF:
Paid-in capital	$	135,703,467		$	13,788,265		$	19,322,886		$	5,000,000
Distributable earnings (loss)		28,036,658			(749,771	)		(1,301,745	)		(97,326	)
Net Assets	$	163,740,125		$	13,038,494		$	18,021,141		$	4,902,674
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		1,250,001			275,000			400,000			100,000
Net Asset Value	$	130.99		$	47.41		$	45.05		$	49.03
† Securities on loan, at value	$	9,543,032		$	—		$	—		$	—
†† Cost of foreign cash	$	644,419		$	1,051		$	69,511		$	1,376

* Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30.

** Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units.

⁽¹⁾  Uninvested cash collateral received for securities on loan in the amount of $429.

See Accompanying Notes to the Financial Statements.

4 FLEXSHARES SEMIANNUAL REPORT

Statements of Assets and Liabilities (cont.)

	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
ASSETS
Securities, at cost	$	6,127,170,314	$	2,321,364,371		$	369,596,680	$	—
Affiliate securities, at cost		—		—			—		51,938,053
Securities Lending Reinvestments, at cost		202,359,834		38,469,275			6,052,675		—
Securities, at value†		8,090,675,445		2,520,492,194			405,054,763		—
Affiliate securities, at value		—		—			—		52,218,833
Securities Lending Reinvestments, at value		202,364,005		38,469,275			6,052,675		—
Cash		21,917,643		5,818,003			11,047,912		2,130
Cash segregated at broker*		4,831,220		3,299,588			1,401,965		—
Foreign cash††		7,844,669		5,340,092			2,056,825		—
Restricted cash**		80,357		472,628	(1)		—		—
Due from Authorized Participant		117,365		—			—		—
Unrealized appreciation on forward foreign currency contracts		2,243,935		1,093,330			13,046		—
Receivables:
Dividends and interest		21,566,199		6,316,072			698,897		—
Securities lending income		48,761		34,334			5,302		—
Capital shares issued		13,500,535		—			—		—
Investment adviser		24,031		10,359			1,795		138
Securities sold		4,433,543		3,710,928			13,394		1,348,611
Variation margin on futures contracts		—		—			—		—
Total Assets		8,369,647,708		2,585,056,803			426,346,574		53,569,712
LIABILITIES
Cash overdraft		—		—			—		—
Unrealized depreciation on forward foreign currency contracts		2,246,482		1,154,235			84,549		—
Due to brokers		—		—			—		—
Payables:
Cash collateral received from securities loaned		202,348,694		38,480,637			6,052,675		—
Deferred compensation (Note 7)		568,944		168,757			31,415		1,008
Investment advisory fees (Note 4)		3,115,096		1,022,232			163,452		5,503
Trustee fees (Note 7)		40,060		22,364			3,515		116
Securities purchased		13,176,214		7,688			—		1,357,358
Deferred non-US capital gains taxes		1,204,319		1,413,613			—		—
Due to Authorized Participant		80,357		1,465,300			—		—
Variation margin on futures contracts		1,580,640		641,389			314,712		—
Capital shares redeemed		4,514,160		2,729,005			—		—
Other		49,500		10,000			2,000		—
Total Liabilities		228,924,466		47,115,220			6,652,318		1,363,985
Net Assets	$	8,140,723,242	$	2,537,941,583		$	419,694,256	$	52,205,727
NET ASSETS CONSIST OF:
Paid-in capital	$	7,051,246,245	$	2,458,245,199		$	394,147,294	$	52,232,038
Distributable earnings (loss)		1,089,476,997		79,696,384			25,546,962		(26,311	)
Net Assets	$	8,140,723,242	$	2,537,941,583		$	419,694,256	$	52,205,727
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		180,900,001		46,500,001			6,300,001		1,575,001
Net Asset Value	$	45.00	$	54.58		$	66.62	$	33.15
† Securities on loan, at value	$	543,174,950	$	130,306,071		$	42,566,894	$	—
†† Cost of foreign cash	$	8,179,562	$	5,419,233		$	2,116,480	$	—

* Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30.

** Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units.

⁽¹⁾  Uninvested cash collateral received for securities on loan in the amount of $11,362.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 5

Statements of Assets and Liabilities (cont.)

	FlexShares® Quality Dividend Index Fund		FlexShares® Quality Dividend Defensive Index Fund		FlexShares® Quality Dividend Dynamic Index Fund		FlexShares® International Quality Dividend Index Fund
ASSETS
Securities, at cost	$	1,327,698,109	$	337,126,729	$	17,097,999	$	563,553,925
Affiliate securities, at cost		—		—		—		—
Securities Lending Reinvestments, at cost		147,554,010		26,521,823		228,520		15,101,779
Securities, at value†		1,617,736,640		389,915,667		20,410,215		553,427,055
Affiliate securities, at value		—		—		—		—
Securities Lending Reinvestments, at value		147,555,458		26,521,823		228,520		15,101,779
Cash		7,960,699		4,608,540		211,300		6,088,953
Cash segregated at broker*		776,002		532,538		44,538		1,512,064
Foreign cash††		—		—		—		4,777,993
Restricted cash**		—		—		—		—
Due from Authorized Participant		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		324,486
Receivables:
Dividends and interest		2,054,001		492,518		27,479		4,520,829
Securities lending income		39,908		9,476		487		28,562
Capital shares issued		—		—		—		—
Investment adviser		6,685		1,787		93		2,508
Securities sold		—		—		2,217		—
Variation margin on futures contracts		—		—		—		168,649
Total Assets		1,776,129,393		422,082,349		20,924,849		585,952,878
LIABILITIES
Cash overdraft		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		471,165
Due to brokers		—		—		—		—
Payables:
Cash collateral received from securities loaned		147,549,869		26,521,823		228,520		15,101,779
Deferred compensation (Note 7)		178,024		43,153		6,093		73,676
Investment advisory fees (Note 4)		517,623		129,025		6,588		227,880
Trustee fees (Note 7)		13,813		3,886		189		5,339
Securities purchased		—		—		—		10,583
Deferred non-US capital gains taxes		—		—		—		—
Due to Authorized Participant		—		—		—		—
Variation margin on futures contracts		340,842		164,200		8,960		—
Capital shares redeemed		—		—		—		—
Other		6,000		4,250		750		8,500
Total Liabilities		148,606,171		26,866,337		251,100		15,898,922
Net Assets	$	1,627,523,222	$	395,216,012	$	20,673,749	$	570,053,956
NET ASSETS CONSIST OF:
Paid-in capital	$	1,313,665,811	$	335,213,884	$	16,700,838	$	724,658,056
Distributable earnings (loss)		313,857,411		60,002,128		3,972,911		(154,604,100	)
Net Assets	$	1,627,523,222	$	395,216,012	$	20,673,749	$	570,053,956
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		29,150,001		7,400,001		350,001		25,000,001
Net Asset Value	$	55.83	$	53.41	$	59.07	$	22.80
† Securities on loan, at value	$	195,375,435	$	37,545,141	$	1,202,024	$	52,163,598
†† Cost of foreign cash	$	—	$	—	$	—	$	4,859,556

* Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30.

** Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units.

See Accompanying Notes to the Financial Statements.

6 FLEXSHARES SEMIANNUAL REPORT

Statements of Assets and Liabilities (cont.)

		FlexShares® International Quality Dividend Defensive Index Fund			FlexShares® International Quality Dividend Dynamic Index Fund			FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund			FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund
ASSETS
Securities, at cost		$	60,098,632		$	79,879,120		$	2,166,008,617		$	823,613,215
Affiliate securities, at cost			—			—			—			—
Securities Lending Reinvestments, at cost			1,465,336			1,766,975			—			—
Securities, at value†			61,300,121			75,802,678			2,151,600,078			811,141,771
Affiliate securities, at value			—			—			—			—
Securities Lending Reinvestments, at value			1,465,336			1,766,975			—			—
Cash			195,829			966,768			491,403			158,433
Cash segregated at broker*			134,083			188,634			—			—
Foreign cash††			523,209			232,341			—			—
Restricted cash**			—			—			—			—
Due from Authorized Participant			—			—			—			—
Unrealized appreciation on forward foreign currency contracts			50,107			36,125			—			—
Receivables:
Dividends and interest			583,722			528,137			2,427,238			1,127,970
Securities lending income			3,763			6,056			3,434			3,703
Capital shares issued			—			—			—			5,306,928
Investment adviser			283			360			3,914			2,516
Securities sold			342,374			—			1,754,393			—
Variation margin on futures contracts			—			—			—			—
Total Assets			64,598,827			79,528,074			2,156,280,460			817,741,321
LIABILITIES
Cash overdraft			—			—			—			—
Unrealized depreciation on forward foreign currency contracts			3,639			4,996			—			—
Due to brokers			—			—			—			—
Payables:
Cash collateral received from securities loaned			1,465,336			1,766,975			—			—
Deferred compensation (Note 7)			9,781			5,951			259,068			94,231
Investment advisory fees (Note 4)			25,907			31,245			306,582			120,362
Trustee fees (Note 7)			632			632			9,102			5,541
Securities purchased			—			—			1,753,133			5,308,233
Deferred non-US capital gains taxes			—			28,216			—			—
Due to Authorized Participant			330,089			—			—			—
Variation margin on futures contracts			42,159			48,868			—			—
Capital shares redeemed			—			—			—			—
Other			3,500			3,500			—			—
Total Liabilities			1,881,043			1,890,383			2,327,885			5,528,367
Net Assets		$	62,717,784		$	77,637,691		$	2,153,952,575		$	812,212,954
NET ASSETS CONSIST OF:
Paid-in capital		$	84,671,666		$	95,694,025		$	2,190,678,485		$	818,744,665
Distributable earnings (loss)	��		(21,953,882	)		(18,056,334	)		(36,725,910	)		(6,531,711	)
Net Assets		$	62,717,784		$	77,637,691		$	2,153,952,575		$	812,212,954
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)			2,900,001			2,900,001			83,804,000			30,600,001
Net Asset Value		$	21.63		$	26.77		$	25.70		$	26.54
† Securities on loan, at value		$	5,080,629		$	5,315,295		$	196,220,377		$	97,755,280
†† Cost of foreign cash		$	530,158		$	237,430		$	—		$	—

* Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30.

** Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 7

Statements of Assets and Liabilities (cont.)

	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
ASSETS
Securities, at cost	$	109,644,947		$	264,573,693		$	56,021,111		$	920,190,750
Affiliate securities, at cost		—			—			—			—
Securities Lending Reinvestments, at cost		—			—			—			—
Securities, at value†		102,737,009			242,634,200			46,122,793			852,591,488
Affiliate securities, at value		—			—			—			—
Securities Lending Reinvestments, at value		—			—			—			—
Cash		4,516,197			3,046,551			604,761			14,769,186
Cash segregated at broker*		—			—			—			—
Foreign cash††		—			—			—			—
Restricted cash**		—			—			—			—
Due from Authorized Participant		—			—			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			—
Receivables:
Dividends and interest		299,285			2,176,164			577,397			15,988,229
Securities lending income		—			—			—			—
Capital shares issued		—			—			—			—
Investment adviser		419			1,219			238			2,284
Securities sold		7,422,473			10,293,639			2,940,480			72,884,924
Variation margin on futures contracts		—			—			—			—
Total Assets		114,975,383			258,151,773			50,245,669			956,236,111
LIABILITIES
Cash overdraft		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		—			—			—			—
Due to brokers		—			—			—			—
Payables:
Cash collateral received from securities loaned		—			—			—			—
Deferred compensation (Note 7)		7,517			16,117			3,628			14,990
Investment advisory fees (Note 4)		18,182			45,715			8,885			262,802
Trustee fees (Note 7)		981			2,927			545			3,272
Securities purchased		6,905,561			11,942,357			3,256,159			79,449,553
Deferred non-US capital gains taxes		—			—			—			—
Due to Authorized Participant		—			—			—			—
Variation margin on futures contracts		—			—			—			—
Capital shares redeemed		—			—			—			—
Other		1,600			1,500			—			6,500
Total Liabilities		6,933,841			12,008,616			3,269,217			79,737,117
Net Assets	$	108,041,542		$	246,143,157		$	46,976,452		$	876,498,994
NET ASSETS CONSIST OF:
Paid-in capital	$	122,095,074		$	272,242,675		$	57,927,253		$	953,344,046
Distributable earnings (loss)		(14,053,532	)		(26,099,518	)		(10,950,801	)		(76,845,052	)
Net Assets	$	108,041,542		$	246,143,157		$	46,976,452		$	876,498,994
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		5,050,001			5,100,001			1,000,001			19,750,001
Net Asset Value	$	21.39		$	48.26		$	46.98		$	44.38
† Securities on loan, at value	$	—		$	—		$	—		$	—
†† Cost of foreign cash	$	—		$	—		$	—		$	—

* Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30.

** Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units.

See Accompanying Notes to the Financial Statements.

8 FLEXSHARES SEMIANNUAL REPORT

Statements of Assets and Liabilities (cont.)

	FlexShares® ESG & Climate High Yield Corporate Core Index Fund			FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund			FlexShares® Ready Access Variable Income Fund			FlexShares® Core Select Bond Fund
ASSETS
Securities, at cost	$	28,972,681		$	50,547,346		$	649,815,804		$	99,696,307
Affiliate securities, at cost		—			—			—			55,521,156
Securities Lending Reinvestments, at cost		—			—			—			33,593,976
Securities, at value†		26,237,737			43,698,860			644,113,868			91,442,997
Affiliate securities, at value		—			—			—			51,571,715
Securities Lending Reinvestments, at value		—			—			—			33,593,976
Cash		645,872			579,968			91,226,039			1,010,570
Cash segregated at broker*		—			—			—			—
Foreign cash††		—			—			—			—
Restricted cash**		—			—			—			—
Due from Authorized Participant		—			—			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			—
Receivables:
Dividends and interest		406,664			391,929			2,686,327			—
Securities lending income		—			—			—			7,137
Capital shares issued		—			—			—			—
Investment adviser		143			181			1,017			463
Securities sold		887,087			1,104,000			—			—
Variation margin on futures contracts		—			—			—			28,144
Total Assets		28,177,503			45,774,938			738,027,251			177,655,002
LIABILITIES
Cash overdraft		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		—			—			—			—
Due to brokers		—			—			—			18,191
Payables:
Cash collateral received from securities loaned		—			—			—			33,593,976
Deferred compensation (Note 7)		225			341			33,164			6,534
Investment advisory fees (Note 4)		4,695			4,526			122,953			25,672
Trustee fees (Note 7)		449			359			2,118			1,038
Securities purchased		1,216,663			964,505			89,645,769			—
Deferred non-US capital gains taxes		—			—			—			—
Due to Authorized Participant		—			—			—			—
Variation margin on futures contracts		—			—			—			—
Capital shares redeemed		—			—			—			—
Other		—			500			4,725			—
Total Liabilities		1,222,032			970,231			89,808,729			33,645,411
Net Assets	$	26,955,471		$	44,804,707		$	648,218,522		$	144,009,591
NET ASSETS CONSIST OF:
Paid-in capital	$	30,234,795		$	52,238,513		$	654,233,797		$	160,387,482
Distributable earnings (loss)		(3,279,324	)		(7,433,806	)		(6,015,275	)		(16,377,891	)
Net Assets	$	26,955,471		$	44,804,707		$	648,218,522		$	144,009,591
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		600,000			1,050,000			8,675,001			6,175,001
Net Asset Value	$	44.93		$	42.67		$	74.72		$	23.32
† Securities on loan, at value	$	—		$	—		$	—		$	32,557,764
†† Cost of foreign cash	$	—		$	—		$	—		$	—

* Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30.

** Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 9

FlexShares^® Trust

Statements of Operations

For the six months ended April 30, 2022 (Unaudited)

	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	$	1,193,609		$	1,145,160		$	166,485		$	13,272,117
Income from non-cash dividends		—			—			13,562			—
Dividend income received from affiliate		—			—			—			9,423
Interest income		130			—			—			—
Securities lending income (net of fees) (Note 2)		6,064			3,009			—			212,126
Foreign withholding tax on dividends		(4,353	)		(109,880	)		(13,852	)		(4,008	)
Foreign withholding tax on interest		—			—			—			—
Total Investment Income		1,195,450			1,038,289			166,195			13,489,658
EXPENSES
Deferred compensation (Note 7)		1,361			614			123			13,598
Investment advisory fees		180,812			121,016			30,864			2,043,187
Trustee fees (Note 7)		4,653			2,188			451			48,803
Other expenses (Note 4)		—			—			—			157
Total Gross Expenses Before Fees Reimbursed		186,826			123,818			31,438			2,105,745
Less:
Investment advisory fees reimbursed (Note 4)		(2,033	)		(1,004	)		(206	)		(23,798	)
Total Net Expenses		184,793			122,814			31,232			2,081,947
Net Investment Income (Loss)		1,010,657			915,475			134,963			11,407,711
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			20,169
Transactions in investment securities		(1,551,542	)		(1,323,627	)		(83,332	)(1)		(1,069,726	)
In-kind redemptions on investments in affiliated securities		—			—			—			13,626
In-kind redemptions on investments in securities		5,744,045			1,241,765			—			54,260,141
Expiration or closing of futures contracts		(69,400	)		(119,449	)		(31,753	)		(314,133	)
Settlement of forward foreign currency contracts		—			25,132			72			—
Foreign currency transactions		—			(3,822	)		(20,474	)		—
Net Realized Gain (Loss)		4,123,103			(180,001	)		(135,487	)		52,910,077
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		(11,715,147	)		(6,053,559	)		(733,385	)(2)		(237,064,958	)(3)
Securities lending		—			—			—			5,737
Futures contracts		(48,083	)		(21,986	)		3,067			(789,471	)
Forward foreign currency contracts		—			21,933			(9	)		—
Translation of other assets and liabilities denominated in foreign currencies		—			(40,781	)		898			—
Net Change in Unrealized Appreciation (Depreciation)		(11,763,230	)		(6,094,393	)		(729,429	)		(237,848,692	)
Net Realized and Unrealized Gain (Loss)		(7,640,127	)		(6,274,394	)		(864,916	)		(184,938,615	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(6,629,470	)	$	(5,358,919	)	$	(729,953	)	$	(173,530,904	)

⁽¹⁾  Net of non-US capital gains tax of $(19,367).

⁽²⁾  Net of deferred non-US capital gains tax of $26,014.

⁽³⁾  Includes $(163,655) change in unrealized depreciation on investments in affiliates.

See Accompanying Notes to the Financial Statements.

10 FLEXSHARES SEMIANNUAL REPORT

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	$	10,405,483		$	4,418,994		$	1,071,545		$	1,433,150
Income from non-cash dividends		—			253,587			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		22			—			—			—
Securities lending income (net of fees) (Note 2)		243,739			89,117			5,511			2,600
Foreign withholding tax on dividends		(1,042,971	)		(537,647	)		(166	)		—
Foreign withholding tax on interest		—			(4	)		—			—
Total Investment Income		9,606,273			4,224,047			1,076,890			1,435,750
EXPENSES
Deferred compensation (Note 7)		4,991			2,567			1,197			1,572
Investment advisory fees		1,196,702			925,867			229,134			308,509
Trustee fees (Note 7)		18,279			9,449			4,143			5,535
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		1,219,972			937,883			234,474			315,616
Less:
Investment advisory fees reimbursed (Note 4)		(9,134	)		(4,940	)		(1,948	)		(2,600	)
Total Net Expenses		1,210,838			932,943			232,526			313,016
Net Investment Income (Loss)		8,395,435			3,291,104			844,364			1,122,734
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		7,317,415			(4,821,059	)		(653,740	)		312,817
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		4,531,591			1,021,235			1,459,816			6,876,076
Expiration or closing of futures contracts		(690,178	)		(557,490	)		(96,634	)		(10,571	)
Settlement of forward foreign currency contracts		(282,644	)		43,407			—			—
Foreign currency transactions		(247,224	)		(29,927	)		—			—
Net Realized Gain (Loss)		10,628,960			(4,343,834	)		709,442			7,178,322
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		(90,152,176	)		(31,205,508	)(1)		(13,886,299	)		(31,469,908	)(2)
Securities lending		—			—			—			—
Futures contracts		193,236			72,241			(97,564	)		(88,860	)
Forward foreign currency contracts		3,515			16,596			—			—
Translation of other assets and liabilities denominated in foreign currencies		(544,866	)		7,149			—			—
Net Change in Unrealized Appreciation (Depreciation)		(90,500,291	)		(31,109,522	)		(13,983,863	)		(31,558,768	)
Net Realized and Unrealized Gain (Loss)		(79,871,331	)		(35,453,356	)		(13,274,421	)		(24,380,446	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(71,475,896	)	$	(32,162,252	)	$	(12,430,057	)	$	(23,257,712	)

⁽¹⁾  Net of deferred non-US capital gains tax of $824,320.

⁽²⁾  Includes $(13,315) change in unrealized depreciation on investments in affiliates.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 11

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® ESG & Climate Emerging Markets Core Index Fund
										April 20, 2022* through April 30, 2022
INVESTMENT INCOME
Dividend income	$	1,792,696		$	25,453		$	171,481		$	1,585
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		4			4			—			—
Securities lending income (net of fees) (Note 2)		10,757			—			—			—
Foreign withholding tax on dividends		(103,274	)		—			(17,295	)		(12	)
Foreign withholding tax on interest		—			—			—			—
Total Investment Income		1,700,183			25,457			154,186			1,573
EXPENSES
Deferred compensation (Note 7)		1,485			32			65			—
Investment advisory fees		375,518			1,742			4,952			240
Trustee fees (Note 7)		5,303			73			192			8
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		382,306			1,847			5,209			248
Less:
Investment advisory fees reimbursed (Note 4)		(2,660	)		(12	)		(59	)		(2	)
Total Net Expenses		379,646			1,835			5,150			246
Net Investment Income (Loss)		1,320,537			23,622			149,036			1,327
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		127,710			(16,243	)		(106,156	)		—
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		8,341,868			—			—			—
Expiration or closing of futures contracts		(166,170	)		(424	)		(4,908	)		—
Settlement of forward foreign currency contracts		60,192			—			(1,058	)		—
Foreign currency transactions		(68,327	)		(10	)		(1,311	)		15,018
Net Realized Gain (Loss)		8,295,273			(16,677	)		(113,433	)		15,018
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		(30,189,604	)		(905,044	)		(1,388,179	)		(112,100	)(1)
Securities lending		—			—			—			—
Futures contracts		(96,809	)		(3,792	)		(7,397	)		(1,547	)
Forward foreign currency contracts		25,067			—			(399	)		—
Translation of other assets and liabilities denominated in foreign currencies		(25,960	)		(29	)		(3,169	)		(24	)
Net Change in Unrealized Appreciation (Depreciation)		(30,287,306	)		(908,865	)		(1,399,144	)		(113,671	)
Net Realized and Unrealized Gain (Loss)		(21,992,033	)		(925,542	)		(1,512,577	)		(98,653	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(20,671,496	)	$	(901,920	)	$	(1,363,541	)	$	(97,326	)

* Commencement of investment operations.

⁽¹⁾  Net of deferred non-US capital gains tax of $34.

See Accompanying Notes to the Financial Statements.

12 FLEXSHARES SEMIANNUAL REPORT

Statements of Operations (cont.)

	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
INVESTMENT INCOME
Dividend income	$	149,621,192		$	40,005,252		$	7,319,886		$	—
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			519,421
Interest income		—			—			—			—
Securities lending income (net of fees) (Note 2)		525,747			261,538			30,343			—
Foreign withholding tax on dividends		(4,988,679	)		(2,373,783	)		(259,507	)		—
Foreign withholding tax on interest		—			—			—			—
Total Investment Income		145,158,260			37,893,007			7,090,722			519,421
EXPENSES
Deferred compensation (Note 7)		56,271			21,229			3,567			293
Investment advisory fees		16,267,150			6,073,103			975,594			114,110
Trustee fees (Note 7)		178,430			74,732			12,364			899
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		16,501,851			6,169,064			991,525			115,302
Less:
Investment advisory fees reimbursed (Note 4)		(48,017	)		(34,536	)		(5,607	)		(92,527	)
Total Net Expenses		16,453,834			6,134,528			985,918			22,775
Net Investment Income (Loss)		128,704,426			31,758,479			6,104,804			496,646
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			(118,244	)
Transactions in investment securities		20,174,687	(1)		(10,433,847	)(2)		5,358,727			—
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		185,481,517			17,923,478			9,813,262			—
Expiration or closing of futures contracts		1,287,196			280,685			(563,298	)		—
Settlement of forward foreign currency contracts		(371,371	)		(814,306	)		129,114			—
Foreign currency transactions		(288,006	)		(1,076,972	)		(335,595	)		—
Net Realized Gain (Loss)		206,284,023			5,879,038			14,402,210			(118,244	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		845,093,338	(3)		(148,485,385	)(4)		(37,255,755	)		(880,549	)(5)
Securities lending		4,122			—			—			—
Futures contracts		(1,750,302	)		(394,717	)		(430,722	)		—
Forward foreign currency contracts		(396,904	)		189,928			(65,575	)		—
Translation of other assets and liabilities denominated in foreign currencies		(975,849	)		(381,474	)		(120,149	)		—
Net Change in Unrealized Appreciation (Depreciation)		841,974,405			(149,071,648	)		(37,872,201	)		(880,549	)
Net Realized and Unrealized Gain (Loss)		1,048,258,428			(143,192,610	)		(23,469,991	)		(998,793	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,176,962,854		$	(111,434,131	)	$	(17,365,187	)	$	(502,147	)

⁽¹⁾  Net of non-US capital gains tax of $(106,667).

⁽²⁾  Net of non-US capital gains tax of $(270,661).

⁽³⁾  Net of deferred non-US capital gains tax of $1,204,319.

⁽⁴⁾  Net of deferred non-US capital gains tax of $1,413,613.

⁽⁵⁾  Includes $(880,549) change in unrealized depreciation on investments in affiliates.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 13

Statements of Operations (cont.)

	FlexShares® Quality Dividend Index Fund			FlexShares® Quality Dividend Defensive Index Fund			FlexShares® Quality Dividend Dynamic Index Fund			FlexShares® International Quality Dividend Index Fund
INVESTMENT INCOME
Dividend income	$	20,390,013		$	5,065,894		$	257,130		$	15,934,672
Income from non-cash dividends		—			—			—			811,787
Dividend income received from affiliate		—			—			—			—
Interest income		—			—			—			—
Securities lending income (net of fees) (Note 2)		170,127			33,364			1,912			89,113
Foreign withholding tax on dividends		—			—			—			(1,734,429	)
Foreign withholding tax on interest		—			—			—			—
Total Investment Income		20,560,140			5,099,258			259,042			15,101,143
EXPENSES
Deferred compensation (Note 7)		13,603			3,665			178			4,883
Investment advisory fees		3,078,009			804,707			40,588			1,415,866
Trustee fees (Note 7)		47,405			12,640			638			17,544
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		3,139,017			821,012			41,404			1,438,293
Less:
Investment advisory fees reimbursed (Note 4)		(20,992	)		(5,844	)		(292	)		(8,624	)
Total Net Expenses		3,118,025			815,168			41,112			1,429,669
Net Investment Income (Loss)		17,442,115			4,284,090			217,930			13,671,474
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(18,520,962	)		(2,204,777	)		(49,825	)		(3,065,921	)
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		45,753,634			27,975,823			778,103			218,774
Expiration or closing of futures contracts		(131,838	)		(401,500	)		(8,836	)		(1,313,325	)
Settlement of forward foreign currency contracts		—			—			—			(292,926	)
Foreign currency transactions		—			—			—			(425,365	)
Net Realized Gain (Loss)		27,100,834			25,369,546			719,442			(4,878,763	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		(98,362,111	)		(44,031,131	)		(1,966,035	)		(72,065,005	)
Securities lending		1,412			—			—			—
Futures contracts		(638,373	)		(202,718	)		(18,436	)		193,749
Forward foreign currency contracts		—			—			—			(49,356	)
Translation of other assets and liabilities denominated in foreign currencies		—			—			—			(352,947	)
Net Change in Unrealized Appreciation (Depreciation)		(98,999,072	)		(44,233,849	)		(1,984,471	)		(72,273,559	)
Net Realized and Unrealized Gain (Loss)		(71,898,238	)		(18,864,303	)		(1,265,029	)		(77,152,322	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(54,456,123	)	$	(14,580,213	)	$	(1,047,099	)	$	(63,480,848	)

See Accompanying Notes to the Financial Statements.

14 FLEXSHARES SEMIANNUAL REPORT

Statements of Operations (cont.)

	FlexShares® International Quality Dividend Defensive Index Fund			FlexShares® International Quality Dividend Dynamic Index Fund			FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund			FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund
INVESTMENT INCOME
Dividend income	$	1,729,649		$	1,965,934		$	—		$	—
Income from non-cash dividends		—			238,616			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		—			—			50,037,599			23,268,093
Securities lending income (net of fees) (Note 2)		12,359			18,223			15,005			25,313
Foreign withholding tax on dividends		(166,188	)		(237,448	)		—			—
Foreign withholding tax on interest		—			—			—			—
Total Investment Income		1,575,820			1,985,325			50,052,604			23,293,406
EXPENSES
Deferred compensation (Note 7)		559			629			13,618			6,156
Investment advisory fees		161,740			189,344			1,473,464			689,050
Administration fees (Note 5)		—			—			—			30,372
Trustee fees (Note 7)		2,022			2,295			40,686			20,970
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		164,321			192,268			1,527,768			746,548
Less:
Investment advisory fees reimbursed (Note 4)		(980	)		(1,081	)		(14,446	)		(38,965	)
Total Net Expenses		163,341			191,187			1,513,322			707,583
Net Investment Income (Loss)		1,412,479			1,794,138			48,539,282			22,585,823
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(574,608	)		(1,168,302	)(1)		2,845,499			(1,012,790	)
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		170,629			—			716,750			3,494,379
Expiration or closing of futures contracts		(188,337	)		(189,274	)		—			—
Settlement of forward foreign currency contracts		54,271			26,991			—			—
Foreign currency transactions		(115,711	)		(56,934	)		—			—
Net Realized Gain (Loss)		(653,756	)		(1,387,519	)		3,562,249			2,481,589
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		(6,389,061	)		(9,033,158	)(2)		(67,325,074	)		(52,098,191	)
Securities lending		—			—			—			—
Futures contracts		(11,945	)		(36,517	)		—			—
Forward foreign currency contracts		32,947			27,067			—			—
Translation of other assets and liabilities denominated in foreign currencies		(36,844	)		(36,142	)		—			—
Net Change in Unrealized Appreciation (Depreciation)		(6,404,903	)		(9,078,750	)		(67,325,074	)		(52,098,191	)
Net Realized and Unrealized Gain (Loss)		(7,058,659	)		(10,466,269	)		(63,762,825	)		(49,616,602	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(5,646,180	)	$	(8,672,131	)	$	(15,223,543	)	$	(27,030,779	)

⁽¹⁾  Net of non-US capital gains tax of $(12,828).

⁽²⁾  Net of deferred non-US capital gains tax of $28,216.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 15

Statements of Operations (cont.)

	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
INVESTMENT INCOME
Dividend income	$	—		$	—		$	—		$	—
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		472,547			3,041,687			990,633			21,535,086
Securities lending income (net of fees) (Note 2)		—			—			—			—
Foreign withholding tax on dividends		—			—			—			—
Foreign withholding tax on interest		—			—			—			—
Total Investment Income		472,547			3,041,687			990,633			21,535,086
EXPENSES
Deferred compensation (Note 7)		861			2,335			456			5,574
Investment advisory fees		114,676			326,620			60,537			1,308,214
Trustee fees (Note 7)		3,311			9,166			1,696			17,406
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		118,848			338,121			62,689			1,331,194
Less:
Investment advisory fees reimbursed (Note 4)		(1,421	)		(4,412	)		(890	)		(6,488	)
Total Net Expenses		117,427			333,709			61,799			1,324,706
Net Investment Income (Loss)		355,120			2,707,978			928,834			20,210,380
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(2,107,164	)		(4,201,144	)		(1,187,296	)		(12,607,175	)
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		—			—			—			416,638
Expiration or closing of futures contracts		—			—			—			—
Settlement of forward foreign currency contracts		—			—			—			—
Foreign currency transactions		—			—			—			—
Net Realized Gain (Loss)		(2,107,164	)		(4,201,144	)		(1,187,296	)		(12,190,537	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		(7,132,054	)		(23,096,542	)		(11,754,532	)		(67,666,055	)
Securities lending		—			—			—			—
Futures contracts		—			—			—			—
Forward foreign currency contracts		—			—			—			—
Translation of other assets and liabilities denominated in foreign currencies		—			—			—			—
Net Change in Unrealized Appreciation (Depreciation)		(7,132,054	)		(23,096,542	)		(11,754,532	)		(67,666,055	)
Net Realized and Unrealized Gain (Loss)		(9,239,218	)		(27,297,686	)		(12,941,828	)		(79,856,592	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(8,884,098	)	$	(24,589,708	)	$	(12,012,994	)	$	(59,646,212	)

See Accompanying Notes to the Financial Statements.

16 FLEXSHARES SEMIANNUAL REPORT

Statements of Operations (cont.)

	FlexShares® ESG & Climate High Yield Corporate Core Index Fund			FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund			FlexShares® Ready Access Variable Income Fund			FlexShares® Core Select Bond Fund
INVESTMENT INCOME
Dividend income	$	—		$	—		$	—		$	560,150
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			693,931
Interest income		737,431			519,508			1,831,683			612
Securities lending income (net of fees) (Note 2)		—			—			—			24,279
Foreign withholding tax on dividends		—			—			—			—
Foreign withholding tax on interest		—			—			—			—
Total Investment Income		737,431			519,508			1,831,683			1,278,972
EXPENSES
Deferred compensation (Note 7)		273			388			3,657			1,000
Investment advisory fees		39,628			28,207			572,073			230,238
Trustee fees (Note 7)		1,339			1,442			10,558			3,658
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		41,240			30,037			586,288			234,896
Less:
Investment advisory fees reimbursed (Note 4)		(788	)		(701	)		(3,055	)		(96,965	)
Total Net Expenses		40,452			29,336			583,233			137,931
Net Investment Income (Loss)		696,979			490,172			1,248,450			1,141,041
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			(2,540,954	)
Transactions in investment securities		(446,707	)		(590,220	)		(464,835	)		(353,649	)
In-kind redemptions on investments in affiliated securities		—			—			—			(8,868	)
In-kind redemptions on investments in securities		(72,176	)		—			—			58,605
Expiration or closing of futures contracts		—			—			—			(5,785	)
Settlement of forward foreign currency contracts		—			—			—			—
Foreign currency transactions		—			—			—			—
Net Realized Gain (Loss)		(518,883	)		(590,220	)		(464,835	)		(2,850,651	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		(2,325,179	)		(6,165,917	)		(6,347,887	)		(12,608,855	)(1)
Securities lending		—			—			—			—
Futures contracts		—			—			—			28,144
Forward foreign currency contracts		—			—			—			—
Translation of other assets and liabilities denominated in foreign currencies		—			—			—			—
Net Change in Unrealized Appreciation (Depreciation)		(2,325,179	)		(6,165,917	)		(6,347,887	)		(12,580,711	)
Net Realized and Unrealized Gain (Loss)		(2,844,062	)		(6,756,137	)		(6,812,722	)		(15,431,362	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(2,147,083	)	$	(6,265,965	)	$	(5,564,272	)	$	(14,290,321	)

⁽¹⁾  Includes $(4,010,788) change in unrealized depreciation on investments in affiliates.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 17

FlexShares^® Trust

Statements of Changes in Net Assets

	FlexShares® US Quality Low Volatility Index Fund						FlexShares® Developed Markets ex-US Quality  Low Volatility Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net investment income (loss)	$	1,010,657		$	1,643,691		$	915,475		$	2,226,694
Net realized gain (loss)		4,123,103			9,877,154			(180,001	)		4,060,236
Net change in unrealized appreciation (depreciation)		(11,763,230	)		29,486,420			(6,094,393	)		8,924,507
Net Increase (Decrease) in Net Assets
Resulting from Operations		(6,629,470	)		41,007,265			(5,358,919	)		15,211,437
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(931,512	)		(1,694,565	)		(880,977	)		(2,249,889	)
Total distributions		(931,512	)		(1,694,565	)		(880,977	)		(2,249,889	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		29,086,514			56,108,720			8,149,550			13,390,874
Cost of shares redeemed		(21,078,049	)		(44,870,466	)		(8,015,506	)		(16,728,469	)
Net Increase (Decrease) from Capital Transactions		8,008,465			11,238,254			134,044			(3,337,595	)
Total Increase (Decrease) in Net Assets		447,483			50,550,954			(6,105,852	)		9,623,953
NET ASSETS
Beginning of Period	$	161,074,492		$	110,523,538		$	75,370,957		$	65,747,004
End of Period	$	161,521,975		$	161,074,492		$	69,265,105		$	75,370,957
SHARE TRANSACTIONS
Beginning of period		2,950,001			2,700,001			2,700,001			2,800,001
Shares issued		—			—			100,000			—
Shares issued in-kind		550,000			1,150,000			200,000			500,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(400,000	)		(900,000	)		(300,000	)		(600,000	)
Shares Outstanding, End of Period		3,100,001			2,950,001			2,700,001			2,700,001

⁽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.

See Accompanying Notes to the Financial Statements.

18 FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)

	FlexShares® Emerging Markets Quality Low Volatility Index Fund						FlexShares® Morningstar US Market Factor Tilt Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net investment income (loss)	$	134,963		$	384,138		$	11,407,711		$	20,467,734
Net realized gain (loss)		(135,487	)		204,217			52,910,077			125,723,634
Net change in unrealized appreciation (depreciation)		(729,429	)		669,161			(237,848,692	)		436,303,767
Net Increase (Decrease) in Net Assets
Resulting from Operations		(729,953	)		1,257,516			(173,530,904	)		582,495,135
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(148,467	)		(269,007	)		(11,284,311	)		(19,993,786	)
Total distributions		(148,467	)		(269,007	)		(11,284,311	)		(19,993,786	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		—			5,276,872			44,415,344			95,734,574
Cost of shares redeemed		—			—			(89,630,006	)		(106,003,334	)
Net Increase (Decrease) from Capital Transactions		—			5,276,872			(45,214,662	)		(10,268,760	)
Total Increase (Decrease) in Net Assets		(878,420	)		6,265,381			(230,029,877	)		552,232,589
NET ASSETS
Beginning of Period	$	15,843,691		$	9,578,310		$	1,727,019,018		$	1,174,786,429
End of Period	$	14,965,271		$	15,843,691		$	1,496,989,141		$	1,727,019,018
SHARE TRANSACTIONS
Beginning of period		600,001			400,001			9,650,001			9,700,001
Shares issued		—			—			—			—
Shares issued in-kind		—			200,000			250,000			600,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		—			—			(500,000	)		(650,000	)
Shares Outstanding, End of Period		600,001			600,001			9,400,001			9,650,001

⁽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.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 19

Statements of Changes in Net Assets (cont.)

	FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund						FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net investment income (loss)	$	8,395,435		$	15,324,867		$	3,291,104		$	7,624,187
Net realized gain (loss)		10,628,960			21,856,890			(4,343,834	)		25,611,349
Net change in unrealized appreciation (depreciation)		(90,500,291	)		152,302,928			(31,109,522	)		31,176,773
Net Increase (Decrease) in Net Assets
Resulting from Operations		(71,475,896	)		189,484,685			(32,162,252	)		64,412,309
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(12,030,789	)		(13,410,048	)		(5,433,825	)		(6,011,707	)
Total distributions		(12,030,789	)		(13,410,048	)		(5,433,825	)		(6,011,707	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		14,615,863			44,016,396			—			50,124,591
Cost of shares redeemed		(26,233,611	)		(70,468,136	)		(28,171,247	)		—
Net Increase (Decrease) from Capital Transactions		(11,617,748	)		(26,451,740	)		(28,171,247	)		50,124,591
Total Increase (Decrease) in Net Assets		(95,124,433	)		149,622,897			(65,767,324	)		108,525,193
NET ASSETS
Beginning of Period	$	648,638,493		$	499,015,596		$	334,371,995		$	225,846,802
End of Period	$	553,514,060		$	648,638,493		$	268,604,671		$	334,371,995
SHARE TRANSACTIONS
Beginning of period		8,800,001			9,200,001			5,500,001			4,700,001
Shares issued		—			—			—			—
Shares issued in-kind		200,000			600,000			—			800,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(400,000	)		(1,000,000	)		(500,000	)		—
Shares Outstanding, End of Period		8,600,001			8,800,001			5,000,001			5,500,001

⁽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.

See Accompanying Notes to the Financial Statements.

20 FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)

	FlexShares® US Quality Large Cap Index Fund						FlexShares® STOXX® US ESG Select Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net investment income (loss)	$	844,364		$	1,172,409		$	1,122,734		$	2,051,388
Net realized gain (loss)		709,442			5,820,892			7,178,322			25,495,358
Net change in unrealized appreciation (depreciation)		(13,983,863	)		26,126,364			(31,558,768	)		24,935,787
Net Increase (Decrease) in Net Assets
Resulting from Operations		(12,430,057	)		33,119,665			(23,257,712	)		52,482,533
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(800,199	)		(1,136,947	)		(1,155,791	)		(1,955,493	)
Total distributions		(800,199	)		(1,136,947	)		(1,155,791	)		(1,955,493	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		13,543,283			54,387,819			30,792,000			115,766,022
Cost of shares redeemed		(3,766,641	)		(13,737,728	)		(17,029,708	)		(63,701,888	)
Net Increase (Decrease) from Capital Transactions		9,776,642			40,650,091			13,762,292			52,064,134
Total Increase (Decrease) in Net Assets		(3,453,614	)		72,632,809			(10,651,211	)		102,591,174
NET ASSETS
Beginning of Period	$	144,475,249		$	71,842,440		$	191,642,745		$	89,051,571
End of Period	$	141,021,635		$	144,475,249		$	180,991,534		$	191,642,745
SHARE TRANSACTIONS
Beginning of period		2,875,001			2,025,001			1,700,001			1,125,001
Shares issued		—			—			—			—
Shares issued in-kind		275,000			1,150,000			275,000			1,200,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(75,000	)		(300,000	)		(150,000	)		(625,000	)
Shares Outstanding, End of Period		3,075,001			2,875,001			1,825,001			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.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 21

Statements of Changes in Net Assets (cont.)

	FlexShares® STOXX® Global ESG Select Index Fund						FlexShares® ESG & Climate US Large Cap Core Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			September 20, 2021* through October 31, 2021
OPERATIONS
Net investment income (loss)	$	1,320,537		$	2,456,041		$	23,622		$	2,838
Net realized gain (loss)		8,295,273			13,795,248			(16,677	)		(534	)
Net change in unrealized appreciation (depreciation)		(30,287,306	)		34,498,730			(908,865	)		167,182
Net Increase (Decrease) in Net Assets
Resulting from Operations		(20,671,496	)		50,750,019			(901,920	)		169,486
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(1,268,473	)		(2,324,712	)		(17,337	)		—
Total distributions		(1,268,473	)		(2,324,712	)		(17,337	)		—
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		14,352,430			53,795,593			11,288,265			—
Cost of shares redeemed		(14,389,810	)		(27,826,718	)		—			—
Net Increase (Decrease) from Capital Transactions		(37,380	)		25,968,875			11,288,265			—
Total Increase (Decrease) in Net Assets		(21,977,349	)		74,394,182			10,369,008			169,486
NET ASSETS
Beginning of Period	$	185,717,474		$	111,323,292		$	2,669,486		$	2,500,000	(2),(3)
End of Period	$	163,740,125		$	185,717,474		$	13,038,494		$	2,669,486
SHARE TRANSACTIONS
Beginning of period		1,250,001			1,050,001			50,000			50,000	(2)
Shares issued		50,000			—			—			—
Shares issued in-kind		50,000			400,000			225,000			—
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(100,000	)		(200,000	)		—			—
Shares Outstanding, End of Period		1,250,001			1,250,001			275,000			50,000

* Commencement of investment operations.

⁽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.

⁽²⁾  Amount includes the initial subscription.

⁽³⁾  Includes amounts paid in capital from the Authorized Participant in addition to the order’s original cash component. This amount is made to offset taxes, commissions, and price differences from the NAV that would otherwise impact the fund on these order trades.

See Accompanying Notes to the Financial Statements.

22 FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)

	FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund						FlexShares® ESG & Climate Emerging Markets Core Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			September 20, 2021* through October 31, 2021			April 20, 2022* through April 30, 2022
OPERATIONS
Net investment income (loss)	$	149,036		$	15,775		$	1,327
Net realized gain (loss)		(113,433	)		(777	)		15,018
Net change in unrealized appreciation (depreciation)		(1,399,144	)		103,891			(113,671	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		(1,363,541	)		118,889			(97,326	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(57,093	)		—			—
Total distributions		(57,093	)		—			—
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		14,322,715			—			—
Cost of shares redeemed		—			—			—
Net Increase (Decrease) from Capital Transactions		14,322,715			—			—
Total Increase (Decrease) in Net Assets		12,902,081			118,889			(97,326	)
NET ASSETS
Beginning of Period	$	5,119,060		$	5,000,171	(2),(3)	$	5,000,000	(2),(3)
End of Period	$	18,021,141		$	5,119,060		$	4,902,674
SHARE TRANSACTIONS
Beginning of period		100,000			100,000	(2)		100,000	(2)
Shares issued		—			—			—
Shares issued in-kind		300,000			—			—
Shares redeemed		—			—			—
Shares redeemed in-kind		—			—			—
Shares Outstanding, End of Period		400,000			100,000			100,000

* Commencement of investment operations.

⁽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.

⁽²⁾  Amount includes the initial subscription.

⁽³⁾  Includes amounts paid in capital from the Authorized Participant in addition to the order’s original cash component. This amount is made to offset taxes, commissions, and price differences from the NAV that would otherwise impact the fund on these order trades.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 23

Statements of Changes in Net Assets (cont.)

	FlexShares® Morningstar Global Upstream Natural Resources Index Fund						FlexShares® STOXX® Global Broad Infrastructure Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net investment income (loss)	$	128,704,426		$	188,997,153		$	31,758,479		$	61,807,665
Net realized gain (loss)		206,284,023			(71,904,345	)		5,879,038			117,716,133
Net change in unrealized appreciation (depreciation)		841,974,405			1,409,046,021			(149,071,648	)		271,965,150
Net Increase (Decrease) in Net Assets
Resulting from Operations		1,176,962,854			1,526,138,829			(111,434,131	)		451,488,948
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(128,767,470	)		(167,354,837	)		(34,319,736	)		(58,905,802	)
Total distributions		(128,767,470	)		(167,354,837	)		(34,319,736	)		(58,905,802	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		1,436,199,035			1,894,646,901			93,605,875			754,964,371
Cost of shares redeemed		(396,381,443	)		(125,446,435	)		(53,816,491	)		(360,237,628	)
Net Increase (Decrease) from Capital Transactions		1,039,817,592			1,769,200,466			39,789,384			394,726,743
Total Increase (Decrease) in Net Assets		2,088,012,976			3,127,984,458			(105,964,483	)		787,309,889
NET ASSETS
Beginning of Period	$	6,052,710,266		$	2,924,725,808		$	2,643,906,066		$	1,856,596,177
End of Period	$	8,140,723,242		$	6,052,710,266		$	2,537,941,583		$	2,643,906,066
SHARE TRANSACTIONS
Beginning of period		156,550,001			109,500,001			45,800,001			38,600,001
Shares issued		—			—			—			—
Shares issued in-kind		33,600,000			50,850,000			1,650,000			13,350,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(9,250,000	)		(3,800,000	)		(950,000	)		(6,150,000	)
Shares Outstanding, End of Period		180,900,001			156,550,001			46,500,001			45,800,001

⁽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.

See Accompanying Notes to the Financial Statements.

24 FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)

	FlexShares® Global Quality Real Estate Index Fund						FlexShares® Real Assets Allocation Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net investment income (loss)	$	6,104,804		$	7,422,552		$	496,646		$	379,252
Net realized gain (loss)		14,402,210			10,254,699			(118,244	)		233,987
Net change in unrealized appreciation (depreciation)		(37,872,201	)		91,009,496			(880,549	)		1,551,258
Net Increase (Decrease) in Net Assets
Resulting from Operations		(17,365,187	)		108,686,747			(502,147	)		2,164,497
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(6,447,159	)		(5,654,125	)		(504,499	)		(383,940	)
Total distributions		(6,447,159	)		(5,654,125	)		(504,499	)		(383,940	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		55,270,757			74,006,928			22,912,687			24,868,156
Cost of shares redeemed		(30,361,538	)		(23,016,532	)		—			(850,756	)
Net Increase (Decrease) from Capital Transactions		24,909,219			50,990,396			22,912,687			24,017,400
Total Increase (Decrease) in Net Assets		1,096,873			154,023,018			21,906,041			25,797,957
NET ASSETS
Beginning of Period	$	418,597,383		$	264,574,365		$	30,299,686		$	4,501,729
End of Period	$	419,694,256		$	418,597,383		$	52,205,727		$	30,299,686
SHARE TRANSACTIONS
Beginning of period		5,950,001			5,200,001			900,001			175,001
Shares issued		—			—			—			—
Shares issued in-kind		800,000			1,150,000			675,000			750,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(450,000	)		(400,000	)		—			(25,000	)
Shares Outstanding, End of Period		6,300,001			5,950,001			1,575,001			900,001

⁽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.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 25

Statements of Changes in Net Assets (cont.)

	FlexShares® Quality Dividend Index Fund						FlexShares® Quality Dividend Defensive Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net investment income (loss)	$	17,442,115		$	32,968,130		$	4,284,090		$	9,828,754
Net realized gain (loss)		27,100,834			155,267,183			25,369,546			61,643,521
Net change in unrealized appreciation (depreciation)		(98,999,072	)		267,516,624			(44,233,849	)		63,438,797
Net Increase (Decrease) in Net Assets
Resulting from Operations		(54,456,123	)		455,751,937			(14,580,213	)		134,911,072
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(17,822,843	)		(31,171,462	)		(4,409,901	)		(9,806,498	)
Total distributions		(17,822,843	)		(31,171,462	)		(4,409,901	)		(9,806,498	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		271,620,405			441,818,714			66,824,673			116,279,178
Cost of shares redeemed		(214,363,097	)		(489,030,914	)		(100,676,533	)		(204,498,560	)
Net Increase (Decrease) from Capital Transactions		57,257,308			(47,212,200	)		(33,851,860	)		(88,219,382	)
Total Increase (Decrease) in Net Assets		(15,021,658	)		377,368,275			(52,841,974	)		36,885,192
NET ASSETS
Beginning of Period	$	1,642,544,880		$	1,265,176,605		$	448,057,986		$	411,172,794
End of Period	$	1,627,523,222		$	1,642,544,880		$	395,216,012		$	448,057,986
SHARE TRANSACTIONS
Beginning of period		28,150,001			29,150,001			8,000,001			9,650,001
Shares issued		—			—			—			—
Shares issued in-kind		4,700,000			8,100,000			1,200,000			2,250,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(3,700,000	)		(9,100,000	)		(1,800,000	)		(3,900,000	)
Shares Outstanding, End of Period		29,150,001			28,150,001			7,400,001			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.

See Accompanying Notes to the Financial Statements.

26 FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)

	FlexShares® Quality Dividend Dynamic Index Fund						FlexShares® International Quality Dividend Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net investment income (loss)	$	217,930		$	404,524		$	13,671,474		$	22,006,728
Net realized gain (loss)		719,442			1,782,150			(4,878,763	)		48,065,144
Net change in unrealized appreciation (depreciation)		(1,984,471	)		4,139,378			(72,273,559	)		73,816,552
Net Increase (Decrease) in Net Assets
Resulting from Operations		(1,047,099	)		6,326,052			(63,480,848	)		143,888,424
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(218,313	)		(369,573	)		(10,341,805	)		(20,693,535	)
Total distributions		(218,313	)		(369,573	)		(10,341,805	)		(20,693,535	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		3,151,733			5,862,851			30,175,935			60,426,090
Cost of shares redeemed		(3,117,576	)		(3,095,145	)		(2,306,229	)		(21,090,657	)
Net Increase (Decrease) from Capital Transactions		34,157			2,767,706			27,869,706			39,335,433
Total Increase (Decrease) in Net Assets		(1,231,255	)		8,724,185			(45,952,947	)		162,530,322
NET ASSETS
Beginning of Period	$	21,905,004		$	13,180,819		$	616,006,903		$	453,476,581
End of Period	$	20,673,749		$	21,905,004		$	570,053,956		$	616,006,903
SHARE TRANSACTIONS
Beginning of period		350,001			300,001			23,900,001			22,500,001
Shares issued		—			—			—			—
Shares issued in-kind		50,000			100,000			1,200,000			2,300,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(50,000	)		(50,000	)		(100,000	)		(900,000	)
Shares Outstanding, End of Period		350,001			350,001			25,000,001			23,900,001

⁽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.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 27

Statements of Changes in Net Assets (cont.)

	FlexShares® International Quality Dividend Defensive Index Fund						FlexShares® International Quality Dividend Dynamic Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net investment income (loss)	$	1,412,479		$	2,799,484		$	1,794,138		$	2,288,529
Net realized gain (loss)		(653,756	)		5,928,070			(1,387,519	)		1,919,295
Net change in unrealized appreciation (depreciation)		(6,404,903	)		8,195,139			(9,078,750	)		5,806,232
Net Increase (Decrease) in Net Assets
Resulting from Operations		(5,646,180	)		16,922,693			(8,672,131	)		10,014,056
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(953,475	)		(2,683,528	)		(1,400,102	)		(1,876,931	)
Total distributions		(953,475	)		(2,683,528	)		(1,400,102	)		(1,876,931	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		—			—			11,735,227			45,461,250
Cost of shares redeemed		(2,141,152	)		(2,184,308	)		—			—
Net Increase (Decrease) from Capital Transactions		(2,141,152	)		(2,184,308	)		11,735,227			45,461,250
Total Increase (Decrease) in Net Assets		(8,740,807	)		12,054,857			1,662,994			53,598,375
NET ASSETS
Beginning of Period	$	71,458,591		$	59,403,734		$	75,974,697		$	22,376,322
End of Period	$	62,717,784		$	71,458,591		$	77,637,691		$	75,974,697
SHARE TRANSACTIONS
Beginning of period		3,000,001			3,100,001			2,500,001			1,000,001
Shares issued		—			—			—			—
Shares issued in-kind		—			—			400,000			1,500,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(100,000	)		(100,000	)		—			—
Shares Outstanding, End of Period		2,900,001			3,000,001			2,900,001			2,500,001

⁽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.

See Accompanying Notes to the Financial Statements.

28 FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)

	FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund						FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net investment income (loss)	$	48,539,282		$	58,365,045		$	22,585,823		$	26,012,110
Net realized gain (loss)		3,562,249			36,821,507			2,481,589			12,575,174
Net change in unrealized appreciation (depreciation)		(67,325,074	)		(1,328,792	)		(52,098,191	)		2,282,079
Net Increase (Decrease) in Net Assets
Resulting from Operations		(15,223,543	)		93,857,760			(27,030,779	)		40,869,363
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(34,384,238	)		(61,292,947	)		(17,189,819	)		(26,674,665	)
Total distributions		(34,384,238	)		(61,292,947	)		(17,189,819	)		(26,674,665	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		777,809,011			302,448,698			200,701,344			155,885,058
Cost of shares redeemed		(11,833,074	)		(326,919,699	)		(58,747,101	)		(51,695,657	)
Net Increase (Decrease) from Capital Transactions		765,975,937			(24,471,001	)		141,954,243			104,189,401
Total Increase (Decrease) in Net Assets		716,368,156			8,093,812			97,733,645			118,384,099
NET ASSETS
Beginning of Period	$	1,437,584,419		$	1,429,490,607		$	714,479,309		$	596,095,210
End of Period	$	2,153,952,575		$	1,437,584,419		$	812,212,954		$	714,479,309
SHARE TRANSACTIONS
Beginning of period		54,504,000			55,554,000			25,500,001			21,800,001
Shares issued		—			—			—			—
Shares issued in-kind		29,750,000			11,450,000			7,250,000			5,550,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(450,000	)		(12,500,000	)		(2,150,000	)		(1,850,000	)
Shares Outstanding, End of Period		83,804,000			54,504,000			30,600,001			25,500,001

⁽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.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 29

Statements of Changes in Net Assets (cont.)

	FlexShares® Disciplined Duration MBS Index Fund						FlexShares® Credit-Scored US Corporate Bond Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net investment income (loss)	$	355,120		$	381,266		$	2,707,978		$	4,833,547
Net realized gain (loss)		(2,107,164	)		1,283,596			(4,201,144	)		3,014,355
Net change in unrealized appreciation (depreciation)		(7,132,054	)		(2,030,761	)		(23,096,542	)		(6,321,483	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		(8,884,098	)		(365,899	)		(24,589,708	)		1,526,419
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(1,360,472	)		(2,676,548	)		(5,391,860	)		(7,983,218	)
Total distributions		(1,360,472	)		(2,676,548	)		(5,391,860	)		(7,983,218	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		18,157,387			19,053,611			21,196,585			133,299,728
Cost of shares redeemed		(11,114,063	)		(4,788,861	)		(60,811,839	)		(13,500,359	)
Net Increase (Decrease) from Capital Transactions		7,043,324			14,264,750			(39,615,254	)		119,799,369
Total Increase (Decrease) in Net Assets		(3,201,246	)		11,222,303			(69,596,822	)		113,342,570
NET ASSETS
Beginning of Period	$	111,242,788		$	100,020,485		$	315,739,979		$	202,397,409
End of Period	$	108,041,542		$	111,242,788		$	246,143,157		$	315,739,979
SHARE TRANSACTIONS
Beginning of period		4,750,001			4,150,001			5,900,001			3,700,001
Shares issued		800,000			800,000			400,000			2,250,000
Shares issued in-kind		—			—			—			200,000
Shares redeemed		(500,000	)		(200,000	)		(1,200,000	)		—
Shares redeemed in-kind		—			—			—			(250,000	)
Shares Outstanding, End of Period		5,050,001			4,750,001			5,100,001			5,900,001

⁽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.

See Accompanying Notes to the Financial Statements.

30 FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)

	FlexShares® Credit-Scored US Long Corporate Bond Index Fund						FlexShares® High Yield Value-Scored Bond Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net investment income (loss)	$	928,834		$	1,701,113		$	20,210,380		$	15,485,875
Net realized gain (loss)		(1,187,296	)		1,029,123			(12,190,537	)		9,388,965
Net change in unrealized appreciation (depreciation)		(11,754,532	)		(16,024	)		(67,666,055	)		1,852,410
Net Increase (Decrease) in Net Assets
Resulting from Operations		(12,012,994	)		2,714,212			(59,646,212	)		26,727,250
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(1,865,131	)		(3,440,094	)		(23,507,612	)		(14,752,663	)
Total distributions		(1,865,131	)		(3,440,094	)		(23,507,612	)		(14,752,663	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		—			27,084,379			453,262,692			415,533,944
Cost of shares redeemed		—			(11,864,331	)		(68,793,574	)		(41,947,766	)
Net Increase (Decrease) from Capital Transactions		—			15,220,048			384,469,118			373,586,178
Total Increase (Decrease) in Net Assets		(13,878,125	)		14,494,166			301,315,294			385,560,765
NET ASSETS
Beginning of Period	$	60,854,577		$	46,360,411		$	575,183,700		$	189,622,935
End of Period	$	46,976,452		$	60,854,577		$	876,498,994		$	575,183,700
SHARE TRANSACTIONS
Beginning of period		1,000,001			750,001			11,600,001			4,100,001
Shares issued		—			450,000			8,050,000			7,200,000
Shares issued in-kind		—			—			1,500,000			1,150,000
Shares redeemed		—			(200,000	)		(1,300,000	)		(850,000	)
Shares redeemed in-kind		—			—			(100,000	)		—
Shares Outstanding, End of Period		1,000,001			1,000,001			19,750,001			11,600,001

⁽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.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 31

Statements of Changes in Net Assets (cont.)

	FlexShares® ESG & Climate High Yield Corporate Core Index Fund						FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund
	Six Months Ended April 30, 2022 (Unaudited)			September 20, 2021* through October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			September 20, 2021* through October 31, 2021
OPERATIONS
Net investment income (loss)	$	696,979		$	208,614		$	490,172		$	102,578
Net realized gain (loss)		(518,883	)		(16,194	)		(590,220	)		(68,270	)
Net change in unrealized appreciation (depreciation)		(2,325,179	)		(409,765	)		(6,165,917	)		(682,569	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		(2,147,083	)		(217,345	)		(6,265,965	)		(648,261	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(914,896	)		—			(519,580	)		—
Total distributions		(914,896	)		—			(519,580	)		—
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		4,960,576			—			2,243,196			—
Cost of shares redeemed		(24,709,761	)		—			—			—
Net Increase (Decrease) from Capital Transactions		(19,749,185	)		—			2,243,196			—
Total Increase (Decrease) in Net Assets		(22,811,164	)		(217,345	)		(4,542,349	)		(648,261	)
NET ASSETS
Beginning of Period	$	49,766,635		$	49,983,980	(2),(3)	$	49,347,056		$	49,995,317	(2),(3)
End of Period	$	26,955,471		$	49,766,635		$	44,804,707		$	49,347,056
SHARE TRANSACTIONS
Beginning of period		1,000,000			1,000,000	(2)		1,000,000			1,000,000	(2)
Shares issued		100,000			—			50,000			—
Shares issued in-kind		—			—			—			—
Shares redeemed		(300,000	)		—			—			—
Shares redeemed in-kind		(200,000	)		—			—			—
Shares Outstanding, End of Period		600,000			1,000,000			1,050,000			1,000,000

* Commencement of investment operations.

⁽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.

⁽²⁾  Amount includes the initial subscription.

⁽³⁾  Includes amounts paid in capital from the Authorized Participant in addition to the order’s original cash component. This amount is made to offset taxes, commissions, and price differences from the NAV that would otherwise impact the fund on these order trades.

See Accompanying Notes to the Financial Statements.

32 FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)

	FlexShares® Ready Access Variable Income Fund						FlexShares® Core Select Bond Fund
	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021			Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
OPERATIONS
Net investment income (loss)	$	1,248,450		$	2,617,948		$	1,141,041		$	1,991,134
Net realized gain (loss)		(464,835	)		1,261,361			(2,850,651	)		252,759
Net change in unrealized appreciation (depreciation)		(6,347,887	)		(2,362,864	)		(12,580,711	)		(1,848,559	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		(5,564,272	)		1,516,445			(14,290,321	)		395,334
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(2,105,236	)		(3,046,370	)		(1,251,519	)		(2,693,092	)
Total distributions		(2,105,236	)		(3,046,370	)		(1,251,519	)		(2,693,092	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		334,362,025			55,265,356			40,599,544			36,362,834
Cost of shares redeemed		(52,813,134	)		(148,597,576	)		(7,565,081	)		(16,671,414	)
Net Increase (Decrease) from Capital Transactions		281,548,891			(93,332,220	)		33,034,463			19,691,420
Total Increase (Decrease) in Net Assets		273,879,383			(94,862,145	)		17,492,623			17,393,662
NET ASSETS
Beginning of Period	$	374,339,139		$	469,201,284		$	126,516,968		$	109,123,306
End of Period	$	648,218,522		$	374,339,139		$	144,009,591		$	126,516,968
SHARE TRANSACTIONS
Beginning of period		4,925,001			6,150,001			4,825,001			4,075,001
Shares issued		4,450,000			725,000			—			—
Shares issued in-kind		—			—			1,650,000			1,375,000
Shares redeemed		(700,000	)		(1,950,000	)		—			—
Shares redeemed in-kind		—			—			(300,000	)		(625,000	)
Shares Outstanding, End of Period		8,675,001			4,925,001			6,175,001			4,825,001

⁽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.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 33

FlexShares^® Trust

Financial Highlights

	FlexShares® US Quality Low Volatility Index Fund
	Six Months ended April 30, 2022 (Unaudited)									For the period 07/15/19* through 10/31/19
				Year ended October 31,
				2021			2020
Net asset value, beginning of period	$	54.60		$	40.93		$	40.44		$	40.00
PER SHARE
Investment Operations
Net Investment Income		0.33	(a)		0.57	(a)		0.64	(a)		0.17	(a)
Net Realized and Unrealized Gain (Loss)		(2.53	)		13.69			0.38			0.35
Total from Operations		(2.20	)		14.26			1.02			0.52
Distributions
Net Investment Income		(0.30	)		(0.59	)		(0.53	)		(0.08	)
Total from Distributions		(0.30	)		(0.59	)		(0.53	)		(0.08	)
Net Asset Value, end of period	$	52.10		$	54.60		$	40.93		$	40.44
Total Return(b)
Net Asset Value(d)		(4.05	)%		35.05	%		2.63	%		1.30	%
Market Value (Unaudited)(e)		(4.03	)%		34.99	%		2.60	%		1.43	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.23	%		0.23	%		0.23	%		0.23	%
Expenses net of reimbursements		0.22	%		0.22	%		0.22	%		0.22	%
Net Investment Income Before Reimbursements		1.23	%		1.17	%		1.55	%		1.45	%
Net Investment Income Net of Reimbursements		1.23	%		1.17	%		1.56	%		1.45	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		22	%		43	%		47	%		9	%
Net assets, end of period (thousands)	$	161,522		$	161,074		$	110,524		$	6,067

* Commencement of investment operations.

See Accompanying Notes to the Financial Statements.

34 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® Developed Markets ex-US Quality  Low Volatility Index Fund
	Six Months ended April 30, 2022 (Unaudited)									For the period 07/15/19* through 10/31/19
				Year ended October 31,
				2021			2020
Net asset value, beginning of period	$	27.92		$	23.48		$	25.60		$	25.00
PER SHARE
Investment Operations
Net Investment Income		0.33	(a)		0.73	(a)		0.64	(a)		0.16	(a)
Net Realized and Unrealized Gain (Loss)		(2.29	)		4.43			(2.22	)		0.53
Total from Operations		(1.96	)		5.16			(1.58	)		0.69
Distributions
Net Investment Income		(0.31	)		(0.72	)		(0.54	)		(0.09	)
Total from Distributions		(0.31	)		(0.72	)		(0.54	)		(0.09	)
Net Asset Value, end of period	$	25.65		$	27.92		$	23.48		$	25.60
Total Return(b)
Net Asset Value(d)		(7.08	)%		22.05	%		(6.24	)%		2.76	%
Market Value (Unaudited)(e)		(8.18	)%		21.88	%		(6.06	)%		3.04	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.33	%		0.33	%		0.33	%		0.32	%
Expenses net of reimbursements		0.32	%		0.32	%		0.32	%		0.32	%
Net Investment Income Before Reimbursements		2.42	%		2.68	%		2.63	%		2.21	%
Net Investment Income Net of Reimbursements		2.42	%		2.68	%		2.64	%		2.21	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		28	%		56	%		62	%		14	%
Net assets, end of period (thousands)	$	69,265		$	75,371		$	65,747		$	5,120

* Commencement of investment operations.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 35

Financial Highlights (cont.)

	FlexShares® Emerging Markets Quality Low Volatility Index  Fund
	Six Months ended April 30, 2022 (Unaudited)									For the period 07/15/19* through 10/31/19
				Year ended October 31,
				2021			2020
Net asset value, beginning of period	$	26.41		$	23.95		$	24.94		$	25.00
PER SHARE
Investment Operations
Net Investment Income		0.22	(a)		0.69	(a)		0.56	(a)		0.23	(a)
Net Realized and Unrealized Gain (Loss)		(1.44	)		2.22			(0.91	)		(0.18	)
Total from Operations		(1.22	)		2.91			(0.35	)		0.05
Distributions
Net Investment Income		(0.25	)		(0.45	)		(0.64	)		(0.11	)
Total from Distributions		(0.25	)		(0.45	)		(0.64	)		(0.11	)
Net Asset Value, end of period	$	24.94		$	26.41		$	23.95		$	24.94
Total Return(b)
Net Asset Value(d)		(4.62	)%		12.09	%		(1.41	)%		0.19	%
Market Value (Unaudited)(e)		(5.54	)%		11.62	%		(0.59	)%		0.31	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.41	%		0.41	%		0.41	%		0.40	%
Expenses net of reimbursements		0.40	%		0.40	%		0.40	%		0.40	%
Net Investment Income Before Reimbursements		1.75	%		2.57	%		2.38	%		3.18	%
Net Investment Income Net of Reimbursements		1.75	%		2.58	%		2.39	%		3.18	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		25	%		54	%		81	%		12	%
Net assets, end of period (thousands)	$	14,965		$	15,844		$	9,578		$	4,989

* Commencement of investment operations.

See Accompanying Notes to the Financial Statements.

36 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® Morningstar US Market Factor Tilt Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	178.97		$	121.11		$	119.52		$	110.13		$	107.50		$	88.32
PER SHARE
Investment Operations
Net Investment Income		1.21	(a)		2.08	(a)		2.10	(a)		1.95	(a)		2.02	(a)		1.74	(a)
Net Realized and Unrealized Gain (Loss)		(19.75	)		57.80			1.60			9.33			2.59			19.13
Total from Operations		(18.54	)		59.88			3.70			11.28			4.61			20.87
Distributions
Net Investment Income		(1.18	)		(2.02	)		(2.11	)		(1.89	)		(1.98	)		(1.69	)
Total from Distributions		(1.18	)		(2.02	)		(2.11	)		(1.89	)		(1.98	)		(1.69	)
Net Asset Value, end of period	$	159.25		$	178.97		$	121.11		$	119.52		$	110.13		$	107.50
Total Return(b)
Net Asset Value(d)		(10.42	)%		49.68	%		3.28	%		10.41	%		4.22	%		23.77	%
Market Value (Unaudited)(e)		(10.38	)%		49.57	%		3.33	%		10.41	%		4.19	%		23.72	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.26	%		0.26	%		0.26	%		0.26	%		0.25	%		0.26	%
Expenses net of reimbursements		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net Investment Income Before Reimbursements		1.39	%		1.28	%		1.78	%		1.72	%		1.77	%		1.73	%
Net Investment Income Net of Reimbursements		1.40	%		1.29	%		1.79	%		1.72	%		1.77	%		1.74	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		6	%		24	%		26	%		28	%		15	%		22	%
Net assets, end of period (thousands)	$	1,496,989		$	1,727,019		$	1,174,786		$	1,446,137		$	1,387,665		$	1,150,199

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 37

Financial Highlights (cont.)

	FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	73.71		$	54.24		$	62.67		$	59.76		$	67.51		$	55.62
PER SHARE
Investment Operations
Net Investment Income		0.95	(a)		1.71	(a)		1.31	(a)		1.85	(a)		1.78	(a)		1.58	(a)
Net Realized and Unrealized Gain (Loss)		(8.93	)		19.27			(7.88	)		2.89			(7.39	)		11.91	(g)
Total from Operations		(7.98	)		20.98			(6.57	)		4.74			(5.61	)		13.49
Distributions
Net Investment Income		(1.37	)		(1.51	)		(1.86	)		(1.83	)		(2.14	)		(1.60	)
Total from Distributions		(1.37	)		(1.51	)		(1.86	)		(1.83	)		(2.14	)		(1.60	)
Net Asset Value, end of period	$	64.36		$	73.71		$	54.24		$	62.67		$	59.76		$	67.51
Total Return(b)
Net Asset Value(d)		(10.97	)%		38.79	%		(10.57	)%		8.13	%		(8.61	)%		24.58	%(g)
Market Value (Unaudited)(e)		(12.20	)%		38.95	%		(10.23	)%		8.16	%		(9.48	)%		25.38	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.39	%		0.40	%
Expenses net of reimbursements		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Net Investment Income Before Reimbursements		2.74	%		2.42	%		2.28	%		3.09	%		2.65	%		2.57	%
Net Investment Income Net of Reimbursements		2.74	%		2.42	%		2.28	%		3.09	%		2.65	%		2.57	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		16	%		29	%		21	%		25	%		34	%		22	%
Net assets, end of period (thousands)	$	553,514		$	648,638		$	499,016		$	965,142		$	968,096		$	985,608

See Accompanying Notes to the Financial Statements.

38 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	60.79		$	48.05		$	50.42		$	47.92		$	57.38		$	47.52
PER SHARE
Investment Operations
Net Investment Income		0.60	(a)		1.51	(a)		1.02	(a)		1.49	(a)		1.46	(a)		1.28	(a)
Net Realized and Unrealized Gain (Loss)		(6.68	)		12.40			(1.97	)		2.46			(9.34	)		9.80
Total from Operations		(6.08	)		13.91			(0.95	)		3.95			(7.88	)		11.08
Distributions
Net Investment Income		(0.99	)		(1.17	)		(1.42	)		(1.45	)		(1.58	)		(1.22	)
Total from Distributions		(0.99	)		(1.17	)		(1.42	)		(1.45	)		(1.58	)		(1.22	)
Net Asset Value, end of period	$	53.72		$	60.79		$	48.05		$	50.42		$	47.92		$	57.38
Total Return(b)
Net Asset Value(d)		(10.14	)%		28.95	%		(1.86	)%		8.29	%		(14.05	)%		23.56	%
Market Value (Unaudited)(e)		(11.91	)%		30.12	%		(1.44	)%		8.08	%		(15.22	)%		23.47	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.59	%		0.60	%
Expenses net of reimbursements		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net Investment Income Before Reimbursements		2.10	%		2.46	%		2.13	%		2.92	%		2.56	%		2.44	%
Net Investment Income Net of Reimbursements		2.10	%		2.47	%		2.14	%		2.93	%		2.56	%		2.44	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		16	%		40	%		41	%		45	%		49	%		34	%
Net assets, end of period (thousands)	$	268,605		$	334,372		$	225,847		$	413,414		$	488,736		$	568,071

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 39

Financial Highlights (cont.)

	FlexShares® US Quality Large Cap Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	50.25		$	35.48		$	34.69		$	33.44		$	31.83		$	26.15
PER SHARE
Investment Operations
Net Investment Income		0.29	(a)		0.50	(a)		0.62	(a)		0.68	(a)		0.54	(a)		0.49	(a)
Net Realized and Unrealized Gain (Loss)		(4.40	)		14.76			0.76			1.29			1.58			5.65
Total from Operations		(4.11	)		15.26			1.38			1.97			2.12			6.14
Distributions
Net Investment Income		(0.28	)		(0.49	)		(0.59	)		(0.72	)		(0.51	)		(0.46	)
Total from Distributions		(0.28	)		(0.49	)		(0.59	)		(0.72	)		(0.51	)		(0.46	)
Net Asset Value, end of period	$	45.86		$	50.25		$	35.48		$	34.69		$	33.44		$	31.83
Total Return(b)
Net Asset Value(d)		(8.23	)%		43.21	%		4.13	%		6.04	%		6.63	%		23.65	%
Market Value (Unaudited)(e)		(8.15	)%		43.09	%		4.16	%		6.01	%		6.30	%		24.08	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.33	%		0.33	%		0.33	%		0.33	%		0.33	%		0.34	%
Expenses net of reimbursements		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%
Net Investment Income Before Reimbursements		1.18	%		1.11	%		1.77	%		2.04	%		1.56	%		1.65	%
Net Investment Income Net of Reimbursements		1.18	%		1.11	%		1.77	%		2.05	%		1.57	%		1.67	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		8	%		30	%		48	%		69	%		94	%		64	%
Net assets, end of period (thousands)	$	141,022		$	144,475		$	71,842		$	51,171		$	61,859		$	27,055

See Accompanying Notes to the Financial Statements.

40 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® STOXX® US ESG Select Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	112.73		$	79.16		$	72.29		$	64.33		$	60.49		$	49.96
PER SHARE
Investment Operations
Net Investment Income		0.63	(a)		1.26	(a)		1.27	(a)		1.21	(a)		1.09	(a)		1.05	(a)
Net Realized and Unrealized Gain (Loss)		(13.55	)		33.50			6.81			7.83			3.84			10.45
Total from Operations		(12.92	)		34.76			8.08			9.04			4.93			11.50
Distributions
Net Investment Income		(0.64	)		(1.19	)		(1.21	)		(1.08	)		(1.09	)		(0.97	)
Total from Distributions		(0.64	)		(1.19	)		(1.21	)		(1.08	)		(1.09	)		(0.97	)
Net Asset Value, end of period	$	99.17		$	112.73		$	79.16		$	72.29		$	64.33		$	60.49
Total Return(b)
Net Asset Value(d)		(11.52	)%		44.15	%		11.40	%		14.21	%		8.13	%		23.19	%
Market Value (Unaudited)(e)		(11.55	)%		44.12	%		11.45	%		14.26	%		7.97	%		23.30	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.33	%		0.33	%		0.33	%		0.33	%		0.33	%		0.35	%
Expenses net of reimbursements		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%
Net Investment Income Before Reimbursements		1.16	%		1.25	%		1.67	%		1.78	%		1.66	%		1.82	%
Net Investment Income Net of Reimbursements		1.17	%		1.26	%		1.68	%		1.79	%		1.67	%		1.85	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		29	%		40	%		66	%		75	%		110	%		67	%
Net assets, end of period (thousands)	$	180,992		$	191,643		$	89,052		$	56,024		$	28,946		$	13,610

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 41

Financial Highlights (cont.)

	FlexShares® STOXX® Global ESG Select Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	148.57		$	106.02		$	101.77		$	91.61		$	91.97		$	75.52
PER SHARE
Investment Operations
Net Investment Income		1.05	(a)		2.03	(a)		1.72	(a)		2.05	(a)		1.95	(a)		1.56	(a)
Net Realized and Unrealized Gain (Loss)		(17.65	)		42.38			4.26			10.12			(0.61	)		16.67	(h)
Total from Operations		(16.60	)		44.41			5.98			12.17			1.34			18.23
Distributions
Net Investment Income		(0.98	)		(1.86	)		(1.73	)		(2.01	)		(1.70	)		(1.78	)
Total from Distributions		(0.98	)		(1.86	)		(1.73	)		(2.01	)		(1.70	)		(1.78	)
Net Asset Value, end of period	$	130.99		$	148.57		$	106.02		$	101.77		$	91.61		$	91.97
Total Return(b)
Net Asset Value(d)		(11.24	)%		42.10	%		6.03	%		13.49	%		1.38	%		24.37	%(h)
Market Value (Unaudited)(e)		(11.92	)%		41.84	%		6.46	%		12.96	%		1.71	%		24.55	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%		0.45	%
Expenses net of reimbursements		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%
Net Investment Income Before Reimbursements		1.47	%		1.50	%		1.66	%		2.15	%		2.03	%		1.81	%
Net Investment Income Net of Reimbursements		1.48	%		1.51	%		1.66	%		2.16	%		2.04	%		1.83	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		33	%		48	%		58	%		66	%		78	%		64	%
Net assets, end of period (thousands)	$	163,740		$	185,717		$	111,323		$	91,590		$	73,284		$	32,189

See Accompanying Notes to the Financial Statements.

42 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® ESG & Climate US Large Cap Core Index  Fund
	Six Months ended April 30, 2022 (Unaudited)			For the period 09/20/21* through 10/31/21
Net asset value, beginning of period	$	53.39		$	50.00
PER SHARE
Investment Operations
Net Investment Income		0.31	(a)		0.06	(a)
Net Realized and Unrealized Gain (Loss)		(5.95	)		3.33
Total from Operations		(5.64	)		3.39
Distributions
Net Investment Income		(0.33	)		—
From Net Realized Gains		(0.01	)		—
Total from Distributions		(0.34	)		—
Net Asset Value, end of period	$	47.41		$	53.39
Total Return(b)
Net Asset Value(d)		(10.61	)%		6.78	%
Market Value (Unaudited)(e)		(10.56	)%		6.76	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.10	%		0.09	%
Expenses net of reimbursements		0.09	%		0.09	%
Net Investment Income Before Reimbursements		1.22	%		0.96	%
Net Investment Income Net of Reimbursements		1.22	%		0.96	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		6	%		—	%(i)
Net assets, end of period (thousands)	$	13,038		$	2,669

* Commencement of investment operations.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 43

Financial Highlights (cont.)

	FlexShares® ESG & Climate  Developed Markets ex-US Core Index Fund
	Six Months ended April 30, 2022 (Unaudited)			For the period 09/20/21* through 10/31/21
Net asset value, beginning of period	$	51.19		$	50.00
PER SHARE
Investment Operations
Net Investment Income		0.86	(a)		0.16	(a)
Net Realized and Unrealized Gain (Loss)		(6.58	)		1.03
Total from Operations		(5.72	)		1.19
Distributions
Net Investment Income		(0.42	)		—
Total from Distributions		(0.42	)		—
Net Asset Value, end of period	$	45.05		$	51.19
Total Return(b)
Net Asset Value(d)		(11.24	)%		2.38	%
Market Value (Unaudited)(e)		(12.15	)%		2.82	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.13	%		0.12	%
Expenses net of reimbursements		0.12	%		0.12	%
Net Investment Income Before Reimbursements		3.61	%		2.72	%
Net Investment Income Net of Reimbursements		3.61	%		2.72	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		9	%		—	%(i)
Net assets, end of period (thousands)	$	18,021		$	5,119

* Commencement of investment operations.

See Accompanying Notes to the Financial Statements.

44 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® ESG & Climate Emerging Markets Core Index Fund
	For the period 04/20/22* through 04/30/22 (Unaudited)
Net asset value, beginning of period	$	50.00
PER SHARE
Investment Operations
Net Investment Income		0.01	(a)
Net Realized and Unrealized Gain (Loss)		(0.98	)
Total from Operations		(0.97	)
Distributions
Net Asset Value, end of period	$	49.03
Total Return(b)
Net Asset Value(d)		(1.94	)%
Market Value (Unaudited)(e)		(2.72	)%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.19	%
Expenses net of reimbursements		0.18	%
Net Investment Income Before Reimbursements		0.90	%
Net Investment Income Net of Reimbursements		0.90	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		—	%(i)
Net assets, end of period (thousands)	$	4,903

* Commencement of investment operations.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 45

Financial Highlights (cont.)

	FlexShares® Morningstar Global Upstream Natural Resources Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	38.66		$	26.71		$	31.40		$	31.51		$	31.59		$	27.40
PER SHARE
Investment Operations
Net Investment Income		0.77	(a)		1.44	(a)		0.89	(a)		1.08	(a)		0.91	(a)		0.70	(a)
Net Realized and Unrealized Gain (Loss)		6.32			11.72			(4.65	)		(0.09	)		(0.13	)		4.13	(j)
Total from Operations		7.09			13.16			(3.76	)		0.99			0.78			4.83
Distributions
Net Investment Income		(0.75	)		(1.21	)		(0.93	)		(1.10	)		(0.86	)		(0.64	)
Total from Distributions		(0.75	)		(1.21	)		(0.93	)		(1.10	)		(0.86	)		(0.64	)
Net Asset Value, end of period	$	45.00		$	38.66		$	26.71		$	31.40		$	31.51		$	31.59
Total Return(b)
Net Asset Value(d)		18.55	%		49.70	%		(11.87	)%		3.16	%		2.33	%		17.81	%(j)
Market Value (Unaudited)(e)		17.56	%		49.58	%		(11.46	)%		3.06	%		2.01	%		17.97	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.47	%		0.47	%		0.47	%		0.47	%		0.46	%		0.47	%
Expenses net of reimbursements		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%
Net Investment Income Before Reimbursements		3.64	%		3.95	%		3.03	%		3.40	%		2.72	%		2.36	%
Net Investment Income Net of Reimbursements		3.64	%		3.95	%		3.04	%		3.41	%		2.72	%		2.36	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		17	%		28	%		29	%		24	%		30	%		18	%
Net assets, end of period (thousands)	$	8,140,723		$	6,052,710		$	2,924,726		$	5,510,201		$	5,435,783		$	4,760,397

See Accompanying Notes to the Financial Statements.

46 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® STOXX® Global Broad Infrastructure Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	57.73		$	48.10		$	52.56		$	45.09		$	47.85		$	43.49
PER SHARE
Investment Operations
Net Investment Income		0.69	(a)		1.38	(a)		1.25	(a)		1.35	(a)		1.36	(a)		1.37	(a)
Net Realized and Unrealized Gain (Loss)		(3.10	)		9.57			(4.53	)		7.34			(2.71	)		4.40
Total from Operations		(2.41	)		10.95			(3.28	)		8.69			(1.35	)		5.77
Distributions
Net Investment Income		(0.74	)		(1.32	)		(1.18	)		(1.22	)		(1.41	)		(1.41	)
Total from Distributions		(0.74	)		(1.32	)		(1.18	)		(1.22	)		(1.41	)		(1.41	)
Net Asset Value, end of period	$	54.58		$	57.73		$	48.10		$	52.56		$	45.09		$	47.85
Total Return(b)
Net Asset Value(d)		(4.20	)%		22.85	%		(6.23	)%		19.52	%		(2.90	)%		13.44	%
Market Value (Unaudited)(e)		(4.64	)%		22.51	%		(5.93	)%		19.99	%		(3.25	)%		13.23	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.47	%		0.48	%
Expenses net of reimbursements		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Net Investment Income Before Reimbursements		2.46	%		2.45	%		2.51	%		2.73	%		2.88	%		2.97	%
Net Investment Income Net of Reimbursements		2.46	%		2.45	%		2.52	%		2.74	%		2.89	%		2.98	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		10	%		13	%		13	%		12	%		13	%		12	%
Net assets, end of period (thousands)	$	2,537,942		$	2,643,906		$	1,856,596		$	1,477,030		$	773,363		$	875,628

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 47

Financial Highlights (cont.)

	FlexShares® Global Quality Real Estate Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	70.35		$	50.88		$	66.60		$	57.96		$	62.02		$	57.12
PER SHARE
Investment Operations
Net Investment Income		0.98	(a)		1.38	(a)		1.43	(a)		1.76	(a)		1.80	(a)		0.99	(a)
Net Realized and Unrealized Gain (Loss)		(3.66	)		19.13			(14.62	)		8.68			(3.99	)		5.54
Total from Operations		(2.68	)		20.51			(13.19	)		10.44			(2.19	)		6.53
Distributions
Net Investment Income		(1.05	)		(1.04	)		(2.50	)		(1.80	)		(1.87	)		(1.63	)
Tax Return of Capital		—			—			(0.03	)		—			—			—
Total from Distributions		(1.05	)		(1.04	)		(2.53	)		(1.80	)		(1.87	)		(1.63	)
Net Asset Value, end of period	$	66.62		$	70.35		$	50.88		$	66.60		$	57.96		$	62.02
Total Return(b)
Net Asset Value(d)		(3.92	)%		40.58	%		(20.29	)%		18.37	%		(3.69	)%		11.71	%
Market Value (Unaudited)(e)		(4.34	)%		40.98	%		(20.40	)%		18.65	%		(3.95	)%		11.71	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%
Expenses net of reimbursements		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Net Investment Income Before Reimbursements		2.81	%		2.16	%		2.53	%		2.80	%		2.92	%		1.67	%
Net Investment Income Net of Reimbursements		2.82	%		2.17	%		2.54	%		2.81	%		2.92	%		1.67	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		25	%		52	%		56	%		53	%		61	%		64	%
Net assets, end of period (thousands)	$	419,694		$	418,597		$	264,574		$	376,264		$	275,332		$	244,970

See Accompanying Notes to the Financial Statements.

48 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® Real Assets Allocation Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	33.67		$	25.72		$	30.30		$	26.45		$	28.08		$	25.63
PER SHARE
Investment Operations
Net Investment Income		0.42	(a)		0.83	(a)		0.86	(a)		0.76	(a)		0.80	(a)		0.66	(a)
Net Realized and Unrealized Gain (Loss)		(0.46	)		7.78			(4.58	)		3.85			(1.64	)		2.54
Total from Operations		(0.04	)		8.61			(3.72	)		4.61			(0.84	)		3.20
Distributions
Net Investment Income		(0.48	)		(0.66	)		(0.86	)		(0.76	)		(0.79	)		(0.75	)
From Net Realized Gains		—			—			—			—			0.00	(k)		—
Total from Distributions		(0.48	)		(0.66	)		(0.86	)		(0.76	)		(0.79	)		(0.75	)
Net Asset Value, end of period	$	33.15		$	33.67		$	25.72		$	30.30		$	26.45		$	28.08
Total Return(b)
Net Asset Value(d)		(0.17	)%		33.66	%		(12.45	)%		17.69	%		(3.09	)%		12.73	%
Market Value (Unaudited)(e)		(0.23	)%		33.74	%		(12.54	)%		17.72	%		(3.32	)%		13.05	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.58	%(l)		0.58	%(l)		0.58	%(l)		0.58	%(l)		0.59	%(l)		0.65	%(l)
Expenses net of reimbursements		0.11	%(l)		0.12	%(l)		0.11	%(l)		0.11	%(l)		0.11	%(l)		0.11	%(l)
Net Investment Income Before Reimbursements		2.02	%		2.07	%		2.65	%		2.22	%		2.39	%		1.88	%
Net Investment Income Net of Reimbursements		2.48	%		2.53	%		3.11	%		2.69	%		2.87	%		2.42	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		5	%		40	%		14	%		4	%		5	%		11	%
Net assets, end of period (thousands)	$	52,206		$	30,300		$	4,502		$	11,361		$	13,887		$	6,318

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 49

Financial Highlights (cont.)

	FlexShares® Quality Dividend Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	58.35		$	43.40		$	46.33		$	44.53		$	42.57		$	37.11
PER SHARE
Investment Operations
Net Investment Income		0.61	(a)		1.16	(a)		1.24	(a)		1.24	(a)		1.20	(a)		1.23	(a)
Net Realized and Unrealized Gain (Loss)		(2.50	)		14.89			(2.67	)		2.29			1.98			5.43
Total from Operations		(1.89	)		16.05			(1.43	)		3.53			3.18			6.66
Distributions
Net Investment Income		(0.63	)		(1.10	)		(1.25	)		(1.19	)		(1.22	)		(1.20	)
From Net Realized Gains		—			—			(0.25	)		(0.54	)		—			—
Total from Distributions		(0.63	)		(1.10	)		(1.50	)		(1.73	)		(1.22	)		(1.20	)
Net Asset Value, end of period	$	55.83		$	58.35		$	43.40		$	46.33		$	44.53		$	42.57
Total Return(b)
Net Asset Value(d)		(3.30	)%		37.27	%		(2.98	)%		8.45	%		7.42	%		18.10	%
Market Value (Unaudited)(e)		(3.29	)%		37.20	%		(2.98	)%		8.52	%		7.40	%		18.03	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.38	%		0.38	%		0.38	%		0.38	%		0.37	%		0.38	%
Expenses net of reimbursements		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net Investment Income Before Reimbursements		2.09	%		2.16	%		2.79	%		2.80	%		2.64	%		3.00	%
Net Investment Income Net of Reimbursements		2.10	%		2.16	%		2.79	%		2.81	%		2.64	%		3.00	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		19	%		51	%		75	%		95	%		76	%		89	%
Net assets, end of period (thousands)	$	1,627,523		$	1,642,545		$	1,265,177		$	1,707,344		$	1,759,108		$	1,815,665

See Accompanying Notes to the Financial Statements.

50 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® Quality Dividend Defensive Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	56.01		$	42.61		$	46.25		$	44.46		$	42.04		$	36.82
PER SHARE
Investment Operations
Net Investment Income		0.55	(a)		1.09	(a)		1.21	(a)		1.22	(a)		1.21	(a)		1.18	(a)
Net Realized and Unrealized Gain (Loss)		(2.58	)		13.39			(3.28	)		3.35			2.45			5.18
Total from Operations		(2.03	)		14.48			(2.07	)		4.57			3.66			6.36
Distributions
Net Investment Income		(0.57	)		(1.08	)		(1.21	)		(1.14	)		(1.24	)		(1.14	)
From Net Realized Gains		—			—			(0.36	)		(1.64	)		—			—
Total from Distributions		(0.57	)		(1.08	)		(1.57	)		(2.78	)		(1.24	)		(1.14	)
Net Asset Value, end of period	$	53.41		$	56.01		$	42.61		$	46.25		$	44.46		$	42.04
Total Return(b)
Net Asset Value(d)		(3.69	)%		34.28	%		(4.45	)%		11.40	%		8.69	%		17.44	%
Market Value (Unaudited)(e)		(3.65	)%		34.19	%		(4.43	)%		11.40	%		8.74	%		17.41	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Expenses net of reimbursements		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net Investment Income Before Reimbursements		1.97	%		2.10	%		2.77	%		2.76	%		2.70	%		2.94	%
Net Investment Income Net of Reimbursements		1.97	%		2.11	%		2.77	%		2.76	%		2.71	%		2.95	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		22	%		57	%		76	%		91	%		94	%		74	%
Net assets, end of period (thousands)	$	395,216		$	448,058		$	411,173		$	450,963		$	320,091		$	313,167

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 51

Financial Highlights (cont.)

	FlexShares® Quality Dividend Dynamic Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	62.59		$	43.94		$	45.49		$	42.20		$	41.84		$	35.32
PER SHARE
Investment Operations
Net Investment Income		0.62	(a)		1.22	(a)		1.33	(a)		1.21	(a)		1.15	(a)		1.19	(a)
Net Realized and Unrealized Gain (Loss)		(3.52	)		18.57			(1.21	)		3.26			0.40			6.45
Total from Operations		(2.90	)		19.79			0.12			4.47			1.55			7.64
Distributions
Net Investment Income		(0.62	)		(1.14	)		(1.67	)		(1.18	)		(1.19	)		(1.12	)
Total from Distributions		(0.62	)		(1.14	)		(1.67	)		(1.18	)		(1.19	)		(1.12	)
Net Asset Value, end of period	$	59.07		$	62.59		$	43.94		$	45.49		$	42.20		$	41.84
Total Return(b)
Net Asset Value(d)		(4.69	)%		45.38	%		0.86	%		10.86	%		3.59	%		21.81	%
Market Value (Unaudited)(e)		(4.68	)%		45.32	%		0.91	%		10.89	%		3.67	%		21.59	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Expenses net of reimbursements		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net Investment Income Before Reimbursements		1.98	%		2.14	%		2.93	%		2.81	%		2.61	%		2.99	%
Net Investment Income Net of Reimbursements		1.99	%		2.15	%		2.94	%		2.82	%		2.62	%		3.00	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		23	%		53	%		77	%		77	%		77	%		63	%
Net assets, end of period (thousands)	$	20,674		$	21,905		$	13,181		$	52,308		$	44,305		$	58,571

See Accompanying Notes to the Financial Statements.

52 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® International Quality Dividend Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	25.77		$	20.15		$	23.06		$	22.37		$	26.27		$	22.45
PER SHARE
Investment Operations
Net Investment Income		0.56	(a)		0.97	(a)		0.79	(a)		1.13	(a)		1.22	(a)		1.06	(a)
Net Realized and Unrealized Gain (Loss)		(3.11	)		5.55			(2.86	)		0.70			(3.86	)		3.69
Total from Operations		(2.55	)		6.52			(2.07	)		1.83			(2.64	)		4.75
Distributions
Net Investment Income		(0.42	)		(0.90	)		(0.84	)		(1.14	)		(1.26	)		(0.93	)
Total from Distributions		(0.42	)		(0.90	)		(0.84	)		(1.14	)		(1.26	)		(0.93	)
Net Asset Value, end of period	$	22.80		$	25.77		$	20.15		$	23.06		$	22.37		$	26.27
Total Return(b)
Net Asset Value(d)		(9.99	)%		32.42	%		(8.94	)%		8.41	%		(10.48	)%		21.50	%
Market Value (Unaudited)(e)		(11.39	)%		32.85	%		(8.93	)%		9.09	%		(11.30	)%		21.80	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.47	%		0.48	%
Expenses net of reimbursements		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Net Investment Income Before Reimbursements		4.54	%		3.80	%		3.68	%		4.98	%		4.77	%		4.27	%
Net Investment Income Net of Reimbursements		4.54	%		3.81	%		3.68	%		4.98	%		4.78	%		4.28	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		31	%		68	%		74	%		71	%		71	%		69	%
Net assets, end of period (thousands)	$	570,054		$	616,007		$	453,477		$	774,685		$	765,167		$	979,701

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 53

Financial Highlights (cont.)

	FlexShares® International Quality Dividend Defensive Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	23.82		$	19.16		$	21.87		$	21.39		$	25.06		$	22.16
PER SHARE
Investment Operations
Net Investment Income		0.47	(a)		0.93	(a)		0.74	(a)		1.09	(a)		1.14	(a)		0.99	(a)
Net Realized and Unrealized Gain (Loss)		(2.34	)		4.62			(2.70	)		0.51			(3.54	)		2.81
Total from Operations		(1.87	)		5.55			(1.96	)		1.60			(2.40	)		3.80
Distributions
Net Investment Income		(0.32	)		(0.89	)		(0.75	)		(1.12	)		(1.27	)		(0.90	)
Total from Distributions		(0.32	)		(0.89	)		(0.75	)		(1.12	)		(1.27	)		(0.90	)
Net Asset Value, end of period	$	21.63		$	23.82		$	19.16		$	21.87		$	21.39		$	25.06
Total Return(b)
Net Asset Value(d)		(7.93	)%		29.03	%		(8.92	)%		7.66	%		(10.03	)%		17.45	%
Market Value (Unaudited)(e)		(9.08	)%		28.97	%		(8.88	)%		8.12	%		(10.91	)%		17.69	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Expenses net of reimbursements		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Net Investment Income Before Reimbursements		4.10	%		3.91	%		3.65	%		5.02	%		4.68	%		4.18	%
Net Investment Income Net of Reimbursements		4.11	%		3.92	%		3.66	%		5.03	%		4.68	%		4.19	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		31	%		65	%		75	%		63	%		69	%		72	%
Net assets, end of period (thousands)	$	62,718		$	71,459		$	59,404		$	78,719		$	87,703		$	95,217

See Accompanying Notes to the Financial Statements.

54 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® International Quality Dividend Dynamic Index Fund
	Six Months ended April 30, 2022 (Unaudited)
					Year ended October 31,
					2021			2020			2019			2018			2017
Net asset value, beginning of period	$	30.39			$	22.38		$	24.94		$	23.51		$	27.82		$	23.47
PER SHARE
Investment Operations
Net Investment Income		0.65	(a)	��		1.28	(a)		0.70	(a)		1.05	(a)		1.32	(a)		1.11	(a)
Net Realized and Unrealized Gain (Loss)		(3.76	)			7.63			(2.45	)		1.52			(4.34	)		4.08
Total from Operations		(3.11	)			8.91			(1.75	)		2.57			(3.02	)		5.19
Distributions
Net Investment Income		(0.51	)			(0.90	)		(0.81	)		(1.14	)		(1.29	)		(0.84	)
Total from Distributions		(0.51	)			(0.90	)		(0.81	)		(1.14	)		(1.29	)		(0.84	)
Net Asset Value, end of period	$	26.77			$	30.39		$	22.38		$	24.94		$	23.51		$	27.82
Total Return(b)
Net Asset Value(d)		(10.37	)%			39.87	%		(6.99	)%		11.30	%		(11.34	)%		22.37	%
Market Value (Unaudited)(e)		(11.80	)%			40.37	%		(7.03	)%		12.23	%		(12.11	)%		22.91	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.48	%			0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Expenses net of reimbursements		0.47	%			0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Net Investment Income Before Reimbursements		4.45	%			4.24	%		2.90	%		4.36	%		4.83	%		4.19	%
Net Investment Income Net of Reimbursements		4.46	%			4.25	%		2.91	%		4.37	%		4.83	%		4.20	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		32	%			72	%		85	%		88	%		75	%		76	%
Net assets, end of period (thousands)	$	77,638			$	75,975		$	22,376		$	47,391		$	63,481		$	91,796

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 55

Financial Highlights (cont.)

	FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	26.38		$	25.73		$	24.58		$	23.81		$	24.60		$	24.82
PER SHARE
Investment Operations
Net Investment Income		0.77	(a)		1.09	(a)		0.33	(a)		0.46	(a)		0.68	(a)		0.37	(a)
Net Realized and Unrealized Gain (Loss)		(0.91	)		0.68			1.09			0.79			(0.78	)		(0.27	)
Total from Operations		(0.14	)		1.77			1.42			1.25			(0.10	)		0.10
Distributions
Net Investment Income		(0.54	)		(1.12	)		(0.27	)		(0.48	)		(0.69	)		(0.32	)
Total from Distributions		(0.54	)		(1.12	)		(0.27	)		(0.48	)		(0.69	)		(0.32	)
Net Asset Value, end of period	$	25.70		$	26.38		$	25.73		$	24.58		$	23.81		$	24.60
Total Return(b)
Net Asset Value(d)		(0.54	)%		6.95	%		5.81	%		5.30	%		(0.41	)%		0.42	%
Market Value (Unaudited)(e)		(0.53	)%		6.95	%		5.85	%		5.35	%		(0.49	)%		0.46	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.19	%		0.19	%		0.19	%		0.19	%		0.18	%		0.21	%
Expenses net of reimbursements		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%		0.20	%
Net Investment Income Before Reimbursements		5.93	%		4.14	%		1.33	%		1.89	%		2.79	%		1.49	%
Net Investment Income Net of Reimbursements		5.93	%		4.15	%		1.33	%		1.89	%		2.80	%		1.50	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		50	%		53	%		71	%		52	%		85	%		134	%
Net assets, end of period (thousands)	$	2,153,953		$	1,437,584		$	1,429,491		$	1,178,722		$	1,641,610		$	2,113,130

See Accompanying Notes to the Financial Statements.

56 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	28.02		$	27.34		$	25.50		$	23.95		$	25.06		$	25.45
PER SHARE
Investment Operations
Net Investment Income		0.80	(a)		1.16	(a)		0.36	(a)		0.44	(a)		0.71	(a)		0.47	(a)
Net Realized and Unrealized Gain (Loss)		(1.67	)		0.70			1.76			1.59			(1.08	)		(0.45	)
Total from Operations		(0.87	)		1.86			2.12			2.03			(0.37	)		0.02
Distributions
Net Investment Income		(0.61	)		(1.18	)		(0.28	)		(0.48	)		(0.74	)		(0.41	)
Total from Distributions		(0.61	)		(1.18	)		(0.28	)		(0.48	)		(0.74	)		(0.41	)
Net Asset Value, end of period	$	26.54		$	28.02		$	27.34		$	25.50		$	23.95		$	25.06
Total Return(b)
Net Asset Value(d)		(3.15	)%		6.88	%		8.39	%		8.53	%		(1.51	)%		0.08	%
Market Value (Unaudited)(e)		(3.18	)%		6.96	%		8.47	%		8.45	%		(1.51	)%		0.08	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.20	%		0.19	%		0.19	%		0.19	%		0.18	%		0.21	%
Expenses net of reimbursements		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%		0.20	%
Net Investment Income Before Reimbursements		5.89	%		4.17	%		1.35	%		1.77	%		2.88	%		1.86	%
Net Investment Income Net of Reimbursements		5.90	%		4.17	%		1.35	%		1.78	%		2.88	%		1.87	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		31	%		46	%		66	%		41	%		65	%		87	%
Net assets, end of period (thousands)	$	812,213		$	714,479		$	596,095		$	557,185		$	904,027		$	819,372

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 57

Financial Highlights (cont.)

	FlexShares® Disciplined Duration MBS Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	23.42		$	24.10		$	23.55		$	22.74		$	23.86		$	24.74
PER SHARE
Investment Operations
Net Investment Income		0.07	(a)		0.09	(a)		0.37	(a)		0.61	(a)		0.49	(a)		0.39	(a)
Net Realized and Unrealized Gain (Loss)		(1.83	)		(0.16	)		0.85			1.03			(0.88	)		(0.50	)
Total from Operations		(1.76	)		(0.07	)		1.22			1.64			(0.39	)		(0.11	)
Distributions
Net Investment Income		(0.27	)		(0.61	)		(0.67	)		(0.83	)		(0.73	)		(0.77	)
Total from Distributions		(0.27	)		(0.61	)		(0.67	)		(0.83	)		(0.73	)		(0.77	)
Net Asset Value, end of period	$	21.39		$	23.42		$	24.10		$	23.55		$	22.74		$	23.86
Total Return(b)
Net Asset Value(d)		(7.55	)%		(0.28	)%		5.19	%		7.36	%		(1.65	)%		(0.44	)%
Market Value (Unaudited)(e)		(7.80	)%		(0.11	)%		5.19	%		7.07	%		(1.31	)%		(0.53	)%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.21	%		0.21	%		0.21	%		0.21	%		0.21	%		0.21	%
Expenses net of reimbursements		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net Investment Income Before Reimbursements		0.62	%		0.35	%		1.54	%		2.64	%		2.09	%		1.61	%
Net Investment Income Net of Reimbursements		0.62	%		0.36	%		1.54	%		2.65	%		2.10	%		1.62	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		168	%		476	%		175	%		61	%		160	%		61	%
Net assets, end of period (thousands)	$	108,042		$	111,243		$	100,020		$	35,330		$	71,628		$	38,183

See Accompanying Notes to the Financial Statements.

58 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® Credit-Scored US Corporate Bond Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020				2019			2018			2017
Net asset value, beginning of period	$	53.52		$	54.70		$	52.58			$	48.59		$	50.98		$	51.49
PER SHARE
Investment Operations
Net Investment Income		0.47	(a)		0.91	(a)		1.32	(a)			1.63	(a)		1.40	(a)		1.26	(a)
Net Realized and Unrealized Gain (Loss)		(4.84	)		(0.51	)		2.39				3.94			(2.43	)		(0.34	)
Total from Operations		(4.37	)		0.40			3.71				5.57			(1.03	)		0.92
Distributions
Net Investment Income		(0.48	)		(0.96	)		(1.37	)			(1.58	)		(1.36	)		(1.23	)
From Net Realized Gains		(0.41	)		(0.62	)		(0.22	)	��		—			—			(0.20	)
Total from Distributions		(0.89	)		(1.58	)		(1.59	)			(1.58	)		(1.36	)		(1.43	)
Net Asset Value, end of period	$	48.26		$	53.52		$	54.70			$	52.58		$	48.59		$	50.98
Total Return(b)
Net Asset Value(d)		(8.26	)%		0.70	%		7.20	%			11.66	%		(2.05	)%		1.85	%
Market Value (Unaudited)(e)		(8.45	)%		0.68	%		7.22	%			11.56	%		(2.23	)%		1.99	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.23	%		0.23	%		0.23	%			0.23	%		0.23	%		0.23	%
Expenses net of reimbursements		0.22	%		0.22	%		0.22	%			0.22	%		0.22	%		0.22	%
Net Investment Income Before Reimbursements		1.82	%		1.68	%		2.46	%			3.20	%		2.83	%		2.48	%
Net Investment Income Net of Reimbursements		1.83	%		1.69	%		2.46	%			3.21	%		2.84	%		2.49	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		32	%		53	%		62	%			65	%		76	%		65	%
Net assets, end of period (thousands)	$	246,143		$	315,740		$	202,397			$	97,275		$	60,736		$	50,982

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 59

Financial Highlights (cont.)

	FlexShares® Credit-Scored US Long Corporate Bond Index Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	60.85		$	61.81		$	57.84		$	48.04		$	53.88		$	53.83
PER SHARE
Investment Operations
Net Investment Income		0.93	(a)		1.90	(a)		1.99	(a)		2.11	(a)		2.07	(a)		2.06	(a)
Net Realized and Unrealized Gain (Loss)		(12.93	)		1.22			3.90			9.89			(5.87	)		0.74
Total from Operations		(12.00	)		3.12			5.89			12.00			(3.80	)		2.80
Distributions
Net Investment Income		(0.93	)		(1.88	)		(1.92	)		(2.20	)		(2.04	)		(2.07	)
From Net Realized Gains		(0.94	)		(2.20	)		—			—			—			(0.68	)
Total from Distributions		(1.87	)		(4.08	)		(1.92	)		(2.20	)		(2.04	)		(2.75	)
Net Asset Value, end of period	$	46.98		$	60.85		$	61.81		$	57.84		$	48.04		$	53.88
Total Return(b)
Net Asset Value(d)		(20.28	)%		5.14	%		10.34	%		25.57	%		(7.24	)%		5.58	%
Market Value (Unaudited)(e)		(20.78	)%		5.23	%		10.57	%		25.51	%		(7.86	)%		4.25	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%		0.24	%
Expenses net of reimbursements		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%
Net Investment Income Before Reimbursements		3.38	%		3.13	%		3.27	%		4.06	%		4.05	%		3.92	%
Net Investment Income Net of Reimbursements		3.38	%		3.14	%		3.28	%		4.07	%		4.06	%		3.94	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		31	%		88	%		74	%		44	%		93	%		91	%
Net assets, end of period (thousands)	$	46,976		$	60,855		$	46,360		$	17,352		$	26,424		$	18,858

See Accompanying Notes to the Financial Statements.

60 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® High Yield Value-Scored Bond Index Fund
	Six Months ended April 30, 2022 (Unaudited)												For the period 07/17/18* through 10/31/18
				Year ended October 31,
				2021			2020			2019
Net asset value, beginning of period	$	49.58		$	46.25		$	47.85		$	48.84		$	50.00
PER SHARE
Investment Operations
Net Investment Income		1.34	(a)		2.67	(a)		3.12	(a)		2.67	(a)		1.68	(a)
Net Realized and Unrealized Gain (Loss)		(4.84	)		3.42			(1.77	)		0.78			(1.60	)
Total from Operations		(3.50	)		6.09			1.35			3.45			0.08
Distributions
Net Investment Income		(1.33	)		(2.76	)		(2.95	)		(3.57	)		(1.24	)
From Net Realized Gains		(0.37	)		—			—			—			—
Tax Return of Capital		—			—			—			(0.87	)		—
Total from Distributions		(1.70	)		(2.76	)		(2.95	)		(4.44	)		(1.24	)
Net Asset Value, end of period	$	44.38		$	49.58		$	46.25		$	47.85		$	48.84
Total Return(b)
Net Asset Value(d)		(7.25	)%		13.38	%		3.07	%		7.48	%		0.13	%
Market Value (Unaudited)(e)		(7.89	)%		13.20	%		3.12	%		7.64	%		0.13	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Expenses net of reimbursements		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net Investment Income Before Reimbursements		5.72	%		5.40	%		6.78	%		5.56	%		11.56	%
Net Investment Income Net of Reimbursements		5.72	%		5.40	%		6.78	%		5.57	%		11.57	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		64	%		128	%		95	%		44	%		18	%
Net assets, end of period (thousands)	$	876,499		$	575,184		$	189,623		$	100,480		$	48,845

* Commencement of investment operations.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 61

Financial Highlights (cont.)

	FlexShares® ESG & Climate High Yield Corporate Core Index Fund
	Six Months ended April 30, 2022 (Unaudited)			For the period 09/20/21* through 10/31/21
Net asset value, beginning of period	$	49.77		$	50.00
PER SHARE
Investment Operations
Net Investment Income		0.97	(a)		0.21	(a)
Net Realized and Unrealized Gain (Loss)		(4.69	)		(0.44	)
Total from Operations		(3.72	)		(0.23	)
Distributions
Net Investment Income		(1.12	)		—
Total from Distributions		(1.12	)		—
Net Asset Value, end of period	$	44.93		$	49.77
Total Return(b)
Net Asset Value(d)		(7.58	)%		(0.50	)%
Market Value (Unaudited)(e)		(8.01	)%		(0.50	)%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.24	%		0.23	%
Expenses net of reimbursements		0.23	%		0.23	%
Net Investment Income Before Reimbursements		4.04	%		3.64	%
Net Investment Income Net of Reimbursements		4.05	%		3.64	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		24	%		8	%
Net assets, end of period (thousands)	$	26,955		$	49,767

* Commencement of investment operations.

See Accompanying Notes to the Financial Statements.

62 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund
	Six Months ended April 30, 2022 (Unaudited)			For the period 09/20/21* through 10/31/21
Net asset value, beginning of period	$	49.35		$	50.00
PER SHARE
Investment Operations
Net Investment Income		0.49	(a)		0.10	(a)
Net Realized and Unrealized Gain (Loss)		(6.65	)		(0.75	)
Total from Operations		(6.16	)		(0.65	)
Distributions
Net Investment Income		(0.52	)		—
Total from Distributions		(0.52	)		—
Net Asset Value, end of period	$	42.67		$	49.35
Total Return(b)
Net Asset Value(d)		(12.58	)%		(1.32	)%
Market Value (Unaudited)(e)		(12.91	)%		(1.30	)%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.13	%		0.12	%
Expenses net of reimbursements		0.12	%		0.12	%
Net Investment Income Before Reimbursements		2.08	%		1.81	%
Net Investment Income Net of Reimbursements		2.09	%		1.81	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		23	%		8	%
Net assets, end of period (thousands)	$	44,805		$	49,347

* Commencement of investment operations.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 63

Financial Highlights (cont.)

	FlexShares® Ready Access Variable Income Fund
	Six Months ended April 30, 2022 (Unaudited)
				Year ended October 31,
				2021			2020			2019			2018			2017
Net asset value, beginning of period	$	76.01		$	76.29		$	75.89		$	75.48		$	75.61		$	75.56
PER SHARE
Investment Operations
Net Investment Income		0.20	(a)		0.48	(a)		1.07	(a)		1.98	(a)		1.58	(a)		0.89	(a)
Net Realized and Unrealized Gain (Loss)		(1.09	)		(0.22	)		0.57			0.41			(0.24	)		0.00	(k)
Total from Operations		(0.89	)		0.26			1.64			2.39			1.34			0.89
Distributions
Net Investment Income		(0.20	)		(0.52	)		(1.23	)		(1.98	)		(1.47	)		(0.84	)
From Net Realized Gains		(0.20	)		(0.02	)		(0.01	)		—			—			—
Total from Distributions		(0.40	)		(0.54	)		(1.24	)		(1.98	)		(1.47	)		(0.84	)
Net Asset Value, end of period	$	74.72		$	76.01		$	76.29		$	75.89		$	75.48		$	75.61
Total Return(b)
Net Asset Value(d)		(1.16	)%		0.34	%		2.18	%		3.21	%		1.80	%		1.18	%
Market Value (Unaudited)(e)		(1.15	)%		0.35	%		2.17	%		3.18	%		1.91	%		1.06	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.26	%		0.26	%		0.26	%		0.26	%		0.26	%		0.26	%
Expenses net of reimbursements		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net Investment Income Before Reimbursements		0.54	%		0.62	%		1.41	%		2.61	%		2.09	%		1.17	%
Net Investment Income Net of Reimbursements		0.55	%		0.63	%		1.41	%		2.62	%		2.10	%		1.18	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		30	%		84	%		79	%		73	%		131	%		71	%
Net assets, end of period (thousands)	$	648,219		$	374,339		$	469,201		$	275,097		$	211,350		$	162,557

See Accompanying Notes to the Financial Statements.

64 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® Core Select Bond Fund
	Six Months ended April 30, 2022 (Unaudited)															For the period 11/18/16* through 10/31/17
				Year ended October 31,
				2021			2020			2019			2018
Net asset value, beginning of period	$	26.22		$	26.78		$	25.66		$	23.74		$	25.08		$	25.00
PER SHARE
Investment Operations
Net Investment Income		0.22	(a)		0.46	(a)		0.51	(a)		0.73	(a)		0.63	(a)		0.55	(a)
Net Realized and Unrealized Gain (Loss)		(2.88	)		(0.39	)		1.19			1.93			(1.31	)		0.15
Total from Operations		(2.66	)		0.07			1.70			2.66			(0.68	)		0.70
Distributions
Net Investment Income		(0.24	)		(0.52	)		(0.58	)		(0.74	)		(0.66	)		(0.62	)
From Net Realized Gains		—			(0.11	)		—			—			—			—
Total from Distributions		(0.24	)		(0.63	)		(0.58	)		(0.74	)		(0.66	)		(0.62	)
Net Asset Value, end of period	$	23.32		$	26.22		$	26.78		$	25.66		$	23.74		$	25.08
Total Return(b)
Net Asset Value(d)		(10.20	)%		0.26	%		6.69	%		11.38	%		(2.73	)%		2.86	%
Market Value (Unaudited)(e)		(10.23	)%		0.30	%		6.57	%		11.41	%		(2.92	)%		3.19	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.36	%(l)		0.36	%(l)		0.36	%(l)		0.36	%(l)		0.36	%(l)		0.43	%(l)
Expenses net of reimbursements		0.21	%(l)		0.20	%(l)		0.20	%(l)		0.19	%(l)		0.16	%(l)		0.16	%(l)
Net Investment Income Before Reimbursements		1.59	%		1.56	%		1.76	%		2.80	%		2.41	%		2.08	%
Net Investment Income Net of Reimbursements		1.74	%		1.72	%		1.93	%		2.97	%		2.61	%		2.35	%
Supplemental Data
Portfolio Turnover Rate(b)(f)		53	%		50	%		91	%		135	%		53	%		99	%
Net assets, end of period (thousands)	$	144,010		$	126,517		$	109,123		$	26,299		$	38,583		$	3,762

* Commencement of investment operations.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 65

Financial Highlights (cont.)

(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) Market value total return is calculated assuming an initial investment made at the market 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 market value. Market value is determined by the mid point of the bid/ask spread at 4:00 p.m. Eastern Time from the primary listing exchange. Market value returns may vary from net asset value returns.

(f) In-kind transactions are not included in portfolio turnover calculations.

(g) Northern Trust Investments, Inc. reimbursed the Funds for losses incurred related to an error. For the FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, the impact to the net realized and unrealized gain (loss) on investments per share amount is less than $0.005 and the total returns are less than 0.005%. Had these reimbursements not been made, the total returns would have been lower.

(h) Northern Trust Investments, Inc. reimbursed the Funds for losses incurred related to an error. For the FlexShares STOXX Global ESG Select Index Fund, the impact to the net realized and unrealized gain (loss) on investments per share amount is less than $0.005 and the total returns are less than 0.005%. Had these reimbursements not been made, the total returns would have been lower.

(i) Less than 0.5%.

(j) Northern Trust Investments, Inc. reimbursed the Funds for losses incurred related to an error. The impact was an increase of $0.02 to the net realized and unrealized gain (loss) on investments per share and an increase of 0.06% to the total return of the FlexShares Morningstar Global Upstream Natural Resources Index Fund. Had these reimbursements not been made, the total returns would have been lower.

(k) Per share amount is less than $0.005.

(l) 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.

See Accompanying Notes to the Financial Statements.

66 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® US Quality Low Volatility Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.7%
Air Freight & Logistics – 1.3%
CH Robinson Worldwide, Inc.		9,486	$	1,006,939
Expeditors International of Washington, Inc.		10,540		1,044,198
				2,051,137
Automobiles – 0.6%
Tesla, Inc.*		1,178		1,025,755
Banks – 0.1%
JPMorgan Chase & Co.		868		103,605
Beverages – 1.4%
PepsiCo, Inc.		13,082		2,246,310
Biotechnology – 5.0%
AbbVie, Inc.		11,098		1,630,074
Amgen, Inc.(a)		10,788		2,515,654
BioMarin Pharmaceutical, Inc.*		7,750		630,462
Gilead Sciences, Inc.		24,490		1,453,237
Regeneron Pharmaceuticals, Inc.*		2,323		1,531,112
United Therapeutics Corp.*		930		165,131
Vir Biotechnology, Inc.*		10,974		223,321
				8,148,991
Capital Markets – 1.5%
Nasdaq, Inc.		4,526		712,257
S&P Global, Inc.		2,728		1,027,092
Virtu Financial, Inc., Class A		23,126		667,879
				2,407,228
Chemicals – 0.8%
Ecolab, Inc.		6,448		1,091,904
Linde plc		434		135,391
				1,227,295
Commercial Services & Supplies – 3.0%
Republic Services, Inc.		7,812		1,048,917
Tetra Tech, Inc.		7,130		993,066
Waste Connections, Inc.		7,812		1,077,822
Waste Management, Inc.		10,168		1,672,026
				4,791,831

Investments	Shares		Value
Containers & Packaging – 0.8%
Packaging Corp. of America		2,976	$	479,642
Sonoco Products Co.(a)		14,260		882,837
				1,362,479
Diversified Consumer Services – 0.2%
Service Corp. International		4,650		305,087
Diversified Financial Services – 0.4%
Berkshire Hathaway, Inc., Class B*		1,860		600,464
Diversified Telecommunication Services – 2.0%
AT&T, Inc.		17,918		337,934
Iridium Communications, Inc.*		29,388		1,049,445
Verizon Communications, Inc.		39,060		1,808,478
				3,195,857
Electric Utilities – 3.7%
American Electric Power Co., Inc.		11,470		1,136,792
Duke Energy Corp.		15,190		1,673,330
NextEra Energy, Inc.		17,980		1,276,939
PNM Resources, Inc.		17,298		807,125
Xcel Energy, Inc.		14,446		1,058,314
				5,952,500
Entertainment – 0.0%(b)
Warner Bros Discovery, Inc.*		4,334		78,662
Equity Real Estate Investment Trusts (REITs) – 3.9%
American Tower Corp.		1,240		298,865
Crown Castle International Corp.		4,092		757,879
Digital Realty Trust, Inc.		7,192		1,050,895
Equinix, Inc.		1,550		1,114,574
Essex Property Trust, Inc.		3,348		1,102,396
Extra Space Storage, Inc.		558		106,020
Public Storage		4,092		1,520,178
SBA Communications Corp.		930		322,812
				6,273,619
Food & Staples Retailing – 4.4%
Albertsons Cos., Inc., Class A		28,520		892,106
Costco Wholesale Corp.		4,154		2,208,765
Kroger Co. (The)		21,018		1,134,131
Walmart, Inc.		18,972		2,902,526
				7,137,528

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 67

FlexShares^® US Quality Low Volatility Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Food Products – 1.7%
Flowers Foods, Inc.		9,734	$	258,146
Hershey Co. (The)		6,572		1,483,760
Hormel Foods Corp.		18,476		967,958
				2,709,864
Health Care Equipment & Supplies – 0.6%
Abbott Laboratories		8,308		942,957
Health Care Providers & Services – 0.0%(b)
UnitedHealth Group, Inc.		186		94,590
Hotels, Restaurants & Leisure – 0.9%
Airbnb, Inc., Class A*		1,984		303,969
Booking Holdings, Inc.*		516		1,140,520
				1,444,489
Household Durables – 0.5%
Newell Brands, Inc.(a)		32,302		747,791
Household Products – 3.1%
Clorox Co. (The)		9,114		1,307,585
Procter & Gamble Co. (The)		22,816		3,663,109
				4,970,694
Industrial Conglomerates – 0.9%
Roper Technologies, Inc.		3,038		1,427,617
Insurance – 7.4%
Alleghany Corp.*		1,798		1,504,027
Aon plc, Class A		3,410		982,046
Assurant, Inc.		7,564		1,375,740
Chubb Ltd.		8,184		1,689,587
Everest Re Group Ltd.		2,852		783,473
Markel Corp.*		682		922,937
Progressive Corp. (The)		9,920		1,065,011
RenaissanceRe Holdings Ltd.		5,456		783,045
Travelers Cos., Inc. (The)		8,060		1,378,743
W R Berkley Corp.		14,322		952,270
Willis Towers Watson plc		2,108		452,925
				11,889,804
Interactive Media & Services – 4.3%
Alphabet, Inc., Class A*		1,331		3,037,595
Alphabet, Inc., Class C*		1,565		3,598,451

Investments	Shares		Value
Interactive Media & Services – (continued)
Meta Platforms, Inc., Class A*		1,364	$	273,441
				6,909,487
IT Services – 5.7%
Akamai Technologies, Inc.* (a)		8,432		946,745
Amdocs Ltd.		10,292		820,170
Automatic Data Processing, Inc.		5,766		1,258,026
Jack Henry & Associates, Inc.		7,440		1,410,475
Mastercard, Inc., Class A		2,232		811,064
VeriSign, Inc.*		2,728		487,466
Visa, Inc., Class A(a)		16,616		3,541,368
				9,275,314
Life Sciences Tools & Services – 1.2%
ICON plc*		3,286		743,326
QIAGEN NV*		25,420		1,153,305
				1,896,631
Media – 1.2%
Cable One, Inc.(a)		558		650,740
Charter Communications, Inc., Class A* (a)		2,356		1,009,522
New York Times Co. (The), Class A		7,440		285,101
				1,945,363
Metals & Mining – 2.2%
Agnico Eagle Mines Ltd.		16,244		945,888
Newmont Corp.		22,196		1,616,979
Royal Gold, Inc.		7,688		1,003,130
				3,565,997
Multiline Retail – 2.1%
Dollar General Corp.		5,084		1,207,603
Target Corp.		9,300		2,126,445
				3,334,048
Multi-Utilities – 2.5%
CMS Energy Corp.		20,832		1,430,950
Consolidated Edison, Inc.		11,222		1,040,728
Dominion Energy, Inc.		1,550		126,542
WEC Energy Group, Inc.		14,756		1,476,338
				4,074,558

See Accompanying Notes to the Financial Statements.

68 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® US Quality Low Volatility Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – 1.0%
Coterra Energy, Inc.(a)		56,172	$	1,617,192
Pharmaceuticals – 10.9%
Bristol-Myers Squibb Co.		10,168		765,345
Eli Lilly & Co.		15,066		4,401,231
Johnson & Johnson		44,020		7,943,849
Merck & Co., Inc.		38,378		3,403,745
Zoetis, Inc.		6,572		1,164,887
				17,679,057
Professional Services – 1.2%
FTI Consulting, Inc.* (a)		5,642		889,800
Thomson Reuters Corp.		682		68,173
Verisk Analytics, Inc.		5,022		1,024,739
				1,982,712
Road & Rail – 1.9%
JB Hunt Transport Services, Inc.		5,146		879,194
Landstar System, Inc.		7,378		1,142,852
Old Dominion Freight Line, Inc.		3,968		1,111,516
				3,133,562
Semiconductors & Semiconductor Equipment – 0.4%
NVIDIA Corp.		3,162		586,456
Software – 10.1%
Adobe, Inc.*		2,976		1,178,347
Check Point Software Technologies Ltd.*		9,610		1,213,647
Citrix Systems, Inc.		8,494		850,249
Microsoft Corp.		44,144		12,250,843
Tyler Technologies, Inc.*		1,736		685,217
VMware, Inc., Class A		1,426		154,065
				16,332,368
Specialty Retail – 3.3%
AutoZone, Inc.*		124		242,478
Home Depot, Inc. (The)		12,958		3,892,583
O’Reilly Automotive, Inc.*		2,046		1,241,002
				5,376,063
Technology Hardware, Storage & Peripherals – 5.1%
Apple, Inc.		52,452		8,269,058

Investments	Shares		Value
Water Utilities – 0.8%
American Water Works Co., Inc.		8,122	$	1,251,438
Wireless Telecommunication Services – 0.6%
T-Mobile US, Inc.*		8,618		1,061,221
Total Common Stocks (Cost $140,306,157)				159,426,679
	Principal Amount
SHORT-TERM INVESTMENTS – 0.1%
U.S. TREASURY OBLIGATIONS – 0.1%
U.S. Treasury Bills 0.40%, 6/30/2022(c) (d) (Cost $184,877)	$	185,000		184,789
Total Investments – 98.8% (Cost $140,491,034)				159,611,468
Other assets less liabilities – 1.2%				1,910,507
NET ASSETS – 100.0%			$	161,521,975

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $8,082,484, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.00%, and maturity dates ranging from May 12, 2022 – February 15, 2052; a total value of $8,427,849.

^(b)  Represents less than 0.05% of net assets.

^(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, 2022.

Percentages shown are based on Net Assets.

As of April 30, 2022, 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	$	22,761,126
Aggregate gross unrealized depreciation		(3,705,121	)
Net unrealized appreciation	$	19,056,005
Federal income tax cost	$	140,515,921

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 69

FlexShares^® US Quality Low Volatility Index Fund (cont.)

Futures Contracts

FlexShares^® US Quality Low Volatility Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
S&P 500 E-Mini Index		17		06/17/2022		USD	$	2,022,475	$	(39,542	)

* 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		98.7	%
Short-Term Investments		0.1
Others(1)		1.2
		100.0	%

⁽¹⁾ Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

70 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.0%
Aerospace & Defense – 0.9%
Elbit Systems Ltd.		243	$	52,963
Singapore Technologies Engineering Ltd.		197,100		585,205
				638,168
Air Freight & Logistics – 0.9%
Deutsche Post AG (Registered)		3,159		136,369
DSV A/S		621		103,041
SG Holdings Co. Ltd.		21,600		382,285
				621,695
Auto Components – 0.5%
Bridgestone Corp.		2,700		99,343
Pirelli & C SpA(a)		45,171		226,257
				325,600
Automobiles – 0.1%
Ferrari NV		270		57,822
Banks – 12.3%
Bank Hapoalim BM		56,052		523,021
Bank Leumi Le-Israel BM		58,347		616,375
Bankinter SA(b)		48,033		285,387
Banque Cantonale Vaudoise (Registered)		2,727		232,482
BOC Hong Kong Holdings Ltd.		148,500		542,244
Chiba Bank Ltd. (The)(b)		37,800		218,526
Commonwealth Bank of Australia		945		69,762
DBS Group Holdings Ltd.		27,000		663,220
FinecoBank Banca Fineco SpA		30,888		434,199
Hang Seng Bank Ltd.		27,000		480,044
HSBC Holdings plc		26,784		168,574
Mitsubishi UFJ Financial Group, Inc.		48,600		282,950
Mizuho Financial Group, Inc.		37,800		460,538
Oversea-Chinese Banking Corp. Ltd.		54,000		484,510
Royal Bank of Canada		14,580		1,480,188
Sumitomo Mitsui Financial Group, Inc.		20,200		610,397
Swedbank AB, Class A		4,266		68,368
Toronto-Dominion Bank (The)		7,074		513,592
United Overseas Bank Ltd.		18,900		410,465
				8,544,842

Investments	Shares		Value
Beverages – 0.5%
Budweiser Brewing Co. APAC Ltd.(a)		40,500	$	102,100
Suntory Beverage & Food Ltd.		5,400		213,816
				315,916
Capital Markets – 2.3%
Deutsche Boerse AG		3,861		676,960
Euronext NV(a)		2,025		163,681
Japan Exchange Group, Inc.		16,200		244,013
Singapore Exchange Ltd.		72,900		516,830
				1,601,484
Chemicals – 5.2%
Air Liquide SA		7,020		1,224,466
Akzo Nobel NV		999		87,579
Givaudan SA (Registered)		135		541,725
Kansai Paint Co. Ltd.		5,400		75,065
Koninklijke DSM NV		2,781		471,171
Novozymes A/S, Class B		9,261		649,070
Symrise AG		4,779		571,970
				3,621,046
Commercial Services & Supplies – 1.4%
Brambles Ltd.		52,812		395,950
Secom Co. Ltd.		8,100		573,552
				969,502
Diversified Financial Services – 0.5%
Groupe Bruxelles Lambert SA		2,970		283,805
Investor AB, Class A(b)		1,836		38,845
L E Lundbergforetagen AB, Class B		540		25,585
Sofina SA		54		16,748
				364,983
Diversified Telecommunication Services – 6.0%
BT Group plc		63,045		140,378
Elisa OYJ		9,207		541,593
HKT Trust & HKT Ltd.		27,000		38,748
Koninklijke KPN NV(b)		147,879		512,476
Nippon Telegraph & Telephone Corp.		18,900		561,194
Orange SA		30,780		367,511

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 71

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Diversified Telecommunication Services – (continued)
Proximus SADP		14,958	$	261,947
Singapore Telecommunications Ltd.		183,600		368,290
Spark New Zealand Ltd.		2,457		7,846
Swisscom AG (Registered)		1,080		641,780
Telecom Italia SpA		194,940		57,192
Telefonica Deutschland Holding AG		78,651		238,049
Telia Co. AB		1,836		7,664
TELUS Corp.		10,179		255,978
United Internet AG (Registered)		4,995		161,931
				4,162,577
Electric Utilities – 4.7%
Chubu Electric Power Co., Inc.		24,300		246,076
CLP Holdings Ltd.		7,000		68,250
Emera, Inc.(b)		5,265		255,536
Fortis, Inc.		6,912		338,069
Hydro One Ltd.(a)		10,638		289,079
Iberdrola SA		75,330		874,958
Kansai Electric Power Co., Inc. (The)		21,600		190,059
Power Assets Holdings Ltd.		94,500		636,532
Red Electrica Corp. SA		16,686		336,831
				3,235,390
Electronic Equipment, Instruments & Components – 0.8%
Halma plc		9,855		306,230
Hirose Electric Co. Ltd.		1,900		244,026
				550,256
Equity Real Estate Investment Trusts (REITs) – 0.4%
Link REIT		34,062		295,638
Food & Staples Retailing – 4.7%
Carrefour SA		14,661		311,807
Coles Group Ltd.		8,046		106,925
Etablissements Franz Colruyt NV		6,426		236,794
J Sainsbury plc		77,544		227,133
Jeronimo Martins SGPS SA		11,097		231,794
Koninklijke Ahold Delhaize NV(b)		21,924		649,686
Loblaw Cos. Ltd.		4,644		426,992
Metro, Inc.		5,238		289,390
Tesco plc		110,484		377,298
Welcia Holdings Co. Ltd.		18,900		390,808
				3,248,627

Investments	Shares		Value
Food Products – 5.9%
JDE Peet’s NV		8,370	$	247,238
MEIJI Holdings Co. Ltd.		5,400		269,667
Nestle SA (Registered)		25,218		3,273,547
Yakult Honsha Co. Ltd.		5,400		280,086
				4,070,538
Gas Utilities – 1.2%
Osaka Gas Co. Ltd.		13,500		244,346
Snam SpA		54,459		300,127
Tokyo Gas Co. Ltd.		13,500		259,559
				804,032
Health Care Equipment & Supplies – 1.1%
Coloplast A/S, Class B		2,673		363,537
ConvaTec Group plc(a) (b)		43,038		114,552
Fisher & Paykel Healthcare Corp. Ltd.		5,292		73,848
Hoya Corp.		2,400		240,630
				792,567
Hotels, Restaurants & Leisure – 0.3%
McDonald’s Holdings Co. Japan Ltd.		5,400		214,650
Household Durables – 0.3%
SEB SA		351		42,472
Sekisui House Ltd.		10,800		188,308
				230,780
Household Products – 0.7%
Reckitt Benckiser Group plc		5,751		450,552
Independent Power and Renewable Electricity Producers – 0.5%
Uniper SE		12,879		333,146
Industrial Conglomerates – 1.2%
CK Hutchison Holdings Ltd.		40,500		284,930
Jardine Matheson Holdings Ltd.		5,400		286,902
Keppel Corp. Ltd.		51,300		255,218
				827,050
Insurance – 2.2%
Admiral Group plc		11,475		363,629
Fairfax Financial Holdings Ltd.		432		238,595
Gjensidige Forsikring ASA		702		15,190

See Accompanying Notes to the Financial Statements.

72 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
Japan Post Holdings Co. Ltd.		37,800	$	265,936
Medibank Pvt Ltd.		128,655		292,572
Sampo OYJ, Class A		1,593		77,994
Tryg A/S		12,204		292,496
				1,546,412
IT Services – 1.6%
CGI, Inc.*		3,996		320,293
Itochu Techno-Solutions Corp.		5,400		127,331
Nomura Research Institute Ltd.		8,100		231,947
Obic Co. Ltd.		3,100		461,315
				1,140,886
Leisure Products – 0.4%
Shimano, Inc.		1,500		269,759
Machinery – 1.7%
GEA Group AG		7,533		295,388
Knorr-Bremse AG		2,322		167,405
Kone OYJ, Class B		9,693		471,299
Schindler Holding AG		1,377		268,690
				1,202,782
Marine – 0.9%
Hapag-Lloyd AG(a)		108		43,637
Kuehne + Nagel International AG (Registered)		1,917		543,313
				586,950
Metals & Mining – 1.1%
BHP Group Ltd.(b)		3,699		126,204
Franco-Nevada Corp.		2,754		418,643
Hitachi Metals Ltd.*		13,500		211,315
				756,162
Multiline Retail – 1.1%
B&M European Value Retail SA		17,982		110,669
Pan Pacific International Holdings Corp.		2,700		41,909
Wesfarmers Ltd.		18,009		632,354
				784,932

Investments	Shares		Value
Multi-Utilities – 0.8%
National Grid plc		35,451	$	531,434
Oil, Gas & Consumable Fuels – 1.3%
Enbridge, Inc.		2,349		103,036
ENEOS Holdings, Inc.		75,600		266,199
Idemitsu Kosan Co. Ltd.		10,800		283,838
Shell plc		8,937		243,819
				896,892
Personal Products – 1.2%
Beiersdorf AG		2,187		221,074
Kobayashi Pharmaceutical Co. Ltd.		6,500		446,010
Unilever plc		4,158		194,145
				861,229
Pharmaceuticals – 14.4%
AstraZeneca plc		9,099		1,220,975
GlaxoSmithKline plc		70,119		1,581,978
Hikma Pharmaceuticals plc		9,990		236,237
Novartis AG (Registered)		2,295		204,544
Novo Nordisk A/S, Class B		17,415		2,006,184
Ono Pharmaceutical Co. Ltd.		10,800		277,836
Otsuka Holdings Co. Ltd.		8,100		272,772
Roche Holding AG		8,343		3,114,926
Roche Holding AG – BR		108		43,705
Sanofi		9,774		1,043,275
				10,002,432
Professional Services – 1.6%
RELX plc		6,966		209,287
SGS SA (Registered)		108		280,612
Wolters Kluwer NV		6,102		621,715
				1,111,614
Real Estate Management & Development – 3.3%
CK Asset Holdings Ltd.		81,000		551,277
Daito Trust Construction Co. Ltd.		2,700		260,914
Henderson Land Development Co. Ltd.		135,000		548,008
New World Development Co. Ltd.		27,000		103,579
PSP Swiss Property AG (Registered)		1,971		250,170
Sun Hung Kai Properties Ltd.		50,500		585,379
				2,299,327

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 73

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Road & Rail – 0.8%
MTR Corp. Ltd.		54,000	$	288,027
Tobu Railway Co. Ltd.		10,800		243,658
				531,685
Semiconductors & Semiconductor Equipment – 0.6%
ASML Holding NV		702		405,835
Software – 2.9%
Constellation Software, Inc.		297		469,853
Dassault Systemes SE		10,800		484,621
Nice Ltd.*		1,107		227,691
Open Text Corp.		5,346		215,212
Oracle Corp. Japan		5,400		349,275
Sage Group plc (The)		8,073		74,740
SAP SE		1,971		202,857
				2,024,249
Specialty Retail – 1.4%
Nitori Holdings Co. Ltd.		4,100		422,468
USS Co. Ltd.		32,400		540,417
				962,885
Technology Hardware, Storage & Peripherals – 1.2%
Canon, Inc.		16,200		374,490
FUJIFILM Holdings Corp.		8,800		487,206
				861,696
Textiles, Apparel & Luxury Goods – 2.1%
Hermes International		513		642,121
LVMH Moet Hennessy Louis Vuitton SE		1,215		794,053
				1,436,174
Tobacco – 0.5%
Japan Tobacco, Inc.		18,900		324,361
Trading Companies & Distributors – 1.4%
Brenntag SE		567		44,228
ITOCHU Corp.		21,600		655,535
MonotaRO Co. Ltd.		13,500		235,385
				935,148

Investments	Shares		Value
Water Utilities – 0.5%
United Utilities Group plc		21,843	$	315,649
Wireless Telecommunication Services – 2.6%
KDDI Corp.		25,800		863,253
Rogers Communications, Inc., Class B		189		10,349
SoftBank Corp.		45,900		536,728
Vodafone Group plc		276,750		422,302
				1,832,632
Total Common Stocks (Cost $66,363,409)				67,897,986
	Principal Amount
SECURITIES LENDING REINVESTMENTS(c) – 1.4%
REPURCHASE AGREEMENTS – 1.4%
CF Secured LLC, 0.27%, dated 4/30/2022, due 5/2/2022, repurchase price $968,902, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/26/2022 – 2/15/2052; Cash; total market value $981,652 (Cost $968,888)	$	968,888		968,888
Total Investments – 99.4% (Cost $67,332,297)				68,866,874
Other assets less liabilities – 0.6%				398,231
NET ASSETS – 100.0%			$	69,265,105

* Non-income producing security.

^(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, 2022. The total value of securities on loan at April 30, 2022 was $1,820,532, collateralized in the form of cash with a value of $968,888 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $584,421 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, 2022 – February 15, 2052 and $404,862 of collateral in the form of Foreign Government

See Accompanying Notes to the Financial Statements.

74 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)

Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 25, 2022 – September 20, 2117; a total value of $1,958,171.

^(c)  The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $968,888.

Percentages shown are based on Net Assets.

Abbreviations

OYJ – Public Limited Company

As of April 30, 2022, 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	$	5,912,435
Aggregate gross unrealized depreciation		(4,728,973	)
Net unrealized appreciation	$	1,183,462
Federal income tax cost	$	67,693,324

Futures Contracts

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
MSCI EAFE E-Mini Index		11		06/17/2022		USD	$	1,098,130	$	(17,238	)

* 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^® Developed Markets ex-US Quality Low Volatility Index Fund had the following outstanding contracts as of April 30, 2022:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	71,337	Morgan Stanley	AUD	97,302		06/15/2022	$	2,132
USD	48,040	Toronto-Dominion Bank (The)	AUD	64,513		06/15/2022		2,156
USD	10,103	Toronto-Dominion Bank (The)	CAD	12,765		06/15/2022		116
USD	44,004	Morgan Stanley	CHF	40,642		06/15/2022		2,038
USD	24,507	Toronto-Dominion Bank (The)	CHF	22,805		06/15/2022		959
USD	58,409	BNP Paribas SA	DKK	394,074		06/15/2022		2,407
USD	29,324	JPMorgan Chase Bank	DKK	196,917		06/15/2022		1,340
USD	141,005	Morgan Stanley	EUR	127,819		06/15/2022		5,883
USD	86,338	Toronto-Dominion Bank (The)	EUR	78,305		06/15/2022		3,559
USD	124,084	Morgan Stanley	GBP	94,823		06/15/2022		5,028
USD	25,489	Toronto-Dominion Bank (The)	GBP	19,358		06/15/2022		1,184
USD	20,213	JPMorgan Chase Bank	HKD	158,002		06/15/2022		55
USD	73,344	Citibank NA	ILS	239,196		06/15/2022		1,585
USD	7,719	JPMorgan Chase Bank	ILS	24,981		06/15/2022		225
USD	195,872	Citigroup Global Markets, Inc.	JPY	23,858,367		06/15/2022		11,431
USD	78,361	Morgan Stanley	JPY	9,821,507		06/15/2022		2,435
USD	15,975	Toronto-Dominion Bank (The)	JPY	1,900,242		06/15/2022		1,285
USD	15,866	Bank of New York	NOK	141,685		06/15/2022		656
USD	4,978	Citibank NA	NOK	43,607		06/15/2022		297
USD	2,537	Morgan Stanley	NZD	3,702		06/15/2022		135
USD	83,991	BNP Paribas SA	SEK	810,605		06/15/2022		1,117
USD	13,204	Citibank NA	SEK	124,066		06/15/2022		520
USD	18,695	Toronto-Dominion Bank (The)	SGD	25,390		06/15/2022		309
Total unrealized appreciation							$	46,852

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 75

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)

Forward Foreign Currency Contracts (cont.)

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
AUD	10,625	Toronto-Dominion Bank (The)	USD	7,922		06/15/2022	$	(365	)
CAD	43,624	Citibank NA	USD	34,307		06/15/2022		(178	)
CAD	19,999	Toronto-Dominion Bank (The)	USD	16,060		06/15/2022		(414	)
CHF	13,358	BNP Paribas SA	USD	14,387		06/15/2022		(593	)
CHF	27,101	Citibank NA	USD	28,728		06/15/2022		(745	)
CHF	132,456	Toronto-Dominion Bank (The)	USD	142,184		06/15/2022		(5,412	)
DKK	436,517	Toronto-Dominion Bank (The)	USD	65,446		06/15/2022		(3,412	)
EUR	30,742	Morgan Stanley	USD	34,041		06/15/2022		(1,543	)
EUR	27,768	Toronto-Dominion Bank (The)	USD	30,137		06/15/2022		(782	)
GBP	17,397	BNP Paribas SA	USD	22,764		06/15/2022		(920	)
GBP	10,209	Morgan Stanley	USD	13,537		06/15/2022		(718	)
HKD	66,774	Citibank NA	USD	8,544		06/15/2022		(25	)
HKD	84,852	Citigroup Global Markets, Inc.	USD	10,852		06/15/2022		(27	)
HKD	39,720	Goldman Sachs & Co.	USD	5,079		06/15/2022		(12	)
JPY	6,178,630	Morgan Stanley	USD	52,221		06/15/2022		(4,456	)
SGD	7,316	Citibank NA	USD	5,398		06/15/2022		(100	)
Total unrealized depreciation							$	(19,702	)
Net unrealized appreciation							$	27,150

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

ILS – Israeli Shekel

JPY – Japanese Yen

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

USD – US Dollar

See Accompanying Notes to the Financial Statements.

76 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:

Australia	2.3	%
Belgium	1.2
Canada	8.1
Denmark	4.9
Finland	1.6
France	7.3
Germany	4.5
Hong Kong	6.5
Israel	2.0
Italy	1.5
Japan	21.6
Netherlands	4.4
New Zealand	0.1
Norway	0.0	†
Portugal	0.3
Singapore	5.2
Spain	2.2
Sweden	0.2
Switzerland	13.6
United Kingdom	10.5
Other1	2.0
	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		98.0	%
Securities Lending Reinvestments		1.4
Others(1)		0.6
		100.0	%

⁽¹⁾ Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 77

Schedule of Investments

FlexShares^® Emerging Markets Quality Low Volatility Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.4%
Air Freight & Logistics – 0.7%
Agility Public Warehousing Co. KSC		25,482	$	103,940
Auto Components – 0.9%
MRF Ltd.		138		131,296
Automobiles – 1.1%
Bajaj Auto Ltd.		2,586		126,168
Hero MotoCorp Ltd.		1,086		35,612
				161,780
Banks – 22.4%
Abu Dhabi Islamic Bank PJSC		51,324		122,684
Agricultural Bank of China Ltd., Class H		198,000		74,696
Al Rajhi Bank		4,416		207,920
Attijariwafa Bank		1,566		72,928
Banco BBVA Peru SA		5,634		2,611
Banco de Credito del Peru SA, Class C		6,390		5,109
Bank Central Asia Tbk. PT		25,200		14,124
Bank of China Ltd., Class H		780,000		308,177
Bank of Communications Co. Ltd., Class H		126,000		87,842
Boubyan Bank KSCP		32,848		105,152
Chang Hwa Commercial Bank Ltd.		127,200		79,836
China Construction Bank Corp., Class H		210,000		149,615
China Merchants Bank Co. Ltd., Class H		2,000		12,210
Commercial Bank PSQC (The)		12,480		26,350
Commercial International Bank Egypt SAE		38,502		93,288
E.Sun Financial Holding Co. Ltd.		83,519		95,914
First Financial Holding Co. Ltd.		115,260		108,708
Hua Nan Financial Holdings Co. Ltd.		135,484		109,167
ICICI Bank Ltd.		5,538		53,849
Industrial & Commercial Bank of China Ltd., Class H		492,000		297,226
Itau Unibanco Holding SA (Preference)*		1,200		5,784
Kuwait Finance House KSCP		54,205		174,227

Investments	Shares		Value
Banks – (continued)
Malayan Banking Bhd.		25,385	$	52,887
Masraf Al Rayan QSC		65,430		96,840
Mega Financial Holding Co. Ltd.		114,000		160,893
National Bank of Kuwait SAKP		39,387		135,210
Postal Savings Bank of China Co. Ltd., Class H(a)		126,000		96,353
Qatar Islamic Bank SAQ		23,184		155,907
Qatar National Bank QPSC		44,526		284,267
Saudi National Bank (The)		1,884		39,681
Sberbank of Russia PJSC‡ (b)		12,360		—
Taiwan Cooperative Financial Holding Co. Ltd.		124,207		120,096
				3,349,551
Capital Markets – 0.8%
Macquarie Korea Infrastructure Fund		10,776		121,831
Chemicals – 3.1%
Asian Paints Ltd.		3,798		160,838
PhosAgro PJSC‡ (b)		1,158		—
Pidilite Industries Ltd.		2,748		87,129
SABIC Agri-Nutrients Co.		3,084		133,694
Yanbu National Petrochemical Co.		4,710		76,725
				458,386
Construction Materials – 1.1%
ACC Ltd.		1,014		30,893
Asia Cement Corp.		18,000		29,373
LafargeHolcim Maroc SA		342		68,495
Taiwan Cement Corp.		24,000		37,373
				166,134
Consumer Finance – 0.0%(c)
Bajaj Finance Ltd.		42		3,666
Diversified Financial Services – 0.6%
Far East Horizon Ltd.		114,000		93,134
Diversified Telecommunication Services – 6.3%
China Tower Corp. Ltd., Class H(a)		696,000		81,609
Chunghwa Telecom Co. Ltd.		39,000		173,330
Emirates Integrated Telecommunications Co. PJSC		48,234		86,539

See Accompanying Notes to the Financial Statements.

78 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Emerging Markets Quality Low Volatility Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Diversified Telecommunication Services – (continued)
Emirates Telecommunications Group Co. PJSC		17,160	$	163,515
Hellenic Telecommunications Organization SA		6,198		120,310
Itissalat Al-Maghrib		8,076		108,369
Saudi Telecom Co.		5,928		183,334
Telefonica Brasil SA		1,800		19,333
				936,339
Electric Utilities – 1.6%
Cia de Transmissao de Energia Eletrica Paulista (Preference)		6,600		33,532
Manila Electric Co.		16,860		113,810
Tenaga Nasional Bhd.		45,600		94,688
				242,030
Electronic Equipment, Instruments & Components – 1.4%
Hon Hai Precision Industry Co. Ltd.		13,000		44,986
Synnex Technology International Corp.		36,000		94,655
WPG Holdings Ltd.		42,000		77,373
				217,014
Entertainment – 0.6%
NetEase, Inc., ADR		888		84,653
Food & Staples Retailing – 1.4%
BIM Birlesik Magazalar A/S		6,750		37,962
InRetail Peru Corp.(a)		2,370		86,268
President Chain Store Corp.		9,000		83,510
				207,740
Food Products – 5.9%
Almarai Co. JSC		4,788		66,380
Dali Foods Group Co. Ltd.(a)		216,000		110,668
International Holding Co. PJSC*		2,268		134,794
Nestle Malaysia Bhd.		3,900		119,325
Orion Corp.		798		60,358
Tingyi Cayman Islands Holding Corp.		58,000		106,299
Uni-President China Holdings Ltd.		78,000		68,892
Uni-President Enterprises Corp.		42,000		97,464

Investments	Shares		Value
Food Products – (continued)
Want Want China Holdings Ltd.		126,000	$	113,857
				878,037
Gas Utilities – 1.7%
China Resources Gas Group Ltd.		16,000		60,871
ENN Energy Holdings Ltd.		5,800		78,283
Petronas Gas Bhd.		30,000		117,009
				256,163
Health Care Providers & Services – 3.9%
Bangkok Dusit Medical Services PCL, NVDR		158,400		119,089
Bangkok Dusit Medical Services PCL, Class F		17,400		12,955
Bumrungrad Hospital PCL, NVDR		25,200		118,090
Dr Sulaiman Al Habib Medical Services Group Co.		1,758		93,740
IHH Healthcare Bhd.		52,800		80,167
Mouwasat Medical Services Co.		1,506		96,765
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		42,000		68,304
				589,110
Hotels, Restaurants & Leisure – 0.6%
Yum China Holdings, Inc.		2,334		97,561
Household Durables – 1.5%
Coway Co. Ltd.		2,100		118,543
Whirlpool of India Ltd.		5,208		110,612
				229,155
Independent Power and Renewable Electricity Producers – 0.0%
Unipro PJSC‡ (b)		726,000		—
Insurance – 0.5%
Bupa Arabia for Cooperative Insurance Co.		1,830		81,088
Interactive Media & Services – 3.1%
Tencent Holdings Ltd.		9,600		461,760
Internet & Direct Marketing Retail – 3.3%
Alibaba Group Holding Ltd., ADR*		4,434		430,497
JD.com, Inc., ADR*		840		51,794

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 79

FlexShares^® Emerging Markets Quality Low Volatility Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Internet & Direct Marketing Retail – (continued)
JD.com, Inc., Class A*		457	$	15,470
Pinduoduo, Inc., ADR*		84		3,620
				501,381
IT Services – 4.3%
Infosys Ltd.		4,602		94,370
Samsung SDS Co. Ltd.		1,086		128,400
Tata Consultancy Services Ltd.		9,102		422,305
				645,075
Life Sciences Tools & Services – 0.1%
Samsung Biologics Co. Ltd.* (a)		25		16,680
Marine – 0.6%
MISC Bhd.		47,400		85,034
Metals & Mining – 0.6%
Polyus PJSC‡ (b)		546		—
Vale SA		5,400		90,821
				90,821
Multiline Retail – 0.0%(c)
Robinson PCL*		600		342
Multi-Utilities – 0.8%
Qatar Electricity & Water Co. QSC		24,336		114,271
Oil, Gas & Consumable Fuels – 1.4%
Petroleo Brasileiro SA		600		4,051
Petroleo Brasileiro SA (Preference)		2,400		14,675
Petronas Dagangan Bhd.		16,200		80,898
Qatar Fuel QSC		22,932		115,423
Surgutneftegas PJSC (Preference)‡ (b)		156,600		—
				215,047
Personal Products – 1.3%
Colgate-Palmolive India Ltd.		6,174		133,632
Hengan International Group Co. Ltd.		9,000		42,671
Hindustan Unilever Ltd.		594		17,366
				193,669
Pharmaceuticals – 3.5%
Cipla Ltd.		10,440		134,006

Investments	Shares		Value
Pharmaceuticals – (continued)
Dr Reddy’s Laboratories Ltd.		720	$	38,918
Lupin Ltd.		2,370		23,087
Richter Gedeon Nyrt.		3,324		66,287
Sino Biopharmaceutical Ltd.		12,000		6,347
Sun Pharmaceutical Industries Ltd.		5,910		71,797
Torrent Pharmaceuticals Ltd.		132		4,860
Yuhan Corp.		1,758		85,521
Zydus Lifesciences Ltd.		19,434		89,514
				520,337
Professional Services – 1.0%
51job, Inc., ADR*		2,430		147,866
Real Estate Management & Development – 1.4%
Aldar Properties PJSC		100,278		154,251
Wharf Holdings Ltd. (The)		18,000		52,879
				207,130
Semiconductors & Semiconductor Equipment – 5.8%
Taiwan Semiconductor Manufacturing Co. Ltd.		48,000		876,117
Specialty Retail – 3.0%
Abu Dhabi National Oil Co. for Distribution PJSC		108,522		122,023
Home Product Center PCL, NVDR		264,000		115,620
Hotel Shilla Co. Ltd.		294		19,007
Jarir Marketing Co.		2,220		113,640
Zhongsheng Group Holdings Ltd.		11,000		73,323
				443,613
Technology Hardware, Storage & Peripherals – 4.1%
Compal Electronics, Inc.		96,000		72,467
Inventec Corp.		90,000		77,556
Lite-On Technology Corp.		7,000		15,437
Samsung Electronics Co. Ltd.		8,358		448,510
				613,970
Textiles, Apparel & Luxury Goods – 0.1%
Li Ning Co. Ltd.		500		3,986
Page Industries Ltd.		12		7,155
				11,141
Tobacco – 0.9%
KT&G Corp.		1,962		129,030

See Accompanying Notes to the Financial Statements.

80 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Emerging Markets Quality Low Volatility Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Transportation Infrastructure – 1.5%
Taiwan High Speed Rail Corp.		120,000	$	113,993
Westports Holdings Bhd.		123,000		111,317
				225,310
Water Utilities – 0.5%
Guangdong Investment Ltd.		62,000		79,810
Wireless Telecommunication Services – 5.0%
Advanced Info Service PCL, NVDR		18,000		112,993
Bharti Airtel Ltd.*		246		2,378
Etihad Etisalat Co.		6,762		77,972
Far EasTone Telecommunications Co. Ltd.		38,000		106,746
Globe Telecom, Inc.		210		9,131
Intouch Holdings PCL, NVDR		49,800		101,781
Maxis Bhd.		69,000		60,228
Mobile Telecommunications Co. KSCP		41,730		92,733
PLDT, Inc.		690		24,663
Taiwan Mobile Co. Ltd.		25,000		92,026
Vodacom Group Ltd.		6,342		60,941
				741,592
Total Common Stocks (Cost $14,445,142)				14,728,604
Total Investments – 98.4% (Cost $14,445,142)				14,728,604
Other assets less liabilities – 1.6%				236,667
NET ASSETS – 100.0%			$	14,965,271

* Non-income producing security.

^(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)  Security fair valued as of April 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2022 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

^(c)  Represents less than 0.05% of net assets.

^‡  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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.

As of April 30, 2022, 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	$	1,827,822
Aggregate gross unrealized depreciation		(1,584,292	)
Net unrealized appreciation	$	243,530
Federal income tax cost	$	14,486,513

Futures Contracts

FlexShares^® Emerging Markets Quality Low Volatility Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
MSCI Emerging Markets E-Mini Index		5		06/17/2022		USD	$	264,350	$	1,446

* 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 SEMIANNUAL REPORT 81

FlexShares^® Emerging Markets Quality Low Volatility Index Fund (cont.)

Forward Foreign Currency Contracts

FlexShares^® Emerging Markets Quality Low Volatility Index Fund had the following outstanding contracts as of April 30, 2022:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
HKD	20,000	Citibank NA	USD	2,559		06/15/2022	$	(7	)
Net unrealized depreciation							$	(7	)

Abbreviations:

HKD – Hong Kong Dollar

USD – US Dollar

FlexShares^® Emerging Markets Quality Low Volatility Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:

Brazil	1.1	%
China	22.5
Egypt	0.6
Greece	0.8
Hungary	0.4
India	11.9
Indonesia	0.1
Kuwait	4.1
Malaysia	5.4
Morocco	1.7
Peru	0.6
Philippines	1.0
Qatar	5.3
Saudi Arabia	7.8
South Africa	0.4
South Korea	7.5
Taiwan	17.8
Thailand	3.9
Turkey	0.3
United Arab Emirates	5.2
Other1	1.6
	100.0	%

¹ Includes any non-equity securities and net other assets (liabilities).

Security Type	% of Net Assets
Common Stocks		98.4	%
Others(1)		1.6
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

82 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Morningstar US Market Factor Tilt Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.4%
Aerospace & Defense – 1.5%
AAR Corp.* (a)		2,820	$	132,484
Aerojet Rocketdyne Holdings, Inc.* (a)		2,068		82,679
AeroVironment, Inc.* (a)		1,316		105,701
Astronics Corp.* (a)		8,084		78,334
Axon Enterprise, Inc.* (a)		2,256		253,123
Boeing Co. (The)*		17,672		2,630,300
BWX Technologies, Inc.(a)		4,324		224,502
Byrna Technologies, Inc.* (a)		940		5,565
Curtiss-Wright Corp.		2,632		376,139
Ducommun, Inc.* (a)		564		28,804
General Dynamics Corp.		7,332		1,734,238
HEICO Corp.(a)		1,692		238,961
HEICO Corp., Class A		1,880		219,283
Hexcel Corp.(a)		5,076		275,931
Howmet Aerospace, Inc.		12,220		416,946
Huntington Ingalls Industries, Inc.		1,316		279,966
Kaman Corp.(a)		3,384		132,010
Kratos Defense & Security Solutions, Inc.*		4,324		65,595
L3Harris Technologies, Inc.		6,392		1,484,606
Lockheed Martin Corp.		7,708		3,330,781
Maxar Technologies, Inc.(a)		4,888		157,442
Mercury Systems, Inc.* (a)		4,324		241,236
Moog, Inc., Class A		7,144		570,591
Northrop Grumman Corp.		4,888		2,147,787
Parsons Corp.* (a)		7,332		270,771
Raytheon Technologies Corp.		48,128		4,567,829
Spirit AeroSystems Holdings, Inc., Class A(a)		4,512		189,684
Textron, Inc.		6,956		481,703
TransDigm Group, Inc.*		1,316		782,770
Triumph Group, Inc.* (a)		7,144		161,026
Vectrus, Inc.* (a)		3,384		122,162
Virgin Galactic Holdings, Inc.* (a)		10,340		77,447
Woodward, Inc.(a)		1,316		145,392
				22,011,788

Investments	Shares		Value
Air Freight & Logistics – 0.6%
Air Transport Services Group, Inc.* (a)		16,920	$	529,596
Atlas Air Worldwide Holdings, Inc.* (a)		7,144		492,507
CH Robinson Worldwide, Inc.(a)		3,948		419,080
Expeditors International of Washington, Inc.		4,324		428,379
FedEx Corp.		7,708		1,531,888
Forward Air Corp.(a)		940		91,152
GXO Logistics, Inc.*		1,692		100,149
Hub Group, Inc., Class A* (a)		9,212		618,678
United Parcel Service, Inc., Class B(a)		24,064		4,331,039
				8,542,468
Airlines – 0.3%
Alaska Air Group, Inc.*		5,452		296,534
Allegiant Travel Co.* (a)		940		145,879
American Airlines Group, Inc.* (a)		26,132		490,498
Delta Air Lines, Inc.*		14,664		630,992
Frontier Group Holdings, Inc.* (a)		1,504		15,957
Hawaiian Holdings, Inc.* (a)		6,768		114,785
JetBlue Airways Corp.* (a)		70,500		776,205
SkyWest, Inc.* (a)		13,348		389,094
Southwest Airlines Co.* (a)		15,228		711,452
Spirit Airlines, Inc.* (a)		4,136		97,651
Sun Country Airlines Holdings, Inc.* (a)		2,256		62,063
United Airlines Holdings, Inc.* (a)		6,580		332,290
				4,063,400
Auto Components – 0.4%
Adient plc* (a)		23,312		795,872
American Axle & Manufacturing Holdings, Inc.* (a)		20,116		133,168
Aptiv plc*		6,580		700,112

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 83

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Auto Components – (continued)
Autoliv, Inc.(a)		3,384	$	249,333
BorgWarner, Inc.		9,776		360,050
Cooper-Standard Holdings, Inc.* (a)		3,948		18,200
Dana, Inc.(a)		30,832		456,622
Dorman Products, Inc.* (a)		940		92,797
Fox Factory Holding Corp.*		1,880		153,934
Garrett Motion, Inc.* (a)		9,964		66,460
Gentex Corp.(a)		8,648		253,819
Gentherm, Inc.* (a)		1,128		76,050
Goodyear Tire & Rubber Co. (The)* (a)		63,544		846,406
LCI Industries(a)		5,640		548,885
Lear Corp.(a)		2,444		312,685
Luminar Technologies, Inc.* (a)		11,844		146,510
Modine Manufacturing Co.* (a)		9,400		74,260
Patrick Industries, Inc.(a)		4,888		304,278
Standard Motor Products, Inc.(a)		3,008		128,382
Tenneco, Inc., Class A* (a)		17,108		293,744
Visteon Corp.*		2,256		236,226
XL Fleet Corp.* (a)		9,776		13,686
				6,261,479
Automobiles – 1.7%
Arcimoto, Inc.* (a)		1,504		5,053
Ford Motor Co.		132,352		1,874,104
General Motors Co.*		48,880		1,853,041
Harley-Davidson, Inc.(a)		34,968		1,274,584
Tesla, Inc.*		22,372		19,480,643
Thor Industries, Inc.(a)		13,348		1,021,789
Winnebago Industries, Inc.(a)		7,520		399,914
Workhorse Group, Inc.* (a)		10,152		30,557
				25,939,685
Banks – 6.1%
1st Source Corp.(a)		5,640		244,043
Allegiance Bancshares, Inc.(a)		3,008		122,907

Investments	Shares		Value
Banks – (continued)
Ameris Bancorp(a)		14,100	$	587,970
Associated Banc-Corp.		33,088		660,106
Atlantic Union Bankshares Corp.(a)		18,612		628,713
Banc of California, Inc.(a)		3,760		67,830
BancFirst Corp.(a)		3,384		276,642
Bancorp, Inc. (The)* (a)		6,204		140,769
Bank of America Corp.		235,752		8,411,631
Bank of Hawaii Corp.(a)		2,444		181,687
Bank OZK(a)		29,516		1,134,005
BankUnited, Inc.(a)		21,808		818,672
Banner Corp.		6,768		363,442
Berkshire Hills Bancorp, Inc.(a)		3,948		97,673
BOK Financial Corp.(a)		7,896		654,815
Brookline Bancorp, Inc.		13,160		190,294
Cadence Bank		46,436		1,162,757
Cathay General Bancorp(a)		16,544		663,249
Central Pacific Financial Corp.		3,948		95,463
Citigroup, Inc.		64,860		3,126,901
Citizens Financial Group, Inc.		15,416		607,390
City Holding Co.(a)		376		29,095
Columbia Banking System, Inc.(a)		16,168		453,997
Comerica, Inc.		5,264		431,122
Commerce Bancshares, Inc.(a)		3,197		218,545
Community Bank System, Inc.(a)		3,384		217,930
Community Trust Bancorp, Inc.		2,068		82,327
ConnectOne Bancorp, Inc.(a)		4,324		120,467
Cullen/Frost Bankers, Inc.		2,068		273,576
Customers Bancorp, Inc.* (a)		5,828		245,184
CVB Financial Corp.(a)		28,952		666,475
Dime Community Bancshares, Inc.(a)		10,528		331,000
Eagle Bancorp, Inc.(a)		6,204		312,371
East West Bancorp, Inc.		5,640		402,132
Eastern Bankshares, Inc.(a)		6,204		118,869
Enterprise Financial Services Corp.(a)		3,760		166,079

See Accompanying Notes to the Financial Statements.

84 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
FB Financial Corp.		1,316	$	50,705
Fifth Third Bancorp		24,252		910,178
First Bancorp/NC		3,572		133,807
First Bancorp/PR(a)		55,836		759,928
First Bancshares, Inc. (The)(a)		3,196		102,879
First Busey Corp.		14,476		325,276
First Citizens BancShares, Inc., Class A(a)		752		480,814
First Commonwealth Financial Corp.		25,568		344,657
First Financial Bancorp(a)		18,988		388,305
First Financial Bankshares, Inc.(a)		6,768		270,585
First Financial Corp.(a)		3,760		160,251
First Foundation, Inc.(a)		5,264		116,966
First Hawaiian, Inc.(a)		27,824		656,925
First Horizon Corp.		21,432		479,648
First Interstate BancSystem, Inc., Class A		6,392		207,868
First Merchants Corp.(a)		13,348		523,108
First Republic Bank(a)		4,324		645,227
Flushing Financial Corp.(a)		5,452		117,218
FNB Corp.		75,200		866,304
Fulton Financial Corp.(a)		33,840		513,353
Glacier Bancorp, Inc.(a)		4,888		223,675
Hancock Whitney Corp.		19,364		905,654
Hanmi Financial Corp.		7,896		182,792
HarborOne Bancorp, Inc.(a)		2,068		27,690
Heartland Financial USA, Inc.(a)		9,212		403,209
Heritage Commerce Corp.(a)		10,340		116,118
Heritage Financial Corp.(a)		6,016		145,707
Hilltop Holdings, Inc.(a)		16,920		431,291
Home BancShares, Inc.(a)		35,156		760,073
HomeStreet, Inc.(a)		3,196		129,726
Hope Bancorp, Inc.(a)		27,824		397,883
Horizon Bancorp, Inc.(a)		12,220		213,606
Huntington Bancshares, Inc.(a)		47,188		620,522
Independent Bank Corp. – MA(a)		2,444		188,579

Investments	Shares		Value
Banks – (continued)
Independent Bank Corp. – MI		8,836	$	174,423
Independent Bank Group, Inc.		9,964		675,559
International Bancshares Corp.(a)		13,536		538,597
JPMorgan Chase & Co.		97,008		11,578,875
KeyCorp		34,028		657,081
Lakeland Bancorp, Inc.(a)		12,220		183,667
Lakeland Financial Corp.(a)		752		54,761
Live Oak Bancshares, Inc.(a)		940		39,790
M&T Bank Corp.		6,686		1,114,155
Meta Financial Group, Inc.		3,008		131,299
Metropolitan Bank Holding Corp.* (a)		1,316		117,190
Midland States Bancorp, Inc.(a)		4,888		128,848
National Bank Holdings Corp., Class A		1,128		41,183
NBT Bancorp, Inc.		8,084		284,557
Nicolet Bankshares, Inc.* (a)		3,760		305,989
Northwest Bancshares, Inc.(a)		24,252		307,515
OceanFirst Financial Corp.(a)		15,980		299,305
OFG Bancorp(a)		15,416		409,757
Old National Bancorp		71,064		1,077,330
Pacific Premier Bancorp, Inc.(a)		20,492		642,629
PacWest Bancorp(a)		27,260		896,581
Park National Corp.(a)		940		110,779
Peoples Bancorp, Inc.		6,016		164,959
Pinnacle Financial Partners, Inc.(a)		4,700		364,485
PNC Financial Services Group, Inc. (The)		14,288		2,373,237
Popular, Inc.(a)		20,116		1,568,847
Preferred Bank		2,256		151,423
Premier Financial Corp.(a)		11,092		294,382
Prosperity Bancshares, Inc.(a)		21,056		1,376,641
QCR Holdings, Inc.		2,068		112,272
Regions Financial Corp.(a)		34,780		720,642
Renasant Corp.(a)		11,092		330,431
S&T Bancorp, Inc.(a)		6,768		191,264

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 85

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Sandy Spring Bancorp, Inc.(a)		9,212	$	361,755
Seacoast Banking Corp. of Florida(a)		5,076		164,970
ServisFirst Bancshares, Inc.(a)		1,504		120,801
Signature Bank		1,880		455,430
Silvergate Capital Corp., Class A*		1,128		131,931
Simmons First National Corp., Class A(a)		24,816		592,358
Southside Bancshares, Inc.(a)		752		29,471
SouthState Corp.(a)		18,612		1,441,313
Stock Yards Bancorp, Inc.(a)		564		29,486
SVB Financial Group*		1,504		733,410
Synovus Financial Corp.(a)		34,968		1,452,571
Texas Capital Bancshares, Inc.*		12,784		656,586
Tompkins Financial Corp.(a)		188		13,724
Towne Bank		14,288		393,920
TriCo Bancshares(a)		564		21,178
TriState Capital Holdings, Inc.*		4,324		130,628
Triumph Bancorp, Inc.* (a)		564		39,164
Truist Financial Corp.		44,180		2,136,103
Trustmark Corp.(a)		15,792		440,281
UMB Financial Corp.(a)		1,504		135,631
Umpqua Holdings Corp.		56,400		932,856
United Bankshares, Inc.(a)		30,456		1,012,966
United Community Banks, Inc.(a)		25,192		759,287
Univest Financial Corp.		6,016		151,603
US Bancorp		45,120		2,191,027
Valley National Bancorp(a)		95,316		1,141,886
Veritex Holdings, Inc.		4,700		154,395
Washington Trust Bancorp, Inc.(a)		5,452		255,917
Webster Financial Corp.(a)		41,924		2,095,781
Wells Fargo & Co.		128,404		5,602,266
WesBanco, Inc.(a)		12,972		418,217
Westamerica Bancorp(a)		2,632		155,077
Western Alliance Bancorp		4,136		314,791
Wintrust Financial Corp.		12,784		1,116,299

Investments	Shares		Value
Banks – (continued)
Zions Bancorp NA(a)		6,392	$	361,212
				90,669,399
Beverages – 1.2%
Boston Beer Co., Inc. (The), Class A* (a)		376		141,000
Brown-Forman Corp., Class A(a)		1,504		93,880
Brown-Forman Corp., Class B		4,512		304,289
Celsius Holdings, Inc.* (a)		564		29,328
Coca-Cola Co. (The)		104,340		6,741,408
Coca-Cola Consolidated, Inc.		940		415,010
Constellation Brands, Inc., Class A		5,076		1,249,153
Keurig Dr Pepper, Inc.		26,508		991,399
Molson Coors Beverage Co., Class B(a)		6,956		376,598
Monster Beverage Corp.*		9,588		821,500
National Beverage Corp.(a)		1,128		49,722
PepsiCo, Inc.		37,036		6,359,452
Vintage Wine Estates, Inc.* (a)		1,316		13,594
Zevia PBC, Class A* (a)		7,144		24,575
				17,610,908
Biotechnology – 2.3%
4D Molecular Therapeutics, Inc.* (a)		2,256		26,869
AbbVie, Inc.		58,468		8,587,780
ACADIA Pharmaceuticals, Inc.* (a)		9,400		173,336
Acumen Pharmaceuticals, Inc.* (a)		5,264		20,319
Agenus, Inc.* (a)		57,340		106,079
Agios Pharmaceuticals, Inc.* (a)		188		4,130
Akebia Therapeutics, Inc.* (a)		10,904		4,527
Alaunos Therapeutics, Inc.* (a)		18,988		10,090
Aldeyra Therapeutics, Inc.*		188		577
Alector, Inc.* (a)		5,264		50,534
Alkermes plc*		6,016		173,562

See Accompanying Notes to the Financial Statements.

86 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Biotechnology – (continued)
Allakos, Inc.* (a)		752	$	2,835
Allogene Therapeutics, Inc.* (a)		19,176		160,120
Alnylam Pharmaceuticals, Inc.* (a)		3,572		476,612
Altimmune, Inc.* (a)		188		850
Amgen, Inc.(a)		18,048		4,208,613
Amicus Therapeutics, Inc.* (a)		7,332		51,911
Anavex Life Sciences Corp.* (a)		5,640		48,448
Anika Therapeutics, Inc.* (a)		376		8,095
Apellis Pharmaceuticals, Inc.* (a)		3,760		163,673
Arcturus Therapeutics Holdings, Inc.* (a)		940		18,217
Arcus Biosciences, Inc.* (a)		1,692		40,963
Arrowhead Pharmaceuticals, Inc.*		4,888		200,946
Atara Biotherapeutics, Inc.* (a)		188		1,196
Atossa Therapeutics, Inc.* (a)		7,896		7,975
Avid Bioservices, Inc.* (a)		1,504		20,244
Avidity Biosciences, Inc.* (a)		2,256		32,261
Avita Medical, Inc.* (a)		5,264		32,110
Beam Therapeutics, Inc.* (a)		1,316		49,390
BioCryst Pharmaceuticals, Inc.* (a)		14,852		137,975
Biogen, Inc.*		4,512		935,969
BioMarin Pharmaceutical, Inc.*		3,948		321,170
Bioxcel Therapeutics, Inc.* (a)		5,828		76,405
Bluebird Bio, Inc.*		5,828		21,156
Blueprint Medicines Corp.* (a)		2,068		120,668
Bolt Biotherapeutics, Inc.* (a)		9,024		14,077
Bridgebio Pharma, Inc.*		4,136		33,171
CareDx, Inc.* (a)		2,632		80,118
Caribou Biosciences, Inc.*		1,316		9,738
Catalyst Pharmaceuticals, Inc.*		16,732		127,498

Investments	Shares		Value
Biotechnology – (continued)
Celldex Therapeutics, Inc.* (a)		1,504	$	45,947
CEL-SCI Corp.* (a)		11,468		32,798
ChemoCentryx, Inc.* (a)		2,444		45,116
Clovis Oncology, Inc.* (a)		13,536		27,072
Coherus Biosciences, Inc.* (a)		8,084		73,079
Crinetics Pharmaceuticals, Inc.* (a)		5,264		106,964
CRISPR Therapeutics AG* (a)		3,760		186,571
Cue Biopharma, Inc.* (a)		3,008		11,912
Curis, Inc.* (a)		188		172
Cytokinetics, Inc.* (a)		3,384		134,920
CytomX Therapeutics, Inc.* (a)		15,604		26,683
Deciphera Pharmaceuticals, Inc.* (a)		3,196		32,344
Denali Therapeutics, Inc.* (a)		22,372		532,454
Design Therapeutics, Inc.* (a)		940		11,224
Dynavax Technologies Corp.* (a)		752		6,640
Eagle Pharmaceuticals, Inc.* (a)		1,692		74,668
Editas Medicine, Inc.* (a)		1,504		19,913
Emergent BioSolutions, Inc.* (a)		11,280		365,246
Enanta Pharmaceuticals, Inc.* (a)		1,880		121,072
Epizyme, Inc.* (a)		26,320		16,987
Evelo Biosciences, Inc.* (a)		1,504		3,715
Exact Sciences Corp.* (a)		4,700		258,735
Exelixis, Inc.*		14,476		323,394
Fate Therapeutics, Inc.* (a)		4,136		118,124
FibroGen, Inc.* (a)		3,384		31,471
Fortress Biotech, Inc.* (a)		5,076		5,584
G1 Therapeutics, Inc.* (a)		4,700		24,158
Geron Corp.* (a)		16,356		23,062
Gilead Sciences, Inc.		39,856		2,365,055
Global Blood Therapeutics, Inc.* (a)		3,760		115,432
Gossamer Bio, Inc.* (a)		1,316		9,094
Gritstone bio, Inc.* (a)		5,076		13,147

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 87

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Biotechnology – (continued)
Halozyme Therapeutics, Inc.* (a)		6,580	$	262,542
Heron Therapeutics, Inc.* (a)		376		1,700
Homology Medicines, Inc.* (a)		18,048		29,960
Horizon Therapeutics plc*		6,768		667,054
Immuneering Corp., Class A* (a)		752		3,737
ImmunoGen, Inc.* (a)		21,996		106,241
Incyte Corp.*		4,324		324,127
Inhibrx, Inc.*		564		8,939
Insmed, Inc.* (a)		6,392		140,432
Intellia Therapeutics, Inc.* (a)		2,444		119,829
Intercept Pharmaceuticals, Inc.* (a)		6,956		109,279
Ionis Pharmaceuticals, Inc.*		7,520		276,435
Iovance Biotherapeutics, Inc.* (a)		3,008		45,571
Ironwood Pharmaceuticals, Inc.* (a)		4,512		54,144
IVERIC bio, Inc.* (a)		188		2,604
Jounce Therapeutics, Inc.* (a)		2,068		10,960
KalVista Pharmaceuticals, Inc.* (a)		6,392		81,370
Karyopharm Therapeutics, Inc.* (a)		7,332		44,725
Keros Therapeutics, Inc.* (a)		752		39,864
Kiniksa Pharmaceuticals Ltd., Class A* (a)		6,956		64,899
Kodiak Sciences, Inc.*		1,880		11,318
Krystal Biotech, Inc.* (a)		2,256		136,736
Kura Oncology, Inc.* (a)		19,364		277,873
Kymera Therapeutics, Inc.*		188		5,894
Lexicon Pharmaceuticals, Inc.* (a)		3,572		6,465
Ligand Pharmaceuticals, Inc.* (a)		752		69,831
MacroGenics, Inc.* (a)		188		1,344
Madrigal Pharmaceuticals, Inc.* (a)		940		65,800
MannKind Corp.* (a)		7,896		24,714

Investments	Shares		Value
Biotechnology – (continued)
MeiraGTx Holdings plc*		5,264	$	54,167
Mersana Therapeutics, Inc.* (a)		10,716		37,292
Mirati Therapeutics, Inc.* (a)		1,316		81,316
Moderna, Inc.* (a)		11,280		1,516,145
Myriad Genetics, Inc.* (a)		3,196		65,518
Natera, Inc.* (a)		1,504		52,820
Neurocrine Biosciences, Inc.*		2,256		203,108
Novavax, Inc.* (a)		2,444		110,151
Ocugen, Inc.* (a)		11,092		24,292
OPKO Health, Inc.*		91,180		246,186
Organogenesis Holdings, Inc.* (a)		1,692		10,896
Pieris Pharmaceuticals, Inc.* (a)		4,136		11,581
Precigen, Inc.* (a)		5,640		7,501
Precision BioSciences, Inc.* (a)		2,632		5,238
Protagonist Therapeutics, Inc.* (a)		1,692		15,380
Prothena Corp. plc* (a)		1,504		43,857
PTC Therapeutics, Inc.* (a)		3,572		126,199
Radius Health, Inc.* (a)		5,452		37,292
Recursion Pharmaceuticals, Inc., Class A* (a)		1,316		8,159
Regeneron Pharmaceuticals, Inc.*		3,572		2,354,341
REGENXBIO, Inc.* (a)		188		5,219
Relay Therapeutics, Inc.* (a)		4,700		112,001
REVOLUTION Medicines, Inc.* (a)		4,324		86,350
Rhythm Pharmaceuticals, Inc.* (a)		4,700		29,422
Rigel Pharmaceuticals, Inc.* (a)		20,304		47,917
Rocket Pharmaceuticals, Inc.* (a)		2,820		28,990
Rubius Therapeutics, Inc.* (a)		940		1,560
Sage Therapeutics, Inc.* (a)		12,972		408,877
Sangamo Therapeutics, Inc.*		3,196		13,263
Sarepta Therapeutics, Inc.*		5,264		380,692
Scholar Rock Holding Corp.* (a)		2,068		14,621

See Accompanying Notes to the Financial Statements.

88 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Biotechnology – (continued)
Seagen, Inc.*		3,948	$	517,227
Selecta Biosciences, Inc.* (a)		376		288
Seres Therapeutics, Inc.* (a)		2,256		10,671
Shattuck Labs, Inc.* (a)		5,264		20,214
Sorrento Therapeutics, Inc.* (a)		1,880		2,839
Spero Therapeutics, Inc.* (a)		2,820		13,705
Stoke Therapeutics, Inc.*		2,820		40,721
Surface Oncology, Inc.*		12,220		25,906
Sutro Biopharma, Inc.* (a)		3,384		20,338
TG Therapeutics, Inc.* (a)		8,084		56,103
Travere Therapeutics, Inc.* (a)		1,880		47,244
Twist Bioscience Corp.* (a)		1,504		43,375
Ultragenyx Pharmaceutical, Inc.* (a)		3,384		239,215
United Therapeutics Corp.*		1,880		333,813
Vanda Pharmaceuticals, Inc.* (a)		1,316		13,055
Vaxart, Inc.* (a)		188		654
Veracyte, Inc.* (a)		3,572		73,119
Verastem, Inc.* (a)		12,596		17,886
Vericel Corp.* (a)		1,692		48,222
Vertex Pharmaceuticals, Inc.*		8,648		2,362,807
Viking Therapeutics, Inc.* (a)		24,252		57,720
Vir Biotechnology, Inc.* (a)		5,264		107,122
Xencor, Inc.* (a)		2,068		51,659
Y-mAbs Therapeutics, Inc.* (a)		4,324		36,322
				34,997,923
Building Products – 0.7%
A O Smith Corp.(a)		3,572		208,712
AAON, Inc.(a)		2,632		128,284
Advanced Drainage Systems, Inc.		1,692		173,362
Allegion plc(a)		2,820		322,157
American Woodmark Corp.*		1,692		79,270
Apogee Enterprises, Inc.(a)		3,196		140,624
Armstrong World Industries, Inc.(a)		2,068		175,077

Investments	Shares		Value
Building Products – (continued)
AZEK Co., Inc. (The)* (a)		4,700	$	99,828
Builders FirstSource, Inc.*		7,332		451,431
Carlisle Cos., Inc.		1,504		390,077
Carrier Global Corp.(a)		24,440		935,319
Cornerstone Building Brands, Inc.*		12,220		298,046
Fortune Brands Home & Security, Inc.		4,324		308,085
Gibraltar Industries, Inc.*		940		35,570
Griffon Corp.		8,272		154,769
Insteel Industries, Inc.(a)		188		7,975
JELD-WEN Holding, Inc.* (a)		18,988		394,760
Johnson Controls International plc		24,252		1,451,967
Lennox International, Inc.		940		200,399
Masco Corp.		7,520		396,229
Masonite International Corp.*		6,392		495,508
Owens Corning(a)		4,136		376,086
PGT Innovations, Inc.* (a)		5,828		103,564
Quanex Building Products Corp.(a)		4,700		90,334
Resideo Technologies, Inc.* (a)		31,396		706,096
Simpson Manufacturing Co., Inc.		1,692		175,410
Trane Technologies plc		6,016		841,578
Trex Co., Inc.*		3,572		207,855
UFP Industries, Inc.		13,912		1,076,371
Zurn Water Solutions Corp.(a)		4,888		152,603
				10,577,346
Capital Markets – 2.9%
Affiliated Managers Group, Inc.		10,152		1,274,787
Ameriprise Financial, Inc.		3,948		1,048,155
Ares Management Corp.		3,760		248,987
Artisan Partners Asset Management, Inc., Class A(a)		13,912		447,132
AssetMark Financial Holdings, Inc.* (a)		4,136		79,535
B. Riley Financial, Inc.(a)		3,948		178,292

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 89

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – (continued)
Bank of New York Mellon Corp. (The)		25,004	$	1,051,668
BGC Partners, Inc., Class A		68,996		250,455
BlackRock, Inc.		3,794		2,370,036
Blackstone, Inc., Class A		18,048		1,833,135
Blucora, Inc.* (a)		16,168		327,402
Brightsphere Investment Group, Inc.(a)		5,640		113,026
Carlyle Group, Inc. (The)		3,008		109,160
Charles Schwab Corp. (The)		40,796		2,705,999
CME Group, Inc.		9,212		2,020,560
Cohen & Steers, Inc.(a)		752		58,423
Coinbase Global, Inc., Class A*		752		84,758
Cowen, Inc., Class A(a)		8,084		184,719
Evercore, Inc., Class A		8,836		934,407
FactSet Research Systems, Inc.		940		379,281
Federated Hermes, Inc., Class B(a)		21,056		599,675
Focus Financial Partners, Inc., Class A* (a)		3,948		155,749
Franklin Resources, Inc.(a)		11,092		272,752
Goldman Sachs Group, Inc. (The)		11,092		3,388,495
Hamilton Lane, Inc., Class A(a)		2,632		180,503
Houlihan Lokey, Inc.		1,880		156,585
Interactive Brokers Group, Inc., Class A		3,384		201,551
Intercontinental Exchange, Inc.		15,604		1,807,099
Invesco Ltd.		14,852		272,980
Janus Henderson Group plc(a)		39,292		1,197,620
Jefferies Financial Group, Inc.(a)		8,648		266,012
KKR & Co., Inc.		15,792		804,918
LPL Financial Holdings, Inc.		2,632		494,474
MarketAxess Holdings, Inc.		940		247,793
Moelis & Co., Class A(a)		1,692		74,888
Moody’s Corp.		4,512		1,427,958
Morgan Stanley		47,376		3,818,032

Investments	Shares		Value
Capital Markets – (continued)
Morningstar, Inc.(a)		564	$	142,822
MSCI, Inc.		2,068		871,145
Nasdaq, Inc.		3,008		473,369
Northern Trust Corp.(a) (b)		6,204		639,322
Open Lending Corp., Class A* (a)		1,316		17,950
Oppenheimer Holdings, Inc., Class A		376		12,115
Piper Sandler Cos.(a)		3,384		389,092
PJT Partners, Inc., Class A		376		24,812
Raymond James Financial, Inc.		5,828		567,997
S&P Global, Inc.(a)		9,588		3,609,882
Sculptor Capital Management, Inc.(a)		564		5,899
SEI Investments Co.(a)		3,196		178,081
State Street Corp.		11,468		768,012
StepStone Group, Inc., Class A(a)		376		9,633
Stifel Financial Corp.(a)		26,696		1,651,148
StoneX Group, Inc.* (a)		4,888		331,309
T. Rowe Price Group, Inc.(a)		7,332		902,129
Tradeweb Markets, Inc., Class A(a)		3,572		254,291
Victory Capital Holdings, Inc., Class A		6,016		162,372
Virtu Financial, Inc., Class A		20,680		597,238
Virtus Investment Partners, Inc.(a)		1,504		266,449
WisdomTree Investments, Inc.(a)		18,988		110,700
				43,052,768
Chemicals – 1.9%
AdvanSix, Inc.		8,648		385,182
Air Products & Chemicals, Inc.		5,640		1,320,155
Albemarle Corp.		3,196		616,285
Amyris, Inc.* (a)		8,084		27,728
Ashland Global Holdings, Inc.(a)		2,068		217,078
Avient Corp.		3,008		148,114
Axalta Coating Systems Ltd.*		9,588		243,247
Balchem Corp.(a)		2,068		254,777

See Accompanying Notes to the Financial Statements.

90 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Chemicals – (continued)
Cabot Corp.(a)		13,160	$	866,586
Celanese Corp.		3,760		552,494
CF Industries Holdings, Inc.		8,084		782,774
Chase Corp.(a)		188		15,860
Chemours Co. (The)(a)		39,292		1,299,386
Corteva, Inc.		18,048		1,041,189
Danimer Scientific, Inc.* (a)		5,828		22,846
Dow, Inc.(a)		22,748		1,512,742
DuPont de Nemours, Inc.		16,732		1,103,141
Eastman Chemical Co.		4,324		443,945
Ecolab, Inc.		6,580		1,114,257
Ecovyst, Inc.(a)		1,316		13,239
Element Solutions, Inc.		14,476		298,495
FMC Corp.		4,324		573,103
GCP Applied Technologies, Inc.* (a)		3,384		106,156
Hawkins, Inc.(a)		564		21,026
HB Fuller Co.(a)		1,692		112,856
Huntsman Corp.(a)		48,128		1,630,095
Ingevity Corp.*		752		45,045
Innospec, Inc.		752		71,673
International Flavors & Fragrances, Inc.		6,392		775,350
Koppers Holdings, Inc.		6,580		159,631
Kronos Worldwide, Inc.(a)		4,700		71,534
Linde plc		13,724		4,281,339
Livent Corp.* (a)		7,896		168,658
Loop Industries, Inc.* (a)		7,520		48,880
LyondellBasell Industries NV, Class A(a)		8,460		897,014
Minerals Technologies, Inc.		8,272		526,182
Mosaic Co. (The)		10,528		657,158
NewMarket Corp.(a)		1,880		610,267
Olin Corp.		6,204		356,110
PPG Industries, Inc.		5,828		745,926
Quaker Chemical Corp.(a)		376		61,179
Rayonier Advanced Materials, Inc.* (a)		15,228		78,120
RPM International, Inc.		4,324		358,459
Scotts Miracle-Gro Co. (The)(a)		1,316		136,772

Investments	Shares		Value
Chemicals – (continued)
Sensient Technologies Corp.(a)		1,316	$	111,334
Sherwin-Williams Co. (The)		6,392		1,757,544
Stepan Co.(a)		564		57,590
Tredegar Corp.(a)		10,152		116,240
Trinseo plc(a)		8,084		383,586
Tronox Holdings plc, Class A		23,688		407,433
Valvoline, Inc.(a)		6,768		204,597
Westlake Corp.(a)		376		47,583
Zymergen, Inc.* (a)		2,820		4,738
				27,862,698
Commercial Services & Supplies – 0.6%
ABM Industries, Inc.(a)		15,228		735,056
ACCO Brands Corp.		27,824		203,950
ACV Auctions, Inc., Class A* (a)		5,076		67,765
Brady Corp., Class A		3,948		176,673
BrightView Holdings, Inc.* (a)		12,220		154,705
Brink’s Co. (The)(a)		2,444		144,074
Casella Waste Systems, Inc., Class A*		2,256		185,533
Cintas Corp.		2,256		896,219
Clean Harbors, Inc.*		1,692		177,542
Copart, Inc.*		5,452		619,620
CoreCivic, Inc., REIT* (a)		29,328		364,547
Deluxe Corp.(a)		10,528		285,098
Driven Brands Holdings, Inc.* (a)		3,572		99,623
GEO Group, Inc. (The), REIT* (a)		32,712		213,609
Harsco Corp.*		3,008		30,742
Healthcare Services Group, Inc.(a)		5,452		93,175
HNI Corp.(a)		3,760		134,006
IAA, Inc.* (a)		2,068		75,792
Interface, Inc.(a)		8,460		107,357
KAR Auction Services, Inc.* (a)		31,396		460,265
Kimball International, Inc., Class B(a)		9,776		75,080
Matthews International Corp., Class A(a)		5,640		168,128

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 91

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Commercial Services & Supplies – (continued)
MillerKnoll, Inc.		17,297	$	548,819
Montrose Environmental Group, Inc.* (a)		188		8,530
MSA Safety, Inc.(a)		1,316		158,828
Pitney Bowes, Inc.(a)		18,988		100,067
Republic Services, Inc.		5,640		757,283
Rollins, Inc.(a)		4,888		163,943
Shapeways Holdings, Inc.* (a)		9,400		17,860
SP Plus Corp.* (a)		4,136		117,876
Steelcase, Inc., Class A(a)		8,272		97,031
Stericycle, Inc.* (a)		3,196		160,407
Tetra Tech, Inc.		1,880		261,846
UniFirst Corp.(a)		564		97,177
US Ecology, Inc.* (a)		376		18,044
Viad Corp.* (a)		2,444		80,041
Waste Management, Inc.		10,152		1,669,395
				9,725,706
Communications Equipment – 0.9%
ADTRAN, Inc.(a)		4,136		71,925
Arista Networks, Inc.* (a)		5,452		630,088
CalAmp Corp.* (a)		188		1,028
Calix, Inc.* (a)		3,948		157,565
Cambium Networks Corp.* (a)		564		8,612
Casa Systems, Inc.* (a)		4,888		23,951
Ciena Corp.* (a)		3,948		217,811
Cisco Systems, Inc.		139,120		6,814,098
CommScope Holding Co., Inc.*		46,812		282,276
Comtech Telecommunications Corp.(a)		4,888		66,477
Digi International, Inc.* (a)		3,760		71,139
Extreme Networks, Inc.*		12,596		120,921
F5, Inc.*		1,504		251,785
Harmonic, Inc.* (a)		2,820		23,406
Infinera Corp.* (a)		7,332		56,383
Inseego Corp.* (a)		5,076		14,467
Juniper Networks, Inc.		12,972		408,877
Lumentum Holdings, Inc.* (a)		18,236		1,480,945

Investments	Shares		Value
Communications Equipment – (continued)
Motorola Solutions, Inc.		4,700	$	1,004,343
NETGEAR, Inc.* (a)		7,708		167,264
NetScout Systems, Inc.* (a)		15,416		474,813
Plantronics, Inc.* (a)		9,024		359,697
Ribbon Communications, Inc.* (a)		28,764		99,236
Viasat, Inc.* (a)		3,384		124,565
Viavi Solutions, Inc.* (a)		16,920		242,633
				13,174,305
Construction & Engineering – 0.4%
AECOM		5,828		411,224
Ameresco, Inc., Class A* (a)		1,316		66,379
API Group Corp.*		13,536		251,228
Arcosa, Inc.(a)		1,504		80,509
Argan, Inc.(a)		1,880		69,147
Comfort Systems USA, Inc.(a)		2,632		222,194
Construction Partners, Inc., Class A* (a)		940		24,261
Dycom Industries, Inc.* (a)		1,504		127,705
EMCOR Group, Inc.		3,384		360,328
Fluor Corp.* (a)		4,136		102,366
Granite Construction, Inc.(a)		3,760		111,484
Great Lakes Dredge & Dock Corp.* (a)		8,648		119,429
Infrastructure and Energy Alternatives, Inc.*		2,444		22,851
MasTec, Inc.* (a)		15,416		1,110,106
MDU Resources Group, Inc.		46,436		1,196,191
MYR Group, Inc.*		1,692		133,820
Primoris Services Corp.(a)		11,468		265,828
Quanta Services, Inc.		4,512		523,302
Sterling Construction Co., Inc.*		6,580		150,616
Tutor Perini Corp.* (a)		3,572		33,113
Valmont Industries, Inc.		752		187,105
WillScot Mobile Mini Holdings Corp.*		12,972		455,317
				6,024,503
Construction Materials – 0.1%
Eagle Materials, Inc.(a)		1,880		231,842
Martin Marietta Materials, Inc.		1,692		599,340

See Accompanying Notes to the Financial Statements.

92 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Construction Materials – (continued)
Summit Materials, Inc., Class A* (a)		5,452	$	151,566
Vulcan Materials Co.		3,384		583,029
				1,565,777
Consumer Finance – 0.9%
Ally Financial, Inc.		13,160		525,874
American Express Co.		16,920		2,956,093
Atlanticus Holdings Corp.* (a)		564		24,275
Capital One Financial Corp.		14,288		1,780,571
Credit Acceptance Corp.* (a)		376		192,700
Curo Group Holdings Corp.(a)		3,948		46,349
Discover Financial Services		9,588		1,078,266
Encore Capital Group, Inc.* (a)		7,332		423,863
Enova International, Inc.* (a)		8,084		302,342
EZCORP, Inc., Class A* (a)		2,444		17,108
FirstCash Holdings, Inc.(a)		1,504		119,989
Green Dot Corp., Class A* (a)		2,632		69,695
LendingClub Corp.* (a)		8,084		123,281
LendingTree, Inc.* (a)		564		44,793
Moneylion, Inc.* (a)		18,800		39,104
Navient Corp.(a)		36,096		573,565
Nelnet, Inc., Class A(a)		4,700		385,729
OneMain Holdings, Inc.		25,192		1,157,069
PRA Group, Inc.* (a)		11,656		489,902
PROG Holdings, Inc.* (a)		15,416		408,061
Regional Management Corp.		752		32,374
SLM Corp.		72,756		1,217,208
SoFi Technologies, Inc.* (a)		16,168		98,948
Synchrony Financial		16,168		595,144
Upstart Holdings, Inc.* (a)		752		56,415
World Acceptance Corp.* (a)		376		70,955
				12,829,673
Containers & Packaging – 0.6%
Amcor plc(a)		52,640		624,310
AptarGroup, Inc.		1,504		172,704

Investments	Shares		Value
Containers & Packaging – (continued)
Avery Dennison Corp.		1,880	$	339,528
Ball Corp.		8,460		686,614
Berry Global Group, Inc.* (a)		5,640		317,814
Crown Holdings, Inc.		4,888		537,875
Graphic Packaging Holding Co.		63,732		1,389,358
Greif, Inc., Class A(a)		6,204		376,459
International Paper Co.		12,408		574,242
Myers Industries, Inc.		188		4,123
O-I Glass, Inc.* (a)		31,772		428,287
Packaging Corp. of America		3,196		515,099
Ranpak Holdings Corp.* (a)		4,324		65,206
Sealed Air Corp.		6,204		398,359
Silgan Holdings, Inc.(a)		18,236		809,131
Sonoco Products Co.(a)		25,004		1,547,998
TriMas Corp.		1,504		44,428
Westrock Co.		9,212		456,270
				9,287,805
Distributors – 0.1%
Funko, Inc., Class A* (a)		4,324		70,438
Genuine Parts Co.		4,700		611,235
LKQ Corp.(a)		10,152		503,844
Pool Corp.		940		380,907
				1,566,424
Diversified Consumer Services – 0.3%
2U, Inc.* (a)		5,640		56,287
ADT, Inc.(a)		33,840		231,804
Adtalem Global Education, Inc.* (a)		12,032		352,658
American Public Education, Inc.* (a)		2,256		43,857
Beachbody Co., Inc. (The)*		17,672		28,982
Bright Horizons Family Solutions, Inc.*		1,316		150,340
Chegg, Inc.* (a)		4,324		106,976
Coursera, Inc.* (a)		940		17,681
Duolingo, Inc.* (a)		564		48,769
frontdoor, Inc.*		4,700		145,277
Graham Holdings Co., Class B(a)		940		556,828

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 93

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Diversified Consumer Services – (continued)
Grand Canyon Education, Inc.* (a)		9,024	$	866,033
H&R Block, Inc.(a)		43,428		1,132,168
Laureate Education, Inc., Class A(a)		13,160		149,103
OneSpaWorld Holdings Ltd.* (a)		9,588		96,263
Perdoceo Education Corp.*		13,160		147,129
PowerSchool Holdings, Inc., Class A* (a)		2,256		34,156
Service Corp. International		4,888		320,702
Stride, Inc.* (a)		12,032		472,857
Terminix Global Holdings, Inc.* (a)		4,136		189,801
Udemy, Inc.* (a)		1,504		16,409
Vivint Smart Home, Inc.* (a)		3,948		20,687
WW International, Inc.* (a)		14,100		138,039
				5,322,806
Diversified Financial Services – 1.5%
A-Mark Precious Metals, Inc.(a)		1,504		118,515
Apollo Global Management, Inc.		11,092		551,938
Berkshire Hathaway, Inc., Class B*		60,160		19,421,453
Cannae Holdings, Inc.* (a)		19,928		446,387
Compass Diversified Holdings		376		8,220
Equitable Holdings, Inc.		14,852		428,183
Jackson Financial, Inc., Class A(a)		20,304		859,062
Voya Financial, Inc.(a)		4,888		308,628
				22,142,386
Diversified Telecommunication Services – 0.8%
Anterix, Inc.* (a)		188		9,746
AT&T, Inc.		232,744		4,389,552
Bandwidth, Inc., Class A* (a)		188		4,159
Cogent Communications Holdings, Inc.		3,196		186,966
Consolidated Communications Holdings, Inc.* (a)		14,288		85,014

Investments	Shares		Value
Diversified Telecommunication Services – (continued)
EchoStar Corp., Class A* (a)		8,648	$	201,931
Globalstar, Inc.* (a)		22,372		25,951
IDT Corp., Class B*		3,384		89,608
Iridium Communications, Inc.* (a)		7,520		268,539
Liberty Latin America Ltd., Class A*		9,024		83,382
Liberty Latin America Ltd., Class C*		40,984		378,692
Lumen Technologies, Inc.(a)		27,824		279,909
Ooma, Inc.* (a)		940		12,070
Verizon Communications, Inc.		136,488		6,319,394
				12,334,913
Electric Utilities – 1.5%
ALLETE, Inc.		3,948		234,274
Alliant Energy Corp.		7,896		464,364
American Electric Power Co., Inc.		16,544		1,639,676
Avangrid, Inc.(a)		752		33,351
Duke Energy Corp.		25,004		2,754,441
Edison International		11,092		763,019
Entergy Corp.		6,016		715,002
Evergy, Inc.		6,204		420,941
Eversource Energy		9,588		837,991
Exelon Corp.		32,148		1,503,883
FirstEnergy Corp.		18,424		797,943
Hawaiian Electric Industries, Inc.		6,768		278,233
IDACORP, Inc.(a)		3,008		316,382
MGE Energy, Inc.(a)		1,128		87,837
NextEra Energy, Inc.		52,076		3,698,438
NRG Energy, Inc.		9,588		344,209
OGE Energy Corp.		46,060		1,781,601
Otter Tail Corp.(a)		940		54,482
PG&E Corp.* (a)		42,488		537,473
Pinnacle West Capital Corp.		3,008		214,170
PNM Resources, Inc.		2,444		114,037
Portland General Electric Co.		23,124		1,094,459
PPL Corp.		24,816		702,541
Southern Co. (The)		35,344		2,593,896
Xcel Energy, Inc.		15,416		1,129,376
				23,112,019

See Accompanying Notes to the Financial Statements.

94 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Electrical Equipment – 0.7%
Acuity Brands, Inc.		2,256	$	389,115
American Superconductor Corp.* (a)		188		1,002
AMETEK, Inc.		5,452		688,370
Array Technologies, Inc.* (a)		6,016		39,284
Atkore, Inc.* (a)		11,656		1,120,142
AZZ, Inc.(a)		2,632		120,124
Blink Charging Co.* (a)		2,068		39,499
Bloom Energy Corp., Class A* (a)		7,520		139,571
Eaton Corp. plc		11,092		1,608,562
Emerson Electric Co.		19,928		1,797,107
Encore Wire Corp.		4,324		487,790
EnerSys		1,128		73,839
Eos Energy Enterprises, Inc.* (a)		3,948		8,370
Fluence Energy, Inc.* (a)		7,332		67,234
FTC Solar, Inc.* (a)		2,632		7,370
FuelCell Energy, Inc.* (a)		19,928		81,306
Generac Holdings, Inc.*		1,692		371,191
GrafTech International Ltd.(a)		40,984		372,135
Hubbell, Inc.(a)		1,316		257,094
nVent Electric plc(a)		10,716		361,986
Plug Power, Inc.* (a)		16,544		347,755
Regal Rexnord Corp.		2,256		287,053
Rockwell Automation, Inc.(a)		3,008		760,031
Romeo Power, Inc.* (a)		8,084		8,892
Sensata Technologies Holding plc* (a)		4,324		196,353
Shoals Technologies Group, Inc., Class A* (a)		2,068		20,639
Sunrun, Inc.* (a)		5,264		105,175
TPI Composites, Inc.*		3,008		34,412
Vertiv Holdings Co.(a)		4,700		58,891
Vicor Corp.* (a)		752		45,511
				9,895,803
Electronic Equipment, Instruments & Components – 1.2%
Advanced Energy Industries, Inc.(a)		2,820		215,786
Aeva Technologies, Inc.*		22,372		73,380
Akoustis Technologies, Inc.* (a)		4,324		19,198

Investments	Shares		Value
Electronic Equipment, Instruments & Components – (continued)
Alpine 4 Holdings, Inc.*		5,452	$	4,238
Amphenol Corp., Class A		16,544		1,182,896
Arlo Technologies, Inc.* (a)		9,212		71,301
Arrow Electronics, Inc.*		3,008		354,523
Avnet, Inc.		21,808		952,137
Badger Meter, Inc.(a)		940		75,849
Belden, Inc.(a)		3,572		184,422
Benchmark Electronics, Inc.(a)		940		22,334
CDW Corp.		3,384		552,201
Cognex Corp.		4,136		279,718
Coherent, Inc.*		940		251,826
Corning, Inc.		24,440		860,044
CTS Corp.(a)		940		33,248
ePlus, Inc.* (a)		2,820		159,274
Fabrinet* (a)		1,316		129,218
FARO Technologies, Inc.* (a)		376		12,893
Flex Ltd.*		18,988		313,112
II-VI, Inc.* (a)		24,440		1,495,972
Insight Enterprises, Inc.* (a)		8,648		859,352
IPG Photonics Corp.* (a)		940		88,811
Itron, Inc.* (a)		2,068		98,809
Jabil, Inc.		6,016		347,304
Keysight Technologies, Inc.*		4,888		685,640
Kimball Electronics, Inc.* (a)		9,964		177,758
Knowles Corp.* (a)		2,820		52,226
Lightwave Logic, Inc.* (a)		940		10,688
Littelfuse, Inc.		940		215,495
Methode Electronics, Inc.(a)		10,152		452,881
MicroVision, Inc.* (a)		8,460		27,326
National Instruments Corp.		4,700		169,858
nLight, Inc.* (a)		1,128		14,833
Novanta, Inc.* (a)		2,068		266,152
OSI Systems, Inc.* (a)		564		44,612
PC Connection, Inc.		2,068		102,345
Plexus Corp.* (a)		7,708		625,427
Rogers Corp.*		1,128		305,372
Sanmina Corp.* (a)		16,356		668,797
ScanSource, Inc.* (a)		4,324		148,054
TD SYNNEX Corp.(a)		9,212		922,029
TE Connectivity Ltd.		9,024		1,126,015
Teledyne Technologies, Inc.*		940		405,657

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 95

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Electronic Equipment, Instruments & Components – (continued)
Trimble, Inc.*		6,768	$	451,426
TTM Technologies, Inc.* (a)		22,748		317,335
Velodyne Lidar, Inc.*		376		707
Vishay Intertechnology, Inc.		27,824		518,361
Vontier Corp.(a)		37,976		972,945
Zebra Technologies Corp., Class A*		1,316		486,472
				17,806,257
Energy Equipment & Services – 0.6%
Archrock, Inc.(a)		14,100		122,811
Baker Hughes Co.		27,260		845,605
Cactus, Inc., Class A(a)		4,700		234,671
ChampionX Corp.(a)		13,912		293,543
Core Laboratories NV(a)		2,444		63,544
DMC Global, Inc.* (a)		752		15,033
Dril-Quip, Inc.* (a)		188		5,429
Halliburton Co.		21,432		763,408
Helix Energy Solutions Group, Inc.* (a)		41,736		171,535
Helmerich & Payne, Inc.(a)		7,520		346,146
Liberty Energy, Inc., Class A* (a)		8,272		133,510
Nabors Industries Ltd.* (a)		1,692		261,657
Newpark Resources, Inc.* (a)		16,168		56,426
NexTier Oilfield Solutions, Inc.* (a)		32,336		356,666
Noble Corp.* (a)		13,348		426,202
NOV, Inc.		90,428		1,639,460
Oceaneering International, Inc.* (a)		11,092		125,672
Oil States International, Inc.* (a)		564		3,813
Patterson-UTI Energy, Inc.(a)		4,888		80,359
ProPetro Holding Corp.* (a)		14,476		204,691
RPC, Inc.* (a)		18,988		196,336
Schlumberger NV		35,156		1,371,436
Select Energy Services, Inc., Class A*		27,448		212,996
Transocean Ltd.*		139,496		524,505
US Silica Holdings, Inc.* (a)		5,828		108,284

Investments	Shares		Value
Energy Equipment & Services – (continued)
Weatherford International plc*		14,476	$	467,285
				9,031,023
Entertainment – 1.0%
Activision Blizzard, Inc.		21,244		1,606,047
AMC Entertainment Holdings, Inc., Class A* (a)		10,152		155,326
Cinedigm Corp., Class A* (a)		16,544		11,516
Cinemark Holdings, Inc.* (a)		10,528		166,974
CuriosityStream, Inc.*		5,264		10,686
Electronic Arts, Inc.		7,144		843,349
IMAX Corp.*		2,068		32,716
Liberty Media Corp-Liberty Formula One, Class A*		1,880		107,950
Liberty Media Corp-Liberty Formula One, Class C* (a)		5,828		363,259
Lions Gate Entertainment Corp., Class A*		17,860		240,931
Lions Gate Entertainment Corp., Class B*		34,592		434,822
Live Nation Entertainment, Inc.* (a)		3,572		374,631
Madison Square Garden Entertainment Corp.* (a)		1,880		137,710
Madison Square Garden Sports Corp., Class A* (a)		376		60,953
Marcus Corp. (The)* (a)		5,640		88,717
Netflix, Inc.*		11,844		2,254,624
Playtika Holding Corp.*		3,760		66,101
Redbox Entertainment, Inc.* (a)		3,008		17,988
Roku, Inc.* (a)		3,196		296,908
Sciplay Corp., Class A*		188		2,512
Skillz, Inc.* (a)		16,168		33,144
Take-Two Interactive Software, Inc.*		2,820		337,018
Walt Disney Co. (The)*		49,068		5,477,461
Warner Bros Discovery, Inc.*		72,569		1,317,127
Warner Music Group Corp., Class A(a)		6,580		195,887

See Accompanying Notes to the Financial Statements.

96 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Entertainment – (continued)
World Wrestling Entertainment, Inc., Class A(a)		1,316	$	76,841
Zynga, Inc., Class A* (a)		30,080		248,762
				14,959,960
Equity Real Estate Investment Trusts (REITs) – 3.4%
Acadia Realty Trust		4,136		86,525
Agree Realty Corp.(a)		3,384		229,841
Alexander & Baldwin, Inc.		6,016		127,539
Alexander’s, Inc.(a)		188		46,656
Alexandria Real Estate Equities, Inc.(a)		4,324		787,660
American Assets Trust, Inc.		376		13,762
American Campus Communities, Inc.		5,452		352,581
American Homes 4 Rent, Class A(a)		6,768		268,080
American Tower Corp.		12,408		2,990,576
Americold Realty Trust(a)		4,512		119,027
Apartment Income REIT Corp.		5,640		277,319
Apple Hospitality REIT, Inc.(a)		5,640		99,772
Armada Hoffler Properties, Inc.(a)		1,692		22,927
Ashford Hospitality Trust, Inc.* (a)		9,400		66,270
AvalonBay Communities, Inc.		3,760		855,325
Bluerock Residential Growth REIT, Inc.		4,888		130,070
Boston Properties, Inc.(a)		3,572		420,067
Braemar Hotels & Resorts, Inc.(a)		376		2,279
Brandywine Realty Trust(a)		14,852		173,323
Brixmor Property Group, Inc.		11,468		291,058
Camden Property Trust		2,444		383,439
CareTrust REIT, Inc.(a)		2,444		39,617
CatchMark Timber Trust, Inc., Class A(a)		5,452		44,761
Centerspace(a)		1,504		138,759
Chatham Lodging Trust*		7,708		110,687

Investments	Shares		Value
Equity Real Estate Investment Trusts (REITs) – (continued)
City Office REIT, Inc.(a)		6,580	$	97,647
Community Healthcare Trust, Inc.(a)		1,316		48,455
Corporate Office Properties Trust(a)		8,648		230,815
Cousins Properties, Inc.(a)		6,016		215,974
Crown Castle International Corp.		11,280		2,089,169
CubeSmart		7,332		348,343
DiamondRock Hospitality Co.*		41,548		441,240
Digital Realty Trust, Inc.		8,084		1,181,234
DigitalBridge Group, Inc.* (a)		26,132		181,879
Diversified Healthcare Trust		86,292		194,157
Douglas Emmett, Inc.		8,084		238,155
Duke Realty Corp.		9,400		514,650
EastGroup Properties, Inc.		2,256		423,000
Empire State Realty Trust, Inc., Class A(a)		10,152		87,713
EPR Properties(a)		5,640		296,213
Equinix, Inc.		2,444		1,757,431
Equity Commonwealth* (a)		2,820		73,856
Equity LifeStyle Properties, Inc.		4,888		377,745
Equity Residential		8,084		658,846
Essential Properties Realty Trust, Inc.(a)		3,008		72,192
Essex Property Trust, Inc.(a)		1,504		495,222
Extra Space Storage, Inc.		3,384		642,960
Federal Realty Investment Trust(a)		2,444		286,095
First Industrial Realty Trust, Inc.		7,896		457,968
Four Corners Property Trust, Inc.(a)		6,768		185,849
Franklin Street Properties Corp.(a)		18,612		96,038
Gaming and Leisure Properties, Inc.		7,332		325,394
Getty Realty Corp.		4,700		126,477
Global Net Lease, Inc.(a)		10,904		152,983
Healthcare Realty Trust, Inc.(a)		8,648		234,188

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 97

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
Healthcare Trust of America, Inc., Class A		11,844	$	360,768
Healthpeak Properties, Inc.		12,972		425,611
Hersha Hospitality Trust* (a)		188		1,839
Highwoods Properties, Inc.		7,144		291,761
Host Hotels & Resorts, Inc.(a)		20,868		424,664
Hudson Pacific Properties, Inc.(a)		10,340		240,715
Independence Realty Trust, Inc.(a)		9,400		256,244
Industrial Logistics Properties Trust(a)		4,512		72,914
Innovative Industrial Properties, Inc.		940		135,915
Invitation Homes, Inc.		14,288		568,948
Iron Mountain, Inc.(a)		7,520		404,050
iStar, Inc.		6,204		104,475
JBG SMITH Properties(a)		6,580		173,449
Kilroy Realty Corp.(a)		4,700		329,000
Kimco Realty Corp.		19,928		504,776
Kite Realty Group Trust(a)		6,956		155,119
Lamar Advertising Co., Class A(a)		3,008		332,113
Life Storage, Inc.		2,820		373,622
LTC Properties, Inc.(a)		4,136		136,488
LXP Industrial Trust(a)		8,836		110,892
Macerich Co. (The)		15,604		195,830
Medical Properties Trust, Inc.(a)		15,604		286,957
Mid-America Apartment Communities, Inc.(a)		3,008		591,613
National Health Investors, Inc.(a)		752		38,751
National Retail Properties, Inc.(a)		6,392		280,225
National Storage Affiliates Trust(a)		2,820		159,612
Necessity Retail REIT, Inc. (The)(a)		26,508		198,015
NexPoint Residential Trust, Inc.		188		16,762
Office Properties Income Trust(a)		15,228		329,229

Investments	Shares		Value
Equity Real Estate Investment Trusts (REITs) – (continued)
Omega Healthcare Investors, Inc.(a)		59,408	$	1,513,716
Outfront Media, Inc.		10,716		274,330
Paramount Group, Inc.(a)		43,428		413,000
Park Hotels & Resorts, Inc.		54,144		1,067,178
Pebblebrook Hotel Trust(a)		9,588		234,139
Physicians Realty Trust(a)		13,912		238,452
Piedmont Office Realty Trust, Inc., Class A		10,904		175,554
Plymouth Industrial REIT, Inc.(a)		4,512		108,829
PotlatchDeltic Corp.		18,048		999,679
Preferred Apartment Communities, Inc., Class A(a)		16,356		406,937
Prologis, Inc.		20,116		3,224,394
PS Business Parks, Inc.(a)		564		105,581
Public Storage		4,136		1,536,524
Rayonier, Inc.(a)		9,024		389,837
Realty Income Corp.		13,724		951,897
Regency Centers Corp.(a)		3,008		207,041
Retail Opportunity Investments Corp.(a)		7,520		140,098
Rexford Industrial Realty, Inc.		5,076		396,131
RLJ Lodging Trust		2,820		39,536
RPT Realty(a)		9,400		124,926
Ryman Hospitality Properties, Inc.* (a)		3,572		333,911
Sabra Health Care REIT, Inc.		61,476		718,040
Safehold, Inc.		188		8,093
SBA Communications Corp.		2,820		978,850
Service Properties Trust		6,392		51,903
Simon Property Group, Inc.		8,084		953,912
SITE Centers Corp.		5,452		86,687
SL Green Realty Corp.		2,820		195,200
Spirit Realty Capital, Inc.		4,512		196,046
STAG Industrial, Inc.(a)		9,212		343,792
STORE Capital Corp.		9,024		256,552
Summit Hotel Properties, Inc.* (a)		10,528		103,911
Sun Communities, Inc.		3,572		627,136
Sunstone Hotel Investors, Inc.*		9,400		115,150

See Accompanying Notes to the Financial Statements.

98 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
Tanger Factory Outlet Centers, Inc.(a)		9,588	$	154,654
Terreno Realty Corp.(a)		4,324		314,571
UDR, Inc.		9,024		480,167
Uniti Group, Inc.(a)		5,828		72,209
Universal Health Realty Income Trust(a)		1,128		56,614
Urban Edge Properties(a)		5,076		94,870
Urstadt Biddle Properties, Inc., Class A(a)		5,452		94,592
Ventas, Inc.		9,776		543,057
VICI Properties, Inc.(a)		27,636		823,829
Vornado Realty Trust(a)		3,948		152,827
Washington REIT(a)		6,956		167,570
Welltower, Inc.(a)		10,528		956,048
Weyerhaeuser Co.		22,372		922,174
Whitestone REIT(a)		12,408		150,757
WP Carey, Inc.		4,888		394,804
Xenia Hotels & Resorts, Inc.*		29,140		562,111
				51,567,981
Food & Staples Retailing – 1.5%
Albertsons Cos., Inc., Class A		752		23,523
Andersons, Inc. (The)(a)		5,264		264,411
BJ’s Wholesale Club Holdings, Inc.* (a)		33,088		2,129,213
Casey’s General Stores, Inc.		1,504		302,755
Chefs’ Warehouse, Inc. (The)* (a)		4,324		158,258
Costco Wholesale Corp.		11,844		6,297,692
Grocery Outlet Holding Corp.* (a)		3,196		107,609
Ingles Markets, Inc., Class A		2,444		227,585
Kroger Co. (The)		23,688		1,278,205
Performance Food Group Co.*		8,648		425,914
PriceSmart, Inc.(a)		376		29,873
Rite Aid Corp.* (a)		12,596		80,237
SpartanNash Co.(a)		10,340		354,455
Sprouts Farmers Market, Inc.*		29,704		885,179
Sysco Corp.		13,536		1,157,057

Investments	Shares		Value
Food & Staples Retailing – (continued)
United Natural Foods, Inc.* (a)		15,228	$	653,738
US Foods Holding Corp.*		8,460		318,265
Walgreens Boots Alliance, Inc.(a)		21,808		924,659
Walmart, Inc.		45,872		7,017,957
Weis Markets, Inc.(a)		5,076		405,471
				23,042,056
Food Products – 1.2%
Archer-Daniels-Midland Co.		19,176		1,717,403
B&G Foods, Inc.(a)		6,016		162,011
Beyond Meat, Inc.* (a)		3,572		131,735
Bunge Ltd.		3,948		446,598
Calavo Growers, Inc.(a)		2,820		102,197
Campbell Soup Co.(a)		4,700		221,934
Conagra Brands, Inc.		16,544		577,882
Darling Ingredients, Inc.*		4,888		358,730
Flowers Foods, Inc.(a)		12,408		329,060
Fresh Del Monte Produce, Inc.(a)		6,956		181,204
Freshpet, Inc.* (a)		2,444		228,147
General Mills, Inc.		21,056		1,489,291
Hain Celestial Group, Inc. (The)* (a)		2,820		94,583
Hershey Co. (The)		3,760		848,895
Hormel Foods Corp.		5,828		305,329
Hostess Brands, Inc.* (a)		3,948		89,580
Ingredion, Inc.		15,228		1,296,055
J & J Snack Foods Corp.(a)		376		56,287
J M Smucker Co. (The)(a)		3,948		540,600
John B Sanfilippo & Son, Inc.		188		14,596
Kellogg Co.(a)		6,956		476,486
Kraft Heinz Co. (The)(a)		20,868		889,603
Lamb Weston Holdings, Inc.(a)		3,948		260,963
Lancaster Colony Corp.(a)		564		87,521
McCormick & Co., Inc. (Non-Voting)(a)		7,520		756,286
Mondelez International, Inc., Class A		45,120		2,909,338
Pilgrim’s Pride Corp.*		9,400		266,490
Post Holdings, Inc.*		3,384		251,736

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 99

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Food Products – (continued)
Sanderson Farms, Inc.(a)		4,700	$	890,039
Seaboard Corp.		62		261,949
Simply Good Foods Co. (The)* (a)		2,632		109,623
Tattooed Chef, Inc.* (a)		10,340		82,617
Tootsie Roll Industries, Inc.(a)		3,196		111,956
TreeHouse Foods, Inc.* (a)		11,844		373,086
Tyson Foods, Inc., Class A		8,648		805,648
Vita Coco Co., Inc. (The)* (a)		5,640		61,250
Vital Farms, Inc.*		1,880		21,620
Whole Earth Brands, Inc.* (a)		188		1,299
				17,809,627
Gas Utilities – 0.5%
Atmos Energy Corp.(a)		3,948		447,703
Chesapeake Utilities Corp.		564		70,596
Macquarie Infrastructure Holdings LLC(a)		3,384		12,690
National Fuel Gas Co.(a)		23,312		1,634,871
New Jersey Resources Corp.(a)		21,620		933,119
ONE Gas, Inc.(a)		3,760		317,231
South Jersey Industries, Inc.(a)		28,764		983,441
Southwest Gas Holdings, Inc.		13,536		1,192,657
Spire, Inc.(a)		13,536		984,744
UGI Corp.		7,896		270,833
				6,847,885
Health Care Equipment & Supplies – 2.3%
Abbott Laboratories		47,376		5,377,176
ABIOMED, Inc.* (a)		1,128		323,262
Accuray, Inc.* (a)		4,512		12,002
Align Technology, Inc.* (a)		1,880		545,031
Alphatec Holdings, Inc.*		188		2,040
AngioDynamics, Inc.* (a)		564		11,872
Artivion, Inc.* (a)		3,008		61,032
Asensus Surgical, Inc.* (a)		752		341
Aspira Women’s Health, Inc.* (a)		23,124		14,716

Investments	Shares			Value
Health Care Equipment & Supplies – (continued)
AtriCure, Inc.* (a)		1,128		$	58,577
Avanos Medical, Inc.*		1,128			32,892
Axogen, Inc.* (a)		7,520			54,445
Axonics, Inc.* (a)		752			38,969
Baxter International, Inc.		12,972			921,790
Becton Dickinson and Co.		9,024			2,230,643
BioLife Solutions, Inc.* (a)		1,880			23,820
Bioventus, Inc., Class A* (a)		2,820			33,925
Boston Scientific Corp.*		35,908			1,512,086
Cardiovascular Systems, Inc.*		188			3,516
Cerus Corp.* (a)		18,048			83,382
ClearPoint Neuro, Inc.* (a)		2,068			17,723
CONMED Corp.(a)		940			124,982
Cooper Cos., Inc. (The)(a)		1,316			475,129
CryoPort, Inc.* (a)		1,692			38,171
CVRx, Inc.* (a)		3,948			24,596
Dentsply Sirona, Inc.		5,640			225,544
DexCom, Inc.*		2,632			1,075,382
Eargo, Inc.* (a)		9,212			34,821
Edwards Lifesciences Corp.*		16,168			1,710,251
Enovis Corp.* (a)		2,882			186,977
Envista Holdings Corp.* (a)		6,768			268,148
Figs, Inc., Class A* (a)		1,692			26,497
Glaukos Corp.* (a)		2,632			124,467
Globus Medical, Inc., Class A* (a)		4,512			298,785
Haemonetics Corp.* (a)		3,008			152,415
Heska Corp.* (a)		376			41,300
Hologic, Inc.*		7,144			514,297
ICU Medical, Inc.*		752			160,920
IDEXX Laboratories, Inc.* (a)		2,068			890,233
Inari Medical, Inc.* (a)		564			45,515
Inogen, Inc.* (a)		1,316			33,268
Insulet Corp.* (a)		1,692			404,371
Integer Holdings Corp.*		940			70,660
Integra LifeSciences Holdings Corp.* (a)		4,136			252,958
Intersect ENT, Inc.* (a)		940			25,728
Intuitive Surgical, Inc.*		9,776	��		2,339,397
iRhythm Technologies, Inc.*		1,504			185,548
Lantheus Holdings, Inc.* (a)		5,264			349,582
LeMaitre Vascular, Inc.		188			8,123

See Accompanying Notes to the Financial Statements.

100 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Health Care Equipment & Supplies – (continued)
LivaNova plc*		3,196	$	245,005
Masimo Corp.* (a)		1,316		148,668
Medtronic plc		36,660		3,825,838
Merit Medical Systems, Inc.*		1,692		104,921
Natus Medical, Inc.*		1,128		37,529
Neogen Corp.*		6,204		163,786
Nevro Corp.*		2,068		127,575
Novocure Ltd.* (a)		2,632		201,559
NuVasive, Inc.* (a)		3,008		154,731
OraSure Technologies, Inc.* (a)		188		1,154
Ortho Clinical Diagnostics Holdings plc*		7,708		135,738
Orthofix Medical, Inc.*		2,820		87,420
Outset Medical, Inc.* (a)		2,632		91,804
Penumbra, Inc.* (a)		940		162,206
PROCEPT BioRobotics Corp.* (a)		1,880		66,853
Quidel Corp.* (a)		9,588		964,745
ResMed, Inc.		3,760		751,887
Retractable Technologies, Inc.* (a)		6,016		23,041
RxSight, Inc.* (a)		1,880		23,068
SeaSpine Holdings Corp.* (a)		4,888		45,507
Senseonics Holdings, Inc.* (a)		564		790
Shockwave Medical, Inc.* (a)		2,068		312,537
SI-BONE, Inc.* (a)		3,008		60,100
Sientra, Inc.* (a)		8,648		12,280
Sight Sciences, Inc.* (a)		2,068		14,435
SmileDirectClub, Inc.* (a)		37,036		68,517
STAAR Surgical Co.* (a)		2,256		128,795
Stereotaxis, Inc.* (a)		3,760		9,400
STERIS plc		3,008		673,942
Stryker Corp.		9,212		2,222,487
Surmodics, Inc.*		188		7,268
Tactile Systems Technology, Inc.* (a)		3,760		63,469
Tandem Diabetes Care, Inc.*		2,256		217,659
Teleflex, Inc.		1,128		322,179

Investments	Shares		Value
Health Care Equipment & Supplies – (continued)
TransMedics Group, Inc.* (a)		1,504	$	31,524
Treace Medical Concepts, Inc.* (a)		2,632		51,587
Varex Imaging Corp.* (a)		4,888		97,027
ViewRay, Inc.* (a)		7,144		19,074
Zimmer Biomet Holdings, Inc.		5,076		612,927
Zynex, Inc.(a)		5,076		32,334
				33,768,671
Health Care Providers & Services – 3.3%
1Life Healthcare, Inc.* (a)		11,280		79,524
Acadia Healthcare Co., Inc.* (a)		6,016		408,366
Accolade, Inc.*		188		1,045
AdaptHealth Corp.*		6,016		76,163
Addus HomeCare Corp.* (a)		1,504		126,757
Agiliti, Inc.* (a)		376		7,422
Amedisys, Inc.* (a)		1,692		215,984
AmerisourceBergen Corp.		5,452		824,833
AMN Healthcare Services, Inc.* (a)		3,196		312,409
Anthem, Inc.		8,084		4,057,602
Apollo Medical Holdings, Inc.* (a)		752		27,433
Aveanna Healthcare Holdings, Inc.* (a)		6,016		17,567
Brookdale Senior Living, Inc.* (a)		54,708		338,095
Cardinal Health, Inc.		9,964		578,410
Castle Biosciences, Inc.*		2,256		50,399
Centene Corp.*		20,116		1,620,344
Chemed Corp.		376		184,763
Cigna Corp.		11,092		2,737,284
Community Health Systems, Inc.* (a)		27,260		209,084
Covetrus, Inc.*		4,324		59,671
CVS Health Corp.		43,052		4,138,589
DaVita, Inc.* (a)		2,820		305,603
Encompass Health Corp.		22,936		1,578,685
Ensign Group, Inc. (The)(a)		2,444		196,327
Fulgent Genetics, Inc.* (a)		4,324		237,301
Guardant Health, Inc.* (a)		2,632		162,394

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 101

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Health Care Providers & Services – (continued)
Hanger, Inc.*		3,572	$	58,724
HCA Healthcare, Inc.		8,084		1,734,422
HealthEquity, Inc.* (a)		5,264		328,052
Henry Schein, Inc.*		4,700		381,170
Humana, Inc.		4,136		1,838,700
Innovage Holding Corp.* (a)		188		863
Invitae Corp.* (a)		5,452		28,950
Joint Corp. (The)* (a)		188		5,738
Laboratory Corp. of America Holdings*		3,384		813,108
LHC Group, Inc.*		1,504		249,438
McKesson Corp.		5,264		1,629,787
MEDNAX, Inc.* (a)		4,512		83,562
ModivCare, Inc.* (a)		376		39,093
Molina Healthcare, Inc.*		2,068		648,215
National HealthCare Corp.		2,068		140,748
Oak Street Health, Inc.* (a)		4,324		78,221
Option Care Health, Inc.* (a)		10,152		303,342
Owens & Minor, Inc.(a)		17,484		620,507
Patterson Cos., Inc.(a)		20,492		630,539
PetIQ, Inc.* (a)		2,444		48,636
Premier, Inc., Class A		27,072		980,277
Progyny, Inc.* (a)		3,384		130,115
Quest Diagnostics, Inc.		4,324		578,724
R1 RCM, Inc.* (a)		4,324		97,376
RadNet, Inc.* (a)		1,128		21,996
Select Medical Holdings Corp.(a)		23,876		539,836
Surgery Partners, Inc.* (a)		3,572		182,744
Tenet Healthcare Corp.*		25,568		1,853,936
Tivity Health, Inc.* (a)		5,264		169,132
UnitedHealth Group, Inc.		31,020		15,775,221
Universal Health Services, Inc., Class B		2,444		299,463
US Physical Therapy, Inc.(a)		188		19,509
				48,862,198
Health Care Technology – 0.3%
Allscripts Healthcare Solutions, Inc.* (a)		33,840		699,134
American Well Corp., Class A* (a)		17,672		55,313

Investments	Shares		Value
Health Care Technology – (continued)
Cerner Corp.		8,789	$	823,002
Certara, Inc.* (a)		6,392		117,293
Change Healthcare, Inc.*		63,732		1,501,526
Computer Programs & Systems, Inc.* (a)		3,384		108,017
Convey Health Solutions Holdings, Inc.* (a)		3,196		16,268
Doximity, Inc., Class A* (a)		6,016		239,858
Evolent Health, Inc., Class A* (a)		7,144		196,603
Health Catalyst, Inc.* (a)		376		6,257
HealthStream, Inc.*		188		3,591
Inspire Medical Systems, Inc.* (a)		1,504		309,463
Multiplan Corp.* (a)		376		1,666
NextGen Healthcare, Inc.*		564		10,631
Omnicell, Inc.* (a)		2,444		266,812
OptimizeRx Corp.* (a)		564		15,854
Phreesia, Inc.* (a)		564		12,904
Schrodinger, Inc.* (a)		3,384		83,653
Simulations Plus, Inc.(a)		940		43,860
Tabula Rasa HealthCare, Inc.* (a)		1,692		5,702
Teladoc Health, Inc.* (a)		4,888		165,019
Veeva Systems, Inc., Class A*		3,384		615,719
				5,298,145
Hotels, Restaurants & Leisure – 2.0%
Airbnb, Inc., Class A*		9,588		1,468,978
Aramark		6,392		231,710
BJ’s Restaurants, Inc.* (a)		2,256		62,694
Bloomin’ Brands, Inc.(a)		18,988		417,546
Booking Holdings, Inc.*		1,128		2,493,230
Boyd Gaming Corp.		4,324		261,948
Brinker International, Inc.* (a)		11,656		423,463
Caesars Entertainment, Inc.* (a)		6,580		436,122
Carnival Corp.* (a)		22,936		396,793
Cheesecake Factory, Inc. (The)* (a)		11,280		416,345
Chipotle Mexican Grill, Inc.*		752		1,094,619

See Accompanying Notes to the Financial Statements.

102 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Hotels, Restaurants & Leisure – (continued)
Choice Hotels International, Inc.		1,128	$	158,439
Churchill Downs, Inc.(a)		1,316		267,069
Cracker Barrel Old Country Store, Inc.(a)		5,828		646,850
Darden Restaurants, Inc.(a)		3,008		396,244
Dave & Buster’s Entertainment, Inc.* (a)		4,324		196,742
Denny’s Corp.* (a)		1,692		21,691
Dine Brands Global, Inc.(a)		4,136		296,510
Domino’s Pizza, Inc.(a)		1,128		381,264
DraftKings, Inc., Class A* (a)		9,400		128,592
El Pollo Loco Holdings, Inc.*		3,760		40,044
Esports Technologies, Inc.* (a)		1,692		6,176
Everi Holdings, Inc.* (a)		8,460		146,866
Expedia Group, Inc.*		3,948		689,913
F45 Training Holdings, Inc.* (a)		1,316		11,568
First Watch Restaurant Group, Inc.* (a)		1,316		17,108
GAN Ltd.* (a)		7,332		27,348
Golden Entertainment, Inc.* (a)		3,384		162,297
Golden Nugget Online Gaming, Inc.* (a)		5,076		25,431
Hilton Grand Vacations, Inc.*		6,204		290,533
Hilton Worldwide Holdings, Inc.*		7,520		1,167,781
Hyatt Hotels Corp., Class A* (a)		2,444		232,082
Jack in the Box, Inc.(a)		5,828		482,325
Las Vegas Sands Corp.*		9,400		333,042
Light & Wonder, Inc.* (a)		6,204		347,796
Lindblad Expeditions Holdings, Inc.* (a)		6,580		100,740
Marriott International, Inc., Class A*		7,332		1,301,577
Marriott Vacations Worldwide Corp.		2,632		393,037
McDonald’s Corp.		19,928		4,965,260

Investments	Shares		Value
Hotels, Restaurants & Leisure – (continued)
Membership Collective Group, Inc., Class A* (a)		6,392	$	47,876
MGM Resorts International		12,032		493,793
Norwegian Cruise Line Holdings Ltd.* (a)		13,912		278,657
Papa John’s International, Inc.		940		85,587
Penn National Gaming, Inc.* (a)		5,076		185,629
Planet Fitness, Inc., Class A*		3,196		255,776
PlayAGS, Inc.* (a)		3,760		24,816
Portillo’s, Inc., Class A* (a)		1,692		35,244
Red Robin Gourmet Burgers, Inc.* (a)		5,828		76,871
Red Rock Resorts, Inc., Class A(a)		2,256		99,174
Royal Caribbean Cruises Ltd.* (a)		4,700		365,331
Rush Street Interactive, Inc.* (a)		12,784		81,178
Ruth’s Hospitality Group, Inc.(a)		5,640		118,271
SeaWorld Entertainment, Inc.* (a)		3,760		253,574
Shake Shack, Inc., Class A* (a)		2,256		130,464
Six Flags Entertainment Corp.* (a)		5,640		215,843
Starbucks Corp.		31,396		2,343,397
Texas Roadhouse, Inc.(a)		2,632		216,693
Travel + Leisure Co.(a)		20,304		1,126,466
Vail Resorts, Inc.		1,128		286,692
Wendy’s Co. (The)		6,204		122,591
Wingstop, Inc.(a)		2,068		189,760
Wyndham Hotels & Resorts, Inc.		3,572		314,193
Wynn Resorts Ltd.* (a)		2,444		172,253
Yum! Brands, Inc.		8,460		989,905
				29,447,807
Household Durables – 0.7%
Beazer Homes USA, Inc.*		3,384		51,031
Cavco Industries, Inc.* (a)		188		44,415
Century Communities, Inc.(a)		7,896		416,277

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 103

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Household Durables – (continued)
Cricut, Inc., Class A* (a)		752	$	8,738
DR Horton, Inc.		11,468		798,058
Ethan Allen Interiors, Inc.(a)		4,700		111,578
Garmin Ltd.		3,760		412,622
GoPro, Inc., Class A* (a)		28,764		256,575
Green Brick Partners, Inc.*		8,836		174,069
Helen of Troy Ltd.* (a)		940		201,639
Hovnanian Enterprises, Inc., Class A* (a)		376		17,304
Installed Building Products, Inc.(a)		752		60,513
iRobot Corp.* (a)		1,504		76,178
KB Home(a)		21,056		682,846
La-Z-Boy, Inc.		8,648		227,269
Leggett & Platt, Inc.(a)		4,700		167,461
Lennar Corp., Class A		9,588		733,386
Lennar Corp., Class B(a)		564		36,773
LGI Homes, Inc.* (a)		5,452		510,907
Lovesac Co. (The)* (a)		1,316		57,693
M/I Homes, Inc.*		7,896		349,635
MDC Holdings, Inc.		13,536		499,614
Meritage Homes Corp.*		9,024		744,931
Mohawk Industries, Inc.* (a)		1,692		238,674
Newell Brands, Inc.(a)		12,220		282,893
NVR, Inc.*		107		468,255
PulteGroup, Inc.		9,776		408,246
Purple Innovation, Inc.* (a)		6,768		27,884
Skyline Champion Corp.* (a)		1,880		95,955
Sonos, Inc.* (a)		3,572		81,513
Taylor Morrison Home Corp., Class A* (a)		31,772		832,109
Tempur Sealy International, Inc.(a)		8,084		219,157
Toll Brothers, Inc.		4,888		226,657
TopBuild Corp.* (a)		1,128		204,326
Traeger, Inc.*		3,384		20,270
Tri Pointe Homes, Inc.*		29,892		617,868
Tupperware Brands Corp.* (a)		12,972		228,048
Universal Electronics, Inc.* (a)		2,820		83,190

Investments	Shares		Value
Household Durables – (continued)
Vuzix Corp.* (a)		188	$	972
Weber, Inc., Class A(a)		2,444		21,458
Whirlpool Corp.(a)		2,256		409,509
				11,106,496
Household Products – 1.1%
Central Garden & Pet Co.*		1,692		74,093
Central Garden & Pet Co., Class A* (a)		10,340		427,869
Church & Dwight Co., Inc.(a)		7,332		715,310
Clorox Co. (The)(a)		2,820		404,585
Colgate-Palmolive Co.		21,244		1,636,850
Energizer Holdings, Inc.(a)		15,416		466,951
Kimberly-Clark Corp.		11,280		1,566,002
Procter & Gamble Co. (The)		64,108		10,292,539
Reynolds Consumer Products, Inc.(a)		10,340		305,961
Spectrum Brands Holdings, Inc.(a)		9,588		815,651
WD-40 Co.(a)		376		69,177
				16,774,988
Independent Power and Renewable Electricity Producers – 0.1%
AES Corp. (The)		19,552		399,252
Clearway Energy, Inc., Class A(a)		3,572		101,516
Clearway Energy, Inc., Class C(a)		2,444		74,615
Ormat Technologies, Inc.(a)		1,504		116,861
Sunnova Energy International, Inc.* (a)		1,880		32,468
Vistra Corp.		17,672		442,153
				1,166,865
Industrial Conglomerates – 0.6%
3M Co.		18,424		2,657,109
General Electric Co.		28,952		2,158,372
Honeywell International, Inc.		17,860		3,456,089
Roper Technologies, Inc.		3,008		1,413,519
				9,685,089
Insurance – 2.8%
Aflac, Inc.		21,244		1,216,856

See Accompanying Notes to the Financial Statements.

104 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
Alleghany Corp.*		376	$	314,524
Allstate Corp. (The)		9,964		1,260,845
Ambac Financial Group, Inc.* (a)		8,648		66,849
American Equity Investment Life Holding Co.(a)		21,996		829,689
American Financial Group, Inc.		2,820		390,514
American International Group, Inc.		26,884		1,572,983
American National Group, Inc.		2,632		496,421
AMERISAFE, Inc.(a)		376		17,428
Aon plc, Class A		5,828		1,678,406
Arch Capital Group Ltd.* (a)		14,476		661,119
Argo Group International Holdings Ltd.		6,956		297,717
Arthur J Gallagher & Co.		5,076		855,255
Assurant, Inc.		2,256		410,321
Assured Guaranty Ltd.		18,424		1,016,084
Axis Capital Holdings Ltd.(a)		16,920		970,024
Brighthouse Financial, Inc.* (a)		18,236		936,601
Brown & Brown, Inc.(a)		6,204		384,524
BRP Group, Inc., Class A*		1,692		39,119
Chubb Ltd.		14,476		2,988,570
Cincinnati Financial Corp.		4,136		507,322
CNO Financial Group, Inc.(a)		32,336		780,591
Employers Holdings, Inc.(a)		752		29,584
Enstar Group Ltd.*		3,008		709,136
Erie Indemnity Co., Class A(a)		940		150,663
Everest Re Group Ltd.		1,128		309,873
Fidelity National Financial, Inc.		10,904		434,197
First American Financial Corp.(a)		4,700		274,057
Genworth Financial, Inc., Class A*		111,860		415,001
Globe Life, Inc.		2,632		258,147
GoHealth, Inc., Class A* (a)		18,236		13,626

Investments	Shares		Value
Insurance – (continued)
Goosehead Insurance, Inc., Class A(a)		376	$	21,616
Hanover Insurance Group, Inc. (The)		7,896		1,159,291
Hartford Financial Services Group, Inc. (The)		12,408		867,691
HCI Group, Inc.(a)		1,316		84,342
Horace Mann Educators Corp.		7,896		314,656
James River Group Holdings Ltd.(a)		9,212		218,416
Kemper Corp.		1,504		69,425
Kinsale Capital Group, Inc.(a)		1,316		291,744
Lemonade, Inc.* (a)		2,256		47,060
Lincoln National Corp.		6,768		407,095
Loews Corp.		7,896		496,185
Markel Corp.*		376		508,833
Marsh & McLennan Cos., Inc.		13,912		2,249,570
MBIA, Inc.* (a)		6,580		79,223
Mercury General Corp.(a)		6,768		341,310
MetLife, Inc.		24,440		1,605,219
National Western Life Group, Inc., Class A(a)		376		74,734
Old Republic International Corp.		12,596		277,238
Oscar Health, Inc., Class A* (a)		10,528		77,486
Primerica, Inc.		2,068		267,930
Principal Financial Group, Inc.(a)		9,212		627,706
ProAssurance Corp.(a)		1,692		41,572
Progressive Corp. (The)		18,800		2,018,368
Prudential Financial, Inc.(a)		12,972		1,407,592
Reinsurance Group of America, Inc.		1,504		161,409
RenaissanceRe Holdings Ltd.(a)		10,528		1,510,979
RLI Corp.		1,316		151,050
Ryan Specialty Group Holdings, Inc., Class A*		752		27,816
Safety Insurance Group, Inc.(a)		2,444		210,282

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 105

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
Selective Insurance Group, Inc.		13,912	$	1,145,792
Selectquote, Inc.* (a)		30,832		63,514
SiriusPoint Ltd.* (a)		15,228		95,632
Stewart Information Services Corp.		6,956		358,930
Travelers Cos., Inc. (The)		8,460		1,447,168
Trupanion, Inc.* (a)		2,444		155,487
Universal Insurance Holdings, Inc.(a)		11,656		146,399
Unum Group(a)		46,436		1,417,227
W R Berkley Corp.		5,076		337,503
White Mountains Insurance Group Ltd.(a)		188		197,028
Willis Towers Watson plc		3,384		727,086
				41,993,650
Interactive Media & Services – 3.5%
Alphabet, Inc., Class A*		8,002		18,262,084
Alphabet, Inc., Class C*		7,391		16,994,348
Angi, Inc., Class A*		4,700		20,727
Bumble, Inc., Class A* (a)		3,760		90,202
Cargurus, Inc.* (a)		6,016		196,603
Cars.com, Inc.* (a)		19,740		219,509
Eventbrite, Inc., Class A* (a)		5,264		55,693
EverQuote, Inc., Class A* (a)		1,692		23,485
fuboTV, Inc.* (a)		8,272		31,351
IAC/InterActiveCorp* (a)		1,504		124,651
Liberty TripAdvisor Holdings, Inc., Class A* (a)		10,904		16,356
Match Group, Inc.*		6,768		535,687
MediaAlpha, Inc., Class A* (a)		2,632		38,796
Meta Platforms, Inc., Class A*		60,912		12,211,029
Pinterest, Inc., Class A*		15,416		316,336
QuinStreet, Inc.* (a)		1,692		16,091
Snap, Inc., Class A*		26,508		754,418
TripAdvisor, Inc.* (a)		6,204		159,257
TrueCar, Inc.* (a)		10,904		39,036
Twitter, Inc.*		20,680		1,013,734
Vimeo, Inc.* (a)		9,024		91,955

Investments	Shares		Value
Interactive Media & Services – (continued)
Yelp, Inc.* (a)		1,128	$	36,694
Ziff Davis, Inc.*		3,196		282,398
ZoomInfo Technologies, Inc., Class A*		6,768		320,803
				51,851,243
Internet & Direct Marketing Retail – 2.2%
1847 Goedeker, Inc.* (a)		35,156		44,648
1stdibs.com, Inc.* (a)		1,128		8,528
Amazon.com, Inc.*		11,656		28,972,503
CarParts.com, Inc.* (a)		1,316		7,883
Chewy, Inc., Class A* (a)		2,444		71,023
DoorDash, Inc., Class A* (a)		3,760		306,177
eBay, Inc.		20,868		1,083,466
Etsy, Inc.* (a)		3,008		280,315
Groupon, Inc.* (a)		2,820		55,018
Lands’ End, Inc.* (a)		564		7,907
Liquidity Services, Inc.* (a)		564		8,133
MercadoLibre, Inc.*		1,316		1,281,297
Overstock.com, Inc.* (a)		2,068		69,402
PetMed Express, Inc.(a)		1,504		32,938
Porch Group, Inc.* (a)		3,760		13,912
Poshmark, Inc., Class A* (a)		3,008		33,208
Quotient Technology, Inc.* (a)		5,452		28,950
Qurate Retail, Inc., Series A(a)		89,300		375,953
RealReal, Inc. (The)*		6,204		33,626
Revolve Group, Inc.* (a)		564		23,835
Shutterstock, Inc.		1,880		142,354
Stitch Fix, Inc., Class A* (a)		5,452		51,794
ThredUp, Inc., Class A* (a)		3,572		23,539
Wayfair, Inc., Class A* (a)		2,068		159,112
Xometry, Inc., Class A* (a)		752		24,681
				33,140,202
IT Services – 3.6%
Accenture plc, Class A		16,920		5,082,091
Affirm Holdings, Inc.* (a)		3,760		107,912
Akamai Technologies, Inc.* (a)		5,076		569,933
Automatic Data Processing, Inc.		11,468		2,502,088

See Accompanying Notes to the Financial Statements.

106 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
IT Services – (continued)
BigCommerce Holdings, Inc., Series 1* (a)		752	$	13,438
Block, Inc., Class A*		12,972		1,291,233
Bread Financial Holdings, Inc.		12,408		679,958
Brightcove, Inc.* (a)		2,632		18,556
Broadridge Financial Solutions, Inc.(a)		3,384		487,736
Cantaloupe, Inc.* (a)		3,008		16,454
Cloudflare, Inc., Class A* (a)		6,768		582,996
Cognizant Technology Solutions Corp., Class A		18,048		1,460,083
Concentrix Corp.(a)		1,692		266,456
Conduent, Inc.*		48,692		274,136
CSG Systems International, Inc.(a)		3,008		184,902
DigitalOcean Holdings, Inc.*		376		14,826
DXC Technology Co.*		10,904		312,945
EPAM Systems, Inc.*		1,692		448,363
Euronet Worldwide, Inc.* (a)		2,444		297,313
EVERTEC, Inc.(a)		1,880		74,072
Evo Payments, Inc., Class A* (a)		1,316		29,649
ExlService Holdings, Inc.* (a)		1,128		153,577
Fastly, Inc., Class A* (a)		6,016		95,654
Fidelity National Information Services, Inc.		19,176		1,901,300
Fiserv, Inc.* (a)		18,612		1,822,487
FleetCor Technologies, Inc.*		2,068		516,007
Flywire Corp.* (a)		752		22,944
Gartner, Inc.*		2,444		710,104
Genpact Ltd.		3,948		158,986
Global Payments, Inc.		9,212		1,261,860
GoDaddy, Inc., Class A*		4,324		349,422
GreenBox POS* (a)		3,384		12,216
Grid Dynamics Holdings, Inc.* (a)		376		5,234
I3 Verticals, Inc., Class A* (a)		2,632		72,248
International Business Machines Corp.		29,516		3,902,310
International Money Express, Inc.* (a)		2,632		52,298

Investments	Shares		Value
IT Services – (continued)
Jack Henry & Associates, Inc.(a)		2,068	$	392,051
Limelight Networks, Inc.*		3,760		13,423
LiveRamp Holdings, Inc.*		3,572		111,875
Marqeta, Inc., Class A* (a)		12,972		120,640
Mastercard, Inc., Class A		22,748		8,266,168
MAXIMUS, Inc.		2,444		178,119
MongoDB, Inc.* (a)		1,692		600,542
Okta, Inc.*		3,572		426,175
Paya Holdings, Inc.* (a)		188		957
Paychex, Inc.		8,460		1,072,136
Payoneer Global, Inc.* (a)		19,176		80,156
PayPal Holdings, Inc.*		30,644		2,694,527
Perficient, Inc.* (a)		1,128		112,134
Rackspace Technology, Inc.* (a)		15,792		156,183
Repay Holdings Corp.* (a)		6,204		83,010
Sabre Corp.* (a)		15,040		157,469
Shift4 Payments, Inc., Class A* (a)		3,196		167,662
Snowflake, Inc., Class A*		6,392		1,095,844
SolarWinds Corp.(a)		13,160		162,789
Squarespace, Inc., Class A* (a)		1,880		37,544
Switch, Inc., Class A(a)		6,204		185,251
TaskUS, Inc., Class A* (a)		1,128		32,588
Toast, Inc., Class A*		4,888		91,063
TTEC Holdings, Inc.(a)		564		41,629
Tucows, Inc., Class A* (a)		188		10,833
Twilio, Inc., Class A* (a)		4,324		483,510
Unisys Corp.* (a)		13,912		197,690
VeriSign, Inc.*		2,632		470,312
Verra Mobility Corp.* (a)		11,280		158,258
Visa, Inc., Class A(a)		43,992		9,376,015
Western Union Co. (The)(a)		8,460		141,790
WEX, Inc.* (a)		2,632		437,544
				53,307,674
Leisure Products – 0.3%
Acushnet Holdings Corp.(a)		1,128		45,955
AMMO, Inc.* (a)		18,988		76,902
Brunswick Corp.(a)		3,008		227,435
Callaway Golf Co.*		5,264		115,492

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 107

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Leisure Products – (continued)
Genius Brands International, Inc.* (a)		34,028	$	24,160
Hasbro, Inc.(a)		3,196		281,440
Johnson Outdoors, Inc., Class A(a)		188		14,378
Malibu Boats, Inc., Class A* (a)		4,136		208,000
MasterCraft Boat Holdings, Inc.* (a)		5,828		140,280
Mattel, Inc.*		12,784		310,779
Nautilus, Inc.* (a)		12,032		36,216
Peloton Interactive, Inc., Class A* (a)		8,084		141,955
Polaris, Inc.(a)		13,536		1,285,108
Smith & Wesson Brands, Inc.		8,460		116,156
Solo Brands, Inc., Class A* (a)		1,692		10,101
Sturm Ruger & Co., Inc.(a)		4,136		281,868
Vinco Ventures, Inc.* (a)		7,144		17,717
Vista Outdoor, Inc.* (a)		12,032		423,887
YETI Holdings, Inc.* (a)		2,820		137,813
				3,895,642
Life Sciences Tools & Services – 1.3%
10X Genomics, Inc., Class A* (a)		2,256		107,747
Absci Corp.* (a)		2,068		12,222
Adaptive Biotechnologies Corp.* (a)		2,444		20,163
Agilent Technologies, Inc.		8,084		964,179
Akoya Biosciences, Inc.* (a)		1,128		10,614
Alpha Teknova, Inc.* (a)		1,504		16,890
Avantor, Inc.* (a)		14,100		449,508
Azenta, Inc.(a)		2,632		197,295
Berkeley Lights, Inc.* (a)		188		935
Bionano Genomics, Inc.* (a)		16,356		26,660
Bio-Rad Laboratories, Inc., Class A*		564		288,802
Bio-Techne Corp.		940		356,909
Bruker Corp.		2,632		151,314
Charles River Laboratories International, Inc.*		1,316		317,827

Investments	Shares		Value
Life Sciences Tools & Services – (continued)
ChromaDex Corp.* (a)		6,580	$	12,436
Codexis, Inc.* (a)		5,640		67,849
Cytek Biosciences, Inc.* (a)		1,316		12,436
Danaher Corp.		17,108		4,296,332
Illumina, Inc.*		3,948		1,171,174
IQVIA Holdings, Inc.* (a)		5,264		1,147,499
Maravai LifeSciences Holdings, Inc., Class A*		3,384		103,990
Medpace Holdings, Inc.*		1,128		150,667
Mettler-Toledo International, Inc.*		564		720,527
NanoString Technologies, Inc.* (a)		3,384		63,552
NeoGenomics, Inc.* (a)		3,572		33,755
Pacific Biosciences of California, Inc.* (a)		10,716		67,939
PerkinElmer, Inc.(a)		3,760		551,254
Personalis, Inc.*		4,700		26,320
Quanterix Corp.*		2,444		54,232
Rapid Micro Biosystems, Inc., Class A*		2,820		16,441
Repligen Corp.* (a)		1,504		236,489
Sotera Health Co.* (a)		5,264		107,280
Standard BioTools, Inc.* (a)		8,272		21,921
Syneos Health, Inc.* (a)		3,572		261,077
Thermo Fisher Scientific, Inc.		10,528		5,821,142
Waters Corp.* (a)		1,692		512,710
West Pharmaceutical Services, Inc.		1,880		592,313
				18,970,400
Machinery – 1.9%
AGCO Corp.(a)		2,632		335,317
Agrify Corp.* (a)		2,444		7,063
Alamo Group, Inc.		376		47,541
Albany International Corp., Class A		2,256		176,464
Allison Transmission Holdings, Inc.		25,004		936,150
Altra Industrial Motion Corp.		3,760		146,640
Astec Industries, Inc.		1,692		66,157
Barnes Group, Inc.		1,504		50,504
Blue Bird Corp.* (a)		3,760		60,273
Caterpillar, Inc.		17,296		3,641,500

See Accompanying Notes to the Financial Statements.

108 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Machinery – (continued)
Chart Industries, Inc.* (a)		2,256	$	380,858
CIRCOR International, Inc.* (a)		2,632		51,719
Columbus McKinnon Corp.(a)		564		19,994
Commercial Vehicle Group, Inc.* (a)		6,392		45,895
Crane Co.(a)		3,384		325,642
Cummins, Inc.		4,700		889,193
Deere & Co.		9,024		3,407,011
Desktop Metal, Inc., Class A* (a)		376		1,320
Donaldson Co., Inc.		4,700		230,488
Douglas Dynamics, Inc.(a)		3,384		104,769
Dover Corp.		3,760		501,208
EnPro Industries, Inc.(a)		1,316		122,664
ESCO Technologies, Inc.		2,256		140,887
Evoqua Water Technologies Corp.* (a)		5,640		235,132
Federal Signal Corp.(a)		1,880		63,976
Flowserve Corp.(a)		7,520		245,979
Fortive Corp.		9,024		518,880
Franklin Electric Co., Inc.(a)		1,128		78,892
Gates Industrial Corp. plc* (a)		17,860		227,715
Gorman-Rupp Co. (The)(a)		1,692		53,907
Graco, Inc.(a)		4,324		268,174
Greenbrier Cos., Inc. (The)(a)		6,204		264,973
Helios Technologies, Inc.		752		50,519
Hillenbrand, Inc.(a)		18,612		759,742
Hyster-Yale Materials Handling, Inc.(a)		2,068		63,529
Ideanomics, Inc.* (a)		940		676
IDEX Corp.		1,692		321,175
Illinois Tool Works, Inc.(a)		7,332		1,445,211
Ingersoll Rand, Inc.		9,400		413,224
ITT, Inc.		3,008		211,222
John Bean Technologies Corp.(a)		1,504		177,307
Kadant, Inc.(a)		376		69,560
Kennametal, Inc.		5,264		135,443
Lincoln Electric Holdings, Inc.(a)		2,256		303,951

Investments	Shares		Value
Machinery – (continued)
Lindsay Corp.		376	$	50,816
Manitowoc Co., Inc. (The)*		3,384		44,804
Meritor, Inc.* (a)		19,740		708,863
Middleby Corp. (The)* (a)		1,880		289,313
Mueller Industries, Inc.(a)		15,228		824,596
Mueller Water Products, Inc., Class A(a)		5,452		65,588
Nikola Corp.* (a)		50,948		365,807
Nordson Corp.		1,316		283,848
Oshkosh Corp.(a)		3,008		278,060
Otis Worldwide Corp.		10,340		753,166
PACCAR, Inc.		12,408		1,030,484
Parker-Hannifin Corp.		3,384		916,455
Pentair plc		4,136		209,902
Proto Labs, Inc.*		1,504		64,085
RBC Bearings, Inc.* (a)		1,128		189,899
REV Group, Inc.(a)		7,144		85,156
Snap-on, Inc.		1,692		359,533
SPX Corp.* (a)		1,504		63,018
Standex International Corp.		188		17,680
Stanley Black & Decker, Inc.(a)		5,264		632,470
Tennant Co.(a)		188		12,141
Terex Corp.		14,852		504,968
Timken Co. (The)(a)		16,356		942,760
Toro Co. (The)(a)		2,444		195,838
Trinity Industries, Inc.(a)		3,008		83,442
Wabash National Corp.(a)		7,144		102,231
Watts Water Technologies, Inc., Class A(a)		940		119,812
Welbilt, Inc.*		10,152		239,790
Westinghouse Air Brake Technologies Corp.		5,076		456,383
Xylem, Inc.		4,136		332,948
				27,822,300
Marine – 0.1%
Eagle Bulk Shipping, Inc.(a)		2,444		152,114
Genco Shipping & Trading Ltd.		5,828		128,391
Kirby Corp.* (a)		4,324		281,925
Matson, Inc.(a)		10,152		873,275
				1,435,705

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 109

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Media – 1.1%
Advantage Solutions, Inc.* (a)		30,456	$	153,194
Altice USA, Inc., Class A* (a)		56,212		521,647
AMC Networks, Inc., Class A* (a)		7,708		251,512
Audacy, Inc.* (a)		752		1,910
Cable One, Inc.(a)		188		219,246
Cardlytics, Inc.* (a)		2,256		76,997
Charter Communications, Inc., Class A* (a)		3,384		1,450,010
Clear Channel Outdoor Holdings, Inc.*		102,648		252,514
Comcast Corp., Class A		147,204		5,852,831
DISH Network Corp., Class A* (a)		8,084		230,475
EW Scripps Co. (The), Class A* (a)		14,852		244,464
Fox Corp., Class A(a)		8,084		289,731
Fox Corp., Class B		2,444		81,239
Gannett Co., Inc.* (a)		752		3,016
Gray Television, Inc.(a)		24,816		459,592
iHeartMedia, Inc., Class A* (a)		9,776		156,318
Interpublic Group of Cos., Inc. (The)(a)		11,468		374,086
John Wiley & Sons, Inc., Class A(a)		10,904		554,905
Liberty Broadband Corp., Class A* (a)		564		60,720
Liberty Broadband Corp., Class C*		3,948		441,465
Liberty Media Corp-Liberty SiriusXM, Class A* (a)		2,068		86,504
Liberty Media Corp-Liberty SiriusXM, Class C*		4,888		204,709
Magnite, Inc.* (a)		940		9,071
New York Times Co. (The), Class A		4,324		165,696
News Corp., Class A		9,776		194,151
News Corp., Class B		3,196		63,632
Nexstar Media Group, Inc., Class A(a)		9,964		1,578,497
Omnicom Group, Inc.		5,828		443,686

Investments	Shares		Value
Media – (continued)
Paramount Global, Class A(a)		1,128	$	35,588
Paramount Global, Class B(a)		19,928		580,303
PubMatic, Inc., Class A* (a)		940		21,216
Scholastic Corp.(a)		752		27,711
Sinclair Broadcast Group, Inc., Class A(a)		12,220		271,773
Sirius XM Holdings, Inc.(a)		36,096		216,576
TechTarget, Inc.* (a)		1,128		75,926
TEGNA, Inc.		52,452		1,156,567
Thryv Holdings, Inc.* (a)		3,008		77,697
Urban One, Inc.* (a)		9,588		77,567
WideOpenWest, Inc.* (a)		6,768		135,698
				17,098,440
Metals & Mining – 0.9%
Alcoa Corp.		7,332		497,110
Allegheny Technologies, Inc.* (a)		9,964		270,821
Arconic Corp.* (a)		22,936		577,070
Carpenter Technology Corp.(a)		5,076		193,802
Century Aluminum Co.* (a)		10,152		171,264
Cleveland-Cliffs, Inc.* (a)		19,176		488,796
Coeur Mining, Inc.* (a)		23,312		84,623
Commercial Metals Co.(a)		30,456		1,248,696
Compass Minerals International, Inc.(a)		940		55,582
Freeport-McMoRan, Inc.		46,248		1,875,356
Gatos Silver, Inc.* (a)		2,820		9,532
Hecla Mining Co.(a)		15,040		78,358
Kaiser Aluminum Corp.(a)		1,316		126,994
Materion Corp.(a)		564		48,025
McEwen Mining, Inc.* (a)		1,880		1,260
MP Materials Corp.* (a)		4,324		164,485
Newmont Corp.		25,004		1,821,541
Nucor Corp.		9,212		1,425,833
Piedmont Lithium, Inc.* (a)		3,384		221,347
Reliance Steel & Aluminum Co.(a)		2,444		484,523
Royal Gold, Inc.(a)		3,572		466,075
Ryerson Holding Corp.(a)		1,128		41,522

See Accompanying Notes to the Financial Statements.

110 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Metals & Mining – (continued)
Schnitzer Steel Industries, Inc., Class A(a)		4,512	$	205,883
Southern Copper Corp.		1,880		117,068
Steel Dynamics, Inc.		7,520		644,840
SunCoke Energy, Inc.		9,024		75,080
TimkenSteel Corp.* (a)		9,400		194,298
United States Steel Corp.(a)		61,288		1,868,671
Warrior Met Coal, Inc.		9,964		339,473
Worthington Industries, Inc.(a)		8,836		420,328
				14,218,256
Mortgage Real Estate Investment Trusts (REITs) – 0.5%
AGNC Investment Corp.(a)		11,656		127,983
Annaly Capital Management, Inc.(a)		37,036		237,771
Apollo Commercial Real Estate Finance, Inc.(a)		31,960		384,798
Arbor Realty Trust, Inc.(a)		31,396		536,872
Ares Commercial Real Estate Corp.(a)		5,452		82,162
ARMOUR Residential REIT, Inc.(a)		12,972		95,214
Blackstone Mortgage Trust, Inc., Class A(a)		41,360		1,242,454
BrightSpire Capital, Inc.(a)		17,672		150,212
Broadmark Realty Capital, Inc.(a)		40,608		317,149
Chimera Investment Corp.(a)		51,512		516,150
Dynex Capital, Inc.(a)		13,912		225,792
Ellington Financial, Inc.(a)		16,168		261,760
Granite Point Mortgage Trust, Inc.(a)		5,640		54,877
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a)		4,136		165,399
Invesco Mortgage Capital, Inc.(a)		85,916		149,494
KKR Real Estate Finance Trust, Inc.(a)		7,144		135,736
Ladder Capital Corp.		7,332		83,511
MFA Financial, Inc.(a)		19,270		274,598

Investments	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) – (continued)
New Residential Investment Corp.(a)		108,664	$	1,130,106
New York Mortgage Trust, Inc.(a)		83,660		269,385
Orchid Island Capital, Inc.(a)		20,116		55,922
PennyMac Mortgage Investment Trust(a)		23,500		360,490
Ready Capital Corp.(a)		14,288		208,176
Redwood Trust, Inc.(a)		33,840		328,248
Starwood Property Trust, Inc.(a)		12,972		296,799
TPG RE Finance Trust, Inc.		11,656		122,971
Two Harbors Investment Corp.(a)		82,908		398,788
				8,212,817
Multiline Retail – 0.5%
Big Lots, Inc.(a)		8,836		273,033
Dillard’s, Inc., Class A(a)		940		285,581
Dollar General Corp.		6,580		1,562,947
Dollar Tree, Inc.*		6,768		1,099,462
Franchise Group, Inc.(a)		7,896		294,442
Kohl’s Corp.		6,204		359,088
Macy’s, Inc.(a)		13,536		327,165
Nordstrom, Inc.(a)		9,212		236,748
Ollie’s Bargain Outlet Holdings, Inc.* (a)		3,384		162,601
Target Corp.		15,792		3,610,841
				8,211,908
Multi-Utilities – 0.9%
Ameren Corp.		6,580		611,282
Avista Corp.(a)		16,920		686,444
Black Hills Corp.(a)		16,544		1,211,682
CenterPoint Energy, Inc.		19,364		592,732
CMS Energy Corp.(a)		8,272		568,204
Consolidated Edison, Inc.		10,904		1,011,237
Dominion Energy, Inc.		27,448		2,240,855
DTE Energy Co.		6,768		886,879
NiSource, Inc.		15,980		465,338
NorthWestern Corp.(a)		12,220		692,752
Public Service Enterprise Group, Inc.		17,860		1,244,128
Sempra Energy		9,964		1,607,791

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 111

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Multi-Utilities – (continued)
Unitil Corp.		2,632	$	134,232
WEC Energy Group, Inc.		8,648		865,232
				12,818,788
Oil, Gas & Consumable Fuels – 4.8%
Alto Ingredients, Inc.* (a)		20,868		120,408
Antero Midstream Corp.(a)		79,712		818,642
Antero Resources Corp.* (a)		70,124		2,468,365
APA Corp.		14,288		584,808
Arch Resources, Inc.(a)		4,324		719,427
Berry Corp.(a)		12,972		142,303
Brigham Minerals, Inc., Class A(a)		6,016		149,077
California Resources Corp.		2,068		83,154
Callon Petroleum Co.* (a)		10,904		559,048
Centennial Resource Development, Inc., Class A* (a)		12,596		97,493
Centrus Energy Corp., Class A* (a)		2,068		57,408
Cheniere Energy, Inc.		8,460		1,148,953
Chesapeake Energy Corp.(a)		24,064		1,973,729
Chevron Corp.		63,732		9,984,892
Civitas Resources, Inc.(a)		15,792		925,732
Clean Energy Fuels Corp.* (a)		17,860		104,660
CNX Resources Corp.*		53,392		1,097,206
Comstock Resources, Inc.* (a)		12,032		204,905
ConocoPhillips		43,052		4,112,327
CONSOL Energy, Inc.* (a)		5,640		268,182
Continental Resources, Inc.(a)		3,572		198,496
Coterra Energy, Inc.		27,261		784,843
Crescent Energy, Inc., Class A(a)		2,820		44,302
CVR Energy, Inc.		10,904		273,363
Delek US Holdings, Inc.*		15,417		373,083
Denbury, Inc.* (a)		1,316		84,198
Devon Energy Corp.(a)		18,424		1,071,724
Diamondback Energy, Inc.		6,392		806,862

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Dorian LPG Ltd.		8,460	$	124,531
DT Midstream, Inc.(a)		22,184		1,192,390
Earthstone Energy, Inc., Class A* (a)		6,392		86,228
EOG Resources, Inc.		18,424		2,151,186
EQT Corp.		18,800		747,300
Equitrans Midstream Corp.(a)		97,384		765,438
Exxon Mobil Corp.		137,992		11,763,818
Gevo, Inc.* (a)		376		1,395
Green Plains, Inc.* (a)		5,076		142,483
Gulfport Energy Corp.*		2,256		212,019
Hess Corp.		8,272		852,595
HF Sinclair Corp.* (a)		10,152		385,979
International Seaways, Inc.(a)		3,760		79,449
Kinder Morgan, Inc.		58,844		1,068,019
Kosmos Energy Ltd.*		98,324		664,670
Laredo Petroleum, Inc.* (a)		2,632		187,425
Magnolia Oil & Gas Corp., Class A(a)		11,656		270,885
Marathon Oil Corp.		29,704		740,224
Marathon Petroleum Corp.		16,544		1,443,629
Matador Resources Co.(a)		25,004		1,220,695
Murphy Oil Corp.		32,712		1,245,673
New Fortress Energy, Inc.(a)		2,632		102,069
NextDecade Corp.* (a)		3,384		18,917
Northern Oil and Gas, Inc.(a)		12,972		324,041
Oasis Petroleum, Inc.(a)		3,760		498,802
Occidental Petroleum Corp.(a)		21,996		1,211,760
ONEOK, Inc.		13,160		833,423
Ovintiv, Inc.(a)		10,716		548,552
Par Pacific Holdings, Inc.*		8,460		124,108
PBF Energy, Inc., Class A*		22,184		644,667
PDC Energy, Inc.(a)		25,004		1,743,779
Peabody Energy Corp.* (a)		26,132		591,628
Phillips 66		11,280		978,653
Pioneer Natural Resources Co.		7,144		1,660,766
Range Resources Corp.* (a)		16,168		484,070
Ranger Oil Corp.*		5,452		173,646

See Accompanying Notes to the Financial Statements.

112 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Renewable Energy Group, Inc.* (a)		11,656	$	711,715
Ring Energy, Inc.* (a)		15,416		68,910
SilverBow Resources, Inc.* (a)		940		34,404
SM Energy Co.(a)		6,768		240,467
Southwestern Energy Co.* (a)		252,108		1,890,810
Targa Resources Corp.		7,520		552,043
Tellurian, Inc.*		15,980		79,580
Texas Pacific Land Corp.(a)		188		256,921
Uranium Energy Corp.* (a)		3,572		15,181
Valero Energy Corp.		11,844		1,320,369
W&T Offshore, Inc.*		34,404		163,763
Whiting Petroleum Corp.(a)		9,024		659,203
Williams Cos., Inc. (The)		42,676		1,463,360
World Fuel Services Corp.		752		18,213
				72,017,441
Paper & Forest Products – 0.2%
Clearwater Paper Corp.*		2,444		80,921
Glatfelter Corp.(a)		7,144		78,584
Louisiana-Pacific Corp.(a)		22,372		1,443,441
Mercer International, Inc.		10,528		168,553
Neenah, Inc.(a)		1,692		59,897
Resolute Forest Products, Inc.(a)		6,956		96,967
Schweitzer-Mauduit International, Inc.(a)		4,700		118,252
Sylvamo Corp.* (a)		6,392		285,403
				2,332,018
Personal Products – 0.3%
BellRing Brands, Inc.* (a)		8,272		177,273
Coty, Inc., Class A* (a)		22,184		179,912
Edgewell Personal Care Co.(a)		13,912		530,604
elf Beauty, Inc.* (a)		752		18,296
Estee Lauder Cos., Inc. (The), Class A		6,392		1,687,871
Herbalife Nutrition Ltd.* (a)		23,500		624,630
Honest Co., Inc. (The)*		3,008		11,912

Investments	Shares		Value
Personal Products – (continued)
Inter Parfums, Inc.(a)		564	$	46,096
Medifast, Inc.		564		100,595
Nu Skin Enterprises, Inc., Class A(a)		12,220		521,061
Thorne HealthTech, Inc.* (a)		3,008		20,154
USANA Health Sciences, Inc.* (a)		188		14,412
Veru, Inc.* (a)		188		2,203
				3,935,019
Pharmaceuticals – 3.5%
9 Meters Biopharma, Inc.* (a)		29,516		12,332
Aclaris Therapeutics, Inc.*		752		9,265
Aerie Pharmaceuticals, Inc.* (a)		5,640		40,100
Amneal Pharmaceuticals, Inc.* (a)		3,384		13,062
Amphastar Pharmaceuticals, Inc.* (a)		1,128		40,010
Ampio Pharmaceuticals, Inc.* (a)		36,284		8,353
ANI Pharmaceuticals, Inc.* (a)		188		5,548
Antares Pharma, Inc.* (a)		17,108		95,206
Arvinas, Inc.* (a)		940		51,672
Axsome Therapeutics, Inc.* (a)		1,880		59,690
Bristol-Myers Squibb Co.		71,064		5,348,987
Cara Therapeutics, Inc.* (a)		1,128		9,836
Cassava Sciences, Inc.* (a)		1,128		23,541
Catalent, Inc.*		3,948		357,531
Clearside Biomedical, Inc.*		3,760		5,753
Collegium Pharmaceutical, Inc.*		3,760		60,536
Corcept Therapeutics, Inc.* (a)		5,076		109,185
DICE Therapeutics, Inc.* (a)		1,316		26,741
Elanco Animal Health, Inc.* (a)		9,588		242,672
Eli Lilly & Co.		21,244		6,206,010
Endo International plc* (a)		58,468		116,936
Evolus, Inc.* (a)		2,068		23,141

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 113

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Pharmaceuticals – (continued)
Harmony Biosciences Holdings, Inc.* (a)		752	$	33,870
Innoviva, Inc.* (a)		10,528		179,608
Intra-Cellular Therapies, Inc.*		3,196		161,750
Jazz Pharmaceuticals plc* (a)		1,880		301,214
Johnson & Johnson		86,480		15,606,181
KemPharm, Inc.* (a)		4,136		18,488
Marinus Pharmaceuticals, Inc.*		3,196		21,158
Merck & Co., Inc.		82,720		7,336,437
Nektar Therapeutics* (a)		7,896		32,611
NGM Biopharmaceuticals, Inc.*		1,504		18,770
Ocular Therapeutix, Inc.* (a)		5,640		20,135
Omeros Corp.* (a)		188		652
Oramed Pharmaceuticals, Inc.* (a)		1,128		5,798
Organon & Co.(a)		6,956		224,887
Pacira BioSciences, Inc.* (a)		3,572		266,364
Perrigo Co. plc		33,088		1,134,918
Pfizer, Inc.		184,804		9,068,332
Phibro Animal Health Corp., Class A(a)		2,068		37,203
Pliant Therapeutics, Inc.* (a)		2,256		13,220
PLx Pharma, Inc.* (a)		5,640		17,033
Prestige Consumer Healthcare, Inc.* (a)		13,160		719,326
Provention Bio, Inc.* (a)		376		1,688
Reata Pharmaceuticals, Inc., Class A* (a)		2,256		57,257
Relmada Therapeutics, Inc.* (a)		9,024		226,593
Revance Therapeutics, Inc.* (a)		3,196		52,350
Royalty Pharma plc, Class A		9,400		400,252
Supernus Pharmaceuticals, Inc.*		5,640		157,356
TherapeuticsMD, Inc.* (a)		100,392		20,249
Tilray Brands, Inc.*		24,628		122,647
Viatris, Inc.		38,540		398,118
Zoetis, Inc.		12,784		2,265,964
				51,786,536

Investments	Shares		Value
Professional Services – 0.7%
ASGN, Inc.* (a)		3,384	$	383,915
Barrett Business Services, Inc.		940		67,652
Booz Allen Hamilton Holding Corp.(a)		3,384		276,236
CACI International, Inc., Class A* (a)		5,640		1,496,292
CBIZ, Inc.*		1,880		78,753
Clarivate plc* (a)		8,648		135,601
CoStar Group, Inc.*		9,400		598,028
Dun & Bradstreet Holdings, Inc.* (a)		9,400		148,426
Equifax, Inc.		3,196		650,450
Exponent, Inc.(a)		3,196		306,209
First Advantage Corp.* (a)		752		13,055
Forrester Research, Inc.*		188		10,470
FTI Consulting, Inc.* (a)		1,128		177,897
Heidrick & Struggles International, Inc.		2,820		90,127
Huron Consulting Group, Inc.*		564		29,204
ICF International, Inc.(a)		564		55,729
Insperity, Inc.		1,128		119,624
Jacobs Engineering Group, Inc.		4,136		573,043
KBR, Inc.(a)		8,836		434,996
Kelly Services, Inc., Class A(a)		8,272		159,567
Kforce, Inc.(a)		376		26,339
Korn Ferry(a)		3,760		231,014
Leidos Holdings, Inc.		3,948		408,657
ManpowerGroup, Inc.		12,220		1,102,244
ManTech International Corp., Class A(a)		1,504		120,831
Nielsen Holdings plc		12,972		347,779
Resources Connection, Inc.		6,016		103,415
Robert Half International, Inc.		3,760		369,646
Science Applications International Corp.(a)		14,100		1,173,543
Sterling Check Corp.* (a)		752		19,537
TransUnion		5,076		444,251
TriNet Group, Inc.* (a)		1,316		116,729
TrueBlue, Inc.*		2,632		67,300
Upwork, Inc.*		3,572		74,905

See Accompanying Notes to the Financial Statements.

114 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Professional Services – (continued)
Verisk Analytics, Inc.		4,136	$	843,951
				11,255,415
Real Estate Management & Development – 0.2%
CBRE Group, Inc., Class A* (a)		9,588		796,187
Cushman & Wakefield plc* (a)		34,404		615,831
eXp World Holdings, Inc.(a)		2,820		37,760
Howard Hughes Corp. (The)* (a)		1,128		113,127
Jones Lang LaSalle, Inc.* (a)		2,068		452,334
Kennedy-Wilson Holdings, Inc.(a)		2,632		59,352
Newmark Group, Inc., Class A(a)		36,096		438,566
Opendoor Technologies, Inc.* (a)		4,136		28,911
RE/MAX Holdings, Inc., Class A		5,828		136,725
Realogy Holdings Corp.* (a)		30,832		337,919
Redfin Corp.* (a)		5,640		62,886
RMR Group, Inc. (The), Class A		376		10,257
St Joe Co. (The)(a)		564		30,010
WeWork, Inc.* (a)		12,220		85,662
Zillow Group, Inc., Class A*		564		21,799
Zillow Group, Inc., Class C* (a)		3,196		127,265
				3,354,591
Road & Rail – 0.9%
AMERCO(a)		188		100,670
ArcBest Corp.(a)		2,068		149,227
Avis Budget Group, Inc.* (a)		1,692		452,898
Covenant Logistics Group, Inc., Class A		940		19,308
CSX Corp.		57,340		1,969,056
Daseke, Inc.* (a)		10,528		88,435
Heartland Express, Inc.(a)		5,828		80,426
JB Hunt Transport Services, Inc.(a)		2,256		385,437

Investments	Shares		Value
Road & Rail – (continued)
Knight-Swift Transportation Holdings, Inc.(a)		4,888	$	234,086
Landstar System, Inc.(a)		1,504		232,970
Lyft, Inc., Class A* (a)		8,272		269,667
Marten Transport Ltd.		2,820		49,011
Norfolk Southern Corp.		6,768		1,745,332
Old Dominion Freight Line, Inc.(a)		2,632		737,276
Ryder System, Inc.(a)		11,844		827,896
Saia, Inc.*		940		193,602
Schneider National, Inc., Class B(a)		5,264		124,388
Uber Technologies, Inc.*		42,864		1,349,359
Union Pacific Corp.		17,296		4,052,280
Werner Enterprises, Inc.		16,356		648,188
XPO Logistics, Inc.*		2,820		151,688
				13,861,200
Semiconductors & Semiconductor Equipment – 4.2%
ACM Research, Inc., Class A*		1,128		17,044
Advanced Micro Devices, Inc.*		43,804		3,746,118
Allegro MicroSystems, Inc.* (a)		376		9,141
Alpha & Omega Semiconductor Ltd.* (a)		5,828		250,021
Ambarella, Inc.*		1,692		138,879
Amkor Technology, Inc.(a)		20,680		388,991
Analog Devices, Inc.		13,348		2,060,664
Applied Materials, Inc.		24,252		2,676,208
Axcelis Technologies, Inc.* (a)		1,128		61,420
AXT, Inc.* (a)		7,520		44,368
Broadcom, Inc.		13,536		7,504,223
Cirrus Logic, Inc.*		3,008		228,006
CMC Materials, Inc.		1,128		201,810
Cohu, Inc.* (a)		1,316		34,953
Diodes, Inc.* (a)		1,504		109,837
Enphase Energy, Inc.* (a)		3,196		515,834
Entegris, Inc.		3,572		397,885
First Solar, Inc.* (a)		2,068		151,026
FormFactor, Inc.* (a)		2,444		93,141
Ichor Holdings Ltd.* (a)		2,444		71,145

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 115

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Semiconductors & Semiconductor Equipment – (continued)
Impinj, Inc.* (a)		1,504	$	74,087
Intel Corp.		135,736		5,916,732
KLA Corp.		3,948		1,260,438
Kulicke & Soffa Industries, Inc.(a)		13,536		628,206
Lam Research Corp.		3,572		1,663,695
Lattice Semiconductor Corp.*		4,700		225,788
MACOM Technology Solutions Holdings, Inc.*		1,504		76,629
Magnachip Semiconductor Corp.*		5,452		99,717
Marvell Technology, Inc.		22,748		1,321,204
MaxLinear, Inc.* (a)		3,572		170,992
Microchip Technology, Inc.		15,604		1,017,381
Micron Technology, Inc.		36,096		2,461,386
MKS Instruments, Inc.(a)		2,068		235,711
Monolithic Power Systems, Inc.		1,128		442,447
NeoPhotonics Corp.*		7,144		108,160
NVIDIA Corp.		66,364		12,308,531
NXP Semiconductors NV		7,332		1,253,039
ON Semiconductor Corp.* (a)		12,596		656,377
Onto Innovation, Inc.* (a)		3,384		240,738
PDF Solutions, Inc.*		376		8,742
Photronics, Inc.*		16,356		245,176
Power Integrations, Inc.(a)		3,196		255,680
Qorvo, Inc.*		3,008		342,250
QUALCOMM, Inc.		37,600		5,252,344
Rambus, Inc.* (a)		3,760		93,662
Semtech Corp.*		3,572		212,891
Silicon Laboratories, Inc.* (a)		2,444		329,720
SiTime Corp.* (a)		564		95,073
Skyworks Solutions, Inc.		4,136		468,609
SMART Global Holdings, Inc.* (a)		9,400		213,004
SolarEdge Technologies, Inc.*		1,504		376,617
SunPower Corp.* (a)		6,580		108,636
Synaptics, Inc.* (a)		1,692		251,160
Teradyne, Inc.(a)		4,700		495,662

Investments	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
Texas Instruments, Inc.		24,816	$	4,224,924
Ultra Clean Holdings, Inc.*		11,280		351,598
Universal Display Corp.(a)		940		120,066
Veeco Instruments, Inc.* (a)		1,504		34,472
Wolfspeed, Inc.* (a)		3,760		344,830
				62,687,088
Software – 7.0%
8x8, Inc.* (a)		2,820		25,859
ACI Worldwide, Inc.* (a)		5,452		150,584
Adobe, Inc.*		12,408		4,912,948
Agilysys, Inc.* (a)		376		13,841
Alarm.com Holdings, Inc.* (a)		1,316		80,381
Altair Engineering, Inc., Class A* (a)		1,316		71,485
Alteryx, Inc., Class A* (a)		3,760		241,392
American Software, Inc., Class A(a)		1,316		22,504
Amplitude, Inc., Class A* (a)		1,692		29,542
Anaplan, Inc.*		2,068		134,399
ANSYS, Inc.*		2,256		621,957
Appfolio, Inc., Class A* (a)		188		19,526
Appian Corp.* (a)		2,256		107,837
AppLovin Corp., Class A*		376		14,344
Asana, Inc., Class A* (a)		940		25,192
Aspen Technology, Inc.* (a)		1,692		268,250
Autodesk, Inc.* (a)		5,452		1,031,955
Avalara, Inc.*		2,820		214,517
Avaya Holdings Corp.* (a)		19,364		179,117
AvidXchange Holdings, Inc.* (a)		3,384		27,715
Benefitfocus, Inc.* (a)		376		4,004
Bentley Systems, Inc., Class B(a)		4,324		183,294
Bill.com Holdings, Inc.* (a)		2,256		385,122
Black Knight, Inc.*		5,076		333,950
Blackbaud, Inc.* (a)		1,504		87,247
Blackline, Inc.* (a)		1,880		126,054
Bottomline Technologies DE, Inc.*		1,316		74,512
Box, Inc., Class A* (a)		5,452		166,940
BTRS Holdings, Inc., Class A* (a)		10,152		68,221

See Accompanying Notes to the Financial Statements.

116 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Software – (continued)
C3.ai, Inc., Class A* (a)		1,128	$	19,165
Cadence Design Systems, Inc.*		7,332		1,106,032
CDK Global, Inc.		7,896		429,621
Cerence, Inc.* (a)		1,128		33,276
Ceridian HCM Holding, Inc.* (a)		2,820		158,287
ChannelAdvisor Corp.* (a)		3,760		54,558
Citrix Systems, Inc.		2,632		263,463
Cleanspark, Inc.* (a)		2,256		14,641
Clear Secure, Inc., Class A* (a)		1,504		45,752
Clearwater Analytics Holdings, Inc., Class A*		1,692		29,678
CommVault Systems, Inc.*		1,316		80,276
Confluent, Inc., Class A* (a)		3,008		93,970
Consensus Cloud Solutions, Inc.* (a)		3,760		198,227
Coupa Software, Inc.*		2,256		194,693
Crowdstrike Holdings, Inc., Class A* (a)		5,076		1,008,906
CS Disco, Inc.* (a)		940		28,867
Datadog, Inc., Class A* (a)		7,332		885,559
Digimarc Corp.* (a)		752		19,454
Digital Turbine, Inc.* (a)		752		23,801
DocuSign, Inc.*		5,264		426,384
Dolby Laboratories, Inc., Class A(a)		2,444		189,337
DoubleVerify Holdings, Inc.* (a)		752		16,356
Dropbox, Inc., Class A* (a)		10,904		237,162
Duck Creek Technologies, Inc.* (a)		752		11,979
Dynatrace, Inc.*		6,392		245,197
Ebix, Inc.(a)		3,948		117,650
Elastic NV*		1,128		85,886
Enfusion, Inc., Class A* (a)		752		9,603
Envestnet, Inc.* (a)		3,760		299,446
Everbridge, Inc.*		2,444		105,336
Fair Isaac Corp.*		752		280,880
Five9, Inc.* (a)		1,880		206,988
ForgeRock, Inc., Class A* (a)		1,316		26,886

Investments	Shares		Value
Software – (continued)
Fortinet, Inc.*		3,572	$	1,032,344
Freshworks, Inc., Class A* (a)		2,820		51,239
Guidewire Software, Inc.* (a)		3,008		261,516
HubSpot, Inc.* (a)		1,128		427,997
Intapp, Inc.* (a)		752		18,755
InterDigital, Inc.(a)		940		53,439
Intuit, Inc.		7,332		3,070,275
Jamf Holding Corp.* (a)		376		11,581
JFrog Ltd.* (a)		4,136		86,318
Kaleyra, Inc.* (a)		2,256		13,152
Kaltura, Inc.* (a)		7,144		11,073
LivePerson, Inc.* (a)		4,700		106,314
Mandiant Corp.*		11,280		247,934
Manhattan Associates, Inc.*		2,256		294,521
Marathon Digital Holdings, Inc.* (a)		7,144		111,446
MeridianLink, Inc.* (a)		752		12,145
Microsoft Corp.		199,844		55,460,707
MicroStrategy, Inc., Class A* (a)		376		133,168
Mimecast Ltd.* (a)		3,008		239,677
Mitek Systems, Inc.* (a)		940		10,500
Model N, Inc.*		752		19,432
Momentive Global, Inc.* (a)		10,716		169,527
N-able, Inc.* (a)		3,008		30,080
nCino, Inc.* (a)		3,948		148,011
NCR Corp.* (a)		30,080		1,053,702
New Relic, Inc.* (a)		3,572		226,000
NortonLifeLock, Inc.(a)		13,724		343,649
Nutanix, Inc., Class A* (a)		8,084		202,343
Olo, Inc., Class A* (a)		3,760		40,194
OneSpan, Inc.* (a)		1,504		21,252
Oracle Corp.		43,052		3,160,017
PagerDuty, Inc.* (a)		4,512		128,908
Palantir Technologies, Inc., Class A* (a)		37,976		394,950
Palo Alto Networks, Inc.* (a)		2,820		1,582,810
Paycom Software, Inc.*		1,316		370,415
Paycor HCM, Inc.*		1,128		27,783
Paylocity Holding Corp.* (a)		1,128		213,903
Pegasystems, Inc.		940		71,995
PROS Holdings, Inc.* (a)		2,256		63,010

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 117

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Software – (continued)
PTC, Inc.*		2,444	$	279,129
Q2 Holdings, Inc.* (a)		3,196		165,329
Qualtrics International, Inc., Class A* (a)		2,068		38,341
Qualys, Inc.* (a)		1,504		204,965
Rapid7, Inc.* (a)		3,572		341,197
RingCentral, Inc., Class A* (a)		2,444		207,373
Riot Blockchain, Inc.* (a)		3,948		40,033
Sailpoint Technologies Holdings, Inc.* (a)		4,700		300,001
Salesforce, Inc.*		26,132		4,597,664
ServiceNow, Inc.*		5,452		2,606,601
Smartsheet, Inc., Class A* (a)		4,512		218,065
Smith Micro Software, Inc.* (a)		16,544		50,956
Splunk, Inc.* (a)		3,760		458,795
Sprinklr, Inc., Class A* (a)		1,692		23,096
Sprout Social, Inc., Class A* (a)		2,444		149,768
SPS Commerce, Inc.* (a)		2,256		269,885
SS&C Technologies Holdings, Inc.		5,828		376,838
Stronghold Digital Mining, Inc., Class A* (a)		1,880		7,332
Sumo Logic, Inc.* (a)		5,452		51,140
Synopsys, Inc.*		3,948		1,132,247
Tenable Holdings, Inc.* (a)		5,452		301,114
Teradata Corp.* (a)		3,572		147,702
Trade Desk, Inc. (The), Class A*		11,468		675,695
Tyler Technologies, Inc.*		1,316		519,438
UiPath, Inc., Class A* (a)		7,332		130,730
Unity Software, Inc.* (a)		4,136		274,672
Upland Software, Inc.* (a)		5,264		78,539
Varonis Systems, Inc.* (a)		3,760		162,432
Verint Systems, Inc.*		2,068		112,830
Veritone, Inc.* (a)		2,068		22,396
Vertex, Inc., Class A* (a)		3,008		42,804
VMware, Inc., Class A(a)		5,640		609,346
Vonage Holdings Corp.* (a)		9,212		183,872
Workday, Inc., Class A*		5,076		1,049,209

Investments	Shares		Value
Software – (continued)
Workiva, Inc.* (a)		1,692	$	163,295
Xperi Holding Corp.		25,944		404,726
Zendesk, Inc.*		2,820		344,153
Zoom Video Communications, Inc., Class A*		5,828		580,294
Zscaler, Inc.* (a)		1,880		381,151
Zuora, Inc., Class A* (a)		9,964		121,262
				104,316,502
Specialty Retail – 2.5%
Aaron’s Co., Inc. (The)(a)		4,324		88,772
Abercrombie & Fitch Co., Class A*		12,784		442,071
Academy Sports & Outdoors, Inc.(a)		19,176		716,415
Advance Auto Parts, Inc.		1,880		375,304
American Eagle Outfitters, Inc.(a)		34,592		522,685
America’s Car-Mart, Inc.* (a)		1,504		121,598
Arko Corp.(a)		2,820		26,141
Asbury Automotive Group, Inc.* (a)		5,264		967,049
AutoNation, Inc.*		2,068		239,702
AutoZone, Inc.*		678		1,325,809
Bath & Body Works, Inc.(a)		8,084		427,563
Bed Bath & Beyond, Inc.* (a)		19,740		268,661
Best Buy Co., Inc.(a)		7,520		676,274
Big 5 Sporting Goods Corp.(a)		4,512		65,289
Boot Barn Holdings, Inc.*		1,504		135,450
Buckle, Inc. (The)		7,144		221,893
Burlington Stores, Inc.*		1,692		344,423
Caleres, Inc.(a)		7,896		181,055
Camping World Holdings, Inc., Class A(a)		9,964		255,875
CarMax, Inc.* (a)		4,888		419,293
Carvana Co.* (a)		1,880		108,965
Cato Corp. (The), Class A(a)		1,692		22,927
Chico’s FAS, Inc.*		376		1,993
Children’s Place, Inc. (The)* (a)		1,692		78,390
Citi Trends, Inc.* (a)		940		26,292
Conn’s, Inc.* (a)		3,572		55,902

See Accompanying Notes to the Financial Statements.

118 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Specialty Retail – (continued)
Container Store Group, Inc. (The)* (a)		8,084	$	61,843
Designer Brands, Inc., Class A(a)		4,888		67,552
Dick’s Sporting Goods, Inc.(a)		15,980		1,540,792
EVgo, Inc.* (a)		3,948		35,769
Five Below, Inc.*		1,128		177,209
Floor & Decor Holdings, Inc., Class A* (a)		2,256		179,848
Foot Locker, Inc.(a)		23,688		694,295
GameStop Corp., Class A* (a)		2,068		258,645
Gap, Inc. (The)		9,212		114,413
Genesco, Inc.* (a)		2,256		139,940
Group 1 Automotive, Inc.(a)		4,324		752,981
GrowGeneration Corp.* (a)		4,512		26,666
Guess?, Inc.(a)		7,332		164,750
Haverty Furniture Cos., Inc.(a)		2,068		51,348
Hibbett, Inc.(a)		2,444		105,532
Home Depot, Inc. (The)		28,012		8,414,805
JOANN, Inc.(a)		1,504		15,702
Leslie’s, Inc.* (a)		2,632		51,587
Lithia Motors, Inc., Class A(a)		1,316		372,599
LL Flooring Holdings, Inc.* (a)		6,580		90,870
Lowe’s Cos., Inc.		22,560		4,460,789
MarineMax, Inc.* (a)		6,204		253,868
Monro, Inc.(a)		2,820		128,959
Murphy USA, Inc.		5,640		1,317,504
National Vision Holdings, Inc.* (a)		3,384		127,408
ODP Corp. (The)* (a)		13,160		566,275
OneWater Marine, Inc., Class A(a)		752		24,583
O’Reilly Automotive, Inc.*		1,880		1,140,314
Party City Holdco, Inc.* (a)		188		581
Penske Automotive Group, Inc.(a)		1,880		197,062
Petco Health & Wellness Co., Inc.* (a)		3,572		68,797

Investments	Shares		Value
Specialty Retail – (continued)
Rent-A-Center, Inc.(a)		13,536	$	326,488
RH*		564		189,572
Ross Stores, Inc.		8,836		881,568
Sally Beauty Holdings, Inc.* (a)		23,688		358,162
Shift Technologies, Inc.* (a)		28,012		37,536
Shoe Carnival, Inc.		3,008		90,811
Signet Jewelers Ltd.(a)		11,844		831,449
Sleep Number Corp.* (a)		5,076		205,882
Sonic Automotive, Inc., Class A(a)		6,580		279,979
Sportsman’s Warehouse Holdings, Inc.* (a)		11,468		110,207
Tilly’s, Inc., Class A(a)		1,316		11,607
TJX Cos., Inc. (The)		32,712		2,004,591
Tractor Supply Co.		3,008		605,962
TravelCenters of America, Inc.* (a)		2,256		85,750
Ulta Beauty, Inc.*		1,316		522,189
Urban Outfitters, Inc.* (a)		15,040		357,952
Victoria’s Secret & Co.* (a)		16,168		761,836
Vroom, Inc.* (a)		34,216		53,377
Warby Parker, Inc., Class A* (a)		1,692		39,407
Williams-Sonoma, Inc.(a)		2,444		318,893
Zumiez, Inc.* (a)		6,016		220,366
				38,012,661
Technology Hardware, Storage & Peripherals – 4.7%
3D Systems Corp.* (a)		5,640		63,957
Apple, Inc.		412,660		65,055,849
Corsair Gaming, Inc.*		8,272		125,155
Dell Technologies, Inc., Class C		9,024		424,218
Diebold Nixdorf, Inc.* (a)		20,868		85,559
Eastman Kodak Co.* (a)		20,492		105,944
Hewlett Packard Enterprise Co.		44,932		692,402
HP, Inc.(a)		38,164		1,397,947
NetApp, Inc.		6,768		495,756
Pure Storage, Inc., Class A*		14,852		435,164
Seagate Technology Holdings plc		7,520		616,941
Super Micro Computer, Inc.*		11,280		474,888

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 119

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Technology Hardware, Storage & Peripherals – (continued)
Western Digital Corp.*		10,528	$	558,721
Xerox Holdings Corp.(a)		34,592		601,901
				71,134,402
Textiles, Apparel & Luxury Goods – 0.7%
Capri Holdings Ltd.* (a)		4,700		224,190
Carter’s, Inc.(a)		1,504		126,697
Columbia Sportswear Co.(a)		940		77,230
Crocs, Inc.* (a)		2,068		137,377
Deckers Outdoor Corp.*		940		249,805
Fossil Group, Inc.* (a)		12,784		126,306
G-III Apparel Group Ltd.*		10,340		273,803
Hanesbrands, Inc.(a)		80,652		1,069,445
Kontoor Brands, Inc.(a)		10,340		410,808
Levi Strauss & Co., Class A(a)		1,504		27,237
Lululemon Athletica, Inc.* (a)		3,008		1,066,727
Movado Group, Inc.(a)		1,880		67,624
NIKE, Inc., Class B		34,216		4,266,735
Oxford Industries, Inc.(a)		1,128		101,069
PVH Corp.		3,196		232,605
Ralph Lauren Corp.(a)		1,692		176,543
Rocky Brands, Inc.(a)		1,880		72,399
Skechers USA, Inc., Class A* (a)		5,076		194,411
Steven Madden Ltd.(a)		5,264		216,140
Tapestry, Inc.		10,904		358,960
Under Armour, Inc., Class A* (a)		5,452		83,743
Under Armour, Inc., Class C*		10,152		144,057
Vera Bradley, Inc.* (a)		8,084		49,717
VF Corp.		8,084		420,368
Wolverine World Wide, Inc.(a)		5,828		115,511
				10,289,507
Thrifts & Mortgage Finance – 0.6%
Axos Financial, Inc.*		12,408		470,015
Essent Group Ltd.(a)		24,628		998,173
Federal Agricultural Mortgage Corp., Class C		2,444		250,339
Flagstar Bancorp, Inc.		11,092		391,548
Merchants Bancorp(a)		3,384		79,592

Investments	Shares		Value
Thrifts & Mortgage Finance – (continued)
MGIC Investment Corp.		83,284	$	1,087,689
Mr Cooper Group, Inc.* (a)		18,424		828,527
New York Community Bancorp, Inc.(a)		104,904		969,313
NMI Holdings, Inc., Class A*		20,680		380,098
Northfield Bancorp, Inc.(a)		14,664		191,952
PennyMac Financial Services, Inc.(a)		8,836		429,076
Provident Financial Services, Inc.(a)		15,040		332,835
Radian Group, Inc.		44,180		945,010
Rocket Cos., Inc., Class A(a)		30,268		267,872
TFS Financial Corp.(a)		1,692		25,363
TrustCo Bank Corp.(a)		3,572		111,268
Walker & Dunlop, Inc.(a)		2,068		247,664
Washington Federal, Inc.(a)		18,236		554,921
WSFS Financial Corp.		15,604		625,252
				9,186,507
Tobacco – 0.6%
22nd Century Group, Inc.* (a)		11,280		21,545
Altria Group, Inc.		58,092		3,228,172
Philip Morris International, Inc.		50,008		5,000,800
Turning Point Brands, Inc.(a)		1,504		47,211
Universal Corp.(a)		7,520		435,032
Vector Group Ltd.(a)		29,516		375,443
				9,108,203
Trading Companies & Distributors – 0.8%
Air Lease Corp.(a)		25,568		1,029,879
Applied Industrial Technologies, Inc.(a)		2,632		275,544
Beacon Roofing Supply, Inc.* (a)		13,536		807,152
BlueLinx Holdings, Inc.* (a)		2,068		137,874
Boise Cascade Co.(a)		9,024		682,034
Custom Truck One Source, Inc.* (a)		12,220		80,285
Fastenal Co.		15,228		842,261
GATX Corp.(a)		2,632		272,122
Global Industrial Co.(a)		376		11,603
GMS, Inc.* (a)		11,468		549,891

See Accompanying Notes to the Financial Statements.

120 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Trading Companies & Distributors – (continued)
H&E Equipment Services, Inc.		3,572	$	126,734
Herc Holdings, Inc.(a)		1,692		216,271
McGrath RentCorp(a)		2,256		188,286
MRC Global, Inc.*		6,768		81,148
MSC Industrial Direct Co., Inc., Class A(a)		3,384		280,398
NOW, Inc.*		23,124		252,052
Rush Enterprises, Inc., Class A(a)		8,836		449,576
SiteOne Landscape Supply, Inc.* (a)		1,504		212,109
Titan Machinery, Inc.* (a)		2,256		53,196
Triton International Ltd.(a)		16,732		1,022,158
United Rentals, Inc.* (a)		2,444		773,575
Univar Solutions, Inc.* (a)		38,540		1,122,285
Veritiv Corp.* (a)		1,504		211,372
Watsco, Inc.(a)		752		200,619
WESCO International, Inc.*		10,716		1,320,854
WW Grainger, Inc.		1,128		564,034
				11,763,312
Water Utilities – 0.1%
American States Water Co.(a)		2,632		207,033
American Water Works Co., Inc.		4,700		724,176
California Water Service Group(a)		1,504		78,012
Essential Utilities, Inc.(a)		7,708		345,010
Middlesex Water Co.(a)		564		50,168
SJW Group(a)		2,632		155,288
				1,559,687
Wireless Telecommunication Services – 0.2%
Gogo, Inc.* (a)		8,836		162,671
Shenandoah Telecommunications Co.(a)		2,256		45,571
Telephone and Data Systems, Inc.(a)		22,560		413,299
T-Mobile US, Inc.*		16,168		1,990,928

Investments	Shares		Value
Wireless Telecommunication Services – (continued)
United States Cellular Corp.* (a)		2,068	$	59,517
				2,671,986
Total Common Stocks (Cost $942,804,623)				1,487,996,130
	Number of Warrants
WARRANTS – 0.0%(c)
Oil, Gas & Consumable Fuels – 0.0%(c)
Occidental Petroleum Corp., expiring 8/3/2027, price 22.00 USD* (Cost $21,117)		4,266		143,935
	Number of Rights
RIGHTS – 0.0%(c)
Biotechnology – 0.0%(c)
Achillion Pharmaceuticals, Inc., CVR* ‡		44,344		25,720
Media – 0.0%
Media General, Inc., CVR* ‡		22,261		—
Pharmaceuticals �� 0.0%(c)
Zogenix, Inc., CVR* ‡ (d)		4,675		4,675
Total Rights (Cost $0)				30,395
	Principal Amount
SECURITIES LENDING REINVESTMENTS(e) – 15.0%
CERTIFICATES OF DEPOSIT – 3.3%
Bank of Montreal, Chicago
(SOFR + 0.14%), 0.42%, 7/18/2022(f)	$	4,000,000		4,000,000
Commonwealth Bank of Australia, New York
(SOFR + 0.47%), 0.75%, 9/9/2022(f)		5,000,000		5,002,580

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 121

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(e) – (continued)
CERTIFICATES OF DEPOSIT – (continued)
Goldman Sachs International
0.90%, 6/3/2022	$	4,000,000	$	3,996,800
Macquarie Bank Ltd.
(SOFR + 0.18%), 0.46%, 5/10/2022(f) (g)		3,000,000		3,000,000
Mitsubishi UFJ Trust & Banking Corp., New York
(SOFR + 0.35%), 0.63%, 8/4/2022(f)		2,000,000		2,000,216
Mizuho Bank Ltd., New York
0.25%, 5/5/2022		7,000,000		7,000,000
Natixis SA, New York
(SOFR + 0.18%), 0.41%, 6/17/2022(f)		5,000,000		5,000,324
Skandinaviska Enskilda Banken AB, New York
(SOFR + 0.36%), 0.64%, 10/26/2022(f)		5,000,000		5,001,000
Standard Chartered, New York
(SOFR + 0.62%), 0.90%, 6/24/2022(f)		5,000,000		5,000,000
The Norinchukin Bank, New York
(SOFR + 0.45%), 0.73%, 6/10/2022(f)		5,000,000		5,000,000
Westpac Banking Corp., New York
(SOFR + 0.44%), 0.72%, 9/19/2022(f)		5,000,000		5,001,985
Total Certificates of Deposit (Cost $49,997,124)				50,002,905

Investments	Principal Amount		Value
REPURCHASE AGREEMENTS – 11.7%
BofA Securities, Inc., 0.77%, dated 4/30/2022, due 8/1/2022, repurchase price $6,011,935, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 2.25%, maturing 12/15/2023 – 8/15/2046; Common Stocks; total market value $6,110,294	$	6,000,000	$	6,000,000
CF Secured LLC, 0.27%, dated 4/30/2022, due 5/2/2022, repurchase price $10,000,150, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/26/2022 – 2/15/2052; Cash; total market value $10,131,747		10,000,000		10,000,000
Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $41,507,640, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 –5/15/2040; total market value $41,776,223		41,506,948		41,506,948

See Accompanying Notes to the Financial Statements.

122 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(e) – (continued)
REPURCHASE AGREEMENTS – (continued)
Societe Generale, New York Branch, 0.28%, dated 4/30/2022, due 5/6/2022, repurchase price $87,004,060, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.25%, maturing 4/30/2022 – 8/15/2051; total market value $88,096,211	$	87,000,000	$	87,000,000
TD Prime Services LLC, 0.40%, dated 4/30/2022, due 5/2/2022, repurchase price $30,000,667, collateralized by various Common Stocks; total market value $32,714,141		30,000,000		30,000,000
Total Repurchase Agreements (Cost $174,506,948)				174,506,948
Total Securities Lending Reinvestments (Cost $224,504,072)				224,509,853
Total Investments – 114.4% (Cost $1,167,329,812)				1,712,680,313
Liabilities in excess of other assets – (14.4%)				(215,691,172	)
NET ASSETS – 100.0%			$	1,496,989,141

* 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, 2022. The total value of securities on loan at April 30, 2022 was $273,615,671, collateralized in the form of cash with a value of $224,498,570 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $60,128,129 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from April 30, 2022 – February 15, 2052 and $4,193,706 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from

0.00% – 6.25%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $288,820,405.

^(b)  Investment in affiliated company. Northern Trust Investments, Inc., the Investment Adviser of the Fund, is a subsidiary of Northern Trust Corporation.

^(c)  Represents less than 0.05% of net assets.

^(d)  Security fair valued as of April 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2022 amounted to $4,675, which represents approximately 0.00% of net assets of the Fund.

^(e)  The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $224,509,853.

^(f)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2022.

^(g)  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.

Percentages shown are based on Net Assets.

Abbreviations

CVR – Contingent Value Rights

SOFR – Secured Overnight Financing Rate

As of April 30, 2022, 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	$	587,097,554
Aggregate gross unrealized depreciation		(42,102,705	)
Net unrealized appreciation	$	544,994,849
Federal income tax cost	$	1,167,352,369

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 123

FlexShares^® Morningstar US Market Factor Tilt Index Fund (cont.)

Investment in a company which was affiliated for the period ended April 30, 2022, was as follows:

Security	Value October 31, 2021		Purchases at Cost		Sales Proceeds		Shares April 30, 2022		Value April 30, 2022		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized Gain
Northern Trust Corp.	$	902,375	$	21,407	$	154,600		6,204	$	639,322	$	(163,655	)	$	9,423	$	33,795

Futures Contracts

FlexShares^® Morningstar US Market Factor Tilt Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
Russell 2000 Emini Index		17		06/17/2022		USD	$	1,582,105	$	(91,182	)
S&P 500 E-Mini Index		24		06/17/2022		USD		4,953,000		(200,426	)
S&P Midcap 400 E-Mini Index		6		06/17/2022		USD		1,497,060		(41,487	)
									$	(333,095	)

* 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		99.4	%
Warrants		0.0	†
Rights		0.0	†
Securities Lending Reinvestments		15.0
Others(1)		(14.4	)
		100.0	%

^† Amount represents less than 0.05%.

⁽¹⁾ Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

124 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 97.9%
Aerospace & Defense – 1.2%
Airbus SE		9,933	$	1,105,934
Austal Ltd.(a)		130,462		187,280
Babcock International Group plc*		187,867		722,697
BAE Systems plc		75,293		699,525
Bombardier, Inc., Class B*		34,672		34,182
CAE, Inc.*		4,836		115,598
Chemring Group plc		8,536		37,670
Dassault Aviation SA		550		92,952
Elbit Systems Ltd.		412		89,797
Hensoldt AG		13,846		387,812
INVISIO AB*		2,552		45,550
Kongsberg Gruppen ASA		1,540		67,111
Leonardo SpA*		12,056		124,946
LISI		880		19,960
Meggitt plc*		15,738		153,133
Montana Aerospace AG* (b)		1,496		22,995
MTU Aero Engines AG*		774		158,121
QinetiQ Group plc		223,471		959,542
Rheinmetall AG		1,118		253,342
Rolls-Royce Holdings plc*		144,007		150,589
Saab AB, Class B		2,493		106,610
Safran SA		5,676		617,831
Senior plc*		31,416		50,487
Singapore Technologies Engineering Ltd.		17,900		53,146
Thales SA		1,677		215,836
Ultra Electronics Holdings plc		1,232		50,487
				6,523,133
Air Freight & Logistics – 0.7%
bpost SA* (a)		32,637		200,557
Cargojet, Inc.		352		41,338
Cia de Distribucion Integral Logista Holdings SA(a)		23,048		425,260
Deutsche Post AG (Registered)		16,297		703,518
DSV A/S		3,354		556,519
Freightways Ltd.		6,248		49,799
ID Logistics Group*		81		25,977
Kerry Logistics Network Ltd.		18,500		42,724

Investments	Shares		Value
Air Freight & Logistics – (continued)
Kintetsu World Express, Inc.		1,900	$	45,535
Konoike Transport Co. Ltd.		14,900		132,715
Mainfreight Ltd.(a)		1,892		99,837
Oesterreichische Post AG* (a)		11,438		370,442
PostNL NV(a)		178,364		588,580
Royal Mail plc		14,455		62,539
SG Holdings Co. Ltd.		8,800		155,745
Singapore Post Ltd.		101,200		52,399
Yamato Holdings Co. Ltd.(a)		6,200		117,004
				3,670,488
Airlines – 0.2%
Air Canada*		5,192		91,405
Air France-KLM* (a)		20,064		83,692
Air New Zealand Ltd.* (a)		11,968		6,875
ANA Holdings, Inc.*		2,400		45,449
Deutsche Lufthansa AG (Registered)*		11,748		88,651
easyJet plc*		14,080		99,170
Exchange Income Corp.(a)		13,416		435,111
Finnair OYJ* (a)		82,324		40,870
Japan Airlines Co. Ltd.*		2,800		46,487
JET2 plc*		2,813		43,811
Qantas Airways Ltd.*		22,968		91,404
Singapore Airlines Ltd.*		16,799		66,909
Wizz Air Holdings plc* (b)		728		29,020
				1,168,854
Auto Components – 1.2%
Aisin Corp.		4,500		131,291
ARB Corp. Ltd.		997		28,412
Brembo SpA(a)		3,647		36,935
Bridgestone Corp.		14,400		529,830
Burelle SA		132		74,918
CIE Automotive SA		1,716		38,016
Cie Generale des Etablissements Michelin SCA(a)		4,214		529,244
Cie Plastic Omnium SA(a)		720		11,819
Continental AG*		1,935		134,768
Denso Corp.		8,500		522,032
Dometic Group AB(a) (c)		5,962		51,978

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 125

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Auto Components – (continued)
ElringKlinger AG*		11,880	$	100,137
Exedy Corp.		12,900		154,529
Faurecia SE(a)		3,967		88,218
FCC Co. Ltd.		12,900		129,538
Gestamp Automocion SA(a)(b)		64,027		210,606
G-Tekt Corp.		10,700		103,482
GUD Holdings Ltd.(a)		6,543		59,703
Hella GmbH & Co. KGaA		660		41,811
HI-LEX Corp.(a)		8,800		77,703
Johnson Electric Holdings Ltd.(a)		151,778		173,518
JTEKT Corp.		6,700		46,904
Koito Manufacturing Co. Ltd.		2,500		92,332
KYB Corp.		8,600		195,551
Linamar Corp.(a)		1,584		63,060
Magna International, Inc.		6,665		403,743
Musashi Seimitsu Industry Co. Ltd.(a)		17,200		176,434
NGK Spark Plug Co. Ltd.		2,700		41,659
NHK Spring Co. Ltd.(a)		2,900		18,847
Nifco, Inc.		2,400		50,645
Nippon Seiki Co. Ltd.		17,200		124,924
NOK Corp.		200		1,715
Nokian Renkaat OYJ		2,552		34,662
Pacific Industrial Co. Ltd.		24,400		189,648
Piolax, Inc.		12,900		151,044
Pirelli & C SpA(b)		9,548		47,825
Schaeffler AG (Preference)		58,050		313,548
Shoei Co. Ltd.		2,200		81,931
Stanley Electric Co. Ltd.(a)		3,800		65,817
Sumitomo Electric Industries Ltd.		17,200		185,661
Sumitomo Riko Co. Ltd.		12,400		53,214
Sumitomo Rubber Industries Ltd.(a)		4,900		42,586
TI Fluid Systems plc(b)		7,392		15,072
Tokai Rika Co. Ltd.		19,600		207,255
Topre Corp.(a)		17,200		146,962
Toyo Tire Corp.		4,600		52,938
Toyoda Gosei Co. Ltd.		2,000		29,345
Toyota Boshoku Corp.		2,700		43,368
TS Tech Co. Ltd.		4,800		50,460
Valeo		3,080		56,878

Investments	Shares		Value
Auto Components – (continued)
Vitesco Technologies Group AG*		8,471	$	344,412
Yokohama Rubber Co. Ltd. (The)		3,600		48,293
				6,605,221
Automobiles – 2.1%
Aston Martin Lagonda Global Holdings plc* (a) (b)		578		6,193
Bayerische Motoren Werke AG		7,181		594,760
Bayerische Motoren Werke AG (Preference)		1,012		75,427
Ferrari NV		1,978		423,598
Honda Motor Co. Ltd.		38,700		1,021,267
Isuzu Motors Ltd.		12,900		151,044
Mazda Motor Corp.		17,300		124,048
Mercedes-Benz Group AG*		18,920		1,339,293
Mitsubishi Motors Corp.*		900		2,271
Nissan Motor Co. Ltd.*		56,300		224,661
PIERER Mobility AG(a)		440		36,491
Porsche Automobil Holding SE (Preference)		3,182		267,004
Renault SA*		3,344		83,167
Stellantis NV		50,936		698,244
Subaru Corp.(a)		13,300		201,101
Suzuki Motor Corp.		11,900		358,947
Toyota Motor Corp.		292,400		5,045,232
Trigano SA		352		45,972
Volkswagen AG (Preference)		4,214		662,122
Volvo Car AB, Class B* (a)		5,984		44,605
Yamaha Motor Co. Ltd.		6,900		143,262
				11,548,709
Banks – 9.7%
77 Bank Ltd. (The)		30,100		375,205
ABN AMRO Bank NV, CVA(a) (b)		9,020		114,140
AIB Group plc		18,788		41,266
Aktia Bank OYJ		5,368		54,761
AMCO – Asset Management Co. SpA*		239		987
Aozora Bank Ltd.		2,900		58,287

See Accompanying Notes to the Financial Statements.

126 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Australia & New Zealand Banking Group Ltd.(a)		64,500	$	1,251,348
Awa Bank Ltd. (The)(a)		17,200		285,162
Banca Monte dei Paschi di Siena SpA* (a)		133,386		113,276
Banca Popolare di Sondrio SpA(a)		33,798		135,561
Banco Bilbao Vizcaya Argentaria SA		151,145		806,660
Banco BPM SpA(a)		32,208		102,851
Banco Comercial Portugues SA, Class R* (a)		379,192		59,204
Banco de Sabadell SA		174,838		137,227
Banco Espirito Santo SA (Registered)* ‡		48,647		—
Banco Santander SA(a)		383,646		1,139,915
Bank Hapoalim BM		20,597		192,191
Bank Leumi Le-Israel BM		32,551		343,867
Bank Millennium SA*		25,740		29,205
Bank of East Asia Ltd. (The)(a)		54,378		80,810
Bank of Ireland Group plc*		18,662		114,187
Bank of Kyoto Ltd. (The)		1,600		69,898
Bank of Montreal(a)		14,534		1,548,982
Bank of Nova Scotia (The)(a)		27,821		1,770,853
Bank of Queensland Ltd.(a)		13,492		77,951
Bank Polska Kasa Opieki SA		4,004		88,424
Bankinter SA(a)		20,797		123,565
Banque Cantonale de Geneve		731		124,262
Banque Cantonale Vaudoise (Registered)(a)		701		59,762
Barclays plc		352,299		655,506
BAWAG Group AG* (b)		2,156		103,989
Bendigo & Adelaide Bank Ltd.(a)		9,421		71,302
Berner Kantonalbank AG (Registered)		1,548		357,237
BNP Paribas SA(a)		25,757		1,350,602
BPER Banca(a)		40,348		68,317
CaixaBank SA		100,922		328,771
Canadian Imperial Bank of Commerce		10,406		1,156,340
Canadian Western Bank		3,124		79,221

Investments	Shares		Value
Banks – (continued)
Chiba Bank Ltd. (The)		17,400	$	100,591
Chugoku Bank Ltd. (The)(a)		73,100		539,392
Close Brothers Group plc		1,760		24,527
Commerzbank AG*		21,801		144,480
Commonwealth Bank of Australia(a)		27,176		2,006,195
Concordia Financial Group Ltd.(a)		32,321		117,749
Credit Agricole SA(a)		29,498		322,890
Credito Emiliano SpA		29,455		181,159
Dah Sing Banking Group Ltd.		156,640		132,561
Dah Sing Financial Holdings Ltd.		68,800		202,117
Daishi Hokuetsu Financial Group, Inc.(a)		17,200		334,548
Danske Bank A/S		13,717		212,234
DBS Group Holdings Ltd.		42,156		1,035,507
DNB Bank ASA(a)		15,910		313,792
Erste Group Bank AG		7,740		242,183
FIBI Holdings Ltd.		1,100		51,880
FinecoBank Banca Fineco SpA		11,567		162,600
First International Bank of Israel Ltd. (The)		1,144		48,375
Fukuoka Financial Group, Inc.		2,800		51,306
Graubuendner Kantonalbank		7		11,647
Gunma Bank Ltd. (The)(a)		146,200		420,906
Hachijuni Bank Ltd. (The)		3,200		10,571
Hang Seng Bank Ltd.		12,900		229,355
Heartland Group Holdings Ltd.(a)		50,556		75,471
Hirogin Holdings, Inc.		5,200		25,767
Hokuhoku Financial Group, Inc.		51,300		348,441
HSBC Holdings plc		467,496		2,942,336
Hyakugo Bank Ltd. (The)(a)		94,600		251,176
ING Bank Slaski SA		748		33,206
ING Groep NV(a)		86,774		833,034
Intesa Sanpaolo SpA		379,346		782,294
Israel Discount Bank Ltd., Class A		31,322		186,533
Iyo Bank Ltd. (The)(a)		124,600		606,843
Jyske Bank A/S (Registered)*		1,292		72,485
KBC Ancora		352		14,386

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 127

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
KBC Group NV		5,805	$	398,181
Kiyo Bank Ltd. (The)		28,000		308,830
Kyushu Financial Group, Inc.(a)		166,600		511,785
Laurentian Bank of Canada(a)		15,523		474,538
Liechtensteinische Landesbank AG		3,698		206,492
Lloyds Banking Group plc		1,583,174		911,945
Luzerner Kantonalbank AG (Registered)		16		6,849
Mebuki Financial Group, Inc.		28,010		56,643
Mediobanca Banca di Credito Finanziario SpA(a)		14,448		146,505
Mitsubishi UFJ Financial Group, Inc.		292,400		1,702,357
Mizrahi Tefahot Bank Ltd.		3,121		116,283
Mizuho Financial Group, Inc.		55,929		681,413
Nanto Bank Ltd. (The)(a)		12,946		203,443
National Australia Bank Ltd.(a)		53,578		1,242,394
National Bank of Canada		8,084		567,502
NatWest Group plc		74,949		205,135
Nishi-Nippon Financial Holdings, Inc.		55,900		337,833
Nordea Bank Abp		57,061		576,941
North Pacific Bank Ltd.(a)		98,900		188,548
Ogaki Kyoritsu Bank Ltd. (The)(a)		14,100		207,430
Oversea-Chinese Banking Corp. Ltd.		90,370		810,837
Pareto Bank ASA		16,280		95,584
Powszechna Kasa Oszczednosci Bank Polski SA*		11,308		83,607
Raiffeisen Bank International AG(a)		4,224		48,928
Resona Holdings, Inc.		58,900		256,812
Ringkjoebing Landbobank A/S		704		87,060
Royal Bank of Canada		32,680		3,317,734
San-In Godo Bank Ltd. (The)		55,900		278,723
Santander Bank Polska SA		836		50,978
Shiga Bank Ltd. (The)(a)		18,200		344,024
Shinsei Bank Ltd.		2,600		45,715
Shizuoka Bank Ltd. (The)		17,200		111,649

Investments	Shares		Value
Banks – (continued)
Skandinaviska Enskilda Banken AB, Class A		28,122	$	320,320
Skandinaviska Enskilda Banken AB, Class C(a)		684		8,423
Societe Generale SA		17,157		419,372
Spar Nord Bank A/S		30,229		386,688
SpareBank 1 Nord Norge		39,302		421,430
Sparebank 1 Oestlandet		1,329		19,629
SpareBank 1 SMN		3,103		44,031
SpareBank 1 Sorost-Norge(a)		16,236		101,425
SpareBank 1 SR-Bank ASA		4,796		61,774
Sparebanken More		13,545		116,658
Sparebanken Vest		36,722		388,641
St Galler Kantonalbank AG (Registered)		110		53,377
Standard Chartered plc		57,362		397,395
Sumitomo Mitsui Financial Group, Inc.		32,300		976,030
Sumitomo Mitsui Trust Holdings, Inc.		8,600		267,572
Suruga Bank Ltd.(a)		73,900		232,720
Svenska Handelsbanken AB, Class A		26,187		267,342
Svenska Handelsbanken AB, Class B(a)		908		10,329
Swedbank AB, Class A		13,502		216,386
Sydbank A/S		23,134		803,143
TBC Bank Group plc		15,308		242,546
Toronto-Dominion Bank (The)		41,409		3,006,409
Unicaja Banco SA(b)		453,865		431,403
UniCredit SpA		48,633		456,874
United Overseas Bank Ltd.		36,626		795,433
Valiant Holding AG (Registered)		5,547		558,900
Virgin Money UK plc		41,844		91,858
Walliser Kantonalbank (Registered)		485		55,213
Westpac Banking Corp.(a)		54,309		921,255
Yamaguchi Financial Group, Inc.		94,600		520,607
Zuger Kantonalbank AG		10		75,413
				53,790,923

See Accompanying Notes to the Financial Statements.

128 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Beverages – 1.1%
Anheuser-Busch InBev SA/NV(a)		14,147	$	826,811
Asahi Group Holdings Ltd.		11,400		427,896
Britvic plc		3,520		37,874
Budweiser Brewing Co. APAC Ltd.(a) (b)		39,600		99,831
C&C Group plc* (a)		23,522		61,722
Carlsberg A/S, Class B		1,677		216,043
Coca-Cola Bottlers Japan Holdings, Inc.(a)		3,354		37,796
Coca-Cola Europacific Partners plc		3,408		170,230
Coca-Cola HBC AG*		4,000		82,235
Davide Campari-Milano NV		10,340		117,645
Diageo plc		38,270		1,930,808
Fevertree Drinks plc		2,199		50,109
Heineken Holding NV		1,496		117,892
Heineken NV		3,569		351,662
Ito En Ltd.(a)		800		32,973
Kirin Holdings Co. Ltd.		12,938		189,786
Olvi OYJ, Class A		1,452		48,328
Pernod Ricard SA		3,354		699,345
Primo Water Corp.		9,245		135,921
Remy Cointreau SA		396		79,166
Royal Unibrew A/S		836		72,819
Sapporo Holdings Ltd.		1,800		37,512
Suntory Beverage & Food Ltd.		1,800		71,272
Takara Holdings, Inc.		4,200		35,529
Treasury Wine Estates Ltd.		8,668		69,422
				6,000,627
Biotechnology – 0.6%
Abcam plc*		4,545		71,328
Argenx SE*		903		260,923
Bavarian Nordic A/S* (a)		3,916		75,473
BioGaia AB, Class B		1,134		71,444
Clinuvel Pharmaceuticals Ltd.(a)		1,368		16,099
CSL Ltd.		7,697		1,494,916
Galapagos NV*		924		54,587
Genmab A/S*		989		351,346
Genus plc		1,232		38,917
GNI Group Ltd.* (a)		4,400		39,055

Investments	Shares		Value
Biotechnology – (continued)
Grifols SA(a)		3,564	$	60,158
Grifols SA (Preference), Class B		5,680		62,558
HEALIOS KK*		1,100		6,334
Idorsia Ltd.* (a)		3,564		61,502
Imugene Ltd.* (a)		171,556		26,822
Mesoblast Ltd.* (a)		44,748		34,185
MorphoSys AG*		2,816		60,306
Oxford Biomedica plc*		44		315
Pacific Edge Ltd.* (a)		60,412		35,289
PeptiDream, Inc.*		2,500		40,560
Pharma Mar SA* (a)		414		31,874
PureTech Health plc*		5,168		11,199
SanBio Co. Ltd.* (a)		2,200		18,882
Takara Bio, Inc.		400		6,471
Telix Pharmaceuticals Ltd.*		14,168		46,416
Valneva SE* (a)		4,620		60,290
Vitrolife AB		880		22,950
				3,060,199
Building Products – 1.0%
AGC, Inc.		5,200		196,264
Aica Kogyo Co. Ltd.		1,500		34,791
Arbonia AG		2,156		38,649
Assa Abloy AB, Class B(a)		15,566		398,951
Belimo Holding AG (Registered)		132		66,024
Bunka Shutter Co. Ltd.(a)		23,200		174,770
Carel Industries SpA(a) (b)		2,464		59,916
Central Glass Co. Ltd.		13,100		241,758
Cie de Saint-Gobain		11,696		695,039
Daikin Industries Ltd.		4,900		758,108
dormakaba Holding AG		44		20,625
Fletcher Building Ltd.		17,649		70,907
Geberit AG (Registered)		559		322,506
Genuit Group plc		15,664		88,891
GWA Group Ltd.(a)		17,760		28,776
Inrom Construction Industries Ltd.		8,932		38,652
Inwido AB		4,884		68,123
James Halstead plc		9,372		29,181
Kingspan Group plc		2,581		242,495
Lindab International AB		2,244		52,976
Lixil Corp.		6,000		106,236

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 129

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Building Products – (continued)
Munters Group AB(b)		10,384	$	62,876
Nibe Industrier AB, Class B		24,897		247,715
Nichias Corp.		800		14,455
Nichiha Corp.		12,900		234,084
Nitto Boseki Co. Ltd.		1,900		37,073
Noritz Corp.(a)		17,200		199,932
Reliance Worldwide Corp. Ltd.		13,860		39,004
ROCKWOOL International A/S, Class A		88		24,561
ROCKWOOL International A/S, Class B		174		49,205
Sanwa Holdings Corp.		5,400		49,515
Schweiter Technologies AG		56		56,943
Sekisui Jushi Corp.		14,100		193,391
Steico SE		396		40,105
Takara Standard Co. Ltd.		19,376		194,568
Takasago Thermal Engineering Co. Ltd.(a)		21,500		281,943
TOTO Ltd.		3,000		101,536
Tyman plc		17,160		59,462
Uponor OYJ		2,112		37,409
Volution Group plc		7,524		38,872
				5,696,287
Capital Markets – 3.2%
3i Group plc		22,016		366,244
ABG Sundal Collier Holding ASA		145,813		111,748
Abrdn plc		27,500		65,358
AJ Bell plc		11,352		35,574
Allfunds Group plc		4,048		34,975
Alpha FX Group plc(b)		1,804		46,657
Amundi SA(b)		880		53,566
Anima Holding SpA(b)		105,264		519,706
Ashmore Group plc		9,588		26,820
ASX Ltd.		2,752		169,501
AURELIUS Equity Opportunities SE & Co. KGaA		2,464		66,337
Avanza Bank Holding AB		2,704		69,468
Azimut Holding SpA		3,740		80,449
Banca Generali SpA(a)		1,397		46,748
Brederode SA*		80		10,279

Investments	Shares		Value
Capital Markets – (continued)
Brewin Dolphin Holdings plc		17,746	$	114,297
Brookfield Asset Management, Inc., Class A		23,822		1,194,383
Bure Equity AB		968		23,208
Canaccord Genuity Group, Inc.		34,701		306,812
CI Financial Corp.		5,304		69,514
Cie Financiere Tradition SA		572		64,528
CMC Markets plc(a) (b)		47,257		172,060
Credit Suisse Group AG (Registered)		54,137		374,690
Daiwa Securities Group, Inc.		38,700		189,975
Deutsche Bank AG (Registered)*		44,634		453,256
Deutsche Boerse AG		2,924		512,673
EFG International AG*		27,262		208,120
EQT AB		4,988		144,852
Euronext NV(b)		1,462		118,174
Fairfax India Holdings Corp.* (a) (b)		35,045		421,241
flatexDEGIRO AG*		4,400		76,241
Flow Traders(b)		11,825		385,471
Gimv NV		7,697		443,349
Haitong International Securities Group Ltd.(a)		860,000		137,010
Hargreaves Lansdown plc		5,061		58,280
Hong Kong Exchanges & Clearing Ltd.		19,858		854,946
HUB24 Ltd.(a)		4,532		77,650
IG Group Holdings plc		8,448		86,496
IGM Financial, Inc.(a)		2,200		70,077
Impax Asset Management Group plc		4,224		46,191
Insignia Financial Ltd.(a)		26,488		65,130
IntegraFin Holdings plc(b)		5,764		26,081
Intermediate Capital Group plc		5,280		102,584
Investec plc		16,636		98,814
IP Group plc		82,720		86,615
JAFCO Group Co. Ltd.		900		10,927
Japan Exchange Group, Inc.		8,600		129,538
JTC plc(b)		5,016		49,184
Julius Baer Group Ltd.		4,902		238,724
Jupiter Fund Management plc		199,821		447,060

See Accompanying Notes to the Financial Statements.

130 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – (continued)
Leonteq AG		616	$	42,457
Liontrust Asset Management plc		2,508		36,841
London Stock Exchange Group plc		4,945		491,461
Macquarie Group Ltd.		5,848		860,184
Magellan Financial Group Ltd.(a)		2,640		30,599
Man Group plc		44,849		132,324
Molten Ventures plc*		53,148		462,420
Ninety One plc		26,268		87,659
Nomura Holdings, Inc.		72,600		280,179
Nordnet AB publ(a)		2,420		42,527
Okasan Securities Group, Inc.(a)		81,100		218,462
Onex Corp.		880		53,149
Partners Group Holding AG		387		417,640
Pendal Group Ltd.(a)		6,964		26,279
Perpetual Ltd.(a)		3,971		93,098
Platinum Asset Management Ltd.(a)		37,488		50,085
Polar Capital Holdings plc		6,468		45,232
Quilter plc(b)		55,748		92,249
Rathbones Group plc		21,844		575,928
Ratos AB, Class B(a)		8,448		43,752
Rothschild & Co.		1,452		57,442
Sanne Group plc*		9,329		106,233
SBI Holdings, Inc.		4,800		107,922
Schroders plc		1,980		70,599
Schroders plc (Non-Voting)		96		2,851
Singapore Exchange Ltd.		16,400		116,269
Sprott, Inc.		1,056		48,882
St James’s Place plc		8,514		138,748
Swissquote Group Holding SA (Registered)		660		109,541
Tamburi Investment Partners SpA		10,560		97,143
Tikehau Capital SCA(a)		1,672		38,717
TMX Group Ltd.		836		85,553
Tokai Tokyo Financial Holdings, Inc.		94,600		282,573
TP ICAP Group plc		267,503		442,650
UBS Group AG (Registered)		84,667		1,458,001

Investments	Shares		Value
Capital Markets – (continued)
UOB-Kay Hian Holdings Ltd.		124,700	$	147,195
Value Partners Group Ltd.(a)		352,000		135,037
Van Lanschot Kempen NV, CVA(a)		14,448		379,524
VNV Global AB*		31,562		132,973
Vontobel Holding AG (Registered)(a)		339		25,006
VZ Holding AG		285		21,346
Warsaw Stock Exchange		7,260		63,412
WealthNavi, Inc.* (a)		2,400		31,991
X-Trade Brokers Dom Maklerski SA* (b)		17,952		83,336
				17,827,050
Chemicals – 3.1%
ADEKA Corp.(a)		2,300		44,417
Air Liquide SA(a)		7,740		1,350,053
Air Water, Inc.		6,000		79,701
Akzo Nobel NV(a)		3,268		286,494
Arkema SA		1,677		193,103
Asahi Kasei Corp.		34,400		284,498
BASF SE*		20,898		1,111,356
Borregaard ASA		1,692		32,690
C Uyemura & Co. Ltd.		4,300		199,467
Calix Ltd.* (a)		9,988		62,462
Chr Hansen Holding A/S		1,584		124,226
Ciech SA		9,548		85,161
Clariant AG (Registered)* (a)		2,836		49,027
Corbion NV		1,352		47,153
Covestro AG(b)		3,913		170,446
Croda International plc		2,494		244,360
Daicel Corp.		8,900		54,474
Denka Co. Ltd.		1,400		37,604
DIC Corp.		2,899		55,380
Elementis plc*		41,976		64,242
Elkem ASA(b)		7		30
EMS-Chemie Holding AG (Registered)(a)		129		116,487
Essentra plc		16,940		66,888
Evonik Industries AG		4,160		109,759
FUCHS PETROLUB SE		55		1,468
FUCHS PETROLUB SE (Preference)		1,182		37,508

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 131

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Chemicals – (continued)
Fujimori Kogyo Co. Ltd.		7,100	$	196,735
Fuso Chemical Co. Ltd.		1,100		32,603
Givaudan SA (Registered)		129		517,648
Hexpol AB(a)		5,784		50,349
ICL Group Ltd.		9,848		108,690
Incitec Pivot Ltd.		36,784		100,903
Israel Corp. Ltd. (The)*		104		59,601
JCU Corp.(a)		1,400		35,875
Johnson Matthey plc		5,160		144,144
JSR Corp.		3,100		85,061
K+S AG (Registered)*		5,203		176,688
Kaneka Corp.		1,300		34,968
Kansai Paint Co. Ltd.		5,300		73,675
Kemira OYJ(a)		2,992		39,455
KH Neochem Co. Ltd.		2,200		41,959
Koninklijke DSM NV		2,855		483,708
Konishi Co. Ltd.		12,900		152,239
Kumiai Chemical Industry Co. Ltd.(a)		8,000		54,276
Kuraray Co. Ltd.		6,700		53,885
Kureha Corp.		6,400		483,606
LANXESS AG		2,156		84,360
Lenzing AG		132		12,143
Lintec Corp.		1,800		33,622
Methanex Corp.		1,290		64,992
Mitsubishi Chemical Holdings Corp.		35,100		214,837
Mitsubishi Gas Chemical Co., Inc.		6,200		90,875
Mitsui Chemicals, Inc.		5,500		126,293
NanoXplore, Inc.*		8,536		21,439
Nihon Parkerizing Co. Ltd.		40,600		288,612
Nippon Kayaku Co. Ltd.(a)		3,700		32,385
Nippon Paint Holdings Co. Ltd.		21,500		172,418
Nippon Sanso Holdings Corp.		2,800		50,506
Nippon Shokubai Co. Ltd.		400		16,178
Nippon Soda Co. Ltd.		10,339		273,717
Nissan Chemical Corp.		2,900		154,670
Nitto Denko Corp.		2,800		189,102
NOF Corp.		1,200		45,199
Novozymes A/S, Class B		3,741		262,193
Nufarm Ltd.		23,520		107,808

Investments	Shares		Value
Chemicals – (continued)
Nutrien Ltd.		12,599	$	1,244,472
OCI NV*		1,318		50,500
Okamoto Industries, Inc.(a)		6,100		180,326
Orica Ltd.(a)		4,722		55,268
Osaka Organic Chemical Industry Ltd.		1,400		30,516
Osaka Soda Co. Ltd.(a)		9,200		227,231
Palram Industries 1990 Ltd.		3,652		51,028
Re:NewCell AB* (a)		1,804		21,552
Recticel SA		2,200		48,507
Robertet SA		44		40,987
Sakata INX Corp.(a)		17,200		130,633
Sanyo Chemical Industries Ltd.(a)		5,900		226,783
Shikoku Chemicals Corp.		16,100		161,298
Shin-Etsu Chemical Co. Ltd.		6,500		902,304
Shin-Etsu Polymer Co. Ltd.		13,400		106,116
Showa Denko KK		4,200		81,919	��
Sika AG (Registered)		2,365		733,390
SOL SpA		3,009		53,139
Solvay SA		1,548		147,890
Sumitomo Chemical Co. Ltd.		37,400		159,057
Symrise AG		2,236		267,614
Synthomer plc		9,988		38,322
T Hasegawa Co. Ltd.		900		17,610
Taiyo Holdings Co. Ltd.		1,800		43,277
Teijin Ltd.(a)		3,000		32,140
Tenma Corp.		1,300		22,195
Tessenderlo Group SA*		4,343		153,256
Toagosei Co. Ltd.		5,300		43,730
Tokai Carbon Co. Ltd.		6,600		54,813
Tokuyama Corp.(a)		25,800		345,102
Tokyo Ohka Kogyo Co. Ltd.		700		38,577
Toray Industries, Inc.		38,700		184,867
Tosoh Corp.		7,800		108,006
Toyo Gosei Co. Ltd.		300		22,623
Toyo Ink SC Holdings Co. Ltd.		1,600		23,896
Toyobo Co. Ltd.		34,400		283,038
Treatt plc		3,432		45,588
Turpaz Industries Ltd.		9,724		64,719
UBE Corp.		3,900		60,685
Umicore SA(a)		3,182		123,969
Victrex plc		1,452		33,324

See Accompanying Notes to the Financial Statements.

132 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Chemicals – (continued)
Wacker Chemie AG		256	$	41,091
Yara International ASA		3,354		173,054
Zeon Corp.		3,600		38,401
				16,988,684
Commercial Services & Supplies – 1.2%
Befesa SA(b)		2,236		140,117
Biffa plc(b)		15,576		68,210
Big Technologies plc*		11,924		35,929
Bilfinger SE*		10,492		427,910
Boyd Group Services, Inc.		208		25,877
Brambles Ltd.		25,069		187,951
Bravida Holding AB* (b)		4,312		44,646
Caverion OYJ(a)		8,888		43,788
Cewe Stiftung & Co. KGAA		308		28,236
Cleanaway Waste Management Ltd.(a)		35,024		79,647
Clipper Logistics plc		5,236		56,535
Coor Service Management Holding AB(b)		6,692		61,191
Dai Nippon Printing Co. Ltd.		5,700		119,623
Daiseki Co. Ltd.		1,499		54,321
Derichebourg SA		33,368		305,726
Downer EDI Ltd.		9,548		37,726
Duskin Co. Ltd.		3,700		79,135
Elis SA*		12		174
Elis SA – XLON*		4,520		65,565
GFL Environmental, Inc.(a)		1,760		53,294
HomeServe plc		3,784		46,700
Intrum AB*		2,464		60,132
ISS A/S*		2,508		41,952
Lassila & Tikanoja OYJ		960		10,350
Loomis AB		2,271		57,185
Marlowe plc*		4,092		42,127
Matsuda Sangyo Co. Ltd.		6,900		122,598
Mitie Group plc		492,909		335,415
Mitsubishi Pencil Co. Ltd.		1,800		17,436
Nippon Kanzai Co. Ltd.		1,300		27,995
Okamura Corp.		31,900		294,969
Park24 Co. Ltd.*		2,200		31,567
Pilot Corp.		1,700		68,887
Prestige International, Inc.		4,000		19,296

Investments	Shares		Value
Commercial Services & Supplies – (continued)
Prosegur Cash SA(a) (b)		163,760	$	121,622
Prosegur Cia de Seguridad SA		80,969		169,043
Raksul, Inc.* (a)		1,600		33,751
Rentokil Initial plc		31,476		217,350
Restore plc		7,172		40,070
Ritchie Bros Auctioneers, Inc.		2,193		121,417
Sato Holdings Corp.		1,100		15,206
Sdiptech AB, Class B*		1,056		37,373
Secom Co. Ltd.		3,800		269,074
Securitas AB, Class B(a)		7,047		84,154
Serco Group plc		441,395		842,895
SG Fleet Group Ltd.		60,588		106,350
Smart Metering Systems plc		5,165		53,498
Societe BIC SA		8,729		523,052
Sohgo Security Services Co. Ltd.		1,900		53,087
SPIE SA		2,992		71,209
TOMRA Systems ASA(a)		1,936		77,469
TOPPAN, Inc.		8,600		142,847
Veridis Environment Ltd.		18,963		225,294
Waste Connections, Inc.		4,429		614,179
				6,911,150
Communications Equipment – 0.3%
AudioCodes Ltd.		1,936		45,591
BATM Advanced Communications Ltd.		10,755		6,218
Gilat Satellite Networks Ltd.*		7,568		55,782
Nokia OYJ*		88,107		452,706
Spirent Communications plc		42,656		123,818
Telefonaktiebolaget LM Ericsson, Class A(a)		3,789		32,190
Telefonaktiebolaget LM Ericsson, Class B		43,774		354,676
VTech Holdings Ltd.(a)		64,500		458,298
				1,529,279
Construction & Engineering – 2.0%
Ackermans & van Haaren NV		454		81,613
ACS Actividades de Construccion y Servicios SA(a)		6,798		176,348
Aecon Group, Inc.(a)		20,812		243,774
AF Gruppen ASA		704		14,297

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 133

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Construction & Engineering – (continued)
Arcadis NV		1,848	$	77,826
Ashtrom Group Ltd.		1,861		52,362
Badger Infrastructure Solutions Ltd.(a)		2,812		65,457
Balfour Beatty plc		246,992		752,919
Boskalis Westminster		218		7,612
Bouygues SA		4,085		141,566
Chudenko Corp.		12,900		208,097
Cie d’Entreprises CFE		352		46,492
COMSYS Holdings Corp.		4,300		89,843
Daiho Corp.		4,300		148,024
Eiffage SA		1,720		171,363
Elco Ltd.		231		17,974
Elecnor SA		12,556		149,017
Electra Ltd.		15		10,325
EXEO Group, Inc.		3,900		65,231
Fasadgruppen Group AB		2,508		40,155
Ferrovial SA		7,181		186,284
Fomento de Construcciones y Contratas SA		3,843		44,190
Fugro NV* (a)		7,040		87,191
GOLD FIN HLDG* ‡		89,827		—
Hazama Ando Corp.		71,200		496,795
HOCHTIEF AG		442		27,110
Instalco AB(b)		7,260		45,228
JGC Holdings Corp.		5,400		61,477
Johns Lyng Group Ltd.		7,568		48,027
Kajima Corp.		12,700		142,135
Kandenko Co. Ltd.		37,400		237,863
Keller Group plc		25,069		266,271
Kinden Corp.		2,300		27,303
Kumagai Gumi Co. Ltd.		13,700		287,302
Kyudenko Corp.		2,100		47,718
Maire Tecnimont SpA(a)		12,452		36,939
Mirait Holdings Corp.		2,300		32,398
Monadelphous Group Ltd.(a)		7,216		54,614
Morgan Sindall Group plc		15,781		430,934
NCC AB, Class B		246		3,080
Nippon Densetsu Kogyo Co. Ltd.		18,900		235,739
Nippon Road Co. Ltd. (The)(a)		2,500		139,511

Investments	Shares		Value
Construction & Engineering – (continued)
Nishimatsu Construction Co. Ltd.		17,000	$	501,891
NRW Holdings Ltd.(a)		178,278		247,052
Obayashi Corp.		17,300		119,642
Okumura Corp.		14,400		340,105
Peab AB, Class B(a)		3,999		38,608
Penta-Ocean Construction Co. Ltd.		1,500		7,375
Raito Kogyo Co. Ltd.		20,400		305,780
Raiznext Corp.		8,800		73,084
Sacyr SA – BATE(a)		120,877		329,255
Sanki Engineering Co. Ltd.		18,800		213,161
Shapir Engineering and Industry Ltd.		2,525		23,780
Shikun & Binui Ltd.*		3,396		20,204
Shimizu Corp.		17,800		93,836
SHO-BOND Holdings Co. Ltd.		1,200		50,756
Skanska AB, Class B		6,794		131,498
SNC-Lavalin Group, Inc.(a)		2,068		46,229
Sumitomo Densetsu Co. Ltd.		6,400		109,861
Sumitomo Mitsui Construction Co. Ltd.		66,140		215,430
Sweco AB, Class B		4,708		67,159
Taikisha Ltd.		13,300		329,523
Taisei Corp.		4,800		130,596
Takamatsu Construction Group Co. Ltd.		8,700		145,851
Tess Holdings Co. Ltd.(a)		2,000		21,689
Toda Corp.		5,200		29,941
Toenec Corp.		2,900		74,425
Tokyu Construction Co. Ltd.(a)		35,200		164,100
Totetsu Kogyo Co. Ltd.(a)		10,400		188,077
Veidekke ASA		3,088		40,437
Vestum AB*		21,560		63,106
Vinci SA		8,213		804,394
Webuild SpA(a)		146,630		251,367
WSP Global, Inc.		1,183		138,678
YIT OYJ(a)		66,855		271,253
Yokogawa Bridge Holdings Corp.(a)		15,400		226,317
				11,312,864

See Accompanying Notes to the Financial Statements.

134 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Construction Materials – 0.6%
Adbri Ltd.(a)		22,176	$	46,333
Boral Ltd.(a)		3,476		8,819
Breedon Group plc		81,796		81,334
Brickworks Ltd.		3,147		53,160
Buzzi Unicem SpA		3,148		58,947
Cementir Holding NV		18,963		132,833
CRH plc(a)		12,686		512,460
CSR Ltd.(a)		15,532		67,772
Forterra plc(b)		13,728		42,916
HeidelbergCement AG		3,225		188,006
Holcim AG*		11,610		575,925
Ibstock plc(b)		27,720		65,951
Imerys SA		1,103		43,915
James Hardie Industries plc, CHDI		6,490		191,587
Maeda Kosen Co. Ltd.		1,200		27,629
Marshalls plc		8,360		64,288
Mitani Sekisan Co. Ltd.(a)		1,200		48,163
RHI Magnesita NV		13,803		415,912
Sumitomo Osaka Cement Co. Ltd.(a)		14,600		407,934
Taiheiyo Cement Corp.		2,200		35,727
Titan Cement International SA*		13,115		185,398
Vicat SA		6,407		194,661
Wienerberger AG		2,596		73,944
				3,523,614
Consumer Finance – 0.4%
AEON Financial Service Co. Ltd.		400		3,683
Aiful Corp.(a)		107,500		308,660
Allied Group Ltd.		176,000		62,135
Cembra Money Bank AG(a)		11,352		829,778
Credit Corp. Group Ltd.(a)		3,350		65,564
Credit Saison Co. Ltd.(a)		6,200		70,011
goeasy Ltd.(a)		528		47,638
Gruppo MutuiOnline SpA		1,056		32,507
Isracard Ltd.		11,630		58,819
Jaccs Co. Ltd.		11,300		287,820
Marui Group Co. Ltd.(a)		3,200		55,400
Provident Financial plc		11,220		36,175
Resurs Holding AB(a) (b)		37,356		109,627

Investments	Shares		Value
Consumer Finance – (continued)
Zip Co. Ltd.* (a)		14,040	$	10,925
				1,978,742
Containers & Packaging – 0.5%
BillerudKorsnas AB(a)		2,965		46,307
Cascades, Inc.(a)		27,133		268,135
CCL Industries, Inc., Class B		2,893		126,784
DS Smith plc		27,004		112,187
FP Corp.		1,200		27,305
Fuji Seal International, Inc.(a)		14,900		198,728
Huhtamaki OYJ		2,051		78,175
Intertape Polymer Group, Inc.		23,005		715,503
Mayr Melnhof Karton AG(a)		275		48,855
Orora Ltd.		19,096		54,282
Pact Group Holdings Ltd.(a)		75,938		124,660
Rengo Co. Ltd.		9,500		56,460
SIG Group AG*		6,450		136,622
Smurfit Kappa Group plc		4,214		180,845
Toyo Seikan Group Holdings Ltd.		5,600		60,945
Transcontinental, Inc., Class A(a)		28,380		357,068
Verallia SA(b)		1,364		37,729
Vidrala SA		415		29,902
Winpak Ltd.		1,716		57,050
				2,717,542
Distributors – 0.1%
Arata Corp.		6,600		182,880
Bapcor Ltd.(a)		6,776		32,793
D’ieteren Group		220		35,974
Doshisha Co. Ltd.		7,000		82,772
Inchcape plc		8,938		80,179
Inter Cars SA		484		44,718
PALTAC Corp.		800		29,299
				488,615
Diversified Consumer Services – 0.1%
AcadeMedia AB(b)		27,993		159,354
Benesse Holdings, Inc.		2,000		35,165
Cary Group AB*		4,488		33,912
G8 Education Ltd.(a)		353,890		275,384
IDP Education Ltd.		2,501		47,757

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 135

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Diversified Consumer Services – (continued)
InvoCare Ltd.(a)		4,432	$	38,645
LITALICO, Inc.		1,200		25,258
Park Lawn Corp.		1,496		39,775
Perfect Medical Health Management Ltd.		88,000		51,592
				706,842
Diversified Financial Services – 1.0%
AMP Ltd.*		110,352		90,969
Banca IFIS SpA		8,901		164,045
Banca Mediolanum SpA		4,444		32,705
Banque Nationale de Belgique		86		153,326
BFF Bank SpA(b)		10,956		68,770
Burford Capital Ltd.		13,545		116,319
Challenger Ltd.		9,812		50,832
Creades AB, Class A(a)		21,586		206,970
ECN Capital Corp.		16,720		76,140
eGuarantee, Inc.		2,800		46,811
Element Fleet Management Corp.(a)		9,988		89,638
Eurazeo SE*		1,144		88,825
EXOR NV		2,752		193,935
Fuyo General Lease Co. Ltd.		700		37,982
GRENKE AG		1,804		47,959
Groupe Bruxelles Lambert SA		1,376		131,487
HAL Trust(a)		1,247		180,490
Hypoport SE*		88		24,602
Illimity Bank SpA*		3,080		40,323
Industrivarden AB, Class A(a)		3,388		88,148
Industrivarden AB, Class C(a)		3,828		97,915
Investment AB Oresund		9,417		113,273
Investor AB, Class A(a)		8,178		173,024
Investor AB, Class B		28,846		562,997
Japan Securities Finance Co. Ltd.		8,800		63,711
Kinnevik AB, Class B* (a)		4,687		93,373
L E Lundbergforetagen AB, Class B		1,348		63,867
M&G plc		71,036		191,036
Mitsubishi HC Capital, Inc.		24,429		110,304
Mizuho Leasing Co. Ltd.(a)		13,038		302,905
Omni Bridgeway Ltd.* (a)		110,983		268,158

Investments	Shares		Value
Diversified Financial Services – (continued)
ORIX Corp.		27,300	$	500,233
PEUGEOT INVEST		308		34,637
Plus500 Ltd.		37,926		742,335
Ricoh Leasing Co. Ltd.		5,600		147,175
Sofina SA		323		100,180
SRH NV* ‡		2,857		—
Svolder AB, Class B		33,540		199,938
Tokyo Century Corp.(a)		600		18,547
Wendel SE		497		50,072
Zenkoku Hosho Co. Ltd.		600		21,141
				5,785,097
Diversified Telecommunication Services – 1.3%
ARTERIA Networks Corp.(a)		10,700		110,006
Aussie Broadband Ltd.*		13,244		52,330
BCE, Inc.(a)		4,429		236,689
Bezeq The Israeli Telecommunication Corp. Ltd.*		52,780		84,204
BT Group plc		192,468		428,555
Cellnex Telecom SA(b)		8,729		410,338
Chorus Ltd.		13,585		64,808
Deutsche Telekom AG (Registered)		75,637		1,401,967
Elisa OYJ		2,494		146,707
Gamma Communications plc		3,432		51,534
Helios Towers plc* (a)		10,824		15,234
HKBN Ltd.		51,500		60,189
HKT Trust & HKT Ltd.		53,400		76,634
Infrastrutture Wireless Italiane SpA(b)		5,179		55,619
Internet Initiative Japan, Inc.		1,000		31,723
Koninklijke KPN NV		56,158		194,616
NetLink NBN Trust(b)		61,600		44,609
Nippon Telegraph & Telephone Corp.		26,800		795,767
NOS SGPS SA		86,344		366,358
Orange SA		44,032		525,739
PCCW Ltd.		36,035		20,529
Proximus SADP		2,464		43,150
Singapore Telecommunications Ltd.		129,000		258,766
Spark New Zealand Ltd.		20,724		66,179

See Accompanying Notes to the Financial Statements.

136 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Diversified Telecommunication Services – (continued)
Swisscom AG (Registered)		387	$	229,971
Telecom Italia SpA(a)		112,508		33,008
Telecom Italia SpA (Retirement Savings Plan)		96,272		26,833
Telefonica Deutschland Holding AG		24,508		74,177
Telefonica SA		116,272		568,289
Telekom Austria AG*		1,426		10,230
Telenor ASA		12,642		180,337
Telia Co. AB		32,379		135,158
Telstra Corp. Ltd.		67,037		192,465
TELUS Corp.		8,041		202,213
United Internet AG (Registered)		1,848		59,910
Uniti Group Ltd.*		6,635		23,434
				7,278,275
Electric Utilities – 1.5%
Acciona SA		528		104,440
BKW AG		440		54,034
Chubu Electric Power Co., Inc.		17,200		174,177
Chugoku Electric Power Co., Inc. (The)(a)		4,206		27,724
CK Infrastructure Holdings Ltd.		11,000		74,094
CLP Holdings Ltd.		26,500		258,375
Contact Energy Ltd.		11,528		61,205
EDP – Energias de Portugal SA(a)		41,753		195,658
Electricite de France SA		12,414		113,727
Elia Group SA/NV(a)		446		71,376
Elmera Group ASA(b)		42,441		97,213
Emera, Inc.(a)		3,827		185,743
Endesa SA(a)		6,278		132,658
Enea SA*		63,769		138,097
Enel SpA		177,547		1,164,651
EVN AG		748		19,215
Fortis, Inc.(a)		6,966		340,710
Fortum OYJ		9,675		162,286
Genesis Energy Ltd.(a)		14,837		27,590
HK Electric Investments & HK Electric Investments Ltd.(b)		44,500		43,955
Hokkaido Electric Power Co., Inc.		75,600		281,837

Investments	Shares		Value
Electric Utilities – (continued)
Hokuriku Electric Power Co.		69,300	$	275,467
Hydro One Ltd.(b)		6,149		167,094
Iberdrola SA(a)		92,384		1,073,040
Infratil Ltd.		8,272		45,099
Kansai Electric Power Co., Inc. (The)		21,500		189,179
Kyushu Electric Power Co., Inc.		13,200		83,035
Mercury NZ Ltd.		17,560		69,068
Okinawa Electric Power Co., Inc. (The)(a)		17,970		179,062
Origin Energy Ltd.		43,645		212,152
Orsted A/S(b)		3,010		338,466
PGE Polska Grupa Energetyczna SA*		10,843		24,146
Power Assets Holdings Ltd.		23,500		158,291
Red Electrica Corp. SA		9,632		194,436
Romande Energie Holding SA (Registered)		21		25,529
Shikoku Electric Power Co., Inc.		77,300		445,090
SSE plc		17,915		420,268
Terna – Rete Elettrica Nazionale		22,460		184,009
Tohoku Electric Power Co., Inc.(a)		10,900		60,742
Tokyo Electric Power Co. Holdings, Inc.*		22,400		77,456
Trustpower Ltd.		5,123		22,411
Verbund AG*		1,354		145,983
				8,118,788
Electrical Equipment – 1.3%
ABB Ltd. (Registered)(a)		29,670		904,788
Alfen Beheer BV* (a) (b)		968		88,006
Ballard Power Systems, Inc.* (a)		1,824		15,228
Daihen Corp.		8,600		247,592
DiscoverIE Group plc		4,796		46,003
Fagerhult AB		6,336		32,122
Fuji Electric Co. Ltd.		3,100		137,581
Fujikura Ltd.		107,500		515,263
Furukawa Electric Co. Ltd.		25,800		422,167
GARO AB(a) (b)		1,980		29,922
GS Yuasa Corp.		2,700		47,244
Hexatronic Group AB(a)		1,540		66,517

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 137

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Electrical Equipment – (continued)
Huber + Suhner AG (Registered)		867	$	76,727
Idec Corp.		2,200		39,242
ITM Power plc* (a)		10,192		42,406
Legrand SA		4,472		399,875
Mabuchi Motor Co. Ltd.		700		18,829
Mitsubishi Electric Corp.		49,200		519,494
NEL ASA*		12,688		18,535
Nexans SA		748		69,125
Nidec Corp.		8,710		574,056
Nissin Electric Co. Ltd.		18,400		197,833
Nitto Kogyo Corp.		10,600		125,341
NKT A/S*		2,838		136,521
Nordex SE*		1,408		20,691
PowerCell Sweden AB* (a)		2,948		43,994
Prysmian SpA		4,128		135,958
Sanyo Denki Co. Ltd.		4,300		186,192
Schneider Electric SE		9,331		1,355,483
Siemens Energy AG		6,536		127,078
Siemens Gamesa Renewable Energy SA*		4,136		66,867
Signify NV(a) (b)		2,795		119,713
Somfy SA		275		37,018
TKH Group NV, CVA		2,194		108,368
Varta AG		352		33,339
Vestas Wind Systems A/S		16,383		424,764
				7,429,882
Electronic Equipment, Instruments & Components – 1.7%
Ai Holdings Corp.		3,800		50,154
Alps Alpine Co. Ltd.		5,348		47,676
ALSO Holding AG (Registered)*		52		11,947
Amano Corp.		700		13,556
Anritsu Corp.(a)		500		6,341
AT&S Austria Technologie & Systemtechnik AG		880		45,814
Azbil Corp.		2,100		64,430
Barco NV		2,992		68,305
Basler AG		264		29,689
Canon Marketing Japan, Inc.		1,500		32,730
Celestica, Inc.*		38,485		434,821

Investments	Shares		Value
Electronic Equipment, Instruments & Components – (continued)
Citizen Watch Co. Ltd.		22,400	$	85,236
Codan Ltd.(a)		7,304		37,372
Comet Holding AG (Registered)		473		104,039
CONEXIO Corp.		6,600		74,375
Daiwabo Holdings Co. Ltd.		34,400		448,984
Dexerials Corp.		3,500		78,072
FIH Mobile Ltd.* (a)		328,000		40,968
Fingerprint Cards AB, Class B* (a)		10,108		11,823
FIT Hon Teng Ltd.* (b)		264,000		34,320
Halma plc		6,837		212,450
Hamamatsu Photonics KK		2,700		122,121
Hexagon AB, Class B* (a)		35,604		467,165
Hioki EE Corp.(a)		700		42,413
Hirose Electric Co. Ltd.		582		74,749
Horiba Ltd.		800		39,271
Hosiden Corp.		21,500		206,769
Ibiden Co. Ltd.		2,800		106,761
Inficon Holding AG (Registered)		44		40,571
Iriso Electronics Co. Ltd.(a)		1,200		28,296
Japan Aviation Electronics Industry Ltd.		21,544		302,973
Jenoptik AG		2,585		73,467
Kaga Electronics Co. Ltd.		8,700		206,823
Keyence Corp.		3,200		1,305,341
Kyocera Corp.		5,900		312,532
Lagercrantz Group AB, Class B		2,640		27,092
Landis+Gyr Group AG* (a)		1,102		62,216
LEM Holding SA (Registered)		27		62,587
Macnica Fuji Electronics Holdings, Inc.		17,300		363,332
Maruwa Co. Ltd.		600		70,902
Meiko Electronics Co. Ltd.(a)		8,600		231,993
Murata Manufacturing Co. Ltd.		10,500		631,653
Mycronic AB		924		16,389
NCAB Group AB		5,280		33,696
Nichicon Corp.		3,200		29,145
Nippon Ceramic Co. Ltd.		900		16,554
Nippon Electric Glass Co. Ltd.		2,200		44,540
Nippon Signal Co. Ltd.(a)		23,000		160,304

See Accompanying Notes to the Financial Statements.

138 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Electronic Equipment, Instruments & Components – (continued)
Nissha Co. Ltd.(a)		17,200	$	183,072
Nohmi Bosai Ltd.		11,100		164,153
Novonix Ltd.* (a)		6,864		25,511
Oki Electric Industry Co. Ltd.		34,400		224,359
Omron Corp.		3,800		226,604
Oxford Instruments plc		3,036		88,813
Renishaw plc		880		47,000
Riken Keiki Co. Ltd.(a)		1,200		38,021
Sensirion Holding AG* (b)		528		64,079
Shimadzu Corp.		5,100		168,675
Siix Corp.(a)		8,828		68,138
Softwareone Holding AG* (a)		3,256		44,614
Spectris plc		2,112		78,223
Taiyo Yuden Co. Ltd.		2,500		99,954
TDK Corp.		8,600		269,829
Topcon Corp.		2,200		28,544
Vaisala OYJ, Class A		836		38,717
Venture Corp. Ltd.		4,500		55,887
VSTECS Holdings Ltd.		348,000		301,600
Yokogawa Electric Corp.		4,900		78,780
				9,307,330
Energy Equipment & Services – 0.4%
Aker Solutions ASA(a) (b)		17,908		63,201
BW Offshore Ltd.(a)		43,202		126,408
Drilling Co. of 1972 A/S (The)*		843		42,322
John Wood Group plc*		245,788		689,383
Modec, Inc.		6,400		60,265
Odfjell Drilling Ltd.*		32,516		85,508
Saipem SpA* (a)		177,547		202,662
SBM Offshore NV		5,113		74,437
Secure Energy Services, Inc.(a)		16,104		83,037
Subsea 7 SA(a)		26		218
Technip Energies NV*		36,593		447,225
Tenaris SA		7,656		119,616
TGS ASA		7,656		120,470
Vallourec SA*		9,020		107,576
Worley Ltd.(a)		10,916		107,906
				2,330,234

Investments	Shares		Value
Entertainment – 0.6%
Bollore SE		12,858	$	60,633
Capcom Co. Ltd.		3,400		90,144
CD Projekt SA		1,193		32,524
CTS Eventim AG & Co. KGaA*		704		49,017
Daiichikosho Co. Ltd.		1,100		30,140
DeNA Co. Ltd.		1,100		15,996
Embracer Group AB* (a)		6,644		45,169
EVENT Hospitality and Entertainment Ltd.*		2,282		23,725
Frontier Developments plc* (a)		2,332		37,593
IGG, Inc.(a)		316,000		131,698
Kinepolis Group NV*		1,030		57,481
Koei Tecmo Holdings Co. Ltd.(a)		1,246		38,132
Konami Holdings Corp.		2,200		136,524
Modern Times Group MTG AB, Class B*		7,040		75,264
Nexon Co. Ltd.		9,000		206,453
Nintendo Co. Ltd.		2,000		924,822
Paradox Interactive AB		952		16,054
Shochiku Co. Ltd.*		800		82,001
Square Enix Holdings Co. Ltd.		1,800		72,383
Stillfront Group AB* (a)		177,461		365,492
Team17 Group plc*		5,676		30,999
Toei Animation Co. Ltd.		200		15,638
Toho Co. Ltd.		3,100		115,568
Ubisoft Entertainment SA*		1,425		64,868
Universal Music Group NV(a)		20,339		478,161
				3,196,479
Equity Real Estate Investment Trusts (REITs) – 2.4%
Activia Properties, Inc.		15		47,931
Advance Residence Investment Corp.		18		49,529
Aedifica SA		704		83,998
AEON REIT Investment Corp.		29		33,463
Allied Properties REIT(a)		1,540		50,283
Altarea SCA		88		13,535
ARA LOGOS Logistics Trust(d)		70,400		43,334
Arena REIT		14,330		49,391
ARGAN SA		989		116,855
Argosy Property Ltd.		68,432		57,963

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 139

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares			Value
COMMON STOCKS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
Artis REIT(a)		22,317		$	228,924
Ascendas REIT		67,135			139,044
Ascott Residence Trust		30,164			25,339
Assura plc		57,957			47,952
Befimmo SA		1,091			54,613
Big Yellow Group plc(a)		4,224			75,836
Boardwalk REIT(a)		7,783			343,279
British Land Co. plc (The)		10,868			70,653
BWP Trust		12,444			36,788
Canadian Apartment Properties REIT(a)		1,012			39,845
Capital & Counties Properties plc		43,340			90,000
CapitaLand China Trust		73,814			62,541
CapitaLand Integrated Commercial Trust		77,546			130,844
Care Property Invest NV		1,540			39,397
Carmila SA(a)		18,478			288,112
CDL Hospitality Trusts		36,800			35,710
Centuria Industrial REIT		20,592			58,388
Centuria Office REIT(a)		157,079			245,582
Champion REIT(a)		24,000			10,522
Charter Hall Group(a)		8,140			90,588
Charter Hall Long Wale REIT		7,926	��		30,191
Charter Hall Retail REIT		6,292			19,987
Charter Hall Social Infrastructure REIT(a)		16,370			46,882
Choice Properties REIT(a)		3,957			46,999
Cofinimmo SA		507			68,622
Comforia Residential REIT, Inc.		19			47,515
Covivio		660			47,311
CRE Logistics REIT, Inc.		44			67,650
Crombie REIT(a)		3,256			44,609
Cromwell European REIT(b)		23,174			56,228
Cromwell Property Group(a)		48,403			29,410
CT REIT(a)		3,432			47,665
Daiwa House REIT Investment Corp.		42			102,115
Daiwa Securities Living Investments Corp.		26			23,018
Derwent London plc		1,508			57,102
Dexus		14,476			114,910

Investments	Shares		Value
Equity Real Estate Investment Trusts (REITs) – (continued)
Dexus Industria REIT		18,568	$	44,864
Dream Office REIT(a)		1,452		29,539
ESR-REIT		252,000		71,171
Far East Hospitality Trust		53,976		26,189
First Capital REIT(a)		1,819		24,366
Fortune REIT		92,000		80,554
Frasers Centrepoint Trust		33,249		58,991
Frasers Hospitality Trust		39,200		18,310
Frasers Logistics & Commercial Trust(b)		43,839		46,033
Frontier Real Estate Investment Corp.		12		46,588
Fukuoka REIT Corp.(a)		26		32,590
Gecina SA		704		79,913
Global One Real Estate Investment Corp.		48		41,272
GLP J-REIT		74		100,411
Goodman Group		26,961		459,453
Goodman Property Trust		19,085		27,995
GPT Group (The)(a)		29,568		106,954
Granite REIT		484		36,030
Great Portland Estates plc(a)		14,577		125,273
Growthpoint Properties Australia Ltd.		4,004		12,577
H&R REIT(a)		5,632		56,318
Hamborner REIT AG		6,058		56,687
Hammerson plc		171,380		62,183
Hankyu Hanshin REIT, Inc.		26		29,761
Heiwa Real Estate REIT, Inc.		43		49,552
Hibernia REIT plc(a)		34,222		58,558
HomeCo Daily Needs REIT(b)		87,577		88,687
Hoshino Resorts REIT, Inc.(a)		16		82,618
Hulic Reit, Inc.		23		28,652
ICADE		836		50,315
Ichigo Office REIT Investment Corp.(a)		128		82,297
Industrial & Infrastructure Fund Investment Corp.		44		63,405
Ingenia Communities Group		28,760		95,856
Inmobiliaria Colonial Socimi SA		7,185		60,411
InterRent REIT(a)		6,380		70,437
Invincible Investment Corp.		121		39,645

See Accompanying Notes to the Financial Statements.

140 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
Irish Residential Properties REIT plc		25,256	$	38,687
Irongate Group(a)		19,889		27,067
Itochu Advance Logistics Investment Corp.		44		54,677
Japan Hotel REIT Investment Corp.		77		39,284
Japan Logistics Fund, Inc.		19		46,635
Japan Metropolitan Fund Invest		147		117,205
Japan Prime Realty Investment Corp.		13		39,584
Japan Real Estate Investment Corp.		24		116,517
Kenedix Office Investment Corp.(a)		9		47,306
Kenedix Retail REIT Corp.		31		65,536
Keppel DC REIT		21,100		31,629
Keppel Pacific Oak US REIT(b)		253,700		183,932
Keppel REIT		27,933		24,678
Killam Apartment REIT		23,306		368,541
Kiwi Property Group Ltd.		3,973		2,733
Klepierre SA*		3,960		95,500
Land Securities Group plc		12,513		118,234
LaSalle Logiport REIT		44		59,704
Lendlease Global Commercial REIT		636,400		366,383
Link REIT		37,623		326,546
LondonMetric Property plc		19,536		66,126
LXI REIT plc(b)		62,752		116,760
Manulife US REIT(b)		114,400		71,500
Mapletree Commercial Trust		34,368		46,541
Mapletree Industrial Trust		35,086		66,315
Mapletree Logistics Trust		45,115		58,481
Mapletree North Asia Commercial Trust(b)		49,500		43,015
Mercialys SA*		19,479		189,260
Merlin Properties Socimi SA		2,992		32,858
Mirai Corp.(a)		88		34,369
Mirvac Group		65,446		112,552
Mitsui Fudosan Logistics Park, Inc.		9		38,762
Montea NV		396		47,541

Investments	Shares		Value
Equity Real Estate Investment Trusts (REITs) – (continued)
Mori Hills REIT Investment Corp.		16	$	18,240
National Storage REIT		8,949		16,599
Nextensa		1,012		75,800
Nippon Accommodations Fund, Inc.		8		39,457
Nippon Building Fund, Inc.		24		124,853
Nippon Prologis REIT, Inc.		41		114,082
NIPPON REIT Investment Corp.		11		31,626
Nomura Real Estate Master Fund, Inc.		95		119,520
NorthWest Healthcare Properties REIT(a)		4,268		44,248
NTT UD REIT Investment Corp.(a)		23		26,646
One REIT, Inc.		14		29,748
Orix JREIT, Inc.		49		66,299
OUE Commercial REIT		2,977		895
Parkway Life REIT		12,500		43,812
Precinct Properties New Zealand Ltd.		22,735		22,429
Primary Health Properties plc		28,776		52,278
Prime US REIT(b)		180,600		133,644
Property for Industry Ltd.(a)		26,697		46,438
Reit 1 Ltd.		15,092		98,730
Retail Estates NV		4,257		325,592
RioCan REIT		2,596		48,749
Rural Funds Group		20,724		44,919
Safestore Holdings plc		4,488		70,997
Samty Residential Investment Corp.(a)		44		44,659
Sasseur REIT(b)		149,600		90,460
Scentre Group		70,391		149,570
Secure Income REIT plc		14,030		75,919
Segro plc		18,662		314,550
Sekisui House Reit, Inc.(a)		55		32,348
Shaftesbury plc		8,712		65,463
Shopping Centres Australasia Property Group		32,912		71,804
SOSiLA Logistics REIT, Inc.		44		53,659
SPH REIT(d)		44,800		31,632
Star Asia Investment Corp.		669		306,720
Starhill Global REIT		146,296		63,036

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 141

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
Stockland		56,588	$	167,291
Stride Property Group		32,208		41,391
Summit Industrial Income REIT		3,212		51,119
Sunlight REIT		55,000		26,988
Suntec REIT		43,500		57,962
Target Healthcare REIT plc		40,084		55,861
Tokyu REIT, Inc.		21		29,629
Tritax Big Box REIT plc		33,836		103,569
UK Commercial Property REIT Ltd.		63,932		70,956
Unibail-Rodamco-Westfield* (a)		3,096		222,096
Unibail-Rodamco-Westfield, CHDI*		5		18
UNITE Group plc (The)		6,028		85,899
United Urban Investment Corp.		40		43,872
Vicinity Centres(a)		65,692		87,533
Vital Healthcare Property Trust(a) (d)		25,273		51,179
Warehouse Reit plc(b)		20,284		40,848
Warehouses De Pauw CVA		2,992		116,093
Waypoint REIT Ltd.		43,262		82,702
Workspace Group plc		8,954		74,982
Xior Student Housing NV(b)		924		49,518
				13,404,293
Food & Staples Retailing – 1.8%
Aeon Co. Ltd.		14,413		274,610
Ain Holdings, Inc.		800		36,060
Alimentation Couche-Tard, Inc.		13,846		619,579
Arcs Co. Ltd.		20,018		315,195
Axfood AB		1,496		44,467
Axial Retailing, Inc.(a)		8,600		224,691
Belc Co. Ltd.		5,100		216,502
Carrefour SA(a)		13,158		279,842
Coles Group Ltd.		19,350		257,145
Cosmos Pharmaceutical Corp.		200		18,663
Create SD Holdings Co. Ltd.		500		11,470
Daikokutenbussan Co. Ltd.(a)		400		14,696
Dairy Farm International Holdings Ltd.		7,600		20,672
Dino Polska SA* (b)		1,012		65,702

Investments	Shares		Value
Food & Staples Retailing – (continued)
Empire Co. Ltd., Class A		3,212	$	106,635
Endeavour Group Ltd.		24,768		137,291
Etablissements Franz Colruyt NV(a)		1,044		38,471
Fuji Co. Ltd.(a)		4,400		75,258
George Weston Ltd.		1,524		190,576
GrainCorp Ltd., Class A		10,837		79,632
Heiwado Co. Ltd.		14,100		212,762
HelloFresh SE*		1,980		84,764
Inageya Co. Ltd.(a)		11,198		115,818
Itochu-Shokuhin Co. Ltd.		1,900		72,299
J Sainsbury plc		32,120		94,082
Jeronimo Martins SGPS SA		5,280		110,289
Kato Sangyo Co. Ltd.		11,700		304,330
Kesko OYJ, Class A		2,248		53,122
Kesko OYJ, Class B		4,945		125,358
Kobe Bussan Co. Ltd.		1,900		46,928
Koninklijke Ahold Delhaize NV(a)		24,080		713,576
Kusuri no Aoki Holdings Co. Ltd.(a)		600		26,675
Lawson, Inc.		800		29,453
Loblaw Cos. Ltd.		2,580		237,217
Marks & Spencer Group plc*		48,796		84,390
MARR SpA		1,155		18,886
MatsukiyoCocokara & Co.		2,400		79,747
Maxvalu Tokai Co. Ltd.		500		10,061
Metcash Ltd.(a)		29,436		100,200
Metro, Inc.		4,429		244,694
Mitsubishi Shokuhin Co. Ltd.		4,400		109,015
North West Co., Inc. (The)(a)		16,813		471,351
Ocado Group plc* (a)		10,105		117,226
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		3,463		262,921
San-A Co. Ltd.		7,500		234,447
Seven & i Holdings Co. Ltd.		17,500		772,345
Sheng Siong Group Ltd.		51,500		57,061
Shop Apotheke Europe NV* (a) (b)		748		62,434
Shufersal Ltd.		3,578		30,217
Sligro Food Group NV*		2,552		60,171
Sonae SGPS SA		349,934		379,869

See Accompanying Notes to the Financial Statements.

142 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Food & Staples Retailing – (continued)
Sugi Holdings Co. Ltd.		800	$	34,455
Sundrug Co. Ltd.		1,600		37,295
Tesco plc		174,534		596,027
Tsuruha Holdings, Inc.		900		46,195
United Super Markets Holdings, Inc.		2,000		16,888
Valor Holdings Co. Ltd.		19,100		301,036
Welcia Holdings Co. Ltd.		2,300		47,559
Woolworths Group Ltd.		18,834		515,433
Zur Rose Group AG* (a)		260		32,304
				9,976,057
Food Products – 3.0%
a2 Milk Co. Ltd. (The)*		12,579		40,169
AAK AB		2,860		50,040
Agrana Beteiligungs AG		6,028		107,153
Ajinomoto Co., Inc.		8,000		209,015
Ariake Japan Co. Ltd.(a)		800		32,170
Aryzta AG*		62,524		58,811
Associated British Foods plc		7,697		155,245
Ausnutria Dairy Corp. Ltd.* (a)		308,000		287,346
Austevoll Seafood ASA		3,432		55,220
Bakkafrost P/F*		1,281		89,098
Bakkavor Group plc(b)		38,192		50,731
Barry Callebaut AG (Registered)		38		88,242
Bega Cheese Ltd.(a)		22,616		81,164
Bell Food Group AG (Registered)		860		235,677
Calbee, Inc.(a)		3,200		57,425
Chocoladefabriken Lindt & Spruengli AG		24		270,994
Chocoladefabriken Lindt & Spruengli AG (Registered)		3		356,668
Cloetta AB, Class B		16,456		41,907
Costa Group Holdings Ltd.(a)		16,050		38,096
Cranswick plc		924		36,867
Danone SA		10,707		651,064
DyDo Group Holdings, Inc.		500		19,412
Ebro Foods SA		1,618		29,017
Elders Ltd.		12,728		129,165
Emmi AG (Registered)		41		41,015

Investments	Shares			Value
Food Products – (continued)
First Pacific Co. Ltd.		860,000		$	347,457
First Resources Ltd.		5,100			7,867
Fuji Oil Holdings, Inc.(a)		1,200			17,052
Fujicco Co. Ltd.(a)		2,000			31,337
Glanbia plc(a)		2,024			24,299
Golden Agri-Resources Ltd.		213,400			50,225
Greencore Group plc* (a)		27,148			39,061
Grieg Seafood ASA*		3,299			49,857
Hilton Food Group plc		3,916			59,883
Hokuto Corp.		8,600			135,346
House Foods Group, Inc.(a)		2,400			56,314
Inghams Group Ltd.(a)		148,350			325,763
Itoham Yonekyu Holdings, Inc.		2,100			10,617
Japfa Ltd.		201,820			88,421
JDE Peet’s NV(a)		1,804			53,288
Kagome Co. Ltd.		900			22,576
Kameda Seika Co. Ltd.		900			29,280
Kernel Holding SA		13,728			80,928
Kerry Group plc, Class A(a)		2,537			281,023
Kewpie Corp.		2,100			35,497
Kikkoman Corp.		3,500			197,746
KWS Saat SE & Co. KGaA		704			52,136
Leroy Seafood Group ASA		5,456			51,945
Maple Leaf Foods, Inc.		301			6,663
Maruha Nichiro Corp.(a)		17,200			318,086
Megmilk Snow Brand Co. Ltd.		19,200			287,200
Mehadrin Ltd.*		—	(e)		19
MEIJI Holdings Co. Ltd.		2,800			139,827
Morinaga & Co. Ltd.		1,100			34,343
Morinaga Milk Industry Co. Ltd.		1,200			48,626
Mowi ASA		5,977			171,100
Nestle SA (Registered)		45,408			5,894,409
Neto Malinda Trading Ltd.*		3,440			176,038
NH Foods Ltd.		3,200			101,389
Nichirei Corp.		1,600			29,454
Nippn Corp.(a)		27,300			356,105
Nippon Suisan Kaisha Ltd.		13,200			58,481
Nisshin Oillio Group Ltd. (The)		9,700			219,740
Nisshin Seifun Group, Inc.(a)		2,690			36,085
Nissin Foods Holdings Co. Ltd.		1,500			104,778
Norway Royal Salmon ASA		132			3,478
Orkla ASA		13,485			110,525

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 143

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Food Products – (continued)
Premier Foods plc		273,738	$	381,483
Premium Brands Holdings Corp.(a)		660		54,161
Prima Meat Packers Ltd.		8,600		141,386
Riken Vitamin Co. Ltd.(a)		10,400		136,863
S Foods, Inc.		7,300		170,442
Sakata Seed Corp.		2,800		94,551
Salmar ASA		748		62,062
Saputo, Inc.(a)		4,455		95,719
Savencia SA		1,716		111,152
Schouw & Co. A/S(a)		4,472		343,107
Showa Sangyo Co. Ltd.(a)		12,900		261,266
Societe LDC SA		1,695		155,926
Strauss Group Ltd.		952		25,498
Suedzucker AG		1,979		25,930
Synlait Milk Ltd.* (a)		1,760		4,032
Tassal Group Ltd.(a)		66,650		178,092
Tate & Lyle plc		11,000		107,308
Toyo Suisan Kaisha Ltd.		1,800		55,642
United Malt Grp Ltd.(a)		25,168		74,404
Vilmorin & Cie SA		1,612		76,611
Viscofan SA		825		45,736
Vitasoy International Holdings Ltd.(a)		72,000		130,673
WH Group Ltd.(b)		154,000		106,970
Wilmar International Ltd.		73,100		235,038
Yakult Honsha Co. Ltd.		2,500		129,670
Yamazaki Baking Co. Ltd.		2,900		35,948
				16,595,645
Gas Utilities – 0.3%
AltaGas Ltd.(a)		6,645		152,756
APA Group(a)		16,324		133,291
Brookfield Infrastructure Corp., Class A(a)		704		50,209
Enagas SA(a)		5,500		119,352
Hong Kong & China Gas Co. Ltd.(a)		155,907		172,675
Italgas SpA		6,908		45,037
Keppel Infrastructure Trust		55,647		22,365
Naturgy Energy Group SA(a)		5,117		155,090
Nippon Gas Co. Ltd.(a)		6,000		85,304

Investments	Shares		Value
Gas Utilities – (continued)
Osaka Gas Co. Ltd.(a)		9,900	$	179,187
Rubis SCA		2,784		74,717
Saibu Gas Holdings Co. Ltd.		1,400		23,006
Shizuoka Gas Co. Ltd.		21,500		154,496
Snam SpA		30,874		170,148
Superior Plus Corp.		10,208		90,495
Toho Gas Co. Ltd.		2,000		47,160
Tokyo Gas Co. Ltd.		11,000		211,493
				1,886,781
Health Care Equipment & Supplies ��� 1.2%
Advanced Medical Solutions Group plc		10,648		37,499
Alcon, Inc.		8,170		591,718
Ambu A/S, Class B(a)		3,172		42,475
Ansell Ltd.(a)		2,200		42,713
Arjo AB, Class B		4,131		31,214
Asahi Intecc Co. Ltd.		3,200		62,735
BioMerieux		825		79,009
Carl Zeiss Meditec AG		715		90,816
Cellavision AB*		1,320		41,716
Cochlear Ltd.		866		142,618
Coloplast A/S, Class B		1,720		233,926
ConvaTec Group plc(b)		26,224		69,799
Demant A/S*		1,980		87,862
DiaSorin SpA(a)		293		38,653
Draegerwerk AG & Co. KGaA		1,496		68,810
Draegerwerk AG & Co. KGaA (Preference)		2,752		137,032
Eckert & Ziegler Strahlen- und Medizintechnik AG		264		13,441
Eiken Chemical Co. Ltd.		1,600		21,266
El.En. SpA		2,684		37,829
Elekta AB, Class B(a)		6,069		41,359
Fisher & Paykel Healthcare Corp. Ltd.		10,601		147,932
Fukuda Denshi Co. Ltd.		4,300		248,919
Getinge AB, Class B(a)		3,050		89,258
GN Store Nord A/S		2,064		78,681
Hogy Medical Co. Ltd.		1,200		30,102
Hoya Corp.		6,300		631,653
Japan Lifeline Co. Ltd.(a)		24,500		205,175
Jeol Ltd.		1,100		50,517

See Accompanying Notes to the Financial Statements.

144 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Health Care Equipment & Supplies – (continued)
Koninklijke Philips NV		14,449	$	381,074
Medistim ASA		1,188		32,453
Menicon Co. Ltd.(a)		1,900		40,857
Nagaileben Co. Ltd.		1,500		22,380
Nanosonics Ltd.* (a)		16,777		47,929
Nihon Kohden Corp.		2,300		55,743
Nipro Corp.		5,200		41,179
Olympus Corp.		21,500		383,170
Paramount Bed Holdings Co. Ltd.(a)		1,600		26,811
PolyNovo Ltd.* (a)		32,604		22,012
Revenio Group OYJ		924		44,586
Riverstone Holdings Ltd.		232,200		162,266
Sartorius AG (Preference)		430		162,898
Sedana Medical AB*		4,620		17,936
Siemens Healthineers AG(b)		4,945		267,409
Smith & Nephew plc		15,093		246,909
Sonova Holding AG (Registered)		823		301,169
STRATEC SE		308		35,027
Straumann Holding AG (Registered)		1,870		224,539
Surgical Science Sweden AB*		1,584		30,618
Sysmex Corp.		2,700		179,430
Terumo Corp.		12,600		378,700
Xvivo Perfusion AB*		1,892		41,053
Ypsomed Holding AG (Registered)		81		11,666
				6,552,541
Health Care Providers & Services – 0.7%
Alfresa Holdings Corp.		5,500		75,181
Ambea AB(b)		29,670		151,935
Amplifon SpA		2,112		85,156
Arvida Group Ltd.		33,660		35,829
As One Corp.		800		42,791
Australian Clinical Labs Ltd.(b)		40,420		147,931
BML, Inc.(a)		10,500		271,091
CareTech Holdings plc		39,818		368,437
Chartwell Retirement Residences(a)		5,472		52,235
China Evergrande New Energy Vehicle Group Ltd.* (d)		40,000		5,914

Investments	Shares		Value
Health Care Providers & Services – (continued)
CVS Group plc		4,356	$	98,441
dentalcorp Holdings Ltd.* (a)		3,652		41,176
EBOS Group Ltd.(a)		2,014		55,425
Fagron		2,504		47,100
Fresenius Medical Care AG & Co. KGaA		4,085		256,155
Fresenius SE & Co. KGaA		9,503		338,851
Galenica AG(b)		792		58,748
H.U. Group Holdings, Inc.(a)		21,500		481,908
Healius Ltd.		14,608		46,923
Integral Diagnostics Ltd.(a)		13,068		36,590
Korian SA(a)		572		12,129
Mediclinic International plc*		11,132		51,908
Medicover AB, Class B		1,320		22,064
Medipal Holdings Corp.		5,100		83,806
NMC Health plc*		2,074		31
Oceania Healthcare Ltd.		48,312		32,298
Orpea SA(a)		950		34,155
Raffles Medical Group Ltd.		4,124		3,584
Ramsay Health Care Ltd.		3,096		178,456
Ryman Healthcare Ltd.(a)		8,272		49,448
Ship Healthcare Holdings, Inc.(a)		1,800		30,287
Solasto Corp.		4,400		30,565
Sonic Healthcare Ltd.(a)		7,826		204,276
Spire Healthcare Group plc* (b)		14,036		38,064
Summerset Group Holdings Ltd.(a)		6,644		50,540
Suzuken Co. Ltd.		1,880		55,721
Toho Holdings Co. Ltd.(a)		25,700		419,142
Uniphar plc		9,064		37,483
Well Health Technologies Corp.* (a)		16,192		57,012
				4,088,786
Health Care Technology – 0.1%
CompuGroup Medical SE & Co. KGaA		624		33,704
Craneware plc		1,936		41,625
EMIS Group plc		2,728		45,827
M3, Inc.		6,700		217,300
Nexus AG*		880		42,937
Pro Medicus Ltd.(a)		1,100		37,116

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 145

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Health Care Technology – (continued)
Sectra AB, Class B*		2,948	$	37,567
				456,076
Hotels, Restaurants & Leisure – 1.2%
888 Holdings plc		8,316		19,900
Accor SA*		2,133		70,949
Arcland Service Holdings Co. Ltd.		1,400		24,281
Aristocrat Leisure Ltd.		10,879		260,231
Atom Corp.(a)		5,800		33,127
Autogrill SpA*		902		6,771
Basic-Fit NV* (b)		1,196		50,544
Betsson AB, Class B*		44,978		279,237
Cafe de Coral Holdings Ltd.(a)		38,000		59,958
Carnival plc*		4,488		72,490
Collins Foods Ltd.(a)		6,204		45,588
Colowide Co. Ltd.		3,500		44,952
Compass Group plc		29,584		632,169
Corporate Travel Management Ltd.* (a)		3,366		62,791
Create Restaurants Holdings, Inc.		4,400		27,576
Crown Resorts Ltd.*		2,112		19,361
Dalata Hotel Group plc*		18,392		84,401
Domino’s Pizza Enterprises Ltd.(a)		1,398		74,820
Domino’s Pizza Group plc(a)		25,542		111,468
Doutor Nichires Holdings Co. Ltd.		2,700		31,072
Entain plc*		10,019		191,010
Evolution AB(b)		2,967		310,959
Flight Centre Travel Group Ltd.* (a)		4,576		73,461
Flutter Entertainment plc*		1,493		152,394
Flutter Entertainment plc – XDUB* (a)		952		96,996
Food & Life Cos. Ltd.		2,000		47,931
Fuji Kyuko Co. Ltd.(a)		1,000		31,839
Galaxy Entertainment Group Ltd.(a)		36,000		209,224
Genting Singapore Ltd.*		104,400		61,238
Greggs plc		2,464		72,698

Investments	Shares		Value
Hotels, Restaurants & Leisure – (continued)
Heiwa Corp.		2,450	$	36,932
HIS Co. Ltd.* (a)		4,400		75,326
Hongkong & Shanghai Hotels Ltd. (The)* (a)		66,000		65,696
Ichibanya Co. Ltd.		1,000		37,126
Imperial Hotel Ltd.		2,700		37,616
InterContinental Hotels Group plc		2,537		164,739
J D Wetherspoon plc*		3,795		35,044
Jumbo Interactive Ltd.		3,476		43,352
Kindred Group plc, SDR(a)		7,392		65,728
KOMEDA Holdings Co. Ltd.		1,200		20,729
Kura Sushi, Inc.(a)		1,400		34,903
Kyoritsu Maintenance Co. Ltd.(a)		1,600		58,660
La Francaise des Jeux SAEM(b)		1,364		51,241
Mandarin Oriental International Ltd.*		8,000		16,400
McDonald’s Holdings Co. Japan Ltd.		1,100		43,725
Melco International Development Ltd.* (a)		21,000		16,862
Melia Hotels International SA*		9,988		83,873
MGM China Holdings Ltd.* (a)		32,400		18,748
Mitchells & Butlers plc*		22,924		65,621
Monogatari Corp. (The)		700		29,176
MOS Food Services, Inc.(a)		2,100		48,270
MTY Food Group, Inc.		1,452		58,998
Ohsho Food Service Corp.		704		33,146
Oriental Land Co. Ltd.(a)		3,900		595,265
Playtech plc*		8,360		54,999
Plenus Co. Ltd.		1,000		14,711
Restaurant Brands International, Inc.(a)		4,687		269,144
Restaurant Brands New Zealand Ltd.(a)		1,154		9,610
Restaurant Group plc (The)*		15,488		12,075
Round One Corp.(a)		5,100		57,235
Royal Holdings Co. Ltd.*		1,600		25,687
Saizeriya Co. Ltd.(a)		1,800		33,205
Sands China Ltd.*		40,400		90,829
Scandic Hotels Group AB* (b)		17,204		67,211
Shangri-La Asia Ltd.*		32,000		24,348

See Accompanying Notes to the Financial Statements.

146 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares			Value
COMMON STOCKS – (continued)
Hotels, Restaurants & Leisure – (continued)
SJM Holdings Ltd.* (a)		76,000		$	32,449
SkiStar AB		2,828			55,443
Skylark Holdings Co. Ltd.		3,700			44,065
Sodexo SA		1,462			111,233
SSP Group plc*		20,152			60,039
Star Entertainment Grp Ltd. (The)*		11,421			25,729
Tabcorp Holdings Ltd.		43,606			169,198
Tokyotokeiba Co. Ltd.		1,200			41,031
Toridoll Holdings Corp.		1,100			20,020
Trainline plc* (b)		34,012			121,103
TUI AG, DI*		28,116			81,295
Webjet Ltd.* (a)		2,112			9,050
Whitbread plc*		2,508			88,702
Wynn Macau Ltd.* (a)		12,800			7,994
Yoshinoya Holdings Co. Ltd.(a)		4,900			89,332
Zensho Holdings Co. Ltd.		1,800			42,652
					6,655,001
Household Durables – 1.2%
Azorim-Investment Development & Construction Co. Ltd.		4,285			22,313
Barratt Developments plc		23,779			147,631
Bellway plc		2,640			80,808
Berkeley Group Holdings plc*		2,069			105,964
Bonava AB, Class B		31,656			155,478
Breville Group Ltd.(a)		2,420			41,447
Cairn Homes plc		38,456			46,688
Casio Computer Co. Ltd.(a)		3,600			37,650
Countryside Properties plc* (b)		13,624			43,002
Crest Nicholson Holdings plc		92,966			295,532
De’ Longhi SpA(a)		1,012			24,811
DFS Furniture plc		103,544	��		218,399
Dom Development SA		2,244			47,989
Electra Consumer Products 1970 Ltd.		3,831			218,403
Electrolux AB, Class B(a)		7,073			109,229
Fiskars OYJ Abp		574			13,261
Focusrite plc		2,156			26,933
Forbo Holding AG (Registered)		24			35,407
Fujitsu General Ltd.		2,100			37,523

Investments	Shares		Value
Household Durables – (continued)
Glenveagh Properties plc* (a) (b)		34,100	$	41,298
Haseko Corp.		3,500		38,442
Iida Group Holdings Co. Ltd.		5,400		86,610
JM AB		1,842		43,034
JS Global Lifestyle Co. Ltd.(b)		22,000		26,497
Kaufman & Broad SA(a)		6,321		193,715
Ki-Star Real Estate Co. Ltd.(a)		3,300		138,052
Man Wah Holdings Ltd.(a)		19,200		18,280
Nagawa Co. Ltd.		500		35,505
Neinor Homes SA* (b)		15,910		179,927
Nikon Corp.(a)		5,800		65,852
Nobia AB*		52,159		206,647
Open House Group Co. Ltd.		1,800		70,022
Panasonic Holdings Corp.(a)		51,600		462,194
Persimmon plc		7,267		191,598
Pressance Corp.(a)		8,600		103,683
Redrow plc		10,340		68,544
Rinnai Corp.		600		38,530
Sangetsu Corp.		2,256		27,147
SEB SA		616		74,538
Sekisui Chemical Co. Ltd.		10,900		147,986
Sekisui House Ltd.		16,300		284,206
Sharp Corp.		6,200		52,640
Sony Group Corp.		20,500		1,775,316
Sumitomo Forestry Co. Ltd.		3,300		50,916
Tama Home Co. Ltd.(a)		4,400		86,329
Tamron Co. Ltd.(a)		4,400		78,009
Taylor Wimpey plc		85,527		136,264
Token Corp.(a)		2,600		173,788
Victoria plc* (a)		5,192		41,719
Vistry Group plc		7,172		75,322
Vitec Group plc (The)		2,376		37,050
Zojirushi Corp.		1,300		13,787
				6,771,915
Household Products – 0.4%
Earth Corp.		600		25,471
Essity AB, Class A		616		16,448
Essity AB, Class B		9,374		249,824
Henkel AG & Co. KGaA		1,730		110,599
Henkel AG & Co. KGaA (Preference)		3,010		194,842

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 147

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Household Products – (continued)
Lion Corp.		6,800	$	70,278
Pigeon Corp.(a)		2,400		41,068
Reckitt Benckiser Group plc		11,782		923,040
Sano-Brunos Enterprises Ltd.		308		33,689
Unicharm Corp.(a)		8,100		283,025
				1,948,284
Independent Power and Renewable Electricity Producers – 0.3%
Albioma SA		1,496		79,778
Boralex, Inc., Class A(a)		2,081		62,704
Brookfield Renewable Corp.		2,068		74,643
Capital Power Corp.(a)		2,596		85,758
ContourGlobal plc(b)		17,776		42,895
Corp. ACCIONA Energias Renovables SA		1,276		47,626
Doral Group Renewable Energy Resources Ltd.*		2,244		8,697
Drax Group plc		13,330		135,225
EDP Renovaveis SA(a)		5,117		122,215
Electric Power Development Co. Ltd.		3,100		42,758
Encavis AG		7,267		160,609
Enlight Renewable Energy Ltd.*		14,280		30,987
eRex Co. Ltd.(a)		2,700		41,429
ERG SpA		704		24,434
Falck Renewables SpA		5,060		47,162
Innergex Renewable Energy, Inc.		559		7,523
Meridian Energy Ltd.		28,875		88,834
Neoen SA* (a) (b)		1,144		46,102
Northland Power, Inc.		3,652		110,784
Scatec ASA(b)		988		12,249
Solaria Energia y Medio Ambiente SA*		4,928		110,838
TransAlta Corp.		6,864		74,008
Uniper SE		2,028		52,459
Voltalia SA (Registered)*		2,112		44,895
				1,554,612
Industrial Conglomerates – 1.0%
Aker ASA, Class A(a)		264		21,947

Investments	Shares		Value
Industrial Conglomerates – (continued)
Arad Investment & Industrial Development Ltd.		1,075	$	145,090
Bonheur ASA		1,276		48,142
CK Hutchison Holdings Ltd.		63,356		445,728
DCC plc		2,236		170,628
Hitachi Ltd.		22,300		1,045,119
Indus Holding AG		7,120		203,555
Investment AB Latour, Class B		2,024		54,375
Italmobiliare SpA		245		7,806
Jardine Cycle & Carriage Ltd.		3,600		75,603
Jardine Matheson Holdings Ltd.		6,000		318,780
Keihan Holdings Co. Ltd.		2,500		53,662
Keppel Corp. Ltd.		30,100		149,748
Lifco AB, Class B* (a)		4,576		97,797
Melrose Industries plc		71,556		106,099
Nisshinbo Holdings, Inc.(a)		55,000		413,901
Nolato AB, Class B		3,080		21,543
Noritsu Koki Co. Ltd.		800		13,374
NWS Holdings Ltd.		44,000		40,040
Siemens AG (Registered)		12,771		1,586,822
Smiths Group plc		5,500		102,025
Storskogen Group AB, Class B*		7,392		15,821
TOKAI Holdings Corp.		45,795		308,929
Toshiba Corp.		7,600		317,116
				5,763,650
Insurance – 4.1%
Admiral Group plc		4,601		145,800
Aegon NV		25,413		133,109
Ageas SA		4,558		220,612
AIA Group Ltd.		196,200		1,944,208
Allianz SE (Registered)		9,288		2,118,409
Alm Brand A/S		225,922		393,128
ASR Nederland NV		3,538		161,763
Assicurazioni Generali SpA(a)		26,316		502,493
AUB Group Ltd.(a)		4,928		81,704
Aviva plc		83,678		455,215
AXA SA		47,300		1,270,432
Baloise Holding AG (Registered)		1,032		181,064
Beazley plc		13,904		75,342
Clal Insurance Enterprises Holdings Ltd.*		2,684		59,792

See Accompanying Notes to the Financial Statements.

148 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
CNP Assurances		3,124	$	68,813
Coface SA		5,065		61,502
Conduit Holdings Ltd.		4,092		19,574
Dai-ichi Life Holdings, Inc.		25,900		520,659
Direct Line Insurance Group plc		22,704		72,317
Fairfax Financial Holdings Ltd.		559		308,737
Gjensidige Forsikring ASA		2,860		61,887
Great Eastern Holdings Ltd.		2,400		35,455
Great-West Lifeco, Inc.		6,200		171,924
Grupo Catalana Occidente SA		704		20,461
Hannover Rueck SE		1,204		189,127
Harel Insurance Investments & Financial Services Ltd.		3,957		48,788
Helvetia Holding AG (Registered)		880		114,233
Hiscox Ltd.		5,060		60,136
iA Financial Corp., Inc.		2,967		155,936
IDI Insurance Co. Ltd.		3,036		100,578
Insurance Australia Group Ltd.(a)		42,742		137,901
Intact Financial Corp.		2,752		386,988
Japan Post Holdings Co. Ltd.		24,400		171,663
Japan Post Insurance Co. Ltd.		4,400		71,488
Just Group plc		407,812		435,207
Lancashire Holdings Ltd.		82,818		441,075
Legal & General Group plc		134,246		424,904
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		40,084		57,890
Manulife Financial Corp.		42,828		841,782
Mapfre SA		22,440		41,309
Medibank Pvt Ltd.		51,283		116,622
Menora Mivtachim Holdings Ltd.*		1,761		44,110
Migdal Insurance & Financial Holdings Ltd.		26,952		45,725
MS&AD Insurance Group Holdings, Inc.		10,000		299,552
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		3,096		742,390

Investments	Shares		Value
Insurance – (continued)
nib holdings Ltd.		11,260	$	56,654
NN Group NV		7,353		364,116
Phoenix Group Holdings plc		15,781		120,661
Phoenix Holdings Ltd. (The)		5,085		64,309
Poste Italiane SpA(b)		11,981		118,532
Power Corp. of Canada		12,651		374,170
Powszechny Zaklad Ubezpieczen SA		9,856		68,185
Protector Forsikring ASA		4,092		46,908
Prudential plc		42,613		540,356
PSC Insurance Group Ltd.		14,212		46,459
QBE Insurance Group Ltd.(a)		32,508		284,614
Sampo OYJ, Class A		8,729		427,374
SCOR SE		3,124		88,983
Societa Cattolica Di Assicurazione SpA*		16,060		104,959
Sompo Holdings, Inc.		8,400		342,652
Steadfast Group Ltd.		17,908		65,668
Storebrand ASA		12,857		113,493
Sun Life Financial, Inc.(a)		13,889		694,531
Suncorp Group Ltd.		25,284		205,914
Swiss Life Holding AG (Registered)		688		406,144
Swiss Re AG		6,579		544,403
T&D Holdings, Inc.		12,900		166,278
Talanx AG		968		40,643
Tokio Marine Holdings, Inc.		16,500		893,899
Topdanmark A/S		880		49,520
Trisura Group Ltd.*		2,200		53,173
Tryg A/S		5,124		122,808
Unipol Gruppo SpA		6,080		33,482
UnipolSai Assicurazioni SpA(a)		11,528		32,641
UNIQA Insurance Group AG(a)		43,817		337,441
Wuestenrot & Wuerttembergische AG		7,568		143,071
Yunfeng Financial Group Ltd.*		312,000		54,875
Zurich Insurance Group AG		3,483		1,600,031
				22,618,751
Interactive Media & Services – 0.2%
Adevinta ASA*		6,732		53,254
Auto Trader Group plc(b)		15,566		124,060

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 149

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Interactive Media & Services – (continued)
Baltic Classifieds Group plc*		16,280	$	26,980
Better Collective A/S* (a)		2,464		38,369
carsales.com Ltd.(a)		5,148		78,217
Dip Corp.		1,400		46,033
Kakaku.com, Inc.		1,600		33,875
Moneysupermarket.com Group plc		22,168		48,706
New Work SE		159		27,173
REA Group Ltd.(a)		1,056		97,123
Rightmove plc		13,244		102,827
Scout24 SE(b)		1,232		78,762
SEEK Ltd.(a)		5,525		111,429
Trustpilot Group plc* (b)		10,868		14,231
Wirtualna Polska Holding SA(b)		1,936		43,496
Z Holdings Corp.		45,000		178,736
				1,103,271
Internet & Direct Marketing Retail – 0.3%
Allegro.eu SA* (b)		3,080		15,988
ASKUL Corp.		1,000		12,288
ASOS plc* (a)		1,370		24,046
Auction Technology Group plc*		4,356		48,072
Belluna Co. Ltd.(a)		15,600		88,018
BHG Group AB* (a)		7,216		50,399
boohoo Group plc* (a)		15,511		15,821
Boozt AB* (b)		2,508		26,557
Cazoo Group Ltd.*		3,471		5,865
Delivery Hero SE* (b)		2,288		81,680
Demae-Can Co. Ltd.* (a)		8,800		37,018
Dustin Group AB(a) (b)		3,680		26,717
Just Eat Takeaway.com NV* (a) (b)		1,936		53,727
Mercari, Inc.* (a)		1,900		32,410
Oisix ra daichi, Inc.* (a)		2,000		41,865
Prosus NV*		13,416		659,398
Rakuten Group, Inc.(a)		15,800		111,951
Redbubble Ltd.*		44		36
Takkt AG		2,728		44,205
Temple & Webster Group Ltd.* (a)		7,304		30,624

Investments	Shares		Value
Internet & Direct Marketing Retail – (continued)
THG plc*		44	$	59
Zalando SE* (b)		1,814		72,394
Zalando SE* (b)		938		37,434
ZOZO, Inc.		2,800		59,648
				1,576,220
IT Services – 1.6%
AddNode Group AB		2,640		112,546
Adesso SE		220		43,401
Adyen NV* (b)		516		883,487
Alten SA		616		84,025
Amadeus IT Group SA*		7,654		487,705
Appen Ltd.(a)		2,420		11,454
Atea ASA*		2,420		29,300
Atos SE		968		23,896
Bechtle AG		1,364		63,774
Bell System24 Holdings, Inc.		14,100		163,027
BIPROGY, Inc.		1,100		28,018
Bouvet ASA		5,764		42,999
CANCOM SE		1,981		96,342
Capgemini SE		2,494		515,948
Capita plc*		482,460		145,254
CGI, Inc.*		3,870		310,194
Change, Inc.(a)		3,500		49,301
Computacenter plc		1,092		36,716
Computershare Ltd.		11,438		205,893
Comture Corp.(a)		2,300		50,239
Converge Technology Solutions Corp.*		11,792		79,625
Data#3 Ltd.		12,760		52,775
Digital Garage, Inc.		1,300		43,347
DTS Corp.(a)		2,100		46,179
Econocom Group SA/NV		29,084		111,990
Edenred		4,257		215,744
EML Payments Ltd.* (a)		24,816		28,217
FDM Group Holdings plc		3,850		49,207
Formula Systems 1985 Ltd.		389		37,834
Fujitsu Ltd.		3,200		461,500
Future Corp.		3,400		50,596
GFT Technologies SE		924		37,041
GMO internet, Inc.		1,200		24,313
GMO Payment Gateway, Inc.(a)		1,000		85,597

See Accompanying Notes to the Financial Statements.

150 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
IT Services – (continued)
Indra Sistemas SA* (a)		9,988	$	102,892
Infocom Corp.		1,600		27,478
Infomart Corp.		5,300		26,795
Itochu Techno-Solutions Corp.		2,400		56,592
Keywords Studios plc		1,144		34,528
KNOW IT AB		1,144		35,698
Matrix IT Ltd.		924		23,429
Megaport Ltd.* (a)		3,960		24,427
Mitsubishi Research Institute, Inc.(a)		4,300		130,102
NCC Group plc		23,672		54,388
NEC Corp.		6,300		245,562
NEC Networks & System Integration Corp.		2,400		34,270
NET One Systems Co. Ltd.		2,300		55,210
Nexi SpA* (b)		15,910		158,141
NEXTDC Ltd.* (a)		10,736		86,061
Nomura Research Institute Ltd.		6,645		190,282
NS Solutions Corp.		800		24,082
NTT Data Corp.		10,200		189,183
Nuvei Corp.* (b)		836		46,992
Obic Co. Ltd.		1,300		193,455
One Software Technologies Ltd.		3,388		56,221
Otsuka Corp.		2,500		82,491
Relia, Inc.		15,300		126,122
Reply SpA		484		72,147
S&T AG(a)		3,168		54,142
SCSK Corp.		2,700		43,263
SHIFT, Inc.*		300		57,448
Shopify, Inc., Class A*		1,806		776,535
Softcat plc		2,288		40,676
Solutions 30 SE*		5,136		30,158
Sopra Steria Group SACA		396		70,894
SUNeVision Holdings Ltd.		90,000		74,903
TechMatrix Corp.		3,300		51,324
TELUS International CDA, Inc.* (a)		4,752		103,514
TietoEVRY OYJ(a)		1,598		40,358
TIS, Inc.		4,700		106,399
Transcosmos, Inc.(a)		8,600		204,114
Tyro Payments Ltd.*		8,888		7,927

Investments	Shares		Value
IT Services – (continued)
Wise plc, Class A*		9,328	$	46,260
Worldline SA* (b)		4,558		182,000
				8,673,947
Leisure Products – 0.3%
Accell Group NV*		1,452		87,925
Bandai Namco Holdings, Inc.		4,000		273,510
Beneteau SA*		2,904		36,763
BRP, Inc.(a)		639		52,033
Games Workshop Group plc		684		63,634
GLOBERIDE, Inc.		8,600		175,306
Harvia OYJ(a) (b)		748		25,898
MIPS AB(b)		440		31,738
Mizuno Corp.		8,600		142,183
Sega Sammy Holdings, Inc.		2,600		46,357
Shimano, Inc.		1,600		287,743
Snow Peak, Inc.(a)		1,600		29,849
Spin Master Corp.* (b)		1,936		69,999
Technogym SpA(b)		4,905		37,438
Thule Group AB(a) (b)		2,024		71,694
Tomy Co. Ltd.(a)		34,900		333,484
Universal Entertainment Corp.*		300		5,402
Yamaha Corp.		3,400		131,213
Yonex Co. Ltd.		5,600		36,869
				1,939,038
Life Sciences Tools & Services – 0.4%
AddLife AB, Class B		1,496		33,759
Bachem Holding AG (Registered), Class B* (a)		88		38,894
Chemometec A/S		572		65,504
Ergomed plc*		2,420		36,095
Eurofins Scientific SE		2,150		201,230
Evotec SE*		3,042		74,709
Gerresheimer AG		755		52,966
Lonza Group AG (Registered)		1,204		717,451
Oxford Nanopore Technologies plc*		5,808		22,350
QIAGEN NV*		4,369		198,222
Sartorius Stedim Biotech		344		113,552
Siegfried Holding AG (Registered)*		88		64,369
Tecan Group AG (Registered)		220		66,998

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 151

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Life Sciences Tools & Services – (continued)
Wuxi Biologics Cayman, Inc.* (b)		43,000	$	328,824
				2,014,923
Machinery – 2.9%
Aalberts NV		1,404		69,066
Aichi Corp.		13,200		92,306
Aida Engineering Ltd.(a)		25,500		190,128
Alfa Laval AB(a)		5,160		145,895
Alstom SA(a)		4,634		103,248
Amada Co. Ltd.		7,200		56,351
ANDRITZ AG		2,081		89,483
Atlas Copco AB, Class A(a)		10,793		498,027
Atlas Copco AB, Class B(a)		6,794		273,401
ATS Automation Tooling Systems, Inc.*		1,980		58,081
Beijer Alma AB		2,304		48,464
Bobst Group SA (Registered)		528		45,095
Bodycote plc		11,283		88,324
Bucher Industries AG (Registered)		176		64,369
Burckhardt Compression Holding AG		132		67,996
Bystronic AG		55		46,010
Cargotec OYJ, Class B		684		23,942
CKD Corp.		2,500		32,803
CNH Industrial NV		17,802		257,852
Concentric AB		2,420		47,692
Construcciones y Auxiliar de Ferrocarriles SA		720		22,255
Daetwyler Holding AG		176		57,207
Daifuku Co. Ltd.		2,300		142,907
Danieli & C Officine Meccaniche SpA(a)		528		11,335
Danieli & C Officine Meccaniche SpA (Retirement Savings Plan)		4,004		62,853
Deutz AG		7,436		33,324
DMG Mori Co. Ltd.		2,100		26,615
Duerr AG		2,684		70,334
Ebara Corp.		2,600		120,809
Electrolux Professional AB, Class B		4,532		25,637

Investments	Shares		Value
Machinery – (continued)
Epiroc AB, Class A(a)		9,900	$	203,795
Epiroc AB, Class B		7,697		136,007
FANUC Corp.		3,100		482,491
Fincantieri SpA* (a)		208,253		127,973
FLSmidth & Co. A/S		3,696		102,945
Fluidra SA		912		25,130
Frencken Group Ltd.		30,800		31,895
Fuji Corp.		1,000		16,842
Fujitec Co. Ltd.		2,400		52,109
Fukushima Galilei Co. Ltd.		4,300		125,455
GEA Group AG		3,182		124,774
Georg Fischer AG (Registered)		880		48,504
Giken Ltd.		1,200		33,019
Glory Ltd.(a)		21,600		349,274
Harmonic Drive Systems, Inc.(a)		1,500		38,206
Hino Motors Ltd.		10,300		53,583
Hirata Corp.		800		29,639
Hitachi Construction Machinery Co. Ltd.		2,800		63,862
Hitachi Zosen Corp.(a)		12,400		67,475
Hoshizaki Corp.		1,200		76,412
Husqvarna AB, Class B		7,480		72,178
IHI Corp.		2,500		57,194
IMI plc		3,784		64,374
Indutrade AB		5,016		120,261
Interpump Group SpA		1,584		64,803
Interroll Holding AG (Registered)		19		58,136
Japan Steel Works Ltd. (The)(a)		900		25,563
JOST Werke AG(b)		5,934		230,371
Jungheinrich AG (Preference)		3,036		75,202
Kardex Holding AG (Registered)		264		50,915
Kawasaki Heavy Industries Ltd.(a)		2,800		49,880
KION Group AG		1,419		79,729
Kitz Corp.		30,100		154,031
Komatsu Ltd.		16,600		374,256
Komax Holding AG (Registered)		176		46,781
Kone OYJ, Class B		6,192		301,071
Konecranes OYJ		2,273		64,743

See Accompanying Notes to the Financial Statements.

152 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Machinery – (continued)
Krones AG		484	$	37,861
Kubota Corp.(a)		19,200		328,768
Kurita Water Industries Ltd.		2,500		86,350
Kyokuto Kaihatsu Kogyo Co. Ltd.		13,000		131,545
Makino Milling Machine Co. Ltd.		8,600		264,518
Makita Corp.		4,700		140,427
Manitou BF SA(a)		5,246		119,263
Max Co. Ltd.		2,800		34,384
Meidensha Corp.		16,400		298,228
Metso Outotec OYJ		13,287		115,053
MINEBEA MITSUMI, Inc.		7,311		142,202
MISUMI Group, Inc.		3,900		98,734
Mitsubishi Heavy Industries Ltd.(a)		8,600		294,389
Miura Co. Ltd.		2,100		44,250
Morgan Advanced Materials plc		20,416		72,411
Morita Holdings Corp.		15,500		149,186
Nabtesco Corp.		2,900		66,658
Nachi-Fujikoshi Corp.		8,600		250,247
NFI Group, Inc.(a)		3,960		36,531
NGK Insulators Ltd.		7,900		106,829
Nikkiso Co. Ltd.(a)		21,500		134,417
Nitta Corp.		8,600		183,603
Nittoku Co. Ltd.		1,300		19,647
Norma Group SE		2,596		64,468
NSK Ltd.		9,600		53,276
NTN Corp.* (a)		176,300		283,038
OC Oerlikon Corp. AG (Registered)		469		3,385
OKUMA Corp.(a)		1,000		36,045
Organo Corp.		3,100		214,387
OSG Corp.		1,500		18,895
Palfinger AG		787		19,926
Pfeiffer Vacuum Technology AG		220		39,409
Rational AG		55		33,856
Rotork plc		13,640		50,142
Sandvik AB(a)		17,630		338,888
Savaria Corp.(a)		3,080		36,968

Investments	Shares		Value
Machinery – (continued)
Schindler Holding AG		690	$	134,638
Schindler Holding AG (Registered)		220		42,928
SFS Group AG		220		27,833
Shibaura Machine Co. Ltd.		2,349		56,477
Shibuya Corp.		8,600		155,857
Shima Seiki Manufacturing Ltd.		1,300		18,603
Shinmaywa Industries Ltd.		21,000		147,823
Skellerup Holdings Ltd.(a)		10,736		39,858
SKF AB, Class A		1,408		27,690
SKF AB, Class B(a)		5,764		95,553
SMC Corp.		1,100		535,312
Spirax-Sarco Engineering plc		1,204		183,662
Stabilus SE		1,188		56,648
Stadler Rail AG(a)		1,056		38,622
Star Micronics Co. Ltd.		12,900		145,469
Sumitomo Heavy Industries Ltd.		3,300		70,019
Tadano Ltd.		8,900		63,473
Takeuchi Manufacturing Co. Ltd.		2,600		47,782
Takuma Co. Ltd.		30,300		340,746
Techtronic Industries Co. Ltd.		29,500		400,043
THK Co. Ltd.		1,700		34,037
Tocalo Co. Ltd.		3,800		38,276
Toyota Industries Corp.		3,800		228,481
Trelleborg AB, Class B(a)		4,796		106,759
Tsubakimoto Chain Co.		10,800		247,243
Tsugami Corp.		20,600		194,298
Union Tool Co.		500		14,433
Valmet OYJ		3,228		87,382
VAT Group AG(b)		473		149,602
Vesuvius plc		9,944		40,376
Volvo AB, Class A(a)		3,212		53,329
Volvo AB, Class B		27,047		437,575
Wacker Neuson SE		1,713		36,016
Wartsila OYJ Abp		5,720		46,452
Weir Group plc (The)		3,920		76,727
Yaskawa Electric Corp.		4,300		147,692
				15,866,585
Marine – 0.6%
AP Moller – Maersk A/S, Class A		66		189,072

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 153

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Marine – (continued)
AP Moller – Maersk A/S, Class B		129	$	378,330
Clarkson plc		1,408		65,230
D/S Norden A/S		11,094		415,358
Dfds A/S		660		25,796
Golden Ocean Group Ltd.(a)		4,796		61,336
Kawasaki Kisen Kaisha Ltd.		2,000		105,743
Kuehne + Nagel International AG (Registered)		731		207,179
Mitsui OSK Lines Ltd.		9,700		229,847
MPC Container Ships ASA		18,920		57,492
Nippon Yusen KK(a)		3,800		277,462
NS United Kaiun Kaisha Ltd.(a)		4,300		119,315
Pacific Basin Shipping Ltd.		1,720,000		802,330
SITC International Holdings Co. Ltd.		24,000		81,059
Stolt-Nielsen Ltd.		8,815		161,037
Wallenius Wilhelmsen ASA(a)		5,632		35,969
Wilh Wilhelmsen Holding ASA, Class A		4,472		110,881
				3,323,436
Media – 1.0%
4imprint Group plc		836		28,654
Ascential plc* (b)		26,918		107,538
Atresmedia Corp. de Medios de Comunicacion SA		25,344		97,589
Cogeco Communications, Inc.(a)		572		47,217
Cogeco, Inc.		3,010		180,169
Corus Entertainment, Inc., Class B(a)		67,682		222,950
CyberAgent, Inc.		6,300		67,396
Cyfrowy Polsat SA		8,140		44,427
Dentsu Group, Inc.		3,800		137,998
Euromoney Institutional Investor plc		4,083		50,903
Eutelsat Communications SA		3,740		41,862
Future plc		2,332		64,939
Hakuhodo DY Holdings, Inc.		4,700		55,866
Informa plc* (a)		28,337		204,426
Intage Holdings, Inc.		4,100		50,000

Investments	Shares		Value
Media – (continued)
IPSOS		15,050	$	731,930
ITV plc		82,500		76,959
JCDecaux SA*		968		20,444
Kadokawa Corp.		2,200		55,611
Lagardere SA		2,552		67,198
Mediaset Espana Comunicacion SA*		49,364		222,055
Metropole Television SA		4,972		92,893
MFE-MediaForEurope NV, Class B(a)		33,079		30,604
Next Fifteen Communications Group plc		5,104		85,099
Nine Entertainment Co. Holdings Ltd.(a)		10,556		20,179
Nippon Television Holdings, Inc.		2,400		23,118
Nordic Entertainment Group AB, Class B*		1,188		39,631
oOh!media Ltd.(a)		47,520		52,681
Pearson plc		14,104		139,146
ProSiebenSat.1 Media SE		2,772		32,212
Publicis Groupe SA		5,117		310,827
Quebecor, Inc., Class B(a)		2,728		64,526
RAI Way SpA(b)		8,120		48,099
Reach plc		111,155		226,917
RTL Group SA		1,056		55,300
S4 Capital plc*		10,516		40,269
Schibsted ASA, Class A		1,144		24,276
Schibsted ASA, Class B(a)		2,493		48,567
SES SA, Receipts		9,724		87,565
Seven West Media Ltd.* (a)		410,478		204,194
Shaw Communications, Inc., Class B		6,736		201,651
Singapore Press Holdings Ltd.(d)		27,000		45,948
SKY Perfect JSAT Holdings, Inc.		50,300		163,060
Stroeer SE & Co. KGaA		620		37,380
Telenet Group Holding NV		1,320		39,409
Television Francaise 1		37,109		316,513
TX Group AG		352		50,190
ValueCommerce Co. Ltd.		1,400		41,548
Vivendi SE		10,019		115,842
WPP plc		20,339		256,633

See Accompanying Notes to the Financial Statements.

154 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Media – (continued)
YouGov plc		7,040	$	110,926
				5,581,334
Metals & Mining – 6.0%
Acerinox SA		7,260		77,240
Agnico Eagle Mines Ltd.		7,310		427,716
Alamos Gold, Inc., Class A(a)		3,983		31,102
Allkem Ltd.* (a)		8,316		72,395
Alumina Ltd.(a)		42,504		54,672
AMG Advanced Metallurgical Group NV(a)		1,540		60,988
Anglo American plc		31,519		1,419,056
Antofagasta plc		6,963		135,589
Aperam SA		1,554		60,707
ArcelorMittal SA		13,545		401,744
Asahi Holdings, Inc.(a)		29,300		467,000
Aurubis AG		1,075		123,784
AVZ Minerals Ltd.* (a)		111,012		78,102
B2Gold Corp.(a)		29,025		123,772
Barrick Gold Corp.		5,914		132,574
Barrick Gold Corp. – XLON		22,380		505,962
Bekaert SA		1,540		57,772
Bellevue Gold Ltd.* (a)		49,941		34,071
BHP Group Ltd.		51,120		1,748,937
BHP Group Ltd.		63,948		2,181,798
BlueScope Steel Ltd.		10,707		156,287
Boliden AB(a)		5,418		238,554
Capricorn Metals Ltd.*		19,272		56,837
Capstone Copper Corp.* (a)		10,472		47,933
Centamin plc		402,394		462,667
Centerra Gold, Inc.		83,850		780,076
Chalice Mining Ltd.* (a)		10,120		49,983
Daido Steel Co. Ltd.		800		22,877
Daiki Aluminium Industry Co. Ltd.(a)		12,900		144,572
De Grey Mining Ltd.* (a)		86,240		73,850
Deterra Royalties Ltd.		15,180		52,428
Dowa Holdings Co. Ltd.		1,100		47,036
Dundee Precious Metals, Inc.		76,239		443,815
Eldorado Gold Corp.*		64,500		629,835
Endeavour Mining plc		3,438		84,559
Endeavour Silver Corp.* (a)		11,132		42,680

Investments	Shares		Value
Metals & Mining – (continued)
Equinox Gold Corp.* (a)		98,169	$	703,594
Eramet SA* (a)		3,827		517,177
ERO Copper Corp.* (a)		4,268		61,680
Evolution Mining Ltd.(a)		35,786		102,997
Falcon Metals Ltd.*		1		—	(f)
Ferrexpo plc		10,868		22,555
First Majestic Silver Corp.		3,432		35,634
First Quantum Minerals Ltd.		9,589		276,329
Fortescue Metals Group Ltd.(a)		39,646		609,413
Fortuna Silver Mines, Inc.* (a)		103,329		363,012
Franco-Nevada Corp.		2,881		437,949
Fresnillo plc(a)		3,872		37,695
Glencore plc*		242,950		1,516,883
Gold Road Resources Ltd.(a)		80,872		89,369
Granges AB(a)		38,442		318,932
Greatland Gold plc* (a)		350,768		58,572
Grupa Kety SA		308		44,559
Hill & Smith Holdings plc		5,236		90,981
Hitachi Metals Ltd.*		4,740		74,195
Hochschild Mining plc(a)		99,717		147,730
Hudbay Minerals, Inc.		13,288		85,568
IAMGOLD Corp.*		17,424		49,489
IGO Ltd.		13,200		123,542
Iluka Resources Ltd.		6,916		55,734
Imdex Ltd.		22,176		39,556
ioneer Ltd.* (a)		110,528		53,019
Ivanhoe Mines Ltd., Class A* (a)		13,068		105,317
Jastrzebska Spolka Weglowa SA*		3,124		47,603
Jervois Global Ltd.* (a)		49,165		31,620
JFE Holdings, Inc.		12,900		158,811
K92 Mining, Inc.* (a)		16,544		118,444
KGHM Polska Miedz SA		2,288		74,735
Kinross Gold Corp.		23,532		119,497
Kobe Steel Ltd.		7,000		30,526
Kyoei Steel Ltd.		8,300		85,780
Labrador Iron Ore Royalty Corp.(a)		24,811		674,802
Lake Resources NL* (a)		76,296		106,813
Lithium Americas Corp.* (a)		2,508		63,541
Lundin Gold, Inc.* (a)		6,342		51,359
Lundin Mining Corp.		13,029		119,581

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 155

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Metals & Mining – (continued)
Lynas Rare Earths Ltd.* (a)		19,307	$	125,680
MAG Silver Corp.*		4,656		68,999
Maruichi Steel Tube Ltd.(a)		1,900		40,681
Mineral Resources Ltd.		3,698		153,842
Mitsubishi Materials Corp.		3,800		59,628
Mitsui Mining & Smelting Co. Ltd.		1,600		40,753
New Gold, Inc.* (a)		231,856		339,244
Newcrest Mining Ltd.(a)		15,050		287,489
Nickel Mines Ltd.(a)		46,684		43,626
Nippon Light Metal Holdings Co. Ltd.		21,500		276,301
Nippon Steel Corp.		21,015		335,679
Norsk Hydro ASA		34,959		299,963
Northern Star Resources Ltd.		17,974		125,433
Novagold Resources, Inc.* (a)		16,426		102,948
OceanaGold Corp.*		1,000		2,504
OceanaGold Corp.* (a)		247,090		618,668
Orla Mining Ltd.* (a)		10,780		45,969
Osisko Gold Royalties Ltd.(a)		9,245		114,364
Osisko Mining, Inc.*		27,456		87,005
Outokumpu OYJ(a)		7,392		36,924
OZ Minerals Ltd.(a)		6,973		123,884
Pan American Silver Corp.		4,082		101,727
Perenti Global Ltd.(a)		313,556		158,208
Perseus Mining Ltd.(a)		483,320		681,791
Pilbara Minerals Ltd.*		36,168		73,253
Ramelius Resources Ltd.(a)		358,792		385,013
Regis Resources Ltd.(a)		257,226		382,047
Rio Tinto Ltd.		8,686		696,466
Rio Tinto plc		24,080		1,725,063
Salzgitter AG*		15,093		634,028
Sandfire Resources Ltd.		150,672		611,399
Sandstorm Gold Ltd.		13,772		103,017
Sanyo Special Steel Co. Ltd.		9,000		138,654
Sayona Mining Ltd.* (a)		267,529		60,838
Seabridge Gold, Inc.*		5,588		99,295
Silver Lake Resources Ltd.*		70,620		93,346
SilverCrest Metals, Inc.*		9,416		71,391
Sims Ltd.(a)		5,980		88,266
Solaris Resources, Inc.*		3,872		38,931
South32 Ltd.		117,433		398,074

Investments	Shares		Value
Metals & Mining – (continued)
SSAB AB, Class A		10,296	$	66,591
SSAB AB, Class B		9,504		56,907
SSR Mining, Inc.		5,762		127,408
St Barbara Ltd.(a)		292,572		277,568
Stelco Holdings, Inc.		596		21,866
Sumitomo Metal Mining Co. Ltd.		6,100		267,005
Teck Resources Ltd., Class B(a)		10,406		412,641
thyssenkrupp AG*		8,316		64,745
Toho Titanium Co. Ltd.		200		2,294
Tokyo Steel Manufacturing Co. Ltd.		30,100		312,012
Torex Gold Resources, Inc.*		34,787		391,407
Turquoise Hill Resources Ltd.* (a)		35,733		979,963
UACJ Corp.		11,500		193,856
voestalpine AG		1,880		49,702
Vulcan Energy Resources Ltd.* (a)		6,732		40,569
Wesdome Gold Mines Ltd.*		8,888		91,171
West African Resources Ltd.*		70,224		67,870
Western Areas Ltd.*		19,404		52,952
Westgold Resources Ltd.(a)		157,067		182,498
Wheaton Precious Metals Corp.(a)		7,267		327,400
Yamana Gold, Inc.		23,875		132,447
Yamato Kogyo Co. Ltd.		1,300		42,143
Yodogawa Steel Works Ltd.		11,500		218,532
				33,483,501
Multiline Retail – 0.4%
B&M European Value Retail SA		17,329		106,651
Canadian Tire Corp. Ltd., Class A		1,220		168,913
Dollarama, Inc.		4,343		242,696
Europris ASA(b)		66,177		339,531
H2O Retailing Corp.		5,615		36,708
Harvey Norman Holdings Ltd.(a)		17,952		64,936
Isetan Mitsukoshi Holdings Ltd.		9,100		67,639
Izumi Co. Ltd.		1,300		28,125
J Front Retailing Co. Ltd.		9,100		68,341
Next plc		2,365		178,928

See Accompanying Notes to the Financial Statements.

156 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Multiline Retail – (continued)
Pan Pacific International Holdings Corp.		7,500	$	116,413
Ryohin Keikaku Co. Ltd.		6,000		54,137
Seria Co. Ltd.		1,000		19,697
Takashimaya Co. Ltd.		4,400		40,108
Tokmanni Group Corp.		2,948		38,564
Warehouse Group Ltd. (The)(a)		30,712		68,771
Wesfarmers Ltd.		18,748		658,303
				2,298,461
Multi-Utilities – 0.7%
A2A SpA		51,964		89,465
ACEA SpA		1,552		26,802
AGL Energy Ltd.		12,344		76,143
Algonquin Power & Utilities Corp.(a)		12,062		175,544
Atco Ltd., Class I		1,064		38,104
Canadian Utilities Ltd., Class A		1,628		49,195
Centrica plc*		123,453		123,159
E.ON SE		53,492		560,364
Engie SA(a)		38,442		459,157
Hera SpA		19,272		72,297
Iren SpA		19,624		51,259
National Grid plc		63,985		959,178
REN – Redes Energeticas Nacionais SGPS SA		142,244		433,674
RWE AG		10,578		441,795
Sembcorp Industries Ltd.		4,000		8,545
Telecom Plus plc		4,843		101,056
Veolia Environnement SA(a)		11,352		334,125
				3,999,862
Oil, Gas & Consumable Fuels – 6.0%
Advantage Energy Ltd.*		10,340		86,811
Aker BP ASA(a)		1,828		66,810
Ampol Ltd.		2,420		58,214
ARC Resources Ltd.(a)		17,931		249,874
Baytex Energy Corp.*		29,713		152,744
Beach Energy Ltd.		39,336		45,425
Birchcliff Energy Ltd.		97,524		717,285
BP plc		456,058		2,241,940
BRIGHTOIL* ‡		50,147		—

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
BW LPG Ltd.(b)		35,819	$	229,719
Cameco Corp.(a)		7,095		184,141
Canadian Natural Resources Ltd.		27,176		1,690,672
Capricorn Energy plc* (a)		23,656		61,242
Cenovus Energy, Inc.(a)		21,672		402,731
Crescent Point Energy Corp.		15,928		110,918
Denison Mines Corp.* (a)		53,196		69,094
Diversified Energy Co. plc(b)		315,706		479,606
DNO ASA		22,968		35,673
Enbridge, Inc.		32,164		1,410,832
ENEOS Holdings, Inc.		77,450		272,713
Energean plc*		8,008		119,040
Energy Fuels, Inc.* (a)		10,296		77,982
Enerplus Corp.(a)		92,149		1,134,874
Eni SpA		55,298		781,127
Equinor ASA		24,123		831,283
Equital Ltd.*		6,794		278,750
Euronav NV		8,360		97,983
FLEX LNG Ltd.		10,750		309,004
Freehold Royalties Ltd.		5,060		59,308
Galp Energia SGPS SA		12,298		150,885
Gaztransport Et Technigaz SA		660		79,514
Gibson Energy, Inc.(a)		1,537		29,416
Hafnia Ltd.*		46,860		139,324
Harbour Energy plc		13,992		88,573
Idemitsu Kosan Co. Ltd.		5,982		157,215
Imperial Oil Ltd.		5,117		258,963
Inpex Corp.		23,500		277,879
Itochu Enex Co. Ltd.		17,300		142,876
Iwatani Corp.		1,397		55,962
Japan Petroleum Exploration Co. Ltd.		14,600		289,273
Karoon Energy Ltd.*		45,716		67,250
Keyera Corp.(a)		4,972		123,984
Koninklijke Vopak NV		1,558		42,109
Lundin Energy AB		4,076		170,642
MEG Energy Corp.*		4,928		74,418
Mitsuuroko Group Holdings Co. Ltd.		1,200		9,345
Naphtha Israel Petroleum Corp. Ltd.*		7,920		63,307
Neste OYJ		7,482		325,197

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 157

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – (continued)
New Hope Corp. Ltd.(a)		175,053	$	436,649
NexGen Energy Ltd.* (a)		16,236		80,415
NuVista Energy Ltd.*		64,156		550,174
Oil Refineries Ltd.*		549,927		246,365
OMV AG		3,827		198,231
Paramount Resources Ltd., Class A		4,048		98,377
Parex Resources, Inc.		44,204		866,060
Parkland Corp.		2,207		63,013
Paz Oil Co. Ltd.*		3,637		564,520
Pembina Pipeline Corp.		7,869		299,294
Peyto Exploration & Development Corp.(a)		60,974		624,506
Polski Koncern Naftowy ORLEN SA		5,060		85,884
Polskie Gornictwo Naftowe i Gazownictwo SA		60,060		84,319
PrairieSky Royalty Ltd.(a)		12,040		166,085
Repsol SA		34,529		520,351
San-Ai Obbli Co. Ltd.		25,600		187,712
Santos Ltd.		46,870		266,465
Shell plc		172,731		4,712,450
Suncor Energy, Inc.(a)		33,153		1,197,923
Tamarack Valley Energy Ltd.		123,969		487,903
TC Energy Corp.		15,695		834,455
Topaz Energy Corp.		3,344		59,551
TotalEnergies SE(a)		56,674		2,823,499
Tourmaline Oil Corp.		6,982		361,433
Tullow Oil plc*		538,962		380,963
United Energy Group Ltd.(a)		3,462,000		410,349
Vermilion Energy, Inc.(a)		60,888		1,192,462
Washington H Soul Pattinson & Co. Ltd.		5,720		113,045
Whitecap Resources, Inc.(a)		16,598		136,753
Whitehaven Coal Ltd.(a)		17,109		59,820
Woodside Petroleum Ltd.		14,417		319,146
Z Energy Ltd.(a) (d)		19,228		47,049
				33,277,148
Paper & Forest Products – 0.6%
Altri SGPS SA		22,145		148,465
Canfor Corp.* (a)		1,464		28,042

Investments	Shares		Value
Paper & Forest Products – (continued)
Daiken Corp.		6,500	$	105,557
Daio Paper Corp.		3,745		44,832
Hokuetsu Corp.(a)		64,600		332,075
Holmen AB, Class B		1,540		90,167
Interfor Corp.(a)		23,005		659,163
Metsa Board OYJ, Class B(a)		6,595		71,592
Mondi plc		8,557		162,224
Navigator Co. SA (The)		5,269		21,789
Nippon Paper Industries Co. Ltd.(a)		38,100		303,483
Oji Holdings Corp.		26,000		123,618
Semapa-Sociedade de Investimento e Gestao		3,520		48,720
Stella-Jones, Inc.		3,652		101,440
Stora Enso OYJ, Class R		12,212		243,425
Svenska Cellulosa AB SCA, Class A		2,068		40,924
Svenska Cellulosa AB SCA, Class B		9,116		178,860
Tokushu Tokai Paper Co. Ltd.		4,400		117,166
UPM-Kymmene OYJ		8,772		305,753
West Fraser Timber Co. Ltd.(a)		2,150		189,943
				3,317,238
Personal Products – 0.9%
Beiersdorf AG		1,720		173,867
Blackmores Ltd.(a)		1,320		67,868
euglena Co. Ltd.* (a)		4,400		29,274
Fancl Corp.		400		7,718
Interparfums SA		132		7,380
Jamieson Wellness, Inc.(b)		2,330		58,886
Kao Corp.		7,700		310,888
Kobayashi Pharmaceutical Co. Ltd.		900		61,755
Kose Corp.(a)		700		72,615
L’Occitane International SA		4,500		14,367
L’Oreal SA		3,741		1,376,958
Mandom Corp.		2,600		25,988
Milbon Co. Ltd.		1,000		41,911
Noevir Holdings Co. Ltd.		1,000		39,364
Ontex Group NV* (a)		23,263		161,973
Pola Orbis Holdings, Inc.		2,000		23,248
PZ Cussons plc		28,228		72,653

See Accompanying Notes to the Financial Statements.

158 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Personal Products – (continued)
Rohto Pharmaceutical Co. Ltd.		2,000	$	53,566
Shiseido Co. Ltd.		6,600		312,578
Unilever plc		18,528		865,110
Unilever plc		23,440		1,094,710
				4,872,677
Pharmaceuticals – 4.9%
ALK-Abello A/S*		2,640		58,125
Almirall SA		4,404		57,703
Astellas Pharma, Inc.		30,000		458,012
AstraZeneca plc		24,768		3,323,564
Aurora Cannabis, Inc.*		44		134
Bausch Health Cos., Inc.*		7,181		137,153
Bayer AG (Registered)*		21,758		1,443,782
Camurus AB* (a)		2,860		47,514
Canopy Growth Corp.*		6,156		35,692
Chugai Pharmaceutical Co. Ltd.		11,200		337,400
COSMO Pharmaceuticals NV* (a)		413		23,742
Daiichi Sankyo Co. Ltd.		29,700		747,773
Dechra Pharmaceuticals plc		2,193		100,166
Eisai Co. Ltd.		4,700		205,471
Faes Farma SA		17,235		72,183
Financiere de Tubize SA(a)		264		26,180
GlaxoSmithKline plc		113,778		2,566,984
H Lundbeck A/S		484		11,188
Haw Par Corp. Ltd.		3,200		27,066
Hikma Pharmaceuticals plc		2,900		68,577
Hisamitsu Pharmaceutical Co., Inc.		1,900		52,427
Hutchmed China Ltd.* (a)		7,150		22,038
Indivior plc*		45,193		177,709
Ipsen SA		770		80,175
JCR Pharmaceuticals Co. Ltd.		2,400		44,977
Kaken Pharmaceutical Co. Ltd.		1,500		45,558
Kissei Pharmaceutical Co. Ltd.		1,400		27,782
KYORIN Holdings, Inc.		4,400		64,220
Kyowa Kirin Co. Ltd.		4,400		92,816
Merck KGaA		2,193		409,375
Mithra Pharmaceuticals SA* (a) (b)		1,848		18,170

Investments	Shares		Value
Pharmaceuticals – (continued)
Mochida Pharmaceutical Co. Ltd.		900	$	25,702
Nippon Shinyaku Co. Ltd.		1,400		95,199
Novartis AG (Registered)		39,001		3,475,997
Novo Nordisk A/S, Class B		26,875		3,095,963
Ono Pharmaceutical Co. Ltd.		9,200		236,675
Orion OYJ, Class A		352		14,334
Orion OYJ, Class B		1,404		55,454
Otsuka Holdings Co. Ltd.		8,700		292,977
Recordati Industria Chimica e Farmaceutica SpA		1,628		78,986
Roche Holding AG		11,395		4,254,415
Roche Holding AG – BR		485		196,269
Sanofi		18,275		1,950,671
Santen Pharmaceutical Co. Ltd.		4,500		36,921
Sawai Group Holdings Co. Ltd.		1,800		60,505
Shionogi & Co. Ltd.		4,600		258,155
Sosei Group Corp.* (a)		5,200		51,254
Sumitomo Pharma Co. Ltd.		3,600		32,149
Taisho Pharmaceutical Holdings Co. Ltd.(a)		600		23,618
Takeda Pharmaceutical Co. Ltd.		37,217		1,082,671
Teva Pharmaceutical Industries Ltd.*		27,391		244,355
Torii Pharmaceutical Co. Ltd.		800		20,191
Towa Pharmaceutical Co. Ltd.(a)		9,800		208,617
Tsumura & Co.		900		22,194
UCB SA		2,279		260,619
Vetoquinol SA		308		40,291
Vifor Pharma AG		837		148,360
Virbac SA		132		53,752
ZERIA Pharmaceutical Co. Ltd.(a)		1,800		27,647
				27,127,597
Professional Services – 1.3%
Adecco Group AG (Registered)		3,870		152,105
AFRY AB, Class B		2,640		44,183
ALS Ltd.		8,712		81,104
Amadeus Fire AG		352		49,611
Applus Services SA		49,708		389,101
BayCurrent Consulting, Inc.		300		99,915

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 159

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Professional Services – (continued)
Benefit One, Inc.		1,000	$	15,375
BeNext-Yumeshin Group Co.(a)		4,400		50,908
BTS Group AB, Class B		1,100		41,390
Bureau Veritas SA		4,199		121,508
Danel Adir Yeoshua Ltd.		220		34,914
DKSH Holding AG		660		57,150
Experian plc		15,609		547,151
Funai Soken Holdings, Inc.		2,700		45,431
GlobalData plc		2,508		39,124
Hays plc		34,264		52,999
Insource Co. Ltd.(a)		1,900		32,776
Intertek Group plc		2,322		145,997
Intertrust NV* (b)		33,067		683,727
IPH Ltd.		13,904		75,095
JAC Recruitment Co. Ltd.		1,300		18,392
LifeWorks, Inc.		5,588		82,636
McMillan Shakespeare Ltd.		22,962		194,183
Meitec Corp.		800		42,729
Nihon M&A Center Holdings, Inc.		4,800		59,796
Nomura Co. Ltd.		6,000		41,355
Pagegroup plc		9,108		56,192
Pasona Group, Inc.		1,800		28,801
Persol Holdings Co. Ltd.		4,200		84,091
Randstad NV		1,849		99,208
Recruit Holdings Co. Ltd.		27,500		1,022,654
RELX plc		31,820		956,004
RWS Holdings plc		8,360		46,182
SGS SA (Registered)		86		223,450
SmartGroup Corp. Ltd.(a)		7,766		49,284
SMS Co. Ltd.		2,000		47,777
S-Pool, Inc.		4,400		44,455
Stantec, Inc.		1,848		85,268
SThree plc		7,172		33,091
Synergie SE		440		16,966
TechnoPro Holdings, Inc.		1,100		28,273
Teleperformance		903		326,463
Thomson Reuters Corp.		2,451		246,318
Tinexta Spa		1,056		26,803
UT Group Co. Ltd.(a)		2,000		45,523
Weathernews, Inc.		500		26,397

Investments	Shares		Value
Professional Services – (continued)
Wolters Kluwer NV(a)		4,472	$	455,639
				7,147,494
Real Estate Management & Development – 2.2%
ADLER Group SA(a) (b)		27,907		213,002
Aedas Homes SA(b)		6,751		158,108
Aeon Mall Co. Ltd.		1,990		24,207
AFI Properties Ltd.		165		10,019
Airport City Ltd.*		1,928		43,273
Allreal Holding AG (Registered)		366		69,531
Alony Hetz Properties & Investments Ltd.		2,596		42,729
Altus Group Ltd.		2,640		99,378
Amot Investments Ltd.		5,448		41,640
Aroundtown SA		20,640		104,472
Ascendas India Trust		262,300		239,335
Atrium Ljungberg AB, Class B		792		13,053
Azrieli Group Ltd.		532		46,011
Big Shopping Centers Ltd.		16		2,432
Blue Square Real Estate Ltd.		283		25,382
Bukit Sembawang Estates Ltd.		60,200		219,718
CA Immobilien Anlagen AG(a)		572		16,293
Capitaland Investment Ltd.*		44,131		135,183
Castellum AB(a)		4,945		98,917
Catena AB		924		48,449
Cibus Nordic Real Estate AB		3,432		79,726
City Developments Ltd.		9,400		58,133
CK Asset Holdings Ltd.		43,000		292,653
CLS Holdings plc, REIT		14,403		37,070
Colliers International Group, Inc.		748		83,020
Corem Property Group AB, Class B*		19,888		42,362
Daito Trust Construction Co. Ltd.		1,600		154,616
Daiwa House Industry Co. Ltd.		15,900		385,719
Deutsche EuroShop AG		19,393		322,019
Deutsche Wohnen SE		1,012		29,135
DIC Asset AG		3,740		52,554
Dios Fastigheter AB		7,480		67,671
DREAM Unlimited Corp., Class A		1,584		57,260
Entra ASA(b)		2,068		34,539

See Accompanying Notes to the Financial Statements.

160 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Real Estate Management & Development – (continued)
ESR Cayman Ltd.* (b)		51,600	$	157,507
Fabege AB		5,412		66,397
Fastighets AB Balder, Class B* (a)		2,107		105,766
FastPartner AB, Class A		3,124		26,413
FirstService Corp.		676		84,724
Gav-Yam Lands Corp. Ltd.		593		6,566
Gazit-Globe Ltd.		22,517		212,465
Grainger plc		11,088		41,290
Grand City Properties SA		2,508		44,450
Great Eagle Holdings Ltd.		124,555		292,094
GuocoLand Ltd.		102,400		121,613
Hang Lung Group Ltd.		33,000		64,771
Hang Lung Properties Ltd.		44,000		84,230
Heba Fastighets AB, Class B		2,640		34,020
Heiwa Real Estate Co. Ltd.		1,300		40,888
Henderson Land Development Co. Ltd.		33,239		134,928
Hiag Immobilien Holding AG*		355		36,939
Ho Bee Land Ltd.		80,400		176,415
Hufvudstaden AB, Class A		2,610		34,086
Hulic Co. Ltd.		13,700		116,105
Hysan Development Co. Ltd.		19,000		56,059
Ichigo, Inc.		5,500		12,311
Immobel SA(a)		1,591		114,804
IMMOFINANZ AG*		2,253		54,524
Intershop Holding AG		76		49,641
Israel Canada T.R Ltd.		7,168		35,823
Isras Investment Co. Ltd.		136		33,431
IWG plc*		18,668		57,188
Jeudan A/S		560		21,919
K Wah International Holdings Ltd.		572,089		215,094
Katitas Co. Ltd.		1,100		25,853
Keihanshin Building Co. Ltd.		4,400		45,881
Kerry Properties Ltd.		16,500		44,793
K-fast Holding AB* (a) (b)		5,148		23,718
Kojamo OYJ(a)		1,980		39,541
LEG Immobilien SE		1,419		146,105
Lendlease Corp. Ltd.(a)		14,937		130,033
Lifestyle Communities Ltd.		5,148		55,462
Mega Or Holdings Ltd.		1,085		41,789

Investments	Shares		Value
Real Estate Management & Development – (continued)
Melisron Ltd.*		460	$	37,636
Mitsubishi Estate Co. Ltd.		21,500		312,560
Mitsui Fudosan Co. Ltd.		21,500		455,605
Mivne Real Estate KD Ltd.		14,248		53,725
Mobimo Holding AG (Registered)(a)		352		101,359
Morguard Corp.		1,419		140,118
New World Development Co. Ltd.		33,590		128,860
Nexity SA		18,017		550,824
Nomura Real Estate Holdings, Inc.		1,400		34,092
NP3 Fastigheter AB		396		11,120
Nyfosa AB		2,684		29,928
OUE Ltd.		90,000		88,638
PATRIZIA AG		3,248		55,714
Platzer Fastigheter Holding AB, Class B		3,080		31,513
Prashkovsky Investments and Construction Ltd.		1,672		66,198
Property & Building Corp. Ltd.*		128		17,885
PSP Swiss Property AG (Registered)		531		67,397
Relo Group, Inc.		2,270		32,781
S IMMO AG		2,564		61,536
Sagax AB, Class B		2,420		62,617
Samhallsbyggnadsbolaget i Norden AB(a)		22,748		72,123
SAMTY Co. Ltd.(a)		8,900		144,257
Savills plc		7,783		105,826
Sella Capital Real Estate Ltd., REIT		76,693		261,416
Selvaag Bolig ASA(a)		11,440		54,827
Shun Tak Holdings Ltd.* (a)		860,000		175,373
Singapore Land Group Ltd.		5,656		10,567
Sino Land Co. Ltd.		97,289		129,452
Sirius Real Estate Ltd.		65,648		100,059
Starts Corp., Inc.		12,900		239,859
Sumitomo Realty & Development Co. Ltd.(a)		11,600		307,459
Summit Real Estate Holdings Ltd.		2,418		57,166
Sun Hung Kai Properties Ltd.		35,500		411,504
Swire Pacific Ltd., Class A		3,500		20,029

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 161

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Real Estate Management & Development – (continued)
Swire Properties Ltd.		24,800	$	59,992
Swiss Prime Site AG (Registered)		1,285		126,428
TAG Immobilien AG		4,270		85,858
Tokyo Tatemono Co. Ltd.		5,200		73,208
Tokyu Fudosan Holdings Corp.		11,200		58,524
Tricon Residential, Inc.(a)		8,256		120,088
UOL Group Ltd.*		6,799		35,942
VGP NV		176		45,861
VIB Vermoegen AG		271		9,792
Vonovia SE*		12,035		482,460
Wallenstam AB, Class B(a)		4,444		49,598
Watkin Jones plc		13,596		42,248
Wharf Real Estate Investment Co. Ltd.		25,000		118,370
Wihlborgs Fastigheter AB(a)		3,652		63,991
Wing Tai Holdings Ltd.		24,000		30,415
YH Dimri Construction & Development Ltd.		452		40,972
Zensun Enterprises Ltd.		144,000		67,355
				12,374,370
Road & Rail – 1.4%
Aurizon Holdings Ltd.		31,840		91,187
Canadian National Railway Co.		10,062		1,189,442
Canadian Pacific Railway Ltd.		14,620		1,074,951
Central Japan Railway Co.(a)		3,700		468,640
ComfortDelGro Corp. Ltd.		18,400		19,587
East Japan Railway Co.		5,700		300,002
Europcar Mobility Group* (b)		237,747		126,058
Firstgroup plc*		31,646		44,817
Fukuyama Transporting Co. Ltd.		1,000		28,095
Hankyu Hanshin Holdings, Inc.		4,500		119,308
Hitachi Transport System Ltd.		1,300		85,690
Keikyu Corp.(a)		5,700		57,678
Keio Corp.(a)		1,800		69,396
Keisei Electric Railway Co. Ltd.(a)		2,900		71,515
Kelsian Group Ltd.(a)		13,288		74,884
Kintetsu Group Holdings Co. Ltd.		3,900		112,431

Investments	Shares		Value
Road & Rail – (continued)
Kyushu Railway Co.		2,100	$	41,397
Maruzen Showa Unyu Co. Ltd.		6,600		161,994
MTR Corp. Ltd.		25,764		137,421
Mullen Group Ltd.(a)		32,207		309,709
Nagoya Railroad Co. Ltd.		4,400		71,081
Nankai Electric Railway Co. Ltd.		3,000		53,790
National Express Group plc*		204,336		638,281
Nikkon Holdings Co. Ltd.		24,100		366,448
NIPPON EXPRESS HOLDINGS, Inc.		1,600		94,350
Nishi-Nippon Railroad Co. Ltd.		1,000		20,114
Northgate plc		97,008		483,520
NTG Nordic Transport Group A/S* (a)		792		43,412
Odakyu Electric Railway Co. Ltd.		4,600		70,157
Sakai Moving Service Co. Ltd.		2,900		99,271
Sankyu, Inc.		1,333		40,692
SBS Transit Ltd.		26,000		55,167
Seibu Holdings, Inc.		2,600		26,008
Seino Holdings Co. Ltd.		3,100		25,411
Senko Group Holdings Co. Ltd.(a)		50,900		346,510
Sixt SE*		308		40,453
Sixt SE (Preference)		298		21,723
Stef SA		1,290		127,379
TFI International, Inc.		1,591		128,644
Tobu Railway Co. Ltd.		4,000		90,244
Tokyu Corp.		8,700		106,836
Trancom Co. Ltd.		600		31,445
West Japan Railway Co.		4,300		160,769
				7,725,907
Semiconductors & Semiconductor Equipment – 1.7%
Advantest Corp.		3,100		215,105
AEM Holdings Ltd.		13,200		45,979
AIXTRON SE		7,783		203,214
Alphawave IP Group plc* (a)		19,492		36,708
ams-OSRAM AG*		5,984		74,842
ASM International NV		688		210,411
ASM Pacific Technology Ltd.		5,000		51,012
ASML Holding NV		6,579		3,803,403

See Accompanying Notes to the Financial Statements.

162 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Semiconductors & Semiconductor Equipment – (continued)
BE Semiconductor Industries NV(a)		1,505	$	93,261
Disco Corp.		600		148,657
Ferrotec Holdings Corp.(a)		14,900		275,551
Furuya Metal Co. Ltd.(a)		1,600		115,962
Infineon Technologies AG		21,113		611,398
Japan Material Co. Ltd.		3,900		59,451
Lasertec Corp.		1,300		177,752
Megachips Corp.		1,000		25,973
Melexis NV		495		43,317
Meyer Burger Technology AG* (a)		160,380		77,327
Mimasu Semiconductor Industry Co. Ltd.		4,600		83,472
Nordic Semiconductor ASA*		3,828		78,663
Nova Ltd.*		352		34,004
Optorun Co. Ltd.		2,900		43,290
REC Silicon ASA* (a)		22,352		39,466
Renesas Electronics Corp.*		23,900		259,735
Rohm Co. Ltd.		1,600		113,121
Sanken Electric Co. Ltd.		1,600		59,648
SCREEN Holdings Co. Ltd.		1,100		91,525
Shinko Electric Industries Co. Ltd.		1,400		61,701
Siltronic AG*		405		38,325
SMA Solar Technology AG		1,100		50,735
SOITEC*		528		96,336
STMicroelectronics NV		10,664		402,018
SUMCO Corp.		5,700		83,459
Tokyo Electron Ltd.		2,600		1,113,368
Tokyo Seimitsu Co. Ltd.		1,600		55,696
Tower Semiconductor Ltd.*		2,191		105,565
Tri Chemical Laboratories, Inc.		1,800		34,302
Ulvac, Inc.		1,000		39,827
X-Fab Silicon Foundries SE* (b)		4,400		31,727
				9,185,306
Software – 1.2%
Altium Ltd.		1,716		40,084
Asseco Poland SA		3,212		56,421
Atoss Software AG		176		25,845
Avast plc(b)		6,996		49,539

Investments	Shares		Value
Software – (continued)
AVEVA Group plc		2,332	$	63,680
BlackBerry Ltd.* (a)		8,682		49,930
BrainChip Holdings Ltd.* (a)		89,100		62,053
Bytes Technology Group plc		10,736		60,278
Constellation Software, Inc.(a)		301		476,181
Dassault Systemes SE		11,063		496,422
Descartes Systems Group, Inc. (The)*		1,408		87,903
Digital Arts, Inc.		1,000		56,576
Docebo, Inc.* (a)		1,100		47,346
dotdigital group plc		44		48
Dubber Corp. Ltd.* (a)		23,408		17,467
Dye & Durham Ltd.(a)		3,388		56,226
Enghouse Systems Ltd.(a)		2,552		72,144
FD Technologies plc*		132		3,919
Freee KK*		1,200		35,150
Fuji Soft, Inc.		700		37,442
GB Group plc		18,877		138,290
Hansen Technologies Ltd.(a)		15,092		58,774
Hilan Ltd.		865		50,530
Hut 8 Mining Corp.* (a)		9,856		35,320
Ideagen plc		13,640		40,244
IRESS Ltd.(a)		6,556		51,436
Kape Technologies plc*		8,536		36,866
Kinaxis, Inc.* (a)		520		57,841
Learning Technologies Group plc		20,240		33,365
Lectra		1,188		49,505
Lightspeed Commerce, Inc.* (a)		2,184		49,061
LINK Mobility Group Holding ASA* (a)		24,552		40,874
Magic Software Enterprises Ltd.		2,288		39,686
Micro Focus International plc(a)		140,868		671,537
Miroku Jyoho Service Co. Ltd.		1,000		10,212
Money Forward, Inc.*		1,100		38,036
Nemetschek SE		884		71,137
Netcompany Group A/S* (b)		440		24,798
Nice Ltd.*		1,033		212,471
Open Text Corp.		4,558		183,490
Oracle Corp. Japan		800		51,744
QT Group OYJ*		308		27,333

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 163

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Software – (continued)
Rakus Co. Ltd.		1,600	$	19,969
Sage Group plc (The)		16,125		149,286
SAP SE		17,458		1,796,793
SimCorp A/S		660		46,800
Sinch AB* (a) (b)		7,462		33,796
Software AG		1,320		41,135
Systena Corp.(a)		7,600		24,109
TeamViewer AG* (b)		3,960		48,230
Technology One Ltd.		7,884		58,773
Temenos AG (Registered)		1,188		121,535
TomTom NV*		6,776		59,331
Trend Micro, Inc.		2,500		140,090
Truecaller AB, Class B*		3,168		17,986
Vitec Software Group AB, Class B(a)		2,332		118,679
Vobile Group Ltd.* (a) (b) (d)		46,000		22,689
Voyager Digital Ltd.* (a)		53,535		178,443
WiseTech Global Ltd.(a)		3,397		109,285
WithSecure OYJ*		8,140		44,568
				6,798,701
Specialty Retail – 1.7%
ABC-Mart, Inc.		700		28,960
Accent Group Ltd.(a)		26,488		27,012
Adairs Ltd.(a)		53,196		107,363
Alpen Co. Ltd.		4,600		70,122
Arcland Sakamoto Co. Ltd.(a)		12,700		151,839
Aritzia, Inc.*		1,716		61,427
Autobacs Seven Co. Ltd.(a)		27,900		295,022
Bic Camera, Inc.(a)		4,100		34,683
Bilia AB, Class A		3,652		51,275
Carasso Motors Ltd.		9,988		64,294
CECONOMY AG		63,081		218,541
City Chic Collective Ltd.*		15,004		31,881
Clas Ohlson AB, Class B		13,201		151,106
Currys plc		435,461		510,091
DCM Holdings Co. Ltd.		49,700		409,691
Delek Automotive Systems Ltd.		19,839		282,011
Dufry AG (Registered)*		1,188		48,235
Dunelm Group plc		2,604		32,072
Eagers Automotive Ltd.(a)		4,180		39,745
EDION Corp.(a)		30,100		271,820

Investments	Shares		Value
Specialty Retail – (continued)
Fast Retailing Co. Ltd.		1,100	$	510,775
Fenix Outdoor International AG		369		33,232
Fielmann AG		607		30,865
Fnac Darty SA		7,439		371,670
Fox Wizel Ltd.		123		18,221
Frasers Group plc*		4,620		39,385
H & M Hennes & Mauritz AB, Class B(a)		11,180		142,904
Hikari Tsushin, Inc.		400		47,082
Hornbach Holding AG & Co. KGaA		3,397		408,896
IDOM, Inc.		20,000		100,340
Industria de Diseno Textil SA(a)		18,060		382,953
JB Hi-Fi Ltd.(a)		2,881		108,450
JD Sports Fashion plc		44,135		73,919
JINS Holdings, Inc.		900		29,662
Joshin Denki Co. Ltd.(a)		8,600		132,093
Joyful Honda Co. Ltd.(a)		23,500		282,776
Kid ASA(b)		11,997		135,982
Kingfisher plc		43,990		139,896
KMD Brands Ltd.		260,752		233,553
Kohnan Shoji Co. Ltd.		10,100		291,946
Komeri Co. Ltd.		12,900		273,015
K’s Holdings Corp.(a)		6,100		60,736
Leon’s Furniture Ltd.		11,841		181,592
Luk Fook Holdings International Ltd.		136,672		314,239
Maisons du Monde SA(b)		2,332		40,149
Mekonomen AB*		15,695		182,859
Musti Group OYJ* (a)		2,068		49,000
Nextage Co. Ltd.		3,200		49,497
Nick Scali Ltd.(a)		6,996		50,861
Nishimatsuya Chain Co. Ltd.(a)		14,200		174,486
Nitori Holdings Co. Ltd.		1,600		164,866
Nojima Corp.		12,900		260,171
Pet Valu Holdings Ltd.		1,716		42,227
Pets at Home Group plc		11,308		44,125
Premier Investments Ltd.		3,036		54,952
Sanrio Co. Ltd.		2,200		46,476
Shimamura Co. Ltd.		500		44,535
Sleep Country Canada Holdings, Inc.(b)		1,760		34,372

See Accompanying Notes to the Financial Statements.

164 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Specialty Retail – (continued)
Super Retail Group Ltd.(a)		5,324	$	40,105
T-Gaia Corp.		9,600		122,186
USS Co. Ltd.		5,400		90,069
Vivo Energy plc(b)		175,698		319,413
Watches of Switzerland Group plc* (c)		3,344		42,866
WH Smith plc*		1,408		25,729
Yamada Holdings Co. Ltd.		17,300		51,676
Yellow Hat Ltd.		13,100		164,205
				9,326,197
Technology Hardware, Storage & Peripherals – 0.5%
Brother Industries Ltd.		7,600		132,806
Canon, Inc.(a)		25,100		580,229
Eizo Corp.		8,500		222,407
Elecom Co. Ltd.		1,600		19,290
FUJIFILM Holdings Corp.		6,600		365,405
Konica Minolta, Inc.		14,500		50,810
Logitech International SA (Registered)		3,039		201,755
Maxell Ltd.		17,200		154,529
MCJ Co. Ltd.(a)		25,800		169,464
Melco Holdings, Inc.		2,900		88,974
Quadient SA		11,395		214,337
Razer, Inc.* (b) (d)		264,000		94,212
Ricoh Co. Ltd.		17,200		126,252
Riso Kagaku Corp.		1,700		32,055
Seiko Epson Corp.		8,300		116,467
Toshiba TEC Corp.		1,100		37,570
Wacom Co. Ltd.		8,800		64,254
				2,670,816
Textiles, Apparel & Luxury Goods – 1.7%
adidas AG		2,967		606,351
Asics Corp.(a)		3,400		54,270
Brunello Cucinelli SpA*		660		34,298
Burberry Group plc		7,525		150,312
Canada Goose Holdings, Inc.*		2,464		53,982
Chow Sang Sang Holdings International Ltd.		149,000		166,354
Cie Financiere Richemont SA (Registered)		8,385		997,752

Investments	Shares		Value
Textiles, Apparel & Luxury Goods – (continued)
Coats Group plc		98,856	$	88,121
Crystal International Group Ltd.(b)		127,500		50,050
Delta Galil Industries Ltd.		1,106		74,140
Descente Ltd.(a)		1,200		23,396
Dr. Martens plc		8,536		22,827
EssilorLuxottica SA – IM		2,578		444,121
EssilorLuxottica SA – MO		2,410		416,450
Gildan Activewear, Inc.		2,703		92,063
Goldwin, Inc.		1,200		60,667
Gunze Ltd.		6,200		179,932
Hermes International		559		699,699
HUGO BOSS AG		1,232		70,002
Japan Wool Textile Co. Ltd. (The)		23,900		178,936
Kering SA		1,204		651,719
LPP SA		24		50,865
LVMH Moet Hennessy Louis Vuitton SE		4,343		2,838,331
Marimekko OYJ		2,420		34,108
Moncler SpA		3,612		191,591
New Wave Group AB, Class B		2,552		44,977
Pandora A/S		1,806		161,101
Puma SE		1,720		128,250
Samsonite International SA* (a) (b)		90,000		200,735
Seiren Co. Ltd.(a)		3,600		57,296
Spinnova OYJ* (a)		2,948		24,880
Stella International Holdings Ltd.		151,000		159,734
Swatch Group AG (The)(a)		473		124,018
Swatch Group AG (The) (Registered)		792		39,622
Tod’s SpA* (a)		245		9,822
Wacoal Holdings Corp.		3,900		55,689
				9,236,461
Thrifts & Mortgage Finance – 0.5%
Aareal Bank AG		4,545		155,925
Deutsche Pfandbriefbank AG(b)		48,246		613,310
Equitable Group, Inc.		9,675		436,418
First National Financial Corp.		1,452		41,263

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 165

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Thrifts & Mortgage Finance – (continued)
Genworth Mortgage Insurance Australia Ltd.		135,106	$	288,039
Home Capital Group, Inc.		16,211		406,401
Liberty Financial Group Ltd.(b)		27,280		100,810
Mortgage Advice Bureau Holdings Ltd.		2,596		38,786
OSB Group plc		13,068		92,125
Paragon Banking Group plc		99,029		616,681
Resimac Group Ltd.(a)		26,481		30,392
				2,820,150
Tobacco – 0.7%
British American Tobacco plc		51,944		2,186,030
Imperial Brands plc		21,457		448,808
Japan Tobacco, Inc.		25,800		442,778
Scandinavian Tobacco Group A/S, Class A(b)		22,532		473,884
Swedish Match AB(a)		26,617		213,733
				3,765,233
Trading Companies & Distributors – 2.0%
AddTech AB, Class B		4,180		74,907
Ashtead Group plc		6,923		363,231
BayWa AG		1,056		50,521
Beijer Ref AB		4,576		75,228
Bossard Holding AG (Registered), Class A		220		48,050
Brenntag SE		2,155		168,096
Bufab AB		968		32,322
Bunzl plc		5,848		227,827
Diploma plc		1,364		47,231
Electrocomponents plc		5,808		76,930
Ferguson plc		3,741		476,258
Finning International, Inc.		4,018		113,619
Grafton Group plc		5,016		61,704
Hanwa Co. Ltd.		15,700		385,956
Howden Joinery Group plc		11,782		112,629
IMCD NV		1,032		166,246
Inaba Denki Sangyo Co. Ltd.		20,700		408,696
Inabata & Co. Ltd.		17,400		285,658
ITOCHU Corp.(a)		34,200		1,037,931
Kanamoto Co. Ltd.(a)		14,023		210,302

Investments	Shares		Value
Trading Companies & Distributors – (continued)
Kanematsu Corp.		30,100	$	312,709
Kloeckner & Co. SE*		29,541		386,125
Marubeni Corp.		41,700		457,844
Mitsubishi Corp.		34,400		1,163,748
Mitsui & Co. Ltd.		37,100		902,014
MonotaRO Co. Ltd.		5,600		97,641
Nagase & Co. Ltd.		2,200		31,652
Nippon Steel Trading Corp.		4,900		200,826
Nishio Rent All Co. Ltd.		8,900		192,755
OEM International AB, Class B		2,244		34,829
Reece Ltd.(a)		5,999		74,648
Rexel SA*		4,641		96,158
Richelieu Hardware Ltd.		2,684		76,590
Russel Metals, Inc.(a)		22,876		612,867
Seven Group Holdings Ltd.(a)		3,036		43,129
Sojitz Corp.		6,899		105,807
Sumitomo Corp.		28,000		445,523
Theme International Holdings Ltd.*		1,720,000		241,137
Thermador Groupe		396		40,105
Toromont Industries Ltd.		1,677		148,392
Toyota Tsusho Corp.		5,200		188,438
Travis Perkins plc		5,412		83,474
Trusco Nakayama Corp.		1,800		28,203
Yamazen Corp.(a)		32,300		239,832
Yuasa Trading Co. Ltd.		8,600		192,498
				10,820,286
Transportation Infrastructure – 0.4%
Aena SME SA* (b)		1,075		154,574
Aeroports de Paris*		555		79,364
Atlantia SpA*		6,579		158,452
Atlas Arteria Ltd.(a)		9,240		45,702
Auckland International Airport Ltd.*		22,876		116,332
Enav SpA* (b)		12,657		58,831
Flughafen Zurich AG (Registered)* (a)		320		54,726
Fraport AG Frankfurt Airport Services Worldwide*		890		48,222
Getlink SE		8,675		159,972
Hamburger Hafen und Logistik AG		1,220		19,975

See Accompanying Notes to the Financial Statements.

166 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Transportation Infrastructure – (continued)
Japan Airport Terminal Co. Ltd.*		1,200	$	50,015
Kamigumi Co. Ltd.		3,100		52,879
Mitsubishi Logistics Corp.		1,700		39,430
Port of Tauranga Ltd.		5,225		22,010
Qube Holdings Ltd.		36,652		77,098
SATS Ltd.*		19,000		62,604
Sumitomo Warehouse Co. Ltd. (The)		25,800		434,912
Transurban Group		49,165		501,027
Westshore Terminals Investment Corp.(a)		1,647		44,369
				2,180,494
Water Utilities – 0.1%
Pennon Group plc		2,970		41,465
Severn Trent plc		4,042		159,651
United Utilities Group plc		10,965		158,453
				359,569
Wireless Telecommunication Services – 0.9%
Airtel Africa plc(b)		34,804		64,059
Cellcom Israel Ltd.*		32,508		189,704
Freenet AG		2,198		61,007
KDDI Corp.		38,900		1,301,571
Millicom International Cellular SA, SDR* (a)		3,036		69,069
Okinawa Cellular Telephone Co.		4,300		165,614
Orange Belgium SA		1,188		23,086
Partner Communications Co. Ltd.*		6,160		49,036
Rogers Communications, Inc., Class B(a)		5,031		275,474
SoftBank Corp.		64,600		755,395
SoftBank Group Corp.		21,082		857,372
StarHub Ltd.		189,200		172,635
Tele2 AB, Class B(a)		8,052		107,131
Vodafone Group plc		607,160		926,487
				5,017,640
Total Common Stocks (Cost $497,285,840)				541,651,162

Investments	Shares		Value
CLOSED END FUNDS – 0.0%(g)
Independent Power and Renewable Electricity Producers – 0.0%(g)
Renewables Infrastructure Group Ltd. (The) (Cost $50,126)		34,059	$	57,727
	Number of Warrants
WARRANTS – 0.0%(g)
Capital Markets – 0.0%(g)
Magellan Financial Group Ltd., expiring 4/16/2027, price 35.00 USD*		329		366
Construction & Engineering – 0.0%
Webuild SpA, expiring 8/2/2030* ‡ (a)		10,785		—
Total Warrants (Cost $—)				366
	Principal Amount
SECURITIES LENDING REINVESTMENTS(h) – 3.6%
REPURCHASE AGREEMENTS – 3.6%
Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $13,154,929, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 –5/15/2040; total market value $13,240,050	$	13,154,710		13,154,710

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 167

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(h) – (continued)
REPURCHASE AGREEMENTS – (continued)
Societe Generale, New York Branch, 0.28%, dated 4/30/2022, due 5/6/2022, repurchase price $2,000,093, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.25%, maturing 4/30/2022 –8/15/2051; total market value $2,025,200	$	2,000,000	$	2,000,000
TD Prime Services LLC, 0.40%, dated 4/30/2022, due 5/2/2022, repurchase price $5,000,111, collateralized by various Common Stocks; total market value $5,452,357		5,000,000		5,000,000
				20,154,710
Total Securities Lending Reinvestments (Cost $20,154,710)				20,154,710
Total Investments – 101.5% (Cost $517,490,676)				561,863,965
Liabilities in excess of other assets – (1.5%)				(8,349,905	)
NET ASSETS – 100.0%			$	553,514,060

* 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, 2022. The total value of securities on loan at April 30, 2022 was $79,077,868, collateralized in the form of cash with a value of $20,154,710 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $34,984,751 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 12, 2022 – February 15, 2052 and $30,235,958 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $85,375,419.

^(b)  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offer-

ings 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)  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.

^(d)  Security fair valued as of April 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2022 amounted to $341,957, which represents approximately 0.06% of net assets of the Fund.

^(e)  Amount represents less than one share.

^(f)  Amount less than one dollar.

^(g)  Represents less than 0.05% of net assets.

^(h)  The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $20,154,710.

Percentages shown are based on Net Assets.

Abbreviations

CHDI – Clearing House Electronic Subregister System (CHESS) Depository Interest

CVA – Dutch Certification

DI – Depositary Interest

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.

SCA – Limited partnership with share capital

SDR – Swedish Depositary Receipt

As of April 30, 2022, 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	$	96,601,111
Aggregate gross unrealized depreciation		(59,445,495	)
Net unrealized appreciation	$	37,155,616
Federal income tax cost	$	524,900,444

See Accompanying Notes to the Financial Statements.

168 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Futures Contracts

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
EURO STOXX 50 Index		76		06/17/2022		EUR	$	2,995,383	$	55,246
FTSE 100 Index		25		06/17/2022		GBP		2,358,143		114,096
Nikkei 225 Index		28		06/09/2022		JPY		2,958,629		187,843
S&P/TSX 60 Index		11		06/16/2022		CAD		2,155,158		(85,627	)
SPI 200 Index		9		06/16/2022		AUD		1,184,672		39,767
									$	311,325

* 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, 2022:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
AUD	1,339,253	Morgan Stanley	USD	951,643		06/15/2022	$	883
USD	391,783	Toronto-Dominion Bank (The)	AUD	520,000		06/15/2022		21,940
USD	193,355	Citibank NA	CAD	245,850		06/15/2022		1,012
USD	496,272	UBS AG	CHF	460,788		06/15/2022		20,471
USD	26,406	BNP Paribas SA	DKK	178,253		06/15/2022		1,074
USD	13,593	Toronto-Dominion Bank (The)	EUR	12,313		06/15/2022		576
USD	1,201,911	Citibank NA	JPY	146,400,000		06/15/2022		70,145
USD	487,137	Bank of New York	NZD	711,055		06/15/2022		25,690
USD	217,927	Citibank NA	SGD	296,100		06/15/2022		3,514
Total unrealized appreciation							$	145,305
AUD	568,763	Citibank NA	USD	417,166		06/15/2022	$	(12,641	)
CAD	1,450,000	Toronto-Dominion Bank (The)	USD	1,152,864		06/15/2022		(18,443	)
CHF	370,000	Toronto-Dominion Bank (The)	USD	397,610		06/15/2022		(15,555	)
EUR	1,120,000	Toronto-Dominion Bank (The)	USD	1,244,165		06/15/2022		(60,170	)
GBP	823,203	Toronto-Dominion Bank (The)	USD	1,078,894		06/15/2022		(45,307	)
HKD	362,598	Toronto-Dominion Bank (The)	USD	46,392		06/15/2022		(133	)
ILS	366,970	Goldman Sachs & Co.	USD	112,563		06/15/2022		(2,471	)
JPY	113,890,889	BNP Paribas SA	USD	976,132		06/15/2022		(95,682	)
NOK	1,450,557	Bank of New York	USD	162,431		06/15/2022		(6,714	)
SEK	554,576	Citibank NA	USD	57,452		06/15/2022		(753	)
SGD	440,000	Citibank NA	USD	325,280		06/15/2022		(6,666	)
Total unrealized depreciation							$	(264,535	)
Net unrealized depreciation							$	(119,230	)

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 169

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

ILS – Israeli Shekel

JPY – Japanese Yen

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

USD – US Dollar

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:

Australia	6.5	%
Austria	0.4
Belgium	1.0
Canada	11.8
Denmark	1.9
Finland	0.8
France	6.9
Germany	5.8
Hong Kong	2.6
Ireland	0.2
Israel	1.3
Italy	2.0
Japan	25.2
Netherlands	2.9
New Zealand	0.4
Norway	1.3
Poland	0.3
Portugal	0.4
Singapore	1.5
Spain	2.0
Sweden	3.0
Switzerland	6.1
United Kingdom	13.6
United States	0.0	†
Other1	2.1
	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.

170 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)

Security Type	% of Net Assets
Common Stocks		97.9	%
Closed End Funds		0.0	†
Warrants		0.0	†
Securities Lending Reinvestments		3.6
Others(1)		(1.5	)
		100.0	%

^† Amount represents less than 0.05%.

⁽¹⁾ Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 171

Schedule of Investments

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.9%
Aerospace & Defense – 0.3%
AECC Aero-Engine Control Co. Ltd., Class A		5,500	$	19,872
AECC Aviation Power Co. Ltd., Class A		4,700		26,957
Aselsan Elektronik Sanayi ve Ticaret A/S		6,972		11,498
AVIC Electromechanical Systems Co. Ltd., Class A		5,300		7,982
AviChina Industry & Technology Co. Ltd., Class H		41,000		22,470
Bharat Electronics Ltd.		24,010		74,927
Embraer SA*		16,500		47,346
Hanwha Aerospace Co. Ltd.		899		38,150
Hanwha Systems Co. Ltd.		689		8,612
Hindustan Aeronautics Ltd.(a)		2,256		47,075
Korea Aerospace Industries Ltd.		1,608		56,139
Kuang-Chi Technologies Co. Ltd., Class A*		5,600		11,299
LIG Nex1 Co. Ltd.		5,157		337,094
United Aircraft Corp. PJSC* ‡ (b)		25,155,036		—
				709,421
Air Freight & Logistics – 0.4%
Agility Public Warehousing Co. KSC		23,555		96,080
Aramex PJSC		46,860		52,052
Blue Dart Express Ltd.		265		23,701
Hanjin Transportation Co. Ltd.		3,000		78,702
Hyundai Glovis Co. Ltd.		700		116,481
JD Logistics, Inc.* (a)		16,500		34,572
Kerry Express Thailand PCL, NVDR		38,500		26,416
Kerry TJ Logistics Co. Ltd.		100,000		151,143
SF Holding Co. Ltd., Class A*		5,000		38,940
Sinotrans Ltd., Class A		23,500		13,450
Sinotrans Ltd., Class H		83,000		25,388
YTO Express Group Co. Ltd., Class A		4,700		12,758
Yunda Holding Co. Ltd., Class A		10,600		24,847
ZTO Express Cayman, Inc.		8,800		245,848
				940,378

Investments	Shares		Value
Airlines – 0.2%
Aeroflot PJSC* ‡ (b)		74,029	$	—
Air Arabia PJSC		123,926		72,539
AirAsia Group Bhd.*		174,900		28,926
Azul SA (Preference)*		11,700		51,906
China Airlines Ltd.*		61,000		57,636
China Eastern Airlines Corp. Ltd., Class A*		14,300		10,247
China Southern Airlines Co. Ltd., Class A*		14,100		13,914
Controladora Vuela Cia de Aviacion SAB de CV, Class A*		35,000		56,131
Eva Airways Corp.*		53,798		65,067
Gol Linhas Aereas Inteligentes SA (Preference)*		10,600		32,556
Hanjin Kal Corp.*		273		12,498
InterGlobe Aviation Ltd.* (a)		1,913		46,500
Jeju Air Co. Ltd.*		1,962		34,601
Jin Air Co. Ltd.*		658		9,666
Korean Air Lines Co. Ltd.*		3,407		81,784
Pegasus Hava Tasimaciligi A/S*		2,391		21,518
Turk Hava Yollari AO*		16,292		45,248
				640,737
Auto Components – 1.0%
Apollo Tyres Ltd.		137,750		369,412
Autel Intelligent Technology Corp. Ltd., Class A*		2,695		11,485
Balkrishna Industries Ltd.		1,750		49,087
Bharat Forge Ltd.		5,888		54,052
Bosch Ltd.		208		39,432
Cheng Shin Rubber Industry Co. Ltd.		50,000		56,742
DTR Automotive Corp.		1,550		96,258
Endurance Technologies Ltd.(a)		1,456		23,223
Exide Industries Ltd.		25,755		51,616
Fuyao Glass Industry Group Co. Ltd., Class A		4,800		25,906
Fuyao Glass Industry Group Co. Ltd., Class H(a)		8,400		34,901
Halla Holdings Corp.		4,000		133,758

See Accompanying Notes to the Financial Statements.

172 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Auto Components – (continued)
Hankook & Co. Co Ltd.		907	$	10,507
Hankook Tire & Technology Co. Ltd.		2,542		70,532
Hanon Systems		2,756		25,015
Hota Industrial Manufacturing Co. Ltd.		16,134		41,381
Huayu Automotive Systems Co. Ltd., Class A		9,400		27,970
Hyundai Mobis Co. Ltd.		1,950		322,154
Hyundai Wia Corp.		583		30,403
Iljin Hysolus Co. Ltd.*		880		28,306
Kenda Rubber Industrial Co. Ltd.		49,000		52,449
Kordsa Teknik Tekstil A/S		32,850		100,655
Kumho Tire Co., Inc.*		1		3
Mando Corp.		1,155		50,025
Minda Industries Ltd.		1,870		22,376
Minth Group Ltd.		12,000		28,753
Motherson Sumi Systems Ltd.		28,296		50,934
MRF Ltd.		38		36,154
Myoung Shin Industrial Co. Ltd.*		220		3,950
Nan Kang Rubber Tire Co. Ltd.		14,000		18,334
Nexen Tire Corp.		13,315		72,830
Nexteer Automotive Group Ltd.		28,000		16,059
Ningbo Joyson Electronic Corp., Class A		4,700		7,792
S&T Motiv Co. Ltd.		3,100		118,348
Sebang Global Battery Co. Ltd.		605		36,608
Shandong Linglong Tyre Co. Ltd., Class A		5,500		14,838
Sundram Fasteners Ltd.		4,550		47,945
Tianneng Power International Ltd.(c)		312,000		262,049
Tong Yang Industry Co. Ltd.		200,000		225,272
Tube Investments of India Ltd.		1,200		29,287
Weifu High-Technology Group Co. Ltd., Class A		4,700		14,477
				2,711,278
Automobiles – 2.1%
Astra International Tbk. PT		585,000		305,675
Bajaj Auto Ltd.		1,174		57,278

Investments	Shares		Value
Automobiles – (continued)
Brilliance China Automotive Holdings Ltd.*		96,000	$	44,160
BYD Co. Ltd., Class A		2,400		88,538
BYD Co. Ltd., Class H		15,000		450,794
China Motor Corp.		5,400		10,791
Chongqing Changan Automobile Co. Ltd., Class A		13,160		20,918
Chongqing Changan Automobile Co. Ltd., Class B		5,300		2,493
Dongfeng Motor Group Co. Ltd., Class H		1,100,000		808,932
DRB-Hicom Bhd.		360,000		114,942
Eicher Motors Ltd.		2,520		86,712
Ford Otomotiv Sanayi A/S		3,071		61,788
Geely Automobile Holdings Ltd.		101,000		160,135
Great Wall Motor Co. Ltd., Class A		4,700		17,710
Great Wall Motor Co. Ltd., Class H(c)		50,000		72,010
Guangzhou Automobile Group Co. Ltd., Class H		82,000		70,753
Hero MotoCorp Ltd.		4,650		152,480
Hyundai Motor Co.		4,300		636,784
Hyundai Motor Co. (2nd Preference)		1,150		87,074
Hyundai Motor Co. (3rd Preference)		54		3,882
Hyundai Motor Co. (Preference)		715		53,739
Kia Corp.		7,950		530,422
Li Auto, Inc., Class A*		10,000		123,309
Mahindra & Mahindra Ltd.		15,800		190,590
Maruti Suzuki India Ltd.		2,250		227,165
NIO, Inc., ADR*		25,200		420,840
Niu Technologies, ADR* (c)		1,135		10,839
Oriental Holdings Bhd.		8,500		13,862
SAIC Motor Corp. Ltd., Class A		25,000		60,536
Sanyang Motor Co. Ltd.		250,000		236,637
Tata Motors Ltd.*		34,600		198,070
Tata Motors Ltd., Class A*		8,230		23,390
Tofas Turk Otomobil Fabrikasi A/S		3,233		17,116
TVS Motor Co. Ltd.		3,564		30,531
UMW Holdings Bhd.		190,000		145,331

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 173

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Automobiles – (continued)
XPeng, Inc., ADR*		3,297	$	81,139
XPeng, Inc., Class A* (c)		5,000		65,637
Yadea Group Holdings Ltd.(a)		16,000		24,389
Yulon Motor Co. Ltd.		26,986		36,255
				5,743,646
Banks – 13.6%
Absa Group Ltd.		21,650		235,222
Abu Dhabi Commercial Bank PJSC		85,640		237,355
Abu Dhabi Islamic Bank PJSC		19,571		46,782
AFFIN Bank Bhd.*		194,227		93,689
Agricultural Bank of China Ltd., Class A		401,100		186,332
Agricultural Bank of China Ltd., Class H		900,000		339,530
Akbank TAS, ADR		57,801		67,338
Al Ahli Bank of Kuwait KSCP*		27,390		26,814
Al Rajhi Bank		21,750		1,024,062
Alinma Bank		19,000		209,969
Alliance Bank Malaysia Bhd.		501,800		435,696
Alpha Services and Holdings SA*		64,300		73,667
AMMB Holdings Bhd.*		75,000		63,570
AU Small Finance Bank Ltd.* (a)		2,288		41,606
Axis Bank Ltd.*		41,900		399,363
Banco Bradesco SA		44,000		132,474
Banco Bradesco SA (Preference)		165,242		599,946
Banco Davivienda SA (Preference)		47,000		392,258
Banco de Bogota SA		3,134		39,762
Banco de Chile		1,401,200		139,865
Banco de Credito e Inversiones SA		1,574		48,693
Banco del Bajio SA(a)		335,000		827,138
Banco do Brasil SA		45,000		301,866
Banco do Estado do Rio Grande do Sul SA (Preference), Class B		91,000		193,680
Banco Inter SA*		11,000		33,696
Banco Pan SA (Preference)		10,600		20,035

Investments	Shares		Value
Banks – (continued)
Banco Santander Chile		1,930,150	$	92,836
Bancolombia SA		9,000		87,828
Bancolombia SA (Preference)		14,027		135,404
Bandhan Bank Ltd.(a)		12,633		55,263
Bangkok Bank PCL, NVDR		15,300		58,296
Bank Al Habib Ltd.		411,400		151,138
Bank AlBilad*		8,534		117,858
Bank Al-Jazira		6,066		51,186
Bank Central Asia Tbk. PT		1,014,500		568,587
Bank Jago Tbk. PT*		75,000		60,271
Bank Mandiri Persero Tbk. PT		575,000		354,987
Bank Negara Indonesia Persero Tbk. PT		235,000		149,540
Bank of Ayudhya PCL, NVDR		71,400		71,400
Bank of Baroda*		33,636		49,678
Bank of Beijing Co. Ltd., Class A		74,200		51,479
Bank of Changsha Co. Ltd., Class A		9,400		10,603
Bank of Chengdu Co. Ltd., Class A		10,600		27,019
Bank of China Ltd., Class A		205,000		100,524
Bank of China Ltd., Class H		2,400,000		948,236
Bank of Communications Co. Ltd., Class A		120,000		92,546
Bank of Communications Co. Ltd., Class H		651,000		453,849
Bank of Hangzhou Co. Ltd., Class A		18,800		43,611
Bank of India*		5,936		3,739
Bank of Jiangsu Co. Ltd., Class A		53,880		59,958
Bank of Nanjing Co. Ltd., Class A		31,800		56,001
Bank of Ningbo Co. Ltd., Class A		16,650		91,781
Bank of Qingdao Co. Ltd., Class H(a)		53,000		23,912
Bank of Shanghai Co. Ltd., Class A		45,000		44,337
Bank of the Philippine Islands		56,000		101,799
Bank of Zhengzhou Co. Ltd., Class A*		17,490		7,036
Bank of Zhengzhou Co. Ltd., Class H* (a)		116,600		22,737

See Accompanying Notes to the Financial Statements.

174 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Bank Pan Indonesia Tbk. PT*		71,500	$	4,981
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT		2,454,660		249,750
Bank Pembangunan Daerah Jawa Timur Tbk. PT		1,580,000		86,646
Bank Rakyat Indonesia Persero Tbk. PT		1,145,019		384,648
Bank Tabungan Negara Persero Tbk. PT		1,945,000		247,536
Banque Saudi Fransi		11,800		170,513
BDO Unibank, Inc.		53,000		131,980
BNK Financial Group, Inc.		11,051		69,333
BOC Hong Kong Holdings Ltd.		105,500		385,230
Boubyan Bank KSCP		18,229		58,354
Burgan Bank SAK		30,004		28,981
Canara Bank*		15,092		45,340
Capitec Bank Holdings Ltd.		1,722		242,047
Chang Hwa Commercial Bank Ltd.		115,722		72,632
China Bohai Bank Co. Ltd., Class H(a) (c)		1,200,000		197,294
China CITIC Bank Corp. Ltd., Class H		250,000		127,770
China Construction Bank Corp., Class A		28,200		25,987
China Construction Bank Corp., Class H		3,200,000		2,279,844
China Everbright Bank Co. Ltd., Class A		120,000		58,114
China Everbright Bank Co. Ltd., Class H		53,000		19,319
China Merchants Bank Co. Ltd., Class A		50,000		303,097
China Merchants Bank Co. Ltd., Class H		119,500		729,536
China Minsheng Banking Corp. Ltd., Class A		85,000		47,746
China Minsheng Banking Corp. Ltd., Class H(c)		200,000		76,216
China Zheshang Bank Co. Ltd., Class A		47,000		23,618

Investments	Shares		Value
Banks – (continued)
China Zheshang Bank Co. Ltd., Class H(c)		53,000	$	22,561
Chongqing Rural Commercial Bank Co. Ltd., Class A		18,800		11,045
Chongqing Rural Commercial Bank Co. Ltd., Class H		94,000		36,660
CIMB Group Holdings Bhd.		232,701		277,948
City Union Bank Ltd.		9,675		17,352
Commercial Bank PSQC (The)		60,629		128,009
Commercial International Bank Egypt SAE		55,400		134,230
Credicorp Ltd.		2,050		284,725
Credit Agricole Egypt SAE		241,835		86,192
Credit Bank of Moscow PJSC* ‡ (b)		229,590		–
CTBC Financial Holding Co. Ltd.		600,000		595,410
DGB Financial Group, Inc.		7,200		51,248
Doha Bank QPSC		41,736		29,797
Dubai Islamic Bank PJSC		78,650		138,112
E.Sun Financial Holding Co. Ltd.		233,879		268,589
Emirates NBD Bank PJSC		74,000		307,238
Eurobank Ergasias Services and Holdings SA* (c)		82,900		87,438
Far Eastern International Bank		58,088		23,649
Federal Bank Ltd.		47,988		60,266
First Abu Dhabi Bank PJSC		78,603		480,214
First Financial Holding Co. Ltd.		312,267		294,517
Grupo Aval Acciones y Valores SA (Preference)		142,166		30,377
Grupo Bolivar SA		825		18,946
Grupo Elektra SAB de CV* (c)		1,000		59,958
Grupo Financiero Banorte SAB de CV, Class O		75,000		495,051
Grupo Financiero Inbursa SAB de CV, Class O* (c)		60,000		101,693
Gulf Bank KSCP		47,580		52,944
Habib Bank Ltd.		311,175		182,349
Haci Omer Sabanci Holding A/S		32,096		43,296
Hana Financial Group, Inc.		9,550		357,365
Hong Leong Bank Bhd.		25,000		120,478
Hong Leong Financial Group Bhd.		5,000		22,281

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 175

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Hua Nan Financial Holdings Co. Ltd.		158,473	$	127,690
Huaxia Bank Co. Ltd., Class A		47,000		38,887
ICICI Bank Ltd.		92,500		899,437
IDFC First Bank Ltd.*		61,957		32,015
Indian Bank		7,425		15,881
IndusInd Bank Ltd.		11,600		148,493
Industrial & Commercial Bank of China Ltd., Class A		260,000		188,675
Industrial & Commercial Bank of China Ltd., Class H		2,050,000		1,238,442
Industrial Bank Co. Ltd., Class A		55,000		171,003
Industrial Bank of Korea		9,950		89,122
Intercorp Financial Services, Inc.(a)		1,040		28,600
Itau CorpBanca Chile SA		2,260,745		4,611
Itau Unibanco Holding SA (Preference)*		150,000		723,012
Itausa SA		27,014		52,586
Itausa SA (Preference)		147,200		273,760
JB Financial Group Co. Ltd.		1,500		10,689
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		6,700		8,229
KakaoBank Corp.*		1,250		42,148
Kasikornbank PCL, NVDR		36,500		163,051
KB Financial Group, Inc.		11,900		554,260
Kiatnakin Phatra Bank PCL, NVDR		9,800		20,673
King’s Town Bank Co. Ltd.		50,000		66,326
Komercni Banka A/S		1,272		42,214
Kotak Mahindra Bank Ltd.		20,150		472,036
Krung Thai Bank PCL, NVDR		119,000		52,812
Kuwait Finance House KSCP		100,732		323,776
Kuwait International Bank KSCP		26,655		21,136
Malayan Banking Bhd.		205,000		427,093
Malaysia Building Society Bhd.		1,091,517		160,462
Masraf Al Rayan QSC		83,000		122,845
MCB Bank Ltd.		16,300		13,241
Meezan Bank Ltd.		43,230		32,617
Mega Financial Holding Co. Ltd.		319,000		450,218

Investments	Shares		Value
Banks – (continued)
Metropolitan Bank & Trust Co.		38,560	$	37,744
Moneta Money Bank A/S(a)		18,360		68,882
National Bank of Greece SA*		13,994		56,468
National Bank of Kuwait SAKP		137,238		471,119
Nedbank Group Ltd.		14,266		199,961
O-Bank Co. Ltd.		106,000		34,308
OTP Bank Nyrt.*		6,850		206,338
Ping An Bank Co. Ltd., Class A		40,000		93,032
Piraeus Financial Holdings SA*		28,658		41,963
Postal Savings Bank of China Co. Ltd., Class A		115,000		94,451
Postal Savings Bank of China Co. Ltd., Class H(a) (c)		300,000		229,412
Public Bank Bhd.		465,000		500,942
Punjab National Bank*		43,248		19,858
Qatar International Islamic Bank QSC		9,789		31,046
Qatar Islamic Bank SAQ		38,850		261,258
Qatar National Bank QPSC		135,200		863,156
Qingdao Rural Commercial Bank Corp., Class A		18,800		9,675
RBL Bank Ltd.* (a)		198,401		311,970
Regional SAB de CV		5,500		33,183
RHB Bank Bhd.		70,202		100,784
Riyad Bank		24,711		268,798
Saudi British Bank (The)		7,100		84,898
Saudi Investment Bank (The)		8,657		53,085
Saudi National Bank (The)		39,900		840,381
Sberbank of Russia PJSC‡ (b)		369,050		—
Sberbank of Russia PJSC (Preference)‡ (b)		39,708		—
SCB X PCL, NVDR		48,900		164,190
Security Bank Corp.		2,550		5,031
Shanghai Commercial & Savings Bank Ltd. (The)		121,000		201,150
Shanghai Pudong Development Bank Co. Ltd., Class A		75,000		91,430
Shinhan Financial Group Co. Ltd.		15,700		526,875
SinoPac Financial Holdings Co. Ltd.		350,000		216,705
Standard Bank Group Ltd.		40,817		433,558
State Bank of India		58,250		378,186

See Accompanying Notes to the Financial Statements.

176 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Taichung Commercial Bank Co. Ltd.		90,591	$	45,948
Taishin Financial Holding Co. Ltd.		346,566		228,101
Taiwan Business Bank		86,892		37,586
Taiwan Cooperative Financial Holding Co. Ltd.		300,200		290,265
Thanachart Capital PCL, NVDR		19,300		22,681
Tisco Financial Group PCL, NVDR		11,200		29,676
TMBThanachart Bank PCL, NVDR		1,314,800		49,905
Turkiye Garanti Bankasi A/S*		67,350		67,912
Turkiye Halk Bankasi A/S*		28,578		10,407
Turkiye Is Bankasi A/S, Class C		54,084		38,335
Turkiye Vakiflar Bankasi TAO, Class D*		28		8
Union Bank of India Ltd.*		10,017		4,993
Union Bank of Taiwan*		114,325		62,834
United Bank Ltd.		197,871		146,355
VTB Bank PJSC‡ (b)		136,511,531		—
Woori Financial Group, Inc.		18,250		214,321
Yapi ve Kredi Bankasi A/S		42		14
Yes Bank Ltd.*		38,361		6,850
				36,442,365
Beverages – 1.1%
Ambev SA		79,200		232,217
Anadolu Efes Biracilik ve Malt Sanayii A/S		27		54
Anhui Gujing Distillery Co. Ltd., Class B		3,500		46,740
Arca Continental SAB de CV		15,000		95,174
Becle SAB de CV		10,700		26,671
Carabao Group PCL, NVDR		11,600		37,086
China Foods Ltd.		300,000		107,824
China Resources Beer Holdings Co. Ltd.		33,107		196,208
Cia Cervecerias Unidas SA		4,510		30,135
Coca-Cola Femsa SAB de CV		10,000		54,521
Coca-Cola Icecek A/S		2,875		23,920
Distell Group Holdings Ltd.*		3,420		37,432

Investments	Shares		Value
Beverages – (continued)
Embotelladora Andina SA (Preference), Class B		9,513	$	17,285
Emperador, Inc.		55,200		20,619
Fomento Economico Mexicano SAB de CV		35,000		263,145
Fraser & Neave Holdings Bhd.		3,700		19,547
Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A		5,500		17,960
Heineken Malaysia Bhd.		3,800		20,687
Hite Jinro Co. Ltd.		348		10,335
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2,100		50,710
Kweichow Moutai Co. Ltd., Class A		1,900		527,391
Lotte Chilsung Beverage Co. Ltd.		150		21,736
Luzhou Laojiao Co. Ltd., Class A		2,400		76,780
Nongfu Spring Co. Ltd., Class H(a)		33,200		177,718
Osotspa PCL, NVDR		31,700		32,394
Radico Khaitan Ltd.		4,450		52,384
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		1,960		80,935
Tsingtao Brewery Co. Ltd., Class H(c)		8,000		65,714
United Breweries Ltd.		1,379		28,609
United Spirits Ltd.*		5,697		64,305
Varun Beverages Ltd.		1,741		24,678
Vina Concha y Toro SA		219,226		321,238
Wuliangye Yibin Co. Ltd., Class A		6,100		150,143
Yantai Changyu Pioneer Wine Co. Ltd., Class B		15,000		21,488
				2,953,783
Biotechnology – 0.6%
3SBio, Inc.* (a) (c)		45,980		32,524
ABLBio, Inc.*		1,585		31,990
Adimmune Corp.		19,000		26,171
Akeso, Inc.* (a) (c)		11,000		20,973
Alphamab Oncology* (a) (c)		24,000		24,746
Alteogen, Inc.*		780		35,957
Amicogen, Inc.*		514		13,055
Anterogen Co. Ltd.*		477		9,267
AptaBio Therapeutics, Inc.*		954		14,887

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 177

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Biotechnology – (continued)
Ascentage Pharma Group International* (a) (c)		11,000	$	18,955
BeiGene Ltd.* (c)		12,000		159,977
Beijing Tiantan Biological Products Corp. Ltd., Class A		5,300		15,875
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		1,015		24,870
Biocon Ltd.*		6,644		32,024
Bioneer Corp.*		1,265		30,769
BNC Korea Co. Ltd.*		2,035		17,498
Brii Biosciences Ltd.*		16,500		17,875
Burning Rock Biotech Ltd., ADR*		1,431		7,885
Cellid Co. Ltd.*		39		756
Celltrion, Inc.		1,737		243,401
CrystalGenomics, Inc.*		5,353		21,821
CStone Pharmaceuticals* (a) (b)		25,000		16,059
Daan Gene Co. Ltd., Class A		8,000		21,849
Eubiologics Co. Ltd.*		935		14,256
GC Cell Corp.*		474		25,210
GeneOne Life Science, Inc.*		3,823		34,090
Genetron Holdings Ltd., ADR*		4,943		8,502
Genexine, Inc.*		282		9,093
Green Cross Corp.		163		24,463
Green Cross Holdings Corp.		1,219		21,498
Helixmith Co. Ltd.*		1,890		31,676
Hualan Biological Engineering, Inc., Class A		5,300		13,429
Hugel, Inc.*		126		12,580
I-Mab, ADR* (c)		742		9,305
Immunotech Biopharm Ltd.*		25,000		16,887
Innovent Biologics, Inc.* (a)		25,000		80,135
iNtRON Biotechnology, Inc.*		1,643		23,612
Jacobio Pharmaceuticals Group Co. Ltd.* (a)		16,500		16,929
Kintor Pharmaceutical Ltd.* (a) (c)		7,000		20,252
L&C Bio Co. Ltd.		1,325		42,250
Medigen Vaccine Biologics Corp.*		3,000		25,496
MedPacto, Inc.*		235		5,997
Medy-Tox, Inc.*		120		13,070

Investments	Shares		Value
Biotechnology – (continued)
Naturecell Co. Ltd.*		2,743	$	37,563
NKMax Co. Ltd.*		1,797		30,188
OBI Pharma, Inc.*		10,354		39,167
OliX Pharmaceuticals, Inc.*		901		16,858
Pharmicell Co. Ltd.*		2,919		26,610
Remegen Co. Ltd., Class H* (a) (c)		7,500		32,309
Seegene, Inc.		963		31,090
Shanghai Junshi Biosciences Co. Ltd., Class A*		1,113		16,130
Shanghai RAAS Blood Products Co. Ltd., Class A		9,400		7,706
SillaJen, Inc.* ‡		2,522		12,148
SK Bioscience Co. Ltd.*		450		48,547
Taigen Biopharmaceuticals Holdings Ltd.*		44,000		25,899
TaiMed Biologics, Inc.*		1,000		2,124
Vaxcell-Bio Therapeutics Co. Ltd.*		371		13,292
Zai Lab Ltd.* (c)		13,500		56,693
Zhejiang Orient Gene Biotech Co. Ltd., Class A		550		15,298
				1,699,536
Building Products – 0.3%
Astral Ltd.		1,766		49,749
Beijing New Building Materials plc, Class A		5,300		23,358
Blue Star Ltd.		2,703		40,181
China Lesso Group Holdings Ltd.		33,000		41,849
Kajaria Ceramics Ltd.		2,608		35,260
KCC Glass Corp.		4,500		222,850
Kyung Dong Navien Co. Ltd.		208		8,512
Luoyang Glass Co. Ltd., Class H* (c)		18,000		24,547
LX Hausys Ltd.		2,200		103,519
Taiwan Glass Industry Corp.		48,000		36,559
Xinyi Glass Holdings Ltd.		50,000		112,539
Zhejiang Weixing New Building Materials Co. Ltd., Class A		5,300		15,280
Zhuzhou Kibing Group Co. Ltd., Class A		5,300		8,939
				723,142

See Accompanying Notes to the Financial Statements.

178 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – 2.1%
Aju IB Investment Co. Ltd.		20,700	$	65,099
B3 SA – Brasil Bolsa Balcao		110,000		295,424
Banco BTG Pactual SA*		20,000		93,251
Bangkok Commercial Asset Management PCL, NVDR		26,500		14,855
Bolsa Mexicana de Valores SAB de CV		26,600		52,696
Boursa Kuwait Securities Co. KPSC		2,016		17,433
Bursa Malaysia Bhd.		8,000		12,845
Caitong Securities Co. Ltd., Class A		12,220		13,209
Capital Securities Corp.		100,000		53,265
Changjiang Securities Co. Ltd., Class A		14,100		11,880
China Bills Finance Corp.		53,000		31,826
China Cinda Asset Management Co. Ltd., Class H		3,800,000		644,138
China Everbright Ltd.		356,000		344,378
China Galaxy Securities Co. Ltd., Class A		5,200		7,326
China Galaxy Securities Co. Ltd., Class H		131,000		71,793
China International Capital Corp. Ltd., Class H(a)		37,200		75,480
China Merchants Securities Co. Ltd., Class A		21,220		41,138
China Merchants Securities Co. Ltd., Class H(a)		16,600		17,370
China Renaissance Holdings Ltd.* (a) (c)		75,100		96,481
CITIC Securities Co. Ltd., Class A		17,475		52,237
CITIC Securities Co. Ltd., Class H		44,073		97,851
Coronation Fund Managers Ltd.		7,009		18,533
CSC Financial Co. Ltd., Class A		11,000		36,038
CSC Financial Co. Ltd., Class H(a)		400,000		371,137
Daishin Securities Co. Ltd.		212		2,979
Daishin Securities Co. Ltd. (Preference)		530		6,456

Investments	Shares		Value
Capital Markets – (continued)
Daou Data Corp.		6,500	$	72,970
Daou Technology, Inc.		9,678		159,887
Dhani Services Ltd.*		14,469		10,505
Dubai Financial Market PJSC		67,052		48,741
Edelweiss Financial Services Ltd.		49,005		38,689
Egyptian Financial Group-Hermes Holding Co.*		329,568		303,188
Everbright Securities Co. Ltd., Class A		9,400		16,240
Founder Securities Co. Ltd., Class A		14,100		13,100
GF Securities Co. Ltd., Class A		14,100		34,399
GF Securities Co. Ltd., Class H		44,000		55,630
Glory Sun Financial Group Ltd.* (c)		1,272,000		12,321
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		8,640		9,680
Guosen Securities Co. Ltd., Class A		14,100		20,764
Guotai Junan International Holdings Ltd.(c)		1,235,000		135,366
Guotai Junan Securities Co. Ltd., Class A		20,000		44,330
Guotai Junan Securities Co. Ltd., Class H(a)		21,200		27,560
Haitong Securities Co. Ltd., Class A		18,800		25,830
Haitong Securities Co. Ltd., Class H		100,000		70,353
Hanwha Investment & Securities Co. Ltd.		5,088		19,485
HDFC Asset Management Co. Ltd.(a)		1,717		45,860
Huatai Securities Co. Ltd., Class A		24,100		48,844
Huatai Securities Co. Ltd., Class H(a)		47,000		65,293
IBF Financial Holdings Co. Ltd.		49,893		27,168
ICICI Securities Ltd.(a)		1,880		13,790
IDFC Ltd.		70,150		52,400
Indian Energy Exchange Ltd.(a)		14,850		41,679
Industrial Securities Co. Ltd., Class A		26,500		26,190

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 179

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – (continued)
Investec Ltd.		13,000	$	79,095
Is Yatirim Menkul Degerler A/S*		57,900		80,053
JM Financial Ltd.		203,050		204,132
JSE Ltd.		38,345		269,109
KIWOOM Securities Co. Ltd.		640		48,560
Korea Investment Holdings Co. Ltd.		1,250		70,263
Meritz Securities Co. Ltd.		6,708		34,982
Mirae Asset Securities Co. Ltd.		7,045		45,153
Mirae Asset Securities Co. Ltd. (2nd Preference)		6,840		24,125
Moscow Exchange MICEX-RTS PJSC‡ (b)		29,911		—
Multi Commodity Exchange of India Ltd.		583		10,908
Nanjing Securities Co. Ltd., Class A		9,400		10,660
NH Investment & Securities Co. Ltd.		5,150		44,488
Nippon Life India Asset Management Ltd.(a)		5,244		21,712
Noah Holdings Ltd., ADR*		1,113		20,001
Orient Securities Co. Ltd., Class A		9,400		13,072
Orient Securities Co. Ltd., Class H(a) (c)		20,400		12,454
President Securities Corp.		53,000		37,401
PSG Konsult Ltd.		3,256		2,783
Reinet Investments SCA		3,950		80,168
Samsung Securities Co. Ltd.		2,050		64,797
Saratoga Investama Sedaya Tbk. PT		27,500		6,905
SDIC Capital Co. Ltd., Class A		14,288		13,926
Shenwan Hongyuan Group Co. Ltd., Class A		47,900		29,742
Shenwan Hongyuan Group Co. Ltd., Class H(a) (c)		75,200		15,814
Shinyoung Securities Co. Ltd.*		1,650		75,800
Sinolink Securities Co. Ltd., Class A		9,400		11,773
SPIC Dongfang New Energy Corp., Class A		25,000		16,510

Investments	Shares		Value
Capital Markets – (continued)
Tata Liquid Fund* ‡		5,000	$	—
UTI Asset Management Co. Ltd.		1,378		14,275
Western Securities Co. Ltd., Class A		10,000		9,473
Woori Investment Bank Co. Ltd.		6,985		4,816
Woori Technology Investment Co. Ltd.*		3,763		24,418
Yangzijiang Financial Holding Pte. Ltd.*		95,000		37,494
Yuanta Securities Korea Co. Ltd.		40,334		114,965
Zheshang Securities Co. Ltd., Class A		4,700		6,572
Zhongtai Securities Co. Ltd., Class A		15,900		17,476
				5,559,255
Chemicals – 4.1%
Aarti Industries Ltd.		4,300		49,948
Advanced Petrochemical Co.		2,025		36,226
AECI Ltd.		48,150		310,005
Alkyl Amines Chemicals		220		9,151
Alpek SAB de CV(c)		163,200		220,308
Alujain Holding		795		16,299
Asia Polymer Corp.		150,000		186,256
Asian Paints Ltd.		8,500		359,959
Atul Ltd.		259		30,334
Balaji Amines Ltd.		742		31,368
Barito Pacific Tbk. PT		474,700		27,833
Batu Kawan Bhd.		6,300		42,140
Bayer CropScience Ltd.		141		8,577
Berger Paints India Ltd.		5,245		49,261
Boubyan Petrochemicals Co. KSCP		7,344		24,348
Braskem SA (Preference), Class A		5,500		44,669
Carborundum Universal Ltd.		5,200		52,165
Castrol India Ltd.		6,655		9,411
Chambal Fertilizers and Chemicals Ltd.		72,750		435,448
Chandra Asri Petrochemical Tbk. PT		41,200		28,562
Chemplast Sanmar Ltd.*		17,000		132,188
China Lumena New Materials Corp.* ‡		22,200		—

See Accompanying Notes to the Financial Statements.

180 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Chemicals – (continued)
China Man-Made Fiber Corp.		629,042	$	183,321
China Petrochemical Development Corp.*		85,254		34,130
China Risun Group Ltd.(a) (c)		55,000		27,829
China Steel Chemical Corp.		12,000		46,615
Chunbo Co. Ltd.		141		31,377
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		5,500		6,120
Coromandel International Ltd.		1,898		22,211
D&L Industries, Inc.		110,800		15,175
DCM Shriram Ltd.		1,375		21,335
Deepak Nitrite Ltd.		1,909		58,102
Dongjin Semichem Co. Ltd.		1,196		36,280
Dongyue Group Ltd.(c)		42,000		50,585
Ecopro Co. Ltd.		631		43,205
Egypt Kuwait Holding Co. SAE		10,969		14,150
EID Parry India Ltd.		7,975		55,392
Engro Corp. Ltd.		134,984		201,840
Engro Fertilizers Ltd.		244,146		125,063
Fauji Fertilizer Co. Ltd.		286,342		185,448
Finolex Industries Ltd.		19,195		39,222
Foosung Co. Ltd.		1,768		26,886
Formosa Chemicals & Fibre Corp.		69,000		187,040
Formosa Plastics Corp.		86,000		307,815
Grand Pacific Petrochemical		350,000		309,325
Guangzhou Tinci Materials Technology Co. Ltd., Class A*		700		7,962
Gujarat Fluorochemicals Ltd.		715		26,226
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		40,750		441,151
Hangzhou Oxygen Plant Group Co. Ltd.		5,000		19,804
Hansol Chemical Co. Ltd.		232		45,532
Hanwha Solutions Corp.*		3,142		80,051
HDC Holdings Co. Ltd.		16,791		96,655
Hengli Petrochemical Co. Ltd., Class A		15,000		47,708
Hengyi Petrochemical Co. Ltd., Class A		14,100		16,311
Huabao International Holdings Ltd.(c)		17,000		9,382

Investments	Shares		Value
Chemicals – (continued)
Huafon Chemical Co. Ltd., Class A		5,300	$	6,276
Hyosung Advanced Materials Corp.		55		20,931
Hyosung Chemical Corp.*		801		145,086
Hyosung TNC Corp.		110		36,214
Indorama Ventures PCL, NVDR		68,000		89,839
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		23,500		15,591
International CSRC Investment Holdings Co.		53,000		41,986
Jiangsu Eastern Shenghong Co. Ltd., Class A		5,300		9,857
Jubilant Ingrevia Ltd.		6,490		42,718
Kansai Nerolac Paints Ltd.		2,196		13,489
KCC Corp.		106		28,905
Kolon Industries, Inc.		674		33,432
Korea Petrochemical Ind Co. Ltd.		2,075		251,115
KuibyshevAzot PJSC‡ (b)		9,900		—
Kumho Petrochemical Co. Ltd.		450		55,354
LB Group Co. Ltd., Class A		4,700		13,058
LG Chem Ltd.		850		351,234
LG Chem Ltd. (Preference)		170		33,838
Linde India Ltd.		624		29,237
Lotte Chemical Corp.		500		78,224
LOTTE Fine Chemical Co. Ltd.		397		25,761
Luxi Chemical Group Co. Ltd., Class A* (b)		10,800		29,841
Mesaieed Petrochemical Holding Co.		69,776		49,624
Miwon Commercial Co. Ltd.		212		28,947
Nan Pao Resins Chemical Co. Ltd.		19,000		78,964
Nan Ya Plastics Corp.		100,000		294,143
Nantex Industry Co. Ltd.		7,000		13,038
National Industrialization Co.*		5,584		30,728
Navin Fluorine International Ltd.		645		33,175
Ningxia Baofeng Energy Group Co. Ltd., Class A		10,600		22,690
Nizhnekamskneftekhim PJSC‡ (b)		28,600		—

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 181

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Chemicals – (continued)
Nizhnekamskneftekhim PJSC (Preference)‡ (b)		26,400	$	—
OCI Co. Ltd.		333		27,971
Omnia Holdings Ltd.		11,250		59,329
Orbia Advance Corp. SAB de CV		30,533		73,458
Organichesky Sintez PJSC‡ (b)		11,550		—
Oriental Union Chemical Corp.*		38,000		26,429
Petkim Petrokimya Holding A/S*		57,016		36,614
Petronas Chemicals Group Bhd.		50,000		117,377
PhosAgro PJSC‡ (b)		1,540		—
PI Advanced Materials Co. Ltd.		520		19,852
PI Industries Ltd.		1,314		48,955
Pidilite Industries Ltd.		3,250		103,045
PTT Global Chemical PCL, NVDR		64,500		94,161
Rain Industries Ltd.		89,900		201,692
Rongsheng Petrochemical Co. Ltd., Class A		25,000		52,072
SABIC Agri-Nutrients Co.		3,750		162,565
Sahara International Petrochemical Co.		5,394		82,403
Sasa Polyester Sanayi A/S*		4,051		17,452
Sasol Ltd.*		17,792		441,846
Satellite Chemical Co. Ltd., Class A		2,380		13,022
Saudi Basic Industries Corp.		15,950		557,068
Saudi Industrial Investment Group		6,889		60,610
Saudi Kayan Petrochemical Co.*		16,300		82,048
Scientex Bhd.		26,100		22,842
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		6,110		28,013
Shanghai Putailai New Energy Technology Co. Ltd., Class A*		1,400		25,237
Shin Foong Specialty & Applied Materials Co. Ltd.		28,000		99,744
Shinkong Synthetic Fibers Corp.		53,000		35,513

Investments	Shares		Value
Chemicals – (continued)
Sichuan Yahua Industrial Group Co. Ltd., Class A		3,600	$	14,516
Sinofert Holdings Ltd.* (c)		622,000		104,642
SK Chemicals Co. Ltd.		412		41,823
SK IE Technology Co. Ltd.* (a)		165		16,684
SKC Co. Ltd.		440		53,073
Sociedad Quimica y Minera de Chile SA (Preference), Class B		2,513		186,475
Solar Industries India Ltd.		1,040		37,562
Soulbrain Co. Ltd.		141		27,616
Soulbrain Holdings Co. Ltd.		3,350		75,748
SRF Ltd.		2,640		86,778
Sumitomo Chemical India Ltd.		2,585		14,522
Supreme Industries Ltd.		1,204		30,664
Taekwang Industrial Co. Ltd.		100		80,892
Taiwan Fertilizer Co. Ltd.		24,000		60,986
Tata Chemicals Ltd.		3,975		48,888
TKG Huchems Co. Ltd.		2,002		35,704
Tongkun Group Co. Ltd., Class A		9,400		21,677
TSRC Corp.		47,000		51,344
Unid Co. Ltd.		2,750		279,160
Unipar Carbocloro SA (Preference), Class B		3,056		59,248
UPL Ltd.		9,600		103,344
USI Corp.		28,000		27,501
Wanhua Chemical Group Co. Ltd., Class A		5,000		59,094
Xinjiang Zhongtai Chemical Co. Ltd., Class A		10,600		11,892
Yanbu National Petrochemical Co.		5,550		90,409
Yung Chi Paint & Varnish Manufacturing Co. Ltd.		41,000		100,986
Yunnan Energy New Material Co. Ltd.*		900		27,730
Zhejiang Longsheng Group Co. Ltd., Class A		9,400		14,370
Zhejiang Yongtai Technology Co. Ltd., Class A*		2,800		10,712
				11,090,357

See Accompanying Notes to the Financial Statements.

182 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Commercial Services & Supplies – 0.2%
China Everbright Environment Group Ltd.		100,000	$	59,392
Cleanaway Co. Ltd.		6,000		40,813
Dynagreen Environmental Protection Group Co. Ltd., Class H(a) (c)		50,000		21,667
Frontken Corp. Bhd.		44,000		28,198
GPS Participacoes e Empreendimentos SA(d)		14,100		42,651
Indian Railway Catering & Tourism Corp. Ltd.		5,500		53,671
KEPCO Plant Service & Engineering Co. Ltd.		954		28,939
PNB Holdings Corp.*		46,815		37,436
S-1 Corp.		347		19,035
Saudi Airlines Catering Co.*		2,350		59,333
Taiwan Secom Co. Ltd.		3,165		11,758
				402,893
Communications Equipment – 0.5%
Accton Technology Corp.		9,000		71,144
Ace Technologies Corp.*		705		5,866
Addsino Co. Ltd., Class A		5,300		7,233
Advanced Ceramic X Corp.		2,000		16,658
Arcadyan Technology Corp.*		76,000		330,037
BYD Electronic International Co. Ltd.(c)		24,500		50,148
D-Link Corp.		48,760		28,040
Glarun Technology Co. Ltd., Class A		10,600		23,076
KMW Co. Ltd.*		563		14,792
Seojin System Co. Ltd.		1,590		24,622
Sercomm Corp.		100,000		282,947
Sterlite Technologies Ltd.		11,660		29,462
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		900		3,762
Wistron NeWeb Corp.		140,000		364,303
ZTE Corp., Class A		4,700		17,217
ZTE Corp., Class H		10,600		22,534
				1,291,841

Investments	Shares		Value
Construction & Engineering – 1.3%
BES Engineering Corp.		105,000	$	34,020
CH Karnchang PCL, NVDR		44,000		25,051
China Communications Services Corp. Ltd., Class H		1,046,000		478,596
China Conch Venture Holdings Ltd.		50,000		130,319
China Energy Engineering Corp. Ltd., Class H(c)		2,500,000		347,304
China Railway Group Ltd., Class A		47,000		50,518
China Railway Group Ltd., Class H		100,000		70,225
Continental Holdings Corp.		200,000		181,167
CTCI Corp.		265,000		418,958
Daewoo Engineering & Construction Co. Ltd.*		3,901		21,027
DL Construction Co. Ltd.		3,900		84,459
DL E&C Co. Ltd.		1,300		62,412
DL Holdings Co. Ltd.		397		19,566
Ellaktor SA*		94,545		136,046
Gamuda Bhd.		48,221		41,204
Greentown Management Holdings Co. Ltd.(a)		53,000		40,327
GS Engineering & Construction Corp.		2,500		83,698
HDC Hyundai Development Co-Engineering & Construction, Class E		136		1,624
Hyundai Engineering & Construction Co. Ltd.		2,326		82,503
IJM Corp. Bhd.		78,400		33,136
IS Dongseo Co. Ltd.		808		34,482
KEC International Ltd.		6,678		34,712
KEPCO Engineering & Construction Co., Inc.		382		22,385
KNR Constructions Ltd.		6,325		22,369
Larsen & Toubro Ltd.		12,804		283,801
Larsen & Toubro Ltd., GDR(a)		296		6,542
Malaysian Resources Corp. Bhd.		85,090		7,525
Metallurgical Corp. of China Ltd., Class A		65,800		34,863
Metallurgical Corp. of China Ltd., Class H		106,000		27,425

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 183

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Construction & Engineering – (continued)
NBCC India Ltd.		41,870	$	20,759
Power Construction Corp. of China Ltd., Class A		37,600		44,296
Rail Vikas Nigam Ltd.(a)		196,250		86,389
Samsung Engineering Co. Ltd.*		2,900		60,032
Shanghai Construction Group Co. Ltd., Class A		23,500		11,559
Shanghai Tunnel Engineering Co. Ltd., Class A		14,100		12,544
Sichuan Road & Bridge Co. Ltd., Class A		22,000		34,935
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		9,400		6,793
Tekfen Holding A/S		95,700		126,582
TY Holdings Co. Ltd.*		753		15,228
United Integrated Services Co. Ltd.		6,000		36,539
Voltas Ltd.		4,050		66,838
Waskita Karya Persero Tbk. PT*		603,196		22,052
Wijaya Karya Persero Tbk. PT*		281,200		18,427
Xinte Energy Co. Ltd., Class H(c)		100,000		222,784
				3,602,021
Construction Materials – 1.7%
ACC Ltd.		1,404		42,774
Ambuja Cements Ltd.		11,597		56,466
Anhui Conch Cement Co. Ltd., Class A		10,000		60,665
Anhui Conch Cement Co. Ltd., Class H		40,500		221,440
Arabian Cement Co.		2,310		25,836
Asia Cement China Holdings Corp.		182,500		118,625
Asia Cement Co. Ltd.		7,800		95,016
Asia Cement Corp.		96,000		156,659
BBMG Corp., Class A		42,300		17,981
Birla Corp. Ltd.		2,530		36,011
Cementos Argos SA		22,735		34,320
Cemex SAB de CV* (c)		436,700		192,153
Chia Hsin Cement Corp.		250,000		168,360
China Jushi Co. Ltd., Class A		5,143		12,282

Investments	Shares		Value
Construction Materials – (continued)
China National Building Material Co. Ltd., Class H		136,050	$	183,107
China Resources Cement Holdings Ltd.		100,000		83,480
China Tianrui Group Cement Co. Ltd.*		400,000		299,765
CSG Holding Co. Ltd., Class A		16,200		13,822
Dalmia Bharat Ltd.		1,710		33,983
GCC SAB de CV		7,800		51,585
Goldsun Building Materials Co. Ltd.		50,000		49,617
Grasim Industries Ltd.		6,100		135,043
Grupo Argos SA		146,200		529,232
Hanil Cement Co. Ltd.		12,850		211,268
HLB Global Co. Ltd.*		2,640		16,710
Huaxin Cement Co. Ltd., Class A		3,700		12,245
Huaxin Cement Co. Ltd., Class H*		10,400		19,352
Indocement Tunggal Prakarsa Tbk. PT		32,900		23,772
JK Cement Ltd.		530		18,353
Lucky Cement Ltd.*		5,787		17,658
Nuh Cimento Sanayi A/S		28,500		91,317
Oyak Cimento Fabrikalari A/S*		149,600		108,152
POSCO Chemical Co. Ltd.		385		41,688
Qassim Cement Co. (The)		2,600		55,732
Ramco Cements Ltd. (The)*		2,289		23,797
Saudi Cement Co.		2,022		31,159
Semen Indonesia Persero Tbk. PT		57,600		25,429
Shree Cement Ltd.		200		67,820
Siam Cement PCL (The), NVDR		11,400		123,153
Southern Province Cement Co.		1,634		29,101
SSANGYONG C&E Co. Ltd.		290		1,914
Taiwan Cement Corp.		166,452		259,203
Tangshan Jidong Cement Co. Ltd., Class A		4,700		7,670
Tipco Asphalt PCL, NVDR		265,100		126,164
TPI Polene PCL, NVDR		1,990,100		87,158
UltraTech Cement Ltd.		2,152		186,654
Union Andina de Cementos SAA		379,200		197,500
Universal Cement Corp.		200,000		137,741

See Accompanying Notes to the Financial Statements.

184 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Construction Materials – (continued)
Yamama Cement Co.*		3,763	$	35,064
Yanbu Cement Co.		2,888		32,493
				4,606,489
Consumer Finance – 0.8%
360 DigiTech, Inc., ADR		3,150		45,455
AEON Credit Service M Bhd.		45,000		164,351
Bajaj Finance Ltd.		4,750		414,574
BFI Finance Indonesia Tbk. PT		335,500		29,738
Cholamandalam Investment and Finance Co. Ltd.		7,750		74,897
CreditAccess Grameen Ltd.*		1,166		15,805
Differ Group Holding Co. Ltd.* (c)		166,000		43,583
FinVolution Group, ADR		57,550		216,388
JMT Network Services PCL, NVDR		16,500		41,912
Krungthai Card PCL, NVDR		21,200		35,746
Lufax Holding Ltd., ADR(c)		20,300		112,665
Mahindra & Mahindra Financial Services Ltd.		20,141		48,256
Manappuram Finance Ltd.		218,739		329,357
Muangthai Capital PCL, NVDR		16,500		22,281
Muthoot Finance Ltd.		2,226		36,777
Ngern Tid Lor PCL, NVDR		23,692		25,421
Poonawalla Fincorp Ltd.*		5,720		22,931
Ratchthani Leasing PCL, NVDR		203,500		26,024
Samsung Card Co. Ltd.		1,140		30,361
SBI Cards & Payment Services Ltd.		5,050		54,888
Shriram City Union Finance Ltd.		1,925		43,027
Shriram Transport Finance Co. Ltd.		4,600		72,335
Srisawad Corp. PCL, NVDR		26,403		41,435
Sundaram Finance Ltd.		1,445		38,028
Transaction Capital Ltd.		15,500		49,500
Yixin Group Ltd.* (a)		15,500		1,580
Yulon Finance Corp.		1,391		10,925
				2,048,240
Containers & Packaging – 0.2%
Cheng Loong Corp.		16,000		18,157
Klabin SA		15,000		62,820

Investments	Shares		Value
Containers & Packaging – (continued)
Polyplex Thailand PCL, NVDR		197,000	$	143,796
SCG Packaging PCL, NVDR		33,400		53,879
Taiwan Hon Chuan Enterprise Co. Ltd.		118,000		301,851
Ton Yi Industrial Corp.		53,000		28,500
				609,003
Distributors – 0.1%
Wuchan Zhongda Group Co. Ltd., Class A		13,800		10,370
Xinhua Winshare Publishing and Media Co. Ltd., Class H		200,000		143,510
				153,880
Diversified Consumer Services – 0.2%
17 Education & Technology Group, Inc., ADR*		1		1
Advtech Ltd.		24,310		27,359
Cairo Investment & Real Estate Development Co. SAE		14,617		9,566
China Education Group Holdings Ltd.(a)		26,000		22,567
China Kepei Education Group Ltd.(a) (c)		200,000		56,079
China Yuhua Education Corp. Ltd.(a) (c)		702,000		124,364
Cogna Educacao*		33,000		16,326
Fu Shou Yuan International Group Ltd.		55,000		38,203
Hope Education Group Co. Ltd.(a) (c)		202,000		12,486
Humansoft Holding Co. KSC		1,431		15,765
Lung Yen Life Service Corp.		2,000		3,260
MegaStudyEdu Co. Ltd.		385		29,212
New Oriental Education & Technology Group, Inc.*		33,000		39,535
Offcn Education Technology Co. Ltd., Class A*		4,700		3,268
TAL Education Group, ADR* (c)		20,285		68,766
YDUQS Participacoes SA		10,500		34,179
				500,936
Diversified Financial Services – 0.9%
AVIC Industry-Finance Holdings Co. Ltd., Class A		23,500		13,735

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 185

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Diversified Financial Services – (continued)
Bajaj Finserv Ltd.		644	$	125,621
Bajaj Holdings & Investment Ltd.		750		50,719
Chailease Holding Co. Ltd.		27,883		223,722
China Shandong Hi-Speed Financial Group Ltd.* (c)		306,000		36,660
Corp. Financiera Colombiana SA*		3,252		23,708
Far East Horizon Ltd.(c)		55,000		44,933
FirstRand Ltd.		171,750		743,739
Genertec Universal Medical Group Co. Ltd.(a)		390,000		252,009
Grupo de Inversiones Suramericana SA		4,400		44,354
Grupo de Inversiones Suramericana SA (Preference)		42		231
L&T Finance Holdings Ltd.*		26,381		30,214
Meritz Financial Group, Inc.		947		28,538
Metro Pacific Investments Corp.		381,000		27,733
National Investments Co.		113,150		156,553
NICE Holdings Co. Ltd.		6,563		89,092
Piramal Enterprises Ltd.		2,112		59,678
Power Finance Corp. Ltd.		36,542		56,288
REC Ltd.		22,048		36,630
Remgro Ltd.		16,350		147,216
Yuanta Financial Holding Co. Ltd.		400,000		354,871
				2,546,244
Diversified Telecommunication Services – 1.4%
AL Yah Satellite Communications Co. PJSC		43,340		31,387
Asia Pacific Telecom Co. Ltd.*		68,164		17,483
China Tower Corp. Ltd., Class H(a)		800,000		93,804
Chunghwa Telecom Co. Ltd.		74,000		328,883
CITIC Telecom International Holdings Ltd.		732,000		263,090
Converge Information and Communications Technology Solutions, Inc.*		60,500		33,376
Emirates Telecommunications Group Co. PJSC		59,400		566,015

Investments	Shares		Value
Diversified Telecommunication Services – (continued)
Hellenic Telecommunications Organization SA		7,550	$	146,554
HFCL Ltd.		22,055		21,408
Indus Towers Ltd.*		17,200		47,026
KT Corp.		3,250		92,635
LG Uplus Corp.		7,617		84,903
Link Net Tbk. PT		370,000		117,148
Magyar Telekom Telecommunications plc		169,334		183,485
Oi SA*		268,200		42,243
Ooredoo QPSC		23,350		48,018
Operadora de Sites Mexicanos SA de CV, REIT(c)		22,200		27,107
Rostelecom PJSC‡ (b)		33,770		—
Rostelecom PJSC (Preference)‡ (b)		15,392		—
Sarana Menara Nusantara Tbk. PT		315,700		21,995
Saudi Telecom Co.		11,200		346,379
Tata Communications Ltd.		1,646		23,567
Tata Teleservices Maharashtra Ltd.*		23,925		43,723
Telefonica Brasil SA		15,189		163,140
Telekom Malaysia Bhd.		44,000		50,433
Telkom Indonesia Persero Tbk. PT		1,450,000		462,096
Telkom SA SOC Ltd.*		138,212		412,987
TIME dotCom Bhd.		9,000		9,199
Tower Bersama Infrastructure Tbk. PT*		121,300		25,185
True Corp. PCL, NVDR		501,200		70,534
Turk Telekomunikasyon A/S		19,746		13,398
				3,787,201
Electric Utilities – 1.3%
Adani Transmission Ltd.*		5,152		188,004
Alupar Investimento SA		3,500		18,574
Celsia SA ESP		219,950		236,096
Centrais Eletricas Brasileiras SA		11,900		97,272
Centrais Eletricas Brasileiras SA (Preference), Class B		10,000		81,075
CESC Ltd.		298,285		334,213
CEZ A/S		5,002		214,686

See Accompanying Notes to the Financial Statements.

186 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Electric Utilities – (continued)
Cia de Transmissao de Energia Eletrica Paulista (Preference)		5,200	$	26,419
Cia Energetica de Minas Gerais		7,197		27,831
Cia Energetica de Minas Gerais (Preference)		36,694		108,700
Cia Energetica de Minas Gerais (Preference)* (b)		238		856
Cia Paranaense de Energia		5,500		39,871
CPFL Energia SA		4,700		34,309
EDP – Energias do Brasil SA		9,400		40,203
Enel Americas SA		742,704		77,749
Enel Chile SA		211,903		5,587
Energisa SA		4,800		46,176
Enerjisa Enerji A/S(a)		7,676		7,280
Engie Energia Chile SA		150,450		68,406
Equatorial Energia SA		25,000		129,437
Federal Grid Co. Unified Energy System PJSC‡ (b)		12,705,298		—
First Philippine Holdings Corp.		79,000		105,853
Holding Co. ADMIE IPTO SA(c)		54,160		131,127
Inter RAO UES PJSC‡ (b)		1,596,292		—
Interconexion Electrica SA ESP		13,200		72,205
Korea Electric Power Corp.*		7,750		142,536
Manila Electric Co.		11,250		75,941
Mosenergo PJSC‡ (b)		4,455,000		—
Neoenergia SA		4,700		17,824
Power Grid Corp. of India Ltd.		108,250		322,516
Public Power Corp. SA*		2,126		17,158
ROSSETI PJSC‡ (b)		1,466,436		—
RusHydro PJSC‡ (b)		2,361,000		—
Saudi Electricity Co.*		24,100		173,804
SGC Energy Co. Ltd.		3,450		139,538
SJVN Ltd.		231,550		86,329
Tata Power Co. Ltd. (The)		33,250		105,414
Tenaga Nasional Bhd.		91,900		190,829
Torrent Power Ltd.		4,645		32,397
Transmissora Alianca de Energia Eletrica SA		5,800		51,509
				3,447,724
Electrical Equipment – 1.1%
ABB India Ltd.		427		11,711
AcBel Polytech, Inc.		192,000		188,577

Investments	Shares		Value
Electrical Equipment – (continued)
Advanced Energy Solution Holding Co. Ltd.		1,000	$	31,212
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA		5,500		5,420
Amara Raja Batteries Ltd.		1,222		8,992
Bharat Heavy Electricals Ltd.*		45,044		31,024
Bizlink Holding, Inc.		2,000		20,390
CG Power & Industrial Solutions Ltd.*		12,320		31,895
Chicony Power Technology Co. Ltd.		66,000		156,740
China High Speed Transmission Equipment Group Co. Ltd.* (c)		200,000		112,157
Chung-Hsin Electric & Machinery Manufacturing Corp.		178,000		328,517
CS Wind Corp.		581		27,662
Dongfang Electric Corp. Ltd., Class A		9,400		18,009
Doosan Enerbility*		5,638		92,470
Doosan Fuel Cell Co. Ltd.*		690		19,145
Ecopro BM Co. Ltd.		200		75,860
ElSewedy Electric Co.		199,809		84,614
Fangda Carbon New Material Co. Ltd., Class A		5,300		5,697
Finolex Cables Ltd.		3,245		17,040
Gotion High-tech Co. Ltd., Class A*		4,600		18,716
Graphite India Ltd.		5		35
Havells India Ltd.		5,800		99,532
HEG Ltd.		1,060		17,071
Hitachi Energy India Ltd.		371		15,283
Hyosung Heavy Industries Corp.*		2,300		102,182
Hyundai Electric & Energy System Co. Ltd.*		10,400		180,924
Jiangsu Zhongtian Technology Co. Ltd., Class A		10,400		25,814
KEI Industries Ltd.		1,595		25,189
Korea Electric Terminal Co. Ltd.		3,050		169,984
Kung Long Batteries Industrial Co. Ltd.		1,000		4,665

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 187

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Electrical Equipment – (continued)
LS Corp.		1,200	$	55,127
LS Electric Co. Ltd.		456		17,372
Ming Yang Smart Energy Group Ltd., Class A		4,500		15,180
NARI Technology Co. Ltd., Class A		11,400		55,382
Polycab India Ltd.		990		32,198
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S		21,560		27,443
Shanghai Electric Group Co. Ltd., Class A		24,000		13,991
Shanghai Electric Group Co. Ltd., Class H		94,000		23,002
Shanghai Liangxin Electrical Co. Ltd., Class A*		6,500		10,509
Ta Ya Electric Wire & Cable		39,640		38,126
Taihan Electric Wire Co. Ltd.*		11,376		16,394
Tatung Co. Ltd.*		50,000		56,912
TBEA Co. Ltd., Class A		8,500		25,008
Teco Electric and Machinery Co. Ltd.		22,000		23,287
V-Guard Industries Ltd.		11,448		31,697
Voltronic Power Technology Corp.		1,458		64,552
Walsin Lihwa Corp.		94,000		142,871
WEG SA		25,000		151,953
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		10,600		18,168
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		28,200		40,542
Zhefu Holding Group Co. Ltd., Class A		21,200		14,419
Zhejiang Chint Electrics Co. Ltd., Class A		4,700		23,325
Zhuzhou CRRC Times Electric Co. Ltd., Class H		12,400		49,545
				2,873,530
Electronic Equipment, Instruments & Components – 3.9%
AAC Technologies Holdings, Inc.(c)		14,000		33,010
Apex International Co. Ltd.		63,000		203,905
Asia Optical Co., Inc.*		17,000		40,834

Investments	Shares		Value
Electronic Equipment, Instruments & Components – (continued)
AU Optronics Corp.		300,000	$	174,552
Aurora Corp.		8,900		27,266
Avary Holding Shenzhen Co. Ltd., Class A		4,700		21,028
BH Co. Ltd.		10,800		233,885
BOE Technology Group Co. Ltd., Class A		80,500		46,440
Career Technology MFG. Co. Ltd.*		22,556		16,032
Chang Wah Electromaterials, Inc.		32,000		38,323
Cheng Uei Precision Industry Co. Ltd.		165,000		190,607
Chroma ATE, Inc.		8,000		45,190
Compeq Manufacturing Co. Ltd.		41,000		63,777
Coretronic Corp.		19,000		36,807
Daeduck Electronics Co. Ltd.		2,067		50,358
Daejoo Electronic Materials Co. Ltd.		467		31,047
Delta Electronics Thailand PCL, NVDR		9,500		100,686
Delta Electronics, Inc.		34,000		288,375
Dynapack International Technology Corp.		61,000		166,182
E Ink Holdings, Inc.		15,000		88,548
Elite Material Co. Ltd.		5,000		37,658
Erajaya Swasembada Tbk. PT		3,545,000		128,380
FLEXium Interconnect, Inc.*		10,000		31,416
Foxconn Industrial Internet Co. Ltd., Class A		35,000		50,584
Foxconn Technology Co. Ltd.		32,000		64,053
General Interface Solution Holding Ltd.		5,000		15,555
Genius Electronic Optical Co. Ltd.		2,237		28,764
Global Brands Manufacture Ltd.		139,800		155,331
Gold Circuit Electronics Ltd.		10,000		28,159
Hana Microelectronics PCL, NVDR		24,900		32,715
Hannstar Board Corp.		137,000		179,178
HannStar Display Corp.		94,000		41,937
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		5,100		11,838

See Accompanying Notes to the Financial Statements.

188 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Electronic Equipment, Instruments & Components – (continued)
Hollysys Automation Technologies Ltd.		26,100	$	401,940
Holy Stone Enterprise Co. Ltd.		64,000		247,528
Hon Hai Precision Industry Co. Ltd.		385,000		1,332,293
Honeywell Automation India Ltd.		32		16,794
Huagong Tech Co. Ltd., Class A		4,700		12,009
Iljin Materials Co. Ltd.		477		33,420
Inari Amertron Bhd.		65,100		42,468
Innolux Corp.		350,000		162,084
Jay Mart PCL, NVDR		16,500		30,109
KCE Electronics PCL, NVDR		19,100		34,296
Kingboard Holdings Ltd.		25,500		116,025
Kingboard Laminates Holdings Ltd.		37,500		58,309
L&F Co. Ltd.*		436		76,126
Largan Precision Co. Ltd.		2,000		114,671
LG Display Co. Ltd.		6,489		86,537
LG Innotek Co. Ltd.		450		125,040
Lingyi iTech Guangdong Co., Class A*		15,900		10,331
Lotes Co. Ltd.		1,299		32,304
Luxshare Precision Industry Co. Ltd., Class A		10,000		46,880
Mcnex Co. Ltd.		1,130		40,216
Merry Electronics Co. Ltd.		96,235		267,723
MH Development Ltd.* ‡		22,000		—
Nan Ya Printed Circuit Board Corp.		4,000		54,825
OFILM Group Co. Ltd., Class A*		4,700		3,953
Park Systems Corp.		371		33,614
Partron Co. Ltd.		19,670		183,232
Primax Electronics Ltd.		181,000		343,265
Redington India Ltd.		213,550		427,840
Samsung Electro-Mechanics Co. Ltd.		1,700		224,682
Samsung SDI Co. Ltd.		1,000		486,465
SAMT Co. Ltd.		27,300		95,202
Sang-A Frontec Co. Ltd.		275		8,583

Investments	Shares		Value
Electronic Equipment, Instruments & Components – (continued)
Shengyi Technology Co. Ltd., Class A		4,700	$	11,902
Shenzhen Kaifa Technology Co. Ltd., Class A		4,700		6,957
Shenzhen Kinwong Electronic Co. Ltd., Class A		5,000		15,637
Simplo Technology Co. Ltd.		5,200		51,426
Sinbon Electronics Co. Ltd.		3,000		26,514
SOLUM Co. Ltd.*		1,802		35,653
Solus Advanced Materials Co. Ltd.		329		18,965
Speed Tech Corp.		50,000		89,905
Sunny Optical Technology Group Co. Ltd.		15,000		222,721
Supreme Electronics Co. Ltd.*		191,331		300,217
Synnex Technology International Corp.		52,000		136,724
Taiwan PCB Techvest Co. Ltd.		100,000		166,409
Taiwan Union Technology Corp.		117,000		306,041
Tianma Microelectronics Co. Ltd., Class A		9,400		13,072
Tong Hsing Electronic Industries Ltd.		3,022		23,991
Tripod Technology Corp.		14,000		58,896
Truly International Holdings Ltd.(c)		800,000		222,275
Unimicron Technology Corp.		22,000		158,979
Universal Scientific Industrial Shanghai Co. Ltd., Class A		4,700		8,641
Vidente Co. Ltd.*		1,431		16,406
VS Industry Bhd.		45,600		10,474
Wah Lee Industrial Corp.		80,640		285,894
Walsin Technology Corp.*		9,378		38,975
Wingtech Technology Co. Ltd., Class A		3,100		30,958
Wintek Corp.* ‡		64,000		—
WPG Holdings Ltd.		50,440		92,921
WT Microelectronics Co. Ltd.		14,000		34,103
Wuhan Guide Infrared Co. Ltd., Class A		6,580		15,414
WUS Printed Circuit Kunshan Co. Ltd., Class A		5,170		10,203

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 189

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Electronic Equipment, Instruments & Components – (continued)
Yageo Corp.		15,000	$	205,849
Zhejiang Dahua Technology Co. Ltd., Class A		2,900		7,361
Zhejiang Jiecang Linear Motion Technology Co. Ltd., Class A		5,500		22,210
Zhen Ding Technology Holding Ltd.		23,150		83,252
				10,580,129
Energy Equipment & Services – 0.1%
Bumi Armada Bhd.*		1,585,000		156,552
China Oilfield Services Ltd., Class A		9,400		17,824
China Oilfield Services Ltd., Class H		18,000		18,697
Dialog Group Bhd.		51,700		29,689
Gulf International Services QSC*		45,210		24,171
Serba Dinamik Holdings Bhd.* ‡		54,180		3,179
				250,112
Entertainment – 0.9%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,700		17,232
Alibaba Pictures Group Ltd.*		160,000		13,663
Archosaur Games, Inc.(a) (c)		100,000		96,098
Bilibili, Inc., Class Z* (c)		4,000		103,796
CJ CGV Co. Ltd.*		1,732		38,060
CJ ENM Co. Ltd.		140		14,245
CMGE Technology Group Ltd.* (c)		600,000		159,824
Com2uSCorp		133		10,144
Devsisters Co. Ltd.		495		24,080
DouYu International Holdings Ltd., ADR*		1,081		1,913
Fire Rock Holdings Ltd.(b) (c)		106,000		7,565
Giantstep, Inc.*		935		22,296
HYBE Co. Ltd.*		350		70,084
International Games System Co. Ltd.		1,000		24,766

Investments	Shares		Value
Entertainment – (continued)
iQIYI, Inc., ADR* (c)		1,686	$	6,002
JYP Entertainment Corp.		489		23,126
Kakao Games Corp.*		956		46,049
Kingsoft Corp. Ltd.		16,000		49,145
Krafton, Inc.*		110		22,070
NCSoft Corp.		286		95,979
Neowiz*		6,850		115,076
NetDragon Websoft Holdings Ltd.		110,500		223,080
NetEase, Inc.		36,000		706,589
Netmarble Corp.(a)		410		31,207
NHN Corp.*		630		17,656
Pearl Abyss Corp.*		900		48,869
Perfect World Co. Ltd., Class A		4,100		9,193
PVR Ltd.*		2,458		58,810
SM Entertainment Co. Ltd.		699		37,955
SMI Holdings Group Ltd.* ‡		72,000		—
Studio Dragon Corp.*		385		25,565
Tencent Music Entertainment Group, ADR*		7,897		33,562
Webzen, Inc.*		1,849		32,829
Wemade Co. Ltd.		488		30,150
Wysiwyg Studios Co. Ltd.*		1,485		39,431
XD, Inc.* (a)		8,000		21,514
XPEC Entertainment, Inc.* ‡		14,800		—
YG Entertainment, Inc.		605		27,456
Zhejiang Century Huatong Group Co. Ltd., Class A*		11,280		8,151
				2,313,230
Equity Real Estate Investment Trusts (REITs) – 1.2%
Axis REIT		99,000		43,434
Brookfield India Real Estate Trust(a)		6,435		27,943
Concentradora Fibra Danhos SA de CV		359,600		402,267
CPN Retail Growth Leasehold REIT		44,100		26,009
Embassy Office Parks REIT		9,600		48,365
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		957,000		171,353
Equites Property Fund Ltd.		27,560		37,203
ESR Kendall Square REIT Co. Ltd.		6,325		36,913

See Accompanying Notes to the Financial Statements.

190 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
Fibra Uno Administracion SA de CV(c)		95,000	$	104,177
Fortress REIT Ltd., Class A		31,313		24,649
Growthpoint Properties Ltd.		82,041		73,242
Hyprop Investments Ltd.		152,650		349,383
IGB REIT		6,200		2,321
JR Global Reit		53,500		250,462
KLCCP Stapled Group		6,900		10,540
Korea Asset In Trust Co. Ltd.		24,750		77,344
LOTTE Reit Co. Ltd.		1,828		8,645
MREIT, Inc.		42,200		14,146
Pavilion REIT		15,000		4,548
PLA Administradora Industrial S de RL de CV		341,600		453,101
Prologis Property Mexico SA de CV(c)		21,400		57,431
Redefine Properties Ltd.		249,977		69,226
Resilient REIT Ltd.		144,750		530,449
Sunway REIT		39,400		13,213
Vukile Property Fund Ltd.		383,200		325,870
Yuexiu REIT		72,610		29,058
				3,191,292
Food & Staples Retailing – 1.0%
Abdullah Al Othaim Markets Co.		363		10,820
Al Meera Consumer Goods Co. QSC		1,990		10,382
Atacadao SA		13,500		56,075
Avenue Supermarts Ltd.* (a)		2,735		141,120
Berli Jucker PCL		500		500
Berli Jucker PCL, NVDR		13,800		13,800
BGF retail Co. Ltd.		239		34,442
Bid Corp. Ltd.		6,800		142,094
BIM Birlesik Magazalar A/S		13,531		76,098
Cencosud SA		45,150		72,246
Cia Brasileira de Distribuicao		70,930		291,185
Clicks Group Ltd.		4,250		83,521
Cosco Capital, Inc.		1,046,400		98,216
CP ALL PCL, NVDR		85,500		162,263
DaShenLin Pharmaceutical Group Co. Ltd., Class A		5,500		22,043

Investments	Shares		Value
Food & Staples Retailing – (continued)
Dis-Chem Pharmacies Ltd.(a)		6,949	$	16,893
Dongsuh Cos., Inc.		859		18,329
E-MART, Inc.		550		57,803
Grupo Comercial Chedraui SA de CV		55,000		138,629
GS Retail Co. Ltd.		1,333		30,612
Hyundai Greenfood Co. Ltd.		19,585		142,522
InRetail Peru Corp.(a)		406		14,778
Magnit PJSC‡ (b)		2,296		—
Migros Ticaret A/S*		152		465
Organizacion Soriana SAB de CV, Class B		31,000		35,787
Philippine Seven Corp.*		5,321		6,625
Pick n Pay Stores Ltd.		6,784		24,693
President Chain Store Corp.		11,000		102,068
Puregold Price Club, Inc.		26,060		16,473
Raia Drogasil SA		19,400		81,992
Sendas Distribuidora SA		25,000		77,138
Shoprite Holdings Ltd.		9,100		131,768
Sok Marketler Ticaret A/S		7,298		6,396
SPAR Group Ltd. (The)		4,972		52,017
Sumber Alfaria Trijaya Tbk. PT		351,600		41,473
Sun Art Retail Group Ltd.(c)		24,000		7,525
Wal-Mart de Mexico SAB de CV		95,000		335,899
Yonghui Superstores Co. Ltd., Class A		26,500		17,822
				2,572,512
Food Products – 3.2%
Agthia Group PJSC		11,024		12,816
Alicorp SAA		202,400		269,867
Almarai Co. JSC		3,913		54,249
Astra Agro Lestari Tbk. PT		20,800		17,935
Avanti Feeds Ltd.		507		2,892
AVI Ltd.		8,984		39,063
Balrampur Chini Mills Ltd.		3,850		22,317
Beijing Dabeinong Technology Group Co. Ltd., Class A		5,300		5,777
Binggrae Co. Ltd.		2,553		111,795
Bombay Burmah Trading Co.		2,394		31,410
BRF SA*		15,000		41,133
Britannia Industries Ltd.		1,988		85,282

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 191

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Food Products – (continued)
Century Pacific Food, Inc.*		17,700	$	7,629
Charoen Pokphand Enterprise		88,000		242,425
Charoen Pokphand Foods PCL, NVDR		110,700		77,894
Charoen Pokphand Indonesia Tbk. PT		122,300		43,447
Cherkizovo Group PJSC‡ (b)		2,594		—
China Feihe Ltd.(a)		50,000		47,858
China Huiyuan Juice Group Ltd.* ‡		24,000		—
China Mengniu Dairy Co. Ltd.*		50,000		271,471
China Modern Dairy Holdings Ltd.(c)		1,350,000		197,868
China Youran Dairy Group Ltd.* (a) (c)		350,000		142,745
Chongqing Fuling Zhacai Group Co. Ltd., Class A		5,000		26,530
CJ CheilJedang Corp.		319		101,084
CJ CheilJedang Corp. (Preference)		104		14,739
COFCO Joycome Foods Ltd.* (a)		1,000,000		411,667
Daesang Corp.		10,300		208,296
Dali Foods Group Co. Ltd.(a)		45,500		23,312
Dongwon F&B Co. Ltd.		532		75,395
Dongwon Industries Co. Ltd.		500		99,323
Foshan Haitian Flavouring & Food Co. Ltd., Class A		5,555		68,748
Genting Plantations Bhd.		10,400		21,739
Great Wall Enterprise Co. Ltd.		38,000		68,070
Gruma SAB de CV, Class B		4,750		56,415
Grupo Bimbo SAB de CV, Series A		30,000		92,461
Grupo Nutresa SA		2,911		35,491
Guangdong Haid Group Co. Ltd., Class A		4,800		44,947
Harim Holdings Co. Ltd.		24,472		213,351
Health & Happiness H&H International Holdings Ltd.		75,000		83,162
Heilongjiang Agriculture Co. Ltd., Class A		10,600		22,658
Henan Shuanghui Investment & Development Co. Ltd., Class A		4,700		21,227

Investments	Shares		Value
Food Products – (continued)
HUISHAN DAIRY* ‡		158,000	$	—
Indofood CBP Sukses Makmur Tbk. PT		51,800		27,245
Indofood Sukses Makmur Tbk. PT		100,800		43,805
Industrias Bachoco SAB de CV, Series B		73,000		278,393
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,200		47,890
International Holding Co. PJSC*		8,750		520,038
IOI Corp. Bhd.		60,000		64,362
Japfa Comfeed Indonesia Tbk. PT		249,100		24,915
JBS SA		20,100		153,626
Kuala Lumpur Kepong Bhd.		10,831		73,293
Leong Hup International Bhd.(a)		515,000		62,105
Lien Hwa Industrial Holdings Corp.		15,400		29,363
Lotte Confectionery Co. Ltd.		900		89,570
M Dias Branco SA*		5,300		25,332
Maeil Dairies Co. Ltd.		2,050		113,272
Marfrig Global Foods SA		10,600		40,134
Marico Ltd.		9,000		61,423
Mayora Indah Tbk. PT		83,900		10,128
Mezzan Holding Co. KSCC		72,100		137,401
Minerva SA		105,000		278,391
Monde Nissin Corp.* (a)		107,400		26,703
Muyuan Foods Co. Ltd., Class A		7,420		58,835
Namchow Holdings Co. Ltd.		69,000		111,779
Nestle India Ltd.		650		155,865
Nestle Malaysia Bhd.		900		27,536
New Hope Liuhe Co. Ltd., Class A*		9,000		19,170
NongShim Co. Ltd.		56		13,532
Orion Corp.		165		12,480
Orion Holdings Corp.		11,663		137,430
Ottogi Corp.		15		5,613
Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT		1,355,000		128,985
PPB Group Bhd.		14,080		55,563
QL Resources Bhd.		25,395		29,808
Qurain Petrochemical Industries Co.		15,408		18,855

See Accompanying Notes to the Financial Statements.

192 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Food Products – (continued)
Samyang Corp.		1,800	$	78,822
Samyang Foods Co. Ltd.		2,133		166,938
Samyang Holdings Corp.		2,800		193,726
San Miguel Food and Beverage, Inc.		7,670		9,109
Sao Martinho SA		3,500		32,801
Saudia Dairy & Foodstuff Co.		698		32,752
Savola Group (The)*		5,650		53,776
Sawit Sumbermas Sarana Tbk. PT		1,450,000		106,522
Sichuan Teway Food Group Co. Ltd., Class A		5,300		16,897
Sime Darby Plantation Bhd.		55,503		66,805
SLC Agricola SA*		42,700		456,213
Taiwan TEA Corp.*		8,000		5,184
Tata Consumer Products Ltd.		10,619		114,431
Thai Union Group PCL, NVDR		82,200		40,560
Thaifoods Group PCL, NVDR		1,280,000		156,963
Tiger Brands Ltd.(c)		3,445		33,761
Tingyi Cayman Islands Holding Corp.		74,000		135,623
Toly Bread Co. Ltd., Class A		7,420		15,399
Tongwei Co. Ltd., Class A		5,500		34,318
Ulker Biskuvi Sanayi A/S		59,050		66,419
Uni-President China Holdings Ltd.		3,000		2,650
Uni-President Enterprises Corp.		150,000		348,086
Universal Robina Corp.		13,530		26,565
Want Want China Holdings Ltd.		100,000		90,363
Yihai International Holding Ltd.*		7,000		19,940
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		5,100		12,620
Zad Holding Co.		3,130		15,728
Zhou Hei Ya International Holdings Co. Ltd.* (a) (c)		14,000		7,316
				8,637,615
Gas Utilities – 0.6%
Adani Total Gas Ltd.		4,901		157,139
Aygaz A/S		36,850		80,864
Beijing Enterprises Holdings Ltd.		16,000		54,447

Investments	Shares		Value
Gas Utilities – (continued)
China Gas Holdings Ltd.		60,000	$	73,565
China Resources Gas Group Ltd.		34,000		129,350
Daesung Holdings Co. Ltd.		1,900		90,310
ENN Energy Holdings Ltd.		13,500		182,210
GAIL India Ltd.		61,200		127,416
Grupo Energia Bogota SA ESP		93,400		59,168
Gujarat Gas Ltd.		2,679		16,906
Gujarat State Petronet Ltd.		14,375		49,260
Indraprastha Gas Ltd.		4,564		21,040
Korea Gas Corp.		999		32,611
Kunlun Energy Co. Ltd.		120,000		100,941
Mahanagar Gas Ltd.(a)		1,456		14,651
National Gas & Industrialization Co.		1,155		15,027
Perusahaan Gas Negara Tbk. PT*		155,100		15,513
Petronas Gas Bhd.		15,000		58,505
Towngas Smart Energy Co. Ltd.*		450,000		224,250
Zhongyu Energy Holdings Ltd.		55,000		48,508
				1,551,681
Health Care Equipment & Supplies – 0.3%
AK Medical Holdings Ltd.(a) (c)		24,000		13,122
DIO Corp.*		520		14,180
Eoflow Co. Ltd.*		1,734		31,477
Hartalega Holdings Bhd.		69,300		70,040
Humasis Co. Ltd.		1,982		19,646
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		5,300		19,174
Kangji Medical Holdings Ltd.		25,000		23,355
Kossan Rubber Industries Bhd.		22,800		9,636
Lifetech Scientific Corp.* (c)		110,000		31,124
Microport Scientific Corp.(c)		11,498		23,125
Peijia Medical Ltd.* (a)		21,000		18,173
Poly Medicure Ltd.		2,864		32,704
SD Biosensor, Inc.		990		35,943
Shandong Pharmaceutical Glass Co. Ltd., Class A		4,700		14,906
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		36,000		38,679

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 193

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Health Care Equipment & Supplies – (continued)
Sri Trang Gloves Thailand PCL, NVDR		60,400	$	42,853
St Shine Optical Co. Ltd.		2,000		18,219
Suheung Co. Ltd.		2,400		74,427
Supermax Corp. Bhd.		5,761		1,469
TaiDoc Technology Corp.		24,000		236,128
Top Glove Corp. Bhd.		120,100		46,346
Venus MedTech Hangzhou, Inc., Class H* (a)		18,500		34,472
				849,198
Health Care Providers & Services – 0.6%
Al Hammadi Co. for Development and Investment		3,740		48,660
Apollo Hospitals Enterprise Ltd.		1,640		95,564
Bangkok Chain Hospital PCL, NVDR		20,800		13,057
Bangkok Dusit Medical Services PCL, NVDR		73,400		55,184
Bumrungrad Hospital PCL, NVDR		10,300		48,267
Celltrion Healthcare Co. Ltd.		1,343		68,647
Chabiotech Co. Ltd.*		3,303		49,440
Chularat Hospital PCL, NVDR		101,400		11,546
CM Hospitalar SA*		11,000		32,652
Dallah Healthcare Co.		1,217		39,066
Diagnosticos da America SA*		990		4,540
Dr Lal PathLabs Ltd.(a)		430		14,625
Dr Sulaiman Al Habib Medical Services Group Co.		1,017		54,228
Fleury SA		3,600		10,483
Fortis Healthcare Ltd.*		15,205		53,138
Hapvida Participacoes e Investimentos SA(a)		67,578		119,676
HLB Life Science CO Ltd.*		3,012		24,940
Huadong Medicine Co. Ltd., Class A		5,300		27,437
Hygeia Healthcare Holdings Co. Ltd.(a) (c)		6,400		31,567
IHH Healthcare Bhd.		60,000		91,099
Jinxin Fertility Group Ltd.* (a) (c)		12,000		7,662
Kora Saude Participacoes SA*		17,305		11,811

Investments	Shares		Value
Health Care Providers & Services – (continued)
KPJ Healthcare Bhd.		14,124	$	3,082
Life Healthcare Group Holdings Ltd.		29,257		39,808
Max Healthcare Institute Ltd.*		9,075		49,131
Medikaloka Hermina Tbk. PT(a)		313,500		30,275
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		9,400		7,135
Metro Healthcare Indonesia TBK PT*		641,300		23,003
Metropolis Healthcare Ltd.(a)		1,540		48,306
Mitra Keluarga Karyasehat Tbk. PT(a)		100,200		17,487
Mouwasat Medical Services Co.		688		44,206
Narayana Hrudayalaya Ltd.* (a)		2,750		25,188
Netcare Ltd.		72,109		69,527
Odontoprev SA		5,390		11,047
Qualicorp Consultoria e Corretora de Seguros SA		3,700		9,915
Rede D’Or Sao Luiz SA(a)		14,300		106,062
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		4,700		12,551
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		23,500		38,218
Sinopharm Group Co. Ltd., Class H		40,000		92,580
Thonburi Healthcare Group PCL, NVDR		16,500		29,628
Xian International Medical Investment Co. Ltd., Class A*		9,400		12,244
				1,582,682
Health Care Technology – 0.0%(e)
Yidu Tech, Inc.* (a)		5,100		5,401
Hotels, Restaurants & Leisure – 0.8%
Alsea SAB de CV*		25,000		54,793
Ananti, Inc.*		2,798		19,448
Asset World Corp. PCL, NVDR		171,900		24,292
Bloomberry Resorts Corp.*		236,200		27,418
Central Plaza Hotel PCL*		1,600		2,172
Central Plaza Hotel PCL, NVDR*		5,700		7,739

See Accompanying Notes to the Financial Statements.

194 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Hotels, Restaurants & Leisure – (continued)
DoubleUGames Co. Ltd.		3,747	$	148,567
Genting Bhd.		70,000		74,446
Genting Malaysia Bhd.		61,100		42,806
Grand Korea Leisure Co. Ltd.*		1,040		12,834
Haidilao International Holding Ltd.(a) (c)		13,164		26,274
Hana Tour Service, Inc.*		718		47,219
Herfy Food Services Co.*		1,705		25,456
Huazhu Group Ltd.		30,000		99,412
Indian Hotels Co. Ltd.		18,028		60,492
Jiumaojiu International Holdings Ltd.(a)		6,000		13,459
Jollibee Foods Corp.		10,380		42,749
Jubilant Foodworks Ltd.		4,950		35,356
Kangwon Land, Inc.*		2,150		45,876
Leejam Sports Co. JSC		1,155		34,057
Lotte Tour Development Co. Ltd.*		1,961		25,762
Magnum Bhd.		19,594		8,146
Minor International PCL, NVDR*		50,300		51,401
MK Restaurants Group PCL, NVDR		4,800		7,708
Modetour Network, Inc.*		1,430		25,902
OPAP SA		4,017		60,091
Paradise Co. Ltd.*		421		5,581
Seera Group Holding*		6,600		38,712
Shenzhen Overseas Chinese Town Co. Ltd., Class A		22,200		20,390
Sports Toto Bhd.		372,013		164,921
Tongcheng Travel Holdings Ltd.* (a) (c)		18,800		33,833
Travellers International Hotel Group, Inc.* ‡		209,900		10,896
Trip.com Group Ltd.*		8,800		209,958
Viva China Holdings Ltd.		1,472,000		178,228
Yum China Holdings, Inc.		7,900		330,220
				2,016,614
Household Durables – 1.2%
Amber Enterprises India Ltd.*		935		45,375
AmTRAN Technology Co. Ltd.		299,767		147,466

Investments	Shares		Value
Household Durables – (continued)
Arcelik A/S		4,982	$	22,586
Bajaj Electricals Ltd.*		2,173		31,204
Beijing Roborock Technology Co. Ltd., Class A		275		23,880
Coway Co. Ltd.		1,201		67,795
Crompton Greaves Consumer Electricals Ltd.		13,950		70,222
Cuckoo Holdings Co. Ltd.		5,500		81,887
Cyrela Brazil Realty SA Empreendimentos e Participacoes		129,900		371,165
Dixon Technologies India Ltd.(a)		705		40,545
Ecovacs Robotics Co. Ltd., Class A		1,500		24,617
Gree Electric Appliances, Inc. of Zhuhai, Class A		15,000		71,072
Haier Smart Home Co. Ltd., Class A		10,600		41,695
Haier Smart Home Co. Ltd., Class H		40,000		144,784
Hang Zhou Great Star Industrial Co. Ltd., Class A*		5,000		11,743
Hangzhou Robam Appliances Co. Ltd., Class A		5,300		24,863
Hanssem Co. Ltd.		303		18,962
Hisense Home Appliances Group Co. Ltd.(c)		150,000		147,779
Kinpo Electronics		50,000		24,088
LG Electronics, Inc.		3,452		320,190
LG Electronics, Inc. (Preference)		584		27,108
Lock&Lock Co. Ltd.*		728		6,057
Midea Group Co. Ltd., Class A		10,000		86,671
MRV Engenharia e Participacoes SA		126,000		262,574
Nien Made Enterprise Co. Ltd.		2,000		21,272
Orient Electric Ltd.		6,985		30,113
PIK Group PJSC‡ (b)		4,646		—
Q Technology Group Co. Ltd.(a) (c)		200,000		142,490
Sampo Corp.		150,000		157,758
Skyworth Group Ltd.*		674,000		359,070
TCL Electronics Holdings Ltd.* (c)		350,000		160,588

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 195

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Household Durables – (continued)
TCL Technology Group Corp., Class A		55,700	$	35,346
TTK Prestige Ltd.		1,825		20,266
Vestel Beyaz Esya Sanayi ve Ticaret A/S		134,950		83,390
Vestel Elektronik Sanayi ve Ticaret A/S		27,860		49,021
Whirlpool of India Ltd.		674		14,315
Zinus, Inc.		770		39,665
	��			3,227,622
Household Products – 0.0%(e)
Blue Moon Group Holdings Ltd.(a)		26,500		20,839
C&S Paper Co. Ltd., Class A		5,000		7,985
Kimberly-Clark de Mexico SAB de CV, Class A(c)		27,000		37,692
Unilever Indonesia Tbk. PT		75,200		20,178
Vinda International Holdings Ltd.		3,000		7,265
				93,959
Independent Power and Renewable Electricity Producers – 1.3%
Aboitiz Power Corp.		34,200		21,062
AC Energy Corp.		196,100		27,121
Adani Green Energy Ltd.*		7,200		271,526
Adani Power Ltd.*		16,869		61,866
AES Brasil Energia SA		5,300		11,826
Aksa Enerji Uretim A/S*		129,200		144,802
Auren Energia SA*		15,168		44,901
Banpu Power PCL, NVDR		59,300		28,222
Canvest Environmental Protection Group Co. Ltd.(a)		250,000		105,466
CGN Power Co. Ltd., Class A		44,000		18,904
CGN Power Co. Ltd., Class H(a)		350,000		99,029
China Datang Corp. Renewable Power Co. Ltd., Class H(c)		1,050,000		402,809
China Longyuan Power Group Corp. Ltd., Class H		50,000		98,265
China National Nuclear Power Co. Ltd., Class A		42,300		45,787

Investments	Shares		Value
Independent Power and Renewable Electricity Producers – (continued)
China Power International Development Ltd.		150,000	$	73,794
China Resources Power Holdings Co. Ltd.		54,000		102,960
China Yangtze Power Co. Ltd., Class A		35,000		120,723
Colbun SA		9		1
Datang International Power Generation Co. Ltd., Class H		212,000		34,315
Electricity Generating PCL, NVDR		8,900		43,266
Energy Absolute PCL, NVDR		31,500		81,394
Eneva SA*		20,000		55,410
Engie Brasil Energia SA		10,000		84,609
First Gen Corp.		29,500		13,166
Global Power Synergy PCL, NVDR		24,700		47,958
Guangxi Guiguan Electric Power Co. Ltd., Class A		15,000		12,980
Gulf Energy Development PCL, NVDR		85,700		121,982
Huadian Power International Corp. Ltd., Class A		26,500		15,086
Huaneng Lancang River Hydropower, Inc., Class A		23,500		21,905
Huaneng Power International, Inc., Class A		24,300		26,930
Huaneng Power International, Inc., Class H(c)		102,000		51,870
Hub Power Co. Ltd. (The)		458,650		168,916
Hubei Energy Group Co. Ltd., Class A		23,500		14,663
JSW Energy Ltd.		8,692		36,119
Malakoff Corp. Bhd.		865,000		132,129
Mega First Corp. Bhd.		265,000		231,308
NHPC Ltd.		79,420		34,493
NLC India Ltd.		97,350		104,173
NTPC Ltd.		146,369		299,085
OGK-2 PJSC‡ (b)		11,431,280		—
Omega Energia SA		11,994		25,866
Ratch Group PCL, NVDR		8,900		11,434
SDIC Power Holdings Co. Ltd., Class A		23,500		34,535

See Accompanying Notes to the Financial Statements.

196 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Independent Power and Renewable Electricity Producers – (continued)
Shanghai Electric Power Co. Ltd., Class A		14,100	$	19,094
Shenzhen Energy Group Co. Ltd., Class A		10,600		9,398
Sichuan Chuantou Energy Co. Ltd., Class A		9,400		15,740
Super Energy Corp. PCL, NVDR		517,400		13,143
Taiwan Cogeneration Corp.		3,000		3,888
Terna Energy SA		933		17,481
TPI Polene Power PCL, NVDR		1,083,600		120,857
Unipro PJSC‡ (b)		5,337,000		—
				3,582,257
Industrial Conglomerates – 1.7%
3M India Ltd.*		69		18,021
Aamal Co.		21,949		7,082
Aboitiz Equity Ventures, Inc.		76,640		74,284
AG Anadolu Grubu Holding A/S		58,750		162,140
Alfa SAB de CV, Class A		80,000		53,586
Alliance Global Group, Inc.		157,700		35,706
AntarChile SA		1,696		12,448
Ayala Corp.		4,270		60,322
Bidvest Group Ltd. (The)		11,050		152,340
China Baoan Group Co. Ltd., Class A		5,500		7,515
CITIC Ltd.		200,000		208,255
CJ Corp.		564		39,067
DMCI Holdings, Inc.		121,000		19,284
Doosan Co. Ltd.		574		41,039
Dubai Investments PJSC		954,080		651,976
Enka Insaat ve Sanayi A/S		50,808		54,276
Far Eastern New Century Corp.		123,000		125,397
Fosun International Ltd.		61,500		65,371
Godrej Industries Ltd.*		3,377		21,748
Grupo Carso SAB de CV, Series A1		11,100		36,256
GT Capital Holdings, Inc.		1,610		15,543
Hanwha Corp.		1,692		40,616
Hanwha Corp. (3rd Preference)		1,425		18,039
HAP Seng Consolidated Bhd.		11,900		20,419
Hong Leong Industries Bhd.		31,200		64,572

Investments	Shares		Value
Industrial Conglomerates – (continued)
Hyosung Corp.		201	$	13,347
Industries Qatar QSC		32,487		167,799
JG Summit Holdings, Inc.		60,111		64,135
KAP Industrial Holdings Ltd.		1,094,150		352,812
KOC Holding A/S		24,045		65,065
LG Corp.		3,475		202,801
Lotte Corp.		1,392		37,959
LT Group, Inc.		5,100		832
Mytilineos SA		1,603		29,932
National Industries Group Holding SAK*		62,444		64,186
PSG Group Ltd.*		76,540		461,769
Quinenco SA		12,939		35,514
Reunert Ltd.		70,600		196,584
Samsung C&T Corp.		1,477		135,823
San Miguel Corp.		13,510		27,509
Shanghai Industrial Holdings Ltd.		196,000		288,773
Siemens Ltd.		1,416		42,074
Sime Darby Bhd.		54,600		29,347
SK, Inc.		1,185		252,850
SM Investments Corp.		7,740		126,245
Sunway Bhd.		50,749		21,216
Thoresen Thai Agencies PCL, NVDR		44,900		12,716
Turkiye Sise ve Cam Fabrikalari A/S		49,404		60,259
				4,694,849
Insurance – 3.1%
Allianz Malaysia Bhd.		25,000		73,160
Bangkok Insurance PCL, NVDR		10,300		82,099
BB Seguridade Participacoes SA		25,000		128,377
Bupa Arabia for Cooperative Insurance Co.		262		11,609
Caixa Seguridade Participacoes S/A		27,500		43,536
Cathay Financial Holding Co. Ltd.		278,000		589,473
China Development Financial Holding Corp.		500,000		304,490
China Life Insurance Co. Ltd., Class H		225,000		330,353

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 197

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
China Pacific Insurance Group Co. Ltd., Class A		19,500	$	61,576
China Pacific Insurance Group Co. Ltd., Class H		80,000		179,043
China Taiping Insurance Holdings Co. Ltd.		31,800		36,720
Co. for Cooperative Insurance (The)		974		17,918
DB Insurance Co. Ltd.		1,834		98,271
Discovery Ltd.*		6,587		63,412
Fubon Financial Holding Co. Ltd.		250,453		632,176
General Insurance Corp. of India* (a)		39		66
Hanwha General Insurance Co. Ltd.*		27,200		102,866
Hanwha Life Insurance Co. Ltd.*		12,318		28,834
HDFC Life Insurance Co. Ltd.(a)		20,300		154,662
Hyundai Marine & Fire Insurance Co. Ltd.		2,700		69,972
ICICI Lombard General Insurance Co. Ltd.(a)		3,684		61,697
ICICI Prudential Life Insurance Co. Ltd.(a)		6,030		41,473
IRB Brasil Resseguros S/A*		379,451		212,245
Korean Reinsurance Co.		36,128		279,589
Max Financial Services Ltd.*		2,721		26,967
Mercuries & Associates Holding Ltd.		190,500		132,168
Mercuries Life Insurance Co. Ltd.*		126,094		33,240
Meritz Fire & Marine Insurance Co. Ltd.		1,498		52,895
Mirae Asset Life Insurance Co. Ltd.		27,830		88,187
Momentum Metropolitan Holdings		24,539		26,112
New China Life Insurance Co. Ltd., Class A		4,700		21,285
New China Life Insurance Co. Ltd., Class H		28,600		73,084
Old Mutual Ltd.(c)		142,165		114,065

Investments	Shares		Value
Insurance – (continued)
People’s Insurance Co. Group of China Ltd. (The), Class H		229,000	$	73,549
PICC Property & Casualty Co. Ltd., Class H		200,000		205,451
Ping An Insurance Group Co. of China Ltd., Class A		25,100		169,797
Ping An Insurance Group Co. of China Ltd., Class H		184,000		1,205,381
Porto Seguro SA		9,600		39,449
Qatar Insurance Co. SAQ		697,700		469,380
Qualitas Controladora SAB de CV(c)		85,000		458,142
Rand Merchant Investment Holdings Ltd.(c)		20,434		34,896
Samsung Fire & Marine Insurance Co. Ltd.		1,015		169,705
Samsung Life Insurance Co. Ltd.		2,566		132,999
Sanlam Ltd.		57,413		238,963
Santam Ltd.		723		13,354
SBI Life Insurance Co. Ltd.(a)		7,528		108,869
Shin Kong Financial Holding Co. Ltd.		450,000		150,074
Shinkong Insurance Co. Ltd.		100,000		183,882
Sul America SA*		10,377		55,655
Syarikat Takaful Malaysia Keluarga BHD		238,760		194,693
Tongyang Life Insurance Co. Ltd.		20,950		112,423
ZhongAn Online P&C Insurance Co. Ltd., Class H* (a) (c)		16,500		58,041
				8,246,323
Interactive Media & Services – 2.9%
AfreecaTV Co. Ltd.		275		24,084
Autohome, Inc., Class A(c)		5,500		40,026
Baidu, Inc., Class A*		40,000		665,804
Hello Group, Inc., ADR		64,012		340,544
Hong Seng Consolidated Bhd.*		62,600		36,955
Info Edge India Ltd.		1,344		81,778
JOYY, Inc., ADR		825		32,645
Kakao Corp.		5,305		379,713
Kuaishou Technology* (a)		25,000		212,684
NAVER Corp.		2,600		593,073
Tencent Holdings Ltd.		110,000		5,291,003

See Accompanying Notes to the Financial Statements.

198 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Interactive Media & Services – (continued)
Weibo Corp., ADR*		1,577	$	36,492
Zhihu, Inc., ADR* (c)		1,113		1,725
				7,736,526
Internet & Direct Marketing Retail – 2.8%
Alibaba Group Holding Ltd.*		260,400		3,388,520
Alibaba Health Information Technology Ltd.* (c)		84,000		48,712
Americanas SA*		8,118		39,343
Baozun, Inc., Class A* (c)		8,000		20,443
Bukalapak.com PT Tbk.*		1,765,500		46,521
China Ruyi Holdings Ltd.* (c)		30,799		7,497
Dada Nexus Ltd., ADR*		2,805		21,402
Gradiant Corp.(b)		25,350		91,228
Hyundai Home Shopping Network Corp.		2,801		134,698
JD Health International, Inc.* (a) (c)		15,000		96,640
JD.com, Inc., Class A*		37,501		1,269,446
Maoyan Entertainment* (a) (c)		22,000		17,553
Meituan, Class B* (a)		71,500		1,567,393
momo.com, Inc.		1,300		34,887
Naspers Ltd., Class N		3,700		376,112
Pinduoduo, Inc., ADR*		7,450		321,020
Ping An Healthcare and Technology Co. Ltd.* (a) (c)		16,500		41,428
Vipshop Holdings Ltd., ADR*		9,850		75,451
				7,598,294
IT Services – 1.7%
China TransInfo Technology Co. Ltd., Class A		4,700		6,115
Chinasoft International Ltd.*		46,000		37,873
Chindata Group Holdings Ltd., ADR* (c)		1,925		12,012
Cielo SA*		487,800		334,906
Coforge Ltd.		858		47,144
Computer Age Management Services Ltd.		1,007		32,649
Danal Co. Ltd.*		2,860		21,951
DHC Software Co. Ltd., Class A		9,400		8,305
Fawry for Banking & Payment Technology Services SAE*		18,921		4,728

Investments	Shares		Value
IT Services – (continued)
Firstsource Solutions Ltd.		22,385	$	36,604
GDS Holdings Ltd., Class A* (c)		15,000		64,522
Happiest Minds Technologies Ltd.		1,568		20,510
HCL Technologies Ltd.		20,000		282,369
Hyundai Autoever Corp.		212		22,787
Infosys Ltd.		64,700		1,326,755
Jasmine Technology Solution PCL, NVDR*		4,100		66,079
Kginicis Co. Ltd.		7,830		108,473
Kingsoft Cloud Holdings Ltd., ADR* (c)		3,457		12,514
Larsen & Toubro Infotech Ltd.(a)		656		41,527
Locaweb Servicos de Internet SA* (a)		4,800		6,950
Lotte Data Communication Co.		2,400		69,459
Mastek Ltd.		660		24,289
Mindtree Ltd.		1,105		51,347
Mphasis Ltd.		1,750		65,089
My EG Services Bhd.		86,314		18,637
Persistent Systems Ltd.		850		48,043
Posco ICT Co. Ltd.		2,080		10,251
Samsung SDS Co. Ltd.		700		82,763
Sonata Software Ltd.		4,565		44,914
Systex Corp.		100,000		273,787
Tata Consultancy Services Ltd.		18,376		852,591
Tech Mahindra Ltd.		10,000		164,699
TravelSky Technology Ltd., Class H		50,000		76,088
Vnet Group, Inc., ADR*		1,563		9,331
Wipro Ltd.		26,041		173,328
Yeahka Ltd.* (c)		17,600		46,657
				4,506,046
Leisure Products – 0.2%
Fusheng Precision Co. Ltd.		7,000		52,009
Giant Manufacturing Co. Ltd.		5,000		42,154
GOLFZON Co. Ltd.		1,500		194,427
HLB, Inc.*		1,320		32,685
Johnson Health Tech Co. Ltd.		50,000		98,556
Merida Industry Co. Ltd.		5,350		44,015
O-TA Precision Industry Co. Ltd.		35,000		169,802
				633,648

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 199

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Life Sciences Tools & Services – 0.3%
Cellivery Therapeutics, Inc.*		188	$	5,306
Divi’s Laboratories Ltd.		2,387		140,686
EirGenix, Inc.*		9,000		27,053
Genscript Biotech Corp.*		20,000		57,990
Hangzhou Tigermed Consulting Co. Ltd., Class H(a)		6,000		59,188
LegoChem Biosciences, Inc.*		1,250		42,795
Pharmaron Beijing Co. Ltd., Class H(a)		1,600		20,372
Samsung Biologics Co. Ltd.* (a)		306		204,162
Shanghai Medicilon, Inc., Class A		385		22,329
ST Pharm Co. Ltd.		344		26,868
Viva Biotech Holdings(a)		22,500		7,169
WuXi AppTec Co. Ltd., Class A		4,060		63,628
WuXi AppTec Co. Ltd., Class H(a)		6,918		96,106
				773,652
Machinery – 1.2%
AIA Engineering Ltd.		972		24,635
Airtac International Group		2,913		80,248
Ashok Leyland Ltd.		31,124		51,750
China CSSC Holdings Ltd., Class A		10,600		25,201
China International Marine Containers Group Co. Ltd., Class H(c)		15,900		22,089
CIMC Enric Holdings Ltd.(c)		48,000		50,899
CNHTC Jinan Truck Co. Ltd., Class A		1,260		1,894
CNPC Capital Co. Ltd., Class A		29,200		20,480
Creative & Innovative System*		2,703		28,838
CSBC Corp. Taiwan*		53,000		37,760
Cummins India Ltd.		2,280		30,735
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		705		14,762
Dawonsys Co. Ltd.		1,869		43,898
Doosan Bobcat, Inc.		1,272		42,079
Dufu Technology Corp. Bhd.		37,100		21,475
Escorts Ltd.		1,666		35,630
Estun Automation Co. Ltd., Class A		5,000		11,257

Investments	Shares		Value
Machinery – (continued)
Haitian International Holdings Ltd.		16,000	$	39,683
Hiwin Technologies Corp.		5,372		40,187
HJ Shipbuilding & Construction Co. Ltd.*		1,060		6,633
Hyundai Construction Equipment Co. Ltd.		6,131		182,075
Hyundai Doosan Infracore Co. Ltd.*		52,743		276,733
Hyundai Elevator Co. Ltd.		208		5,904
Hyundai Heavy Industries Co. Ltd.*		750		83,599
Hyundai Mipo Dockyard Co. Ltd.*		602		40,213
Hyundai Rotem Co. Ltd.*		1,766		26,785
Infore Environment Technology Group Co. Ltd., Class A		9,400		6,365
Jiangsu Hengli Hydraulic Co. Ltd., Class A		3,800		26,497
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		605		44,219
Lakshmi Machine Works Ltd.		165		20,255
LK Technology Holdings Ltd.(c)		9,500		12,108
Lonking Holdings Ltd.		800,000		222,275
Pentamaster Corp. Bhd.		21,200		16,752
People & Technology, Inc.		8,800		353,822
Rexon Industrial Corp. Ltd.		69,000		93,052
Riyue Heavy Industry Co. Ltd., Class A		5,000		12,388
SAM KANG M&T Co. Ltd.*		1,219		20,090
Samsung Heavy Industries Co. Ltd.*		14,477		69,849
Sany Heavy Equipment International Holdings Co. Ltd.		12,000		11,455
Sany Heavy Industry Co. Ltd., Class A		25,000		62,623
Schaeffler India Ltd.		1,100		33,206
SFA Engineering Corp.		1,089		34,552
Shanghai Mechanical and Electrical Industry Co. Ltd., Class B		104,700		116,636
Shin Zu Shing Co. Ltd.		78,000		221,757
Sinotruk Hong Kong Ltd.		30,500		37,318

See Accompanying Notes to the Financial Statements.

200 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Machinery – (continued)
SKF India Ltd.		624	$	27,463
Timken India Ltd.		605		15,703
Turk Traktor ve Ziraat Makineleri A/S		5,550		87,980
UWC Bhd.		10,600		7,840
Weichai Power Co. Ltd., Class A		17,300		29,389
Weichai Power Co. Ltd., Class H		69,000		97,615
XCMG Construction Machinery Co. Ltd., Class A		18,800		14,156
Yangzijiang Shipbuilding Holdings Ltd.		95,000		62,604
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		9,400		23,917
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		9,400		16,639
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H(c)		10,000		10,642
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		17,700		15,585
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		29,200		17,305
				3,087,499
Marine – 0.9%
Cia Sud Americana de Vapores SA		578,613		65,387
COSCO SHIPPING Holdings Co. Ltd., Class H* (c)		106,450		169,047
Evergreen Marine Corp. Taiwan Ltd.		80,558		396,292
Far-Eastern Shipping Co. plc* ‡ (b)		302,500		—
HMM Co. Ltd.		11,250		254,379
Korea Line Corp.*		73,900		157,391
MISC Bhd.		40,000		71,758
Orient Overseas International Ltd.		5,500		154,636

Investments	Shares		Value
Marine – (continued)
Pan Ocean Co. Ltd.		8,853	$	46,944
Precious Shipping PCL, NVDR		330,000		184,029
Qatar Navigation QSC		20,237		47,290
Regional Container Lines PCL, NVDR		110,000		143,723
Taiwan Navigation Co. Ltd.		76,000		97,335
Transcoal Pacific Tbk. PT*		32,900		22,581
U-Ming Marine Transport Corp.		14,000		30,493
Wan Hai Lines Ltd.		39,900		197,635
Wisdom Marine Lines Co. Ltd.		11,898		37,217
Yang Ming Marine Transport Corp.*		53,000		226,561
				2,302,698
Media – 0.4%
Affle India Ltd.*		2,120		33,883
Astro Malaysia Holdings Bhd.		139,200		31,974
Cheil Worldwide, Inc.		1,074		21,634
China Literature Ltd.* (a) (c)		6,200		26,630
Echo Marketing, Inc.		9,350		149,630
Elang Mahkota Teknologi Tbk. PT*		342,300		70,599
Focus Media Information Technology Co. Ltd., Class A		23,500		20,799
Grupo Televisa SAB, Series CPO(c)		35,000		64,963
Innocean Worldwide, Inc.		3,468		135,020
Leo Group Co. Ltd., Class A		18,800		4,795
Media Nusantara Citra Tbk. PT		3,295,000		228,425
MultiChoice Group		9,750		79,708
NanJi E-Commerce Co. Ltd., Class A		4,700		3,418
Plan B Media PCL, NVDR*		97,500		22,347
Saudi Research & Media Group*		605		42,647
Sun TV Network Ltd.		1,889		11,922
Surya Citra Media Tbk. PT*		427,000		7,481
Zee Entertainment Enterprises Ltd.		17,800		57,783
				1,013,658
Metals & Mining – 5.0%
African Rainbow Minerals Ltd.		3,900		64,577
AJU Steel Co. Ltd.*		5,400		70,295

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 201

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Metals & Mining – (continued)
Alrosa PJSC‡ (b)		85,800	$	—
Aluminum Corp. of China Ltd., Class A*		26,500		19,150
Aluminum Corp. of China Ltd., Class H*		60,000		28,676
Aneka Tambang Tbk.*		201,400		36,121
Angang Steel Co. Ltd., Class H		38,000		16,903
Anglo American Platinum Ltd.		1,900		210,789
AngloGold Ashanti Ltd.		12,800		266,363
APL Apollo Tubes Ltd.*		4,469		59,824
Baoshan Iron & Steel Co. Ltd., Class A		60,000		58,843
Beijing Shougang Co. Ltd., Class A		10,600		7,724
Bradespar SA (Preference)		6,186		36,587
CAP SA		2,756		34,172
Century Iron & Steel Industrial Co. Ltd.		6,000		25,954
Chifeng Jilong Gold Mining Co. Ltd., Class A*		7,900		22,020
China Gold International Resources Corp. Ltd.		105,600		400,400
China Hongqiao Group Ltd.(c)		75,000		95,493
China Metal Recycling Holdings Ltd.* ‡		51,000		—
China Molybdenum Co. Ltd., Class A		22,500		15,986
China Molybdenum Co. Ltd., Class H(c)		57,000		28,986
China Nonferrous Mining Corp. Ltd.		450,000		232,853
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		5,300		25,490
China Oriental Group Co. Ltd.		500,000		133,824
China Steel Corp.		400,000		489,898
China Zhongwang Holdings Ltd.* ‡ (c)		699,600		143,014
Chung Hung Steel Corp.		23,000		29,769
Cia Brasileira de Aluminio*		11,000		38,072
Cia Siderurgica Nacional SA		20,000		85,093
Citic Pacific Special Steel Group Co. Ltd., Class A		10,600		29,031

Investments	Shares		Value
Metals & Mining – (continued)
Dongkuk Steel Mill Co. Ltd.		2,067	$	31,021
DRDGOLD Ltd.		190,393		156,492
Eregli Demir ve Celik Fabrikalari TAS		41,200		93,072
Feng Hsin Steel Co. Ltd.		16,000		45,163
Ganfeng Lithium Co. Ltd., Class A		2,200		36,963
Ganfeng Lithium Co. Ltd., Class H(a) (c)		5,200		63,491
GEM Co. Ltd., Class A		5,300		5,431
Gerdau SA (Preference)		32,700		184,689
Gold Fields Ltd.		28,129		387,088
Grupo Mexico SAB de CV, Series B		100,000		468,040
Harmony Gold Mining Co. Ltd.		16,953		70,529
Henan Shenhuo Coal & Power Co. Ltd., Class A(b)		5,500		10,003
Hesteel Co. Ltd., Class A		37,600		13,300
Hindalco Industries Ltd.		46,700		294,859
Hindustan Copper Ltd.		16,483		24,430
Hsin Kuang Steel Co. Ltd.		100,000		218,487
Hunan Valin Steel Co. Ltd., Class A		23,500		20,835
Hyundai Steel Co.		3,128		108,334
Impala Platinum Holdings Ltd.		25,280		329,597
Industrias Penoles SAB de CV(c)		2,325		25,600
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		70,500		20,121
Inner Mongolia ERDOS Resources Co. Ltd., Class A		3,200		13,797
Inner Mongolia ERDOS Resources Co. Ltd., Class B		5,300		15,068
Jiangxi Copper Co. Ltd., Class A		9,400		25,145
Jiangxi Copper Co. Ltd., Class H		18,000		28,722
Jinchuan Group International Resources Co. Ltd.(c)		144,000		18,720
Jindal Stainless Ltd.*		67,550		161,623
Jindal Steel & Power Ltd.		13,170		93,043
JSW Steel Ltd.		29,050		276,335
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class A*		111,700		94,963

See Accompanying Notes to the Financial Statements.

202 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Metals & Mining – (continued)
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D*		331,172	$	337,949
Korea Zinc Co. Ltd.		400		183,439
Koza Altin Isletmeleri A/S*		2,182		25,292
Koza Anadolu Metal Madencilik Isletmeleri A/S*		87,550		184,223
Kumba Iron Ore Ltd.		2,000		67,525
Maanshan Iron & Steel Co. Ltd., Class A		21,200		12,713
Maanshan Iron & Steel Co. Ltd., Class H		110,000		43,601
Magnitogorsk Iron & Steel Works PJSC‡ (b)		45,174		—
Merdeka Copper Gold Tbk. PT*		235,162		85,974
Metalurgica Gerdau SA (Preference)		22,200		50,925
MMC Norilsk Nickel PJSC‡ (b)		2,090		—
MMG Ltd.*		144,000		62,217
National Aluminium Co. Ltd.		23,045		31,669
Nickel Asia Corp.		2,127,200		313,345
NMDC Ltd.		33,050		69,457
Northam Platinum Holdings Ltd.*		7,418		88,624
Novolipetsk Steel PJSC‡ (b)		51,150		—
Polyus PJSC‡ (b)		1,155		—
Poongsan Corp.		7,276		185,376
POSCO Holdings, Inc.		2,350		540,725
Press Metal Aluminium Holdings Bhd.		60,000		82,554
Qatar Aluminum Manufacturing Co.		42,858		28,244
Raspadskaya OJSC‡ (b)		4,240		—
Royal Bafokeng Platinum Ltd.		4,676		46,712
Sansteel Minguang Co. Ltd. Fujian, Class A		14,100		14,749
Saudi Arabian Mining Co.*		6,818		250,849
Seah Besteel Holdings Corp.		5,900		85,729
Severstal PAO‡ (b)		5,995		—
Shandong Gold Mining Co. Ltd., Class A		5,100		14,835

Investments	Shares		Value
Metals & Mining – (continued)
Shandong Gold Mining Co. Ltd., Class H(a) (c)		13,650	$	25,226
Shandong Nanshan Aluminum Co. Ltd., Class A		42,400		20,984
Shanxi Taigang Stainless Steel Co. Ltd., Class A		15,900		14,362
Shougang Fushan Resources Group Ltd.(c)		1,406,000		532,213
Sibanye Stillwater Ltd.(c)		80,950		285,542
Steel Authority of India Ltd.		47,114		59,630
TA Chen Stainless Pipe*		64,793		97,600
Tata Steel Ltd.		24,500		407,374
Tiangong International Co. Ltd.(c)		52,000		17,364
Tianshan Aluminum Group Co. Ltd., Class A		10,600		11,055
Tung Ho Steel Enterprise Corp.		10,050		21,549
United Co. RUSAL International PJSC* ‡ (b)		75,100		—
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A		21,400		48,874
Vale Indonesia Tbk. PT		58,300		29,357
Vale SA		125,000		2,102,350
Vedanta Ltd.		39,400		210,472
Volcan Cia Minera SAA, Class B*		122,924		27,530
VSMPO-AVISMA Corp. PJSC* ‡ (b)		53		—
Xiamen Tungsten Co. Ltd., Class A		3,900		9,331
YC INOX Co. Ltd.		150,000		163,356
Young Poong Corp.		318		172,925
Yunnan Copper Co. Ltd., Class A		9,400		14,956
Zhaojin Mining Industry Co. Ltd., Class H		47,500		45,344
Zhejiang Huayou Cobalt Co. Ltd., Class A		2,800		34,988
Zijin Mining Group Co. Ltd., Class A		32,900		55,291
Zijin Mining Group Co. Ltd., Class H		100,000		149,118
				13,404,385

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 203

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Multiline Retail – 0.2%
Central Retail Corp. PCL, NVDR*		54,475	$	62,825
El Puerto de Liverpool SAB de CV, Class C1		2,700		13,611
Falabella SA		23,151		64,998
Golden Eagle Retail Group Ltd.		155,000		108,850
Hyundai Department Store Co. Ltd.		760		45,806
Lojas Renner SA*		16,650		79,851
Lotte Shopping Co. Ltd.		211		15,875
Magazine Luiza SA*		60,000		59,125
MINISO Group Holding Ltd., ADR		954		7,012
Mitra Adiperkasa Tbk. PT*		154,600		9,598
Shinsegae, Inc.		212		41,944
Woolworths Holdings Ltd.		18,150		68,188
				577,683
Multi-Utilities – 0.0%(e)
Qatar Electricity & Water Co. QSC		9,684		45,472
YTL Corp. Bhd.		78,870		11,504
YTL Power International Bhd.		1,531		272
				57,248
Oil, Gas & Consumable Fuels – 4.4%
Adaro Energy Tbk. PT		389,800		89,807
Aegis Logistics Ltd.		7		20
AKR Corporindo Tbk. PT		748,500		55,246
Aldrees Petroleum and Transport Services Co.		2,365		49,749
Bangchak Corp. PCL, NVDR		128,900		126,077
Banpu PCL, NVDR		93,200		33,470
Bashneft PJSC* ‡ (b)		1,305		—
Bashneft PJSC (Preference)‡ (b)		1,163		—
Bayan Resources Tbk. PT		20,000		58,633
Bharat Petroleum Corp. Ltd.		28,989		137,507
Bukit Asam Tbk. PT*		106,000		27,931
China Coal Energy Co. Ltd., Class A		23,500		33,536
China Coal Energy Co. Ltd., Class H		83,000		70,770
China Petroleum & Chemical Corp., Class A		107,000		70,499

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
China Petroleum & Chemical Corp., Class H		766,000	$	379,771
China Shenhua Energy Co. Ltd., Class A		20,000		93,457
China Shenhua Energy Co. Ltd., Class H		100,000		322,451
China Suntien Green Energy Corp. Ltd., Class H		50,000		28,549
Coal India Ltd.		66,400		158,828
Cosan SA		36,164		153,355
Dana Gas PJSC		151,247		48,589
Ecopetrol SA		149,450		120,447
Empresas COPEC SA		10,650		78,279
Exxaro Resources Ltd.(c)		8,756		125,392
Formosa Petrochemical Corp.		29,000		90,122
Gazprom PJSC‡ (b)		412,500		—
GS Holdings Corp.		2,300		80,024
Guanghui Energy Co. Ltd., Class A*		15,100		20,311
HD Hyundai Co. Ltd.		1,300		60,342
Hellenic Petroleum Holdings SA		3,199		24,433
Hindustan Petroleum Corp. Ltd.		24,050		85,041
Indian Oil Corp. Ltd.		73,300		120,820
Indo Tambangraya Megah Tbk. PT		16,500		32,324
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		5,300		11,707
Inner Mongolia Yitai Coal Co. Ltd., Class B		445,000		599,860
IRPC PCL, NVDR		242,000		24,589
LUKOIL PJSC‡ (b)		12,265		—
Mari Petroleum Co. Ltd.		1,984		18,324
Medco Energi Internasional Tbk. PT*		2,772,440		105,183
MOL Hungarian Oil & Gas plc		18,550		158,214
Motor Oil Hellas Corinth Refineries SA		2,820		44,922
Novatek PJSC‡ (b)		20,020		—
Oil & Natural Gas Corp. Ltd.		114,800		240,961
Oil India Ltd.		12,870		38,462
Pakistan Oilfields Ltd.		56,150		114,374
Pakistan Petroleum Ltd.		29,830		11,865
Pakistan State Oil Co. Ltd.		102,700		93,765
Petro Rio SA*		15,000		80,873

See Accompanying Notes to the Financial Statements.

204 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – (continued)
PetroChina Co. Ltd., Class H		666,000	$	322,553
Petroleo Brasileiro SA		115,000		776,544
Petroleo Brasileiro SA (Preference)		140,800		860,915
Petronas Dagangan Bhd.		6,600		32,958
Petronet LNG Ltd.		26,146		69,741
PTT Exploration & Production PCL		469		2,068
PTT Exploration & Production PCL, NVDR		40,131		176,928
PTT PCL, NVDR		266,200		291,460
Qatar Fuel QSC		9,120		45,904
Qatar Gas Transport Co. Ltd.		55,314		51,946
Reliance Industries Ltd.		61,000		2,226,579
Rosneft Oil Co. PJSC‡ (b)		74,042		—
Saudi Arabian Oil Co.(a)		36,350		435,138
Semirara Mining & Power Corp.		42,200		22,230
Shaanxi Coal Industry Co. Ltd., Class A		25,000		65,318
Shanxi Coking Coal Energy Group Co. Ltd., Class A		22,000		46,859
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		15,900		37,390
Siamgas & Petrochemicals PCL, NVDR		231,100		82,319
SK Discovery Co. Ltd.		5,350		176,346
SK Gas Ltd.		1,187		112,463
SK Innovation Co. Ltd.*		1,013		165,338
S-Oil Corp.		1,551		127,809
Star Petroleum Refining PCL, NVDR		93,500		29,483
Surgutneftegas PJSC‡ (b)		319,000		—
Surgutneftegas PJSC (Preference)‡ (b)		225,500		—
Tatneft PJSC‡ (b)		26,900		—
Tatneft PJSC (Preference)‡ (b)		3,870		—
Thai Oil PCL, NVDR		16,500		27,219
Thungela Resources Ltd.* (c)		59,300		1,019,812
Transneft PJSC (Preference)‡ (b)		55		—
Turkiye Petrol Rafinerileri A/S*		2,530		39,885

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Ultrapar Participacoes SA		4,900	$	12,932
United Tractors Tbk. PT		40,000		83,535
Yankuang Energy Group Co. Ltd., Class A		5,300		27,944
Yankuang Energy Group Co. Ltd., Class H(c)		52,000		148,455
				11,836,950
Paper & Forest Products – 0.2%
Century Textiles & Industries Ltd.		4,455		48,710
Empresas CMPC SA		26,895		40,072
Indah Kiat Pulp & Paper Tbk. PT		90,900		47,497
Kuk-il Paper Manufacturing Co. Ltd.*		2,756		7,329
Lee & Man Paper Manufacturing Ltd.		47,000		22,643
Nine Dragons Paper Holdings Ltd.		55,000		48,858
Pabrik Kertas Tjiwi Kimia Tbk. PT		53,800		24,493
Sappi Ltd.*		15,650		57,697
Shandong Chenming Paper Holdings Ltd., Class A		21,200		16,994
Shandong Chenming Paper Holdings Ltd., Class B		15,900		5,735
Shandong Sun Paper Industry JSC Ltd., Class A		9,400		17,581
Suzano SA		25,000		250,444
YFY, Inc.		47,000		49,830
				637,883
Personal Products – 0.5%
Amorepacific Corp.		552		79,548
AMOREPACIFIC Group		611		24,323
Colgate-Palmolive India Ltd.		2,341		50,670
Cosmax, Inc.		107		7,326
Dabur India Ltd.		11,050		80,473
Emami Ltd.		4,717		30,344
Gillette India Ltd.		103		7,094
Godrej Consumer Products Ltd.*		8,219		84,123
Hengan International Group Co. Ltd.(c)		25,000		118,529
Hindustan Unilever Ltd.		15,550		454,615
Hyundai Bioscience Co. Ltd.*		1,967		44,633

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 205

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Personal Products – (continued)
Kolmar Korea Co. Ltd.		142	$	5,314
LG Household & Health Care Ltd.		150		108,559
LG Household & Health Care Ltd. (Preference)		43		17,015
Microbio Co. Ltd.*		18,669		36,672
Natura & Co. Holding SA		10,558		39,634
TCI Co. Ltd.		7,000		40,491
Yatsen Holding Ltd., ADR* (c)		20,881		12,836
				1,242,199
Pharmaceuticals – 1.4%
Ajanta Pharma Ltd.		384		8,646
Alembic Pharmaceuticals Ltd.		4,730		48,335
Alkem Laboratories Ltd.		516		21,941
Apeloa Pharmaceutical Co. Ltd., Class A		4,700		13,264
Aspen Pharmacare Holdings Ltd.		7,050		75,834
AstraZeneca Pharma India Ltd.		235		8,453
Asymchem Laboratories Tianjin Co. Ltd., Class A		500		20,271
Aurobindo Pharma Ltd.		5,429		44,676
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		5,000		7,265
Binex Co. Ltd.*		1,942		24,120
Bukwang Pharmaceutical Co. Ltd.		1,431		13,558
CanSino Biologics, Inc., Class A*		318		7,339
CanSino Biologics, Inc., Class H* (a) (c)		800		8,595
Celltrion Pharm, Inc.*		130		9,564
Center Laboratories, Inc.		9,088		19,517
Changchun High & New Technology Industry Group, Inc., Class A		600		14,303
China Medical System Holdings Ltd.		28,000		40,540
China Resources Pharmaceutical Group Ltd.(a)		26,500		14,084
China Traditional Chinese Medicine Holdings Co. Ltd.		1,110,000		544,662

Investments	Shares		Value
Pharmaceuticals – (continued)
Chong Kun Dang Pharmaceutical Corp.		102	$	8,040
Cipla Ltd.		8,234		105,690
CSPC Pharmaceutical Group Ltd.		168,080		173,518
Daewoong Co. Ltd.		339		8,111
Daewoong Pharmaceutical Co. Ltd.		49		7,139
Dong-A Socio Holdings Co. Ltd.		104		9,440
Dong-A ST Co. Ltd.		94		5,239
DongKook Pharmaceutical Co. Ltd.		30		537
Dr Reddy’s Laboratories Ltd.		2,450		132,430
Enzychem Lifesciences Corp.*		927		16,569
Genomma Lab Internacional SAB de CV, Class B		12,000		12,636
Gland Pharma Ltd.* (a)		971		40,671
GlaxoSmithKline Pharmaceuticals Ltd.		1,140		23,429
Glenmark Pharmaceuticals Ltd.		8,121		46,696
Grand Pharmaceutical Group Ltd.(c)		24,000		14,835
Granules India Ltd.		9,381		34,582
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		12,000		31,200
Hanall Biopharma Co. Ltd.*		919		13,536
Hanmi Pharm Co. Ltd.		99		24,592
Hanmi Science Co. Ltd.		658		26,823
Hansoh Pharmaceutical Group Co. Ltd.(a)		16,000		26,551
Hua Han Health Industry Holdings Ltd.* ‡		3,780,000		—
Huons Global Co. Ltd.		3,784		85,712
Hypera SA*		7,400		55,916
Ilyang Pharmaceutical Co. Ltd.		795		15,729
Ipca Laboratories Ltd.		3,080		40,765
JB Chemicals & Pharmaceuticals Ltd.		2,226		50,054
Jeil Pharmaceutical Co. Ltd.		371		7,872
JETEMA Co. Ltd.*		19		284
Jiangsu Hengrui Medicine Co. Ltd., Class A		8,400		37,594

See Accompanying Notes to the Financial Statements.

206 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Pharmaceuticals – (continued)
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		11,000	$	24,248
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		4,700		7,942
Jubilant Pharmova Ltd.		4,141		25,550
JW Pharmaceutical Corp.		243		5,978
Kalbe Farma Tbk. PT		373,200		42,219
Komipharm International Co. Ltd.*		1,425		10,154
Korea United Pharm, Inc.		636		14,963
Laurus Labs Ltd.(a)		8,297		63,316
Livzon Pharmaceutical Group, Inc., Class H(c)		3,930		13,374
Lupin Ltd.		4,620		45,005
Luye Pharma Group Ltd.* (a) (c)		725,000		228,233
Mega Lifesciences PCL, NVDR		400		572
Mezzion Pharma Co. Ltd.*		636		10,229
Natco Pharma Ltd.		4,500		46,320
Ocumension Therapeutics* (a)		16,000		19,291
Oneness Biotech Co. Ltd.*		3,000		19,796
Oscotec, Inc.*		1,510		32,761
Pfizer Ltd.		341		19,565
Pharmally International Holding Co. Ltd.* ‡		2,564		3,693
Procter & Gamble Health Ltd.		636		36,915
Reyon Pharmaceutical Co. Ltd.		1,045		23,296
Richter Gedeon Nyrt.		2,074		41,360
Sam Chun Dang Pharm Co. Ltd.*		890		32,100
Sanofi India Ltd.		163		14,873
SciClone Pharmaceuticals Holdings Ltd.* (a) (c)		55,000		58,111
ScinoPharm Taiwan Ltd.		41,000		34,079
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		4,700		12,965
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		3,800		24,795
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		8,000		34,565
Shin Poong Pharmaceutical Co. Ltd.*		432		10,542

Investments	Shares		Value
Pharmaceuticals – (continued)
Sihuan Pharmaceutical Holdings Group Ltd.		264,000	$	42,395
Sino Biopharmaceutical Ltd.		178,999		94,677
SK Biopharmaceuticals Co. Ltd.*		330		24,119
SSY Group Ltd.(c)		110,000		54,677
Sun Pharmaceutical Industries Ltd.		18,425		223,833
Suven Pharmaceuticals Ltd.		3,735		29,490
Torrent Pharmaceuticals Ltd.		717		26,397
TTY Biopharm Co. Ltd.		15,000		38,015
United Laboratories International Holdings Ltd. (The)		400,000		197,294
Yifan Pharmaceutical Co. Ltd., Class A		4,700		8,441
Yuhan Corp.		1,045		50,836
Yungjin Pharmaceutical Co. Ltd.*		1,602		6,326
Yunnan Baiyao Group Co. Ltd., Class A		1,100		12,738
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		700		32,535
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		4,700		10,824
Zhejiang NHU Co. Ltd., Class A		5,640		22,921
Zydus Lifesciences Ltd.		4,844		22,312
				3,855,797
Professional Services – 0.1%
51job, Inc., ADR* (c)		710		43,204
Boa Vista Servicos SA*		12,500		20,269
L&T Technology Services Ltd.(a)		689		36,879
Quess Corp. Ltd.(a)		3,339		30,971
TeamLease Services Ltd.*		880		44,655
				175,978
Real Estate Management & Development – 4.4%
Agile Group Holdings Ltd.		46,000		22,278
Aldar Properties PJSC		56,911		87,542
Aliansce Sonae Shopping Centers sa*		5,300		22,582

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 207

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Real Estate Management & Development – (continued)
A-Living Smart City Services Co. Ltd.(a) (c)		13,250	$	21,177
AP Thailand PCL, NVDR		416,200		143,392
Arabian Centres Co. Ltd.		5,897		34,777
Arriyadh Development Co.		2,145		17,499
Ayala Land, Inc.		85,000		52,184
Barwa Real Estate Co.		79,500		74,113
BR Malls Participacoes SA*		31,500		60,364
Brigade Enterprises Ltd.		4,730		28,203
Bumi Serpong Damai Tbk. PT*		168,600		11,223
C&D International Investment Group Ltd.(c)		247,791		610,149
Cathay Real Estate Development Co. Ltd.		33,100		20,663
Cencosud Shopping SA		11,704		11,936
Central China New Life Ltd.* (a)		200,000		103,490
Central Pattana PCL, NVDR		28,000		49,460
China Aoyuan Group Ltd.(b) (c)		713,000		107,230
China Dili Group*		100,000		23,833
China Evergrande Group(b) (c)		66,000		11,510
China Jinmao Holdings Group Ltd.		200,000		66,529
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		18,800		44,724
China Overseas Grand Oceans Group Ltd.		774,000		457,723
China Overseas Land & Investment Ltd.		108,500		338,105
China Overseas Property Holdings Ltd.(c)		45,000		53,912
China Resources Land Ltd.		94,000		422,908
China Resources Mixc Lifestyle Services Ltd.(a)		10,200		49,595
China SCE Group Holdings Ltd.(c)		679,000		122,886
China Vanke Co. Ltd., Class A		20,000		58,843
China Vanke Co. Ltd., Class H		53,100		126,149
Chong Hong Construction Co. Ltd.		102,000		253,309
CIFI Ever Sunshine Services Group Ltd.(a)		10,000		13,484

Investments	Shares		Value
Real Estate Management & Development – (continued)
CIFI Holdings Group Co. Ltd.(c)		139,801	$	68,242
Ciputra Development Tbk. PT		179,449		13,183
Commercial Real Estate Co. KSC		47,355		18,389
Corp. Inmobiliaria Vesta SAB de CV		23,200		42,982
Country Garden Holdings Co. Ltd.(c)		218,813		152,547
Country Garden Services Holdings Co. Ltd.		40,887		176,395
Dar Al Arkan Real Estate Development Co.*		16,171		46,649
DLF Ltd.		13,840		67,324
Dongwon Development Co. Ltd.		16,750		69,080
Eco World Development Group Bhd.		66,000		14,554
Emaar Development PJSC*		39,052		55,074
Emaar Economic City*		28,350		82,840
Emaar Properties PJSC		118,085		205,111
Evergrande Property Services Group Ltd.* (a) (b)		78,500		20,610
Gemdale Corp., Class A		14,100		30,567
Gemdale Properties & Investment Corp. Ltd.		2,600,000		278,353
Godrej Properties Ltd.*		2,572		52,941
Greenland Holdings Corp. Ltd., Class A		29,610		21,532
Greentown China Holdings Ltd.		25,500		45,370
Greentown Service Group Co. Ltd.(a)		30,000		30,206
Guangzhou R&F Properties Co. Ltd., Class H(c)		760,400		285,896
Hanson International Tbk. PT* ‡		2,409,275		4,155
Highwealth Construction Corp.		32,500		51,768
Hopson Development Holdings Ltd.(c)		25,079		48,521
Huaku Development Co. Ltd.		100,000		312,802
Huijing Holdings Co. Ltd.(c)		302,000		73,901
Indiabulls Real Estate Ltd.*		21,560		25,186
IOI Properties Group Bhd.		52,800		12,371
Jiayuan International Group Ltd.(c)		523,243		79,359
Jinke Properties Group Co. Ltd., Class A		14,100		9,547

See Accompanying Notes to the Financial Statements.

208 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Real Estate Management & Development – (continued)
Kaisa Group Holdings Ltd.* (b)		119,714	$	12,816
KE Holdings, Inc., ADR*		10,500		148,890
Kindom Development Co. Ltd.		167,400		196,788
King’s Town Construction Co. Ltd.*		50,000		57,929
Korea Real Estate Investment & Trust Co. Ltd.		69,770		122,764
KWG Group Holdings Ltd.(c)		26,500		9,660
KWG Living Group Holdings Ltd.(a) (c)		53,000		20,265
LAMDA Development SA*		1,368		9,395
Logan Group Co. Ltd.		29,000		9,166
Longfor Group Holdings Ltd.(a)		50,000		248,530
LSR Group PJSC‡ (b)		21,295		—
LVGEM China Real Estate Investment Co. Ltd.* (c)		330,000		45,003
Mabanee Co. KPSC		17,775		48,432
Macrotech Developers Ltd.* (a)		825		10,891
Mah Sing Group Bhd.		560,000		88,113
MAS P.L.C.		18,975		25,506
MBK PCL, NVDR*		90,344		34,291
Megaworld Corp.		444,200		24,335
Midea Real Estate Holding Ltd.(a) (c)		109,400		209,984
Multiplan Empreendimentos Imobiliarios SA*		500		2,489
National Real Estate Co. KPSC*		9,515		7,421
NEPI Rockcastle plc		10,206		62,018
Oberoi Realty Ltd.*		2,915		36,617
Origin Property PCL, NVDR		421,500		135,372
OSK Holdings Bhd.		415,000		88,653
Pakuwon Jati Tbk. PT*		534,400		20,643
Parque Arauco SA		15,651		13,140
Phoenix Mills Ltd. (The)		4,744		67,425
Poly Developments and Holdings Group Co. Ltd., Class A		35,000		96,281
Poly Property Group Co. Ltd.		800,000		201,882
Powerlong Real Estate Holdings Ltd.		41,000		14,109
Prestige Estates Projects Ltd.		6,042		37,516
Prince Housing & Development Corp.		50,000		21,204

Investments	Shares		Value
Real Estate Management & Development – (continued)
Pruksa Holding PCL, NVDR		264,700	$	102,789
Quality Houses PCL, NVDR		1,858,500		121,549
Radiance Holdings Group Co. Ltd.* (a) (c)		300,000		163,647
Redco Properties Group Ltd.(a) (c)		452,000		126,161
Redsun Properties Group Ltd.(c)		436,000		152,814
RiseSun Real Estate Development Co. Ltd., Class A		9,400		5,337
Robinsons Land Corp.		871,106		319,041
Ruentex Development Co. Ltd.		21,600		57,379
Salhia Real Estate Co. KSCP		29,032		43,674
Saudi Real Estate Co.*		2,226		13,234
Seazen Group Ltd.* (c)		83,808		35,783
Seazen Holdings Co. Ltd., Class A		4,700		19,779
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		125,000		120,250
Shanghai Lingang Holdings Corp. Ltd., Class A		5,640		10,917
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		15,900		25,538
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		17,540		16,032
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		4,700		8,263
Shenzhen Investment Ltd.		1,099,930		238,318
Shimao Group Holdings Ltd.(b)		32,000		18,027
Shimao Services Holdings Ltd.(a)		11,000		5,888
Shinsun Holdings Group Co. Ltd.* (a)		165,000		13,669
Shoucheng Holdings Ltd.(c)		110,000		15,141
Shui On Land Ltd.		1,425,000		203,412
Sichuan Languang Justbon Services Group Co. Ltd., Class H*		26,500		182,889
Sime Darby Property Bhd.		178,200		24,150

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 209

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Real Estate Management & Development – (continued)
Sinic Holdings Group Co. Ltd., Class H* ‡ (a)		318,000	$	19,448
Sino-Ocean Group Holding Ltd.		1,400,000		267,647
SK D&D Co. Ltd.		3,477		79,174
Skyfame Realty Holdings Ltd.		1,000,000		10,833
SM Prime Holdings, Inc.*		220,000		147,495
SOHO China Ltd.*		76,000		13,948
SP Setia Bhd. Group		75,694		20,343
Summarecon Agung Tbk. PT*		227,900		11,162
Sunac China Holdings Ltd.(b) (c)		145,000		84,640
Sunac Services Holdings Ltd.(a) (c)		24,000		13,275
Supalai PCL, NVDR		23,800		15,218
Talaat Moustafa Group		462,076		217,418
Times China Holdings Ltd.(c)		379,000		135,251
United Development Co. QSC		67,999		27,075
UOA Development Bhd.		20,600		8,517
Vista Land & Lifescapes, Inc.		1,425,200		70,434
WHA Corp. PCL, NVDR		117,490		11,526
Wharf Holdings Ltd. (The)(c)		42,000		123,385
Yuexiu Property Co. Ltd.		58,600		61,392
Zhejiang China Commodities City Group Co. Ltd., Class A		5,500		4,267
Zhenro Properties Group Ltd.(a)		800,000		62,196
Zhongliang Holdings Group Co. Ltd.(a) (c)		236,500		75,657
Zhongtian Financial Group Co. Ltd., Class A*		28,200		9,119
Zhuguang Holdings Group Co. Ltd.(c)		1,100,000		200,480
				11,778,336
Road & Rail – 0.2%
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		60,200		41,949
BTS Group Holdings PCL, NVDR		119,640		31,438
Cia de Locacao das Americas		14,500		68,984
CJ Logistics Corp.*		150		14,690
Container Corp. of India Ltd.		4,571		38,653
Dazhong Transportation Group Co. Ltd., Class B*		200		55

Investments	Shares		Value
Road & Rail – (continued)
Localiza Rent a Car SA		9,550	$	102,091
Movida Participacoes SA*		65,000		238,227
Rumo SA		20,000		66,112
SIMPAR SA		17,376		40,947
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		5,500		15,171
				658,317
Semiconductors & Semiconductor Equipment – 5.6%
ADATA Technology Co. Ltd.		16,000		38,323
Alchip Technologies Ltd.		1,000		30,059
Amazing Microelectronic Corp.		3,000		13,486
Andes Technology Corp.		2,379		23,971
Anpec Electronics Corp.		2,000		12,892
AP Memory Technology Corp.		2,000		17,031
Ardentec Corp.		200,000		295,160
ASE Technology Holding Co. Ltd.		111,000		360,014
ASMedia Technology, Inc.		1,000		48,345
Chipbond Technology Corp.		21,000		47,806
ChipMOS Technologies, Inc.		31,000		49,115
D&O Green Technologies Bhd.		15,300		13,847
Daqo New Energy Corp., ADR*		693		28,808
DB HiTek Co. Ltd.		1,424		76,755
Elan Microelectronics Corp.		4,000		20,492
Elite Semiconductor Microelectronics Technology, Inc.		5,000		21,204
eMemory Technology, Inc.		1,000		43,596
ENNOSTAR, Inc.*		7,000		13,940
Eo Technics Co. Ltd.		134		11,938
Episil Technologies, Inc.*		6,259		22,296
Etron Technology, Inc.*		13,000		27,257
Eugene Technology Co. Ltd.		1,219		41,927
Everlight Electronics Co. Ltd.		200,000		293,464
Faraday Technology Corp.		4,000		35,351
Flat Glass Group Co. Ltd., Class A		3,600		22,189
Flat Glass Group Co. Ltd., Class H(c)		7,000		25,337
FocalTech Systems Co. Ltd.		4,000		15,742

See Accompanying Notes to the Financial Statements.

210 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Semiconductors & Semiconductor Equipment – (continued)
Formosa Advanced Technologies Co. Ltd.		54,000	$	71,266
Foxsemicon Integrated Technology, Inc.		6,000		43,867
GCL System Integration Technology Co. Ltd., Class A*		25,500		10,646
GemVax & Kael Co. Ltd.*		920		10,841
Genesys Logic, Inc.		3,000		20,305
Gigadevice Semiconductor Beijing, Inc., Class A		1,440		27,285
Global Mixed Mode Technology, Inc.		2,000		13,639
Global Unichip Corp.		2,000		28,125
Globalwafers Co. Ltd.		4,000		70,567
Greatek Electronics, Inc.		14,000		32,821
Gudeng Precision Industrial Co. Ltd.		4,000		29,177
Hana Materials, Inc.		318		15,951
Hangzhou First Applied Material Co. Ltd., Class A		1,900		26,751
Hangzhou Silan Microelectronics Co. Ltd., Class A		2,900		18,491
Holtek Semiconductor, Inc.		6,000		19,053
Hua Hong Semiconductor Ltd.* (a) (c)		11,000		43,741
Innox Advanced Materials Co. Ltd.		843		33,257
ITE Technology, Inc.		11,000		35,976
JA Solar Technology Co. Ltd., Class A		2,700		33,378
JCET Group Co. Ltd., Class A		5,300		17,396
Jusung Engineering Co. Ltd.		1,487		25,395
King Yuan Electronics Co. Ltd.		35,000		48,031
Koh Young Technology, Inc.		1,007		15,514
LandMark Optoelectronics Corp.		5,000		23,918
LEENO Industrial, Inc.		180		25,381
LONGi Green Energy Technology Co. Ltd., Class A		7,120		73,459
LX Semicon Co. Ltd.		411		43,522
Macronix International Co. Ltd.		48,000		62,208

Investments	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
MediaTek, Inc.		28,000	$	788,451
Mi Technovation Bhd.		26,500		10,957
MLS Co. Ltd., Class A		6,600		8,938
MPI Corp.		43,000		131,587
Nanya Technology Corp.		50,000		111,279
NAURA Technology Group Co. Ltd., Class A		900		32,655
NEPES Corp.*		1,325		32,228
NEXTIN, Inc.		265		14,347
Novatek Microelectronics Corp.		18,000		243,355
Nuvoton Technology Corp.		4,000		19,813
OptoTech Corp.		13,000		18,325
Pan Jit International, Inc.		8,000		20,654
Parade Technologies Ltd.		1,400		68,158
Phison Electronics Corp.		3,000		39,440
Pixart Imaging, Inc.		9,000		35,419
Radiant Opto-Electronics Corp.		14,330		49,832
RDC Semiconductor Co. Ltd.*		3,000		32,417
Realtek Semiconductor Corp.		9,070		125,393
RFHIC Corp.		829		18,943
RichWave Technology Corp.		5,000		34,351
S&S Tech Corp.		423		9,396
SDI Corp.		8,000		35,826
Seoul Semiconductor Co. Ltd.		1,370		14,834
SFA Semicon Co. Ltd.*		3,233		17,040
Shenzhen Goodix Technology Co. Ltd., Class A		1,800		15,437
Shinsung E&G Co. Ltd.*		7,632		11,515
Sigurd Microelectronics Corp.		200,000		383,369
Silergy Corp.		1,000		92,110
Silicon Integrated Systems Corp.		17,240		13,102
SIMMTECH Co. Ltd.		9,100		360,450
Sino-American Silicon Products, Inc.		13,000		65,716
Sitronix Technology Corp.		4,000		34,944
SK Hynix, Inc.		16,500		1,477,906
Sonix Technology Co. Ltd.		67,000		172,072
Sunplus Technology Co. Ltd.		29,000		32,615
Taiwan Semiconductor Co. Ltd.		14,000		36,810
Taiwan Semiconductor Manufacturing Co. Ltd.		337,000		6,151,075
Taiwan Surface Mounting Technology Corp.		13,000		46,530

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 211

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Semiconductors & Semiconductor Equipment – (continued)
Tesna, Inc.		770	$	29,365
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		4,700		27,842
Tianshui Huatian Technology Co. Ltd., Class A		10,800		14,019
Tokai Carbon Korea Co. Ltd.		86		9,709
TongFu Microelectronics Co. Ltd., Class A		4,700		9,469
Topco Scientific Co. Ltd.		75,000		426,201
TSE Co. Ltd.		165		10,496
TSEC Corp.*		24,000		35,949
Ultra Chip, Inc.		3,000		13,435
Unigroup Guoxin Microelectronics Co. Ltd., Class A		1,200		33,338
United Microelectronics Corp.		200,000		324,337
United Renewable Energy Co. Ltd.*		40,574		29,596
UniTest, Inc.*		636		12,963
Vanguard International Semiconductor Corp.		18,000		64,426
Via Technologies, Inc.		100,000		166,579
Visual Photonics Epitaxy Co. Ltd.		10,000		29,448
ViTrox Corp. Bhd.		9,600		16,759
Wafer Works Corp.		18,511		34,101
Will Semiconductor Co. Ltd. Shanghai, Class A		1,500		34,272
Win Semiconductors Corp.		6,961		46,170
WONIK IPS Co. Ltd.		824		26,308
Wonik QnC Corp.		6,500		157,842
Wuxi Taiji Industry Co. Ltd., Class A		2,700		2,726
XinTec, Inc.		3,000		14,046
Xinyi Solar Holdings Ltd.		81,343		122,748
				15,069,739
Software – 0.4%
360 Security Technology, Inc., Class A*		15,500		19,272
Agora, Inc., ADR* (c)		1,696		12,500
Ahnlab, Inc.		190		15,732

Investments	Shares		Value
Software – (continued)
AsiaInfo Technologies Ltd.(a)		21,200	$	35,990
Beijing Kingsoft Office Software, Inc., Class A		1,265		36,239
Birlasoft Ltd.		8,950		48,460
Cyient Ltd.		4,500		52,107
Douzone Bizon Co. Ltd.		530		17,238
Hancom, Inc.*		7,350		120,549
Hundsun Technologies, Inc., Class A		5,500		31,796
Iflytek Co. Ltd., Class A		4,700		26,400
Intellect Design Arena Ltd.*		4,580		47,380
Kingdee International Software Group Co. Ltd.*		50,000		104,000
KPIT Technologies Ltd.		6,435		46,624
Linklogis, Inc., Class B* (a) (c)		55,000		53,064
Ming Yuan Cloud Group Holdings Ltd.* (c)		11,000		14,721
NavInfo Co. Ltd., Class A*		4,700		8,869
OneConnect Financial Technology Co. Ltd., ADR*		14,630		20,043
Oracle Financial Services Software Ltd.		632		29,443
Route Mobile Ltd.		954		20,447
Shanghai Baosight Software Co. Ltd., Class A		4,200		30,344
Shanghai Baosight Software Co. Ltd., Class B		8,930		32,952
Tanla Platforms Ltd.		2,943		54,579
Tata Elxsi Ltd.		647		65,561
TOTVS SA*		10,100		65,203
Weimob, Inc.* (a) (c)		25,000		15,294
Yonyou Network Technology Co. Ltd., Class A		4,700		13,657
				1,038,464
Specialty Retail – 1.4%
Abu Dhabi National Oil Co. for Distribution PJSC		49,400		55,546
Ace Hardware Indonesia Tbk. PT		206,000		14,849
Bermaz Auto Bhd.		435,000		176,858
China Meidong Auto Holdings Ltd.		8,000		26,663

See Accompanying Notes to the Financial Statements.

212 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Specialty Retail – (continued)
China Tourism Group Duty Free Corp. Ltd., Class A		2,500	$	69,072
China Yongda Automobiles Services Holdings Ltd.		56,500		52,927
Chow Tai Fook Jewellery Group Ltd.*		50,000		84,628
Com7 PCL, NVDR		22,000		26,818
Cuckoo Homesys Co. Ltd.		3,100		86,632
Detsky Mir PJSC‡ (a) (b)		258,500		—
Dogan Sirketler Grubu Holding A/S*		519,750		121,051
EEKA Fashion Holdings Ltd.		100,000		161,863
Foschini Group Ltd. (The)		10,416		91,488
GOME Retail Holdings Ltd.* (c)		383,447		18,815
Grupo SBF SA*		5,300		25,825
Home Product Center PCL, NVDR		78,600		34,423
Hotai Motor Co. Ltd.		6,000		118,064
Hotel Shilla Co. Ltd.		861		55,663
Italtile Ltd.		10,931		11,880
Jarir Marketing Co.		839		42,948
JUMBO SA		2,397		39,043
K Car Co. Ltd.		5,400		118,662
LOTTE Himart Co. Ltd.		4,191		78,748
M.Video PJSC‡ (b)		31,680		–
Motus Holdings Ltd.		76,750		551,984
MR DIY Group M Bhd.(a)		42,400		34,185
Mr Price Group Ltd.		5,300		72,073
Pan German Universal Motors Ltd.		9,000		62,136
Pepkor Holdings Ltd.(a)		25,185		34,108
Pet Center Comercio e Participacoes SA		11,807		36,311
Pop Mart International Group Ltd.* (a) (c)		11,000		50,751
PTT Oil & Retail Business PCL, NVDR		57,500		41,971
Shanghai Yuyuan Tourist Mart Group Co. Ltd.		18,800		25,658
Shinsegae International, Inc.		405		10,238
Siam Global House PCL, NVDR		38,944		24,788
Suning.com Co. Ltd., Class A*		23,500		11,524

Investments	Shares		Value
Specialty Retail – (continued)
Super Group Ltd.		169,700	$	288,408
Topsports International Holdings Ltd.(a)		55,000		42,479
Truworths International Ltd.		188,350		669,742
United Electronics Co.		1,265		43,372
Via S/A*		39,700		23,809
Vibra Energia SA		40,000		170,591
Zhongsheng Group Holdings Ltd.(c)		9,000		59,991
				3,766,585
Technology Hardware, Storage & Peripherals – 5.1%
Acer, Inc.		97,858		91,631
Advantech Co. Ltd.		7,941		99,547
Asia Vital Components Co. Ltd.		112,000		397,076
ASROCK, Inc.		21,000		118,268
Asustek Computer, Inc.		23,000		278,570
AURAS Technology Co. Ltd.		34,000		192,635
Canaan, Inc., ADR*		9,900		37,620
Catcher Technology Co. Ltd.		24,000		118,064
Chicony Electronics Co. Ltd.*		15,992		44,761
China Greatwall Technology Group Co. Ltd., Class A		5,500		7,531
Clevo Co.		44,000		50,605
Compal Electronics, Inc.		150,000		113,230
CosmoAM&T Co. Ltd.*		1,166		52,080
Darfon Electronics Corp.		100,000		160,812
Ennoconn Corp.		30,000		201,523
Getac Holdings Corp.		13,000		20,310
Gigabyte Technology Co. Ltd.		18,000		66,258
HTC Corp.*		18,000		29,068
Innodisk Corp.		4,733		32,757
Inventec Corp.		87,000		74,971
KONA I Co. Ltd.*		689		13,193
Legend Holdings Corp., Class H(a)		259,500		309,568
Lenovo Group Ltd.		200,000		195,765
Lite-On Technology Corp.		73,000		160,981
Micro-Star International Co. Ltd.		21,000		86,207
Mitac Holdings Corp.		46,600		43,872
Multilaser Industrial SA*		90,000		94,322
Ninestar Corp., Class A		4,700		29,198
Pegatron Corp.		76,000		181,262

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 213

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Technology Hardware, Storage & Peripherals – (continued)
Qisda Corp.		57,000	$	61,108
Quanta Computer, Inc.		96,000		272,932
Samsung Electronics Co. Ltd.		160,650		8,620,868
Samsung Electronics Co. Ltd. (Preference)		25,200		1,189,777
Shenzhen Transsion Holdings Co. Ltd., Class A		2,200		28,256
Wistron Corp.		100,000		96,690
Wiwynn Corp.		3,000		103,815
				13,675,131
Textiles, Apparel & Luxury Goods – 1.1%
Aditya Birla Fashion and Retail Ltd.*		6,536		24,411
Aksa Akrilik Kimya Sanayii A/S		62,447		193,949
Alok Industries Ltd.*		23,980		8,078
Alpargatas SA (Preference)		5,500		21,768
ANTA Sports Products Ltd.		20,000		234,128
Arezzo Industria e Comercio SA		4,000		72,267
Bata India Ltd.		848		21,617
Bosideng International Holdings Ltd.(c)		96,000		48,452
Eclat Textile Co. Ltd.		4,698		77,701
F&F Co. Ltd.		275		30,872
F&F Holdings Co. Ltd.		103		2,161
Feng TAY Enterprise Co. Ltd.		10,600		68,867
FF Group* ‡		3,536		—
Fila Holdings Corp.		1,167		30,290
Fuguiniao Group Ltd.* ‡		334,800		—
Golden Solar New Energy Technology Holdings Ltd.*		42,000		41,218
Grendene SA		8,264		15,770
Grupo de Moda Soma SA*		15,900		38,785
Guararapes Confeccoes SA*		13,200		24,576
Handsome Co. Ltd.		4,950		139,908
Hansae Co. Ltd.		1,281		26,620
Hwaseung Enterprise Co. Ltd.		331		4,348
KPR Mill Ltd.		5,665		46,703
Lao Feng Xiang Co. Ltd., Class B		2,500		8,047
LF Corp.		8,550		133,083
Li Ning Co. Ltd.		44,500		354,757
Makalot Industrial Co. Ltd.		4,334		26,908

Investments	Shares		Value
Textiles, Apparel & Luxury Goods – (continued)
Page Industries Ltd.		120	$	71,550
Paiho Shih Holdings Corp.		50,000		59,795
Pou Chen Corp.		99,000		103,952
Rajesh Exports Ltd.		6,434		52,946
Ruentex Industries Ltd.		20,540		80,486
Shenzhou International Group Holdings Ltd.		15,000		208,191
Shinsung Tongsang Co. Ltd.*		32,000		90,318
Tainan Spinning Co. Ltd.		48,555		33,934
Taiwan Paiho Ltd.		17,000		38,700
Texhong Textile Group Ltd.(c)		100,000		121,588
Titan Co. Ltd.		7,450		239,573
Trident Ltd.		22,165		15,121
Vaibhav Global Ltd.		41		251
Vardhman Textiles Ltd.		3,575		20,402
VIP Industries Ltd.		3,025		26,365
Vivara Participacoes SA		5,300		27,227
Welspun India Ltd.		7,370		8,012
Xtep International Holdings Ltd.(c)		27,500		40,797
Youngone Corp.		890		34,013
Youngone Holdings Co. Ltd.		2,463		100,599
				3,069,104
Thrifts & Mortgage Finance – 0.5%
Aavas Financiers Ltd.*		611		18,290
Can Fin Homes Ltd.		4,876		37,771
Housing Development Finance Corp. Ltd.		31,450		917,344
Indiabulls Housing Finance Ltd.		150,900		303,211
LIC Housing Finance Ltd.		10,300		51,027
Sangsangin Co. Ltd.		13,850		125,709
				1,453,352
Tobacco – 0.2%
British American Tobacco Malaysia Bhd.		400		1,185
Gudang Garam Tbk. PT		14,900		31,554
ITC Ltd.		52,150		177,068
KT&G Corp.		3,800		249,905
RLX Technology, Inc., ADR* (c)		18,975		38,519
Smoore International Holdings Ltd.(a) (c)		33,000		70,911
				569,142

See Accompanying Notes to the Financial Statements.

214 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Trading Companies & Distributors – 0.5%
Adani Enterprises Ltd.		4,716	$	143,869
ALAFCO Aviation Lease & Finance Co. KSCP*		146,850		103,507
Armac Locacao Logistica E Servicos SA		11,000		32,919
Barloworld Ltd.		89,223		646,823
BOC Aviation Ltd.(a) (c)		2,900		22,953
COSCO SHIPPING Development Co. Ltd., Class A		37,600		17,638
IndiaMart InterMesh Ltd.(a)		192		12,344
LX International Corp.		12,100		370,418
Posco International Corp.		1,484		29,184
SK Networks Co. Ltd.		2,415		9,325
Xiamen C & D, Inc., Class A		9,400		20,635
				1,409,615
Transportation Infrastructure – 1.0%
Adani Ports & Special Economic Zone Ltd.		14,253		159,679
Airports of Thailand PCL*		54,000		105,241
Airports of Thailand PCL, NVDR*		30,500		59,442
Anhui Expressway Co. Ltd., Class H(c)		138,000		121,887
Bangkok Expressway & Metro PCL, NVDR		142,000		34,204
Beijing Capital International Airport Co. Ltd., Class H*		100,000		55,186
CCR SA		10,400		26,062
China Merchants Port Holdings Co. Ltd.		55,407		97,310
COSCO SHIPPING Ports Ltd.		86,749		62,136
EcoRodovias Infraestrutura e Logistica SA*		4,700		6,558
Evergreen International Storage & Transport Corp.		29,000		35,518
GMR Infrastructure Ltd.*		48,418		23,847
Grupo Aeroportuario del Centro Norte SAB de CV		12,181		85,470
Grupo Aeroportuario del Pacifico SAB de CV, Class B*		5,000		76,936

Investments	Shares		Value
Transportation Infrastructure – (continued)
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,475	$	75,834
Guangdong Provincial Expressway Development Co. Ltd., Class B		125,000		94,314
Hainan Meilan International Airport Co. Ltd.*		6,000		11,486
International Container Terminal Services, Inc.		16,500		68,143
Jasa Marga Persero Tbk. PT*		39,723		11,043
Jiangsu Expressway Co. Ltd., Class H		20,000		19,806
Lingkaran Trans Kota Holdings Bhd.		120,000		127,897
Malaysia Airports Holdings Bhd.*		27,900		43,963
Ningbo Zhoushan Port Co. Ltd., Class A		23,500		13,949
Novorossiysk Commercial Sea Port PJSC‡ (b)		189,696		—
Promotora y Operadora de Infraestructura SAB de CV		2,160		15,745
Qingdao Port International Co. Ltd., Class H(a) (c)		47,000		23,781
Saudi Ground Services Co.*		4,431		40,638
Shanghai International Airport Co. Ltd., Class A*		5,300		39,748
Shanghai International Port Group Co. Ltd., Class A		57,800		52,035
Shenzhen Airport Co. Ltd., Class A*		9,400		9,105
Shenzhen Expressway Corp. Ltd., Class H		22,000		22,684
Shenzhen International Holdings Ltd.		33,343		35,952
Shenzhen Investment Holdings Bay Area Development Co. Ltd.(c)		250,000		87,304
Sichuan Expressway Co. Ltd., Class H(c)		300,000		83,735
Taiwan High Speed Rail Corp.		51,000		48,447
TAV Havalimanlari Holding A/S*		10,176		29,358
Westports Holdings Bhd.		17,500		15,838

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 215

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Transportation Infrastructure – (continued)
Yuexiu Transport Infrastructure Ltd.		400,000	$	256,431
Zhejiang Expressway Co. Ltd., Class H* (c)		606,000		501,257
				2,677,969
Water Utilities – 0.6%
Aguas Andinas SA, Class A		1,182,633		207,954
Athens Water Supply & Sewage Co. SA		15,900		119,764
Beijing Enterprises Water Group Ltd.		132,000		43,068
China Water Affairs Group Ltd.(c)		402,000		443,698
Cia de Saneamento Basico do Estado de Sao Paulo*		10,000		89,920
Cia de Saneamento de Minas Gerais-COPASA		85,000		234,461
Cia de Saneamento do Parana		100,000		399,216
Grandblue Environment Co. Ltd., Class A		4,700		13,186
Guangdong Investment Ltd.		100,000		128,726
Luenmei Quantum Co. Ltd., Class A		9,400		9,690
				1,689,683
Wireless Telecommunication Services – 1.3%
Advanced Info Service PCL, NVDR		20,700		129,942
America Movil SAB de CV, Series L		715,000		695,784
Axiata Group Bhd.		78,804		63,536
Bharti Airtel Ltd.*		44,245		427,734
DiGi.Com Bhd.		65,000		57,035
Empresa Nacional de Telecomunicaciones SA		59,237		216,310
Etihad Etisalat Co.		4,695		54,137
Far EasTone Telecommunications Co. Ltd.		30,000		84,273
Globe Telecom, Inc.		825		35,873
Indosat Tbk. PT		31,800		15,355
Intouch Holdings PCL, NVDR		23,700		48,438
Kuwait Telecommunications Co.		10,890		29,530

Investments	Shares		Value
Wireless Telecommunication Services – (continued)
Maxis Bhd.		32,900	$	28,717
Mobile Telecommunications Co. KSCP		72,450		161,000
Mobile Telecommunications Co. Saudi Arabia*		8,508		31,620
Mobile TeleSystems PJSC‡ (b)		31,356		—
MTN Group Ltd.		53,650		572,210
PLDT, Inc.		3,140		112,235
Sistema PJSFC‡ (b)		122,643		—
SK Telecom Co. Ltd.		2,916		132,334
Smartfren Telecom Tbk. PT*		2,936,200		16,811
Taiwan Mobile Co. Ltd.		30,000		110,431
TIM SA*		22,700		61,790
Turkcell Iletisim Hizmetleri A/S		37,150		54,115
Vodacom Group Ltd.		21,800		209,478
Vodafone Idea Ltd.*		97,468		12,113
Vodafone Qatar QSC		107,200		48,541
				3,409,342
Total Common Stocks (Cost $240,642,926)				268,184,299
	Principal Amount
CORPORATE BONDS – 0.0%(e)
Independent Power and Renewable Electricity Producers – 0.0%(e)
NTPC Ltd.
Series 54, 8.49%, 3/25/2025 (Cost $—)		INR   49,126		8,438
	Number of Rights
RIGHTS – 0.0%(e)
Airlines – 0.0%(e)
Gol Linhas Aereas Inteligentes SA, expiring 5/13/2022, price 42.67 BRL*		1,810		7
Biotechnology – 0.0%(e)
Medigen Vaccine Biologics Corp., expiring 5/10/2022, price 220.00 TWD* (b)		78		81

See Accompanying Notes to the Financial Statements.

216 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Investments	Number of Rights		Value
RIGHTS – (continued)
Capital Markets – 0.0%(e)
Orient Securities Co. Ltd., expiring 4/26/2022, price 8.460000 CNY* (b)		2,632	$	280
Orient Securities Co. Ltd., expiring 5/20/2022, price 10.380000 HKD* ‡ (b)		5,712		—
				280
Electronic Equipment, Instruments & Components – 0.0%(e)
Solus Advanced Materials Co. Ltd., expiring 5/10/2022, price 49,400.00 KRW* (b)		48		892
IT Services – 0.0%(e)
Fawry for Banking & Payment Technology Services SAE, expiring 5/11/2022, price 0.50 EGP*		17,731		3,683
Semiconductors & Semiconductor Equipment – 0.0%(e)
Episil Technologies, Inc., expiring 5/27/2022, price 95.00 TWD* (b)		33		11
Total Rights (Cost $11,063)				4,954
	Number of Warrants
WARRANTS – 0.0%(e)
Banks – 0.0%(e)
TMBThanachart Bank PCL, expiring 4/21/2099, price 1.00 THB* (b)		13,148		134
Real Estate Management & Development – 0.0%(e)
MBK PCL, expiring 12/31/2099, price 1.00 THB* (b)		3,613		1,055
Total Warrants (Cost $—)				1,189

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(f) – 0.7%
REPURCHASE AGREEMENTS – 0.7%
Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $1,939,413, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $1,951,962 (Cost $1,939,381)	$	1,939,381	$	1,939,381
Total Investments – 100.6% (Cost $242,593,370)				270,138,261
Liabilities in excess of other assets – (0.6%)				(1,533,590	)
NET ASSETS – 100.0%			$	268,604,671

* 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)  Security fair valued as of April 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2022 amounted to $412,838, which represents approximately 0.15% of net assets of the Fund.

^(c)  The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $9,267,693, collateralized in the form of cash with a value of $1,939,381 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $4,262,069 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from April 30, 2022 – February 15, 2052 and $3,644,127 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $9,845,577.

^(d)  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.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 217

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

^(e)  Represents less than 0.05% of net assets.

^(f)  The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $1,939,381.

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.

SCA – Limited partnership with share capital

As of April 30, 2022, 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	$	62,629,603
Aggregate gross unrealized depreciation		(39,558,614	)
Net unrealized appreciation	$	23,070,989
Federal income tax cost	$	247,115,974

Futures Contracts

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
MSCI Emerging Markets E-Mini Index		26		06/17/2022		USD	$	1,374,620	$	22,870

* 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, 2022:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
INR*	13,290,000	Goldman Sachs & Co.	USD	172,467		06/15/2022	$	582
KRW*	370,000,000	Citibank NA	USD	293,641		06/15/2022		974
USD	698,073	Toronto-Dominion Bank (The)	HKD	5,456,137		06/15/2022		2,006
USD	345,116	Citibank NA	KRW*	423,816,590		06/15/2022		7,649
USD	171,005	Toronto-Dominion Bank (The)	KRW*	208,000,000		06/15/2022		5,384
USD	535,838	Citibank NA	TWD*	15,300,000		06/15/2022		16,520
USD	31,096	JPMorgan Chase Bank	TWD*	876,120		06/15/2022		1,358
Total unrealized appreciation							$	34,473
TWD*	5,600,000	Citibank NA	USD	191,519		06/15/2022	$	(1,442	)
USD	65,547	Citibank NA	BRL*	339,553		06/15/2022		(2,077	)
USD	188,268	Goldman Sachs & Co.	BRL*	950,000		06/15/2022		(932	)
USD	73,497	Citibank NA	INR*	5,688,500		06/15/2022		(574	)
ZAR	1,330,000	Citibank NA	USD	87,293		06/15/2022		(3,616	)
Total unrealized depreciation							$	(8,641	)
Net unrealized appreciation							$	25,832

* Non-deliverable forward.

See Accompanying Notes to the Financial Statements.

218 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Abbreviations:

BRL – Brazilian Real

HKD – Hong Kong Dollar

INR – Indian Rupee

KRW – Korean Won

TWD – Taiwan Dollar

USD – US Dollar

ZAR – South African Rand

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:

Brazil	5.6	%
Chile	0.7
China	26.6
Colombia	0.7
Czech Republic	0.1
Egypt	0.3
Greece	0.4
Hungary	0.2
India	11.2
Indonesia	1.9
Kuwait	0.7
Malaysia	2.4
Mexico	2.5
Pakistan	0.6
Peru	0.3
Philippines	1.0
Qatar	1.0
Saudi Arabia	2.4
Singapore	0.0	†
South Africa	5.4
South Korea	15.4
Taiwan	15.7
Thailand	2.1
Turkey	1.2
United Arab Emirates	1.4
United Kingdom	0.0	†
United States	0.1
Other1	0.1
	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 SEMIANNUAL REPORT 219

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)

Security Type	% of Net Assets
Common Stocks		99.9	%
Corporate Bonds		0.0	†
Rights		0.0	†
Warrants		0.0	†
Securities Lending Reinvestments		0.7
Others(1)		(0.6	)
		100.0	%

^†  Amount represents less than 0.05%.

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

220 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® US Quality Large Cap Index Fund

April 30, 2022 (Unaudited)

Investments	Shares			Value
COMMON STOCKS – 98.6%
Aerospace & Defense – 0.7%
Lockheed Martin Corp.		984		$	425,206
Textron, Inc.		9,102			630,314
					1,055,520
Air Freight & Logistics – 1.5%
Expeditors International of Washington, Inc.		6,642			658,023
United Parcel Service, Inc., Class B		7,995			1,438,940
					2,096,963
Automobiles – 1.6%
Ford Motor Co.		21,402			303,052
Tesla, Inc.* (a)		2,214			1,927,863
					2,230,915
Banks – 3.4%
Bank of America Corp.		22,386			798,733
Citigroup, Inc.		30,258			1,458,738
Citizens Financial Group, Inc.		8,241			324,695
JPMorgan Chase & Co.		738			88,088
Wells Fargo & Co.		48,216			2,103,664
					4,773,918
Biotechnology – 1.9%
AbbVie, Inc.		—	(b)		59
Amgen, Inc.(a)		7,995			1,864,354
Gilead Sciences, Inc.		3,198			189,769
Moderna, Inc.*		2,091			281,051
Regeneron Pharmaceuticals, Inc.*		183			120,617
Vertex Pharmaceuticals, Inc.*		984			268,849
					2,724,699
Building Products – 0.8%
Lennox International, Inc.		123			26,222
Masco Corp.		10,332			544,393
Trane Technologies plc		3,567			498,988
					1,069,603
Capital Markets – 1.3%
Ameriprise Financial, Inc.		369			97,966

Investments	Shares		Value
Capital Markets – (continued)
Bank of New York Mellon Corp. (The)		15,744	$	662,192
Goldman Sachs Group, Inc. (The)		861		263,027
Morgan Stanley		10,086		812,831
				1,836,016
Chemicals – 1.3%
Celanese Corp.		1,353		198,810
Dow, Inc.		13,407		891,566
DuPont de Nemours, Inc.		10,824		713,626
				1,804,002
Communications Equipment – 1.5%
Cisco Systems, Inc.		43,788		2,144,736
Consumer Finance – 2.2%
Ally Financial, Inc.		3,936		157,282
American Express Co.		2,829		494,255
Capital One Financial Corp.		8,118		1,011,665
Discover Financial Services		6,888		774,624
Synchrony Financial		16,728		615,758
				3,053,584
Distributors – 0.5%
Genuine Parts Co.		615		79,981
LKQ Corp.		615		30,522
Pool Corp.		1,476		598,105
				708,608
Diversified Financial Services – 2.2%
Berkshire Hathaway, Inc., Class B*		8,364		2,700,150
Equitable Holdings, Inc.		14,760		425,531
				3,125,681
Diversified Telecommunication Services – 0.6%
AT&T, Inc.		22,140		417,560
Verizon Communications, Inc.		9,840		455,592
				873,152
Electric Utilities – 2.4%
Evergy, Inc.		12,300		834,555
Exelon Corp.		21,156		989,678

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 221

FlexShares^® US Quality Large Cap Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Electric Utilities – (continued)
PG&E Corp.* (a)		11,931	$	150,927
Southern Co. (The)		19,065		1,399,180
				3,374,340
Electrical Equipment – 0.1%
Emerson Electric Co.		1,476		133,106
Energy Equipment & Services – 0.3%
Schlumberger NV		9,348		364,665
Entertainment – 1.7%
Activision Blizzard, Inc.		11,316		855,490
Electronic Arts, Inc.		5,658		667,927
Liberty Media Corp-Liberty Formula One, Class C*		861		53,666
Netflix, Inc.*		246		46,828
Warner Bros Discovery, Inc.*		44,099		800,397
				2,424,308
Equity Real Estate Investment Trusts (REITs) – 2.1%
Essex Property Trust, Inc.		246		81,000
Iron Mountain, Inc.		17,466		938,448
Mid-America Apartment Communities, Inc.(a)		246		48,383
Public Storage		2,829		1,050,974
Regency Centers Corp.		615		42,331
Weyerhaeuser Co.		20,664		851,770
				3,012,906
Food & Staples Retailing – 0.3%
Walmart, Inc.		2,829		432,809
Food Products – 1.1%
Campbell Soup Co.		1,230		58,081
General Mills, Inc.		3,444		243,594
Hershey Co. (The)		1,599		361,006
Kraft Heinz Co. (The)		2,583		110,113
Tyson Foods, Inc., Class A		8,856		825,025
				1,597,819
Health Care Equipment & Supplies – 1.2%
Abbott Laboratories		2,091		237,329
Hologic, Inc.*		5,166		371,900

Investments	Shares		Value
Health Care Equipment & Supplies – (continued)
IDEXX Laboratories, Inc.*		1,476	$	635,389
ResMed, Inc.(a)		2,091		418,137
				1,662,755
Health Care Providers & Services – 3.8%
Anthem, Inc.		615		308,687
Cardinal Health, Inc.		4,059		235,625
Cigna Corp.		492		121,416
CVS Health Corp.		1,722		165,536
DaVita, Inc.* (a)		738		79,977
HCA Healthcare, Inc.		4,797		1,029,196
Laboratory Corp. of America Holdings*		2,829		679,752
McKesson Corp.		3,321		1,028,215
Quest Diagnostics, Inc.		2,460		329,246
UnitedHealth Group, Inc.		2,829		1,438,688
				5,416,338
Health Care Technology – 0.6%
Cerner Corp.		8,610		806,240
Veeva Systems, Inc., Class A* (a)		246		44,760
				851,000
Hotels, Restaurants & Leisure – 0.3%
Yum! Brands, Inc.		3,198		374,198
Household Durables – 0.6%
Lennar Corp., Class A		5,658		432,780
NVR, Inc.*		33		144,415
PulteGroup, Inc.(a)		2,952		123,276
Whirlpool Corp.		984		178,616
				879,087
Household Products – 2.5%
Colgate-Palmolive Co.		11,808		909,806
Procter & Gamble Co. (The)		16,605		2,665,933
				3,575,739
Independent Power and Renewable Electricity Producers – 0.5%
AES Corp. (The)		33,579		685,683
Industrial Conglomerates – 0.2%
Honeywell International, Inc.		1,107		214,216

See Accompanying Notes to the Financial Statements.

222 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® US Quality Large Cap Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Insurance – 2.4%
Aflac, Inc.		5,904	$	338,181
Allstate Corp. (The)		5,658		715,963
American International Group, Inc.		15,129		885,198
MetLife, Inc.		14,022		920,965
Prudential Financial, Inc.		4,305		467,136
				3,327,443
Interactive Media & Services – 6.9%
Alphabet, Inc., Class A*		1,792		4,089,684
Alphabet, Inc., Class C*		1,690		3,885,868
Meta Platforms, Inc., Class A*		8,241		1,652,073
Pinterest, Inc., Class A*		3,444		70,671
				9,698,296
Internet & Direct Marketing Retail – 2.3%
Amazon.com, Inc.*		1,025		2,547,771
eBay, Inc.		11,808		613,071
Etsy, Inc.* (a)		738		68,774
��				3,229,616
IT Services – 4.4%
Accenture plc, Class A		4,182		1,256,106
Cognizant Technology Solutions Corp., Class A		8,487		686,598
Gartner, Inc.*		2,214		643,278
Jack Henry & Associates, Inc.		2,952		559,640
Mastercard, Inc., Class A		1,599		581,045
Paychex, Inc.		2,214		280,580
Visa, Inc., Class A(a)		10,332		2,202,059
				6,209,306
Life Sciences Tools & Services – 1.4%
Danaher Corp.		492		123,556
IQVIA Holdings, Inc.*		492		107,251
Mettler-Toledo International, Inc.*		569		726,914
Thermo Fisher Scientific, Inc.		615		340,046
Waters Corp.*		2,091		633,615
				1,931,382
Machinery – 1.5%
CNH Industrial NV		3,690		52,361
Dover Corp.		615		81,980
Fortive Corp.		2,583		148,522

Investments	Shares		Value
Machinery – (continued)
Illinois Tool Works, Inc.		5,658	$	1,115,248
Parker-Hannifin Corp.		2,706		732,839
				2,130,950
Media – 1.3%
Comcast Corp., Class A		8,733		347,224
DISH Network Corp., Class A* (a)		3,936		112,216
Fox Corp., Class A		1,968		70,533
Interpublic Group of Cos., Inc. (The)		21,894		714,182
Omnicom Group, Inc.		7,995		608,659
				1,852,814
Metals & Mining – 0.6%
Freeport-McMoRan, Inc.		11,931		483,802
Newmont Corp.		5,535		403,225
				887,027
Multiline Retail – 1.2%
Target Corp.(a)		7,626		1,743,685
Multi-Utilities – 1.3%
DTE Energy Co.(a)		7,134		934,840
Public Service Enterprise Group, Inc.		12,423		865,386
				1,800,226
Oil, Gas & Consumable Fuels – 3.0%
Continental Resources, Inc.(a)		14,514		806,543
EOG Resources, Inc.		10,824		1,263,810
Kinder Morgan, Inc.		32,226		584,902
Marathon Petroleum Corp.		2,952		257,592
Occidental Petroleum Corp.(a)		23,001		1,267,125
				4,179,972
Pharmaceuticals – 5.9%
Eli Lilly & Co.		9,840		2,874,559
Johnson & Johnson		19,065		3,440,470
Pfizer, Inc.		40,221		1,973,645
				8,288,674
Real Estate Management & Development – 0.5%
CBRE Group, Inc., Class A*		8,487		704,760
Road & Rail – 0.4%
Old Dominion Freight Line, Inc.		2,214		620,186

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 223

FlexShares^® US Quality Large Cap Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Semiconductors & Semiconductor Equipment – 6.2%
Advanced Micro Devices, Inc.*		4,797	$	410,239
Applied Materials, Inc.		6,519		719,372
Broadcom, Inc.		1,845		1,022,850
Intel Corp.		24,231		1,056,229
KLA Corp.		1,968		628,304
Lam Research Corp.		2,091		973,904
Microchip Technology, Inc.		984		64,157
NVIDIA Corp.		6,642		1,231,892
QUALCOMM, Inc.		3,321		463,910
Texas Instruments, Inc.		12,423		2,115,016
				8,685,873
Software – 9.2%
Adobe, Inc.*		3,567		1,412,354
Autodesk, Inc.*		369		69,844
Check Point Software Technologies Ltd.*		5,535		699,015
Fair Isaac Corp.*		738		275,651
Fortinet, Inc.*		2,091		604,320
Intuit, Inc.		4,059		1,699,706
Microsoft Corp.		22,017		6,110,158
Oracle Corp.		26,568		1,950,091
SS&C Technologies Holdings, Inc.		615		39,766
Zoom Video Communications, Inc., Class A* (a)		1,476		146,965
				13,007,870
Specialty Retail – 2.8%
AutoZone, Inc.*		452		883,873
Bath & Body Works, Inc.(a)		6,027		318,768
Best Buy Co., Inc.(a)		4,428		398,210
Home Depot, Inc. (The)		3,813		1,145,425
Lowe’s Cos., Inc.		4,551		899,869
O’Reilly Automotive, Inc.*		369		223,817
Ulta Beauty, Inc.*		369		146,419
				4,016,381
Technology Hardware, Storage & Peripherals – 8.7%
Apple, Inc.		72,693		11,460,052
HP, Inc.(a)		15,621		572,197
NetApp, Inc.		1,353		99,107
Seagate Technology Holdings plc		984		80,727
				12,212,083

Investments	Shares		Value
Tobacco – 0.9%
Altria Group, Inc.		4,797	$	266,569
Philip Morris International, Inc.		9,840		984,000
				1,250,569
Trading Companies & Distributors – 0.5%
United Rentals, Inc.* (a)		1,107		350,388
WW Grainger, Inc.		738		369,022
				719,410
Total Common Stocks (Cost $121,600,985)				138,992,889
Total Investments – 98.6% (Cost $121,600,985)				138,992,889
Other assets less liabilities – 1.4%				2,028,746
NET ASSETS – 100.0%			$	141,021,635

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $10,583,830, collateralized by $10,838,757 in U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.00%, and maturity dates ranging from May 12, 2022 – February 15, 2052 and $348,851 in Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $11,187,608.

^(b)  Amount represents less than one share.

Percentages shown are based on Net Assets.

As of April 30, 2022, 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	$	23,076,839
Aggregate gross unrealized depreciation		(5,743,448	)
Net unrealized appreciation	$	17,333,391
Federal income tax cost	$	121,608,757

See Accompanying Notes to the Financial Statements.

224 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® US Quality Large Cap Index Fund (cont.)

Futures Contracts

FlexShares^® US Quality Large Cap Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
S&P 500 E-Mini Index		9		06/17/2022		USD	$	1,857,375	$	(50,741	)

* 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.

Security Type	% of Net Assets
Common Stocks		98.6	%
Others(1)		1.4
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 225

Schedule of Investments

FlexShares^® STOXX^® US ESG Select Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.6%
Air Freight & Logistics – 0.5%
FedEx Corp.		2,117	$	420,733
United Parcel Service, Inc., Class B		2,482		446,710
				867,443
Airlines – 0.3%
American Airlines Group, Inc.* (a)		2,117		39,736
Delta Air Lines, Inc.*		3,796		163,342
Southwest Airlines Co.*		4,161		194,402
United Airlines Holdings, Inc.* (a)		1,898		95,849
				493,329
Auto Components – 0.1%
Aptiv plc*		1,460		155,344
Automobiles – 4.6%
Ford Motor Co.		20,586		291,498
General Motors Co.*		14,673		556,253
Tesla, Inc.*		8,541		7,437,161
				8,284,912
Banks – 4.6%
Bank of America Corp.		74,606		2,661,942
Citigroup, Inc.		20,294		978,374
Fifth Third Bancorp		5,767		216,435
Huntington Bancshares, Inc.(a)		15,987		210,229
JPMorgan Chase & Co.		30,733		3,668,291
KeyCorp		8,249		159,288
NU Holdings Ltd., Class A* (a)		6,789		40,802
Regions Financial Corp.		5,767		119,492
US Bancorp		4,964		241,052
				8,295,905
Beverages – 0.7%
Coca-Cola Co. (The)		20,586		1,330,061
Biotechnology – 2.4%
AbbVie, Inc.		12,264		1,801,336
Amgen, Inc.(a)		3,869		902,212
Biogen, Inc.*		511		106,002
Gilead Sciences, Inc.		10,950		649,773
Regeneron Pharmaceuticals, Inc.*		511		336,805
Vertex Pharmaceuticals, Inc.*		2,190		598,352
				4,394,480

Investments	Shares		Value
Building Products – 0.3%
Johnson Controls International plc		3,358	$	201,043
Trane Technologies plc		2,482		347,207
				548,250
Capital Markets – 3.4%
Bank of New York Mellon Corp. (The)		4,891		205,715
BlackRock, Inc.		1,460		912,033
Blackstone, Inc., Class A		3,577		363,316
Coinbase Global, Inc., Class A*		511		57,595
Goldman Sachs Group, Inc. (The)		3,431		1,048,136
Intercontinental Exchange, Inc.		1,971		228,262
LPL Financial Holdings, Inc.		292		54,858
Moody’s Corp.		1,387		438,958
Morgan Stanley		12,337		994,239
MSCI, Inc.		730		307,512
Northern Trust Corp.(b)		1,095		112,840
S&P Global, Inc.		3,066		1,154,349
State Street Corp.		2,628		175,997
T. Rowe Price Group, Inc.		803		98,801
				6,152,611
Chemicals – 1.0%
Air Products & Chemicals, Inc.		730		170,871
Dow, Inc.		2,701		179,617
DuPont de Nemours, Inc.		1,825		120,322
Eastman Chemical Co.		511		52,465
Ecolab, Inc.		1,898		321,407
International Flavors & Fragrances, Inc.		730		88,549
LyondellBasell Industries NV, Class A		1,022		108,363
PPG Industries, Inc.		1,679		214,895
Sherwin-Williams Co. (The)		2,044		562,018
				1,818,507
Commercial Services & Supplies – 0.3%
Cintas Corp.		949		377,000
Republic Services, Inc.		1,022		137,224
				514,224
Communications Equipment – 0.6%
Cisco Systems, Inc.		21,608		1,058,360
Consumer Finance – 0.3%
Capital One Financial Corp.		3,723		463,960

See Accompanying Notes to the Financial Statements.

226 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® STOXX^® US ESG Select Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Containers & Packaging – 0.4%
Amcor plc		15,330	$	181,814
Ball Corp.(a)		3,358		272,535
Crown Holdings, Inc.		365		40,164
International Paper Co.		1,460		67,569
Packaging Corp. of America		365		58,827
Westrock Co.		2,409		119,318
				740,227
Diversified Financial Services – 1.7%
Apollo Global Management, Inc.		4,453		221,581
Berkshire Hathaway, Inc., Class B*		8,979		2,898,691
				3,120,272
Diversified Telecommunication Services – 0.8%
AT&T, Inc.		23,944		451,584
Lumen Technologies, Inc.(a)		5,183		52,141
Verizon Communications, Inc.		21,170		980,171
				1,483,896
Electric Utilities – 0.3%
Constellation Energy Corp.		1,022		60,512
Duke Energy Corp.		2,774		305,584
Entergy Corp.		1,168		138,817
FirstEnergy Corp.		2,044		88,526
				593,439
Electrical Equipment – 0.6%
Eaton Corp. plc		2,774		402,285
Emerson Electric Co.		4,234		381,822
Rockwell Automation, Inc.		949		239,784
				1,023,891
Electronic Equipment, Instruments & Components – 0.3%
Amphenol Corp., Class A		3,212		229,658
CDW Corp.		511		83,385
TE Connectivity Ltd.		1,752		218,615
Teledyne Technologies, Inc.*		146		63,006
				594,664
Energy Equipment & Services – 0.6%
Baker Hughes Co.		6,643		206,066
Halliburton Co.		6,570		234,023

Investments	Shares		Value
Energy Equipment & Services – (continued)
Schlumberger NV		14,819	$	578,089
				1,018,178
Entertainment – 1.0%
ROBLOX Corp., Class A* (a)		1,022		31,324
Walt Disney Co. (The)*		15,622		1,743,884
				1,775,208
Equity Real Estate Investment Trusts (REITs) – 1.8%
Alexandria Real Estate Equities, Inc.		511		93,084
AvalonBay Communities, Inc.		1,387		315,515
Camden Property Trust		657		103,077
Crown Castle International Corp.		1,460		270,407
Equity Residential		2,336		190,384
Essex Property Trust, Inc.		438		144,220
Healthpeak Properties, Inc.		5,621		184,425
Host Hotels & Resorts, Inc.		5,475		111,416
Iron Mountain, Inc.(a)		2,117		113,746
Kimco Realty Corp.		5,548		140,531
Mid-America Apartment Communities, Inc.(a)		511		100,504
Prologis, Inc.		3,942		631,863
Simon Property Group, Inc.		1,022		120,596
Ventas, Inc.		3,431		190,592
VICI Properties, Inc.(a)		2,409		71,812
Welltower, Inc.(a)		4,453		404,377
				3,186,549
Food & Staples Retailing – 1.4%
Kroger Co. (The)		4,599		248,162
Walmart, Inc.		14,965		2,289,495
				2,537,657
Food Products – 0.4%
Bunge Ltd.		730		82,578
General Mills, Inc.		3,358		237,511
Hershey Co. (The)		584		131,850
Kellogg Co.		1,533		105,010
McCormick & Co., Inc. (Non-Voting)		949		95,441
				652,390
Health Care Equipment & Supplies – 3.4%
Abbott Laboratories		15,184		1,723,384
Baxter International, Inc.		3,504		248,994

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 227

FlexShares^® STOXX^® US ESG Select Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Health Care Equipment & Supplies – (continued)
Becton Dickinson and Co.		2,482	$	613,525
Boston Scientific Corp.*		11,899		501,067
Dentsply Sirona, Inc.		1,606		64,224
Edwards Lifesciences Corp.*		3,285		347,487
Hologic, Inc.*		2,336		168,169
IDEXX Laboratories, Inc.*		292		125,700
Intuitive Surgical, Inc.*		3,139		751,163
Medtronic plc		7,008		731,355
ResMed, Inc.(a)		511		102,185
Stryker Corp.		3,504		845,375
				6,222,628
Health Care Providers & Services – 3.0%
Anthem, Inc.		2,555		1,282,431
Cigna Corp.		1,679		414,344
Humana, Inc.		657		292,076
Quest Diagnostics, Inc.		657		87,933
UnitedHealth Group, Inc.		6,497		3,304,049
				5,380,833
Hotels, Restaurants & Leisure – 2.1%
Carnival Corp.* (a)		6,059		104,821
Domino’s Pizza, Inc.		292		98,696
Hilton Worldwide Holdings, Inc.*		2,409		374,094
Marriott International, Inc., Class A*		2,555		453,563
McDonald’s Corp.		5,183		1,291,396
MGM Resorts International		2,409		98,865
Royal Caribbean Cruises Ltd.*		1,679		130,509
Starbucks Corp.		10,001		746,475
Vail Resorts, Inc.		146		37,107
Yum China Holdings, Inc.		2,190		91,542
Yum! Brands, Inc.		2,993		350,211
				3,777,279
Household Durables – 0.0%(c)
Whirlpool Corp.		511		92,757
Household Products – 1.0%
Clorox Co. (The)		511		73,313
Colgate-Palmolive Co.		4,161		320,605
Kimberly-Clark Corp.		1,022		141,885
Procter & Gamble Co. (The)		8,322		1,336,097
				1,871,900

Investments	Shares		Value
Independent Power and Renewable Electricity Producers – 0.0%(c)
AES Corp. (The)		1,533	$	31,304
Industrial Conglomerates – 0.9%
3M Co.		6,059		873,829
General Electric Co.		11,242		838,091
				1,711,920
Insurance – 1.6%
Aflac, Inc.		6,570		376,330
Aon plc, Class A(a)		1,533		441,489
Chubb Ltd.		2,263		467,196
Hartford Financial Services Group, Inc. (The)		2,117		148,042
Marsh & McLennan Cos., Inc.		2,555		413,143
MetLife, Inc.		5,913		388,366
Principal Financial Group, Inc.		2,482		169,123
Progressive Corp. (The)		4,088		438,888
Willis Towers Watson plc		438		94,109
				2,936,686
Interactive Media & Services – 5.6%
Alphabet, Inc., Class C*		2,190		5,035,533
Meta Platforms, Inc., Class A*		24,017		4,814,688
Snap, Inc., Class A*		10,877		309,559
				10,159,780
Internet & Direct Marketing Retail – 4.6%
Amazon.com, Inc.*		3,175		7,891,875
Coupang, Inc.*		3,723		47,915
eBay, Inc.		5,110		265,311
Etsy, Inc.* (a)		1,314		122,452
				8,327,553
IT Services – 4.7%
Accenture plc, Class A		6,789		2,039,144
Block, Inc., Class A*		3,577		356,055
Broadridge Financial Solutions, Inc.		365		52,607
Cognizant Technology Solutions Corp., Class A		4,526		366,153
Fidelity National Information Services, Inc.		4,307		427,039
International Business Machines Corp.		9,198		1,216,068
Mastercard, Inc., Class A		7,446		2,705,727
Paychex, Inc.		1,679		212,780

See Accompanying Notes to the Financial Statements.

228 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® STOXX^® US ESG Select Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
IT Services – (continued)
PayPal Holdings, Inc.*		12,118	$	1,065,536
Twilio, Inc., Class A*		511		57,140
				8,498,249
Leisure Products – 0.1%
Hasbro, Inc.		1,314		115,711
Life Sciences Tools & Services – 1.9%
Agilent Technologies, Inc.		1,971		235,081
Charles River Laboratories International, Inc.*		292		70,521
Danaher Corp.		5,840		1,466,599
Illumina, Inc.*		1,095		324,832
PerkinElmer, Inc.		657		96,323
Thermo Fisher Scientific, Inc.		2,044		1,130,168
West Pharmaceutical Services, Inc.		511		160,996
				3,484,520
Machinery – 1.8%
Caterpillar, Inc.		3,723		783,841
Cummins, Inc.		949		179,541
Deere & Co.		2,117		799,273
Dover Corp.		803		107,040
Fortive Corp.		3,212		184,690
Illinois Tool Works, Inc.		1,679		330,948
Ingersoll Rand, Inc.		2,190		96,273
Otis Worldwide Corp.		3,723		271,183
PACCAR, Inc.		1,241		103,065
Parker-Hannifin Corp.		949		257,008
Stanley Black & Decker, Inc.		949		114,022
Westinghouse Air Brake Technologies Corp.		657		59,071
Xylem, Inc.		730		58,765
				3,344,720
Media – 0.5%
Comcast Corp., Class A		15,257		606,618
Interpublic Group of Cos., Inc. (The)		4,307		140,494
Omnicom Group, Inc.(a)		1,971		150,052
Paramount Global, Class B		3,212		93,534
				990,698

Investments	Shares			Value
Metals & Mining – 0.4%
Alcoa Corp.		511		$	34,646
Freeport-McMoRan, Inc.		5,183			210,170
Newmont Corp.		5,621			409,490
					654,306
Mortgage Real Estate Investment Trusts (REITs) – 0.1%
Annaly Capital Management, Inc.		14,527			93,263
Multiline Retail – 0.5%
Target Corp.		4,161			951,413
Multi-Utilities – 0.3%
CMS Energy Corp.		1,752			120,345
Public Service Enterprise Group, Inc.		1,533			106,789
Sempra Energy		2,263			365,157
					592,291
Oil, Gas & Consumable Fuels – 5.1%
APA Corp.		2,336			95,612
Chevron Corp.		20,002			3,133,713
ConocoPhillips		9,271			885,566
Devon Energy Corp.		3,285			191,088
Diamondback Energy, Inc.		876			110,578
EOG Resources, Inc.		1,898			221,610
Exxon Mobil Corp.		43,800			3,733,950
Hess Corp.		1,022			105,338
ONEOK, Inc.(a)		1,314			83,216
Phillips 66(a)		3,942			342,008
Valero Energy Corp.		2,263			252,279
					9,154,958
Paper & Forest Products – 0.0%(c)
Sylvamo Corp.*		—	(d)		16
Personal Products – 0.3%
Estee Lauder Cos., Inc. (The), Class A		2,409			636,121
Pharmaceuticals – 7.5%
Bristol-Myers Squibb Co.		23,214			1,747,318
Catalent, Inc.*		657			59,498
Eli Lilly & Co.		7,300			2,132,549
Johnson & Johnson		27,229			4,913,745
Merck & Co., Inc.		25,988			2,304,876
Pfizer, Inc.		48,253			2,367,774
					13,525,760

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 229

FlexShares^® STOXX^® US ESG Select Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Professional Services – 0.1%
Booz Allen Hamilton Holding Corp.		1,314	$	107,262
Real Estate Management & Development – 0.2%
CBRE Group, Inc., Class A*		3,504		290,972
Road & Rail – 0.3%
Grab Holdings Ltd., Class A* (a)		9,271		27,350
Uber Technologies, Inc.*		16,863		530,847
				558,197
Semiconductors & Semiconductor Equipment – 6.1%
Advanced Micro Devices, Inc.*		8,322		711,697
Analog Devices, Inc.		2,628		405,711
Applied Materials, Inc.		6,059		668,611
Intel Corp.		34,821		1,517,847
Lam Research Corp.		1,241		578,008
Microchip Technology, Inc.		4,964		323,653
Micron Technology, Inc.		9,490		647,123
NVIDIA Corp.		17,228		3,195,277
Qorvo, Inc.*		438		49,836
QUALCOMM, Inc.		7,811		1,091,119
Teradyne, Inc.(a)		876		92,383
Texas Instruments, Inc.		9,490		1,615,673
Wolfspeed, Inc.* (a)		657		60,253
				10,957,191
Software – 9.3%
Adobe, Inc.*		4,891		1,936,591
Autodesk, Inc.*		2,190		414,523
Cadence Design Systems, Inc.*		1,387		209,229
Intuit, Inc.		2,482		1,039,338
Microsoft Corp.		32,631		9,055,755
NortonLifeLock, Inc.(a)		3,139		78,601
Oracle Corp.		11,169		819,805
Palo Alto Networks, Inc.* (a)		803		450,708
Salesforce, Inc.*		6,789		1,194,457
ServiceNow, Inc.*		1,752		837,631
Splunk, Inc.*		1,095		133,612
Synopsys, Inc.*		1,314		376,842
UiPath, Inc., Class A*		1,241		22,127
Workday, Inc., Class A*		1,022		211,247
				16,780,466

Investments	Shares		Value
Specialty Retail – 2.9%
AutoZone, Inc.*		146	$	285,499
Bath & Body Works, Inc.		876		46,332
Best Buy Co., Inc.(a)		2,117		190,382
Carvana Co.*		292		16,924
Home Depot, Inc. (The)		7,227		2,170,991
Lowe’s Cos., Inc.		5,840		1,154,743
Ross Stores, Inc.		3,139		313,178
TJX Cos., Inc. (The)		12,410		760,485
Tractor Supply Co.		949		191,176
Williams-Sonoma, Inc.(a)		730		95,250
				5,224,960
Technology Hardware, Storage & Peripherals – 5.7%
Apple, Inc.		58,765		9,264,303
Dell Technologies, Inc., Class C		2,190		102,952
Hewlett Packard Enterprise Co.		14,308		220,486
HP, Inc.(a)		11,461		419,817
NetApp, Inc.		1,752		128,334
Seagate Technology Holdings plc		1,168		95,823
Western Digital Corp.*		2,847		151,090
				10,382,805
Textiles, Apparel & Luxury Goods – 1.0%
Lululemon Athletica, Inc.*		1,241		440,096
NIKE, Inc., Class B		8,833		1,101,475
VF Corp.		3,504		182,208
				1,723,779
Trading Companies & Distributors – 0.1%
United Rentals, Inc.*		511		161,742
WW Grainger, Inc.		219		109,506
				271,248
Water Utilities – 0.1%
American Water Works Co., Inc.		1,460		224,957
Total Common Stocks (Cost $171,250,818)				180,180,260

See Accompanying Notes to the Financial Statements.

230 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® STOXX^® US ESG Select Index Fund (cont.)

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(e) – 0.1%
REPURCHASE AGREEMENTS – 0.1%
Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $248,882, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $250,492 (Cost $248,877)	$	248,877	$	248,877
Total Investments – 99.7% (Cost $171,499,695)				180,429,137
Other assets less liabilities – 0.3%				562,397
NET ASSETS – 100.0%			$	180,991,534

* Non-income producing security.

^(a) The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $3,994,982, collateralized in the form of cash with a value of

$248,877 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $3,973,748 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.00%, and maturity dates ranging from May 12, 2022 – February 15, 2052; a total value of $4,222,625.

^(b) Investment in affiliated company. Northern Trust Investments, Inc., the Investment Adviser of the Fund, is a subsidiary of Northern Trust Corporation.

^(c)  Represents less than 0.05% of net assets.

^(d)  Amount represents less than one share.

^(e)  The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $248,877.

Percentages shown are based on Net Assets.

As of April 30, 2022, 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	$	21,193,219
Aggregate gross unrealized depreciation		(12,328,956	)
Net unrealized appreciation	$	8,864,263
Federal income tax cost	$	171,515,505

Investment in a company which was affiliated for the period ended April 30, 2022, was as follows:

Security	Value October 31, 2021		Purchases at Cost		Sales Proceeds		Shares April 30, 2022		Value April 30, 2022		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized Gain/ (Loss)
Northern Trust Corp.	$	—	$	126,155	$	—		1,095	$	112,840	$	(13,315	)	$	—	$	—

Futures Contracts

FlexShares^® STOXX^® US ESG Select Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
S&P 500 E-Mini Index		3		06/17/2022		USD	$	619,125	$	(49,369	)

* 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 SEMIANNUAL REPORT 231

FlexShares^® STOXX^® US ESG Select Index Fund (cont.)

Abbreviations:

USD – US Dollar

Security Type	% of Net Assets
Common Stocks		99.6	%
Securities Lending Reinvestments		0.1
Others(1)		0.3
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

232 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares® STOXX® Global ESG Select Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.1%
Aerospace & Defense – 0.1%
Meggitt plc*		2,700	$	26,271
MTU Aero Engines AG*		225		45,965
Rheinmetall AG		200		45,321
Singapore Technologies Engineering Ltd.		7,500		22,268
				139,825
Air Freight & Logistics – 0.3%
Deutsche Post AG (Registered)		3,075		132,743
DSV A/S		1,275		211,557
FedEx Corp.		650		129,181
Royal Mail plc		1,550		6,706
Yamato Holdings Co. Ltd.		2,500		47,179
				527,366
Airlines – 0.2%
ANA Holdings, Inc.*		2,500		47,343
easyJet plc*		2,325		16,376
International Consolidated Airlines Group SA*		16,425		29,687
Qantas Airways Ltd.*		15,625		62,182
Singapore Airlines Ltd.*		7,800		31,067
Southwest Airlines Co.*		1,575		73,584
Wizz Air Holdings plc* (a)		475		18,934
				279,173
Auto Components – 0.3%
Aisin Corp.		2,500		72,939
Bridgestone Corp.		2,500		91,984
Cie Generale des Etablissements Michelin SCA(b)		950		119,312
Continental AG*		450		31,342
Denso Corp.(b)		2,500		153,539
Dometic Group AB(b) (c)		2,975		25,937
Faurecia SE(b)		300		6,668
Sumitomo Electric Industries Ltd.		5,000		53,971
Valeo		250		4,617
��				560,309
Automobiles – 1.6%
Bayerische Motoren Werke AG		2,300		190,496

Investments	Shares		Value
Automobiles – (continued)
General Motors Co.*		9,650	$	365,832
Honda Motor Co. Ltd.		10,000		263,893
Isuzu Motors Ltd.		2,500		29,272
Mazda Motor Corp.		2,500		17,926
Mercedes-Benz Group AG*		4,900		346,857
Mitsubishi Motors Corp.*		2,500		6,310
Nissan Motor Co. Ltd.*		10,000		39,904
Renault SA*		800		19,896
Subaru Corp.		2,500		37,801
Suzuki Motor Corp.		2,500		75,409
Toyota Motor Corp.		57,500		992,137
Volkswagen AG (Preference)		1,025		161,052
Yamaha Motor Co. Ltd.		2,500		51,907
				2,598,692
Banks – 7.7%
Australia & New Zealand Banking Group Ltd.(b)		19,575		379,770
Banco Bilbao Vizcaya Argentaria SA		37,875		202,138
Banco BPM SpA(b)		6,925		22,114
Banco de Sabadell SA		23,675		18,582
Banco Santander SA(b)		62,400		185,407
Bank of America Corp.		29,950		1,068,616
Bank of Ireland Group plc*		3,750		22,945
Bank of Montreal		3,025		322,394
Bank of Nova Scotia (The)		5,425		345,310
Bank of Queensland Ltd.(b)		525		3,033
Bank Polska Kasa Opieki SA		675		14,907
Bankinter SA(b)		5,200		30,896
Barclays plc		68,250		126,989
BAWAG Group AG* (a)		625		30,145
BNP Paribas SA(b)		2,525		132,402
CaixaBank SA(b)		28,350		92,355
Canadian Imperial Bank of Commerce		1,975		219,467
Citigroup, Inc.		10,650		513,436
Commerzbank AG*		4,625		30,651
Commonwealth Bank of Australia(b)		11,675		861,876
Danske Bank A/S		4,400		68,078
DBS Group Holdings Ltd.		8,594		211,100

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 233

FlexShares^® STOXX^® Global ESG Select Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Erste Group Bank AG		800	$	25,032
Fifth Third Bancorp		2,975		111,652
Hang Seng Bank Ltd.		5,000		88,897
HSBC Holdings plc		55,500		349,307
Huntington Bancshares, Inc.(b)		7,700		101,255
ING Groep NV(b)		14,075		135,121
Intesa Sanpaolo SpA		117,825		242,981
JPMorgan Chase & Co.		24,325		2,903,432
KBC Group NV		1,250		85,741
KeyCorp		4,300		83,033
Lloyds Banking Group plc		345,950		199,275
Mediobanca Banca di Credito Finanziario SpA		5,275		53,489
Mitsubishi UFJ Financial Group, Inc.		80,000		465,761
Mizuho Financial Group, Inc.		7,500		91,377
National Australia Bank Ltd.		10,600		245,798
National Bank of Canada		1,425		100,036
NatWest Group plc		34,950		95,658
Nordea Bank Abp		24,025		242,807
Royal Bank of Canada		8,125		824,865
Skandinaviska Enskilda Banken AB, Class A		11,175		127,287
Societe Generale SA		1,625		39,720
Standard Chartered plc		13,600		94,219
Svenska Handelsbanken AB, Class A		11,550		117,914
Swedbank AB, Class A(b)		5,550		88,945
Toronto-Dominion Bank (The)		6,075		441,062
UniCredit SpA		3,825		35,933
United Overseas Bank Ltd.		5,000		108,589
Virgin Money UK plc		10,925		23,983
Westpac Banking Corp.(b)		11,550		195,925
				12,621,705
Beverages – 1.5%
Anheuser-Busch InBev SA/NV(b)		4,200		245,466
Asahi Group Holdings Ltd.		2,500		93,837
Britvic plc		2,100		22,595
Budweiser Brewing Co. APAC Ltd.(a)		10,000		25,210
Carlsberg A/S, Class B		375		48,310
Coca-Cola Co. (The)		16,225		1,048,297

Investments	Shares		Value
Beverages – (continued)
Coca-Cola HBC AG*		675	$	13,877
Davide Campari-Milano NV		1,675		19,058
Diageo plc		10,425		525,965
Heineken Holding NV		375		29,552
Heineken NV(b)		1,300		128,092
Kirin Holdings Co. Ltd.		2,500		36,672
Pernod Ricard SA		1,250		260,639
Remy Cointreau SA		150		29,987
Royal Unibrew A/S		50		4,355
				2,531,912
Biotechnology – 1.2%
AbbVie, Inc.		4,826		708,824
Amgen, Inc.(b)		1,525		355,615
Gilead Sciences, Inc.		5,025		298,183
Grifols SA(b)		1,475		24,897
Regeneron Pharmaceuticals, Inc.*		275		181,255
Swedish Orphan Biovitrum AB*		850		18,010
Vertex Pharmaceuticals, Inc.* (b)		1,400		382,508
				1,969,292
Building Products – 0.6%
AGC, Inc.		2,500		94,358
Assa Abloy AB, Class B(b)		7,150		183,252
Cie de Saint-Gobain		2,300		136,678
Daikin Industries Ltd.		1,300		201,131
Fletcher Building Ltd.		3,925		15,769
Geberit AG (Registered)		100		57,694
Lixil Corp.		2,500		44,265
Nibe Industrier AB, Class B		4,400		43,778
Trane Technologies plc		900		125,901
				902,826
Capital Markets – 2.0%
3i Group plc		2,000		33,271
Abrdn plc		7,250		17,231
BlackRock, Inc.		975		609,063
Daiwa Securities Group, Inc.		7,500		36,817
Deutsche Boerse AG		375		65,750
Euronext NV(a)		125		10,104
Goldman Sachs Group, Inc. (The)		1,825		557,519
IG Group Holdings plc		1,800		18,429
Julius Baer Group Ltd.		1,275		62,092

See Accompanying Notes to the Financial Statements.

234 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® STOXX^® Global ESG Select Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – (continued)
London Stock Exchange Group plc		1,775	$	176,409
Macquarie Group Ltd.		2,500		367,726
Man Group plc		5,800		17,112
Moody’s Corp.		425		134,504
Morgan Stanley		3,750		302,212
MSCI, Inc.		200		84,250
S&P Global, Inc.		1,450		545,925
Schroders plc		175		6,240
St James’s Place plc		2,175		35,445
UBS Group AG (Registered)		12,100		208,367
				3,288,466
Chemicals – 1.0%
Air Liquide SA(b)		1,025		178,786
Akzo Nobel NV		900		78,900
Arkema SA		275		31,666
Asahi Kasei Corp.		5,200		43,006
Chr Hansen Holding A/S		650		50,976
Covestro AG(a)		175		7,623
Croda International plc		575		56,338
Ecolab, Inc.		1,125		190,508
Givaudan SA (Registered)		25		100,319
Hexpol AB		1,925		16,757
Incitec Pivot Ltd.		11,650		31,957
Kansai Paint Co. Ltd.		2,500		34,752
Koninklijke DSM NV		1,050		177,896
Mitsubishi Chemical Holdings Corp.		5,000		30,604
Mitsui Chemicals, Inc.		2,500		57,406
Novozymes A/S, Class B		1,150		80,599
Nutrien Ltd.		1,225		121,000
Orica Ltd.(b)		1,950		22,824
PPG Industries, Inc.		575		73,594
Sherwin-Williams Co. (The)		625		171,850
Solvay SA		375		35,826
Symrise AG		225		26,929
Victrex plc		900		20,655
Yara International ASA		1,125		58,046
				1,698,817
Commercial Services & Supplies – 0.3%
Cintas Corp.		625		248,288
Elis SA*		850		12,330

Investments	Shares		Value
Commercial Services & Supplies – (continued)
ISS A/S*		300	$	5,018
Rentokil Initial plc		11,075		76,476
Republic Services, Inc.		550		73,848
Securitas AB, Class B(b)		525		6,269
SPIE SA		1,075		25,585
TOMRA Systems ASA(b)		150		6,002
TOPPAN, Inc.		2,500		41,525
				495,341
Communications Equipment – 0.1%
Nokia OYJ*		19,425		99,808
Construction & Engineering – 0.5%
Arcadis NV		675		28,427
Bouygues SA		1,350		46,784
Eiffage SA		675		67,250
Ferrovial SA		2,800		72,635
Kajima Corp.		2,500		27,979
Obayashi Corp.		5,000		34,579
Shimizu Corp.		2,500		13,179
Skanska AB, Class B		2,300		44,517
Sweco AB, Class B		600		8,559
Vinci SA		3,725		364,832
WSP Global, Inc.		250		29,306
				738,047
Construction Materials – 0.2%
CRH plc(b)		3,425		137,952
Holcim AG*		3,225		159,979
Wienerberger AG		1,025		29,196
				327,127
Consumer Finance – 0.2%
Capital One Financial Corp.		1,750		218,085
Marui Group Co. Ltd.(b)		2,500		43,281
				261,366
Containers & Packaging – 0.3%
Amcor plc		9,425		111,781
Ball Corp.(b)		1,300		105,508
BillerudKorsnas AB		1,800		28,112
DS Smith plc		3,500		14,541
Huhtamaki OYJ		975		37,162
Orora Ltd.		2,775		7,888

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 235

FlexShares^® STOXX^® Global ESG Select Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Containers & Packaging – (continued)
SIG Group AG*		100	$	2,118
Smurfit Kappa Group plc		1,725		74,029
Westrock Co.		1,000		49,530
				430,669
Distributors – 0.0%(d)
D’ieteren Group		100		16,352
Diversified Financial Services – 0.2%
Apollo Global Management, Inc.		1,550		77,128
Eurazeo SE*		350		27,175
Groupe Bruxelles Lambert SA		325		31,056
Kinnevik AB, Class B* (b)		1,050		20,918
M&G plc		12,450		33,482
ORIX Corp.		5,000		91,618
				281,377
Diversified Telecommunication Services – 1.1%
BT Group plc (b)		37,000		82,385
Cellnex Telecom SA(a)		1,700		79,915
Chorus Ltd.		1,875		8,945
Deutsche Telekom AG (Registered)		24,075		446,241
Elisa OYJ		700		41,177
Infrastrutture Wireless Italiane SpA(a)		3,025		32,487
Koninklijke KPN NV		21,750		75,375
Nippon Telegraph & Telephone Corp.		7,500		222,696
Orange SA		5,125		61,192
Proximus SADP(b)		325		5,691
Singapore Telecommunications Ltd.		40,000		80,238
Spark New Zealand Ltd.		12,225		39,038
Swisscom AG (Registered)		150		89,136
Telecom Italia SpA(b)		30,275		8,882
Telefonica SA		24,375		119,135
Telenor ASA		3,075		43,865
Telia Co. AB		14,500		60,527
Telstra Corp. Ltd.		70,200		201,546
TELUS Corp.		5,075		127,624
				1,826,095
Electric Utilities – 0.8%
Acciona SA		100		19,780

Investments	Shares		Value
Electric Utilities – (continued)
CLP Holdings Ltd.(b)		12,500	$	121,875
Contact Energy Ltd.		4,400		23,361
EDP – Energias de Portugal SA		12,000		56,233
Electricite de France SA		4,875		44,661
Elia Group SA/NV(b)		150		24,005
Endesa SA(b)		1,300		27,470
Enel SpA		33,300		218,437
Entergy Corp.		550		65,368
Fortum OYJ		2,275		38,160
Iberdrola SA		32,500		377,488
Origin Energy Ltd.		8,450		41,074
Orsted A/S(a)		450		50,601
Red Electrica Corp. SA		2,225		44,915
SSE plc		4,475		104,979
Verbund AG*		450		48,517
				1,306,924
Electrical Equipment – 0.9%
ABB Ltd. (Registered)		6,800		207,366
Eaton Corp. plc		1,125		163,148
Emerson Electric Co.		1,750		157,815
Legrand SA		1,750		156,481
Mitsubishi Electric Corp.		10,000		105,588
Prysmian SpA		1,700		55,990
Rockwell Automation, Inc.		275		69,484
Schneider Electric SE		2,400		348,640
Siemens Energy AG		1,550		30,136
Signify NV(a)		400		17,132
Vestas Wind Systems A/S		4,125		106,950
				1,418,730
Electronic Equipment, Instruments & Components – 0.8%
Amphenol Corp., Class A		1,800		128,700
Halma plc		1,450		45,057
Hexagon AB, Class B* (b)		15,300		200,754
Ibiden Co. Ltd.		1,700		64,819
Kyocera Corp.		2,500		132,429
Murata Manufacturing Co. Ltd.		5,000		300,787
Omron Corp.		1,200		71,559
Shimadzu Corp.		1,100		36,381
Spectris plc		650		24,074
Taiyo Yuden Co. Ltd.		700		27,987
TDK Corp.		2,500		78,438

See Accompanying Notes to the Financial Statements.

236 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® STOXX^® Global ESG Select Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Electronic Equipment, Instruments & Components – (continued)
TE Connectivity Ltd.		800	$	99,824
Yokogawa Electric Corp.		2,500		40,194
				1,251,003
Energy Equipment & Services – 0.4%
Baker Hughes Co.(b)		3,200		99,264
Halliburton Co.		2,450		87,269
Schlumberger NV		9,875		385,224
Worley Ltd.(b)		1,425		14,086
				585,843
Entertainment – 0.7%
Bollore SE		7,850		37,018
Walt Disney Co. (The)*		9,950		1,110,718
				1,147,736
Equity Real Estate Investment Trusts (REITs) – 1.7%
Alexandria Real Estate Equities, Inc.		400		72,864
Ascendas REIT		17,500		36,244
AvalonBay Communities, Inc.		950		216,106
Big Yellow Group plc(b)		1,325		23,789
British Land Co. plc (The)		6,500		42,256
Camden Property Trust		400		62,756
CapitaLand Integrated Commercial Trust		23,724		40,030
Charter Hall Group(b)		575		6,399
Charter Hall Long Wale REIT		2,850		10,856
Derwent London plc		850		32,186
Dexus		8,750		69,457
Equity Residential		1,400		114,100
Essex Property Trust, Inc.		250		82,318
Gecina SA		100		11,351
Goodman Group		9,225		157,207
Healthpeak Properties, Inc.		3,900		127,959
Host Hotels & Resorts, Inc.		2,875		58,506
Iron Mountain, Inc.(b)		1,175		63,133
Kimco Realty Corp.(b)		3,225		81,689
Klepierre SA*		1,200		28,939
Land Securities Group plc		4,625		43,701
Link REIT		13,146		114,100

Investments	Shares		Value
Equity Real Estate Investment Trusts (REITs) – (continued)
Mid-America Apartment Communities, Inc.(b)		275	$	54,087
Mirvac Group		20,050		34,481
Prologis, Inc.		3,025		484,877
Safestore Holdings plc		1,650		26,102
Segro plc		6,950		117,143
Shopping Centres Australasia Property Group		3,250		7,091
Simon Property Group, Inc.		875		103,250
Stockland		15,350		45,379
Unibail-Rodamco-Westfield*		300		21,521
Ventas, Inc.		2,150		119,433
Vicinity Centres		21,750		28,981
Welltower, Inc.(b)		3,025		274,700
				2,812,991
Food & Staples Retailing – 1.5%
Aeon Co. Ltd.(b)		2,500		47,632
Carrefour SA		3,650		77,627
Coles Group Ltd.		3,850		51,163
Etablissements Franz Colruyt NV(b)		50		1,843
J Sainsbury plc		4,400		12,888
Jeronimo Martins SGPS SA		1,200		25,066
Kesko OYJ, Class B		825		20,914
Koninklijke Ahold Delhaize NV(b)		6,925		205,212
Kroger Co. (The)(b)		2,750		148,390
Marks & Spencer Group plc*		2,650		4,583
Seven & i Holdings Co. Ltd.		3,700		163,296
Walmart, Inc.		9,825		1,503,127
Woolworths Group Ltd.(b)		8,125		222,358
				2,484,099
Food Products – 1.1%
AAK AB		1,125		19,684
Ajinomoto Co., Inc.		2,500		65,317
Associated British Foods plc		1,075		21,682
Barry Callebaut AG (Registered)		25		58,054
Bunge Ltd.		575		65,044
Danone SA		1,975		120,094
General Mills, Inc.		2,475		175,057
Hershey Co. (The)		400		90,308
Kellogg Co.(b)		1,400		95,900
Kerry Group plc, Class A(b)		775		85,846

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 237

FlexShares^® STOXX^® Global ESG Select Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Food Products – (continued)
McCormick & Co., Inc. (Non-Voting)		675	$	67,885
Mowi ASA		3,475		99,477
Nestle SA (Registered)		6,425		834,029
Orkla ASA		4,225		34,629
Salmar ASA		525		43,560
				1,876,566
Gas Utilities – 0.1%
Enagas SA(b)		1,575		34,178
Italgas SpA		3,200		20,863
Naturgy Energy Group SA(b)		775		23,489
Rubis SCA		500		13,419
Snam SpA		13,475		74,261
Tokyo Gas Co. Ltd.		2,500		48,067
				214,277
Health Care Equipment & Supplies – 2.7%
Abbott Laboratories		9,750		1,106,625
Ansell Ltd.(b)		1,300		25,239
Baxter International, Inc.		1,525		108,367
Becton Dickinson and Co.		1,175		290,448
Boston Scientific Corp.*		5,700		240,027
Coloplast A/S, Class B		325		44,201
ConvaTec Group plc(a) (b)		6,600		17,567
DENTSPLY SIRONA, Inc.		875		34,991
Edwards Lifesciences Corp.*		1,650		174,537
Elekta AB, Class B(b)		425		2,896
Fisher & Paykel Healthcare Corp. Ltd.		3,125		43,608
Getinge AB, Class B(b)		1,100		32,191
GN Store Nord A/S		850		32,403
Hologic, Inc.*		1,450		104,386
Hoya Corp.		2,500		250,656
Intuitive Surgical, Inc.*		1,450		346,985
Koninklijke Philips NV		5,550		146,374
Medtronic plc		3,625		378,305
Olympus Corp.		5,000		89,109
Siemens Healthineers AG(a)		825		44,613
Smith & Nephew plc		3,900		63,801
Sonova Holding AG (Registered)		325		118,931
Straumann Holding AG (Registered)		750		90,056
Stryker Corp.		1,800		434,268

Investments	Shares		Value
Health Care Equipment & Supplies – (continued)
Terumo Corp.		5,000	$	150,278
				4,370,862
Health Care Providers & Services – 1.9%
Anthem, Inc.		1,325		665,057
Cigna Corp.		900		222,102
Fresenius SE & Co. KGaA		1,550		55,269
Galenica AG(a)		300		22,253
Orpea SA		550		19,774
Ramsay Health Care Ltd.		1,175		67,728
Sonic Healthcare Ltd.		2,050		53,509
Summerset Group Holdings Ltd.(b)		1,450		11,030
UnitedHealth Group, Inc.		3,850		1,957,918
				3,074,640
Hotels, Restaurants & Leisure – 1.5%
Accor SA*		975		32,431
Aristocrat Leisure Ltd.		2,000		47,841
Carnival Corp.* (b)		2,975		51,467
Compass Group plc		8,725		186,441
Crown Resorts Ltd.*		2,100		19,251
Domino’s Pizza Enterprises Ltd.(b)		375		20,070
Domino’s Pizza, Inc.		175		59,150
Entain plc*		1,675		31,933
Greggs plc		200		5,901
Hilton Worldwide Holdings, Inc.*		1,475		229,053
InterContinental Hotels Group plc		1,200		77,921
La Francaise des Jeux SAEM(a)		500		18,783
Marriott International, Inc., Class A*		1,225		217,462
McDonald’s Corp.		2,025		504,549
MGM Resorts International		1,400		57,456
Oriental Land Co. Ltd.(b)		1,400		213,685
Royal Caribbean Cruises Ltd.* (b)		775		60,241
Sands China Ltd.*		10,000		22,482
Sodexo SA		525		39,944
Star Entertainment Grp Ltd. (The)*		9,425		21,232
Starbucks Corp.		4,700		350,808
Tabcorp Holdings Ltd.		7,975		30,944
TUI AG, DI*		3,725		10,771
Whitbread plc*		1,150		40,673
Yum! Brands, Inc.		1,575		184,291
				2,534,780

See Accompanying Notes to the Financial Statements.

238 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® STOXX^® Global ESG Select Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Household Durables – 0.8%
Barratt Developments plc		2,000	$	12,417
Berkeley Group Holdings plc*		300		15,368
Casio Computer Co. Ltd.		2,500		26,146
Electrolux AB, Class B(b)		50		772
Nikon Corp.(b)		2,600		29,520
Panasonic Holdings Corp.		15,000		134,358
Persimmon plc		475		12,524
SEB SA		50		6,050
Sekisui Chemical Co. Ltd.		2,500		33,942
Sekisui House Ltd.		2,500		43,590
Sony Group Corp.		10,000		866,008
Taylor Wimpey plc		13,125		20,911
Vistry Group plc		2,050		21,530
Whirlpool Corp.		225		40,842
				1,263,978
Household Products – 1.2%
Clorox Co. (The)		500		71,735
Colgate-Palmolive Co.		2,425		186,846
Essity AB, Class B		4,500		119,928
Henkel AG & Co. KGaA (Preference)		1,375		89,006
Kimberly-Clark Corp.		925		128,418
Procter & Gamble Co. (The)		6,550		1,051,603
Reckitt Benckiser Group plc		3,975		311,414
Unicharm Corp.		1,200		41,930
				2,000,880
Independent Power and Renewable Electricity Producers – 0.0%(d)
Drax Group plc		1,450		14,709
Meridian Energy Ltd.		3,500		10,768
Uniper SE		650		16,814
				42,291
Industrial Conglomerates – 1.0%
3M Co.		2,425		349,734
DCC plc		325		24,801
General Electric Co.		9,150		682,132
Hitachi Ltd.		5,300		248,391
Investment AB Latour, Class B		75		2,015
Keppel Corp. Ltd.		5,000		24,875

Investments	Shares		Value
Industrial Conglomerates – (continued)
Siemens AG (Registered)		2,450	$	304,417
Smiths Group plc		1,800		33,390
Storskogen Group AB, Class B*		1,425		3,050
				1,672,805
Insurance – 1.8%
Admiral Group plc		450		14,260
Aegon NV		7,350		38,498
Aflac, Inc.		2,625		150,360
Ageas SA		350		16,940
Allianz SE (Registered)		950		216,676
ASR Nederland NV		850		38,863
Assicurazioni Generali SpA(b)		8,350		159,440
Aviva plc		19,225		104,586
AXA SA		13,025		349,839
CNP Assurances		850		18,723
Direct Line Insurance Group plc		5,375		17,120
Gjensidige Forsikring ASA		1,775		38,409
Hannover Rueck SE		275		43,198
Hartford Financial Services Group, Inc. (The)		1,075		75,175
Insurance Australia Group Ltd.(b)		13,025		42,023
Japan Post Holdings Co. Ltd.		5,000		35,177
Legal & General Group plc		14,575		46,131
Medibank Pvt Ltd.		14,275		32,462
MetLife, Inc.		2,950		193,756
MS&AD Insurance Group Holdings, Inc.		1,100		32,951
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		925		221,806
nib holdings Ltd.		2,300		11,572
Poste Italiane SpA(a)		2,900		28,691
Power Corp. of Canada		2,900		85,771
Principal Financial Group, Inc.		1,450		98,803
QBE Insurance Group Ltd.		7,950		69,604
Sampo OYJ, Class A		1,400		68,544
Storebrand ASA		2,850		25,158
Sun Life Financial, Inc.		2,200		110,013
Suncorp Group Ltd.		6,275		51,104
Swiss Life Holding AG (Registered)		150		88,549
Swiss Re AG		1,175		97,230
Tryg A/S		2,050		49,133

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 239

FlexShares^® STOXX^® Global ESG Select Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
Zurich Insurance Group AG		700	$	321,568
				2,992,133
Interactive Media & Services – 4.0%
Alphabet, Inc., Class C*		1,300		2,989,129
carsales.com Ltd.		2,350		35,705
Meta Platforms, Inc., Class A*		15,850		3,177,450
REA Group Ltd.		450		41,388
Rightmove plc		4,625		35,909
Snap, Inc., Class A*		8,225		234,083
Z Holdings Corp.		17,500		69,508
				6,583,172
Internet & Direct Marketing Retail – 4.0%
Amazon.com, Inc.*		2,500		6,214,075
Delivery Hero SE* (a)		250		8,925
eBay, Inc.		2,375		123,310
Etsy, Inc.* (b)		775		72,222
Just Eat Takeaway.com NV* (a)		425		11,792
Rakuten Group, Inc.(b)		5,000		35,428
Zalando SE* (a)		817		32,605
Zalando SE* (a)		233		9,299
				6,507,656
IT Services – 3.5%
Accenture plc, Class A		5,400		1,621,944
Alten SA		100		13,641
Atos SE(b)		200		4,937
Bechtle AG		700		32,729
Block, Inc., Class A*		1,300		129,402
Capgemini SE		1,100		227,563
CGI, Inc.*		1,425		114,219
Cognizant Technology Solutions Corp., Class A		2,850		230,565
Edenred		1,475		74,753
Fidelity National Information Services, Inc.		1,600		158,640
Fujitsu Ltd.		1,600		230,750
International Business Machines Corp.		6,075		803,176
Itochu Techno-Solutions Corp.		2,500		58,950
Mastercard, Inc., Class A		3,550		1,289,999

Investments	Shares		Value
IT Services – (continued)
NEC Corp.		2,500	$	97,445
NEXTDC Ltd.* (b)		2,175		17,435
Nomura Research Institute Ltd.		1,100		31,499
NTT Data Corp.		5,000		92,737
PayPal Holdings, Inc.*		4,650		408,874
Softcat plc		125		2,222
Sopra Steria Group SACA		75		13,427
Worldline SA* (a)		1,150		45,919
				5,700,826
Leisure Products – 0.1%
Bandai Namco Holdings, Inc.		1,000		68,377
Hasbro, Inc.		700		61,642
MIPS AB(a)		275		19,836
Thule Group AB(a) (b)		400		14,169
Yamaha Corp.		900		34,733
				198,757
Life Sciences Tools & Services – 1.2%
Agilent Technologies, Inc.		725		86,471
Charles River Laboratories International, Inc.*		100		24,151
Danaher Corp.		2,725		684,329
Eurofins Scientific SE		725		67,857
Illumina, Inc.*		625		185,406
Lonza Group AG (Registered)		325		193,664
PerkinElmer, Inc. (b)		275		40,318
QIAGEN NV*		850		39,491
Sartorius Stedim Biotech		25		8,252
Tecan Group AG (Registered)		50		15,227
Thermo Fisher Scientific, Inc.		1,075		594,389
West Pharmaceutical Services, Inc.		200		63,012
				2,002,567
Machinery – 1.6%
Alfa Laval AB(b)		1,725		48,773
Alstom SA(b)		1,375		30,636
Atlas Copco AB, Class A(b)		2,650		122,280
Caterpillar, Inc.		1,525		321,074
CNH Industrial NV		4,175		60,473
Cummins, Inc.		350		66,217
Daifuku Co. Ltd.		800		49,707
Deere & Co.		825		311,479

See Accompanying Notes to the Financial Statements.

240 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® STOXX^® Global ESG Select Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Machinery – (continued)
Ebara Corp.		300	$	13,939
Epiroc AB, Class A(b)		3,775		77,710
FANUC Corp.		500		77,821
Fortive Corp.		1,275		73,312
GEA Group AG		700		27,449
Georg Fischer AG (Registered)		520		28,661
Husqvarna AB, Class B		4,050		39,080
Indutrade AB		1,675		40,159
Kawasaki Heavy Industries Ltd.		2,500		44,535
KION Group AG		250		14,047
Knorr-Bremse AG		375		27,036
Kone OYJ, Class B		2,950		143,437
Metso Outotec OYJ		4,525		39,182
MINEBEA MITSUMI, Inc.		2,500		48,626
Mitsubishi Heavy Industries Ltd.		2,500		85,578
NGK Insulators Ltd.		2,500		33,807
Otis Worldwide Corp.		1,650		120,186
Parker-Hannifin Corp.(b)		325		88,016
Sandvik AB(b)		6,675		128,308
Schindler Holding AG		175		34,147
SKF AB, Class B(b)		2,400		39,786
Spirax-Sarco Engineering plc		350		53,390
Trelleborg AB, Class B(b)		2,150		47,859
Valmet OYJ		1,550		41,959
Volvo AB, Class B		9,650		156,121
Wartsila OYJ Abp		2,450		19,896
Weir Group plc (The)		650		12,723
Xylem, Inc.		425		34,212
				2,601,621
Marine – 0.2%
AP Moller – Maersk A/S, Class B		25		73,320
Kuehne + Nagel International AG (Registered)		175		49,598
Mitsui OSK Lines Ltd.		2,500		59,239
Nippon Yusen KK		900		65,715
				247,872
Media – 0.2%
Dentsu Group, Inc.		1,200		43,578
Informa plc* (b)		6,150		44,367
Interpublic Group of Cos., Inc. (The)		2,475		80,734

Investments	Shares		Value
Media – (continued)
ITV plc		17,525	$	16,348
Nordic Entertainment Group AB, Class B*		100		3,336
Pearson plc		3,775		37,243
Publicis Groupe SA		1,625		98,709
Vivendi SE		3,450		39,890
WPP plc		2,250		28,390
				392,595
Metals & Mining – 1.8%
Anglo American plc		4,450		200,349
Antofagasta plc		1,375		26,775
ArcelorMittal SA		3,275		97,136
Aurubis AG		175		20,151
BHP Group Ltd.(b)		23,250		793,251
BHP Group Ltd.		5,175		177,049
BlueScope Steel Ltd.		3,000		43,790
Boliden AB (b)		1,550		68,246
Fortescue Metals Group Ltd.(b)		9,750		149,871
Glencore plc*		39,925		249,276
JFE Holdings, Inc.		2,500		30,777
Lynas Rare Earths Ltd.*		5,850		38,081
Mineral Resources Ltd.		925		38,481
Newcrest Mining Ltd.(b)		3,325		63,515
Newmont Corp.		3,425		249,612
Norsk Hydro ASA		8,625		74,006
Rio Tinto Ltd.		2,175		174,397
Rio Tinto plc		5,075		363,567
Sims Ltd.		175		2,583
South32 Ltd.		22,550		76,440
voestalpine AG		175		4,627
				2,941,980
Mortgage Real Estate Investment Trusts (REITs) – 0.0%(d)
Annaly Capital Management, Inc.(b)		5,700		36,594
Multiline Retail – 0.5%
Isetan Mitsukoshi Holdings Ltd.		2,600		19,325
Next plc		600		45,394
Target Corp.		1,950		445,868
Wesfarmers Ltd.		7,975		280,028
				790,615

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 241

FlexShares^® STOXX^® Global ESG Select Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Multi-Utilities – 0.5%
A2A SpA		12,600	$	21,693
AGL Energy Ltd.		5,200		32,076
Centrica plc*		27,625		27,559
CMS Energy Corp.		950		65,256
E.ON SE		5,100		53,426
Engie SA(b)		8,575		102,421
Hera SpA		8,400		31,512
National Grid plc		17,475		261,962
Sempra Energy(b)		1,300		209,768
Veolia Environnement SA(b)		1,250		36,791
				842,464
Oil, Gas & Consumable Fuels – 5.3%
Aker BP ASA(b)		875		31,979
Ampol Ltd.		1,375		33,076
APA Corp.		900		36,837
BP plc		74,000		363,777
Chevron Corp.		15,875		2,487,136
Enbridge, Inc.		6,650		291,694
Eni SpA		14,625		206,590
Equinor ASA		6,325		217,961
Exxon Mobil Corp.		29,075		2,478,644
Galp Energia SGPS SA		1,725		21,164
Lundin Energy AB		400		16,746
Neste OYJ		1,300		56,503
OMV AG		725		37,554
Phillips 66(b)		1,775		153,999
Repsol SA		4,275		64,424
Shell plc		42,350		1,155,797
Suncor Energy, Inc.		4,700		169,826
TotalEnergies SE(b)		15,850		789,647
Woodside Petroleum Ltd.		1,674		37,057
				8,650,411
Paper & Forest Products – 0.1%
Mondi plc		1,775		33,651
Stora Enso OYJ, Class R		3,350		66,776
Svenska Cellulosa AB SCA, Class B		3,725		73,086
				173,513
Personal Products – 1.1%
Beiersdorf AG		450		45,489
Estee Lauder Cos., Inc. (The), Class A		1,275		336,677

Investments	Shares		Value
Personal Products – (continued)
Kao Corp.		1,200	$	48,450
L’Oreal SA		1,475		542,906
Shiseido Co. Ltd.		3,600		170,497
Unilever plc		9,076		423,777
Unilever plc		5,649		263,823
				1,831,619
Pharmaceuticals – 10.3%
ALK-Abello A/S*		500		11,009
Astellas Pharma, Inc.		12,500		190,838
AstraZeneca plc		8,625		1,157,370
Bayer AG (Registered)*		4,300		285,332
Bristol-Myers Squibb Co.		12,100		910,767
Daiichi Sankyo Co. Ltd.		10,000		251,775
Dechra Pharmaceuticals plc		450		20,554
Eisai Co. Ltd.		1,300		56,832
Eli Lilly & Co.		3,450		1,007,849
GlaxoSmithKline plc		28,525		643,562
Ipsen SA		225		23,428
Johnson & Johnson		21,650		3,906,959
Kyowa Kirin Co. Ltd.		2,500		52,736
Merck & Co., Inc.		17,150		1,521,033
Merck KGaA		850		158,672
Novartis AG (Registered)		16,575		1,477,261
Novo Nordisk A/S, Class B		7,575		872,630
Ono Pharmaceutical Co. Ltd.		2,500		64,314
Orion OYJ, Class B		625		24,686
Otsuka Holdings Co. Ltd.		1,300		43,778
Pfizer, Inc.		30,625		1,502,769
Roche Holding AG		3,975		1,484,098
Sanofi		6,925		739,173
Santen Pharmaceutical Co. Ltd.		2,500		20,512
Shionogi & Co. Ltd.		2,500		140,302
Takeda Pharmaceutical Co. Ltd.		7,500		218,181
UCB SA		525		60,037
Vifor Pharma AG		250		44,313
				16,890,770
Professional Services – 0.5%
Adecco Group AG (Registered)		875		34,391
ALS Ltd.		1,975		18,386
Booz Allen Hamilton Holding Corp.		725		59,182
Bureau Veritas SA		2,075		60,045
DKSH Holding AG		100		8,659
Experian plc		2,475		86,758

See Accompanying Notes to the Financial Statements.

242 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® STOXX^® Global ESG Select Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Professional Services – (continued)
Intertek Group plc		725	$	45,585
Randstad NV		500		26,827
RELX plc		11,300		339,499
SGS SA (Registered)		25		64,956
Teleperformance		125		45,191
				789,479
Real Estate Management & Development – 0.6%
Aroundtown SA		3,100		15,691
Capitaland Investment Ltd.*		12,500		38,290
Castellum AB(b)		1,375		27,505
CBRE Group, Inc., Class A* (b)		2,275		188,916
City Developments Ltd.		2,500		15,461
Daiwa House Industry Co. Ltd.		2,500		60,648
Fabege AB		950		11,655
Hongkong Land Holdings Ltd.		5,000		23,450
Hulic Co. Ltd.		2,500		21,187
Kojamo OYJ		475		9,486
Mitsubishi Estate Co. Ltd.		5,000		72,688
Mitsui Fudosan Co. Ltd.		5,000		105,955
Samhallsbyggnadsbolaget i Norden AB(b)		3,075		9,749
Sumitomo Realty & Development Co. Ltd.(b)		1,100		29,156
Sun Hung Kai Properties Ltd.		6,000		69,550
Swire Properties Ltd.		10,000		24,190
Swiss Prime Site AG (Registered)		625		61,492
Tokyu Fudosan Holdings Corp.		2,500		13,063
Vonovia SE*		4,975		199,438
Wihlborgs Fastigheter AB		250		4,381
				1,001,951
Road & Rail – 0.7%
Canadian National Railway Co.		3,125		369,411
Canadian Pacific Railway Ltd.		4,150		305,133
ComfortDelGro Corp. Ltd.		10,000		10,645
Hankyu Hanshin Holdings, Inc.		1,100		29,164
MTR Corp. Ltd.		12,500		66,673
Tokyu Corp.		2,600		31,928
Uber Technologies, Inc.*		7,925		249,479
West Japan Railway Co.		900		33,649
				1,096,082

Investments	Shares		Value
Semiconductors & Semiconductor Equipment – 5.4%
Advanced Micro Devices, Inc.*		5,050	$	431,876
Advantest Corp.		1,100		76,328
ams-OSRAM AG*		525		6,566
Analog Devices, Inc.		1,500		231,570
Applied Materials, Inc.		3,725		411,054
ASML Holding NV		1,850		1,069,508
BE Semiconductor Industries NV(b)		475		29,435
Infineon Technologies AG		6,975		201,985
Intel Corp.		22,475		979,685
Lam Research Corp.		750		349,320
Microchip Technology, Inc.		3,200		208,640
Micron Technology, Inc.		5,975		407,435
Nordic Semiconductor ASA*		375		7,706
NVIDIA Corp.		10,300		1,910,341
QUALCOMM, Inc.		4,600		642,574
Renesas Electronics Corp.*		10,000		108,676
Rohm Co. Ltd.		400		28,280
SOITEC*		175		31,929
STMicroelectronics NV(b)		3,425		129,244
Teradyne, Inc.(b)		425		44,821
Texas Instruments, Inc.		6,375		1,085,344
Tokyo Electron Ltd.		1,000		428,219
Wolfspeed, Inc.* (b)		450		41,269
				8,861,805
Software – 8.5%
Adobe, Inc.*		3,250		1,286,838
Autodesk, Inc.*		1,750		331,240
Cadence Design Systems, Inc.*		750		113,137
Dassault Systemes SE		3,400		152,566
Intuit, Inc.		1,525		638,594
Microsoft Corp.		29,150		8,089,708
Netcompany Group A/S* (a)		500		28,179
Open Text Corp.		950		38,244
Oracle Corp.		6,600		484,440
Palo Alto Networks, Inc.*		525		294,672
Sage Group plc (The)		5,875		54,391
Salesforce, Inc.*		4,100		721,354
SAP SE		6,250		643,256
ServiceNow, Inc.*		1,075		513,957
SimCorp A/S		300		21,273
Splunk, Inc.* (b)		650		79,313
Synopsys, Inc.*		825		236,602
WiseTech Global Ltd.(b)		850		27,345

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 243

FlexShares^® STOXX^® Global ESG Select Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Software – (continued)
Workday, Inc., Class A*		475	$	98,182
				13,853,291
Specialty Retail – 1.5%
AutoZone, Inc.*		50		97,773
Best Buy Co., Inc.(b)		1,250		112,413
H & M Hennes & Mauritz AB, Class B(b)		4,050		51,768
Home Depot, Inc. (The)		2,825		848,630
Industria de Diseno Textil SA(b)		4,275		90,649
JB Hi-Fi Ltd.		500		18,822
JD Sports Fashion plc		11,300		18,926
Kingfisher plc		7,800		24,805
Lowe’s Cos., Inc.		2,800		553,644
Ross Stores, Inc.		1,550		154,643
TJX Cos., Inc. (The)		6,350		389,128
Tractor Supply Co.		450		90,652
Williams-Sonoma, Inc.(b)		575		75,026
Yamada Holdings Co. Ltd.		2,800		8,364
				2,535,243
Technology Hardware, Storage & Peripherals – 5.7%
Apple, Inc.		52,550		8,284,507
Canon, Inc.(b)		2,500		57,792
Dell Technologies, Inc., Class C		1,425		66,989
FUJIFILM Holdings Corp.		2,500		138,411
Hewlett Packard Enterprise Co.		9,575		147,551
HP, Inc.(b)		7,700		282,051
Konica Minolta, Inc.		5,000		17,521
Logitech International SA (Registered)		425		28,215
NetApp, Inc.		1,150		84,238
Ricoh Co. Ltd.		2,600		19,085
Seagate Technology Holdings plc		575		47,173
Western Digital Corp.*		2,750		145,942
				9,319,475
Textiles, Apparel & Luxury Goods – 1.6%
adidas AG		550		112,401
Burberry Group plc		1,650		32,959
Christian Dior SE		25		15,560
Hermes International		150		187,755
HUGO BOSS AG		600		34,092

Investments	Shares		Value
Textiles, Apparel & Luxury Goods – (continued)
Kering SA		425	$	230,050
Lululemon Athletica, Inc.*		850		301,435
LVMH Moet Hennessy Louis Vuitton SE		1,600		1,045,666
Moncler SpA		950		50,391
NIKE, Inc., Class B		3,500		436,450
Pandora A/S		475		42,372
Puma SE		725		54,059
VF Corp.		1,575		81,900
				2,625,090
Thrifts & Mortgage Finance – 0.0%(d)
OSB Group plc		2,825		19,915
Tobacco – 0.5%
Altria Group, Inc.		5,025		279,239
British American Tobacco plc		9,525		400,853
Japan Tobacco, Inc.		5,000		85,810
				765,902
Trading Companies & Distributors – 0.8%
AddTech AB, Class B		1,825		32,705
Ashtead Group plc		2,275		119,363
Electrocomponents plc		425		5,629
Ferguson plc		1,275		162,317
IMCD NV		275		44,300
Marubeni Corp.		7,500		82,346
Mitsubishi Corp.		7,500		253,724
Mitsui & Co. Ltd.		10,000		243,131
Rexel SA*		2,050		42,474
Sojitz Corp.(b)		1,599		24,523
Sumitomo Corp.		7,500		119,337
Toyota Tsusho Corp.		2,500		90,595
Travis Perkins plc		1,725		26,606
United Rentals, Inc.* (b)		175		55,391
WW Grainger, Inc.		125		62,504
				1,364,945
Transportation Infrastructure – 0.2%
Aena SME SA* (a)		225		32,353
Aeroports de Paris*		125		17,875
Atlantia SpA*		2,750		66,232
Auckland International Airport Ltd.*		8,475		43,098
Getlink SE		3,200		59,010
Qube Holdings Ltd.		7,100		14,935

See Accompanying Notes to the Financial Statements.

244 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® STOXX^® Global ESG Select Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Transportation Infrastructure – (continued)
Transurban Group		16,375	$	166,873
				400,376
Water Utilities – 0.2%
American Water Works Co., Inc.		975		150,228
Pennon Group plc		825		11,518
Severn Trent plc		1,675		66,159
United Utilities Group plc		2,725		39,379
				267,284
Wireless Telecommunication Services – 0.2%
Tele2 AB, Class B(b)		2,750		36,589
Vodafone Group plc		142,425		217,331
				253,920
Total Common Stocks (Cost $141,113,185)				162,192,893
Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(e) – 1.3%
REPURCHASE AGREEMENTS – 1.3%
Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $2,134,102, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $2,147,911 (Cost $2,134,066)	$	2,134,066		2,134,066
Total Investments – 100.4% (Cost $143,247,251)				164,326,959
Liabilities in excess of other assets – (0.4%)				(586,834	)
NET ASSETS – 100.0%			$	163,740,125

* Non-income producing security.

^(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, 2022. The total value of securities on loan at April 30, 2022 was $9,543,032, collateralized in the form of cash with a value of $2,134,495 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $6,196,787 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from April 30, 2022 – February 15, 2052 and $1,766,303 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $10,097,585.

^(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.

^(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, 2022. The total value of securities purchased was $2,134,066.

Percentages shown are based on Net Assets.

Abbreviations

DI – Depositary Interest

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.

SCA – Limited partnership with share capital

As of April 30, 2022, 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	$	28,149,438
Aggregate gross unrealized depreciation		(7,194,599	)
Net unrealized appreciation	$	20,954,839
Federal income tax cost	$	143,366,913

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 245

FlexShares^® STOXX^® Global ESG Select Index Fund (cont.)

Futures Contracts

FlexShares^® STOXX^® Global ESG Select Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
MSCI EAFE E-Mini Index		5		06/17/2022		USD	$	499,150	$	(14,796	)
S&P 500 E-Mini Index		5		06/17/2022		USD		1,031,875		(26,317	)
									$	(41,113	)

* 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, 2022:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
AUD	25,000	Goldman Sachs & Co.	USD	17,710		06/15/2022	$	71
EUR	30,000	BNP Paribas SA	USD	31,701		06/15/2022		13
GBP	10,000	JPMorgan Chase Bank	USD	12,439		06/15/2022		116
JPY	4,400,000	Toronto-Dominion Bank (The)	USD	33,993		06/15/2022		22
USD	139,358	Citibank NA	AUD	190,000		06/15/2022		4,223
USD	50,507	Toronto-Dominion Bank (The)	CHF	47,000		06/15/2022		1,976
USD	114,163	UBS AG	CHF	106,000		06/15/2022		4,709
USD	69,989	JPMorgan Chase Bank	DKK	470,000		06/15/2022		3,198
USD	90,644	Toronto-Dominion Bank (The)	EUR	82,000		06/15/2022		3,958
USD	203,381	Toronto-Dominion Bank (The)	GBP	155,000		06/15/2022		8,768
USD	165,345	Citibank NA	JPY	20,140,000		06/15/2022		9,650
USD	131,986	Toronto-Dominion Bank (The)	JPY	15,700,000		06/15/2022		10,615
USD	51,641	Citibank NA	SGD	70,000		06/15/2022		952
Total unrealized appreciation							$	48,271
JPY	5,000,000	BNP Paribas SA	USD	42,854		06/15/2022	$	(4,201	)
JPY	9,900,000	JPMorgan Chase Bank	USD	83,728		06/15/2022		(7,194	)
SEK	318,000	Citibank NA	USD	32,943		06/15/2022		(432	)
USD	25,730	Goldman Sachs & Co.	CHF	25,000		06/15/2022		(85	)
USD	47,854	Bank of Montreal	NOK	450,000		06/15/2022		(453	)
Total unrealized depreciation							$	(12,365	)
Net unrealized appreciation							$	35,906

See Accompanying Notes to the Financial Statements.

246 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® STOXX^® Global ESG Select Index Fund (cont.)

Abbreviations:

AUD – Australian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound

JPY – Japanese Yen

NOK – Norwegian Krone

SEK – Swedish Krona

SGD – Singapore Dollar

USD – US Dollar

FlexShares^® STOXX^® Global ESG Select Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:

Australia	3.6	%
Austria	0.1
Belgium	0.3
Canada	2.5
Denmark	1.1
Finland	0.6
France	4.7
Germany	2.8
Hong Kong	0.3
Ireland	0.2
Italy	0.9
Japan	7.2
Luxembourg	0.0	†
Netherlands	2.3
New Zealand	0.1
Norway	0.4
Poland	0.0	†
Portugal	0.1
Singapore	0.4
Spain	0.9
Sweden	1.4
Switzerland	3.7
United Kingdom	5.8
United States	59.7
Other1	0.9
	100.0	%

^†  Amount represents less than 0.05%.

¹  Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities).

Security Type	% of Net Assets
Common Stocks		99.1	%
Securities Lending Reinvestments		1.3
Others(1)		(0.4	)
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 247

Schedule of Investments

FlexShares^® ESG & Climate US Large Cap Core Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.5%
Air Freight & Logistics – 0.2%
United Parcel Service, Inc., Class B		121	$	21,778
Automobiles – 2.3%
General Motors Co.*		99		3,753
Tesla, Inc.*		341		296,929
				300,682
Banks – 3.6%
Bank of America Corp.		4,829		172,299
Citigroup, Inc.		2,134		102,880
Fifth Third Bancorp		308		11,559
JPMorgan Chase & Co.		1,331		158,868
KeyCorp		407		7,859
PNC Financial Services Group, Inc. (The)		66		10,963
				464,428
Beverages – 1.7%
Coca-Cola Co. (The)		418		27,007
PepsiCo, Inc.		1,111		190,770
				217,777
Biotechnology – 2.5%
AbbVie, Inc.		605		88,862
Amgen, Inc.		627		146,210
Biogen, Inc.*		253		52,482
Regeneron Pharmaceuticals, Inc.*		22		14,501
Vertex Pharmaceuticals, Inc.*		66		18,033
				320,088
Building Products – 1.0%
Johnson Controls International plc		1,276		76,394
Trane Technologies plc		407		56,935
				133,329
Capital Markets – 3.6%
Bank of New York Mellon Corp. (The)		55		2,313
Goldman Sachs Group, Inc. (The)		220		67,208
Moody’s Corp.		297		93,995
Morgan Stanley		1,309		105,492
MSCI, Inc.		55		23,169

Investments	Shares		Value
Capital Markets – (continued)
S&P Global, Inc.		352	$	132,528
State Street Corp.		594		39,780
				464,485
Chemicals – 1.7%
Ecolab, Inc.		396		67,059
International Flavors & Fragrances, Inc.		440		53,372
PPG Industries, Inc.		418		53,500
Sherwin-Williams Co. (The)		187		51,417
				225,348
Commercial Services & Supplies – 0.9%
Waste Management, Inc.		737		121,192
Communications Equipment – 1.2%
Arista Networks, Inc.*		330		38,138
Cisco Systems, Inc.		2,321		113,683
				151,821
Consumer Finance – 0.1%
American Express Co.		88		15,374
Containers & Packaging – 0.1%
Packaging Corp. of America		77		12,410
Diversified Financial Services – 0.8%
Apollo Global Management, Inc.		396		19,705
Berkshire Hathaway, Inc., Class B*		220		71,023
Equitable Holdings, Inc.		638		18,393
				109,121
Diversified Telecommunication Services – 1.1%
AT&T, Inc.		4,246		80,079
Verizon Communications, Inc.		1,342		62,135
				142,214
Electric Utilities – 1.0%
Eversource Energy		605		52,877
Exelon Corp.		1,716		80,274
				133,151
Electrical Equipment – 0.3%
Plug Power, Inc.*		1,012		21,272

See Accompanying Notes to the Financial Statements.

248 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate US Large Cap Core Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Electrical Equipment – (continued)
Rockwell Automation, Inc.		88	$	22,235
				43,507
Electronic Equipment, Instruments & Components – 0.3%
TE Connectivity Ltd.		260		33,095
TE Connectivity Ltd.		4		499
				33,594
Energy Equipment & Services – 0.8%
Baker Hughes Co.		1,089		33,781
Halliburton Co.		1,034		36,831
Schlumberger NV		726		28,321
				98,933
Entertainment – 1.4%
Electronic Arts, Inc.		176		20,777
Spotify Technology SA*		154		15,654
Walt Disney Co. (The)*		1,100		122,793
Warner Bros Discovery, Inc.*		1,045		18,967
				178,191
Equity Real Estate Investment Trusts (REITs) – 3.1%
Boston Properties, Inc.		253		29,753
Equinix, Inc.		154		110,738
Healthpeak Properties, Inc.		902		29,595
Prologis, Inc.		968		155,161
Ventas, Inc.		671		37,274
Weyerhaeuser Co.		869		35,820
				398,341
Food & Staples Retailing – 0.8%
Kroger Co. (The)		407		21,962
Walgreens Boots Alliance, Inc.		1,320		55,968
Walmart, Inc.		165		25,243
				103,173
Food Products – 0.7%
General Mills, Inc.		319		22,563
Kellogg Co.		440		30,140
Mondelez International, Inc., Class A		616		39,720
				92,423

Investments	Shares		Value
Health Care Equipment & Supplies – 2.2%
Abbott Laboratories		858	$	97,383
Baxter International, Inc.		385		27,358
Boston Scientific Corp.*		924		38,910
Edwards Lifesciences Corp.*		165		17,454
Medtronic plc		1,045		109,056
				290,161
Health Care Providers & Services – 4.0%
Anthem, Inc.		319		160,116
Cigna Corp.		583		143,873
CVS Health Corp.		517		49,699
Humana, Inc.		154		68,462
UnitedHealth Group, Inc.		187		95,099
				517,249
Health Care Technology – 0.1%
Veeva Systems, Inc., Class A*		99		18,013
Hotels, Restaurants & Leisure – 1.7%
Caesars Entertainment, Inc.*		187		12,394
Hilton Worldwide Holdings, Inc.*		55		8,541
Las Vegas Sands Corp.*		572		20,266
McDonald’s Corp.		572		142,520
Starbucks Corp.		528		39,410
				223,131
Household Durables – 0.1%
Whirlpool Corp.		110		19,967
Household Products – 2.2%
Church & Dwight Co., Inc.		132		12,878
Clorox Co. (The)		121		17,360
Colgate-Palmolive Co.		979		75,432
Kimberly-Clark Corp.		286		39,705
Procter & Gamble Co. (The)		891		143,050
				288,425
Industrial Conglomerates – 0.3%
3M Co.		253		36,488
Insurance – 2.8%
American International Group, Inc.		451		26,388
Chubb Ltd.		361		76,079
Chubb Ltd.		2		413

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 249

FlexShares^® ESG & Climate US Large Cap Core Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
Hartford Financial Services Group, Inc. (The)		627	$	43,846
Marsh & McLennan Cos., Inc.		440		71,148
MetLife, Inc.		1,320		86,698
Prudential Financial, Inc.		462		50,132
Travelers Cos., Inc. (The)		99		16,935
				371,639
Interactive Media & Services – 5.8%
Alphabet, Inc., Class A*		132		301,249
Alphabet, Inc., Class C*		126		289,716
Meta Platforms, Inc., Class A*		803		160,977
				751,942
Internet & Direct Marketing Retail – 3.6%
Amazon.com, Inc.*		154		382,787
eBay, Inc.		1,221		63,394
Etsy, Inc.*		220		20,502
				466,683
IT Services – 4.6%
Accenture plc, Class A		77		23,128
Akamai Technologies, Inc.*		231		25,937
Automatic Data Processing, Inc.		561		122,399
Cloudflare, Inc., Class A*		132		11,370
International Business Machines Corp.		803		106,165
Mastercard, Inc., Class A		583		211,850
Okta, Inc.*		132		15,749
Twilio, Inc., Class A*		77		8,610
Visa, Inc., Class A		374		79,711
				604,919
Leisure Products – 0.1%
Hasbro, Inc.		220		19,373
Life Sciences Tools & Services – 1.2%
Agilent Technologies, Inc.		165		19,679
Illumina, Inc.*		198		58,737
Mettler-Toledo International, Inc.*		22		28,106
Thermo Fisher Scientific, Inc.		33		18,246
West Pharmaceutical Services, Inc.		99		31,191
				155,959

Investments	Shares		Value
Machinery – 2.0%
Caterpillar, Inc.		231	$	48,635
Cummins, Inc.		253		47,865
Deere & Co.		198		74,755
Illinois Tool Works, Inc.		176		34,691
Stanley Black & Decker, Inc.		297		35,685
Xylem, Inc.		308		24,794
				266,425
Media – 0.8%
Comcast Corp., Class A		1,034		41,112
Interpublic Group of Cos., Inc. (The)		583		19,017
Omnicom Group, Inc.		308		23,448
Paramount Global, Class B		682		19,860
				103,437
Metals & Mining – 0.4%
Newmont Corp.		627		45,677
Steel Dynamics, Inc.		55		4,716
				50,393
Multiline Retail – 0.7%
Target Corp.		407		93,061
Multi-Utilities – 1.1%
Consolidated Edison, Inc.		605		56,108
Sempra Energy		561		90,523
				146,631
Oil, Gas & Consumable Fuels – 2.9%
ConocoPhillips		814		77,753
Devon Energy Corp.		264		15,357
Diamondback Energy, Inc.		55		6,943
Exxon Mobil Corp.		264		22,506
Hess Corp.		462		47,618
Marathon Petroleum Corp.		781		68,150
Occidental Petroleum Corp.		616		33,935
Pioneer Natural Resources Co.		176		40,915
Valero Energy Corp.		440		49,051
Williams Cos., Inc. (The)		341		11,693
				373,921
Personal Products – 0.7%
Estee Lauder Cos., Inc. (The), Class A		352		92,949

See Accompanying Notes to the Financial Statements.

250 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate US Large Cap Core Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Pharmaceuticals – 4.9%
Bristol-Myers Squibb Co.		1,067	$	80,313
Eli Lilly & Co.		440		128,537
Johnson & Johnson		1,144		206,447
Merck & Co., Inc.		968		85,852
Pfizer, Inc.		2,816		138,181
				639,330
Professional Services – 0.6%
Equifax, Inc.		198		40,297
TransUnion		88		7,702
Verisk Analytics, Inc.		132		26,934
				74,933
Road & Rail – 1.8%
CSX Corp.		3,410		117,099
Norfolk Southern Corp.		374		96,447
Union Pacific Corp.		88		20,618
				234,164
Semiconductors & Semiconductor Equipment – 4.5%
Advanced Micro Devices, Inc.*		330		28,222
Applied Materials, Inc.		418		46,126
Enphase Energy, Inc.*		220		35,508
Intel Corp.		2,431		105,967
Micron Technology, Inc.		594		40,505
NVIDIA Corp.		1,166		216,258
QUALCOMM, Inc.		418		58,390
SolarEdge Technologies, Inc.*		88		22,036
Texas Instruments, Inc.		187		31,837
				584,849
Software – 9.9%
Adobe, Inc.*		363		143,730
Autodesk, Inc.*		198		37,477
Bill.com Holdings, Inc.*		33		5,633
Cadence Design Systems, Inc.*		22		3,319
Crowdstrike Holdings, Inc., Class A*		66		13,118
Intuit, Inc.		33		13,819
Microsoft Corp.		2,761		766,233
NortonLifeLock, Inc.		77		1,928
Oracle Corp.		737		54,096
Salesforce, Inc.*		836		147,086

Investments	Shares		Value
Software – (continued)
VMware, Inc., Class A		330	$	35,653
Workday, Inc., Class A*		330		68,211
Zoom Video Communications, Inc., Class A*		66		6,572
				1,296,875
Specialty Retail – 1.8%
Best Buy Co., Inc.		99		8,903
Home Depot, Inc. (The)		319		95,828
Lowe’s Cos., Inc.		374		73,951
TJX Cos., Inc. (The)		319		19,548
Tractor Supply Co.		198		39,887
				238,117
Technology Hardware, Storage & Peripherals – 7.9%
Apple, Inc.		5,753		906,961
Dell Technologies, Inc., Class C		440		20,685
Hewlett Packard Enterprise Co.		308		4,746
HP, Inc.		2,145		78,571
NetApp, Inc.		88		6,446
Western Digital Corp.*		187		9,924
				1,027,333
Textiles, Apparel & Luxury Goods – 1.0%
Lululemon Athletica, Inc.*		44		15,604
NIKE, Inc., Class B		715		89,160
VF Corp.		418		21,736
				126,500
Trading Companies & Distributors – 0.3%
WW Grainger, Inc.		77		38,502
Water Utilities – 0.3%
American Water Works Co., Inc.		253		38,982
Total Common Stocks (Cost $13,710,809)				12,971,711

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 251

FlexShares^® ESG & Climate US Large Cap Core Index Fund (cont.)

Investments	Principal Amount		Value
SHORT-TERM INVESTMENTS – 0.0%(a)
U.S. TREASURY OBLIGATIONS – 0.0%(a)
U.S. Treasury Bills 0.36%, 6/30/2022(b) (c) (Cost $4,998)	$	5,000	$	4,994
Total Investments – 99.5% (Cost $13,715,807)				12,976,705
Other assets less liabilities – 0.5%				61,789
NET ASSETS – 100.0%			$	13,038,494

* Non-income producing security.

^(a)  Represents less than 0.05% of net assets.

^(b)  All or a portion of the security pledged as collateral for Futures Contracts.

^(c)  The rate shown was the current yield as of April 30, 2022.

Percentages shown are based on Net Assets.

As of April 30, 2022, 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	$	124,702
Aggregate gross unrealized depreciation		(868,667	)
Net unrealized depreciation	$	(743,965	)
Federal income tax cost	$	13,718,118

Futures Contracts

FlexShares^® ESG & Climate US Large Cap Core Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
S&P 500 E-Mini Index		3		06/17/2022		USD	$	61,913	$	(2,552	)

Abbreviations:

USD – US Dollar

Security Type	% of Net Assets
Common Stocks		99.5	%
Short-Term Investments		0.0	†
Others(1)		0.5
		100.0	%

^†  Amount represents less than 0.05%.

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

252 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.5%
Air Freight & Logistics – 0.4%
Deutsche Post AG (Registered)		1,232	$	53,184
DSV A/S		80		13,274
				66,458
Auto Components – 1.0%
Bridgestone Corp.		1,600		58,870
Cie Generale des Etablissements Michelin SCA		456		57,270
Denso Corp.		300		18,425
Magna International, Inc.		160		9,692
Sumitomo Electric Industries Ltd.		4,000		43,177
				187,434
Automobiles – 2.3%
Bayerische Motoren Werke AG		312		25,841
Honda Motor Co. Ltd.		800		21,112
Mercedes-Benz Group AG*		952		67,389
Porsche Automobil Holding SE (Preference)		608		51,018
Toyota Motor Corp.		12,800		220,858
Volkswagen AG (Preference)		128		20,112
				406,330
Banks – 11.4%
ABN AMRO Bank NV, CVA(a)		1,440		18,222
Australia & New Zealand Banking Group Ltd.		4,656		90,330
Banco Bilbao Vizcaya Argentaria SA		4,192		22,373
Banco Santander SA		18,000		53,483
Bank of Montreal		784		83,556
Bank of Nova Scotia (The)		2,384		151,745
Barclays plc		13,384		24,903
BNP Paribas SA		2,216		116,199
Canadian Imperial Bank of Commerce		232		25,780
Commonwealth Bank of Australia		2,472		182,489
Credit Agricole SA		1,432		15,675
DBS Group Holdings Ltd.		800		19,651
HSBC Holdings plc		24,288		152,864
ING Groep NV		7,208		69,197
Intesa Sanpaolo SpA		19,000		39,182

Investments	Shares		Value
Banks – (continued)
KBC Group NV		304	$	20,852
Lloyds Banking Group plc		33,152		19,096
Mitsubishi UFJ Financial Group, Inc.		17,600		102,467
Mizuho Financial Group, Inc.		1,600		19,494
National Australia Bank Ltd.		4,968		115,200
NatWest Group plc		9,248		25,312
Nordea Bank Abp		1,704		17,229
Resona Holdings, Inc.		4,800		20,929
Royal Bank of Canada		2,472		250,962
Skandinaviska Enskilda Banken AB, Class A		2,648		30,162
Societe Generale SA		1,840		44,975
Toronto-Dominion Bank (The)		2,760		200,384
UniCredit SpA		2,000		18,789
Westpac Banking Corp.		5,976		101,372
				2,052,872
Beverages – 2.6%
Anheuser-Busch InBev SA/NV		1,200		70,133
Asahi Group Holdings Ltd.		800		30,028
Carlsberg A/S, Class B		280		36,072
Coca-Cola HBC AG*		1,272		26,151
Diageo plc		3,440		173,556
Kirin Holdings Co. Ltd.		2,400		35,205
Pernod Ricard SA		296		61,719
Suntory Beverage & Food Ltd.		800		31,676
				464,540
Biotechnology – 0.7%
CSL Ltd.		448		87,011
Grifols SA		2,528		42,671
Swedish Orphan Biovitrum AB*		216		4,576
				134,258
Building Products – 1.6%
Assa Abloy AB, Class B		2,440		62,536
Cie de Saint-Gobain		1,024		60,852
Daikin Industries Ltd.		200		30,943
Geberit AG (Registered)		88		50,770
Kingspan Group plc		872		81,928
Nibe Industrier AB, Class B		344		3,423
				290,452

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 253

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – 2.4%
Abrdn plc		5,592	$	13,290
Credit Suisse Group AG (Registered)		2,232		15,448
Daiwa Securities Group, Inc.		5,600		27,490
Deutsche Bank AG (Registered)*		1,544		15,679
Deutsche Boerse AG		144		25,248
EQT AB		568		16,495
Hong Kong Exchanges & Clearing Ltd.		900		38,748
IGM Financial, Inc.		536		17,073
London Stock Exchange Group plc		72		7,156
Macquarie Group Ltd.		528		77,664
Nomura Holdings, Inc.		8,800		33,961
St James’s Place plc		2,240		36,504
UBS Group AG (Registered)		6,344		109,246
				434,002
Chemicals – 3.8%
Akzo Nobel NV		720		63,120
Arkema SA		216		24,872
Chr Hansen Holding A/S		408		31,998
Clariant AG (Registered)*		1,560		26,968
Covestro AG(a)		424		18,469
Croda International plc		568		55,652
Givaudan SA (Registered)		16		64,204
Koninklijke DSM NV		704		119,275
Mitsui Chemicals, Inc.		800		18,370
Nissan Chemical Corp.		800		42,667
Novozymes A/S, Class B		240		16,821
Nutrien Ltd.		672		66,377
Shin-Etsu Chemical Co. Ltd.		300		41,645
Sika AG (Registered)		184		57,059
Sumitomo Chemical Co. Ltd.		6,400		27,218
Umicore SA		144		5,610
Wacker Chemie AG		80		12,841
				693,166
Commercial Services & Supplies – 0.3%
Brambles Ltd.		4,104		30,769
Dai Nippon Printing Co. Ltd.		900		18,888
				49,657

Investments	Shares		Value
Communications Equipment – 0.4%
Nokia OYJ*		7,760	$	39,872
Telefonaktiebolaget LM Ericsson, Class B		3,360		27,224
				67,096
Construction & Engineering – 0.1%
WSP Global, Inc.		224		26,258
Diversified Financial Services – 0.2%
M&G plc		10,392		27,947
ORIX Corp.		800		14,659
				42,606
Diversified Telecommunication Services – 2.2%
Deutsche Telekom AG (Registered)		6,648		123,224
Koninklijke KPN NV		6,744		23,371
Nippon Telegraph & Telephone Corp.		900		26,724
Singapore Telecommunications Ltd.		14,400		28,885
Swisscom AG (Registered)		136		80,817
Telecom Italia SpA		27,144		7,964
Telefonica Deutschland Holding AG		4,232		12,809
Telefonica SA		5,200		25,415
Telia Co. AB		2,384		9,951
TELUS Corp.		2,320		58,343
				397,503
Electric Utilities – 2.3%
Acciona SA		48		9,494
Electricite de France SA		680		6,230
Hydro One Ltd.(a)		336		9,130
Iberdrola SA		10,400		120,796
Orsted A/S(a)		1,160		130,439
Red Electrica Corp. SA		2,232		45,056
Terna – Rete Elettrica Nazionale		7,464		61,151
Verbund AG*		344		37,089
				419,385
Electrical Equipment – 2.2%
ABB Ltd. (Registered)		600		18,297
Nidec Corp.		200		13,181
Schneider Electric SE		1,248		181,293
Siemens Gamesa Renewable Energy SA*		608		9,830
Signify NV(a)		496		21,244

See Accompanying Notes to the Financial Statements.

254 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Electrical Equipment – (continued)
Vestas Wind Systems A/S		6,144	$	159,296
				403,141
Electronic Equipment, Instruments & Components – 0.6%
Halma plc		544		16,904
Murata Manufacturing Co. Ltd.		800		48,126
Omron Corp.		800		47,706
				112,736
Energy Equipment & Services – 0.1%
Tenaris SA		816		12,749
Equity Real Estate Investment Trusts (REITs) – 1.6%
British Land Co. plc (The)		3,536		22,988
Gecina SA		240		27,243
GPT Group (The)		3,048		11,025
Japan Real Estate Investment Corp.		8		38,839
Land Securities Group plc		944		8,920
Mirvac Group		13,536		23,279
Nippon Prologis REIT, Inc.		8		22,260
Segro plc		4,504		75,915
Stockland		2,808		8,301
Unibail – Rodamco-Westfield*		320		22,956
Vicinity Centres		18,976		25,285
				287,011
Food & Staples Retailing – 1.8%
Aeon Co. Ltd.		1,600		30,485
Carrefour SA		808		17,184
HelloFresh SE*		136		5,822
Jeronimo Martins SGPS SA		952		19,885
Kesko OYJ, Class B		520		13,182
Loblaw Cos. Ltd.		296		27,216
Tesco plc		20,792		71,004
Woolworths Group Ltd.		4,856		132,895
				317,673
Food Products – 2.8%
Ajinomoto Co., Inc.		800		20,901
Danone SA		184		11,188
Nestle SA (Registered)		3,432		445,508
Orkla ASA		2,976		24,392
				501,989

Investments	Shares		Value
Gas Utilities – 0.3%
Hong Kong & China Gas Co. Ltd.		48,000	$	53,162
Health Care Equipment & Supplies – 1.8%
Coloplast A/S, Class B		192		26,113
Fisher & Paykel Healthcare Corp. Ltd.		840		11,722
Koninklijke Philips NV		4,568		120,475
Olympus Corp.		2,400		42,773
Sonova Holding AG (Registered)		144		52,695
Sysmex Corp.		800		53,165
Terumo Corp.		800		24,044
				330,987
Health Care Providers & Services – 0.2%
Amplifon SpA		136		5,483
Fresenius Medical Care AG & Co. KGaA		280		17,558
Fresenius SE & Co. KGaA		456		16,260
				39,301
Hotels, Restaurants & Leisure – 1.1%
Compass Group plc		2,688		57,439
Entain plc*		272		5,186
Genting Singapore Ltd.*		35,200		20,647
La Francaise des Jeux SAEM(a)		512		19,234
Oriental Land Co. Ltd.		100		15,263
Sands China Ltd.*		12,800		28,777
Whitbread plc*		1,376		48,666
Wynn Macau Ltd.*		6,400		3,997
				199,209
Household Durables – 1.5%
Barratt Developments plc		2,112		13,112
Berkeley Group Holdings plc*		192		9,835
Electrolux AB, Class B		1,960		30,269
Panasonic Holdings Corp.		3,200		28,663
Sekisui House Ltd.		1,700		29,641
Sony Group Corp.		1,800		155,882
				267,402
Household Products – 0.6%
Henkel AG & Co. KGaA (Preference)		904		58,517
Reckitt Benckiser Group plc		736		57,661
				116,178

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 255

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Independent Power and Renewable Electricity Producers – 0.2%
EDP Renovaveis SA		1,472	$	35,157
Industrial Conglomerates – 1.8%
Hitachi Ltd.		4,000		187,465
Siemens AG (Registered)		1,040		129,222
				316,687
Insurance – 6.2%
AIA Group Ltd.		14,400		142,694
Allianz SE (Registered)		784		178,815
ASR Nederland NV		440		20,117
Aviva plc		18,296		99,532
AXA SA		4,752		127,634
Dai-ichi Life Holdings, Inc.		100		2,010
Insurance Australia Group Ltd.		5,208		16,803
Japan Post Insurance Co. Ltd.		800		12,998
Legal & General Group plc		20,752		65,683
MS&AD Insurance Group Holdings, Inc.		2,400		71,893
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		128		30,693
NN Group NV		1,352		66,950
QBE Insurance Group Ltd.		2,328		20,382
Sun Life Financial, Inc.		1,904		95,211
Suncorp Group Ltd.		480		3,909
Swiss Life Holding AG (Registered)		16		9,445
Swiss Re AG		296		24,494
Zurich Insurance Group AG		264		121,277
				1,110,540
Interactive Media & Services – 0.4%
SEEK Ltd.		1,576		31,785
Z Holdings Corp.		10,400		41,308
				73,093
Internet & Direct Marketing Retail – 0.1%
Zalando SE* (a)		272		10,855
IT Services – 1.8%
Amadeus IT Group SA*		120		7,646
Capgemini SE		336		69,510

Investments	Shares		Value
IT Services – (continued)
CGI, Inc.*		664	$	53,222
Edenred		424		21,488
Fujitsu Ltd.		300		43,266
GMO Payment Gateway, Inc.		100		8,560
Itochu Techno-Solutions Corp.		400		9,432
Nexi SpA* (a)		584		5,805
Nomura Research Institute Ltd.		1,600		45,816
Shopify, Inc., Class A*		72		30,731
Worldline SA* (a)		928		37,055
				332,531
Leisure Products – 0.2%
Yamaha Corp.		800		30,874
Machinery – 2.0%
Alstom SA		1,424		31,727
Atlas Copco AB, Class A		464		21,411
Epiroc AB, Class A		1,288		26,514
GEA Group AG		968		37,958
Hitachi Construction Machinery Co. Ltd.		800		18,246
Husqvarna AB, Class B		2,120		20,457
KION Group AG		352		19,778
Knorr-Bremse AG		48		3,461
Komatsu Ltd.		2,400		54,109
Kone OYJ, Class B		432		21,005
Kubota Corp.		800		13,699
Makita Corp.		800		23,902
SKF AB, Class B		1,360		22,545
Volvo AB, Class B		3,160		51,124
				365,936
Media – 1.2%
Dentsu Group, Inc.		900		32,684
Informa plc*		2,768		19,969
Pearson plc		2,288		22,573
Publicis Groupe SA		1,120		68,033
Quebecor, Inc., Class B		296		7,001
WPP plc		5,424		68,439
				218,699
Metals & Mining – 3.4%
BHP Group Ltd.		1,692		57,728
BHP Group Ltd.		156		5,337

See Accompanying Notes to the Financial Statements.

256 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Metals & Mining – (continued)
BlueScope Steel Ltd.		1,808	$	26,391
Boliden AB		392		17,260
Fortescue Metals Group Ltd.		6,704		103,050
Glencore plc*		1,304		8,142
Hitachi Metals Ltd.*		900		14,088
Kinross Gold Corp.		4,624		23,481
Norsk Hydro ASA		5,376		46,128
Rio Tinto Ltd.		784		62,863
Rio Tinto plc		1,272		91,125
Sumitomo Metal Mining Co. Ltd.		200		8,754
Teck Resources Ltd., Class B		2,416		95,804
Wheaton Precious Metals Corp.		1,152		51,901
				612,052
Multiline Retail – 0.3%
Canadian Tire Corp. Ltd., Class A		296		40,982
Next plc		96		7,263
				48,245
Multi-Utilities – 0.3%
Engie SA		1,096		13,091
National Grid plc		2,656		39,815
				52,906
Oil, Gas & Consumable Fuels – 5.4%
Ampol Ltd.		1,024		24,633
Enbridge, Inc.		6,144		269,499
ENEOS Holdings, Inc.		16,000		56,338
Eni SpA		4,384		61,927
Imperial Oil Ltd.		376		19,029
Lundin Energy AB		616		25,789
Neste OYJ		888		38,596
Pembina Pipeline Corp.		264		10,041
Repsol SA		3,656		55,096
Shell plc		9,840		268,455
TotalEnergies SE		2,856		142,286
				971,689
Paper & Forest Products – 0.9%
Mondi plc		2,480		47,016
Oji Holdings Corp.		800		3,804
Stora Enso OYJ, Class R		1,512		30,139

Investments	Shares		Value
Paper & Forest Products – (continued)
UPM-Kymmene OYJ		2,216	$	77,240
				158,199
Personal Products – 2.1%
Kao Corp.		2,400		96,900
L’Oreal SA		464		170,785
Shiseido Co. Ltd.		100		4,736
Unilever plc		2,472		115,423
				387,844
Pharmaceuticals – 9.4%
Astellas Pharma, Inc.		1,600		24,427
AstraZeneca plc		1,816		243,685
Bayer AG (Registered)*		376		24,950
Daiichi Sankyo Co. Ltd.		3,200		80,568
Eisai Co. Ltd.		100		4,372
GlaxoSmithKline plc		8,056		181,754
Kyowa Kirin Co. Ltd.		800		16,876
Merck KGaA		152		28,374
Novartis AG (Registered)		1,800		160,427
Novo Nordisk A/S, Class B		2,296		264,496
Ono Pharmaceutical Co. Ltd.		1,700		43,733
Roche Holding AG		864		322,581
Sanofi		1,616		172,492
Takeda Pharmaceutical Co. Ltd.		3,300		96,000
UCB SA		200		22,871
				1,687,606
Professional Services – 2.1%
Adecco Group AG (Registered)		784		30,814
Experian plc		936		32,810
Randstad NV		712		38,202
Recruit Holdings Co. Ltd.		1,700		63,219
RELX plc		7,336		220,404
				385,449
Real Estate Management & Development – 1.0%
City Developments Ltd.		2,400		14,842
Daiwa House Industry Co. Ltd.		2,400		58,222
ESR Cayman Ltd.* (a)		20,800		63,491
Lendlease Corp. Ltd.		840		7,313
Mitsubishi Estate Co. Ltd.		800		11,630
New World Development Co. Ltd.		8,000		30,690
				186,188

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 257

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Road & Rail – 2.1%
Canadian National Railway Co.		1,072	$	126,723
Canadian Pacific Railway Ltd.		1,192		87,643
Central Japan Railway Co.		200		25,332
East Japan Railway Co.		1,600		84,211
MTR Corp. Ltd.		8,000		42,671
West Japan Railway Co.		300		11,216
				377,796
Semiconductors & Semiconductor Equipment – 2.1%
Advantest Corp.		800		55,511
ASML Holding NV		448		258,994
STMicroelectronics NV		688		25,937
Tokyo Electron Ltd.		100		42,822
				383,264
Software – 2.1%
Open Text Corp.		1,152		46,375
SAP SE		2,480		255,244
WiseTech Global Ltd.		176		5,662
Xero Ltd.*		976		66,828
				374,109
Specialty Retail – 0.8%
Chow Tai Fook Jewellery Group Ltd.*		3,200		5,416
Fast Retailing Co. Ltd.		100		46,434
H & M Hennes & Mauritz AB, Class B		1,616		20,656
Industria de Diseno Textil SA		1,920		40,713
Kingfisher plc		10,664		33,913
				147,132
Technology Hardware, Storage & Peripherals – 0.9%
Canon, Inc.		4,900		113,272
Ricoh Co. Ltd.		3,200		23,489
Seiko Epson Corp.		1,600		22,451
				159,212
Textiles, Apparel & Luxury Goods – 2.7%
adidas AG		144		29,429
Burberry Group plc		1,984		39,630
Cie Financiere Richemont SA (Registered)		672		79,963
Hermes International		24		30,041
Kering SA		152		82,277

Investments	Shares		Value
Textiles, Apparel & Luxury Goods – (continued)
LVMH Moet Hennessy Louis Vuitton SE		304	$	198,677
Puma SE		320		23,860
				483,877
Trading Companies & Distributors – 0.8%
Ferguson plc		216		27,498
Mitsui & Co. Ltd.		4,800		116,703
Rexel SA*		360		7,459
				151,660
Transportation Infrastructure – 0.8%
Getlink SE		2,288		42,192
Transurban Group		9,208		93,836
				136,028
Water Utilities – 0.3%
Severn Trent plc		1,272		50,241
Wireless Telecommunication Services – 0.8%
Rogers Communications, Inc., Class B		192		10,513
SoftBank Corp.		800		9,355
SoftBank Group Corp.		1,600		65,070
Vodafone Group plc		34,560		52,736
				137,674
Total Common Stocks (Cost $19,041,956)				17,759,098
Total Investments – 98.5% (Cost $19,041,956)				17,759,098
Other assets less liabilities – 1.5%				262,043
NET ASSETS – 100.0%			$	18,021,141

* Non-income producing security.

^(a)  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

Percentages shown are based on Net Assets.

Abbreviations

CVA – Dutch Certification

OYJ – Public Limited Company

See Accompanying Notes to the Financial Statements.

258 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)

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, 2022, 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	$	194,717
Aggregate gross unrealized depreciation		(1,487,797	)
Net unrealized depreciation	$	(1,293,080	)
Federal income tax cost	$	19,043,035

Futures Contracts

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
EURO STOXX 50 Index		1		06/17/2022		EUR	$	39,413	$	191
MSCI EAFE E-Mini Index		2		06/17/2022		USD		199,660		(7,588	)
									$	(7,397	)

* 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, 2022:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
AUD	6,430	Bank of Montreal	USD	4,553		06/15/2022	$	20
CAD	4,109	Bank of Montreal	USD	3,193		06/15/2022		21
CHF	2,201	Bank of Montreal	USD	2,261		06/15/2022		11
DKK	46,149	JPMorgan Chase Bank	USD	6,518		06/15/2022		40
GBP	4,892	Morgan Stanley	USD	6,087		06/15/2022		55
JPY	640,477	Bank of Montreal	USD	4,900		06/15/2022		52
USD	10,519	Bank of Montreal	AUD	14,454		06/15/2022		238
USD	12,524	Citibank NA	AUD	17,075		06/15/2022		379
USD	8,592	JPMorgan Chase Bank	AUD	11,574		06/15/2022		361
USD	1,587	Toronto-Dominion Bank (The)	AUD	2,142		06/15/2022		64
USD	1,033	Bank of New York	CAD	1,301		06/15/2022		15
USD	7,624	Citibank NA	CAD	9,694		06/15/2022		40
USD	3,281	Toronto-Dominion Bank (The)	CAD	4,145		06/15/2022		38
USD	10,236	Bank of Montreal	CHF	9,579		06/15/2022		345
USD	8,780	JPMorgan Chase Bank	CHF	8,156		06/15/2022		358
USD	1,796	Toronto-Dominion Bank (The)	CHF	1,672		06/15/2022		70
USD	6,437	Bank of Montreal	DKK	43,719		06/15/2022		224
USD	12,348	Bank of New York	DKK	83,373		06/15/2022		500
USD	3,975	JPMorgan Chase Bank	DKK	27,055		06/15/2022		131

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 259

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)

Forward Foreign Currency Contracts (cont.)

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	28,565	JPMorgan Chase Bank	EUR	26,183		06/15/2022	$	886
USD	52,739	Toronto-Dominion Bank (The)	EUR	47,667		06/15/2022		2,348
USD	34,921	Bank of Montreal	GBP	26,718		06/15/2022		1,375
USD	5,609	Toronto-Dominion Bank (The)	GBP	4,261		06/15/2022		259
USD	1,141	JPMorgan Chase Bank	HKD	8,931		06/15/2022		1
USD	2,991	Toronto-Dominion Bank (The)	HKD	23,375		06/15/2022		9
USD	1,508	Goldman Sachs & Co.	ILS	4,917		06/15/2022		33
USD	1,142	UBS AG	ILS	3,673		06/15/2022		40
USD	37,291	Bank of Montreal	JPY	4,615,125		06/15/2022		1,612
USD	13,428	Citigroup Global Markets, Inc.	JPY	1,635,639		06/15/2022		784
USD	1,225	Toronto-Dominion Bank (The)	JPY	145,746		06/15/2022		99
USD	5,633	Bank of Montreal	NOK	49,709		06/15/2022		296
USD	3,589	Bank of New York	NOK	32,062		06/15/2022		147
USD	1,208	Citigroup Global Markets, Inc.	NZD	1,730		06/15/2022		85
USD	2,097	Bank of Montreal	SEK	19,896		06/15/2022		63
USD	2,442	Citigroup Global Markets, Inc.	SEK	22,551		06/15/2022		136
USD	1,543	Bank of New York	SGD	2,107		06/15/2022		17
USD	2,210	Citibank NA	SGD	3,003		06/15/2022		36
USD	2,651	JPMorgan Chase Bank	SGD	3,608		06/15/2022		38
USD	1,366	Toronto-Dominion Bank (The)	SGD	1,857		06/15/2022		22
Total unrealized appreciation							$	11,248
AUD	1,393	Goldman Sachs & Co.	USD	1,042		06/15/2022	$	(52	)
CAD	1,845	Bank of Montreal	USD	1,460		06/15/2022		(16	)
CAD	2,612	Toronto-Dominion Bank (The)	USD	2,097		06/15/2022		(54	)
CHF	5,576	Bank of Montreal	USD	5,994		06/15/2022		(237	)
CHF	6,166	Morgan Stanley	USD	6,641		06/15/2022		(274	)
DKK	8,728	Citigroup Global Markets, Inc.	USD	1,314		06/15/2022		(73	)
EUR	11,802	Bank of Montreal	USD	13,055		06/15/2022		(578	)
EUR	3,705	Toronto-Dominion Bank (The)	USD	4,148		06/15/2022		(231	)
GBP	3,622	Bank of Montreal	USD	4,728		06/15/2022		(180	)
GBP	2,100	Toronto-Dominion Bank (The)	USD	2,765		06/15/2022		(129	)
HKD	24,892	Toronto-Dominion Bank (The)	USD	3,185		06/15/2022		(9	)
JPY	6,193,028	Bank of Montreal	USD	52,305		06/15/2022		(4,429	)
JPY	5,707,801	JPMorgan Chase Bank	USD	45,595		06/15/2022		(1,470	)
JPY	5,439,982	Morgan Stanley	USD	46,627		06/15/2022		(4,572	)
NZD	4,200	Bank of Montreal	USD	2,863		06/15/2022		(137	)
NZD	9,809	Bank of New York	USD	6,720		06/15/2022		(354	)
NZD	2,859	Goldman Sachs & Co.	USD	1,966		06/15/2022		(111	)
SEK	32,260	Citibank NA	USD	3,339		06/15/2022		(41	)
USD	7,029	Bank of Montreal	EUR	6,687		06/15/2022		(41	)
USD	1,230	JPMorgan Chase Bank	NZD	1,905		06/15/2022		(6	)
Total unrealized depreciation							$	(12,994	)
Net unrealized depreciation							$	(1,746	)

See Accompanying Notes to the Financial Statements.

260 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

ILS – Israeli Shekel

JPY – Japanese Yen

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

USD – US Dollar

Security Type	% of Net Assets
Common Stocks		98.5	%
Others(1)		1.5
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 261

Schedule of Investments

FlexShares^® ESG & Climate Emerging Markets Core Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.6%
Air Freight & Logistics – 0.7%
Hyundai Glovis Co. Ltd.		78	$	12,979
ZTO Express Cayman, Inc., ADR		714		19,642
				32,621
Airlines – 0.1%
Korean Air Lines Co. Ltd.*		144		3,457
Auto Components – 0.2%
Hankook Tire & Technology Co. Ltd.		180		4,995
Hanon Systems		472		4,284
				9,279
Automobiles – 1.4%
Hero MotoCorp Ltd.		376		12,329
Li Auto, Inc., ADR*		174		3,903
Mahindra & Mahindra Ltd.		138		1,665
NIO, Inc., ADR*		1,962		32,765
XPeng, Inc., Class A*		1,200		15,753
				66,415
Banks – 16.2%
Agricultural Bank of China Ltd., Class H		54,000		20,372
Akbank TAS		12,842		7,711
Axis Bank Ltd.*		1,684		16,051
Banco Bradesco SA		5,200		15,656
Banco Bradesco SA (Preference)		10,800		39,212
Banco do Brasil SA		1,800		12,075
Banco Santander Brasil SA		1,400		8,976
Bancolombia SA		1,002		9,778
Bancolombia SA (Preference)		1,686		16,275
Bank of the Philippine Islands		5,140		9,344
Bank Polska Kasa Opieki SA		148		3,268
Bank Rakyat Indonesia Persero Tbk. PT		94,800		31,846
China Construction Bank Corp., Class H		86,000		61,271
Commercial International Bank Egypt SAE		5,208		12,619
CTBC Financial Holding Co. Ltd.		54,000		53,587
E.Sun Financial Holding Co. Ltd.		44,000		50,530
First Abu Dhabi Bank PJSC		10,666		65,162
First Financial Holding Co. Ltd.		38,000		35,840

Investments	Shares		Value
Banks – (continued)
Grupo Financiero Banorte SAB de CV, Class O		800	$	5,280
Industrial & Commercial Bank of China Ltd., Class H		72,000		43,496
Itau Unibanco Holding SA (Preference)*		2,800		13,496
KB Financial Group, Inc.		1,092		50,861
mBank SA*		58		3,911
Mega Financial Holding Co. Ltd.		38,000		53,631
Nedbank Group Ltd.		1,628		22,819
OTP Bank Nyrt.*		784		23,616
Santander Bank Polska SA		162		9,879
Shinhan Financial Group Co. Ltd.		1,164		39,063
SinoPac Financial Holdings Co. Ltd.		8,000		4,953
Standard Bank Group Ltd.		1,268		13,469
State Bank of India		1,958		12,712
Turkiye Garanti Bankasi A/S*		9,158		9,234
Turkiye Is Bankasi A/S, Class C		8,438		5,981
Yapi ve Kredi Bankasi A/S		15,424		5,056
Yes Bank Ltd.*		42,226		7,540
				794,570
Beverages – 0.6%
Cia Cervecerias Unidas SA		720		4,811
Coca-Cola Femsa SAB de CV		2,200		11,995
United Spirits Ltd.*		1,086		12,258
				29,064
Biotechnology – 0.3%
BeiGene Ltd.*		1,200		15,998
Capital Markets – 0.2%
B3 SA – Brasil Bolsa Balcao		4,400		11,817
Chemicals – 2.2%
Asian Paints Ltd.		750		31,761
Indorama Ventures PCL, NVDR		6,000		7,927
LG Chem Ltd.		54		22,314
Orbia Advance Corp. SAB de CV		3,400		8,180
PTT Global Chemical PCL, NVDR		6,400		9,343
Sociedad Quimica y Minera de Chile SA (Preference), Class B		360		26,713
				106,238

See Accompanying Notes to the Financial Statements.

262 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Emerging Markets Core Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Construction & Engineering – 0.2%
Hyundai Engineering & Construction Co. Ltd.		246	$	8,726
Construction Materials – 0.6%
Siam Cement PCL (The), NVDR		2,800		30,248
Containers & Packaging – 0.3%
Klabin SA		3,200		13,402
Diversified Financial Services – 1.5%
FirstRand Ltd.		9,990		43,260
Yuanta Financial Holding Co. Ltd.		36,000		31,939
				75,199
Diversified Telecommunication Services – 1.3%
Chunghwa Telecom Co. Ltd.		5,000		22,222
Hellenic Telecommunications Organization SA		938		18,208
LG Uplus Corp.		972		10,834
Orange Polska SA*		3,698		5,645
Telefonica Brasil SA		400		4,296
True Corp. PCL, NVDR		27,800		3,912
				65,117
Electric Utilities – 1.6%
Centrais Eletricas Brasileiras SA		1,200		9,809
Centrais Eletricas Brasileiras SA (Preference), Class B		1,000		8,107
Cia Energetica de Minas Gerais (Preference)		4,400		13,034
Cia Paranaense de Energia (Preference)		7,200		10,817
CPFL Energia SA		800		5,840
Enel Americas SA		61,754		6,465
Power Grid Corp. of India Ltd.		8,018		23,889
				77,961
Electrical Equipment – 0.6%
Doosan Enerbility*		70		1,148
Havells India Ltd.		988		16,955
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,400		3,450
Zhuzhou CRRC Times Electric Co. Ltd., Class H		1,800		7,192
				28,745

Investments	Shares		Value
Electronic Equipment, Instruments & Components – 1.9%
AU Optronics Corp.		22,000	$	12,800
Delta Electronics Thailand PCL, NVDR		1,000		10,599
Delta Electronics, Inc.		6,000		50,890
Samsung SDI Co. Ltd.		44		21,404
				95,693
Energy Equipment & Services – 0.1%
Dialog Group Bhd.		6,400		3,675
Entertainment – 0.7%
Bilibili, Inc., ADR*		44		1,071
CD Projekt SA		38		1,036
Kingsoft Corp. Ltd.		3,600		11,058
NCSoft Corp.		12		4,027
NetEase, Inc., ADR		206		19,638
				36,830
Food & Staples Retailing – 2.2%
CP ALL PCL, NVDR		7,600		14,423
President Chain Store Corp.		2,000		18,558
Shoprite Holdings Ltd.		1,058		15,320
Sun Art Retail Group Ltd.		7,000		2,195
Wal-Mart de Mexico SAB de CV		15,800		55,865
				106,361
Food Products – 1.3%
BRF SA*		1,400		3,839
Charoen Pokphand Foods PCL, NVDR		10,000		7,037
CJ CheilJedang Corp.		36		11,408
Grupo Bimbo SAB de CV, Series A		2,600		8,013
Marico Ltd.		2,202		15,028
Nestle India Ltd.		36		8,633
Nestle Malaysia Bhd.		200		6,119
Thai Union Group PCL, NVDR		11,800		5,822
				65,899
Gas Utilities – 0.4%
ENN Energy Holdings Ltd.		1,000		13,497
GAIL India Ltd.		2,688		5,596
				19,093
Health Care Providers & Services – 0.2%
Sinopharm Group Co. Ltd., Class H		4,000		9,258

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 263

FlexShares^® ESG & Climate Emerging Markets Core Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Hotels, Restaurants & Leisure – 1.1%
Genting Bhd.		5,400	$	5,743
Jubilant Foodworks Ltd.		272		1,943
Kangwon Land, Inc.*		232		4,950
Yum China Holdings, Inc.		1,020		42,636
				55,272
Household Durables – 1.1%
Arcelik A/S		270		1,224
Coway Co. Ltd.		190		10,725
LG Electronics, Inc.		360		33,392
Nien Made Enterprise Co. Ltd.		1,000		10,636
				55,977
Household Products – 0.2%
Unilever Indonesia Tbk. PT		32,000		8,587
Independent Power and Renewable Electricity Producers – 1.6%
Adani Green Energy Ltd.*		1,414		53,325
China Longyuan Power Group Corp. Ltd., Class H		6,000		11,792
Energy Absolute PCL, NVDR		5,600		14,470
				79,587
Industrial Conglomerates – 1.1%
Far Eastern New Century Corp.		12,000		12,234
GT Capital Holdings, Inc.		240		2,317
Samsung C&T Corp.		246		22,622
Siemens Ltd.		316		9,389
Turkiye Sise ve Cam Fabrikalari A/S		6,910		8,428
				54,990
Insurance – 3.4%
Cathay Financial Holding Co. Ltd.		24,000		50,890
Fubon Financial Holding Co. Ltd.		20,000		50,482
Ping An Insurance Group Co. of China Ltd., Class H		9,500		62,234
Sanlam Ltd.		670		2,789
				166,395
Interactive Media & Services – 6.2%
Baidu, Inc., ADR*		312		38,741
NAVER Corp.		162		36,953

Investments	Shares		Value
Interactive Media & Services – (continued)
Tencent Holdings Ltd.		4,800	$	230,880
				306,574
Internet & Direct Marketing Retail – 7.8%
Alibaba Group Holding Ltd., ADR*		1,880		182,529
Alibaba Health Information Technology Ltd.*		4,000		2,320
JD.com, Inc., ADR*		514		31,693
Meituan, Class B* (a)		3,200		70,149
Naspers Ltd., Class N		328		33,342
Pinduoduo, Inc., ADR*		594		25,595
Prosus NV*		476		23,395
Vipshop Holdings Ltd., ADR*		1,610		12,333
				381,356
IT Services – 3.1%
Infosys Ltd.		4,242		86,987
Tech Mahindra Ltd.		1,928		31,754
Wipro Ltd.		4,710		31,350
				150,091
Life Sciences Tools & Services – 1.4%
Divi’s Laboratories Ltd.		514		30,295
Genscript Biotech Corp.*		2,000		5,799
Wuxi Biologics Cayman, Inc.* (a)		4,000		30,588
				66,682
Machinery – 0.1%
Weichai Power Co. Ltd., Class H		2,000		2,829
Marine – 0.3%
COSCO SHIPPING Holdings Co. Ltd., Class H*		2,000		3,176
MISC Bhd.		6,000		10,764
				13,940
Media – 0.6%
China Literature Ltd.* (a)		1,600		6,872
Grupo Televisa SAB, Series CPO		7,000		12,993
Zee Entertainment Enterprises Ltd.		2,530		8,213
				28,078
Metals & Mining – 3.7%
Anglo American Platinum Ltd.		182		20,191

See Accompanying Notes to the Financial Statements.

264 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Emerging Markets Core Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Metals & Mining – (continued)
AngloGold Ashanti Ltd.		128	$	2,664
Gold Fields Ltd.		3,168		43,595
Hindalco Industries Ltd.		5,996		37,858
Hyundai Steel Co.		382		13,230
Impala Platinum Holdings Ltd.		468		6,102
Kumba Iron Ore Ltd.		276		9,319
NMDC Ltd.		3,024		6,355
POSCO Holdings, Inc.		114		26,231
Press Metal Aluminium Holdings Bhd.		13,000		17,887
				183,432
Multiline Retail – 0.6%
Lojas Renner SA*		3,200		15,347
Woolworths Holdings Ltd.		3,824		14,366
				29,713
Oil, Gas & Consumable Fuels – 3.8%
Bharat Petroleum Corp. Ltd.		1,278		6,062
Cosan SA		400		1,696
Empresas COPEC SA		1,096		8,056
Hindustan Petroleum Corp. Ltd.		1,128		3,989
Indian Oil Corp. Ltd.		1,588		2,618
MOL Hungarian Oil & Gas plc		1,234		10,525
Petroleo Brasileiro SA		800		5,402
Petroleo Brasileiro SA (Preference)		600		3,669
Petronas Dagangan Bhd.		1,400		6,991
Polski Koncern Naftowy ORLEN SA		932		15,819
PTT Exploration & Production PCL, NVDR		5,400		23,807
PTT PCL, NVDR		25,400		27,810
Reliance Industries Ltd.		1,052		38,399
SK Innovation Co. Ltd.*		116		18,933
Thai Oil PCL, NVDR		3,200		5,279
Ultrapar Participacoes SA		2,600		6,862
				185,917
Paper & Forest Products – 0.7%
Empresas CMPC SA		3,542		5,277
Lee & Man Paper Manufacturing Ltd.		4,000		1,927
Suzano SA		2,800		28,050
				35,254

Investments	Shares		Value
Personal Products – 1.8%
AMOREPACIFIC Group		144	$	5,732
Godrej Consumer Products Ltd.*		816		8,352
Hindustan Unilever Ltd.		2,070		60,518
LG Household & Health Care Ltd.		16		11,580
				86,182
Pharmaceuticals – 1.8%
Aspen Pharmacare Holdings Ltd.		1,432		15,404
China Medical System Holdings Ltd.		6,000		8,687
CSPC Pharmaceutical Group Ltd.		32,000		33,035
Dr Reddy’s Laboratories Ltd.		458		24,756
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		2,000		8,641
				90,523
Professional Services – 0.2%
51job, Inc., ADR*		132		8,032
Real Estate Management & Development – 2.3%
Aldar Properties PJSC		7,954		12,235
Ayala Land, Inc.		22,200		13,629
China Overseas Land & Investment Ltd.		14,000		43,627
China Vanke Co. Ltd., Class H		1,400		3,326
DLF Ltd.		1,716		8,348
Godrej Properties Ltd.*		48		988
Logan Group Co. Ltd.		4,000		1,264
Longfor Group Holdings Ltd.(b)		4,000		19,882
NEPI Rockcastle plc		1,894		11,509
				114,808
Road & Rail – 0.5%
BTS Group Holdings PCL, NVDR		30,400		7,988
Rumo SA		4,800		15,867
				23,855
Semiconductors & Semiconductor Equipment – 9.7%
Flat Glass Group Co. Ltd., Class H		2,000		7,239
GCL Technology Holdings Ltd.*		48,000		15,539
SK Hynix, Inc.		364		32,604
Taiwan Semiconductor Manufacturing Co. Ltd.		20,000		365,048
United Microelectronics Corp.		16,000		25,947
Xinyi Solar Holdings Ltd.		18,000		27,162
				473,539

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 265

FlexShares^® ESG & Climate Emerging Markets Core Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Software – 0.3%
Kingdee International Software Group Co. Ltd.*		8,000	$	16,640
Specialty Retail – 0.1%
GOME Retail Holdings Ltd.*		46,000		2,257
Home Product Center PCL, NVDR		2,200		964
				3,221
Technology Hardware, Storage & Peripherals – 5.5%
Asustek Computer, Inc.		1,000		12,112
Lenovo Group Ltd.		28,000		27,407
Micro-Star International Co. Ltd.		2,000		8,210
Samsung Electronics Co. Ltd.		3,562		191,145
Samsung Electronics Co. Ltd. (Preference)		604		28,517
				267,391
Textiles, Apparel & Luxury Goods – 1.4%
Eclat Textile Co. Ltd.		1,000		16,539
Feng TAY Enterprise Co. Ltd.		2,000		12,994
Li Ning Co. Ltd.		3,500		27,902
LPP SA		4		8,478
Shenzhou International Group Holdings Ltd.		200		2,776
				68,689
Thrifts & Mortgage Finance – 0.3%
Housing Development Finance Corp. Ltd.		546		15,926
Transportation Infrastructure – 1.7%
Airports of Thailand PCL, NVDR*		16,400		31,962
CCR SA		4,400		11,026
Grupo Aeroportuario del Pacifico SAB de CV, Class B*		900		13,849
Grupo Aeroportuario del Sureste SAB de CV, Class B		280		6,110
Malaysia Airports Holdings Bhd.*		5,200		8,194
Taiwan High Speed Rail Corp.		8,000		7,600
Westports Holdings Bhd.		3,800		3,439
				82,180

Investments	Shares		Value
Wireless Telecommunication Services – 1.4%
Advanced Info Service PCL, NVDR		1,600	$	10,044
Bharti Airtel Ltd.*		1,004		9,706
Mobile Telecommunications Co. KSCP		2,446		5,436
Taiwan Mobile Co. Ltd.		6,000		22,086
Vodacom Group Ltd.		2,414		23,196
				70,468
Total Common Stocks (Cost $4,943,860)				4,831,794
Total Investments – 98.6% (Cost $4,943,860)				4,831,794
Other assets less liabilities – 1.4%				70,880
Net Assets – 100.0%			$	4,902,674

* Non-income producing security.

^(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)  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.

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.

As of April 30, 2022, 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	$	69,557
Aggregate gross unrealized depreciation		(183,170	)
Net unrealized depreciation	$	(113,613	)
Federal income tax cost	$	4,943,860

See Accompanying Notes to the Financial Statements.

266 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Emerging Markets Core Index Fund (cont.)

Futures Contracts

FlexShares^® ESG & Climate Emerging Markets Core Index Fund had the following open futures contract as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
MSCI Emerging Markets E-Mini Index		1		06/17/2022		USD	$	52,870	$	(1,547	)

* 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

FlexShares^® ESG & Climate Emerging Markets Core Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:

Brazil	5.3	%
Chile	1.0
China	26.9
Colombia	0.5
Egypt	0.3
Greece	0.4
Hungary	0.7
India	13.1
Indonesia	0.8
Kuwait	0.1
Malaysia	1.3
Mexico	2.5
Philippines	0.5
Poland	1.0
Romania	0.2
South Africa	5.4
South Korea	12.9
Taiwan	19.0
Tanzania, United Republic Of	0.0	†
Thailand	4.3
Turkey	0.8
United Arab Emirates	1.6
Other1	1.4
	100.0	%

^†  Amount represents less than 0.05%.

¹  Includes any non-equity securities and net other assets (liabilities).

Security Type	% of Net Assets
Common Stocks		98.6	%
Others(1)		1.4
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 267

Schedule of Investments

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.4%
Building Products – 0.4%
Steico SE		21,708	$	2,198,482
UFP Industries, Inc.(a)		191,754		14,836,007
Zurn Water Solutions Corp.(a)		401,598		12,537,890
				29,572,379
Chemicals – 16.7%
CF Industries Holdings, Inc.		1,154,142		111,755,570
Corteva, Inc.		4,504,410		259,859,413
FMC Corp.(a)		759,780		100,701,241
ICL Group Ltd.		5,774,328		63,730,070
K+S AG (Registered)*		1,606,392		54,551,210
Mosaic Co. (The)		2,062,260		128,726,269
Nutrien Ltd.		4,113,666		406,329,326
PhosAgro PJSC‡ (b)		308,581		—
PI Industries Ltd.		644,004		23,993,082
SABIC Agri-Nutrients Co.		1,343,664		58,248,845
Scotts Miracle-Gro Co. (The)(a)		296,676		30,833,537
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,447,209		6,635,147
UPL Ltd.		4,099,194		44,127,635
Yara International ASA(a)		1,418,256		73,176,837
				1,362,668,182
Equity Real Estate Investment Trusts (REITs) – 1.2%
Weyerhaeuser Co.		2,329,992		96,042,270
Food Products – 14.9%
a2 Milk Co. Ltd. (The)* (a)		6,063,768		19,363,588
Archer-Daniels-Midland Co.		3,285,144		294,217,497
Bakkafrost P/F*		434,160		30,197,410
Bunge Ltd.(a)		835,758		94,540,945
Charoen Pokphand Indonesia Tbk. PT		59,335,200		21,078,587
International Holding Co. PJSC*		3,763,704		223,687,830
IOI Corp. Bhd.		27,496,800		29,495,821
Kuala Lumpur Kepong Bhd.		4,341,600		29,379,473
Mowi ASA		3,824,226		109,474,116

Investments	Shares		Value
Food Products – (continued)
Muyuan Foods Co. Ltd., Class A		3,618,020	$	28,688,202
New Hope Liuhe Co. Ltd., Class A*		2,894,488		6,165,123
PPB Group Bhd.		6,150,600		24,271,806
Salmar ASA		477,576		39,624,780
Tongwei Co. Ltd., Class A		2,894,400		18,059,790
Tyson Foods, Inc., Class A(a)		1,848,798		172,234,022
Wilmar International Ltd.		23,517,000		75,614,078
				1,216,093,068
Metals & Mining – 27.4%
Agnico Eagle Mines Ltd.(a)		1,013,040		59,273,997
Alcoa Corp.		419,688		28,454,846
Anglo American plc		3,824,226		172,175,183
Barrick Gold Corp.(a)		4,497,174		100,812,985
BHP Group Ltd.(a)		11,335,194		386,737,625
Boliden AB(a)		759,780		33,453,020
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,085,400		5,220,202
First Quantum Minerals Ltd.(a)		1,454,436		41,912,975
Fortescue Metals Group Ltd.(a)		4,439,286		68,237,861
Franco-Nevada Corp.(a)		473,958		72,047,698
Freeport-McMoRan, Inc.		3,437,100		139,374,405
Glencore plc*		28,585,818		178,478,456
Gold Fields Ltd.(a)		2,178,036		29,972,309
Grupo Mexico SAB de CV, Series B		7,959,600		37,254,134
Hindalco Industries Ltd.		3,932,766		24,831,076
Impala Platinum Holdings Ltd.		2,467,476		32,170,598
MMC Norilsk Nickel PJSC‡ (b)		1,277,631		—
Newcrest Mining Ltd.(a)		2,029,698		38,771,843
Newmont Corp.(a)		1,624,482		118,343,514
Norsk Hydro ASA		3,921,912		33,651,689
Rio Tinto plc		2,955,906		211,757,648
Saudi Arabian Mining Co.*		946,344		34,818,031
Sibanye Stillwater Ltd.(a)		7,492,878		26,430,264
South32 Ltd.(a)		12,388,032		41,992,957

See Accompanying Notes to the Financial Statements.

268 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Metals & Mining – (continued)
Sumitomo Metal Mining Co. Ltd.		723,600	$	31,672,859
Teck Resources Ltd., Class B(a)		1,150,524		45,623,064
Vale SA		10,391,114		174,765,939
Wheaton Precious Metals Corp.(a)		1,117,962		50,367,554
Zijin Mining Group Co. Ltd., Class A		4,703,492		7,904,609
				2,226,507,341
Multi-Utilities – 1.1%
Veolia Environnement SA		3,049,974		89,770,205
Oil, Gas & Consumable Fuels – 29.5%
BP plc		31,610,466		155,394,214
Cameco Corp.(a)		994,950		25,822,536
Canadian Natural Resources Ltd.(a)		1,758,348		109,390,282
Cenovus Energy, Inc.(a)		1,953,720		36,305,974
Chevron Corp.		1,960,956		307,222,977
China Petroleum & Chemical Corp., Class H		43,416,000		21,524,982
ConocoPhillips		1,530,414		146,185,145
Coterra Energy, Inc.(a)		882,792		25,415,582
Devon Energy Corp.		748,926		43,565,025
Diamondback Energy, Inc.(a)		217,080		27,402,008
Eni SpA		4,063,014		57,393,244
EOG Resources, Inc.		698,274		81,530,472
Equinor ASA		1,606,392		55,356,559
Exxon Mobil Corp.		4,707,018		401,273,285
Gazprom PJSC‡ (b)		15,937,700		—
Hess Corp.		340,092		35,053,282
LUKOIL PJSC‡ (b)		214,305		—
LUKOIL PJSC, ADR‡ (b)		269,035		—
Marathon Oil Corp.		890,028		22,179,498
Novatek PJSC‡ (b)		1,237,715		—
Occidental Petroleum Corp.(a)		795,960		43,849,436
Petroleo Brasileiro SA (Preference)		7,236,000		44,244,191
Pioneer Natural Resources Co.		278,586		64,762,887

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Repsol SA		2,167,182	$	32,659,348
Rosneft Oil Co. PJSC‡ (b)		2,926,433		—
Saudi Arabian Oil Co.(c)		3,005,184		35,974,395
Shell plc		12,091,356		329,876,556
Suncor Energy, Inc.		2,199,744		79,483,728
Tatneft PJSC‡ (b)		2,021,036		—
TotalEnergies SE(a)		3,892,968		193,947,720
Woodside Petroleum Ltd.(a)		1,302,480		28,832,671
				2,404,645,997
Paper & Forest Products – 3.7%
Canfor Corp.* (a)		238,788		4,573,788
Chengxin Lithium Group Co. Ltd., Class A*		361,860		2,438,586
Dongwha Enterprise Co. Ltd.*		21,708		1,425,884
Interfor Corp.(a)		235,170		6,738,332
Mondi plc(a)		2,083,968		39,507,969
Stella-Jones, Inc.(a)		242,406		6,733,236
Stora Enso OYJ, Class R		2,568,780		51,204,212
Suzano SA		2,708,898		27,137,117
Svenska Cellulosa AB SCA, Class B		2,261,250		44,366,758
UPM-Kymmene OYJ		2,355,318		82,095,900
West Fraser Timber Co. Ltd.(a)		401,598		35,479,387
				301,701,169
Trading Companies & Distributors – 0.9%
Boise Cascade Co.(a)		137,484		10,391,041
Mitsui & Co. Ltd.		2,532,600		61,575,254
				71,966,295
Water Utilities – 3.6%
American States Water Co.(a)		123,012		9,676,124
American Water Works Co., Inc.		604,206		93,096,061
Beijing Enterprises Water Group Ltd.		21,708,000		7,082,771
California Water Service Group(a)		177,282		9,195,618
China Water Affairs Group Ltd.(a)		3,850,000		4,249,345

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 269

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Water Utilities – (continued)
Cia de Saneamento Basico do Estado de Sao Paulo*		1,447,200	$	13,013,169
Essential Utilities, Inc.(a)		781,488		34,979,403
Grandblue Environment Co. Ltd., Class A		361,800		1,015,039
Guangdong Investment Ltd.		12,402,000		15,964,543
Pennon Group plc		1,230,120		17,173,902
Severn Trent plc		1,099,872		43,442,777
United Utilities Group plc		2,963,142		42,819,787
				291,708,539
Total Common Stocks (Cost $6,127,170,314)				8,090,675,445
	Principal Amount
SECURITIES LENDING REINVESTMENTS(d) – 2.5%
CERTIFICATES OF DEPOSIT – 0.4%
Commonwealth Bank of Australia, New York (SOFR + 0.47%), 0.75%, 9/9/2022(e)	$	5,000,000		5,002,580
Goldman Sachs International 0.90%, 6/3/2022		8,000,000		7,993,600
Macquarie Bank Ltd. (SOFR + 0.18%), 0.46%, 5/10/2022(e) (f)		2,000,000		2,000,000
Mizuho Bank Ltd., New York 0.25%, 5/5/2022		2,000,000		2,000,000
Natixis SA, New York (SOFR + 0.18%), 0.41%, 6/17/2022(e)		3,000,000		3,000,194
Skandinaviska Enskilda Banken AB, New York (SOFR + 0.36%), 0.64%, 10/26/2022(e)		2,000,000		2,000,400
Standard Chartered, New York (SOFR + 0.62%), 0.90%, 6/24/2022(e)		3,000,000		3,000,000

Investments	Principal Amount		Value
CERTIFICATES OF DEPOSIT – (continued)
The Norinchukin Bank, New York (SOFR + 0.45%), 0.73%, 6/10/2022(e)	$	5,000,000	$	5,000,000
Westpac Banking Corp., New York (SOFR + 0.44%), 0.72%, 9/19/2022(e)		3,000,000		3,001,191
Total Certificates of Deposit (Cost $32,993,794)				32,997,965
REPURCHASE AGREEMENTS – 2.1%
BofA Securities, Inc., 0.77%, dated 4/30/2022, due 8/1/2022, repurchase price $8,015,913, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 2.25%, maturing 12/15/2023 – 8/15/2046; Common Stocks; total market value $8,147,059		8,000,000		8,000,000
CF Secured LLC, 0.27%, dated 4/30/2022, due 5/2/2022, repurchase price $20,000,300, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/26/2022 – 2/15/2052; Cash; total market value $20,263,494		20,000,000		20,000,000
Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $65,297,109, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $65,719,626		65,296,020		65,296,020

See Accompanying Notes to the Financial Statements.

270 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund (cont.)

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(d) – (continued)
REPURCHASE AGREEMENTS – (continued)
Societe Generale, New York Branch, 0.28%, dated 4/30/2022, due 5/6/2022, repurchase price $50,002,333, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.25%, maturing 4/30/2022 – 8/15/2051; total market value $50,630,006	$	50,000,000	$	50,000,000
TD Prime Services LLC, 0.40%, dated 4/30/2022, due 5/2/2022, repurchase price $26,070,599, collateralized by various Common Stocks; total market value $28,428,611		26,070,020		26,070,020
Total Repurchase Agreements (Cost $169,366,040)				169,366,040
Total Securities Lending Reinvestments (Cost $202,359,834)				202,364,005
Total Investments – 101.9% (Cost $6,329,530,148)				8,293,039,450
Liabilities in excess of other assets – (1.9%)				(152,316,208	)
NET ASSETS – 100.0%			$	8,140,723,242

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $543,174,950, collateralized in the form of cash with a value of $202,348,694 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $331,498,523 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 31, 2022 – February 15, 2052 and $30,643,741 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $564,490,958.

^(b)  Security fair valued as of April 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2022 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

^(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, 2022. The total value of securities purchased was $202,364,005.

^(e)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2022.

^(f)  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.

^‡  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

SOFR – Secured Overnight Financing Rate

As of April 30, 2022, 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	$	2,180,083,432
Aggregate gross unrealized depreciation		(261,953,967	)
Net unrealized appreciation	$	1,918,129,465
Federal income tax cost	$	6,373,989,431

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 271

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund (cont.)

Futures Contracts

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
FTSE 100 Index		86		06/17/2022		GBP	$	8,112,011	$	362,632
FTSE/JSE Top 40 Index		30		06/15/2022		ZAR		1,248,482		(15,635	)
MSCI Emerging Markets E-Mini Index		57		06/17/2022		USD		3,013,590		17,537
Russell 2000 Emini Index		70		06/17/2022		USD		6,514,550		(405,785	)
S&P/TSX 60 Index		144		06/16/2022		CAD		28,212,981		(936,733	)
SPI 200 Index		14		06/16/2022		AUD		1,842,822		59,977
									$	(918,007	)

* 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, 2022:

Contracts to Receive		Counterparty	In Exchange For		Delivery Date		Unrealized Appreciation (Depreciation)
BRL*	1,699,240	Citibank NA	USD	328,020		06/15/2022	$	10,396
CAD	720,000	Bank of Montreal	USD	562,523		06/15/2022		775
INR*	6,925,711	Citibank NA	USD	89,482		06/15/2022		698
MXN	2,080,000	Toronto-Dominion Bank (The)	USD	97,318		06/15/2022		3,729
USD	1,080,354	BNP Paribas SA	AUD	1,450,000		06/15/2022		49,062
USD	12,121,558	Citibank NA	AUD	16,526,520		06/15/2022		367,298
USD	4,325,469	Citibank NA	BRL*	20,500,000		06/15/2022		242,752
USD	7,162,862	Toronto-Dominion Bank (The)	CAD	9,050,000		06/15/2022		82,514
USD	173,974	UBS AG	CHF	161,534		06/15/2022		7,176
USD	918,441	Bank of Montreal	EUR	860,000		06/15/2022		9,302
USD	1,608,320	JPMorgan Chase Bank	EUR	1,450,000		06/15/2022		75,469
USD	2,238,990	Toronto-Dominion Bank (The)	EUR	2,000,000		06/15/2022		124,712
USD	7,707,184	JPMorgan Chase Bank	GBP	5,850,000		06/15/2022		362,117
USD	12,323,247	Morgan Stanley	GBP	9,420,000		06/15/2022		495,807
USD	1,068,590	Toronto-Dominion Bank (The)	HKD	8,354,345		06/15/2022		2,784
USD	1,611,579	Citibank NA	JPY	196,300,000		06/15/2022		94,053
USD	2,484,552	JPMorgan Chase Bank	JPY	295,500,000		06/15/2022		200,145
USD	285,049	Citibank NA	KRW*	350,052,156		06/15/2022		6,318
USD	595,376	Morgan Stanley	MYR*	2,500,000		06/15/2022		21,522
USD	1,089,710	Bank of Montreal	NOK	9,570,000		06/15/2022		62,373
USD	619,678	Morgan Stanley	SGD	840,000		06/15/2022		11,414
USD	1,568,219	Toronto-Dominion Bank (The)	SGD	2,160,000		06/15/2022		4,113
USD	198,150	UBS AG	ZAR	3,000,000		06/15/2022		9,406
Total unrealized appreciation							$	2,243,935
AUD	18,760,000	Bank of Montreal	USD	14,094,457		06/15/2022	$	(751,664	)
AUD	900,000	Morgan Stanley	USD	659,865		06/15/2022		(19,752	)
AUD	1,480,000	Toronto-Dominion Bank (The)	USD	1,107,610		06/15/2022		(54,981	)

See Accompanying Notes to the Financial Statements.

272 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund (cont.)

Forward Foreign Currency Contracts (cont.)

Contracts to Receive		Counterparty	In Exchange For		Delivery Date		Unrealized Appreciation (Depreciation)
CAD	2,920,000	Bank of Montreal	USD	2,300,073		06/15/2022	$	(15,585	)
CAD	15,514,539	Citibank NA	USD	12,260,578		06/15/2022		(122,641	)
CAD	1,800,000	JPMorgan Chase Bank	USD	1,429,110		06/15/2022		(20,864	)
EUR	1,400,000	Bank of Montreal	USD	1,541,955		06/15/2022		(61,961	)
EUR	1,700,000	Bank of New York	USD	1,854,575		06/15/2022		(57,439	)
EUR	2,158,602	Toronto-Dominion Bank (The)	USD	2,382,959		06/15/2022		(101,017	)
GBP	10,900,000	Bank of Montreal	USD	13,817,457		06/15/2022		(131,777	)
GBP	500,000	Citibank NA	USD	655,625		06/15/2022		(27,841	)
GBP	690,000	JPMorgan Chase Bank	USD	901,082		06/15/2022		(34,741	)
GBP	9,024,860	Toronto-Dominion Bank (The)	USD	11,835,358		06/15/2022		(504,042	)
HKD	5,500,000	Bank of Montreal	USD	702,276		06/15/2022		(614	)
JPY	109,400,416	BNP Paribas SA	USD	937,645		06/15/2022		(91,909	)
MYR*	2,080,000	Goldman Sachs & Co.	USD	483,345		06/15/2022		(5,899	)
NOK	16,920,000	Bank of Montreal	USD	1,899,206		06/15/2022		(82,849	)
NOK	14,031,048	Bank of New York	USD	1,571,174		06/15/2022		(64,945	)
NOK	5,000,000	Citibank NA	USD	582,951		06/15/2022		(46,203	)
NZD	126,346	Bank of New York	USD	86,559		06/15/2022		(4,565	)
SEK	5,469,173	Citibank NA	USD	566,582		06/15/2022		(7,429	)
SGD	629,915	Citibank NA	USD	463,612		06/15/2022		(7,476	)
ZAR	11,140,000	Citibank NA	USD	731,158		06/15/2022		(30,288	)
Total unrealized depreciation							$	(2,246,482	)
Net unrealized depreciation							$	(2,547	)

* Non-deliverable forward.

Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

INR – Indian Rupee

JPY – Japanese Yen

KRW – Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

USD – US Dollar

ZAR – South African Rand

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 273

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund (cont.)

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:

Australia	6.9	%
Brazil	3.2
Canada	13.3
China	1.5
Finland	1.6
France	3.5
Germany	0.7
India	1.1
Indonesia	0.3
Israel	0.8
Italy	0.7
Japan	1.2
Malaysia	1.0
Mexico	0.5
New Zealand	0.2
Norway	4.2
Saudi Arabia	1.6
Singapore	0.9
South Africa	1.1
South Korea	0.0	†
Spain	0.4
Sweden	1.0
United Arab Emirates	2.8
United Kingdom	14.6
United States	36.3
Other1	0.6
	100.0	%

^†  Amount represents less than 0.05%.

¹  Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities).

Security Type	% of Net Assets
Common Stocks		99.4	%
Securities Lending Reinvestments		2.5
Others(1)		(1.9	)
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

274 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.3%
Air Freight & Logistics – 2.7%
bpost SA* (a)		132,060	$	811,520
CTT-Correios de Portugal SA(a)		176,700		802,494
Deutsche Post AG (Registered)		1,347,570		58,172,649
Oesterreichische Post AG* (a)		43,710		1,415,634
PostNL NV(a)		537,540		1,773,819
Royal Mail plc		1,067,640		4,619,094
				67,595,210
Commercial Services & Supplies – 4.7%
Ambipar Participacoes e Empreendimentos S/A		93,000		659,913
Befesa SA(b)		49,290		3,088,710
Biffa plc(b)		405,480		1,775,671
Casella Waste Systems, Inc., Class A* (a)		21,390		1,759,114
China Everbright Environment Group Ltd.		4,650,000		2,761,737
Clean Harbors, Inc.* (a)		21,390		2,244,453
Cleanaway Co. Ltd.		112,000		761,853
Cleanaway Waste Management Ltd.(a)		2,803,950		6,376,407
CoreCivic, Inc., REIT* (a)		48,360		601,115
Daiseki Co. Ltd.		93,060		3,372,312
GEO Group, Inc. (The), REIT* (a)		49,290		321,864
Insun ENT Co. Ltd.*		42,780		381,478
Koentec Co. Ltd.		14,880		99,279
Midac Holdings Co. Ltd.		21,400		350,335
Renewi plc*		104,160		902,333
Republic Services, Inc.		84,630		11,363,270
Shanghai Youngsun Investment Co. Ltd., Class B* ‡		57,800		—
Stericycle, Inc.* (a)		38,130		1,913,745
TRE Holdings Corp.		93,000		1,496,642
US Ecology, Inc.* (a)		13,950		669,460
Waste Connections, Inc.		356,190		49,393,649
Waste Management, Inc.		170,190		27,986,043
				118,279,383

Investments	Shares		Value
Diversified Financial Services – 0.0%(c)
Metro Pacific Investments Corp.		16,740,000	$	1,218,504
Diversified Telecommunication Services – 13.3%
AT&T, Inc.		46,473		876,481
AT&T, Inc.		2,865,357		54,040,633
BCE, Inc.(a)		631,470		33,746,255
BT Group plc(a)		4,851,810		10,803,182
Cellnex Telecom SA(b)		374,790		17,618,343
China Tower Corp. Ltd., Class H(b)		31,620,000		3,707,602
Deutsche Telekom AG (Registered)		2,407,770		44,629,152
Frontier Communications Parent, Inc.* (a)		98,580		2,601,526
HKT Trust & HKT Ltd.		2,790,000		4,003,925
Infrastrutture Wireless Italiane SpA(b)		243,660		2,616,760
Koninklijke KPN NV		2,249,670		7,796,256
Liberty Global plc, Class C*		143,220		3,394,314
Lumen Technologies, Inc.(a)		386,880		3,892,013
Nippon Telegraph & Telephone Corp.		1,649,200		48,969,376
Operadora de Sites Mexicanos SA de CV, REIT(a)		2,325,000		2,838,964
Spark New Zealand Ltd.		1,334,550		4,261,653
Swisscom AG (Registered)(a)		17,670		10,500,238
Vantage Towers AG		66,030		2,251,358
Verizon Communications, Inc.		1,688,880		78,195,144
				336,743,175
Electric Utilities – 13.4%
American Electric Power Co., Inc.		205,530		20,370,078
Duke Energy Corp.		314,340		34,627,694
Enel SpA		6,987,090		45,833,068
Eversource Energy		140,430		12,273,582
Exelon Corp.		398,970		18,663,817
Iberdrola SA(a)		5,287,050		61,409,083
NextEra Energy, Inc.		800,730		56,867,845
Orsted A/S(b)		170,190		19,137,415

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 275

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Electric Utilities – (continued)
Southern Co. (The)		432,450	$	31,737,506
SSE plc		963,480		22,602,294
Xcel Energy, Inc.		219,480		16,079,105
				339,601,487
Energy Equipment & Services – 0.0%(c)
Secure Energy Services, Inc.(a)		277,140		1,429,015
Equity Real Estate Investment Trusts (REITs) – 5.4%
American Tower Corp.		185,070		44,605,571
Crown Castle International Corp.		175,770		32,554,362
Digital Realty Trust, Inc.(a)		116,250		16,986,450
Equinix, Inc.		36,540		26,275,183
Keppel DC REIT		930,022		1,394,124
SBA Communications Corp.		44,640		15,494,990
				137,310,680
Gas Utilities – 1.1%
APA Group(a)		910,470		7,434,323
Beijing Enterprises Holdings Ltd.		465,000		1,582,369
Enagas SA(a)		212,040		4,601,336
Keppel Infrastructure Trust		4,650,000		1,868,890
Petronas Gas Bhd.		465,000		1,813,644
Snam SpA		1,855,350		10,224,943
				27,525,505
Health Care Providers & Services – 3.5%
Acadia Healthcare Co., Inc.* (a)		37,200		2,525,136
Apollo Hospitals Enterprise Ltd.		159,960		9,320,964
Bangkok Dusit Medical Services PCL, NVDR		15,996,000		12,026,190
Bumrungrad Hospital PCL, NVDR		744,000		3,486,482
Encompass Health Corp.		39,990		2,752,512
HCA Healthcare, Inc.		98,580		21,150,339
IHH Healthcare Bhd.		3,255,000		4,942,127
Life Healthcare Group Holdings Ltd.		1,699,110		2,311,853
Mediclinic International plc*		453,840		2,116,223

Investments	Shares		Value
Health Care Providers & Services – (continued)
Ramsay Health Care Ltd.(a)		253,890	$	14,634,428
Rede D’Or Sao Luiz SA(b)		744,000		5,518,178
Select Medical Holdings Corp.		45,570		1,030,337
Tenet Healthcare Corp.*		43,710		3,169,412
Universal Health Services, Inc., Class B(a)		27,900		3,418,587
				88,402,768
IT Services – 0.2%
Fastly, Inc., Class A* (a)		43,710		694,989
NEXTDC Ltd.* (a)		317,130		2,542,156
Switch, Inc., Class A(a)		57,660		1,721,728
				4,958,873
Media – 4.7%
Cable One, Inc.		2,199		2,564,474
Charter Communications, Inc., Class A* (a)		49,290		21,120,272
Comcast Corp., Class A		1,844,190		73,324,994
DISH Network Corp., Class A* (a)		107,880		3,075,659
Liberty Broadband Corp., Class C* (a)		60,450		6,759,519
Shaw Communications, Inc., Class B		331,080		9,911,287
Sirius XM Holdings, Inc.(a)		406,410		2,438,460
				119,194,665
Multi-Utilities – 9.0%
Consolidated Edison, Inc.		145,080		13,454,719
Dominion Energy, Inc.		330,150		26,953,446
E.ON SE		1,902,780		19,932,864
Engie SA(a)		1,672,140		19,972,281
National Grid plc		3,281,040		49,184,988
Public Service Enterprise Group, Inc.		206,460		14,382,004
RWE AG		608,220		25,402,595
Sempra Energy		130,200		21,009,072
Veolia Environnement SA		896,520		26,387,367
WEC Energy Group, Inc.		129,270		12,933,463
				229,612,799
Oil, Gas & Consumable Fuels – 8.2%
Antero Midstream Corp.(a)		137,640		1,413,563
DT Midstream, Inc.(a)		39,060		2,099,475

See Accompanying Notes to the Financial Statements.

276 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Enbridge, Inc.		1,823,730	$	79,995,543
Equitrans Midstream Corp.(a)		184,140		1,447,341
Keyera Corp.(a)		197,160		4,916,466
Kinder Morgan, Inc.		820,260		14,887,719
Koninklijke Vopak NV		64,170		1,734,375
ONEOK, Inc.(a)		183,210		11,602,689
Pembina Pipeline Corp.(a)		493,830		18,782,580
Plains GP Holdings LP, Class A* (a)		77,190		862,212
Targa Resources Corp.		93,930		6,895,401
TC Energy Corp.		882,570		46,923,541
Transneft PJSC (Preference)‡ (d)		1,473		—
Williams Cos., Inc. (The)		494,760		16,965,320
				208,526,225
Road & Rail – 17.7%
Aurizon Holdings Ltd.		2,514,720		7,201,956
Canadian National Railway Co.		959,760		113,454,513
Canadian Pacific Railway Ltd.(a)		1,168,201		85,893,234
Canadian Pacific Railway Ltd.		104,040		7,617,776
Central Japan Railway Co.(a)		280,900		35,578,643
CSX Corp.		903,960		31,041,987
East Japan Railway Co.(a)		516,400		27,179,157
Keisei Electric Railway Co. Ltd.(a)		236,400		5,829,716
Kyushu Railway Co.		215,900		4,256,010
MTR Corp. Ltd.		2,143,500		11,433,056
Norfolk Southern Corp.		99,510		25,661,639
Odakyu Electric Railway Co. Ltd.(a)		472,100		7,200,290
Rumo SA		1,767,000		5,840,998
Tobu Railway Co. Ltd.		279,000		6,294,512
Union Pacific Corp.		262,260		61,444,895
West Japan Railway Co.		335,000		12,525,008
				448,453,390

Investments	Shares		Value
Transportation Infrastructure – 7.4%
Adani Ports & Special Economic Zone Ltd.		1,081,590	$	12,117,260
Aena SME SA* (b)		100,440		14,442,236
Aeroports de Paris*		38,130		5,452,532
Airports of Thailand PCL, NVDR*		5,766,000		11,237,387
Atlantia SpA* (a)		693,780		16,709,350
Atlas Arteria Ltd.(a)		1,312,230		6,490,452
Auckland International Airport Ltd.* (a)		1,637,730		8,328,359
Bangkok Expressway & Metro PCL, NVDR		11,346,000		2,732,978
CCR SA		1,488,000		3,728,864
China Merchants Port Holdings Co. Ltd.		1,860,000		3,266,672
COSCO SHIPPING Ports Ltd.		2,150,000		1,539,991
Flughafen Zurich AG (Registered)* (a)		26,040		4,453,346
Getlink SE(a)		596,130		10,992,951
Grupo Aeroportuario del Pacifico SAB de CV, Class B* (a)		520,800		8,013,662
Grupo Aeroportuario del Sureste SAB de CV, Class B		279,000		6,088,553
International Container Terminal Services, Inc.		2,418,000		9,986,032
Japan Airport Terminal Co. Ltd.* (a)		128,200		5,343,316
Jiangsu Expressway Co. Ltd., Class H		1,860,000		1,841,948
Promotora y Operadora de Infraestructura SAB de CV		330,150		2,406,503
Qube Holdings Ltd.		2,637,480		5,548,002
Santos Brasil Participacoes SA		744,000		1,065,175
Shenzhen International Holdings Ltd.		1,860,679		2,006,251
Transurban Group(a)		4,198,020		42,780,851
Westports Holdings Bhd.		1,302,000		1,178,335
Westshore Terminals Investment Corp.(a)		55,800		1,503,223
				189,254,229

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 277

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Water Utilities – 2.6%
Aguas Andinas SA, Class A		3,832,530	$	673,911
American States Water Co.(a)		15,810		1,243,615
American Water Works Co., Inc.		74,400		11,463,552
Beijing Enterprises Water Group Ltd.		5,860,000		1,911,970
California Water Service Group		22,320		1,157,738
Cia de Saneamento Basico do Estado de Sao Paulo*		465,000		4,181,263
Cia de Saneamento de Minas Gerais-COPASA		279,000		769,585
Cia de Saneamento do Parana (Preference)		1,209,000		952,122
Essential Utilities, Inc.		93,000		4,162,680
Guangdong Investment Ltd.		3,820,000		4,917,316
Middlesex Water Co.(a)		7,440		661,788
Pennon Group plc		362,700		5,063,713
Severn Trent plc		346,890		13,701,472
SJW Group		12,090		713,310
TTW PCL, NVDR		2,418,000		776,584
United Utilities Group plc		931,860		13,466,127
				65,816,746
Wireless Telecommunication Services – 5.4%
KDDI Corp.		1,151,700		38,535,192
SoftBank Group Corp.		886,200		36,040,351
T-Mobile US, Inc.* (a)		271,560		33,439,898
Vodafone Group plc		18,712,530		28,554,099
				136,569,540
Total Common Stocks (Cost $2,321,364,371)				2,520,492,194

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(e) – 1.5%
REPURCHASE AGREEMENTS – 1.5%
BofA Securities, Inc., 0.77%, dated 4/30/2022, due 8/1/2022, repurchase price $2,003,978, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 2.25%, maturing 12/15/2023 – 8/15/2046; Common Stocks; total market value $2,036,765	$	2,000,000	$	2,000,000
CF Secured LLC, 0.27%, dated 4/30/2022, due 5/2/2022, repurchase price $15,000,225, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/26/2022 – 2/15/2052; Cash; total market value $15,197,620		15,000,000		15,000,000
Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $11,469,466, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $11,543,681		11,469,275		11,469,275

See Accompanying Notes to the Financial Statements.

278 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund (cont.)

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(e) – (continued)
REPURCHASE AGREEMENTS – (continued)
TD Prime Services LLC, 0.40%, dated 4/30/2022, due 5/2/2022, repurchase price $10,000,222, collateralized by various Common Stocks; total market value $10,904,714	$	10,000,000	$	10,000,000
				38,469,275
Total Securities Lending Reinvestments (Cost $38,469,275)				38,469,275
Total Investments – 100.8% (Cost $2,359,833,646)				2,558,961,469
Liabilities in excess of other assets – (0.8%)				(21,019,886	)
NET ASSETS – 100.0%			$	2,537,941,583

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $130,306,071, collateralized in the form of cash with a value of $38,480,637 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $54,900,100 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from April 30, 2022 – February 15, 2052 and $44,334,625 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $137,715,362.

^(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)  Security fair valued as of April 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2022 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

^(e)  The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $38,469,275.

^‡  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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.

As of April 30, 2022, 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	$	333,844,192
Aggregate gross unrealized depreciation		(149,938,157	)
Net unrealized appreciation	$	183,906,035
Federal income tax cost	$	2,375,036,764

Futures Contracts

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
FTSE 100 Index		37		06/17/2022		GBP	$	3,490,051	$	191,230
S&P 500 E-Mini Index		22		06/17/2022		USD		4,540,250		(44,317	)
S&P/TSX 60 Index		32		06/16/2022		CAD		6,269,551		(229,018	)
SPI 200 Index		19		06/16/2022		AUD		2,500,973		26,628
TOPIX Index		10		06/09/2022		JPY		1,468,818		97,712
									$	42,235

* 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 SEMIANNUAL REPORT 279

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund (cont.)

Forward Foreign Currency Contracts

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund had the following outstanding contracts as of April 30, 2022:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
GBP	150,000	Citibank NA	USD	187,558		06/15/2022	$	777
USD	22,159,939	Citibank NA	AUD	30,212,839		06/15/2022		671,473
USD	2,057,869	Toronto-Dominion Bank (The)	CAD	2,600,000		06/15/2022		23,736
USD	601,788	Toronto-Dominion Bank (The)	CHF	560,000		06/15/2022		23,542
USD	465,322	Bank of Montreal	EUR	430,000		06/15/2022		10,752
USD	1,180,034	BNP Paribas SA	EUR	1,100,000		06/15/2022		17,181
USD	997,427	Toronto-Dominion Bank (The)	EUR	900,000		06/15/2022		46,002
USD	880,829	Toronto-Dominion Bank (The)	GBP	670,000		06/15/2022		39,599
USD	97,287	Toronto-Dominion Bank (The)	HKD	760,399		06/15/2022		280
USD	1,740,473	Citibank NA	JPY	212,000,000		06/15/2022		101,575
USD	1,105,388	JPMorgan Chase Bank	JPY	142,000,000		06/15/2022		7,636
USD	1,874,711	Toronto-Dominion Bank (The)	JPY	223,000,000		06/15/2022		150,777
Total unrealized appreciation							$	1,093,330
AUD	29,400,000	Citibank NA	USD	21,569,780		06/15/2022	$	(659,435	)
CAD	4,705,816	Citibank NA	USD	3,701,015		06/15/2022		(19,379	)
CHF	220,000	Toronto-Dominion Bank (The)	USD	236,715		06/15/2022		(9,547	)
CHF	207,000	UBS AG	USD	222,940		06/15/2022		(9,196	)
EUR	3,160,130	Toronto-Dominion Bank (The)	USD	3,494,182		06/15/2022		(153,486	)
GBP	558,747	Toronto-Dominion Bank (The)	USD	730,989		06/15/2022		(29,445	)
JPY	325,846,439	BNP Paribas SA	USD	2,792,752		06/15/2022		(273,747	)
Total unrealized depreciation							$	(1,154,235	)
Net unrealized depreciation							$	(60,905	)

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

JPY – Japanese Yen

USD – US Dollar

See Accompanying Notes to the Financial Statements.

280 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund (cont.)

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:

Australia	3.7	%
Austria	0.1
Belgium	0.0	†
Brazil	0.9
Canada	17.6
Chile	0.0	†
China	0.9
Denmark	0.8
France	2.5
Germany	6.0
Hong Kong	0.7
India	0.8
Italy	3.0
Japan	9.2
Malaysia	0.3
Mexico	0.8
Netherlands	0.4
New Zealand	0.5
Philippines	0.4
Portugal	0.0	†
Singapore	0.1
South Africa	0.1
South Korea	0.0	†
Spain	3.9
Switzerland	0.6
Taiwan	0.0	†
Thailand	1.2
United Kingdom	6.0
United States	38.8
Other1	0.7
	100.0	%

^†  Amount represents less than 0.05%.

¹  Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities).

Security Type	% of Net Assets
Common Stocks		99.3	%
Securities Lending Reinvestments		1.5
Others(1)		(0.8	)
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 281

Schedule of Investments

FlexShares^® Global Quality Real Estate Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 96.6%
Commercial Services & Supplies – 0.2%
GEO Group, Inc. (The), REIT* (a)		88,472	$	577,722
Equity Real Estate Investment Trusts (REITs) – 79.0%
Abacus Property Group(a)		393,750		920,603
Acadia Realty Trust		51,912		1,085,999
AEON REIT Investment Corp.		924		1,066,209
Alexander & Baldwin, Inc.		51,762		1,097,354
American Tower Corp.		42,714		10,294,928
Apple Hospitality REIT, Inc.		116,046		2,052,854
ARGAN SA		1,890		223,312
Argosy Property Ltd.		140,364		118,890
AvalonBay Communities, Inc.		72,702		16,538,251
Befimmo SA		20,203		1,011,309
Big Yellow Group plc(a)		87,570		1,572,201
Brixmor Property Group, Inc.		157,374		3,994,152
Broadstone Net Lease, Inc.		75,474		1,561,557
BWP Trust		350,851		1,037,222
Canadian Apartment Properties REIT(a)		42,714		1,681,756
Centuria Industrial REIT		426,762		1,210,081
Charter Hall Group(a)		237,636		2,644,599
Charter Hall Long Wale REIT		346,752		1,320,807
Cousins Properties, Inc.(a)		75,978		2,727,610
Cromwell European REIT(b)		380,300		922,754
Crown Castle International Corp.		23,688		4,387,254
CT REIT(a)		72,362		1,004,988
Dexus		434,448		3,448,631
Dream Industrial REIT(a)		83,160		973,415
Dream Office REIT(a)		49,266		1,002,242
Duke Realty Corp.		197,316		10,803,051
Empire State Realty Trust, Inc., Class A(a)		116,202		1,003,985
Equinix, Inc.		3,276		2,355,706
Equity Residential		185,094		15,085,161
Essex Property Trust, Inc.		33,894		11,160,277
Extra Space Storage, Inc.		69,552		13,214,880
First Capital REIT(a)		76,059		1,018,841
First Industrial Realty Trust, Inc.		66,402		3,851,316
Frasers Logistics & Commercial Trust(b)		1,497,400		1,572,330

Investments	Shares		Value
Equity Real Estate Investment Trusts (REITs) – (continued)
Fukuoka REIT Corp.(a)		630	$	789,688
Goodman Group		295,092		5,028,777
Goodman Property Trust		662,886		972,356
GPT Group (The)		1,017,576		3,680,785
Granite REIT		16,632		1,238,112
Growthpoint Properties Australia Ltd.		353,756		1,111,173
H&R REIT(a)		86,058		860,546
Healthcare Trust of America, Inc., Class A		117,306		3,573,141
Healthpeak Properties, Inc.		279,090		9,156,943
Highwoods Properties, Inc.		52,920		2,161,253
Ichigo Office REIT Investment Corp.(a)		660		424,344
Industrial Logistics Properties Trust		44,236		714,854
InterRent REIT(a)		70,182		774,827
InvenTrust Properties Corp.(a)		45,360		1,373,954
iStar, Inc.(a)		46,998		791,446
Japan Excellent, Inc.		867		853,884
Japan Logistics Fund, Inc.		437		1,072,600
Kenedix Office Investment Corp.(a)		229		1,203,682
Killam Apartment REIT(a)		55,440		876,681
Kimco Realty Corp.		229,572		5,815,059
Lamar Advertising Co., Class A		40,950		4,521,289
LondonMetric Property plc		477,221		1,615,311
LXP Industrial Trust(a)		149,742		1,879,262
Macerich Co. (The)		73,962		928,223
Mid-America Apartment Communities, Inc.(a)		59,976		11,796,080
Mirvac Group		980,658		1,686,509
Montea NV		8,946		1,073,997
Mori Trust Sogo Reit, Inc.(a)		882		963,283
National Storage REIT		684,054		1,268,781
NIPPON REIT Investment Corp.		330		948,788
NorthWest Healthcare Properties REIT(a)		94,942		984,298
NTT UD REIT Investment Corp.(a)		882		1,021,829
Office Properties Income Trust		40,274		870,724
Paramount Group, Inc.		113,297		1,077,454
Parkway Life REIT		292,300		1,024,500
Phillips Edison & Co., Inc.(a)		60,102		2,035,054

See Accompanying Notes to the Financial Statements.

282 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Global Quality Real Estate Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
Piedmont Office Realty Trust, Inc., Class A		72,626	$	1,169,279
PotlatchDeltic Corp.		33,768		1,870,410
Precinct Properties New Zealand Ltd.		1,093,302		1,078,604
Prologis, Inc.		215,964		34,616,870
PS Business Parks, Inc.		10,458		1,957,738
Public Storage		63,504		23,591,736
Rayonier, Inc.		75,348		3,255,034
Regency Centers Corp.		79,506		5,472,398
Retail Opportunity Investments Corp.		69,193		1,289,066
RioCan REIT(a)		79,632		1,495,378
RPT Realty		82,133		1,091,548
Safestore Holdings plc		105,966		1,676,308
Saul Centers, Inc.(a)		20,863		1,076,739
Segro plc		295,344		4,978,049
Shopping Centres Australasia Property Group		605,808		1,321,689
Simon Property Group, Inc.		145,152		17,127,936
SITE Centers Corp.		89,528		1,423,495
SL Green Realty Corp.(a)		34,525		2,389,819
Starhill Global REIT		2,125,900		916,004
Summit Industrial Income REIT(a)		65,898		1,048,758
Tritax Big Box REIT plc		995,652		3,047,600
Urban Edge Properties		61,866		1,156,276
Washington REIT		50,526		1,217,171
Waypoint REIT Ltd.		555,156		1,061,263
Weyerhaeuser Co.		389,214		16,043,401
				331,506,581
Household Durables – 0.4%
Bonava AB, Class B		97,398		478,370
Iida Group Holdings Co. Ltd.		79,200		1,270,281
				1,748,651
Real Estate Management & Development – 17.0%
Allreal Holding AG (Registered)		8,064		1,531,965
Bukit Sembawang Estates Ltd.		39,600		144,532
CA Immobilien Anlagen AG(a)		27,730		789,852
Castellum AB(a)		105,462		2,109,595
Catena AB		19,279		1,010,866

Investments	Shares		Value
Real Estate Management & Development – (continued)
CK Asset Holdings Ltd.		1,047,500	$	7,129,165
Daito Trust Construction Co. Ltd.		34,700		3,353,226
Dios Fastigheter AB		92,169		833,849
DREAM Unlimited Corp., Class A(a)		32,130		1,161,462
Entra ASA(b)		50,022		835,441
Fabege AB		133,434		1,637,039
Gav-Yam Lands Corp. Ltd.		92,610		1,025,443
Grand City Properties SA(a)		53,172		942,376
Heiwa Real Estate Co. Ltd.(a)		25,200		792,606
Helical plc		21,919		120,535
Henderson Land Development Co. Ltd.(a)		773,000		3,137,851
Intershop Holding AG		252		164,599
Isras Investment Co. Ltd.		3,780		929,177
Katitas Co. Ltd.		34,800		817,891
Kennedy-Wilson Holdings, Inc.		66,150		1,491,683
Kerry Properties Ltd.		360,000		977,295
Kojamo OYJ(a)		61,614		1,230,444
LEG Immobilien SE		37,548		3,866,059
Mobimo Holding AG (Registered)(a)		3,780		1,088,456
Nomura Real Estate Holdings, Inc.		59,000		1,436,747
Platzer Fastigheter Holding AB, Class B(a)		14,393		147,261
PSP Swiss Property AG (Registered)		24,318		3,086,568
Realogy Holdings Corp.* (a)		70,308		770,576
Shurgard Self Storage SA		20,034		1,164,531
Sino Land Co. Ltd.		1,830,000		2,434,978
Sirius Real Estate Ltd.		677,142		1,032,084
Sumitomo Realty & Development Co. Ltd.(a)		159,200		4,219,611
Sun Hung Kai Properties Ltd.		674,500		7,818,583
Swiss Prime Site AG (Registered)		40,572		3,991,785
TAG Immobilien AG		73,836		1,484,646
Tokyo Tatemono Co. Ltd.		102,600		1,444,446
Tricon Residential, Inc.(a)		112,518		1,636,641
VGP NV		4,662		1,214,790
Wihlborgs Fastigheter AB(a)		69,804		1,223,112
Wing Tai Holdings Ltd.		75,600		95,807
Yanlord Land Group Ltd.		1,016,700		898,236
				71,221,809
Total Common Stocks (Cost $369,596,680)				405,054,763

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 283

FlexShares^® Global Quality Real Estate Index Fund (cont.)

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(c) – 1.4%
REPURCHASE AGREEMENTS – 1.4%
Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $6,052,776, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $6,091,941 (Cost $6,052,675)	$	6,052,675	$	6,052,675
Total Investments – 98.0% (Cost $375,649,355)				411,107,438
Other assets less liabilities – 2.0%				8,586,818
NET ASSETS – 100.0%			$	419,694,256

*Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $42,566,894, collateralized in the form of cash with a value of $6,052,675 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Invest-

ments; $30,735,558 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from April 30, 2022 – February 15, 2052 and $9,428,034 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $46,216,267.

^(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, 2022. The total value of securities purchased was $6,052,675.

Percentages shown are based on Net Assets.

Abbreviations

OYJ – Public Limited Company

As of April 30, 2022, 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	$	52,342,932
Aggregate gross unrealized depreciation		(20,666,859	)
Net unrealized appreciation	$	31,676,073
Federal income tax cost	$	379,051,858

Futures Contracts

FlexShares^® Global Quality Real Estate Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date			Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
EURO STOXX 50 Index		25		06/17/2022			EUR	$	985,323	$	301
S&P Midcap 400 E-Mini Index		38		06/17/2022	��		USD		9,481,380		(438,597	)
SPI 200 Index		30		06/16/2022			AUD		3,948,904		127,714
TOPIX Mini Index		3		06/09/2022			JPY		44,065		2,578
										$	(308,004	)

* 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.

284 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Global Quality Real Estate Index Fund (cont.)

Forward Foreign Currency Contracts

FlexShares^® Global Quality Real Estate Index Fund had the following outstanding contracts as of April 30, 2022:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	269,820	Toronto-Dominion Bank (The)	AUD	373,695		06/15/2022	$	4,036
USD	137,182	UBS AG	CHF	127,373		06/15/2022		5,658
USD	34,307	Goldman Sachs & Co.	ILS	111,846		06/15/2022		753
USD	35,248	Bank of New York	NOK	314,773		06/15/2022		1,457
USD	21,648	Bank of New York	NZD	31,599		06/15/2022		1,142
Total unrealized appreciation							$	13,046
AUD	719,336	Citibank NA	USD	527,605		06/15/2022	$	(15,987	)
CAD	369,101	Citibank NA	USD	290,289		06/15/2022		(1,520	)
EUR	117,819	Toronto-Dominion Bank (The)	USD	130,065		06/15/2022		(5,514	)
GBP	61,709	Toronto-Dominion Bank (The)	USD	80,732		06/15/2022		(3,252	)
HKD	1,265,030	Toronto-Dominion Bank (The)	USD	161,851		06/15/2022		(465	)
JPY	65,231,732	BNP Paribas SA	USD	559,086		06/15/2022		(54,802	)
SEK	2,202,771	Citibank NA	USD	228,197		06/15/2022		(2,992	)
SGD	1,470	Citibank NA	USD	1,082		06/15/2022		(17	)
Total unrealized depreciation							$	(84,549	)
Net unrealized depreciation							$	(71,503	)

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

ILS – Israeli Shekel

JPY – Japanese Yen

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

USD – US Dollar

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 285

FlexShares^® Global Quality Real Estate Index Fund (cont.)

FlexShares^® Global Quality Real Estate Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:

Australia	6.1	%
Austria	0.2
Belgium	1.1
Canada	3.8
Finland	0.3
France	0.1
Germany	1.5
Hong Kong	5.1
Israel	0.5
Japan	5.2
New Zealand	0.5
Norway	0.2
Singapore	1.3
Sweden	1.8
Switzerland	2.3
United Kingdom	3.3
United States	63.3
Other1	3.4
	100.0	%

¹  Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities).

Security Type	% of Net Assets
Common Stocks		96.6	%
Securities Lending Reinvestments		1.4
Others(1)		2.0
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

286 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Real Assets Allocation Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS – 100.0%
FlexShares® Global Quality Real Estate Index Fund(a)		204,687	$	13,576,889
FlexShares® Global Upstream Natural Resources Index Fund(a)		274,995		12,286,776
FlexShares® STOXX® Global Broad Infrastructure Index Fund(a)		484,470		26,355,168
Total Exchange Traded Funds (Cost $51,938,053)				52,218,833
Total Investments – 100.0% (Cost $51,938,053)				52,218,833
Liabilities in excess of other assets – 0.0%				(13,106	)
NET ASSETS – 100.0%			$	52,205,727

^(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, 2022, 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	$	1,653,061
Aggregate gross unrealized depreciation		(1,402,147	)
Net unrealized appreciation	$	250,914
Federal income tax cost	$	51,967,919

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.

Investment in a company which was affiliated for the period ended April 30, 2022, was as follows:

Security	Value October 31, 2021		Purchases at Cost		Sales Proceeds		Shares April 30, 2022		Value April 30, 2022		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized (Loss)
FlexShares® Global Quality Real Estate Index Fund	$	8,892,328	$	6,709,593	$	1,185,178		204,687	$	13,576,889	$	(750,873	)	$	132,663	$	(88,981	)
FlexShares® Global Upstream Natural Resources Index Fund		6,247,673		5,401,591		425,754		274,995		12,286,776		1,083,250			160,868		(19,984	)
FlexShares® STOXX® Global Broad Infrastructure Index Fund		15,150,662		12,675,970		249,259		484,470		26,355,168		(1,212,926	)		225,890		(9,279	)
	$	30,290,663	$	24,787,154	$	1,860,191		964,152	$	52,218,833	$	(880,549	)	$	519,421	$	(118,244	)

Security Type	% of Net Assets
Exchange Traded Funds		100.0	%
Others(1)		0.0	†
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

^†  Amount represents less than 0.05%.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 287

Schedule of Investments

FlexShares^® Quality Dividend Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.4%
Aerospace & Defense – 0.6%
Lockheed Martin Corp.		23,903	$	10,328,964
Auto Components – 0.5%
Gentex Corp.(a)		282,172		8,281,748
Banks – 5.0%
Bank of America Corp.		420,343		14,997,838
Cullen/Frost Bankers, Inc.		61,215		8,098,132
JPMorgan Chase & Co.		374,286		44,674,777
US Bancorp		277,508		13,475,789
Wells Fargo & Co.		14,575		635,907
				81,882,443
Beverages – 0.1%
Coca-Cola Co. (The)		21,571		1,393,702
PepsiCo, Inc.		2,915		500,535
				1,894,237
Biotechnology – 2.3%
AbbVie, Inc.		71,126		10,446,987
Amgen, Inc.(a)		112,519		26,238,305
				36,685,292
Building Products – 0.8%
A O Smith Corp.(a)		108,438		6,336,033
Trane Technologies plc		52,470		7,340,028
				13,676,061
Capital Markets – 0.5%
Janus Henderson Group plc(a)		246,609		7,516,642
Chemicals – 2.9%
Dow, Inc.(a)		166,738		11,088,077
Eastman Chemical Co.(a)		70,543		7,242,650
LyondellBasell Industries NV, Class A		93,280		9,890,478
Olin Corp.		142,252		8,165,265
Sherwin-Williams Co. (The)		38,478		10,579,911
				46,966,381

Investments	Shares		Value
Commercial Services & Supplies – 0.6%
Cintas Corp.		6,413	$	2,547,628
Rollins, Inc.(a)		211,629		7,098,037
				9,645,665
Communications Equipment – 2.5%
Cisco Systems, Inc.		829,609		40,634,249
Consumer Finance – 1.8%
Ally Financial, Inc.		175,483		7,012,300
Discover Financial Services		76,956		8,654,472
OneMain Holdings, Inc.		152,746		7,015,624
Synchrony Financial		192,973		7,103,336
				29,785,732
Containers & Packaging – 0.4%
International Paper Co.		142,252		6,583,422
Diversified Telecommunication Services – 1.6%
AT&T, Inc.		555,599		10,478,597
Lumen Technologies, Inc.(a)		906,565		9,120,044
Verizon Communications, Inc.		135,256		6,262,353
				25,860,994
Electric Utilities – 1.5%
Evergy, Inc.		149,831		10,166,034
Southern Co. (The)		195,888		14,376,220
				24,542,254
Entertainment – 0.9%
Activision Blizzard, Inc.		153,329		11,591,673
Warner Bros Discovery, Inc.*		134,408		2,439,505
				14,031,178
Equity Real Estate Investment Trusts (REITs) – 5.1%
AvalonBay Communities, Inc.		40,227		9,150,838
Equity Residential		113,685		9,265,327
Extra Space Storage, Inc.		47,806		9,083,140
Healthpeak Properties, Inc.		290,917		9,544,987
Highwoods Properties, Inc.		198,803		8,119,115
Prologis, Inc.		55,968		8,971,111
Public Storage		30,899		11,478,978
SL Green Realty Corp.		106,689		7,385,013

See Accompanying Notes to the Financial Statements.

288 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
Weyerhaeuser Co.		235,532	$	9,708,629
				82,707,138
Food & Staples Retailing – 0.0%(b)
Costco Wholesale Corp.		583		309,993
Health Care Equipment & Supplies – 1.9%
Abbott Laboratories		207,548		23,556,698
ResMed, Inc.		34,980		6,994,951
				30,551,649
Health Care Providers & Services – 1.9%
Cardinal Health, Inc.		157,410		9,137,651
McKesson Corp.		36,729		11,371,666
UnitedHealth Group, Inc.		19,239		9,783,993
				30,293,310
Health Care Technology – 0.6%
Cerner Corp.		104,163		9,753,823
Hotels, Restaurants & Leisure – 0.2%
Domino’s Pizza, Inc.(a)		4,081		1,379,378
International Game Technology plc(a)		103,774		2,265,386
Wingstop, Inc.(a)		3,498		320,977
				3,965,741
Household Products – 3.8%
Clorox Co. (The)(a)		5,247		752,787
Colgate-Palmolive Co.		34,397		2,650,289
Procter & Gamble Co. (The)		366,124		58,781,208
				62,184,284
Independent Power and Renewable Electricity Producers – 0.2%
AES Corp. (The)		185,977		3,797,650
Industrial Conglomerates – 1.0%
3M Co.		113,685		16,395,651
Insurance – 4.0%
Aflac, Inc.(a)		159,159		9,116,627
Allstate Corp. (The)		71,709		9,074,057

Investments	Shares		Value
Insurance – (continued)
American Financial Group, Inc.		62,964	$	8,719,255
Aon plc, Class A		28,567		8,227,010
MetLife, Inc.		148,665		9,764,317
Principal Financial Group, Inc.(a)		122,430		8,342,380
Prudential Financial, Inc.(a)		88,033		9,552,461
Travelers Cos., Inc. (The)		9,328		1,595,648
				64,391,755
Internet & Direct Marketing Retail – 0.3%
eBay, Inc.(a)		55,385		2,875,589
Shutterstock, Inc.(a)		19,822		1,500,922
				4,376,511
IT Services – 4.3%
Accenture plc, Class A		62,381		18,736,757
International Business Machines Corp.		166,738		22,044,431
Mastercard, Inc., Class A		13,409		4,872,562
Paychex, Inc.		81,037		10,269,819
Visa, Inc., Class A(a)		32,065		6,834,014
Western Union Co. (The)(a)		418,594		7,015,635
				69,773,218
Life Sciences Tools & Services – 0.1%
Agilent Technologies, Inc.		6,996		834,413
Thermo Fisher Scientific, Inc.		1,166		644,705
				1,479,118
Machinery – 1.6%
Illinois Tool Works, Inc.		58,883		11,606,428
Pentair plc		113,685		5,769,514
Snap-on, Inc.(a)		41,393		8,795,598
				26,171,540
Media – 3.5%
Comcast Corp., Class A		314,820		12,517,243
Interpublic Group of Cos., Inc. (The)		251,273		8,196,525
New York Times Co. (The), Class A(a)		205,216		7,863,877
Nexstar Media Group, Inc., Class A(a)		48,972		7,758,144

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 289

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Media – (continued)
Omnicom Group, Inc.		28,567	$	2,174,806
Sirius XM Holdings, Inc.(a)		1,426,601		8,559,606
TEGNA, Inc.		409,266		9,024,316
				56,094,517
Metals & Mining – 1.9%
Freeport-McMoRan, Inc.		278,091		11,276,590
Newmont Corp.		162,657		11,849,563
Southern Copper Corp.(a)		127,094		7,914,143
				31,040,296
Mortgage Real Estate Investment Trusts (REITs) – 0.4%
AGNC Investment Corp.(a)		639,551		7,022,270
Multiline Retail – 0.8%
Kohl’s Corp.		81,037		4,690,421
Target Corp.		39,061		8,931,298
				13,621,719
Multi-Utilities – 1.2%
Public Service Enterprise Group, Inc.		149,831		10,437,228
WEC Energy Group, Inc.		82,203		8,224,410
				18,661,638
Oil, Gas & Consumable Fuels – 3.0%
Antero Midstream Corp.(a)		832,524		8,550,021
Chevron Corp.		12,243		1,918,111
Coterra Energy, Inc.		409,849		11,799,553
Exxon Mobil Corp.		57,134		4,870,674
PDC Energy, Inc.(a)		150,997		10,530,531
Targa Resources Corp.		144,584		10,613,911
				48,282,801
Paper & Forest Products – 0.5%
Louisiana-Pacific Corp.(a)		127,094		8,200,105
Sylvamo Corp.*		1		28
				8,200,133
Pharmaceuticals – 7.2%
Eli Lilly & Co.		112,519		32,870,176
Johnson & Johnson		359,711		64,913,447
Pfizer, Inc.		404,019		19,825,212
				117,608,835

Investments	Shares		Value
Professional Services – 0.5%
Robert Half International, Inc.		73,458	$	7,221,656
Road & Rail – 2.1%
Old Dominion Freight Line, Inc.(a)		27,401		7,675,568
Union Pacific Corp.(a)		111,353		26,088,894
				33,764,462
Semiconductors & Semiconductor Equipment – 5.6%
Broadcom, Inc.		76,373		42,340,428
Microchip Technology, Inc.(a)		113,102		7,374,250
NVIDIA Corp.		65,879		12,218,578
Texas Instruments, Inc.		172,568		29,379,702
				91,312,958
Software – 6.1%
CDK Global, Inc.		203,467		11,070,639
Microsoft Corp.		252,439		70,056,871
NortonLifeLock, Inc.(a)		320,067		8,014,478
Oracle Corp.		145,167		10,655,258
				99,797,246
Specialty Retail – 4.2%
Bath & Body Works, Inc.(a)		73,458		3,885,194
Best Buy Co., Inc.(a)		72,875		6,553,649
Dick’s Sporting Goods, Inc.(a)		66,462		6,408,266
Home Depot, Inc. (The)		90,365		27,145,646
Lowe’s Cos., Inc.		97,944		19,366,467
Williams-Sonoma, Inc.(a)		43,142		5,629,168
				68,988,390
Technology Hardware, Storage & Peripherals – 9.1%
Apple, Inc.		896,654		141,357,503
Seagate Technology Holdings plc		85,118		6,983,081
				148,340,584
Textiles, Apparel & Luxury Goods – 2.2%
NIKE, Inc., Class B		171,985		21,446,529
Ralph Lauren Corp.		67,628		7,056,306
Tapestry, Inc.(a)		219,791		7,235,520
				35,738,355

See Accompanying Notes to the Financial Statements.

290 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Tobacco – 3.0%
Altria Group, Inc.		362,626	$	20,151,127
Philip Morris International, Inc.		290,334		29,033,400
				49,184,527
Trading Companies & Distributors – 1.1%
Fastenal Co.		163,823		9,061,050
WW Grainger, Inc.		18,656		9,328,560
				18,389,610
Total Common Stocks (Cost $1,327,698,109)				1,617,736,640
	Principal Amount
SECURITIES LENDING REINVESTMENTS(c) – 9.1%
CERTIFICATES OF DEPOSIT – 1.4%
Bank of Montreal, Chicago (SOFR + 0.14%), 0.42%, 7/18/2022(d)	$	2,000,000		2,000,000
Commonwealth Bank of Australia, New York (SOFR + 0.47%), 0.75%, 9/9/2022(d)		2,000,000		2,001,032
Goldman Sachs International 0.90%, 6/3/2022		3,000,000		2,997,600
Macquarie Bank Ltd. (SOFR + 0.18%), 0.46%, 5/10/2022(d) (e)		1,000,000		1,000,000
Mitsubishi UFJ Trust & Banking Corp., New York (SOFR + 0.35%), 0.63%, 8/4/2022(d)		2,000,000		2,000,216	��
Mizuho Bank Ltd., New York 0.25%, 5/5/2022		3,000,000		3,000,000
Natixis SA, New York (SOFR + 0.18%), 0.41%, 6/17/2022(d)		3,000,000		3,000,194
Skandinaviska Enskilda Banken AB, New York (SOFR + 0.36%), 0.64%, 10/26/2022(d)		1,000,000		1,000,200

Investments	Principal Amount		Value
CERTIFICATES OF DEPOSIT – (continued)
Standard Chartered, New York (SOFR + 0.62%), 0.90%, 6/24/2022(d)	$	2,000,000	$	2,000,000
The Norinchukin Bank, New York (SOFR + 0.45%), 0.73%, 6/10/2022(d)		3,000,000		3,000,000
Total Certificates of Deposit (Cost $21,997,794)				21,999,242
REPURCHASE AGREEMENTS – 7.7%
BofA Securities, Inc., 0.77%, dated 4/30/2022, due 8/1/2022, repurchase price $8,015,913, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 2.25%, maturing 12/15/2023 – 8/15/2046; Common Stocks; total market value $8,147,059		8,000,000		8,000,000
Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $48,742,668, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $49,058,067		48,741,856		48,741,856
Societe Generale, New York Branch, 0.28%, dated 4/30/2022, due 5/6/2022, repurchase price $50,002,333, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.25%, maturing 4/30/2022 – 8/15/2051; total market value $50,630,006		50,000,000		50,000,000

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 291

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(c) – (continued)
REPURCHASE AGREEMENTS – (continued)
TD Prime Services LLC, 0.40%, dated 4/30/2022, due 5/2/2022, repurchase price $18,814,778, collateralized by various Common Stocks; total market value $20,516,520	$	18,814,360	$	18,814,360
Total Repurchase Agreements (Cost $125,556,216)				125,556,216
Total Securities Lending Reinvestments (Cost $147,554,010)				147,555,458
Total Investments – 108.5% (Cost $1,475,252,119)				1,765,292,098
Liabilities in excess of other assets – (8.5%)				(137,768,876	)
NET ASSETS – 100.0%			$	1,627,523,222

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $195,375,435, collateralized in the form of cash with a value of $147,549,869 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $58,487,237 of collateral in the form of U.S. Government

Treasury Securities, interest rates ranging from 0.00% – 6.00%, and maturity dates ranging from April 30, 2022 – February 15, 2052 and $1,431,473 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $207,468,579.

^(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, 2022. The total value of securities purchased was $147,555,458.

^(d)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2022.

^(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.

Percentages shown are based on Net Assets.

Abbreviations

SOFR – Secured Overnight Financing Rate

As of April 30, 2022, 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	$	346,211,125
Aggregate gross unrealized depreciation		(56,716,239	)
Net unrealized appreciation	$	289,494,886
Federal income tax cost	$	1,475,489,640

Futures Contracts

FlexShares^® Quality Dividend Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
S&P 500 E-Mini Index		45		06/17/2022		USD	$	9,286,875	$	(307,572	)

* 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		99.4	%
Securities Lending Reinvestments		9.1
Others(1)		(8.5	)
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

292 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Quality Dividend Defensive Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.7%
Auto Components – 0.4%
Gentex Corp.(a)		49,284	$	1,446,485
Banks – 4.0%
Bank of America Corp.		46,334		1,653,197
JPMorgan Chase & Co.		91,916		10,971,094
US Bancorp		65,860		3,198,161
Wells Fargo & Co.		3,552		154,974
				15,977,426
Beverages – 0.5%
Coca-Cola Co. (The)		25,460		1,644,971
PepsiCo, Inc.		740		127,065
				1,772,036
Biotechnology – 5.2%
AbbVie, Inc.		75,338		11,065,645
Amgen, Inc.(a)		26,940		6,282,139
Gilead Sciences, Inc.		57,136		3,390,450
				20,738,234
Building Products – 1.2%
A O Smith Corp.(a)		26,936		1,573,871
Lennox International, Inc.(a)		6,218		1,325,615
Trane Technologies plc		12,728		1,780,520
				4,680,006
Capital Markets – 0.5%
Janus Henderson Group plc(a)		59,200		1,804,416
Chemicals – 2.5%
CF Industries Holdings, Inc.		29,600		2,866,168
Chemours Co. (The)(a)		59,496		1,967,533
Dow, Inc.		39,664		2,637,656
LyondellBasell Industries NV, Class A		5,328		564,928
Olin Corp.(a)		34,928		2,004,867
				10,041,152
Commercial Services & Supplies – 0.6%
Rollins, Inc.		67,340		2,258,584
Communications Equipment – 2.4%
Cisco Systems, Inc.		197,140		9,655,917

Investments	Shares		Value
Consumer Finance – 0.2%
SLM Corp.(a)		54,908	$	918,611
Containers & Packaging – 0.1%
International Paper Co.		10,212		472,611
Distributors – 0.1%
Pool Corp.(a)		1,184		479,781
Diversified Telecommunication Services – 1.5%
AT&T, Inc.		136,012		2,565,186
Lumen Technologies, Inc.(a)		216,820		2,181,209
Verizon Communications, Inc.		28,416		1,315,661
				6,062,056
Electric Utilities – 1.9%
Evergy, Inc.(a)		35,668		2,420,074
Exelon Corp.		57,572		2,693,218
PPL Corp.		20,730		586,866
Southern Co. (The)		22,348		1,640,120
				7,340,278
Entertainment – 0.9%
Activision Blizzard, Inc.		36,556		2,763,633
Warner Bros Discovery, Inc.*		32,904		597,208
				3,360,841
Equity Real Estate Investment Trusts (REITs) – 6.4%
American Tower Corp.		20,722		4,994,417
CubeSmart		11,692		555,487
Duke Realty Corp.		39,664		2,171,604
Equity Residential		26,640		2,171,160
Extra Space Storage, Inc.		11,692		2,221,480
Healthpeak Properties, Inc.		69,264		2,272,552
Highwoods Properties, Inc.		10,360		423,102
Iron Mountain, Inc.(a)		47,222		2,537,238
Mid-America Apartment Communities, Inc.		10,804		2,124,931
Prologis, Inc.		19,832		3,178,871
Public Storage		7,402		2,749,843
				25,400,685
Food & Staples Retailing – 0.0%(b)
Costco Wholesale Corp.		148		78,695

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 293

FlexShares^® Quality Dividend Defensive Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Food Products – 1.2%
Hershey Co. (The)		11,396	$	2,572,875
Sanderson Farms, Inc.(a)		10,806		2,046,332
				4,619,207
Health Care Equipment & Supplies – 2.6%
Abbott Laboratories		76,074		8,634,399
ResMed, Inc.		8,586		1,716,942
				10,351,341
Health Care Providers & Services – 0.6%
UnitedHealth Group, Inc.		4,588		2,333,227
Health Care Technology – 0.1%
Cerner Corp.		2,664		249,457
Hotels, Restaurants & Leisure – 1.7%
Domino’s Pizza, Inc.(a)		4,292		1,450,696
McDonald’s Corp.		16,874		4,204,326
Starbucks Corp.		15,540		1,159,905
				6,814,927
Household Products – 4.5%
Clorox Co. (The)		11,398		1,635,271
Kimberly-Clark Corp.		14,060		1,951,950
Procter & Gamble Co. (The)		87,178		13,996,428
				17,583,649
Independent Power and Renewable Electricity Producers – 0.4%
AES Corp. (The)		70,764		1,445,001
Industrial Conglomerates – 1.0%
3M Co.		27,084		3,906,055
Insurance – 3.7%
Aflac, Inc.		37,740		2,161,747
American Financial Group, Inc.		15,096		2,090,494
Aon plc, Class A		10,362		2,984,152
Assurant, Inc.		12,730		2,315,332
MetLife, Inc.		22,200		1,458,096
Travelers Cos., Inc. (The)		14,208		2,430,421
Willis Towers Watson plc		6,218		1,336,000
				14,776,242

Investments	Shares		Value
Internet & Direct Marketing Retail – 0.3%
eBay, Inc.		13,324	$	691,782
Shutterstock, Inc.(a)		4,740		358,913
				1,050,695
IT Services – 3.4%
International Business Machines Corp.		39,964		5,283,641
Jack Henry & Associates, Inc.(a)		5,772		1,094,256
Mastercard, Inc., Class A		3,406		1,237,672
Paychex, Inc.		19,684		2,494,553
Visa, Inc., Class A(a)		7,846		1,672,218
Western Union Co. (The)(a)		106,132		1,778,772
				13,561,112
Life Sciences Tools & Services – 0.5%
Thermo Fisher Scientific, Inc.		3,848		2,127,636
Machinery – 2.3%
Graco, Inc.(a)		28,126		1,744,374
Illinois Tool Works, Inc.		14,506		2,859,278
Otis Worldwide Corp.		26,344		1,918,897
Toro Co. (The)(a)		15,244		1,221,502
Watts Water Technologies, Inc., Class A(a)		10,510		1,339,604
				9,083,655
Media – 3.4%
Comcast Corp., Class A		77,412		3,077,901
Interpublic Group of Cos., Inc. (The)		59,052		1,926,276
New York Times Co. (The), Class A		48,692		1,865,877
Nexstar Media Group, Inc., Class A(a)		11,692		1,852,247
Omnicom Group, Inc.		6,956		529,560
Sirius XM Holdings, Inc.(a)		339,150		2,034,900
TEGNA, Inc.(a)		97,692		2,154,109
				13,440,870
Metals & Mining – 1.2%
Newmont Corp.		39,368		2,867,959
Southern Copper Corp.		30,196		1,880,305
				4,748,264
Mortgage Real Estate Investment Trusts (REITs) – 0.4%
AGNC Investment Corp.(a)		151,404		1,662,416

See Accompanying Notes to the Financial Statements.

294 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Defensive Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Multiline Retail – 1.3%
Target Corp.		22,648	$	5,178,465
Multi-Utilities – 2.9%
CMS Energy Corp.		35,668		2,450,035
Dominion Energy, Inc.(a)		17,020		1,389,513
DTE Energy Co.		19,388		2,540,604
Public Service Enterprise Group, Inc.		36,408		2,536,181
WEC Energy Group, Inc.		23,828		2,383,991
				11,300,324
Oil, Gas & Consumable Fuels – 0.8%
Chevron Corp.		2,812		440,556
Coterra Energy, Inc.(a)		58,608		1,687,324
Exxon Mobil Corp.		13,620		1,161,105
				3,288,985
Paper & Forest Products – 0.0%(b)
Sylvamo Corp.*		1		37
Pharmaceuticals – 7.2%
Eli Lilly & Co.		37,002		10,809,394
Johnson & Johnson		81,850		14,770,651
Pfizer, Inc.		58,620		2,876,484
				28,456,529
Road & Rail – 0.5%
Old Dominion Freight Line, Inc.(a)		6,810		1,907,617
Semiconductors & Semiconductor Equipment – 6.1%
Broadcom, Inc.		18,648		10,338,265
KLA Corp.		6,956		2,220,773
Lam Research Corp.		2,812		1,309,717
NVIDIA Corp.		15,690		2,910,024
Texas Instruments, Inc.		42,182		7,181,485
				23,960,264
Software – 6.0%
CDK Global, Inc.		48,544		2,641,279
Microsoft Corp.		60,092		16,676,732
NortonLifeLock, Inc.(a)		76,664		1,919,667
Oracle Corp.		35,816		2,628,894
				23,866,572

Investments	Shares		Value
Specialty Retail – 4.2%
Best Buy Co., Inc.(a)		16,874	$	1,517,479
Dick’s Sporting Goods, Inc.(a)		3,112		300,059
Home Depot, Inc. (The)		36,560		10,982,624
Lowe’s Cos., Inc.		13,026		2,575,631
Williams-Sonoma, Inc.(a)		10,804		1,409,706
				16,785,499
Technology Hardware, Storage & Peripherals – 9.3%
Apple, Inc.		212,100		33,437,564
HP, Inc.(a)		42,328		1,550,475
Seagate Technology Holdings plc		20,276		1,663,443
				36,651,482
Textiles, Apparel & Luxury Goods – 0.4%
NIKE, Inc., Class B		12,434		1,550,520
Tobacco – 3.1%
Altria Group, Inc.		86,288		4,795,024
Philip Morris International, Inc.		72,972		7,297,200
				12,092,224
Trading Companies & Distributors – 0.6%
Fastenal Co.		40,108		2,218,374
Water Utilities – 0.6%
American Water Works Co., Inc.		15,688		2,417,207
Total Common Stocks (Cost $337,126,729)				389,915,667
	Principal Amount
SECURITIES LENDING REINVESTMENTS(c) – 6.7%
REPURCHASE AGREEMENTS – 6.7%
BofA Securities, Inc., 0.77%, dated 4/30/2022, due 8/1/2022, repurchase price $1,001,989, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 2.25%, maturing 12/15/2023 – 8/15/2046; Common Stocks; total market value $1,018,382	$	1,000,000		1,000,000

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 295

FlexShares^® Quality Dividend Defensive Index Fund (cont.)

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(c) – (continued)
REPURCHASE AGREEMENTS – (continued)
CF Secured LLC, 0.27%, dated 4/30/2022, due 5/2/2022, repurchase price $3,000,045, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/26/2022 – 2/15/2052; Cash; total market value $3,039,524	$	3,000,000	$	3,000,000
Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $17,522,115, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $17,635,496		17,521,823		17,521,823
TD Prime Services LLC, 0.40%, dated 4/30/2022, due 5/2/2022, repurchase price $5,000,111, collateralized by various Common Stocks; total market value $5,452,357		5,000,000		5,000,000
				26,521,823
Total Securities Lending Reinvestments (Cost $26,521,823)				26,521,823
Total Investments – 105.4% (Cost $363,648,552)				416,437,490
Liabilities in excess of other assets – (5.4%)				(21,221,478	)
NET ASSETS – 100.0%			$	395,216,012

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $37,545,141, collateralized in the form of cash with a value of $26,521,823 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $13,311,858 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.00%, and maturity dates ranging from April 30, 2022 – February 15, 2052 and $9,837 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $39,843,518.

^(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, 2022. The total value of securities purchased was $26,521,823.

Percentages shown are based on Net Assets.

As of April 30, 2022, 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	$	70,153,897
Aggregate gross unrealized depreciation		(17,609,681	)
Net unrealized appreciation	$	52,544,216
Federal income tax cost	$	363,790,089

See Accompanying Notes to the Financial Statements.

296 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Defensive Index Fund (cont.)

Futures Contracts

FlexShares^® Quality Dividend Defensive Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
S&P 500 E-Mini Index		25		06/17/2022		USD	$	5,159,375	$	(103,185	)

* 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		98.7	%
Securities Lending Reinvestments		6.7
Others(1)		(5.4	)
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 297

Schedule of Investments

FlexShares^® Quality Dividend Dynamic Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.7%
Air Freight & Logistics – 0.4%
United Parcel Service, Inc., Class B		497	$	89,450
Auto Components – 0.3%
Gentex Corp.		2,401		70,469
Banks – 5.7%
Bank of America Corp.		7,231		258,002
Citigroup, Inc.		4,781		230,492
Cullen/Frost Bankers, Inc.(a)		840		111,124
JPMorgan Chase & Co.		4,795		572,331
Wells Fargo & Co.		14		611
				1,172,560
Beverages – 0.2%
Coca-Cola Co. (The)		357		23,066
PepsiCo, Inc.		84		14,423
				37,489
Biotechnology – 2.0%
AbbVie, Inc.		609		89,450
Amgen, Inc.		1,400		326,466
				415,916
Building Products – 1.8%
A O Smith Corp.		1,456		85,074
Masco Corp.		1,337		70,447
Owens Corning		1,204		109,480
Trane Technologies plc		707		98,902
				363,903
Capital Markets – 0.4%
Janus Henderson Group plc		2,898		88,331
Chemicals – 3.9%
Celanese Corp.		721		105,944
Chemours Co. (The)		3,556		117,597
Dow, Inc.		2,226		148,029
Eastman Chemical Co.		805		82,649
LyondellBasell Industries NV, Class A		1,274		135,082
Olin Corp.		1,029		59,065
Sherwin-Williams Co. (The)		595		163,601
				811,967

Investments	Shares		Value
Commercial Services & Supplies – 0.7%
Cintas Corp.		350	$	139,041
Communications Equipment – 2.5%
Cisco Systems, Inc.		10,451		511,890
Consumer Finance – 2.9%
Ally Financial, Inc.		1,050		41,958
American Express Co.		1,204		210,351
Capital One Financial Corp.		1,022		127,362
Discover Financial Services		1,022		114,934
Synchrony Financial		2,751		101,264
				595,869
Containers & Packaging – 0.2%
International Paper Co.		1,113		51,510
Diversified Financial Services – 0.8%
Equitable Holdings, Inc.		2,492		71,844
Voya Financial, Inc.(a)		1,365		86,186
				158,030
Diversified Telecommunication Services – 1.6%
AT&T, Inc.		7,399		139,545
Lumen Technologies, Inc.(a)		10,850		109,151
Verizon Communications, Inc.		1,883		87,183
				335,879
Electric Utilities – 0.4%
PPL Corp.		2,597		73,521
Electrical Equipment – 0.6%
Emerson Electric Co.		1,449		130,671
Electronic Equipment, Instruments & Components – 0.2%
CDW Corp.		217		35,410
Entertainment – 0.8%
Activision Blizzard, Inc.		1,855		140,238
Warner Bros Discovery, Inc.*		1,673		30,365
				170,603
Equity Real Estate Investment Trusts (REITs) – 3.9%
AvalonBay Communities, Inc.		532		121,020
Brixmor Property Group, Inc.		4,774		121,164

See Accompanying Notes to the Financial Statements.

298 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Dynamic Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
Cousins Properties, Inc.(a)		217	$	7,790
Equity Residential		1,526		124,369
Highwoods Properties, Inc.		2,352		96,056
Lamar Advertising Co., Class A		973		107,429
SL Green Realty Corp.		1,414		97,877
Weyerhaeuser Co.		3,206		132,151
				807,856
Food & Staples Retailing – 0.0%(b)
Costco Wholesale Corp.		7		3,722
Health Care Equipment & Supplies – 0.6%
Abbott Laboratories		1,015		115,203
Health Care Providers & Services – 1.3%
Cardinal Health, Inc.		1,505		87,365
Quest Diagnostics, Inc.		329		44,033
UnitedHealth Group, Inc.		252		128,155
				259,553
Hotels, Restaurants & Leisure – 0.3%
International Game Technology plc(a)		2,688		58,679
Household Durables – 0.5%
Whirlpool Corp.		553		100,381
Household Products – 0.7%
Procter & Gamble Co. (The)		952		152,844
Independent Power and Renewable Electricity Producers – 0.3%
AES Corp. (The)		3,563		72,756
Industrial Conglomerates – 1.0%
3M Co.		1,400		201,908
Insurance – 2.9%
Aflac, Inc.		2,107		120,689
MetLife, Inc.		2,023		132,870
Principal Financial Group, Inc.		1,477		100,643
Prudential Financial, Inc.		1,071		116,214
Unum Group		4,067		124,125
				594,541

Investments	Shares		Value
Internet & Direct Marketing Retail – 0.3%
eBay, Inc.		805	$	41,796
Shutterstock, Inc.		161		12,191
				53,987
IT Services – 4.4%
Accenture plc, Class A		1,218		365,838
Genpact Ltd.		161		6,483
International Business Machines Corp.		2,093		276,716
Mastercard, Inc., Class A		168		61,048
Paychex, Inc.		966		122,421
Visa, Inc., Class A(a)		399		85,039
				917,545
Machinery – 1.8%
Crane Co.		1,141		109,799
Illinois Tool Works, Inc.		756		149,015
Snap-on, Inc.		560		118,994
				377,808
Media – 3.5%
Comcast Corp., Class A		3,941		156,694
Interpublic Group of Cos., Inc. (The)		3,255		106,178
New York Times Co. (The), Class A		2,464		94,421
Nexstar Media Group, Inc., Class A		665		105,349
Omnicom Group, Inc.		462		35,172
Sirius XM Holdings, Inc.(a)		18,613		111,678
TEGNA, Inc.		5,187		114,373
				723,865
Metals & Mining – 1.2%
Freeport-McMoRan, Inc.		3,752		152,144
Southern Copper Corp.(a)		1,589		98,947
				251,091
Mortgage Real Estate Investment Trusts (REITs) – 0.4%
AGNC Investment Corp.(a)		7,504		82,394
Multiline Retail – 1.9%
Kohl’s Corp.		2,002		115,876
Target Corp.		1,218		278,495
				394,371
Oil, Gas & Consumable Fuels – 6.1%
Antero Midstream Corp.		10,962		112,580
APA Corp.		3,738		152,996

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 299

FlexShares^® Quality Dividend Dynamic Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Chevron Corp.		126	$	19,740
Continental Resources, Inc.(a)		532		29,563
Devon Energy Corp.		2,226		129,486
Exxon Mobil Corp.		658		56,095
Marathon Oil Corp.		5,278		131,528
Occidental Petroleum Corp.(a)		3,360		185,102
ONEOK, Inc.(a)		833		52,754
PDC Energy, Inc.		2,002		139,620
Plains GP Holdings LP, Class A*		10,192		113,845
Targa Resources Corp.		1,953		143,370
				1,266,679
Paper & Forest Products – 0.5%
Louisiana-Pacific Corp.		1,736		112,007
Pharmaceuticals – 7.0%
Johnson & Johnson		4,634		836,252
Pfizer, Inc.		12,341		605,573
				1,441,825
Professional Services – 0.5%
Robert Half International, Inc.		1,001		98,408
Road & Rail – 1.9%
Union Pacific Corp.		1,673		391,967
Semiconductors & Semiconductor Equipment – 7.4%
Applied Materials, Inc.		1,008		111,233
Broadcom, Inc.		917		508,375
KLA Corp.		364		116,211
Lam Research Corp.		343		159,756
Microchip Technology, Inc.(a)		1,554		101,321
NVIDIA Corp.		805		149,303
Texas Instruments, Inc.		2,233		380,168
				1,526,367
Software – 6.3%
CDK Global, Inc.		2,702		147,016
Microsoft Corp.		3,367		934,410
NortonLifeLock, Inc.		4,039		101,136
Oracle Corp.		1,778		130,505
				1,313,067

Investments	Shares		Value
Specialty Retail – 3.6%
Bath & Body Works, Inc.(a)		1,134	$	59,977
Best Buy Co., Inc.(a)		854		76,800
Dick’s Sporting Goods, Inc.(a)		1,071		103,266
Home Depot, Inc. (The)		196		58,878
Lowe’s Cos., Inc.		1,729		341,875
Williams-Sonoma, Inc.(a)		728		94,990
				735,786
Technology Hardware, Storage & Peripherals – 9.2%
Apple, Inc.		11,487		1,810,926
Seagate Technology Holdings plc		1,085		89,013
				1,899,939
Textiles, Apparel & Luxury Goods – 1.6%
NIKE, Inc., Class B		1,190		148,393
Ralph Lauren Corp.		924		96,410
Tapestry, Inc.		2,569		84,572
				329,375
Tobacco – 3.0%
Altria Group, Inc.		4,571		254,010
Philip Morris International, Inc.		3,710		371,000
				625,010
Trading Companies & Distributors – 1.2%
Fastenal Co.		2,093		115,764
WW Grainger, Inc.		266		133,008
				248,772
Total Common Stocks (Cost $17,097,999)				20,410,215

See Accompanying Notes to the Financial Statements.

300 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Dynamic Index Fund (cont.)

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS(c) – 1.1%
REPURCHASE AGREEMENTS – 1.1%
Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $228,523, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $230,002 (Cost $228,520)	$	228,520	$	228,520
Total Investments – 99.8% (Cost $17,326,519)				20,638,735
Other assets less liabilities – 0.2%				35,014
NET ASSETS – 100.0%			$	20,673,749

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $1,202,024, collateralized in the form of cash with a value of

$228,520 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $947,261 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.00%, and maturity dates ranging from April 30, 2022 – February 15, 2052 and $110,943 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $1,286,724.

^(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, 2022. The total value of securities purchased was $228,520.

Percentages shown are based on Net Assets.

As of April 30, 2022, 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	$	4,038,972
Aggregate gross unrealized depreciation		(732,749	)
Net unrealized appreciation	$	3,306,223
Federal income tax cost	$	17,323,537

Futures Contracts

FlexShares^® Quality Dividend Dynamic Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
S&P 500 E-Mini Index		12		06/17/2022		USD	$	247,650	$	(8,975	)

* 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		98.7	%
Securities Lending Reinvestments		1.1
Others(1)		0.2
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 301

Schedule of Investments

FlexShares^® International Quality Dividend Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 97.1%
Auto Components – 1.0%
Bridgestone Corp.		117,600	$	4,326,947
Fuyao Glass Industry Group Co. Ltd., Class H(a)		330,000		1,371,118
				5,698,065
Automobiles – 1.9%
Bajaj Auto Ltd.		73,000		3,561,594
Ford Otomotiv Sanayi A/S		224,250		4,511,869
Mercedes-Benz Group AG*		40,000		2,831,486
				10,904,949
Banks – 9.1%
Agricultural Bank of China Ltd., Class H		13,000,000		4,904,316
Al Rajhi Bank		8,500		400,208
Banco Bilbao Vizcaya Argentaria SA		229,250		1,223,506
BNP Paribas SA		19,250		1,009,399
BOC Hong Kong Holdings Ltd.		954,500		3,485,330
China Merchants Bank Co. Ltd., Class H		125,000		763,113
FinecoBank Banca Fineco SpA		285,250		4,009,819
First Abu Dhabi Bank PJSC		577,926		3,530,760
Hana Financial Group, Inc.		14,250		533,241
Hang Seng Bank Ltd.		33,900		602,722
HSBC Holdings plc		55,250		347,734
Industrial & Commercial Bank of China Ltd., Class H		3,000,000		1,812,354
Mitsubishi UFJ Financial Group, Inc.		1,425,000		8,296,369
Nordea Bank Abp		113,250		1,145,064
Royal Bank of Canada		95,500		9,695,337
Saudi National Bank (The)		8,000		168,497
Sberbank of Russia PJSC‡ (b)		1,227,390		—
Skandinaviska Enskilda Banken AB, Class A		415,250		4,729,856
Swedbank AB, Class A(c)		291,250		4,667,625
Toronto-Dominion Bank (The)		8,000		580,822
				51,906,072

Investments	Shares		Value
Beverages – 0.8%
Thai Beverage PCL		8,750,000	$	4,340,466
Building Products – 1.1%
Geberit AG (Registered)		4,250		2,451,965
Lixil Corp.		225,000		3,983,869
				6,435,834
Capital Markets – 4.4%
3i Group plc		139,250		2,316,476
Abrdn plc		1,353,750		3,217,405
CSC Financial Co. Ltd., Class H(a) (c)		2,625,000		2,435,589
IGM Financial, Inc.(c)		120,750		3,846,276
Julius Baer Group Ltd.		45,500		2,215,819
Macquarie Korea Infrastructure Fund		54,000		610,510
Moscow Exchange MICEX-RTS PJSC‡ (b)		775,590		—
Partners Group Holding AG		2,250		2,428,141
Samsung Securities Co. Ltd.		137,750		4,354,041
SBI Holdings, Inc.		156,600		3,520,962
				24,945,219
Chemicals – 1.7%
Kumho Petrochemical Co. Ltd.		11,750		1,445,362
Nissan Chemical Corp.		8,500		453,342
Nitto Denko Corp.		17,300		1,168,378
Wacker Chemie AG		19,500		3,129,958
Yara International ASA		63,000		3,250,570
				9,447,610
Construction Materials – 2.0%
Ambuja Cements Ltd.		860,750		4,191,008
Anhui Conch Cement Co. Ltd., Class H		506,000		2,766,631
China Resources Cement Holdings Ltd.		5,304,000		4,427,802
				11,385,441
Diversified Financial Services – 2.0%
Investor AB, Class B(c)		48,750		951,470
M&G plc		1,622,000		4,362,014
Power Finance Corp. Ltd.		791,750		1,219,591

See Accompanying Notes to the Financial Statements.

302 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Diversified Financial Services – (continued)
REC Ltd.		2,863,750	$	4,757,775
				11,290,850
Diversified Telecommunication Services – 1.2%
Elisa OYJ		5,750		338,238
Koninklijke KPN NV(c)		761,750		2,639,853
Spark New Zealand Ltd.		46,750		149,288
Swisscom AG (Registered)(c)		3,750		2,228,404
Telefonica SA		8,750		42,766
Telenor ASA		82,250		1,173,291
				6,571,840
Electric Utilities – 2.4%
Endesa SA(c)		74,250		1,568,951
Enel SpA		994,500		6,523,601
Iberdrola SA		246,750		2,866,001
Power Assets Holdings Ltd.		375,000		2,525,920
				13,484,473
Electrical Equipment – 0.8%
Mitsubishi Electric Corp.		295,200		3,116,962
WEG SA		275,000		1,671,479
				4,788,441
Electronic Equipment, Instruments & Components – 0.6%
Hexagon AB, Class B* (c)		184,500		2,420,852
Kingboard Laminates Holdings Ltd.		250,000		388,726
Largan Precision Co. Ltd.		2,000		114,672
Shimadzu Corp.		10,200		337,349
				3,261,599
Energy Equipment & Services – 0.3%
Tenaris SA		93,000		1,453,014
Entertainment – 1.1%
Nintendo Co. Ltd.		13,100		6,057,587
Equity Real Estate Investment Trusts (REITs) – 0.5%
Stockland		903,250		2,670,282
Food & Staples Retailing – 0.1%
Cencosud SA		455,750		729,264

Investments	Shares		Value
Food Products – 2.4%
China Feihe Ltd.(a)		129,000	$	123,473
Nestle SA (Registered)		90,250		11,715,345
Want Want China Holdings Ltd.		2,000,000		1,807,256
				13,646,074
Gas Utilities – 0.9%
Naturgy Energy Group SA(c)		170,250		5,160,059
Health Care Equipment & Supplies – 1.5%
Hartalega Holdings Bhd.		4,025,000		4,067,991
Hoya Corp.		5,800		581,522
Top Glove Corp. Bhd.		9,700,000		3,743,195
				8,392,708
Hotels, Restaurants & Leisure – 0.2%
La Francaise des Jeux SAEM(a)		23,750		892,211
Household Durables – 2.6%
Barratt Developments plc		356,750		2,214,864
Electrolux AB, Class B(c)		253,500		3,914,834
Iida Group Holdings Co. Ltd.		35,800		574,193
Nien Made Enterprise Co. Ltd.		324,000		3,446,048
Persimmon plc		155,750		4,106,427
Sony Group Corp.		4,200		363,723
				14,620,089
Household Products – 0.4%
Unilever Indonesia Tbk. PT		9,475,000		2,542,440
Independent Power and Renewable Electricity Producers – 0.0%
Unipro PJSC‡ (b)		125,500,000		—
Industrial Conglomerates – 0.4%
Industries Qatar QSC		438,750		2,266,187
Insurance – 4.0%
Allianz SE (Registered)		48,500		11,061,889
BB Seguridade Participacoes SA		1,075,000		5,520,223
Caixa Seguridade Participacoes S/A		88,068		139,424
Zurich Insurance Group AG		13,750		6,316,515
				23,038,051
Interactive Media & Services – 0.7%
Rightmove plc		9,000		69,876

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 303

FlexShares^® International Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Interactive Media & Services – (continued)
Tencent Holdings Ltd.		85,300	$	4,102,932
				4,172,808
Internet & Direct Marketing Retail – 0.8%
momo.com, Inc.		76,600		2,055,626
ZOZO, Inc.		130,200		2,773,634
				4,829,260
IT Services – 1.1%
Infosys Ltd.		58,000		1,189,363
Itochu Techno-Solutions Corp.		100,000		2,357,981
Nomura Research Institute Ltd.		75,000		2,147,654
Obic Co. Ltd.		4,800		714,294
				6,409,292
Machinery – 2.7%
Atlas Copco AB, Class A(c)		50,000		2,307,178
Atlas Copco AB, Class B(c)		9,250		372,235
Daifuku Co. Ltd.		6,200		385,227
Epiroc AB, Class A(c)		116,250		2,393,052
Epiroc AB, Class B		9,250		163,449
FANUC Corp.		9,000		1,400,780
Kone OYJ, Class B		61,250		2,978,137
Schindler Holding AG		1,000		195,127
Sinotruk Hong Kong Ltd.		3,125,000		3,823,531
Yaskawa Electric Corp.		33,900		1,164,364
				15,183,080
Marine – 3.4%
AP Moller – Maersk A/S, Class A		1,500		4,297,080
AP Moller – Maersk A/S, Class B		1,500		4,399,189
Nippon Yusen KK(c)		58,400		4,264,155
Orient Overseas International Ltd.		174,500		4,906,190
SITC International Holdings Co. Ltd.		500,000		1,688,726
				19,555,340
Media – 0.7%
Publicis Groupe SA		69,000		4,191,337
Metals & Mining – 4.9%
BHP Group Ltd.(c)		55,581		1,896,329

Investments	Shares		Value
Metals & Mining – (continued)
BHP Group Ltd.		42,419	$	1,451,255
Cia Siderurgica Nacional SA		75,000		319,101
Fortescue Metals Group Ltd.(c)		351,750		5,406,876
Gerdau SA (Preference)		225,000		1,270,799
Grupo Mexico SAB de CV, Series B		1,000,000		4,680,403
Impala Platinum Holdings Ltd.		62,750		818,125
Kumba Iron Ore Ltd.(c)		111,000		3,747,665
MMC Norilsk Nickel PJSC‡ (b)		16,315		—
Rio Tinto plc		81,750		5,856,474
Severstal PAO‡ (b)		58,985		—
Vedanta Ltd.		503,500		2,689,658
				28,136,685
Multiline Retail – 0.0%(d)
B&M European Value Retail SA		21,750		133,860
Multi-Utilities – 1.1%
Canadian Utilities Ltd., Class A(c)		74,000		2,236,125
Engie SA(c)		346,500		4,138,646
				6,374,771
Oil, Gas & Consumable Fuels – 8.2%
Adaro Energy Tbk. PT		31,100,000		7,165,206
Canadian Natural Resources Ltd.		142,250		8,849,652
China Shenhua Energy Co. Ltd., Class H		1,750,000		5,642,895
Enbridge, Inc.		236,500		10,373,765
Exxaro Resources Ltd.(c)		91,250		1,306,765
Lundin Energy AB		142,500		5,965,783
Ovintiv, Inc.		6,000		307,140
Petroleo Brasileiro SA (Preference)		825,000		5,044,425
Shell plc		61,750		1,684,664
TotalEnergies SE		3,000		149,460
				46,489,755
Personal Products – 2.0%
Hengan International Group Co. Ltd.(c)		125,000		592,647
L’Oreal SA		30,000		11,042,162
				11,634,809
Pharmaceuticals – 8.7%
Astellas Pharma, Inc.		25,000		381,676

See Accompanying Notes to the Financial Statements.

304 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Pharmaceuticals – (continued)
AstraZeneca plc		12,000	$	1,610,254
China Medical System Holdings Ltd.		500,000		723,922
Chugai Pharmaceutical Co. Ltd.		117,200		3,530,654
GlaxoSmithKline plc		321,750		7,259,110
Novartis AG (Registered)		109,500		9,759,280
Novo Nordisk A/S, Class B		79,750		9,187,090
Orion OYJ, Class B(c)		95,250		3,762,120
Roche Holding AG		35,500		13,254,210
Roche Holding AG – BR		500		202,339
				49,670,655
Professional Services – 1.6%
Nihon M&A Center Holdings, Inc.		111,100		1,384,034
Randstad NV		20,000		1,073,095
Recruit Holdings Co. Ltd.		43,600		1,621,371
RELX plc		73,250		2,200,731
SGS SA (Registered)		1,109		2,881,469
				9,160,700
Real Estate Management & Development – 2.0%
China Overseas Land & Investment Ltd.		34,000		105,950
China Resources Land Ltd.		44,000		197,957
CK Asset Holdings Ltd.		44,000		299,459
Daito Trust Construction Co. Ltd.		42,000		4,058,660
Hopson Development Holdings Ltd.(c)		2,300,000		4,449,826
Land & Houses PCL, NVDR		5,225,000		1,456,898
Logan Group Co. Ltd.(c)		2,750,000		869,216
Sunac Services Holdings Ltd.(a) (c)		182,000		100,671
				11,538,637
Road & Rail – 1.0%
Aurizon Holdings Ltd.		1,810,500		5,185,126
Canadian National Railway Co.		2,250		265,976
				5,451,102
Semiconductors & Semiconductor Equipment – 3.8%
Advantest Corp.		25,000		1,734,718
ASML Holding NV		6,000		3,468,676
Novatek Microelectronics Corp.		279,000		3,771,997

Investments	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
Parade Technologies Ltd.		7,000	$	340,791
Realtek Semiconductor Corp.		80,000		1,106,003
Silergy Corp.		6,000		552,662
Taiwan Semiconductor Manufacturing Co. Ltd.		512,222		9,349,305
Vanguard International Semiconductor Corp.		311,000		1,113,145
				21,437,297
Software – 1.5%
SAP SE		68,750		7,075,813
Temenos AG (Registered)		16,250		1,662,417
				8,738,230
Specialty Retail – 1.6%
Chow Tai Fook Jewellery Group Ltd.*		1,000,000		1,692,550
Industria de Diseno Textil SA(c)		164,500		3,488,139
Topsports International Holdings Ltd.(a)		576,000		444,876
USS Co. Ltd.		200,000		3,335,906
				8,961,471
Technology Hardware, Storage & Peripherals – 2.6%
Brother Industries Ltd.		175,000		3,058,043
Catcher Technology Co. Ltd.		858,000		4,220,793
Quanta Computer, Inc.		1,250,000		3,553,799
Samsung Electronics Co. Ltd.		61,000		3,273,408
Wiwynn Corp.		15,000		519,075
				14,625,118
Textiles, Apparel & Luxury Goods – 1.2%
Bosideng International Holdings Ltd.(c)		804,000		405,784
Eclat Textile Co. Ltd.		74,000		1,223,898
Li Ning Co. Ltd.		423,000		3,372,182
LVMH Moet Hennessy Louis Vuitton SE		2,500		1,633,854
Pandora A/S		5,000		446,017
				7,081,735
Tobacco – 2.4%
Gudang Garam Tbk. PT		2,225,000		4,711,837
Imperial Brands plc		209,500		4,382,034

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 305

FlexShares^® International Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Tobacco – (continued)
Japan Tobacco, Inc.		250,000	$	4,290,483
Swedish Match AB(c)		59,250		475,774
				13,860,128
Trading Companies & Distributors – 0.6%
Ashtead Group plc		67,250		3,528,429
Wireless Telecommunication Services – 1.1%
Tele2 AB, Class B(c)		32,000		425,758
Total Access Communication PCL, NVDR		2,650,000		3,559,124
Turkcell Iletisim Hizmetleri A/S		1,612,500		2,348,849
				6,333,731
Total Common Stocks (Cost $563,553,925)				553,427,055
	Principal Amount
SECURITIES LENDING REINVESTMENTS(e) – 2.6%
REPURCHASE AGREEMENTS – 2.6%
Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $10,916,321, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $10,986,957	$	10,916,139		10,916,139
TD Prime Services LLC, 0.40%, dated 4/30/2022, due 5/2/2022, repurchase price $4,185,733, collateralized by various Common Stocks; total market value $4,564,321		4,185,640		4,185,640
				15,101,779
Total Securities Lending Reinvestments (Cost $15,101,779)				15,101,779
Total Investments – 99.7% (Cost $578,655,704)				568,528,834
Other assets less liabilities – 0.3%				1,525,122
NET ASSETS – 100.0%			$	570,053,956

* Non-income producing security.

^(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)  Security fair valued as of April 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2022 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

^(c)  The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $52,163,598, collateralized in the form of cash with a value of $15,101,779 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $22,471,789 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 31, 2022 – February 15, 2052 and $17,719,555 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $55,293,123.

^(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, 2022. The total value of securities purchased was $15,101,779.

^‡  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

Percentages shown are based on Net Assets.

Abbreviations

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.

As of April 30, 2022, 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	$	69,936,884
Aggregate gross unrealized depreciation		(82,310,766	)
Net unrealized depreciation	$	(12,373,882	)
Federal income tax cost	$	580,960,434

See Accompanying Notes to the Financial Statements.

306 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Index Fund (cont.)

Futures Contracts

FlexShares^® International Quality Dividend Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
EURO STOXX 50 Index		99		06/17/2022		EUR	$	3,901,880	$	56,209
FTSE 100 Index		27		06/17/2022		GBP		2,546,794		112,513
MSCI Emerging Markets E-Mini Index		97		06/17/2022		USD		5,128,390		(53,568	)
S&P/TSX 60 Index		8		06/16/2022		CAD		1,567,388		(57,787	)
SPI 200 Index		8		06/16/2022		AUD		1,053,041		34,904
TOPIX Index		13		06/09/2022		JPY		1,909,463		112,126
									$	204,397

* 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, 2022:
Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
BRL*	2,837,851	Goldman Sachs & Co.	USD	552,423		06/15/2022	$	12,755
EUR	329,015	Toronto-Dominion Bank (The)	USD	345,829		06/15/2022		1,986
GBP	639,447	Toronto-Dominion Bank (The)	USD	795,650		06/15/2022		7,217
INR*	16,433,833	Goldman Sachs & Co.	USD	212,918		06/15/2022		1,068
TRY	764,685	Citibank NA	USD	45,600		06/15/2022		4,206
USD	339,657	Citibank NA	AUD	463,088		06/15/2022		10,292
USD	80,697	Toronto-Dominion Bank (The)	AUD	108,901		06/15/2022		3,243
USD	483,858	Goldman Sachs & Co.	BRL*	2,299,009		06/15/2022		25,995
USD	179,263	Toronto-Dominion Bank (The)	CAD	226,489		06/15/2022		2,068
USD	255,837	Toronto-Dominion Bank (The)	CHF	238,072		06/15/2022		10,009
USD	55,793	BNP Paribas SA	CZK	1,289,588		06/15/2022		785
USD	476,565	BNP Paribas SA	DKK	3,217,078		06/15/2022		19,386
USD	114,164	JPMorgan Chase Bank	DKK	766,649		06/15/2022		5,216
USD	93,802	JPMorgan Chase Bank	EUR	87,664		06/15/2022		1,128
USD	485,577	Toronto-Dominion Bank (The)	EUR	438,147		06/15/2022		22,395
USD	311,147	Bank of Montreal	GBP	237,424		06/15/2022		13,044
USD	601,693	Toronto-Dominion Bank (The)	GBP	457,085		06/15/2022		27,792
USD	141,339	JPMorgan Chase Bank	HKD	1,104,844		06/15/2022		389
USD	782,965	Citibank NA	JPY	95,369,788		06/15/2022		45,694
USD	464,259	Toronto-Dominion Bank (The)	JPY	55,224,428		06/15/2022		37,339
USD	850,120	Citibank NA	KRW*	1,041,156,062		06/15/2022		21,092
USD	17,760	Bank of New York	NOK	158,603		06/15/2022		734
USD	119,242	Bank of New York	NZD	174,054		06/15/2022		6,289
USD	119,162	Goldman Sachs & Co.	PLN	522,804		06/15/2022		2,040
USD	216,494	Bank of Montreal	SEK	2,045,733		06/15/2022		7,344
USD	91,048	Citibank NA	SEK	855,488		06/15/2022		3,586
USD	11,549	Citibank NA	SGD	15,691		06/15/2022		186

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 307

FlexShares^® International Quality Dividend Index Fund (cont.)

Forward Foreign Currency Contracts (cont.)
Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	323,816	JPMorgan Chase Bank	TWD*	9,123,516		06/15/2022	$	14,142
USD	187,492	BNP Paribas SA	ZAR	2,840,994		06/15/2022		8,752
USD	200,712	Citibank NA	ZAR	3,058,072		06/15/2022		8,314
Total unrealized appreciation							$	324,486
AUD	944,318	BNP Paribas SA	USD	705,285		06/15/2022	$	(33,652	)
CAD	582,513	Citibank NA	USD	458,133		06/15/2022		(2,399	)
CAD	152,520	Toronto-Dominion Bank (The)	USD	121,189		06/15/2022		(1,863	)
CHF	192,931	Toronto-Dominion Bank (The)	USD	209,833		06/15/2022		(10,616	)
CHF	646,525	UBS AG	USD	696,312		06/15/2022		(28,722	)
DKK	2,026,655	Bank of Montreal	USD	301,566		06/15/2022		(13,559	)
EUR	446,651	Bank of Montreal	USD	488,771		06/15/2022		(16,599	)
EUR	450,984	Toronto-Dominion Bank (The)	USD	499,124		06/15/2022		(22,372	)
GBP	295,549	Bank of Montreal	USD	389,971		06/15/2022		(18,890	)
GBP	665,754	Toronto-Dominion Bank (The)	USD	866,241		06/15/2022		(30,341	)
HKD	815,893	Bank of Montreal	USD	104,231		06/15/2022		(143	)
HKD	8,574,934	Toronto-Dominion Bank (The)	USD	1,097,100		06/15/2022		(3,153	)
JPY	21,641,055	Bank of Montreal	USD	183,339		06/15/2022		(16,039	)
JPY	196,900,189	BNP Paribas SA	USD	1,678,867		06/15/2022		(156,700	)
JPY	41,864,011	JPMorgan Chase Bank	USD	347,425		06/15/2022		(23,789	)
SEK	4,483,920	Citibank NA	USD	468,544		06/15/2022		(10,121	)
TWD*	28,052,301	Goldman Sachs & Co.	USD	988,523		06/15/2022		(36,360	)
USD	548,877	Citibank NA	BRL*	2,843,346		06/15/2022		(17,396	)
USD	388,171	Citibank NA	INR*	30,043,624		06/15/2022		(3,029	)
USD	210,258	Toronto-Dominion Bank (The)	MXN	4,493,878		06/15/2022		(8,057	)
USD	182,602	Toronto-Dominion Bank (The)	TRY	2,991,694		06/15/2022		(12,254	)
ZAR	1,672,274	Citibank NA	USD	110,321		06/15/2022		(5,111	)
Total unrealized depreciation							$	(471,165	)
Net unrealized depreciation							$	(146,679	)

* Non-deliverable forward.

Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CZK – Czech Koruna

DKK – Danish Krone

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

INR – Indian Rupee

JPY – Japanese Yen

KRW – Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

PLN – Polish Zloty

SEK – Swedish Krona

SGD – Singapore Dollar

TRY – Turkish Lira

TWD – Taiwan Dollar

USD – US Dollar

ZAR – South African Rand

See Accompanying Notes to the Financial Statements.

308 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Index Fund (cont.)

FlexShares^® International Quality Dividend Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:

Australia	2.9	%
Brazil	2.5
Canada	6.3
Chile	0.1
China	8.9
Denmark	3.2
Finland	1.2
France	4.1
Germany	4.2
Hong Kong	1.8
India	3.1
Indonesia	2.5
Italy	2.1
Japan	12.5
Malaysia	1.4
Mexico	0.8
Netherlands	1.3
New Zealand	0.0	†
Norway	0.8
Qatar	0.4
Saudi Arabia	0.1
Singapore	0.8
South Africa	1.0
South Korea	1.8
Spain	2.5
Sweden	5.3
Switzerland	9.7
Taiwan	5.5
Thailand	0.9
Turkey	1.2
United Arab Emirates	0.6
United Kingdom	7.6
Other1	2.9
	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		97.1	%
Securities Lending Reinvestments		2.6
Others(1)		0.3
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 309

Schedule of Investments

FlexShares^® International Quality Dividend Defensive Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 97.8%
Air Freight & Logistics – 0.2%
Deutsche Post AG (Registered)		957	$	41,312
SG Holdings Co. Ltd.		5,800		102,651
				143,963
Auto Components – 0.7%
Bridgestone Corp.		12,800		470,960
Automobiles – 2.2%
Bajaj Auto Ltd.		9,889		482,474
Ford Otomotiv Sanayi A/S		24,621		495,370
Hero MotoCorp Ltd.		11,716		384,183
				1,362,027
Banks – 9.0%
Banco Bilbao Vizcaya Argentaria SA		95,091		507,500
Banco de Chile		1,485,960		148,326
Banco Santander Chile		2,970,644		142,882
Bank of China Ltd., Class H		580,000		229,157
Bank of Communications Co. Ltd., Class H		174,000		121,305
Bankinter SA		76,618		455,224
BOC Hong Kong Holdings Ltd.		130,500		476,517
China CITIC Bank Corp. Ltd., Class H		58,000		29,643
China Everbright Bank Co. Ltd., Class H		377,000		137,420
Commonwealth Bank of Australia(a)		10,933		807,100
Credit Agricole SA		11,107		121,579
Hang Seng Bank Ltd.		8,700		154,681
HSBC Holdings plc		5,075		31,941
KBC Group NV		2,291		157,146
Malayan Banking Bhd.		44,291		92,275
National Bank of Canada		2,639		185,260
Nordea Bank Abp		49,822		503,747
Royal Bank of Canada		8,961		909,737
Sberbank of Russia PJSC‡ (b)		79,800		—
Swedbank AB, Class A(a)		25,578		409,918
Toronto-Dominion Bank (The)		493		35,793
				5,657,151

Investments	Shares		Value
Beverages – 0.4%
Carabao Group PCL, NVDR		78,300	$	250,331
Biotechnology – 0.2%
Grifols SA(a)		6,264		105,731
Capital Markets – 2.4%
Abrdn plc		125,512		298,299
CSC Financial Co. Ltd., Class H(a) (c)		449,500		417,066
Macquarie Korea Infrastructure Fund		44,863		507,209
Moscow Exchange MICEX-RTS PJSC‡ (b)		227,100		—
Singapore Exchange Ltd.		40,600		287,837
				1,510,411
Chemicals – 1.6%
Evonik Industries AG		4,669		123,188
Nissan Chemical Corp.		6,400		341,340
Yara International ASA		10,411		537,170
				1,001,698
Construction & Engineering – 1.1%
ACS Actividades de Construccion y Servicios SA(a)		6,410		166,283
Bouygues SA		3,944		136,680
Taisei Corp.		4,800		130,596
WSP Global, Inc.		2,262		265,164
				698,723
Construction Materials – 0.9%
China Resources Cement Holdings Ltd.		552,000		460,812
LafargeHolcim Maroc SA		522		104,545
				565,357
Diversified Financial Services – 1.8%
M&G plc		178,524		480,101
Power Finance Corp. Ltd.		98,368		151,523
REC Ltd.		297,192		493,749
				1,125,373

See Accompanying Notes to the Financial Statements.

310 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Defensive Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Diversified Telecommunication Services – 2.8%
Emirates Telecommunications Group Co. PJSC		11,571	$	110,259
Hellenic Telecommunications Organization SA		7,685		149,174
Koninklijke KPN NV		30,363		105,223
Nippon Telegraph & Telephone Corp.		7,800		231,604
Orange SA		16,907		201,868
Proximus SADP(a)		7,308		127,979
Spark New Zealand Ltd.		4,350		13,891
Telecom Italia SpA (Retirement Savings Plan)		315,520		87,941
Telefonica Deutschland Holding AG		50,779		153,690
Telefonica SA		50,194		245,328
Telenor ASA		24,447		348,735
				1,775,692
Electric Utilities – 3.7%
CPFL Energia SA		34,800		254,032
EDP—Energias de Portugal SA(a)		31,842		149,214
Endesa SA(a)		7,656		161,776
Enel SpA		52,867		346,791
Energisa SA		60,900		585,856
Iberdrola SA		8,962		104,094
Power Grid Corp. of India Ltd.		109,504		326,252
Red Electrica Corp. SA		8,178		165,085
SSE plc		9,657		226,544
				2,319,644
Electrical Equipment – 0.1%
Mitsubishi Electric Corp.		5,800		61,241
Electronic Equipment, Instruments & Components – 0.6%
Delta Electronics Thailand PCL, NVDR		11,600		122,943
Kingboard Laminates Holdings Ltd.		145,000		225,461
				348,404
Equity Real Estate Investment Trusts (REITs) – 0.5%
Covivio		1,885		135,124
Gecina SA		464		52,670
Growthpoint Properties Ltd.(a)		155,063		138,433
				326,227

Investments	Shares		Value
Food & Staples Retailing – 1.1%
BIM Birlesik Magazalar A/S		93,380	$	525,168
Etablissements Franz Colruyt NV(a)		2,581		95,109
Welcia Holdings Co. Ltd.		3,800		78,575
				698,852
Food Products – 3.8%
Nestle SA (Registered)		17,226		2,236,106
Orkla ASA		14,268		116,943
Sime Darby Plantation Bhd.		34,800		41,886
				2,394,935
Gas Utilities – 2.0%
Naturgy Energy Group SA(a)		18,966		574,835
Petronas Gas Bhd.		124,700		486,369
Snam SpA		30,740		169,410
				1,230,614
Health Care Equipment & Supplies – 1.6%
Fisher & Paykel Healthcare Corp. Ltd.		24,070		335,887
Hartalega Holdings Bhd.		423,400		427,922
Top Glove Corp. Bhd.		588,700		227,177
				990,986
Health Care Providers & Services – 0.8%
Mitra Keluarga Karyasehat Tbk. PT(c)		2,975,400		519,263
Hotels, Restaurants & Leisure – 0.5%
McDonald’s Holdings Co. Japan Ltd.		3,100		123,225
OPAP SA		10,701		160,078
				283,303
Household Durables – 1.3%
Electrolux AB, Class B(a)		15,022		231,987
Persimmon plc		16,530		435,822
Sekisui House Ltd.		8,700		151,692
				819,501
Industrial Conglomerates – 1.8%
Alfa SAB de CV, Class A		87,000		58,274
CITIC Ltd.		44,000		45,816

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 311

FlexShares^® International Quality Dividend Defensive Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Industrial Conglomerates – (continued)
Jardine Matheson Holdings Ltd.		2,900	$	154,077
Quinenco SA		49,590		136,112
Siemens AG (Registered)		4,814		598,149
Toshiba Corp.		2,900		121,005
				1,113,433
Insurance – 4.4%
AIA Group Ltd.		5,800		57,474
Allianz SE (Registered)		1,885		429,931
Aviva plc		34,017		185,055
BB Seguridade Participacoes SA		95,700		491,428
Direct Line Insurance Group plc		37,410		119,159
Great-West Lifeco, Inc.		5,481		151,987
Medibank Pvt Ltd.		64,380		146,405
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		899		215,571
Sampo OYJ, Class A		4,031		197,359
SCOR SE		4,495		128,034
Zurich Insurance Group AG		1,450		666,105
				2,788,508
Interactive Media & Services – 0.7%
Tencent Holdings Ltd.		8,700		418,470
Internet & Direct Marketing Retail – 0.5%
ZOZO, Inc.		14,500		308,892
IT Services – 1.4%
Edenred		695		35,223
Itochu Techno-Solutions Corp.		11,600		273,526
Tata Consultancy Services Ltd.		12,644		586,643
				895,392
Leisure Products – 0.6%
Shimano, Inc.		2,200		395,647
Life Sciences Tools & Services – 0.1%
Sartorius Stedim Biotech		174		57,436
Machinery – 1.1%
Atlas Copco AB, Class B(a)		870		35,010
Knorr-Bremse AG		1,421		102,448
Kone OYJ, Class B		7,250		352,514

Investments	Shares		Value
Machinery – (continued)
Sinotruk Hong Kong Ltd.		145,000	$	177,412
				667,384
Marine – 2.0%
Mitsui OSK Lines Ltd.		17,400		412,303
Nippon Yusen KK(a)		5,800		423,495
SITC International Holdings Co. Ltd.		128,000		432,314
				1,268,112
Media – 0.5%
Publicis Groupe SA		3,310		201,063
Quebecor, Inc., Class B(a)		6,003		141,990
				343,053
Metals & Mining – 6.3%
African Rainbow Minerals Ltd.		29,957		496,037
BHP Group Ltd.(a)		2,726		93,007
Cia Siderurgica Nacional SA		101,500		431,849
Fortescue Metals Group Ltd.(a)		38,802		596,439
Fresnillo plc(a)		29,232		284,578
Gerdau SA (Preference)		29,000		163,792
Grupo Mexico SAB de CV, Series B		58,000		271,463
Kumba Iron Ore Ltd.		11,745		396,543
Magnitogorsk Iron & Steel Works PJSC‡ (b)		172,884		—
Novolipetsk Steel PJSC‡ (b)		47,108		—
Rio Tinto Ltd.		87		6,976
Rio Tinto plc		14,500		1,038,763
Severstal PAO‡ (b)		6,900		—
Sibanye Stillwater Ltd.		53,708		189,449
				3,968,896
Multiline Retail – 1.6%
B&M European Value Retail SA		63,191		388,907
Canadian Tire Corp. Ltd., Class A		870		120,454
Dollarama, Inc.		3,596		200,952
Wesfarmers Ltd.		7,627		267,808
				978,121
Multi-Utilities – 0.1%
Engie SA(a)		3,451		41,219

See Accompanying Notes to the Financial Statements.

312 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Defensive Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – 7.7%
Adaro Energy Tbk. PT		3,181,300	$	732,948
BP plc		127,484		626,700
China Petroleum & Chemical Corp., Class H		348,000		172,533
Enbridge, Inc.		25,839		1,133,394
Exxaro Resources Ltd.(a)		10,005		143,279
LUKOIL PJSC‡ (b)		240		—
Neste OYJ		8,874		385,699
Pembina Pipeline Corp.		15,370		584,590
Polskie Gornictwo Naftowe i Gazownictwo SA		76,676		107,646
Shell plc		20,184		550,660
Surgutneftegas PJSC (Preference)‡ (b)		276,000		—
TotalEnergies SE		7,540		375,643
				4,813,092
Personal Products – 2.0%
Hengan International Group Co. Ltd.(a)		87,000		412,483
L’Oreal SA		2,233		821,905
Unilever plc		1,073		50,100
				1,284,488
Pharmaceuticals – 8.5%
AstraZeneca plc		1,102		147,875
Daiichi Sankyo Co. Ltd.		18,600		468,302
GlaxoSmithKline plc		41,441		934,964
Novartis AG (Registered)		7,366		656,501
Novo Nordisk A/S, Class B		1,015		116,927
Orion OYJ, Class B		10,179		402,043
Roche Holding AG		6,786		2,533,608
Sanofi		609		65,004
				5,325,224
Professional Services – 0.0%(d)
RELX plc		493		14,812
Real Estate Management & Development – 1.1%
Daito Trust Construction Co. Ltd.		4,600		444,520
Land & Houses PCL, NVDR		609,000		169,809
Logan Group Co. Ltd.(a)		290,000		91,663
				705,992

Investments	Shares		Value
Road & Rail – 1.3%
Aurizon Holdings Ltd.		185,687	$	531,793
Canadian National Railway Co.		2,262		267,394
				799,187
Semiconductors & Semiconductor Equipment – 2.9%
ASML Holding NV		522		301,775
Novatek Microelectronics Corp.		25,000		337,992
Powerchip Semiconductor Manufacturing Corp.		58,000		105,471
Taiwan Semiconductor Manufacturing Co. Ltd.		58,000		1,058,642
				1,803,880
Software – 0.1%
SAP SE		319		32,832
Specialty Retail – 1.3%
Home Product Center PCL, NVDR		348,000		152,409
Industria de Diseno Textil SA(a)		16,907		358,504
USS Co. Ltd.		10,800		180,139
Vibra Energia SA		31,900		136,046
				827,098
Technology Hardware, Storage & Peripherals – 4.4%
Asustek Computer, Inc.		15,000		181,676
Catcher Technology Co. Ltd.		87,000		427,983
Compal Electronics, Inc.		174,000		131,346
FUJIFILM Holdings Corp.		7,500		415,232
Inventec Corp.		163,000		140,463
Lite-On Technology Corp.		232,000		511,611
Logitech International SA (Registered)		3,509		232,957
Quanta Computer, Inc.		53,000		150,681
Ricoh Co. Ltd.		17,400		127,720
Samsung Electronics Co. Ltd.		8,236		441,964
				2,761,633
Textiles, Apparel & Luxury Goods – 0.9%
Li Ning Co. Ltd.		46,500		370,701
LVMH Moet Hennessy Louis Vuitton SE		261		170,574
				541,275

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 313

FlexShares^® International Quality Dividend Defensive Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Tobacco – 3.2%
British American Tobacco plc		14,065	$	591,917
Imperial Brands plc		22,562		471,921
ITC Ltd.		89,175		302,781
Japan Tobacco, Inc.		29,000		497,696
Swedish Match AB(a)		15,863		127,379
				1,991,694
Trading Companies & Distributors – 1.2%
ITOCHU Corp.(a)		8,700		264,035
Mitsubishi Corp.		8,700		294,320
Sumitomo Corp.		13,100		208,442
				766,797
Transportation Infrastructure – 0.7%
Westports Holdings Bhd.		481,400		435,676
Wireless Telecommunication Services – 2.1%
KDDI Corp.		11,600		388,129
SoftBank Corp.		14,000		163,708
Tele2 AB, Class B(a)		35,989		478,832
Vodafone Group plc		170,926		260,822
				1,291,491
Total Common Stocks (Cost $60,098,632)				61,300,121
	Principal Amount
SECURITIES LENDING REINVESTMENTS(e) – 2.3%
REPURCHASE AGREEMENTS – 2.3%
Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $1,465,361, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $1,474,842 (Cost $1,465,336)	$	1,465,336		1,465,336
Total Investments – 100.1% (Cost $61,563,968)				62,765,457
Liabilities in excess of other assets – (0.1%)				(47,673	)
NET ASSETS – 100.0%			$	62,717,784

^(a)  The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $5,080,629, collateralized in the form of cash with a value of $1,465,336 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $1,238,290 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, 2022 – February 15, 2052 and $2,789,228 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from May 25, 2022 – June 30, 2120; a total value of $5,492,854.

^(b)  Security fair valued as of April 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2022 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

^(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)  Represents less than 0.05% of net assets.

^(e)  The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $1,465,336.

^‡  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

Percentages shown are based on Net Assets.

Abbreviations

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.

As of April 30, 2022, 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	$	7,719,934
Aggregate gross unrealized depreciation		(6,709,777	)
Net unrealized appreciation	$	1,010,157
Federal income tax cost	$	61,774,591

See Accompanying Notes to the Financial Statements.

314 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Defensive Index Fund (cont.)

Futures Contracts

FlexShares^® International Quality Dividend Defensive Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
MSCI EAFE E-Mini Index		10		06/17/2022		USD	$	998,300	$	(24,070	)
MSCI Emerging Markets E-Mini Index		7		06/17/2022		USD		370,090		(3,107	)
									$	(27,177	)

* 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 Defensive Index Fund had the following outstanding contracts as of April 30, 2022:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	40,607	Citibank NA	AUD	55,364		06/15/2022	$	1,231
USD	67,809	Toronto-Dominion Bank (The)	AUD	90,000		06/15/2022		3,797
USD	132,472	UBS AG	CHF	123,000		06/15/2022		5,464
USD	254,994	Toronto-Dominion Bank (The)	EUR	230,000		06/15/2022		11,853
USD	196,940	Toronto-Dominion Bank (The)	GBP	150,000		06/15/2022		8,605
USD	68,566	BNP Paribas SA	JPY	8,000,000		06/15/2022		6,721
USD	178,152	Citibank NA	JPY	21,700,000		06/15/2022		10,397
USD	49,225	Citibank NA	ZAR	750,000		06/15/2022		2,039
Total unrealized appreciation							$	50,107
CHF	50,000	Toronto-Dominion Bank (The)	USD	54,380		06/15/2022	$	(2,751	)
NOK	59,477	Bank of New York	USD	6,660		06/15/2022		(276	)
USD	19,304	Citibank NA	BRL*	100,000		06/15/2022		(612	)
Total unrealized depreciation							$	(3,639	)
Net unrealized appreciation							$	46,468

* Non-deliverable forward.

Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CHF – Swiss Franc

EUR – Euro

GBP – British Pound

JPY – Japanese Yen

NOK – Norwegian Krone

USD – US Dollar

ZAR – South African Rand

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 315

FlexShares^® International Quality Dividend Defensive Index Fund (cont.)

FlexShares^® International Quality Dividend Defensive Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:

Australia	3.9	%
Belgium	0.6
Brazil	3.3
Canada	6.4
Chile	0.7
China	5.3
Denmark	0.2
Finland	2.1
France	4.1
Germany	2.7
Greece	0.5
Hong Kong	1.8
India	4.3
Indonesia	2.0
Italy	1.0
Japan	11.3
Malaysia	2.7
Mexico	0.5
Morocco	0.2
Netherlands	0.6
New Zealand	0.6
Norway	1.6
Poland	0.2
Portugal	0.2
Singapore	0.7
South Africa	2.2
South Korea	1.5
Spain	4.5
Sweden	2.8
Switzerland	10.1
Taiwan	4.9
Thailand	1.1
Turkey	1.6
United Arab Emirates	0.2
United Kingdom	11.4
Other1	2.2
	100.0	%

¹  Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities).

Security Type	% of Net Assets
Common Stocks		97.8	%
Securities Lending Reinvestments		2.3
Others(1)		(0.1	)
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

316 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® International Quality Dividend Dynamic Index Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 97.6%
Auto Components – 1.1%
Fuyao Glass Industry Group Co. Ltd., Class H(a)		116,000	$	481,969
Koito Manufacturing Co. Ltd.		2,900		107,105
Magna International, Inc.		3,277		198,510
Nexteer Automotive Group Ltd.		174,000		99,794
				887,378
Automobiles – 2.6%
Ford Otomotiv Sanayi A/S		32,654		656,993
Isuzu Motors Ltd.(b)		14,500		169,778
Mercedes-Benz Group AG*		14,326		1,014,097
Porsche Automobil Holding SE (Preference)		2,262		189,806
				2,030,674
Banks – 9.3%
Agricultural Bank of China Ltd., Class H		464,000		175,046
Australia & New Zealand Banking Group Ltd.		24,186		469,226
Banco Bilbao Vizcaya Argentaria SA		122,554		654,070
BNP Paribas SA		18,560		973,218
China Construction Bank Corp., Class H		841,000		599,172
China Merchants Bank Co. Ltd., Class H		32,500		198,409
Credit Agricole SA		15,631		171,099
DBS Group Holdings Ltd.		14,863		365,090
DNB Bank ASA(b)		10,411		205,336
Hana Financial Group, Inc.		5,510		206,186
ING Groep NV(b)		32,422		311,253
National Bank of Canada		3,538		248,370
Nordea Bank Abp		65,511		662,378
Royal Bank of Canada		12,064		1,224,760
Sberbank of Russia PJSC (Preference)‡ (c)		31,920		—
Skandinaviska Enskilda Banken AB, Class A		49,967		569,143
Societe Generale SA		7,134		174,378
				7,207,134

Investments	Shares		Value
Beverages – 1.2%
Anheuser-Busch InBev SA/NV(b)		6,235	$	364,400
Thai Beverage PCL		1,203,500		597,000
				961,400
Building Products – 0.3%
Nibe Industrier AB, Class B		23,374		232,562
Capital Markets – 4.9%
3i Group plc		38,918		647,416
Abrdn plc		209,989		499,073
CSC Financial Co. Ltd., Class H(a)		536,500		497,788
EQT AB(b)		3,538		102,744
Macquarie Group Ltd.		2,987		439,359
Meritz Securities Co. Ltd.		78,503		409,391
Samsung Securities Co. Ltd.		19,140		604,982
SBI Holdings, Inc.		26,200		589,075
				3,789,828
Chemicals – 2.7%
BASF SE*		7,772		413,315
Nippon Sanso Holdings Corp.		8,700		156,930
Nissan Chemical Corp.		10,500		560,011
Shin-Etsu Chemical Co. Ltd.		2,900		402,566
Wacker Chemie AG		3,683		591,161
				2,123,983
Construction & Engineering – 0.5%
ACS Actividades de Construccion y Servicios SA(b)		7,676		199,125
Bouygues SA		5,104		176,879
				376,004
Construction Materials – 0.1%
CRH plc(b)		1,392		56,067
Diversified Financial Services – 1.8%
Banca Mediolanum SpA		18,241		134,242
M&G plc		232,145		624,303
REC Ltd.		387,614		643,974
				1,402,519
Diversified Telecommunication Services – 1.0%
Telefonica SA		149,988		733,079

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 317

FlexShares^® International Quality Dividend Dynamic Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Electric Utilities – 0.9%
Endesa SA		9,338	$	197,318
Enel SpA		34,858		228,657
SSE plc		12,167		285,426
				711,401
Electrical Equipment – 1.3%
Mitsubishi Electric Corp.		34,800		367,447
WEG SA		110,200		669,807
				1,037,254
Electronic Equipment, Instruments & Components – 0.2%
Omron Corp.		2,900		172,934
Energy Equipment & Services – 1.0%
Tenaris SA		51,069		797,892
Equity Real Estate Investment Trusts (REITs) – 1.6%
Fibra Uno Administracion SA de CV		165,300		181,268
Growthpoint Properties Ltd.		193,430		172,685
RioCan REIT		10,063		188,969
Stockland(b)		235,915		697,437
				1,240,359
Food & Staples Retailing – 0.1%
Cencosud SA		30,885		49,420
Food Products – 0.7%
Nestle SA (Registered)		4,205		545,851
Gas Utilities – 0.6%
AltaGas Ltd.(b)		9,106		209,330
Kunlun Energy Co. Ltd.		174,000		146,365
Naturgy Energy Group SA(b)		3,828		116,022
				471,717
Health Care Equipment & Supplies – 2.0%
Hartalega Holdings Bhd.		559,700		565,678
Hoya Corp.		5,000		501,312
Straumann Holding AG (Registered)		1,450		174,108
Top Glove Corp. Bhd.		777,200		299,919
				1,541,017

Investments	Shares		Value
Health Care Providers & Services – 0.2%
Hapvida Participacoes e Investimentos SA(a)		75,228	$	133,223
Hotels, Restaurants & Leisure – 0.7%
Aristocrat Leisure Ltd.		7,482		178,973
OPAP SA		26,564		397,376
				576,349
Household Durables – 2.8%
Barratt Developments plc		83,375		517,629
Bellway plc		4,930		150,903
Electrolux AB, Class B(b)		7,743		119,576
Haier Smart Home Co. Ltd., Class H		52,200		188,944
JS Global Lifestyle Co. Ltd.(a) (b)		522,000		628,703
Persimmon plc		21,025		554,335
				2,160,090
Industrial Conglomerates – 1.3%
Siemens AG (Registered)		6,380		792,728
SK, Inc.		928		198,013
				990,741
Insurance – 4.8%
Allianz SE (Registered)		6,815		1,554,366
Aviva plc		40,919		222,603
AXA SA		15,921		427,623
BB Seguridade Participacoes SA		29,000		148,918
CNP Assurances		7,685		169,280
Manulife Financial Corp.		16,182		318,056
SCOR SE		5,510		156,945
Zurich Insurance Group AG		1,624		746,038
				3,743,829
Interactive Media & Services – 0.8%
Autohome, Inc., ADR		6,322		183,781
Tencent Holdings Ltd.		8,700		418,470
				602,251
Internet & Direct Marketing Retail – 0.5%
ZOZO, Inc.		17,700		377,061
IT Services – 0.6%
Capgemini SE		1,334		275,972
Infosys Ltd.		8,236		168,890
				444,862

See Accompanying Notes to the Financial Statements.

318 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Dynamic Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Machinery – 3.6%
Atlas Copco AB, Class B(b)		1,131	$	45,513
Doosan Bobcat, Inc.		21,518		711,842
FANUC Corp.		4,000		622,569
Komatsu Ltd.		8,700		196,146
MINEBEA MITSUMI, Inc.		5,800		112,813
SKF AB, Class B(b)		8,265		137,014
Volvo AB, Class B		12,586		203,620
Wartsila OYJ Abp		43,239		351,144
Weichai Power Co. Ltd., Class H		7,000		9,903
Yaskawa Electric Corp.		12,600		432,772
				2,823,336
Marine – 4.1%
AP Moller – Maersk A/S, Class A		203		581,538
AP Moller – Maersk A/S, Class B		203		595,357
Mitsui OSK Lines Ltd.		26,100		618,455
Nippon Yusen KK(b)		8,400		613,337
Orient Overseas International Ltd.		27,500		773,182
				3,181,869
Media – 0.8%
Publicis Groupe SA		10,063		611,267
Metals & Mining – 7.1%
Anglo American Platinum Ltd.(b)		1,595		176,952
BHP Group Ltd.		42,275		1,442,351
BHP Group Ltd.		11,172		382,221
Fortescue Metals Group Ltd.(b)		49,329		758,254
Gerdau SA (Preference)		34,800		196,550
Impala Platinum Holdings Ltd.		45,124		588,320
Kumba Iron Ore Ltd.		15,022		507,184
MMC Norilsk Nickel PJSC‡ (c)		2,128		—
Rio Tinto plc		9,715		695,971
Severstal PAO‡ (c)		7,952		—
Vedanta Ltd.		139,780		746,694
				5,494,497
Multi-Utilities – 0.7%
Engie SA(b)		47,444		566,678
Oil, Gas & Consumable Fuels – 10.0%
Adaro Energy Tbk. PT		4,205,000		968,800
BP plc		159,326		783,232

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Canadian Natural Resources Ltd.(b)		19,749	$	1,228,624
Enbridge, Inc.		5,916		259,498
Exxaro Resources Ltd.(b)		14,442		206,820
Keyera Corp.(b)		8,120		202,484
Lundin Energy AB		18,908		791,586
Neste OYJ		16,646		723,501
Pembina Pipeline Corp.(b)		21,518		818,427
Petroleo Brasileiro SA (Preference)		63,800		390,102
Shell plc		1,363		37,185
TotalEnergies SE		20,880		1,040,242
Woodside Petroleum Ltd.(b)		12,354		273,477
				7,723,978
Personal Products – 2.0%
L’Oreal SA		4,205		1,547,743
Pharmaceuticals – 2.9%
Astellas Pharma, Inc.		17,400		265,647
China Medical System Holdings Ltd.		232,000		335,900
GlaxoSmithKline plc		36,337		819,811
Orion OYJ, Class B(b)		10,817		427,243
Roche Holding AG		609		227,375
Takeda Pharmaceutical Co. Ltd.		7,000		203,635
				2,279,611
Professional Services – 1.5%
Adecco Group AG (Registered)		3,480		136,777
Nihon M&A Center Holdings, Inc.		17,400		216,761
Recruit Holdings Co. Ltd.		22,600		840,435
				1,193,973
Real Estate Management & Development – 1.7%
China Evergrande Group(b) (c)		928,000		161,843
China Resources Land Ltd.		58,000		260,943
Country Garden Holdings Co. Ltd.(b)		248,001		172,896
Daiwa House Industry Co. Ltd.		2,900		70,351
Land & Houses PCL, NVDR		829,400		231,263
Logan Group Co. Ltd.(b)		377,000		119,162
NEPI Rockcastle plc		26,419		160,539
Sunac Services Holdings Ltd.(a) (b)		261,000		144,369
				1,321,366

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 319

FlexShares^® International Quality Dividend Dynamic Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Road & Rail – 0.9%
Aurizon Holdings Ltd.		242,556	$	694,661
Semiconductors & Semiconductor Equipment – 7.4%
Advantest Corp.		5,900		409,393
ASM International NV		754		230,596
ASML Holding NV		2,755		1,592,700
Globalwafers Co. Ltd.		8,000		141,134
MediaTek, Inc.		12,000		337,908
Nanya Technology Corp.		71,000		158,016
Novatek Microelectronics Corp.		40,000		540,788
Phison Electronics Corp.		26,000		341,809
Silergy Corp.		5,000		460,552
Taiwan Semiconductor Manufacturing Co. Ltd.		55,000		1,003,885
Tokyo Electron Ltd.		1,200		513,862
				5,730,643
Software – 0.9%
Nemetschek SE		2,407		193,695
SAP SE		4,524		465,614
				659,309
Specialty Retail – 1.5%
Fast Retailing Co. Ltd.		300		139,302
Hotai Motor Co. Ltd.		9,000		177,096
Industria de Diseno Textil SA(b)		22,852		484,565
USS Co. Ltd.		11,600		193,483
Vibra Energia SA		40,600		173,150
				1,167,596
Technology Hardware, Storage & Peripherals – 1.8%
Quanta Computer, Inc.		210,000		597,038
Samsung Electronics Co. Ltd.		8,497		455,970
Samsung Electronics Co. Ltd. (Preference)		6,612		312,175
				1,365,183
Textiles, Apparel & Luxury Goods – 1.0%
Burberry Group plc		7,975		159,300
Eclat Textile Co. Ltd.		30,000		496,175
LVMH Moet Hennessy Louis Vuitton SE		116		75,811
Moncler SpA		1,334		70,759
				802,045

Investments	Shares		Value
Tobacco – 1.5%
Imperial Brands plc		29,087	$	608,402
Japan Tobacco, Inc.		34,100		585,222
				1,193,624
Trading Companies & Distributors – 2.0%
Ashtead Group plc		9,541		500,591
Ferguson plc		5,017		638,703
Rexel SA*		8,381		173,648
Toyota Tsusho Corp.		5,800		210,180
				1,523,122
Transportation Infrastructure – 0.0%(d)
CCR SA		11,600		29,069
Wireless Telecommunication Services – 0.6%
SoftBank Group Corp.		8,700		353,815
Total Access Communication PCL, NVDR		43,500		58,423
Vodafone Group plc		55,042		83,991
				496,229
Total Common Stocks (Cost $79,879,120)				75,802,678
	Principal Amount
SECURITIES LENDING REINVESTMENTS(e) – 2.3%
REPURCHASE AGREEMENTS – 2.3%
Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $1,767,004, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market value $1,778,438 (Cost $1,766,975)	$	1,766,975		1,766,975
Total Investments – 99.9% (Cost $81,646,095)				77,569,653
Other assets less liabilities – 0.1%				68,038
NET ASSETS – 100.0%			$	77,637,691

See Accompanying Notes to the Financial Statements.

320 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Dynamic Index Fund (cont.)

* Non-income producing security.

^(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, 2022. The total value of securities on loan at April 30, 2022 was $5,315,295, collateralized in the form of cash with a value of $1,766,975 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,814,252 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 31, 2022 – November 15, 2051 and $1,040,969 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $5,622,196.

^(c)  Security fair valued as of April 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2022 amounted to $161,843, which represents approximately 0.21% of net assets of the Fund.

^(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, 2022. The total value of securities purchased was $1,766,975.

^‡  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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.

As of April 30, 2022, 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	$	6,061,981
Aggregate gross unrealized depreciation		(10,340,421	)
Net unrealized depreciation	$	(4,278,440	)
Federal income tax cost	$	81,835,144

Futures Contracts

FlexShares^® International Quality Dividend Dynamic Index Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Depreciation*
Long Contracts
MSCI EAFE E-Mini Index		13		06/17/2022		USD	$	1,297,790	$	(34,901	)
MSCI Emerging Markets E-Mini Index		9		06/17/2022		USD		475,830		(9,177	)
									$	(44,078	)

* 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, 2022:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	100,434	Citibank NA	AUD	136,932		06/15/2022	$	3,043
USD	23,744	Morgan Stanley	CAD	30,000		06/15/2022		273
USD	38,016	Bank of Montreal	CHF	36,000		06/15/2022		843
USD	133,842	UBS AG	CHF	124,272		06/15/2022		5,520
USD	13,206	Bank of Montreal	DKK	90,000		06/15/2022		416

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 321

FlexShares^® International Quality Dividend Dynamic Index Fund (cont.)

Forward Foreign Currency Contracts (cont.)

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	34,508	Bank of Montreal	EUR	31,000		06/15/2022	$	1,737
USD	26,597	Morgan Stanley	EUR	24,000		06/15/2022		1,226
USD	97,460	Toronto-Dominion Bank (The)	EUR	88,284		06/15/2022		4,131
USD	35,430	JPMorgan Chase Bank	GBP	27,000		06/15/2022		1,530
USD	23,694	Morgan Stanley	GBP	18,000		06/15/2022		1,094
USD	14,284	Toronto-Dominion Bank (The)	GBP	10,918		06/15/2022		575
USD	49,488	BNP Paribas SA	JPY	5,774,060		06/15/2022		4,851
USD	141,208	Citibank NA	JPY	17,200,000		06/15/2022		8,241
USD	35,891	JPMorgan Chase Bank	JPY	4,500,000		06/15/2022		1,103
USD	12,610	Morgan Stanley	JPY	1,500,000		06/15/2022		1,014
USD	12,766	Bank of New York	NOK	114,000		06/15/2022		528
Total unrealized appreciation							$	36,125
AUD	23,000	Toronto-Dominion Bank (The)	USD	17,063		06/15/2022	$	(704	)
CAD	59,542	Citibank NA	USD	46,828		06/15/2022		(245	)
CAD	21,000	Goldman Sachs & Co.	USD	16,439		06/15/2022		(10	)
CAD	35,000	Morgan Stanley	USD	27,737		06/15/2022		(354	)
DKK	137,000	BNP Paribas SA	USD	20,295		06/15/2022		(826	)
EUR	21,000	Morgan Stanley	USD	23,215		06/15/2022		(1,015	)
HKD	21,702	Toronto-Dominion Bank (The)	USD	2,777		06/15/2022		(8	)
JPY	1,900,000	Goldman Sachs & Co.	USD	16,418		06/15/2022		(1,730	)
SGD	8,000	Citibank NA	USD	5,888		06/15/2022		(94	)
USD	14,202	Bank of New York	DKK	100,000		06/15/2022		(10	)
Total unrealized depreciation							$	(4,996	)
Net unrealized appreciation							$	31,129

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound

HKD – Hong Kong Dollar

JPY – Japanese Yen

NOK – Norwegian Krone

SGD – Singapore Dollar

USD – US Dollar

See Accompanying Notes to the Financial Statements.

322 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Dynamic Index Fund (cont.)

FlexShares^® International Quality Dividend Dynamic Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:

Australia	6.9	%
Belgium	0.5
Brazil	2.2
Canada	6.3
Chile	0.1
China	6.4
Denmark	1.5
Finland	1.9
France	8.4
Germany	6.7
Greece	0.5
Hong Kong	0.8
India	2.0
Indonesia	1.2
Italy	1.6
Japan	12.9
Malaysia	1.1
Mexico	0.2
Netherlands	2.8
Norway	0.3
Singapore	1.2
South Africa	2.3
South Korea	3.7
Spain	3.1
Sweden	3.7
Switzerland	2.4
Taiwan	5.5
Thailand	0.4
Turkey	0.8
United Kingdom	10.2
Other1	2.4
	100.0	%

¹  Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities).

Security Type	% of Net Assets
Common Stocks		97.6	%
Securities Lending Reinvestments		2.3
Others(1)		0.1
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 323

Schedule of Investments

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund

April 30, 2022 (Unaudited)

Investments	Principal Amount		Value
U.S. TREASURY OBLIGATIONS – 99.9%
U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2025	$	44,224,000	$	73,134,246
2.00%, 1/15/2026		39,499,000		62,306,665
2.38%, 1/15/2027		25,378,000		40,573,892
1.75%, 1/15/2028		24,050,000		36,385,163
3.63%, 4/15/2028		26,315,000		56,893,743
U.S. Treasury Inflation Linked Notes
0.38%, 7/15/2023(a)		62,983,000		79,855,747
0.63%, 1/15/2024		63,137,000		80,110,273
0.50%, 4/15/2024		49,684,000		58,300,759
0.13%, 7/15/2024		63,224,000		78,657,483
0.13%, 10/15/2024		54,209,000		62,171,223
0.25%, 1/15/2025		240,038,000		298,982,661
0.13%, 4/15/2025		208,232,000		236,536,160
0.38%, 7/15/2025(a)		240,038,000		300,321,778
0.13%, 10/15/2025		200,654,000		227,129,439
0.63%, 1/15/2026		65,390,000		82,081,115
0.13%, 4/15/2026		61,474,000		68,486,353
0.13%, 7/15/2026(a)		56,792,000		69,485,689
0.13%, 10/15/2026		59,119,000		63,275,096
0.38%, 1/15/2027		59,342,000		72,492,317
0.13%, 4/15/2027		32,737,000		33,745,152
0.38%, 7/15/2027		58,341,000		70,675,124
Total U.S. Treasury Obligations (Cost $2,166,008,617)				2,151,600,078
Total Investments – 99.9% (Cost $2,166,008,617)				2,151,600,078
Other assets less liabilities – 0.1%				2,352,497
NET ASSETS – 100.0%			$	2,153,952,575

^(a)  The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $196,220,377, collateralized by $78,760,455 in U.S. Government Treasury Securities, interest rates ranging from 0.13% – 3.63%, and maturity dates ranging from February 15, 2023 – February 15, 2044 and $125,601,396 in Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.50%, and maturity dates ranging from May 12, 2022 – September 20, 2117; a total value of $204,361,851.

Percentages shown are based on Net Assets.

As of April 30, 2022, 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	$	8,671,322
Aggregate gross unrealized depreciation		(24,069,100	)
Net unrealized depreciation	$	(15,397,778	)
Federal income tax cost	$	2,166,997,856

Security Type	% of Net Assets
U.S. Treasury Obligations		99.9	%
Others(1)		0.1
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

324 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund

April 30, 2022 (Unaudited)

Investments	Principal Amount		Value
U.S. TREASURY OBLIGATIONS – 99.9%
U.S. Treasury Inflation Linked Bonds
2.00%, 1/15/2026	$	14,571,000	$	22,984,643
2.38%, 1/15/2027		12,005,000		19,193,379
1.75%, 1/15/2028		20,111,000		30,425,863
3.63%, 4/15/2028		21,600,000		46,699,785
2.50%, 1/15/2029		10,299,000		16,064,629
3.88%, 4/15/2029		14,572,000		32,122,385
3.38%, 4/15/2032		3,642,000		7,853,012
U.S. Treasury Inflation Linked Notes
0.38%, 7/15/2025		29,860,000		37,359,119
0.13%, 10/15/2025		24,976,000		28,271,477
0.63%, 1/15/2026		30,886,000		38,769,801
0.13%, 4/15/2026		29,047,000		32,360,398
0.13%, 7/15/2026(a)		26,830,000		32,826,825
0.13%, 10/15/2026		27,905,000		29,866,736
0.38%, 1/15/2027		28,680,000		35,035,551
0.13%, 4/15/2027		14,996,000		15,457,809
0.38%, 7/15/2027		47,433,000		57,461,017
0.50%, 1/15/2028		49,922,000		59,991,496
0.75%, 7/15/2028		29,240,000		35,194,183
0.88%, 1/15/2029(a)		26,336,000		31,694,974
0.25%, 7/15/2029		28,989,000		33,163,951
0.13%, 1/15/2030		29,907,000		33,497,789
0.13%, 7/15/2030(a)		31,248,000		35,210,293
0.13%, 1/15/2031		31,563,000		34,918,903
0.13%, 7/15/2031		34,911,000		37,586,485
0.13%, 1/15/2032(a)		26,117,000		27,131,268
Total U.S. Treasury Obligations (Cost $823,613,215)				811,141,771
Total Investments – 99.9% (Cost $823,613,215)				811,141,771
Other assets less liabilities – 0.1%				1,071,183
NET ASSETS – 100.0%			$	812,212,954

^(a)  The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $97,755,280, collateralized by $27,093,733 in U.S. Government Treasury Securities, interest rates ranging from 0.63% – 2.63%, and maturity dates ranging from February 15, 2023 – May 15, 2031 and $73,838,467 in Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.50%, and maturity dates ranging from May 11, 2022 – September 20, 2117; a total value of $100,932,200.

Percentages shown are based on Net Assets.

As of April 30, 2022, 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	$	2,608,591
Aggregate gross unrealized depreciation		(16,439,470	)
Net unrealized depreciation	$	(13,830,879	)
Federal income tax cost	$	824,972,650

Security Type	% of Net Assets
U.S. Treasury Obligations		99.9	%
Others(1)		0.1
		100.0	%

⁽¹⁾ Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 325

Schedule of Investments

FlexShares^® Disciplined Duration MBS Index Fund

April 30, 2022 (Unaudited)

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – 95.1%
FHLMC
3.00%, 12/1/2026	$	112,463	$	112,125
2.50%, 1/1/2028		189,923		186,594
2.50%, 4/1/2028		110,917		108,840
2.00%, 8/1/2031		149,786		142,313
2.00%, 10/1/2031		32,618		30,990
3.00%, 4/1/2033		130,119		126,399
3.00%, 6/1/2033		105,588		102,569
5.00%, 5/1/2034		54,315		57,523
5.00%, 7/1/2034		269,086		285,935
3.00%, 5/1/2035		17,844		17,242
5.00%, 7/1/2035		268,033		284,403
5.00%, 8/1/2035		100,568		106,542
5.00%, 10/1/2035		17,504		18,512
3.00%, 11/1/2035		20,786		20,129
5.00%, 11/1/2035		165,368		175,349
5.00%, 12/1/2035		104,912		111,484
6.00%, 1/1/2037		67,851		75,161
6.00%, 4/1/2037		36,109		39,971
6.00%, 5/1/2037		58,831		65,132
5.00%, 2/1/2038		52,021		55,161
5.00%, 7/1/2038		155,819		165,110
5.00%, 10/1/2038		46,702		49,471
5.00%, 11/1/2038		174,930		185,008
5.00%, 12/1/2038		306,493		324,156
5.00%, 2/1/2039		126,797		134,459
5.00%, 5/1/2039		66,224		70,045
5.00%, 6/1/2039		25,554		26,964
5.00%, 7/1/2039		50,100		53,131
5.00%, 9/1/2039		64,936		68,944
6.00%, 11/1/2039		36,726		40,658
5.00%, 12/1/2039		218,096		231,338
5.00%, 1/1/2040		16,258		17,295
5.00%, 3/1/2040		43,176		45,999
5.00%, 4/1/2040		19,345		20,635
6.00%, 4/1/2040		43,560		47,979
5.00%, 5/1/2040		17,800		18,897
6.00%, 5/1/2040		102,234		113,057
5.00%, 7/1/2040		96,590		102,779
6.00%, 7/1/2040		162,408		179,800
5.00%, 9/1/2040		91,096		97,060
4.00%, 1/1/2041		13,805		13,998
5.00%, 5/1/2041		140,181		147,803
5.00%, 7/1/2041		211,093		223,592

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
3.50%, 11/1/2041	$	65,183	$	64,586
3.00%, 3/1/2042		11,756		11,361
4.50%, 3/1/2042		536,839		559,633
3.00%, 4/1/2042		85,346		82,482
3.00%, 6/1/2042		70,766		68,385
3.00%, 8/1/2042		39,932		38,588
3.00%, 11/1/2042		275,218		265,899
3.00%, 12/1/2042		86,529		83,611
3.00%, 1/1/2043		44,160		42,660
3.00%, 2/1/2043		23,334		22,502
3.00%, 3/1/2043		122,857		118,722
3.00%, 4/1/2043		28,806		27,818
3.00%, 6/1/2043		18,560		17,933
3.00%, 10/1/2043		56,639		54,727
4.00%, 8/1/2044		12,981		13,162
5.00%, 8/1/2044		38,221		40,482
4.00%, 1/1/2045		40,580		41,081
4.00%, 2/1/2045		89,348		91,084
4.50%, 2/1/2045		445,338		461,284
4.00%, 8/1/2045		100,117		101,305
4.00%, 9/1/2045		16,800		17,001
4.00%, 10/1/2045		163,581		165,754
4.00%, 11/1/2045		34,161		34,560
4.00%, 12/1/2045		13,986		14,149
4.00%, 1/1/2046		43,325		43,809
2.50%, 9/1/2046		24,709		22,787
3.00%, 11/1/2046		29,559		28,217
FHLMC UMBS
3.00%, 8/1/2026		78,984		78,498
3.00%, 1/1/2027		119,784		119,331
3.00%, 2/1/2027		64,611		64,367
3.00%, 4/1/2027		424,141		422,504
2.50%, 6/1/2027		39,089		38,376
3.00%, 5/1/2031		116,028		115,580
2.00%, 8/1/2031		36,548		34,695
2.00%, 11/1/2031		59,365		56,354
2.50%, 12/1/2031		789,280		774,900
2.00%, 1/1/2032		69,691		66,157
2.00%, 2/1/2032		66,625		62,916
5.00%, 8/1/2035		404,511		428,310
2.00%, 10/1/2035		1,337,372		1,256,123
1.50%, 2/1/2036		1,361,679		1,249,515
2.00%, 3/1/2036		875,637		822,420
1.50%, 4/1/2036		891,784		818,313

See Accompanying Notes to the Financial Statements.

326 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Disciplined Duration MBS Index Fund (cont.)

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
6.00%, 4/1/2036	$	458,197	$	502,895
2.50%, 10/1/2036		754,291		703,502
5.00%, 3/1/2038		61,257		64,850
5.00%, 7/1/2039		78,728		83,415
5.00%, 10/1/2039		28,798		30,528
5.00%, 1/1/2040		28,770		30,568
5.00%, 3/1/2040		49,832		53,278
5.00%, 5/1/2040		64,032		67,777
2.00%, 7/1/2040		118,933		107,196
6.00%, 7/1/2040		743,971		822,705
1.50%, 10/1/2040		605,646		520,376
3.50%, 12/1/2040		48,768		48,282
2.00%, 1/1/2041		188,513		169,907
2.00%, 2/1/2041		1,358,246		1,224,092
1.50%, 3/1/2041		788,372		677,323
2.00%, 3/1/2041		680,155		612,975
4.50%, 3/1/2041		87,648		91,373
1.50%, 4/1/2041		225,965		194,135
2.00%, 4/1/2041		178,151		160,554
4.50%, 4/1/2041		16,649		17,299
1.50%, 5/1/2041		690,618		593,337
2.50%, 6/1/2041		889,871		826,481
4.00%, 1/1/2042		66,262		67,494
5.00%, 2/1/2042		53,370		56,699
3.00%, 3/1/2042		125,207		120,748
3.50%, 11/1/2042		78,573		77,789
3.00%, 12/1/2042		545,462		526,554
3.50%, 1/1/2043		44,388		44,132
3.50%, 2/1/2043		30,004		29,652
2.50%, 6/1/2043		440,520		407,518
4.00%, 12/1/2043		12,890		13,049
4.50%, 3/1/2044		64,403		67,230
4.00%, 6/1/2044		4,788		4,851
4.50%, 7/1/2044		24,469		25,458
4.00%, 8/1/2044		14,027		14,210
4.00%, 12/1/2044		822,865		823,028
4.50%, 12/1/2044		14,546		15,078
5.00%, 12/1/2044		144,559		151,709
4.00%, 2/1/2045		17,870		18,202
4.50%, 9/1/2045		15,129		15,549
4.00%, 10/1/2045		45,812		46,314
4.00%, 12/1/2045		22,697		23,052
4.50%, 12/1/2045		739,981		764,809
3.00%, 1/1/2046		47,526		45,653
3.50%, 1/1/2046		843,665		832,180

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
4.00%, 1/1/2046	$	38,007	$	38,503
4.00%, 2/1/2046		1,203,168		1,218,626
4.50%, 4/1/2046		38,592		40,354
2.50%, 10/1/2046		934,814		861,311
2.50%, 12/1/2046		136,676		125,924
4.50%, 3/1/2047		532,720		546,615
4.50%, 8/1/2048		507,873		522,937
4.50%, 4/1/2050		1,025,164		1,048,171
4.50%, 1/1/2051		1,137,336		1,166,198
FNMA UMBS
3.50%, 12/1/2025		978,894		982,320
4.00%, 5/1/2026		999,048		1,019,068
3.00%, 11/1/2026		1,039,191		1,032,073
3.00%, 12/1/2026		312,062		310,882
3.50%, 12/1/2026		529,423		531,447
3.00%, 1/1/2027		106,185		105,784
3.00%, 2/1/2027		118,953		118,504
3.00%, 10/1/2027		110,890		110,472
3.00%, 11/1/2027		146,630		146,078
2.50%, 12/1/2027		268,421		263,510
2.50%, 9/1/2028		70,613		69,339
3.00%, 7/1/2030		1,180,853		1,176,455
3.50%, 10/1/2030		67,574		65,750
3.50%, 11/1/2030		11,427		11,119
2.00%, 9/1/2031		30,014		28,492
2.00%, 11/1/2031		71,762		68,123
2.00%, 2/1/2032		65,276		61,643
3.50%, 10/1/2032		496,622		498,360
6.00%, 12/1/2032		12,687		13,906
6.00%, 4/1/2033		7,409		8,094
3.00%, 5/1/2033		119,581		115,810
3.00%, 6/1/2033		122,126		118,558
3.00%, 7/1/2033		15,086		14,643
3.00%, 10/1/2033		26,113		25,347
4.00%, 3/1/2034		1,017,951		1,038,032
6.00%, 3/1/2034		248,656		269,925
6.00%, 8/1/2034		41,936		46,233
6.50%, 9/1/2034		127,669		138,874
6.00%, 12/1/2034		193,148		212,066
6.00%, 4/1/2035		726,426		779,762
2.50%, 7/1/2035		823,366		790,847
5.00%, 8/1/2035		25,177		26,654
1.50%, 11/1/2035		930,330		853,414
6.00%, 11/1/2035		37,002		40,504
5.00%, 12/1/2035		56,889		60,220

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 327

FlexShares^® Disciplined Duration MBS Index Fund (cont.)

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
2.00%, 1/1/2036	$	577,605	$	542,537
5.00%, 2/1/2036		211,052		223,445
4.50%, 6/1/2036		539,768		563,444
6.00%, 6/1/2036		51,505		57,002
2.00%, 7/1/2036		1,086,255		1,020,231
2.50%, 7/1/2036		871,993		836,617
5.00%, 7/1/2036		24,253		25,669
6.50%, 8/1/2036		19,860		21,836
6.00%, 9/1/2036		794,754		870,590
2.50%, 11/1/2036		917,996		856,605
6.00%, 11/1/2036		50,606		56,008
1.50%, 2/1/2037		1,372,990		1,259,436
6.00%, 6/1/2037		106,849		118,258
6.00%, 8/1/2037		169,877		186,396
6.00%, 9/1/2037		24,975		27,626
6.50%, 10/1/2037		42,888		45,926
5.00%, 3/1/2038		56,463		59,763
5.00%, 5/1/2038		46,977		49,750
6.00%, 5/1/2038		16,536		18,302
6.00%, 9/1/2038		30,060		33,271
5.00%, 6/1/2039		57,206		60,567
5.00%, 10/1/2039		56,694		60,068
5.00%, 2/1/2040		46,485		50,137
5.00%, 3/1/2040		181,053		191,835
5.00%, 6/1/2040		17,534		18,581
6.00%, 6/1/2040		120,502		133,315
2.00%, 11/1/2040		777,999		701,401
2.00%, 12/1/2040		418,322		377,105
2.00%, 1/1/2041		197,073		177,631
3.50%, 1/1/2041		42,695		42,270
1.50%, 2/1/2041		870,892		748,586
2.50%, 2/1/2041		310,637		284,877
3.50%, 2/1/2041		26,658		26,393
4.50%, 2/1/2041		138,176		143,930
1.50%, 4/1/2041		467,577		401,980
2.00%, 5/1/2041		905,764		815,022
4.50%, 5/1/2041		44,832		46,761
5.00%, 5/1/2041		35,906		38,277
6.00%, 5/1/2041		28,094		31,080
4.50%, 6/1/2041		592,711		617,345
2.50%, 7/1/2041		909,052		844,292
5.00%, 7/1/2041		476,237		507,235
6.00%, 7/1/2041		800,084		886,988
4.50%, 8/1/2041		136,751		142,780
5.00%, 8/1/2041		73,795		78,446

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
4.00%, 9/1/2041	$	236,203	$	240,422
4.50%, 9/1/2041		84,024		87,513
3.50%, 10/1/2041		143,856		142,416
4.00%, 10/1/2041		60,477		61,601
5.00%, 10/1/2041		72,788		77,615
4.00%, 11/1/2041		86,958		88,043
4.00%, 12/1/2041		19,880		20,140
4.00%, 1/1/2042		179,364		181,709
4.50%, 1/1/2042		20,557		21,464
6.00%, 1/1/2042		82,978		92,076
3.00%, 3/1/2042		161,415		155,594
4.00%, 3/1/2042		94,326		96,304
3.00%, 4/1/2042		54,532		52,664
4.50%, 4/1/2042		109,886		114,718
3.50%, 5/1/2042		27,715		27,390
4.50%, 5/1/2042		79,161		82,649
3.50%, 6/1/2042		49,573		49,043
3.50%, 7/1/2042		148,437		146,959
4.00%, 7/1/2042		130,230		133,278
3.50%, 8/1/2042		46,177		45,886
3.00%, 9/1/2042		76,691		74,059
3.50%, 9/1/2042		16,280		16,104
4.00%, 9/1/2042		77,642		79,088
3.00%, 10/1/2042		166,944		160,875
3.50%, 10/1/2042		28,651		28,365
2.50%, 12/1/2042		261,725		242,155
3.00%, 12/1/2042		157,734		152,299
2.50%, 1/1/2043		8,278		7,661
3.00%, 1/1/2043		156,123		150,680
3.50%, 1/1/2043		42,727		42,300
4.00%, 1/1/2043		83,025		84,343
4.50%, 1/1/2043		212,669		221,988
2.50%, 2/1/2043		779,422		720,992
3.00%, 2/1/2043		207,200		199,999
3.50%, 2/1/2043		78,595		77,828
3.50%, 3/1/2043		99,971		98,970
2.50%, 5/1/2043		13,572		12,467
2.50%, 6/1/2043		7,224		6,673
4.00%, 8/1/2043		45,052		45,588
4.00%, 9/1/2043		108,045		109,730
4.50%, 9/1/2043		28,139		29,340
4.00%, 10/1/2043		131,352		132,927
4.00%, 11/1/2043		265,015		269,801
4.50%, 11/1/2043		102,881		107,523
4.50%, 12/1/2043		74,254		77,405

See Accompanying Notes to the Financial Statements.

328 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Disciplined Duration MBS Index Fund (cont.)

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
4.00%, 1/1/2044	$	104,741	$	106,141
4.50%, 2/1/2044		21,017		21,840
4.50%, 3/1/2044		116,510		123,820
5.00%, 3/1/2044		21,517		22,827
4.00%, 4/1/2044		1,046,169		1,059,698
4.50%, 4/1/2044		216,618		225,487
5.00%, 6/1/2044		35,165		37,284
4.00%, 10/1/2044		42,649		43,415
4.50%, 10/1/2044		10,468		10,897
4.50%, 12/1/2044		39,473		41,052
4.00%, 2/1/2045		30,676		31,075
4.50%, 2/1/2045		133,827		139,168
4.00%, 4/1/2045		28,708		29,165
4.00%, 8/1/2045		12,901		13,016
4.00%, 11/1/2045		64,630		65,659
4.50%, 11/1/2045		86,611		90,461
4.00%, 12/1/2045		345,041		350,204
4.00%, 2/1/2046		9,754		9,893
4.50%, 3/1/2046		143,160		148,087
4.00%, 4/1/2046		13,240		13,423
2.50%, 6/1/2046		81,344		75,285
4.50%, 6/1/2046		98,500		102,549
4.50%, 7/1/2046		21,276		22,070
4.50%, 8/1/2046		18,281		18,911
2.50%, 9/1/2046		138,847		128,016
2.50%, 10/1/2046		66,624		61,425
4.50%, 10/1/2046		35,584		36,738
2.50%, 12/1/2046		22,915		21,073
4.50%, 1/1/2047		32,127		33,179
4.00%, 2/1/2047		34,174		34,656
4.50%, 2/1/2047		39,181		40,964
2.50%, 3/1/2047		142,088		131,048
4.50%, 3/1/2047		207,872		218,243
4.50%, 5/1/2047		646,137		661,895
4.50%, 7/1/2047		88,576		92,092
5.00%, 7/1/2047		282,629		299,159
3.50%, 2/1/2048		1,282,564		1,261,385
4.50%, 4/1/2048		845,189		883,609
4.00%, 7/1/2048		149,734		152,091
4.50%, 11/1/2048		720,687		735,724
6.00%, 2/1/2049		102,491		114,804
2.50%, 7/1/2049		1,491,024		1,375,434
4.50%, 10/1/2049		867,660		886,092
2.50%, 11/1/2049		1,114,095		1,025,805
4.50%, 11/1/2049		1,089,866		1,125,311
4.00%, 1/1/2050		997,961		1,001,067

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
FNMA/FHLMC UMBS, 15 Year, Single Family
TBA 2.50%, 5/25/2037	$	1,000,000	$	957,539
TBA 3.00%, 5/25/2037		3,700,000		3,629,189
TBA 3.50%, 5/25/2037		1,800,000		1,802,110
GNMA
6.00%, 3/15/2033		55,027		61,146
5.50%, 8/20/2033		33,541		36,570
5.50%, 11/20/2033		31,008		32,841
6.00%, 12/15/2033		98,477		108,591
5.50%, 3/20/2034		37,862		41,318
5.50%, 7/20/2034		23,755		25,916
5.50%, 9/20/2034		10,150		10,691
6.00%, 2/15/2035		23,418		25,919
5.50%, 3/20/2036		76,582		82,917
5.50%, 9/20/2038		44,873		48,953
5.50%, 2/20/2039		74,471		81,247
4.50%, 5/15/2039		2,388,190		2,525,936
5.00%, 11/15/2039		2,197,975		2,331,609
4.00%, 6/15/2040		361,592		375,322
4.00%, 8/15/2040		358,159		371,796
4.00%, 11/15/2040		259,595		269,728
5.50%, 12/20/2040		21,858		23,822
5.50%, 1/20/2041		21,695		23,679
5.50%, 5/20/2041		131,934		143,975
4.00%, 9/15/2041		1,061,405		1,091,580
4.50%, 11/15/2041		479,065		504,314
5.50%, 11/20/2041		236,706		258,233
5.50%, 12/20/2041		58,083		62,323
5.50%, 2/20/2042		15,663		17,083
3.50%, 6/15/2042		498,040		500,942
2.50%, 3/20/2043		46,849		43,676
2.50%, 5/20/2043		67,758		63,171
5.50%, 3/20/2044		69,871		76,229
4.50%, 10/20/2044		137,843		145,052
2.50%, 11/20/2044		41,459		38,671
5.00%, 6/20/2045		182,421		194,489
4.00%, 8/15/2045		2,167,881		2,248,854
4.50%, 12/20/2045		290,465		306,103
5.50%, 3/20/2046		601,839		649,793
5.00%, 5/20/2046		421,540		451,361
3.50%, 6/15/2046		2,412,829		2,417,962
2.50%, 10/20/2046		1,157,353		1,079,177
5.50%, 2/20/2047		276,248		301,468
5.50%, 7/20/2049		12,988		13,679
2.50%, 8/20/2050		1,772,330		1,652,729

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 329

FlexShares^® Disciplined Duration MBS Index Fund (cont.)

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
2.50%, 3/20/2051	$	1,126,410	$	1,050,138
3.00%, 4/20/2051		375,599		360,457
1.50%, 10/20/2051		7,742		6,756
3.50%, 12/20/2051		982,517		964,887
4.00%, 12/20/2051		777,886		782,327
Total Mortgage-Backed Securities (Cost $109,644,947)				102,737,009
Total Investments – 95.1% (Cost $109,644,947)				102,737,009
Other assets less liabilities – 4.9%				5,304,533
NET ASSETS – 100.0%			$	108,041,542

Percentages shown are based on Net Assets.

Abbreviations

FHLMC – Federal Home Loan Mortgage Corp.

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

TBA – To Be Announced; Security is subject to delayed delivery.

UMBS – Uniform Mortgage-Backed Securities

As of April 30, 2022, 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	$	5,688
Aggregate gross unrealized depreciation		(6,913,868	)
Net unrealized depreciation	$	(6,908,180	)
Federal income tax cost	$	109,645,189

Security Type	% of Net Assets
Mortgage-Backed Securities		95.1	%
Others(1)		4.9
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

330 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Credit-Scored US Corporate Bond Index Fund

April 30, 2022 (Unaudited)

Investments	Principal Amount		Value
CORPORATE BONDS – 98.6%
Aerospace & Defense – 1.1%
Boeing Co. (The)
5.15%, 5/1/2030	$	150,000	$	149,852
General Dynamics Corp.
3.50%, 5/15/2025		375,000		376,371
3.75%, 5/15/2028		600,000		599,019
L3Harris Technologies, Inc.
4.40%, 6/15/2028		500,000		501,350
Lockheed Martin Corp.
3.55%, 1/15/2026		305,000		307,736
Northrop Grumman Corp.
3.25%, 1/15/2028		500,000		480,757
Precision Castparts Corp.
3.25%, 6/15/2025		185,000		185,698
				2,600,783
Air Freight & Logistics – 0.2%
CH Robinson Worldwide, Inc.
4.20%, 4/15/2028		210,000		209,065
FedEx Corp.
2.40%, 5/15/2031		175,000		150,652
United Parcel Service, Inc.
4.45%, 4/1/2030		50,000		52,076
				411,793
Banks – 26.2%
Banco Santander SA
5.18%, 11/19/2025		200,000		204,295
1.72%, 9/14/2027(a)		600,000		529,005
Bank of America Corp.
Series L, 3.95%, 4/21/2025		500,000		498,793
0.98%, 9/25/2025(a)		750,000		699,143
4.45%, 3/3/2026		500,000		501,553
1.20%, 10/24/2026(a)		500,000		451,755
1.73%, 7/22/2027(a)		450,000		404,624
Series L, 4.18%, 11/25/2027		615,000		606,270
3.82%, 1/20/2028(a)		500,000		487,188
3.71%, 4/24/2028(a)		5,000		4,835
3.42%, 12/20/2028(a)		250,000		237,189
4.27%, 7/23/2029(a)		300,000		294,978
3.97%, 2/7/2030(a)		300,000		290,483
3.19%, 7/23/2030(a)		250,000		229,344

Investments	Principal Amount		Value
Banks – (continued)
2.50%, 2/13/2031(a)	$	600,000	$	515,912
2.59%, 4/29/2031(a)		188,000		162,745
1.90%, 7/23/2031(a)		250,000		204,825
2.69%, 4/22/2032(a)		212,000		182,366
2.30%, 7/21/2032(a)		500,000		414,059
2.57%, 10/20/2032(a)		250,000		211,780
3.85%, 3/8/2037(a)		250,000		223,053
Bank of Montreal
3.80%, 12/15/2032(a)		500,000		474,562
3.09%, 1/10/2037(a)		75,000		63,210
Bank of Nova Scotia (The)
4.50%, 12/16/2025		350,000		353,943
Series 2, 3.62%, 10/27/2081(a)		250,000		199,919
BankUnited, Inc.
5.13%, 6/11/2030		250,000		247,389
Barclays plc
4.38%, 9/11/2024		490,000		492,899
3.65%, 3/16/2025		200,000		197,068
5.20%, 5/12/2026		300,000		304,367
4.84%, 5/9/2028	��	300,000		295,851
2.67%, 3/10/2032(a)		50,000		41,749
Canadian Imperial Bank of Commerce
2.25%, 1/28/2025		300,000		289,244
Citigroup, Inc.
3.35%, 4/24/2025(a)		600,000		591,199
4.40%, 6/10/2025		825,000		830,907
5.50%, 9/13/2025		650,000		680,838
4.60%, 3/9/2026		380,000		383,386
3.11%, 4/8/2026(a)		500,000		484,586
3.40%, 5/1/2026		300,000		292,818
3.20%, 10/21/2026		350,000		338,416
4.45%, 9/29/2027		200,000		198,940
3.89%, 1/10/2028(a)		500,000		489,220
3.67%, 7/24/2028(a)		500,000		482,124
2.98%, 11/5/2030(a)		500,000		448,298
2.67%, 1/29/2031(a)		500,000		435,604
4.41%, 3/31/2031(a)		636,000		622,615
2.57%, 6/3/2031(a)		250,000		215,041
2.56%, 5/1/2032(a)		100,000		84,638
3.06%, 1/25/2033(a)		400,000		350,240
Citizens Financial Group, Inc.
3.25%, 4/30/2030		200,000		183,439

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 331

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Banks – (continued)
Comerica, Inc.
3.70%, 7/31/2023	$	250,000	$	251,795
Cooperatieve Rabobank UA
3.75%, 7/21/2026		250,000		243,444
Discover Bank
4.20%, 8/8/2023		400,000		403,544
2.45%, 9/12/2024		500,000		487,539
4.65%, 9/13/2028		250,000		250,716
Fifth Third Bancorp
1.63%, 5/5/2023		150,000		148,073
4.30%, 1/16/2024		250,000		253,617
3.65%, 1/25/2024		500,000		501,862
2.55%, 5/5/2027		250,000		234,358
Fifth Third Bank NA
3.85%, 3/15/2026		400,000		398,191
First Horizon Corp.
3.55%, 5/26/2023		250,000		250,339
HSBC Holdings plc
3.80%, 3/11/2025(a)		450,000		448,070
4.25%, 8/18/2025		1,040,000		1,039,105
3.90%, 5/25/2026		1,000,000		986,829
4.29%, 9/12/2026(a)		650,000		647,106
4.04%, 3/13/2028(a)		700,000		678,909
4.58%, 6/19/2029(a)		670,000		663,743
4.95%, 3/31/2030		300,000		303,640
3.97%, 5/22/2030(a)		800,000		756,703
2.36%, 8/18/2031(a)		50,000		41,614
2.80%, 5/24/2032(a)		200,000		168,950
Huntington Bancshares, Inc.
4.00%, 5/15/2025		200,000		201,842
2.55%, 2/4/2030		250,000		224,028
ING Groep NV
3.55%, 4/9/2024		200,000		199,840
1.73%, 4/1/2027(a)		500,000		450,782
4.55%, 10/2/2028		350,000		349,116
4.05%, 4/9/2029		250,000		241,658
JPMorgan Chase & Co.
3.88%, 9/10/2024		627,000		630,673
0.65%, 9/16/2024(a)		285,000		275,807
4.02%, 12/5/2024(a)		40,000		40,218
0.82%, 6/1/2025(a)		500,000		471,045
2.30%, 10/15/2025(a)		120,000		115,241
2.00%, 3/13/2026(a)		115,000		108,461

Investments	Principal Amount		Value
Banks – (continued)
2.08%, 4/22/2026(a)	$	500,000	$	470,786
4.13%, 12/15/2026		369,000		367,447
3.96%, 1/29/2027(a)		750,000		743,497
1.58%, 4/22/2027(a)		250,000		226,501
8.00%, 4/29/2027		250,000		290,649
3.63%, 12/1/2027		250,000		241,993
3.78%, 2/1/2028(a)		925,000		899,561
4.01%, 4/23/2029(a)		130,000		127,179
4.20%, 7/23/2029(a)		450,000		443,335
4.45%, 12/5/2029(a)		500,000		497,446
3.70%, 5/6/2030(a)		250,000		238,366
2.74%, 10/15/2030(a)		200,000		178,255
4.49%, 3/24/2031(a)		200,000		199,831
2.96%, 5/13/2031(a)		500,000		440,673
1.95%, 2/4/2032(a)		225,000		184,227
2.96%, 1/25/2033(a)		100,000		88,215
KeyCorp
2.25%, 4/6/2027		300,000		276,586
4.10%, 4/30/2028		200,000		198,479
2.55%, 10/1/2029		200,000		178,900
Lloyds Banking Group plc
4.05%, 8/16/2023		300,000		303,010
1.63%, 5/11/2027(a)		500,000		448,758
Mitsubishi UFJ Financial Group, Inc.
3.76%, 7/26/2023		50,000		50,508
3.41%, 3/7/2024		50,000		49,941
2.19%, 2/25/2025		700,000		672,290
3.68%, 2/22/2027		350,000		344,673
3.29%, 7/25/2027		750,000		720,931
3.74%, 3/7/2029		200,000		192,749
2.05%, 7/17/2030		100,000		83,318
Mizuho Financial Group, Inc.
2.23%, 5/25/2026(a)		750,000		709,975
3.17%, 9/11/2027		500,000		473,986
4.02%, 3/5/2028		390,000		382,297
4.25%, 9/11/2029(a)		500,000		491,206
3.15%, 7/16/2030(a)		200,000		183,553
2.59%, 5/25/2031(a)		250,000		217,882
2.56%, 9/13/2031		50,000		41,517
National Australia Bank Ltd.
3.63%, 6/20/2023		250,000		252,639
PNC Bank NA
3.50%, 6/8/2023		250,000		251,880
3.88%, 4/10/2025		250,000		250,627

See Accompanying Notes to the Financial Statements.

332 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Banks – (continued)
3.25%, 1/22/2028	$	250,000	$	242,532
4.05%, 7/26/2028		250,000		247,758
2.70%, 10/22/2029		500,000		449,996
PNC Financial Services Group, Inc. (The)
3.90%, 4/29/2024		550,000		555,697
3.15%, 5/19/2027		80,000		77,929
2.55%, 1/22/2030		300,000		268,794
Royal Bank of Canada
4.65%, 1/27/2026		550,000		562,188
Santander Holdings USA, Inc.
4.50%, 7/17/2025		240,000		242,224
4.40%, 7/13/2027		500,000		494,448
Santander UK Group Holdings plc
3.82%, 11/3/2028(a)		200,000		190,767
Sumitomo Mitsui Financial Group, Inc.
2.70%, 7/16/2024		1,000,000		981,358
2.35%, 1/15/2025		250,000		240,780
1.47%, 7/8/2025		500,000		463,489
3.78%, 3/9/2026		50,000		49,385
2.63%, 7/14/2026		600,000		569,212
1.40%, 9/17/2026		500,000		445,964
3.45%, 1/11/2027		250,000		242,040
3.36%, 7/12/2027		450,000		434,924
1.90%, 9/17/2028		500,000		429,246
4.31%, 10/16/2028		500,000		499,074
3.04%, 7/16/2029		300,000		273,546
2.72%, 9/27/2029		250,000		223,549
2.75%, 1/15/2030		200,000		177,525
2.13%, 7/8/2030		300,000		254,723
2.14%, 9/23/2030		250,000		204,840
SVB Financial Group
3.13%, 6/5/2030		500,000		452,176
Toronto-Dominion Bank (The)
0.45%, 9/11/2023		500,000		484,491
3.25%, 3/11/2024		450,000		450,959
1.25%, 9/10/2026		350,000		314,559
3.62%, 9/15/2031(a)		250,000		244,550
Truist Bank
3.63%, 9/16/2025		250,000		249,153
3.30%, 5/15/2026		200,000		196,764

Investments	Principal Amount		Value
Banks – (continued)
Truist Financial Corp.
2.85%, 10/26/2024	$	150,000	$	148,436
4.00%, 5/1/2025		210,000		212,456
1.89%, 6/7/2029(a)		200,000		175,575
US Bancorp
3.38%, 2/5/2024		200,000		200,923
3.95%, 11/17/2025		200,000		203,488
Series V, 2.38%, 7/22/2026		500,000		476,697
3.00%, 7/30/2029		200,000		186,011
Wells Fargo & Co.
3.00%, 2/19/2025		500,000		491,853
3.55%, 9/29/2025		1,190,000		1,183,080
2.41%, 10/30/2025(a)		500,000		480,925
3.00%, 4/22/2026		500,000		481,675
4.10%, 6/3/2026		500,000		498,502
3.20%, 6/17/2027(a)		1,000,000		959,975
4.30%, 7/22/2027		1,000,000		1,000,541
3.58%, 5/22/2028(a)		1,110,000		1,066,615
2.39%, 6/2/2028(a)		850,000		775,118
2.88%, 10/30/2030(a)		450,000		404,359
2.57%, 2/11/2031(a)		500,000		438,877
Westpac Banking Corp.
1.15%, 6/3/2026		500,000		454,482
2.89%, 2/4/2030(a)		300,000		286,556
4.32%, 11/23/2031(a)		250,000		245,018
4.11%, 7/24/2034(a)		400,000		376,862
2.67%, 11/15/2035(a)		300,000		248,303
				64,518,196
Beverages – 1.0%
Anheuser-Busch InBev Worldwide, Inc.
4.75%, 1/23/2029		250,000		257,772
Coca-Cola Co. (The)
1.00%, 3/15/2028		500,000		433,994
3.45%, 3/25/2030		200,000		195,474
2.25%, 1/5/2032		225,000		197,740
Constellation Brands, Inc.
4.65%, 11/15/2028		300,000		303,461
3.15%, 8/1/2029		500,000		460,210
PepsiCo, Inc.
7.00%, 3/1/2029		500,000		601,146
				2,449,797

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 333

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Biotechnology – 1.5%
AbbVie, Inc.
2.95%, 11/21/2026	$	500,000	$	479,596
4.25%, 11/14/2028		1,000,000		999,068
3.20%, 11/21/2029		210,000		195,956
Amgen, Inc.
2.60%, 8/19/2026		500,000		478,298
2.20%, 2/21/2027		300,000		278,154
2.45%, 2/21/2030		300,000		265,233
Gilead Sciences, Inc.
3.65%, 3/1/2026		330,000		328,259
2.95%, 3/1/2027		800,000		766,435
				3,790,999
Building Products – 0.7%
Allegion plc
3.50%, 10/1/2029		250,000		233,928
Carlisle Cos., Inc.
3.75%, 12/1/2027		200,000		195,256
Carrier Global Corp.
2.72%, 2/15/2030		250,000		221,859
Fortune Brands Home & Security, Inc.
4.00%, 6/15/2025		150,000		150,639
Lennox International, Inc.
1.35%, 8/1/2025		450,000		417,451
Masco Corp.
3.50%, 11/15/2027		500,000		481,353
				1,700,486
Capital Markets – 7.3%
Ameriprise Financial, Inc.
2.88%, 9/15/2026		100,000		97,041
Ares Capital Corp.
3.88%, 1/15/2026		500,000		480,149
2.15%, 7/15/2026		500,000		444,480
2.88%, 6/15/2028		500,000		432,793
Bain Capital Specialty Finance, Inc.
2.55%, 10/13/2026		175,000		154,290
Bank of New York Mellon Corp. (The)
2.45%, 8/17/2026		100,000		96,496
1.65%, 7/14/2028		300,000		266,633

Investments	Principal Amount		Value
Capital Markets – (continued)
BlackRock, Inc.
3.20%, 3/15/2027	$	200,000	$	196,852
3.25%, 4/30/2029		400,000		386,598
Blackstone Secured Lending Fund
3.65%, 7/14/2023		150,000		150,306
3.63%, 1/15/2026		750,000		718,905
2.13%, 2/15/2027(b)		250,000		217,723
Cboe Global Markets, Inc.
3.65%, 1/12/2027		200,000		199,340
1.63%, 12/15/2030		100,000		82,861
Charles Schwab Corp. (The)
4.20%, 3/24/2025		300,000		306,152
3.20%, 1/25/2028		100,000		96,439
4.00%, 2/1/2029		400,000		400,048
CME Group, Inc.
3.00%, 3/15/2025		325,000		322,634
Credit Suisse AG
1.25%, 8/7/2026		450,000		399,278
Credit Suisse Group AG
3.75%, 3/26/2025		150,000		147,291
Deutsche Bank AG
3.70%, 5/30/2024		645,000		647,064
1.45%, 4/1/2025(a)		500,000		472,959
3.96%, 11/26/2025(a)		100,000		98,693
2.13%, 11/24/2026(a)		250,000		227,435
3.55%, 9/18/2031(a)		250,000		221,008
Goldman Sachs BDC, Inc.
3.75%, 2/10/2025		200,000		198,216
Goldman Sachs Group, Inc. (The)
4.00%, 3/3/2024		500,000		504,971
3.85%, 7/8/2024		500,000		503,270
3.50%, 1/23/2025		465,000		461,511
3.50%, 4/1/2025		500,000		493,339
1.43%, 3/9/2027(a)		250,000		223,614
1.54%, 9/10/2027(a)		500,000		442,752
3.10%, 2/24/2033(a)		750,000		656,593
Jefferies Group LLC
4.15%, 1/23/2030		200,000		189,920
Lazard Group LLC
3.75%, 2/13/2025		450,000		450,149
4.50%, 9/19/2028		250,000		248,770

See Accompanying Notes to the Financial Statements.

334 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Capital Markets – (continued)
Moody’s Corp.
3.75%, 3/24/2025	$	300,000	$	301,812
4.25%, 2/1/2029		250,000		251,931
Morgan Stanley
0.79%, 5/30/2025(a)		500,000		468,239
2.72%, 7/22/2025(a)		500,000		486,761
3.13%, 7/27/2026		500,000		479,759
1.59%, 5/4/2027(a)		500,000		450,459
3.62%, 4/1/2031(a)		250,000		234,486
Nasdaq, Inc.
3.85%, 6/30/2026		215,000		215,950
1.65%, 1/15/2031		100,000		80,500
Owl Rock Capital Corp.
3.40%, 7/15/2026		675,000		623,820
2.63%, 1/15/2027		500,000		441,676
2.88%, 6/11/2028		250,000		213,543
S&P Global, Inc.
2.95%, 1/22/2027		200,000		193,953
4.75%, 8/1/2028(b)		500,000		519,659
2.70%, 3/1/2029(b)		1,000,000		922,852
State Street Corp.
3.10%, 5/15/2023		200,000		200,989
3.55%, 8/18/2025		300,000		301,201
				18,024,163
Chemicals – 1.0%
Cabot Corp.
4.00%, 7/1/2029		250,000		241,156
Celanese US Holdings LLC
3.50%, 5/8/2024		200,000		199,421
FMC Corp.
3.20%, 10/1/2026		200,000		193,595
Huntsman International LLC
4.50%, 5/1/2029		250,000		246,976
Nutrien Ltd.
4.20%, 4/1/2029		100,000		100,087
PPG Industries, Inc.
3.75%, 3/15/2028		250,000		250,677
Rohm and Haas Co.
7.85%, 7/15/2029		300,000		365,971
RPM International, Inc.
3.75%, 3/15/2027		100,000		98,894
4.55%, 3/1/2029		250,000		250,553

Investments	Principal Amount		Value
Chemicals – (continued)
Sherwin-Williams Co. (The)
3.45%, 6/1/2027	$	500,000	$	485,824
				2,433,154
Commercial Services & Supplies – 0.9%
Cintas Corp. No. 2
3.70%, 4/1/2027		350,000		348,415
RELX Capital, Inc.
3.00%, 5/22/2030		200,000		180,882
Republic Services, Inc.
2.50%, 8/15/2024		567,000		555,335
3.38%, 11/15/2027		100,000		97,151
3.95%, 5/15/2028		200,000		199,909
Waste Connections, Inc.
4.25%, 12/1/2028		250,000		251,547
Waste Management, Inc.
3.15%, 11/15/2027		350,000		340,315
1.15%, 3/15/2028		250,000		215,223
				2,188,777
Communications Equipment – 0.5%
Cisco Systems, Inc.
2.20%, 9/20/2023		117,000		116,333
3.63%, 3/4/2024		300,000		304,328
2.95%, 2/28/2026		100,000		99,149
Motorola Solutions, Inc.
4.60%, 2/23/2028		100,000		100,011
4.60%, 5/23/2029		300,000		296,190
2.75%, 5/24/2031		250,000		209,057
				1,125,068
Consumer Finance – 1.1%
AerCap Ireland Capital DAC
1.75%, 1/30/2026		300,000		267,236
3.88%, 1/23/2028		350,000		325,038
Ally Financial, Inc.
8.00%, 11/1/2031		250,000		298,108
Capital One Financial Corp.
3.50%, 6/15/2023		320,000		322,059
3.90%, 1/29/2024		50,000		50,279
3.30%, 10/30/2024		200,000		197,727
Synchrony Financial
4.50%, 7/23/2025		600,000		603,708
3.95%, 12/1/2027		500,000		479,541
5.15%, 3/19/2029		200,000		199,342

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 335

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Consumer Finance – (continued)
Toyota Motor Credit Corp.
3.05%, 1/11/2028	$	100,000	$	96,870
				2,839,908
Containers & Packaging – 0.2%
Amcor Finance USA, Inc.
4.50%, 5/15/2028		300,000		308,090
Avery Dennison Corp.
4.88%, 12/6/2028		200,000		206,239
				514,329
Diversified Financial Services – 0.6%
Berkshire Hathaway, Inc.
3.13%, 3/15/2026		330,000		328,107
Block Financial LLC
2.50%, 7/15/2028		400,000		355,699
National Rural Utilities Cooperative Finance Corp.
5.25%, 4/20/2046(a)		150,000		145,646
Voya Financial, Inc.
4.70%, 1/23/2048(a)		100,000		90,911
5.65%, 5/15/2053(a)		450,000		448,315
				1,368,678
Diversified Telecommunication Services – 1.5%
British Telecommunications plc
9.62%, 12/15/2030(c)		200,000		256,313
Deutsche Telekom International Finance BV
8.75%, 6/15/2030(c)		100,000		127,439
Orange SA
9.00%, 3/1/2031(c)		250,000		330,072
TELUS Corp.
3.70%, 9/15/2027		200,000		200,236
Verizon Communications, Inc.
4.13%, 3/16/2027		700,000		703,984
2.10%, 3/22/2028		500,000		448,832
4.33%, 9/21/2028		500,000		503,432
4.02%, 12/3/2029		225,000		220,758
1.68%, 10/30/2030		63,000		51,173
1.75%, 1/20/2031		500,000		409,190
2.55%, 3/21/2031		450,000		391,679
				3,643,108

Investments	Principal Amount		Value
Electric Utilities – 2.5%
AEP Texas, Inc.
3.95%, 6/1/2028	$	500,000	$	492,895
American Electric Power Co., Inc.
Series J, 4.30%, 12/1/2028		295,000		295,105
3.88%, 2/15/2062(a)		100,000		89,742
Avangrid, Inc.
3.80%, 6/1/2029		250,000		243,920
Duke Energy Corp.
3.15%, 8/15/2027		200,000		192,551
2.45%, 6/1/2030		300,000		262,405
3.25%, 1/15/2082(a)		250,000		212,976
Edison International
4.95%, 4/15/2025		700,000		713,379
Emera US Finance LP
3.55%, 6/15/2026		150,000		146,588
Enel Chile SA
4.88%, 6/12/2028		250,000		246,435
Eversource Energy
Series U, 1.40%, 8/15/2026		500,000		452,446
Series M, 3.30%, 1/15/2028		100,000		95,572
Fortis, Inc.
3.06%, 10/4/2026		200,000		191,952
Interstate Power & Light Co.
4.10%, 9/26/2028		250,000		251,838
ITC Holdings Corp.
3.35%, 11/15/2027		200,000		194,283
MidAmerican Energy Co.
3.65%, 4/15/2029		950,000		939,267
NextEra Energy Capital Holdings, Inc.
4.80%, 12/1/2077(a)		100,000		93,282
5.65%, 5/1/2079(a)		175,000		172,347
Pacific Gas and Electric Co.
3.15%, 1/1/2026		175,000		164,765
Sierra Pacific Power Co.
2.60%, 5/1/2026		20,000		19,287
Southern California Edison Co.
6.65%, 4/1/2029		150,000		163,915
Southern Co. (The) Series 21-A, 3.75%, 9/15/2051(a)		500,000		451,250
Southwestern Electric Power Co. Series M,
4.10%, 9/15/2028		200,000		197,751
				6,283,951

See Accompanying Notes to the Financial Statements.

336 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Electrical Equipment – 0.6%
ABB Finance USA, Inc.
3.80%, 4/3/2028	$	300,000	$	301,797
Emerson Electric Co.
0.88%, 10/15/2026		200,000		178,636
2.00%, 12/21/2028		500,000		447,941
Hubbell, Inc.
3.35%, 3/1/2026		200,000		198,043
3.50%, 2/15/2028		250,000		243,845
Rockwell Automation, Inc.
2.88%, 3/1/2025		150,000		148,696
				1,518,958
Electronic Equipment, Instruments & Components – 1.4%
Avnet, Inc.
4.63%, 4/15/2026		175,000		175,878
CDW LLC
4.13%, 5/1/2025		300,000		296,484
2.67%, 12/1/2026		500,000		460,121
4.25%, 4/1/2028		200,000		187,472
3.28%, 12/1/2028		500,000		451,465
Flex Ltd.
4.88%, 6/15/2029		250,000		250,783
Keysight Technologies, Inc.
4.60%, 4/6/2027		200,000		205,415
TD SYNNEX Corp.
1.75%, 8/9/2026(b)		350,000		315,101
Teledyne Technologies, Inc.
2.25%, 4/1/2028		225,000		201,368
Trimble, Inc.
4.90%, 6/15/2028		250,000		253,360
Tyco Electronics Group SA
3.70%, 2/15/2026		200,000		200,628
3.13%, 8/15/2027		200,000		193,632
Vontier Corp.
2.40%, 4/1/2028		250,000		214,436
				3,406,143
Entertainment – 0.5%
Activision Blizzard, Inc.
3.40%, 6/15/2027		200,000		196,948
Electronic Arts, Inc.
4.80%, 3/1/2026		100,000		103,549

Investments	Principal Amount		Value
Entertainment – (continued)
Netflix, Inc.
4.38%, 11/15/2026	$	150,000	$	149,235
5.88%, 11/15/2028		800,000		826,000
				1,275,732
Equity Real Estate Investment Trusts (REITs) – 7.0%
Agree LP
2.00%, 6/15/2028		250,000		219,533
Alexandria Real Estate Equities, Inc.
2.75%, 12/15/2029		100,000		89,959
4.70%, 7/1/2030		100,000		101,714
American Campus Communities Operating Partnership LP
3.63%, 11/15/2027		200,000		198,756
American Homes 4 Rent LP
4.90%, 2/15/2029		300,000		304,569
American Tower Corp.
3.38%, 10/15/2026		200,000		192,674
2.75%, 1/15/2027		300,000		279,321
3.55%, 7/15/2027		400,000		382,619
3.60%, 1/15/2028		500,000		477,059
3.80%, 8/15/2029		238,000		222,781
AvalonBay Communities, Inc.
3.45%, 6/1/2025		200,000		199,029
3.50%, 11/15/2025		50,000		49,769
2.45%, 1/15/2031		200,000		178,254
Boston Properties LP
3.25%, 1/30/2031		250,000		227,085
Brandywine Operating Partnership LP
4.10%, 10/1/2024		50,000		50,313
3.95%, 11/15/2027		250,000		242,444
Brixmor Operating Partnership LP
4.05%, 7/1/2030		200,000		189,538
Crown Castle International Corp.
3.80%, 2/15/2028		250,000		241,343
3.10%, 11/15/2029		750,000		679,257
CubeSmart LP
4.00%, 11/15/2025		250,000		248,749
3.00%, 2/15/2030		200,000		182,034
Duke Realty LP
3.25%, 6/30/2026		250,000		243,535
2.88%, 11/15/2029		100,000		91,923

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 337

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
EPR Properties
4.50%, 6/1/2027	$	100,000	$	96,431
4.95%, 4/15/2028		350,000		337,439
Equinix, Inc.
1.45%, 5/15/2026		500,000		451,560
2.00%, 5/15/2028		500,000		436,772
ERP Operating LP
2.85%, 11/1/2026		200,000		192,871
3.25%, 8/1/2027		45,000		43,280
Essex Portfolio LP
3.88%, 5/1/2024		200,000		200,944
4.00%, 3/1/2029		350,000		344,101
GLP Capital LP
5.38%, 11/1/2023		555,000		563,686
5.25%, 6/1/2025		200,000		203,814
5.38%, 4/15/2026		500,000		510,639
5.75%, 6/1/2028		500,000		525,630
Healthpeak Properties, Inc.
3.00%, 1/15/2030		250,000		227,886
Highwoods Realty LP
4.13%, 3/15/2028		200,000		196,931
4.20%, 4/15/2029		100,000		98,766
Host Hotels & Resorts LP
Series E, 4.00%, 6/15/2025		250,000		248,641
Hudson Pacific Properties LP
3.25%, 1/15/2030		100,000		91,232
Kilroy Realty LP
4.38%, 10/1/2025		400,000		406,156
4.25%, 8/15/2029		100,000		98,284
Life Storage LP
2.20%, 10/15/2030		200,000		168,016
LifeStorage LP
3.50%, 7/1/2026		200,000		197,076
Mid-America Apartments LP
3.95%, 3/15/2029		50,000		49,394
2.75%, 3/15/2030		150,000		135,946
National Retail Properties, Inc.
3.90%, 6/15/2024		500,000		503,426
3.50%, 10/15/2027		150,000		145,212
4.30%, 10/15/2028		140,000		139,849
Office Properties Income Trust
2.65%, 6/15/2026		160,000		143,594

Investments	Principal Amount		Value
Equity Real Estate Investment Trusts (REITs) – (continued)
Omega Healthcare Investors, Inc.
5.25%, 1/15/2026	$	300,000	$	305,681
3.63%, 10/1/2029		150,000		133,718
Physicians Realty LP
4.30%, 3/15/2027		200,000		200,544
Piedmont Operating Partnership LP
3.15%, 8/15/2030		100,000		87,914
Prologis LP
2.25%, 4/15/2030		200,000		176,523
Public Storage
3.09%, 9/15/2027		200,000		193,365
1.85%, 5/1/2028		300,000		267,611
1.95%, 11/9/2028		500,000		445,204
Realty Income Corp.
4.63%, 11/1/2025		200,000		205,472
4.13%, 10/15/2026		300,000		303,216
Sabra Health Care LP
5.13%, 8/15/2026		200,000		199,840
3.90%, 10/15/2029		200,000		183,313
Simon Property Group LP
3.38%, 10/1/2024		600,000		600,163
SITE Centers Corp.
3.63%, 2/1/2025		129,000		127,393
Spirit Realty LP
2.10%, 3/15/2028		250,000		218,293
3.40%, 1/15/2030		200,000		182,271
STORE Capital Corp.
4.50%, 3/15/2028		150,000		150,757
2.75%, 11/18/2030		250,000		213,597
Ventas Realty LP
3.50%, 2/1/2025		50,000		49,575
Welltower, Inc.
4.00%, 6/1/2025		200,000		200,570
3.10%, 1/15/2030		250,000		230,565
Weyerhaeuser Co.
4.00%, 4/15/2030		250,000		241,362
WP Carey, Inc.
4.60%, 4/1/2024		195,000		198,048
4.00%, 2/1/2025		150,000		151,081
				17,315,910

See Accompanying Notes to the Financial Statements.

338 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Food & Staples Retailing – 0.6%
Costco Wholesale Corp.
2.75%, 5/18/2024	$	300,000	$	299,039
3.00%, 5/18/2027		375,000		369,341
1.38%, 6/20/2027		300,000		271,180
Walmart, Inc.
3.05%, 7/8/2026		500,000		497,579
1.80%, 9/22/2031		100,000		85,461
				1,522,600
Food Products – 1.2%
Campbell Soup Co.
4.15%, 3/15/2028		150,000		149,501
Flowers Foods, Inc.
3.50%, 10/1/2026		250,000		244,144
General Mills, Inc.
4.20%, 4/17/2028		250,000		252,348
J M Smucker Co. (The)
3.38%, 12/15/2027		100,000		97,010
McCormick & Co., Inc.
3.40%, 8/15/2027		200,000		193,751
Mondelez International, Inc.
1.50%, 5/4/2025		400,000		378,441
2.75%, 4/13/2030		92,000		82,596
Tyson Foods, Inc.
4.35%, 3/1/2029		400,000		405,750
Unilever Capital Corp.
2.60%, 5/5/2024		700,000		694,962
2.90%, 5/5/2027		200,000		193,700
3.50%, 3/22/2028		300,000		296,911
				2,989,114
Gas Utilities – 0.4%
Atmos Energy Corp.
3.00%, 6/15/2027		250,000		240,744
Eastern Energy Gas Holdings LLC
3.60%, 12/15/2024		54,000		53,682
National Fuel Gas Co.
5.20%, 7/15/2025		200,000		204,271
5.50%, 1/15/2026		275,000		284,071
4.75%, 9/1/2028		150,000		146,915
				929,683

Investments	Principal Amount		Value
Health Care Equipment & Supplies – 0.7%
Abbott Laboratories
3.88%, 9/15/2025	$	500,000	$	510,046
Baxter International, Inc.
2.60%, 8/15/2026		200,000		189,526
2.27%, 12/1/2028(b)		500,000		446,260
DH Europe Finance II Sarl
2.20%, 11/15/2024		250,000		242,655
Edwards Lifesciences Corp.
4.30%, 6/15/2028		200,000		202,169
Stryker Corp.
1.95%, 6/15/2030		100,000		84,980
				1,675,636
Health Care Providers & Services – 2.0%
AmerisourceBergen Corp.
3.45%, 12/15/2027		200,000		194,587
Anthem, Inc.
4.10%, 3/1/2028		250,000		250,347
Cigna Corp.
4.38%, 10/15/2028		250,000		251,530
CVS Health Corp.
4.30%, 3/25/2028		159,000		159,849
HCA, Inc.
4.13%, 6/15/2029		250,000		240,191
Humana, Inc.
1.35%, 2/3/2027		100,000		88,488
3.95%, 3/15/2027		300,000		297,846
Laboratory Corp. of America Holdings
3.60%, 2/1/2025		300,000		299,113
1.55%, 6/1/2026		250,000		228,499
McKesson Corp.
1.30%, 8/15/2026		500,000		449,737
Quest Diagnostics, Inc.
2.95%, 6/30/2030		200,000		179,500
UnitedHealth Group, Inc.
1.15%, 5/15/2026		1,250,000		1,141,288
2.95%, 10/15/2027		250,000		241,641
3.85%, 6/15/2028		1,000,000		1,003,573
3.88%, 12/15/2028		15,000		15,062
				5,041,251

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 339

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Hotels, Restaurants & Leisure – 0.6%
Marriott International, Inc.
Series EE, 5.75%, 5/1/2025	$	12,000	$	12,598
Series HH, 2.85%, 4/15/2031		150,000		129,296
McDonald’s Corp.
3.30%, 7/1/2025		500,000		498,991
3.80%, 4/1/2028		90,000		89,619
2.63%, 9/1/2029		100,000		90,853
3.60%, 7/1/2030		300,000		288,603
Starbucks Corp.
4.00%, 11/15/2028		250,000		248,675
2.55%, 11/15/2030		250,000		217,285
				1,575,920
Household Durables – 0.8%
DR Horton, Inc.
2.50%, 10/15/2024		200,000		195,306
1.30%, 10/15/2026		500,000		443,926
Lennar Corp.
4.50%, 4/30/2024		300,000		304,754
4.75%, 11/29/2027		300,000		301,363
PulteGroup, Inc.
5.50%, 3/1/2026		500,000		522,383
Whirlpool Corp.
4.75%, 2/26/2029		200,000		203,205
				1,970,937
Household Products – 0.5%
Colgate-Palmolive Co.
3.25%, 3/15/2024		250,000		252,438
Procter & Gamble Co. (The)
3.10%, 8/15/2023		150,000		151,412
2.70%, 2/2/2026		250,000		246,277
2.80%, 3/25/2027		185,000		180,083
3.00%, 3/25/2030		400,000		381,644
				1,211,854
Industrial Conglomerates – 1.3%
3M Co.
2.65%, 4/15/2025		500,000		491,752
3.63%, 9/14/2028		300,000		298,337
3.38%, 3/1/2029		200,000		195,161
2.38%, 8/26/2029		250,000		226,708

Investments	Principal Amount		Value
Industrial Conglomerates – (continued)
Honeywell International, Inc.
1.35%, 6/1/2025	$	250,000	$	237,021
2.50%, 11/1/2026		300,000		288,800
2.70%, 8/15/2029		100,000		93,621
Roper Technologies, Inc.
1.40%, 9/15/2027		350,000		307,606
4.20%, 9/15/2028		200,000		201,164
1.75%, 2/15/2031		250,000		202,328
Trane Technologies Global Holding Co. Ltd.
3.75%, 8/21/2028		200,000		194,968
Trane Technologies Luxembourg Finance SA
3.50%, 3/21/2026		250,000		246,959
3.80%, 3/21/2029		200,000		192,713
				3,177,138
Insurance – 3.9%
Aflac, Inc.
3.60%, 4/1/2030		250,000		244,069
Allied World Assurance Co. Holdings Ltd.
4.35%, 10/29/2025		200,000		199,209
Allstate Corp. (The)
0.75%, 12/15/2025		150,000		136,753
American Equity Investment Life Holding Co.
5.00%, 6/15/2027		150,000		154,013
American Financial Group, Inc.
3.50%, 8/15/2026		200,000		198,153
American International Group, Inc.
2.50%, 6/30/2025		500,000		481,476
Series A-9, 5.75%, 4/1/2048(a)		200,000		193,908
Aon Corp.
2.80%, 5/15/2030		250,000		223,763
2.05%, 8/23/2031		100,000		82,937
Aon Global Ltd.
3.88%, 12/15/2025		400,000		403,284
Assurant, Inc.
3.70%, 2/22/2030		100,000		92,871
Athene Holding Ltd.
4.13%, 1/12/2028		200,000		192,891
6.15%, 4/3/2030		250,000		263,697

See Accompanying Notes to the Financial Statements.

340 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Insurance – (continued)
AXIS Specialty Finance LLC
4.90%, 1/15/2040(a)	$	200,000	$	186,274
AXIS Specialty Finance plc
4.00%, 12/6/2027		200,000		196,489
Brown & Brown, Inc.
4.20%, 9/15/2024		200,000		201,859
2.38%, 3/15/2031		250,000		207,661
Chubb INA Holdings, Inc.
3.15%, 3/15/2025		270,000		269,389
CNO Financial Group, Inc.
5.25%, 5/30/2029		250,000		255,530
Enstar Group Ltd.
4.95%, 6/1/2029		250,000		254,103
Fairfax Financial Holdings Ltd.
4.85%, 4/17/2028		250,000		251,849
Fidelity National Financial, Inc.
3.40%, 6/15/2030		250,000		227,066
First American Financial Corp.
4.60%, 11/15/2024		200,000		202,923
Globe Life, Inc.
4.55%, 9/15/2028		150,000		153,044
Hanover Insurance Group, Inc. (The)
2.50%, 9/1/2030		250,000		213,214
Manulife Financial Corp.
4.15%, 3/4/2026		200,000		202,646
2.48%, 5/19/2027		250,000		237,823
4.06%, 2/24/2032(a)		50,000		48,694
Markel Corp.
3.35%, 9/17/2029		300,000		282,701
Marsh & McLennan Cos., Inc.
3.50%, 6/3/2024		16,000		16,074
3.50%, 3/10/2025		75,000		75,201
2.25%, 11/15/2030		515,000		446,899
MetLife, Inc.
4.55%, 3/23/2030		150,000		155,094
Principal Financial Group, Inc.
2.13%, 6/15/2030		100,000		85,446
Progressive Corp. (The)
2.45%, 1/15/2027		200,000		189,981
3.20%, 3/26/2030		100,000		94,355
Prudential Financial, Inc.
5.63%, 6/15/2043(a)		400,000		400,388

Investments	Principal Amount		Value
Insurance – (continued)
5.20%, 3/15/2044(a)	$	10,000	$	9,743
5.38%, 5/15/2045(a)		500,000		497,850
4.50%, 9/15/2047(a)		250,000		237,334
5.70%, 9/15/2048(a)		300,000		300,413
3.70%, 10/1/2050(a)		100,000		87,737
RenaissanceRe Finance, Inc.
3.45%, 7/1/2027		100,000		97,734
Trinity Acquisition plc
4.40%, 3/15/2026		200,000		203,073
Willis North America, Inc.
3.60%, 5/15/2024		150,000		149,592
2.95%, 9/15/2029		250,000		223,891
				9,529,094
Interactive Media & Services – 0.2%
Alphabet, Inc.
0.80%, 8/15/2027		335,000		295,059
Weibo Corp.
3.50%, 7/5/2024		200,000		195,356
				490,415
Internet & Direct Marketing Retail – 0.2%
Alibaba Group Holding Ltd.
3.40%, 12/6/2027		500,000		479,593
IT Services – 2.4%
Automatic Data Processing, Inc.
1.70%, 5/15/2028		380,000		342,546
1.25%, 9/1/2030		200,000		164,751
Fiserv, Inc.
3.80%, 10/1/2023		500,000		504,954
3.50%, 7/1/2029		1,250,000		1,167,821
Genpact Luxembourg Sarl
3.38%, 12/1/2024		250,000		248,402
Global Payments, Inc.
4.80%, 4/1/2026		250,000		256,033
4.45%, 6/1/2028		160,000		159,706
2.90%, 5/15/2030		250,000		220,848
International Business Machines Corp.
3.50%, 5/15/2029		500,000		484,175
Mastercard, Inc.
2.00%, 3/3/2025		350,000		340,503
2.95%, 11/21/2026		100,000		98,640
2.95%, 6/1/2029		150,000		143,080

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 341

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
IT Services – (continued)
PayPal Holdings, Inc.
1.65%, 6/1/2025	$	150,000	$	142,046
2.65%, 10/1/2026		100,000		95,855
2.85%, 10/1/2029		200,000		183,915
2.30%, 6/1/2030		50,000		43,793
VeriSign, Inc.
4.75%, 7/15/2027		500,000		503,120
Visa, Inc.
1.90%, 4/15/2027		275,000		256,085
2.05%, 4/15/2030		300,000		265,875
Western Union Co. (The)
2.85%, 1/10/2025		350,000		340,069
				5,962,217
Leisure Products – 0.1%
Hasbro, Inc.
3.90%, 11/19/2029		150,000		142,931
Life Sciences Tools & Services – 0.2%
Agilent Technologies, Inc.
2.30%, 3/12/2031		150,000		126,238
Thermo Fisher Scientific, Inc.
2.60%, 10/1/2029		500,000		456,357
				582,595
Machinery – 1.0%
Cummins, Inc.
3.65%, 10/1/2023		100,000		101,097
1.50%, 9/1/2030		150,000		122,879
Dover Corp.
3.15%, 11/15/2025		200,000		197,319
Fortive Corp.
3.15%, 6/15/2026		100,000		98,124
Illinois Tool Works, Inc.
2.65%, 11/15/2026		200,000		193,887
nVent Finance Sarl
4.55%, 4/15/2028		300,000		302,026
Otis Worldwide Corp.
2.06%, 4/5/2025		300,000		286,009
2.29%, 4/5/2027		200,000		184,305
2.57%, 2/15/2030		50,000		44,007
Parker-Hannifin Corp.
3.25%, 6/14/2029		545,000		510,541

Investments	Principal Amount		Value
Machinery – (continued)
Stanley Black & Decker, Inc.
4.00%, 3/15/2060(a)	$	300,000	$	286,829
Westinghouse Air Brake Technologies Corp.
4.95%, 9/15/2028(c)		150,000		152,087
				2,479,110
Media – 0.4%
Charter Communications Operating LLC
4.20%, 3/15/2028		500,000		482,641
Comcast Corp.
4.15%, 10/15/2028		201,000		202,794
Fox Corp.
4.71%, 1/25/2029		300,000		302,635
				988,070
Metals & Mining – 1.2%
AngloGold Ashanti Holdings plc
3.38%, 11/1/2028		250,000		223,843
ArcelorMittal SA
4.25%, 7/16/2029		250,000		243,199
BHP Billiton Finance USA Ltd.
3.85%, 9/30/2023		300,000		303,887
Freeport-McMoRan, Inc.
4.55%, 11/14/2024		500,000		506,905
4.63%, 8/1/2030		500,000		485,643
Reliance Steel & Aluminum Co.
1.30%, 8/15/2025		250,000		231,866
Rio Tinto Finance USA Ltd.
7.13%, 7/15/2028		200,000		234,877
Steel Dynamics, Inc.
2.80%, 12/15/2024		100,000		98,010
Vale Overseas Ltd.
6.25%, 8/10/2026		379,000		399,233
3.75%, 7/8/2030		250,000		226,311
				2,953,774
Multiline Retail – 0.3%
Dollar General Corp.
3.88%, 4/15/2027		500,000		502,471
Dollar Tree, Inc.
4.20%, 5/15/2028		225,000		223,868
				726,339

See Accompanying Notes to the Financial Statements.

342 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Multi-Utilities – 1.2%
Ameren Corp.
1.75%, 3/15/2028	$	500,000	$	445,768
Berkshire Hathaway Energy Co.
4.05%, 4/15/2025		1,100,000		1,115,666
3.25%, 4/15/2028		100,000		96,096
Consolidated Edison Co. of New York, Inc.
2.40%, 6/15/2031		150,000		130,270
Dominion Energy, Inc.
5.75%, 10/1/2054(a)		200,000		199,536
NiSource, Inc.
2.95%, 9/1/2029		500,000		451,616
Sempra Energy
3.40%, 2/1/2028		347,000		333,510
4.12%, 4/1/2052(a)		100,000		88,358
				2,860,820
Oil, Gas & Consumable Fuels – 6.3%
Boardwalk Pipelines LP
4.45%, 7/15/2027		250,000		248,262
4.80%, 5/3/2029		250,000		246,623
Canadian Natural Resources Ltd.
3.85%, 6/1/2027		400,000		392,169
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		200,000		207,918
5.13%, 6/30/2027		500,000		515,163
Continental Resources, Inc.
4.38%, 1/15/2028		500,000		488,115
Coterra Energy, Inc.
3.90%, 5/15/2027(b)		500,000		489,417
Devon Energy Corp.
4.50%, 1/15/2030		500,000		494,924
Diamondback Energy, Inc.
3.13%, 3/24/2031		500,000		446,221
Eastern Gas Transmission & Storage, Inc.
3.60%, 12/15/2024(b)		26,000		25,847
Enbridge, Inc.
3.70%, 7/15/2027		200,000		195,892
5.50%, 7/15/2077(a)		350,000		335,801
6.25%, 3/1/2078(a)		350,000		353,743

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
Series 20-A, 5.75%, 7/15/2080(a)	$	100,000	$	99,500
Energy Transfer LP
4.75%, 1/15/2026		300,000		304,082
4.95%, 5/15/2028		250,000		250,131
5.25%, 4/15/2029		150,000		152,785
3.75%, 5/15/2030		100,000		92,445
Enterprise Products Operating LLC
3.75%, 2/15/2025		700,000		702,237
4.15%, 10/16/2028		350,000		350,299
3.13%, 7/31/2029		300,000		278,840
Series E, 5.25%, 8/16/2077(a)		200,000		182,983
5.38%, 2/15/2078(a)		350,000		314,121
Exxon Mobil Corp.
3.48%, 3/19/2030		200,000		195,248
Hess Corp.
7.88%, 10/1/2029		200,000		237,591
Kinder Morgan, Inc.
4.30%, 3/1/2028		500,000		498,355
Magellan Midstream Partners LP
5.00%, 3/1/2026		250,000		259,707
Marathon Petroleum Corp.
3.80%, 4/1/2028		250,000		241,147
MPLX LP
4.88%, 6/1/2025		500,000		510,109
1.75%, 3/1/2026		250,000		228,682
4.00%, 3/15/2028		600,000		584,160
ONEOK Partners LP
4.90%, 3/15/2025		400,000		408,941
ONEOK, Inc.
4.35%, 3/15/2029		750,000		730,343
3.10%, 3/15/2030		175,000		156,152
Pioneer Natural Resources Co.
1.13%, 1/15/2026		500,000		453,597
Sabine Pass Liquefaction LLC
5.88%, 6/30/2026		50,000		52,621
4.50%, 5/15/2030		450,000		447,971
Spectra Energy Partners LP
4.75%, 3/15/2024		500,000		510,287
3.38%, 10/15/2026		300,000		292,504
Targa Resources Partners LP
6.88%, 1/15/2029		500,000		527,450
4.00%, 1/15/2032		500,000		453,370

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 343

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Oil, Gas & Consumable Fuels – (continued)
TotalEnergies Capital International SA
2.83%, 1/10/2030	$	500,000	$	463,518
Transcanada Trust
5.30%, 3/15/2077(a)		300,000		289,500
5.50%, 9/15/2079(a)		500,000		483,125
Valero Energy Partners LP
4.50%, 3/15/2028		200,000		200,161
Williams Cos., Inc. (The)
2.60%, 3/15/2031		250,000		216,790
				15,608,847
Paper & Forest Products – 0.1%
Suzano Austria GmbH
6.00%, 1/15/2029		250,000		253,066
Pharmaceuticals – 1.8%
Bristol-Myers Squibb Co.
3.40%, 7/26/2029		78,000		75,726
2.95%, 3/15/2032		250,000		230,327
Eli Lilly & Co.
3.38%, 3/15/2029		400,000		389,316
Johnson & Johnson
2.95%, 3/3/2027		650,000		641,206
2.90%, 1/15/2028		500,000		487,286
Merck & Co., Inc.
3.40%, 3/7/2029		500,000		491,843
2.15%, 12/10/2031		200,000		174,554
Merck Sharp & Dohme Corp.
6.40%, 3/1/2028		150,000		171,123
Novartis Capital Corp.
1.75%, 2/14/2025		150,000		144,666
3.00%, 11/20/2025		500,000		496,416
2.20%, 8/14/2030		200,000		178,433
Pfizer, Inc.
3.45%, 3/15/2029		500,000		489,108
2.63%, 4/1/2030		125,000		114,983
Zoetis, Inc.
3.00%, 9/12/2027		145,000		139,587
3.90%, 8/20/2028		250,000		249,049
				4,473,623

Investments	Principal Amount		Value
Professional Services – 0.3%
Equifax, Inc.
2.60%, 12/1/2024	$	150,000	$	146,316
3.10%, 5/15/2030		250,000		227,951
Verisk Analytics, Inc.
4.00%, 6/15/2025		250,000		251,914
4.13%, 3/15/2029		250,000		247,774
				873,955
Real Estate Management & Development – 0.1%
CBRE Services, Inc.
4.88%, 3/1/2026		200,000		204,343
Road & Rail – 1.4%
Burlington Northern Santa Fe LLC
3.40%, 9/1/2024		500,000		502,568
3.25%, 6/15/2027		224,000		221,059
Canadian National Railway Co.
2.75%, 3/1/2026		400,000		388,689
Canadian Pacific Railway Co.
2.45%, 12/2/2031		100,000		87,163
CSX Corp.
3.80%, 3/1/2028		100,000		99,537
4.25%, 3/15/2029		200,000		201,543
JB Hunt Transport Services, Inc.
3.88%, 3/1/2026		300,000		301,552
Norfolk Southern Corp.
3.15%, 6/1/2027		200,000		193,590
Union Pacific Corp.
3.15%, 3/1/2024		1,000,000		1,001,772
2.38%, 5/20/2031		500,000		441,934
				3,439,407
Semiconductors & Semiconductor Equipment – 2.8%
Broadcom Corp.
3.88%, 1/15/2027		900,000		878,931
Broadcom, Inc.
4.25%, 4/15/2026		500,000		518,623
3.46%, 9/15/2026		150,000		146,302
4.00%, 4/15/2029(b)		2,000,000		1,907,848
4.15%, 11/15/2030		149,000		141,468
Intel Corp.
1.60%, 8/12/2028		300,000		264,556
KLA Corp.
4.65%, 11/1/2024		200,000		205,090

See Accompanying Notes to the Financial Statements.

344 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Semiconductors & Semiconductor Equipment – (continued)
Maxim Integrated Products, Inc.
3.45%, 6/15/2027	$	200,000	$	194,766
Micron Technology, Inc.
4.19%, 2/15/2027		500,000		497,441
4.66%, 2/15/2030		200,000		198,112
NVIDIA Corp.
1.55%, 6/15/2028		200,000		176,411
NXP BV
5.55%, 12/1/2028(b)		200,000		210,127
2.50%, 5/11/2031(b)		500,000		421,478
Qorvo, Inc.
4.38%, 10/15/2029		250,000		232,595
QUALCOMM, Inc.
3.25%, 5/20/2027		200,000		196,208
Skyworks Solutions, Inc.
0.90%, 6/1/2023		250,000		243,879
Texas Instruments, Inc.
1.38%, 3/12/2025		200,000		190,316
2.90%, 11/3/2027		250,000		243,188
				6,867,339
Software – 2.5%
Adobe, Inc.
2.30%, 2/1/2030		350,000		314,342
Autodesk, Inc.
3.50%, 6/15/2027		200,000		194,938
Citrix Systems, Inc.
4.50%, 12/1/2027		200,000		202,514
Microsoft Corp.
3.63%, 12/15/2023		475,000		482,095
2.70%, 2/12/2025		640,000		633,683
3.13%, 11/3/2025		276,000		276,971
3.30%, 2/6/2027		339,000		339,987
Oracle Corp.
2.50%, 4/1/2025		500,000		478,070
1.65%, 3/25/2026		500,000		452,475
2.65%, 7/15/2026		400,000		373,739
2.80%, 4/1/2027		500,000		463,545
2.30%, 3/25/2028		600,000		524,202
2.95%, 4/1/2030		500,000		432,811
VMware, Inc.
1.40%, 8/15/2026		150,000		134,686
1.80%, 8/15/2028		950,000		809,456
				6,113,514

Investments	Principal Amount		Value
Specialty Retail – 2.0%
Advance Auto Parts, Inc.
1.75%, 10/1/2027	$	60,000	$	52,744
AutoZone, Inc.
3.25%, 4/15/2025		540,000		533,499
3.13%, 4/21/2026		125,000		121,837
3.75%, 6/1/2027		250,000		248,051
Best Buy Co., Inc.
4.45%, 10/1/2028		200,000		203,231
Home Depot, Inc. (The)
3.35%, 9/15/2025		3,000		3,004
2.13%, 9/15/2026		500,000		475,247
2.50%, 4/15/2027		200,000		190,775
2.80%, 9/14/2027		450,000		433,399
0.90%, 3/15/2028		500,000		427,055
3.90%, 12/6/2028		60,000		60,080
Lowe’s Cos., Inc.
3.10%, 5/3/2027		500,000		485,076
1.30%, 4/15/2028		250,000		213,628
3.65%, 4/5/2029		500,000		483,042
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		300,000		297,086
3.60%, 9/1/2027		200,000		196,531
4.35%, 6/1/2028		550,000		555,241
				4,979,526
Technology Hardware, Storage & Peripherals – 3.5%
Apple, Inc.
1.13%, 5/11/2025		500,000		471,974
3.20%, 5/13/2025		300,000		301,188
3.25%, 2/23/2026		518,000		517,765
2.05%, 9/11/2026		500,000		474,132
3.35%, 2/9/2027		830,000		827,445
3.20%, 5/11/2027		625,000		617,097
3.00%, 11/13/2027		1,500,000		1,461,505
1.20%, 2/8/2028		500,000		438,660
1.40%, 8/5/2028		650,000		570,771
Dell International LLC
6.02%, 6/15/2026		1,000,000		1,057,301
5.30%, 10/1/2029		750,000		767,831
HP, Inc.
3.00%, 6/17/2027		400,000		375,864
4.00%, 4/15/2029		500,000		475,431
NetApp, Inc.
1.88%, 6/22/2025		200,000		188,825
				8,545,789

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 345

FlexShares^® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Textiles, Apparel & Luxury Goods – 0.2%
NIKE, Inc.
2.75%, 3/27/2027	$	360,000	$	348,154
Tapestry, Inc.
4.13%, 7/15/2027		58,000		56,921
				405,075
Tobacco – 1.9%
Altria Group, Inc.
2.35%, 5/6/2025		360,000		343,636
4.40%, 2/14/2026		500,000		506,173
4.80%, 2/14/2029		250,000		248,301
3.40%, 5/6/2030		300,000		270,322
BAT Capital Corp.
3.56%, 8/15/2027		1,000,000		934,434
2.73%, 3/25/2031		275,000		227,079
Philip Morris International, Inc.
2.88%, 5/1/2024		500,000		498,219
1.50%, 5/1/2025		473,000		445,071
2.75%, 2/25/2026		500,000		484,688
0.88%, 5/1/2026		500,000		449,579
Reynolds American, Inc.
4.45%, 6/12/2025		200,000		201,781
				4,609,283
Trading Companies & Distributors – 0.3%
Air Lease Corp.
1.88%, 8/15/2026		500,000		446,143
Aircastle Ltd.
4.25%, 6/15/2026		250,000		241,677
				687,820
Water Utilities – 0.3%
American Water Capital Corp.
3.00%, 12/1/2026		500,000		491,362
2.95%, 9/1/2027		200,000		192,243
				683,605

Investments	Principal Amount		Value
Wireless Telecommunication Services – 0.1%
T-Mobile USA, Inc.
3.88%, 4/15/2030	$	200,000	$	189,984
Total Corporate Bonds (Cost $264,573,693)				242,634,200
Total Investments – 98.6% (Cost $264,573,693)				242,634,200
Other assets less liabilities – 1.4%				3,508,957
NET ASSETS – 100.0%			$	246,143,157

^(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)  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.

^(c)  Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of April 30, 2022.

Percentages shown are based on Net Assets.

As of April 30, 2022, 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	$	52,266
Aggregate gross unrealized depreciation		(22,222,174	)
Net unrealized depreciation	$	(22,169,908	)
Federal income tax cost	$	264,804,108

Security Type	% of Net Assets
Corporate Bonds		98.6	%
Others(1)		1.4
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

346 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund

April 30, 2022 (Unaudited)

Investments	Principal Amount		Value
CORPORATE BONDS – 98.2%
Aerospace & Defense – 1.0%
Boeing Co. (The)
5.81%, 5/1/2050	$	150,000	$	151,155
L3Harris Technologies, Inc.
5.05%, 4/27/2045		100,000		103,398
Lockheed Martin Corp.
4.09%, 9/15/2052		125,000		120,950
Precision Castparts Corp.
3.90%, 1/15/2043		100,000		92,285
				467,788
Air Freight & Logistics – 0.2%
FedEx Corp.
5.25%, 5/15/2050		100,000		102,807
Auto Components – 0.3%
Aptiv plc
5.40%, 3/15/2049		50,000		49,644
Lear Corp.
5.25%, 5/15/2049		75,000		70,577
				120,221
Banks – 8.2%
Bank of America Corp.
6.11%, 1/29/2037		250,000		276,451
7.75%, 5/14/2038		200,000		257,504
4.08%, 3/20/2051(a)		250,000		226,284
Citigroup, Inc.
5.88%, 1/30/2042		135,000		151,533
6.68%, 9/13/2043		150,000		178,411
5.30%, 5/6/2044		100,000		101,918
4.75%, 5/18/2046		135,000		129,466
4.65%, 7/23/2048		195,000		193,334
Cooperatieve Rabobank UA
5.25%, 5/24/2041		100,000		114,630
Fifth Third Bancorp
8.25%, 3/1/2038		125,000		173,093
HSBC Holdings plc
6.80%, 6/1/2038		100,000		113,044
5.25%, 3/14/2044		200,000		194,811
JPMorgan Chase & Co.
6.40%, 5/15/2038		35,000		41,578

Investments	Principal Amount		Value
Banks – (continued)
4.95%, 6/1/2045	$	350,000	$	352,192
3.33%, 4/22/2052(a)		100,000		80,266
Lloyds Banking Group plc
4.34%, 1/9/2048		200,000		174,099
Regions Financial Corp.
7.38%, 12/10/2037		100,000		126,154
Wells Fargo & Co.
3.07%, 4/30/2041(a)		200,000		161,601
5.38%, 11/2/2043		265,000		277,826
5.61%, 1/15/2044		100,000		107,292
4.90%, 11/17/2045		300,000		294,442
5.01%, 4/4/2051(a)		100,000		104,896
				3,830,825
Beverages – 1.5%
Anheuser-Busch Cos. LLC
4.90%, 2/1/2046		50,000		49,472
Anheuser-Busch InBev Worldwide, Inc.
4.60%, 4/15/2048		25,000		23,658
5.55%, 1/23/2049		50,000		53,733
5.80%, 1/23/2059		100,000		109,617
Coca-Cola Co. (The)
3.00%, 3/5/2051		200,000		164,620
Coca-Cola Femsa SAB de CV
5.25%, 11/26/2043		150,000		155,017
Constellation Brands, Inc.
5.25%, 11/15/2048		75,000		77,846
3.75%, 5/1/2050		100,000		83,952
				717,915
Biotechnology – 4.9%
AbbVie, Inc.
4.05%, 11/21/2039		150,000		137,817
4.85%, 6/15/2044		200,000		200,475
4.88%, 11/14/2048		200,000		201,320
4.25%, 11/21/2049		100,000		92,062
Amgen, Inc.
5.15%, 11/15/2041		228,000		236,445
4.40%, 5/1/2045		200,000		186,908
4.56%, 6/15/2048		100,000		96,540
3.38%, 2/21/2050		100,000		78,585
4.66%, 6/15/2051		250,000		241,743
2.77%, 9/1/2053		137,000		95,017

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 347

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Biotechnology – (continued)
Gilead Sciences, Inc.
5.65%, 12/1/2041	$	100,000	$	110,896
4.80%, 4/1/2044		150,000		148,093
4.75%, 3/1/2046		300,000		297,532
4.15%, 3/1/2047		100,000		91,947
Regeneron Pharmaceuticals, Inc.
2.80%, 9/15/2050		100,000		71,245
				2,286,625
Building Products – 0.2%
Masco Corp.
4.50%, 5/15/2047		50,000		46,134
Owens Corning
4.40%, 1/30/2048		50,000		45,283
				91,417
Capital Markets – 2.6%
CI Financial Corp.
4.10%, 6/15/2051		100,000		78,350
Goldman Sachs Group, Inc. (The)
6.75%, 10/1/2037		100,000		115,807
4.02%, 10/31/2038(a)		130,000		119,281
4.75%, 10/21/2045		85,000		84,181
Jefferies Group LLC
6.50%, 1/20/2043		100,000		109,619
Legg Mason, Inc.
5.63%, 1/15/2044		75,000		82,976
Moody’s Corp.
2.75%, 8/19/2041		100,000		76,863
5.25%, 7/15/2044		100,000		104,992
4.88%, 12/17/2048		50,000		50,402
Morgan Stanley
6.38%, 7/24/2042		75,000		90,492
4.30%, 1/27/2045		60,000		56,949
Nasdaq, Inc.
3.25%, 4/28/2050		100,000		77,520
S&P Global, Inc.
3.70%, 3/1/2052(b)		100,000		87,712
2.30%, 8/15/2060		100,000		64,131
				1,199,275
Chemicals – 1.5%
Albemarle Corp.
5.45%, 12/1/2044		50,000		51,448

Investments	Principal Amount		Value
Chemicals – (continued)
Dow Chemical Co. (The)
9.40%, 5/15/2039	$	58,000	$	86,710
FMC Corp.
4.50%, 10/1/2049		50,000		47,282
LYB International Finance BV
4.88%, 3/15/2044		100,000		96,672
LYB International Finance III LLC
4.20%, 10/15/2049		50,000		44,139
LyondellBasell Industries NV
4.63%, 2/26/2055		100,000		91,493
RPM International, Inc.
4.25%, 1/15/2048		50,000		46,068
Sherwin-Williams Co. (The)
4.50%, 6/1/2047		145,000		139,041
3.80%, 8/15/2049		100,000		85,976
				688,829
Commercial Services & Supplies – 0.1%
Republic Services, Inc.
6.20%, 3/1/2040		50,000		57,667
Communications Equipment – 0.7%
Cisco Systems, Inc.
5.90%, 2/15/2039		185,000		221,154
5.50%, 1/15/2040		100,000		115,190
				336,344
Construction & Engineering – 0.2%
Valmont Industries, Inc.
5.00%, 10/1/2044		100,000		97,812
Diversified Telecommunication Services – 3.8%
AT&T, Inc.
3.65%, 6/1/2051		100,000		81,528
3.30%, 2/1/2052		50,000		38,095
3.55%, 9/15/2055		100,000		77,778
3.80%, 12/1/2057		482,000		387,806
Bell Canada
4.30%, 7/29/2049		25,000		23,653
Bell Canada (The)
4.46%, 4/1/2048		150,000		143,857
Telefonica Emisiones SA
5.52%, 3/1/2049		150,000		151,091
TELUS Corp.
4.30%, 6/15/2049		50,000		47,780

See Accompanying Notes to the Financial Statements.

348 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Diversified Telecommunication Services – (continued)
Verizon Communications, Inc.
3.40%, 3/22/2041	$	300,000	$	253,237
4.00%, 3/22/2050		150,000		134,765
2.88%, 11/20/2050		100,000		73,436
3.55%, 3/22/2051		200,000		165,395
3.88%, 3/1/2052		250,000		219,297
				1,797,718
Electric Utilities – 4.5%
AEP Texas, Inc.
3.45%, 5/15/2051		100,000		79,259
American Electric Power Co., Inc.
3.25%, 3/1/2050		50,000		38,616
Appalachian Power Co.
7.00%, 4/1/2038		100,000		120,225
Series Y, 4.50%, 3/1/2049		100,000		94,889
Duke Energy Corp.
4.80%, 12/15/2045		150,000		143,813
3.75%, 9/1/2046		150,000		124,858
Emera US Finance LP
4.75%, 6/15/2046		100,000		94,015
Georgia Power Co.
4.30%, 3/15/2042		100,000		91,052
MidAmerican Energy Co.
4.25%, 7/15/2049		100,000		97,512
Oklahoma Gas and Electric Co.
4.15%, 4/1/2047		150,000		140,236
Pacific Gas & Electric Co.
4.95%, 7/1/2050		50,000		41,925
PacifiCorp
6.25%, 10/15/2037		100,000		115,175
Southern California Edison Co.
5.50%, 3/15/2040		100,000		103,928
4.50%, 9/1/2040		125,000		115,933
4.00%, 4/1/2047		75,000		64,534
Series C, 4.13%, 3/1/2048		100,000		87,856
Series B, 4.88%, 3/1/2049		100,000		97,367
Southern Co. (The)
4.40%, 7/1/2046		150,000		137,410
Southwestern Electric Power Co.
Series L, 3.85%, 2/1/2048		100,000		85,780
Tampa Electric Co.
3.45%, 3/15/2051		200,000		165,586

Investments	Principal Amount		Value
Electric Utilities – (continued)
Tucson Electric Power Co.
4.00%, 6/15/2050	$	100,000	$	90,494
				2,130,463
Electrical Equipment – 0.1%
Emerson Electric Co.
5.25%, 11/15/2039		50,000		54,470
Electronic Equipment, Instruments & Components – 0.6%
Corning, Inc.
4.38%, 11/15/2057		125,000		113,511
5.45%, 11/15/2079		50,000		49,229
Tyco Electronics Group SA
7.13%, 10/1/2037		100,000		127,024
				289,764
Entertainment – 0.5%
Electronic Arts, Inc.
2.95%, 2/15/2051		50,000		37,516
Magallanes, Inc.
5.14%, 3/15/2052(b)		200,000		179,900
				217,416
Equity Real Estate Investment Trusts (REITs) – 1.6%
Alexandria Real Estate Equities, Inc.
4.00%, 2/1/2050		100,000		88,717
American Tower Corp.
3.10%, 6/15/2050		150,000		105,397
Crown Castle International Corp.
5.20%, 2/15/2049		100,000		100,067
4.15%, 7/1/2050		100,000		87,642
3.25%, 1/15/2051		100,000		75,254
National Retail Properties, Inc.
3.50%, 4/15/2051		150,000		119,781
Regency Centers LP
4.40%, 2/1/2047		50,000		47,171
Ventas Realty LP
5.70%, 9/30/2043		50,000		54,011
Welltower, Inc.
4.95%, 9/1/2048		50,000		51,392
				729,432
Food Products – 1.3%
Campbell Soup Co.
3.13%, 4/24/2050		100,000		74,602

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 349

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Food Products – (continued)
Conagra Brands, Inc.
5.40%, 11/1/2048	$	100,000	$	100,343
Kraft Heinz Foods Co.
6.50%, 2/9/2040		150,000		165,427
Mondelez International, Inc.
2.63%, 9/4/2050		150,000		106,066
Tyson Foods, Inc.
5.10%, 9/28/2048		150,000		156,449
				602,887
Gas Utilities – 0.6%
Atmos Energy Corp.
5.50%, 6/15/2041		50,000		54,780
4.13%, 10/15/2044		115,000		107,614
4.30%, 10/1/2048		100,000		95,859
				258,253
Health Care Equipment & Supplies – 0.4%
Becton Dickinson and Co.
3.79%, 5/20/2050		150,000		130,153
DH Europe Finance II Sarl
3.40%, 11/15/2049		50,000		42,411
				172,564
Health Care Providers & Services – 3.6%
AmerisourceBergen Corp.
4.30%, 12/15/2047		75,000		69,832
Cardinal Health, Inc.
4.37%, 6/15/2047		150,000		135,814
CVS Health Corp.
5.05%, 3/25/2048		210,000		213,335
HCA, Inc.
5.50%, 6/15/2047		100,000		98,653
5.25%, 6/15/2049		100,000		95,831
Humana, Inc.
8.15%, 6/15/2038		25,000		33,374
Laboratory Corp. of America Holdings
4.70%, 2/1/2045		100,000		96,204
UnitedHealth Group, Inc.
5.95%, 2/15/2041		100,000		117,560
3.05%, 5/15/2041		300,000		251,230
4.63%, 11/15/2041		300,000		309,121

Investments	Principal Amount		Value
Health Care Providers & Services – (continued)
3.70%, 8/15/2049	$	75,000	$	67,261
3.88%, 8/15/2059		100,000		89,979
3.13%, 5/15/2060		125,000		96,112
				1,674,306
Hotels, Restaurants & Leisure – 2.3%
McDonald’s Corp.
4.88%, 7/15/2040		50,000		50,791
4.60%, 5/26/2045		100,000		98,421
4.88%, 12/9/2045		125,000		126,751
4.45%, 3/1/2047		100,000		96,648
4.45%, 9/1/2048		100,000		96,398
3.63%, 9/1/2049		250,000		210,184
4.20%, 4/1/2050		100,000		92,655
Starbucks Corp.
4.50%, 11/15/2048		50,000		47,759
4.45%, 8/15/2049		100,000		92,806
3.50%, 11/15/2050		200,000		160,504
				1,072,917
Household Durables – 0.1%
MDC Holdings, Inc.
3.97%, 8/6/2061		100,000		66,595
Household Products – 0.1%
Church & Dwight Co., Inc.
3.95%, 8/1/2047		50,000		46,647
Independent Power and Renewable Electricity Producers – 0.1%
Southern Power Co.
5.15%, 9/15/2041		50,000		48,891
Industrial Conglomerates – 0.3%
Honeywell International, Inc.
5.70%, 3/15/2036		100,000		115,497
Trane Technologies Luxembourg Finance SA
4.50%, 3/21/2049		50,000		48,426
				163,923
Insurance – 6.4%
Aflac, Inc.
6.45%, 8/15/2040		50,000		58,996
4.75%, 1/15/2049		50,000		51,898

See Accompanying Notes to the Financial Statements.

350 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Insurance – (continued)
Alleghany Corp.
4.90%, 9/15/2044	$	75,000	$	76,958
Allstate Corp. (The)
6.50%, 5/15/2057(a)		15,000		17,278
Aon Corp.
6.25%, 9/30/2040		50,000		58,172
3.90%, 2/28/2052		100,000		86,679
Aon Global Ltd.
4.60%, 6/14/2044		55,000		52,652
4.75%, 5/15/2045		100,000		98,551
Arch Capital Group Ltd.
7.35%, 5/1/2034		200,000		244,986
Arthur J Gallagher & Co.
3.50%, 5/20/2051		50,000		40,669
Athene Holding Ltd.
3.45%, 5/15/2052		150,000		111,194
Berkshire Hathaway Finance Corp.
5.75%, 1/15/2040		115,000		132,353
4.20%, 8/15/2048		200,000		192,115
4.25%, 1/15/2049		150,000		145,921
2.85%, 10/15/2050		50,000		38,164
Brighthouse Financial, Inc.
4.70%, 6/22/2047		39,000		33,688
Brown & Brown, Inc.
4.95%, 3/17/2052		50,000		48,225
Everest Reinsurance Holdings, Inc.
3.50%, 10/15/2050		100,000		81,024
3.13%, 10/15/2052		50,000		37,198
Hartford Financial Services Group, Inc. (The)
2.90%, 9/15/2051		200,000		148,635
Markel Corp.
5.00%, 4/5/2046		100,000		100,603
4.15%, 9/17/2050		125,000		113,090
3.45%, 5/7/2052		100,000		79,728
Marsh & McLennan Cos., Inc.
4.75%, 3/15/2039		100,000		102,220
4.90%, 3/15/2049		100,000		104,760
MetLife, Inc.
10.75%, 8/1/2039		100,000		139,908
4.05%, 3/1/2045		100,000		93,097
Old Republic International Corp.
3.85%, 6/11/2051		50,000		40,989

Investments	Principal Amount		Value
Insurance – (continued)
Progressive Corp. (The)
4.13%, 4/15/2047	$	100,000	$	95,794
Selective Insurance Group, Inc.
5.38%, 3/1/2049		25,000		25,484
W R Berkley Corp.
6.25%, 2/15/2037		100,000		113,058
4.75%, 8/1/2044		100,000		100,306
Willis North America, Inc.
5.05%, 9/15/2048		100,000		100,547
3.88%, 9/15/2049		50,000		41,783
				3,006,723
Interactive Media & Services – 0.1%
Alphabet, Inc.
2.25%, 8/15/2060		75,000		50,259
Internet & Direct Marketing Retail – 0.7%
Alibaba Group Holding Ltd.
2.70%, 2/9/2041		200,000		142,317
4.20%, 12/6/2047		225,000		188,954
				331,271
IT Services – 1.4%
Fiserv, Inc.
4.40%, 7/1/2049		30,000		27,201
Global Payments, Inc.
4.15%, 8/15/2049		100,000		87,603
International Business Machines Corp.
4.25%, 5/15/2049		100,000		94,626
3.43%, 2/9/2052		100,000		82,723
Mastercard, Inc.
3.65%, 6/1/2049		100,000		91,221
Visa, Inc.
4.30%, 12/14/2045		170,000		171,625
Western Union Co. (The)
6.20%, 6/21/2040		100,000		100,390
				655,389
Leisure Products – 0.1%
Hasbro, Inc.
6.35%, 3/15/2040		50,000		54,978

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 351

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Machinery – 0.7%
Dover Corp.
5.38%, 3/1/2041	$	100,000	$	106,497
Illinois Tool Works, Inc.
3.90%, 9/1/2042		25,000		23,819
Otis Worldwide Corp.
3.11%, 2/15/2040		50,000		40,601
3.36%, 2/15/2050		100,000		78,601
Parker-Hannifin Corp.
4.00%, 6/14/2049		100,000		89,456
				338,974
Media – 3.7%
Charter Communications Operating LLC
3.50%, 6/1/2041		250,000		183,430
6.48%, 10/23/2045		100,000		101,154
5.75%, 4/1/2048		400,000		377,258
4.80%, 3/1/2050		100,000		82,343
3.70%, 4/1/2051		250,000		177,261
Comcast Corp.
2.94%, 11/1/2056(b)		135,000		97,207
2.99%, 11/1/2063(b)		100,000		71,011
Fox Corp.
5.48%, 1/25/2039		100,000		103,854
5.58%, 1/25/2049		50,000		52,060
Interpublic Group of Cos., Inc. (The)
5.40%, 10/1/2048		50,000		54,076
Time Warner Cable LLC
7.30%, 7/1/2038		200,000		224,983
6.75%, 6/15/2039		100,000		107,005
5.88%, 11/15/2040		100,000		98,139
				1,729,781
Metals & Mining – 3.8%
ArcelorMittal SA
6.75%, 3/1/2041(c)		100,000		107,721
Barrick Gold Corp.
5.25%, 4/1/2042		50,000		52,444
Barrick North America Finance LLC
5.75%, 5/1/2043		100,000		110,679
Barrick PD Australia Finance Pty. Ltd.
5.95%, 10/15/2039		80,000		89,892

Investments	Principal Amount		Value
Metals & Mining – (continued)
BHP Billiton Finance USA Ltd.
4.13%, 2/24/2042	$	50,000	$	48,289
5.00%, 9/30/2043		245,000		266,020
Freeport-McMoRan, Inc.
5.45%, 3/15/2043		200,000		200,233
Rio Tinto Finance USA Ltd.
5.20%, 11/2/2040		75,000		81,997
Southern Copper Corp.
7.50%, 7/27/2035		100,000		121,157
6.75%, 4/16/2040		50,000		58,582
5.88%, 4/23/2045		150,000		164,864
Vale Overseas Ltd.
6.88%, 11/21/2036		150,000		165,424
6.88%, 11/10/2039		200,000		220,070
Vale SA
5.63%, 9/11/2042		100,000		97,551
				1,784,923
Multiline Retail – 0.1%
Dollar General Corp.
4.13%, 4/3/2050		50,000		44,094
Multi-Utilities – 3.3%
Ameren Illinois Co.
4.80%, 12/15/2043		100,000		100,913
Berkshire Hathaway Energy Co.
6.13%, 4/1/2036		200,000		227,854
4.45%, 1/15/2049		100,000		96,620
4.25%, 10/15/2050		150,000		141,349
2.85%, 5/15/2051		200,000		146,501
Consolidated Edison Co. of New York, Inc.
4.63%, 12/1/2054		100,000		96,500
4.50%, 5/15/2058		130,000		122,501
3.70%, 11/15/2059		100,000		82,040
3.60%, 6/15/2061		100,000		81,279
Dominion Energy, Inc.
Series A, 4.60%, 3/15/2049		100,000		98,704
NiSource, Inc.
4.38%, 5/15/2047		100,000		90,319
3.95%, 3/30/2048		150,000		128,152
Sempra Energy
4.00%, 2/1/2048		100,000		88,422

See Accompanying Notes to the Financial Statements.

352 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Multi-Utilities – (continued)
Southern Co. Gas Capital Corp.
4.40%, 5/30/2047	$	50,000	$	46,015
				1,547,169
Oil, Gas & Consumable Fuels – 13.8%
Canadian Natural Resources Ltd.
6.50%, 2/15/2037		100,000		110,339
6.25%, 3/15/2038		100,000		110,418
6.75%, 2/1/2039		100,000		114,586
Columbia Pipeline Group, Inc.
5.80%, 6/1/2045		50,000		54,063
ConocoPhillips Co.
4.03%, 3/15/2062(b)		50,000		44,952
Continental Resources, Inc.
4.90%, 6/1/2044		100,000		87,400
Enbridge Energy Partners LP
5.50%, 9/15/2040		100,000		105,194
7.38%, 10/15/2045		100,000		125,743
Enbridge, Inc.
5.50%, 12/1/2046		25,000		27,169
3.40%, 8/1/2051		100,000		78,968
Energy Transfer LP
5.80%, 6/15/2038		100,000		99,984
6.50%, 2/1/2042		200,000		210,149
5.00%, 5/15/2044(c)		50,000		43,939
6.13%, 12/15/2045		100,000		99,165
6.25%, 4/15/2049		200,000		204,329
Enterprise Products Operating LLC
5.95%, 2/1/2041		180,000		195,390
4.45%, 2/15/2043		300,000		272,488
4.85%, 3/15/2044		230,000		221,677
4.25%, 2/15/2048		85,000		75,088
3.95%, 1/31/2060		150,000		122,253
Exxon Mobil Corp.
3.45%, 4/15/2051		100,000		86,344
Hess Corp.
6.00%, 1/15/2040		50,000		53,210
5.80%, 4/1/2047		100,000		106,034
Kinder Morgan Energy Partners LP
6.95%, 1/15/2038		100,000		114,256
6.50%, 9/1/2039		150,000		164,358
6.38%, 3/1/2041		100,000		107,070
5.50%, 3/1/2044		150,000		148,646

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
Kinder Morgan, Inc.
5.55%, 6/1/2045	$	125,000	$	126,196
5.05%, 2/15/2046		50,000		47,633
5.20%, 3/1/2048		100,000		96,969
3.60%, 2/15/2051		100,000		77,128
Magellan Midstream Partners LP
5.15%, 10/15/2043		15,000		14,709
4.20%, 10/3/2047		145,000		126,969
4.85%, 2/1/2049		100,000		95,593
3.95%, 3/1/2050		100,000		83,879
Marathon Oil Corp.
5.20%, 6/1/2045		100,000		97,952
Marathon Petroleum Corp.
6.50%, 3/1/2041		100,000		113,051
4.50%, 4/1/2048		100,000		88,371
5.00%, 9/15/2054		100,000		91,678
MPLX LP
4.70%, 4/15/2048		200,000		177,804
4.95%, 3/14/2052		250,000		229,500
4.90%, 4/15/2058		150,000		132,328
ONEOK Partners LP
6.85%, 10/15/2037		200,000		215,079
6.13%, 2/1/2041		100,000		102,051
ONEOK, Inc.
4.95%, 7/13/2047		150,000		137,623
7.15%, 1/15/2051		100,000		114,687
Phillips 66 Partners LP
4.90%, 10/1/2046		75,000		74,777
Plains All American Pipeline LP
5.15%, 6/1/2042		100,000		88,003
4.70%, 6/15/2044		100,000		83,691
Spectra Energy Partners LP
5.95%, 9/25/2043		100,000		110,281
TransCanada PipeLines Ltd.
5.10%, 3/15/2049		100,000		104,788
Valero Energy Corp.
3.65%, 12/1/2051		50,000		39,205
4.00%, 6/1/2052		100,000		83,553
Williams Cos., Inc. (The)
6.30%, 4/15/2040		100,000		111,808
5.40%, 3/4/2044		50,000		50,302
4.85%, 3/1/2048		250,000		238,416
3.50%, 10/15/2051		200,000		154,166
				6,491,402

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 353

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Pharmaceuticals – 1.2%
Bristol-Myers Squibb Co.
3.90%, 3/15/2062	$	100,000	$	88,249
Johnson & Johnson
5.85%, 7/15/2038		150,000		180,697
Royalty Pharma plc
3.55%, 9/2/2050		50,000		36,978
3.35%, 9/2/2051		100,000		71,583
Zoetis, Inc.
4.45%, 8/20/2048		100,000		99,070
3.00%, 5/15/2050		100,000		79,276
				555,853
Professional Services – 0.2%
Equifax, Inc.
7.00%, 7/1/2037		50,000		57,966
Verisk Analytics, Inc.
3.63%, 5/15/2050		50,000		42,049
				100,015
Road & Rail – 4.1%
Burlington Northern Santa Fe LLC
5.75%, 5/1/2040		100,000		113,858
5.40%, 6/1/2041		150,000		165,230
5.15%, 9/1/2043		200,000		213,766
4.90%, 4/1/2044		300,000		312,397
4.15%, 12/15/2048		100,000		95,864
Canadian Pacific Railway Co.
6.13%, 9/15/2115		100,000		111,152
CSX Corp.
6.22%, 4/30/2040		100,000		118,136
4.50%, 8/1/2054		50,000		48,873
Kansas City Southern
4.20%, 11/15/2069		50,000		43,876
Norfolk Southern Corp.
3.16%, 5/15/2055		50,000		38,356
5.10%, 8/1/2118		50,000		47,860
Union Pacific Corp.
3.80%, 10/1/2051		100,000		90,067
3.50%, 2/14/2053		100,000		85,458
3.84%, 3/20/2060		200,000		176,198
4.10%, 9/15/2067		200,000		179,998
3.75%, 2/5/2070		100,000		83,527
				1,924,616

Investments	Principal Amount		Value
Semiconductors & Semiconductor Equipment – 2.7%
Broadcom, Inc.
3.42%, 4/15/2033(b)	$	200,000	$	172,020
3.47%, 4/15/2034(b)		200,000		170,218
3.14%, 11/15/2035(b)		200,000		162,005
3.19%, 11/15/2036(b)		110,000		87,116
3.50%, 2/15/2041(b)		290,000		226,400
3.75%, 2/15/2051(b)		100,000		77,013
Intel Corp.
4.75%, 3/25/2050		150,000		155,468
4.95%, 3/25/2060		50,000		53,381
Micron Technology, Inc.
3.37%, 11/1/2041		100,000		79,779
Texas Instruments, Inc.
4.15%, 5/15/2048		100,000		100,026
				1,283,426
Software – 2.8%
Microsoft Corp.
2.53%, 6/1/2050		200,000		150,993
2.92%, 3/17/2052		100,000		81,795
2.68%, 6/1/2060		56,000		41,314
3.04%, 3/17/2062		269,000		215,383
Oracle Corp.
6.13%, 7/8/2039		105,000		109,279
3.65%, 3/25/2041		300,000		233,212
4.13%, 5/15/2045		225,000		179,243
3.60%, 4/1/2050		200,000		144,070
4.38%, 5/15/2055		115,000		90,628
3.85%, 4/1/2060		125,000		88,850
				1,334,767
Specialty Retail – 2.0%
Home Depot, Inc. (The)
5.95%, 4/1/2041		100,000		118,105
4.88%, 2/15/2044		75,000		79,149
4.50%, 12/6/2048		200,000		201,943
2.75%, 9/15/2051		250,000		189,367
Lowe’s Cos., Inc.
4.05%, 5/3/2047		100,000		88,102
4.55%, 4/5/2049		150,000		142,691
5.13%, 4/15/2050		100,000		103,165
				922,522

See Accompanying Notes to the Financial Statements.

354 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Technology Hardware, Storage & Peripherals – 2.9%
Apple, Inc.
4.38%, 5/13/2045	$	100,000	$	102,019
4.65%, 2/23/2046		190,000		202,122
2.95%, 9/11/2049		100,000		81,259
2.65%, 2/8/2051		100,000		76,206
2.70%, 8/5/2051		200,000		154,907
2.55%, 8/20/2060		100,000		70,693
2.80%, 2/8/2061		100,000		73,619
Dell International LLC
3.38%, 12/15/2041(b)		250,000		188,063
8.35%, 7/15/2046		62,000		83,149
3.45%, 12/15/2051(b)		100,000		70,881
Hewlett Packard Enterprise Co.
6.35%, 10/15/2045(c)		150,000		159,573
HP, Inc.
6.00%, 9/15/2041		100,000		105,504
				1,367,995
Tobacco – 5.5%
Altria Group, Inc.
5.80%, 2/14/2039		300,000		298,328
4.25%, 8/9/2042		140,000		112,974
4.50%, 5/2/2043		100,000		83,633
5.38%, 1/31/2044		225,000		211,902
5.95%, 2/14/2049		250,000		245,455
3.70%, 2/4/2051		100,000		71,665
BAT Capital Corp.
4.39%, 8/15/2037		250,000		213,502
3.73%, 9/25/2040		100,000		74,999
4.54%, 8/15/2047		200,000		159,282
4.76%, 9/6/2049		100,000		81,966
3.98%, 9/25/2050		150,000		108,707
Philip Morris International, Inc.
6.38%, 5/16/2038		50,000		56,777
4.13%, 3/4/2043		330,000		285,343
4.25%, 11/10/2044		350,000		307,453
Reynolds American, Inc.
6.15%, 9/15/2043		100,000		96,576
5.85%, 8/15/2045		175,000		163,945
				2,572,507
Trading Companies & Distributors – 0.2%
WW Grainger, Inc.
4.60%, 6/15/2045		100,000		101,912

Investments	Principal Amount		Value
Water Utilities – 0.5%
American Water Capital Corp.
3.45%, 5/1/2050	$	200,000	$	169,225
3.25%, 6/1/2051		100,000		81,703
				250,928
Wireless Telecommunication Services – 0.7%
Rogers Communications, Inc.
4.30%, 2/15/2048		100,000		87,401
4.35%, 5/1/2049		100,000		88,574
3.70%, 11/15/2049		50,000		39,753
4.55%, 3/15/2052(b)		150,000		133,790
				349,518
Total Corporate Bonds (Cost $56,021,111)				46,122,793
Total Investments – 98.2% (Cost $56,021,111)				46,122,793
Other assets less liabilities – 1.8%				853,659
NET ASSETS – 100.0%			$	46,976,452

^(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)  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.

^(c)  Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of April 30, 2022.

Percentages shown are based on Net Assets.

As of April 30, 2022, 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	$	17,998
Aggregate gross unrealized depreciation		(9,942,724	)
Net unrealized depreciation	$	(9,924,726	)
Federal income tax cost	$	56,047,519

Security Type	% of Net Assets
Corporate Bonds		98.2	%
Others(1)		1.8
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 355

Schedule of Investments

FlexShares^® High Yield Value-Scored Bond Index Fund

April 30, 2022 (Unaudited)

Investments	Principal Amount		Value
CORPORATE BONDS – 97.3%
Aerospace & Defense – 3.2%
Bombardier, Inc.
7.13%, 6/15/2026(a)	$	3,655,000	$	3,367,004
6.00%, 2/15/2028(a)		2,620,000		2,269,732
F-Brasile SpA Series NR, 7.38%, 8/15/2026(a)		1,650,000		1,458,187
Howmet Aerospace, Inc.
5.95%, 2/1/2037		50,000		50,608
Rolls-Royce plc
5.75%, 10/15/2027(a)		185,000		178,648
Spirit AeroSystems, Inc.
3.95%, 6/15/2023		190,000		186,807
7.50%, 4/15/2025(a)		1,840,000		1,869,615
4.60%, 6/15/2028		1,065,000		920,501
TransDigm UK Holdings plc
6.88%, 5/15/2026		705,000		702,416
TransDigm, Inc.
8.00%, 12/15/2025(a)		1,210,000		1,259,156
6.25%, 3/15/2026(a)		5,530,000		5,515,428
6.38%, 6/15/2026		1,060,000		1,048,049
7.50%, 3/15/2027		750,000		756,645
5.50%, 11/15/2027		5,325,000		4,889,788
4.63%, 1/15/2029		1,090,000		949,761
4.88%, 5/1/2029		1,105,000		970,085
Triumph Group, Inc.
6.25%, 9/15/2024(a)		405,000		390,384
Wesco Aircraft Holdings, Inc.
8.50%, 11/15/2024(a)		1,900,000		1,059,250
				27,842,064
Air Freight & Logistics – 0.1%
Western Global Airlines LLC
10.38%, 8/15/2025(a)		915,000		939,449
Airlines – 1.2%
American Airlines Group, Inc.
3.75%, 3/1/2025(a)		1,095,000		978,903
American Airlines, Inc.
11.75%, 7/15/2025(a)		3,025,000		3,484,588
5.50%, 4/20/2026(a)		4,310,000		4,277,309
Hawaiian Brand Intellectual Property Ltd.
5.75%, 1/20/2026(a)		1,645,000		1,599,269

Investments	Principal Amount		Value
Airlines – (continued)
United Airlines Holdings, Inc.
5.00%, 2/1/2024	$	210,000	$	208,708
				10,548,777
Auto Components – 1.7%
Allison Transmission, Inc.
3.75%, 1/30/2031(a)		285,000		246,990
American Axle & Manufacturing, Inc.
6.88%, 7/1/2028		1,105,000		1,042,927
Clarios Global LP
6.75%, 5/15/2025(a)		605,000		617,914
8.50%, 5/15/2027(a)		3,600,000		3,602,304
Cooper-Standard Automotive, Inc.
13.00%, 6/1/2024(a)		285,000		288,259
Dealer Tire LLC
8.00%, 2/1/2028(a)		885,000		866,884
Dornoch Debt Merger Sub, Inc.
6.63%, 10/15/2029(a)		1,850,000		1,519,312
Goodyear Tire & Rubber Co. (The)
7.00%, 3/15/2028		500,000		506,045
Icahn Enterprises LP
5.25%, 5/15/2027		1,470,000		1,375,714
4.38%, 2/1/2029		695,000		600,855
IHO Verwaltungs GmbH
6.00%, 5/15/2027(a) (b)		185,000		171,792
6.38%, 5/15/2029(a) (b)		600,000		571,827
Patrick Industries, Inc.
7.50%, 10/15/2027(a)		180,000		182,151
4.75%, 5/1/2029(a)		1,175,000		1,009,031
Real Hero Merger Sub 2, Inc.
6.25%, 2/1/2029(a)		1,935,000		1,571,723
Wheel Pros, Inc.
6.50%, 5/15/2029(a)		1,120,000		852,667
				15,026,395
Automobiles – 1.0%
Ford Motor Co.
6.63%, 10/1/2028		330,000		342,436
6.38%, 2/1/2029		150,000		151,667
9.63%, 4/22/2030		750,000		917,865
7.45%, 7/16/2031		1,182,000		1,287,175

See Accompanying Notes to the Financial Statements.

356 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Automobiles – (continued)
3.25%, 2/12/2032	$	1,555,000	$	1,265,980
4.75%, 1/15/2043		996,000		803,707
7.40%, 11/1/2046		450,000		486,790
5.29%, 12/8/2046		615,000		528,525
Jaguar Land Rover Automotive plc
7.75%, 10/15/2025(a)		535,000		536,035
Mclaren Finance plc
7.50%, 8/1/2026(a)		1,060,000		1,027,269
PM General Purchaser LLC
9.50%, 10/1/2028(a)		1,685,000		1,628,232
				8,975,681
Banks – 0.5%
Intesa Sanpaolo SpA
4.20%, 6/1/2032(a) (c)		585,000		485,626
UniCredit SpA
7.30%, 4/2/2034(a) (c)		2,360,000		2,388,703
5.46%, 6/30/2035(a) (c)		1,715,000		1,550,852
				4,425,181
Beverages – 0.4%
Primo Water Holdings, Inc.
4.38%, 4/30/2029(a)		1,815,000		1,579,422
Triton Water Holdings, Inc.
6.25%, 4/1/2029(a)		2,400,000		1,997,639
				3,577,061
Building Products – 1.7%
Cornerstone Building Brands, Inc.
6.13%, 1/15/2029(a)		1,525,000		1,270,729
CP Atlas Buyer, Inc.
7.00%, 12/1/2028(a)		1,614,000		1,350,256
Eco Material Technologies, Inc.
7.88%, 1/31/2027(a)		925,000		896,718
Griffon Corp.
5.75%, 3/1/2028		3,105,000		2,777,128
MIWD Holdco II LLC
5.50%, 2/1/2030(a)		1,365,000		1,182,363
New Enterprise Stone & Lime Co., Inc.
5.25%, 7/15/2028(a)		795,000		727,687
9.75%, 7/15/2028(a)		1,105,000		1,089,475

Investments	Principal Amount		Value
Building Products – (continued)
Oscar AcquisitionCo LLC
9.50%, 4/15/2030(a)	$	1,850,000	$	1,687,589
SRM Escrow Issuer LLC
6.00%, 11/1/2028(a)		2,075,000		1,995,434
Standard Industries, Inc.
4.38%, 7/15/2030(a)		805,000		672,175
3.38%, 1/15/2031(a)		420,000		336,036
Victors Merger Corp.
6.38%, 5/15/2029(a)		1,880,000		1,144,647
				15,130,237
Capital Markets – 0.4%
Advisor Group Holdings, Inc.
10.75%, 8/1/2027(a)		465,000		492,200
Aretec Escrow Issuer, Inc.
7.50%, 4/1/2029(a)		1,095,000		1,021,104
Coinbase Global, Inc.
3.38%, 10/1/2028(a)		190,000		147,861
3.63%, 10/1/2031(a)		640,000		475,594
Compass Group Diversified Holdings LLC
5.25%, 4/15/2029(a)		280,000		251,650
Hightower Holding LLC
6.75%, 4/15/2029(a)		780,000		721,835
Nomura Holdings, Inc.
2.65%, 1/16/2025		705,000		683,776
				3,794,020
Chemicals – 4.0%
ASP Unifrax Holdings, Inc.
5.25%, 9/30/2028(a)		2,295,000		2,023,731
7.50%, 9/30/2029(a)		1,175,000		975,520
Axalta Coating Systems LLC
4.75%, 6/15/2027(a)		1,165,000		1,108,235
3.38%, 2/15/2029(a)		150,000		129,995
Cerdia Finanz GmbH
10.50%, 2/15/2027(a)		1,895,000		1,681,813
Chemours Co. (The)
5.75%, 11/15/2028(a)		1,830,000		1,717,803
4.63%, 11/15/2029(a)		935,000		811,182
Cornerstone Chemical Co.
6.75%, 8/15/2024(a)		480,000		427,142
CVR Partners LP
6.13%, 6/15/2028(a)		1,065,000		1,045,212

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 357

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Chemicals – (continued)
EverArc Escrow Sarl
5.00%, 10/30/2029(a)	$	1,845,000	$	1,620,150
FXI Holdings, Inc.
7.88%, 11/1/2024(a)		550,000		542,905
12.25%, 11/15/2026(a)		1,015,000		1,083,513
Gates Global LLC
6.25%, 1/15/2026(a)		510,000		503,362
GPD Cos., Inc.
10.13%, 4/1/2026(a)		550,000		574,087
HB Fuller Co.
4.25%, 10/15/2028		260,000		233,051
Herens Holdco Sarl
4.75%, 5/15/2028(a)		1,075,000		944,656
Illuminate Buyer LLC
9.00%, 7/1/2028(a)		1,105,000		1,051,109
LSF11 A5 HoldCo LLC
6.63%, 10/15/2029(a)		955,000		833,123
Minerals Technologies, Inc.
5.00%, 7/1/2028(a)		430,000		402,293
NOVA Chemicals Corp.
4.25%, 5/15/2029(a)		400,000		346,714
Olympus Water US Holding Corp.
4.25%, 10/1/2028(a)		1,525,000		1,350,052
6.25%, 10/1/2029(a)		1,070,000		889,422
PMHC II, Inc.
9.00%, 2/15/2030(a)		2,390,000		1,927,105
Polar US Borrower LLC
6.75%, 5/15/2026(a)		950,000		775,993
Rain CII Carbon LLC
7.25%, 4/1/2025(a)		570,000		549,426
SCIH Salt Holdings, Inc.
4.88%, 5/1/2028(a)		2,485,000		2,182,625
6.63%, 5/1/2029(a)		2,190,000		1,749,328
SCIL IV LLC
5.38%, 11/1/2026(a)		1,170,000		1,069,164
Trinseo Materials Operating SCA
5.38%, 9/1/2025(a)		420,000		405,913
5.13%, 4/1/2029(a)		1,220,000		1,075,162
Tronox, Inc.
4.63%, 3/15/2029(a)		1,900,000		1,702,742

Investments	Principal Amount		Value
Chemicals – (continued)
Valvoline, Inc.
4.25%, 2/15/2030(a)	$	300,000	$	260,798
3.63%, 6/15/2031(a)		200,000		162,870
Venator Finance Sarl
9.50%, 7/1/2025(a)		150,000		156,704
WR Grace Holdings LLC
5.63%, 8/15/2029(a)		3,425,000		2,926,320
				35,239,220
Commercial Services & Supplies – 4.7%
ADT Security Corp. (The)
4.13%, 8/1/2029(a)		255,000		216,945
Allied Universal Holdco LLC
6.63%, 7/15/2026(a)		2,080,000		2,009,613
9.75%, 7/15/2027(a)		2,410,000		2,342,351
4.63%, 6/1/2028(a)		3,225,000		2,848,191
6.00%, 6/1/2029(a)		2,955,000		2,426,838
Aptim Corp.
7.75%, 6/15/2025(a)		1,795,000		1,409,075
APX Group, Inc.
6.75%, 2/15/2027(a)		1,195,000		1,186,187
Aramark Services, Inc.
5.00%, 2/1/2028(a)		1,803,000		1,681,171
Cimpress plc
7.00%, 6/15/2026(a)		550,000		513,604
CoreCivic, Inc.
8.25%, 4/15/2026		1,320,000		1,358,386
4.75%, 10/15/2027		780,000		696,427
Covanta Holding Corp.
5.00%, 9/1/2030		300,000		271,402
Deluxe Corp.
8.00%, 6/1/2029(a)		1,350,000		1,282,547
Garda World Security Corp.
4.63%, 2/15/2027(a)		780,000		709,305
9.50%, 11/1/2027(a)		985,000		969,127
6.00%, 6/1/2029(a)		1,395,000		1,157,710
GEO Group, Inc. (The)
REIT, 5.88%, 10/15/2024		690,000		615,118
GFL Environmental, Inc.
4.00%, 8/1/2028(a)		1,840,000		1,621,684
Harsco Corp.
5.75%, 7/31/2027(a)		695,000		634,226
Intrado Corp.
8.50%, 10/15/2025(a)		2,170,000		1,946,631

See Accompanying Notes to the Financial Statements.

358 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Commercial Services & Supplies – (continued)
Legends Hospitality Holding Co. LLC
5.00%, 2/1/2026(a)	$	460,000	$	432,264
Madison IAQ LLC
4.13%, 6/30/2028(a)		315,000		277,989
5.88%, 6/30/2029(a)		3,200,000		2,611,968
Nielsen Finance LLC
5.88%, 10/1/2030(a)		800,000		771,384
Prime Security Services Borrower LLC
5.25%, 4/15/2024(a)		835,000		835,017
3.38%, 8/31/2027(a)		1,470,000		1,261,253
6.25%, 1/15/2028(a)		4,435,000		3,980,634
Stericycle, Inc.
5.38%, 7/15/2024(a)		610,000		608,695
3.88%, 1/15/2029(a)		45,000		39,743
Vericast Corp.
11.00%, 9/15/2026(a)		4,040,000		3,795,095
Waste Pro USA, Inc.
5.50%, 2/15/2026(a)		1,060,000		944,338
				41,454,918
Construction & Engineering – 1.9%
Artera Services LLC
9.03%, 12/4/2025(a)		3,120,000		2,952,472
Brand Industrial Services, Inc.
8.50%, 7/15/2025(a)		3,272,000		2,957,544
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00%, 2/1/2026(a)		465,000		435,382
Global Infrastructure Solutions, Inc.
5.63%, 6/1/2029(a)		760,000		692,523
7.50%, 4/15/2032(a)		950,000		885,305
Great Lakes Dredge & Dock Corp.
5.25%, 6/1/2029(a)		640,000		604,138
HTA Group Ltd.
7.00%, 12/18/2025(a)		415,000		411,634
IEA Energy Services LLC
6.63%, 8/15/2029(a)		875,000		801,741

Investments	Principal Amount		Value
Construction & Engineering – (continued)
INNOVATE Corp.
8.50%, 2/1/2026(a)	$	1,045,000	$	1,009,005
Pike Corp.
5.50%, 9/1/2028(a)		2,430,000		2,232,915
Promontoria Holding 264 BV
7.88%, 3/1/2027(a)		1,050,000		988,412
Railworks Holdings LP
8.25%, 11/15/2028(a)		830,000		825,219
VM Consolidated, Inc.
5.50%, 4/15/2029(a)		1,075,000		963,436
Weekley Homes LLC
4.88%, 9/15/2028(a)		725,000		640,601
				16,400,327
Consumer Finance – 2.2%
Cobra AcquisitionCo LLC
6.38%, 11/1/2029(a)		1,265,000		969,351
Curo Group Holdings Corp.
7.50%, 8/1/2028(a)		3,160,000		2,634,950
Enova International, Inc.
8.50%, 9/1/2024(a)		610,000		612,855
FirstCash, Inc.
4.63%, 9/1/2028(a)		1,082,000		986,021
5.63%, 1/1/2030(a)		975,000		908,447
Ford Motor Credit Co. LLC
4.54%, 8/1/2026		645,000		617,562
3.82%, 11/2/2027		835,000		756,690
2.90%, 2/10/2029		835,000		696,344
5.11%, 5/3/2029		1,782,000		1,693,051
4.00%, 11/13/2030		2,380,000		2,068,208
3.63%, 6/17/2031		950,000		791,112
goeasy Ltd.
5.38%, 12/1/2024(a)		620,000		608,865
LFS Topco LLC
5.88%, 10/15/2026(a)		765,000		709,040
OneMain Finance Corp.
8.25%, 10/1/2023		240,000		249,062
8.88%, 6/1/2025		575,000		603,822
6.63%, 1/15/2028		1,195,000		1,180,780
5.38%, 11/15/2029		640,000		577,126
4.00%, 9/15/2030		300,000		245,969
PROG Holdings, Inc.
6.00%, 11/15/2029(a)		1,970,000		1,743,401

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 359

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Consumer Finance – (continued)
World Acceptance Corp.
7.00%, 11/1/2026(a)	$	860,000	$	747,198
				19,399,854
Containers & Packaging – 1.7%
Ardagh Metal Packaging Finance USA LLC
4.00%, 9/1/2029(a)		450,000		386,210
Cascades, Inc.
5.38%, 1/15/2028(a)		285,000		275,351
Clydesdale Acquisition Holdings, Inc.
8.75%, 4/15/2030(a)		3,220,000		2,941,889
Intelligent Packaging Ltd. Finco, Inc.
6.00%, 9/15/2028(a)		810,000		763,425
LABL, Inc.
6.75%, 7/15/2026(a)		760,000		732,340
5.88%, 11/1/2028(a)		1,475,000		1,351,376
Mauser Packaging Solutions Holding Co.
7.25%, 4/15/2025(a)		1,995,000		1,897,953
Owens-Brockway Glass Container, Inc.
5.88%, 8/15/2023(a)		560,000		567,748
5.38%, 1/15/2025(a)		175,000		171,327
6.38%, 8/15/2025(a)		175,000		174,815
6.63%, 5/13/2027(a)		1,385,000		1,366,060
Pactiv Evergreen Group Issuer, Inc.
4.00%, 10/15/2027(a)		1,170,000		1,022,469
Pactiv LLC
7.95%, 12/15/2025		275,000		269,880
8.38%, 4/15/2027		1,175,000		1,161,699
Trident TPI Holdings, Inc.
9.25%, 8/1/2024(a)		365,000		359,147
6.63%, 11/1/2025(a)		510,000		494,241
Trivium Packaging Finance BV
8.50%, 8/15/2027(a)		1,130,000		1,117,355
				15,053,285
Distributors – 0.2%
BCPE Empire Holdings, Inc.
7.63%, 5/1/2027(a)		2,165,000		2,031,809

Investments	Principal Amount		Value
Diversified Consumer Services – 0.9%
Adtalem Global Education, Inc.
5.50%, 3/1/2028(a)	$	445,000	$	412,426
Carriage Services, Inc.
4.25%, 5/15/2029(a)		620,000		540,231
Grand Canyon University
5.13%, 10/1/2028		765,000		738,225
Metis Merger Sub LLC
6.50%, 5/15/2029(a)		2,170,000		1,890,732
Service Corp. International
4.00%, 5/15/2031		500,000		450,775
Signal Parent, Inc.
6.13%, 4/1/2029(a)		920,000		704,695
Sotheby’s
5.88%, 6/1/2029(a)		650,000		612,741
StoneMor, Inc.
8.50%, 5/15/2029(a)		1,425,000		1,380,568
WW International, Inc.
4.50%, 4/15/2029(a)		1,540,000		1,220,465
				7,950,858
Diversified Financial Services – 1.2%
Armor Holdco, Inc.
8.50%, 11/15/2029(a)		1,225,000		1,186,014
CPI CG, Inc.
8.63%, 3/15/2026(a)		981,000		950,932
Ford Holdings LLC
9.30%, 3/1/2030		545,000		649,324
Jefferies Finance LLC
5.00%, 8/15/2028(a)		1,130,000		1,030,425
Jefferson Capital Holdings LLC
6.00%, 8/15/2026(a)		450,000		420,291
Midcap Financial Issuer Trust
6.50%, 5/1/2028(a)		2,825,000		2,440,941
5.63%, 1/15/2030(a)		1,495,000		1,193,152
MPH Acquisition Holdings LLC
5.75%, 11/1/2028(a)		2,080,000		1,811,087
Sabre GLBL, Inc.
7.38%, 9/1/2025(a)		670,000		678,030
				10,360,196
Diversified Telecommunication Services – 6.3%
Altice France Holding SA
10.50%, 5/15/2027(a)		590,000		598,826
6.00%, 2/15/2028(a)		3,770,000		3,120,090

See Accompanying Notes to the Financial Statements.

360 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Diversified Telecommunication Services – (continued)
Altice France SA
5.50%, 1/15/2028(a)	$	1,910,000	$	1,685,499
5.13%, 1/15/2029(a)		1,295,000		1,100,582
5.13%, 7/15/2029(a)		3,605,000		3,057,797
5.50%, 10/15/2029(a)		5,985,000		5,109,005
CCO Holdings LLC
5.00%, 2/1/2028(a)		555,000		529,376
5.38%, 6/1/2029(a)		260,000		246,693
4.75%, 3/1/2030(a)		1,410,000		1,257,551
4.50%, 8/15/2030(a)		1,220,000		1,066,469
4.25%, 2/1/2031(a)		2,035,000		1,718,965
4.75%, 2/1/2032(a)		325,000		280,517
4.50%, 5/1/2032		1,772,000		1,504,729
4.50%, 6/1/2033(a)		620,000		508,214
4.25%, 1/15/2034(a)		1,480,000		1,179,123
Frontier Communications Holdings LLC
5.00%, 5/1/2028(a)		700,000		640,010
6.75%, 5/1/2029(a)		3,130,000		2,824,277
5.88%, 11/1/2029		2,635,000		2,290,803
6.00%, 1/15/2030(a)		2,895,000		2,520,662
Iliad Holding SASU
6.50%, 10/15/2026(a)		1,415,000		1,361,711
7.00%, 10/15/2028(a)		1,720,000		1,628,574
Intelsat Jackson Holdings SA
6.50%, 3/15/2030(a)		1,135,000		1,068,103
Level 3 Financing, Inc.
4.25%, 7/1/2028(a)		935,000		791,627
3.63%, 1/15/2029(a)		175,000		142,438
Lumen Technologies, Inc.
5.63%, 4/1/2025		390,000		381,036
5.13%, 12/15/2026(a)		2,780,000		2,506,906
Series G, 6.88%, 1/15/2028		1,010,000		963,934
4.50%, 1/15/2029(a)		3,050,000		2,413,450
5.38%, 6/15/2029(a)		3,085,000		2,521,247
Sprint Capital Corp.
8.75%, 3/15/2032		680,000		865,300
Telecom Italia Capital SA
6.38%, 11/15/2033		810,000		709,337
6.00%, 9/30/2034		180,000		157,569
Telesat Canada
5.63%, 12/6/2026(a)		1,580,000		1,127,828

Investments	Principal Amount		Value
Diversified Telecommunication Services – (continued)
Virgin Media Finance plc
5.00%, 7/15/2030(a)	$	3,380,000	$	2,944,994
Virgin Media Secured Finance plc
5.50%, 5/15/2029(a)		1,250,000		1,158,312
4.50%, 8/15/2030(a)		200,000		173,936
Windstream Escrow LLC
7.75%, 8/15/2028(a)		2,806,000		2,677,359
				54,832,849
Electric Utilities – 0.9%
Emera, Inc. Series 16-A, 6.75%, 6/15/2076(c)		1,415,000		1,439,763
FirstEnergy Corp. Series C, 7.38%, 11/15/2031		1,155,000		1,329,549
Series C, 5.35%, 7/15/2047(d)		225,000		210,653
Series C, 3.40%, 3/1/2050		340,000		253,861
NextEra Energy Operating Partners LP
4.25%, 7/15/2024(a)		690,000		684,832
NRG Energy, Inc.
3.63%, 2/15/2031(a)		815,000		679,787
3.88%, 2/15/2032(a)		455,000		380,494
PG&E Corp.
5.00%, 7/1/2028		1,575,000		1,449,173
5.25%, 7/1/2030		645,000		589,369
Vistra Operations Co. LLC
4.38%, 5/1/2029(a)		585,000		531,613
				7,549,094
Electronic Equipment, Instruments & Components – 0.2%
Likewize Corp.
9.75%, 10/15/2025(a)		910,000		886,190
TTM Technologies, Inc.
4.00%, 3/1/2029(a)		680,000		595,874
��				1,482,064
Energy Equipment & Services – 2.2%
Archrock Partners LP
6.88%, 4/1/2027(a)		725,000		727,103
6.25%, 4/1/2028(a)		1,680,000		1,631,809

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 361

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Energy Equipment & Services – (continued)
Bristow Group, Inc.
6.88%, 3/1/2028(a)	$	910,000	$	893,021
CGG SA
8.75%, 4/1/2027(a)		1,364,000		1,355,584
Oceaneering International, Inc.
6.00%, 2/1/2028		640,000		596,125
Precision Drilling Corp.
6.88%, 1/15/2029(a)		1,140,000		1,107,413
Tervita Corp.
11.00%, 12/1/2025(a)		195,000		217,669
Transocean Guardian Ltd.
5.88%, 1/15/2024(a)		609,429		584,187
Transocean Phoenix 2 Ltd.
7.75%, 10/15/2024(a)		292,500		295,252
Transocean Poseidon Ltd.
6.88%, 2/1/2027(a)		768,750		740,775
Transocean Proteus Ltd.
6.25%, 12/1/2024(a)		452,500		445,237
Transocean Sentry Ltd.
5.38%, 5/15/2023(a)		279,108		272,193
USA Compression Partners LP
6.88%, 4/1/2026		1,195,000		1,172,683
6.88%, 9/1/2027		2,430,000		2,378,120
Valaris Ltd.
8.25%, 4/30/2028(a) (b)		815,000		836,357
Weatherford International Ltd.
11.00%, 12/1/2024(a)		495,000		510,560
8.63%, 4/30/2030(a)		4,995,000		4,951,444
Welltec International ApS
8.25%, 10/15/2026(a)		605,000		614,273
				19,329,805
Entertainment – 0.5%
Allen Media LLC
10.50%, 2/15/2028(a)		2,340,000		2,115,056
Cinemark USA, Inc.
8.75%, 5/1/2025(a)		330,000		344,261
5.88%, 3/15/2026(a)		555,000		518,240
Lions Gate Capital Holdings LLC
5.50%, 4/15/2029(a)		240,000		213,060

Investments	Principal Amount		Value
Entertainment – (continued)
Live Nation Entertainment, Inc.
4.75%, 10/15/2027(a)	$	1,435,000	$	1,349,976
				4,540,593
Equity Real Estate Investment Trusts (REITs) – 2.6%
American Finance Trust, Inc.
4.50%, 9/30/2028(a)		935,000		796,424
Brookfield Property REIT, Inc.
5.75%, 5/15/2026(a)		1,495,000		1,450,225
4.50%, 4/1/2027(a)		1,825,000		1,655,749
Diversified Healthcare Trust
4.75%, 5/1/2024		435,000		413,881
9.75%, 6/15/2025		1,255,000		1,317,103
Global Net Lease, Inc.
3.75%, 12/15/2027(a)		775,000		697,664
Iron Mountain, Inc.
5.25%, 3/15/2028(a)		760,000		725,109
4.88%, 9/15/2029(a)		300,000		275,355
5.25%, 7/15/2030(a)		2,731,000		2,507,795
4.50%, 2/15/2031(a)		400,000		343,504
5.63%, 7/15/2032(a)		1,164,000		1,065,467
Service Properties Trust
4.65%, 3/15/2024		400,000		378,564
4.35%, 10/1/2024		730,000		676,316
4.50%, 3/15/2025		485,000		434,179
7.50%, 9/15/2025		1,200,000		1,199,256
5.25%, 2/15/2026		425,000		378,822
Uniti Group LP
7.88%, 2/15/2025(a)		2,750,000		2,802,882
4.75%, 4/15/2028(a)		980,000		876,414
6.50%, 2/15/2029(a)		3,700,000		3,195,117
6.00%, 1/15/2030(a)		1,950,000		1,625,959
				22,815,785
Food & Staples Retailing – 0.1%
C&S Group Enterprises LLC
5.00%, 12/15/2028(a)		1,010,000		861,060
Performance Food Group, Inc.
4.25%, 8/1/2029(a)		200,000		178,043
US Foods, Inc.
4.63%, 6/1/2030(a)		130,000		116,504
				1,155,607

See Accompanying Notes to the Financial Statements.

362 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Food Products – 1.3%
B&G Foods, Inc.
5.25%, 4/1/2025	$	1,110,000	$	1,058,622
5.25%, 9/15/2027		770,000		706,759
Chobani LLC
7.50%, 4/15/2025(a)		555,000		521,148
Post Holdings, Inc.
5.75%, 3/1/2027(a)		307,000		303,117
5.63%, 1/15/2028(a)		1,475,000		1,397,009
5.50%, 12/15/2029(a)		2,315,000		2,109,347
4.63%, 4/15/2030(a)		3,818,000		3,268,933
4.50%, 9/15/2031(a)		825,000		687,167
Sigma Holdco BV
7.88%, 5/15/2026(a)		680,000		510,036
TreeHouse Foods, Inc.
4.00%, 9/1/2028		1,280,000		1,044,557
				11,606,695
Gas Utilities – 1.0%
AmeriGas Partners LP
5.63%, 5/20/2024		880,000		880,079
5.50%, 5/20/2025		800,000		789,054
5.88%, 8/20/2026		1,340,000		1,325,006
5.75%, 5/20/2027		995,000		978,831
Ferrellgas LP
5.38%, 4/1/2026(a)		1,495,000		1,354,866
5.88%, 4/1/2029(a)		2,610,000		2,277,343
Suburban Propane Partners LP
5.88%, 3/1/2027		390,000		390,485
5.00%, 6/1/2031(a)		110,000		100,191
Superior Plus LP
4.50%, 3/15/2029(a)		805,000		736,563
				8,832,418
Health Care Equipment & Supplies – 0.4%
Avantor Funding, Inc.
4.63%, 7/15/2028(a)		105,000		100,037
Mozart Debt Merger Sub, Inc.
3.88%, 4/1/2029(a)		1,735,000		1,516,165
5.25%, 10/1/2029(a)		1,305,000		1,137,490
Ortho-Clinical Diagnostics, Inc.
7.38%, 6/1/2025(a)		130,000		132,773
7.25%, 2/1/2028(a)		249,000		251,847

Investments	Principal Amount		Value
Health Care Equipment & Supplies – (continued)
Varex Imaging Corp.
7.88%, 10/15/2027(a)	$	154,000	$	158,809
				3,297,121
Health Care Providers & Services – 2.0%
AHP Health Partners, Inc.
5.75%, 7/15/2029(a)		700,000		636,405
Air Methods Corp.
8.00%, 5/15/2025(a)		425,000		348,069
Centene Corp.
2.45%, 7/15/2028		200,000		174,769
3.00%, 10/15/2030		775,000		675,424
2.50%, 3/1/2031		250,000		208,194
DaVita, Inc.
4.63%, 6/1/2030(a)		1,823,000		1,589,227
3.75%, 2/15/2031(a)		570,000		465,656
Encompass Health Corp.
4.50%, 2/1/2028		900,000		833,593
4.75%, 2/1/2030		530,000		479,690
4.63%, 4/1/2031		200,000		176,788
Envision Healthcare Corp.
8.75%, 10/15/2026(a)		3,155,000		1,313,584
Global Medical Response, Inc.
6.50%, 10/1/2025(a)		995,000		965,220
Hadrian Merger Sub, Inc.
8.50%, 5/1/2026(a)		55,000		54,494
HCA, Inc.
5.63%, 9/1/2028		150,000		155,227
3.50%, 9/1/2030		660,000		593,366
LifePoint Health, Inc.
5.38%, 1/15/2029(a)		1,410,000		1,207,313
ModivCare, Inc.
5.88%, 11/15/2025(a)		674,000		661,336
Molina Healthcare, Inc.
3.88%, 5/15/2032(a)		400,000		351,792
Radiology Partners, Inc.
9.25%, 2/1/2028(a)		1,840,000		1,750,613
RP Escrow Issuer LLC
5.25%, 12/15/2025(a)		715,000		665,937
Team Health Holdings, Inc.
6.38%, 2/1/2025(a)		1,170,000		998,887
Tenet Healthcare Corp.
6.13%, 10/1/2028(a)		690,000		663,359

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 363

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Health Care Providers & Services – (continued)
US Acute Care Solutions LLC
6.38%, 3/1/2026(a)	$	905,000	$	880,058
US Renal Care, Inc.
10.63%, 7/15/2027(a)		1,968,000		1,701,867
				17,550,868
Hotels, Restaurants & Leisure – 6.6%
1011778 BC ULC
4.38%, 1/15/2028(a)		665,000		607,674
4.00%, 10/15/2030(a)		1,960,000		1,677,956
Affinity Gaming
6.88%, 12/15/2027(a)		1,565,000		1,467,923
Boyd Gaming Corp.
8.63%, 6/1/2025(a)		215,000		224,676
4.75%, 6/15/2031(a)		485,000		439,362
CEC Entertainment LLC
6.75%, 5/1/2026(a)		1,265,000		1,190,694
Cedar Fair LP
5.38%, 4/15/2027		565,000		550,149
6.50%, 10/1/2028		380,000		381,535
5.25%, 7/15/2029		1,125,000		1,066,174
Fertitta Entertainment LLC
6.75%, 1/15/2030(a)		3,780,000		3,275,880
Full House Resorts, Inc.
8.25%, 2/15/2028(a)		700,000		693,035
Genting New York LLC
3.30%, 2/15/2026(a)		390,000		357,146
GPS Hospitality Holding Co. LLC
7.00%, 8/15/2028(a)		1,265,000		963,127
Hilton Domestic Operating Co., Inc.
3.63%, 2/15/2032(a)		825,000		699,959
Hilton Grand Vacations Borrower Escrow LLC
5.00%, 6/1/2029(a)		1,150,000		1,039,663
4.88%, 7/1/2031(a)		85,000		74,346
Jacobs Entertainment, Inc.
6.75%, 2/15/2029(a)		1,305,000		1,280,185
Life Time, Inc.
5.75%, 1/15/2026(a)		1,105,000		1,073,679
8.00%, 4/15/2026(a)		805,000		786,968
MajorDrive Holdings IV LLC
6.38%, 6/1/2029(a)		1,700,000		1,349,460

Investments	Principal Amount		Value
Hotels, Restaurants & Leisure – (continued)
Marriott Ownership Resorts, Inc.
4.75%, 1/15/2028	$	265,000	$	244,166
4.50%, 6/15/2029(a)		430,000		378,929
MGM Resorts International
5.75%, 6/15/2025		365,000		362,971
Midwest Gaming Borrower LLC
4.88%, 5/1/2029(a)		2,055,000		1,805,862
Mohegan Gaming & Entertainment
8.00%, 2/1/2026(a)		3,715,000		3,281,738
Motion Bondco DAC
6.63%, 11/15/2027(a)		1,435,000		1,323,350
Resorts World Las Vegas LLC
4.63%, 4/16/2029(a)		3,065,000		2,674,540
4.63%, 4/6/2031(a)		200,000		171,343
Royal Caribbean Cruises Ltd.
9.13%, 6/15/2023(a)		1,105,000		1,142,172
11.50%, 6/1/2025(a)		1,720,000		1,871,962
4.25%, 7/1/2026(a)		820,000		742,153
5.50%, 8/31/2026(a)		1,895,000		1,765,572
5.38%, 7/15/2027(a)		1,895,000		1,741,287
7.50%, 10/15/2027		570,000		579,357
Scientific Games Holdings LP
6.63%, 3/1/2030(a)		2,365,000		2,249,966
SeaWorld Parks & Entertainment, Inc.
8.75%, 5/1/2025(a)		160,000		167,739
5.25%, 8/15/2029(a)		1,420,000		1,293,918
Six Flags Entertainment Corp.
5.50%, 4/15/2027(a)		700,000		681,621
Sizzling Platter LLC
8.50%, 11/28/2025(a)		1,310,000		1,194,563
TKC Holdings, Inc.
6.88%, 5/15/2028(a)		1,185,000		1,135,994
10.50%, 5/15/2029(a)		2,150,000		2,072,310
Travel + Leisure Co.
4.63%, 3/1/2030(a)		500,000		445,902
Viking Cruises Ltd.
6.25%, 5/15/2025(a)		415,000		382,694
5.88%, 9/15/2027(a)		2,420,000		2,053,552
7.00%, 2/15/2029(a)		2,065,000		1,840,462
Viking Ocean Cruises Ship VII Ltd.
5.63%, 2/15/2029(a)		865,000		764,465

See Accompanying Notes to the Financial Statements.

364 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Hotels, Restaurants & Leisure – (continued)
VOC Escrow Ltd.
5.00%, 2/15/2028(a)	$	1,550,000	$	1,404,998
Wynn Las Vegas LLC
4.25%, 5/30/2023(a)		415,000		407,271
5.50%, 3/1/2025(a)		2,465,000		2,388,215
Wynn Resorts Finance LLC
7.75%, 4/15/2025(a)		745,000		768,840
Yum! Brands, Inc.
4.75%, 1/15/2030(a)		170,000		161,944
3.63%, 3/15/2031		600,000		516,508
4.63%, 1/31/2032		195,000		177,499
6.88%, 11/15/2037		400,000		423,792
				57,817,246
Household Durables – 1.4%
Ashton Woods USA LLC
4.63%, 8/1/2029(a)		1,190,000		1,001,188
4.63%, 4/1/2030(a)		495,000		405,935
Beazer Homes USA, Inc.
7.25%, 10/15/2029		1,080,000		1,032,745
Brookfield Residential Properties, Inc.
6.25%, 9/15/2027(a)		1,040,000		977,059
5.00%, 6/15/2029(a)		585,000		517,336
4.88%, 2/15/2030(a)		1,890,000		1,580,588
Century Communities, Inc.
3.88%, 8/15/2029(a)		205,000		172,286
Empire Communities Corp.
7.00%, 12/15/2025(a)		730,000		692,595
Installed Building Products, Inc.
5.75%, 2/1/2028(a)		390,000		370,000
LGI Homes, Inc.
4.00%, 7/15/2029(a)		1,105,000		913,821
M/I Homes, Inc.
4.95%, 2/1/2028		560,000		515,939
Mattamy Group Corp.
4.63%, 3/1/2030(a)		970,000		826,919
New Home Co., Inc. (The)
7.25%, 10/15/2025(a)		800,000		757,512
Newell Brands, Inc.
5.75%, 4/1/2046(d)		291,000		271,561
Shea Homes LP
4.75%, 2/15/2028(a)		575,000		515,396

Investments	Principal Amount		Value
Household Durables – (continued)
SWF Escrow Issuer Corp.
6.50%, 10/1/2029(a)	$	1,800,000	$	1,393,146
Tempur Sealy International, Inc.
3.88%, 10/15/2031(a)		420,000		347,886
				12,291,912
Household Products – 0.7%
Energizer Holdings, Inc.
6.50%, 12/31/2027(a)		345,000		331,683
4.75%, 6/15/2028(a)		1,400,000		1,232,784
4.38%, 3/31/2029(a)		2,400,000		1,998,000
Kronos Acquisition Holdings, Inc.
5.00%, 12/31/2026(a)		950,000		842,037
7.00%, 12/31/2027(a)		1,745,000		1,380,923
				5,785,427
Independent Power and Renewable Electricity Producers – 0.4%
Calpine Corp.
5.13%, 3/15/2028(a)		2,300,000		2,088,779
4.63%, 2/1/2029(a)		1,535,000		1,341,337
5.00%, 2/1/2031(a)		460,000		392,847
3.75%, 3/1/2031(a)		100,000		84,408
				3,907,371
Insurance – 2.7%
Acrisure LLC
7.00%, 11/15/2025(a)		1,475,000		1,438,147
10.13%, 8/1/2026(a)		375,000		390,503
4.25%, 2/15/2029(a)		1,170,000		1,022,609
6.00%, 8/1/2029(a)		1,555,000		1,358,782
Alliant Holdings Intermediate LLC
6.75%, 10/15/2027(a)		2,670,000		2,527,876
5.88%, 11/1/2029(a)		920,000		859,110
Assurant, Inc.
7.00%, 3/27/2048(c)		360,000		372,368
AssuredPartners, Inc.
5.63%, 1/15/2029(a)		1,890,000		1,664,542
BroadStreet Partners, Inc.
5.88%, 4/15/2029(a)		2,090,000		1,815,792
Enstar Finance LLC
5.75%, 9/1/2040(c)		945,000		931,226
5.50%, 1/15/2042(c)		820,000		764,039
GTCR AP Finance, Inc.
8.00%, 5/15/2027(a)		745,000		743,190

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 365

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Insurance – (continued)
HUB International Ltd.
7.00%, 5/1/2026(a)	$	1,800,000	$	1,783,674
5.63%, 12/1/2029(a)		1,485,000		1,364,329
Liberty Mutual Group, Inc.
7.80%, 3/15/2037(a)		275,000		351,755
4.30%, 2/1/2061(a)		225,000		170,201
NFP Corp.
6.88%, 8/15/2028(a)		6,715,000		5,934,213
				23,492,356
Interactive Media & Services – 0.4%
Rackspace Technology Global, Inc.
3.50%, 2/15/2028(a)		775,000		671,293
5.38%, 12/1/2028(a)		1,690,000		1,381,702
TripAdvisor, Inc.
7.00%, 7/15/2025(a)		425,000		436,195
ZipRecruiter, Inc.
5.00%, 1/15/2030(a)		1,280,000		1,198,502
				3,687,692
Internet & Direct Marketing Retail – 0.6%
ANGI Group LLC
3.88%, 8/15/2028(a)		1,565,000		1,246,851
Millennium Escrow Corp.
6.63%, 8/1/2026(a)		1,445,000		1,337,160
Photo Holdings Merger Sub, Inc.
8.50%, 10/1/2026(a)		2,520,000		2,334,415
QVC, Inc.
5.45%, 8/15/2034		100,000		80,317
				4,998,743
IT Services – 1.3%
Acuris Finance Us, Inc.
5.00%, 5/1/2028(a)		559,000		514,112
Ahead DB Holdings LLC
6.63%, 5/1/2028(a)		1,290,000		1,136,883
Arches Buyer, Inc.
6.13%, 12/1/2028(a)		1,601,000		1,394,895
Cablevision Lightpath LLC
5.63%, 9/15/2028(a)		895,000		768,094
Conduent Business Services LLC
6.00%, 11/1/2029(a)		1,410,000		1,298,991

Investments	Principal Amount		Value
IT Services – (continued)
Endurance International Group Holdings, Inc.
6.00%, 2/15/2029(a)	$	2,365,000	$	1,917,235
ION Trading Technologies Sarl
5.75%, 5/15/2028(a)		625,000		585,975
Northwest Fiber LLC
6.00%, 2/15/2028(a)		1,250,000		1,047,544
10.75%, 6/1/2028(a)		579,000		596,555
Presidio Holdings, Inc.
8.25%, 2/1/2028(a)		755,000		734,207
Tempo Acquisition LLC
5.75%, 6/1/2025(a)		130,000		131,475
Virtusa Corp.
7.13%, 12/15/2028(a)		940,000		847,255
				10,973,221
Leisure Products – 0.1%
Universal Entertainment Corp.
8.50%, 12/11/2024(a)		1,269,000		1,280,054
Machinery – 1.0%
Granite US Holdings Corp.
11.00%, 10/1/2027(a)		335,000		346,353
Husky III Holding Ltd.
13.00%, 2/15/2025(a) (b)		375,000		387,364
Interpipe Holdings plc
8.38%, 5/13/2026(a)		500,000		215,000
JPW Industries Holding Corp.
9.00%, 10/1/2024(a)		360,000		362,383
OT Merger Corp.
7.88%, 10/15/2029(a)		820,000		698,070
SPX FLOW, Inc.
8.75%, 4/1/2030(a)		1,580,000		1,422,987
Terex Corp.
5.00%, 5/15/2029(a)		890,000		817,732
Titan Acquisition Ltd.
7.75%, 4/15/2026(a)		1,005,000		981,237
Titan International, Inc.
7.00%, 4/30/2028		815,000		799,710
TK Elevator Holdco GmbH
7.63%, 7/15/2028(a)		950,000		915,634
TK Elevator US Newco, Inc.
5.25%, 7/15/2027(a)		525,000		492,508
Wabash National Corp.
4.50%, 10/15/2028(a)		1,095,000		917,884
				8,356,862

See Accompanying Notes to the Financial Statements.

366 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Marine – 0.1%
Stena AB
7.00%, 2/1/2024(a)	$	1,075,000	$	1,069,775
Media – 7.5%
Advantage Sales & Marketing, Inc.
6.50%, 11/15/2028(a)		1,255,000		1,142,094
Altice Financing SA
5.00%, 1/15/2028(a)		2,275,000		1,902,287
5.75%, 8/15/2029(a)		6,300,000		5,317,105
Cable One, Inc.
4.00%, 11/15/2030(a)		270,000		232,100
CSC Holdings LLC
7.50%, 4/1/2028(a)		1,795,000		1,657,548
6.50%, 2/1/2029(a)		1,375,000		1,308,546
5.75%, 1/15/2030(a)		6,555,000		5,402,926
4.63%, 12/1/2030(a)		1,305,000		1,000,635
5.00%, 11/15/2031(a)		200,000		154,950
Diamond Sports Group LLC
5.38%, 8/15/2026(a)		9,610,000		3,519,566
6.63%, 8/15/2027(a)		5,515,000		1,158,150
DIRECTV Holdings LLC
5.88%, 8/15/2027(a)		4,510,000		4,253,494
DISH DBS Corp.
5.88%, 11/15/2024		2,220,000		2,156,164
7.75%, 7/1/2026		4,295,000		4,045,374
5.25%, 12/1/2026(a)		1,290,000		1,186,832
7.38%, 7/1/2028		3,007,000		2,649,964
5.75%, 12/1/2028(a)		1,845,000		1,653,775
5.13%, 6/1/2029		4,714,000		3,686,301
GCI LLC
4.75%, 10/15/2028(a)		985,000		914,922
Gray Escrow II, Inc.
5.38%, 11/15/2031(a)		425,000		366,883
Gray Television, Inc.
4.75%, 10/15/2030(a)		570,000		493,355
iHeartCommunications, Inc.
8.38%, 5/1/2027		1,785,000		1,770,256
Liberty Interactive LLC
8.50%, 7/15/2029		140,000		126,258
8.25%, 2/1/2030		135,000		119,445
McGraw-Hill Education, Inc.
5.75%, 8/1/2028(a)		2,980,000		2,665,267
8.00%, 8/1/2029(a)		2,265,000		2,030,256

Investments	Principal Amount		Value
Media – (continued)
Nexstar Media, Inc.
5.63%, 7/15/2027(a)	$	110,000	$	107,162
Outfront Media Capital LLC
4.63%, 3/15/2030(a)		300,000		267,360
Radiate Holdco LLC
6.50%, 9/15/2028(a)		2,915,000		2,548,468
Scripps Escrow II, Inc.
5.38%, 1/15/2031(a)		825,000		735,335
Sinclair Television Group, Inc.
5.13%, 2/15/2027(a)		665,000		583,465
5.50%, 3/1/2030(a)		1,260,000		1,031,650
Sirius XM Radio, Inc.
4.00%, 7/15/2028(a)		790,000		715,049
4.13%, 7/1/2030(a)		560,000		492,450
3.88%, 9/1/2031(a)		395,000		334,172
Summer BC Bidco B LLC
5.50%, 10/31/2026(a)		626,000		601,974
Terrier Media Buyer, Inc.
8.88%, 12/15/2027(a)		1,695,000		1,661,193
Univision Communications, Inc.
9.50%, 5/1/2025(a)		315,000		330,470
UPC Broadband Finco BV
4.88%, 7/15/2031(a)		400,000		352,226
UPC Holding BV
5.50%, 1/15/2028(a)		780,000		738,890
Urban One, Inc.
7.38%, 2/1/2028(a)		1,150,000		1,115,489
Virgin Media Vendor Financing Notes IV DAC
5.00%, 7/15/2028(a)		885,000		805,186
VZ Secured Financing BV
5.00%, 1/15/2032(a)		765,000		661,224
Ziggo Bond Co. BV
5.13%, 2/28/2030(a)		1,163,000		1,010,833
Ziggo BV
4.88%, 1/15/2030(a)		320,000		284,016
				65,291,065
Metals & Mining – 1.4%
Arconic Corp.
6.13%, 2/15/2028(a)		1,660,000		1,611,229
Baffinland Iron Mines Corp.
8.75%, 7/15/2026(a)		585,000		595,270

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 367

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Metals & Mining – (continued)
Carpenter Technology Corp.
6.38%, 7/15/2028	$	830,000	$	828,489
7.63%, 3/15/2030		800,000		815,986
Century Aluminum Co.
7.50%, 4/1/2028(a)		375,000		377,257
Compass Minerals International, Inc.
4.88%, 7/15/2024(a)		135,000		133,825
Eldorado Gold Corp.
6.25%, 9/1/2029(a)		1,185,000		1,149,450
FMG Resources August 2006 Pty. Ltd.
4.38%, 4/1/2031(a)		565,000		500,714
6.13%, 4/15/2032(a)		700,000		695,125
Infrabuild Australia Pty. Ltd.
12.00%, 10/1/2024(a)		200,000		202,667
Kaiser Aluminum Corp.
4.50%, 6/1/2031(a)		300,000		259,184
Mineral Resources Ltd.
8.13%, 5/1/2027(a)		680,000		691,689
New Gold, Inc.
7.50%, 7/15/2027(a)		720,000		725,378
Perenti Finance Pty. Ltd.
6.50%, 10/7/2025(a)		370,000		371,018
Tacora Resources, Inc.
8.25%, 5/15/2026(a)		761,000		728,349
Taseko Mines Ltd.
7.00%, 2/15/2026(a)		610,000		606,166
TMS International Corp.
6.25%, 4/15/2029(a)		1,210,000		1,054,122
Warrior Met Coal, Inc.
7.88%, 12/1/2028(a)		605,000		633,868
				11,979,786
Mortgage Real Estate Investment Trusts (REITs) – 0.4%
Apollo Commercial Real Estate Finance, Inc.
4.63%, 6/15/2029(a)		1,365,000		1,189,311
New Residential Investment Corp.
6.25%, 10/15/2025(a)		1,505,000		1,435,559
Starwood Property Trust, Inc.
4.38%, 1/15/2027(a)		710,000		663,101
				3,287,971

Investments	Principal Amount		Value
Multiline Retail – 0.1%
NMG Holding Co., Inc.
7.13%, 4/1/2026(a)	$	1,165,000	$	1,157,958
Multi-Utilities – 0.1%
Algonquin Power & Utilities Corp.
4.75%, 1/18/2082(c)		965,000		883,911
Oil, Gas & Consumable Fuels – 12.2%
Aethon United BR LP
8.25%, 2/15/2026(a)		840,000		866,779
Alliance Resource Operating Partners LP
7.50%, 5/1/2025(a)		300,000		301,189
Antero Midstream Partners LP
7.88%, 5/15/2026(a)		405,000		423,906
5.75%, 3/1/2027(a)		605,000		590,298
5.75%, 1/15/2028(a)		585,000		569,948
5.38%, 6/15/2029(a)		1,130,000		1,061,590
Ascent Resources Utica Holdings LLC
8.25%, 12/31/2028(a)		500,000		520,648
5.88%, 6/30/2029(a)		1,050,000		1,017,681
Athabasca Oil Corp.
9.75%, 11/1/2026(a)		915,000		972,348
Baytex Energy Corp.
8.75%, 4/1/2027(a)		990,000		1,048,390
Berry Petroleum Co. LLC
7.00%, 2/15/2026(a)		915,000		889,279
Buckeye Partners LP
5.85%, 11/15/2043		320,000		255,814
California Resources Corp.
7.13%, 2/1/2026(a)		1,171,000		1,193,337
Callon Petroleum Co.
6.13%, 10/1/2024		350,000		346,012
8.25%, 7/15/2025		345,000		346,378
6.38%, 7/1/2026		885,000		855,202
8.00%, 8/1/2028(a)		940,000		973,520
Centennial Resource Production LLC
6.88%, 4/1/2027(a)		685,000		684,589
Chesapeake Energy Corp.
5.50%, 2/1/2026(a)		625,000		620,438
6.75%, 4/15/2029(a)		1,370,000		1,380,850
Citgo Holding, Inc.
9.25%, 8/1/2024(a)		1,845,000		1,835,849

See Accompanying Notes to the Financial Statements.

368 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Oil, Gas & Consumable Fuels – (continued)
CITGO Petroleum Corp.
7.00%, 6/15/2025(a)	$	1,271,000	$	1,264,543
6.38%, 6/15/2026(a)		1,055,000		1,050,411
Civitas Resources, Inc.
5.00%, 10/15/2026(a)		720,000		684,954
Coronado Finance Pty. Ltd.
10.75%, 5/15/2026(a)		610,000		655,787
CQP Holdco LP
5.50%, 6/15/2031(a)		4,190,000		3,870,093
Crescent Energy Finance LLC
7.25%, 5/1/2026(a)		1,110,000		1,089,781
Crestwood Midstream Partners LP
5.63%, 5/1/2027(a)		600,000		584,946
6.00%, 2/1/2029(a)		1,305,000		1,271,683
8.00%, 4/1/2029(a)		935,000		976,276
CVR Energy, Inc.
5.25%, 2/15/2025(a)		836,000		809,925
5.75%, 2/15/2028(a)		1,310,000		1,229,619
DCP Midstream Operating LP
6.45%, 11/3/2036(a)		125,000		139,960
6.75%, 9/15/2037(a)		100,000		112,463
5.60%, 4/1/2044		100,000		95,752
Delek Logistics Partners LP
6.75%, 5/15/2025		310,000		308,402
7.13%, 6/1/2028(a)		1,025,000		981,714
DT Midstream, Inc.
4.38%, 6/15/2031(a)		330,000		296,114
Earthstone Energy Holdings LLC
8.00%, 4/15/2027(a)		645,000		642,855
Encino Acquisition Partners Holdings LLC
8.50%, 5/1/2028(a)		1,630,000		1,635,941
Energy Ventures Gom LLC
11.75%, 4/15/2026(a)		1,060,000		1,098,462
EnLink Midstream Partners LP
5.05%, 4/1/2045		125,000		96,479
5.45%, 6/1/2047		225,000		182,682
Enviva Partners LP
6.50%, 1/15/2026(a)		758,000		773,240
EQM Midstream Partners LP
4.75%, 7/15/2023		625,000		622,694
6.00%, 7/1/2025(a)		650,000		644,969
5.50%, 7/15/2028		595,000		569,358
4.50%, 1/15/2029(a)		175,000		157,820

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
Genesis Energy LP
5.63%, 6/15/2024	$	255,000	$	250,390
6.50%, 10/1/2025		1,100,000		1,046,457
6.25%, 5/15/2026		620,000		579,037
8.00%, 1/15/2027		2,265,000		2,224,445
7.75%, 2/1/2028		2,190,000		2,110,886
Global Partners LP
7.00%, 8/1/2027		540,000		528,536
6.88%, 1/15/2029		1,195,000		1,166,562
Gran Tierra Energy International Holdings Ltd.
6.25%, 2/15/2025(a)		1,100,000		1,019,100
Gran Tierra Energy, Inc.
7.75%, 5/23/2027(a)		865,000		801,474
Gulfport Energy Corp.
8.00%, 5/17/2026(a)		764,000		787,241
Harvest Midstream I LP
7.50%, 9/1/2028(a)		1,225,000		1,245,556
Holly Energy Partners LP
5.00%, 2/1/2028(a)		700,000		666,781
Howard Midstream Energy Partners LLC
6.75%, 1/15/2027(a)		715,000		693,661
Ithaca Energy North Sea plc
9.00%, 7/15/2026(a)		1,428,000		1,458,195
ITT Holdings LLC
6.50%, 8/1/2029(a)		3,622,000		3,226,115
Laredo Petroleum, Inc.
7.75%, 7/31/2029(a)		710,000		696,659
Magnolia Oil & Gas Operating LLC
6.00%, 8/1/2026(a)		590,000		590,687
Matador Resources Co.
5.88%, 9/15/2026		1,445,000		1,420,543
MEG Energy Corp.
7.13%, 2/1/2027(a)		1,515,000		1,541,278
Moss Creek Resources Holdings, Inc.
10.50%, 5/15/2027(a)		1,580,000		1,542,570
Murphy Oil Corp.
6.37%, 12/1/2042(d)		35,000		31,652
New Fortress Energy, Inc.
6.75%, 9/15/2025(a)		1,475,000		1,451,953
6.50%, 9/30/2026(a)		1,770,000		1,714,971

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 369

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Oil, Gas & Consumable Fuels – (continued)
NGL Energy Operating LLC
7.50%, 2/1/2026(a)	$	6,480,000	$	6,106,072
NGL Energy Partners LP
7.50%, 11/1/2023		1,010,000		938,270
6.13%, 3/1/2025		1,145,000		962,233
7.50%, 4/15/2026		1,145,000		960,466
Northern Oil and Gas, Inc.
8.13%, 3/1/2028(a)		1,550,000		1,544,180
NuStar Logistics LP
6.00%, 6/1/2026		655,000		654,145
5.63%, 4/28/2027		640,000		615,224
6.38%, 10/1/2030		75,000		74,012
Oasis Petroleum, Inc.
6.38%, 6/1/2026(a)		470,000		472,834
Occidental Petroleum Corp.
7.15%, 5/15/2028		75,000		81,379
8.88%, 7/15/2030		1,305,000		1,569,262
6.63%, 9/1/2030		1,285,000		1,394,431
7.50%, 5/1/2031		990,000		1,130,031
6.45%, 9/15/2036		285,000		309,678
Zero Coupon, 10/10/2036		1,970,000		1,017,820
7.95%, 6/15/2039		50,000		60,713
Parkland Corp.
5.88%, 7/15/2027(a)		635,000		616,915
4.50%, 10/1/2029(a)		1,025,000		898,971
4.63%, 5/1/2030(a)		485,000		425,241
PBF Holding Co. LLC
9.25%, 5/15/2025(a)		1,580,000		1,640,238
7.25%, 6/15/2025		1,270,000		1,228,071
6.00%, 2/15/2028		2,635,000		2,323,872
PBF Logistics LP
6.88%, 5/15/2023		380,000		379,590
Penn Virginia Holdings LLC
9.25%, 8/15/2026(a)		830,000		851,788
Rockies Express Pipeline LLC
4.80%, 5/15/2030(a)		150,000		137,595
6.88%, 4/15/2040(a)		90,000		85,675
SM Energy Co.
10.00%, 1/15/2025(a)		390,000		422,081
Strathcona Resources Ltd.
6.88%, 8/1/2026(a)		590,000		571,616

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
Sunoco LP
6.00%, 4/15/2027	$	555,000	$	558,466
5.88%, 3/15/2028		730,000		719,904
4.50%, 5/15/2029		400,000		360,226
4.50%, 4/30/2030(a)		125,000		112,196
Tallgrass Energy Partners LP
5.50%, 1/15/2028(a)		1,340,000		1,254,575
6.00%, 12/31/2030(a)		2,360,000		2,185,891
6.00%, 9/1/2031(a)		1,745,000		1,594,755
Talos Production, Inc.
12.00%, 1/15/2026		1,100,000		1,184,178
Tap Rock Resources LLC
7.00%, 10/1/2026(a)		600,000		606,891
Teine Energy Ltd.
6.88%, 4/15/2029(a)		965,000		963,133
TerraForm Power Operating LLC
5.00%, 1/31/2028(a)		985,000		920,363
Venture Global Calcasieu Pass LLC
4.13%, 8/15/2031(a)		1,070,000		972,662
3.88%, 11/1/2033(a)		330,000		287,608
W&T Offshore, Inc.
9.75%, 11/1/2023(a)		1,060,000		1,054,324
Western Midstream Operating LP
5.45%, 4/1/2044		105,000		95,975
5.30%, 3/1/2048		330,000		286,937
5.75%, 2/1/2050(d)		525,000		463,617
				106,489,821
Paper & Forest Products – 0.6%
Clearwater Paper Corp.
4.75%, 8/15/2028(a)		215,000		189,309
Domtar Corp.
6.75%, 10/1/2028(a)		1,629,000		1,617,654
Mercer International, Inc.
5.13%, 2/1/2029		1,270,000		1,181,995
Resolute Forest Products, Inc.
4.88%, 3/1/2026(a)		300,000		286,536
Schweitzer-Mauduit International, Inc.
6.88%, 10/1/2026(a)		790,000		710,751
Sylvamo Corp.
7.00%, 9/1/2029(a)		1,245,000		1,203,672
				5,189,917

See Accompanying Notes to the Financial Statements.

370 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Personal Products – 0.5%
BellRing Brands, Inc.
7.00%, 3/15/2030(a)	$	170,000	$	166,384
Herbalife Nutrition Ltd.
7.88%, 9/1/2025(a)		587,000		578,536
HLF Financing Sarl LLC
4.88%, 6/1/2029(a)		2,110,000		1,701,103
Oriflame Investment Holding plc
5.13%, 5/4/2026(a)		1,975,000		1,445,700
Prestige Brands, Inc.
5.13%, 1/15/2028(a)		145,000		137,926
3.75%, 4/1/2031(a)		200,000		169,847
				4,199,496
Pharmaceuticals – 2.2%
Bausch Health Americas, Inc.
9.25%, 4/1/2026(a)		3,185,000		3,165,412
8.50%, 1/31/2027(a)		5,170,000		4,893,354
Bausch Health Cos., Inc.
9.00%, 12/15/2025(a)		1,585,000		1,592,925
7.00%, 1/15/2028(a)		2,150,000		1,765,827
5.00%, 1/30/2028(a)		3,735,000		2,761,566
4.88%, 6/1/2028(a)		770,000		684,114
5.00%, 2/15/2029(a)		1,020,000		717,473
7.25%, 5/30/2029(a)		2,400,000		1,815,036
Organon & Co.
4.13%, 4/30/2028(a)		450,000		417,478
5.13%, 4/30/2031(a)		577,000		522,269
P&L Development LLC
7.75%, 11/15/2025(a)		1,035,000		914,562
				19,250,016
Professional Services – 0.4%
ASGN, Inc.
4.63%, 5/15/2028(a)		695,000		646,597
CoreLogic, Inc.
4.50%, 5/1/2028(a)		1,575,000		1,397,702
Dun & Bradstreet Corp. (The)
5.00%, 12/15/2029(a)		855,000		796,313
Science Applications International Corp.
4.88%, 4/1/2028(a)		525,000		502,727
				3,343,339

Investments	Principal Amount		Value
Real Estate Management & Development – 1.0%
Forestar Group, Inc.
3.85%, 5/15/2026(a)	$	501,000	$	451,822
5.00%, 3/1/2028(a)		1,350,000		1,222,276
Hunt Cos., Inc.
5.25%, 4/15/2029(a)		1,455,000		1,345,882
Kennedy-Wilson, Inc.
4.75%, 2/1/2030		855,000		774,895
5.00%, 3/1/2031		150,000		135,593
Realogy Group LLC
5.75%, 1/15/2029(a)		2,670,000		2,244,349
5.25%, 4/15/2030(a)		2,755,000		2,231,660
				8,406,477
Road & Rail – 0.7%
Albion Financing 1 SARL
6.13%, 10/15/2026(a)		1,395,000		1,306,864
Albion Financing 2SARL
8.75%, 4/15/2027(a)		1,250,000		1,188,569
Carriage Purchaser, Inc.
7.88%, 10/15/2029(a)		835,000		733,798
Hertz Corp. (The)
5.00%, 12/1/2029(a)		420,000		366,992
PECF USS Intermediate Holding III Corp.
8.00%, 11/15/2029(a)		1,735,000		1,609,204
Watco Cos. LLC
6.50%, 6/15/2027(a)		890,000		861,058
				6,066,485
Software – 2.7%
Change Healthcare Holdings LLC
5.75%, 3/1/2025(a)		1,390,000		1,388,283
Condor Merger Sub, Inc.
7.38%, 2/15/2030(a)		6,510,000		5,832,016
Consensus Cloud Solutions, Inc.
6.00%, 10/15/2026(a)		520,000		494,712
6.50%, 10/15/2028(a)		885,000		833,024
Helios Software Holdings, Inc.
4.63%, 5/1/2028(a)		540,000		476,145
LogMeIn, Inc.
5.50%, 9/1/2027(a)		1,989,000		1,742,871
Minerva Merger Sub, Inc.
6.50%, 2/15/2030(a)		4,460,000		4,111,563

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 371

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Software – (continued)
Open Text Corp.
3.88%, 2/15/2028(a)	$	250,000	$	228,097
Open Text Holdings, Inc.
4.13%, 2/15/2030(a)		1,210,000		1,075,581
Rocket Software, Inc.
6.50%, 2/15/2029(a)		1,970,000		1,689,275
SS&C Technologies, Inc.
5.50%, 9/30/2027(a)		2,365,000		2,320,704
Veritas US, Inc.
7.50%, 9/1/2025(a)		3,455,000		3,050,161
				23,242,432
Specialty Retail – 3.7%
99 Escrow Issuer, Inc.
7.50%, 1/15/2026(a)		1,315,000		856,499
Arko Corp.
5.13%, 11/15/2029(a)		1,230,000		1,090,174
Asbury Automotive Group, Inc.
5.00%, 2/15/2032(a)		300,000		266,672
At Home Group, Inc.
4.88%, 7/15/2028(a)		920,000		761,847
7.13%, 7/15/2029(a)		1,590,000		1,188,525
BCPE Ulysses Intermediate, Inc.
7.75%, 4/1/2027(a) (b)		1,405,000		1,203,045
eG Global Finance plc
8.50%, 10/30/2025(a)		520,000		520,673
Guitar Center, Inc.
8.50%, 1/15/2026(a)		545,000		546,872
LBM Acquisition LLC
6.25%, 1/15/2029(a)		2,525,000		2,058,052
LCM Investments Holdings II LLC
4.88%, 5/1/2029(a)		380,000		333,459
LSF9 Atlantis Holdings LLC
7.75%, 2/15/2026(a)		1,450,000		1,309,807
Michaels Cos., Inc. (The)
5.25%, 5/1/2028(a)		2,625,000		2,260,624
7.88%, 5/1/2029(a)		4,190,000		3,304,338
Park River Holdings, Inc.
5.63%, 2/1/2029(a)		1,155,000		888,030
6.75%, 8/1/2029(a)		950,000		761,911
PetSmart, Inc.
7.75%, 2/15/2029(a)		1,475,000		1,469,270

Investments	Principal Amount		Value
Specialty Retail – (continued)
Rent-A-Center, Inc.
6.38%, 2/15/2029(a)	$	1,230,000	$	1,073,089
Sonic Automotive, Inc.
4.88%, 11/15/2031(a)		150,000		128,241
SRS Distribution, Inc.
4.63%, 7/1/2028(a)		115,000		105,446
6.13%, 7/1/2029(a)		1,380,000		1,219,561
6.00%, 12/1/2029(a)		2,775,000		2,438,365
Staples, Inc.
7.50%, 4/15/2026(a)		3,510,000		3,357,631
10.75%, 4/15/2027(a)		3,228,000		2,864,204
White Cap Buyer LLC
6.88%, 10/15/2028(a)		2,065,000		1,894,772
White Cap Parent LLC
8.25%, 3/15/2026(a) (b)		835,000		806,827
				32,707,934
Technology Hardware, Storage & Peripherals – 0.3%
Diebold Nixdorf, Inc.
9.38%, 7/15/2025(a)		1,175,000		1,030,416
Seagate HDD Cayman
5.75%, 12/1/2034		250,000		235,490
Xerox Corp.
6.75%, 12/15/2039		75,000		70,545
Xerox Holdings Corp.
5.50%, 8/15/2028(a)		1,110,000		1,001,054
				2,337,505
Textiles, Apparel & Luxury Goods – 0.2%
Crocs, Inc.
4.25%, 3/15/2029(a)		1,015,000		863,968
Eagle Intermediate Global Holding BV
7.50%, 5/1/2025(a)		1,220,000		1,102,355
				1,966,323
Thrifts & Mortgage Finance – 2.1%
Freedom Mortgage Corp.
7.63%, 5/1/2026(a)		1,940,000		1,767,835
6.63%, 1/15/2027(a)		2,145,000		1,859,736
Home Point Capital, Inc.
5.00%, 2/1/2026(a)		2,045,000		1,618,127

See Accompanying Notes to the Financial Statements.

372 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Thrifts & Mortgage Finance – (continued)
Ladder Capital Finance Holdings LLLP REIT, 4.25%, 2/1/2027(a)	$	715,000	$	658,114
Nationstar Mortgage Holdings, Inc.
5.50%, 8/15/2028(a)		1,270,000		1,157,389
5.13%, 12/15/2030(a)		1,595,000		1,389,811
5.75%, 11/15/2031(a)		1,455,000		1,293,284
NMI Holdings, Inc.
7.38%, 6/1/2025(a)		600,000		626,313
PennyMac Financial Services, Inc.
5.38%, 10/15/2025(a)		510,000		482,952
4.25%, 2/15/2029(a)		2,240,000		1,804,802
5.75%, 9/15/2031(a)		1,530,000		1,257,270
Radian Group, Inc.
6.63%, 3/15/2025		330,000		336,399
Rocket Mortgage LLC
3.88%, 3/1/2031(a)		650,000		549,445
4.00%, 10/15/2033(a)		140,000		112,430
United Wholesale Mortgage LLC
5.50%, 11/15/2025(a)		960,000		883,493
5.75%, 6/15/2027(a)		1,305,000		1,134,534
5.50%, 4/15/2029(a)		2,135,000		1,775,840
				18,707,774
Tobacco – 0.4%
Turning Point Brands, Inc.
5.63%, 2/15/2026(a)		155,000		147,768
Vector Group Ltd.
10.50%, 11/1/2026(a)		1,210,000		1,236,729
5.75%, 2/1/2029(a)		2,650,000		2,329,761
				3,714,258
Trading Companies & Distributors – 0.8%
BlueLinx Holdings, Inc.
6.00%, 11/15/2029(a)		735,000		666,094
Fortress Transportation & Infrastructure Investors LLC
6.50%, 10/1/2025(a)		1,390,000		1,326,609
Fortress Transportation and Infrastructure Investors LLC
9.75%, 8/1/2027(a)		1,400,000		1,430,807
5.50%, 5/1/2028(a)		2,850,000		2,462,956

Investments	Principal Amount		Value
Trading Companies & Distributors – (continued)
Foundation Building Materials, Inc. 6.00%, 3/1/2029(a)	$	1,325,000	$	1,079,729
Imola Merger Corp.
4.75%, 5/15/2029(a)		170,000		158,317
				7,124,512
Water Utilities – 0.0%(e)
Solaris Midstream Holdings LLC
7.63%, 4/1/2026(a)		415,000		425,906
Wireless Telecommunication Services – 0.2%
Connect Finco SARL
6.75%, 10/1/2026(a)		350,000		340,783
Vmed O2 UK Financing I plc
4.25%, 1/31/2031(a)		651,000		551,241
4.75%, 7/15/2031(a)		760,000		653,094
Vodafone Group plc
7.00%, 4/4/2079(c)		445,000		470,539
				2,015,657
Total Corporate Bonds (Cost $920,190,719)				852,591,433
	Shares
COMMON STOCKS – 0.0%(e)
Oil, Gas & Consumable Fuels – 0.0%(e)
Whiting Petroleum Corp. (Cost $31)		1		55
Total Investments – 97.3% (Cost $920,190,750)				852,591,488
Other assets less liabilities – 2.7%				23,907,506
NET ASSETS – 100.0%			$	876,498,994

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Payment in-kind security.

^(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.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 373

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

^(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, 2022.

^(e)  Represents less than 0.05% of net assets.

Percentages shown are based on Net Assets.

Abbreviations

SCA – Limited partnership with share capital

As of April 30, 2022, 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	$	1,179,385
Aggregate gross unrealized depreciation		(71,892,433	)
Net unrealized depreciation	$	(70,713,048	)
Federal income tax cost	$	923,304,536

Security Type	% of Net Assets
Corporate Bonds		97.3	%
Common Stocks		0.0	†
Others(1)		2.7
		100.0	%

^†  Amount represents less than 0.05%.

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

374 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund

April 30, 2022 (Unaudited)

Investments	Principal Amount		Value
CORPORATE BONDS – 97.3%
Aerospace & Defense – 0.6%
Bombardier, Inc.
7.50%, 3/15/2025(a)	$	40,000	$	38,855
7.13%, 6/15/2026(a)		41,000		37,769
7.88%, 4/15/2027(a)		99,000		92,347
				168,971
Airlines – 1.4%
American Airlines Group, Inc.
3.75%, 3/1/2025(a)		18,000		16,092
American Airlines, Inc.
11.75%, 7/15/2025(a)		106,000		122,104
5.50%, 4/20/2026(a)		60,000		59,545
5.75%, 4/20/2029(a)		129,000		124,511
United Airlines, Inc.
4.38%, 4/15/2026(a)		28,000		27,062
4.63%, 4/15/2029(a)		28,000		25,730
				375,044
Auto Components – 1.4%
Cooper-Standard Automotive, Inc.
13.00%, 6/1/2024(a)		10,000		10,114
5.63%, 11/15/2026(a)		15,000		7,080
Dealer Tire LLC
8.00%, 2/1/2028(a)		21,000		20,570
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026		79,000		76,239
5.25%, 4/30/2031		71,000		61,815
5.25%, 7/15/2031		30,000		25,917
5.63%, 4/30/2033		29,000		25,016
Icahn Enterprises LP
6.38%, 12/15/2025		34,000		33,899
6.25%, 5/15/2026		39,000		38,735
IHO Verwaltungs GmbH
6.00%, 5/15/2027(a)(b)		51,000		47,359
Real Hero Merger Sub 2, Inc.
6.25%, 2/1/2029(a)		18,000		14,620
Wheel Pros, Inc.
6.50%, 5/15/2029(a)		13,000		9,897
				371,261

Investments	Principal Amount		Value
Automobiles – 0.8%
Ford Motor Co.
9.00%, 4/22/2025	$	41,000	$	45,776
7.45%, 7/16/2031		28,000		30,491
3.25%, 2/12/2032		41,000		33,380
4.75%, 1/15/2043		75,000		60,520
5.29%, 12/8/2046		49,000		42,110
				212,277
Banks – 1.1%
Intesa Sanpaolo SpA
5.02%, 6/26/2024(a)		75,000		73,433
4.95%, 6/1/2042(a)(c)		50,000		39,250
UniCredit SpA
5.86%, 6/19/2032(a)(c)		100,000		95,416
5.46%, 6/30/2035(a)(c)		90,000		81,386
				289,485
Beverages – 0.1%
Primo Water Holdings, Inc.
4.38%, 4/30/2029(a)		34,000		29,587
Biotechnology – 0.2%
Emergent BioSolutions, Inc.
3.88%, 8/15/2028(a)		15,000		12,758
Grifols Escrow Issuer SA
4.75%, 10/15/2028(a)		60,000		54,830
				67,588
Building Products – 0.5%
Builders FirstSource, Inc.
4.25%, 2/1/2032(a)		25,000		21,382
New Enterprise Stone & Lime Co., Inc.
5.25%, 7/15/2028(a)		25,000		22,883
9.75%, 7/15/2028(a)		6,000		5,916
SRM Escrow Issuer LLC
6.00%, 11/1/2028(a)		34,000		32,696
Standard Industries, Inc.
4.75%, 1/15/2028(a)		55,000		50,678
				133,555

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 375

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Capital Markets – 2.4%
Advisor Group Holdings, Inc.
10.75%, 8/1/2027(a)	$	16,000	$	16,936
AG Issuer LLC
6.25%, 3/1/2028(a)		6,000		5,873
Aretec Escrow Issuer, Inc.
7.50%, 4/1/2029(a)		26,000		24,245
Coinbase Global, Inc.
3.38%, 10/1/2028(a)		35,000		27,238
3.63%, 10/1/2031(a)		20,000		14,862
Deutsche Bank AG
4.50%, 4/1/2025		125,000		122,705
3.73%, 1/14/2032(c)		73,000		60,408
3.74%, 1/7/2033(c)		50,000		40,939
Dresdner Funding Trust I
8.15%, 6/30/2031(a)		100,000		121,320
MSCI, Inc.
4.00%, 11/15/2029(a)		71,000		65,490
3.63%, 9/1/2030(a)		70,000		61,842
3.88%, 2/15/2031(a)		79,000		71,422
Nomura Holdings, Inc.
2.65%, 1/16/2025		25,000		24,247
				657,527
Chemicals – 1.9%
ASP Unifrax Holdings, Inc.
5.25%, 9/30/2028(a)		5,000		4,409
7.50%, 9/30/2029(a)		15,000		12,453
Avient Corp.
5.75%, 5/15/2025(a)		39,000		39,443
Axalta Coating Systems LLC
3.38%, 2/15/2029(a)		74,000		64,131
Chemours Co. (The)
5.75%, 11/15/2028(a)		18,000		16,896
Cornerstone Chemical Co.
6.75%, 8/15/2024(a)		28,000		24,917
CVR Partners LP
6.13%, 6/15/2028(a)		21,000		20,610
Element Solutions, Inc.
3.88%, 9/1/2028(a)		30,000		26,856
Gates Global LLC
6.25%, 1/15/2026(a)		23,000		22,701
GPD Cos., Inc.
10.13%, 4/1/2026(a)		21,000		21,920

Investments	Principal Amount		Value
Chemicals – (continued)
Illuminate Buyer LLC
9.00%, 7/1/2028(a)	$	16,000	$	15,220
LSB Industries, Inc.
6.25%, 10/15/2028(a)		15,000		14,721
LSF11 A5 HoldCo LLC
6.63%, 10/15/2029(a)		15,000		13,086
Methanex Corp.
5.25%, 12/15/2029		21,000		20,098
Olympus Water US Holding Corp.
6.25%, 10/1/2029(a)		15,000		12,468
SCIH Salt Holdings, Inc.
4.88%, 5/1/2028(a)		35,000		30,741
6.63%, 5/1/2029(a)		23,000		18,372
SPCM SA
3.38%, 3/15/2030(a)		15,000		12,776
TPC Group, Inc.
10.50%, 8/1/2024(a)		44,000		14,749
Valvoline, Inc.
4.25%, 2/15/2030(a)		49,000		42,597
Venator Finance Sarl
5.75%, 7/15/2025(a)		28,000		22,999
WR Grace Holdings LLC
5.63%, 8/15/2029(a)		40,000		34,176
				506,339
Commercial Services & Supplies – 3.2%
ADT Security Corp. (The)
4.13%, 8/1/2029(a)		35,000		29,777
Allied Universal Holdco LLC
6.63%, 7/15/2026(a)		95,000		91,785
6.00%, 6/1/2029(a)		98,000		80,484
Aptim Corp.
7.75%, 6/15/2025(a)		21,000		16,485
Aramark Services, Inc.
6.38%, 5/1/2025(a)		80,000		81,584
5.00%, 2/1/2028(a)		34,000		31,703
Garda World Security Corp.
4.63%, 2/15/2027(a)		11,000		10,003
9.50%, 11/1/2027(a)		39,000		38,371
6.00%, 6/1/2029(a)		21,000		17,428
GFL Environmental, Inc.
4.75%, 6/15/2029(a)		40,000		36,353
IAA, Inc.
5.50%, 6/15/2027(a)		24,000		23,488

See Accompanying Notes to the Financial Statements.

376 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Commercial Services & Supplies – (continued)
Interface, Inc.
5.50%, 12/1/2028(a)	$	28,000	$	25,586
Intrado Corp.
8.50%, 10/15/2025(a)		34,000		30,500
Nielsen Finance LLC
5.63%, 10/1/2028(a)		79,000		76,667
5.88%, 10/1/2030(a)		34,000		32,784
4.75%, 7/15/2031(a)		44,000		41,648
Prime Security Services Borrower LLC
5.25%, 4/15/2024(a)		18,000		18,000
5.75%, 4/15/2026(a)		79,000		75,878
6.25%, 1/15/2028(a)		39,000		35,005
Vericast Corp.
11.00%, 9/15/2026(a)		45,000		42,272
WASH Multifamily Acquisition, Inc.
5.75%, 4/15/2026(a)		23,000		22,402
Waste Pro USA, Inc.
5.50%, 2/15/2026(a)		20,000		17,818
				876,021
Communications Equipment – 0.6%
CommScope Technologies LLC
5.00%, 3/15/2027(a)		35,000		27,524
CommScope, Inc.
6.00%, 3/1/2026(a)		55,000		51,969
8.25%, 3/1/2027(a)		71,000		61,147
4.75%, 9/1/2029(a)		28,000		23,457
				164,097
Construction & Engineering – 0.7%
AECOM
5.13%, 3/15/2027		44,000		43,558
Artera Services LLC
9.03%, 12/4/2025(a)		33,000		31,228
Brand Industrial Services, Inc.
8.50%, 7/15/2025(a)		34,000		30,732
Cellnex Finance Co. SA
3.88%, 7/7/2041(a)		50,000		37,500
Pike Corp.
5.50%, 9/1/2028(a)		21,000		19,297
Tutor Perini Corp.
6.88%, 5/1/2025(a)		21,000		19,692
				182,007

Investments	Principal Amount		Value
Consumer Finance – 4.0%
Cobra AcquisitionCo LLC
6.38%, 11/1/2029(a)	$	15,000	$	11,494
Credit Acceptance Corp.
5.13%, 12/31/2024(a)		16,000		15,830
6.63%, 3/15/2026		16,000		16,197
Ford Motor Credit Co. LLC
5.13%, 6/16/2025		248,000		247,665
3.38%, 11/13/2025		275,000		259,531
4.00%, 11/13/2030		100,000		86,900
OneMain Finance Corp.
6.13%, 3/15/2024		79,000		79,390
6.88%, 3/15/2025		123,000		124,154
3.50%, 1/15/2027		55,000		48,394
6.63%, 1/15/2028		40,000		39,524
3.88%, 9/15/2028		30,000		25,539
5.38%, 11/15/2029		35,000		31,562
4.00%, 9/15/2030		55,000		45,094
SLM Corp.
4.20%, 10/29/2025		19,000		18,582
3.13%, 11/2/2026		19,000		17,356
				1,067,212
Containers & Packaging – 1.0%
Berry Global, Inc.
5.63%, 7/15/2027(a)		50,000		49,875
Cascades, Inc.
5.38%, 1/15/2028(a)		34,000		32,849
Crown Americas LLC
4.75%, 2/1/2026		71,000		70,766
4.25%, 9/30/2026		44,000		42,658
Graphic Packaging International LLC
4.13%, 8/15/2024		34,000		34,036
3.50%, 3/1/2029(a)		34,000		30,116
3.75%, 2/1/2030(a)		20,000		17,564
				277,864
Distributors – 0.4%
American Builders & Contractors Supply Co., Inc.
4.00%, 1/15/2028(a)		18,000		16,811
3.88%, 11/15/2029(a)		11,000		9,733
BCPE Empire Holdings, Inc.
7.63%, 5/1/2027(a)		28,000		26,277
Ritchie Bros Holdings, Inc.
4.75%, 12/15/2031(a)		35,000		35,054

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 377

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Distributors – (continued)
Univar Solutions USA, Inc.
5.13%, 12/1/2027(a)	$	15,000	$	14,397
				102,272
Diversified Consumer Services – 0.7%
Adtalem Global Education, Inc.
5.50%, 3/1/2028(a)		34,000		31,511
Service Corp. International
4.63%, 12/15/2027		44,000		42,732
3.38%, 8/15/2030		79,000		68,068
Signal Parent, Inc.
6.13%, 4/1/2029(a)		11,000		8,426
Sotheby’s
7.38%, 10/15/2027(a)		50,000		49,320
				200,057
Diversified Financial Services – 0.4%
CPI CG, Inc.
8.63%, 3/15/2026(a)		26,000		25,203
Sabre GLBL, Inc.
9.25%, 4/15/2025(a)		28,000		29,920
7.38%, 9/1/2025(a)		28,000		28,336
Verscend Escrow Corp.
9.75%, 8/15/2026(a)		25,000		25,780
				109,239
Diversified Telecommunication Services – 7.0%
Altice France SA
5.13%, 7/15/2029(a)		75,000		63,616
British Telecommunications plc
4.25%, 11/23/2081(a)(c)		50,000		46,715
CCO Holdings LLC
5.13%, 5/1/2027(a)		139,000		135,694
5.00%, 2/1/2028(a)		55,000		52,461
4.75%, 3/1/2030(a)		130,000		115,944
4.50%, 8/15/2030(a)		71,000		62,065
4.25%, 2/1/2031(a)		165,000		139,375
4.50%, 5/1/2032		111,000		94,258
4.25%, 1/15/2034(a)		65,000		51,786
Embarq Corp.
8.00%, 6/1/2036		44,000		39,812
Iliad Holding SASU
6.50%, 10/15/2026(a)		60,000		57,741

Investments	Principal Amount		Value
Diversified Telecommunication Services – (continued)
7.00%, 10/15/2028(a)	$	30,000	$	28,405
Intelsat Jackson Holdings SA
6.50%, 3/15/2030(a)		30,000		28,232
Level 3 Financing, Inc.
5.38%, 5/1/2025		34,000		33,747
4.63%, 9/15/2027(a)		79,000		71,148
4.25%, 7/1/2028(a)		45,000		38,100
Lumen Technologies, Inc.
5.63%, 4/1/2025		28,000		27,356
5.13%, 12/15/2026(a)		95,000		85,668
4.00%, 2/15/2027(a)		79,000		70,381
Sprint Capital Corp.
6.88%, 11/15/2028		111,000		121,992
8.75%, 3/15/2032		76,000		96,710
Switch Ltd.
3.75%, 9/15/2028(a)		49,000		46,251
Telecom Italia Capital SA
6.38%, 11/15/2033		79,000		69,182
6.00%, 9/30/2034		15,000		13,131
Telecom Italia SpA
5.30%, 5/30/2024(a)		100,000		98,242
Virgin Media Finance plc
5.00%, 7/15/2030(a)		75,000		65,347
Virgin Media Secured Finance plc
5.50%, 5/15/2029(a)		100,000		92,665
Windstream Escrow LLC
7.75%, 8/15/2028(a)		49,000		46,754
				1,892,778
Electric Utilities – 0.4%
FirstEnergy Corp.
Series B, 4.40%, 7/15/2027(d)		50,000		48,567
Series C, 7.38%, 11/15/2031		28,000		32,232
Series C, 3.40%, 3/1/2050		23,000		17,173
				97,972
Electrical Equipment – 0.7%
EnerSys
5.00%, 4/30/2023(a)		12,000		12,074
4.38%, 12/15/2027(a)		12,000		11,221
Sensata Technologies BV
5.00%, 10/1/2025(a)		111,000		110,309
4.00%, 4/15/2029(a)		50,000		44,635
				178,239

See Accompanying Notes to the Financial Statements.

378 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Electronic Equipment, Instruments & Components – 0.1%
Likewize Corp.
9.75%, 10/15/2025(a)	$	16,000	$	15,581
Energy Equipment & Services – 2.2%
Archrock Partners LP
6.25%, 4/1/2028(a)		55,000		53,422
CGG SA
8.75%, 4/1/2027(a)		50,000		49,692
Ensign Drilling, Inc.
9.25%, 4/15/2024(a)		21,000		20,557
KLX Energy Services Holdings, Inc.
11.50%, 11/1/2025(a)		11,000		7,244
Nine Energy Service, Inc.
8.75%, 11/1/2023(a)		16,000		10,104
Patterson-UTI Energy, Inc.
5.15%, 11/15/2029		30,000		28,593
Petrofac Ltd.
9.75%, 11/15/2026(a)		40,000		37,471
Precision Drilling Corp.
6.88%, 1/15/2029(a)		23,000		22,343
TechnipFMC plc
6.50%, 2/1/2026(a)		41,000		42,481
Transocean Guardian Ltd.
5.88%, 1/15/2024(a)		33,352		31,971
Transocean Poseidon Ltd.
6.88%, 2/1/2027(a)		71,250		68,657
Transocean, Inc.
7.50%, 1/15/2026(a)		71,000		58,134
11.50%, 1/30/2027(a)		23,000		22,911
7.50%, 4/15/2031		15,000		9,994
6.80%, 3/15/2038		18,000		10,948
USA Compression Partners LP
6.88%, 4/1/2026		50,000		49,066
Weatherford International Ltd.
11.00%, 12/1/2024(a)		13,000		13,409
6.50%, 9/15/2028(a)		15,000		15,165
8.63%, 4/30/2030(a)		55,000		54,520
				606,682
Entertainment – 0.1%
Allen Media LLC
10.50%, 2/15/2028(a)		21,000		18,981

Investments	Principal Amount		Value
Equity Real Estate Investment Trusts (REITs) – 2.8%
HAT Holdings I LLC
3.38%, 6/15/2026(a)	$	81,000	$	74,494
Iron Mountain, Inc.
4.88%, 9/15/2027(a)		55,000		52,455
4.88%, 9/15/2029(a)		79,000		72,510
4.50%, 2/15/2031(a)		96,000		82,441
MPT Operating Partnership LP
5.00%, 10/15/2027		79,000		75,896
3.50%, 3/15/2031		100,000		85,282
Park Intermediate Holdings LLC
7.50%, 6/1/2025(a)		30,000		31,083
5.88%, 10/1/2028(a)		34,000		33,026
4.88%, 5/15/2029(a)		34,000		31,185
RHP Hotel Properties LP
4.75%, 10/15/2027		27,000		25,210
SBA Communications Corp.
3.88%, 2/15/2027		111,000		105,472
3.13%, 2/1/2029		40,000		34,367
VICI Properties LP
3.88%, 2/15/2029(a)		50,000		45,462
				748,883
Food & Staples Retailing – 1.3%
Albertsons Cos., Inc.
4.63%, 1/15/2027(a)		50,000		46,887
3.50%, 3/15/2029(a)		75,000		63,279
4.88%, 2/15/2030(a)		30,000		27,206
Rite Aid Corp.
8.00%, 11/15/2026(a)		71,000		59,774
Safeway, Inc.
7.25%, 2/1/2031		10,000		10,461
United Natural Foods, Inc.
6.75%, 10/15/2028(a)		21,000		21,042
US Foods, Inc.
6.25%, 4/15/2025(a)		44,000		45,265
4.75%, 2/15/2029(a)		39,000		36,080
4.63%, 6/1/2030(a)		31,000		27,782
				337,776
Food Products – 0.5%
Lamb Weston Holdings, Inc.
4.88%, 5/15/2028(a)		79,000		76,946
4.38%, 1/31/2032(a)		25,000		22,475

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 379

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Food Products – (continued)
Pilgrim’s Pride Corp.
4.25%, 4/15/2031(a)	$	30,000	$	27,413
				126,834
Gas Utilities – 0.6%
AmeriGas Partners LP
5.63%, 5/20/2024		44,000		44,004
5.88%, 8/20/2026		55,000		54,384
Ferrellgas LP
5.38%, 4/1/2026(a)		23,000		20,844
5.88%, 4/1/2029(a)		29,000		25,304
Suburban Propane Partners LP
5.00%, 6/1/2031(a)		34,000		30,968
				175,504
Health Care Equipment & Supplies – 0.7%
Hologic, Inc.
3.25%, 2/15/2029(a)		55,000		49,071
Mozart Debt Merger Sub, Inc.
3.88%, 4/1/2029(a)		50,000		43,693
5.25%, 10/1/2029(a)		56,000		48,812
Teleflex, Inc.
4.63%, 11/15/2027		19,000		18,643
4.25%, 6/1/2028(a)		19,000		17,935
				178,154
Health Care Providers & Services – 7.1%
180 Medical, Inc.
3.88%, 10/15/2029(a)		20,000		17,828
Acadia Healthcare Co., Inc.
5.00%, 4/15/2029(a)		39,000		37,007
AHP Health Partners, Inc.
5.75%, 7/15/2029(a)		28,000		25,456
Air Methods Corp.
8.00%, 5/15/2025(a)		18,000		14,742
Akumin, Inc.
7.00%, 11/1/2025(a)		28,000		23,629
Centene Corp.
4.25%, 12/15/2027		215,000		207,978
4.63%, 12/15/2029		230,000		222,865
3.00%, 10/15/2030		214,000		186,504
Community Health Systems, Inc.
5.63%, 3/15/2027(a)		34,000		32,449

Investments	Principal Amount		Value
Health Care Providers & Services – (continued)
DaVita, Inc.
4.63%, 6/1/2030(a)	$	170,000	$	148,200
Encompass Health Corp.
4.50%, 2/1/2028		80,000		74,097
4.75%, 2/1/2030		40,000		36,203
Envision Healthcare Corp.
8.75%, 10/15/2026(a)		39,000		16,238
Global Medical Response, Inc.
6.50%, 10/1/2025(a)		18,000		17,461
HCA, Inc.
5.88%, 5/1/2023		49,000		50,593
5.38%, 2/1/2025		120,000		123,428
5.88%, 2/15/2026		73,000		75,475
5.63%, 9/1/2028		71,000		73,474
5.88%, 2/1/2029		49,000		51,111
3.50%, 9/1/2030		251,000		225,659
LifePoint Health, Inc.
5.38%, 1/15/2029(a)		15,000		12,844
Owens & Minor, Inc.
4.50%, 3/31/2029(a)		25,000		22,523
Prime Healthcare Services, Inc.
7.25%, 11/1/2025(a)		30,000		30,119
Radiology Partners, Inc.
9.25%, 2/1/2028(a)		34,000		32,348
RegionalCare Hospital Partners Holdings, Inc.
9.75%, 12/1/2026(a)		60,000		61,740
Team Health Holdings, Inc.
6.38%, 2/1/2025(a)		23,000		19,636
Tenet Healthcare Corp.
4.88%, 1/1/2026(a)		18,000		17,542
6.13%, 10/1/2028(a)		18,000		17,305
US Acute Care Solutions LLC
6.38%, 3/1/2026(a)		25,000		24,311
US Renal Care, Inc.
10.63%, 7/15/2027(a)		18,000		15,566
				1,914,331
Health Care Technology – 0.1%
IQVIA, Inc.
5.00%, 5/15/2027(a)		30,000		29,760
Hotels, Restaurants & Leisure – 6.8%
1011778 BC ULC
4.00%, 10/15/2030(a)		18,000		15,410

See Accompanying Notes to the Financial Statements.

380 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Hotels, Restaurants & Leisure – (continued)
Caesars Entertainment, Inc.
6.25%, 7/1/2025(a)	$	111,000	$	112,349
8.13%, 7/1/2027(a)		71,000		74,279
Caesars Resort Collection LLC
5.75%, 7/1/2025(a)		33,000		33,737
Carnival Corp.
5.75%, 3/1/2027(a)		44,000		39,917
4.00%, 8/1/2028(a)		16,000		14,441
CEC Entertainment LLC
6.75%, 5/1/2026(a)		18,000		16,943
Constellation Merger Sub, Inc.
8.50%, 9/15/2025(a)		21,000		19,560
Hilton Domestic Operating Co., Inc.
5.75%, 5/1/2028(a)		55,000		55,839
4.88%, 1/15/2030		25,000		24,222
4.00%, 5/1/2031(a)		55,000		49,276
3.63%, 2/15/2032(a)		100,000		84,844
Hilton Worldwide Finance LLC
4.88%, 4/1/2027		55,000		54,868
International Game Technology plc
4.13%, 4/15/2026(a)		173,000		162,722
IRB Holding Corp.
7.00%, 6/15/2025(a)		18,000		18,450
Life Time, Inc.
8.00%, 4/15/2026(a)		16,000		15,641
MGM Resorts International
5.75%, 6/15/2025		55,000		54,694
4.75%, 10/15/2028		55,000		50,595
Mohegan Gaming & Entertainment
8.00%, 2/1/2026(a)		34,000		30,035
Penn National Gaming, Inc.
5.63%, 1/15/2027(a)		45,000		42,919
Powdr Corp.
6.00%, 8/1/2025(a)		21,000		21,365
Royal Caribbean Cruises Ltd.
9.13%, 6/15/2023(a)		16,000		16,538
11.50%, 6/1/2025(a)		49,000		53,329
4.25%, 7/1/2026(a)		44,000		39,823
5.50%, 4/1/2028(a)		21,000		19,199
Six Flags Entertainment Corp.
4.88%, 7/31/2024(a)		45,000		44,879
5.50%, 4/15/2027(a)		79,000		76,926

Investments	Principal Amount		Value
Hotels, Restaurants & Leisure – (continued)
Sizzling Platter LLC
8.50%, 11/28/2025(a)	$	11,000	$	10,031
TKC Holdings, Inc.
6.88%, 5/15/2028(a)		16,000		15,338
10.50%, 5/15/2029(a)		18,000		17,350
Travel + Leisure Co.
6.63%, 7/31/2026(a)		40,000		40,924
4.50%, 12/1/2029(a)		25,000		22,171
4.63%, 3/1/2030(a)		15,000		13,377
Vail Resorts, Inc.
6.25%, 5/15/2025(a)		23,000		23,548
Viking Cruises Ltd.
6.25%, 5/15/2025(a)		8,000		7,377
Wyndham Hotels & Resorts, Inc.
4.38%, 8/15/2028(a)		20,000		18,670
Wynn Las Vegas LLC
5.50%, 3/1/2025(a)		111,000		107,542
5.25%, 5/15/2027(a)		33,000		30,448
Wynn Resorts Finance LLC
5.13%, 10/1/2029(a)		49,000		42,967
Yum! Brands, Inc.
3.88%, 11/1/2023		55,000		55,535
4.75%, 1/15/2030(a)		34,000		32,389
3.63%, 3/15/2031		95,000		81,780
4.63%, 1/31/2032		79,000		71,910
				1,834,157
Household Durables – 2.2%
Beazer Homes USA, Inc.
5.88%, 10/15/2027		35,000		32,336
Century Communities, Inc.
6.75%, 6/1/2027		28,000		28,341
3.88%, 8/15/2029(a)		25,000		21,010
Empire Communities Corp.
7.00%, 12/15/2025(a)		28,000		26,565
KB Home
6.88%, 6/15/2027		55,000		57,163
Meritage Homes Corp.
3.88%, 4/15/2029(a)		30,000		26,884
Newell Brands, Inc.
4.88%, 6/1/2025		40,000		40,566
4.45%, 4/1/2026(d)		123,000		122,089
5.75%, 4/1/2046(d)		28,000		26,130
Taylor Morrison Communities, Inc.
5.88%, 6/15/2027(a)		81,000		80,501

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 381

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Household Durables – (continued)
Tempur Sealy International, Inc.
4.00%, 4/15/2029(a)	$	89,000	$	77,253
TopBuild Corp.
3.63%, 3/15/2029(a)		16,000		13,962
4.13%, 2/15/2032(a)		19,000		16,399
Tri Pointe Homes, Inc.
5.70%, 6/15/2028		35,000		33,604
				602,803
Household Products – 0.4%
Energizer Holdings, Inc.
4.38%, 3/31/2029(a)		49,000		40,792
Spectrum Brands, Inc.
5.00%, 10/1/2029(a)		71,000		66,122
				106,914
Independent Power and Renewable Electricity Producers – 0.6%
Calpine Corp.
5.13%, 3/15/2028(a)		10,000		9,082
5.00%, 2/1/2031(a)		30,000		25,620
Clearway Energy Operating LLC
3.75%, 2/15/2031(a)		79,000		68,061
Talen Energy Supply LLC
6.50%, 6/1/2025		20,000		7,429
10.50%, 1/15/2026(a)		20,000		7,429
7.25%, 5/15/2027(a)		50,000		47,944
				165,565
Insurance – 1.6%
Acrisure LLC
7.00%, 11/15/2025(a)		50,000		48,751
4.25%, 2/15/2029(a)		34,000		29,717
Alliant Holdings Intermediate LLC
4.25%, 10/15/2027(a)		21,000		19,422
6.75%, 10/15/2027(a)		44,000		41,658
AmWINS Group, Inc.
4.88%, 6/30/2029(a)		23,000		21,086
AssuredPartners, Inc.
7.00%, 8/15/2025(a)		21,000		20,740
BroadStreet Partners, Inc.
5.88%, 4/15/2029(a)		16,000		13,901
GTCR AP Finance, Inc.
8.00%, 5/15/2027(a)		34,000		33,917

Investments	Principal Amount		Value
Insurance – (continued)
HUB International Ltd.
7.00%, 5/1/2026(a)	$	71,000	$	70,356
Liberty Mutual Group, Inc.
4.30%, 2/1/2061(a)		55,000		41,605
NFP Corp.
6.88%, 8/15/2028(a)		71,000		62,744
USI, Inc.
6.88%, 5/1/2025(a)		28,000		27,614
				431,511
Interactive Media & Services – 0.4%
Twitter, Inc.
3.88%, 12/15/2027(a)		33,000		32,422
5.00%, 3/1/2030(a)		15,000		15,341
Ziff Davis, Inc.
4.63%, 10/15/2030(a)		53,000		47,348
				95,111
Internet & Direct Marketing Retail – 0.5%
Match Group Holdings II LLC
4.63%, 6/1/2028(a)		25,000		23,340
4.13%, 8/1/2030(a)		50,000		44,758
Photo Holdings Merger Sub, Inc.
8.50%, 10/1/2026(a)		23,000		21,306
QVC, Inc.
4.75%, 2/15/2027		25,000		22,456
5.45%, 8/15/2034		25,000		20,080
				131,940
IT Services – 1.3%
Ahead DB Holdings LLC
6.63%, 5/1/2028(a)		11,000		9,694
Black Knight InfoServ LLC
3.63%, 9/1/2028(a)		44,000		40,864
Block, Inc.
2.75%, 6/1/2026(a)		34,000		31,047
3.50%, 6/1/2031(a)		34,000		28,530
Endurance International Group Holdings, Inc.
6.00%, 2/15/2029(a)		24,000		19,456
Exela Intermediate LLC
11.50%, 7/15/2026(a)		40,000		14,800
Gartner, Inc.
3.63%, 6/15/2029(a)		79,000		70,811

See Accompanying Notes to the Financial Statements.

382 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
IT Services – (continued)
Northwest Fiber LLC
10.75%, 6/1/2028(a)	$	28,000	$	28,849
Presidio Holdings, Inc.
8.25%, 2/1/2028(a)		28,000		27,229
Twilio, Inc.
3.63%, 3/15/2029		50,000		44,186
Virtusa Corp.
7.13%, 12/15/2028(a)		28,000		25,237
				340,703
Machinery – 0.2%
JPW Industries Holding Corp.
9.00%, 10/1/2024(a)		28,000		28,185
Maxim Crane Works Holdings Capital LLC
10.13%, 8/1/2024(a)		1,000		994
Terex Corp.
5.00%, 5/15/2029(a)		23,000		21,133
				50,312
Media – 5.0%
Altice Financing SA
5.75%, 8/15/2029(a)		25,000		21,100
Beasley Mezzanine Holdings LLC
8.63%, 2/1/2026(a)		28,000		26,146
Cengage Learning, Inc.
9.50%, 6/15/2024(a)		18,000		17,667
Clear Channel Outdoor Holdings, Inc.
5.13%, 8/15/2027(a)		55,000		51,756
7.75%, 4/15/2028(a)		49,000		46,246
7.50%, 6/1/2029(a)		34,000		32,129
CSC Holdings LLC
5.75%, 1/15/2030(a)		30,000		24,727
Cumulus Media New Holdings, Inc.
6.75%, 7/1/2026(a)		16,000		15,943
DIRECTV Holdings LLC
5.88%, 8/15/2027(a)		41,000		38,668
DISH DBS Corp.
5.88%, 11/15/2024		31,000		30,108
7.75%, 7/1/2026		11,000		10,361
5.25%, 12/1/2026(a)		16,000		14,720
5.75%, 12/1/2028(a)		16,000		14,342

Investments	Principal Amount		Value
Media – (continued)
iHeartCommunications, Inc.
8.38%, 5/1/2027	$	54,000	$	53,554
5.25%, 8/15/2027(a)		79,000		73,972
Lamar Media Corp.
3.75%, 2/15/2028		18,000		16,498
4.00%, 2/15/2030		64,000		57,433
McGraw-Hill Education, Inc.
8.00%, 8/1/2029(a)		25,000		22,409
News Corp.
3.88%, 5/15/2029(a)		34,000		30,787
Nexstar Media, Inc.
5.63%, 7/15/2027(a)		21,000		20,458
Paramount Global
6.25%, 2/28/2057(c)		30,000		29,012
6.37%, 3/30/2062(c)		49,000		47,591
Sirius XM Radio, Inc.
4.00%, 7/15/2028(a)		76,000		68,789
4.13%, 7/1/2030(a)		79,000		69,471
Spanish Broadcasting System, Inc.
9.75%, 3/1/2026(a)		6,000		5,889
Summer BC Bidco B LLC
5.50%, 10/31/2026(a)		25,000		24,041
TEGNA, Inc.
4.63%, 3/15/2028		84,000		80,945
5.00%, 9/15/2029		74,000		71,878
Terrier Media Buyer, Inc.
8.88%, 12/15/2027(a)		33,000		32,342
Townsquare Media, Inc.
6.88%, 2/1/2026(a)		21,000		20,973
Univision Communications, Inc.
5.13%, 2/15/2025(a)		55,000		54,109
6.63%, 6/1/2027(a)		49,000		49,183
4.50%, 5/1/2029(a)		15,000		13,482
UPC Holding BV
5.50%, 1/15/2028(a)		100,000		94,730
Urban One, Inc.
7.38%, 2/1/2028(a)		23,000		22,310
Ziggo Bond Co. BV
5.13%, 2/28/2030(a)		50,000		43,458
				1,347,227
Metals & Mining – 1.3%
Alcoa Nederland Holding BV
4.13%, 3/31/2029(a)		20,000		18,749

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 383

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Metals & Mining – (continued)
Baffinland Iron Mines Corp.
8.75%, 7/15/2026(a)	$	44,000	$	44,772
Commercial Metals Co.
4.13%, 1/15/2030		50,000		45,565
Eldorado Gold Corp.
6.25%, 9/1/2029(a)		25,000		24,250
FMG Resources August 2006 Pty. Ltd.
5.88%, 4/15/2030(a)		75,000		74,568
4.38%, 4/1/2031(a)		100,000		88,622
Hudbay Minerals, Inc.
4.50%, 4/1/2026(a)		18,000		16,620
6.13%, 4/1/2029(a)		18,000		17,055
Taseko Mines Ltd.
7.00%, 2/15/2026(a)		16,000		15,900
TMS International Corp.
6.25%, 4/15/2029(a)		11,000		9,583
				355,684
Mortgage Real Estate Investment Trusts (REITs) – 0.1%
Apollo Commercial Real Estate Finance, Inc.
4.63%, 6/15/2029(a)		21,000		18,297
New Residential Investment Corp.
6.25%, 10/15/2025(a)		23,000		21,939
				40,236
Multiline Retail – 0.6%
Macy’s Retail Holdings LLC
5.88%, 4/1/2029(a)		21,000		19,955
6.13%, 3/15/2032(a)		15,000		13,904
4.50%, 12/15/2034		50,000		39,091
5.13%, 1/15/2042		6,000		4,467
Nordstrom, Inc.
4.25%, 8/1/2031		75,000		63,715
5.00%, 1/15/2044		39,000		32,404
				173,536
Oil, Gas & Consumable Fuels – 9.8%
Aethon United BR LP
8.25%, 2/15/2026(a)		18,000		18,574
Antero Midstream Partners LP
5.38%, 6/15/2029(a)		25,000		23,486

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
Antero Resources Corp.
7.63%, 2/1/2029(a)	$	60,000	$	63,636
Ascent Resources Utica Holdings LLC
8.25%, 12/31/2028(a)		50,000		52,065
Blue Racer Midstream LLC
6.63%, 7/15/2026(a)		28,000		28,073
Buckeye Partners LP
3.95%, 12/1/2026		20,000		18,925
4.50%, 3/1/2028(a)		76,000		69,459
Calumet Specialty Products Partners LP
11.00%, 4/15/2025(a)		15,000		15,028
Cheniere Energy Partners LP
4.50%, 10/1/2029		65,000		62,326
4.00%, 3/1/2031		90,000		81,599
3.25%, 1/31/2032(a)		58,000		49,682
Cheniere Energy, Inc.
4.63%, 10/15/2028		94,000		91,064
Chesapeake Energy Corp.
6.75%, 4/15/2029(a)		33,000		33,261
Citgo Holding, Inc.
9.25%, 8/1/2024(a)		44,000		43,782
CITGO Petroleum Corp.
7.00%, 6/15/2025(a)		55,000		54,721
Colgate Energy Partners III LLC
5.88%, 7/1/2029(a)		23,000		22,917
CQP Holdco LP
5.50%, 6/15/2031(a)		65,000		60,037
Crestwood Midstream Partners LP
5.63%, 5/1/2027(a)		55,000		53,620
CrownRock LP
5.63%, 10/15/2025(a)		34,000		34,042
5.00%, 5/1/2029(a)		28,000		27,439
DCP Midstream Operating LP
5.38%, 7/15/2025		28,000		28,176
5.13%, 5/15/2029		55,000		54,167
5.85%, 5/21/2043(a)(c)		21,000		19,127
Delek Logistics Partners LP
7.13%, 6/1/2028(a)		21,000		20,113
Encino Acquisition Partners Holdings LLC
8.50%, 5/1/2028(a)		18,000		18,066
Endeavor Energy Resources LP
6.63%, 7/15/2025(a)		23,000		23,634
5.75%, 1/30/2028(a)		44,000		44,162

See Accompanying Notes to the Financial Statements.

384 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Energy Ventures Gom LLC
11.75%, 4/15/2026(a)	$	19,000	$	19,689
Enviva Partners LP
6.50%, 1/15/2026(a)		28,000		28,563
Genesis Energy LP
8.00%, 1/15/2027		105,000		103,120
Global Partners LP
7.00%, 8/1/2027		23,000		22,512
Gran Tierra Energy, Inc.
7.75%, 5/23/2027(a)		30,000		27,797
Great Western Petroleum LLC
12.00%, 9/1/2025(a)		11,000		12,272
Harvest Midstream I LP
7.50%, 9/1/2028(a)		23,000		23,386
Hess Midstream Operations LP
5.13%, 6/15/2028(a)		49,000		47,479
Hilcorp Energy I LP
6.25%, 11/1/2028(a)		60,000		59,850
Holly Energy Partners LP
5.00%, 2/1/2028(a)		18,000		17,146
ITT Holdings LLC
6.50%, 8/1/2029(a)		55,000		48,988
MEG Energy Corp.
7.13%, 2/1/2027(a)		90,000		91,561
Moss Creek Resources Holdings, Inc.
7.50%, 1/15/2026(a)		50,000		45,912
Neptune Energy Bondco plc
6.63%, 5/15/2025(a)		30,000		29,775
New Fortress Energy, Inc.
6.75%, 9/15/2025(a)		20,000		19,688
6.50%, 9/30/2026(a)		20,000		19,378
NGL Energy Operating LLC
7.50%, 2/1/2026(a)		55,000		51,826
NGL Energy Partners LP
7.50%, 11/1/2023		28,000		26,011
6.13%, 3/1/2025		28,000		23,531
Northriver Midstream Finance LP
5.63%, 2/15/2026(a)		28,000		27,353
NuStar Logistics LP
5.75%, 10/1/2025		34,000		33,869
6.38%, 10/1/2030		34,000		33,552
Occidental Petroleum Corp.
6.95%, 7/1/2024		34,000		35,703
6.63%, 9/1/2030		18,000		19,533

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
6.45%, 9/15/2036	$	116,000	$	126,045
4.20%, 3/15/2048		89,000		73,896
Parkland Corp.
4.50%, 10/1/2029(a)		50,000		43,852
4.63%, 5/1/2030(a)		40,000		35,072
PBF Logistics LP
6.88%, 5/15/2023		18,000		17,980
Renewable Energy Group, Inc.
5.88%, 6/1/2028(a)		18,000		19,084
Rockies Express Pipeline LLC
4.95%, 7/15/2029(a)		49,000		45,932
Strathcona Resources Ltd.
6.88%, 8/1/2026(a)		21,000		20,346
Summit Midstream Holdings LLC
5.75%, 4/15/2025		16,000		12,824
Sunnova Energy Corp.
5.88%, 9/1/2026(a)		11,000		10,080
Sunoco LP
6.00%, 4/15/2027		55,000		55,343
Tallgrass Energy Partners LP
7.50%, 10/1/2025(a)		28,000		28,629
6.00%, 12/31/2030(a)		49,000		45,385
Teine Energy Ltd.
6.88%, 4/15/2029(a)		28,000		27,946
Western Midstream Operating LP
3.60%, 2/1/2025(d)		44,000		42,136
4.55%, 2/1/2030(d)		71,000		65,329
				2,649,554
Paper & Forest Products – 0.3%
Domtar Corp.
6.75%, 10/1/2028(a)		30,000		29,791
Mercer International, Inc.
5.13%, 2/1/2029		55,000		51,189
				80,980
Personal Products – 0.5%
Avon Products, Inc.
8.45%, 3/15/2043(d)		11,000		12,732
Coty, Inc.
5.00%, 4/15/2026(a)		39,000		36,883
6.50%, 4/15/2026(a)		73,000		70,925
HLF Financing Sarl LLC
4.88%, 6/1/2029(a)		25,000		20,155
				140,695

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 385

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Pharmaceuticals – 3.6%
Bausch Health Americas, Inc.
8.50%, 1/31/2027(a)	$	144,000	$	136,294
Bausch Health Cos., Inc.
6.13%, 4/15/2025(a)		354,000		355,549
5.00%, 1/30/2028(a)		76,000		56,192
4.88%, 6/1/2028(a)		89,000		79,073
6.25%, 2/15/2029(a)		111,000		80,906
7.25%, 5/30/2029(a)		35,000		26,469
5.25%, 1/30/2030(a)		106,000		73,700
5.25%, 2/15/2031(a)		35,000		24,369
Endo Dac
9.50%, 7/31/2027(a)		11,000		8,654
6.00%, 6/30/2028(a)		48,000		21,000
Lannett Co., Inc.
7.75%, 4/15/2026(a)		21,000		11,051
P&L Development LLC
7.75%, 11/15/2025(a)		16,000		14,138
Par Pharmaceutical, Inc.
7.50%, 4/1/2027(a)		44,000		40,197
Perrigo Finance Unlimited Co.
3.90%, 6/15/2030(d)		35,000		31,501
				959,093
Professional Services – 0.1%
CoreLogic, Inc.
4.50%, 5/1/2028(a)		18,000		15,974
Real Estate Management & Development – 0.9%
Howard Hughes Corp. (The)
5.38%, 8/1/2028(a)		44,000		42,713
4.38%, 2/1/2031(a)		44,000		39,198
Kennedy-Wilson, Inc.
4.75%, 3/1/2029		28,000		25,868
5.00%, 3/1/2031		43,000		38,870
Realogy Group LLC
5.75%, 1/15/2029(a)		44,000		36,986
5.25%, 4/15/2030(a)		30,000		24,301
WeWork Cos. LLC
5.00%, 7/10/2025(a)		30,000		24,380
WeWork Cos., Inc.
7.88%, 5/1/2025(a)		25,000		21,100
				253,416

Investments	Principal Amount		Value
Road & Rail – 1.0%
First Student Bidco, Inc.
4.00%, 7/31/2029(a)	$	23,000	$	20,516
NESCO Holdings II, Inc.
5.50%, 4/15/2029(a)		28,000		26,425
Uber Technologies, Inc.
7.50%, 5/15/2025(a)		44,000		45,494
7.50%, 9/15/2027(a)		55,000		56,672
6.25%, 1/15/2028(a)		44,000		43,621
4.50%, 8/15/2029(a)		70,000		60,389
XPO Logistics, Inc.
6.25%, 5/1/2025(a)		18,000		18,427
				271,544
Semiconductors & Semiconductor Equipment – 0.2%
Entegris Escrow Corp.
4.75%, 4/15/2029(a)		26,000		25,094
ON Semiconductor Corp.
3.88%, 9/1/2028(a)		33,000		30,656
				55,750
Software – 2.9%
Boxer Parent Co., Inc.
7.13%, 10/2/2025(a)		28,000		28,596
Camelot Finance SA
4.50%, 11/1/2026(a)		18,000		16,943
Castle US Holding Corp.
9.50%, 2/15/2028(a)		28,000		25,874
Change Healthcare Holdings LLC
5.75%, 3/1/2025(a)		49,000		48,940
Clarivate Science Holdings Corp.
3.88%, 7/1/2028(a)		36,000		32,093
4.88%, 7/1/2029(a)		36,000		31,770
Condor Merger Sub, Inc.
7.38%, 2/15/2030(a)		33,000		29,563
Crowdstrike Holdings, Inc.
3.00%, 2/15/2029		34,000		30,226
Elastic NV
4.13%, 7/15/2029(a)		23,000		20,618
Fair Isaac Corp.
5.25%, 5/15/2026(a)		14,000		14,087
4.00%, 6/15/2028(a)		13,000		11,895
LogMeIn, Inc.
5.50%, 9/1/2027(a)		33,000		28,916
Minerva Merger Sub, Inc.
6.50%, 2/15/2030(a)		15,000		13,828

See Accompanying Notes to the Financial Statements.

386 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Software – (continued)
NCR Corp.
5.75%, 9/1/2027(a)	$	24,000	$	23,134
5.00%, 10/1/2028(a)		32,000		29,580
5.13%, 4/15/2029(a)		58,000		55,704
6.13%, 9/1/2029(a)		24,000		23,010
5.25%, 10/1/2030(a)		22,000		20,816
NortonLifeLock, Inc.
5.00%, 4/15/2025(a)		49,000		49,000
Open Text Holdings, Inc.
4.13%, 2/15/2030(a)		89,000		79,113
4.13%, 12/1/2031(a)		50,000		43,426
PTC, Inc.
4.00%, 2/15/2028(a)		34,000		31,566
Rocket Software, Inc.
6.50%, 2/15/2029(a)		28,000		24,010
SS&C Technologies, Inc.
5.50%, 9/30/2027(a)		33,000		32,382
Veritas US, Inc.
7.50%, 9/1/2025(a)		55,000		48,555
				793,645
Specialty Retail – 2.9%
99 Escrow Issuer, Inc.
7.50%, 1/15/2026(a)		16,000		10,421
At Home Group, Inc.
4.88%, 7/15/2028(a)		21,000		17,390
7.13%, 7/15/2029(a)		18,000		13,455
Bath & Body Works, Inc.
9.38%, 7/1/2025(a)		44,000		49,553
5.25%, 2/1/2028		34,000		32,678
6.63%, 10/1/2030(a)		44,000		43,846
6.88%, 11/1/2035		79,000		77,345
BCPE Ulysses Intermediate, Inc.
7.75%, 4/1/2027(a)(b)		16,000		13,700
Carvana Co.
5.50%, 4/15/2027(a)		71,000		56,956
Gap, Inc. (The)
3.63%, 10/1/2029(a)		36,000		29,340
3.88%, 10/1/2031(a)		36,000		28,764
LBM Acquisition LLC
6.25%, 1/15/2029(a)		28,000		22,822
Lithia Motors, Inc.
3.88%, 6/1/2029(a)		40,000		36,172
4.38%, 1/15/2031(a)		40,000		36,762

Investments	Principal Amount		Value
Specialty Retail – (continued)
LSF9 Atlantis Holdings LLC
7.75%, 2/15/2026(a)	$	34,000	$	30,713
Michaels Cos., Inc. (The)
5.25%, 5/1/2028(a)		12,000		10,334
7.88%, 5/1/2029(a)		44,000		34,700
Park River Holdings, Inc.
5.63%, 2/1/2029(a)		18,000		13,839
Penske Automotive Group, Inc.
3.75%, 6/15/2029		49,000		41,872
Specialty Building Products Holdings LLC
6.38%, 9/30/2026(a)		28,000		27,521
SRS Distribution, Inc.
6.13%, 7/1/2029(a)		34,000		30,047
Staples, Inc.
7.50%, 4/15/2026(a)		65,000		62,179
10.75%, 4/15/2027(a)		34,000		30,168
White Cap Buyer LLC
6.88%, 10/15/2028(a)		18,000		16,516
White Cap Parent LLC
8.25%, 3/15/2026(a)(b)		6,000		5,798
				772,891
Technology Hardware, Storage & Peripherals – 0.9%
Seagate HDD Cayman
4.88%, 3/1/2024		20,000		20,125
4.13%, 1/15/2031		150,000		131,851
Xerox Corp.
6.75%, 12/15/2039		21,000		19,753
Xerox Holdings Corp.
5.00%, 8/15/2025(a)		44,000		42,196
5.50%, 8/15/2028(a)		44,000		39,681
				253,606
Textiles, Apparel & Luxury Goods – 0.5%
Eagle Intermediate Global Holding BV
7.50%, 5/1/2025(a)		25,000		22,589
Hanesbrands, Inc.
4.88%, 5/15/2026(a)		60,000		58,722
Under Armour, Inc.
3.25%, 6/15/2026		30,000		27,646
William Carter Co. (The)
5.63%, 3/15/2027(a)		24,000		23,949
				132,906

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 387

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Thrifts & Mortgage Finance – 1.4%
Freedom Mortgage Corp.
8.13%, 11/15/2024(a)	$	44,000	$	42,680
7.63%, 5/1/2026(a)		49,000		44,652
Home Point Capital, Inc.
5.00%, 2/1/2026(a)		25,000		19,782
MGIC Investment Corp.
5.25%, 8/15/2028		55,000		51,735
Nationstar Mortgage Holdings, Inc.
5.50%, 8/15/2028(a)		59,000		53,768
5.13%, 12/15/2030(a)		44,000		38,340
PennyMac Financial Services, Inc.
4.25%, 2/15/2029(a)		74,000		59,623
Provident Funding Associates LP
6.38%, 6/15/2025(a)		25,000		24,604
Radian Group, Inc.
4.88%, 3/15/2027		20,000		19,325
United Wholesale Mortgage LLC
5.50%, 11/15/2025(a)		23,000		21,167
				375,676
Trading Companies & Distributors – 1.9%
Ahern Rentals, Inc.
7.38%, 5/15/2023(a)		18,000		17,010
Boise Cascade Co.
4.88%, 7/1/2030(a)		21,000		19,780
Fortress Transportation and Infrastructure Investors LLC
9.75%, 8/1/2027(a)		95,000		97,090
5.50%, 5/1/2028(a)		18,000		15,556
Foundation Building Materials, Inc.
6.00%, 3/1/2029(a)		16,000		13,038
Imola Merger Corp.
4.75%, 5/15/2029(a)		74,000		68,915
United Rentals North America, Inc.
4.88%, 1/15/2028		79,000		76,959
5.25%, 1/15/2030		55,000		53,564
3.88%, 2/15/2031		44,000		38,870
WESCO Distribution, Inc.
7.13%, 6/15/2025(a)		55,000		57,201
7.25%, 6/15/2028(a)		55,000		57,238
				515,221

Investments	Principal Amount		Value
Water Utilities – 0.1%
Solaris Midstream Holdings LLC
7.63%, 4/1/2026(a)	$	28,000	$	28,736
Wireless Telecommunication Services – 4.3%
Ligado Networks LLC
+ 0.00%), 15.50%,
11/1/2023(a)(b)(e)		114,950		78,691
17.50%, 5/1/2024(a)(b)		34,250		13,512
Sprint Corp.
7.88%, 9/15/2023		150,000		156,756
7.13%, 6/15/2024		84,000		88,519
7.63%, 2/15/2025		55,000		58,568
7.63%, 3/1/2026		71,000		77,190
T-Mobile USA, Inc.
2.63%, 4/15/2026		111,000		103,341
4.75%, 2/1/2028		111,000		109,682
3.50%, 4/15/2031		214,000		189,968
Vmed O2 UK Financing I plc
4.25%, 1/31/2031(a)		25,000		21,169
4.75%, 7/15/2031(a)		65,000		55,857
Vodafone Group plc
7.00%, 4/4/2079(c)		139,000		146,977
5.12%, 6/4/2081(c)		60,000		50,243
				1,150,473
Total Corporate Bonds (Cost $28,972,681)				26,237,737
Total Investments – 97.3% (Cost $28,972,681)				26,237,737
Other assets less liabilities – 2.7%				717,734
NET ASSETS – 100.0%			$	26,955,471

^(a)  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees.

^(b)  Payment in-kind security.

^(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, 2022.

See Accompanying Notes to the Financial Statements.

388 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

^(e)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2022.

Percentages shown are based on Net Assets.

As of April 30, 2022, 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	$	13,178
Aggregate gross unrealized depreciation		(2,753,117	)
Net unrealized depreciation	$	(2,739,939	)
Federal income tax cost	$	28,977,676

Security Type	% of Net Assets
Corporate Bonds		97.3	%
Others(1)		2.7
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 389

Schedule of Investments

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund

April 30, 2022 (Unaudited)

Investments	Principal Amount		Value
CORPORATE BONDS – 97.5%
Air Freight & Logistics – 0.6%
FedEx Corp.
3.25%, 4/1/2026	$	100,000	$	98,745
5.25%, 5/15/2050		150,000		154,210
				252,955
Auto Components – 0.1%
Aptiv plc
3.10%, 12/1/2051		50,000		34,535
Automobiles – 0.7%
General Motors Co.
6.80%, 10/1/2027		200,000		216,417
5.95%, 4/1/2049		100,000		100,558
				316,975
Banks – 15.5%
Banco Santander SA
2.75%, 5/28/2025		200,000		191,524
5.18%, 11/19/2025		200,000		204,294
Bank of America Corp.
3.46%, 3/15/2025(a)		200,000		198,366
3.09%, 10/1/2025(a)		200,000		196,232
1.73%, 7/22/2027(a)		200,000		179,833
3.42%, 12/20/2028(a)		200,000		189,751
4.27%, 7/23/2029(a)		150,000		147,489
2.69%, 4/22/2032(a)		200,000		172,044
6.11%, 1/29/2037		200,000		221,160
2.68%, 6/19/2041(a)		100,000		75,193
Barclays plc
5.20%, 5/12/2026		200,000		202,911
3.81%, 3/10/2042(a)		200,000		158,337
Citigroup, Inc.
3.35%, 4/24/2025(a)		250,000		246,333
3.11%, 4/8/2026(a)		150,000		145,376
3.20%, 10/21/2026		150,000		145,035
4.45%, 9/29/2027		150,000		149,205
3.98%, 3/20/2030(a)		50,000		48,143
4.41%, 3/31/2031(a)		150,000		146,843
2.57%, 6/3/2031(a)		150,000		129,024
8.13%, 7/15/2039		100,000		138,116
4.75%, 5/18/2046		100,000		95,901
4.65%, 7/23/2048		50,000		49,573

Investments	Principal Amount		Value
Banks – (continued)
HSBC Holdings plc
3.80%, 3/11/2025(a)	$	200,000	$	199,142
4.30%, 3/8/2026		200,000		200,535
4.58%, 6/19/2029(a)		200,000		198,132
2.80%, 5/24/2032(a)		200,000		168,950
6.50%, 9/15/2037		150,000		169,033
ING Groep NV
4.05%, 4/9/2029		200,000		193,326
JPMorgan Chase & Co.
3.80%, 7/23/2024(a)		100,000		100,500
3.88%, 9/10/2024		150,000		150,879
1.58%, 4/22/2027(a)		200,000		181,201
3.78%, 2/1/2028(a)		200,000		194,500
4.45%, 12/5/2029(a)		150,000		149,233
2.74%, 10/15/2030(a)		150,000		133,691
4.49%, 3/24/2031(a)		150,000		149,873
2.58%, 4/22/2032(a)		100,000		85,855
5.60%, 7/15/2041		100,000		109,744
5.63%, 8/16/2043		100,000		109,195
Mitsubishi UFJ Financial Group, Inc.
2.19%, 2/25/2025		200,000		192,083
2.31%, 7/20/2032(a)		200,000		166,823
Royal Bank of Canada
2.55%, 7/16/2024		100,000		98,411
1.15%, 6/10/2025		200,000		184,903
Santander Holdings USA, Inc.
3.45%, 6/2/2025		200,000		196,681
Santander UK Group Holdings plc
1.09%, 3/15/2025(a)		200,000		189,044
				6,952,417
Beverages – 2.8%
Anheuser-Busch Cos. LLC
4.70%, 2/1/2036		100,000		99,243
4.90%, 2/1/2046		50,000		49,472
Anheuser-Busch InBev Worldwide, Inc.
4.75%, 1/23/2029		100,000		103,109
5.45%, 1/23/2039		100,000		106,697
5.55%, 1/23/2049		300,000		322,398
Diageo Capital plc
2.13%, 10/24/2024		200,000		194,951

See Accompanying Notes to the Financial Statements.

390 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Beverages – (continued)
PepsiCo, Inc.
2.25%, 3/19/2025	$	100,000	$	97,712
2.63%, 7/29/2029		100,000		93,549
3.50%, 3/19/2040		200,000		185,943
				1,253,074
Biotechnology – 1.3%
Amgen, Inc.
1.90%, 2/21/2025		100,000		95,837
1.65%, 8/15/2028		100,000		87,361
2.80%, 8/15/2041		50,000		38,504
4.66%, 6/15/2051		200,000		193,395
Biogen, Inc.
3.15%, 5/1/2050		50,000		34,981
Gilead Sciences, Inc.
4.60%, 9/1/2035		150,000		151,771
				601,849
Building Products – 0.2%
Johnson Controls International plc
4.95%, 7/2/2064(b)		50,000		47,654
Owens Corning
4.30%, 7/15/2047		50,000		44,602
				92,256
Capital Markets – 7.2%
Bank of New York Mellon Corp. (The)
2.20%, 8/16/2023		200,000		198,413
2.10%, 10/24/2024		10,000		9,785
3.40%, 1/29/2028		100,000		98,313
Blackstone Private Credit Fund
2.63%, 12/15/2026(c)		50,000		43,930
Deutsche Bank AG
2.22%, 9/18/2024(a)		150,000		146,026
3.96%, 11/26/2025(a)		150,000		148,040
3.04%, 5/28/2032(a)		150,000		125,269
FS KKR Capital Corp.
2.63%, 1/15/2027		50,000		44,928
Goldman Sachs Group, Inc. (The)
4.00%, 3/3/2024		200,000		201,988
3.50%, 4/1/2025		200,000		197,336
2.38%, 7/21/2032(a)		100,000		82,838

Investments	Principal Amount		Value
Capital Markets – (continued)
3.10%, 2/24/2033(a)	$	100,000	$	87,546
6.75%, 10/1/2037		100,000		115,807
5.15%, 5/22/2045		100,000		100,804
Moody’s Corp.
3.75%, 2/25/2052		50,000		42,783
Morgan Stanley
Series F, 3.88%, 4/29/2024		200,000		201,401
3.88%, 1/27/2026		200,000		198,554
3.13%, 7/27/2026		200,000		191,904
0.98%, 12/10/2026(a)		200,000		178,779
2.70%, 1/22/2031(a)		200,000		176,199
2.24%, 7/21/2032(a)		100,000		82,737
4.46%, 4/22/2039(a)		100,000		97,602
5.60%, 3/24/2051(a)		150,000		171,229
S&P Global, Inc.
1.25%, 8/15/2030		100,000		81,388
State Street Corp.
2.90%, 3/30/2026(a)		100,000		97,975
2.40%, 1/24/2030		100,000		90,035
				3,211,609
Chemicals – 1.2%
Ecolab, Inc.
4.80%, 3/24/2030		200,000		212,128
International Flavors & Fragrances, Inc.
5.00%, 9/26/2048		50,000		49,318
Nutrien Ltd.
5.88%, 12/1/2036		100,000		111,464
Sherwin-Williams Co. (The)
2.95%, 8/15/2029		200,000		184,388
				557,298
Commercial Services & Supplies – 0.6%
Waste Management, Inc.
0.75%, 11/15/2025		300,000		274,152
Communications Equipment – 0.3%
Cisco Systems, Inc.
5.90%, 2/15/2039		100,000		119,542
Consumer Finance – 2.0%
American Express Co.
3.13%, 5/20/2026		100,000		98,199

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 391

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Consumer Finance – (continued)
Caterpillar Financial Services Corp.
0.95%, 1/10/2024	$	100,000	$	96,978
1.10%, 9/14/2027		200,000		177,599
General Motors Financial Co., Inc.
1.25%, 1/8/2026		250,000		224,002
John Deere Capital Corp.
3.45%, 3/7/2029		200,000		196,948
Synchrony Financial
4.38%, 3/19/2024		100,000		100,945
				894,671
Containers & Packaging – 0.3%
International Paper Co.
6.00%, 11/15/2041		100,000		111,107
Packaging Corp. of America
3.05%, 10/1/2051		50,000		37,963
				149,070
Diversified Financial Services – 1.4%
Shell International Finance BV
0.38%, 9/15/2023		200,000		194,109
3.88%, 11/13/2028		100,000		100,181
6.38%, 12/15/2038		100,000		122,747
4.38%, 5/11/2045		150,000		146,147
3.25%, 4/6/2050		50,000		41,390
				604,574
Diversified Telecommunication Services – 4.8%
AT&T, Inc.
4.35%, 3/1/2029		150,000		151,681
4.30%, 2/15/2030		150,000		151,005
3.50%, 6/1/2041		100,000		83,432
3.50%, 9/15/2053		50,000		39,415
3.55%, 9/15/2055		200,000		155,556
3.80%, 12/1/2057		100,000		80,458
3.65%, 9/15/2059		100,000		77,590
Orange SA
9.00%, 3/1/2031(b)		100,000		132,029
Telefonica Emisiones SA
5.21%, 3/8/2047		150,000		142,668
Verizon Communications, Inc.
3.38%, 2/15/2025		50,000		49,996
4.13%, 3/16/2027		150,000		150,854

Investments	Principal Amount		Value
Diversified Telecommunication Services – (continued)
4.33%, 9/21/2028	$	200,000	$	201,373
2.36%, 3/15/2032(c)		100,000		84,179
2.65%, 11/20/2040		150,000		113,963
3.40%, 3/22/2041		200,000		168,824
4.86%, 8/21/2046		100,000		101,213
3.55%, 3/22/2051		200,000		165,395
3.70%, 3/22/2061		100,000		82,041
				2,131,672
Electric Utilities – 2.8%
Arizona Public Service Co.
2.20%, 12/15/2031		100,000		82,897
Commonwealth Edison Co.
3.00%, 3/1/2050		50,000		39,611
Series 130, 3.13%, 3/15/2051		100,000		80,793
Connecticut Light and Power Co. (The)
Series A, 2.05%, 7/1/2031		100,000		85,693
Edison International
4.13%, 3/15/2028		300,000		289,843
Eversource Energy
3.45%, 1/15/2050		100,000		80,021
Exelon Corp.
4.95%, 6/15/2035		100,000		100,353
4.45%, 4/15/2046		50,000		47,614
4.70%, 4/15/2050		100,000		97,666
Oncor Electric Delivery Co. LLC
2.75%, 6/1/2024		100,000		99,025
4.55%, 12/1/2041		100,000		101,933
Potomac Electric Power Co.
3.60%, 3/15/2024		100,000		100,702
Southern California Edison Co.
Series C, 4.13%, 3/1/2048		50,000		43,928
				1,250,079
Energy Equipment & Services – 0.5%
Baker Hughes Holdings LLC
4.08%, 12/15/2047		50,000		44,802
Halliburton Co.
2.92%, 3/1/2030		100,000		90,703
4.85%, 11/15/2035		100,000		101,262
				236,767

See Accompanying Notes to the Financial Statements.

392 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Entertainment – 1.1%
Walt Disney Co. (The)
3.35%, 3/24/2025	$	100,000	$	99,732
2.00%, 9/1/2029		200,000		175,264
6.65%, 11/15/2037		100,000		123,246
3.50%, 5/13/2040		100,000		88,533
				486,775
Equity Real Estate Investment Trusts (REITs) – 3.8%
Alexandria Real Estate Equities, Inc.
2.75%, 12/15/2029		200,000		179,917
AvalonBay Communities, Inc.
2.95%, 5/11/2026		200,000		194,496
Boston Properties LP
3.25%, 1/30/2031		100,000		90,834
Brixmor Operating Partnership LP
3.90%, 3/15/2027		100,000		98,058
Equinix, Inc.
3.20%, 11/18/2029		100,000		90,966
3.40%, 2/15/2052		50,000		38,946
ERP Operating LP
4.50%, 7/1/2044		100,000		100,014
Healthpeak Properties, Inc.
1.35%, 2/1/2027		100,000		89,887
Host Hotels & Resorts LP
Series F, 4.50%, 2/1/2026		100,000		100,064
Kilroy Realty LP
4.38%, 10/1/2025		100,000		101,539
Kimco Realty Corp.
2.25%, 12/1/2031		100,000		84,325
Prologis LP
3.00%, 4/15/2050		100,000		79,796
UDR, Inc.
3.20%, 1/15/2030		100,000		92,809
Ventas Realty LP
4.00%, 3/1/2028		200,000		195,994
Welltower, Inc.
3.10%, 1/15/2030		200,000		184,452
				1,722,097
Food & Staples Retailing – 2.0%
Kroger Co. (The)
2.65%, 10/15/2026		100,000		95,009
3.95%, 1/15/2050		100,000		88,653

Investments	Principal Amount		Value
Food & Staples Retailing – (continued)
Walgreens Boots Alliance, Inc.
3.45%, 6/1/2026	$	100,000	$	98,313
4.10%, 4/15/2050		75,000		64,452
Walmart, Inc.
3.40%, 6/26/2023		200,000		202,273
3.25%, 7/8/2029		100,000		97,970
1.80%, 9/22/2031		150,000		128,192
4.05%, 6/29/2048		100,000		101,010
				875,872
Food Products – 1.6%
Bunge Ltd. Finance Corp.
1.63%, 8/17/2025		100,000		93,160
Campbell Soup Co.
4.15%, 3/15/2028		100,000		99,668
General Mills, Inc.
3.70%, 10/17/2023		100,000		101,022
2.88%, 4/15/2030		100,000		91,019
Kellogg Co.
2.65%, 12/1/2023		100,000		99,464
Kraft Heinz Foods Co.
6.50%, 2/9/2040		50,000		55,142
Mondelez International, Inc.
2.63%, 9/4/2050		100,000		70,710
Unilever Capital Corp.
3.50%, 3/22/2028		100,000		98,970
				709,155
Health Care Equipment & Supplies – 1.7%
Abbott Laboratories
3.40%, 11/30/2023		100,000		100,982
4.90%, 11/30/2046		150,000		164,907
Baxter International, Inc.
1.73%, 4/1/2031		100,000		80,678
3.13%, 12/1/2051(c)		50,000		37,403
Becton Dickinson and Co.
1.96%, 2/11/2031		100,000		82,597
Boston Scientific Corp.
2.65%, 6/1/2030		100,000		88,958
Medtronic, Inc.
4.63%, 3/15/2045		100,000		105,302
Zimmer Biomet Holdings, Inc.
2.60%, 11/24/2031		100,000		85,824
				746,651

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 393

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Health Care Providers & Services – 5.4%
Aetna, Inc.
2.80%, 6/15/2023	$	200,000	$	199,553
3.88%, 8/15/2047		50,000		43,333
AmerisourceBergen Corp.
2.70%, 3/15/2031		100,000		87,755
Anthem, Inc.
2.38%, 1/15/2025		200,000		193,915
2.25%, 5/15/2030		100,000		86,692
3.60%, 3/15/2051		200,000		169,490
Cardinal Health, Inc.
3.08%, 6/15/2024		100,000		99,335
4.90%, 9/15/2045		50,000		47,443
Cigna Corp.
4.50%, 2/25/2026		100,000		102,159
4.38%, 10/15/2028		150,000		150,918
4.90%, 12/15/2048		150,000		149,780
CommonSpirit Health
4.19%, 10/1/2049		100,000		90,060
CVS Health Corp.
3.88%, 7/20/2025		100,000		100,610
4.30%, 3/25/2028		200,000		201,069
4.78%, 3/25/2038		100,000		99,213
5.05%, 3/25/2048		150,000		152,382
4.25%, 4/1/2050		50,000		45,514
HCA, Inc.
4.38%, 3/15/2042(c)		150,000		130,870
Kaiser Foundation Hospitals
Series 2021, 2.81%, 6/1/2041		100,000		79,532
Laboratory Corp. of America Holdings
1.55%, 6/1/2026		100,000		91,399
2.70%, 6/1/2031		100,000		87,289
				2,408,311
Hotels, Restaurants & Leisure – 1.4%
Las Vegas Sands Corp.
3.20%, 8/8/2024		100,000		96,174
Marriott International, Inc.
Series II, 2.75%, 10/15/2033		100,000		82,397
McDonald’s Corp.
3.50%, 7/1/2027		100,000		98,674
3.63%, 9/1/2049		200,000		168,147

Investments	Principal Amount		Value
Hotels, Restaurants & Leisure – (continued)
Sands China Ltd.
5.40%, 8/8/2028(b)	$	200,000	$	188,912
				634,304
Household Durables – 0.3%
Lennar Corp.
4.50%, 4/30/2024		100,000		101,584
Whirlpool Corp.
4.60%, 5/15/2050		50,000		46,364
				147,948
Household Products – 0.2%
Kimberly-Clark Corp.
3.10%, 3/26/2030		100,000		94,923
Independent Power and Renewable Electricity Producers – 0.4%
Constellation Energy Generation LLC
3.25%, 6/1/2025		100,000		98,168
5.75%, 10/1/2041		50,000		49,667
Oglethorpe Power Corp.
5.05%, 10/1/2048		50,000		50,367
				198,202
Insurance – 4.2%
Allstate Corp. (The)
3.85%, 8/10/2049		100,000		90,371
American International Group, Inc.
2.50%, 6/30/2025		200,000		192,590
4.75%, 4/1/2048		100,000		102,996
Brighthouse Financial, Inc.
3.85%, 12/22/2051		50,000		37,086
Chubb INA Holdings, Inc.
4.35%, 11/3/2045		100,000		98,723
Corebridge Financial, Inc.
4.35%, 4/5/2042(c)		100,000		90,766
Everest Reinsurance Holdings, Inc.
3.13%, 10/15/2052		50,000		37,198
Hartford Financial Services Group, Inc. (The)
3.60%, 8/19/2049		100,000		84,943
Lincoln National Corp.
4.00%, 9/1/2023		200,000		202,314

See Accompanying Notes to the Financial Statements.

394 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Insurance – (continued)
Manulife Financial Corp.
4.06%, 2/24/2032(a)	$	100,000	$	97,388
MetLife, Inc.
3.60%, 4/10/2024		200,000		201,629
10.75%, 8/1/2039		50,000		69,954
4.60%, 5/13/2046		100,000		103,088
Progressive Corp. (The)
4.20%, 3/15/2048		50,000		48,597
Prudential Financial, Inc.
4.50%, 9/15/2047(a)		100,000		94,933
4.35%, 2/25/2050		150,000		147,079
Travelers Cos., Inc. (The)
4.00%, 5/30/2047		150,000		140,732
Unum Group
4.13%, 6/15/2051		50,000		39,414
				1,879,801
Interactive Media & Services – 0.5%
Alphabet, Inc.
0.45%, 8/15/2025		100,000		92,320
1.10%, 8/15/2030		100,000		82,002
2.05%, 8/15/2050		100,000		69,283
				243,605
Internet & Direct Marketing Retail – 1.6%
Amazon.com, Inc.
1.00%, 5/12/2026		200,000		182,630
1.65%, 5/12/2028		250,000		222,861
3.88%, 8/22/2037		100,000		97,731
2.88%, 5/12/2041		150,000		124,861
eBay, Inc.
2.70%, 3/11/2030		100,000		88,387
				716,470
IT Services – 2.1%
International Business Machines Corp.
3.00%, 5/15/2024		200,000		199,187
3.50%, 5/15/2029		150,000		145,253
4.25%, 5/15/2049		150,000		141,939
Mastercard, Inc.
2.95%, 6/1/2029		200,000		190,773
1.90%, 3/15/2031		100,000		87,115

Investments	Principal Amount		Value
IT Services – (continued)
PayPal Holdings, Inc.
1.35%, 6/1/2023	$	100,000	$	98,742
2.85%, 10/1/2029		100,000		91,957
				954,966
Leisure Products – 0.1%
Hasbro, Inc.
6.35%, 3/15/2040		50,000		54,978
Machinery – 1.1%
Caterpillar, Inc.
5.20%, 5/27/2041		100,000		111,190
Cummins, Inc.
1.50%, 9/1/2030		100,000		81,920
Illinois Tool Works, Inc.
2.65%, 11/15/2026		200,000		193,887
Stanley Black & Decker, Inc.
4.00%, 3/15/2060(a)		100,000		95,610
				482,607
Media – 0.9%
Fox Corp.
4.71%, 1/25/2029		100,000		100,878
3.50%, 4/8/2030		100,000		92,939
Paramount Global
4.95%, 1/15/2031		100,000		99,231
4.38%, 3/15/2043		100,000		82,965
4.95%, 5/19/2050		50,000		45,500
				421,513
Metals & Mining – 0.4%
Newmont Corp.
5.88%, 4/1/2035		100,000		110,788
Teck Resources Ltd.
6.25%, 7/15/2041		50,000		54,454
				165,242
Multiline Retail – 0.6%
Target Corp.
2.25%, 4/15/2025		100,000		97,215
2.65%, 9/15/2030		200,000		183,276
				280,491

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 395

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Multi-Utilities – 1.5%
Consolidated Edison Co. of New York, Inc.
2.40%, 6/15/2031	$	100,000	$	86,846
3.95%, 3/1/2043		50,000		44,840
Consumers Energy Co.
4.35%, 4/15/2049		100,000		100,389
Dominion Energy, Inc.
Series C, 3.38%, 4/1/2030		100,000		92,673
Puget Energy, Inc.
2.38%, 6/15/2028		200,000		178,389
San Diego Gas & Electric Co.
2.95%, 8/15/2051		100,000		78,062
Sempra Energy
4.00%, 2/1/2048		100,000		88,422
				669,621
Oil, Gas & Consumable Fuels – 6.3%
BP Capital Markets America, Inc.
3.38%, 2/8/2061		50,000		39,077
Canadian Natural Resources Ltd.
6.25%, 3/15/2038		100,000		110,418
Devon Energy Corp.
5.00%, 6/15/2045		50,000		48,960
Enbridge, Inc.
2.50%, 8/1/2033		100,000		82,902
5.50%, 7/15/2077(a)		100,000		95,943
Enterprise Products Operating LLC
6.45%, 9/1/2040		100,000		113,293
4.25%, 2/15/2048		100,000		88,339
4.80%, 2/1/2049		50,000		47,931
4.20%, 1/31/2050		50,000		44,081
Hess Corp.
3.50%, 7/15/2024		100,000		99,494
6.00%, 1/15/2040		50,000		53,211
Kinder Morgan Energy Partners LP
6.95%, 1/15/2038		100,000		114,256
Kinder Morgan, Inc.
4.30%, 6/1/2025		100,000		101,022
2.00%, 2/15/2031		100,000		82,657
5.55%, 6/1/2045		100,000		100,957
Magellan Midstream Partners LP
3.95%, 3/1/2050		50,000		41,940

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
Marathon Petroleum Corp.
4.50%, 4/1/2048	$	50,000	$	44,186
MPLX LP
1.75%, 3/1/2026		100,000		91,472
2.65%, 8/15/2030		100,000		86,629
5.50%, 2/15/2049		100,000		98,202
ONEOK Partners LP
6.13%, 2/1/2041		50,000		51,025
Plains All American Pipeline LP
4.65%, 10/15/2025		200,000		202,354
4.90%, 2/15/2045		50,000		43,144
Sabine Pass Liquefaction LLC
4.50%, 5/15/2030		100,000		99,549
Suncor Energy, Inc.
6.80%, 5/15/2038		50,000		58,610
TotalEnergies Capital International SA
2.83%, 1/10/2030		100,000		92,703
3.13%, 5/29/2050		100,000		79,638
Transcontinental Gas Pipe Line Co. LLC
3.25%, 5/15/2030		50,000		46,473
Valero Energy Corp.
4.00%, 4/1/2029		100,000		97,391
2.80%, 12/1/2031		100,000		86,650
Williams Cos., Inc. (The)
4.55%, 6/24/2024		200,000		202,894
6.30%, 4/15/2040		100,000		111,808
5.75%, 6/24/2044		50,000		52,201
				2,809,410
Paper & Forest Products – 0.2%
Suzano Austria GmbH
3.13%, 1/15/2032		100,000		80,902
Personal Products – 0.2%
Estee Lauder Cos., Inc. (The)
3.15%, 3/15/2027		100,000		97,773
Pharmaceuticals – 4.5%
AstraZeneca plc
6.45%, 9/15/2037		50,000		61,890
GlaxoSmithKline Capital, Inc.
3.88%, 5/15/2028		100,000		100,786
6.38%, 5/15/2038		100,000		123,109

See Accompanying Notes to the Financial Statements.

396 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Pharmaceuticals – (continued)
Johnson & Johnson
2.63%, 1/15/2025	$	100,000	$	99,398
1.30%, 9/1/2030		100,000		84,290
3.63%, 3/3/2037		200,000		193,409
3.70%, 3/1/2046		100,000		95,448
Merck & Co., Inc.
2.90%, 3/7/2024		100,000		99,918
3.40%, 3/7/2029		100,000		98,369
2.35%, 6/24/2040		100,000		77,552
3.70%, 2/10/2045		100,000		91,664
2.75%, 12/10/2051		50,000		38,392
Novartis Capital Corp.
3.40%, 5/6/2024		100,000		100,819
2.00%, 2/14/2027		100,000		94,112
2.75%, 8/14/2050		100,000		79,178
Pfizer, Inc.
0.80%, 5/28/2025		100,000		93,269
3.45%, 3/15/2029		100,000		97,822
7.20%, 3/15/2039		100,000		135,161
4.13%, 12/15/2046		100,000		99,786
Takeda Pharmaceutical Co. Ltd.
2.05%, 3/31/2030		200,000		168,625
				2,032,997
Road & Rail – 1.4%
Canadian National Railway Co.
4.45%, 1/20/2049		100,000		101,626
Canadian Pacific Railway Co.
1.35%, 12/2/2024		100,000		94,811
4.80%, 8/1/2045		100,000		101,848
CSX Corp.
3.40%, 8/1/2024		100,000		100,329
4.30%, 3/1/2048		100,000		95,666
3.80%, 4/15/2050		100,000		88,871
Norfolk Southern Corp.
4.10%, 5/15/2121		25,000		20,546
				603,697
Semiconductors & Semiconductor Equipment – 1.8%
Intel Corp.
2.88%, 5/11/2024		100,000		100,051
3.40%, 3/25/2025		100,000		100,190
2.45%, 11/15/2029		200,000		181,480

Investments	Principal Amount		Value
Semiconductors & Semiconductor Equipment – (continued)
2.00%, 8/12/2031	$	100,000	$	85,120
4.75%, 3/25/2050		150,000		155,468
4.95%, 3/25/2060		50,000		53,381
Micron Technology, Inc.
3.37%, 11/1/2041		50,000		39,889
QUALCOMM, Inc.
3.45%, 5/20/2025		100,000		100,341
				815,920
Software – 3.8%
Microsoft Corp.
3.13%, 11/3/2025		150,000		150,527
2.40%, 8/8/2026		200,000		193,830
3.30%, 2/6/2027		200,000		200,582
3.45%, 8/8/2036		50,000		47,941
2.53%, 6/1/2050		250,000		188,742
2.92%, 3/17/2052		150,000		122,692
3.04%, 3/17/2062		50,000		40,034
Oracle Corp.
3.60%, 4/1/2040		200,000		155,516
3.65%, 3/25/2041		100,000		77,737
4.00%, 7/15/2046		100,000		78,729
4.10%, 3/25/2061		100,000		74,309
Salesforce, Inc.
1.50%, 7/15/2028		100,000		88,431
2.90%, 7/15/2051		100,000		78,740
VMware, Inc.
0.60%, 8/15/2023		200,000		193,636
				1,691,446
Specialty Retail – 2.0%
Dick’s Sporting Goods, Inc.
4.10%, 1/15/2052		50,000		36,751
Home Depot, Inc. (The)
3.90%, 12/6/2028		200,000		200,266
5.88%, 12/16/2036		150,000		177,518
Lowe’s Cos., Inc.
2.50%, 4/15/2026		200,000		191,024
3.65%, 4/5/2029		100,000		96,608
2.63%, 4/1/2031		100,000		87,854
3.00%, 10/15/2050		150,000		111,697
				901,718

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 397

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Technology Hardware, Storage & Peripherals – 3.0%
Apple, Inc.
2.40%, 5/3/2023	$	100,000	$	100,134
3.45%, 5/6/2024		200,000		202,414
3.25%, 2/23/2026		300,000		299,864
1.65%, 2/8/2031		300,000		254,664
2.38%, 2/8/2041		150,000		117,497
3.85%, 5/4/2043		150,000		142,363
4.65%, 2/23/2046		50,000		53,190
2.65%, 2/8/2051		50,000		38,103
Dell International LLC
8.10%, 7/15/2036		54,000		66,742
3.38%, 12/15/2041(c)		50,000		37,613
HP, Inc.
2.65%, 6/17/2031		58,000		48,157
				1,360,741
Water Utilities – 0.4%
American Water Capital Corp.
2.30%, 6/1/2031		200,000		174,501
Wireless Telecommunication Services – 0.7%
Vodafone Group plc
4.38%, 5/30/2028		100,000		101,771
5.25%, 5/30/2048		200,000		200,957
				302,728
Total Corporate Bonds (Cost $50,547,346)				43,698,860
Total Investments – 97.5% (Cost $50,547,346)				43,698,860
Other assets less liabilities – 2.5%				1,105,847
NET ASSETS – 100.0%			$	44,804,707

(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, 2022.

(c) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees.

Percentages shown are based on Net Assets.

As of April 30, 2022, 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	$	—
Aggregate gross unrealized depreciation		(6,861,102	)
Net unrealized depreciation	$	(6,861,102	)
Federal income tax cost	$	50,559,962

Security Type	% of Net Assets
Corporate Bonds		97.5	%
Others(1)		2.5
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

398 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Ready Access Variable Income Fund

April 30, 2022 (Unaudited)

Investments	Principal Amount		Value
CORPORATE BONDS – 87.0%
Aerospace & Defense – 1.2%
Boeing Co. (The)
1.17%, 2/4/2023	$	929,000	$	916,988
1.95%, 2/1/2024		900,000		874,381
General Dynamics Corp.
2.25%, 11/15/2022		5,700,000		5,712,119
				7,503,488
Air Freight & Logistics – 1.0%
United Parcel Service, Inc.
2.35%, 5/16/2022		5,225,000		5,227,981
2.45%, 10/1/2022		445,000		446,232
2.50%, 4/1/2023		1,047,000		1,049,146
				6,723,359
Airlines – 0.3%
Southwest Airlines Co.
4.75%, 5/4/2023		1,670,000		1,699,921
Automobiles – 2.5%
BMW US Capital LLC
3.80%, 4/6/2023(a)		1,250,000		1,264,435
(United States SOFR Compounded Index + 0.53%), 0.82%, 4/1/2024(a) (b)		900,000		899,066
Daimler Finance North America LLC
0.75%, 3/1/2024(a)		2,350,000		2,250,575
Hyundai Capital America
1.25%, 9/18/2023(a)		910,000		883,429
0.80%, 1/8/2024(a)		1,700,000		1,621,439
0.88%, 6/14/2024(a)		1,000,000		940,258
Kia Corp.
2.38%, 2/14/2025(a)		730,000		704,196
Nissan Motor Acceptance Co. LLC
1.13%, 9/16/2024(a)		900,000		837,708
Stellantis NV
5.25%, 4/15/2023		2,211,000		2,251,108
Volkswagen Group of America Finance LLC
2.90%, 5/13/2022(a)		2,163,000		2,163,985

Investments	Principal Amount		Value
Automobiles – (continued)
0.75%, 11/23/2022(a)	$	1,000,000	$	990,507
3.13%, 5/12/2023(a)		1,410,000		1,410,304
				16,217,010
Banks – 18.2%
ANZ New Zealand Int’l Ltd.
(SOFR + 0.60%), 0.79%, 2/18/2025(a) (b)		1,450,000		1,446,563
Australia & New Zealand Banking Group Ltd.
2.63%, 5/19/2022		599,000		599,219
Bank of America Corp.
(BSBY3M + 0.43%), 0.91%, 5/28/2024(b)		3,700,000		3,681,389
(SOFR + 0.73%), 1.01%, 10/24/2024(b)		2,200,000		2,199,882
Series 2025, (SOFR + 0.66%), 0.83%, 2/4/2025(b)		2,000,000		1,983,740
Bank of Montreal
(United States SOFR Compounded Index + 0.62%), 0.88%, 9/15/2026(b)		3,300,000		3,274,966
Bank of New Zealand
(SOFR + 0.81%), 1.08%, 1/27/2027(a) (b)		4,000,000		3,987,072
Bank of Nova Scotia (The)
(United States SOFR Compounded Index + 0.55%), 0.76%, 3/2/2026(b)		5,000,000		4,944,870
Banque Federative du Credit Mutuel SA
(ICE LIBOR USD 3 Month + 0.96%), 2.02%, 7/20/2023(a) (b)		1,000,000		1,005,390
Barclays Bank plc
1.70%, 5/12/2022		3,561,000		3,561,724
BNP Paribas SA
2.95%, 5/23/2022(a)		300,000		300,277
4.25%, 10/15/2024		1,000,000		1,008,786

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 399

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Banks – (continued)
Canadian Imperial Bank of Commerce
2.55%, 6/16/2022	$	565,000	$	565,861
(SOFR + 0.80%), 1.09%, 3/17/2023(b)		2,300,000		2,304,419
Capital One Bank USA NA
3.38%, 2/15/2023		350,000		352,203
Citigroup, Inc.
(SOFR + 0.67%), 0.84%, 5/1/2025(b)		900,000		889,000
(SOFR + 0.69%), 0.96%, 1/25/2026(b)		2,400,000		2,364,789
Commonwealth Bank of Australia
(SOFR + 0.40%), 0.69%, 7/7/2025(a) (b)		1,800,000		1,784,984
(SOFR + 0.52%), 0.78%, 6/15/2026(a) (b)		1,900,000		1,888,032
Cooperatieve Rabobank UA
(United States SOFR Compounded Index + 0.30%), 0.58%, 1/12/2024(b)		2,000,000		1,996,641
(United States SOFR Compounded Index + 0.38%), 0.67%, 1/10/2025(b)		1,600,000		1,593,324
HSBC Holdings plc
0.73%, 8/17/2024(c)		2,240,000		2,157,680
ING Groep NV
(SOFR + 1.01%), 1.30%, 4/1/2027(b)		3,800,000		3,740,608
JPMorgan Chase & Co.
0.77%, 8/9/2025(c)		1,000,000		937,096
(SOFR + 0.92%), 1.12%, 2/24/2026(b)		6,000,000		5,929,193
(SOFR + 0.77%), 1.05%, 9/22/2027(b)		2,500,000		2,414,457
KeyBank NA
(SOFR + 0.34%), 0.62%, 1/3/2024(b)		4,800,000		4,764,914
Lloyds Banking Group plc
1.33%, 6/15/2023(c)		400,000		399,235
4.05%, 8/16/2023		650,000		656,522

Investments	Principal Amount		Value
Banks – (continued)
Mitsubishi UFJ Financial Group, Inc.
2.62%, 7/18/2022	$	2,720,000	$	2,726,012
3.46%, 3/2/2023		500,000		503,624
Mizuho Financial Group, Inc.
(ICE LIBOR USD 3 Month + 0.88%), 1.63%, 9/11/2022(b)		600,000		601,295
(ICE LIBOR USD 3 Month + 0.84%), 1.88%, 7/16/2023(b)		700,000		700,415
(ICE LIBOR USD 3 Month + 0.85%), 1.65%, 9/13/2023(b)		2,250,000		2,253,505
(ICE LIBOR USD 3 Month + 0.61%), 1.22%, 9/8/2024(b)		2,900,000		2,898,627
National Australia Bank Ltd.
(SOFR + 0.65%), 0.93%, 1/12/2027(a) (b)		4,000,000		3,974,932
National Bank of Canada
0.75%, 8/6/2024		900,000		846,859
NatWest Markets plc
(SOFR + 0.53%), 0.71%, 8/12/2024(a) (b)		600,000		596,381
Nordea Bank Abp
1.00%, 6/9/2023(a)		640,000		626,514
PNC Financial Services Group, Inc. (The)
2.85%, 11/9/2022(d)		375,000		376,638
Royal Bank of Canada
(United States SOFR Compounded Index + 0.44%), 0.71%, 1/21/2025(b)		3,000,000		2,971,934
(United States SOFR Compounded Index + 0.53%), 0.80%, 1/20/2026(b)		2,750,000		2,717,005
(United States SOFR Compounded Index + 0.57%), 0.84%, 4/27/2026(b)		2,000,000		1,971,101
Skandinaviska Enskilda Banken AB
2.20%, 12/12/2022(a)		600,000		599,432

See Accompanying Notes to the Financial Statements.

400 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Banks – (continued)
(ICE LIBOR USD 3 Month + 0.32%), 0.84%, 9/1/2023(a) (b)	$	2,800,000	$	2,791,636
0.65%, 9/9/2024(a)		500,000		468,857
Societe Generale SA
2.63%, 10/16/2024(a)		1,000,000		965,972
Sumitomo Mitsui Financial Group, Inc.
0.51%, 1/12/2024		300,000		286,568
(SOFR + 0.88%), 1.17%, 1/14/2027(b)		1,480,000		1,471,468
Sumitomo Mitsui Trust Bank Ltd.
0.80%, 9/12/2023(a)		900,000		872,455
0.85%, 3/25/2024(a)		400,000		381,216
Swedbank AB
1.30%, 6/2/2023(a)		400,000		393,213
Toronto-Dominion Bank (The)
(SOFR + 0.24%), 0.53%, 1/6/2023(b)		2,700,000		2,696,087
0.55%, 3/4/2024		2,000,000		1,908,267
(SOFR + 0.59%), 0.83%, 9/10/2026(b)		2,000,000		1,969,944
Truist Bank
1.25%, 3/9/2023		1,000,000		989,908
Truist Financial Corp.
3.05%, 6/20/2022		2,358,000		2,359,829
(SOFR + 0.40%), 0.64%, 6/9/2025(b)		3,750,000		3,689,222
Wells Fargo & Co.
(SOFR + 1.32%), 1.59%, 4/25/2026(b)		2,600,000		2,603,416
Westpac Banking Corp.
(SOFR + 0.30%), 0.49%, 11/18/2024(b)		4,410,000		4,389,335
(SOFR + 0.52%), 0.74%, 6/3/2026(b)		2,568,000		2,555,596
				117,890,099
Beverages – 0.5%
Keurig Dr Pepper, Inc.
0.75%, 3/15/2024		3,500,000		3,340,484

Investments	Principal Amount		Value
Biotechnology – 1.6%
AbbVie, Inc.
2.90%, 11/6/2022	$	4,000,000	$	4,012,014
Biogen, Inc.
3.63%, 9/15/2022		5,000,000		5,025,120
Gilead Sciences, Inc.
0.75%, 9/29/2023		1,624,000		1,572,255
				10,609,389
Capital Markets – 7.2%
Ares Capital Corp.
3.50%, 2/10/2023		1,100,000		1,100,457
Bank of New York Mellon Corp. (The)
1.95%, 8/23/2022		1,383,000		1,383,147
Series J, (SOFR + 0.20%), 0.47%, 10/25/2024(b)		2,800,000		2,775,072
BlackRock, Inc.
3.38%, 6/1/2022		7,500,000		7,513,930
Blackstone Private Credit Fund
2.70%, 1/15/2025(a)		800,000		753,312
Charles Schwab Corp. (The)
2.65%, 1/25/2023		1,472,000		1,475,245
(United States SOFR Compounded Index + 0.50%), 0.78%, 3/18/2024(b)		1,390,000		1,388,646
(United States SOFR Compounded Index + 1.05%), 1.27%, 3/3/2027(b)		7,000,000		7,008,203
Deutsche Bank AG
(ICE LIBOR USD 3 Month + 1.19%), 1.65%, 11/16/2022(b)		1,150,000		1,154,323
0.90%, 5/28/2024		1,100,000		1,039,692
FS KKR Capital Corp.
1.65%, 10/12/2024		980,000		918,923
Goldman Sachs Group, Inc. (The)
(SOFR + 0.54%), 0.73%, 11/17/2023(b)		300,000		299,026
(SOFR + 0.58%), 0.81%, 3/8/2024(b)		2,600,000		2,579,086

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 401

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Capital Markets – (continued)
Intercontinental Exchange, Inc.
2.35%, 9/15/2022	$	1,890,000	$	1,892,907
Macquarie Bank Ltd.
2.10%, 10/17/2022(a)		650,000		649,829
Moody’s Corp.
2.63%, 1/15/2023		2,400,000		2,402,327
Morgan Stanley
2.75%, 5/19/2022		845,000		845,527
1.16%, 10/21/2025(c)		500,000		467,362
(SOFR + 0.95%), 1.15%, 2/18/2026(b)		3,000,000		2,977,677
Nasdaq, Inc.
0.45%, 12/21/2022		4,800,000		4,735,079
UBS AG
(SOFR + 0.32%), 0.53%, 6/1/2023(a) (b)		2,500,000		2,496,198
0.70%, 8/9/2024(a)		200,000		188,738
UBS Group AG
3.49%, 5/23/2023(a)		620,000		620,929
				46,665,635
Chemicals – 0.7%
Air Products and Chemicals, Inc.
2.75%, 2/3/2023		2,000,000		2,003,997
International Flavors & Fragrances, Inc.
0.70%, 9/15/2022(a)		805,000		800,533
3.20%, 5/1/2023		750,000		751,219
Sherwin-Williams Co. (The)
2.75%, 6/1/2022		524,000		524,356
Westlake Corp.
0.88%, 8/15/2024		300,000		285,794
				4,365,899
Communications Equipment – 0.1%
Cisco Systems, Inc.
2.60%, 2/28/2023		471,000		471,645
Construction Materials – 0.1%
Martin Marietta Materials, Inc.
0.65%, 7/15/2023		980,000		955,695

Investments	Principal Amount		Value
Consumer Finance – 6.8%
AerCap Ireland Capital DAC
4.63%, 7/1/2022	$	450,000	$	451,478
(SOFR + 0.68%), 0.97%, 9/29/2023(b)		900,000		892,266
1.65%, 10/29/2024		750,000		699,624
Ally Financial, Inc.
4.63%, 5/19/2022		2,750,000		2,753,755
American Express Co.
2.50%, 8/1/2022		4,338,000		4,345,485
(United States SOFR Compounded Index + 0.72%), Zero Coupon, 5/3/2024(b)		3,000,000		3,000,303
American Honda Finance Corp.
(ICE LIBOR USD 3 Month + 0.37%), 0.74%, 5/10/2023(b)		2,500,000		2,501,438
0.88%, 7/7/2023		2,420,000		2,370,758
(ICE LIBOR USD 3 Month + 0.42%), 1.03%, 9/8/2023(b)		600,000		600,421
Capital One Financial Corp.
(ICE LIBOR USD 3 Month + 0.72%), 1.96%, 1/30/2023(b)		1,500,000		1,498,679
3.50%, 6/15/2023		1,000,000		1,006,434
Caterpillar Financial Services Corp.
(ICE LIBOR USD 3 Month + 0.74%), 1.13%, 5/13/2022(b)		3,000,000		3,000,256
2.40%, 6/6/2022		542,000		542,430
1.90%, 9/6/2022		800,000		801,472
General Motors Financial Co., Inc.
4.15%, 6/19/2023		465,000		469,959
1.70%, 8/18/2023		380,000		372,794
(SOFR + 0.76%), 0.99%, 3/8/2024(b)		800,000		794,601
3.50%, 11/7/2024		600,000		594,253
John Deere Capital Corp.
2.70%, 1/6/2023		300,000		301,806
2.80%, 1/27/2023		625,000		627,306
(SOFR + 0.12%), 0.41%, 7/10/2023(b)		1,500,000		1,494,965

See Accompanying Notes to the Financial Statements.

402 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Consumer Finance – (continued)
(SOFR + 0.20%), 0.49%, 10/11/2024(b)	$	1,500,000	$	1,500,792
(SOFR + 0.56%), 0.78%, 3/7/2025(b)		1,720,000		1,727,545
PACCAR Financial Corp.
2.65%, 4/6/2023		1,000,000		1,003,022
Synchrony Financial
4.25%, 8/15/2024		1,493,000		1,493,590
Toyota Motor Credit Corp.
(SOFR + 0.30%), 0.58%, 6/13/2022(b)		2,500,000		2,499,820
(SOFR + 0.32%), 0.60%, 1/13/2025(b)		7,000,000		6,938,673
				44,283,925
Containers & Packaging – 0.1%
Avery Dennison Corp.
0.85%, 8/15/2024		1,040,000		980,970
Diversified Financial Services – 0.7%
AIG Global Funding
2.30%, 7/1/2022(a)		1,025,000		1,025,298
Element Fleet Management Corp.
1.60%, 4/6/2024(a)		500,000		480,769
Jackson Financial, Inc.
1.13%, 11/22/2023(a)		950,000		917,177
NTT Finance Corp.
0.58%, 3/1/2024(a)		600,000		572,547
Siemens Financieringsmaatschappij NV
2.90%, 5/27/2022(a)		305,000		305,278
Synchrony Bank
3.00%, 6/15/2022		1,000,000		1,000,439
				4,301,508
Diversified Telecommunication Services – 1.6%
AT&T, Inc.
(United States SOFR Compounded Index + 0.64%), 0.93%, 3/25/2024(b)		1,160,000		1,159,466

Investments	Principal Amount		Value
Diversified Telecommunication Services – (continued)
(ICE LIBOR USD 3 Month + 1.18%), 1.98%, 6/12/2024(b)	$	3,550,000	$	3,577,958
Bell Canada
Series US-3, 0.75%, 3/17/2024		1,850,000		1,768,314
Verizon Communications, Inc.
(ICE LIBOR USD 3 Month + 1.10%), 1.61%, 5/15/2025(b)		1,000,000		1,011,846
(United States SOFR Compounded Index + 0.79%), 1.08%, 3/20/2026(b)		2,600,000		2,593,454
				10,111,038
Electric Utilities – 2.9%
American Electric Power Co., Inc.
Series A, (ICE LIBOR USD 3 Month + 0.48%), 0.80%, 11/1/2023(b)		1,400,000		1,400,126
Duke Energy Corp.
2.40%, 8/15/2022		250,000		250,269
3.05%, 8/15/2022		1,700,000		1,702,244
Entergy Louisiana LLC
0.62%, 11/17/2023		1,400,000		1,349,921
Eversource Energy
Series T, (United States SOFR Compounded Index + 0.25%), 0.43%, 8/15/2023(b)		1,500,000		1,496,399
Florida Power & Light Co.
(United States SOFR Compounded Index + 0.38%), 0.66%, 1/12/2024(b)		4,400,000		4,384,395
Mississippi Power Co.
Series A, (SOFR + 0.30%), 0.59%, 6/28/2024(b)		950,000		940,874
NextEra Energy Capital Holdings, Inc.
(ICE LIBOR USD 3 Month + 0.27%), 0.75%, 2/22/2023(b)		2,121,000		2,115,489

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 403

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Electric Utilities – (continued)
OGE Energy Corp.
0.70%, 5/26/2023	$	1,490,000	$	1,450,208
PPL Electric Utilities Corp.
(ICE LIBOR USD 3 Month + 0.25%), 1.22%, 9/28/2023(b)		850,000		846,665
(SOFR + 0.33%), 0.62%, 6/24/2024(b)		1,360,000		1,352,071
Southern Co. (The)
Series 21-A, 0.60%, 2/26/2024		1,840,000		1,755,003
				19,043,664
Electrical Equipment – 0.6%
Eaton Corp.
2.75%, 11/2/2022		3,875,000		3,886,661
Energy Equipment & Services – 0.3%
Baker Hughes Holdings LLC
1.23%, 12/15/2023		1,220,000		1,184,442
Schlumberger Finance Canada Ltd.
2.65%, 11/20/2022(a)		930,000		932,068
				2,116,510
Entertainment – 0.5%
Take-Two Interactive Software, Inc.
3.30%, 3/28/2024		510,000		508,002
3.55%, 4/14/2025		240,000		238,056
TWDC Enterprises 18 Corp.
2.35%, 12/1/2022		1,855,000		1,854,983
Walt Disney Co. (The)
3.00%, 9/15/2022		568,000		570,539
				3,171,580
Equity Real Estate Investment Trusts (REITs) – 1.3%
American Campus Communities Operating Partnership LP
3.75%, 4/15/2023		985,000		990,128
4.13%, 7/1/2024		1,000,000		1,012,172

Investments	Principal Amount		Value
Equity Real Estate Investment Trusts (REITs) – (continued)
Crown Castle International Corp.
3.15%, 7/15/2023	$	1,700,000	$	1,699,718
Public Storage
(SOFR + 0.47%), 0.74%, 4/23/2024(b)		4,000,000		3,989,957
Simon Property Group LP
(United States SOFR Compounded Index + 0.43%), 0.71%, 1/11/2024(b)		700,000		698,398
				8,390,373
Food & Staples Retailing – 1.8%
Kroger Co. (The)
2.80%, 8/1/2022		5,523,000		5,528,980
Walgreen Co.
3.10%, 9/15/2022		3,900,000		3,910,231
Walgreens Boots Alliance, Inc.
0.95%, 11/17/2023		1,770,000		1,717,035
Walmart, Inc.
2.35%, 12/15/2022		400,000		401,513
				11,557,759
Food Products – 1.3%
Campbell Soup Co.
3.65%, 3/15/2023		2,394,000		2,411,123
Conagra Brands, Inc.
3.20%, 1/25/2023		2,575,000		2,587,838
0.50%, 8/11/2023		560,000		541,895
General Mills, Inc.
(ICE LIBOR USD 3 Month + 1.01%), 2.05%, 10/17/2023(b)		650,000		657,530
Hormel Foods Corp.
0.65%, 6/3/2024		280,000		267,216
McCormick & Co., Inc.
2.70%, 8/15/2022		1,111,000		1,112,034
0.90%, 2/15/2026		620,000		558,351
Unilever Capital Corp.
2.20%, 5/5/2022		550,000		550,037
				8,686,024

See Accompanying Notes to the Financial Statements.

404 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Gas Utilities – 0.5%
CenterPoint Energy Resources Corp.
0.70%, 3/2/2023	$	1,170,000	$	1,146,158
ONE Gas, Inc.
(ICE LIBOR USD 3 Month + 0.61%), 1.36%, 3/11/2023(b)		2,050,000		2,045,678
Southern Natural Gas Co. LLC
0.63%, 4/28/2023(a)		180,000		175,926
				3,367,762
Health Care Equipment & Supplies – 1.4%
Baxter International, Inc.
0.87%, 12/1/2023(a)		1,800,000		1,732,180
(United States SOFR Compounded Index + 0.44%), 0.49%, 11/29/2024(a) (b)		1,140,000		1,134,819
Becton Dickinson and Co.
(ICE LIBOR USD 3 Month + 1.03%), 1.61%, 6/6/2022(b)		1,050,000		1,050,028
DH Europe Finance II Sarl
2.05%, 11/15/2022		3,050,000		3,050,088
Stryker Corp.
0.60%, 12/1/2023		1,910,000		1,838,653
Zimmer Biomet Holdings, Inc.
1.45%, 11/22/2024		650,000		616,000
				9,421,768
Health Care Providers & Services – 4.3%
Aetna, Inc.
2.75%, 11/15/2022		4,485,000		4,493,205
Anthem, Inc.
3.13%, 5/15/2022		625,000		625,352
0.45%, 3/15/2023		800,000		786,297
Cigna Corp.
3.05%, 11/30/2022		4,000,000		4,020,041
(ICE LIBOR USD 3 Month + 0.89%), 1.93%, 7/15/2023(b)		2,500,000		2,514,030

Investments	Principal Amount		Value
Health Care Providers & Services – (continued)
CVS Health Corp.
3.50%, 7/20/2022	$	2,800,000	$	2,802,874
2.75%, 12/1/2022		2,870,000		2,877,859
HCA, Inc.
5.00%, 3/15/2024		400,000		410,189
Humana, Inc.
3.15%, 12/1/2022		1,100,000		1,103,905
0.65%, 8/3/2023		760,000		738,087
McKesson Corp.
2.70%, 12/15/2022		1,640,000		1,643,310
UnitedHealth Group, Inc.
3.35%, 7/15/2022		4,026,000		4,035,380
2.75%, 2/15/2023		500,000		502,063
0.55%, 5/15/2024		1,580,000		1,505,646
				28,058,238
Hotels, Restaurants & Leisure – 2.2%
McDonald’s Corp.
3.35%, 4/1/2023		5,500,000		5,540,499
Starbucks Corp.
1.30%, 5/7/2022		6,362,000		6,362,020
(United States SOFR Compounded Index + 0.42%), 0.60%, 2/14/2024(b)		2,370,000		2,372,505
				14,275,024
Household Durables – 0.5%
DR Horton, Inc.
4.38%, 9/15/2022		810,000		812,122
Lennar Corp.
4.75%, 11/15/2022(d)		1,150,000		1,157,248
4.88%, 12/15/2023		940,000		956,345
Whirlpool Corp.
4.70%, 6/1/2022		406,000		406,682
				3,332,397
Household Products – 1.2%
Church & Dwight Co., Inc.
2.45%, 8/1/2022		2,385,000		2,387,450
2.88%, 10/1/2022		3,150,000		3,158,977
Clorox Co. (The)
3.05%, 9/15/2022		1,950,000		1,953,514
				7,499,941

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 405

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Industrial Conglomerates – 1.3%
3M Co.
2.25%, 3/15/2023	$	680,000	$	680,356
General Electric Co.
(ICE LIBOR USD 3 Month + 0.30%), 1.34%, 5/13/2024(b)		3,000,000		2,961,770
Honeywell International, Inc.
2.15%, 8/8/2022		2,500,000		2,503,144
Roper Technologies, Inc.
0.45%, 8/15/2022		1,395,000		1,387,967
3.13%, 11/15/2022		825,000		828,022
				8,361,259
Insurance – 3.2%
Allstate Corp. (The)
(ICE LIBOR USD 3 Month + 0.63%), 1.61%, 3/29/2023(b)		849,000		848,504
Aon Corp.
2.20%, 11/15/2022		4,227,000		4,221,409
Athene Global Funding
3.00%, 7/1/2022(a)		269,000		269,459
1.20%, 10/13/2023(a)		1,900,000		1,839,609
(ICE LIBOR USD 3 Month + 0.73%), 1.72%, 1/8/2024(a) (b)		1,000,000		993,912
Berkshire Hathaway Finance Corp.
3.00%, 5/15/2022		5,000,000		5,002,076
Brighthouse Financial Global Funding
0.60%, 6/28/2023(a)		630,000		613,187
Chubb INA Holdings, Inc.
2.88%, 11/3/2022		585,000		587,154
Corebridge Financial, Inc.
3.50%, 4/4/2025(a)		2,300,000		2,276,773
Jackson National Life Global Funding
2.50%, 6/27/2022(a)		670,000		670,924
New York Life Global Funding
(United States SOFR Compounded Index + 0.33%), 0.61%, 1/14/2025(a) (b)		2,000,000		1,985,152

Investments	Principal Amount		Value
Insurance – (continued)
Protective Life Global Funding
0.63%, 10/13/2023(a)	$	900,000	$	869,786
Security Benefit Global Funding
1.25%, 5/17/2024(a)		650,000		616,693
				20,794,638
Internet & Direct Marketing Retail – 0.7%
eBay, Inc.
(ICE LIBOR USD 3 Month + 0.87%), 2.11%, 1/30/2023(b)		1,510,000		1,511,691
2.75%, 1/30/2023		3,181,000		3,186,169
				4,697,860
IT Services – 0.9%
Fidelity National Information Services, Inc.
0.60%, 3/1/2024		910,000		864,029
Global Payments, Inc.
4.00%, 6/1/2023		1,000,000		1,008,382
1.50%, 11/15/2024		240,000		227,046
International Business Machines Corp.
2.85%, 5/13/2022		100,000		100,059
PayPal Holdings, Inc.
2.20%, 9/26/2022		320,000		320,635
1.35%, 6/1/2023		3,440,000		3,396,722
				5,916,873
Life Sciences Tools & Services – 0.1%
Thermo Fisher Scientific, Inc.
(United States SOFR Compounded Index + 0.53%), 0.81%, 10/18/2024(b)		550,000		547,966
1.22%, 10/18/2024		390,000		370,371
				918,337
Machinery – 0.9%
CNH Industrial Capital LLC
1.95%, 7/2/2023		630,000		620,560
Daimler Trucks Finance North America LLC
(SOFR + 0.60%), 0.87%, 12/14/2023(a) (b)		2,000,000		1,994,946

See Accompanying Notes to the Financial Statements.

406 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Machinery – (continued)
Parker-Hannifin Corp.
3.50%, 9/15/2022	$	3,000,000	$	3,018,101
				5,633,607
Media – 1.2%
Charter Communications Operating LLC
4.46%, 7/23/2022		2,662,000		2,666,664
Comcast Cable Communications Holdings, Inc.
9.46%, 11/15/2022		1,407,000		1,459,143
Comcast Corp.
(ICE LIBOR USD 3 Month + 0.63%), 1.67%, 4/15/2024(b)		1,000,000		1,005,442
Discovery Communications LLC
2.95%, 3/20/2023		2,500,000		2,500,429
				7,631,678
Multiline Retail – 1.2%
Dollar General Corp.
3.25%, 4/15/2023		5,500,000		5,522,337
Target Corp.
8.80%, 5/15/2022		2,300,000		2,305,825
				7,828,162
Multi-Utilities – 2.0%
Ameren Illinois Co.
2.70%, 9/1/2022		1,000,000		1,000,534
0.38%, 6/15/2023		670,000		651,833
Black Hills Corp.
1.04%, 8/23/2024		960,000		908,658
CenterPoint Energy, Inc.
(United States SOFR Compounded Index + 0.65%), 0.83%, 5/13/2024(b)		760,000		754,220
Consolidated Edison, Inc.
Series A, 0.65%, 12/1/2023		3,600,000		3,463,881

Investments	Principal Amount		Value
Multi-Utilities – (continued)
Dominion Energy, Inc.
Series D, (ICE LIBOR USD 3 Month + 0.53%), 1.36%, 9/15/2023(b)	$	2,000,000	$	1,997,158
DTE Energy Co.
Series H, 0.55%, 11/1/2022		3,000,000		2,976,414
2.25%, 11/1/2022		1,082,000		1,081,927
				12,834,625
Oil, Gas & Consumable Fuels – 3.4%
Canadian Natural Resources Ltd.
2.95%, 1/15/2023		2,500,000		2,505,224
ConocoPhillips Co.
2.13%, 3/8/2024		1,500,000		1,476,332
Continental Resources, Inc.
4.50%, 4/15/2023		2,720,000		2,754,000
Enbridge, Inc.
(SOFR + 0.40%), 0.59%, 2/17/2023(b)		690,000		688,792
(United States SOFR Compounded Index + 0.63%), 0.82%, 2/16/2024(b)		4,700,000		4,707,057
Exxon Mobil Corp.
1.90%, 8/16/2022		600,000		600,562
Kinder Morgan Energy Partners LP
3.95%, 9/1/2022		400,000		400,322
Kinder Morgan, Inc.
3.15%, 1/15/2023		1,700,000		1,705,334
MPLX LP
3.50%, 12/1/2022		2,420,000		2,432,485
3.38%, 3/15/2023		2,000,000		2,008,471
Phillips 66
3.70%, 4/6/2023		600,000		604,757
Saudi Arabian Oil Co.
1.25%, 11/24/2023(a)		200,000		194,654
Suncor Energy, Inc.
2.80%, 5/15/2023		500,000		498,611
TransCanada PipeLines Ltd.
1.00%, 10/12/2024		520,000		488,747
Williams Cos., Inc. (The)
3.70%, 1/15/2023		950,000		954,604
				22,019,952

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 407

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Paper & Forest Products – 0.3%
Georgia-Pacific LLC
0.63%, 5/15/2024(a)	$	2,200,000	$	2,088,704
Pharmaceuticals – 2.9%
AstraZeneca plc
2.38%, 6/12/2022		1,800,000		1,801,608
(ICE LIBOR USD 3 Month + 0.67%), 1.13%, 8/17/2023(b)		480,000		482,062
Bristol-Myers Squibb Co.
2.60%, 5/16/2022		2,000,000		2,001,363
0.54%, 11/13/2023		700,000		679,176
Eli Lilly & Co.
2.35%, 5/15/2022		3,719,000		3,720,474
GlaxoSmithKline Capital plc
2.88%, 6/1/2022		1,300,000		1,300,000
Merck & Co., Inc.
2.40%, 9/15/2022		1,375,000		1,377,358
Roche Holdings, Inc.
(SOFR + 0.56%), 0.80%, 3/10/2025(a) (b)		4,000,000		4,013,517
Shire Acquisitions Investments Ireland DAC
2.88%, 9/23/2023		448,000		447,184
Viatris, Inc.
1.13%, 6/22/2022		3,054,000		3,050,198
				18,872,940
Road & Rail – 1.9%
Canadian Pacific Railway Co.
1.35%, 12/2/2024		910,000		862,777
JB Hunt Transport Services, Inc.
3.30%, 8/15/2022		5,000,000		5,010,528
Ryder System, Inc.
2.88%, 6/1/2022		1,757,000		1,759,290
3.40%, 3/1/2023		3,300,000		3,322,184
SMBC Aviation Capital Finance DAC
4.13%, 7/15/2023(a)		700,000		698,511
Union Pacific Corp.
2.95%, 1/15/2023		600,000		602,374
				12,255,664

Investments	Principal Amount		Value
Semiconductors & Semiconductor Equipment – 1.7%
Advanced Micro Devices, Inc.
7.50%, 8/15/2022	$	200,000	$	202,933
Analog Devices, Inc.
(SOFR + 0.25%), 0.54%, 10/1/2024(b)		610,000		607,321
Intel Corp.
3.10%, 7/29/2022		4,500,000		4,522,954
Microchip Technology, Inc.
0.98%, 9/1/2024(a)		870,000		817,425
NVIDIA Corp.
0.31%, 6/15/2023		3,390,000		3,309,268
QUALCOMM, Inc.
3.00%, 5/20/2022		421,000		421,401
(ICE LIBOR USD 3 Month + 0.73%), 1.97%, 1/30/2023(b)		970,000		972,751
				10,854,053
Software – 0.4%
Oracle Corp.
2.50%, 10/15/2022		1,800,000		1,801,302
VMware, Inc.
0.60%, 8/15/2023		590,000		571,227
				2,372,529
Specialty Retail – 0.5%
AutoZone, Inc.
2.88%, 1/15/2023		860,000		861,389
O’Reilly Automotive, Inc.
3.80%, 9/1/2022		1,145,000		1,146,285
3.85%, 6/15/2023		1,109,000		1,117,733
				3,125,407
Technology Hardware, Storage & Peripherals – 0.6%
Apple, Inc.
2.30%, 5/11/2022		3,101,000		3,101,702
Dell International LLC
5.45%, 6/15/2023		268,000		273,967
Hewlett Packard Enterprise Co.
2.25%, 4/1/2023		400,000		398,108
				3,773,777

See Accompanying Notes to the Financial Statements.

408 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Textiles, Apparel & Luxury Goods – 0.7%
Ralph Lauren Corp.
1.70%, 6/15/2022	$	4,289,000	$	4,291,377
Trading Companies & Distributors – 0.8%
Air Lease Corp.
(ICE LIBOR USD 3 Month + 0.35%), 1.18%, 12/15/2022(b)		1,500,000		1,498,445
0.70%, 2/15/2024		1,000,000		949,040
0.80%, 8/18/2024		980,000		910,431
GATX Corp.
3.90%, 3/30/2023		2,058,000		2,076,597
				5,434,513
Wireless Telecommunication Services – 0.9%
Rogers Communications, Inc.
3.00%, 3/15/2023		4,919,000		4,928,619
Vodafone Group plc
2.50%, 9/26/2022		708,000		709,495
				5,638,114
Total Corporate bonds (Cost $569,763,655)				564,271,835
MUNICIPAL BONDS – 2.9%
University of Missouri, System Facilities Revenue Bonds
Series 2020-A, 1.47%, 11/1/2023		1,000,000		978,631
City of New York
Series 2021-D, 0.43%, 8/1/2022		830,000		828,335
Series 2021-D, 0.59%, 8/1/2023		1,800,000		1,751,430
+ 0.00%), 0.35%, 6/1/2044(b)		5,000,000		5,000,000
Montgomery County, General Obligation Bonds
+ 0.00%), 0.31%, 11/1/2037(b)		1,000,000		1,000,000
				8,579,765
Anaheim Public Financing Authority
Series 2021-A, 0.63%, 7/1/2024		500,000		474,092

Investments	Principal Amount		Value
MUNICIPAL BONDS – (continued)
California Earthquake Authority
Series 2020-B, 1.33%, 7/1/2022	$	500,000	$	500,198
Miami-Dade County, Capital Asset Acquisition Special Obligation Bonds
Series 2020-B, 0.38%, 4/1/2023		1,110,000		1,090,521
New York City Transitional Finance Authority, Building Aid
Series 2022 Subseries S-1B, 0.64%, 7/15/2024		1,000,000		946,039
				3,010,850
Port Authority of New York & New Jersey
Series AAA, 1.09%, 7/1/2023		1,000,000		981,088
Development Authority of Monroe County, Gulf Power Company plant Scherer Project
+ 0.00%), 0.40%, 9/1/2037(b)		5,000,000		5,000,000
Total Municipal Bonds (Cost $18,738,729)				18,550,334
ASSET-BACKED SECURITIES – 2.3%
AmeriCredit Automobile Receivables Trust
Series 2020-3, Class A2, 0.42%, 3/18/2024		37,365		37,352
Series 2021-1, Class A2, 0.28%, 6/18/2024		325,362		325,023
Series 2021-2, Class A2, 0.26%, 11/18/2024		487,998		486,008
BA Credit Card Trust
Series 2019-A1, Class A1, 1.74%, 1/15/2025		880,000		881,114
Barclays Dryrock Issuance Trust
Series 2019-1, Class A, 1.96%, 5/15/2025		700,000		701,004

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 409

FlexShares^® Ready Access Variable Income Fund (cont.)

Investments	Principal Amount		Value
ASSET-BACKED SECURITIES – (continued)
Capital One Multi-Asset Execution Trust
Series 2019-A2, Class A2, 1.72%, 8/15/2024	$	900,000	$	900,983
Enterprise Fleet Financing LLC
Series 2019-2, Class A2, 2.29%, 2/20/2025(a)		243,647		243,812
Ford Credit Auto Lease Trust
Series 2022-A, Class A2A, 2.78%, 10/15/2024		800,000		800,731
Ford Credit Auto Owner Trust
Series 2020-C, Class A2, 0.25%, 9/15/2023		123,571		123,426
GM Financial Automobile Leasing Trust
Series 2022-1, Class A1, 0.57%, 2/21/2023		991,936		990,639
Hyundai Auto Receivables Trust
Series 2022-A, Class A2A, 1.81%, 2/18/2025		1,300,000		1,291,653
Nissan Auto Receivables Owner Trust
Series 2022-A, Class A1, 0.50%, 3/15/2023		903,386		902,269
Santander Drive Auto Receivables Trust
Series 2021-4, Class A2, 0.37%, 8/15/2024		278,134		277,232
Series 2022-1, Class A2, 1.36%, 12/16/2024		1,500,000		1,488,211
Series 2022-2, Class A2, 2.12%, 10/15/2026		2,000,000		1,993,578
Verizon Owner Trust
Series 2020-A, Class A1A, 1.85%, 7/22/2024		1,046,856		1,047,016
World Financial Network Credit Card Master Trust
Series 2019-B, Class A, 2.49%, 4/15/2026		1,000,000		1,001,809
Series 2019-C, Class A, 2.21%, 7/15/2026		1,000,000		1,001,897

Investments	Principal Amount		Value
ASSET-BACKED SECURITIES – (continued)
World Omni Automobile Lease Securitization Trust
Series 2020-B, Class A2, 0.32%, 9/15/2023	$	209,018	$	208,768
Total Asset-Backed Securities (Cost $14,726,506)				14,702,525
U.S. GOVERNMENT AGENCY SECURITIES – 0.3%
FFCB
(SOFR + 0.04%), Zero Coupon, 2/5/2024(b) (Cost $1,800,000)		1,800,000		1,800,368
FOREIGN GOVERNMENT SECURITIES – 0.1%
Japan Bank for International Cooperation
1.75%, 1/23/2023 (Cost $799,364)		800,000		798,294
SHORT-TERM INVESTMENTS – 6.8%
COMMERCIAL PAPER – 0.8%
Mccormick & Company Corporate Commercial Paper
0.45%, 5/2/2022(e) (Cost $4,999,938)		5,000,000		4,999,809
U.S. TREASURY OBLIGATIONS – 6.0%
U.S. Treasury Bills
0.21%, 5/3/2022(e)		4,000,000		3,999,991
0.42%, 5/24/2022(e)		10,000,000		9,998,235
0.56%, 5/31/2022(e)		10,000,000		9,997,402
0.32%, 6/2/2022(e)		10,000,000		9,997,221
0.48%, 6/7/2022(e)		5,000,000		4,997,854
Total U.S. Treasury Obligations (Cost $38,987,612)				38,990,703
Total Short-Term Investments (Cost $43,987,550)				43,990,512
Total Investments – 99.4% (Cost $649,815,804)				644,113,868
Other assets less liabilities – 0.6%				4,104,654
NET ASSETS – 100.0%			$	648,218,522

See Accompanying Notes to the Financial Statements.

410 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ready Access Variable Income Fund (cont.)

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2022.

(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, 2022.

(e) The rate shown was the current yield as of April 30, 2022.

Percentages shown are based on Net Assets.

Abbreviations

ICE ��� Intercontinental Exchange

LIBOR – London Interbank Offered Rate

SOFR – Secured Overnight Financing Rate

USD – US Dollar

As of April 30, 2022, 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	$	102,490
Aggregate gross unrealized depreciation		(5,804,426	)
Net unrealized depreciation	$	(5,701,936	)
Federal income tax cost	$	649,815,804

FlexShares^® Ready Access Variable Income Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:

Australia	2.5	%
Canada	6.7
Finland	0.1
France	0.5
Germany	2.1
Ireland	0.4
Japan	2.2
Netherlands	1.1
New Zealand	0.8
Saudi Arabia	0.0	†
South Korea	0.1
Sweden	0.7
Switzerland	1.1
United Kingdom	1.9
United States	79.2
Other1	0.6
	100.0	%

^†  Amount represents less than 0.05%.

¹  Includes any non-fixed-income securities and net other assets (liabilities).

Security Type	% of Net Assets
Corporate Bonds		87.0	%
Municipal Bonds		2.9
Asset-Backed Securities		2.3
U.S. Government Agency Securities		0.3
Foreign Government Securities		0.1
Short-Term Investments		6.8
Others(1)		0.6
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 411

Schedule of Investments

FlexShares^® Core Select Bond Fund

April 30, 2022 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS – 98.6%
FlexShares® Credit-Scored US Corporate Bond Index Fund(a)		301,418	$	14,512,824
FlexShares® Credit-Scored US Long Corporate Bond Index Fund(a)		87,249		4,062,296
FlexShares® Disciplined Duration MBS Index Fund(a)		1,193,272		25,518,122
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund(a)		290,878		7,478,473
iShares 10+ Year Investment Grade Corporate Bond ETF(b)		147,983		8,180,500
iShares 20+ Year Treasury Bond ETF(b)		115,860		13,839,477
iShares 3-7 Year Treasury Bond ETF		160,223		19,154,660
iShares 5-10 Year Investment Grade Corporate Bond ETF		212,813		11,096,070
iShares 7-10 Year Treasury Bond ETF(b)		86,828		8,926,787
iShares MBS ETF		148,119		14,530,474
iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF(b)		289,042		14,715,128
Total Exchange Traded Funds (Cost $154,217,573)				142,014,811
	Principal Amount
SECURITIES LENDING REINVESTMENTS(c) – 23.3%
REPURCHASE AGREEMENTS – 23.3%
CF Secured LLC, 0.27%, dated 4/30/2022, due 5/2/2022, repurchase price $31,594,450, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/26/2022 – 2/15/2052; Cash; total market value $32,010,217	$	31,593,976		31,593,976

Investments	Principal Amount		Value
REPURCHASE AGREEMENTS – (continued)
Societe Generale, New York Branch, 0.28%, dated 4/30/2022, due 5/6/2022, repurchase price $2,000,093, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.25%, maturing 4/30/2022 – 8/15/2051; total market value $2,025,200	$	2,000,000	$	2,000,000
				33,593,976
Total Securities Lending Reinvestments (cost $33,593,976)				33,593,976
SHORT-TERM INVESTMENTS – 0.7%
U.S. TREASURY OBLIGATIONS – 0.7%
U.S. Treasury Bills 0.22%, 5/19/2022(d) (e) (Cost $999,890)		1,000,000		999,901
Total Investments – 122.6% (Cost $188,811,439)				176,608,688
Liabilities in excess of other assets – (22.6%)				(32,599,097	)
NET ASSETS – 100.0%			$	144,009,591

^(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, 2022. The total value of securities on loan at April 30, 2022 was $32,557,764, collateralized in the form of cash that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; a total value of $33,593,976.

^(c)  The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $33,593,976.

^(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, 2022.

Percentages shown are based on Net Assets.

See Accompanying Notes to the Financial Statements.

412 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Core Select Bond Fund (cont.)

As of April 30, 2022, 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	$	26,900
Aggregate gross unrealized depreciation		(12,746,611	)
Net unrealized depreciation	$	(12,719,711	)
Federal income tax cost	$	189,356,543

For the period ended April 30, 2022, the FlexShares^® Core Select Bond Fund was invested in securities of affiliated FlexShares^® Funds. The Schedules of Investments of the affiliated FlexShares^® Funds are located elsewhere in this Report.

Investment in a company which was affiliated for the period ended April 30, 2022, was as follows:

Security	Value October 31, 2021		Purchases at Cost		Sales Proceeds		Shares April 30, 2022		Value April 30, 2022		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized (Loss)
FlexShares® Credit-Scored US Corporate Bond Index Fund	$	37,734,108	$	8,224,312	$	28,416,005		301,418	$	14,512,824	$	(1,144,008	)	$	315,007	$	(1,885,583	)
FlexShares® Credit-Scored US Long Corporate Bond Index Fund		5,998,595		1,774,991		2,450,159		87,249		4,062,296		(1,127,921	)		88,604		(133,210	)
FlexShares® Disciplined Duration MBS Index Fund		14,831,201		20,299,998		7,565,841		1,193,272		25,518,122		(1,582,199	)		242,161		(465,037	)
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund		—		7,831,391		191,011		290,878		7,478,473		(159,793	)		40,372		(2,114	)
FlexShares® Ready Access Variable Income Fund		2,015,253		9,819,265		11,773,773		—		—		3,133			7,787		(63,878	)
	$	60,579,157	$	47,949,957	$	50,396,789		1,872,817	$	51,571,715	$	(4,010,788	)	$	693,931	$	(2,549,822	)

Futures Contracts

FlexShares^® Core Select Bond Fund had the following open futures contracts as of April 30, 2022:

	Number of Contracts			Expiration Date		Trading Currency		Notional Amount			Value and Unrealized Appreciation*
Short Contracts
U.S. Treasury 10 Year Note		(49	)		06/21/2022		USD	$	(5,838,656	)	$	28,144

* 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.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 413

FlexShares^® Core Select Bond Fund (cont.)

Abbreviations:

USD – US Dollar

Security Type	% of Net Assets
Exchange Traded Funds		98.6	%
Securities Lending Reinvestments		23.3
Short-Term Investments		0.7
Others(1)		(22.6	)
		100.0	%

⁽¹⁾  Includes any other net assets/(liabilities).

See Accompanying Notes to the Financial Statements.

414 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements April 30, 2022 (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 management investment company under the Investment Company Act of 1940 (the “1940 Act”), as amended. The Trust consists of thirty-two operational exchange-traded funds as of April 30, 2022 (each a “Fund” and collectively, the “Funds”).

The FlexShares^® ESG & Climate Emerging Markets Core Index Fund commenced operations on April 20, 2022.

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^® ESG & Climate US Large Cap Core Index Fund, FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares^® ESG & Climate Emerging Markets Core Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, and FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund are non-diversified series of the Trust, pursuant to the 1940 Act.

The 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^® Morningstar Global Upstream Natural Resources Index Fund, FlexShares^® US Quality Large Cap Index Fund, FlexShares^® STOXX^® Global Broad Infrastructure Index Fund, FlexShares^® STOXX^® US ESG Select Index Fund, FlexShares^® STOXX^® Global ESG Select Index Fund, FlexShares^® Quality Dividend Index Fund, FlexShares^® Quality Dividend Defensive Index Fund, FlexShares^® Quality Dividend Dynamic Index Fund, FlexShares^® International Quality Dividend Index Fund, FlexShares^® International Quality Dividend Defensive Index Fund, FlexShares^® International Quality Dividend Dynamic Index Fund, FlexShares^® Disciplined Duration MBS Index Fund, FlexShares^® High Yield Value-Scored Bond Index Fund, FlexShares^® Global Quality Real Estate Index Fund, FlexShares^® Real Assets Allocation Index Fund, FlexShares^® iBoxx 3-Year Target Duration TIPS

Index Fund, FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund, FlexShares^® Credit-Scored US Corporate Bond Index Fund, FlexShares^® Credit-Scored US Long Corporate Bond Index Fund, FlexShares^® Ready Access Variable Income Fund and the FlexShares^® Core Select Bond Fund are diversified series of the Trust, pursuant to the 1940 Act.

Each Fund, except the FlexShares Ready Access Variable 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 Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares US Quality Large Cap 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 Quality Dividend Dynamic Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic 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 US Large Cap Core Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares ESG & Climate High Yield Corporate Core 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 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 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, FlexShares STOXX^® Global ESG Select Index Fund, and FlexShares

FLEXSHARES SEMIANNUAL REPORT 415

Notes to the Financial Statements (cont.)

STOXX^® Global Broad Infrastructure Index Fund seek to track Underlying Indexes sponsored by STOXX. The FlexShares iBoxx 3-Year Target Duration TIPS Index Fund and FlexShares iBoxx 5-Year Target Duration TIPS Index Fund seek to track Underlying Indexes sponsored by Markit Indexes Limited. The FlexShares Disciplined Duration MBS Index Fund seeks to track an Underlying Index sponsored by ICE Data Indexes, 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 Underlying Index, rather than in securities of individual companies. The FlexShares Core Select Bond Fund seeks to achieve its investment objective by investing, under normal circumstances in U.S. dollar-denominated investment-grade fixed-income securities either directly or indirectly through FlexShares 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 directly related to the performance of the underlying fund(s) in which it invests (“Underlying Fund”).

The FlexShares Ready Access Variable Income Fund and the FlexShares Core Select Bond Fund are actively managed and do not seek to replicate the performance of a specified index. The FlexShares Ready Access Variable Income Fund seeks maximum current income consistent with the preservation of capital and liquidity. The FlexShares Core Select Bond Fund seeks total return and preservation of capital. Each Fund, except the FlexShares Ready Access Variable Income Fund and the FlexShares Core Select 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 Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services-Investment 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 (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported 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 daily 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 Markets 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 dividends), 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. 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, the Funds value securities at fair value as determined in good faith in accordance with the Funds’ fair value pricing procedures as approved by the Board. Such circumstances include periods when trading in a security is suspended, the exchange or market on which a security trades closes early, the trading volume in a security is limited, corporate actions and announcements take place, or regulatory news affecting an issuer is released, such as government approvals. Additionally, the Trust, 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 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

416 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

regulatory guidance and the Trust’s fair value procedures. Other events that can trigger fair valuing of foreign securities include, for example, significant fluctuations in general market indicators, government actions, or natural disasters.

The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher 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 portfolio 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 Underlying Index. This difference may adversely affect an Index Fund’s ability to track its Underlying Index. Portfolio securities of certain Funds are listed on foreign exchanges and their value may change on days when shareholders 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), including 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-income securities may be valued using prices provided directly 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 recent 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 60 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 exchange, 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 exchange, 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 valued using an independent pricing service. The value of assets denominated in foreign currencies is converted into U.S. dollars using exchange rates deemed appropriate by NTI as Investment Adviser. Any use of a different 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 Index’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

FLEXSHARES SEMIANNUAL REPORT 417

Notes to the Financial Statements (cont.)

non-exchange traded derivatives, 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 operational 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 calculate 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 procedures 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 obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the valuations as of April 30, 2022 for each Fund based upon the three levels defined above. Please refer to the Schedules of Investments to view equity and debt securities segregated by industry type, where applicable.

	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares US Quality Low Volatility Index Fund
Investments
Common Stocks*	$	159,426,679		$	—	$	—	$	159,426,679
Short-Term Investments		—			184,789		—		184,789
Total Investments	$	159,426,679		$	184,789	$	—	$	159,611,468
Other Financial Instruments
Liabilities
Futures Contracts	$	(39,542	)	$	—	$	—	$	(39,542	)
Total Other Financial Instruments	$	(39,542	)	$	—	$	—	$	(39,542	)

418 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 Developed Markets ex-US Quality Low Volatility Index Fund
Investments
Common Stocks*	$	67,897,986		$	—		$	—	$	67,897,986
Securities Lending Reinvestments
Repurchase Agreements		—			968,888			—		968,888
Total Investments	$	67,897,986		$	968,888		$	—	$	68,866,874
Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	46,852		$	—	$	46,852
Liabilities
Futures Contracts		(17,238	)		—			—		(17,238	)
Forward Foreign Currency Contracts		—			(19,702	)		—		(19,702	)
Total Other Financial Instruments	$	(17,238	)	$	27,150		$	—	$	9,912
	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
Multiline Retail	$	—		$	342		$	—	$	342
Other*		14,728,262			—			—		14,728,262
Total Investments	$	14,728,262		$	342		$	—	$	14,728,604
Other Financial Instruments
Assets
Futures Contracts	$	1,446		$	—		$	—	$	1,446
Liabilities
Forward Foreign Currency Contracts		—			(7	)		—		(7	)
Total Other Financial Instruments	$	1,446		$	(7	)	$	—	$	1,439

FLEXSHARES SEMIANNUAL REPORT 419

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*	$	1,487,996,130		$	—		$	—	$	1,487,996,130
Rights		—			—			30,395		30,395
Warrants		143,935			—			—		143,935
Securities Lending Reinvestments
Certificates of Deposit		—			50,002,905			—		50,002,905
Repurchase Agreements		—			174,506,948			—		174,506,948
Total Investments	$	1,488,140,065		$	224,509,853		$	30,395	$	1,712,680,313
Other Financial Instruments
Liabilities
Futures Contracts	$	(333,095	)	$	—		$	—	$	(333,095	)
Total Other Financial Instruments	$	(333,095	)	$	—		$	—	$	(333,095	)
	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	$	57,727		$	—		$	—	$	57,727
Common Stocks
Banks		53,789,936			987			—		53,790,923
Equity Real Estate Investment Trusts (REITs)		13,278,148			126,145			—		13,404,293
Health Care Providers & Services		4,082,841			5,945			—		4,088,786
Internet & Direct Marketing Retail		1,538,786			37,434			—		1,576,220
Media		5,535,386			45,948			—		5,581,334
Oil, Gas & Consumable Fuels		33,230,099			47,049			—		33,277,148
Software		6,776,012			22,689			—		6,798,701
Technology Hardware, Storage & Peripherals		2,576,604			94,212			—		2,670,816
Other*		420,462,941			—			—		420,462,941
Warrants		366			—			—		366
Securities Lending Reinvestments
Repurchase Agreements		—			20,154,710			—		20,154,710
Total Investments	$	541,328,846		$	20,535,119		$	—	$	561,863,965
Other Financial Instruments
Assets
Futures Contracts	$	396,952		$	—		$	—	$	396,952
Forward Foreign Currency Contracts		—			145,305			—		145,305
Liabilities
Futures Contracts		(85,627	)		—			—		(85,627	)
Forward Foreign Currency Contracts		—			(264,535	)		—		(264,535	)
Total Other Financial Instruments	$	311,325		$	(119,230	)	$	—	$	192,095

420 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	$	5,699,486	$	44,160		$	—	$	5,743,646
Biotechnology		1,671,329		16,059			12,148		1,699,536
Chemicals		11,060,516		29,841			—		11,090,357
Commercial Services & Supplies		365,457		37,436			—		402,893
Electric Utilities		3,446,868		856			—		3,447,724
Energy Equipment & Services		246,933		—			3,179		250,112
Entertainment		2,305,665		7,565			—		2,313,230
Equity Real Estate Investment Trusts (REITs)		3,165,283		26,009			—		3,191,292
Food & Staples Retailing		2,572,012		500			—		2,572,512
Hotels, Restaurants & Leisure		2,003,546		2,172			10,896		2,016,614
Internet & Direct Marketing Retail		7,507,066		91,228			—		7,598,294
Metals & Mining		13,251,368		10,003			143,014		13,404,385
Oil, Gas & Consumable Fuels		11,834,882		2,068			—		11,836,950
Pharmaceuticals		3,852,104		—			3,693		3,855,797
Real Estate Management & Development		11,317,011		437,722			23,603		11,778,336
Transportation Infrastructure		2,572,728		105,241			—		2,677,969
Other*		184,304,652		—			—		184,304,652
Corporate Bonds*		—		8,438			—		8,438
Rights		3,690		1,264			—		4,954
Warrants		—		1,189			—		1,189
Securities Lending Reinvestments
Repurchase Agreements		—		1,939,381			—		1,939,381
Total Investments	$	267,180,596	$	2,761,132		$	196,533	$	270,138,261
Other Financial Instruments
Assets
Futures Contracts	$	22,870	$	—		$	—	$	22,870
Forward Foreign Currency Contracts		—		34,473			—		34,473
Liabilities
Forward Foreign Currency Contracts		—		(8,641	)		—		(8,641	)
Total Other Financial Instruments	$	22,870	$	25,832		$	—	$	48,702

FLEXSHARES SEMIANNUAL REPORT 421

Notes to the Financial Statements (cont.)

	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares US Quality Large Cap Index Fund
Investments
Common Stocks*	$	138,992,889		$	—	$	—	$	138,992,889
Total Investments	$	138,992,889		$	—	$	—	$	138,992,889
Other Financial Instruments
Liabilities
Futures Contracts	$	(50,741	)	$	—	$	—	$	(50,741	)
Total Other Financial Instruments	$	(50,741	)	$	—	$	—	$	(50,741	)
	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*	$	180,180,260		$	—	$	—	$	180,180,260
Securities Lending Reinvestments
Repurchase Agreements		—			248,877		—		248,877
Total Investments	$	180,180,260		$	248,877	$	—	$	180,429,137
Other Financial Instruments
Liabilities
Futures Contracts	$	(49,369	)	$	—	$	—	$	(49,369	)
Total Other Financial Instruments	$	(49,369	)	$	—	$	—	$	(49,369	)

422 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® Global ESG Select Index Fund
Investments
Common Stocks
Internet & Direct Marketing Retail	$	6,498,357		$	9,299		$	—	$	6,507,656
Other*		155,685,237			—			—		155,685,237
Securities Lending Reinvestments
Repurchase Agreements		—			2,134,066			—		2,134,066
Total Investments	$	162,183,594		$	2,143,365		$	—	$	164,326,959
Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	48,271		$	—	$	48,271
Liabilities
Futures Contracts		(41,113	)		—			—		(41,113	)
Forward Foreign Currency Contracts		—			(12,365	)		—		(12,365	)
Total Other Financial Instruments	$	(41,113	)	$	35,906		$	—	$	(5,207	)
	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*	$	12,971,711		$	—		$	—	$	12,971,711
Short-Term Investments		—			4,994			—		4,994
Total Investments	$	12,971,711		$	4,994		$	—	$	12,976,705
Other Financial Instruments
Liabilities
Futures Contracts	$	(2,552	)	$	—		$	—	$	(2,552	)
Total Other Financial Instruments	$	(2,552	)	$	—		$	—	$	(2,552	)

FLEXSHARES SEMIANNUAL REPORT 423

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*	$	17,759,098		$	—		$	—	$	17,759,098
Total Investments	$	17,759,098		$	—		$	—	$	17,759,098
Other Financial Instruments
Assets
Futures Contracts	$	191		$	—		$	—	$	191
Forward Foreign Currency Contracts		—			11,248			—		11,248
Liabilities
Futures Contracts		(7,588	)		—			—		(7,588	)
Forward Foreign Currency Contracts		—			(12,994	)		—		(12,994	)
Total Other Financial Instruments	$	(7,397	)	$	(1,746	)	$	—	$	(9,143	)
	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares ESG & Climate Emerging Markets Core Index Fund
Investments
Common Stocks*	$	4,831,794		$	—		$	—	$	4,831,794
Total Investments	$	4,831,794		$	—		$	—	$	4,831,794
Other Financial Instruments
Liabilities
Futures Contracts	$	(1,547	)	$	—		$	—	$	(1,547	)
Total Other Financial Instruments	$	(1,547	)	$	—		$	—	$	(1,547	)

424 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 Global Upstream Natural Resources Index Fund
Investments
Common Stocks*	$	8,090,675,445		$	—		$	—	$	8,090,675,445
Securities Lending Reinvestments
Certificates of Deposit		—			32,997,965			—		32,997,965
Repurchase Agreements		—			169,366,040			—		169,366,040
Total Investments	$	8,090,675,445		$	202,364,005		$	—	$	8,293,039,450
Other Financial Instruments
Assets
Futures Contracts	$	440,146		$	—		$	—	$	440,146
Forward Foreign Currency Contracts		—			2,243,935			—		2,243,935
Liabilities
Futures Contracts		(1,358,153	)		—			—		(1,358,153	)
Forward Foreign Currency Contracts		—			(2,246,482	)		—		(2,246,482	)
Total Other Financial Instruments	$	(918,007	)	$	(2,547	)	$	—	$	(920,554	)
	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*	$	2,520,492,194		$	—		$	—	$	2,520,492,194
Securities Lending Reinvestments
Repurchase Agreements		—			38,469,275			—		38,469,275
Total Investments	$	2,520,492,194		$	38,469,275		$	—	$	2,558,961,469
Other Financial Instruments
Assets
Futures Contracts	$	315,570		$	—		$	—	$	315,570
Forward Foreign Currency Contracts		—			1,093,330			—		1,093,330
Liabilities
Futures Contracts		(273,335	)		—			—		(273,335	)
Forward Foreign Currency Contracts		—			(1,154,235	)		—		(1,154,235	)
Total Other Financial Instruments	$	42,235		$	(60,905	)	$	—	$	(18,670	)

FLEXSHARES SEMIANNUAL REPORT 425

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*	$	405,054,763		$	—		$	—	$	405,054,763
Securities Lending Reinvestments
Repurchase Agreements		—			6,052,675			—		6,052,675
Total Investments	$	405,054,763		$	6,052,675		$	—	$	411,107,438
Other Financial Instruments
Assets
Futures Contracts	$	130,593		$	—		$	—	$	130,593
Forward Foreign Currency Contracts		—			13,046			—		13,046
Liabilities
Futures Contracts		(438,597	)		—			—		(438,597	)
Forward Foreign Currency Contracts		—			(84,549	)		—		(84,549	)
Total Other Financial Instruments	$	(308,004	)	$	(71,503	)	$	—	$	(379,507	)
	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	$	52,218,833		$	—		$	—	$	52,218,833
Total Investments	$	52,218,833		$	—		$	—	$	52,218,833
	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares Quality Dividend Index Fund
Investments
Common Stocks*	$	1,617,736,640		$	—		$	—	$	1,617,736,640
Securities Lending Reinvestments
Certificates of Deposit		—			21,999,242			—		21,999,242
Repurchase Agreements		—			125,556,216			—		125,556,216
Total Investments	$	1,617,736,640		$	147,555,458		$	—	$	1,765,292,098
Other Financial Instruments
Liabilities
Futures Contracts	$	(307,572	)	$	—		$	—	$	(307,572	)
Total Other Financial Instruments	$	(307,572	)	$	—		$	—	$	(307,572	)

426 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*	$	389,915,667		$	—	$	—	$	389,915,667
Securities Lending Reinvestments
Repurchase Agreements		—			26,521,823		—		26,521,823
Total Investments	$	389,915,667		$	26,521,823	$	—	$	416,437,490
Other Financial Instruments
Liabilities
Futures Contracts	$	(103,185	)	$	—	$	—	$	(103,185	)
Total Other Financial Instruments	$	(103,185	)	$	—	$	—	$	(103,185	)
	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares Quality Dividend Dynamic Index Fund
Investments
Common Stocks*	$	20,410,215		$	—	$	—	$	20,410,215
Securities Lending Reinvestments
Repurchase Agreements		—			228,520		—		228,520
Total Investments	$	20,410,215		$	228,520	$	—	$	20,638,735
Other Financial Instruments
Liabilities
Futures Contracts	$	(8,975	)	$	—	$	—	$	(8,975	)
Total Other Financial Instruments	$	(8,975	)	$	—	$	—	$	(8,975	)

FLEXSHARES SEMIANNUAL REPORT 427

Notes to the Financial Statements (cont.)

	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares International Quality Dividend Index Fund
Investments
Common Stocks*	$	553,427,055		$	—		$	—	$	553,427,055
Securities Lending Reinvestments
Repurchase Agreements		—			15,101,779			—		15,101,779
Total Investments	$	553,427,055		$	15,101,779		$	—	$	568,528,834
Other Financial Instruments
Assets
Futures Contracts	$	315,752		$	—		$	—	$	315,752
Forward Foreign Currency Contracts		—			324,486			—		324,486
Liabilities
Futures Contracts		(111,355	)		—			—		(111,355	)
Forward Foreign Currency Contracts		—			(471,165	)		—		(471,165	)
Total Other Financial Instruments	$	204,397		$	(146,679	)	$	—	$	57,718
	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares International Quality Dividend Defensive Index Fund
Investments
Common Stocks*	$	61,300,121		$	—		$	—	$	61,300,121
Securities Lending Reinvestments
Repurchase Agreements		—			1,465,336			—		1,465,336
Total Investments	$	61,300,121		$	1,465,336		$	—	$	62,765,457
Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	50,107		$	—	$	50,107
Liabilities
Futures Contracts		(27,177	)		—			—		(27,177	)
Forward Foreign Currency Contracts		—			(3,639	)		—		(3,639	)
Total Other Financial Instruments	$	(27,177	)	$	46,468		$	—	$	19,291

428 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 International Quality Dividend Dynamic Index Fund
Investments
Common Stocks
Real Estate Management & Development	$	1,159,523		$	161,843		$	—	$	1,321,366
Other*		74,481,312			—			—		74,481,312
Securities Lending Reinvestments
Repurchase Agreements		—			1,766,975			—		1,766,975
Total Investments	$	75,640,835		$	1,928,818		$	—	$	77,569,653
Other Financial Instruments
Assets
Forward Foreign Currency Contracts	$	—		$	36,125		$	—	$	36,125
Liabilities
Futures Contracts		(44,078	)		—			—		(44,078	)
Forward Foreign Currency Contracts		—			(4,996	)		—		(4,996	)
Total Other Financial Instruments	$	(44,078	)	$	31,129		$	—	$	(12,949	)
	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	$	—		$	2,151,600,078		$	—	$	2,151,600,078
Total Investments	$	—		$	2,151,600,078		$	—	$	2,151,600,078
	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	$	—		$	811,141,771		$	—	$	811,141,771
Total Investments	$	—		$	811,141,771		$	—	$	811,141,771

FLEXSHARES SEMIANNUAL REPORT 429

Notes to the Financial Statements (cont.)

	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	$	—	$	102,737,009	$	—	$	102,737,009
Total Investments	$	—	$	102,737,009	$	—	$	102,737,009
	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*	$	—	$	242,634,200	$	—	$	242,634,200
Total Investments	$	—	$	242,634,200	$	—	$	242,634,200
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares Credit-Scored US Long Corporate Bond Index Fund
Investments
Corporate Bonds*	$	—	$	46,122,793	$	—	$	46,122,793
Total Investments	$	—	$	46,122,793	$	—	$	46,122,793
	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
Common Stocks*	$	55	$	—	$	—	$	55
Corporate Bonds*		—		852,591,433		—		852,591,433
Total Investments	$	55	$	852,591,433	$	—	$	852,591,488

430 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 High Yield Corporate Core Index Fund
Investments
Corporate Bonds*	$	—	$	26,237,737	$	—	$	26,237,737
Total Investments	$	—	$	26,237,737	$	—	$	26,237,737
	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*	$	—	$	43,698,860	$	—	$	43,698,860
Total Investments	$	—	$	43,698,860	$	—	$	43,698,860
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares Ready Access Variable Income Fund
Investments
Asset-Backed Securities	$	—	$	14,702,525	$	—	$	14,702,525
Corporate Bonds*		—		564,271,835		—		564,271,835
Municipal Bonds		—		18,550,334		—		18,550,334
U.S. Government Agency Securities		—		1,800,368		—		1,800,368
Foreign Government Securities		—		798,294		—		798,294
Short-Term Investments		—		43,990,512		—		43,990,512
Total Investments	$	—	$	644,113,868	$	—	$	644,113,868

FLEXSHARES SEMIANNUAL REPORT 431

Notes to the Financial Statements (cont.)

	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	$	142,014,811	$	—	$	—	$	142,014,811
Securities Lending Reinvestments
Repurchase Agreements		—		33,593,976		—		33,593,976
Short-Term Investments		—		999,901		—		999,901
Total Investments	$	142,014,811	$	34,593,877	$	—	$	176,608,688
Other Financial Instruments
Assets
Futures Contracts	$	28,144	$	—	$	—	$	28,144
Total Other Financial Instruments	$	28,144	$	—	$	—	$	28,144

* See Schedules of Investments for segregation by industry type.

Foreign Securities

The FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares 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 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 (through its investment in its Underlying Funds), FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund and the FlexShares ESG & Climate Emerging Markets Core Index Fund invest in publicly-traded equity securities of issuers in countries other than the United States of America (“U.S.”). Such investments include direct investments in non-U.S. dollar denominated securities traded outside the U.S. The Funds’ investments in foreign securities also may be in the form of ADRs and Global Depositary Receipts (“GDRs”) (collectively, “Depositary Receipts”) based on securities in their Underlying Indexes. ADRs are receipts that are traded in the United States evi-

dencing ownership of the underlying foreign securities and are denominated in U.S. dollars. GDRs are receipts issued by a non-U.S. financial institution 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 markets.

In addition to investment risks associated with the underlying 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 evidence 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 unlisted 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.

432 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

The 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 High Yield Corporate Core Index Fund and the FlexShares ESG & Climate Investment Grade Corporate Core Index Fund may invest in U.S. dollar denominated bonds of non-U.S. corporations to the extent such bonds are included in each Fund’s Underlying Index. The FlexShares Core Select Bond Fund may invest in U.S. dollar denominated bonds of non-U.S. corporations, either directly or indirectly through Underlying Funds, to achieve its investment objective.

The FlexShares Ready Access Variable Income Fund may invest, without limitation, in fixed-income securities and instruments of foreign issuers in developed and emerging markets, including debt securities of foreign governments.

Investing in foreign securities, including Depositary Receipts, 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.

The FlexShares Emerging Markets Quality Low Volatility Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, and FlexShares ESG & Climate Emerging Markets Core Index Fund will invest primarily in emerging market countries. In addition, the 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 (through its investment in its Underlying Funds), FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, and the FlexShares International Quality Dividend Dynamic Index Fund may invest its assets in emerging market countries. The

FlexShares Ready Access Variable Income Fund may invest up to 20% of its total assets in fixed-income securities and instruments of issuers in emerging markets. The markets of emerging market countries are less developed and less liquid, subject to greater price volatility and generally subject to increased economic, 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

The FlexShares iBoxx 3-Year Target Duration TIPS Index Fund and the FlexShares iBoxx 5-Year Target Duration TIPS Index Fund invest primarily in U.S. Treasury Inflation-Protected Securities (“TIPS”).

TIPS have varying maturities and pay interest on a semiannual basis equal to a fixed percentage of the inflation-adjusted principal amount. If the periodic adjustment 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 considered 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 increases in inflation may lead to a decline in value. If interest rates rise

FLEXSHARES SEMIANNUAL REPORT 433

Notes to the Financial Statements (cont.)

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.

The periodic adjustment of TIPS is tied to the Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor Statistics. 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 Securities

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 Corporation (FHLMC or Freddie Mac) or the Government National Mortgage Association (GNMA or Ginnie Mae) (each a “US Agency”). Under normal circumstances, the Fund will invest at least 80% of its total assets in the securities of its Underlying Index and in “to-be announced transactions” (“TBA transactions”) 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.

Pending settlement of such TBA contracts, the FlexShares Disciplined Duration MBS Index Fund will invest in liquid, short-term instruments. The FlexShares Core Select Bond Fund may also invest either directly or through its Underlying Funds in MBS, including TBA transactions.

Mortgage Dollar Rolls

The FlexShares Disciplined Duration MBS Index Fund, the FlexShares Ready Access Variable Income Fund and the FlexShares Core Select Bond Fund (directly or through its Underlying Funds) may enter into mortgage dollar roll

transactions. A mortgage dollar roll involves the sale by the Fund of securities for delivery in the future (generally within 30 days). The Fund simultaneously contracts with the same counterparty to repurchase substantially similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund will not be entitled to accrue interest and receive principal payments on the securities sold. However, 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 mortgage 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 under 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 interest, 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 counterparty fails to perform under the agreement and the value of the collateral received falls below the agreed repurchase price.

434 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

The Northern Trust Company, the parent of NTI, currently is a party to various Master Repurchase Agreements with a number of different counterparties, and acts as agent on behalf of various disclosed principals, including 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 advisory agreement with the Funds and does not collect any additional fees from the Funds for such services. As of April 30, 2022, none of the Funds presented in these financial statements had repurchase agreements outstanding except as discussed below.

As of April 30, 2022, the FlexShares Developed Markets ex-US 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 STOXX^® US ESG Select Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Quality Dividend Index Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares Quality Dividend Dynamic Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, and the FlexShares Core Select Bond Fund invested cash collateral for loans of portfolio securities in repurchase agreements, as reflected 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 value as follows:

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	%

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 determine 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 foreign 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 variety 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

FLEXSHARES SEMIANNUAL REPORT 435

Notes to the Financial Statements (cont.)

in the Schedules 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 Statement 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 receive 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 borrower might become insolvent or refuse to honor its obligation 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 provided under the applicable borrower agreement. These remedies include purchasing replacement securities for the Fund by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If the proceeds from the collateral are less than the purchase cost of the replacement securities, the Securities Lending Agent is responsible for such shortfall, subject to certain limitations that are set forth in detail in the Securities Lending Agency Agreement. In this event, a Fund could experience delays in recovering its securities and possibly may incur a capital 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 Accounting Standard Update (“ASU”) 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, liabilities under the

outstanding securities lending transactions as of April 30, 2022, which were comprised of cash, were as follows:

Fund
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund	$	968,888
FlexShares® Morningstar US Market Factor Tilt Index Fund		224,498,570
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund		20,154,710
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund		1,939,381
FlexShares® STOXX® US ESG Select Index Fund		248,877
FlexShares® STOXX® Global ESG Select Index Fund		2,134,495
FlexShares® Morningstar Global Upstream Natural Resources Index Fund		202,348,694
FlexShares® STOXX® Global Broad Infrastructure Index Fund		38,480,637
FlexShares® Global Quality Real Estate Index Fund		6,052,675
FlexShares® Quality Dividend Index Fund		147,549,869
FlexShares® Quality Dividend Defensive Index Fund		26,521,823
FlexShares® Quality Dividend Dynamic Index Fund		228,520
FlexShares® International Quality Dividend Index Fund		15,101,779
FlexShares® International Quality Dividend Defensive Index Fund		1,465,336
FlexShares® International Quality Dividend Dynamic Index Fund		1,766,975
FlexShares® Core Select Bond Fund		33,593,976

At April 30, 2022, the Securities Lending Agency Agreement does not permit the Funds to enforce a netting 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 within the Schedules of Investments and such borrowings have maturities that are overnight and continuous.

436 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

Securities lending agreements may be subject to regulation as qualified financial contracts (“QFCs”). Regulations 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 organizations be amended to include contractual restrictions on close-out and cross-default rights. If a covered counterparty 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 exercise certain default rights, and the QFC may be transferred to another entity. These requirements may impact a Fund’s credit and counterparty risks. The remaining maturities of the securities lending transactions are considered 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 margin 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 receivable and offset in unrealized gains or losses. Futures 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”.

The FlexShares Core Select Bond Fund may take long or short positions in futures to manage the Fund’s exposure to interest rate risk. When applicable, 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 transactions 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 greater 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, 2022, the FlexShares Core Select Bond Fund did not hold swaps.

As of April 30, 2022, 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 ESG & Climate Emerging Markets Core Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Quality Dividend Index Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares Quality Dividend Dynamic Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, and the 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 following 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 market 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

FLEXSHARES SEMIANNUAL REPORT 437

Notes to the Financial Statements (cont.)

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 protection as U.S. exchanges.

Foreign Currency Translations

Values of investments denominated in foreign currencies 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 corresponding Index Fund’s ability to track its Underlying Index. The cost of purchases and proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. “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 transactions, 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 Operations. Unrealized gains and losses on assets and liabilities, 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 liabilities denominated in foreign currencies” on the Statements of Operations.

Forward Foreign Currency Exchange Contracts

The FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares 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, Flex Shares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets 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 International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, and the FlexShares Ready Access Variable Income Fund 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. The FlexShares Ready Access Variable Income Fund also may engage in forward foreign currency transactions for hedging purposes 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 purposes (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 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 foreign 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

438 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The Statements of Operations 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 foreign 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, 2022, the FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares 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 Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, and the FlexShares International Quality Dividend Dynamic Index Fund had open forward foreign currency contracts.

Offsetting of Financial Assets and Derivative 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 Liabilities 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 financial assets and financial liabilities of the FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares 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 Market 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 International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund and the FlexShares International Quality Dividend Dynamic Index Fund that are subject to master netting arrangements or similar agreements in the Statements of

FLEXSHARES SEMIANNUAL REPORT 439

Notes to the Financial Statements (cont.)

Assets 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 New York	$	656	$	—		$	—	$	656
	Foreign Currency Contracts — BNP Paribas SA		3,524		(1,513	)		—		2,011
	Foreign Currency Contracts — Citibank NA		2,402		(1,048	)		—		1,354
	Foreign Currency Contracts — Citigroup Global Markets, Inc.		11,431		(27	)				11,404
	Foreign Currency Contracts — JPMorgan Chase Bank		1,620		—					1,620
	Foreign Currency Contracts — Morgan Stanley		17,651		(6,717	)		—		10,934
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		9,568		(9,568	)		—		—
	Total	$	46,852	$	(18,873	)	$	—	$	27,979
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund	Foreign Currency Contracts — Bank of New York	$	25,690	$	(6,714	)	$	—	$	18,976
	Foreign Currency Contracts — BNP Paribas SA		1,074		(1,074	)		—		—
	Foreign Currency Contracts — Citibank NA		74,671		(20,060	)				54,611
	Foreign Currency Contracts — Morgan Stanley		883		—					883
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		22,516		(22,516	)				—
	Foreign Currency Contracts — UBS AG		20,471		—					20,471
	Total	$	145,305	$	(50,364	)	$	—	$	94,941
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund	Foreign Currency Contracts — Citibank NA	$	25,143	$	(7,709	)	$	—	$	17,434
	Foreign Currency Contracts — Goldman Sachs & Co.		582		(582	)		—		—
	Foreign Currency Contracts — JPMorgan Chase Bank		1,358		—			—		1,358
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		7,390		—			—		7,390
	Total	$	34,473	$	(8,291	)	$	—	$	26,182
FlexShares STOXX® Global ESG Impact Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	13	$	(13	)	$	—	$	—
	Foreign Currency Contracts — Citibank NA		14,825		(432	)				14,393
	Foreign Currency Contracts — Goldman Sachs & Co.		71		(71	)				—
	Foreign Currency Contracts — JPMorgan Chase Bank		3,314		(3,314	)				—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		25,339		—					25,339
	Foreign Currency Contracts — UBS AG		4,709		—			—		4,709
	Total	$	48,271	$	(3,830	)	$	—	$	44,441
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund	Foreign Currency Contracts — Bank of Montreal	$	4,257	$	(4,257	)	$	—	$	—
	Foreign Currency Contracts — Bank of New York		679		(354	)		—		325
	Foreign Currency Contracts — Citibank NA		455		(41	)				414
	Foreign Currency Contracts — Citigroup Global Markets, Inc.		1,005		(73	)				932
	Foreign Currency Contracts — Goldman Sachs & Co.		33		(33	)				—
	Foreign Currency Contracts — JPMorgan Chase Bank		1,815		(1,476	)				339
	Foreign Currency Contracts — Morgan Stanley		55		(55	)				—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		2,909		(423	)				2,486
	Foreign Currency Contracts — UBS AG		40		—					40
	Total	$	11,248	$	(6,712	)	$	—	$	4,536

440 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 Morningstar Global Upstream Natural Resources Index Fund	Foreign Currency Contracts — Bank of Montreal	$	72,450	$	(72,450	)	$	—	$	—
	Foreign Currency Contracts — BNP Paribas SA		49,062		(49,062	)				—
	Foreign Currency Contracts — Citibank NA		721,515		(241,878	)		—		479,637
	Foreign Currency Contracts — JPMorgan Chase Bank		637,731		(55,605	)		—		582,126
	Foreign Currency Contracts — Morgan Stanley		528,743		(19,752	)		—		508,991
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		217,852		(217,852	)		—		—
	Foreign Currency Contracts — UBS AG		16,582		—			—		16,582
	Total	$	2,243,935	$	(656,599	)	$	—	$	1,587,336
FlexShares STOXX® Global Broad Infrastructure Index Fund	Foreign Currency Contracts — Bank of Montreal	$	10,752	$	—		$	—	$	10,752
	Foreign Currency Contracts — BNP Paribas SA		17,181		(17,181	)		—		—
	Foreign Currency Contracts — Citibank NA		773,825		(678,814	)				95,011
	Foreign Currency Contracts — JPMorgan Chase Bank		7,636		—					7,636
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		283,936		(192,478	)				91,458
	Total	$	1,093,330	$	(888,473	)	$	—	$	204,857
FlexShares Global Quality Real Estate Index Fund	Foreign Currency Contracts — Bank of New York	$	2,599	$	—		$	—	$	2,599
	Foreign Currency Contracts — Goldman Sachs & Co.		753		—			—		753
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		4,036		(4,036	)		—		—
	Foreign Currency Contracts — UBS AG		5,658		—			—		5,658
	Total	$	13,046	$	(4,036	)	$	—	$	9,010
FlexShares International Quality Dividend Index Fund	Foreign Currency Contracts — Bank of Montreal	$	20,388	$	(20,388	)	$	—	$	—
	Foreign Currency Contracts — Bank of New York		7,023		—			—		7,023
	Foreign Currency Contracts — BNP Paribas SA		28,923		(28,923	)		—		—
	Foreign Currency Contracts — Citibank NA		93,370		(38,056	)		—		55,314
	Foreign Currency Contracts — Goldman Sachs & Co.		41,858		(36,360	)		—		5,498
	Foreign Currency Contracts — JPMorgan Bank		20,875		(20,875	)		—		—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		112,049		(88,656	)		—		23,393
	Total	$	324,486	$	(233,258	)	$	—	$	91,228
FlexShares International Quality Dividend Defensive Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	6,721	$	—		$	—	$	6,721
	Foreign Currency Contracts — Citibank NA		13,667		(612	)		—		13,055
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		24,255		(2,751	)		—		21,504
	Foreign Currency Contracts — UBS AG		5,464		—			—		5,464
	Total	$	50,107	$	(3,363	)	$	—	$	46,744

FLEXSHARES SEMIANNUAL REPORT 441

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 Dynamic Index Fund	Foreign Currency Contracts — Bank of Montreal	$	2,996		$	—		$	—	$	2,996
	Foreign Currency Contracts — Bank of New York		528			(10	)		—		518
	Foreign Currency Contracts — BNP Paribas SA		4,851			(826	)				4,025
	Foreign Currency Contracts — Citibank NA		11,284			(339	)		—		10,945
	Foreign Currency Contracts — JPMorgan Chase Bank		2,633			—			—		2,633
	Foreign Currency Contracts — Morgan Stanley		3,607			(1,369	)		—		2,238
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		4,706			(712	)		—		3,994
	Foreign Currency Contracts — UBS AG		5,520			—					5,520
	Total	$	36,125		$	(3,256	)	$	—	$	32,869
					Gross Amounts Not Offset in the Statemednt 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 — BNP Paribas SA	$	(1,513	)	$	1,513		$	—	$	—
	Foreign Currency Contracts — Citibank NA		(1,048	)		1,048			—		—
	Foreign Currency Contracts — Citigroup Global Markets, Inc.		(27	)		27					—
	Foreign Currency Contracts — Goldman Sachs & Co.		(12	)		—					(12	)
	Foreign Currency Contracts — Morgan Stanley		(6,717	)		6,717					—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(10,385	)		9,568			—		(817	)
	Total	$	(19,702	)	$	18,873		$	—	$	(829	)
FlexShares Emerging Markets Quality Low Volatility Index Fund	Foreign Currency Contracts — Citibank NA	$	(7	)	$	—		$	—	$	(7	)
	Total	$	(7	)	$	—		$	—	$	(7	)
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund	Foreign Currency Contracts — Bank of New York	$	(6,714	)	$	6,714		$	—	$	—
	Foreign Currency Contracts — BNP Paribas SA		(95,682	)		1,074			—		(94,608	)
	Foreign Currency Contracts — Citibank NA		(20,060	)		20,060			—		—
	Foreign Currency Contracts — Goldman Sachs & Co.		(2,471	)		—					(2,471	)
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(139,608	)		22,516					(117,092	)
	Total	$	(264,535	)	$	50,364		$	—	$	(214,171	)
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund	Foreign Currency Contracts — Citibank NA	$	(7,709	)	$	7,709		$	—	$	—
	Foreign Currency Contracts — Goldman Sachs & Co.		(932	)		582			—		(350	)
	Total	$	(8,641	)	$	8,291		$	—	$	(350	)

442 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

					Gross Amounts Not Offset in the Statemednt of Assets and Liabilities
		Gross Amounts of Liabilities presented in Statements of Assets and Liabilities			Financial Instruments			Cash Collateral Pledged		Net Amount
FlexShares STOXX® Global ESG Impact Index Fund	Foreign Currency Contracts — Bank of Montreal	$	(453	)	$	—		$	—	$	(453	)
	Foreign Currency Contracts — BNP Paribas SA		(4,201	)		13					(4,188	)
	Foreign Currency Contracts — Citibank NA		(432	)		432					—
	Foreign Currency Contracts — Goldman Sachs & Co.		(85	)		71					(14	)
	Foreign Currency Contracts — JPMorgan Chase Bank		(7,194	)		3,314					(3,880	)
	Total	$	(12,365	)	$	3,830		$	—	$	(8,535	)
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund	Foreign Currency Contracts — Bank of Montreal	$	(5,618	)	$	4,257		$	—	$	(1,361	)
	Foreign Currency Contracts — Bank of New York		(354	)		354			—		—
	Foreign Currency Contracts — Citibank NA		(41	)		41			—		—
	Foreign Currency Contracts — Citigroup Global Markets, Inc.		(73	)		73			—		—
	Foreign Currency Contracts — Goldman Sachs & Co.		(163	)		33					(130	)
	Foreign Currency Contracts — JPMorgan Chase Bank		(1,476	)		1,476					—
	Foreign Currency Contracts — Morgan Stanley		(4,846	)		55					(4,791	)
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(423	)		423	��				—
	Total	$	(12,994	)	$	6,712		$	—	$	(6,282	)
FlexShares Morningstar Global Upstream Natural Resources Index Fund	Foreign Currency Contracts — Bank of Montreal	$	(1,044,450	)	$	72,450		$	—	$	(972,000	)
	Foreign Currency Contracts — Bank of New York		(126,949	)		—			—		(126,949	)
	Foreign Currency Contracts — BNP Paribas SA		(91,909	)		49,062					(42,847	)
	Foreign Currency Contracts — Citibank NA		(241,878	)		241,878					—
	Foreign Currency Contracts — Goldman Sachs & Co.		(5,899	)		—					(5,899	)
	Foreign Currency Contracts — JPMorgan Chase Bank		(55,605	)		55,605					—
	Foreign Currency Contracts — Morgan Stanley		(19,752	)		19,752					—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(660,040	)		217,852			—		(442,188	)
	Total	$	(2,246,482	)	$	656,599		$	—	$	(1,589,883	)
FlexShares STOXX® Global Broad Infrastructure Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	(273,747	)	$	17,181		$	—	$	(256,566	)
	Foreign Currency Contracts — Citibank NA		(678,814	)		678,814			—		—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(192,478	)		192,478			—		—
	Foreign Currency Contracts — UBS AG		(9,196	)		—			—		(9,196	)
	Total	$	(1,154,235	)	$	888,473		$	—	$	(265,762	)
FlexShares Global Quality Real Estate Index Fund	Foreign Currency Contracts — BNP Paribas SA	$	(54,802	)	$	—		$	—	$	(54,802	)
	Foreign Currency Contracts — Citibank NA		(20,516	)		—			—		(20,516	)
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(9,231	)		4,036			—		(5,195	)
	Total	$	(84,549	)	$	4,036		$	—	$	(80,513	)

FLEXSHARES SEMIANNUAL REPORT 443

Notes to the Financial Statements (cont.)

					Gross Amounts Not Offset in the Statemednt of Assets and Liabilities
		Gross Amounts of Liabilities presented in Statements of Assets and Liabilities			Financial Instruments		Cash Collateral Pledged		Net Amount
FlexShares International Quality Dividend Index Fund	Foreign Currency Contracts — Bank of Montreal	$	(65,230	)	$	20,388	$	—	$	(44,842	)
	Foreign Currency Contracts — BNP Paribas SA		(190,352	)		28,923		—		(161,429	)
	Foreign Currency Contracts — Citibank NA		(38,056	)		38,056				—
	Foreign Currency Contracts — Goldman Sachs & Co.		(36,360	)		36,360				—
	Foreign Currency Contracts — JPMorgan Bank		(23,789	)		20,875				(2,914	)
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(88,656	)		88,656		—		—
	Foreign Currency Contracts — UBS AG		(28,722	)		—		—		(28,722	)
	Total	$	(471,165	)	$	233,258	$	—	$	(237,907	)
FlexShares International Quality Dividend Defensive Index Fund	Foreign Currency Contracts — Bank of New York	$	(276	)	$	—	$	—	$	(276	)
	Foreign Currency Contracts — Citibank NA		(612	)		612		—		—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(2,751	)		2,751				—
	Total	$	(3,639	)	$	3,363	$	—	$	(276	)
FlexShares International Quality Dividend Dynamic Index Fund	Foreign Currency Contracts — Bank of New York	$	(10	)	$	10	$	—	$	—
	Foreign Currency Contracts — BNP Paribas SA		(826	)		826		—		—
	Foreign Currency Contracts — Citibank NA		(339	)		339				—
	Foreign Currency Contracts — Goldman Sachs & Co.		(1,740	)		—		—		(1,740	)
	Foreign Currency Contracts — Morgan Stanley		(1,369	)		1,369				—
	Foreign Currency Contracts — Toronto-Dominion Bank (The)		(712	)		712				—
	Total	$	(4,996	)	$	3,256	$	—	$	(1,740	)

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.

Fair Value of Derivative Instruments as of April 30, 2022

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	$	(39,542	)
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		(17,238	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		46,852
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		(19,702	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Emerging Markets Quality Low Volatility Index Fund		1,446
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Emerging Markets Quality Low Volatility Index Fund		(7	)

444 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	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Morningstar US Market Factor Tilt Index Fund	$	(333,095	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		396,952
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		(85,627	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		145,305
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		(264,535	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		22,870
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		34,473
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		(8,641	)
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares US Quality Large Cap Index Fund		(50,741	)
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares STOXX® US ESG Select Index Fund		(49,369	)
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares STOXX® Global ESG Select Index Fund		(41,113	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares STOXX® Global ESG Select Index Fund		48,271
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares STOXX® Global ESG Select Index Fund		(12,365	)
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares ESG & Climate US Large Cap Core Index Fund		(2,552	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		191
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		(7,588	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		11,248
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		(12,994	)
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts	FlexShares ESG & Climate Emerging Markets Core Index Fund		(1,547	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Morningstar Global Upstream Natural Resources Index Fund		440,146

FLEXSHARES SEMIANNUAL REPORT 445

Notes to the Financial Statements (cont.)

Derivatives by risk type	Statements of Assets and Liabilities Location	Fund	Value
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Morningstar Global Upstream Natural Resources Index Fund	$	(1,358,153	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares Morningstar Global Upstream Natural Resources Index Fund		2,243,935
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Morningstar Global Upstream Natural Resources Index Fund		(2,246,482	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares STOXX® Global Broad Infrastructure Index Fund		315,570
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares STOXX® Global Broad Infrastructure Index Fund		(273,335	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares STOXX® Global Broad Infrastructure Index Fund		1,093,330
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares STOXX® Global Broad Infrastructure Index Fund		(1,154,235	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares Global Quality Real Estate Index Fund		130,593
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Global Quality Real Estate Index Fund		(438,597	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares Global Quality Real Estate Index Fund		13,046
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares Global Quality Real Estate Index Fund		(84,549	)
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Quality Dividend Index Fund		(307,572	)
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Quality Dividend Defensive Index Fund		(103,185	)
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares Quality Dividend Dynamic Index Fund		(8,975	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares International Quality Dividend Index Fund		315,752
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares International Quality Dividend Index Fund		(111,355	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares International Quality Dividend Index Fund		324,486
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares International Quality Dividend Index Fund		(471,165	)
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares International Quality Dividend Defensive Index Fund		(27,177	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares International Quality Dividend Defensive Index Fund		50,107

446 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

Derivatives by risk type	Statements of Assets and Liabilities Location	Fund	Value
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares International Quality Dividend Defensive Index Fund	$	(3,639	)
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares International Quality Dividend Dynamic Index Fund		(44,078	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares International Quality Dividend Dynamic Index Fund		36,125
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares International Quality Dividend Dynamic Index Fund		(4,996	)
Interest Rate Futures Contracts	Assets — Unrealized appreciation on futures contracts	FlexShares Core Select Bond Fund		28,144

* 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.

The Effect of Derivative Instruments on the Statements of Operations for the Period Ended April 30, 2022

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	$	(69,400	)	$	(48,083	)
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		(119,449	)		(21,986	)
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		25,132			21,933
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		(31,753	)		3,067
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		72			(9	)

FLEXSHARES SEMIANNUAL REPORT 447

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 Morningstar US Market Factor Tilt Index Fund	$	(314,133	)	$	(789,471	)
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		(690,178	)		193,236
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		(282,644	)		3,515
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		(557,490	)		72,241
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		43,407			16,596
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		(96,634	)		(97,564	)
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		(10,571	)		(88,860	)
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		(166,170	)		(96,809	)

448 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 STOXX® Global ESG Select Index Fund	$	60,192		$	25,067
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		(424	)		(3,792	)
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		(4,908	)		(7,397	)
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		(1,058	)		(399	)
Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares ESG & Climate Emerging Markets Core Index Fund		—			(1,547	)
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		1,287,196			(1,750,302	)
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		(371,371	)		(396,904	)
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		280,685			(394,717	)

FLEXSHARES SEMIANNUAL REPORT 449

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 STOXX® Global Broad Infrastructure Index Fund	$	(814,306	)	$	189,928
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		(563,298	)		(430,722	)
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		129,114			(65,575	)
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		(131,838	)		(638,373	)
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		(401,500	)		(202,718	)
Equity Index Futures Contracts	Net realized gain (loss) on Futures contracts, Net change in unrealized appreciation (depreciation) on Futures contracts	FlexShares Quality Dividend Dynamic Index Fund		(8,836	)		(18,436	)
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		(1,313,325	)		193,749
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		(292,926	)		(49,356	)

450 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 International Quality Dividend Defensive Index Fund	$	(188,337	)	$	(11,945	)
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 Defensive Index Fund		54,271			32,947
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		(189,274	)		(36,517	)
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		26,991			27,067
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		(5,785	)		28,144

At April 30, 2022, the volume of derivative activities, which represents activities throughout the period, was as follows:

	Foreign Exchange Contracts				Equity Contracts								Interest Rate future
Fund	Number of Trades		Average Notional Amount		Number of Trades Long		Average Notional Balance 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		—	$	—		18	$	305,493		—	$	—		—	$	—		—	$	—
FlexShares Developed Markets Ex-US Quality Low Volatility Index Fund		146		51,760		21		187,350		—		—		—		—		—		—
FlexShares Emerging Markets Quality Low Volatility Index Fund		7		17,014		10		62,254		—		—		—		—		—		—
FlexShares Morningstar US Market Factor Tilt Index Fund		—		—		72		721,112		—		—		—		—		—		—

FLEXSHARES SEMIANNUAL REPORT 451

Notes to the Financial Statements (cont.)

	Foreign Exchange Contracts				Equity Contracts								Interest Rate future
Fund	Number of Trades		Average Notional Amount		Number of Trades Long		Average Notional Balance 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 Morningstar Developed Markets ex-US Factor Tilt Index Fund		72	$	520,240		98	$	398,202		—	$	—		—	$	—		—	$	—
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		34		208,918		40		344,824		—		—		—		—		—		—
FlexShares US Quality Large Cap Index Fund		—		—		15		357,112		—		—		—		—		—		—
FlexShares STOXX US ESG Select Index Fund		—		—		17		277,044		—		—		—		—		—		—
FlexShares STOXX Global ESG Select Index Fund		51		141,800		34		398,796		—		—		—		—		—		—
FlexShares® ESG & Climate US Large Cap Core Index Fund		—		—		4		21,980		—		—		—		—		—		—
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund		197		7,887		8		62,695		—		—		—		—		—		—
FlexShares ESG & Climate Emerging Markets Core Index Fund		—		—		1		54,417		—		—		—		—		—		—
FlexShares Morningstar Global Upstream Natural Resources Index Fund		208		1,404,775		255		1,131,817		—		—		—		—		—		—
FlexShares STOXX Global Broad Infrastructure Index Fund		91		2,217,480		153		997,966		—		—		—		—		—		—
FlexShares Global Quality Real Estate Index Fund		64		464,672		61		554,999		—		—		—		—		—		—
FlexShares Quality Dividend Index Fund		—		—		50		927,655		—		—		—		—		—		—
FlexShares Quality Dividend Defensive Index Fund		—		—		33		582,351		—		—		—		—		—		—
FlexShares Quality Dividend Dynamic Index Fund		—		—		12		82,712		—		—		—		—		—		—
FlexShares International Quality Dividend Index Fund		179		337,392		112		398,116		—		—		—		—		—		—
FlexShares International Quality Dividend Defensive Index Fund		44		100,637		37		117,007		—		—		—		—		—		—
FlexShares International Quality Dividend Dynamic Index Fund		105		41,350		41		130,762		—		—		—		—		—		—
FlexShares Core Select Bond Fund		—		—		—		—		—		—		1		2,038,611		1		5,866,800

Taxes and Distributions

Each Fund has qualified and intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue

Code of 1986, as amended, which includes distributing substantially all of its net investment income and net capital gains to shareholders. Accordingly, no provision for federal and state income taxes is required in the financial statements.

452 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

As of April 30, 2022, management of the Funds has reviewed all open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. 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 12 months. On an ongoing basis management will monitor the tax positions taken to determine if adjustment 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 Expense

Throughout the reporting period, investment transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions are accounted for on the trade date on the last business day of the reporting period.

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”). Distributions 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 REITs during the year based on estimates available. The characterization of distributions received by the Fund may be subsequently revised based on information received 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 foreign 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 respective Funds based upon relative net assets or another reasonable basis.

4. Investment Advisory Fees

NTI serves as the Investment Adviser of the Funds pursuant to the Investment Advisory Agreement. The Investment 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 assumption 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 expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services (“Covered Expenses”). Covered Expenses do not include the following fees under the Investment Advisory 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 independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business.

FLEXSHARES SEMIANNUAL REPORT 453

Notes to the Financial Statements (cont.)

The Management Fee rate payable by each Fund is set forth in the following table:

Fund	Unitary Management Fee
FlexShares US Quality Low Volatility Index Fund		0.22	%
FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		0.32	%
FlexShares Emerging Markets Quality Low Volatility Index Fund		0.40	%
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		0.59	%
FlexShares US Quality Large Cap Index Fund		0.32	%
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 ESG & Climate Emerging Markets Core Index Fund		0.18	%
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		0.57	%
FlexShares Quality Dividend Index Fund		0.37	%
FlexShares Quality Dividend Defensive Index Fund		0.37	%
FlexShares Quality Dividend Dynamic Index Fund		0.37	%
FlexShares International Quality Dividend Index Fund		0.47	%

Fund	Unitary Management Fee
FlexShares International Quality Dividend Defensive 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		0.22	%
FlexShares Credit-Scored US Long Corporate Bond Index Fund		0.22	%
FlexShares High Yield Value-Scored Bond Index Fund		0.37	%
FlexShares ESG & Climate High Yield Corporate Core Index Fund		0.23	%
FlexShares ESG & Climate Investment Grade Corporate Core Index Fund		0.12	%
FlexShares Ready Access Variable Income Fund		0.25	%
FlexShares Core Select Bond Fund		0.35	%

The Investment Adviser has contractually agreed until March 1, 2023 to reimburse a portion of the operating expenses of each Fund (other than acquired fund fees and expenses (“AFFE”)) so the “Total Annual Fund Operating Expenses After Expense Reimbursement” do not exceed 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 until March 1, 2023 to waive Management Fees or reimburse certain expenses in an amount equal to the AFFE attributable to the Fund’s investments in its Underlying Fund. After these dates, the contractual arrangements will continue automatically thereafter for periods of one year (each such one-year period, a “Renewal Year”). The contractual arrangements may be terminated, with respect to a Fund, as to any succeeding Renewal Year, by NTI or the Fund upon 60 days’ written notice prior to the end of the current Renewal Year. The

454 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

Board may terminate the arrangements at any time with respect to a Fund if it determines that it is in the best interest of the Fund and its shareholders. In the case of the FlexShares Core Select Bond Fund, the Investment Adviser has contractually agreed until March 1, 2023 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 Acquired 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. After these dates, the contractual expense reimbursement agreements continue automatically for periods of one year unless terminated, as to any succeeding renewal year, by either party upon 60 days’ written notice prior to the end of the current term. The Board may terminate the contractual expense reimbursement agreements discussed above with respect to any Fund at any time if it determines 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.

In addition, effective October 29, 2018, NTI contractually agreed to reimburse the Funds for certain other fees and expenses that are not Covered Expenses. These fees and expenses and the reimbursements are shown as Other expenses and Other expenses reimbursed, respectively, in the Statements of Operations.

The Investment Adviser may voluntarily waive or reimburse additional management fees or expenses. Any such additional voluntary expense reimbursement or fee waiver could be implemented, increased or decreased, or discontinued at any time. Amounts waived or reimbursed 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 Expenses waived and/or reimbursed by Advisor on the

Statements of Operations. As of the period ended

April 30, 2022, the Investment Adviser did not voluntarily waive or reimburse additional management fees.

5. Administration Fees

Per terms of agreements JPMorgan Chase Bank, N.A. (the “Administrator”) serves as administrator of the Funds. The Administrator provides certain administrative 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, securities 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 officer, 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, Independent Trustees may elect to defer all or a portion of their compensation. The amount deferred is adjusted periodically based upon the performance of the investment options selected by the Trustees. The investment options currently available under the DC Plan are the FlexShares Morningstar US Market Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares STOXX^® US ESG Select Index 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, and the FlexShares Ready Access Variable Income Fund. Expenses related to the DC Plan are stated on the Statements of Operations.

FLEXSHARES SEMIANNUAL REPORT 455

Notes to the Financial Statements (cont.)

8. Distribution and Service Plan

Foreside Fund Services, LLC (the “Distributor”) serves as the Funds’ distributor and distributes Creation Units (as described in Note 9) for each Fund on an agency basis. The Distributor does not receive a fee from the Funds for its distribution 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 Authorized 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 comprised 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 commission and fee rates imposed by the broker-dealer.

Authorized Participants may pay transaction fees to offset 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 associated 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 Fee. Transaction fees remaining in the Funds were as follows:

Fund	As of April 30, 2022		As of October 31, 2021
FlexShares US Quality Low Volatility Index Fund	$	700	$	1,400
FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		2,250		9,000
FlexShares Morningstar US Market Factor Tilt Index Fund		1,500		4,500
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		13,500		27,000
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		50,000		50,000
FlexShares US Quality Large Cap Index Fund		2,500		2,500
FlexShares STOXX® US ESG Select Index Fund		—		1,400
FlexShares STOXX® Global ESG Select Index Fund		13,000		13,000
FlexShares ESG & Climate US Large Cap Core Index Fund		2,500		—
FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		13,500		—
FlexShares Morningstar Global Upstream Natural Resources Index Fund		49,500		40,500
FlexShares STOXX® Global Broad Infrastructure Index Fund		10,000		28,000
FlexShares Global Quality Real Estate Index Fund		2,000		6,000
FlexShares Quality Dividend Index Fund		6,000		4,600
FlexShares Quality Dividend Defensive Index Fund		4,250		2,850
FlexShares Quality Dividend Dynamic Index Fund		750		1,450
FlexShares International Quality Dividend Index Fund		8,500		8,500
FlexShares International Quality Dividend Defensive Index Fund		3,500		—

456 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

Fund	As of April 30, 2022		As of October 31, 2021
FlexShares International Quality Dividend Dynamic Index Fund	$	3,500	$	7,000
FlexShares Disciplined Duration MBS Index Fund		1,600		400
FlexShares Credit-Scored US Corporate Bond Index Fund		1,500		2,500
FlexShares High Yield Value-Scored Bond Index Fund		6,500		10,500
FlexShares ESG & Climate Investment Grade Corporate Core Index Fund		500		—
FlexShares Ready Access Variable Income Fund		4,725		525

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, 2022, the FlexShares iBoxx 3-Year Target Duration TIPS Index, FlexShares iBoxx 5-Year Target Duration TIPS Index and FlexShares 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, 2022, were as follows:

Fund	Purchases		Sales
FlexShares US Quality Low Volatility Index Fund	$	35,833,397	$	38,093,889
FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		22,551,088		20,771,573
FlexShares Emerging Markets Quality Low Volatility Index Fund		3,857,472		3,997,460
FlexShares Morningstar US Market Factor Tilt Index Fund		103,516,323		101,197,411

Fund	Purchases		Sales
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund	$	93,918,527	$	101,375,638
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		49,432,071		74,730,993
FlexShares US Quality Large Cap Index Fund		11,161,676		11,186,446
FlexShares STOXX® US ESG Select Index Fund		56,388,566		56,263,760
FlexShares STOXX® Global ESG Select Index Fund		67,706,236		57,604,439
FlexShares ESG & Climate US Large Cap Core Index Fund		300,562		267,806
FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		1,384,688		755,129
FlexShares ESG & Climate Emerging Markets Core Index Fund		3,694,694		—
FlexShares Morningstar Global Upstream Natural Resources Index Fund		1,343,563,102		1,179,758,798
FlexShares STOXX® Global Broad Infrastructure Index Fund		268,023,411		269,309,311
FlexShares Global Quality Real Estate Index Fund		106,748,170		114,745,171
FlexShares Real Assets Allocation Index Fund		1,873,877		1,860,191
FlexShares Quality Dividend Index Fund		323,929,505		324,462,885
FlexShares Quality Dividend Defensive Index Fund		95,007,762		98,211,841
FlexShares Quality Dividend Dynamic Index Fund		5,155,757		5,750,889
FlexShares International Quality Dividend Index Fund		194,160,233		183,100,639

FLEXSHARES SEMIANNUAL REPORT 457

Notes to the Financial Statements (cont.)

Fund	Purchases		Sales
FlexShares International Quality Dividend Defensive Index Fund	$	21,155,902	$	21,749,057
FlexShares International Quality Dividend Dynamic Index Fund		28,598,600		25,413,291
FlexShares iBoxx 3-Year Target Duration TIPS Index Fund		843,562,029		869,748,043
FlexShares iBoxx 5-Year Target Duration TIPS Index Fund		240,927,016		254,660,711
FlexShares Disciplined Duration MBS Index Fund		194,526,089		189,750,752
FlexShares Credit-Scored US Corporate Bond Index Fund		93,365,095		129,939,382
FlexShares Credit-Scored US Long Corporate Bond Index Fund		16,708,532		16,899,303
FlexShares High Yield Value-Scored Bond Index Fund		746,034,577		446,305,469
FlexShares ESG & Climate High Yield Corporate Core Index Fund		8,186,255		17,616,585
FlexShares ESG & Climate Investment Grade Corporate Core Index Fund		13,727,366		10,973,909
FlexShares Ready Access Variable Income Fund		136,792,139		106,829,117
FlexShares Core Select Bond Fund		69,643,697		70,576,757

11. In-Kind Transactions

During the period ended April 30, 2022, certain Funds received securities in exchange for subscriptions of shares (subscriptions-in-kind). For the period ended April 30,

2022, the fair value of the securities received for subscriptions for each Fund was as follows:

Fund	Fair Value
FlexShares US Quality Low Volatility Index Fund*	$	28,965,697
FlexShares Developed Markets ex-US Quality Low Volatility Index Fund*		4,758,802
FlexShares Morningstar US Market Factor Tilt Index Fund		43,763,960
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		10,705,005
FlexShares US Quality Large Cap Index Fund		13,261,234
FlexShares STOXX® US ESG Select Index Fund		30,232,443
FlexShares STOXX® Global ESG Select Index Fund		6,676,848
FlexShares ESG & Climate US Large Cap Core Index Fund		11,218,534
FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		13,514,775
FlexShares ESG & Climate Emerging Markets Core Index Fund		1,249,166
FlexShares Morningstar Global Upstream Natural Resources Index Fund		1,234,757,857
FlexShares STOXX® Global Broad Infrastructure Index Fund		88,498,023
FlexShares Global Quality Real Estate Index Fund		50,709,608
FlexShares Real Assets Allocation Index Fund		22,913,278
FlexShares Quality Dividend Index Fund		266,916,470
FlexShares Quality Dividend Defensive Index Fund		65,589,675
FlexShares Quality Dividend Dynamic Index Fund		3,117,689
FlexShares International Quality Dividend Index Fund		19,928,105
FlexShares International Quality Dividend Dynamic Index Fund		8,432,018
FlexShares iBoxx 3-Year Target Duration TIPS Index Fund		774,978,607

458 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

Fund	Fair Value
FlexShares iBoxx 5-Year Target Duration TIPS Index Fund	$	199,780,278
FlexShares High Yield Value-Scored Bond Index Fund		71,050,093
FlexShares Core Select Bond Fund		40,181,382

During the period ended April 30, 2022, certain Funds delivered securities in exchange for redemption of shares (redemptions-in-kind). For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each transaction. For the period ended April 30, 2022, the fair value and realized gain (losses) of the securities transferred for redemptions for each Fund were as follows:

Fund	Fair Value		Net Realized Gains (Losses)
FlexShares US Quality Low Volatility Index Fund	$	20,539,748	$	5,744,045
FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		7,330,973		1,241,765
FlexShares Morningstar US Market Factor Tilt Index Fund		88,597,063		54,273,767
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		19,266,254		4,531,591
FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		3,896,222		1,021,235
FlexShares US Quality Large Cap Index Fund		3,620,842		1,459,816
FlexShares STOXX® US ESG Select Index Fund		16,243,745		6,876,076
FlexShares STOXX® Global ESG Select Index Fund		14,564,565		8,341,868
FlexShares Morningstar Global Upstream Natural Resources Index Fund		377,885,910		185,481,517
FlexShares STOXX® Global Broad Infrastructure Index Fund		51,105,378		17,923,478

Fund	Fair Value		Net Realized Gains (Losses)
FlexShares Global Quality Real Estate Index Fund	$	29,815,859	$	9,813,262
FlexShares Quality Dividend Index Fund		210,333,413		45,753,634
FlexShares Quality Dividend Defensive Index Fund		99,394,355		27,975,823
FlexShares Quality Dividend Dynamic Index Fund		2,574,578		778,103
FlexShares International Quality Dividend Index Fund		1,507,708		218,774
FlexShares International Quality Dividend Defensive Index Fund		1,512,774		170,629
FlexShares iBoxx 3-Year Target Duration TIPS Index Fund		11,794,242		716,750
FlexShares iBoxx 5-Year Target Duration TIPS Index Fund		58,705,604		3,494,379
FlexShares High Yield Value-Scored Bond Index Fund		4,770,189		416,638
FlexShares ESG & Climate High Yield Corporate Core Index Fund		10,100,408		(72,176	)
FlexShares Core Select Bond Fund		7,472,086		49,737

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.

FLEXSHARES SEMIANNUAL REPORT 459

Notes to the Financial Statements (cont.)

13. New Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848) “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. The new guidance is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022, and the adoption of ASU 2020-04 is elective. Management does not believe this update has a material impact on the Funds’ financial statements and disclosures.

In December 2020, Rule 2a-5 under the 1940 Act was adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The effective date for compliance with Rule 2a-5 is September 8, 2022. Management is evaluating the impact of the adoption of Rule 2a-5 on the financial statements.

14. LIBOR Transition

Certain of the Funds’ investments, payment obligations and financing terms may be based on floating rates, such as LIBOR, Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (FCA), which regulates LIBOR, announced that the FCA will no longer persuade nor compel banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. Although many LIBOR rates were phased out as of December 31, 2021 as originally contemplated, a majority of U.S. dollar LIBOR rates will continue to be published until June 30, 2023. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing the secured overnight financing rate (“SOFR”) that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates

for other currencies have also been announced or have already begun publication. Uncertainty related to the liquidity and value impact of the change in to alternative rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will depend on, among other things, (1) existing fallback or termination provisions in individual contracts, and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new instruments and contracts. The expected discontinuation of LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled. Until then, the Funds may continue to invest in instruments that reference such rates or otherwise use such Reference Rates due to favorable liquidity or pricing.

15. Legal Proceedings

On or about February 14, 2020, Marc S. Kirschner, as Trustee for NWHI Litigation Trust (“Litigation Trustee”) and Wilmington Savings Fund Society, FSB, as indenture Trustee (“Indenture Trustee”) for several series of notes issued by Nine West Holdings, Inc. (“Nine West”), filed separate complaints (docket nos. 20-cv-01129 and 20-cv-01136, respectively ) in the United States District Court for the Northern District of Illinois against a group of defendants including the FlexShares Morningstar US Market Factor Tilt Index Fund that had invested in The Jones Group Inc. (“Jones Group”). The claims in these actions stems from a series of merger transactions (“Transactions”) entered into by Jones Group, Nine West and others in 2014 that allegedly rendered Jones Group insolvent. The matters in these proceedings were transferred from the United States

460 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

District Court for the Northern District of Illinois to the United States District Court for the Southern District of New York to centralize the litigation, and were assigned to the Honorable Jed S. Rakoff for coordinated or consolidated pretrial proceedings. The FlexShares Morningstar US Market Factor Tilt Index Fund allegedly received $224,910 as a result of the Transactions. The Litigation Trustee and Indenture Trustee seek to clawback these proceeds for the benefit of the Trust and the noteholders, respectively, on the basis that they were alleged fraudulent conveyances. On June 29, 2020, the former public shareholder defendants, including FlexShares Morningstar US Market Factor Tilt Index Fund, filed a motion to dismiss on the basis that the payments allegedly made to them in connection with the Transactions were shielded from the fraudulent conveyance claims under Section 546(e) of the Bankruptcy Code. On August 27, 2020, all fraudulent conveyance claims against the former public shareholder defendants were dismissed. Plaintiffs appealed from that decision and the actions are currently on appeal before the U.S. Court of Appeals for the Second Circuit. The Fund intends to continue to vigorously defend itself against this action.

16. Coronavirus (COVID-19) Pandemic

The outbreak of a respiratory disease caused by a novel coronavirus was first detected in December 2019 and has spread internationally. The outbreak and efforts to contain its spread have resulted in closing borders and quarantines, restricting international and domestic travel, enhanced health screenings, cancellations, disrupted supply chains and customer activity, responses by businesses (including changes to operations and reducing staff), and have produced general concern and uncertainty. The impact of the coronavirus pandemic, and other epidemics and pandemics that may arise in the future, could adversely affect national and global economies, individual companies and the market in general in a manner and for a period of time that cannot be foreseen at the present time. Health crises caused by the recent outbreak may heighten other preexisting political, social and economic risks in a country or region. Governmental authorities and regulators throughout the world, such as the U.S. Federal Reserve, have in the past responded to major economic disruptions with changes to fiscal and

monetary policy, including but not limited to, direct capital infusions, new monetary programs, and dramatically lower interest rates. Certain of those policy changes are being implemented or considered in response to the coronavirus outbreak. Such policy changes may adversely affect the value, volatility and liquidity of dividend and interest paying securities. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price its investments. In the event of a pandemic or an outbreak, there can be no assurance that a Fund and its service providers will be able to maintain normal business operations for an extended period of time or will not lose the services of key personnel on a temporary or long-term basis due to illness or other reasons. A pandemic or disease could also impair the information technology and other operational systems upon which the Funds’ investment adviser rely, and could otherwise disrupt the ability of the Funds’ service providers to perform essential tasks. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. To the extent a Fund may overweight its investments in certain countries, companies, industries or market sectors, such position will increase a Fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors. These conditions could result in a Fund’s inability to achieve its investment objectives, cause the postponement of reconstitution or rebalance dates for a Fund’s underlying index or benchmark index, adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, negatively impact a Fund’s performance, and cause losses on your investment in a Fund. Management is monitoring the development of the pandemic, which was ongoing as of the date of the financial statements and is evaluating its impact on the financial position and operating results of the Funds.

17. European Instability

Russia’s military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility

FLEXSHARES SEMIANNUAL REPORT 461

Notes to the Financial Statements (cont.)

and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to Russia’s invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. These sanctions, as well as any other economic consequences related to the invasion or cyberattacks on governments, companies or individuals, have already decreased, and may further decrease, the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that a Fund has exposure to Russian or other Eastern European investments, the Fund’s ability to price, buy, sell, receive or deliver such investments may be impaired. These and any related events could significantly impact a Fund’s performance and the value of an investment in the Fund, even beyond any direct exposure the Fund may have to Russian issuers or adjoining geographic regions. Funds that track an Index (an Index Fund) may experience challenges liquidating positions in Russian securities that have been removed from its underlying index and/or sampling the underlying index to continue to seek the Index Fund’s respective investment goal. Such circumstances may lead to increased tracking error between an Index Fund’s performance and the performance of its respective underlying index.

18. 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 financial statement disclosure.

462 FLEXSHARES SEMIANNUAL REPORT

Fund Expenses (Unaudited)

As a shareholder, you incur two types of costs:

(1) Transaction costs for purchasing and selling shares and (2) ongoing costs, including advisory and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses

The actual expense examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the period ended April 30, 2022.

The first line under each Fund in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the period ended April 30, 2022.

The second line under each Fund in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as brokerage commissions on purchases or sales of Fund shares. Therefore, the second line for each Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value		Ending Account Value04/30/22		Expenses Paid During the Period *		Annualized Expense Ratio During Period
FlexShares® US Quality Low Volatility Index Fund
Actual	$	1,000.00	$	959.50	$	1.07		0.22	%
Hypothetical	$	1,000.00	$	1,023.70	$	1.10		0.22	%
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund
Actual	$	1,000.00	$	929.20	$	1.53		0.32	%
Hypothetical	$	1,000.00	$	1,023.21	$	1.61		0.32	%
FlexShares® Emerging Markets Quality Low Volatility Index Fund
Actual	$	1,000.00	$	953.80	$	1.94		0.40	%
Hypothetical	$	1,000.00	$	1,022.81	$	2.01		0.40	%

FLEXSHARES SEMIANNUAL REPORT 463

Fund Expenses (cont.)

	Beginning Account Value		Ending Account Value04/30/22		Expenses Paid During the Period *		Annualized Expense Ratio During Period
FlexShares® Morningstar US Market Factor Tilt Index Fund
Actual	$	1,000.00	$	895.80	$	1.18		0.25	%
Hypothetical	$	1,000.00	$	1,023.55	$	1.25		0.25	%
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund
Actual	$	1,000.00	$	890.30	$	1.83		0.39	%
Hypothetical	$	1,000.00	$	1,022.86	$	1.96		0.39	%
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund
Actual	$	1,000.00	$	898.60	$	2.78		0.59	%
Hypothetical	$	1,000.00	$	1,021.87	$	2.96		0.59	%
FlexShares® US Quality Large Cap Index Fund
Actual	$	1,000.00	$	917.70	$	1.52		0.32	%
Hypothetical	$	1,000.00	$	1,023.21	$	1.61		0.32	%
FlexShares® STOXX® US ESG Select Index Fund
Actual	$	1,000.00	$	884.80	$	1.50		0.32	%
Hypothetical	$	1,000.00	$	1,023.21	$	1.61		0.32	%
FlexShares® STOXX® Global ESG Select Index Fund
Actual	$	1,000.00	$	887.60	$	1.97		0.42	%
Hypothetical	$	1,000.00	$	1,022.71	$	2.11		0.42	%
FlexShares® ESG & Climate US Large Cap Core Index Fund
Actual	$	1,000.00	$	893.90	$	0.42		0.09	%
Hypothetical	$	1,000.00	$	1,024.35	$	0.45		0.09	%
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund
Actual	$	1,000.00	$	887.60	$	0.56		0.12	%
Hypothetical	$	1,000.00	$	1,024.20	$	0.60		0.12	%
FlexShares® ESG & Climate Emerging Markets Core Index Fund(a)
Actual	$	1,000.00	$	980.60	$	0.05		0.17	%
Hypothetical	$	1,000.00	$	1,023.95	$	0.85		0.17	%
FlexShares® Morningstar Global Upstream Natural Resources Index Fund
Actual	$	1,000.00	$	1,185.50	$	2.49		0.46	%
Hypothetical	$	1,000.00	$	1,022.51	$	2.31		0.46	%
FlexShares® STOXX® Global Broad Infrastructure Index Fund
Actual	$	1,000.00	$	958.00	$	2.28		0.47	%
Hypothetical	$	1,000.00	$	1,022.46	$	2.36		0.47	%

464 FLEXSHARES SEMIANNUAL REPORT

Fund Expenses (cont.)

	Beginning Account Value		Ending Account Value04/30/22		Expenses Paid During the Period *		Annualized Expense Ratio During Period
FlexShares® Global Quality Real Estate Index Fund
Actual	$	1,000.00	$	960.80	$	2.19		0.45	%
Hypothetical	$	1,000.00	$	1,022.56	$	2.26		0.45	%
FlexShares® Real Assets Allocation Index Fund(b)
Actual	$	1,000.00	$	998.30	$	0.55		0.11	%
Hypothetical	$	1,000.00	$	1,024.25	$	0.55		0.11	%
FlexShares® Quality Dividend Index Fund
Actual	$	1,000.00	$	967.00	$	1.80		0.37	%
Hypothetical	$	1,000.00	$	1,022.96	$	1.86		0.37	%
FlexShares® Quality Dividend Defensive Index Fund
Actual	$	1,000.00	$	963.10	$	1.80		0.37	%
Hypothetical	$	1,000.00	$	1,022.96	$	1.86		0.37	%
FlexShares® Quality Dividend Dynamic Index Fund
Actual	$	1,000.00	$	953.10	$	1.79		0.37	%
Hypothetical	$	1,000.00	$	1,022.96	$	1.86		0.37	%
FlexShares® International Quality Dividend Index Fund
Actual	$	1,000.00	$	900.10	$	2.21		0.47	%
Hypothetical	$	1,000.00	$	1,022.46	$	2.36		0.47	%
FlexShares® International Quality Dividend Defensive Index Fund
Actual	$	1,000.00	$	920.70	$	2.24		0.47	%
Hypothetical	$	1,000.00	$	1,022.46	$	2.36		0.47	%
FlexShares® International Quality Dividend Dynamic Index Fund
Actual	$	1,000.00	$	896.30	$	2.21		0.47	%
Hypothetical	$	1,000.00	$	1,022.46	$	2.36		0.47	%
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund
Actual	$	1,000.00	$	994.60	$	0.89		0.18	%
Hypothetical	$	1,000.00	$	1,023.90	$	0.90		0.18	%
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund
Actual	$	1,000.00	$	968.50	$	0.88		0.18	%
Hypothetical	$	1,000.00	$	1,023.90	$	0.90		0.18	%
FlexShares® Disciplined Duration MBS Index Fund
Actual	$	1,000.00	$	924.50	$	0.95		0.20	%
Hypothetical	$	1,000.00	$	1,023.80	$	1.00		0.20	%

FLEXSHARES SEMIANNUAL REPORT 465

Fund Expenses (cont.)

	Beginning Account Value		Ending Account Value04/30/22		Expenses Paid During the Period *		Annualized Expense Ratio During Period
FlexShares® Credit-Scored US Corporate Bond Index Fund
Actual	$	1,000.00	$	917.40	$	1.05		0.22	%
Hypothetical	$	1,000.00	$	1,023.70	$	1.10		0.22	%
FlexShares® Credit-Scored US Long Corporate Bond Index Fund
Actual	$	1,000.00	$	797.20	$	0.98		0.22	%
Hypothetical	$	1,000.00	$	1,023.70	$	1.10		0.22	%
FlexShares® High Yield Value-Scored Bond Index Fund
Actual	$	1,000.00	$	927.50	$	1.77		0.37	%
Hypothetical	$	1,000.00	$	1,022.96	$	1.86		0.37	%
FlexShares® ESG & Climate High Yield Corporate Core Index Fund
Actual	$	1,000.00	$	924.20	$	1.10		0.23	%
Hypothetical	$	1,000.00	$	1,023.65	$	1.15		0.23	%
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund
Actual	$	1,000.00	$	874.20	$	0.56		0.12	%
Hypothetical	$	1,000.00	$	1,024.20	$	0.60		0.12	%
FlexShares® Ready Access Variable Income Fund
Actual	$	1,000.00	$	988.40	$	1.23		0.25	%
Hypothetical	$	1,000.00	$	1,023.55	$	1.25		0.25	%
FlexShares® Core Select Bond Fund(b)
Actual	$	1,000.00	$	898.00	$	0.99		0.21	%
Hypothetical	$	1,000.00	$	1,023.75	$	1.05		0.21	%

* Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one half year period).

(a) The Fund commenced operations on April 20, 2022. Actual Expenses Paid During the Period are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 11 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period).

(b) Annualized expense ratio and expenses paid during the period do not include fees and expenses of the Underlying Fund(s) in which the Fund invests.

466 FLEXSHARES SEMIANNUAL REPORT

Liquidity Risk Management Program (Unaudited)

FlexShares Trust (the “Trust”), on behalf of each of its series (each, a “Fund” and, collectively, the “Funds”), has adopted and implemented a liquidity risk management program (the “Program”) as required by rule 22e-4 under the Investment Company Act of 1940, as amended (the “Rule”). The Program is reasonably designed to assess and manage each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund.

The Trust’s Board of Trustees (the “Board”) has appointed Northern Trust Investments, Inc. (“NTI”), the investment adviser to the Funds, as the program administrator for the Program. NTI has delegated oversight of the Program to the Northern Trust Asset Management Credit & Liquidity Risk Management Committee (the “Committee”).

At a meeting of the Board held on December 9, 2021, the Board received and reviewed the annual written report of the Committee, on behalf of NTI (the “Report”), concerning the operation of the Program for the review period October 1, 2020 through September 30, 2021. The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation.

The Report summarized the operation of the Program and the information and factors considered by the Committee in reviewing the adequacy and effectiveness of the Program’s implementation with respect to each Fund¹. Such information and factors included, among other things: (i) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (ii) the methodology and inputs used to classify the liquidity of each Fund’s portfolio investments and the Committee’s assessment that each Fund’s strategy is appropriate for an exchange-traded fund structured as an open-end fund; (iii) that each Fund held primarily highly liquid investments (cash and investments that the Fund reasonably expects can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value); (iv) that none of the Funds required the establishment of a highly liquid investment minimum (as defined in the Rule) and the reason for that determination; and (v) that none of the Funds had breached the 15% maximum threshold on illiquid investments (i.e., any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven days or less without the sale or disposition significantly changing the market value of the investment). The Report also summarized the changes made to the Program over the course of the year.

The Committee concluded, and reported to the Board, that the Program was adequate and effective in its implementation and reasonably designed to assess and manage each Fund’s Liquidity Risk.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to Liquidity Risk and other risks to which an investment in the Fund may be subject.

¹  The Report noted that each of the FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate US Large Cap Core Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund and FlexShares ESG & Climate Investment Grade Corporate Core Index Fund were new and therefore the information provided in the Report for those Funds was only included for the period from September 20, 2021 (the date on which they commenced investment operations) through September 30, 2021. In addition, the FlexShares ESG & Climate Emerging Markets Core Index Fund was not included in the Report because that Fund had not commenced investment operations during the reporting period.

FLEXSHARES SEMIANNUAL REPORT 467

Approval of Advisory Agreement (Unaudited)

The Board of Trustees (the “Board”) of the FlexShares Trust (the “Trust”) oversees the management of the Trust and the series of the Trust covered in this report and, as required by law, determines whether to approve the Trust’s investment advisory and ancillary services agreement (the “Advisory Agreement”) with Northern Trust Investments, Inc. (the “Adviser”), an indirect subsidiary of the Northern Trust Corporation.

* * * * *

At a meeting on August 20, 2021 (the “August Meeting”), the Board, including all of the Trustees who are not parties to the Advisory Agreement or interested persons of any such party (the “Independent Trustees”), considered whether to provide initial approval of the Advisory Agreement between the Adviser and the Trust, with regard to the following proposed new series of the Trust: FlexShares^® ESG & Climate Emerging Markets Core Index Fund (the “Fund”).

In advance of, and in preparation for, the Trustees’ consideration of the Advisory Agreement at the August Meeting, the Trustees received written materials relating to the Advisory Agreement and had the opportunity to ask questions and request further information in connection with their consideration. At the August Meeting, the Trustees considered the Adviser’s presentations and discussed all of the information that had been provided. Among other things, the Board considered comparisons with other funds in relevant peer universes and peer groups that had been objectively determined by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of fund data, which included, among other things, the following information: (1) a description of the types of funds chosen by Broadridge to compare to the Fund; (2) data on the Fund’s expenses and fees; and (3) comparative fee data for the Fund’s peer group, including comparisons of advisory fees and total expense ratios. In considering the Advisory Agreement, the Independent Trustees met with their independent legal counsel separately from the “interested” Trustee of the Trust and officers and employees of the Adviser. After evaluating all the materials, the Trustees, including the Independent Trustees, concluded that the Advisory Agreement was in the best interest of the Fund and

its prospective shareholders and approved the Advisory Agreement on behalf of the Fund.

The material factors and conclusions that formed the basis for the Trustees reaching their determination to approve the continuation of the Advisory Agreement are separately discussed below.

Nature, Quality and Extent of Services

The Board examined the nature, quality and extent of the services to be provided by the Adviser to the Fund. The Board also considered the Adviser’s responsibilities under the Advisory Agreement to perform securities trading services and ancillary services including, among other things: (i) filing reports with the SEC, (ii) periodically updating the Trust’s registration statement, (iii) establishing and maintaining the Fund’s website to comply with regulatory requirements, (iv) monitoring anticipated purchases and redemptions of creation units by shareholders and new investors, (v) providing information and assistance as required by the Trust’s administrator and fund accountant in connection with the Trust’s shares, and (vi) providing assistance in connection with the operations of the Trust generally.

The Board also considered the quality of the Adviser’s resources that are made available to the Trust. The Board noted the Adviser’s and its affiliates’ financial position, stability and commitment to growing their exchange-traded funds (“ETFs”) business. The Board also considered the operation and strength of the Adviser’s compliance program.

The Board noted that it is proposed that Foreside Fund Services, LLC, an entity unaffiliated with the Adviser, provide distribution services to the Fund and that JPMorgan Chase Bank, N.A., also an unaffiliated entity, provide custody, transfer agency, securities lending and fund administration support services, and that these service provider arrangements were relevant to the Board’s considerations of the totality of the circumstances surrounding renewal of the Advisory Agreement. The Board concluded that the Fund is expected to benefit from the services provided under the Advisory Agreement and as a result of the Adviser’s operations, resources, experience, reputation and personnel.

468 FLEXSHARES SEMIANNUAL REPORT

Approval of Advisory Agreement (cont.)

Performance, Fees and Expenses

The Board considered that the investment objective of the Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of a specified index (each, an “Underlying Index”).

The Board noted that because the Fund had not yet commenced operations, there was no performance information to consider. The Board considered fee and expense information of the Fund provided by Broadridge. The Broadridge comparisons ranked the Fund in various quintiles with the first quintile being the lowest 20% of the funds in terms of fund cost. The Board noted that there were limitations in providing comparable peer funds.

The Board considered that, effective as of the date of the Fund’s prospectus, the Adviser contractually agreed to reimburse the portion of the operating expenses of the Fund until at least one year thereafter, so that, after such reimbursement, the total annual fund operating expenses of the Fund, excluding any acquired fund fees and expenses, expressed as a percentage of average daily net assets, does not exceed an amount equal to the sum of (i) the Fund’s advisory fee rate and (ii) 0.0049% (the “Expense Reimbursement Agreement”).

In reaching its determinations, the Board considered a large amount of data provided by the Adviser in response to a written request previously submitted by the Independent Trustees to the Adviser. Among the information considered by the Board was the following information:

The Board considered that the Fund’s total expenses were in the first quintile of its expense group. The Board also considered that the Fund’s Net Advisory Fee, Contractual Advisory Fee and total expense ratio were lower than its expense group median.

Costs of Services and Profits of the Adviser

The Board considered the unitary fee structure and the expenses for the Fund and noted that, under the Advisory Agreement, the Adviser will be responsible for most

expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. The Board considered that the Adviser will not be responsible under the Advisory Agreement for certain expenses, including the fees and expenses of the Trust’s Independent Trustees and their independent legal counsel, litigation expenses and other extraordinary expenses.

The Board considered the advisory fee for the Fund as compared to that of other comparable funds in relation to its respective Broadridge median. The Board considered the Adviser’s explanation that the Fund’s advisory fee (both gross and net of waivers) compared favorably with its respective Broadridge median advisory fee (both gross and net of waivers) for comparable funds set forth in the Broadridge report, especially taking into account, among other factors, important differences between the indexes upon which such comparable funds are based and the Fund’s Underlying Index. The Board considered the advisory fee schedules for other accounts with similar investment advisory mandates as those of the Fund, noting that there were no comparable accounts for the Fund. The Board considered (a) the differences in managing ETFs versus separately managed accounts which involve daily purchase and redemption activity along with robust regulatory and governance requirements; and (b) the Fund’s unitary fee structure.

The Board considered the Adviser’s estimated profitability information provided by the Adviser. The Board noted that the Adviser’s potential for profitability would be subject to financial uncertainties and risks. The Board also considered that the Adviser would continue to develop and offer additional new products in efforts to complete the overall integrity of the Trust’s product suite, consistent with its product strategy, and that these products may expose the Adviser to additional financial risks and uncertainties.

Economies of Scale

The Board considered whether the Adviser may realize economies of scale in managing and supporting the Fund. The Board reviewed the Fund’s fee arrangements, which did not include breakpoints, and considered that, in light of the unitary fee structure and expense reimbursement agreement, the Adviser’s estimated profitability from services to

FLEXSHARES SEMIANNUAL REPORT 469

Approval of Advisory Agreement (cont.)

be provided to the Fund and the significant investment that the Adviser had made and continues to make in the Trust, breakpoints were not necessary at this time. The Board also noted the Expense Reimbursement Agreement.

Other Benefits to the Adviser

In addition to considering the profits that may be realized by the Adviser, the Board considered information regarding other direct and indirect benefits the Adviser may receive as a result of its relationship with the Fund, including whether any compensation would be paid to its affiliates. The Board also reviewed the extent to which the Adviser and its other clients, as well as the Fund, benefit from receipt of the research products and services generated by the Fund.

The Board, including the Independent Trustees, considered the data provided by the Adviser and concluded that sufficient information had been provided to allow them to evaluate the terms of the Advisory Agreement and the Fund’s investment advisory fee. They determined that the Fund’s advisory fee was reasonable in light of the services to be provided.

470 FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (Unaudited)

Principal Risks

As with any investment, you could lose all or part of your investment in a Fund, and the Fund’s performance could trail that of other investments. In addition to the discussion of the risks of certain of the Funds’ investments included in Note 2, some of the principal risks of investment in the Funds are summarized below. A more complete description of principal risks is included in each Fund’s Prospectus.

The following risks apply to all of the Funds:

Derivatives Risk

Changes in the value of a derivative instrument may not correlate perfectly with the underlying asset, rate or index, and the Funds could lose more than the principal amount invested.

Market Trading Risk

Each Fund is subject to risks resulting from its shares being listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. Any of these factors may lead to the Funds’ shares trading at a premium or discount to NAV.

Authorized Participant Concentration Risk

Only an Authorized Participant may engage in creation or redemption transactions directly with the Funds. The Funds have a limited number of institutions that act as Authorized Participants. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Funds and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened for a Fund if it invests in non-U.S. securities or other securities or instruments that are less widely traded. Such securities or instruments often involve greater settlement and operational issues and capital costs for Authorized Participants.

Market Risk

Market risk is the risk that general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equities market or adverse investor sentiment could cause the value of your investment in a Fund to decline. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. The outbreak of COVID-19, a respiratory disease caused by a novel coronavirus, has negatively affected the worldwide economy, the financial health of individual companies and the market in significant and unforeseen ways. The future impact of COVID-19 is currently unknown. The effects to public health, business and market conditions resulting from the COVID-19 pandemic may have a significant negative impact on the performance of the Fund’s investments. Market risk also includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. The value of the securities in which a Fund invests may go up or down in response to the prospects of individual issuers and/or general economic conditions. Securities markets may experience great short-term volatility and may fall sharply at times. Different markets may behave differently from each other and a foreign market may move in the opposite direction from the U.S. market.

FLEXSHARES SEMIANNUAL REPORT 471

Supplemental Information (cont.)

Price changes may be temporary or last for extended periods. You could lose money over short periods due to fluctuation in a Fund’s NAV in response to market movements, and over longer periods during market downturns.

The following risk applies only to the Index Funds:

Index Risk

Is the risk that an Index Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Index Fund does not utilize an investing strategy that seeks returns in excess of an index. Additionally, each Index Fund rebalances and/or reconstitutes its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Index Fund’s rebalance and/or reconstitution schedule.

Tracking Error Risk

Tracking error risk is the risk that an Index Fund’s performance may vary substantially from the performance of its Underlying Index. An Index Fund’s performance may vary from the performance of its Underlying Index for a number of reasons, including that the Index Fund incurs operating expenses that the Underlying Index does not and that the Index Fund accepts custom baskets.

Calculation Methodology Risk

Each of the Index Funds is subject to Calculation Methodology Risk. This is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Index guaranteed.

Concentration Risk

If an Index Fund is concentrated in a particular industry or group of industries, the Index Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.

The following risks apply to each Fund, as disclosed:

Interest Rate/Maturity Risk

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 Ready Access Variable Income Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, FlexShares ESG & Climate Investment Grade Corporate Core Index Fund, and FlexShares Core Select Bond Fund are subject to the risk that the value of the Funds’ fixed-income assets will decline because of rising interest rates. Risks associated with rising interest rates are heightened given that interest rates in the U.S. are currently at historically low levels. The magnitude of this decline will often be greater for longer-duration fixed income securities than shorter-duration fixed-income securities. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.

472 FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

MLP Risk

FlexShares STOXX Global Broad Infrastructure Index Fund and FlexShares Real Assets Allocation Index Fund are subject to the risk that accompanies an investment in MLP units. The risks of investing in an MLP are similar to those of investing in a partnership, including more flexible governance structures, which could result in less protection for investors, such as the Fund, than investments in a corporation. An investor in an MLP normally would not be liable for the debts of the MLP beyond the amount that the investor has contributed but may not be shielded from liability to the same extent that a shareholder of a corporation would be. MLPs are also subject to risks related to potential conflicts of interest between the MLP and the MLP’s general partner and cash flow risks. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. MLPs may also be sensitive to changes in interest rates and during periods of interest rate volatility, limited capital markets access and/or low commodities pricing and may not provide attractive returns.

New Fund Risk

FlexShares ESG & Climate US Large Cap Core Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, and FlexShares ESG & Climate Investment Grade Corporate Core Index Fund are subject to the risk that each Fund will not grow to or maintain an economically viable size, in which case it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels, or it could ultimately liquidate without shareholder approval. The timing of such liquidation may not be favorable and could have negative tax consequences for shareholders. From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser or an affiliate of the Fund’s adviser, may invest in the Fund and hold its investment for a specific period of time in order to facilitate commencement of the Fund’s operations or for the Fund to achieve size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of a Fund would be maintained at such levels, which could negatively impact the Fund. Each Fund’s Distributor does not maintain a secondary market in the shares.

Non-diversification Risk

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 ESG & Climate US Large Cap Core Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, and FlexShares ESG & Climate Investment Grade Corporate Core Index Fund are subject to the risk that because the Funds are non-diversified and may invest a larger percentage of their respective assets in the securities of fewer issuers than a diversified fund, each Fund’s performance will be more vulnerable to changes in the market value of a single issuer or group of issuers, and more susceptible to risks associated with a single economic, political or regulatory occurrence.

Mid and Small Cap Stock Risk

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 STOXX US ESG Select Index Fund, FlexShares STOXX Global ESG Select Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets 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

FLEXSHARES SEMIANNUAL REPORT 473

Supplemental Information (cont.)

Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares Quality Dividend Dynamic Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, and FlexShares International Quality Dividend Dynamic Index Fun are subject to the risk that stocks of mid-sized and smaller companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized and small companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Smaller companies may also include micro-capitalization companies. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.

Valuation Risk

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 ESG & Climate Emerging Markets 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 International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, FlexShares Disciplined Duration MBS Index Fund, FlexShares Credit-Scored U.S Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, FlexShares ESG & Climate Investment Grade Corporate Core Index Fund, and FlexShares Ready Access Variable Income Fund are subject to the risk that the sale price the Funds could receive for a security may differ from the Funds’ valuation of the security, particularly for securities that trade in low volume or volatile markets, or that are valued using a fair value methodology.

Value Investing Risk

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 Global Quality Real Estate Index Fund, and FlexShares Real Assets Allocation Index Fund are subject to the risk that each Fund’s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated.

ESG Investment Risk

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 ESG & Climate Emerging Markets Core Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, and FlexShares ESG & Climate Investment Grade Corporate Core Index Fund are subject to the risk that because the methodology of each Fund’s Underlying Index selects and assigns weights to securities of issuers for nonfinancial reasons, each Fund may underperform the broader equity market or other funds that do not utilize ESG investment criteria. Although each Fund’s Underlying Index is designed to measure a portfolio of companies with certain ESG characteristics, there is no assurance that the Underlying Index or Fund will be comprised of such securities or that companies that have historically exhibited such characteristics will continue to exhibit such characteristics. There is also the risk that a Fund may have indirect exposure to companies that have been excluded from its Underlying Index through its use of certain derivative instruments. In addition, because investors can differ in their views of what constitutes positive or negative ESG characteristics, a Fund may invest in companies that do not reflect the beliefs and values of any particular investor. A company included in a Fund’s Underlying Index may not exhibit positive or favorable ESG characteristics.

474 FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

High Portfolio Turnover Risk

FlexShares Disciplined Duration MBS Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, and FlexShares ESG & Climate High Yield Corporate Core Index Fund are subject to the risk that active and frequent trading of each Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return.

Global Natural Resources Risk

FlexShares Morningstar Global Upstream Natural Resources Index Fund and FlexShares Real Assets Allocation Index Fund are subject to the risks associated with investment in the global natural resources sector in addition to the general risk of the stock market. The natural resources sector can be significantly affected by events relating to U.S. and foreign political and economic developments and environmental and other government regulations, as well as other factors including, but not limited to: commodity price volatility, technological developments and natural or man-made disasters. Declines in the demand for, or prices of, natural resources generally would be expected to contribute to declines in the value of a Fund’s equity securities. Such declines may occur quickly and without warning and may negatively impact the value of a Fund and your investment.

Hedging Risk

FlexShares Core Select Bond Fund is subject to the risk that the Fund’s short positions in U.S. Treasury futures and similar positions through transactions in interest rate swaps will not completely eliminate interest rate risk of long positions in bonds. In certain falling interest rate environments, the Fund’s hedging strategy could result in disproportionately larger losses in the short U.S. Treasury futures and interest rate swaps positions as compared to gains in the long bond positions attributable to interest rate changes.

Corporate Bond Risk

FlexShares Credit-Scored US Corporate Bond Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, FlexShares ESG & Climate Investment Grade Corporate Core Index Fund, and FlexShares Credit-Scored US Long Corporate Bond Index Fund invest primarily in bonds issued by corporations. Corporate debt securities are subject to the risk of the issuer’s inability to meet principal and interest payments on the obligation and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. When interest rates rise, the value of corporate debt can be expected to decline. Debt securities with longer maturities tend to be more sensitive to interest rate movements than those with shorter maturities.

Interest Rate Risk

FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, and FlexShares Real Assets Allocation Index Fund are subject to the risk that rising interest rates may adversely affect the Funds. Increases in interest rates typically lower the present value of a REIT’s future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors’ collective perceptions of future earnings, the value of a Fund may decline when investors anticipate or experience rising interest rates. Risks associated with rising interest rates are heightened given that interest rates in the U.S. are currently at historically low levels.

Cash Transactions Risk

FlexShares Disciplined Duration MBS Index Fund and FlexShares Ready Access Variable may effect creation or redemption orders of their shares entirely for cash, rather than for in-kind securities. Paying redemption proceeds entirely in cash rather

FLEXSHARES SEMIANNUAL REPORT 475

Supplemental Information (cont.)

than through in-kind delivery of portfolio securities may require a Fund to dispose of or sell portfolio securities or other assets at an inopportune time to obtain the cash needed to meet redemption orders. This may cause a Fund to sell a security or other financial instrument and recognize a capital gain or loss that might not have been incurred if it had not effected a redemption order entirely for cash. As a result, investment in a Fund’s shares may be less tax efficient than investment in an ETF that meets redemption orders entirely in-kind with portfolio securities. The use of all cash creations and redemption orders may also cause a Fund’s shares to trade in the secondary market at wider bid-ask spreads and/or greater premiums or discounts to the Fund’s NAV. To the extent that the maximum additional variable charge for cash creation or cash redemption transactions is insufficient to cover the transaction costs of purchasing or selling portfolio securities, a Fund’s performance could be negatively impacted.

China Investment Risk

FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, and FlexShares ESG & Climate Emerging Markets Core Index Fund are subject to the risks associated with investments in companies located or operating in China, such as nationalization, expropriation, or confiscation of property; alteration or discontinuation of economic reforms; and considerable degrees of economic, political and social instability. Investors in Chinese markets generally experience difficulties in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgements due to a lack of publicly available information; and there are generally limited legal remedies for shareholders. Internal social unrest or confrontations with other neighboring countries, including military conflicts, may disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. The inability of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China. Certain securities issued by companies located or operating in China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks.

Taiwan Investment Risk

FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, and FlexShares ESG & Climate Emerging Markets Core Index Fund are subject to the risks of investing in securities of Taiwanese issuers. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries, which may materially affect the Taiwanese economy and its securities market. Investments in securities of Taiwanese companies are subject to Taiwan’s heavy dependence on exports. Reductions in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan’s key trading partners, including the United States, may have an adverse impact on the Taiwanese economy and the values of Taiwanese companies.

Foreign Securities Risk

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 STOXX Global ESG Select Index

476 FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets 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 International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, FlexShares Credit-Scored U.S Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, FlexShares ESG & Climate Investment Grade Corporate Core Index Fund, FlexShares Ready Access Variable Income Fund, and FlexShares Core Select Bond Fund are subject to the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of a Fund’s investments to decline. Foreign banks, agents and securities depositories that hold a Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless a Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by a Fund, could reduce performance if there are unanticipated changes in currency exchange rates.

Emerging Markets Risk

FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares ESG & Climate Emerging Markets 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 International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, FlexShares Ready Access Variable Income Fund are subject to the risk that investments in emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede a Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

FLEXSHARES SEMIANNUAL REPORT 477

Supplemental Information (cont.)

Japan Investment Risk

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, and FlexShares Developed Markets ex-US Quality Low Volatility Index Fund are subject to the risks of investment in securities of Japanese issuers. The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could negatively impact Japanese issuers. In recent times, Japan’s economic growth rate has remained low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the securities of Japanese companies held by a Fund.

Dividend Risk

FlexShares Quality Dividend Index Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares Quality Dividend Dynamic Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, and FlexShares International Quality Dividend Dynamic Index Fund are subject to the risk that an issuer of stock held by a Fund may choose not to declare a dividend or the dividend rate might not remain at current levels. Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. A Fund’s performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks.

Volatility Risk

FlexShares Quality Dividend Index Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares Quality Dividend Dynamic Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, and FlexShares International Quality Dividend Dynamic Index Fund are subject to the risk that the actual level of volatility experienced by a Fund may be greater or lower than the targeted overall volatility of the Fund’s Underlying Index. Although a Fund’s Underlying Index is designed to have a targeted overall volatility, there is no guarantee that it will have the targeted overall volatility. A Fund will continue to seek to track the Underlying Index even if the Underlying Index does not have the targeted overall volatility. There is also the risk that a Fund may experience volatility greater or lower than that of the Underlying Index as a result of tracking error. A portfolio of securities with greater volatility is generally considered to have a higher risk profile than a portfolio with lower volatility.

Real Estate Securities Risk

FlexShares Global Quality Real Estate Index Fund and FlexShares Real Assets Allocation Index Fund are subject to the risks associated with investment in the real estate sector in addition to the general risk of the stock market. Investing in securities of real estate companies will make an Underlying Fund, and the Fund, more susceptible to risks associated with the owner-ship of real estate and with the real estate industry in general, as well as risks that relate specifically to the way in which real estate companies are organized and operated. Real estate companies may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. The value of real estate securities may underperform other sectors of the economy or broader equity markets. To the extent that an Underlying Fund, and the Fund, concentrates its investments in the real estate sector, it may be subject to greater risk of loss than if it were diversified across different industry sectors.

Real Estate Investment Trust (REIT) Risk

FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund, and FlexShares STOXX^® Global Broad Infrastructure Index Fund are subject to the risk that a Fund’s investments may be affected by factors affecting REITs

478 FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

and the real estate sector generally. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs whose underlying properties are concentrated in a particular industry or geographic region are also subject to risks affecting such industries and regions. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to expenses of the Fund.

Fund of Funds Risk

FlexShares Real Assets Allocation Index Fund is subject to the risk that the Fund’s investment performance largely depends on the investment performance of the Underlying Fund(s) in which it primarily invests. The Fund’s NAV will change with changes in the value of the Underlying Fund(s) and other securities in which the Fund invests based on their market valuations.

An investment in the Fund will entail more costs and expenses than direct investments in the Underlying Fund(s). The Fund will indirectly pay a proportional share of the expenses of the Underlying Fund(s) in which it invests (including operating expenses and management fees), in addition to the fees and expenses it pays directly. As the Fund’s allocation to an Underlying Fund changes from time to time, or to the extent that the expense ratio of an Underlying Fund changes, the weighted average operating expenses borne by the Fund may increase or decrease.

Credit (or Default) Risk

FlexShares Disciplined Duration MBS Index Fund, FlexShares Credit-Scored U.S Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, FlexShares ESG & Climate Investment Grade Corporate Core Index Fund, FlexShares Ready Access Variable Income Fund, and FlexShares Core Select Bond Fund are subject to the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a TBA, repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fund’s investments and its returns. The credit quality of a debt security or of the issuer of a debt security held by the Fund could deteriorate rapidly, which may impair the Fund’s liquidity or cause a deterioration in the Fund’s NAV. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. The degree of credit risk depends on the issuer’s or counterparty’s financial condition and on the terms of the securities.

Debt Extension Risk

FlexShares Disciplined Duration MBS Index Fund, FlexShares Credit-Scored U.S Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, FlexShares ESG & Climate Investment Grade Corporate Core Index Fund, FlexShares Ready Access Variable Income Fund, and FlexShares Core Select Bond Fund are subject to the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) later than expected. This will cause the value of the obligation, and a Fund’s NAV, to decrease and the Fund may lose opportunities to invest in higher yielding securities.

Liquidity Risk

FlexShares Disciplined Duration MBS Index Fund, FlexShares Credit-Scored U.S Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, FlexShares ESG & Climate Investment Grade Corporate Core Index Fund, FlexShares Ready Access Variable Income Fund, and FlexShares Core Select Bond Fund are subject to the risk that certain portfolio secu-

FLEXSHARES SEMIANNUAL REPORT 479

Supplemental Information (cont.)

rities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like, adversely affecting the value of the Fund’s investments and its returns.

Prepayment (or Call) Risk

FlexShares Disciplined Duration MBS Index Fund, FlexShares Credit-Scored U.S Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, FlexShares ESG & Climate Investment Grade Corporate Core Index Fund, FlexShares Ready Access Variable Income Fund, and FlexShares Core Select Bond Fund are subject to the risk that an issuer could exercise its right to pay principal on callable debt securities held by a Fund earlier than expected, which may result in a decreased rate of return and a decline in value of those securities.

U.S. Government Securities Risk

FlexShares Disciplined Duration MBS Index Fund, FlexShares Ready Access Variable Income Fund and FlexShares Core Select Bond Fund are subject to the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Many U.S. government securities that may be purchased by the Fund are not backed by the full faith and credit of the United States. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.

Asset-Backed and Mortgage-Backed Securities Risk

FlexShares Ready Access Variable Income Fund and FlexShares Core Select Bond Fund are subject to the risk that asset-backed and mortgage-backed securities may be less liquid than other bonds, and may be more sensitive than other bonds to the market’s perception of issuers and creditworthiness of payees, particularly in declining general economic conditions when concern regarding mortgagees’ ability to pay (e.g., the ability of homeowners, commercial mortgagees, consumers with student loans, automobile loans or credit card debtholders to make payments on the underlying loan pools) rises, which may result in the Fund experiencing difficulty selling or valuing these securities. In addition, these securities may not be backed by the full faith and credit of the U.S. government, have experienced extraordinary weakness and volatility at various times in recent years, and may decline quickly in the event of a substantial economic or market downturn. Those asset-backed and mortgage-backed securities that are guaranteed as to the timely payment of interest and principal by a government entity, are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed and mortgage-backed securities.

Distressed Securities Risk

FlexShares High Yield Value-Scored Bond Index Fund and FlexShares ESG & Climate High Yield Corporate Core Index Fund are subject to the risks of investing in distressed securities, which are in addition to the risks of investing in non-investment grade securities generally. NTI defines securities issued by companies whose financial condition is troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations or financial restructurings as “distressed securities.” Distressed securities are speculative and involve a substantial risk that principal will not be paid. In addition, the Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. These securities may present a substantial risk of default. A Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

480 FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

High Yield Securities Risk

FlexShares High Yield Value-Scored Bond Index Fund and FlexShares ESG & Climate High Yield Corporate Core Index Fund are subject to the risk that a Fund will be subject to greater credit risk, price volatility and risk of loss than if it invested primarily in investment grade securities, which can adversely impact the Fund’s return and net asset value. High yield securities are considered highly speculative and are subject to increased risk of an issuer’s inability to make principal and interest payments. The FlexShares High Yield Value-Scored Bond Index Fund’s Underlying Index is designed to be comprised of securities with the potential for higher yields as compared to the overall high yield corporate bond market. As such, the FlexShares High Yield Value-Scored Bond Index Fund is expected to exhibit greater sensitivity to market fluctuations.

Substantial Volatility Risk

FlexShares High Yield Value-Scored Bond Index Fund and FlexShares ESG & Climate High Yield Corporate Core Index Fund are subject to the risk that the value of the securities in a Fund’s portfolio may fluctuate, sometimes rapidly and unpredictably at a greater level than the overall market. There is a risk that a Fund could have substantial volatility.

Value Score Risk

FlexShares High Yield Value-Scored Bond Index Fund is subject to the risk that the Fund’s investment in companies whose securities are believed to be undervalued will not appreciate in value as anticipated. Although the Underlying Index is designed to measure a portfolio of bonds of companies with the potential for higher yields and less risk of insolvency relative to the Parent Index, there is no assurance that the Underlying Index or Fund will be comprised of such securities. Accordingly, the Fund may be subject to greater credit risk, price volatility and risk of loss relative to the Parent Index.

Sector Risk

FlexShares Ready Access Variable Income Fund and FlexShares Core Select Bond Fund are subject to the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease.

Financial Sector Risk

FlexShares Disciplined Duration MBS Index Fund, FlexShares Credit-Scored US Corporate Bond Index Fund, FlexShares ESG & Investment Grade Corporate Core Index Fund, and FlexShares Ready Access Variable Income Fund are subject to the risk that each Fund will be impacted by events affecting the U.S. and/or non-U.S. financial sectors if it invests a relatively large percentage of its assets in those sectors, adversely affecting the Fund’s performance. The U.S. and non-U.S. financial sectors can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition and the availability and cost of capital, among other factors.

Information Technology Sector Risk

FlexShares ESG & Climate US Large Cap Core Index Fund is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services.

FLEXSHARES SEMIANNUAL REPORT 481

Supplemental Information (cont.)

Equity Securities Risk

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 ESG & Climate Emerging Markets 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 Quality Dividend Dynamic Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund are subject to the risks of investing in equity securities, which may be more volatile and underperform other asset classes and the general securities markets.

Low Volatility Risk

FlexShares US Quality Low Volatility Index Fund, FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, and FlexShares Emerging Markets Quality Low Volatility Index Fund are subject to the risk that, although each Fund’s Underlying Index is designed to have overall volatility that is lower than that of its Parent Index, there is no guarantee it will be successful. Securities or other assets in the Fund’s portfolio may be subject to price volatility and the prices may not be any less volatile than the market as a whole and could be more volatile. The market prices of the securities or other assets in a Fund’s portfolio may fluctuate, sometimes rapidly and unpredictably. A Fund will continue to seek to track its Underlying Index even if the Underlying Index does not have lower overall volatility than its Parent Index. There is also the risk that a Fund may experience volatility greater than that of its Parent Index as a result of tracking error. A portfolio of securities with greater volatility is generally considered to have a higher risk profile than a portfolio with lower volatility.

Depositary Receipts Risk

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares 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 US ESG Select Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets 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 International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, and FlexShares International Quality Dividend Dynamic Index Fund are subject to the risks that depositary receipts may expose the Funds to investment risks associated with the underlying issuers and additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts.

482 FLEXSHARES SEMIANNUAL REPORT

Supplemental Information (cont.)

Geographic Risk

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares 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 ESG & Climate Emerging Markets 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 International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, FlexShares Ready Access Variable Income Fund, and FlexShares Core Select Bond Fund are subject to the risk that if a Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an economic, business or political development affecting that country or region may affect the value of the Fund’s investments more than if the Fund’s investments were not so concentrated in such country or region.

Income Risk

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 CreditScored U.S Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, FlexShares ESG & Climate High Yield Corporate Core Index Fund, FlexShares ESG & Climate Investment Grade Corporate Core Index Fund, FlexShares Ready Access Variable Income Fund, and FlexShares Core Select Bond Fund are subject to the risk that a Fund’s income may decline due to a decline in inflation (or deflation) or due to changes in inflation expectations.

Premium/Discount Information

Information about the differences between the daily market prices on secondary markets for shares of the Funds and the Funds’ net asset values for various time periods, as applicable, is available by visiting the Funds’ website at flexshares.com

FLEXSHARES SEMIANNUAL REPORT 483

For More Information (Unaudited)

Portfolio Holdings

FlexShares^® Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year an exhibit to its reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov.

Proxy Voting

FlexShares^® Trust Proxy Voting Policies and Procedures are available upon request and without charge by calling 1-855-FLEXETF (1-855-353-9383) or by visiting the Funds’ website flexshares.com or the SEC’s website at sec.gov. Each Fund’s portfolio securities voting record for the 12-month period ended June 30 is available upon request and without charge by calling 1-855-FLEXETF (1-855-353-9383) or by visiting the SEC’s website at sec.gov.

484 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Trust

50 S. LaSalle Street

Chicago, IL 60603

800.595.9111

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 Quality Dividend Index^SM, Northern Trust Quality Dividend Dynamic Index^SM, Northern Trust Quality Dividend Defensive Index^SM, Northern Trust International Quality Dividend Index^SM, Northern Trust Quality Dividend Dynamic 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, and Northern Trust High Yield Value-Scored US Corporate Bond Index^SM are service marks of NTI and have been licensed for use by FlexShares Trust. The ICE^® BofAML^® Constrained Duration US Mortgage Backed Securities Index^SM are trademarks of ICE Data Indices, LLC or its affiliates (“ICE”) and have been licensed for use by NTI.

FS00238-0622

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 I – Investments in Securities of Unaffiliated Issuers.

The complete schedule of investments is included in the report to shareholders in Item 1 of this Form N-CSR.

(b) Securities Divested of in accordance with Section 13(c) of the Investment Company Act of 1940.

Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. 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 11. 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 Investment Company Act of 1940 (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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Exhibits.

(a)(1) Not applicable for this reporting period.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not Applicable.

(a)(4) There has been no change to the registrant’s independent public accountant during the reporting period.

(b) Certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

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^® Trust

By:     

/s/Peter Ewing

Peter K. Ewing

President and Principal Executive Officer

July 07, 2022

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:     

/s/Peter Ewing

Peter K. Ewing

President and Principal Executive Officer

July 07, 2022

By:     

/s/Randal Rein

Randal Rein

Treasurer and Principal Financial Officer

July 07, 2022