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, 2023

Item 1. Reports to Stockholders.

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

FlexShares^® Trust

Semiannual Report

April 30, 2023

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	77
FlexShares® Morningstar US Market Factor Tilt Index Fund	82
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund	119
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund	163
FlexShares® US Quality Large Cap Index Fund	213
FlexShares® STOXX® US ESG Select Index Fund	218
FlexShares® STOXX® Global ESG Select Index Fund	225
FlexShares® ESG  & Climate US Large Cap Core Index Fund	240
FlexShares® ESG  & Climate Developed Markets ex-US Core Index Fund	245
FlexShares® ESG  & Climate Emerging Markets Core Index Fund	253
FlexShares® Morningstar Global Upstream Natural Resources Index Fund	260
FlexShares® STOXX® Global Broad Infrastructure Index Fund	267
FlexShares® Global Quality Real Estate Index Fund	274
FlexShares® Real Assets Allocation Index Fund	279
FlexShares® Quality Dividend Index Fund	280
FlexShares® Quality Dividend Defensive Index Fund	285
FlexShares® Quality Dividend Dynamic Index Fund	290
FlexShares® International Quality Dividend Index Fund	294
FlexShares® International Quality Dividend Defensive Index Fund	302
FlexShares® International Quality Dividend Dynamic Index Fund	309
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund	316
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund	317
FlexShares® Disciplined Duration MBS Index Fund	318
FlexShares® Credit-Scored US Corporate Bond Index Fund	323
FlexShares® Credit-Scored US Long Corporate Bond Index Fund	342
FlexShares® High Yield Value-Scored Bond Index Fund	353
FlexShares® ESG  & Climate High Yield Corporate Core Index Fund	376
FlexShares® ESG  & Climate Investment Grade Corporate Core Index Fund	393
FlexShares® Ultra-Short Income Fund (formerly FlexShares® Ready Access Variable Income Fund)	404
FlexShares® Core Select Bond Fund	416
Notes to the Financial Statements	418
Fund Expenses	461
Liquidity Risk Management Program	465
For More Information	466

FlexShares^® Trust

Statements of Assets and Liabilities April 30, 2023 (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	$	152,135,410	$	72,655,705	$	18,435,281		$	894,481,236
Affiliate securities, at cost		—		—		—			553,554
Securities Lending Reinvestments, at cost		—		1,000,797		—			170,457,015
Securities, at value†		168,114,858		79,771,050		18,044,013			1,403,661,568
Affiliate securities, at value		—		—		—			559,625
Securities Lending Reinvestments, at value		—		1,000,797		—			170,455,305
Cash		1,133,860		594,144		163,996			7,167,972
Cash segregated at broker*		—		16,198		13,161			516,313
Foreign cash††		—		419,449		66,775			—
Restricted cash**		—		—		—			—
Due from Authorized Participant		—		—		—			—
Unrealized appreciation on forward foreign currency contracts		—		11,468		—			—
Receivables:		—		—		—			—
Dividends and interest		133,498		633,080		27,858			920,932
Securities lending income		1,127		520		—			59,505
Capital shares issued		—		—		—			—
Investment adviser		289		86		—			2,344
Securities sold		—		—		—			—
Variation margin on futures contracts		88,699		71,027		4,744			263,129
Total Assets		169,472,331		82,517,819		18,320,547			1,583,606,693
LIABILITIES
Unrealized depreciation on forward foreign currency contracts		—		25,887		—			—
Due to brokers		78,264		—		—			—
Payables:
Cash collateral received from securities loaned		—		1,000,797		—			170,457,015
Deferred compensation (Note 7)		6,937		3,819		636			160,641
Investment advisory fees (Note 4)		30,604		21,110		6,007			290,266
Trustee fees (Note 7)		803		278		13			7,802
Securities purchased		—		382		—			—
Deferred non-US capital gains taxes		—		—		3,570			—
Due to Authorized Participant		—		—		—			—
Variation margin on futures contracts		—		—		—			—
Capital shares redeemed		—		—		—			1,708
Other		2,800		—		4,000			4,500
Total Liabilities		119,408		1,052,273		14,226			170,921,932
Net Assets	$	169,352,923	$	81,465,546	$	18,306,321		$	1,412,684,761
NET ASSETS CONSIST OF:
Paid-in capital	$	153,569,475	$	79,058,207	$	20,011,801		$	916,793,492
Distributable earnings (loss)		15,783,448		2,407,339		(1,705,480	)		495,891,269
Net Assets	$	169,352,923	$	81,465,546	$	18,306,321		$	1,412,684,761
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		3,225,001		3,100,001		800,001			8,950,001
Net Asset Value	$	52.51	$	26.28	$	22.88		$	157.84
† Securities on loan, at value	$	12,349,485	$	2,665,293	$	—		$	230,218,670
†† Cost of foreign cash	$	—	$	417,175	$	66,702		$	—

* Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30/23.

** 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	$	463,731,483		$	221,169,708		$	120,638,390	$	161,455,586
Affiliate securities, at cost		—			—			—		89,946
Securities Lending Reinvestments, at cost		11,713,013			996,220			70,932		99,747
Securities, at value†		527,942,469			234,615,072			124,848,568		173,121,974
Affiliate securities, at value		—			—			—		80,896
Securities Lending Reinvestments, at value		11,713,013			996,220			70,932		99,747
Cash		1,920,538			1,457,660			889,803		1,434,960
Cash segregated at broker*		888,809			115,979			89,574		163,550
Foreign cash††		4,115,227			695,785			—		—
Restricted cash**		—			—			—		—
Due from Authorized Participant		—			—			—		—
Unrealized appreciation on forward foreign currency contracts		190,515			1,480			—		—
Receivables:		—			—			—		—
Dividends and interest		5,075,460			683,027			114,246		153,283
Securities lending income		40,904			9,228			560		645
Capital shares issued		—			—			—		—
Investment adviser		665			388			186		224
Securities sold		—			—			—		—
Variation margin on futures contracts		342,976			48,489			68,150		98,523
Total Assets		552,230,576			238,623,328			126,082,019		175,153,802
LIABILITIES
Unrealized depreciation on forward foreign currency contracts		85,444			3,737			—		—
Due to brokers		—			—			—		—
Payables:
Cash collateral received from securities loaned		11,713,013			996,220			70,932		99,747
Deferred compensation (Note 7)		91,185			45,402			6,702		8,237
Investment advisory fees (Note 4)		171,536			115,744			26,279		45,360
Trustee fees (Note 7)		2,492			1,227			730		940
Securities purchased		—			—			—		—
Deferred non-US capital gains taxes		—			667,030			—		—
Due to Authorized Participant		—			—			—		—
Variation margin on futures contracts		—			—			—		—
Capital shares redeemed		—			—			—		—
Other		—			—			4,500		1,400
Total Liabilities		12,063,670			1,829,360			109,143		155,684
Net Assets	$	540,166,906		$	236,793,968		$	125,972,876	$	174,998,118
NET ASSETS CONSIST OF:
Paid-in capital	$	593,533,354		$	301,341,159		$	124,467,594	$	165,762,876
Distributable earnings (loss)		(53,366,448	)		(64,547,191	)		1,505,282		9,235,242
Net Assets	$	540,166,906		$	236,793,968		$	125,972,876	$	174,998,118
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		8,200,001			4,900,001			2,750,001		1,725,001
Net Asset Value	$	65.87		$	48.33		$	45.81	$	101.45
† Securities on loan, at value	$	55,181,473		$	7,865,399		$	5,096,374	$	10,968,837
†† Cost of foreign cash	$	4,065,288		$	679,259		$	—	$	—

* Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30/23.

** 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	$	125,917,934	$	34,004,887		$	37,240,980	$	4,803,487
Affiliate securities, at cost		—		—			—		—
Securities Lending Reinvestments, at cost		1,160,583		—			—		—
Securities, at value†		154,568,136		34,112,749			39,009,133		4,381,657
Affiliate securities, at value		—		—			—		—
Securities Lending Reinvestments, at value		1,160,583		—			—		—
Cash		1,125,492		266,892			316,165		23,916
Cash segregated at broker*		58,181		—			25,436		3,074
Foreign cash††		95,878		—			159,943		18,400
Restricted cash**		—		—			—		—
Due from Authorized Participant		—		25,000			—		—
Unrealized appreciation on forward foreign currency contracts		1,339		—			6,372		—
Receivables:		—		—			—		—
Dividends and interest		557,756		34,794			185,648		6,405
Securities lending income		2,140		—			—		—
Capital shares issued		—		—			—		—
Investment adviser		199		15			8		10
Securities sold		4,636		—			—		—
Variation margin on futures contracts		82,702		15,626			24,153		970
Total Assets		157,657,042		34,455,076			39,726,858		4,434,432
LIABILITIES
Unrealized depreciation on forward foreign currency contracts		12,830		—			11,613		—
Due to brokers		—		12,851			—		—
Payables:
Cash collateral received from securities loaned		1,160,583		—			—		—
Deferred compensation (Note 7)		9,488		232			224		53
Investment advisory fees (Note 4)		54,012		2,514			3,834		662
Trustee fees (Note 7)		781		49			5		13
Securities purchased		172		25,000			79		—
Deferred non-US capital gains taxes		—		—			—		—
Due to Authorized Participant		4,636		—			—		—
Variation margin on futures contracts		—		—			—		—
Capital shares redeemed		—		—			—		—
Other		6,500		500			18,000		—
Total Liabilities		1,249,002		41,146			33,755		728
Net Assets	$	156,408,040	$	34,413,930		$	39,693,103	$	4,433,704
NET ASSETS CONSIST OF:
Paid-in capital	$	131,263,496	$	34,530,670		$	39,110,488	$	5,009,376
Distributable earnings (loss)		25,144,544		(116,740	)		582,615		(575,672	)
Net Assets	$	156,408,040	$	34,413,930		$	39,693,103	$	4,433,704
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		1,150,001		725,000			850,000		100,000
Net Asset Value	$	136.01	$	47.47		$	46.70	$	44.34
† Securities on loan, at value	$	4,480,424	$	—		$	—	$	—
†† Cost of foreign cash	$	95,886	$	—		$	158,709	$	18,150

* Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30/23.

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

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	$	6,573,376,166		$	2,227,782,088		$	351,286,859		$	—
Affiliate securities, at cost		—			—			—			24,575,826
Securities Lending Reinvestments, at cost		151,593,429			31,567,974			3,921,071			—
Securities, at value†		7,465,822,201			2,351,087,388			323,822,444			—
Affiliate securities, at value		—			—			—			22,357,221
Securities Lending Reinvestments, at value		151,592,745			31,567,974			3,921,071			—
Cash		13,309,724			3,780,718			695,124			44
Cash segregated at broker*		2,710,864			1,434,991			648,482			—
Foreign cash††		14,394,316			6,219,083			1,236,050			—
Restricted cash**		—			—			—			—
Due from Authorized Participant		—			—			—			—
Due from Custodian		—			—			160,610			—
Unrealized appreciation on forward foreign currency contracts		685,564			62,563			17,012			—
Receivables:		—			—			—			—
Dividends and interest		14,647,823			9,263,025			1,561,220			—
Securities lending income		84,679			21,917			3,284			—
Capital shares issued		—			—			—			—
Investment adviser		12,377			3,838			541			29
Securities sold		—			23,781			—			1,855,729
Variation margin on futures contracts		1,126,405			405,225			86,701			—
Total Assets		7,664,386,698			2,403,870,503			332,152,539			24,213,023
LIABILITIES
Unrealized depreciation on forward foreign currency contracts		564,237			18,198			22,544			—
Due to brokers		—			—			—			—
Payables:
Cash collateral received from securities loaned		151,593,429			31,567,974			3,921,071			—
Deferred compensation (Note 7)		583,757			172,596			31,131			956
Investment advisory fees (Note 4)		2,849,445			915,069			119,942			2,519
Trustee fees (Note 7)		38,133			14,538			2,024			191
Securities purchased		—			551			432,229			1,850,995
Deferred non-US capital gains taxes		—			560,854			—			—
Due to Authorized Participant		—			—			—			—
Variation margin on futures contracts		—			—			—			—
Capital shares redeemed		—			—			—			—
Other		27,000			30,000			4,000			—
Total Liabilities		155,656,001			33,279,780			4,532,941			1,854,661
Net Assets	$	7,508,730,697		$	2,370,590,723		$	327,619,598		$	22,358,362
NET ASSETS CONSIST OF:
Paid-in capital	$	7,622,161,128		$	2,373,666,089		$	393,649,640		$	26,173,104
Distributable earnings (loss)		(113,430,431	)		(3,075,366	)		(66,030,042	)		(3,814,742	)
Net Assets	$	7,508,730,697		$	2,370,590,723		$	327,619,598		$	22,358,362
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		176,450,001			44,450,001			6,100,001			725,001
Net Asset Value	$	42.55		$	53.33		$	53.71		$	30.84
† Securities on loan, at value	$	307,220,482		$	133,108,721		$	15,352,597		$	—
†† Cost of foreign cash	$	13,466,354		$	6,180,344		$	1,219,705		$	—

* Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30/23.

** 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 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	$	1,342,371,406	$	298,681,200	$	15,293,540	$	535,211,055
Affiliate securities, at cost		—		—		—		—
Securities Lending Reinvestments, at cost		103,799,744		15,244,162		153,778		7,140,017
Securities, at value†		1,531,134,171		330,977,754		17,030,222		544,670,525
Affiliate securities, at value		—		—		—		—
Securities Lending Reinvestments, at value		103,799,060		15,244,162		153,778		7,140,017
Cash		8,485,652		2,449,394		336,037		5,344,509
Cash segregated at broker*		443,717		198,517		110,772		816,717
Foreign cash††		—		—		—		4,953,091
Restricted cash**		—		—		—		—
Due from Authorized Participant		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		153,489
Receivables:		—		—		—		—
Dividends and interest		1,542,799		287,347		17,560		4,705,844
Securities lending income		96,679		20,112		1,040		12,885
Capital shares issued		—		—		—		—
Investment adviser		2,455		557		29		494
Securities sold		2,756,291		21,779		—		—
Variation margin on futures contracts		378,295		150,348		24,434		328,161
Total Assets		1,648,639,119		349,349,970		17,673,872		568,125,732
LIABILITIES
Unrealized depreciation on forward foreign currency contracts		—		—		—		90,832
Due to brokers		—		—		—		—
Payables:
Cash collateral received from securities loaned		103,799,744		15,244,162		153,778		7,140,017
Deferred compensation (Note 7)		179,671		42,899		6,089		73,424
Investment advisory fees (Note 4)		466,728		101,678		5,285		213,197
Trustee fees (Note 7)		8,681		2,133		85		2,456
Securities purchased		—		—		—		1,090
Deferred non-US capital gains taxes		—		—		—		121,309
Due to Authorized Participant		22,935		21,779		—		—
Variation margin on futures contracts		—		—		—		—
Capital shares redeemed		2,752,567		—		—		—
Other		3,900		4,600		400		15,500
Total Liabilities		107,234,226		15,417,251		165,637		7,657,825
Net Assets	$	1,541,404,893	$	333,932,719	$	17,508,235	$	560,467,907
NET ASSETS CONSIST OF:
Paid-in capital	$	1,372,906,291	$	316,808,127	$	15,425,264	$	724,731,509
Distributable earnings (loss)		168,498,602		17,124,592		2,082,971		(164,263,602	)
Net Assets	$	1,541,404,893	$	333,932,719	$	17,508,235	$	560,467,907
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		28,000,001		6,175,001		300,001		24,800,001
Net Asset Value	$	55.05	$	54.08	$	58.36	$	22.60
† Securities on loan, at value	$	150,690,028	$	32,229,319	$	1,120,559	$	26,429,875
†† Cost of foreign cash	$	—	$	—	$	—	$	4,925,364

* Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30/23.

** 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	$	30,147,321		$	106,219,171		$	2,016,942,023		$	742,369,381
Affiliate securities, at cost		—			—			—			—
Securities Lending Reinvestments, at cost		456,385			1,585,346			—			—
Securities, at value†		29,907,585			107,126,108			1,970,443,196			718,923,995
Affiliate securities, at value		—			—			—			—
Securities Lending Reinvestments, at value		456,385			1,585,346			—			—
Cash		27,883			1,174,629			3,070,590			1,605,442
Cash segregated at broker*		101,012			41,600			—			—
Foreign cash††		409,687			292,558			—			—
Restricted cash**		—			—			—			—
Due from Authorized Participant		—			—			—			—
Unrealized appreciation on forward foreign currency contracts		1,224			1,322			—		��	—
Receivables:		—			—			—			—
Dividends and interest		398,941			811,777			3,037,673			1,089,095
Securities lending income		913			5,328			—			1,567
Capital shares issued		—			—			—			—
Investment adviser		69			61			3,893			1,073
Securities sold		—			244,644			57,853,414			31,935,858
Variation margin on futures contracts		16,140			76,017			—			—
Total Assets		31,319,839			111,359,390			2,034,408,766			753,557,030
LIABILITIES
Unrealized depreciation on forward foreign currency contracts		16,092			13,775			—			—
Due to brokers		—			—			—			—
Payables:
Cash collateral received from securities loaned		456,385			1,585,346			—			—
Deferred compensation (Note 7)		9,623			6,027			266,206			94,556
Investment advisory fees (Note 4)		12,181			43,803			294,242			106,509
Trustee fees (Note 7)		325			147			11,763			3,566
Securities purchased		—			148			51,446,243			29,757,572
Deferred non-US capital gains taxes		—			29,844			—			—
Due to Authorized Participant		—			203,759			—			—
Variation margin on futures contracts		—			—			—			—
Capital shares redeemed		—			—			—			254
Other		7,000			3,500			—			—
Total Liabilities		501,606			1,886,349			52,018,454			29,962,457
Net Assets	$	30,818,233		$	109,473,041		$	1,982,390,312		$	723,594,573
NET ASSETS CONSIST OF:
Paid-in capital	$	57,981,862		$	127,609,743		$	2,163,142,200		$	788,630,770
Distributable earnings (loss)		(27,163,629	)		(18,136,702	)		(180,751,888	)		(65,036,197	)
Net Assets	$	30,818,233		$	109,473,041		$	1,982,390,312		$	723,594,573
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		1,500,001			4,100,001			82,304,000			29,650,001
Net Asset Value	$	20.55		$	26.71		$	24.09		$	24.40
† Securities on loan, at value	$	2,541,656		$	9,573,890		$	—		$	37,226,221
†† Cost of foreign cash	$	405,158		$	287,406		$	—		$	—

* Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30/23.

** 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	$	81,645,528		$	250,183,522		$	40,329,670		$	1,070,701,497
Affiliate securities, at cost		—			—			—			—
Securities Lending Reinvestments, at cost		—			—			—			—
Securities, at value†		75,968,953			238,227,157			34,709,806			1,029,903,166
Affiliate securities, at value		—			—			—			—
Securities Lending Reinvestments, at value		—			—			—			—
Cash		1,722,722			2,791,033			245,800			13,983,540
Cash segregated at broker*		—			—			—			—
Foreign cash††		—			—			—			—
Restricted cash**		—			—			—			—
Due from Authorized Participant		—			—			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			—
Receivables:		—			—			—			—
Dividends and interest		220,708			2,242,468			488,044			19,498,575
Securities lending income		—			—			—			—
Capital shares issued		—			—			—			—
Investment adviser		224			390			64			1,627
Securities sold		—			41,187,132			3,114,422			98,160,896
Variation margin on futures contracts		—			—			—			—
Total Assets		77,912,607			284,448,180			38,558,136			1,161,547,804
LIABILITIES
Unrealized depreciation on forward foreign currency contracts		—			—			—			—
Due to brokers		—			—			—			—
Payables:
Cash collateral received from securities loaned		—			—			—			—
Deferred compensation (Note 7)		7,592			16,130			3,525			18,527
Investment advisory fees (Note 4)		12,945			43,703			6,381			315,343
Trustee fees (Note 7)		580			1,313			212			3,734
Securities purchased		1,502,467			41,862,154			3,145,059			104,840,958
Deferred non-US capital gains taxes		—			—			—			—
Due to Authorized Participant		—			—			—			—
Variation margin on futures contracts		—			—			—			—
Capital shares redeemed		—			—			—			—
Other		2,000			1,000			—			15,500
Total Liabilities		1,525,584			41,924,300			3,155,177			105,194,062
Net Assets	$	76,387,023		$	242,523,880		$	35,402,959		$	1,056,353,742
NET ASSETS CONSIST OF:
Paid-in capital	$	94,535,244		$	271,533,839		$	49,192,425		$	1,216,513,874
Distributable earnings (loss)		(18,148,221	)		(29,009,959	)		(13,789,466	)		(160,160,132	)
Net Assets	$	76,387,023		$	242,523,880		$	35,402,959		$	1,056,353,742
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		3,700,001			5,100,001			800,001			26,100,001
Net Asset Value	$	20.65		$	47.55		$	44.25		$	40.47
† 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 04/30/23.

** 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® Ultra-Short Income Fund			FlexShares® Core Select Bond Fund
ASSETS
Securities, at cost	$	18,140,547		$	38,787,121		$	937,587,313		$	153,787,779
Affiliate securities, at cost		—			—			—			38,164,929
Securities Lending Reinvestments, at cost		—			—			—			14,514,700
Securities, at value†		18,258,439			36,118,696			932,721,101			151,240,000
Affiliate securities, at value		—			—			—			38,111,394
Securities Lending Reinvestments, at value		—			—			—			14,514,700
Cash		129,160			1,140,895			26,531,555			4,165,474
Cash segregated at broker*		—			—			—			—
Foreign cash††		—			—			—			—
Restricted cash**		—			—			—			—
Due from Authorized Participant		—			—			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			—
Receivables:		—			—			—			—
Dividends and interest		303,347			361,208			4,966,916			—
Securities lending income		—			—			—			4,671
Capital shares issued		—			—			—			564,107
Investment adviser		36			31			1,456			227
Securities sold		815,713			1,201,003			6,139,538			—
Variation margin on futures contracts		—			—			—			92,644
Total Assets		19,506,695			38,821,833			970,360,566			208,693,217
LIABILITIES
Unrealized depreciation on forward foreign currency contracts		—			—			—			—
Due to brokers		—			—			—			87,454
Payables:
Cash collateral received from securities loaned		—			—			—			14,514,700
Deferred compensation (Note 7)		148			202			38,136			7,163
Investment advisory fees (Note 4)		3,538			3,661			193,396			46,229
Trustee fees (Note 7)		109			52			3,966			699
Securities purchased		693,245			1,583,447			24,320,786			551,916
Deferred non-US capital gains taxes		—			—			—			—
Due to Authorized Participant		—			—			—			—
Variation margin on futures contracts		—			—			—			—
Capital shares redeemed		—			—			—			—
Other		—			2,000			2,625			—
Total Liabilities		697,040			1,589,362			24,558,909			15,208,161
Net Assets	$	18,809,655		$	37,232,471		$	945,801,657		$	193,485,056
NET ASSETS CONSIST OF:
Paid-in capital	$	22,265,450		$	45,790,618		$	948,367,329		$	214,613,532
Distributable earnings (loss)		(3,455,795	)		(8,558,147	)		(2,565,672	)		(21,128,476	)
Net Assets	$	18,809,655		$	37,232,471		$	945,801,657		$	193,485,056
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		450,000			900,000			12,625,001			8,575,001
Net Asset Value	$	41.80		$	41.37		$	74.91		$	22.56
† Securities on loan, at value	$	—		$	—		$	—		$	21,110,480
†† Cost of foreign cash	$	—		$	—		$	—		$	—

* Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30/23.

** 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, 2023 (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	$	1,748,587		$	1,255,005		$	204,907		$	13,363,192
Income from non-cash dividends		—			101,558			19,826			—
Dividend income received from affiliate		—			—			—			10,425
Interest income		1,724			—			—			—
Securities lending income (net of fees) (Note 2)		8,273			8,922			—			382,962
Foreign withholding tax on dividends		(2,987	)		(125,750	)		(20,810	)		(6,058	)
Foreign withholding tax on interest		—			—			—			—
Total Investment Income		1,755,597			1,239,735			203,923			13,750,521
EXPENSES
Deferred compensation (Note 7)		2,406			1,001			156			21,140
Investment advisory fees		186,048			118,065			26,650			1,753,518
Trustee fees (Note 7)		4,459			1,843			258			37,573
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		192,913			120,909			27,064			1,812,231
Less:
Fees reimbursed by investment advisor (Note 4)		(2,670	)		(926	)		(80	)		(23,901	)
Total Net Expenses		190,243			119,983			26,984			1,788,330
Net Investment Income (Loss)		1,565,354			1,119,752			176,939			11,962,191
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(3,680,854	)		(1,621,623	)		(317,505	)(1)		(20,396,204	)
In-kind redemptions on investments in affiliated securities		—			—			—			7,322
In-kind redemptions on investments in securities		7,142,050			—			—			26,604,454
Expiration or closing of futures contracts		(52,266	)		135,473			(11,117	)		(372,462	)
Settlement of forward foreign currency contracts		—			(23,967	)		—			—
Foreign currency transactions		—			21,186			(9,712	)		—
Net Realized Gain (Loss)		3,408,930			(1,488,931	)		(338,334	)		5,843,110
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		4,853,232			13,022,128			931,719	(2)		56,221,501	(3)
Securities lending		—			—			—			3,243
Futures contracts		81,890			118,175			12,416			(2,773	)
Forward foreign currency contracts		—			(29,365	)		—			—
Translation of other assets and liabilities denominated in foreign currencies		—			31,216			251			—
Net Change in Unrealized Appreciation (Depreciation)		4,935,122			13,142,154			944,386			56,221,971
Net Realized and Unrealized Gain (Loss)		8,344,052			11,653,223			606,052			62,065,081
Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,909,406		$	12,772,975		$	782,991		$	74,027,272

⁽¹⁾  Net of non-US capital gains tax of $(738).

⁽²⁾  Net of deferred non-US capital gains tax of $3,570.

⁽³⁾  Includes $(51,684) 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	$	9,166,206		$	3,352,250		$	1,156,852		$	1,426,160
Income from non-cash dividends		—			255,330			—			—
Dividend income received from affiliate		—			—			—			1,208
Interest income		—			25			—			—
Securities lending income (net of fees) (Note 2)		243,674			70,768			4,436			3,285
Foreign withholding tax on dividends		(809,508	)		(404,437	)		—			—
Foreign withholding tax on interest		—			(4	)		—			—
Total Investment Income		8,600,372			3,273,932			1,161,288			1,430,653
EXPENSES
Deferred compensation (Note 7)		7,424			3,500			1,917			2,547
Investment advisory fees		991,206			678,781			156,359			267,221
Trustee fees (Note 7)		12,956			5,922			3,455			4,526
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		1,011,586			688,203			161,731			274,294
Less:
Fees reimbursed by investment advisor (Note 4)		(6,912	)		(3,318	)		(2,255	)		(2,849	)
Total Net Expenses		1,004,674			684,885			159,476			271,445
Net Investment Income (Loss)		7,595,698			2,589,047			1,001,812			1,159,208
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			(3,101	)
Transactions in investment securities		(4,431,552	)		(5,794,495	)(1)		(1,121,888	)		(632,686	)
In-kind redemptions on investments in affiliated securities		—			—			—			337
In-kind redemptions on investments in securities		—			131,085			2,914,204			4,512,500
Expiration or closing of futures contracts		610,815			(35,025	)		(83,316	)		(83,946	)
Settlement of forward foreign currency contracts		(136,634	)		1,288			—			—
Foreign currency transactions		418,715			(113,625	)		—			—
Net Realized Gain (Loss)		(3,538,656	)		(5,810,772	)		1,709,000			3,793,104
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		90,994,929			34,635,135	(2)		5,621,314			10,716,563	(3)
Securities lending		—			—			—			—
Futures contracts		283,934			225,723			116,381			137,815
Forward foreign currency contracts		156,561			(6,769	)		—			—
Translation of other assets and liabilities denominated in foreign currencies		341,690			32,409			—			—
Net Change in Unrealized Appreciation (Depreciation)		91,777,114			34,886,498			5,737,695			10,854,378
Net Realized and Unrealized Gain (Loss)		88,238,458			29,075,726			7,446,695			14,647,482
Net Increase (Decrease) in Net Assets Resulting from Operations	$	95,834,156		$	31,664,773		$	8,448,507		$	15,806,690

⁽¹⁾  Net of non-US capital gains tax of $(131,373).

⁽²⁾  Net of deferred non-US capital gains tax of $667,030.

⁽³⁾  Includes $(9,050) 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
INVESTMENT INCOME
Dividend income	$	1,943,266		$	238,299		$	537,323		$	47,835
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		—			579			—			—
Securities lending income (net of fees) (Note 2)		8,188			—			—			—
Foreign withholding tax on dividends		(118,915	)		(258	)		(57,762	)		(8,129	)
Foreign withholding tax on interest		—			—			—			—
Total Investment Income		1,832,539			238,620			479,561			39,706
EXPENSES
Deferred compensation (Note 7)		2,285			284			291			64
Investment advisory fees		320,485			11,688			17,480			3,971
Trustee fees (Note 7)		4,062			666			638			122
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		326,832			12,638			18,409			4,157
Less:
Fees reimbursed by investment advisor (Note 4)		(2,348	)		(308	)		(198	)		(74	)
Total Net Expenses		324,484			12,330			18,211			4,083
Net Investment Income (Loss)		1,508,055			226,290			461,350			35,623
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(1,415,583	)		(83,946	)		(571,025	)		(114,181	)
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		3,774,231			—			—			—
Expiration or closing of futures contracts		(14,009	)		(10,854	)		6,976			(1,878	)
Settlement of forward foreign currency contracts		(3,904	)		—			(897	)		—
Foreign currency transactions		23,113			—			3,757			(2,765	)
Net Realized Gain (Loss)		2,363,848			(94,800	)		(561,189	)		(118,824	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		19,069,884			2,115,281			5,257,972			677,598
Securities lending		—			—			—			—
Futures contracts		129,218			21,224			28,923			7,780
Forward foreign currency contracts		(16,087	)		—			(8,031	)		—
Translation of other assets and liabilities denominated in foreign currencies		23,039			—			2,950			561
Net Change in Unrealized Appreciation (Depreciation)		19,206,054			2,136,505			5,281,814			685,939
Net Realized and Unrealized Gain (Loss)		21,569,902			2,041,705			4,720,625			567,115
Net Increase (Decrease) in Net Assets Resulting from Operations	$	23,077,957		$	2,267,995		$	5,181,975		$	602,738

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	$	144,782,166		$	39,357,054		$	7,599,849		$	—
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			184,682
Interest income		—			—			—			—
Securities lending income (net of fees) (Note 2)		874,791			393,567			32,687			—
Foreign withholding tax on dividends		(6,477,452	)		(2,564,752	)		(304,541	)		—
Foreign withholding tax on interest		—			—			—			—
Total Investment Income		139,179,505			37,185,869			7,327,995			184,682
EXPENSES
Deferred compensation (Note 7)		105,942			37,345			5,207			417
Investment advisory fees		16,976,002			5,697,515			749,058			65,118
Administration fees (Note 5)		—			—			1,573			—
Trustee fees (Note 7)		193,670			67,654			8,924			664
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		17,275,614			5,802,514			764,762			66,199
Less:
Fees reimbursed by investment advisor (Note 4)		(116,414	)		(42,377	)		(7,425	)		(52,908	)
Total Net Expenses		17,159,200			5,760,137			757,337			13,291
Net Investment Income (Loss)		122,020,305			31,425,732			6,570,658			171,391
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			(505,106	)
Transactions in investment securities		84,607,980	(1)		(53,125,492	)(2)		(12,032,747	)		—
In-kind redemptions on investments in affiliated securities		—			—			—			(731,302	)
In-kind redemptions on investments in securities		13,171,091			95,539,433			6,083,141			—
Expiration or closing of futures contracts		(1,200,343	)		22,015			262,079			—
Settlement of forward foreign currency contracts		(591,956	)		11,381			93,183			—
Foreign currency transactions		(186,798	)		65,099			48,529			—
Net Realized Gain (Loss)		95,799,974			42,512,436			(5,545,815	)		(1,236,408	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		31,337,530			189,547,051	(3)		12,217,617			3,124,355	(4)
Securities lending		2,532			—			—			—
Futures contracts		1,225,733			760,687			158,238			—
Forward foreign currency contracts		409,837			93,338			(19,221	)		—
Translation of other assets and liabilities denominated in foreign currencies		732,673			286,075			62,686			—
Net Change in Unrealized Appreciation (Depreciation)		33,708,305			190,687,151			12,419,320			3,124,355
Net Realized and Unrealized Gain (Loss)		129,508,279			233,199,587			6,873,505			1,887,947
Net Increase (Decrease) in Net Assets Resulting from Operations	$	251,528,584		$	264,625,319		$	13,444,163		$	2,059,338

⁽¹⁾  Net of non-US capital gains tax of $(306).

⁽²⁾  Net of non-US capital gains tax of $(461,844).

⁽³⁾  Net of deferred non-US capital gains tax of $560,854.

⁽⁴⁾  Includes $3,124,355 change in unrealized appreciation 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	$	23,611,822		$	5,185,979		$	269,963		$	14,313,521
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		—			—			—			—
Securities lending income (net of fees) (Note 2)		613,181			118,400			6,128			72,729
Foreign withholding tax on dividends		(649,799	)		(145,171	)		(7,922	)		(1,479,724	)
Foreign withholding tax on interest		—			—			—			—
Total Investment Income		23,575,204			5,159,208			268,169			12,906,526
EXPENSES
Deferred compensation (Note 7)		22,964			5,334			272			7,267
Investment advisory fees		2,834,991			635,871			31,968			1,190,676
Trustee fees (Note 7)		41,270			9,218			487			12,563
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		2,899,225			650,423			32,727			1,210,506
Less:
Fees reimbursed by investment advisor (Note 4)		(25,839	)		(5,902	)		(326	)		(6,162	)
Total Net Expenses		2,873,386			644,521			32,401			1,204,344
Net Investment Income (Loss)		20,701,818			4,514,687			235,768			11,702,182
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(31,057,524	)		(2,577,273	)		(315,049	)		680,636	(1)
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		61,900,757			13,943,241			875,675			450,028
Expiration or closing of futures contracts		(501,648	)		(90,567	)		(14,199	)		295,104
Settlement of forward foreign currency contracts		—			—			—			(15,334	)
Foreign currency transactions		—			—			—			182,221
Net Realized Gain (Loss)		30,341,585			11,275,401			546,427			1,592,655
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		49,033,493			10,305,392			309,920			87,607,659	(2)
Securities lending		1,323			—			—			—
Futures contracts		354,733			189,074			34,554			656,143
Forward foreign currency contracts		—			—			—			78,773
Translation of other assets and liabilities denominated in foreign currencies		—			—			—			266,631
Net Change in Unrealized Appreciation (Depreciation)		49,389,549			10,494,466			344,474			88,609,206
Net Realized and Unrealized Gain (Loss)		79,731,134			21,769,867			890,901			90,201,861
Net Increase (Decrease) in Net Assets Resulting from Operations	$	100,432,952		$	26,284,554		$	1,126,669		$	101,904,043

⁽¹⁾  Net of non-US capital gains tax of $(64,769).

⁽²⁾  Net of non-US capital gains tax of $1,151.

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	$	981,677		$	2,460,103		$	—		$	—
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		—			—			35,577,306			12,554,955
Securities lending income (net of fees) (Note 2)		7,229			18,848			16,288			33,060
Foreign withholding tax on dividends		(89,825	)		(283,539	)		—			—
Foreign withholding tax on interest		—			—			—			—
Total Investment Income		899,081			2,195,412			35,593,594			12,588,015
EXPENSES
Deferred compensation (Note 7)		695			1,068			29,793			10,075
Investment advisory fees		85,249			220,224			1,824,576			619,412
Trustee fees (Note 7)		1,061			2,039			56,879			17,723
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		87,005			223,331			1,911,248			647,210
Less:
Fees reimbursed by investment advisor (Note 4)		(787	)		(601	)		(36,791	)		(10,820	)
Total Net Expenses		86,218			222,730			1,874,457			636,390
Net Investment Income (Loss)		812,863			1,972,682			33,719,137			11,951,625
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(185,960	)(1)		(1,981,139	)(2)		(38,980,315	)		(21,495,714	)
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		1,009,103			1,122,716			(3,482,505	)		715,840
Expiration or closing of futures contracts		67,043			72,424			—			—
Settlement of forward foreign currency contracts		(27,809	)		(12,168	)		—			—
Foreign currency transactions		(51	)		7,343			—			—
Net Realized Gain (Loss)		862,326			(790,824	)		(42,462,820	)		(20,779,874	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		4,829,762			15,562,836	(3)		72,519,020			39,186,605
Securities lending		—			—			—			—
Futures contracts		71,138			123,734			—			—
Forward foreign currency contracts		(33,138	)		(22,474	)		—			—
Translation of other assets and liabilities denominated in foreign currencies		28,680			26,162			—			—
Net Change in Unrealized Appreciation (Depreciation)		4,896,442			15,690,258			72,519,020			39,186,605
Net Realized and Unrealized Gain (Loss)		5,758,768			14,899,434			30,056,200			18,406,731
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,571,631		$	16,872,116		$	63,775,337		$	30,358,356

⁽¹⁾  Net of non-US capital gains tax of $1,151.

⁽²⁾  Net of non-US capital gains tax of $11,010.

⁽³⁾  Net of deferred non-US capital gains tax of $29,844.

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		1,283,464			4,033,996			896,704			45,157,021
Securities lending income (net of fees) (Note 2)		—			—			—			—
Foreign withholding tax on dividends		—			—			—			—
Foreign withholding tax on interest		—			—			—			(31,543	)
Total Investment Income		1,283,464			4,033,996			896,704			45,125,478
EXPENSES
Deferred compensation (Note 7)		1,466			3,628			591			12,901
Investment advisory fees		90,781			260,730			39,165			1,828,828
Trustee fees (Note 7)		2,568			6,469			978			25,560
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		94,815			270,827			40,734			1,867,289
Less:
Fees reimbursed by investment advisor (Note 4)		(1,795	)		(4,217	)		(671	)		(14,153	)
Total Net Expenses		93,020			266,610			40,063			1,853,136
Net Investment Income (Loss)		1,190,444			3,767,386			856,641			43,272,342
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(2,348,564	)		(6,464,998	)		(3,175,431	)		(41,017,218	)
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		—			—			—			—
Expiration or closing of futures contracts		—			—			—			—
Settlement of forward foreign currency contracts		—			—			—			—
Foreign currency transactions		—			—			—			—
Net Realized Gain (Loss)		(2,348,564	)		(6,464,998	)		(3,175,431	)		(41,017,218	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		5,505,277			18,402,559			7,452,117			48,980,532
Securities lending		—			—			—			—
Futures contracts		—			—			—			—
Forward foreign currency contracts		—			—			—			—
Translation of other assets and liabilities denominated in foreign currencies		—			—			—			—
Net Change in Unrealized Appreciation (Depreciation)		5,505,277			18,402,559			7,452,117			48,980,532
Net Realized and Unrealized Gain (Loss)		3,156,713			11,937,561			4,276,686			7,963,314
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,347,157		$	15,704,947		$	5,133,327		$	51,235,656

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® Ultra-Short Income Fund			FlexShares® Core Select Bond Fund
INVESTMENT INCOME
Dividend income	$	—		$	—		$	—		$	1,652,829
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			894,875
Interest income		790,720			581,777			18,102,359			18,824
Securities lending income (net of fees) (Note 2)		—			—			—			44,364
Foreign withholding tax on dividends		—			—			—			—
Foreign withholding tax on interest		—			—			—			—
Total Investment Income		790,720			581,777			18,102,359			2,610,892
EXPENSES
Deferred compensation (Note 7)		306			454			11,460			2,325
Investment advisory fees		21,910			18,552			1,115,138			302,367
Trustee fees (Note 7)		457			742			23,684			4,471
Other expenses (Note 4)		—			—			—			—
Total Gross Expenses Before Fees Reimbursed		22,673			19,748			1,150,282			309,163
Less:
Fees reimbursed by investment advisor (Note 4)		(294	)		(433	)		(13,233	)		(103,721	)
Total Net Expenses		22,379			19,315			1,137,049			205,442
Net Investment Income (Loss)		768,341			562,462			16,965,310			2,405,450
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			(1,151,368	)
Transactions in investment securities		(55,906	)		(630,040	)		5,557			(1,316,380	)
In-kind redemptions on investments in affiliated securities		—			—			—			24,038
In-kind redemptions on investments in securities		63,674			—			—			114,857
Expiration or closing of futures contracts		—			—			—			22,749
Settlement of forward foreign currency contracts		—			—			—			—
Foreign currency transactions		—			—			—			—
Net Realized Gain (Loss)		7,768			(630,040	)		5,557			(2,306,104	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		356,305			2,431,322			6,006,718			10,956,143	(1)
Securities lending		—			—			—			—
Futures contracts		—			—			—			96,409
Forward foreign currency contracts		—			—			—			—
Translation of other assets and liabilities denominated in foreign currencies		—			—			—			—
Net Change in Unrealized Appreciation (Depreciation)		356,305			2,431,322			6,006,718			11,052,552
Net Realized and Unrealized Gain (Loss)		364,073			1,801,282			6,012,275			8,746,448
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,132,414		$	2,363,744		$	22,977,585		$	11,151,898

⁽¹⁾  Includes $2,884,125 change in unrealized appreciation 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, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net investment income (loss)	$	1,565,354		$	2,565,712		$	1,119,752		$	1,827,612
Net realized gain (loss)		3,408,930			4,986,550			(1,488,931	)		(2,233,170	)
Net change in unrealized appreciation (depreciation)		4,935,122			(19,711,109	)		13,142,154			(13,557,671	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		9,909,406			(12,158,847	)		12,772,975			(13,963,229	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(1,581,101	)		(2,196,287	)		(465,388	)		(2,140,729	)
Total distributions		(1,581,101	)		(2,196,287	)		(465,388	)		(2,140,729	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		29,442,254			51,896,738			7,306,211			10,600,255
Cost of shares redeemed		(30,986,159	)		(36,047,573	)		—			(8,015,506	)
Net Increase (Decrease) from Capital Transactions		(1,543,905	)		15,849,165			7,306,211			2,584,749
Total Increase (Decrease) in Net Assets		6,784,400			1,494,031			19,613,798			(13,519,209	)
NET ASSETS
Beginning of Period	$	162,568,523		$	161,074,492		$	61,851,748		$	75,370,957
End of Period	$	169,352,923		$	162,568,523		$	81,465,546		$	61,851,748
SHARE TRANSACTIONS
Beginning of period		3,250,001			2,950,001			2,800,001			2,700,001
Shares issued		—			—			—			100,000
Shares issued in-kind		575,000			1,000,000			300,000			300,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(600,000	)		(700,000	)		—			(300,000	)
Shares Outstanding, End of Period		3,225,001			3,250,001			3,100,001			2,800,001

⁽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.

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, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net investment income (loss)	$	176,939		$	388,332		$	11,962,191		$	22,502,916
Net realized gain (loss)		(338,334	)		(866,287	)		5,843,110			68,387,164
Net change in unrealized appreciation (depreciation)		944,386			(2,322,376	)		56,221,971			(329,620,719	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		782,991			(2,800,331	)		74,027,272			(238,730,639	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(72,445	)		(416,284	)		(11,093,048	)		(22,299,297	)
Tax return of capital		—			(24,777	)		—			—
Total distributions		(72,445	)		(441,061	)		(11,093,048	)		(22,299,297	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		9,381,883			—			—			59,308,274
Cost of shares redeemed		—			(4,388,407	)		(47,656,965	)		(127,889,854	)
Net Increase (Decrease) from Capital Transactions		9,381,883			(4,388,407	)		(47,656,965	)		(68,581,580	)
Total Increase (Decrease) in Net Assets		10,092,429			(7,629,799	)		15,277,259			(329,611,516	)
NET ASSETS
Beginning of Period	$	8,213,892		$	15,843,691		$	1,397,407,502		$	1,727,019,018
End of Period	$	18,306,321		$	8,213,892		$	1,412,684,761		$	1,397,407,502
SHARE TRANSACTIONS
Beginning of period		400,001			600,001			9,250,001			9,650,001
Shares issued		—			—			—			—
Shares issued in-kind		400,000			—			—			350,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		—			(200,000	)		(300,000	)		(750,000	)
Shares Outstanding, End of Period		800,001			400,001			8,950,001			9,250,001

⁽¹⁾  Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements.

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, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net investment income (loss)	$	7,595,698		$	16,741,670		$	2,589,047		$	9,809,271
Net realized gain (loss)		(3,538,656	)		1,512,421			(5,810,772	)		(13,258,134	)
Net change in unrealized appreciation (depreciation)		91,777,114			(161,673,906	)		34,886,498			(79,920,628	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		95,834,156			(143,419,815	)		31,664,773			(83,369,491	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(2,421,430	)		(22,504,833	)		(2,966,692	)		(12,431,512	)
Tax return of capital		—			(992,999	)		—			—
Total distributions		(2,421,430	)		(23,497,832	)		(2,966,692	)		(12,431,512	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		—			14,617,000			10,157,281			10,793,304
Cost of shares redeemed		—			(49,583,666	)		(8,950,307	)		(42,475,383	)
Net Increase (Decrease) from Capital Transactions		—			(34,966,666	)		1,206,974			(31,682,079	)
Total Increase (Decrease) in Net Assets		93,412,726			(201,884,313	)		29,905,055			(127,483,082	)
NET ASSETS
Beginning of Period	$	446,754,180		$	648,638,493		$	206,888,913		$	334,371,995
End of Period	$	540,166,906		$	446,754,180		$	236,793,968		$	206,888,913
SHARE TRANSACTIONS
Beginning of period		8,200,001			8,800,001			4,900,001			5,500,001
Shares issued		—			—			—			—
Shares issued in-kind		—			200,000			200,000			200,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		—			(800,000	)		(200,000	)		(800,000	)
Shares Outstanding, End of Period		8,200,001			8,200,001			4,900,001			4,900,001

⁽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.

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, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net investment income (loss)	$	1,001,812		$	1,866,119		$	1,159,208		$	2,217,868
Net realized gain (loss)		1,709,000			11,695,699			3,793,104			4,095,701
Net change in unrealized appreciation (depreciation)		5,737,695			(32,784,418	)		10,854,378			(39,534,134	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		8,448,507			(19,222,600	)		15,806,690			(33,220,565	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(961,139	)		(1,808,374	)		(1,082,086	)		(2,266,829	)
Total distributions		(961,139	)		(1,808,374	)		(1,082,086	)		(2,266,829	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		4,511,459			57,305,777			7,197,514			37,713,363
Cost of shares redeemed		(13,375,791	)		(53,400,212	)		(18,903,926	)		(21,888,788	)
Net Increase (Decrease) from Capital Transactions		(8,864,332	)		3,905,565			(11,706,412	)		15,824,575
Total Increase (Decrease) in Net Assets		(1,376,964	)		(17,125,409	)		3,018,192			(19,662,819	)
NET ASSETS
Beginning of Period	$	127,349,840		$	144,475,249		$	171,979,926		$	191,642,745
End of Period	$	125,972,876		$	127,349,840		$	174,998,118		$	171,979,926
SHARE TRANSACTIONS
Beginning of period		2,950,001			2,875,001			1,850,001			1,700,001
Shares issued		—			—			—			—
Shares issued in-kind		100,000			1,300,000			75,000			350,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(300,000	)		(1,225,000	)		(200,000	)		(200,000	)
Shares Outstanding, End of Period		2,750,001			2,950,001			1,725,001			1,850,001

⁽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, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net investment income (loss)	$	1,508,055		$	2,805,170		$	226,290		$	162,899
Net realized gain (loss)		2,363,848			3,353,319			(94,800	)		(133,446	)
Net change in unrealized appreciation (depreciation)		19,206,054			(41,798,644	)		2,136,505			(2,180,219	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		23,077,957			(35,640,155	)		2,267,995			(2,150,766	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(854,638	)		(3,114,461	)		(195,120	)		(129,697	)
Total distributions		(854,638	)		(3,114,461	)		(195,120	)		(129,697	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		—			14,352,429			10,237,670			24,984,332
Cost of shares redeemed		(12,740,756	)		(14,389,810	)		—			(3,269,970	)
Net Increase (Decrease) from Capital Transactions		(12,740,756	)		(37,381	)		10,237,670			21,714,362
Total Increase (Decrease) in Net Assets		9,482,563			(38,791,997	)		12,310,545			19,433,899
NET ASSETS
Beginning of Period	$	146,925,477		$	185,717,474		$	22,103,385		$	2,669,486
End of Period	$	156,408,040		$	146,925,477		$	34,413,930		$	22,103,385
SHARE TRANSACTIONS
Beginning of period		1,250,001			1,250,001			500,000			50,000
Shares issued		—			50,000			—			—
Shares issued in-kind		—			50,000			225,000			525,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(100,000	)		(100,000	)		—			(75,000	)
Shares Outstanding, End of Period		1,150,001			1,250,001			725,000			500,000

⁽¹⁾  Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements.

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, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			April 20, 2022* through October 31, 2022
OPERATIONS
Net investment income (loss)	$	461,350		$	441,657		$	35,623		$	75,840
Net realized gain (loss)		(561,189	)		(966,117	)		(118,824	)		(45,285	)
Net change in unrealized appreciation (depreciation)		5,281,814			(3,597,163	)		685,939			(1,106,532	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		5,181,975			(4,121,623	)		602,738			(1,075,977	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(189,640	)		(406,987	)		(36,769	)		(65,664	)
Total distributions		(189,640	)		(406,987	)		(36,769	)		(65,664	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		17,531,848			16,578,470			—			—
Cost of shares redeemed		—			—			—			—
Net Increase (Decrease) from Capital Transactions		17,531,848			16,578,470			—			—
Total Increase (Decrease) in Net Assets		22,524,183			12,049,860			565,969			(1,141,641	)
NET ASSETS
Beginning of Period	$	17,168,920		$	5,119,060		$	3,867,735		$	5,009,376	(2),(3)
End of Period	$	39,693,103		$	17,168,920		$	4,433,704		$	3,867,735
SHARE TRANSACTIONS
Beginning of period		450,000			100,000			100,000			100,000	(2)
Shares issued		—			—			—			—
Shares issued in-kind		400,000			350,000			—			—
Shares redeemed		—			—			—			—
Shares redeemed in-kind		—			—			—			—
Shares Outstanding, End of Period		850,000			450,000			100,000			100,000

⁽¹⁾  Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements.

⁽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, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net investment income (loss)	$	122,020,305		$	326,558,353		$	31,425,732		$	64,519,296
Net realized gain (loss)		95,799,974			543,920,180			42,512,436			(34,284,707	)
Net change in unrealized appreciation (depreciation)		33,708,305			(257,516,529	)		190,687,151			(413,573,085	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		251,528,584			612,962,004			264,625,319			(383,338,496	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(70,033,307	)		(349,767,759	)		(17,417,398	)		(71,164,043	)
Total distributions		(70,033,307	)		(349,767,759	)		(17,417,398	)		(71,164,043	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		532,540,157			2,228,186,786			—			376,096,311
Cost of shares redeemed		(40,156,731	)	��	(1,709,239,303	)		(377,135,611	)		(64,981,425	)
Net Increase (Decrease) from Capital Transactions		492,383,426			518,947,483			(377,135,611	)		311,114,886
Total Increase (Decrease) in Net Assets		673,878,703			782,141,728			(129,927,690	)		(143,387,653	)
NET ASSETS
Beginning of Period	$	6,834,851,994		$	6,052,710,266		$	2,500,518,413		$	2,643,906,066
End of Period	$	7,508,730,697		$	6,834,851,994		$	2,370,590,723		$	2,500,518,413
SHARE TRANSACTIONS
Beginning of period		165,300,001			156,550,001			51,750,001			45,800,001
Shares issued		—			—			—			—
Shares issued in-kind		12,100,000			51,400,000			—			7,100,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(950,000	)		(42,650,000	)		(7,300,000	)		(1,150,000	)
Shares Outstanding, End of Period		176,450,001			165,300,001			44,450,001			51,750,001

⁽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, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net investment income (loss)	$	6,570,658		$	10,527,149		$	171,391		$	1,052,524
Net realized gain (loss)		(5,545,815	)		(1,205,777	)		(1,236,408	)		(347,185	)
Net change in unrealized appreciation (depreciation)		12,419,320			(112,605,358	)		3,124,355			(6,504,289	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		13,444,163			(103,283,986	)		2,059,338			(5,798,950	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(3,383,838	)		(12,433,295	)		(174,953	)		(1,056,448	)
Tax return of capital		—			(212,283	)		—			—
Total distributions		(3,383,838	)		(12,645,578	)		(174,953	)		(1,056,448	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		13,504,098			61,391,019			744,408			31,091,126
Cost of shares redeemed		(24,325,506	)		(35,678,157	)		(9,135,047	)		(25,670,798	)
Net Increase (Decrease) from Capital Transactions		(10,821,408	)		25,712,862			(8,390,639	)		5,420,328
Total Increase (Decrease) in Net Assets		(761,083	)		(90,216,702	)		(6,506,254	)		(1,435,070	)
NET ASSETS
Beginning of Period	$	328,380,681		$	418,597,383		$	28,864,616		$	30,299,686
End of Period	$	327,619,598		$	328,380,681		$	22,358,362		$	28,864,616
SHARE TRANSACTIONS
Beginning of period		6,300,001			5,950,001			1,000,001			900,001
Shares issued		—			—			—			—
Shares issued in-kind		250,000			900,000			25,000			925,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(450,000	)		(550,000	)		(300,000	)		(825,000	)
Shares Outstanding, End of Period		6,100,001			6,300,001			725,001			1,000,001

⁽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.

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, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net investment income (loss)	$	20,701,818		$	36,130,232		$	4,514,687		$	8,686,945
Net realized gain (loss)		30,341,585			74,523,974			11,275,401			35,613,228
Net change in unrealized appreciation (depreciation)		49,389,549			(248,957,784	)		10,494,466			(74,967,194	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		100,432,952			(138,303,578	)		26,284,554			(30,667,021	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(17,283,328	)		(36,901,147	)		(3,930,526	)		(9,019,363	)
Total distributions		(17,283,328	)		(36,901,147	)		(3,930,526	)		(9,019,363	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		198,891,876			512,092,494			36,735,878			100,491,773
Cost of shares redeemed		(263,366,426	)		(456,702,830	)		(70,600,765	)		(163,419,797	)
Net Increase (Decrease) from Capital Transactions		(64,474,550	)		55,389,664			(33,864,887	)		(62,928,024	)
Total Increase (Decrease) in Net Assets		18,675,074			(119,815,061	)		(11,510,859	)		(102,614,408	)
NET ASSETS
Beginning of Period	$	1,522,729,819		$	1,642,544,880		$	345,443,578		$	448,057,986
End of Period	$	1,541,404,893		$	1,522,729,819		$	333,932,719		$	345,443,578
SHARE TRANSACTIONS
Beginning of period		29,125,001			28,150,001			6,825,001			8,000,001
Shares issued		—			—			—			—
Shares issued in-kind		3,675,000			9,150,000			700,000			1,850,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(4,800,000	)		(8,175,000	)		(1,350,000	)		(3,025,000	)
Shares Outstanding, End of Period		28,000,001			29,125,001			6,175,001			6,825,001

⁽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.

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, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net investment income (loss)	$	235,768		$	423,411		$	11,702,182		$	28,081,621
Net realized gain (loss)		546,427			1,388,867			1,592,655			(35,389,643	)
Net change in unrealized appreciation (depreciation)		344,474			(3,871,099	)		88,609,206			(140,731,898	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		1,126,669			(2,058,821	)		101,904,043			(148,039,920	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(199,374	)		(436,719	)		(5,604,712	)		(29,536,094	)
Total distributions		(199,374	)		(436,719	)		(5,604,712	)		(29,536,094	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		2,876,925			5,957,686			38,100,926			30,204,474
Cost of shares redeemed		(4,358,448	)		(7,304,687	)		(6,029,442	)		(36,538,271	)
Net Increase (Decrease) from Capital Transactions		(1,481,523	)		(1,347,001	)		32,071,484			(6,333,797	)
Total Increase (Decrease) in Net Assets		(554,228	)		(3,842,541	)		128,370,815			(183,909,811	)
NET ASSETS
Beginning of Period	$	18,062,463		$	21,905,004		$	432,097,092		$	616,006,903
End of Period	$	17,508,235		$	18,062,463		$	560,467,907		$	432,097,092
SHARE TRANSACTIONS
Beginning of period		325,001			350,001			23,400,001			23,900,001
Shares issued		—			—			—			—
Shares issued in-kind		50,000			100,000			1,700,000			1,200,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(75,000	)		(125,000	)		(300,000	)		(1,700,000	)
Shares Outstanding, End of Period		300,001			325,001			24,800,001			23,400,001

⁽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, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net investment income (loss)	$	812,863		$	2,830,675		$	1,972,682		$	4,143,080
Net realized gain (loss)		862,326			(4,890,674	)		(790,824	)		(6,336,149	)
Net change in unrealized appreciation (depreciation)		4,896,442			(12,707,606	)		15,690,258			(19,667,897	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		6,571,631			(14,767,605	)		16,872,116			(21,860,966	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(434,570	)		(2,940,092	)		(785,946	)		(4,368,329	)
Total distributions		(434,570	)		(2,940,092	)		(785,946	)		(4,368,329	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		—			—			41,684,781			14,075,676
Cost of shares redeemed		(15,864,169	)		(13,205,553	)		(10,086,267	)		(2,032,721	)
Net Increase (Decrease) from Capital Transactions		(15,864,169	)		(13,205,553	)		31,598,514			12,042,955
Total Increase (Decrease) in Net Assets		(9,727,108	)		(30,913,250	)		47,684,684			(14,186,340	)
NET ASSETS
Beginning of Period	$	40,545,341		$	71,458,591		$	61,788,357		$	75,974,697
End of Period	$	30,818,233		$	40,545,341		$	109,473,041		$	61,788,357
SHARE TRANSACTIONS
Beginning of period		2,300,001			3,000,001			2,900,001			2,500,001
Shares issued		—			—			—			—
Shares issued in-kind		—			—			1,600,000			500,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(800,000	)		(700,000	)		(400,000	)		(100,000	)
Shares Outstanding, End of Period		1,500,001			2,300,001			4,100,001			2,900,001

⁽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.

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, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net investment income (loss)	$	33,719,137		$	129,946,912		$	11,951,625		$	52,412,741
Net realized gain (loss)		(42,462,820	)		(61,202,821	)		(20,779,874	)		(23,575,612	)
Net change in unrealized appreciation (depreciation)		72,519,020			(171,934,382	)		39,186,605			(102,258,738	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		63,775,337			(103,190,291	)		30,358,356			(73,421,609	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(21,878,168	)		(131,367,411	)		(7,615,835	)		(53,319,431	)
Tax return of capital		—			(2,470,987	)		—			(769,089	)
Total distributions		(21,878,168	)		(133,838,398	)		(7,615,835	)		(54,088,520	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		174,897,244			1,154,710,930			138,144,255			259,127,932
Cost of shares redeemed		(392,342,716	)		(197,328,045	)		(81,178,701	)		(202,210,614	)
Net Increase (Decrease) from Capital Transactions		(217,445,472	)		957,382,885			56,965,554			56,917,318
Total Increase (Decrease) in Net Assets		(175,548,303	)		720,354,196			79,708,075			(70,592,811	)
NET ASSETS
Beginning of Period	$	2,157,938,615		$	1,437,584,419		$	643,886,498		$	714,479,309
End of Period	$	1,982,390,312		$	2,157,938,615		$	723,594,573		$	643,886,498
SHARE TRANSACTIONS
Beginning of period		91,504,000			54,504,000			27,250,001			25,500,001
Shares issued		—			—			—			—
Shares issued in-kind		7,350,000			45,050,000			5,800,000			9,600,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(16,550,000	)		(8,050,000	)		(3,400,000	)		(7,850,000	)
Shares Outstanding, End of Period		82,304,000			91,504,000			29,650,001			27,250,001

⁽¹⁾  Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements.

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, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net investment income (loss)	$	1,190,444		$	1,315,458		$	3,767,386		$	5,647,170
Net realized gain (loss)		(2,348,564	)		(4,182,658	)		(6,464,998	)		(11,524,528	)
Net change in unrealized appreciation (depreciation)		5,505,277			(11,405,968	)		18,402,559			(31,515,973	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		4,347,157			(14,273,168	)		15,704,947			(37,393,331	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(1,507,039	)		(2,906,209	)		(3,736,195	)		(8,289,209	)
Total distributions		(1,507,039	)		(2,906,209	)		(3,736,195	)		(8,289,209	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		4,089,809			24,467,825			7,064,735			54,188,645
Cost of shares redeemed		(27,731,857	)		(21,342,283	)		(18,648,564	)		(82,107,127	)
Net Increase (Decrease) from Capital Transactions		(23,642,048	)		3,125,542			(11,583,829	)		(27,918,482	)
Total Increase (Decrease) in Net Assets		(20,801,930	)		(14,053,835	)		384,923			(73,601,022	)
NET ASSETS
Beginning of Period	$	97,188,953		$	111,242,788		$	242,138,957		$	315,739,979
End of Period	$	76,387,023		$	97,188,953		$	242,523,880		$	242,138,957
SHARE TRANSACTIONS
Beginning of period		4,850,001			4,750,001			5,350,001			5,900,001
Shares issued		200,000			1,100,000			150,000			950,000
Shares issued in-kind		—			—			—			150,000
Shares redeemed		(1,350,000	)		(1,000,000	)		(400,000	)		(1,500,000	)
Shares redeemed in-kind		—			—			—			(150,000	)
Shares Outstanding, End of Period		3,700,001			4,850,001			5,100,001			5,350,001

⁽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, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net investment income (loss)	$	856,641		$	1,897,648		$	43,272,342		$	54,264,979
Net realized gain (loss)		(3,175,431	)		(5,104,776	)		(41,017,218	)		(84,823,660	)
Net change in unrealized appreciation (depreciation)		7,452,117			(14,928,195	)		48,980,532			(89,845,656	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		5,133,327			(18,135,323	)		51,235,656			(120,404,337	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(877,339	)		(2,837,455	)		(42,103,750	)		(56,016,563	)
Total distributions		(877,339	)		(2,837,455	)		(42,103,750	)		(56,016,563	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		—			—			338,401,591			746,832,545
Cost of shares redeemed		(4,350,763	)		(4,384,065	)		(179,125,123	)		(257,649,977	)
Net Increase (Decrease) from Capital Transactions		(4,350,763	)		(4,384,065	)		159,276,468			489,182,568
Total Increase (Decrease) in Net Assets		(94,775	)		(25,356,843	)		168,408,374			312,761,668
NET ASSETS
Beginning of Period	$	35,497,734		$	60,854,577		$	887,945,368		$	575,183,700
End of Period	$	35,402,959		$	35,497,734		$	1,056,353,742		$	887,945,368
SHARE TRANSACTIONS
Beginning of period		900,001			1,000,001			22,150,001			11,600,001
Shares issued		—			—			8,400,000			14,850,000
Shares issued in-kind		—			—			—			1,700,000
Shares redeemed		(100,000	)		(100,000	)		(4,450,000	)		(5,500,000	)
Shares redeemed in-kind		—			—			—			(500,000	)
Shares Outstanding, End of Period		800,001			900,001			26,100,001			22,150,001

⁽¹⁾  Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements.

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, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net investment income (loss)	$	768,341		$	1,006,867		$	562,462		$	1,023,293
Net realized gain (loss)		7,768			(3,622,569	)		(630,040	)		(5,269,138	)
Net change in unrealized appreciation (depreciation)		356,305			171,352			2,431,322			(4,417,178	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		1,132,414			(2,444,350	)		2,363,744			(8,663,023	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(693,282	)		(1,310,115	)		(516,866	)		(1,093,741	)
Total distributions		(693,282	)		(1,310,115	)		(516,866	)		(1,093,741	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		—			20,983,032			12,230,068			6,485,716
Cost of shares redeemed		(2,061,318	)		(46,563,361	)		—			(22,920,483	)
Net Increase (Decrease) from Capital Transactions		(2,061,318	)		(25,580,329	)		12,230,068			(16,434,767	)
Total Increase (Decrease) in Net Assets		(1,622,186	)		(29,334,794	)		14,076,946			(26,191,531	)
NET ASSETS
Beginning of Period	$	20,431,841		$	49,766,635		$	23,155,525		$	49,347,056
End of Period	$	18,809,655		$	20,431,841		$	37,232,471		$	23,155,525
SHARE TRANSACTIONS
Beginning of period		500,000			1,000,000			600,000			1,000,000
Shares issued		—			500,000			300,000			150,000
Shares issued in-kind		—			—			—			—
Shares redeemed		—			(800,000	)		—			(550,000	)
Shares redeemed in-kind		(50,000	)		(200,000	)		—			—
Shares Outstanding, End of Period		450,000			500,000			900,000			600,000

⁽¹⁾  Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements.

See Accompanying Notes to the Financial Statements.

32 FLEXSHARES SEMIANNUAL REPORT

Statements of Changes in Net Assets (cont.)

	FlexShares® Ultra-Short Income Fund						FlexShares® Core Select Bond Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
OPERATIONS
Net investment income (loss)	$	16,965,310		$	8,594,946		$	2,405,450		$	3,278,852
Net realized gain (loss)		5,557			(815,721	)		(2,306,104	)		(14,903,388	)
Net change in unrealized appreciation (depreciation)		6,006,718			(11,518,881	)		11,052,552			(13,967,521	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		22,977,585			(3,739,656	)		11,151,898			(25,592,057	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributable earnings		(15,550,273	)		(7,907,561	)		(2,442,540	)		(3,352,156	)
Total distributions		(15,550,273	)		(7,907,561	)		(2,442,540	)		(3,352,156	)
CAPITAL TRANSACTIONS(1)
Proceeds from shares issued		123,024,157			583,737,232			29,856,762			73,291,854
Cost of shares redeemed		(41,006,742	)		(90,072,224	)		(4,443,143	)		(11,502,530	)
Net Increase (Decrease) from Capital Transactions		82,017,415			493,665,008			25,413,619			61,789,324
Total Increase (Decrease) in Net Assets		89,444,727			482,017,791			34,122,977			32,845,111
NET ASSETS
Beginning of Period	$	856,356,930		$	374,339,139		$	159,362,079		$	126,516,968
End of Period	$	945,801,657		$	856,356,930		$	193,485,056		$	159,362,079
SHARE TRANSACTIONS
Beginning of period		11,525,001			4,925,001			7,425,001			4,825,001
Shares issued		1,650,000			7,800,000			—			—
Shares issued in-kind		—			—			1,350,000			3,075,000
Shares redeemed		(550,000	)		(1,200,000	)		—			—
Shares redeemed in-kind		—			—			(200,000	)		(475,000	)
Shares Outstanding, End of Period		12,625,001			11,525,001			8,575,001			7,425,001

⁽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, 2023 (Unaudited)												For the period 07/15/19* through 10/31/19
				Year ended October 31,
				2022			2021			2020
Net asset value, beginning of period	$	50.02		$	54.60		$	40.93		$	40.44		$	40.00
PER SHARE
Investment Operations
Net Investment Income		0.47	(a)		0.82	(a)		0.57	(a)		0.64	(a)		0.17	(a)
Net Realized and Unrealized Gain (Loss)		2.50			(4.70	)		13.69			0.38			0.35
Total from Operations		2.97			(3.88	)		14.26			1.02			0.52
Distributions
Net Investment Income		(0.48	)		(0.70	)		(0.59	)		(0.53	)		(0.08	)
Total from Distributions		(0.48	)		(0.70	)		(0.59	)		(0.53	)		(0.08	)
Net Asset Value, end of period	$	52.51		$	50.02		$	54.60		$	40.93		$	40.44
Total Return(b)
Net Asset Value(d)		5.98	%		(7.12	)%		35.05	%		2.63	%		1.30	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%
Expenses net of reimbursements		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%
Net Investment Income Before Reimbursements		1.85	%		1.58	%		1.17	%		1.55	%		1.45	%
Net Investment Income Net of Reimbursements		1.85	%		1.58	%		1.17	%		1.56	%		1.45	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		25	%		48	%		43	%		47	%		9	%
Net assets, end of period (thousands)	$	169,353		$	162,569		$	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, 2023 (Unaudited)												For the period 07/15/19* through 10/31/19
				Year ended October 31,
				2022			2021			2020
Net asset value, beginning of period	$	22.09		$	27.92		$	23.48		$	25.60		$	25.00
PER SHARE
Investment Operations
Net Investment Income		0.37	(a)		0.66	(a)		0.73	(a)		0.64	(a)		0.16	(a)
Net Realized and Unrealized Gain (Loss)		3.97			(5.71	)		4.43			(2.22	)		0.53
Total from Operations		4.34			(5.05	)		5.16			(1.58	)		0.69
Distributions
Net Investment Income		(0.15	)		(0.78	)		(0.72	)		(0.54	)		(0.09	)
Total from Distributions		(0.15	)		(0.78	)		(0.72	)		(0.54	)		(0.09	)
Net Asset Value, end of period	$	26.28		$	22.09		$	27.92		$	23.48		$	25.60
Total Return(b)
Net Asset Value(d)		19.72	%		(18.36	)%		22.05	%		(6.24	)%		2.76	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.33	%		0.33	%		0.33	%		0.33	%		0.32	%
Expenses net of reimbursements		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%
Net Investment Income Before Reimbursements		3.03	%		2.60	%		2.68	%		2.63	%		2.21	%
Net Investment Income Net of Reimbursements		3.03	%		2.60	%		2.68	%		2.64	%		2.21	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		25	%		56	%		56	%		62	%		14	%
Net assets, end of period (thousands)	$	81,466		$	61,852		$	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, 2023 (Unaudited)												For the period 07/15/19* through 10/31/19
				Year ended October 31,
				2022			2021			2020
Net asset value, beginning of period	$	20.53		$	26.41		$	23.95		$	24.94		$	25.00
PER SHARE
Investment Operations
Net Investment Income		0.30	(a)		0.67	(a)		0.69	(a)		0.56	(a)		0.23	(a)
Net Realized and Unrealized Gain (Loss)		2.17			(5.82	)		2.22			(0.91	)		(0.18	)
Total from Operations		2.47			(5.15	)		2.91			(0.35	)		0.05
Distributions
Net Investment Income		(0.12	)		(0.69	)		(0.45	)		(0.64	)		(0.11	)
Tax Return of Capital		—			(0.04	)		—			—			—
Total from Distributions		(0.12	)		(0.73	)		(0.45	)		(0.64	)		(0.11	)
Net Asset Value, end of period	$	22.88		$	20.53		$	26.41		$	23.95		$	24.94
Total Return(b)
Net Asset Value(d)		12.06	%		(19.77	)%		12.09	%		(1.41	)%		0.19	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.41	%		0.41	%		0.41	%		0.41	%		0.40	%
Expenses net of reimbursements		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net Investment Income Before Reimbursements		2.65	%		2.75	%		2.57	%		2.38	%		3.18	%
Net Investment Income Net of Reimbursements		2.65	%		2.75	%		2.58	%		2.39	%		3.18	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		24	%		53	%		54	%		81	%		12	%
Net assets, end of period (thousands)	$	18,306		$	8,214		$	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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	151.07		$	178.97		$	121.11		$	119.52		$	110.13		$	107.50
PER SHARE
Investment Operations
Net Investment Income		1.31	(a)		2.39	(a)		2.08	(a)		2.10	(a)		1.95	(a)		2.02	(a)
Net Realized and Unrealized Gain (Loss)		6.67			(27.93	)		57.80			1.60			9.33			2.59
Total from Operations		7.98			(25.54	)		59.88			3.70			11.28			4.61
Distributions
Net Investment Income		(1.21	)		(2.36	)		(2.02	)		(2.11	)		(1.89	)		(1.98	)
Total from Distributions		(1.21	)		(2.36	)		(2.02	)		(2.11	)		(1.89	)		(1.98	)
Net Asset Value, end of period	$	157.84		$	151.07		$	178.97		$	121.11		$	119.52		$	110.13
Total Return(b)
Net Asset Value(d)		5.33	%		(14.33	)%		49.68	%		3.28	%		10.41	%		4.22	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.26	%		0.26	%		0.26	%		0.26	%		0.26	%		0.25	%
Expenses net of reimbursements		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net Investment Income Before Reimbursements		1.70	%		1.47	%		1.28	%		1.78	%		1.72	%		1.77	%
Net Investment Income Net of Reimbursements		1.71	%		1.47	%		1.29	%		1.79	%		1.72	%		1.77	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		7	%		14	%		24	%		26	%		28	%		15	%
Net assets, end of period (thousands)	$	1,412,685		$	1,397,408		$	1,727,019		$	1,174,786		$	1,446,137		$	1,387,665

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	54.48		$	73.71		$	54.24		$	62.67		$	59.76		$	67.51
PER SHARE
Investment Operations
Net Investment Income		0.93	(a)		1.94	(a)		1.71	(a)		1.31	(a)		1.85	(a)		1.78	(a)
Net Realized and Unrealized Gain (Loss)		10.76			(18.43	)		19.27			(7.88	)		2.89			(7.39	)
Total from Operations		11.69			(16.49	)		20.98			(6.57	)		4.74			(5.61	)
Distributions
Net Investment Income		(0.30	)		(2.62	)		(1.51	)		(1.86	)		(1.83	)		(2.14	)
Tax Return of Capital		—			(0.12	)		—			—			—			—
Total from Distributions		(0.30	)		(2.74	)		(1.51	)		(1.86	)		(1.83	)		(2.14	)
Net Asset Value, end of period	$	65.87		$	54.48		$	73.71		$	54.24		$	62.67		$	59.76
Total Return(b)
Net Asset Value(d)		21.50	%		(22.83	)%		38.79	%		(10.57	)%		8.13	%		(8.61	)%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.39	%
Expenses net of reimbursements		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Net Investment Income Before Reimbursements		2.98	%		3.02	%		2.42	%		2.28	%		3.09	%		2.65	%
Net Investment Income Net of Reimbursements		2.99	%		3.02	%		2.42	%		2.28	%		3.09	%		2.65	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		11	%		27	%		29	%		21	%		25	%		34	%
Net assets, end of period (thousands)	$	540,167		$	446,754		$	648,638		$	499,016		$	965,142		$	968,096

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	42.22		$	60.79		$	48.05		$	50.42		$	47.92		$	57.38
PER SHARE
Investment Operations
Net Investment Income		0.54	(a)		1.86	(a)		1.51	(a)		1.02	(a)		1.49	(a)		1.46	(a)
Net Realized and Unrealized Gain (Loss)		6.20			(18.06	)		12.40			(1.97	)		2.46			(9.34	)
Total from Operations		6.74			(16.20	)		13.91			(0.95	)		3.95			(7.88	)
Distributions
Net Investment Income		(0.63	)		(2.37	)		(1.17	)		(1.42	)		(1.45	)		(1.58	)
Total from Distributions		(0.63	)		(2.37	)		(1.17	)		(1.42	)		(1.45	)		(1.58	)
Net Asset Value, end of period	$	48.33		$	42.22		$	60.79		$	48.05		$	50.42		$	47.92
Total Return(b)
Net Asset Value(d)		16.01	%		(27.32	)%		28.95	%		(1.86	)%		8.29	%		(14.05	)%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.59	%
Expenses net of reimbursements		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net Investment Income Before Reimbursements		2.25	%		3.49	%		2.46	%		2.13	%		2.92	%		2.56	%
Net Investment Income Net of Reimbursements		2.25	%		3.49	%		2.47	%		2.14	%		2.93	%		2.56	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		19	%		34	%		40	%		41	%		45	%		49	%
Net assets, end of period (thousands)	$	236,794		$	206,889		$	334,372		$	225,847		$	413,414		$	488,736

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	43.17		$	50.25		$	35.48		$	34.69		$	33.44		$	31.83
PER SHARE
Investment Operations
Net Investment Income		0.35	(a)		0.61	(a)		0.50	(a)		0.62	(a)		0.68	(a)		0.54	(a)
Net Realized and Unrealized Gain (Loss)		2.63			(7.11	)		14.76			0.76			1.29			1.58
Total from Operations		2.98			(6.50	)		15.26			1.38			1.97			2.12
Distributions
Net Investment Income		(0.34	)		(0.58	)		(0.49	)		(0.59	)		(0.72	)		(0.51	)
Total from Distributions		(0.34	)		(0.58	)		(0.49	)		(0.59	)		(0.72	)		(0.51	)
Net Asset Value, end of period	$	45.81		$	43.17		$	50.25		$	35.48		$	34.69		$	33.44
Total Return(b)
Net Asset Value(d)		6.95	%		(12.98	)%		43.21	%		4.13	%		6.04	%		6.63	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.26	%		0.30	%		0.33	%		0.33	%		0.33	%		0.33	%
Expenses net of reimbursements		0.25	%		0.30	%		0.32	%		0.32	%		0.32	%		0.32	%
Net Investment Income Before Reimbursements		1.60	%		1.31	%		1.11	%		1.77	%		2.04	%		1.56	%
Net Investment Income Net of Reimbursements		1.60	%		1.31	%		1.11	%		1.77	%		2.05	%		1.57	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		7	%		22	%		30	%		48	%		69	%		94	%
Net assets, end of period (thousands)	$	125,973		$	127,350		$	144,475		$	71,842		$	51,171		$	61,859

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	92.96		$	112.73		$	79.16		$	72.29		$	64.33		$	60.49
PER SHARE
Investment Operations
Net Investment Income		0.66	(a)		1.22	(a)		1.26	(a)		1.27	(a)		1.21	(a)		1.09	(a)
Net Realized and Unrealized Gain (Loss)		8.46			(19.75	)		33.50			6.81			7.83			3.84
Total from Operations		9.12			(18.53	)		34.76			8.08			9.04			4.93
Distributions
Net Investment Income		(0.63	)		(1.24	)		(1.19	)		(1.21	)		(1.08	)		(1.09	)
Total from Distributions		(0.63	)		(1.24	)		(1.19	)		(1.21	)		(1.08	)		(1.09	)
Net Asset Value, end of period	$	101.45		$	92.96		$	112.73		$	79.16		$	72.29		$	64.33
Total Return(b)
Net Asset Value(d)		9.87	%		(16.51	)%		44.15	%		11.40	%		14.21	%		8.13	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.33	%		0.33	%		0.33	%		0.33	%		0.33	%		0.33	%
Expenses net of reimbursements		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%
Net Investment Income Before Reimbursements		1.38	%		1.20	%		1.25	%		1.67	%		1.78	%		1.66	%
Net Investment Income Net of Reimbursements		1.39	%		1.20	%		1.26	%		1.68	%		1.79	%		1.67	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		15	%		46	%		40	%		66	%		75	%		110	%
Net assets, end of period (thousands)	$	174,998		$	171,980		$	191,643		$	89,052		$	56,024		$	28,946

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	117.54		$	148.57		$	106.02		$	101.77		$	91.61		$	91.97
PER SHARE
Investment Operations
Net Investment Income		1.25	(a)		2.24	(a)		2.03	(a)		1.72	(a)		2.05	(a)		1.95	(a)
Net Realized and Unrealized Gain (Loss)		17.92			(30.82	)		42.38			4.26			10.12			(0.61	)
Total from Operations		19.17			(28.58	)		44.41			5.98			12.17			1.34
Distributions
Net Investment Income		(0.70	)		(2.45	)		(1.86	)		(1.73	)		(2.01	)		(1.70	)
Total from Distributions		(0.70	)		(2.45	)		(1.86	)		(1.73	)		(2.01	)		(1.70	)
Net Asset Value, end of period	$	136.01		$	117.54		$	148.57		$	106.02		$	101.77		$	91.61
Total Return(b)
Net Asset Value(d)		16.37	%		(19.35	)%		42.10	%		6.03	%		13.49	%		1.38	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%
Expenses net of reimbursements		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%
Net Investment Income Before Reimbursements		1.97	%		1.69	%		1.50	%		1.66	%		2.15	%		2.03	%
Net Investment Income Net of Reimbursements		1.97	%		1.69	%		1.51	%		1.66	%		2.16	%		2.04	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		15	%		54	%		48	%		58	%		66	%		78	%
Net assets, end of period (thousands)	$	156,408		$	146,925		$	185,717		$	111,323		$	91,590		$	73,284

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, 2023 (Unaudited)			Year ended October 31, 2022			For the period 09/20/21* through 10/31/21
Net asset value, beginning of period	$	44.21		$	53.39		$	50.00
PER SHARE
Investment Operations
Net Investment Income		0.39	(a)		0.70	(a)		0.06	(a)
Net Realized and Unrealized Gain (Loss)		3.22			(9.25	)		3.33
Total from Operations		3.61			(8.55	)		3.39
Distributions
Net Investment Income		(0.35	)		(0.62	)		—
From Net Realized Gains		—			(0.01	)		—
Total from Distributions		(0.35	)		(0.63	)		—
Net Asset Value, end of period	$	47.47		$	44.21		$	53.39
Total Return(b)
Net Asset Value(d)		8.24	%		(16.09	)%		6.78	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.10	%		0.10	%		0.09	%
Expenses net of reimbursements		0.09	%		0.09	%		0.09	%
Net Investment Income Before Reimbursements		1.74	%		1.53	%		0.96	%
Net Investment Income Net of Reimbursements		1.74	%		1.53	%		0.96	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		5	%		18	%		—	%(f)
Net assets, end of period (thousands)	$	34,414		$	22,103		$	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, 2023 (Unaudited)			Year ended October 31, 2022			For the period 09/20/21* through 10/31/21
Net asset value, beginning of period	$	38.15		$	51.19		$	50.00
PER SHARE
Investment Operations
Net Investment Income		0.69	(a)		1.44	(a)		0.16	(a)
Net Realized and Unrealized Gain (Loss)		8.15			(13.28	)		1.03
Total from Operations		8.84			(11.84	)		1.19
Distributions
Net Investment Income		(0.29	)		(1.20	)		—
Total from Distributions		(0.29	)		(1.20	)		—
Net Asset Value, end of period	$	46.70		$	38.15		$	51.19
Total Return(b)
Net Asset Value(d)		23.27	%		(23.36	)%		2.38	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.13	%		0.13	%		0.12	%
Expenses net of reimbursements		0.12	%		0.12	%		0.12	%
Net Investment Income Before Reimbursements		3.16	%		3.35	%		2.72	%
Net Investment Income Net of Reimbursements		3.16	%		3.35	%		2.72	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		15	%		33	%		—	%(f)
Net assets, end of period (thousands)	$	39,693		$	17,169		$	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
	Six Months ended April 30, 2023 (Unaudited)			For the period 04/20/22* through 10/31/22
Net asset value, beginning of period	$	38.68		$	50.00
PER SHARE
Investment Operations
Net Investment Income		0.36	(a)		0.76	(a)
Net Realized and Unrealized Gain (Loss)		5.67			(11.42	)
Total from Operations		6.03			(10.66	)
Distributions
Net Investment Income		(0.37	)		(0.66	)
Total from Distributions		(0.37	)		(0.66	)
Net Asset Value, end of period	$	44.34		$	38.68
Total Return(b)
Net Asset Value(d)		15.60	%		(21.47	)%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.19	%		0.19	%
Expenses net of reimbursements		0.18	%		0.18	%
Net Investment Income Before Reimbursements		1.61	%		3.15	%
Net Investment Income Net of Reimbursements		1.61	%		3.15	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		23	%		18	%
Net assets, end of period (thousands)	$	4,434		$	3,868

* 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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	41.35		$	38.66		$	26.71		$	31.40		$	31.51		$	31.59
PER SHARE
Investment Operations
Net Investment Income		0.71	(a)		1.88	(a)		1.44	(a)		0.89	(a)		1.08	(a)		0.91	(a)
Net Realized and Unrealized Gain (Loss)		0.90			2.76			11.72			(4.65	)		(0.09	)		(0.13	)
Total from Operations		1.61			4.64			13.16			(3.76	)		0.99			0.78
Distributions
Net Investment Income		(0.41	)		(1.95	)		(1.21	)		(0.93	)		(1.10	)		(0.86	)
Total from Distributions		(0.41	)		(1.95	)		(1.21	)		(0.93	)		(1.10	)		(0.86	)
Net Asset Value, end of period	$	42.55		$	41.35		$	38.66		$	26.71		$	31.40		$	31.51
Total Return(b)
Net Asset Value(d)		3.94	%		12.20	%		49.70	%		(11.87	)%		3.16	%		2.33	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%		0.46	%
Expenses net of reimbursements		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%
Net Investment Income Before Reimbursements		3.30	%		4.48	%		3.95	%		3.03	%		3.40	%		2.72	%
Net Investment Income Net of Reimbursements		3.31	%		4.48	%		3.95	%		3.04	%		3.41	%		2.72	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		17	%		32	%		28	%		29	%		24	%		30	%
Net assets, end of period (thousands)	$	7,508,731		$	6,834,852		$	6,052,710		$	2,924,726		$	5,510,201		$	5,435,783

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	48.32		$	57.73		$	48.10		$	52.56		$	45.09		$	47.85
PER SHARE
Investment Operations
Net Investment Income		0.66	(a)		1.35	(a)		1.38	(a)		1.25	(a)		1.35	(a)		1.36	(a)
Net Realized and Unrealized Gain (Loss)		4.72			(9.27	)		9.57			(4.53	)		7.34			(2.71	)
Total from Operations		5.38			(7.92	)		10.95			(3.28	)		8.69			(1.35	)
Distributions
Net Investment Income		(0.37	)		(1.49	)		(1.32	)		(1.18	)		(1.22	)		(1.41	)
Total from Distributions		(0.37	)		(1.49	)		(1.32	)		(1.18	)		(1.22	)		(1.41	)
Net Asset Value, end of period	$	53.33		$	48.32		$	57.73		$	48.10		$	52.56		$	45.09
Total Return(b)
Net Asset Value(d)		11.18	%		(13.92	)%		22.85	%		(6.23	)%		19.52	%		(2.90	)%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%		0.47	%
Expenses net of reimbursements		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Net Investment Income Before Reimbursements		2.59	%		2.51	%		2.45	%		2.51	%		2.73	%		2.88	%
Net Investment Income Net of Reimbursements		2.59	%		2.51	%		2.45	%		2.52	%		2.74	%		2.89	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		9	%		16	%		13	%		13	%		12	%		13	%
Net assets, end of period (thousands)	$	2,370,591		$	2,500,518		$	2,643,906		$	1,856,596		$	1,477,030		$	773,363

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	52.12		$	70.35		$	50.88		$	66.60		$	57.96		$	62.02
PER SHARE
Investment Operations
Net Investment Income		1.06	(a)		1.67	(a)		1.38	(a)		1.43	(a)		1.76	(a)		1.80	(a)
Net Realized and Unrealized Gain (Loss)		1.07			(17.88	)		19.13			(14.62	)		8.68			(3.99	)
Total from Operations		2.13			(16.21	)		20.51			(13.19	)		10.44			(2.19	)
Distributions
Net Investment Income		(0.54	)		(1.99	)		(1.04	)		(2.50	)		(1.80	)		(1.87	)
Tax Return of Capital		—			(0.03	)		—			(0.03	)		—			—
Total from Distributions		(0.54	)		(2.02	)		(1.04	)		(2.53	)		(1.80	)		(1.87	)
Net Asset Value, end of period	$	53.71		$	52.12		$	70.35		$	50.88		$	66.60		$	57.96
Total Return(b)
Net Asset Value(d)		4.12	%		(23.51	)%		40.58	%		(20.29	)%		18.37	%		(3.69	)%
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		3.94	%		2.63	%		2.16	%		2.53	%		2.80	%		2.92	%
Net Investment Income Net of Reimbursements		3.95	%		2.63	%		2.17	%		2.54	%		2.81	%		2.92	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		24	%		54	%		52	%		56	%		53	%		61	%
Net assets, end of period (thousands)	$	327,620		$	328,381		$	418,597		$	264,574		$	376,264		$	275,332

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	28.86		$	33.67		$	25.72		$	30.30		$	26.45		$	28.08
PER SHARE
Investment Operations
Net Investment Income		0.23	(a)		0.93	(a)		0.83	(a)		0.86	(a)		0.76	(a)		0.80	(a)
Net Realized and Unrealized Gain (Loss)		1.99			(4.72	)		7.78			(4.58	)		3.85			(1.64	)
Total from Operations		2.22			(3.79	)		8.61			(3.72	)		4.61			(0.84	)
Distributions
Net Investment Income		(0.24	)		(1.02	)		(0.66	)		(0.86	)		(0.76	)		(0.79	)
From Net Realized Gains		—			—			—			—			—			0.00	(g)
Total from Distributions		(0.24	)		(1.02	)		(0.66	)		(0.86	)		(0.76	)		(0.79	)
Net Asset Value, end of period	$	30.84		$	28.86		$	33.67		$	25.72		$	30.30		$	26.45
Total Return(b)
Net Asset Value(d)		7.72	%		(11.49	)%		33.66	%		(12.45	)%		17.69	%		(3.09	)%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.58	%(h)		0.58	%(h)		0.58	%(h)		0.58	%(h)		0.58	%(h)		0.59	%(h)
Expenses net of reimbursements		0.12	%(h)		0.11	%(h)		0.12	%(h)		0.11	%(h)		0.11	%(h)		0.11	%(h)
Net Investment Income Before Reimbursements		1.04	%		2.40	%		2.07	%		2.65	%		2.22	%		2.39	%
Net Investment Income Net of Reimbursements		1.50	%		2.86	%		2.53	%		3.11	%		2.69	%		2.87	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		9	%		7	%		40	%		14	%		4	%		5	%
Net assets, end of period (thousands)	$	22,358		$	28,865		$	30,300		$	4,502		$	11,361		$	13,887

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 49

Financial Highlights (cont.)

	FlexShares® Quality Dividend Index Fund
	Six Months ended April 30, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	52.28		$	58.35		$	43.40		$	46.33		$	44.53		$	42.57
PER SHARE
Investment Operations
Net Investment Income		0.72	(a)		1.25	(a)		1.16	(a)		1.24	(a)		1.24	(a)		1.20	(a)
Net Realized and Unrealized Gain (Loss)		2.65			(6.05	)		14.89			(2.67	)		2.29			1.98
Total from Operations		3.37			(4.80	)		16.05			(1.43	)		3.53			3.18
Distributions
Net Investment Income		(0.60	)		(1.27	)		(1.10	)		(1.25	)		(1.19	)		(1.22	)
From Net Realized Gains		—			—			—			(0.25	)		(0.54	)		—
Total from Distributions		(0.60	)		(1.27	)		(1.10	)		(1.50	)		(1.73	)		(1.22	)
Net Asset Value, end of period	$	55.05		$	52.28		$	58.35		$	43.40		$	46.33		$	44.53
Total Return(b)
Net Asset Value(d)		6.51	%		(8.29	)%		37.27	%		(2.98	)%		8.45	%		7.42	%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%		0.37	%
Expenses net of reimbursements		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net Investment Income Before Reimbursements		2.70	%		2.24	%		2.16	%		2.79	%		2.80	%		2.64	%
Net Investment Income Net of Reimbursements		2.70	%		2.24	%		2.16	%		2.79	%		2.81	%		2.64	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		20	%		40	%		51	%		75	%		95	%		76	%
Net assets, end of period (thousands)	$	1,541,405		$	1,522,730		$	1,642,545		$	1,265,177		$	1,707,344		$	1,759,108

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	50.61		$	56.01		$	42.61		$	46.25		$	44.46		$	42.04
PER SHARE
Investment Operations
Net Investment Income		0.68	(a)		1.16	(a)		1.09	(a)		1.21	(a)		1.22	(a)		1.21	(a)
Net Realized and Unrealized Gain (Loss)		3.38			(5.35	)		13.39			(3.28	)		3.35			2.45
Total from Operations		4.06			(4.19	)		14.48			(2.07	)		4.57			3.66
Distributions
Net Investment Income		(0.59	)		(1.21	)		(1.08	)		(1.21	)		(1.14	)		(1.24	)
From Net Realized Gains		—			—			—			(0.36	)		(1.64	)		—
Total from Distributions		(0.59	)		(1.21	)		(1.08	)		(1.57	)		(2.78	)		(1.24	)
Net Asset Value, end of period	$	54.08		$	50.61		$	56.01		$	42.61		$	46.25		$	44.46
Total Return(b)
Net Asset Value(d)		8.09	%		(7.53	)%		34.28	%		(4.45	)%		11.40	%		8.69	%
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		2.62	%		2.16	%		2.10	%		2.77	%		2.76	%		2.70	%
Net Investment Income Net of Reimbursements		2.63	%		2.16	%		2.11	%		2.77	%		2.76	%		2.71	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		22	%		47	%		57	%		76	%		91	%		94	%
Net assets, end of period (thousands)	$	333,933		$	345,444		$	448,058		$	411,173		$	450,963		$	320,091

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	55.58		$	62.59		$	43.94		$	45.49		$	42.20		$	41.84
PER SHARE
Investment Operations
Net Investment Income		0.78	(a)		1.23	(a)		1.22	(a)		1.33	(a)		1.21	(a)		1.15	(a)
Net Realized and Unrealized Gain (Loss)		2.66			(6.97	)		18.57			(1.21	)		3.26			0.40
Total from Operations		3.44			(5.74	)		19.79			0.12			4.47			1.55
Distributions
Net Investment Income		(0.66	)		(1.27	)		(1.14	)		(1.67	)		(1.18	)		(1.19	)
Total from Distributions		(0.66	)		(1.27	)		(1.14	)		(1.67	)		(1.18	)		(1.19	)
Net Asset Value, end of period	$	58.36		$	55.58		$	62.59		$	43.94		$	45.49		$	42.20
Total Return(b)
Net Asset Value(d)		6.26	%		(9.23	)%		45.38	%		0.86	%		10.86	%		3.59	%
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		2.72	%		2.07	%		2.14	%		2.93	%		2.81	%		2.61	%
Net Investment Income Net of Reimbursements		2.73	%		2.08	%		2.15	%		2.94	%		2.82	%		2.62	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		20	%		48	%		53	%		77	%		77	%		77	%
Net assets, end of period (thousands)	$	17,508		$	18,062		$	21,905		$	13,181		$	52,308		$	44,305

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	18.47		$	25.77		$	20.15		$	23.06		$	22.37		$	26.27
PER SHARE
Investment Operations
Net Investment Income		0.49	(a)		1.15	(a)		0.97	(a)		0.79	(a)		1.13	(a)		1.22	(a)
Net Realized and Unrealized Gain (Loss)		3.88			(7.23	)		5.55			(2.86	)		0.70			(3.86	)
Total from Operations		4.37			(6.08	)		6.52			(2.07	)		1.83			(2.64	)
Distributions
Net Investment Income		(0.24	)		(1.22	)		(0.90	)		(0.84	)		(1.14	)		(1.26	)
Total from Distributions		(0.24	)		(1.22	)		(0.90	)		(0.84	)		(1.14	)		(1.26	)
Net Asset Value, end of period	$	22.60		$	18.47		$	25.77		$	20.15		$	23.06		$	22.37
Total Return(b)
Net Asset Value(d)		23.79	%		(24.11	)%		32.42	%		(8.94	)%		8.41	%		(10.48	)%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%		0.47	%
Expenses net of reimbursements		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Net Investment Income Before Reimbursements		4.61	%		5.11	%		3.80	%		3.68	%		4.98	%		4.77	%
Net Investment Income Net of Reimbursements		4.61	%		5.11	%		3.81	%		3.68	%		4.98	%		4.78	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		20	%		69	%		68	%		74	%		71	%		71	%
Net assets, end of period (thousands)	$	560,468		$	432,097		$	616,007		$	453,477		$	774,685		$	765,167

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	17.63		$	23.82		$	19.16		$	21.87		$	21.39		$	25.06
PER SHARE
Investment Operations
Net Investment Income		0.44	(a)		0.99	(a)		0.93	(a)		0.74	(a)		1.09	(a)		1.14	(a)
Net Realized and Unrealized Gain (Loss)		2.70			(6.14	)		4.62			(2.70	)		0.51			(3.54	)
Total from Operations		3.14			(5.15	)		5.55			(1.96	)		1.60			(2.40	)
Distributions
Net Investment Income		(0.22	)		(1.04	)		(0.89	)		(0.75	)		(1.12	)		(1.27	)
Total from Distributions		(0.22	)		(1.04	)		(0.89	)		(0.75	)		(1.12	)		(1.27	)
Net Asset Value, end of period	$	20.55		$	17.63		$	23.82		$	19.16		$	21.87		$	21.39
Total Return(b)
Net Asset Value(d)		17.87	%		(22.06	)%		29.03	%		(8.92	)%		7.66	%		(10.03	)%
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		4.47	%		4.62	%		3.91	%		3.65	%		5.02	%		4.68	%
Net Investment Income Net of Reimbursements		4.48	%		4.62	%		3.92	%		3.66	%		5.03	%		4.68	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		33	%		65	%		65	%		75	%		63	%		69	%
Net assets, end of period (thousands)	$	30,818		$	40,545		$	71,459		$	59,404		$	78,719		$	87,703

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, 2023 (Unaudited)
					Year ended October 31,
				��	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	21.31			$	30.39		$	22.38		$	24.94		$	23.51		$	27.82
PER SHARE
Investment Operations
Net Investment Income		0.53	(a)			1.45	(a)		1.28	(a)		0.70	(a)		1.05	(a)		1.32	(a)
Net Realized and Unrealized Gain (Loss)		5.09				(9.01	)		7.63			(2.45	)		1.52			(4.34	)
Total from Operations		5.62				(7.56	)		8.91			(1.75	)		2.57			(3.02	)
Distributions
Net Investment Income		(0.23	)			(1.52	)		(0.90	)		(0.81	)		(1.14	)		(1.29	)
Total from Distributions		(0.23	)			(1.52	)		(0.90	)		(0.81	)		(1.14	)		(1.29	)
Net Asset Value, end of period	$	26.70			$	21.31		$	30.39		$	22.38		$	24.94		$	23.51
Total Return(b)
Net Asset Value(d)		26.52	%			(25.48	)%		39.87	%		(6.99	)%		11.30	%		(11.34	)%
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		4.20	%			5.49	%		4.24	%		2.90	%		4.36	%		4.83	%
Net Investment Income Net of Reimbursements		4.21	%			5.49	%		4.25	%		2.91	%		4.37	%		4.83	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		32	%			74	%		72	%		85	%		88	%		75	%
Net assets, end of period (thousands)	$	109,473			$	61,788		$	75,975		$	22,376		$	47,391		$	63,481

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	23.58		$	26.38		$	25.73		$	24.58		$	23.81		$	24.60
PER SHARE
Investment Operations
Net Investment Income		0.39	(a)		1.72	(a)		1.09	(a)		0.33	(a)		0.46	(a)		0.68	(a)
Net Realized and Unrealized Gain (Loss)		0.37			(2.83	)		0.68			1.09			0.79			(0.78	)
Total from Operations		0.76			(1.11	)		1.77			1.42			1.25			(0.10	)
Distributions
Net Investment Income		(0.25	)		(1.66	)		(1.12	)		(0.27	)		(0.48	)		(0.69	)
Tax Return of Capital		—			(0.03	)		—			—			—			—
Total from Distributions		(0.25	)		(1.69	)		(1.12	)		(0.27	)		(0.48	)		(0.69	)
Net Asset Value, end of period	$	24.09		$	23.58		$	26.38		$	25.73		$	24.58		$	23.81
Total Return(b)
Net Asset Value(d)		3.20	%		(4.44	)%		6.95	%		5.81	%		5.30	%		(0.41	)%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.19	%		0.19	%		0.19	%		0.19	%		0.19	%		0.18	%
Expenses net of reimbursements		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net Investment Income Before Reimbursements		3.32	%		6.82	%		4.14	%		1.33	%		1.89	%		2.79	%
Net Investment Income Net of Reimbursements		3.33	%		6.83	%		4.15	%		1.33	%		1.89	%		2.80	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		37	%		116	%		53	%		71	%		52	%		85	%
Net assets, end of period (thousands)	$	1,982,390		$	2,157,939		$	1,437,584		$	1,429,491		$	1,178,722		$	1,641,610

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	23.63		$	28.02		$	27.34		$	25.50		$	23.95		$	25.06
PER SHARE
Investment Operations
Net Investment Income		0.41	(a)		1.83	(a)		1.16	(a)		0.36	(a)		0.44	(a)		0.71	(a)
Net Realized and Unrealized Gain (Loss)		0.63			(4.35	)		0.70			1.76			1.59			(1.08	)
Total from Operations		1.04			(2.52	)		1.86			2.12			2.03			(0.37	)
Distributions
Net Investment Income		(0.27	)		(1.84	)		(1.18	)		(0.28	)		(0.48	)		(0.74	)
Tax Return of Capital		—			(0.03	)		—			—			—			—
Total from Distributions		(0.27	)		(1.87	)		(1.18	)		(0.28	)		(0.48	)		(0.74	)
Net Asset Value, end of period	$	24.40		$	23.63		$	28.02		$	27.34		$	25.50		$	23.95
Total Return(b)
Net Asset Value(d)		4.41	%		(9.46	)%		6.88	%		8.39	%		8.53	%		(1.51	)%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.19	%		0.19	%		0.19	%		0.19	%		0.19	%		0.18	%
Expenses net of reimbursements		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net Investment Income Before Reimbursements		3.47	%		6.98	%		4.17	%		1.35	%		1.77	%		2.88	%
Net Investment Income Net of Reimbursements		3.47	%		6.98	%		4.17	%		1.35	%		1.78	%		2.88	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		34	%		80	%		46	%		66	%		41	%		65	%
Net assets, end of period (thousands)	$	723,595		$	643,886		$	714,479		$	596,095		$	557,185		$	904,027

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	20.04		$	23.42		$	24.10		$	23.55		$	22.74		$	23.86
PER SHARE
Investment Operations
Net Investment Income		0.27	(a)		0.26	(a)		0.09	(a)		0.37	(a)		0.61	(a)		0.49	(a)
Net Realized and Unrealized Gain (Loss)		0.67			(3.07	)		(0.16	)		0.85			1.03			(0.88	)
Total from Operations		0.94			(2.81	)		(0.07	)		1.22			1.64			(0.39	)
Distributions
Net Investment Income		(0.33	)		(0.57	)		(0.61	)		(0.67	)		(0.83	)		(0.73	)
Total from Distributions		(0.33	)		(0.57	)		(0.61	)		(0.67	)		(0.83	)		(0.73	)
Net Asset Value, end of period	$	20.65		$	20.04		$	23.42		$	24.10		$	23.55		$	22.74
Total Return(b)
Net Asset Value(d)		4.65	%		(12.16	)%		(0.28	)%		5.19	%		7.36	%		(1.65	)%
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		2.62	%		1.19	%		0.35	%		1.54	%		2.64	%		2.09	%
Net Investment Income Net of Reimbursements		2.62	%		1.19	%		0.36	%		1.54	%		2.65	%		2.10	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		20	%		222	%		476	%		175	%		61	%		160	%
Net assets, end of period (thousands)	$	76,387		$	97,189		$	111,243		$	100,020		$	35,330		$	71,628

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	45.26		$	53.52		$	54.70		$	52.58		$	48.59		$	50.98
PER SHARE
Investment Operations
Net Investment Income		0.74	(a)		1.04	(a)		0.91	(a)		1.32	(a)		1.63	(a)		1.40	(a)
Net Realized and Unrealized Gain (Loss)		2.28			(7.83	)		(0.51	)		2.39			3.94			(2.43	)
Total from Operations		3.02			(6.79	)		0.40			3.71			5.57			(1.03	)
Distributions
Net Investment Income		(0.73	)		(1.06	)		(0.96	)		(1.37	)		(1.58	)		(1.36	)
From Net Realized Gains		—			(0.41	)		(0.62	)		(0.22	)		—			—
Total from Distributions		(0.73	)		(1.47	)		(1.58	)		(1.59	)		(1.58	)		(1.36	)
Net Asset Value, end of period	$	47.55		$	45.26		$	53.52		$	54.70		$	52.58		$	48.59
Total Return(b)
Net Asset Value(d)		6.74	%		(12.91	)%		0.70	%		7.20	%		11.66	%		(2.05	)%
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		3.17	%		2.11	%		1.68	%		2.46	%		3.20	%		2.83	%
Net Investment Income Net of Reimbursements		3.18	%		2.11	%		1.69	%		2.46	%		3.21	%		2.84	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		46	%		66	%		53	%		62	%		65	%		76	%
Net assets, end of period (thousands)	$	242,524		$	242,139		$	315,740		$	202,397		$	97,275		$	60,736

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, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	39.44		$	60.85		$	61.81		$	57.84		$	48.04		$	53.88
PER SHARE
Investment Operations
Net Investment Income		1.03	(a)		1.93	(a)		1.90	(a)		1.99	(a)		2.11	(a)		2.07	(a)
Net Realized and Unrealized Gain (Loss)		4.83			(20.48	)		1.22			3.90			9.89			(5.87	)
Total from Operations		5.86			(18.55	)		3.12			5.89			12.00			(3.80	)
Distributions
Net Investment Income		(1.05	)		(1.92	)		(1.88	)		(1.92	)		(2.20	)		(2.04	)
From Net Realized Gains		—			(0.94	)		(2.20	)		—			—			—
Total from Distributions		(1.05	)		(2.86	)		(4.08	)		(1.92	)		(2.20	)		(2.04	)
Net Asset Value, end of period	$	44.25		$	39.44		$	60.85		$	61.81		$	57.84		$	48.04
Total Return(b)
Net Asset Value(d)		14.95	%		(31.58	)%		5.14	%		10.34	%		25.57	%		(7.24	)%
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		4.81	%		3.86	%		3.13	%		3.27	%		4.06	%		4.05	%
Net Investment Income Net of Reimbursements		4.81	%		3.86	%		3.14	%		3.28	%		4.07	%		4.06	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		37	%		58	%		88	%		74	%		44	%		93	%
Net assets, end of period (thousands)	$	35,403		$	35,498		$	60,855		$	46,360		$	17,352		$	26,424

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, 2023 (Unaudited)															For the period 07/17/18* through 10/31/18
				Year ended October 31,
				2022			2021			2020			2019
Net asset value, beginning of period	$	40.09		$	49.58		$	46.25		$	47.85		$	48.84		$	50.00
PER SHARE
Investment Operations
Net Investment Income		1.75	(a)		2.98	(a)		2.67	(a)		3.12	(a)		2.67	(a)		1.68	(a)
Net Realized and Unrealized Gain (Loss)		0.37			(9.24	)		3.42			(1.77	)		0.78			(1.60	)
Total from Operations		2.12			(6.26	)		6.09			1.35			3.45			0.08
Distributions
Net Investment Income		(1.74	)		(2.86	)		(2.76	)		(2.95	)		(3.57	)		(1.24	)
From Net Realized Gains		—			(0.37	)		—			—			—			—
Tax Return of Capital		—			—			—			—			(0.87	)		—
Total from Distributions		(1.74	)		(3.23	)		(2.76	)		(2.95	)		(4.44	)		(1.24	)
Net Asset Value, end of period	$	40.47		$	40.09		$	49.58		$	46.25		$	47.85		$	48.84
Total Return(b)
Net Asset Value(d)		5.35	%		(13.06	)%		13.38	%		3.07	%		7.48	%		0.13	%
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		8.75	%		6.81	%		5.40	%		6.78	%		5.56	%		11.56	%
Net Investment Income Net of Reimbursements		8.75	%		6.81	%		5.40	%		6.78	%		5.57	%		11.57	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		81	%		146	%		128	%		95	%		44	%		18	%
Net assets, end of period (thousands)	$	1,056,354		$	887,945		$	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, 2023 (Unaudited)			Year ended October 31, 2022			For the period 09/20/21* through 10/31/21
Net asset value, beginning of period	$	40.86		$	49.77		$	50.00
PER SHARE
Investment Operations
Net Investment Income		1.66	(a)		2.04	(a)		0.21	(a)
Net Realized and Unrealized Gain (Loss)		0.76			(8.09	)		(0.44	)
Total from Operations		2.42			(6.05	)		(0.23	)
Distributions
Net Investment Income		(1.47	)		(2.86	)		—
Total from Distributions		(1.47	)		(2.86	)		—
Net Asset Value, end of period	$	41.81		$	40.86		$	49.77
Total Return(b)
Net Asset Value(d)		5.95	%		(12.47	)%		(0.50	)%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.24	%		0.24	%		0.23	%
Expenses net of reimbursements		0.23	%		0.23	%		0.23	%
Net Investment Income Before Reimbursements		8.06	%		4.37	%		3.64	%
Net Investment Income Net of Reimbursements		8.06	%		4.37	%		3.64	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		31	%		119	%		8	%
Net assets, end of period (thousands)	$	18,810		$	20,432		$	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, 2023 (Unaudited)			Year ended October 31, 2022			For the period 09/20/21* through 10/31/21
Net asset value, beginning of period	$	38.59		$	49.35		$	50.00
PER SHARE
Investment Operations
Net Investment Income		0.73	(a)		1.07	(a)		0.10	(a)
Net Realized and Unrealized Gain (Loss)		2.75			(10.68	)		(0.75	)
Total from Operations		3.48			(9.61	)		(0.65	)
Distributions
Net Investment Income		(0.70	)		(1.15	)		—
Total from Distributions		(0.70	)		(1.15	)		—
Net Asset Value, end of period	$	41.37		$	38.59		$	49.35
Total Return(b)
Net Asset Value(d)		9.03	%		(19.73	)%		(1.32	)%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.13	%		0.13	%		0.12	%
Expenses net of reimbursements		0.12	%		0.12	%		0.12	%
Net Investment Income Before Reimbursements		3.63	%		2.41	%		1.81	%
Net Investment Income Net of Reimbursements		3.64	%		2.41	%		1.81	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		24	%		66	%		8	%
Net assets, end of period (thousands)	$	37,232		$	23,156		$	49,347

* Commencement of investment operations.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 63

Financial Highlights (cont.)

	FlexShares® Ultra-Short Income Fund
	Six Months ended April 30, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	74.30		$	76.01		$	76.29		$	75.89		$	75.48		$	75.61
PER SHARE
Investment Operations
Net Investment Income		1.41	(a)		1.07	(a)		0.48	(a)		1.07	(a)		1.98	(a)		1.58	(a)
Net Realized and Unrealized Gain (Loss)		0.50			(1.80	)		(0.22	)		0.57			0.41			(0.24	)
Total from Operations		1.91			(0.73	)		0.26			1.64			2.39			1.34
Distributions
Net Investment Income		(1.30	)		(0.78	)		(0.52	)		(1.23	)		(1.98	)		(1.47	)
From Net Realized Gains		—			(0.20	)		(0.02	)		(0.01	)		—			—
Total from Distributions		(1.30	)		(0.98	)		(0.54	)		(1.24	)		(1.98	)		(1.47	)
Net Asset Value, end of period	$	74.91		$	74.30		$	76.01		$	76.29		$	75.89		$	75.48
Total Return(b)
Net Asset Value(d)		2.57	%		(0.94	)%		0.34	%		2.18	%		3.21	%		1.80	%
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		3.80	%		1.43	%		0.62	%		1.41	%		2.61	%		2.09	%
Net Investment Income Net of Reimbursements		3.80	%		1.43	%		0.63	%		1.41	%		2.62	%		2.10	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		13	%		50	%		84	%		79	%		73	%		131	%
Net assets, end of period (thousands)	$	945,802		$	856,357		$	374,339		$	469,201		$	275,097		$	211,350

See Accompanying Notes to the Financial Statements.

64 FLEXSHARES SEMIANNUAL REPORT

Financial Highlights (cont.)

	FlexShares® Core Select Bond Fund
	Six Months ended April 30, 2023 (Unaudited)
				Year ended October 31,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	21.46		$	26.22		$	26.78		$	25.66		$	23.74		$	25.08
PER SHARE
Investment Operations
Net Investment Income		0.31	(a)		0.53	(a)		0.46	(a)		0.51	(a)		0.73	(a)		0.63	(a)
Net Realized and Unrealized Gain (Loss)		1.10			(4.75	)		(0.39	)		1.19			1.93			(1.31	)
Total from Operations		1.41			(4.22	)		0.07			1.70			2.66			(0.68	)
Distributions
Net Investment Income		(0.31	)		(0.54	)		(0.52	)		(0.58	)		(0.74	)		(0.66	)
From Net Realized Gains		—			—			(0.11	)		—			—			—
Total from Distributions		(0.31	)		(0.54	)		(0.63	)		(0.58	)		(0.74	)		(0.66	)
Net Asset Value, end of period	$	22.56		$	21.46		$	26.22		$	26.78		$	25.66		$	23.74
Total Return(b)
Net Asset Value(d)		6.63	%		(16.27	)%		0.26	%		6.69	%		11.38	%		(2.73	)%
RATIOS/SUPPLEMENT DATA
Ratios to Average Net Assets(c)
Expenses		0.36	%(h)		0.36	%(h)		0.36	%(h)		0.36	%(h)		0.36	%(h)		0.36	%(h)
Expenses net of reimbursements		0.24	%(h)		0.22	%(h)		0.20	%(h)		0.20	%(h)		0.19	%(h)		0.16	%(h)
Net Investment Income Before Reimbursements		2.66	%		2.10	%		1.56	%		1.76	%		2.80	%		2.41	%
Net Investment Income Net of Reimbursements		2.78	%		2.24	%		1.72	%		1.93	%		2.97	%		2.61	%
Supplemental Data
Portfolio Turnover Rate(b)(e)		19	%		121	%		50	%		91	%		135	%		53	%
Net assets, end of period (thousands)	$	193,485		$	159,362		$	126,517		$	109,123		$	26,299		$	38,583

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

(f) Less than 0.5%.

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

(h) The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Fund(s) in which the Fund is invested. This ratio does not include these indirect fees and expenses.

See Accompanying Notes to the Financial Statements.

66 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® US Quality Low Volatility Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.2%
Aerospace & Defense – 2.6%
Aerojet Rocketdyne Holdings, Inc.*		14,964	$	844,119
General Dynamics Corp.		1,677		366,156
Huntington Ingalls Industries, Inc.		3,999		806,439
Lockheed Martin Corp.		5,031		2,336,648
				4,353,362
Air Freight & Logistics – 1.9%
CH Robinson Worldwide, Inc.(a)		12,642		1,275,199
Expeditors International of Washington, Inc.		11,739		1,336,368
United Parcel Service, Inc., Class B		3,741		672,669
				3,284,236
Automobile Components – 0.0%(b)
Gentex Corp.		1,290		35,591
Automobiles – 0.3%
Tesla, Inc.*		2,967		487,508
Banks – 2.4%
JPMorgan Chase & Co.		516		71,332
Popular, Inc.		17,544		1,052,815
Prosperity Bancshares, Inc.		17,157		1,074,371
SouthState Corp.(a)		10,449		720,772
United Bankshares, Inc.(a)		5,289		175,225
United Community Banks, Inc.		37,668		937,933
				4,032,448
Beverages – 2.2%
PepsiCo, Inc.		19,608		3,742,971
Biotechnology – 6.5%
AbbVie, Inc.		7,095		1,072,196
Amgen, Inc.		11,223		2,690,602
Biogen, Inc.*		5,160		1,569,827
BioMarin Pharmaceutical, Inc.*		8,514		817,685
Gilead Sciences, Inc.		26,187		2,152,833
Regeneron Pharmaceuticals, Inc.*		1,548		1,241,171
United Therapeutics Corp.*		903		207,807
Vertex Pharmaceuticals, Inc.*		3,741		1,274,671
				11,026,792

Investments	Shares		Value
Capital Markets – 0.7%
CME Group, Inc.		5,934	$	1,102,359
Chemicals – 1.6%
Air Products and Chemicals, Inc.		2,193		645,532
Ashland, Inc.		8,127		825,784
Corteva, Inc.		16,125		985,560
Linde plc		516		190,636
				2,647,512
Commercial Services & Supplies – 2.9%
Republic Services, Inc.		7,353		1,063,391
Tetra Tech, Inc.		8,127		1,124,533
Waste Connections, Inc.		7,095		987,269
Waste Management, Inc.		9,933		1,649,375
				4,824,568
Consumer Staples Distribution & Retail – 3.1%
Costco Wholesale Corp.		2,580		1,298,308
Dollar General Corp.		4,644		1,028,460
Dollar Tree, Inc.*		2,709		416,400
Kroger Co. (The)		28,380		1,380,120
Target Corp.		6,708		1,058,187
				5,181,475
Containers & Packaging – 0.7%
Packaging Corp. of America(a)		9,288		1,256,295
Distributors – 0.2%
Genuine Parts Co.		2,064		347,392
Diversified Consumer Services – 0.7%
Service Corp. International		17,931		1,258,577
Diversified Telecommunication Services – 1.8%
AT&T, Inc.		75,465		1,333,467
Verizon Communications, Inc.		44,247		1,718,111
				3,051,578
Electric Utilities – 3.1%
American Electric Power Co., Inc.		11,352		1,049,152
Duke Energy Corp.		10,965		1,084,219
IDACORP, Inc.		12,384		1,376,110
Pinnacle West Capital Corp.		10,062		789,465

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)
Electric Utilities – (continued)
Xcel Energy, Inc.		13,674	$	955,949
				5,254,895
Entertainment – 1.2%
Activision Blizzard, Inc.*		13,932		1,082,656
Electronic Arts, Inc.		2,709		344,801
Madison Square Garden Sports Corp., Class A		3,354		672,477
				2,099,934
Financial Services – 5.4%
Berkshire Hathaway, Inc., Class B*		10,836		3,560,168
Jack Henry & Associates, Inc.(a)		7,869		1,285,322
Visa, Inc., Class A(a)		18,318		4,263,148
				9,108,638
Food Products – 3.1%
Flowers Foods, Inc.		29,799		819,770
General Mills, Inc.		1,290		114,333
Hershey Co. (The)		5,934		1,620,338
Hormel Foods Corp.		19,479		787,731
J M Smucker Co. (The)		6,063		936,188
Lancaster Colony Corp.		4,386		917,200
				5,195,560
Gas Utilities – 0.3%
Spire, Inc.(a)		8,514		576,653
Ground Transportation – 2.0%
JB Hunt Transport Services, Inc.		4,773		836,659
Landstar System, Inc.(a)		6,837		1,203,517
Old Dominion Freight Line, Inc.		3,999		1,281,240
				3,321,416
Health Care Equipment & Supplies – 1.5%
Abbott Laboratories		23,220		2,565,113
Health Care Providers & Services – 1.0%
Chemed Corp.		2,451		1,351,114
UnitedHealth Group, Inc.		516		253,918
				1,605,032

Investments	Shares		Value
Hotels, Restaurants & Leisure – 0.1%
McDonald’s Corp.		774	$	228,911
Household Products – 2.9%
Clorox Co. (The)		8,643		1,431,454
Procter & Gamble Co. (The)		22,704		3,550,451
				4,981,905
Insurance – 6.0%
Allstate Corp. (The)		4,644		537,589
Assurant, Inc.		7,740		953,026
Chubb Ltd.		8,901		1,794,086
Everest Re Group Ltd.		2,322		877,716
Hanover Insurance Group, Inc. (The)		8,901		1,064,204
Markel Corp.*		387		529,621
Progressive Corp. (The)		8,385		1,143,714
RenaissanceRe Holdings Ltd.		4,128		889,212
RLI Corp.		6,450		896,872
Selective Insurance Group, Inc.		387		37,280
Travelers Cos., Inc. (The)		7,740		1,402,024
W R Berkley Corp.		1,161		68,406
				10,193,750
Interactive Media & Services – 0.9%
Alphabet, Inc., Class A*		7,611		816,965
Alphabet, Inc., Class C*		5,805		628,217
				1,445,182
IT Services – 2.4%
Akamai Technologies, Inc.*		4,386		359,520
Amdocs Ltd.		13,416		1,224,210
International Business Machines Corp.		19,092		2,413,420
				3,997,150
Life Sciences Tools & Services – 0.7%
QIAGEN NV*		26,832		1,196,976
Media – 0.0%(b)
TEGNA, Inc.		1,419		24,265
Metals & Mining – 0.6%
Newmont Corp.		21,543		1,021,138
Multi-Utilities – 2.6%
Ameren Corp.		10,836		964,079

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)
Multi-Utilities – (continued)
CMS Energy Corp.		14,964	$	931,658
Consolidated Edison, Inc.(a)		10,578		1,041,616
Dominion Energy, Inc.		1,419		81,082
WEC Energy Group, Inc.		14,706		1,414,276
				4,432,711
Oil, Gas & Consumable Fuels – 1.9%
Chesapeake Energy Corp.(a)		4,515		373,300
Chevron Corp.		1,935		326,202
Coterra Energy, Inc.(a)		36,765		941,184
DT Midstream, Inc.		16,125		794,479
Exxon Mobil Corp.		3,612		427,444
Kinder Morgan, Inc.		25,284		433,621
				3,296,230
Pharmaceuticals – 8.4%
Eli Lilly & Co.		10,578		4,187,407
Johnson & Johnson		31,734		5,194,856
Merck & Co., Inc.		41,925		4,841,080
				14,223,343
Professional Services – 2.6%
Automatic Data Processing, Inc.		6,708		1,475,760
CACI International, Inc., Class A*		2,838		889,202
FTI Consulting, Inc.*		5,289		954,665
Verisk Analytics, Inc.		5,547		1,076,728
				4,396,355
Residential REITs – 0.4%
Essex Property Trust, Inc., REIT		3,096		680,284
Semiconductors & Semiconductor Equipment – 1.4%
NVIDIA Corp.		2,967		823,313
Texas Instruments, Inc.		9,675		1,617,660
				2,440,973
Software – 10.4%
Black Knight, Inc.*		17,931		979,750
Check Point Software Technologies Ltd.*		10,449		1,330,785
Microsoft Corp.		40,119		12,326,964
Roper Technologies, Inc.		3,354		1,525,332

Investments	Shares		Value
Software – (continued)
VMware, Inc., Class A*		11,610	$	1,451,598
				17,614,429
Specialized REITs – 1.6%
Equinix, Inc., REIT		1,677		1,214,282
Extra Space Storage, Inc., REIT(a)		645		98,066
Public Storage, REIT		4,902		1,445,257
				2,757,605
Specialty Retail – 3.7%
AutoZone, Inc.*		162		431,456
Home Depot, Inc. (The)		14,319		4,303,432
O’Reilly Automotive, Inc.*		1,703		1,562,179
				6,297,067
Technology Hardware, Storage & Peripherals – 5.7%
Apple, Inc.		56,760		9,631,037
Tobacco – 0.9%
Altria Group, Inc.		31,089		1,477,038
Water Utilities – 0.8%
American Water Works Co., Inc.		9,030		1,338,697
Total Common Stocks (Cost $152,055,510)				168,034,951
	Principal Amount
SHORT-TERM INVESTMENTS – 0.1%(c)(d)
U.S. TREASURY OBLIGATIONS – 0.1%
U.S. Treasury Bills 4.59%, 5/11/2023 (Cost $79,900)	$	80,000	$	79,907
Total Investments – 99.3% (Cost $152,135,410)				168,114,858
Other assets less liabilities – 0.7%				1,238,065
NET ASSETS – 100.0%			$	169,352,923

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $12,349,485, collateralized by $12,436,165 in U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from May 16, 2023 – February 15, 2053 and $227 in Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from May 25, 2023 – October 22, 2071; a total value of $12,436,392.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 69

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

^(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, 2023.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

As of April 30, 2023, 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	$	20,632,899
Aggregate gross unrealized depreciation		(4,722,474	)
Net unrealized appreciation	$	15,910,425
Federal income tax cost	$	152,293,120

Futures Contracts

FlexShares^® US Quality Low Volatility Index Fund had the following open futures contracts as of April 30, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
S&P 500 E-Mini Index		6		06/16/2023		USD	$	1,256,550	$	88,687

* 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		99.2	%
Short-Term Investments		0.1
Others(1)		0.7
		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, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 97.9%
Aerospace & Defense – 2.5%
BAE Systems plc		57,381	$	731,319
Dassault Aviation SA		93		18,204
Singapore Technologies Engineering Ltd.		210,800		571,971
Thales SA		4,588		701,017
				2,022,511
Air Freight & Logistics – 0.8%
SG Holdings Co. Ltd.		24,800		355,886
Yamato Holdings Co. Ltd.		15,500		265,685
				621,571
Automobile Components – 0.1%
Bridgestone Corp.		3,100		123,804
Automobiles – 1.1%
Ferrari NV		2,635		733,951
Toyota Motor Corp.		9,300		126,832
				860,783
Banks – 12.3%
Bank Hapoalim BM		72,075		613,830
Bank Leumi Le-Israel BM		75,206		588,999
Bankinter SA(a)		43,493		257,463
Banque Cantonale Vaudoise (Registered)(a)		6,479		683,533
BOC Hong Kong Holdings Ltd.		186,000		585,256
Chiba Bank Ltd. (The)		40,300		261,337
DBS Group Holdings Ltd.		32,900		809,338
Hang Seng Bank Ltd.		21,700		320,943
HSBC Holdings plc		11,687		84,288
Japan Post Bank Co. Ltd.		68,200		543,436
Mizrahi Tefahot Bank Ltd.		14,756		478,821
Mizuho Financial Group, Inc.		46,500		671,042
Oversea-Chinese Banking Corp. Ltd.		62,000		584,612
Resona Holdings, Inc.		58,900		291,851
Royal Bank of Canada		17,620		1,747,450
Sumitomo Mitsui Financial Group, Inc.		23,800		969,898

Investments	Shares		Value
Banks – (continued)
Toronto-Dominion Bank (The)		8,060	$	487,712
United Overseas Bank Ltd.		3,100		65,571
				10,045,380
Beverages – 0.5%
Budweiser Brewing Co. APAC Ltd.(b)		52,700		151,724
Suntory Beverage & Food Ltd.		6,200		232,674
				384,398
Broadline Retail – 1.5%
Dollarama, Inc.		5,766		356,767
Pan Pacific International Holdings Corp.		7,500		139,573
Wesfarmers Ltd.		20,863		716,527
				1,212,867
Capital Markets – 1.7%
Deutsche Boerse AG		3,906		745,584
Singapore Exchange Ltd.		89,900		644,862
				1,390,446
Chemicals – 2.7%
Air Liquide SA		9,269		1,669,817
ICL Group Ltd.		80,321		491,452
				2,161,269
Commercial Services & Supplies – 1.5%
Brambles Ltd.		19,964		188,003
Dai Nippon Printing Co. Ltd.		11,000		315,059
Secom Co. Ltd.		10,700		683,499
				1,186,561
Construction & Engineering – 0.5%
Ackermans & van Haaren NV		217		38,235
Bouygues SA		6,200		227,247
Taisei Corp.		3,100		105,068
				370,550
Consumer Staples Distribution & Retail – 3.2%
Carrefour SA		10,664		222,040
Coles Group Ltd.		10,881		130,871

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)
Consumer Staples Distribution & Retail – (continued)
Jeronimo Martins SGPS SA		14,229	$	359,732
Koninklijke Ahold Delhaize NV		18,352		632,536
Loblaw Cos. Ltd.		7,006		658,243
Metro, Inc.		5,704		324,753
Woolworths Group Ltd.		11,067		283,988
				2,612,163
Containers & Packaging – 0.4%
CCL Industries, Inc., Class B		6,696		314,534
Diversified Consumer Services – 0.0%(c)
Pearson plc		2,480		27,649
Diversified Telecommunication Services – 5.1%
BCE, Inc.		930		44,705
Deutsche Telekom AG (Registered)		11,749		283,803
Elisa OYJ		10,478		651,494
HKT Trust & HKT Ltd.		31,000		40,676
Koninklijke KPN NV		182,931		668,272
Nippon Telegraph & Telephone Corp.		24,800		755,666
Orange SA		36,921		481,629
Singapore Telecommunications Ltd.		93,000		177,754
Spark New Zealand Ltd.		3,441		11,115
Swisscom AG (Registered)		1,054		725,916
Telefonica Deutschland Holding AG		97,092		328,536
				4,169,566
Electric Utilities – 4.9%
CK Infrastructure Holdings Ltd.		108,500		616,454
CLP Holdings Ltd.		44,000		327,342
Emera, Inc.		2,201		93,554
Fortis, Inc.(a)		9,052		397,039
Hydro One Ltd.(b)		23,808		696,528
Iberdrola SA		40,796		530,557
Kansai Electric Power Co., Inc. (The)		31,000		334,667
Power Assets Holdings Ltd.		55,500		316,743
Red Electrica Corp. SA		35,123		639,994
				3,952,878

Investments	Shares		Value
Electrical Equipment – 0.0%(c)
Prysmian SpA		341	$	13,956
Electronic Equipment, Instruments & Components – 0.7%
Hirose Electric Co. Ltd.		4,300		577,270
Entertainment – 0.5%
Nintendo Co. Ltd.		3,100		130,247
Toho Co. Ltd.		7,200		285,007
				415,254
Financial Services – 0.4%
Groupe Bruxelles Lambert NV(a)		3,503		314,412
HAL Trust		372		51,172
				365,584
Food Products – 5.8%
MEIJI Holdings Co. Ltd.		10,800		260,551
Nestle SA (Registered)		28,799		3,705,479
Nissin Foods Holdings Co. Ltd.		800		77,083
Yakult Honsha Co. Ltd.		8,900		668,652
				4,711,765
Gas Utilities – 1.3%
Naturgy Energy Group SA(a)		3,844		120,099
Osaka Gas Co. Ltd.		18,600		307,894
Snam SpA		58,466		325,314
Tokyo Gas Co. Ltd.		15,500		317,707
				1,071,014
Ground Transportation – 3.1%
Aurizon Holdings Ltd.		140,802		318,228
Canadian National Railway Co.		4,929		586,915
Hankyu Hanshin Holdings, Inc.		9,300		289,248
Keio Corp.		2,200		81,431
Keisei Electric Railway Co. Ltd.		9,300		327,496
MTR Corp. Ltd.		55,500		276,796
Tobu Railway Co. Ltd.		12,400		315,544
Tokyu Corp.		24,800		349,329
				2,544,987
Health Care Providers & Services – 0.2%
Sonic Healthcare Ltd.		6,200		145,207

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)
Hotels, Restaurants & Leisure – 0.9%
La Francaise des Jeux SAEM(b)		2,480	$	106,067
McDonald’s Holdings Co. Japan Ltd.		14,800		616,282
				722,349
Household Durables – 1.0%
Sekisui Chemical Co. Ltd.		31,000		439,393
Sekisui House Ltd.		16,900		346,279
				785,672
Household Products – 0.9%
Reckitt Benckiser Group plc		8,773		709,022
Industrial Conglomerates – 2.0%
CK Hutchison Holdings Ltd.		56,000		374,527
Jardine Matheson Holdings Ltd.		11,800		568,760
Keppel Corp. Ltd.		34,100		157,701
Toshiba Corp.		16,900		546,102
				1,647,090
Insurance – 4.0%
AIA Group Ltd.		31,000		335,476
Baloise Holding AG (Registered)		558		93,475
Hannover Rueck SE		1,550		331,288
Intact Financial Corp.		4,650		702,626
Japan Post Holdings Co. Ltd.		43,400		356,341
Medibank Pvt Ltd.		134,788		317,106
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)*		217		81,573
Sampo OYJ, Class A		14,043		712,540
Zurich Insurance Group AG		682		330,866
				3,261,291
IT Services – 1.6%
CGI, Inc.*		3,782		383,442
Itochu Techno-Solutions Corp.		12,400		320,097
Obic Co. Ltd.		3,700		568,186
				1,271,725
Machinery – 1.4%
GEA Group AG		7,719		362,516
Kone OYJ, Class B		12,586		718,369

Investments	Shares		Value
Machinery – (continued)
Schindler Holding AG (Registered)		186	$	39,685
				1,120,570
Marine Transportation – 0.8%
Kuehne + Nagel International AG (Registered)		2,263		670,980
Metals & Mining – 1.0%
BHP Group Ltd.		5,673		166,456
Franco-Nevada Corp.		3,317		502,771
Rio Tinto plc		558		35,411
Wheaton Precious Metals Corp.		2,387		117,652
				822,290
Multi-Utilities – 1.2%
Canadian Utilities Ltd., Class A(a)		11,253		324,987
National Grid plc		43,152		620,751
				945,738
Oil, Gas & Consumable Fuels – 3.2%
ENEOS Holdings, Inc.		96,100		340,177
Idemitsu Kosan Co. Ltd.		12,400		262,452
Pembina Pipeline Corp.		4,867		160,044
Shell plc		51,305		1,581,179
TotalEnergies SE		4,402		281,577
				2,625,429
Personal Care Products – 3.2%
Beiersdorf AG		2,821		394,281
Unilever plc		39,463		2,200,550
				2,594,831
Pharmaceuticals – 11.6%
GSK plc		50,747		919,126
Kyowa Kirin Co. Ltd.		6,200		137,510
Novartis AG (Registered)		3,286		336,445
Novo Nordisk A/S, Class B		13,950		2,323,726
Roche Holding AG		124		42,130
Roche Holding AG – BR		10,013		3,153,918
Sanofi		19,313		2,132,155
UCB SA		4,061		378,484
				9,423,494

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
Professional Services – 2.1%
RELX plc		7,347	$	244,343
SGS SA (Registered)		6,975		631,320
Wolters Kluwer NV		6,448		855,299
				1,730,962
Real Estate Management & Development – 2.3%
CK Asset Holdings Ltd.		97,500		575,071
Hongkong Land Holdings Ltd.		62,000		274,660
PSP Swiss Property AG (Registered)		2,883		340,434
Sino Land Co. Ltd.		11,163		15,017
Sun Hung Kai Properties Ltd.		46,500		645,677
				1,850,859
Retail REITs – 0.3%
Link REIT, REIT		41,262		269,126
Semiconductors & Semiconductor Equipment – 0.7%
ASML Holding NV		961		608,451
Software – 1.9%
Constellation Software, Inc.		31		60,611
Nice Ltd.*		1,395		285,870
Oracle Corp. Japan		8,500		608,637
SAP SE		4,433		601,281
				1,556,399
Specialty Retail – 1.0%
Industria de Diseno Textil SA(a)		24,428		840,339
Technology Hardware, Storage & Peripherals – 0.5%
Canon, Inc.		18,600		442,308
Textiles, Apparel & Luxury Goods – 0.7%
LVMH Moet Hennessy Louis Vuitton SE		620		596,182
Tobacco – 0.3%
Japan Tobacco, Inc.		11,100		238,320
Trading Companies & Distributors – 2.0%
Bunzl plc		8,308		330,395
Ferguson plc		3,689		519,079
ITOCHU Corp.		24,200		798,343
				1,647,817
Transportation Infrastructure – 0.0%(c)
Flughafen Zurich AG (Registered)		186		35,860

Investments	Shares		Value
Wireless Telecommunication Services – 2.5%
KDDI Corp.		29,400	$	917,205
SoftBank Corp.		52,700		592,737
Vodafone Group plc		449,686		542,037
				2,051,979
Total Common Stocks (Cost $72,655,705)				79,771,050
	Principal Amount
SECURITIES LENDING REINVESTMENTS – 1.2%(d)
REPURCHASE AGREEMENTS – 1.2%
CF Secured LLC, 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $1,000,930, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.63%, maturing 5/15/2023 – 2/15/2053; total market value $1,015,112 (Cost $1,000,797)	$	1,000,797		1,000,797
Total Investments – 99.1% (Cost $73,656,502)				80,771,847
Other assets less liabilities – 0.9%				693,699
NET ASSETS – 100.0%			$	81,465,546

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $2,665,293, collateralized in the form of cash with a value of $1,000,797 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $945,858 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 16, 2023 – February 15, 2053 and $877,718 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 25, 2023 – September 20, 2117; a total value of $2,824,373.

^(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.

See Accompanying Notes to the Financial Statements.

74 FLEXSHARES SEMIANNUAL REPORT

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

^(d)  The security was purchased with cash collateral held from securities on loan at April 30, 2023. The total value of securities purchased was $1,000,797.

Percentages shown are based on Net Assets.

Abbreviations

OYJ – Public Limited Company

REIT – Real Estate Investment Trust

As of April 30, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	9,065,505
Aggregate gross unrealized depreciation		(2,003,485	)
Net unrealized appreciation	$	7,062,020
Federal income tax cost	$	73,771,060

Futures Contracts     

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund had the following open futures contracts as of April 30, 2023:    

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
MSCI EAFE E-Mini Index		15		06/16/2023		USD	$	1,612,200	$	75,652

* 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, 2023:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	68,308	Citibank NA	USD	49,705		06/21/2023	$	711
GBP	17,277	JPMorgan Chase Bank NA	USD	21,016		06/21/2023		723
ILS	86,853	JPMorgan Chase Bank NA	USD	23,796		06/21/2023		131
SGD	16,357	Morgan Stanley	USD	12,153		06/21/2023		130
USD	87,853	Citibank NA	AUD	132,254		06/21/2023		259
USD	22,090	JPMorgan Chase Bank NA	AUD	32,940		06/21/2023		273
USD	3,725	BNP Paribas SA	ILS	13,331		06/21/2023		53
USD	97,098	JPMorgan Chase Bank NA	JPY	12,649,282		06/21/2023		3,472
USD	159,306	Toronto-Dominion Bank (The)	JPY	20,764,085		06/21/2023		5,615
USD	12,437	Morgan Stanley	NOK	131,563		06/21/2023		101
Total unrealized appreciation							$	11,468
HKD	151,620	Toronto-Dominion Bank (The)	USD	19,378		06/21/2023	$	(21	)
JPY	8,291,028	Toronto-Dominion Bank (The)	USD	61,762		06/21/2023		(394	)
USD	40,721	JPMorgan Chase Bank NA	CAD	55,920		06/21/2023		(553	)
USD	129,248	Citibank NA	CHF	119,839		06/21/2023		(6,199	)
USD	43,388	Toronto-Dominion Bank (The)	DKK	303,190		06/21/2023		(1,676	)
USD	310,241	Morgan Stanley	EUR	289,228		06/21/2023		(10,008	)
USD	95,365	Morgan Stanley	GBP	79,886		06/21/2023		(5,154	)
USD	25,280	Morgan Stanley	NZD	41,229		06/21/2023		(180	)
USD	40,711	Morgan Stanley	SEK	433,881		06/21/2023		(1,702	)
Total unrealized depreciation							$	(25,887	)
Net unrealized depreciation							$	(14,419	)

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 75

FlexShares® Developed Markets ex-US Quality Low Volatility 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^® Developed Markets ex-US Quality Low Volatility Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2023:

Australia	2.8	%
Belgium	0.9
Canada	9.8
Denmark	2.9
Finland	2.6
France	7.9
Germany	3.8
Hong Kong	6.0
Israel	3.0
Italy	0.4
Japan	21.7
Netherlands	4.4
New Zealand	0.0	†
Portugal	0.4
Singapore	4.7
Spain	2.9
Switzerland	13.2
United Kingdom	10.5
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).

Security Type	% of Net Assets
Common Stocks		97.9	%
Securities Lending Reinvestments		1.2
Others(1)		0.9
		100.0	%

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

See Accompanying Notes to the Financial Statements.

76 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Emerging Markets Quality Low Volatility Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.6%
Automobile Components – 0.4%
Cheng Shin Rubber Industry Co. Ltd.		64,000	$	78,692
Automobiles – 1.4%
Bajaj Auto Ltd.		3,056		165,502
Hero MotoCorp Ltd.		2,752		86,041
				251,543
Banks – 18.1%
Abu Dhabi Islamic Bank PJSC		29,560		91,449
Agricultural Bank of China Ltd., Class H		464,000		179,100
Al Rajhi Bank		2,648		54,221
Attijariwafa Bank		2,536		102,196
Axis Bank Ltd.		984		10,341
Banco BBVA Peru SA		8,208		3,719
Bank Central Asia Tbk. PT		64,800		39,976
Bank of China Ltd., Class H		544,000		216,910
Bank of Communications Co. Ltd., Class H		248,000		159,859
Boubyan Bank KSCP		41,390		91,062
Chang Hwa Commercial Bank Ltd.		168,472		97,546
China CITIC Bank Corp. Ltd., Class H		216,000		116,669
China Construction Bank Corp., Class H		592,000		395,929
China Everbright Bank Co. Ltd., Class H		272,000		86,972
China Merchants Bank Co. Ltd., Class H		1,000		4,796
Dubai Islamic Bank PJSC		64,704		97,972
First Financial Holding Co. Ltd.		152,000		133,990
Grupo Financiero Banorte SAB de CV, Class O		800		6,895
Hong Leong Bank Bhd.		20,800		93,916
ICICI Bank Ltd.		8,672		97,241
Industrial & Commercial Bank of China Ltd., Class H		760,000		408,566
Itau Unibanco Holding SA (Preference)		2,400		12,435
Kuwait Finance House KSCP		56,856		138,080
Malayan Banking Bhd.		58,585		113,742

Investments	Shares		Value
Banks – (continued)
National Bank of Kuwait SAKP		101,707	$	332,992
Qatar International Islamic Bank QSC		34,072		92,575
Qatar National Bank QPSC		33,016		139,320
Sberbank of Russia PJSC* ‡		12,360		—
				3,318,469
Broadline Retail – 5.3%
Alibaba Group Holding Ltd., ADR*		5,792		490,523
JD.com, Inc., ADR		1,176		42,007
PDD Holdings, Inc., ADR*		816		55,610
Prosus NV*		2,816		210,999
Robinson PCL* ‡		600		—
Vipshop Holdings Ltd., ADR*		10,576		166,043
				965,182
Capital Markets – 0.8%
Macquarie Korea Infrastructure Fund		15,064		139,903
Chemicals – 2.3%
Asian Paints Ltd.		944		33,479
Fertiglobe plc		38,240		39,990
Mesaieed Petrochemical Holding Co.		61,528		33,469
PhosAgro PJSC‡		1,158		—
Pidilite Industries Ltd.		3,664		108,315
SABIC Agri-Nutrients Co.		4,592		163,567
Saudi Basic Industries Corp.		1,392		34,255
				413,075
Construction & Engineering – 0.7%
China Railway Group Ltd., Class H		160,000		122,702
Construction Materials – 1.1%
Asia Cement Corp.		40,000		57,185
LafargeHolcim Maroc SA		1,016		150,667
				207,852
Consumer Finance – 0.5%
Bajaj Finance Ltd.		48		3,683
Samsung Card Co. Ltd.		3,872		86,212
				89,895

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 77

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Consumer Staples Distribution & Retail – 1.4%
InRetail Peru Corp.(a)		2,600	$	84,630
JD Health International, Inc.* (a)		800		5,733
Nahdi Medical Co.		288		13,760
President Chain Store Corp.		17,000		149,581
Wal-Mart de Mexico SAB de CV		800		3,215
				256,919
Diversified Telecommunication Services – 4.5%
Chunghwa Telecom Co. Ltd.		52,000		214,817
Emirates Integrated Telecommunications Co. PJSC		65,240		89,723
Emirates Telecommunications Group Co. PJSC		2,176		14,222
Itissalat Al-Maghrib		14,888		120,096
LG Uplus Corp.		10,536		86,750
Ooredoo QPSC		36,432		98,987
Telkom Indonesia Persero Tbk. PT		678,400		196,537
				821,132
Electric Utilities – 4.3%
Centrais Eletricas Brasileiras SA (Preference), Class B		5,600		40,756
CPFL Energia SA		16,000		105,988
Manila Electric Co.		16,400		100,381
Power Grid Corp. of India Ltd.		60,784		176,218
Saudi Electricity Co.		25,064		161,716
Tenaga Nasional Bhd.		32,000		63,849
Transmissora Alianca de Energia Eletrica SA		20,000		145,797
				794,705
Electrical Equipment – 0.0%(b)
ABB India Ltd.		192		8,019
Electronic Equipment, Instruments & Components – 0.5%
WPG Holdings Ltd.		56,000		91,079
Entertainment – 0.6%
NetEase, Inc., ADR		1,272		113,373
Financial Services – 0.1%
Housing Development Finance Corp. Ltd.		576		19,536

Investments	Shares		Value
Food Products – 4.8%
Almarai Co. JSC		6,400	$	100,504
Dali Foods Group Co. Ltd.(a)		216,000		89,703
Nestle India Ltd.		152		40,419
Nestle Malaysia Bhd.		4,500		136,700
Tingyi Cayman Islands Holding Corp.		86,000		149,872
Uni-President China Holdings Ltd.		80,000		79,797
Uni-President Enterprises Corp.		56,000		134,069
Want Want China Holdings Ltd.		224,000		142,677
				873,741
Gas Utilities – 0.7%
Petronas Gas Bhd.		36,000		136,397
Health Care Providers & Services – 4.2%
Bangkok Dusit Medical Services PCL, NVDR		135,200		115,809
Bumrungrad Hospital PCL, NVDR		20,800		144,971
Dr Sulaiman Al Habib Medical Services Group Co.		1,624		124,267
Mitra Keluarga Karyasehat Tbk. PT(a)		697,600		137,428
Mouwasat Medical Services Co.		1,872		123,179
Sinopharm Group Co. Ltd., Class H		35,200		124,435
				770,089
Hotels, Restaurants & Leisure – 0.3%
Kangwon Land, Inc.		3,264		46,092
Household Durables – 0.6%
Coway Co. Ltd.		2,936		107,599
Household Products – 0.8%
Unilever Indonesia Tbk. PT		464,800		139,408
Independent Power and Renewable Electricity Producers – 0.1%
Engie Brasil Energia SA	��	2,400		19,779
Unipro PJSC* ‡		726,000		—
				19,779
Industrial Conglomerates – 4.0%
Alpha Dhabi Holding PJSC*		19,176		114,889
Far Eastern New Century Corp.		96,000		99,615
International Holding Co. PJSC*		4,848		521,503
				736,007

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)
Insurance – 1.3%
Bupa Arabia for Cooperative Insurance Co.		2,312	$	108,736
PICC Property & Casualty Co. Ltd., Class H		112,000		135,115
				243,851
Interactive Media & Services – 3.8%
Tencent Holdings Ltd.		15,800		693,196
IT Services – 3.4%
Infosys Ltd.		6,360		97,359
Samsung SDS Co. Ltd.		1,312		114,986
Tata Consultancy Services Ltd.		10,464		411,630
				623,975
Life Sciences Tools & Services – 0.1%
Samsung Biologics Co. Ltd.* (a)		24		14,005
Marine Transportation – 0.5%
MISC Bhd.		57,600		94,268
Metals & Mining – 0.6%
Industrias CH SAB de CV, Series B*		350		3,982
Korea Zinc Co. Ltd.		16		6,133
Polyus PJSC* ‡		546		—
Vale SA		7,200		104,196
				114,311
Multi-Utilities – 1.1%
Dubai Electricity & Water Authority PJSC		155,664		105,133
Qatar Electricity & Water Co. QSC		20,024		92,253
				197,386
Oil, Gas & Consumable Fuels – 3.0%
China Shenhua Energy Co. Ltd., Class H		8,000		26,497
PetroChina Co. Ltd., Class H		48,000		33,203
Petroleo Brasileiro SA		800		4,265
Petroleo Brasileiro SA (Preference)		2,400		11,369
Petronas Dagangan Bhd.		18,400		93,392
Petronet LNG Ltd.		2,072		5,998
PTT Exploration & Production PCL, NVDR		20,800		90,150

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Qatar Fuel QSC		30,704	$	139,518
Qatar Gas Transport Co. Ltd.		97,936		106,546
Surgutneftegas PJSC (Preference)‡		156,600		—
United Tractors Tbk. PT		18,400		36,248
				547,186
Personal Care Products – 1.8%
Colgate-Palmolive India Ltd.		8,072		157,334
Hengan International Group Co. Ltd.		29,500		131,531
Hindustan Unilever Ltd.		1,296		38,915
				327,780
Pharmaceuticals – 3.6%
Cipla Ltd.		12,120		134,483
Dr Reddy’s Laboratories Ltd.		2,792		168,191
Kalbe Farma Tbk. PT		953,600		137,807
Sun Pharmaceutical Industries Ltd.		8,944		107,942
Torrent Pharmaceuticals Ltd.		256		5,169
Yuhan Corp.		2,400		103,287
				656,879
Real Estate Management & Development – 1.0%
Aldar Properties PJSC		35,384		52,035
Wharf Holdings Ltd. (The)		59,000		134,838
				186,873
Semiconductors & Semiconductor Equipment – 5.7%
Taiwan Semiconductor Manufacturing Co. Ltd.		64,000		1,045,068
Specialty Retail – 2.8%
Abu Dhabi National Oil Co. for Distribution PJSC		120,760		144,373
Home Product Center PCL, NVDR		332,000		136,115
Jarir Marketing Co.		3,696		160,820
MR DIY Group M Bhd.(a)		201,600		71,411
				512,719
Technology Hardware, Storage & Peripherals – 4.7%
Compal Electronics, Inc.		128,000		99,719
Inventec Corp.		112,000		120,589
Lite-On Technology Corp.		10,000		23,908
Pegatron Corp.		32,000		72,863
Quanta Computer, Inc.		16,000		44,707

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)
Technology Hardware, Storage & Peripherals – (continued)
Samsung Electronics Co. Ltd.		10,232	$	500,744
				862,530
Textiles, Apparel & Luxury Goods – 0.2%
Page Industries Ltd.		72		35,474
Tobacco – 0.8%
KT&G Corp.		2,296		147,188
Transportation Infrastructure – 2.5%
Airports of Thailand PCL, NVDR*		44,000		94,385
Jiangsu Expressway Co. Ltd., Class H		96,000		97,224
Taiwan High Speed Rail Corp.		128,000		129,280
Westports Holdings Bhd.		172,000		136,119
				457,008
Wireless Telecommunication Services – 4.2%
Advanced Info Service PCL, NVDR		25,600		160,433
Etihad Etisalat Co.		10,968		134,516
Far EasTone Telecommunications Co. Ltd.		64,000		164,255
Intouch Holdings PCL, NVDR		64,800		142,324
Taiwan Mobile Co. Ltd.		48,000		161,600
				763,128
Total Common Stocks (Cost $18,435,281)				18,044,013
Total Investments – 98.6% (Cost $18,435,281)				18,044,013
Other assets less liabilities – 1.4%				262,308
NET ASSETS – 100.0%			$	18,306,321

* 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)  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, 2023, 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	$	1,042,677
Aggregate gross unrealized depreciation		(1,566,083	)
Net unrealized depreciation	$	(523,406	)
Federal income tax cost	$	18,572,166

Futures Contracts

FlexShares^® Emerging Markets Quality Low Volatility Index Fund had the following open futures contracts as of April 30, 2023:    

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
MSCI Emerging Markets E-Mini Index		6		06/16/2023		USD	$	295,260	$	4,747

* 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.

80 FLEXSHARES SEMIANNUAL REPORT

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

Abbreviations:

USD – US Dollar

FlexShares^® Emerging Markets Quality Low Volatility Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2023:

Brazil	2.4	%
China	24.1
India	10.4
Indonesia	3.8
Kuwait	3.1
Malaysia	5.1
Mexico	0.1
Morocco	2.0
Peru	0.5
Philippines	0.6
Qatar	3.8
Saudi Arabia	6.4
South Africa	1.2
South Korea	7.4
Taiwan	15.9
Thailand	4.8
United Arab Emirates	7.0
Other1	1.4
	100.0	%

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 81

Schedule of Investments

FlexShares^® Morningstar US Market Factor Tilt Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.4%
Aerospace & Defense – 1.5%
AAR Corp.*		2,700	$	142,506
Aerojet Rocketdyne Holdings, Inc.*		3,780		213,230
AeroVironment, Inc.* (a)		1,260		126,869
Axon Enterprise, Inc.*		1,620		341,350
Boeing Co. (The)* (a)		18,079		3,738,376
BWX Technologies, Inc.(a)		4,140		267,361
Curtiss-Wright Corp.(a)		2,327		395,194
Ducommun, Inc.* (a)		540		27,000
General Dynamics Corp.		7,020		1,532,747
HEICO Corp.(a)		1,432		241,492
HEICO Corp., Class A		1,800		241,614
Hexcel Corp.(a)		3,222		232,242
Howmet Aerospace, Inc.		11,456		507,386
Huntington Ingalls Industries, Inc.(a)		1,260		254,092
Kratos Defense & Security Solutions, Inc.* (a)		4,140		53,406
L3Harris Technologies, Inc.		5,191		1,013,024
Lockheed Martin Corp.		6,086		2,826,643
Maxar Technologies, Inc.(a)		4,680		246,730
Mercury Systems, Inc.*		4,140		197,354
Moog, Inc., Class A		2,148		193,556
Northrop Grumman Corp.		3,759		1,733,914
Parsons Corp.* (a)		3,409		148,292
Raytheon Technologies Corp.		39,201		3,916,180
Rocket Lab USA, Inc.* (a)		23,807		93,323
Spirit AeroSystems Holdings, Inc., Class A(a)		4,320		128,563
Textron, Inc.(a)		6,444		431,361
TransDigm Group, Inc.		1,260		963,900
Triumph Group, Inc.*		6,840		73,940
V2X, Inc.* (a)		3,240		139,968
Woodward, Inc.(a)		3,240		311,105
				20,732,718
Air Freight & Logistics – 0.7%
Air Transport Services Group, Inc.* (a)		15,215		309,017
CH Robinson Worldwide, Inc.(a)		3,780		381,288

Investments	Shares		Value
Air Freight & Logistics – (continued)
Expeditors International of Washington, Inc.		4,475	$	509,434
FedEx Corp.		7,697		1,753,223
Forward Air Corp.		900		94,959
GXO Logistics, Inc.* (a)		28,103		1,493,112
Hub Group, Inc., Class A* (a)		8,234		620,844
United Parcel Service, Inc., Class B(a)		23,449		4,216,365
				9,378,242
Automobile Components – 0.5%
Adient plc* (a)		23,091		852,981
American Axle & Manufacturing Holdings, Inc.* (a)		14,141		101,108
Aptiv plc*		7,380		759,107
Autoliv, Inc.		3,759		322,560
BorgWarner, Inc.(a)		8,413		404,918
Dana, Inc.(a)		23,449		346,811
Dorman Products, Inc.*		895		77,113
Fox Factory Holding Corp.*		1,969		218,303
Garrett Motion, Inc.* (a)		9,540		78,800
Gentex Corp.(a)		14,499		400,027
Gentherm, Inc.*		1,080		64,422
Goodyear Tire & Rubber Co. (The)* (a)		60,833		649,088
Holley, Inc.* (a)		26,492		63,846
LCI Industries(a)		5,400		609,984
Lear Corp.		2,506		319,916
Luminar Technologies, Inc.* (a)		13,962		84,051
Mobileye Global, Inc., Class A* (a)		4,296		161,701
Modine Manufacturing Co.*		9,000		188,190
Patrick Industries, Inc.(a)		5,728		393,113
QuantumScape Corp.* (a)		73,748		516,236
Standard Motor Products, Inc.		1,969		70,904
Stoneridge, Inc.* (a)		7,020		132,187
Visteon Corp.*		1,790		251,298
XPEL, Inc.* (a) (b)		1,260		92,056
				7,158,720

See Accompanying Notes to the Financial Statements.

82 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Automobiles – 1.2%
Ford Motor Co.		126,699	$	1,505,184
General Motors Co.		44,034		1,454,883
Harley-Davidson, Inc.(a)		28,980		1,075,158
Lucid Group, Inc.* (a)		5,549		44,059
Tesla, Inc.*		70,884		11,646,950
Thor Industries, Inc.(a)		11,635		919,398
Winnebago Industries, Inc.(a)		5,370		312,212
				16,957,844
Banks – 4.9%
1st Source Corp.(a)		2,327		96,989
Ameris Bancorp(a)		13,500		452,250
Associated Banc-Corp.		29,535		526,609
Atlantic Union Bankshares Corp.(a)		14,678		420,084
Axos Financial, Inc.* (a)		11,880		483,160
Banc of California, Inc.		3,600		40,860
BancFirst Corp.		1,616		129,102
Bancorp, Inc. (The)* (a)		5,549		177,069
Bank of America Corp.		228,046		6,677,187
Bank of Hawaii Corp.(a)		2,340		113,326
Bank OZK		25,955		927,113
BankUnited, Inc.(a)		18,994		428,315
Banner Corp.(a)		2,864		142,971
Bar Harbor Bankshares(a)		716		17,757
Berkshire Hills Bancorp, Inc.		3,780		80,401
BOK Financial Corp.		1,432		120,102
Brookline Bancorp, Inc.		12,600		120,204
Cadence Bank(a)		37,232		752,831
Camden National Corp.(a)		1,790		57,190
Cathay General Bancorp		14,678		467,788
Central Pacific Financial Corp.		7,697		122,228
Citigroup, Inc.		64,619		3,041,616
Citizens Financial Group, Inc.(a)		14,760		456,674
City Holding Co.(a)		360		32,828
CNB Financial Corp.(a)		1,074		20,148
Columbia Banking System, Inc.		43,694		933,304
Comerica, Inc.		5,040		218,585

Investments	Shares		Value
Banks – (continued)
Commerce Bancshares, Inc.(a)		3,217	$	179,669
Community Bank System, Inc.(a)		1,611		80,486
Community Trust Bancorp, Inc.		1,980		71,300
ConnectOne Bancorp, Inc.		8,592		135,582
CrossFirst Bankshares, Inc.* (a)		6,086		61,043
Cullen/Frost Bankers, Inc.		1,980		218,295
Customers Bancorp, Inc.* (a)		5,580		121,867
CVB Financial Corp.(a)		9,546		142,904
Dime Community Bancshares, Inc.(a)		9,308		191,745
Eagle Bancorp, Inc.		5,940		149,094
East West Bancorp, Inc.(a)		5,400		279,126
Eastern Bankshares, Inc.		5,940		69,201
Enterprise Financial Services Corp.(a)		3,401		145,427
Farmers National Banc Corp.		1,253		14,648
FB Financial Corp.		1,260		37,082
Fifth Third Bancorp		23,220		608,364
First Bancorp/NC(a)		3,420		105,268
First Bancorp/PR(a)		46,205		542,909
First Bancshares, Inc. (The)(a)		3,060		76,806
First Busey Corp.		13,860		251,975
First Citizens BancShares, Inc., Class A		360		362,585
First Commonwealth Financial Corp.		24,480		305,510
First Financial Bancorp(a)		18,180		376,326
First Financial Bankshares, Inc.(a)		6,480		189,605
First Financial Corp.(a)		3,600		124,380
First Foundation, Inc.(a)		14,678		92,325
First Hawaiian, Inc.(a)		26,640		509,090
First Horizon Corp.		20,048		351,842
First Interstate BancSystem, Inc., Class A		6,444		164,902
First Merchants Corp.		12,780		372,920
First Mid Bancshares, Inc.(a)		5,191		136,835
First of Long Island Corp. (The)		8,100		94,770

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)
Banks – (continued)
First Republic Bank(a)		5,191	$	18,220
Flushing Financial Corp.(a)		5,220		62,797
FNB Corp.(a)		75,359		865,121
Fulton Financial Corp.(a)		32,400		386,532
German American Bancorp, Inc.		3,325		96,658
Glacier Bancorp, Inc.(a)		5,760		191,405
Hancock Whitney Corp.(a)		18,540		677,081
Hanmi Financial Corp.		7,560		122,170
HarborOne Bancorp, Inc.(a)		1,980		21,285
Heartland Financial USA, Inc.		8,820		287,179
Heritage Commerce Corp.		8,950		76,075
Heritage Financial Corp.		4,296		75,653
Hilltop Holdings, Inc.		5,012		155,472
Home BancShares, Inc.(a)		12,709		276,675
HomeStreet, Inc.		3,060		29,866
Hope Bancorp, Inc.		20,585		187,323
Horizon Bancorp, Inc.(a)		6,480		68,234
Huntington Bancshares, Inc.		45,173		505,938
Independent Bank Corp. – MA		2,340		131,040
Independent Bank Corp. – MI		6,802		121,212
Independent Bank Group, Inc.		3,043		110,704
International Bancshares Corp.(a)		12,960		553,003
JPMorgan Chase & Co.		95,407		13,189,064
KeyCorp		32,578		366,828
Lakeland Bancorp, Inc.		11,700		167,778
Lakeland Financial Corp.		720		36,482
Live Oak Bancshares, Inc.(a)		4,117		96,997
M&T Bank Corp.		6,020		757,316
Mercantile Bank Corp.(a)		4,320		121,219
Metropolitan Bank Holding Corp.* (a)		3,222		103,394
Midland States Bancorp, Inc.		4,680		93,600
MidWestOne Financial Group, Inc.(a)		895		18,526
National Bank Holdings Corp., Class A		1,080		34,344

Investments	Shares		Value
Banks – (continued)
NBT Bancorp, Inc.		3,938	$	126,961
New York Community Bancorp, Inc.(a)		148,834		1,591,035
Nicolet Bankshares, Inc.* (a)		1,571		90,034
Northfield Bancorp, Inc.(a)		4,654		48,495
Northwest Bancshares, Inc.(a)		4,500		52,605
OceanFirst Financial Corp.(a)		15,300		244,800
OFG Bancorp(a)		13,067		334,123
Old National Bancorp(a)		60,860		816,133
Pacific Premier Bancorp, Inc.		19,620		436,349
PacWest Bancorp		23,091		234,374
Park National Corp.(a)		360		38,995
Pathward Financial, Inc.		2,880		128,246
Peoples Bancorp, Inc.(a)		5,760		150,106
Pinnacle Financial Partners, Inc.(a)		4,500		244,035
PNC Financial Services Group, Inc. (The)		12,709		1,655,347
Popular, Inc.(a)		17,184		1,031,212
Preferred Bank		1,736		83,467
Premier Financial Corp.		10,620		176,398
Prosperity Bancshares, Inc.		20,160		1,262,419
Provident Financial Services, Inc.		14,400		251,712
QCR Holdings, Inc.(a)		1,980		81,972
Regions Financial Corp.(a)		32,220		588,337
S&T Bancorp, Inc.		7,697		211,898
Sandy Spring Bancorp, Inc.(a)		11,456		257,531
Seacoast Banking Corp. of Florida(a)		4,860		107,843
ServisFirst Bancshares, Inc.(a)		1,611		81,355
Simmons First National Corp., Class A(a)		26,100		436,131
Southside Bancshares, Inc.(a)		720		22,846
SouthState Corp.(a)		4,654		321,033
Stellar Bancorp, Inc.(a)		3,561		81,689
Stock Yards Bancorp, Inc.		540		26,244
Synovus Financial Corp.(a)		31,140		959,112
Texas Capital Bancshares, Inc.*		3,222		161,906

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)
Tompkins Financial Corp.(a)		180	$	10,552
Towne Bank		13,680		324,079
TriCo Bancshares		540		19,337
Triumph Financial, Inc.*		2,327		120,911
Truist Financial Corp.		42,293		1,377,906
TrustCo Bank Corp. NY		3,420		102,053
Trustmark Corp.		5,012		119,737
UMB Financial Corp.		8,771		557,923
United Bankshares, Inc.(a)		8,592		284,653
United Community Banks, Inc.		7,518		187,198
Univest Financial Corp.		5,760		115,891
US Bancorp		46,898		1,607,663
Valley National Bancorp(a)		91,246		855,887
Veritex Holdings, Inc.		4,500		77,445
Washington Federal, Inc.(a)		16,468		461,763
Washington Trust Bancorp, Inc.(a)		2,317		65,131
Webster Financial Corp.		7,109		265,166
Wells Fargo & Co.		124,405		4,945,099
WesBanco, Inc.		12,420		330,620
Westamerica Bancorp		2,520		102,085
Western Alliance Bancorp		3,960		146,995
Wintrust Financial Corp.		13,140		898,382
WSFS Financial Corp.		12,530		440,680
Zions Bancorp NA(a)		5,907		164,569
				69,542,231
Beverages – 1.3%
Boston Beer Co., Inc. (The), Class A* (a)		358		113,668
Brown-Forman Corp., Class A		1,440		94,867
Brown-Forman Corp., Class B		5,400		351,486
Celsius Holdings, Inc.* (a)		1,980		189,228
Coca-Cola Co. (The)		101,672		6,522,259
Coca-Cola Consolidated, Inc.(a)		358		211,027
Constellation Brands, Inc., Class A		4,296		985,803
Keurig Dr Pepper, Inc.		24,344		796,049
MGP Ingredients, Inc.		179		17,664

Investments	Shares		Value
Beverages – (continued)
Molson Coors Beverage Co., Class B(a)		6,660	$	396,137
Monster Beverage Corp.*		19,800		1,108,800
National Beverage Corp.* (a)		1,080		53,676
PepsiCo, Inc.		35,800		6,833,862
Vita Coco Co., Inc. (The)*		5,400		116,910
				17,791,436
Biotechnology – 2.6%
2seventy bio, Inc.*		8,234		78,305
AbbVie, Inc.		57,280		8,656,154
ACADIA Pharmaceuticals, Inc.*		7,160		152,723
Agios Pharmaceuticals, Inc.*		4,938		112,932
Akero Therapeutics, Inc.*		2,506		112,118
Alkermes plc*		5,728		163,534
Allogene Therapeutics, Inc.* (a)		14,678		79,702
Alnylam Pharmaceuticals, Inc.* (a)		3,222		641,822
Amgen, Inc.		14,320		3,433,077
Amicus Therapeutics, Inc.* (a)		7,020		81,011
Anavex Life Sciences Corp.* (a)		10,919		88,881
Apellis Pharmaceuticals, Inc.* (a)		3,580		298,679
Arcus Biosciences, Inc.*		11,160		199,206
Arrowhead Pharmaceuticals, Inc.*		2,685		95,076
Atara Biotherapeutics, Inc.*		23,628		64,032
Aurinia Pharmaceuticals, Inc.*		14,141		159,086
Avid Bioservices, Inc.* (a)		1,440		25,992
Beam Therapeutics, Inc.* (a)		14,857		456,258
Biogen, Inc.*		3,938		1,198,058
BioMarin Pharmaceutical, Inc.*		5,012		481,353
Blueprint Medicines Corp.*		1,253		63,966
C4 Therapeutics, Inc.*		12,351		37,300
Caribou Biosciences, Inc.* (a)		1,260		5,418

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)
Biotechnology – (continued)
Catalyst Pharmaceuticals, Inc.* (a)		9,630	$	153,310
Celldex Therapeutics, Inc.* (a)		1,440		45,274
Cerevel Therapeutics Holdings, Inc.* (a)		3,060		88,862
CRISPR Therapeutics AG* (a)		2,327		113,883
Cytokinetics, Inc.* (a)		3,043		113,808
Deciphera Pharmaceuticals, Inc.*		3,060		43,483
Denali Therapeutics, Inc.*		3,580		88,927
Dynavax Technologies Corp.* (a)		26,820		279,196
Eagle Pharmaceuticals, Inc.* (a)		4,833		135,711
Editas Medicine, Inc.* (a)		11,993		97,863
Emergent BioSolutions, Inc.*		3,043		26,870
Exact Sciences Corp.* (a)		8,234		527,552
Exelixis, Inc.*		18,795		343,949
FibroGen, Inc.*		5,728		98,063
Geron Corp.*		15,660		38,524
Gilead Sciences, Inc.		40,275		3,311,008
Gossamer Bio, Inc.* (a)		1,260		1,625
Halozyme Therapeutics, Inc.* (a)		6,300		202,419
Heron Therapeutics, Inc.* (a)		360		860
Horizon Therapeutics plc*		6,086		676,520
IGM Biosciences, Inc.* (a)		4,654		50,403
ImmunoGen, Inc.*		5,728		30,874
Immunovant, Inc.* (a)		15,036		242,681
Incyte Corp.*		4,117		306,346
Inhibrx, Inc.* (a)		540		11,340
Inovio Pharmaceuticals, Inc.* (a)		57,101		44,111
Insmed, Inc.* (a)		2,506		48,867
Intellia Therapeutics, Inc.* (a)		2,148		81,087
Intercept Pharmaceuticals, Inc.*		6,660		115,351
Ionis Pharmaceuticals, Inc.* (a)		7,200		254,664
Iovance Biotherapeutics, Inc.*		2,880		16,243

Investments	Shares		Value
Biotechnology – (continued)
Ironwood Pharmaceuticals, Inc.* (a)		32,220	$	335,410
IVERIC bio, Inc.* (a)		8,413		276,704
Karuna Therapeutics, Inc.* (a)		1,074		213,125
Karyopharm Therapeutics, Inc.* (a)		7,020		25,132
Krystal Biotech, Inc.* (a)		2,148		180,432
Kura Oncology, Inc.* (a)		7,876		76,712
Kymera Therapeutics, Inc.* (a)		4,117		129,850
Lyell Immunopharma, Inc.* (a)		29,714		60,319
Madrigal Pharmaceuticals, Inc.* (a)		716		223,392
MannKind Corp.*		7,560		29,106
Mirati Therapeutics, Inc.* (a)		716		31,726
Moderna, Inc.* (a)		10,919		1,451,026
Morphic Holding, Inc.* (a)		3,043		143,812
Myriad Genetics, Inc.*		3,060		65,147
Natera, Inc.* (a)		5,220		264,758
Neurocrine Biosciences, Inc.*		2,160		218,246
Novavax, Inc.* (a)		12,709		97,478
Nurix Therapeutics, Inc.* (a)		8,771		84,465
Organogenesis Holdings, Inc.*		34,905		71,555
Prometheus Biosciences, Inc.*		1,790		347,171
PTC Therapeutics, Inc.*		3,420		188,579
Recursion Pharmaceuticals, Inc., Class A* (a)		15,215		72,576
Regeneron Pharmaceuticals, Inc.*		2,864		2,296,327
REGENXBIO, Inc.*		9,540		184,694
Replimune Group, Inc.*		4,654		77,861
REVOLUTION Medicines, Inc.* (a)		6,444		151,370
Rocket Pharmaceuticals, Inc.*		6,802		121,892
Sage Therapeutics, Inc.*		4,296		209,860
Sangamo Therapeutics, Inc.* (a)		30,072		44,206

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)
Sarepta Therapeutics, Inc.* (a)		2,864	$	351,613
Seagen, Inc.*		3,580		716,000
Seres Therapeutics, Inc.* (a)		2,160		10,530
SpringWorks Therapeutics, Inc.* (a)		4,296		100,441
TG Therapeutics, Inc.* (a)		7,740		192,184
Travere Therapeutics, Inc.* (a)		1,800		38,826
Twist Bioscience Corp.*		1,611		20,105
Ultragenyx Pharmaceutical, Inc.*		3,240		141,491
uniQure NV* (a)		5,549		107,706
United Therapeutics Corp.*		1,611		370,739
Vanda Pharmaceuticals, Inc.*		1,260		7,736
Vaxcyte, Inc.* (a)		3,759		160,998
Veracyte, Inc.* (a)		3,420		77,429
Vertex Pharmaceuticals, Inc.*		6,802		2,317,645
Vir Biotechnology, Inc.* (a)		13,783		346,642
Xencor, Inc.* (a)		1,980		52,351
				36,959,724
Broadline Retail – 2.2%
Amazon.com, Inc.*		235,922		24,877,975
Big Lots, Inc.		11,277		101,380
Coupang, Inc.* (a)		35,800		600,008
Dillard’s, Inc., Class A(a)		537		160,236
eBay, Inc.		18,258		847,719
Etsy, Inc.* (a)		3,580		361,687
Kohl’s Corp.(a)		26,134		575,732
Macy’s, Inc.(a)		58,354		953,504
MercadoLibre, Inc.*		1,253		1,600,695
Nordstrom, Inc.(a)		20,406		315,477
Ollie’s Bargain Outlet Holdings, Inc.* (a)		3,240		211,410
Qurate Retail, Inc., Series A* (a)		34,726		27,663
				30,633,486
Building Products – 0.8%
A O Smith Corp.(a)		3,420		233,552
AAON, Inc.		2,520		246,960

Investments	Shares		Value
Building Products – (continued)
Advanced Drainage Systems, Inc.(a)		1,620	$	138,866
Allegion plc(a)		1,969		217,535
American Woodmark Corp.* (a)		4,296		217,034
Apogee Enterprises, Inc.		2,864		121,892
Armstrong World Industries, Inc.		1,980		135,947
AZEK Co., Inc. (The)* (a)		4,296		116,593
AZZ, Inc.(a)		7,518		283,654
Builders FirstSource, Inc.* (a)		5,549		525,879
Carlisle Cos., Inc.(a)		1,440		310,824
Carrier Global Corp.		23,400		978,588
Fortune Brands Innovations, Inc.		4,140		267,816
Gibraltar Industries, Inc.*		900		45,036
Griffon Corp.(a)		10,260		291,897
Hayward Holdings, Inc.* (a)		30,967		372,843
Insteel Industries, Inc.		2,685		73,918
JELD-WEN Holding, Inc.*		17,542		224,187
Johnson Controls International plc		19,332		1,156,827
Lennox International, Inc.		1,104		311,229
Masco Corp.		7,200		385,272
Masonite International Corp.* (a)		5,191		474,509
Owens Corning		3,759		401,499
PGT Innovations, Inc.* (a)		14,400		369,504
Quanex Building Products Corp.		4,500		85,950
Resideo Technologies, Inc.* (a)		30,060		535,068
Simpson Manufacturing Co., Inc.		1,620		203,764
Trane Technologies plc		5,760		1,070,266
Trex Co., Inc.* (a)		6,623		362,013
UFP Industries, Inc.(a)		13,320		1,045,886
Zurn Elkay Water Solutions Corp.		4,680		100,854
				11,305,662
Capital Markets – 3.0%
Affiliated Managers Group, Inc.		8,771		1,266,357

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)
Capital Markets – (continued)
Ameriprise Financial, Inc.		3,043	$	928,480
Ares Management Corp.		3,600		315,324
Artisan Partners Asset Management, Inc., Class A(a)		14,400		499,248
Avantax, Inc.*		4,833		122,613
B. Riley Financial, Inc.(a)		3,780		119,070
Bank of New York Mellon Corp. (The)		22,196		945,328
BGC Partners, Inc., Class A		66,051		299,211
BlackRock, Inc.		4,822		3,236,526
Blackstone, Inc., Class A(a)		19,332		1,726,927
Blue Owl Capital, Inc.(a)		19,440		218,894
Brightsphere Investment Group, Inc.		5,400		121,932
Carlyle Group, Inc. (The)(a)		9,666		293,170
Charles Schwab Corp. (The)		39,053		2,040,129
CION Investment Corp.		11,279		106,925
CME Group, Inc.		9,360		1,738,807
Cohen & Steers, Inc.(a)		1,611		96,757
Coinbase Global, Inc., Class A* (a)		5,549		298,481
Donnelley Financial Solutions, Inc.*		1,253		54,192
Evercore, Inc., Class A		7,339		837,160
FactSet Research Systems, Inc.		900		370,521
Federated Hermes, Inc., Class B(a)		5,907		244,491
Focus Financial Partners, Inc., Class A*		11,635		604,322
Franklin Resources, Inc.(a)		10,620		285,466
Goldman Sachs Group, Inc. (The)		10,919		3,750,021
Hamilton Lane, Inc., Class A(a)		2,864		211,019
Houlihan Lokey, Inc.(a)		1,800		164,484
Interactive Brokers Group, Inc., Class A(a)		3,759		292,638
Intercontinental Exchange, Inc.		15,215		1,657,370
Invesco Ltd.		14,220		243,589

Investments	Shares		Value
Capital Markets – (continued)
Janus Henderson Group plc(a)		30,967	$	803,594
Jefferies Financial Group, Inc.		8,055		258,002
KKR & Co., Inc.		17,184		911,955
LPL Financial Holdings, Inc.		2,327		485,971
MarketAxess Holdings, Inc.(a)		900		286,533
Moelis & Co., Class A(a)		3,420		129,550
Moody’s Corp.		4,296		1,345,163
Morgan Stanley		43,497		3,913,425
Morningstar, Inc.(a)		540		96,287
MSCI, Inc.		1,980		955,251
Nasdaq, Inc.		8,640		478,397
Northern Trust Corp.(c)		7,160		559,625
Oppenheimer Holdings, Inc., Class A		360		13,460
Piper Sandler Cos.(a)		1,253		169,706
PJT Partners, Inc., Class A		360		24,757
Raymond James Financial, Inc.		5,728		518,556
Robinhood Markets, Inc., Class A* (a)		20,227		179,009
S&P Global, Inc.		8,771		3,180,189
SEI Investments Co.		3,060		180,265
State Street Corp.		10,980		793,415
StepStone Group, Inc., Class A(a)		3,420		75,343
Stifel Financial Corp.(a)		22,733		1,363,298
StoneX Group, Inc.*		4,475		438,863
T. Rowe Price Group, Inc.(a)		6,623		743,961
TPG, Inc.(a)		2,340		67,790
Tradeweb Markets, Inc., Class A(a)		5,907		415,912
Victory Capital Holdings, Inc., Class A		5,760		175,910
Virtu Financial, Inc., Class A		19,800		396,990
Virtus Investment Partners, Inc.(a)		1,253		228,309
WisdomTree, Inc.(a)		180		1,123
				42,280,061
Chemicals – 1.8%
AdvanSix, Inc.(a)		8,055		303,512

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)
Chemicals – (continued)
Air Products and Chemicals, Inc.		5,760	$	1,695,514
Albemarle Corp.		3,060		567,508
Ashland, Inc.		1,980		201,188
Aspen Aerogels, Inc.* (a)		8,234		51,545
Avient Corp.		21,301		820,301
Axalta Coating Systems Ltd.* (a)		9,180		289,813
Balchem Corp.		1,980		260,172
Cabot Corp.		3,759		269,746
Celanese Corp.(a)		3,600		382,464
CF Industries Holdings, Inc.		6,981		499,700
Chase Corp.		180		19,679
Chemours Co. (The)		35,979		1,045,909
Corteva, Inc.		17,542		1,072,167
Dow, Inc.		21,780		1,184,832
DuPont de Nemours, Inc.(a)		11,993		836,152
Eastman Chemical Co.(a)		4,140		348,878
Ecolab, Inc.		6,300		1,057,392
Ecovyst, Inc.*		1,260		14,301
Element Solutions, Inc.(a)		13,860		251,559
FMC Corp.		3,759		464,537
Hawkins, Inc.		540		21,784
HB Fuller Co.		1,620		107,195
Huntsman Corp.		38,843		1,040,604
Ingevity Corp.* (a)		8,640		619,834
Innospec, Inc.		720		73,174
International Flavors & Fragrances, Inc.		7,339		711,589
Koppers Holdings, Inc.		3,759		123,333
Kronos Worldwide, Inc.(a)		4,500		41,850
Linde plc		12,888		4,761,472
Livent Corp.* (a)		7,560		165,186
LSB Industries, Inc.*		11,635		103,901
LyondellBasell Industries NV, Class A		8,100		766,341
Mativ Holdings, Inc.(a)		14,857		287,780
Minerals Technologies, Inc.		7,920		469,339
Mosaic Co. (The)		9,308		398,848
NewMarket Corp.		537		214,585
Olin Corp.		5,549		307,415
PPG Industries, Inc.		5,549		778,303

Investments	Shares		Value
Chemicals – (continued)
Quaker Chemical Corp.(a)		900	$	167,967
RPM International, Inc.(a)		2,880		236,246
Scotts Miracle-Gro Co. (The)(a)		8,950		597,949
Sensient Technologies Corp.		2,327		173,268
Sherwin-Williams Co. (The)		6,120		1,453,745
Stepan Co.		1,611		148,534
Trinseo plc		4,475		81,087
Tronox Holdings plc(a)		22,680		310,489
Westlake Corp.(a)		360		40,961
				25,839,648
Commercial Services & Supplies – 0.6%
ABM Industries, Inc.		1,980		84,308
ACCO Brands Corp.		6,444		29,514
Aurora Innovation, Inc.* (a)		76,612		109,555
Brady Corp., Class A		1,080		55,112
BrightView Holdings, Inc.*		7,380		40,812
Brink’s Co. (The)		10,440		656,154
Casella Waste Systems, Inc., Class A* (a)		2,160		192,240
Cimpress plc* (a)		5,370		278,972
Cintas Corp.		2,160		984,463
Clean Harbors, Inc.* (a)		1,969		285,820
Copart, Inc.*		11,456		905,597
CoreCivic, Inc., REIT* (a)		28,080		246,823
Deluxe Corp.(a)		5,012		75,932
Ennis, Inc.(a)		4,833		93,905
GEO Group, Inc. (The)* (a)		25,418		191,398
Harsco Corp.* (a)		22,375		153,716
Heritage-Crystal Clean, Inc.*		4,117		143,930
HNI Corp.(a)		3,600		93,528
Interface, Inc.		8,100		63,504
KAR Auction Services, Inc.* (a)		3,222		43,626
Liquidity Services, Inc.* (a)		540		7,058
Matthews International Corp., Class A		5,400		204,498
MillerKnoll, Inc.		20,943		356,241
Montrose Environmental Group, Inc.* (a)		3,043		92,690
MSA Safety, Inc.		2,327		301,928
Republic Services, Inc.		5,400		780,948

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)
Commercial Services & Supplies – (continued)
Rollins, Inc.		6,660	$	281,385
SP Plus Corp.*		3,960		135,313
Stericycle, Inc.* (a)		5,728		261,483
Tetra Tech, Inc.(a)		1,800		249,066
UniFirst Corp.(a)		1,080		176,774
Viad Corp.*		2,340		44,530
Waste Management, Inc.		9,720		1,614,006
				9,234,829
Communications Equipment –0.7%
ADTRAN Holdings, Inc.		3,960		36,115
Arista Networks, Inc.*		6,444		1,032,071
Calix, Inc.*		3,780		172,746
Ciena Corp.*		3,780		174,031
Cisco Systems, Inc.		135,503		6,402,517
Digi International, Inc.* (a)		3,600		108,576
Extreme Networks, Inc.*		10,382		184,592
F5, Inc.* (a)		1,440		193,478
Harmonic, Inc.* (a)		2,700		38,043
Infinera Corp.* (a)		7,020		44,437
Juniper Networks, Inc.		10,919		329,208
Lumentum Holdings, Inc.* (a)		2,685		129,551
Motorola Solutions, Inc.		4,500		1,311,300
NETGEAR, Inc.*		7,380		104,279
NetScout Systems, Inc.* (a)		5,638		153,410
Viasat, Inc.* (a)		3,401		119,137
Viavi Solutions, Inc.* (a)		6,981		62,550
				10,596,041
Construction & Engineering –0.4%
AECOM		4,555		378,293
Ameresco, Inc., Class A* (a)		1,260		52,416
API Group Corp.*		6,981		158,887
Arcosa, Inc.		1,440		97,258
Argan, Inc.		1,800		72,414
Comfort Systems USA, Inc.		2,327		347,863
Construction Partners, Inc., Class A* (a)		900		23,346
Dycom Industries, Inc.*		1,440		133,373
EMCOR Group, Inc.		2,864		489,744
Fluor Corp.* (a)		6,120		177,847
Granite Construction, Inc.		3,600		137,268

Investments	Shares		Value
Construction & Engineering – (continued)
IES Holdings, Inc.*		1,969	$	85,041
MasTec, Inc.*		3,759		333,837
MDU Resources Group, Inc.		44,453		1,298,917
MYR Group, Inc.*		1,432		183,282
Primoris Services Corp.		10,980		277,794
Quanta Services, Inc.(a)		4,117		698,408
Sterling Infrastructure, Inc.*		6,300		232,596
Tutor Perini Corp.*		13,425		71,152
Valmont Industries, Inc.		895		260,051
WillScot Mobile Mini Holdings Corp.*		7,175		325,745
				5,835,532
Construction Materials – 0.1%
Eagle Materials, Inc.(a)		1,800		266,778
Martin Marietta Materials, Inc.		1,620		588,384
Summit Materials, Inc., Class A*		5,311		145,574
Vulcan Materials Co.		3,240		567,389
				1,568,125
Consumer Finance – 0.8%
Ally Financial, Inc.(a)		11,993		316,375
American Express Co.		15,752		2,541,428
Atlanticus Holdings Corp.* (a)		540		15,746
Bread Financial Holdings, Inc.		12,172		335,947
Capital One Financial Corp.		12,983		1,263,246
Credit Acceptance Corp.* (a)		295		144,403
Discover Financial Services		8,234		851,972
Encore Capital Group, Inc.* (a)		6,623		340,290
Enova International, Inc.*		7,740		339,941
EZCORP, Inc., Class A* (a)		3,580		30,824
FirstCash Holdings, Inc.		1,440		148,363
Green Dot Corp., Class A* (a)		5,907		101,541
LendingClub Corp.*		22,680		162,842
Navient Corp.(a)		24,480		404,899
Nelnet, Inc., Class A(a)		1,611		155,139

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)
Consumer Finance – (continued)
NerdWallet, Inc., Class A* (a)		11,098	$	150,600
OneMain Holdings, Inc.(a)		26,850		1,030,235
PRA Group, Inc.*		9,308		337,601
PROG Holdings, Inc.* (a)		11,993		362,548
SLM Corp.		59,786		897,986
SoFi Technologies, Inc.* (a)		45,645		284,368
Synchrony Financial		13,425		396,172
World Acceptance Corp.* (a)		360		36,324
				10,648,790
Consumer Staples Distribution & Retail – 1.6%
Albertsons Cos., Inc., Class A		2,685		56,117
Andersons, Inc. (The)(a)		7,160		320,052
BJ’s Wholesale Club Holdings, Inc.*		4,401		336,104
Casey’s General Stores, Inc.		1,253		286,712
Chefs’ Warehouse, Inc. (The)*		3,759		125,024
Costco Wholesale Corp.		11,814		5,945,041
Dollar General Corp.		6,086		1,347,806
Dollar Tree, Inc.* (a)		5,934		912,115
Fresh Market, Inc. (The)*‡(a)		9,856		—
Grocery Outlet Holding Corp.* (a)		3,060		91,127
Ingles Markets, Inc., Class A(a)		1,432		131,801
Kroger Co. (The)		22,196		1,079,392
Performance Food Group Co.*		3,938		246,873
PriceSmart, Inc.		360		26,525
SpartanNash Co.		4,147		101,684
Sprouts Farmers Market, Inc.* (a)		25,955		899,600
Sysco Corp.		12,960		994,550
Target Corp.(a)		14,580		2,299,995
United Natural Foods, Inc.* (a)		14,320		390,506
US Foods Holding Corp.* (a)		7,518		288,691
Walgreens Boots Alliance, Inc.(a)		21,480		757,170

Investments	Shares		Value
Consumer Staples Distribution & Retail – (continued)
Walmart, Inc.		36,516	$	5,512,821
Weis Markets, Inc.		1,757		144,935
				22,294,641
Containers & Packaging – 0.6%
Amcor plc		50,393		552,811
AptarGroup, Inc.(a)		2,160		255,982
Avery Dennison Corp.(a)		1,800		314,064
Ball Corp.(a)		9,666		514,038
Berry Global Group, Inc.(a)		26,671		1,541,850
Crown Holdings, Inc.		4,475		383,865
Graphic Packaging Holding Co.(a)		66,051		1,628,818
Greif, Inc., Class A		5,940		372,973
Greif, Inc., Class B(a)		179		14,094
International Paper Co.		11,880		393,347
Myers Industries, Inc.		180		3,411
O-I Glass, Inc.* (a)		31,504		707,895
Packaging Corp. of America(a)		3,060		413,896
Pactiv Evergreen, Inc.(a)		8,820		69,678
Sealed Air Corp.		5,032		241,486
Silgan Holdings, Inc.(a)		5,728		282,161
Sonoco Products Co.(a)		21,122		1,280,416
TriMas Corp.(a)		1,440		36,590
Westrock Co.		6,086		182,154
				9,189,529
Distributors – 0.1%
Genuine Parts Co.		4,117		692,932
LKQ Corp.		9,720		561,136
Pool Corp.(a)		1,253		440,204
				1,694,272
Diversified Consumer Services – 0.2%
2U, Inc.*		19,153		106,108
ADT, Inc.		15,394		103,140
Adtalem Global Education, Inc.* (a)		4,296		174,289
Bright Horizons Family Solutions, Inc.*		3,580		272,509
Chegg, Inc.*		3,401		61,150
Frontdoor, Inc.*		2,506		68,564

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)
Diversified Consumer Services – (continued)
Graham Holdings Co., Class B(a)		900	$	518,013
Grand Canyon Education, Inc.*		1,253		148,731
H&R Block, Inc.(a)		9,487		321,704
Laureate Education, Inc., Class A		9,666		119,762
Mister Car Wash, Inc.* (a)		12,172		107,357
OneSpaWorld Holdings Ltd.*		9,180		110,160
Perdoceo Education Corp.*		12,600		163,548
Rover Group, Inc.* (a)		32,757		148,389
Service Corp. International(a)		4,680		328,489
Strategic Education, Inc.(a)		1,800		158,400
Stride, Inc.* (a)		3,908		167,888
Udemy, Inc.*		1,440		13,090
				3,091,291
Diversified REITs – 0.1%
Alexander & Baldwin, Inc., REIT		3,060		58,844
American Assets Trust, Inc., REIT		5,549		100,992
Armada Hoffler Properties, Inc., REIT		1,620		18,986
Broadstone Net Lease, Inc., REIT		3,759		60,783
Empire State Realty Trust, Inc., Class A, REIT(a)		35,621		217,644
Essential Properties Realty Trust, Inc., REIT(a)		8,460		209,385
Gladstone Commercial Corp., REIT		6,086		72,667
One Liberty Properties, Inc., REIT		4,117		90,656
WP Carey, Inc., REIT		5,040		373,968
				1,203,925
Diversified Telecommunication Services – 0.8%
Anterix, Inc.* (a)		3,401		107,403
AT&T, Inc.		235,206		4,156,090
ATN International, Inc.		716		25,898

Investments	Shares		Value
Diversified Telecommunication Services – (continued)
Cogent Communications Holdings, Inc.(a)		3,222	$	222,447
Consolidated Communications Holdings, Inc.* (a)		13,680		52,942
EchoStar Corp., Class A* (a)		9,487		161,943
Globalstar, Inc.* (a)		21,420		19,406
Iridium Communications, Inc.(a)		7,200		456,984
Liberty Latin America Ltd., Class A*		11,456		101,615
Liberty Latin America Ltd., Class C*		22,375		198,690
Lumen Technologies, Inc.(a)		26,640		63,137
Verizon Communications, Inc.		138,546		5,379,741
				10,946,296
Electric Utilities – 1.5%
ALLETE, Inc.		1,790		111,660
Alliant Energy Corp.(a)		7,560		416,858
American Electric Power Co., Inc.		15,840		1,463,933
Avangrid, Inc.(a)		1,620		65,221
Constellation Energy Corp.		7,876		609,602
Duke Energy Corp.		24,344		2,407,135
Edison International		11,277		829,987
Entergy Corp.		6,086		654,732
Evergy, Inc.		6,265		389,119
Eversource Energy		9,180		712,460
Exelon Corp.		30,780		1,306,303
FirstEnergy Corp.		17,640		702,072
Hawaiian Electric Industries, Inc.		6,480		254,081
IDACORP, Inc.		2,880		320,026
MGE Energy, Inc.		1,080		82,739
NextEra Energy, Inc.		53,342		4,087,598
NRG Energy, Inc.(a)		9,180		313,681
OGE Energy Corp.(a)		8,133		305,313
Otter Tail Corp.(a)		8,592		618,194
PG&E Corp.* (a)		48,509		829,989
Pinnacle West Capital Corp.(a)		3,780		296,579

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)
Electric Utilities – (continued)
PNM Resources, Inc.		5,040	$	242,575
Portland General Electric Co.		5,907		299,012
PPL Corp.		16,647		478,102
Southern Co. (The)		34,368		2,527,766
Xcel Energy, Inc.		14,760		1,031,872
				21,356,609
Electrical Equipment – 0.7%
Acuity Brands, Inc.(a)		1,969		309,881
AMETEK, Inc.		5,549		765,374
Atkore, Inc.* (a)		9,308		1,175,880
Bloom Energy Corp., Class A* (a)		7,200		119,880
ChargePoint Holdings, Inc.* (a)		20,227		175,368
Eaton Corp. plc		10,260		1,714,651
Emerson Electric Co.		15,931		1,326,415
Encore Wire Corp.(a)		4,140		647,206
EnerSys(a)		1,080		89,608
Fluence Energy, Inc.* (a)		7,020		126,781
Generac Holdings, Inc.*		1,620		165,596
GrafTech International Ltd.(a)		26,850		126,463
Hubbell, Inc.(a)		1,260		339,343
nVent Electric plc		9,845		412,801
Plug Power, Inc.* (a)		8,234		74,353
Regal Rexnord Corp.		2,160		281,146
Rockwell Automation, Inc.		2,880		816,221
Sensata Technologies Holding plc		6,802		295,547
SunPower Corp.* (a)		6,300		83,286
Sunrun, Inc.* (a)		46,253		973,163
Vertiv Holdings Co.		16,740		249,761
Vicor Corp.*		2,327		99,991
				10,368,715
Electronic Equipment, Instruments & Components – 1.1%
Advanced Energy Industries, Inc.(a)		1,080		93,420
Amphenol Corp., Class A		14,678		1,107,749
Arrow Electronics, Inc.*		2,506		286,762
Avnet, Inc.		20,880		861,509
Badger Meter, Inc.		1,969		260,558

Investments	Shares		Value
Electronic Equipment, Instruments & Components – (continued)
Belden, Inc.		3,043	$	240,062
Benchmark Electronics, Inc.		8,640		184,464
CDW Corp.		3,240		549,472
Cognex Corp.		5,549		264,632
Coherent Corp.* (a)		33,116		1,130,565
Corning, Inc.		24,840		825,185
CTS Corp.		900		35,289
ePlus, Inc.*		6,802		296,159
Fabrinet* (a)		2,160		205,092
FARO Technologies, Inc.* (a)		3,401		79,413
Flex Ltd.*		18,180		373,963
Insight Enterprises, Inc.* (a)		7,339		887,652
IPG Photonics Corp.* (a)		2,148		246,977
Itron, Inc.*		1,980		105,732
Jabil, Inc.(a)		5,370		419,665
Keysight Technologies, Inc.*		4,680		676,915
Kimball Electronics, Inc.*		3,580		72,065
Knowles Corp.* (a)		2,700		45,576
Lightwave Logic, Inc.* (a)		900		4,050
Littelfuse, Inc.(a)		1,074		260,166
Methode Electronics, Inc.		3,580		146,744
Mirion Technologies, Inc.* (a)		29,893		242,133
National Instruments Corp.		6,086		354,388
nLight, Inc.* (a)		10,024		87,910
Novanta, Inc.*		1,980		302,623
OSI Systems, Inc.*		537		60,659
PC Connection, Inc.(a)		180		7,249
Plexus Corp.*		716		62,628
Sanmina Corp.*		13,962		729,654
ScanSource, Inc.*		4,140		113,229
SmartRent, Inc.* (a)		35,263		90,979
TD SYNNEX Corp.(a)		720		64,109
TE Connectivity Ltd.		10,024		1,226,637
Teledyne Technologies, Inc.*		1,260		522,144
Trimble, Inc.*		6,480		305,208
TTM Technologies, Inc.*		21,780		257,222
Vishay Intertechnology, Inc.(a)		26,640		567,166
Vontier Corp.(a)		37,948		1,029,529
Zebra Technologies Corp., Class A*		1,074		309,344
				15,992,647

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)
Energy Equipment & Services – 0.5%
Archrock, Inc.		13,500	$	138,915
Baker Hughes Co.		23,760		694,743
Cactus, Inc., Class A(a)		4,500		182,160
ChampionX Corp.(a)		12,530		339,313
Dril-Quip, Inc.* (a)		180		4,910
Halliburton Co.		21,480		703,470
Helix Energy Solutions Group, Inc.* (a)		15,752		114,202
Helmerich & Payne, Inc.(a)		6,802		225,554
Liberty Energy, Inc., Class A		31,146		398,980
Nabors Industries Ltd.* (a)		895		89,293
NexTier Oilfield Solutions, Inc.* (a)		30,967		250,213
NOV, Inc.		14,320		239,860
Oceaneering International, Inc.*		8,771		155,510
Oil States International, Inc.* (a)		540		3,802
Patterson-UTI Energy, Inc.(a)		6,802		76,114
ProFrac Holding Corp., Class A* (a)		6,444		72,173
ProPetro Holding Corp.*		11,814		81,989
RPC, Inc.(a)		12,888		95,242
Schlumberger NV		36,695		1,810,898
Select Energy Services, Inc., Class A(a)		13,067		97,088
Tidewater, Inc.*		1,432		64,483
Transocean Ltd.* (a)		139,441		822,702
US Silica Holdings, Inc.*		5,580		72,819
Weatherford International plc*		4,296		277,651
				7,012,084
Entertainment – 1.0%
Activision Blizzard, Inc.*		17,721		1,377,099
AMC Entertainment Holdings, Inc., Class A* (a)		35,979		197,884
Cinemark Holdings, Inc.* (a)		27,208		459,271
Electronic Arts, Inc.		6,444		820,192
Endeavor Group Holdings, Inc., Class A*		10,740		276,877
IMAX Corp.*		1,980		41,481

Investments	Shares		Value
Entertainment – (continued)
Liberty Media Corp-Liberty Formula One, Class A*		1,800	$	116,604
Liberty Media Corp-Liberty Formula One, Class C* (a)		5,580		402,820
Live Nation Entertainment, Inc.* (a)		4,833		327,581
Madison Square Garden Sports Corp., Class A		537		107,669
Netflix, Inc.*		11,814		3,897,793
ROBLOX Corp., Class A*		11,456		407,834
Roku, Inc.* (a)		3,060		172,003
Sphere Entertainment Co.*		6,981		196,445
Take-Two Interactive Software, Inc.* (a)		4,475		556,198
Walt Disney Co. (The)*		48,509		4,972,173
Warner Music Group Corp., Class A		3,401		103,628
World Wrestling Entertainment, Inc., Class A		1,260		135,034
				14,568,586
Financial Services – 4.1%
Affirm Holdings, Inc.* (a)		3,580		35,299
Alerus Financial Corp.		4,475		64,395
A-Mark Precious Metals, Inc.(a)		2,880		103,104
Apollo Global Management, Inc.		15,215		964,479
AvidXchange Holdings, Inc.*		15,394		114,377
Berkshire Hathaway, Inc., Class B*		58,891		19,348,638
Block, Inc., Class A*		14,499		881,394
Cannae Holdings, Inc.*		19,869		362,411
Compass Diversified Holdings		7,518		143,293
Enact Holdings, Inc.(a)		3,222		77,779
Equitable Holdings, Inc.		13,425		348,916
Essent Group Ltd.(a)		22,017		935,062
Euronet Worldwide, Inc.* (a)		1,969		218,047
EVERTEC, Inc.(a)		5,370		186,285
Federal Agricultural Mortgage Corp., Class C(a)		2,340		311,899

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)
Financial Services – (continued)
Fidelity National Information Services, Inc.		18,258	$	1,072,110
Fiserv, Inc.*		20,048		2,448,262
FleetCor Technologies, Inc.* (a)		1,611		344,625
Flywire Corp.*		5,549		161,864
Global Payments, Inc.		8,055		907,879
International Money Express, Inc.*		2,520		64,966
Jack Henry & Associates, Inc.(a)		1,980		323,413
Jackson Financial, Inc., Class A(a)		11,098		399,639
Marqeta, Inc., Class A* (a)		9,666		39,147
Mastercard, Inc., Class A		22,196		8,435,146
Merchants Bancorp(a)		3,240		75,168
MGIC Investment Corp.(a)		61,576		915,635
Mr Cooper Group, Inc.* (a)		17,184		795,619
NMI Holdings, Inc., Class A*		19,800		463,320
PayPal Holdings, Inc.*		28,819		2,190,244
PennyMac Financial Services, Inc.(a)		8,055		503,357
Radian Group, Inc.		38,861		943,157
Remitly Global, Inc.* (a)		9,308		156,374
Repay Holdings Corp.* (a)		23,449		147,025
Shift4 Payments, Inc., Class A* (a)		2,148		145,570
TFS Financial Corp.(a)		7,200		86,688
Toast, Inc., Class A*		10,203		185,695
Visa, Inc., Class A(a)		42,602		9,914,763
Voya Financial, Inc.(a)		20,764		1,588,031
Walker & Dunlop, Inc.(a)		6,981		469,891
Western Union Co. (The)		86,815		948,888
WEX, Inc.*		1,611		285,711
				58,107,565
Food Products – 1.2%
Archer-Daniels-Midland Co.(a)		18,360		1,433,549
Benson Hill, Inc.* (a)		60,860		64,512
BRC, Inc., Class A* (a)		20,048		104,450
Bunge Ltd.		4,117		385,351

Investments	Shares		Value
Food Products – (continued)
Calavo Growers, Inc.		180	$	5,753
Cal-Maine Foods, Inc.(a)		7,160		340,100
Campbell Soup Co.		6,300		342,090
Conagra Brands, Inc.		15,840		601,286
Darling Ingredients, Inc.*		4,680		278,788
Flowers Foods, Inc.(a)		11,880		326,819
Freshpet, Inc.* (a)		895		61,728
General Mills, Inc.		16,468		1,459,559
Hain Celestial Group, Inc. (The)* (a)		8,950		160,473
Hershey Co. (The)		3,600		983,016
Hormel Foods Corp.		8,100		327,564
Hostess Brands, Inc.*		4,117		106,054
Ingredion, Inc.		14,580		1,547,959
J & J Snack Foods Corp.		1,260		193,032
J M Smucker Co. (The)		3,222		497,509
John B Sanfilippo & Son, Inc.(a)		1,253		130,249
Kellogg Co.		7,697		537,020
Kraft Heinz Co. (The)(a)		23,986		941,930
Lamb Weston Holdings, Inc.		3,780		422,642
Lancaster Colony Corp.(a)		1,253		262,027
McCormick & Co., Inc. (Non-Voting)		5,728		503,205
Mondelez International, Inc., Class A		36,337		2,787,775
Pilgrim’s Pride Corp.*		9,000		205,290
Post Holdings, Inc.* (a)		3,240		293,188
Seaboard Corp.		62		244,346
Simply Good Foods Co. (The)*		2,520		91,652
Tootsie Roll Industries, Inc.(a)		2,581		105,512
TreeHouse Foods, Inc.*		1,074		57,191
Tyson Foods, Inc., Class A		8,592		536,914
Utz Brands, Inc.		7,740		146,363
				16,484,896
Gas Utilities – 0.1%
Atmos Energy Corp.(a)		3,240		369,814
Chesapeake Utilities Corp.		540		66,690
National Fuel Gas Co.		5,728		320,195
New Jersey Resources Corp.(a)		6,086		314,281

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)
Gas Utilities – (continued)
Northwest Natural Holding Co.		179	$	8,406
ONE Gas, Inc.(a)		3,600		277,020
Southwest Gas Holdings, Inc.(a)		2,340		131,040
Spire, Inc.(a)		3,759		254,597
UGI Corp.		7,560		256,133
				1,998,176
Ground Transportation – 1.0%
ArcBest Corp.(a)		5,040		475,776
Avis Budget Group, Inc.* (a)		1,074		189,744
CSX Corp.		54,893		1,681,922
Heartland Express, Inc.(a)		5,580		80,798
Hertz Global Holdings, Inc.* (a)		5,907		98,529
JB Hunt Transport Services, Inc.		2,160		378,626
Knight-Swift Transportation Holdings, Inc.(a)		4,680		263,578
Landstar System, Inc.(a)		1,800		316,854
Lyft, Inc., Class A* (a)		22,017		225,674
Marten Transport Ltd.		2,700		54,513
Norfolk Southern Corp.		6,265		1,271,983
Old Dominion Freight Line, Inc.		2,520		807,383
Ryder System, Inc.		10,440		826,431
Saia, Inc.* (a)		1,260		375,190
Schneider National, Inc., Class B(a)		7,518		196,746
TuSimple Holdings, Inc., Class A* (a)		50,478		61,078
Uber Technologies, Inc.*		66,946		2,078,673
U-Haul Holding Co.(a)		180		10,991
Union Pacific Corp.		15,752		3,082,666
Werner Enterprises, Inc.		13,783		622,578
XPO, Inc.*		23,807		1,051,793
				14,151,526
Health Care Equipment & Supplies – 2.6%
Abbott Laboratories		46,003		5,081,951
Align Technology, Inc.*		1,969		640,516

Investments	Shares		Value
Health Care Equipment & Supplies – (continued)
Alphatec Holdings, Inc.*		180	$	2,599
AngioDynamics, Inc.* (a)		540		4,493
AtriCure, Inc.* (a)		3,938		173,233
Avanos Medical, Inc.*		1,080		31,903
Axonics, Inc.* (a)		2,880		165,485
Baxter International, Inc.		14,678		699,847
Becton Dickinson & Co.		7,518		1,987,083
Bioventus, Inc., Class A* (a)		2,700		2,727
Boston Scientific Corp.*		38,306		1,996,509
Cerus Corp.* (a)		30,430		70,293
CONMED Corp.(a)		2,327		292,201
Cooper Cos., Inc. (The)(a)		1,260		480,627
Cue Health, Inc.* (a)		40,454		31,833
Dentsply Sirona, Inc.(a)		8,771		367,768
Dexcom, Inc.*		10,080		1,223,107
Edwards Lifesciences Corp.*		17,184		1,511,848
Embecta Corp.(a)		13,860		384,615
Enovis Corp.*		9,666		563,064
Envista Holdings Corp.* (a)		6,480		249,415
Establishment Labs Holdings, Inc.* (a)		1,440		100,354
Glaukos Corp.* (a)		2,520		119,725
Globus Medical, Inc., Class A*		4,320		251,165
Haemonetics Corp.* (a)		2,880		241,085
Heska Corp.* (a)		1,253		146,802
Hologic, Inc.*		7,339		631,227
ICU Medical, Inc.* (a)		537		101,568
IDEXX Laboratories, Inc.*		2,148		1,057,160
Inari Medical, Inc.* (a)		1,980		131,512
Inogen, Inc.*		8,950		119,125
Inspire Medical Systems, Inc.* (a)		1,440		385,387
Insulet Corp.* (a)		1,620		515,225
Integer Holdings Corp.* (a)		900		74,115
Integra LifeSciences Holdings Corp.*		2,148		118,827
Intuitive Surgical, Inc.*		9,487		2,857,674
iRhythm Technologies, Inc.* (a)		716		94,082
Lantheus Holdings, Inc.*		4,383		374,527
LeMaitre Vascular, Inc.		180		9,720
LivaNova plc*		3,060		146,574

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)
Health Care Equipment & Supplies – (continued)
Masimo Corp.* (a)		2,685	$	507,841
Medtronic plc		44,213		4,021,172
Merit Medical Systems, Inc.*		1,790		145,509
Neogen Corp.* (a)		12,709		218,849
Nevro Corp.*		1,980		57,955
Novocure Ltd.* (a)		2,520		166,068
NuVasive, Inc.*		2,880		123,955
Omnicell, Inc.* (a)		1,074		65,267
OrthoPediatrics Corp.* (a)		2,685		135,431
Penumbra, Inc.* (a)		2,148		610,290
PROCEPT BioRobotics Corp.* (a)		1,800		54,702
Pulmonx Corp.* (a)		7,876		92,543
QuidelOrtho Corp.* (a)		11,993		1,078,770
ResMed, Inc.		3,600		867,456
Senseonics Holdings, Inc.* (a)		82,161		48,894
Shockwave Medical, Inc.* (a)		1,253		363,571
Silk Road Medical, Inc.* (a)		2,700		118,854
STAAR Surgical Co.*		2,160		152,215
STERIS plc(a)		2,880		543,024
Stryker Corp.		8,771		2,628,230
Surmodics, Inc.*		180		4,147
Tandem Diabetes Care, Inc.* (a)		1,432		56,679
Teleflex, Inc.(a)		1,440		392,429
TransMedics Group, Inc.* (a)		1,440		113,904
Treace Medical Concepts, Inc.*		2,520		61,715
Zimmer Biomet Holdings, Inc.		5,940		822,334
				36,888,775
Health Care Providers & Services – 2.9%
23andMe Holding Co.* (a)		41,528		81,810
Acadia Healthcare Co., Inc.*		3,222		232,918
Accolade, Inc.* (a)		18,795		254,296
Addus HomeCare Corp.* (a)		1,074		87,789
Agiliti, Inc.* (a)		360		6,019
agilon health, Inc.* (a)		4,654		112,953

Investments	Shares		Value
Health Care Providers & Services – (continued)
Amedisys, Inc.* (a)		716	$	57,495
AmerisourceBergen Corp.		5,220		870,957
AMN Healthcare Services, Inc.* (a)		9,720		839,322
Brookdale Senior Living, Inc.* (a)		52,373		224,680
Cardinal Health, Inc.		9,540		783,234
CareMax, Inc.* (a)		33,473		84,352
Centene Corp.*		18,974		1,307,878
Chemed Corp.(a)		360		198,450
Cigna Group (The)		10,024		2,538,979
Community Health Systems, Inc.* (a)		26,100		165,474
Cross Country Healthcare, Inc.* (a)		7,740		170,125
CVS Health Corp.		41,886		3,070,663
DaVita, Inc.* (a)		2,506		226,442
Elevance Health, Inc.		7,740		3,627,351
Encompass Health Corp.		3,759		241,140
Enhabit, Inc.* (a)		13,246		162,264
Ensign Group, Inc. (The)		1,969		191,170
Fulgent Genetics, Inc.* (a)		1,969		58,223
GeneDx Holdings Corp.* (a)		221,244		60,532
Guardant Health, Inc.* (a)		3,222		72,688
HCA Healthcare, Inc.(a)		5,728		1,645,826
HealthEquity, Inc.*		3,960		211,662
Henry Schein, Inc.*		4,500		363,645
Humana, Inc.		3,401		1,804,196
Innovage Holding Corp.*		180		1,100
Invitae Corp.* (a)		67,841		92,264
Laboratory Corp. of America Holdings		3,060		693,733
McKesson Corp.		4,654		1,695,173
ModivCare, Inc.*		360		22,896
Molina Healthcare, Inc.*		1,611		479,901
National Research Corp.		2,340		101,860
NeoGenomics, Inc.*		3,420		50,000
Oak Street Health, Inc.*		7,697		299,952
OPKO Health, Inc.* (a)		28,461		41,838
Option Care Health, Inc.*		9,720		312,498
Owens & Minor, Inc.*		13,246		205,843
Patterson Cos., Inc.		19,620		531,898
Premier, Inc., Class A(a)		27,208		906,843

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)
Health Care Providers & Services – (continued)
Progyny, Inc.*		3,759	$	124,949
Quest Diagnostics, Inc.		4,140		574,673
R1 RCM, Inc.*		4,140		64,543
RadNet, Inc.* (a)		1,080		29,873
Select Medical Holdings Corp.(a)		4,296		131,028
Surgery Partners, Inc.* (a)		3,420		135,637
Tenet Healthcare Corp.*		24,881		1,824,275
UnitedHealth Group, Inc.		24,523		12,067,523
Universal Health Services, Inc., Class B		1,969		296,039
US Physical Therapy, Inc.		180		19,163
				40,456,035
Health Care REITs – 0.2%
CareTrust REIT, Inc., REIT		7,560		147,345
Community Healthcare Trust, Inc., REIT(a)		3,401		121,722
Global Medical REIT, Inc., REIT(a)		11,277		104,651
Healthpeak Properties, Inc., REIT		16,468		361,802
LTC Properties, Inc., REIT(a)		3,580		119,751
Medical Properties Trust, Inc., REIT(a)		12,530		109,888
National Health Investors, Inc., REIT		716		35,635
Omega Healthcare Investors, Inc., REIT(a)		8,950		239,502
Physicians Realty Trust, REIT		7,339		105,828
Sabra Health Care REIT, Inc., REIT(a)		4,833		55,096
Universal Health Realty Income Trust, REIT		4,296		186,876
Ventas, Inc., REIT		10,740		516,057
Welltower, Inc., REIT(a)		12,709		1,006,807
				3,110,960
Health Care Technology –0.1%
Certara, Inc.* (a)		4,475		108,161
Computer Programs & Systems, Inc.*		3,240		83,851

Investments	Shares		Value
Health Care Technology – (continued)
Definitive Healthcare Corp.* (a)		6,265	$	67,036
Doximity, Inc., Class A* (a)		7,697		282,865
Evolent Health, Inc., Class A* (a)		6,086		221,591
GoodRx Holdings, Inc., Class A*		14,320		66,874
Health Catalyst, Inc.*		17,900		225,540
HealthStream, Inc.		180		4,435
NextGen Healthcare, Inc.*		540		9,040
Phreesia, Inc.*		4,833		152,916
Sharecare, Inc.* (a)		41,707		64,229
Teladoc Health, Inc.* (a)		5,012		132,968
Veeva Systems, Inc., Class A*		3,222		576,996
Veradigm, Inc.* (a)		9,937		124,113
				2,120,615
Hotel & Resort REITs – 0.2%
Apple Hospitality REIT, Inc., REIT(a)		6,623		98,617
Chatham Lodging Trust, REIT		7,380		75,571
DiamondRock Hospitality Co., REIT(a)		18,533		150,303
Host Hotels & Resorts, Inc., REIT		17,100		276,507
Park Hotels & Resorts, Inc., REIT(a)		16,416		197,813
Pebblebrook Hotel Trust, REIT(a)		33,115		471,226
RLJ Lodging Trust, REIT(a)		2,700		27,270
Ryman Hospitality Properties, Inc., REIT		3,420		306,637
Service Properties Trust, REIT(a)		39,738		348,502
Summit Hotel Properties, Inc., REIT		28,980		186,631
Sunstone Hotel Investors, Inc., REIT(a)		9,000		85,770
Xenia Hotels & Resorts, Inc., REIT(a)		10,105		127,929
				2,352,776

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)
Hotels, Restaurants & Leisure – 2.3%
Airbnb, Inc., Class A* (a)		10,080	$	1,206,274
Aramark(a)		6,120		212,364
Bally’s Corp.* (a)		4,833		83,128
BJ’s Restaurants, Inc.* (a)		2,160		70,286
Bloomin’ Brands, Inc.(a)		18,180		450,319
Booking Holdings, Inc.*		1,023		2,748,095
Boyd Gaming Corp.(a)		4,140		287,316
Brinker International, Inc.*		8,055		321,556
Caesars Entertainment, Inc.*		8,413		381,025
Carnival Corp.* (a)		23,449		215,965
Cheesecake Factory, Inc. (The)(a)		3,222		108,549
Chipotle Mexican Grill, Inc.*		720		1,488,686
Choice Hotels International, Inc.(a)		1,080		137,722
Churchill Downs, Inc.(a)		900		263,277
Cracker Barrel Old Country Store, Inc.(a)		358		38,005
Darden Restaurants, Inc.(a)		2,880		437,558
Dave & Buster’s Entertainment, Inc.* (a)		3,938		139,642
Denny’s Corp.*		1,620		18,160
Dine Brands Global, Inc.(a)		1,432		92,980
Domino’s Pizza, Inc.		716		227,309
DoorDash, Inc., Class A*		5,549		339,543
DraftKings, Inc., Class A* (a)		21,301		466,705
Everi Holdings, Inc.*		8,100		123,120
Expedia Group, Inc.*		5,549		521,384
Hilton Grand Vacations, Inc.* (a)		18,900		808,920
Hilton Worldwide Holdings, Inc.		6,660		959,173
Hyatt Hotels Corp., Class A* (a)		3,043		347,815
Jack in the Box, Inc.		360		33,368
Las Vegas Sands Corp.*		7,518		480,024
Life Time Group Holdings, Inc.* (a)		8,820		183,368
Light & Wonder, Inc.*		20,585		1,241,070
Marriott International, Inc., Class A		7,020		1,188,767

Investments	Shares		Value
Hotels, Restaurants & Leisure – (continued)
Marriott Vacations Worldwide Corp.		2,327	$	313,121
McDonald’s Corp.		19,080		5,642,910
MGM Resorts International(a)		9,845		442,237
Norwegian Cruise Line Holdings Ltd.* (a)		10,740		143,379
Papa John’s International, Inc.(a)		2,160		161,546
Penn Entertainment, Inc.* (a)		36,713		1,093,680
Planet Fitness, Inc., Class A*		4,117		342,287
Red Rock Resorts, Inc., Class A(a)		2,160		105,408
Royal Caribbean Cruises Ltd.* (a)		7,339		480,191
Ruth’s Hospitality Group, Inc.(a)		5,400		87,264
Sabre Corp.* (a)		60,502		242,008
SeaWorld Entertainment, Inc.* (a)		3,401		182,498
Shake Shack, Inc., Class A*		716		39,244
Six Flags Entertainment Corp.* (a)		19,511		473,532
Starbucks Corp.		29,714		3,396,013
Sweetgreen, Inc., Class A* (a)		9,666		76,748
Texas Roadhouse, Inc.(a)		4,117		455,423
Travel + Leisure Co.		16,647		637,081
Vacasa, Inc., Class A* (a)		74,106		59,033
Vail Resorts, Inc.(a)		1,080		259,762
Wendy’s Co. (The)(a)		11,814		261,089
Wingstop, Inc.(a)		1,980		396,218
Wyndham Hotels & Resorts, Inc.		3,420		233,312
Wynn Resorts Ltd.*		3,222		368,210
Yum! Brands, Inc.		7,876		1,107,208
				32,620,875
Household Durables – 1.4%
Cavco Industries, Inc.* (a)		1,611		483,654
Century Communities, Inc.		7,560		509,090
Cricut, Inc., Class A(a)		720		6,574
DR Horton, Inc.		10,260		1,126,753
Ethan Allen Interiors, Inc.(a)		4,500		125,685

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)
Household Durables – (continued)
Garmin Ltd.		4,320	$	424,094
GoPro, Inc., Class A*		13,425		57,459
Green Brick Partners, Inc.* (a)		8,460		315,304
Helen of Troy Ltd.* (a)		6,086		610,669
Installed Building Products, Inc.(a)		720		89,474
iRobot Corp.* (a)		1,440		56,635
KB Home(a)		20,160		883,411
La-Z-Boy, Inc.(a)		8,280		237,884
Leggett & Platt, Inc.(a)		27,208		879,091
Lennar Corp., Class A		8,592		969,264
Lennar Corp., Class B		540		52,823
LGI Homes, Inc.* (a)		5,220		620,136
M/I Homes, Inc.*		7,560		511,358
MDC Holdings, Inc.		12,960		530,971
Meritage Homes Corp.(a)		8,640		1,106,352
Mohawk Industries, Inc.*		11,993		1,270,059
Newell Brands, Inc.(a)		85,920		1,043,928
NVR, Inc.*		104		607,360
PulteGroup, Inc.		8,771		588,973
Skyline Champion Corp.*		10,919		809,862
Snap One Holdings Corp.* (a)		10,919		106,570
Sonos, Inc.* (a)		1,790		37,841
Taylor Morrison Home Corp., Class A*		26,134		1,126,114
Tempur Sealy International, Inc.(a)		39,053		1,463,316
Toll Brothers, Inc.		22,017		1,407,107
TopBuild Corp.* (a)		1,253		282,527
Tri Pointe Homes, Inc.*		25,418		728,988
Whirlpool Corp.(a)		2,160		301,514
				19,370,840
Household Products – 1.1%
Central Garden & Pet Co.*		1,620		59,681
Central Garden & Pet Co., Class A*		9,900		349,767
Church & Dwight Co., Inc.		6,981		677,995
Clorox Co. (The)		3,401		563,274

Investments	Shares		Value
Household Products – (continued)
Colgate-Palmolive Co.		21,122	$	1,685,535
Energizer Holdings, Inc.		12,351		412,894
Kimberly-Clark Corp.		8,413		1,218,959
Procter & Gamble Co. (The)		61,755		9,657,247
Reynolds Consumer Products, Inc.(a)		358		10,035
Spectrum Brands Holdings, Inc.		3,222		214,263
WD-40 Co.(a)		358		68,163
				14,917,813
Independent Power and Renewable Electricity Producers – 0.1%
AES Corp. (The)(a)		18,720		442,915
Clearway Energy, Inc., Class A(a)		5,191		150,435
Clearway Energy, Inc., Class C		18,974		576,240
Ormat Technologies, Inc.(a)		1,611		138,240
Sunnova Energy International, Inc.* (a)		5,220		93,751
Vistra Corp.		15,347		366,180
				1,767,761
Industrial Conglomerates – 0.6%
3M Co.		17,363		1,844,298
General Electric Co.		27,924		2,763,638
Honeywell International, Inc.		17,640		3,525,178
				8,133,114
Industrial REITs – 0.4%
Americold Realty Trust, Inc., REIT		5,907		174,788
EastGroup Properties, Inc., REIT(a)		1,541		256,669
First Industrial Realty Trust, Inc., REIT		7,560		396,673
Innovative Industrial Properties, Inc., REIT		1,800		123,390
LXP Industrial Trust, REIT		16,740		157,356
Plymouth Industrial REIT, Inc., REIT(a)		12,709		257,230
Prologis, Inc., REIT		24,134		3,022,784

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)
Industrial REITs – (continued)
Rexford Industrial Realty, Inc., REIT		4,860	$	271,042
STAG Industrial, Inc., REIT(a)		11,098		375,889
Terreno Realty Corp., REIT(a)		4,140		254,983
				5,290,804
Insurance – 2.5%
Aflac, Inc.		19,511		1,362,843
Allstate Corp. (The)		7,518		870,284
American Equity Investment Life Holding Co.		17,444		672,292
American Financial Group, Inc.		2,700		331,371
American International Group, Inc.		24,480		1,298,419
AMERISAFE, Inc.		360		20,034
Aon plc, Class A		5,400		1,755,972
Arch Capital Group Ltd.* (a)		13,246		994,377
Argo Group International Holdings Ltd.(a)		358		10,529
Arthur J Gallagher & Co.		5,191		1,080,039
Assurant, Inc.		2,160		265,961
Assured Guaranty Ltd.		4,117		221,783
Axis Capital Holdings Ltd.		16,200		915,948
Bright Health Group, Inc.* (a)		143,200		23,012
Brighthouse Financial, Inc.*		16,826		743,709
Brown & Brown, Inc.		5,940		382,477
BRP Group, Inc., Class A* (a)		1,620		40,808
Chubb Ltd.		13,604		2,742,022
Cincinnati Financial Corp.		3,960		421,502
CNO Financial Group, Inc.		28,823		646,788
Employers Holdings, Inc.		720		28,505
Enstar Group Ltd.*		537		129,202
Erie Indemnity Co., Class A(a)		358		77,804
Everest Re Group Ltd.		1,080		408,240
Fidelity National Financial, Inc.		10,440		370,516
First American Financial Corp.(a)		22,860		1,316,965

Investments	Shares		Value
Insurance – (continued)
Globe Life, Inc.		2,520	$	273,470
Goosehead Insurance, Inc., Class A* (a)		2,327		133,803
Hagerty, Inc., Class A* (a)		6,120		61,261
Hanover Insurance Group, Inc. (The)		2,148		256,815
Hartford Financial Services Group, Inc. (The)		11,277		800,554
Horace Mann Educators Corp.		537		16,797
Kemper Corp.(a)		14,499		705,376
Kinsale Capital Group, Inc.(a)		716		233,924
Lincoln National Corp.		2,506		54,455
Loews Corp.		7,560		435,229
Markel Corp.*		440		602,153
Marsh & McLennan Cos., Inc.		13,246		2,386,797
MBIA, Inc.* (a)		6,300		63,378
Mercury General Corp.		3,580		108,868
MetLife, Inc.		22,375		1,372,259
National Western Life Group, Inc., Class A(a)		360		91,793
Old Republic International Corp.		12,060		304,756
Oscar Health, Inc., Class A* (a)		28,819		193,952
Primerica, Inc.(a)		1,432		261,354
Principal Financial Group, Inc.		8,234		614,998
ProAssurance Corp.		1,620		29,095
Progressive Corp. (The)		15,573		2,124,157
Prudential Financial, Inc.		11,880		1,033,560
Reinsurance Group of America, Inc.(a)		1,611		229,278
RenaissanceRe Holdings Ltd.(a)		2,506		539,818
RLI Corp.(a)		1,432		199,120
Ryan Specialty Holdings, Inc., Class A* (a)		2,685		109,709
Safety Insurance Group, Inc.		1,611		117,748
Selective Insurance Group, Inc.(a)		3,759		362,105
SiriusPoint Ltd.*		14,580		126,700

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)
Insurance – (continued)
Stewart Information Services Corp.(a)		6,660	$	277,389
Travelers Cos., Inc. (The)		7,876		1,426,659
Trupanion, Inc.* (a)		537		18,854
Unum Group		6,086		256,829
W R Berkley Corp.		4,860		286,351
White Mountains Insurance Group Ltd.(a)		537		769,059
Willis Towers Watson plc		2,880		667,008
				34,676,833
Interactive Media & Services – 3.7%
Alphabet, Inc., Class A*		157,520		16,908,197
Alphabet, Inc., Class C*		136,219		14,741,620
Bumble, Inc., Class A*		537		9,779
Cars.com, Inc.*		6,981		136,618
fuboTV, Inc.* (a)		10,382		11,836
IAC, Inc.*		19,153		991,551
Match Group, Inc.*		5,549		204,758
MediaAlpha, Inc., Class A* (a)		2,520		18,648
Meta Platforms, Inc., Class A*		72,316		17,378,981
Nextdoor Holdings, Inc.* (a)		45,287		95,556
Pinterest, Inc., Class A*		17,363		399,349
QuinStreet, Inc.* (a)		1,620		17,998
Snap, Inc., Class A* (a)		17,721		154,350
TripAdvisor, Inc.*		5,940		105,316
Vimeo, Inc.*		57,280		188,451
Yelp, Inc.*		4,833		144,603
Ziff Davis, Inc.*		2,327		170,197
ZipRecruiter, Inc., Class A* (a)		7,518		127,355
ZoomInfo Technologies, Inc., Class A*		4,475		98,047
				51,903,210
IT Services – 1.1%
Accenture plc, Class A		16,647		4,665,988
Akamai Technologies, Inc.*		3,600		295,092
Cloudflare, Inc., Class A* (a)		6,480		304,884
Cognizant Technology Solutions Corp., Class A		17,005		1,015,369

Investments	Shares		Value
IT Services – (continued)
Cyxtera Technologies, Inc.* (a)		44,571	$	14,494
DigitalOcean Holdings, Inc.* (a)		2,506		79,039
DXC Technology Co.*		9,845		234,803
Edgio, Inc.* (a)		3,600		2,380
EPAM Systems, Inc.*		1,432		404,454
Gartner, Inc.*		2,148		649,684
GoDaddy, Inc., Class A*		4,140		313,315
Grid Dynamics Holdings, Inc.* (a)		7,876		85,612
International Business Machines Corp.		28,998		3,665,637
Kyndryl Holdings, Inc.*		50,836		735,089
MongoDB, Inc.* (a)		1,620		388,735
Okta, Inc.*		3,420		234,373
Perficient, Inc.*		2,506		162,690
Snowflake, Inc., Class A* (a)		6,981		1,033,746
Squarespace, Inc., Class A* (a)		1,800		55,980
Thoughtworks Holding, Inc.* (a)		11,635		72,486
Tucows, Inc., Class A* (a)		180		4,030
Twilio, Inc., Class A* (a)		4,654		244,847
VeriSign, Inc.*		2,520		558,936
				15,221,663
Leisure Products – 0.3%
Acushnet Holdings Corp.		1,080		54,140
Brunswick Corp.(a)		16,740		1,419,384
Hasbro, Inc.		5,549		328,612
Johnson Outdoors, Inc., Class A(a)		2,327		134,966
Latham Group, Inc.* (a)		29,893		72,042
Malibu Boats, Inc., Class A* (a)		3,960		224,730
MasterCraft Boat Holdings, Inc.* (a)		3,043		89,069
Mattel, Inc.* (a)		6,802		122,436
Peloton Interactive, Inc., Class A* (a)		10,561		93,782
Polaris, Inc.(a)		11,635		1,264,143
Smith & Wesson Brands, Inc.		8,100		97,362
Sturm Ruger & Co., Inc.		179		10,303

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)
Leisure Products – (continued)
Topgolf Callaway Brands Corp.*		5,040	$	111,737
Vista Outdoor, Inc.* (a)		11,520		277,632
YETI Holdings, Inc.* (a)		4,475		176,539
				4,476,877
Life Sciences Tools & Services – 1.4%
10X Genomics, Inc., Class A* (a)		5,012		262,779
AbCellera Biologics, Inc.* (a)		14,220		96,412
Agilent Technologies, Inc.		7,740		1,048,228
Avantor, Inc.* (a)		21,480		418,430
Azenta, Inc.* (a)		2,327		101,201
Bionano Genomics, Inc.* (a)		15,660		10,772
Bio-Rad Laboratories, Inc., Class A*		716		322,766
Bio-Techne Corp.		5,012		400,359
Bruker Corp.		2,520		199,408
Charles River Laboratories International, Inc.* (a)		1,260		239,551
CryoPort, Inc.* (a)		1,620		34,085
Danaher Corp.		17,184		4,071,061
Illumina, Inc.*		4,475		919,881
IQVIA Holdings, Inc.*		5,191		977,102
Medpace Holdings, Inc.* (a)		1,080		216,151
Mettler-Toledo International, Inc.*		540		805,410
OmniAb, Inc.* ‡ (a)		562		239
Pacific Biosciences of California, Inc.*		1,611		17,077
PerkinElmer, Inc.		3,759		490,512
Repligen Corp.* (a)		1,440		218,347
Seer, Inc.*		14,857		49,622
Sotera Health Co.* (a)		25,597		429,262
Syneos Health, Inc.*		25,239		990,883
Thermo Fisher Scientific, Inc.		10,203		5,661,645
Waters Corp.* (a)		1,620		486,583
West Pharmaceutical Services, Inc.		2,148		775,944
				19,243,710

Investments	Shares		Value
Machinery – 2.0%
AGCO Corp.		2,520	$	312,329
Alamo Group, Inc.		360		63,623
Albany International Corp., Class A		2,160		197,014
Allison Transmission Holdings, Inc.(a)		19,153		934,475
Astec Industries, Inc.		1,620		66,874
Barnes Group, Inc.		1,440		60,523
Caterpillar, Inc.		13,962		3,054,886
Chart Industries, Inc.* (a)		1,611		214,424
CIRCOR International, Inc.*		2,520		70,157
Columbus McKinnon Corp.		540		18,743
Cummins, Inc.		4,500		1,057,680
Deere & Co.		7,339		2,774,289
Desktop Metal, Inc., Class A* (a)		84,667		186,267
Donaldson Co., Inc.		6,981		443,643
Douglas Dynamics, Inc.		360		10,552
Dover Corp.		3,600		526,176
Energy Recovery, Inc.* (a)		179		4,033
Enerpac Tool Group Corp.(a)		5,040		119,750
EnPro Industries, Inc.		1,260		118,780
Esab Corp.(a)		10,382		605,893
Evoqua Water Technologies Corp.*		5,400		267,030
Federal Signal Corp.(a)		1,800		92,484
Flowserve Corp.		7,200		240,408
Fortive Corp.(a)		8,640		545,098
Franklin Electric Co., Inc.		1,253		112,106
Gates Industrial Corp. plc* (a)		17,100		230,337
Gorman-Rupp Co. (The)		1,620		39,771
Graco, Inc.		5,426		430,227
Greenbrier Cos., Inc. (The)		7,160		189,382
Helios Technologies, Inc.(a)		2,685		161,476
Hillenbrand, Inc.		16,560		755,467
Hyster-Yale Materials Handling, Inc.		2,327		122,540
IDEX Corp.(a)		2,148		443,175
Illinois Tool Works, Inc.(a)		7,560		1,829,066
Ingersoll Rand, Inc.		9,487		540,949
ITT, Inc.		4,680		395,179

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)
Machinery – (continued)
John Bean Technologies Corp.(a)		1,440	$	156,542
Kadant, Inc.		360		66,899
Kennametal, Inc.(a)		5,040		130,838
Lincoln Electric Holdings, Inc.(a)		1,969		330,398
Lindsay Corp.(a)		360		43,466
Luxfer Holdings plc(a)		6,265		95,541
Middleby Corp. (The)* (a)		1,800		253,584
Mueller Industries, Inc.(a)		13,593		976,657
Mueller Water Products, Inc., Class A(a)		5,220		69,948
Nordson Corp.(a)		1,260		272,551
Oshkosh Corp.(a)		14,580		1,115,662
Otis Worldwide Corp.		10,980		936,594
PACCAR, Inc.		16,110		1,203,256
Parker-Hannifin Corp.		3,240		1,052,611
Pentair plc		4,833		280,701
RBC Bearings, Inc.* (a)		1,074		243,809
REV Group, Inc.		6,840		73,393
Shyft Group, Inc. (The)		4,833		121,212
Snap-on, Inc.		1,620		420,244
SPX Technologies, Inc.* (a)		1,440		91,699
Standex International Corp.		180		22,106
Stanley Black & Decker, Inc.		3,759		324,552
Tennant Co.		2,148		164,150
Terex Corp.(a)		14,220		634,070
Timken Co. (The)(a)		4,117		316,391
Titan International, Inc.*		11,456		111,811
Toro Co. (The)(a)		3,240		337,802
Trinity Industries, Inc.(a)		2,880		68,976
Wabash National Corp.		8,592		220,557
Watts Water Technologies, Inc., Class A		900		145,557
Westinghouse Air Brake Technologies Corp.		4,860		474,676
Xylem, Inc.(a)		5,220		542,045
				28,533,104
Marine Transportation – 0.1%
Eagle Bulk Shipping, Inc.(a)		1,074		48,029
Genco Shipping & Trading Ltd.(a)		5,580		85,988

Investments	Shares		Value
Marine Transportation – (continued)
Kirby Corp.* (a)		4,117	$	295,765
Matson, Inc.(a)		7,160		487,095
				916,877
Media – 1.1%
Altice USA, Inc., Class A* (a)		27,924		97,734
AMC Networks, Inc., Class A*		10,024		177,325
Cable One, Inc.(a)		358		271,511
Charter Communications, Inc., Class A*		3,580		1,319,946
Clear Channel Outdoor Holdings, Inc.* (a)		125,658		159,586
Comcast Corp., Class A		135,503		5,605,759
DISH Network Corp., Class A* (a)		60,144		451,681
EW Scripps Co. (The), Class A* (a)		14,220		119,875
Fox Corp., Class A(a)		11,814		392,934
Fox Corp., Class B(a)		1,969		60,133
Gray Television, Inc.(a)		12,172		93,846
iHeartMedia, Inc., Class A* (a)		12,709		44,100
Integral Ad Science Holding Corp.* (a)		7,160		112,627
Interpublic Group of Cos., Inc. (The)(a)		10,980		392,315
John Wiley & Sons, Inc., Class A(a)		7,697		296,873
Liberty Broadband Corp., Class A*		1,432		121,047
Liberty Broadband Corp., Class C* (a)		4,475		379,391
Liberty Media Corp-Liberty SiriusXM, Class A*		1,980		55,638
Liberty Media Corp-Liberty SiriusXM, Class C*		4,680		130,759
Magnite, Inc.* (a)		29,160		274,104
New York Times Co. (The), Class A(a)		9,720		386,370
News Corp., Class A(a)		9,360		164,830
News Corp., Class B(a)		3,060		54,315
Nexstar Media Group, Inc., Class A(a)		8,771		1,521,330

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)
Media – (continued)
Omnicom Group, Inc.		6,840	$	619,499
Paramount Global, Class A(a)		3,938		104,200
Paramount Global, Class B(a)		12,351		288,149
PubMatic, Inc., Class A* (a)		8,055		110,031
Scholastic Corp.(a)		720		27,698
Sinclair Broadcast Group, Inc., Class A(a)		5,012		99,689
Sirius XM Holdings, Inc.(a)		29,486		112,047
Stagwell, Inc.* (a)		25,418		158,100
TechTarget, Inc.* (a)		1,080		36,817
TEGNA, Inc.		50,213		858,642
Thryv Holdings, Inc.* (a)		3,938		88,447
Trade Desk, Inc. (The), Class A*		10,980		706,453
WideOpenWest, Inc.* (a)		6,480		74,066
				15,967,867
Metals & Mining –0.9%
Alcoa Corp.(a)		7,020		260,723
Alpha Metallurgical Resources, Inc.(a)		3,420		501,235
Arconic Corp.*		22,196		549,351
ATI, Inc.* (a)		8,055		311,084
Carpenter Technology Corp.(a)		4,296		226,571
Century Aluminum Co.* (a)		9,720		83,495
Cleveland-Cliffs, Inc.* (a)		18,360		282,377
Coeur Mining, Inc.* (a)		6,660		22,644
Commercial Metals Co.		27,924		1,303,772
Compass Minerals International, Inc.(a)		900		29,457
Freeport-McMoRan, Inc.		47,256		1,791,475
Hecla Mining Co.(a)		14,400		87,120
Kaiser Aluminum Corp.		1,260		82,807
Materion Corp.		540		58,487
MP Materials Corp.* (a)		1,969		42,668
Newmont Corp.		19,153		907,852
Nucor Corp.		8,771		1,299,687
Piedmont Lithium, Inc.* (a)		3,240		186,300

Investments	Shares		Value
Metals & Mining – (continued)
Reliance Steel & Aluminum Co.(a)		2,148	$	532,274
Royal Gold, Inc.(a)		3,580		474,135
Ryerson Holding Corp.		2,864		108,173
Schnitzer Steel Industries, Inc., Class A		3,401		98,255
Southern Copper Corp.(a)		1,800		138,294
Steel Dynamics, Inc.(a)		6,086		632,640
SunCoke Energy, Inc.		9,845		76,594
TimkenSteel Corp.* (a)		9,000		150,660
United States Steel Corp.(a)		49,046		1,122,173
Warrior Met Coal, Inc.(a)		9,540		329,798
Worthington Industries, Inc.		7,876		467,756
				12,157,857
Mortgage Real Estate Investment Trusts (REITs) –0.6%
AGNC Investment Corp.(a)		135,861		1,346,382
Annaly Capital Management, Inc.(a)		13,962		278,961
Apollo Commercial Real Estate Finance, Inc.(a)		21,838		221,001
Arbor Realty Trust, Inc.(a)		36,713		421,098
Ares Commercial Real Estate Corp.(a)		19,153		164,907
ARMOUR Residential REIT, Inc.(a)		43,318		220,922
Blackstone Mortgage Trust, Inc., Class A(a)		38,485		701,966
BrightSpire Capital, Inc.		33,294		189,776
Broadmark Realty Capital, Inc.(a)		18,258		89,647
Chimera Investment Corp.(a)		38,843		220,628
Claros Mortgage Trust, Inc.(a)		25,239		301,858
Dynex Capital, Inc.(a)		16,110		191,065
Ellington Financial, Inc.(a)		15,480		197,680
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a)		1,969		55,880
Invesco Mortgage Capital, Inc.(a)		1,612		17,099
KKR Real Estate Finance Trust, Inc.		7,518		80,743

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)
Mortgage Real Estate Investment Trusts (REITs) – (continued)
Ladder Capital Corp.(a)		32,936	$	307,952
MFA Financial, Inc.(a)		19,260		205,889
New York Mortgage Trust, Inc.(a)		14,007		143,992
PennyMac Mortgage Investment Trust(a)		25,418		315,946
Ready Capital Corp.(a)		28,103		301,545
Redwood Trust, Inc.(a)		22,196		139,391
Rithm Capital Corp.(a)		96,481		787,285
Starwood Property Trust, Inc.(a)		66,946		1,197,664
TPG RE Finance Trust, Inc.(a)		23,807		169,744
Two Harbors Investment Corp.		25,955		361,553
				8,630,574
Multi-Utilities – 0.6%
Ameren Corp.		6,300		560,511
Avista Corp.		2,700		118,989
Black Hills Corp.(a)		4,275		279,115
CenterPoint Energy, Inc.		18,258		556,321
CMS Energy Corp.		7,920		493,099
Consolidated Edison, Inc.		10,024		987,063
Dominion Energy, Inc.		27,208		1,554,665
DTE Energy Co.		5,549		623,763
NiSource, Inc.		12,805		364,430
NorthWestern Corp.(a)		4,117		241,339
Public Service Enterprise Group, Inc.		13,783		871,086
Sempra Energy		9,845		1,530,799
Unitil Corp.		2,148		119,407
WEC Energy Group, Inc.(a)		8,280		796,288
				9,096,875
Office REITs – 0.2%
Alexandria Real Estate Equities, Inc., REIT(a)		4,296		533,477
Boston Properties, Inc., REIT		3,420		182,491
Brandywine Realty Trust, REIT(a)		21,480		84,417
City Office REIT, Inc., REIT(a)		6,300		36,666
Corporate Office Properties Trust, REIT		3,043		69,654

Investments	Shares		Value
Office REITs – (continued)
Cousins Properties, Inc., REIT		4,296	$	93,696
Douglas Emmett, Inc., REIT(a)		3,580		46,110
Easterly Government Properties, Inc., REIT(a)		9,845		138,519
Equity Commonwealth, REIT		2,327		48,216
Highwoods Properties, Inc., REIT(a)		8,055		184,621
Hudson Pacific Properties, Inc., REIT(a)		36,516		203,029
JBG SMITH Properties, REIT(a)		716		10,217
Kilroy Realty Corp., REIT		7,160		209,358
Office Properties Income Trust, REIT(a)		16,468		107,371
Orion Office REIT, Inc., REIT(a)		21,659		132,986
Paramount Group, Inc., REIT(a)		21,480		93,008
Piedmont Office Realty Trust, Inc., Class A, REIT(a)		14,857		96,719
SL Green Realty Corp., REIT(a)		895		21,185
Vornado Realty Trust, REIT(a)		11,456		171,955
				2,463,695
Oil, Gas & Consumable Fuels – 4.8%
Antero Midstream Corp.(a)		76,306		821,053
Antero Resources Corp.*		10,561		242,797
APA Corp.(a)		11,993		441,942
Arch Resources, Inc.		4,140		506,115
Berry Corp.		12,420		94,889
California Resources Corp.(a)		15,036		608,958
Callon Petroleum Co.* (a)		10,440		345,982
Cheniere Energy, Inc.		8,100		1,239,300
Chesapeake Energy Corp.(a)		3,798		314,019
Chevron Corp.		57,996		9,776,966
Chord Energy Corp.(a)		8,771		1,248,376
Civitas Resources, Inc.		12,351		852,842
Clean Energy Fuels Corp.* (a)		3,060		13,066
CNX Resources Corp.* (a)		42,602		661,609
Comstock Resources, Inc.(a)		17,280		198,720

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)
Oil, Gas & Consumable Fuels – (continued)
ConocoPhillips		40,633	$	4,180,729
CONSOL Energy, Inc.		6,265		371,765
Coterra Energy, Inc.(a)		26,101		668,184
Crescent Energy Co., Class A(a)		2,700		31,374
CVR Energy, Inc.(a)		8,413		221,598
Delek US Holdings, Inc.		12,530		272,528
Denbury, Inc.*		3,401		317,585
Devon Energy Corp.		20,048		1,071,165
Diamondback Energy, Inc.(a)		6,120		870,264
Dorian LPG Ltd.		8,100		179,982
DT Midstream, Inc.(a)		6,265		308,677
Earthstone Energy, Inc., Class A* (a)		6,120		82,987
Enviva, Inc.(a)		2,506		53,879
EOG Resources, Inc.		18,437		2,202,668
EQT Corp.(a)		11,700		407,628
Equitrans Midstream Corp.		87,531		450,785
Excelerate Energy, Inc., Class A(a)		3,780		81,270
Exxon Mobil Corp.		134,608		15,929,511
Gevo, Inc.* (a)		43,318		50,249
Green Plains, Inc.* (a)		4,860		166,066
Hess Corp.		7,697		1,116,527
HF Sinclair Corp.		5,907		260,558
International Seaways, Inc.(a)		3,600		143,352
Kinder Morgan, Inc.		59,607		1,022,260
Kosmos Energy Ltd.* (a)		94,126		602,406
Magnolia Oil & Gas Corp., Class A(a)		33,831		714,511
Marathon Oil Corp.		23,628		570,853
Marathon Petroleum Corp.		15,394		1,878,068
Matador Resources Co.(a)		5,012		245,738
Murphy Oil Corp.		6,623		243,130
New Fortress Energy, Inc.(a)		2,520		76,331
NextDecade Corp.* (a)		3,240		20,185
Northern Oil and Gas, Inc.(a)		17,721		587,806
Occidental Petroleum Corp.(a)		24,881		1,530,928
ONEOK, Inc.(a)		13,425		878,129

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Ovintiv, Inc.(a)		9,500	$	342,760
Par Pacific Holdings, Inc.*		10,740		251,638
PBF Energy, Inc., Class A(a)		24,902		868,084
PDC Energy, Inc.(a)		21,480		1,397,274
Peabody Energy Corp.* (a)		25,020		600,980
Permian Resources Corp.(a)		41,528		433,968
Phillips 66		14,678		1,453,122
Pioneer Natural Resources Co.		7,518		1,635,541
Range Resources Corp.		10,919		288,808
Ranger Oil Corp.		5,220		215,064
SilverBow Resources, Inc.* (a)		1,074		25,615
SM Energy Co.(a)		25,418		713,737
Southwestern Energy Co.* (a)		44,034		228,536
Talos Energy, Inc.* (a)		11,277		153,706
Targa Resources Corp.		6,802		513,755
Tellurian, Inc.* (a)		15,300		21,726
Texas Pacific Land Corp.(a)		180		265,977
Uranium Energy Corp.* (a)		3,420		8,926
VAALCO Energy, Inc.(a)		13,246		56,693
Valero Energy Corp.		12,240		1,403,561
Vital Energy, Inc.* (a)		2,864		133,262
W&T Offshore, Inc.* (a)		29,893		130,632
Williams Cos., Inc. (The)		33,294		1,007,476
World Fuel Services Corp.(a)		12,780		302,119
				67,629,270
Paper & Forest Products – 0.1%
Clearwater Paper Corp.*		2,340		84,474
Louisiana-Pacific Corp.		17,184		1,026,572
Mercer International, Inc.(a)		10,080		98,079
Sylvamo Corp.(a)		6,120		280,418
				1,489,543
Passenger Airlines – 0.3%
Alaska Air Group, Inc.* (a)		27,360		1,189,066
Allegiant Travel Co.* (a)		1,432		148,799
American Airlines Group, Inc.* (a)		26,850		366,234
Delta Air Lines, Inc.*		19,620		673,162
Frontier Group Holdings, Inc.* (a)		7,422		70,435

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)
Passenger Airlines – (continued)
Hawaiian Holdings, Inc.* (a)		10,203	$	84,991
JetBlue Airways Corp.* (a)		67,486		481,850
SkyWest, Inc.* (a)		14,857		420,453
Southwest Airlines Co.(a)		17,184		520,503
Spirit Airlines, Inc.		24,881		425,465
United Airlines Holdings, Inc.*		7,160		313,608
				4,694,566
Personal Care Products – 0.3%
BellRing Brands, Inc.*		5,040		181,389
Coty, Inc., Class A* (a)		21,240		252,119
Edgewell Personal Care Co.		4,487		195,947
elf Beauty, Inc.*(a)		1,790		166,040
Estee Lauder Cos., Inc. (The), Class A		6,265		1,545,701
Herbalife Ltd.* (a)		22,375		332,492
Inter Parfums, Inc.		540		81,967
Medifast, Inc.(a)		2,864		262,486
Nu Skin Enterprises, Inc., Class A(a)		12,709		501,497
Olaplex Holdings, Inc.*		12,530		46,361
USANA Health Sciences, Inc.*		1,611		106,922
Veru, Inc.* (a)		180		229
				3,673,150
Pharmaceuticals – 3.4%
Aclaris Therapeutics, Inc.* (a)		720		6,401
Amphastar Pharmaceuticals, Inc.*		1,080		38,632
ANI Pharmaceuticals, Inc.*		180		6,790
Arvinas, Inc.* (a)		179		4,691
Axsome Therapeutics, Inc.*		1,800		128,754
Bristol-Myers Squibb Co.		68,915		4,601,454
Cara Therapeutics, Inc.* (a)		1,080		4,536
Cassava Sciences, Inc.* (a)		3,759		87,284
Catalent, Inc.* (a)		4,833		242,230
Collegium Pharmaceutical, Inc.*		9,900		230,373
Corcept Therapeutics, Inc.*		4,375		98,569

Investments	Shares		Value
Pharmaceuticals – (continued)
Elanco Animal Health, Inc.*		105,789	$	1,001,822
Eli Lilly & Co.		20,585		8,148,778
Evolus, Inc.* (a)		1,980		17,305
Harmony Biosciences Holdings, Inc.* (a)		720		23,213
Innoviva, Inc.* (a)		18,974		222,565
Intra-Cellular Therapies, Inc.*		3,043		189,122
Jazz Pharmaceuticals plc* (a)		1,800		252,846
Johnson & Johnson		68,378		11,193,479
Ligand Pharmaceuticals, Inc.* (a)		720		54,972
Merck & Co., Inc.		83,056		9,590,476
NGM Biopharmaceuticals, Inc.*		1,440		6,494
Organon & Co.		8,771		216,030
Pacira BioSciences, Inc.* (a)		3,938		178,431
Perrigo Co. plc		6,623		246,309
Pfizer, Inc.		182,938		7,114,459
Prestige Consumer Healthcare, Inc.*		12,172		748,943
Reata Pharmaceuticals, Inc., Class A* (a)		2,160		213,538
Revance Therapeutics, Inc.*		3,060		97,400
Royalty Pharma plc, Class A		11,456		402,678
Scilex Holding Co.*		14,036		101,621
Supernus Pharmaceuticals, Inc.* (a)		4,654		171,546
Tilray Brands, Inc.*		119,679		281,246
Viatris, Inc.		36,893		344,212
Zoetis, Inc.		12,709		2,233,988
				48,501,187
Professional Services – 1.1%
Alight, Inc., Class A*		64,977		601,037
ASGN, Inc.*		3,240		231,952
Automatic Data Processing, Inc.		10,919		2,402,180
Barrett Business Services, Inc.		900		75,249
Booz Allen Hamilton Holding Corp.		3,240		310,133
Broadridge Financial Solutions, Inc.(a)		2,506		364,398

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)
Professional Services – (continued)
CACI International, Inc., Class A* (a)		1,432	$	448,674
CBIZ, Inc.*		1,800		94,842
Ceridian HCM Holding, Inc.* (a)		5,012		318,162
Clarivate plc* (a)		8,280		73,361
Concentrix Corp.(a)		1,611		155,478
Conduent, Inc.*		46,613		163,612
CoStar Group, Inc.*		10,561		812,669
CSG Systems International, Inc.		2,880		151,718
Dun & Bradstreet Holdings, Inc.		52,805		589,832
Equifax, Inc.(a)		3,401		708,700
ExlService Holdings, Inc.*		1,253		223,510
Exponent, Inc.		1,969		181,246
First Advantage Corp.* (a)		720		9,259
Forrester Research, Inc.*		2,864		88,612
FTI Consulting, Inc.* (a)		1,253		226,167
Genpact Ltd.(a)		3,780		168,399
Heidrick & Struggles International, Inc.(a)		2,685		67,420
Huron Consulting Group, Inc.*		540		45,787
ICF International, Inc.(a)		540		61,560
Insperity, Inc.(a)		1,253		153,442
Jacobs Solutions, Inc.		3,759		434,014
KBR, Inc.(a)		8,234		467,115
Kelly Services, Inc., Class A(a)		7,920		129,967
Kforce, Inc.		360		21,290
Korn Ferry(a)		10,382		498,544
Legalzoom.com, Inc.*		13,425		125,927
Leidos Holdings, Inc.		3,780		352,523
ManpowerGroup, Inc.		10,382		786,021
Maximus, Inc.(a)		3,759		314,440
NV5 Global, Inc.* (a)		179		16,957
Paychex, Inc.		8,100		889,866
Paycom Software, Inc.*		1,260		365,866
Paylocity Holding Corp.*		1,080		208,753
Planet Labs PBC* (a)		11,340		46,267

Investments	Shares		Value
Professional Services – (continued)
Resources Connection, Inc.(a)		5,760	$	84,038
Robert Half International, Inc.		3,600		262,800
Science Applications International Corp.(a)		3,401		347,004
SS&C Technologies Holdings, Inc.		5,580		326,653
Sterling Check Corp.* (a)		720		8,093
TransUnion		3,759		258,657
TriNet Group, Inc.* (a)		1,969		182,684
TrueBlue, Inc.* (a)		7,876		119,321
TTEC Holdings, Inc.		2,685		91,478
Verisk Analytics, Inc.		3,960		768,676
Verra Mobility Corp.* (a)		10,800		183,060
				16,017,413
Real Estate Management & Development – 0.2%
Anywhere Real Estate, Inc.* (a)		13,604		86,657
CBRE Group, Inc., Class A* (a)		10,440		800,330
Compass, Inc., Class A*		80,550		188,487
Cushman & Wakefield plc* (a)		35,263		347,341
DigitalBridge Group, Inc.		537		6,675
eXp World Holdings, Inc.(a)		2,700		31,563
Forestar Group, Inc.* (a)		8,820		170,579
Howard Hughes Corp. (The)* (a)		2,148		166,191
Jones Lang LaSalle, Inc.*		1,969		273,770
Kennedy-Wilson Holdings, Inc.(a)		2,148		36,043
Newmark Group, Inc., Class A		20,764		131,644
Opendoor Technologies, Inc.* (a)		56,385		77,811
Redfin Corp.*		32,936		245,373
RMR Group, Inc. (The), Class A		5,907		140,291
Seritage Growth Properties, Class A, REIT* (a)		14,040		105,160
St Joe Co. (The)(a)		540		22,194
WeWork, Inc.* (a)		91,827		38,705
Zillow Group, Inc., Class A*		540		23,101

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)
Real Estate Management & Development – (continued)
Zillow Group, Inc., Class C* (a)		6,981	$	303,953
				3,195,868
Residential REITs – 0.3%
American Homes 4 Rent, Class A, REIT		6,480		215,525
Apartment Income REIT Corp., REIT		6,802		251,538
AvalonBay Communities, Inc., REIT		3,401		613,438
Camden Property Trust, REIT		3,222		354,581
Equity LifeStyle Properties, Inc., REIT(a)		4,680		322,452
Equity Residential, REIT		7,697		486,835
Essex Property Trust, Inc., REIT(a)		1,432		314,653
Independence Realty Trust, Inc., REIT		13,246		220,546
Invitation Homes, Inc., REIT(a)		13,680		456,502
Mid-America Apartment Communities, Inc., REIT		2,880		442,944
NexPoint Residential Trust, Inc., REIT		2,864		122,952
Sun Communities, Inc., REIT		2,685		373,027
UDR, Inc., REIT		10,024		414,292
UMH Properties, Inc., REIT(a)		6,430		97,736
				4,687,021
Retail REITs – 0.4%
Acadia Realty Trust, REIT(a)		10,203		137,843
Agree Realty Corp., REIT(a)		5,040		342,670
Alexander’s, Inc., REIT		180		33,493
Brixmor Property Group, Inc., REIT(a)		10,980		234,203
CBL & Associates Properties, Inc., REIT(a)		3,938		91,086
Federal Realty Investment Trust, REIT		1,800		178,002
Getty Realty Corp., REIT(a)		180		5,999
InvenTrust Properties Corp., REIT(a)		2,880		64,944

Investments	Shares		Value
Retail REITs – (continued)
Kimco Realty Corp., REIT		19,080	$	366,145
Kite Realty Group Trust, REIT(a)		48,509		1,005,106
Macerich Co. (The), REIT(a)		51,194		511,428
National Retail Properties, Inc., REIT(a)		3,060		133,110
Necessity Retail REIT, Inc. (The), REIT(a)		25,380		139,844
NETSTREIT Corp., REIT(a)		6,104		111,215
Phillips Edison & Co., Inc., REIT		3,401		107,268
Realty Income Corp., REIT		15,394		967,359
Regency Centers Corp., REIT		2,880		176,918
Retail Opportunity Investments Corp., REIT		3,960		51,599
RPT Realty, REIT		9,000		83,700
Simon Property Group, Inc., REIT		7,876		892,508
SITE Centers Corp., REIT(a)		5,220		64,415
Spirit Realty Capital, Inc., REIT		8,280		318,449
Tanger Factory Outlet Centers, Inc., REIT(a)		9,180		180,020
Urban Edge Properties, REIT		4,860		71,296
Urstadt Biddle Properties, Inc., Class A, REIT(a)		5,220		89,888
Whitestone REIT, REIT(a)		3,222		28,837
				6,387,345
Semiconductors & Semiconductor Equipment – 5.0%
Advanced Micro Devices, Inc.*		41,933		3,747,552
Allegro MicroSystems, Inc.*		1,790		64,028
Alpha & Omega Semiconductor Ltd.* (a)		5,580		133,250
Ambarella, Inc.*		895		55,472
Amkor Technology, Inc.		19,800		442,926
Analog Devices, Inc.		13,680		2,460,758
Applied Materials, Inc.		27,745		3,136,017
Axcelis Technologies, Inc.* (a)		1,080		127,764
Broadcom, Inc.		13,604		8,522,906
Cirrus Logic, Inc.* (a)		2,148		184,277
Cohu, Inc.*		1,260		42,638

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)
Semiconductors & Semiconductor Equipment – (continued)
Credo Technology Group Holding Ltd.* (a)		6,086	$	49,357
Diodes, Inc.* (a)		9,720		774,684
Enphase Energy, Inc.*		3,420		561,564
Entegris, Inc.(a)		4,117		308,446
First Solar, Inc.*		2,327		424,864
FormFactor, Inc.*		2,340		63,905
Ichor Holdings Ltd.* (a)		7,920		220,572
Impinj, Inc.* (a)		1,440		127,310
indie Semiconductor, Inc., Class A* (a)		9,666		73,172
Intel Corp.		136,219		4,230,962
KLA Corp.		3,780		1,461,121
Kulicke & Soffa Industries, Inc.(a)		11,277		537,462
Lam Research Corp.		4,475		2,345,258
Lattice Semiconductor Corp.*		6,086		485,054
MACOM Technology Solutions Holdings, Inc.*		1,440		84,010
Magnachip Semiconductor Corp.*		5,220		46,354
Marvell Technology, Inc.(a)		21,780		859,874
MaxLinear, Inc.*		18,258		440,566
Microchip Technology, Inc.		13,425		979,891
Micron Technology, Inc.		29,893		1,923,914
MKS Instruments, Inc.(a)		13,604		1,140,968
Monolithic Power Systems, Inc.		1,253		578,848
Navitas Semiconductor Corp.* (a)		14,320		76,326
NVIDIA Corp.		65,156		18,080,138
NXP Semiconductors NV		8,055		1,318,926
ON Semiconductor Corp.*		13,425		966,063
Onto Innovation, Inc.* (a)		3,240		262,375
PDF Solutions, Inc.*		360		12,978
Photronics, Inc.*		15,660		226,444
Power Integrations, Inc.(a)		2,685		195,414
Qorvo, Inc.*		3,960		364,637
QUALCOMM, Inc.		36,516		4,265,069
Rambus, Inc.* (a)		3,600		159,624
Semtech Corp.* (a)		537		10,466

Investments	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
Silicon Laboratories, Inc.* (a)		1,969	$	274,282
SiTime Corp.* (a)		540		58,574
Skyworks Solutions, Inc.		5,907		625,551
SMART Global Holdings, Inc.* (a)		13,962		215,294
SolarEdge Technologies, Inc.* (a)		1,440		411,307
Synaptics, Inc.* (a)		9,487		840,169
Teradyne, Inc.		3,759		343,497
Texas Instruments, Inc.		23,760		3,972,672
Ultra Clean Holdings, Inc.* (a)		7,876		224,781
Universal Display Corp.		2,700		360,342
Veeco Instruments, Inc.* (a)		1,440		26,525
Wolfspeed, Inc.* (a)		3,600		167,580
				70,094,778
Software – 7.6%
8x8, Inc.* (a)		19,153		54,969
ACI Worldwide, Inc.*		5,220		132,223
Adeia, Inc.(a)		21,838		166,842
Adobe, Inc.*		11,814		4,460,494
Agilysys, Inc.*		360		28,094
Alarm.com Holdings, Inc.* (a)		895		42,683
Alkami Technology, Inc.* (a)		7,518		90,141
Altair Engineering, Inc., Class A* (a)		3,580		247,199
Alteryx, Inc., Class A* (a)		2,685		110,434
American Software, Inc., Class A		7,339		87,628
ANSYS, Inc.* (a)		2,506		786,684
Appfolio, Inc., Class A* (a)		1,611		224,928
Appian Corp., Class A* (a)		2,160		81,108
AppLovin Corp., Class A* (a)		360		6,120
Aspen Technology, Inc.* (a)		900		159,300
Atlassian Corp., Class A*		4,296		634,347
Autodesk, Inc.*		5,370		1,046,022
Bentley Systems, Inc., Class B(a)		6,981		297,111
BILL Holdings, Inc.* (a)		2,160		165,910
Black Knight, Inc.*		3,240		177,034

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)
Software – (continued)
Blackbaud, Inc.*		2,880	$	199,742
Blackline, Inc.* (a)		2,327		129,637
Blend Labs, Inc., Class A* (a)		53,521		31,690
Box, Inc., Class A*		5,220		138,121
Braze, Inc., Class A* (a)		4,475		131,565
C3.ai, Inc., Class A* (a)		4,654		82,934
Cadence Design Systems, Inc.*		7,020		1,470,339
CCC Intelligent Solutions Holdings, Inc.*		13,067		113,422
Cerence, Inc.*		4,654		118,910
Clear Secure, Inc., Class A(a)		4,296		103,920
Clearwater Analytics Holdings, Inc., Class A* (a)		1,620		24,964
CommVault Systems, Inc.*		2,880		167,818
Confluent, Inc., Class A*		4,117		90,574
Crowdstrike Holdings, Inc., Class A*		5,728		687,646
CS Disco, Inc.*		900		5,292
Datadog, Inc., Class A*		5,549		373,892
Digital Turbine, Inc.* (a)		23,628		277,156
DocuSign, Inc.* (a)		5,370		265,493
Dolby Laboratories, Inc., Class A		2,864		239,688
Domo, Inc., Class B*		6,802		108,016
DoubleVerify Holdings, Inc.* (a)		6,086		179,050
Dropbox, Inc., Class A* (a)		10,919		222,092
Dynatrace, Inc.* (a)		6,802		287,589
Ebix, Inc.(a)		6,265		101,869
Elastic NV*		5,191		297,185
Enfusion, Inc., Class A*		720		6,034
EngageSmart, Inc.* (a)		5,012		86,056
Envestnet, Inc.*		3,043		192,865
EverCommerce, Inc.* (a)		8,950		108,026
Expensify, Inc., Class A* (a)		10,382		78,799
Fair Isaac Corp.*		720		524,124
Five9, Inc.*		4,475		290,159
Fortinet, Inc.*		17,100		1,078,155
Freshworks, Inc., Class A*		13,067		174,575
Gen Digital, Inc.		13,140		232,184

Investments	Shares		Value
Software – (continued)
Gitlab, Inc., Class A* (a)		4,117	$	124,992
Guidewire Software, Inc.* (a)		5,191		395,502
HashiCorp, Inc., Class A*		6,086		163,166
HubSpot, Inc.* (a)		1,432		602,800
Informatica, Inc., Class A* (a)		6,623		102,392
Intapp, Inc.*		720		29,030
InterDigital, Inc.(a)		716		48,502
Intuit, Inc.		7,518		3,337,616
LiveRamp Holdings, Inc.*		3,420		82,388
Manhattan Associates, Inc.* (a)		2,148		355,881
Marathon Digital Holdings, Inc.* (a)		27,745		279,392
MeridianLink, Inc.* (a)		5,191		77,554
Microsoft Corp.		196,542		60,389,495
MicroStrategy, Inc., Class A*		360		118,217
Mitek Systems, Inc.* (a)		900		8,118
Model N, Inc.* (a)		720		22,176
nCino, Inc.* (a)		716		17,707
NCR Corp.* (a)		31,862		710,204
New Relic, Inc.*		2,685		191,897
Nutanix, Inc., Class A*		8,771		210,329
ON24, Inc.* (a)		12,709		110,568
OneSpan, Inc.*		1,440		21,226
Oracle Corp.		39,917		3,780,938
PagerDuty, Inc.* (a)		4,475		134,518
Palantir Technologies, Inc., Class A* (a)		48,867		378,719
Palo Alto Networks, Inc.*		8,055		1,469,715
Pegasystems, Inc.		716		32,664
PowerSchool Holdings, Inc., Class A*		2,160		45,101
Procore Technologies, Inc.* (a)		3,222		172,087
Progress Software Corp.(a)		716		39,294
PTC, Inc.*		2,340		294,349
Qualtrics International, Inc., Class A*		6,623		118,750
Qualys, Inc.*		1,440		162,634
Rapid7, Inc.* (a)		3,043		147,920
RingCentral, Inc., Class A*		2,340		64,490

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)
Software – (continued)
Riot Platforms, Inc.* (a)		29,160	$	348,754
Roper Technologies, Inc.		2,685		1,221,084
Salesforce, Inc.*		25,955		5,148,693
Samsara, Inc., Class A* (a)		8,413		151,855
SentinelOne, Inc., Class A* (a)		5,191		83,419
ServiceNow, Inc.*		5,370		2,467,085
Smartsheet, Inc., Class A* (a)		6,444		263,366
SolarWinds Corp.*		18,079		155,841
Splunk, Inc.*		4,654		401,361
Sprinklr, Inc., Class A*		9,845		117,746
Sprout Social, Inc., Class A* (a)		2,340		115,268
SPS Commerce, Inc.*		1,253		184,567
Synopsys, Inc.*		3,938		1,462,258
Tenable Holdings, Inc.* (a)		5,549		205,257
Teradata Corp.*		3,043		117,795
Tyler Technologies, Inc.*		1,253		474,925
UiPath, Inc., Class A*		16,289		229,349
Unity Software, Inc.* (a)		8,234		222,071
Varonis Systems, Inc.*		2,148		49,748
Verint Systems, Inc.*		1,980		72,250
VMware, Inc., Class A*		6,086		760,933
Workday, Inc., Class A*		5,728		1,066,210
Workiva, Inc.* (a)		3,043		284,277
Yext, Inc.*		12,172		106,870
Zoom Video Communications, Inc., Class A* (a)		4,654		285,895
Zscaler, Inc.*		1,800		162,180
				108,018,240
Specialized REITs – 1.0%
American Tower Corp., REIT		12,172		2,487,835
Crown Castle, Inc., REIT		11,340		1,395,841
CubeSmart, REIT(a)		7,020		319,340
Digital Realty Trust, Inc., REIT		8,234		816,401
EPR Properties, REIT(a)		5,400		226,584
Equinix, Inc., REIT		2,340		1,694,347
Extra Space Storage, Inc., REIT(a)		3,240		492,610

Investments	Shares		Value
Specialized REITs – (continued)
Four Corners Property Trust, Inc., REIT(a)		1,620	$	41,326
Gaming and Leisure Properties, Inc., REIT		7,020		365,040
Iron Mountain, Inc., REIT(a)		7,200		397,728
Lamar Advertising Co., Class A, REIT(a)		2,880		304,358
Life Storage, Inc., REIT		2,700		362,826
National Storage Affiliates Trust, REIT		2,148		82,805
Outfront Media, Inc., REIT(a)		9,129		152,089
PotlatchDeltic Corp., REIT		16,826		777,866
Public Storage, REIT		3,960		1,167,527
Rayonier, Inc., REIT(a)		8,640		270,950
Safehold, Inc., REIT(a)		1,376		38,143
SBA Communications Corp., REIT		2,700		704,403
Uniti Group, Inc., REIT(a)		66,230		226,507
VICI Properties, Inc., REIT		27,566		935,590
Weyerhaeuser Co., REIT		21,480		642,467
				13,902,583
Specialty Retail – 2.8%
Abercrombie & Fitch Co., Class A*		5,012		117,982
Academy Sports & Outdoors, Inc.(a)		18,360		1,166,227
Advance Auto Parts, Inc.		1,800		225,954
American Eagle Outfitters, Inc.		10,203		136,618
America’s Car-Mart, Inc.* (a)		358		28,780
Arko Corp.(a)		2,700		22,572
Asbury Automotive Group, Inc.* (a)		4,680		905,393
AutoNation, Inc.* (a)		7,160		942,972
AutoZone, Inc.*		537		1,430,197
Bath & Body Works, Inc.		7,740		271,674
Best Buy Co., Inc.		7,200		536,544
Boot Barn Holdings, Inc.* (a)		7,518		544,829
Buckle, Inc. (The)(a)		6,840		229,345
Burlington Stores, Inc.*		1,620		312,352
Caleres, Inc.(a)		4,296		97,949
Camping World Holdings, Inc., Class A(a)		10,919		244,476

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)
Specialty Retail – (continued)
CarMax, Inc.* (a)		5,728	$	401,132
Chewy, Inc., Class A* (a)		5,400		167,454
Chico’s FAS, Inc.* (a)		25,239		127,204
Children’s Place, Inc. (The)* (a)		716		21,222
Designer Brands, Inc., Class A(a)		4,117		33,718
Dick’s Sporting Goods, Inc.		13,067		1,894,846
Five Below, Inc.*		1,080		213,149
Floor & Decor Holdings, Inc., Class A* (a)		3,580		355,637
Foot Locker, Inc.(a)		15,752		661,426
Franchise Group, Inc.(a)		2,864		83,772
GameStop Corp., Class A* (a)		7,920		152,777
Gap, Inc. (The)(a)		47,333		454,397
Genesco, Inc.*		2,160		74,866
Group 1 Automotive, Inc.(a)		3,580		803,638
Guess?, Inc.(a)		7,020		132,327
Haverty Furniture Cos., Inc.(a)		1,980		59,677
Hibbett, Inc.(a)		2,340		127,132
Home Depot, Inc. (The)		26,671		8,015,702
Leslie’s, Inc.* (a)		716		7,769
Lithia Motors, Inc., Class A(a)		5,907		1,304,797
Lowe’s Cos., Inc.		20,048		4,166,576
MarineMax, Inc.* (a)		5,940		172,973
Monro, Inc.		540		26,395
Murphy USA, Inc.(a)		895		246,331
National Vision Holdings, Inc.* (a)		3,240		68,170
ODP Corp. (The)* (a)		10,740		464,075
OneWater Marine, Inc., Class A* (a)		3,401		89,786
O’Reilly Automotive, Inc.*		1,611		1,477,786
Penske Automotive Group, Inc.(a)		1,253		173,641
Petco Health & Wellness Co., Inc.* (a)		20,585		205,027
PetMed Express, Inc.(a)		1,440		22,133
Revolve Group, Inc.* (a)		4,117		85,016
RH* (a)		4,475		1,141,707

Investments	Shares		Value
Specialty Retail – (continued)
Ross Stores, Inc.		8,460	$	902,936
Sally Beauty Holdings, Inc.* (a)		23,449		333,679
Shoe Carnival, Inc.(a)		2,880		66,960
Signet Jewelers Ltd.(a)		9,180		675,464
Sleep Number Corp.* (a)		1,432		32,292
Sonic Automotive, Inc., Class A(a)		5,012		223,134
Sportsman’s Warehouse Holdings, Inc.* (a)		10,980		68,296
TJX Cos., Inc. (The)		29,535		2,327,949
Tractor Supply Co.(a)		2,880		686,592
TravelCenters of America, Inc.* (a)		2,160		186,041
Ulta Beauty, Inc.*		1,260		694,802
Upbound Group, Inc.(a)		12,960		345,514
Urban Outfitters, Inc.*		10,382		280,937
Valvoline, Inc.		8,460		292,293
Victoria’s Secret & Co.* (a)		17,542		543,977
Wayfair, Inc., Class A* (a)		19,332		673,334
Williams-Sonoma, Inc.(a)		2,340		283,234
Zumiez, Inc.* (a)		4,296		75,116
				39,338,672
Technology Hardware, Storage & Peripherals – 5.1%
Apple, Inc.		392,010		66,516,257
Dell Technologies, Inc., Class C		6,623		288,034
Eastman Kodak Co.* (a)		28,282		93,048
Hewlett Packard Enterprise Co.		43,013		615,946
HP, Inc.		30,609		909,394
IonQ, Inc.* (a)		24,881		137,094
NetApp, Inc.(a)		6,480		407,527
Pure Storage, Inc., Class A*		9,496		216,794
Seagate Technology Holdings plc(a)		6,444		378,714
Super Micro Computer, Inc.* (a)		10,800		1,138,644
Western Digital Corp.*		8,055		277,414
Xerox Holdings Corp.		28,282		443,179
				71,422,045

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)
Textiles, Apparel & Luxury Goods – 1.1%
Capri Holdings Ltd.* (a)		28,640	$	1,188,560
Carter’s, Inc.(a)		8,234		574,486
Columbia Sportswear Co.(a)		1,980		165,409
Crocs, Inc.*		13,680		1,691,806
Deckers Outdoor Corp.*		900		431,406
G-III Apparel Group Ltd.*		12,351		193,911
Hanesbrands, Inc.(a)		64,977		340,480
Kontoor Brands, Inc.(a)		11,277		509,382
Levi Strauss & Co., Class A(a)		5,040		72,878
Lululemon Athletica, Inc.*		2,880		1,094,198
Movado Group, Inc.(a)		1,800		46,116
NIKE, Inc., Class B		32,220		4,082,918
Oxford Industries, Inc.(a)		1,080		111,445
PVH Corp.		14,400		1,235,664
Ralph Lauren Corp.(a)		9,900		1,136,421
Skechers USA, Inc., Class A*		6,300		335,097
Steven Madden Ltd.		3,759		131,715
Tapestry, Inc.		9,308		379,860
Under Armour, Inc., Class A*		49,225		436,626
Under Armour, Inc., Class C*		45,466		365,547
VF Corp.		9,540		224,285
Wolverine World Wide, Inc.(a)		18,616		311,632
				15,059,842
Tobacco – 0.6%
Altria Group, Inc.		56,564		2,687,356
Philip Morris International, Inc.		50,657		5,064,180
Universal Corp.(a)		6,802		373,362
Vector Group Ltd.(a)		28,461		362,593
				8,487,491
Trading Companies & Distributors – 0.9%
Air Lease Corp.		21,659		871,125
Applied Industrial Technologies, Inc.		2,520		341,863
Beacon Roofing Supply, Inc.* (a)		3,759		226,217
BlueLinx Holdings, Inc.* (a)		1,980		138,719
Boise Cascade Co.(a)		8,640		590,198
Core & Main, Inc., Class A* (a)		358		9,329

Investments	Shares		Value
Trading Companies & Distributors – (continued)
Fastenal Co.		13,680	$	736,531
GATX Corp.		2,327		265,069
GMS, Inc.* (a)		10,740		623,564
H&E Equipment Services, Inc.		7,160		261,340
Herc Holdings, Inc.		5,220		522,104
Hudson Technologies, Inc.* (a)		5,370		41,510
McGrath RentCorp		1,969		175,005
MRC Global, Inc.* (a)		6,480		63,115
MSC Industrial Direct Co., Inc., Class A(a)		3,240		293,965
NOW, Inc.*		11,817		126,087
Rush Enterprises, Inc., Class A(a)		8,234		437,308
Rush Enterprises, Inc., Class B(a)		537		31,457
SiteOne Landscape Supply, Inc.* (a)		2,340		345,712
Titan Machinery, Inc.*		3,401		106,621
Triton International Ltd.		14,320		1,183,834
United Rentals, Inc.		1,969		711,026
Univar Solutions, Inc.*		36,893		1,309,702
Veritiv Corp.(a)		2,685		308,426
Watsco, Inc.(a)		720		249,394
WESCO International, Inc.		10,260		1,477,440
WW Grainger, Inc.		1,080		751,216
				12,197,877
Water Utilities – 0.1%
American States Water Co.		2,520		223,650
American Water Works Co., Inc.		4,500		667,125
California Water Service Group(a)		3,600		201,888
Essential Utilities, Inc.		4,654		198,726
Middlesex Water Co.		540		39,409
SJW Group(a)		540		40,997
York Water Co. (The)(a)		2,148		90,302
				1,462,097
Wireless Telecommunication Services – 0.2%
Gogo, Inc.* (a)		8,460		113,448
Shenandoah Telecommunications Co.(a)		2,160		44,950

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)
Wireless Telecommunication Services – (continued)
Telephone and Data Systems, Inc.(a)		8,592	$	85,920
T-Mobile US, Inc.* (a)		15,573		2,240,955
				2,485,273
Total Common Stocks (Cost $895,012,541)				1,403,987,618
	Number of Warrants
WARRANTS – 0.0%(d)
Oil, Gas & Consumable Fuels – 0.0%(d)
Occidental Petroleum Corp., expiring 8/3/2027, price 22.00 USD* (Cost $21,117)		4,266		171,493
	Number of Rights
RIGHTS – 0.0%(d)
Biotechnology – 0.0%(d)
Achillion Pharmaceuticals, Inc., CVR* ‡		44,344		62,082
Financial Services – 0.0%
Resolute Forest Products, Inc., CVR* ‡		6,734		—
Health Care Equipment & Supplies – 0.0%
ABIOMED, Inc., CVR*‡		1,110		—
Total Rights (Cost $1,132)				62,082
	Principal Amount
SECURITIES LENDING REINVESTMENTS – 12.1%(e)
CERTIFICATES OF DEPOSIT – 0.4%(f)
Bank of America NA
(US Federal Funds Effective Rate (continuous series) + 0.40%), 5.23%, 10/19/2023 (Cost $5,000,000)	$	5,000,000		4,998,290

Investments	Principal Amount		Value
INVESTMENT COMPANIES – 2.8%
BlackRock Liquidity FedFund, Institutional Shares 4.86%	$	10,000,000	$	10,000,000
Goldman Sachs Financial Square Government Fund, Institutional Class 4.87%		20,000,000		20,000,000
Invesco Government & Agency Portfolio, Institutional Shares 4.88%		10,000,000		10,000,000
Total Investment Companies (Cost $40,000,000)				40,000,000
REPURCHASE AGREEMENTS –8.9%
BofA Securities, Inc., 5.26%, dated 4/30/2023, due 7/31/2023, repurchase price $6,080,653, collateralized by various Common Stocks; total market value $6,699,973		6,000,000		6,000,000
Citigroup Global Markets, Inc., 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $18,459,461, collateralized by various U.S. Treasury Securities, ranging from 2.50% –4.25%, maturing 8/15/2023 –12/31/2024; total market value $18,645,807		18,457,015		18,457,015
National Bank of Canada, 4.81%, dated 4/30/2023, due 5/5/2023, repurchase price $71,047,432, collateralized by various U.S. Treasury Securities, ranging from 0.00% –4.38%, maturing 6/20/2023 –2/15/2053; total market value $72,501,769		71,000,000		71,000,000

See Accompanying Notes to the Financial Statements.

116 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, 4.92%, dated 4/30/2023, due 5/1/2023, repurchase price $10,001,367, collateralized by various Common Stocks; total market value $11,200,110	$	10,000,000	$	10,000,000
Societe Generale, New York Branch, 4.81%, dated 4/30/2023, due 5/5/2023, repurchase price $20,013,361, collateralized by various U.S. Treasury Securities, 3.75%, 4/15/2026; ; total market value $20,422,268		20,000,000		20,000,000
Total Repurchase Agreements (Cost $125,457,015)				125,457,015
Total Securities Lending Reinvestments (Cost $170,457,015)				170,455,305
Total Investments – 111.5% (Cost $1,065,491,805)				1,574,676,498
Liabilities in excess of other assets – (11.5%)				(161,991,737	)
NET ASSETS – 100.0%			$	1,412,684,761

* 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, 2023. The total value of securities on loan at April 30, 2023 was $230,218,670, collateralized in the form of cash with a value of $170,457,015 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $56,335,654 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from May 16, 2023 – February 15, 2053 and $6,765,674 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from May 15, 2023 – May 25, 2072; a total value of $233,558,343.

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

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

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

^(e)  The security was purchased with cash collateral held from securities on loan at April 30, 2023. The total value of securities purchased was $170,455,305.

^(f)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2023.

Percentages shown are based on Net Assets.

Abbreviations

CVR – Contingent Value Rights

REIT – Real Estate Investment Trust

As of April 30, 2023, 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	$	554,591,591
Aggregate gross unrealized depreciation		(44,640,908	)
Net unrealized appreciation	$	509,950,683
Federal income tax cost	$	1,065,008,472

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 117

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

Investment in a company which was affiliated for the period ended April 30, 2023, was as follows:    

Security	Value October 31, 2022		Purchases at Cost		Sales Proceeds		Shares April 30, 2023		Value April 30, 2023		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized Gain
Northern Trust Corp.	$	564,807	$	60,865	$	21,685		7,160	$	559,625	$	(51,684	)	$	10,425	$	7,322

Futures Contracts

FlexShares^® Morningstar US Market Factor Tilt Index Fund had the following open futures contracts as of April 30, 2023:    

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
Russell 2000 E-Mini Index		23		06/16/2023		USD	$	2,041,020	$	11,564
S&P 500 E-Mini Index		24		06/16/2023		USD		5,026,200		258,206
S&P Midcap 400 E-Mini Index		3		06/16/2023		USD		750,180		12,887
									$	282,657

* 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		12.1
Others(1)		(11.5	)
		100.0	%

^†  Amount represents less than 0.05%.

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

See Accompanying Notes to the Financial Statements.

118 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

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

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 97.7%
Aerospace & Defense – 1.0%
Airbus SE		9,389	$	1,317,864
Austal Ltd.(a)		32,759		35,829
Babcock International Group plc*		183,311		731,301
BAE Systems plc		51,168		652,134
Bombardier, Inc., Class B*		1,886		81,375
CAE, Inc.*		4,836		108,715
Chemring Group plc		15,334		54,736
Dassault Aviation SA		369		72,228
Elbit Systems Ltd.		412		75,694
Hensoldt AG		1,886		70,793
INVISIO AB		2,552		52,372
Kongsberg Gruppen ASA		1,540		68,825
Leonardo SpA		8,938		106,619
LISI(a)		880		24,968
Melrose Industries plc		23,297		119,763
Montana Aerospace AG* (b)		1,496		27,162
MTU Aero Engines AG		738		193,666
QinetiQ Group plc		14,473		67,562
Rheinmetall AG		779		228,334
Rolls-Royce Holdings plc*		137,309		262,586
Saab AB, Class B		1,596		89,562
Safran SA		5,412		842,095
Singapore Technologies Engineering Ltd.		17,900		48,569
Thales SA		1,599		244,317
				5,577,069
Air Freight & Logistics – 0.7%
AZ-COM MARUWA Holdings, Inc.		4,100		60,221
bpost SA(a)		34,932		171,922
Cargojet, Inc.(a)		943		70,848
Cia de Distribucion Integral Logista Holdings SA		2,419		65,856
Deutsche Post AG (Registered)		21,156		1,016,463
DSV A/S		2,870		540,094
Elanders AB, Class B(a)		5,822		73,901
Freightways Group Ltd.(a)		6,248		36,661
Hamakyorex Co. Ltd.		4,100		104,484

Investments	Shares		Value
Air Freight & Logistics – (continued)
ID Logistics Group*		81	$	23,831
InPost SA*		3,608		38,677
International Distributions Services plc		14,455		46,003
Kerry Logistics Network Ltd.		18,500		26,160
Mainfreight Ltd.(a)		1,312		58,103
Mitsui-Soko Holdings Co. Ltd.		8,200		239,379
Nippon Express Holdings, Inc.		1,600		93,534
Oesterreichische Post AG(a)		588		22,720
PostNL NV(a)		140,507		252,690
Sankyu, Inc.		1,333		46,794
SBS Holdings, Inc.		8,200		199,031
Senko Group Holdings Co. Ltd.(a)		48,700		346,925
SG Holdings Co. Ltd.		8,400		120,542
Singapore Post Ltd.		101,200		38,685
Trancom Co. Ltd.		900		45,078
Yamato Holdings Co. Ltd.		6,200		106,274
				3,844,876
Automobile Components –1.2%
Aisin Corp.		4,300		125,528
ARB Corp. Ltd.(a)		1,007		21,262
Brembo SpA		1,435		21,086
Bridgestone Corp.		12,300		491,223
Burelle SA		132		71,261
CIE Automotive SA		2,091		63,067
Cie Generale des Etablissements Michelin SCA		16,072		511,545
Cie Plastic Omnium SA*		20,828		368,596
Continental AG		2,337		163,627
Denso Corp.		8,200		490,862
Dometic Group AB(a) (c)		5,962		42,594
Eagle Industry Co. Ltd.		8,200		78,649
Exedy Corp.		12,300		176,417
Faurecia SE*		5,146		106,485
Gestamp Automocion SA(b)		52,972		229,480
GUD Holdings Ltd.(a)		6,543		41,294
Hella GmbH & Co. KGaA		328		27,774
Johnson Electric Holdings Ltd.(a)		147,447		164,354
JTEKT Corp.		6,700		54,863

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 119

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Automobile Components – (continued)
Koito Manufacturing Co. Ltd.		5,000	$	96,023
KYB Corp.		8,200		259,854
Linamar Corp.		1,066		50,616
Magna International, Inc.		5,781		301,091
Musashi Seimitsu Industry Co. Ltd.		4,100		54,711
NHK Spring Co. Ltd.		2,900		21,340
Nifco, Inc.		2,400		68,476
Niterra Co. Ltd.		2,700		56,195
NOK Corp.(a)		4,100		54,922
Nokian Renkaat OYJ		2,552		24,872
Pirelli & C SpA(b)		9,548		50,027
PWR Holdings Ltd.		3,772		25,027
Schaeffler AG (Preference)		58,220		422,286
Seiren Co. Ltd.(a)		3,600		59,487
Shoei Co. Ltd.		1,600		29,505
Stanley Electric Co. Ltd.(a)		3,800		84,978
Sumitomo Electric Industries Ltd.		16,400		207,642
Sumitomo Rubber Industries Ltd.		4,900		44,658
TI Fluid Systems plc(b)		114,882		152,770
Tokai Rika Co. Ltd.		18,800		257,911
Toyo Tire Corp.		4,500		53,207
Toyoda Gosei Co. Ltd.		2,000		34,003
Toyota Boshoku Corp.		2,700		42,414
TS Tech Co. Ltd.		4,700		63,028
Valeo		4,746		92,557
Vitesco Technologies Group AG*		7,626		521,984
Yokohama Rubber Co. Ltd. (The)		3,600		77,703
				6,457,254
Automobiles – 2.1%
Aston Martin Lagonda Global Holdings plc* (a) (b)		144,402		439,227
Bayerische Motoren Werke AG		7,052		789,752
Bayerische Motoren Werke AG (Preference)		1,258		133,675
Ferrari NV		1,968		548,165
Honda Motor Co. Ltd.		36,900		972,329
Isuzu Motors Ltd.		12,300		143,718
Mazda Motor Corp.		13,000		115,904
Mercedes-Benz Group AG		17,015		1,325,814

Investments	Shares		Value
Automobiles – (continued)
Mitsubishi Motors Corp.*		13,500	$	51,059
Nissan Motor Co. Ltd.		53,700		194,111
Piaggio & C SpA		50,922		209,580
PIERER Mobility AG		440		37,620
Porsche Automobil Holding SE (Preference)		3,403		189,649
Renault SA*		4,264		158,312
Stellantis NV		48,568		804,286
Subaru Corp.		12,700		204,726
Suzuki Motor Corp.		8,200		282,979
Toyota Motor Corp.		278,800		3,802,237
Trigano SA		2,911		379,222
Volkswagen AG (Preference)		4,018		548,629
Volvo Car AB, Class B*		10,332		42,467
Yamaha Motor Co. Ltd.		8,200		210,774
				11,584,235
Banks – 10.1%
77 Bank Ltd. (The)(a)		28,700		463,491
ABN AMRO Bank NV, CVA(b)		9,052		145,054
AIB Group plc		18,788		80,852
Aktia Bank OYJ(a)		20,746		209,110
Alandsbanken Abp, Class B		3,034		117,904
Alior Bank SA*		31,898		333,624
AMCO - Asset Management Co. SpA*		239		1,033
ANZ Group Holdings Ltd.		45,551		732,993
Aozora Bank Ltd.(a)		2,900		51,796
Awa Bank Ltd. (The)(a)		16,400		243,775
Banca Popolare di Sondrio SpA		162,524		739,596
Banco Bilbao Vizcaya Argentaria SA		129,642		951,780
Banco BPM SpA		32,208		131,030
Banco Comercial Portugues SA, Class R		189,546		48,757
Banco de Sabadell SA		125,993		131,418
Banco Santander SA(a)		365,802		1,286,853
Bank Hapoalim BM		27,101		230,807
Bank Leumi Le-Israel BM		33,538		262,663
Bank Millennium SA*		25,740		30,582
Bank of East Asia Ltd. (The)		24,600		32,341
Bank of Georgia Group plc		13,776		512,526
Bank of Ireland Group plc		22,099		228,603

See Accompanying Notes to the Financial Statements.

120 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Bank of Kyoto Ltd. (The)		1,600	$	78,141
Bank of Montreal(a)		15,626		1,407,066
Bank of Nova Scotia (The)		26,281		1,310,465
Bank of Queensland Ltd.(a)		13,492		51,714
Bank Polska Kasa Opieki SA		4,004		92,615
Bankinter SA(a)		13,940		82,520
Banque Cantonale de Geneve		697		161,319
Banque Cantonale Vaudoise (Registered)(a)		410		43,255
Barclays plc		335,913		675,028
BAWAG Group AG(b)		2,105		102,624
Bendigo & Adelaide Bank Ltd.		9,421		53,792
Berner Kantonalbank AG (Registered)		328		88,076
BNP Paribas SA		24,559		1,588,559
BPER Banca		28,167		79,140
CaixaBank SA(a)		96,227		356,098
Canadian Imperial Bank of Commerce		19,598		820,738
Canadian Western Bank		33,415		598,676
Chiba Bank Ltd. (The)		17,400		112,835
Chugin Financial Group, Inc.		4,100		27,370
Close Brothers Group plc(a)		55,022		627,947
Collector Bank AB*		22,837		72,581
Commerzbank AG*		22,591		251,026
Commonwealth Bank of Australia(a)		25,994		1,706,820
Concordia Financial Group Ltd.		32,321		121,769
Credit Agricole SA		28,126		344,170
Credito Emiliano SpA		28,085		215,801
Dah Sing Banking Group Ltd.(a)		149,440		119,554
Dah Sing Financial Holdings Ltd.		65,600		167,554
Daishi Hokuetsu Financial Group, Inc.		16,400		363,133
Danske Bank A/S*		14,555		307,321
DBS Group Holdings Ltd.		28,756		707,396
DNB Bank ASA(a)		18,450		323,058
EQB, Inc.(a)		9,512		421,493
Erste Group Bank AG		7,380		268,135
FIBI Holdings Ltd.		533		19,743
FinecoBank Banca Fineco SpA		9,184		139,210
First International Bank of Israel Ltd. (The)(a)		1,144		41,149

Investments	Shares		Value
Banks – (continued)
Fukuoka Financial Group, Inc.		2,800	$	52,292
Graubuendner Kantonalbank		7		13,645
Gunma Bank Ltd. (The)(a)		151,700		515,823
Hachijuni Bank Ltd. (The)		15,500		68,982
Hang Seng Bank Ltd.		12,300		181,917
Heartland Group Holdings Ltd.(a)		50,556		49,649
Hirogin Holdings, Inc.		9,200		45,336
Hokuhoku Financial Group, Inc.		45,100		322,273
HSBC Holdings plc		439,069		3,166,606
Hyakugo Bank Ltd. (The)		90,200		259,011
ING Bank Slaski SA*		1,281		48,900
ING Groep NV(a)		82,738		1,023,039
Intesa Sanpaolo SpA		369,451		972,575
Israel Discount Bank Ltd., Class A		29,866		146,601
Iyogin Holdings, Inc.		8,200		47,695
Japan Post Bank Co. Ltd.		28,700		228,689
Judo Capital Holdings Ltd.*		31,857		26,105
Juroku Financial Group, Inc.		12,300		270,995
Jyske Bank A/S (Registered)*		1,292		94,365
KBC Ancora		803		38,705
KBC Group NV		7,462		533,661
Keiyo Bank Ltd. (The)		45,100		186,143
Kiyo Bank Ltd. (The)		22,700		263,401
Kyushu Financial Group, Inc.(a)		155,800		557,225
Laurentian Bank of Canada(a)		15,662		371,948
Liechtensteinische Landesbank AG		1,025		72,667
Lloyds Banking Group plc		1,447,833		877,135
Luzerner Kantonalbank AG (Registered)		80		7,200
Mebuki Financial Group, Inc.		28,010		71,380
Mediobanca Banca di Credito Finanziario SpA(a)		13,776		147,981
Mitsubishi UFJ Financial Group, Inc.		270,600		1,694,964
Mizrahi Tefahot Bank Ltd.		3,690		119,738
Mizuho Financial Group, Inc.		57,429		828,759
Musashino Bank Ltd. (The)		12,300		198,368
National Australia Bank Ltd.		47,806		911,130
National Bank of Canada(a)		7,421		552,786
NatWest Group plc		109,634		361,033

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 121

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Nishi-Nippon Financial Holdings, Inc.		53,300	$	440,758
Nordea Bank Abp		71,627		794,812
North Pacific Bank Ltd.		106,600		226,251
Oberbank AG		451		57,508
Ogaki Kyoritsu Bank Ltd. (The)		17,600		238,475
Oversea-Chinese Banking Corp. Ltd.		86,170		812,516
Powszechna Kasa Oszczednosci Bank Polski SA		16,716		129,192
Raiffeisen Bank International AG*		4,224		64,866
Resona Holdings, Inc.		56,300		278,968
Ringkjoebing Landbobank A/S		492		69,195
Royal Bank of Canada		21,652		2,147,320
San-In Godo Bank Ltd. (The)		57,400		320,376
Santander Bank Polska SA		836		68,137
SBI Shinsei Bank Ltd.*		2,600		46,266
Senshu Ikeda Holdings, Inc.		106,600		186,324
Shiga Bank Ltd. (The)		17,400		360,357
Shizuoka Financial Group, Inc.		13,100		98,227
Skandinaviska Enskilda Banken AB, Class A		37,597		427,020
Skandinaviska Enskilda Banken AB, Class C		684		8,722
Societe Generale SA		16,359		397,779
Spar Nord Bank A/S		28,823		468,337
SpareBank 1 Nord Norge		33,907		306,051
Sparebank 1 Oestlandet		1,329		15,588
SpareBank 1 SMN		3,103		39,995
SpareBank 1 SR-Bank ASA		4,796		55,940
Sparebanken Vest		33,743		315,302
St Galler Kantonalbank AG (Registered)		41		23,171
Standard Chartered plc		54,694		431,993
Sumitomo Mitsui Financial Group, Inc.		30,000		1,222,561
Sumitomo Mitsui Trust Holdings, Inc.		8,200		294,421
Suruga Bank Ltd.		70,500		266,126
Svenska Handelsbanken AB, Class A		33,210		293,401

Investments	Shares		Value
Banks – (continued)
Svenska Handelsbanken AB, Class B(a)		908	$	9,968
Swedbank AB, Class A		19,926		345,787
Sydbank A/S		20,664		921,896
TBC Bank Group plc		15,334		453,886
Tokyo Kiraboshi Financial Group, Inc.		12,300		248,231
Toronto-Dominion Bank (The)		40,303		2,438,743
Unicaja Banco SA(b)		18,122		18,396
UniCredit SpA		41,943		830,713
United Overseas Bank Ltd.		32,826		694,337
Valiant Holding AG (Registered)		5,781		672,897
Virgin Money UK plc		30,176		59,130
Walliser Kantonalbank (Registered)*		485		61,030
Westpac Banking Corp.		53,341		792,077
Yamaguchi Financial Group, Inc.		4,100		25,022
Zuger Kantonalbank AG		10		87,860
				54,809,129
Beverages – 1.1%
Anheuser-Busch InBev SA/NV		15,334		1,000,488
Anora Group OYJ		22,468		131,465
Asahi Group Holdings Ltd.		6,900		265,683
Britvic plc		3,520		40,416
Budweiser Brewing Co. APAC Ltd.(b)		22,600		65,066
C&C Group plc*		23,522		46,239
Carlsberg A/S, Class B		1,599		264,672
Coca-Cola Bottlers Japan Holdings, Inc.		3,354		36,012
Coca-Cola Europacific Partners plc		3,250		209,528
Coca-Cola HBC AG*		4,000		121,869
Davide Campari-Milano NV		10,094		130,159
Diageo plc		35,834		1,631,340
Fevertree Drinks plc		5,658		96,433
Heineken Holding NV		1,461		140,245
Heineken NV		3,403		390,907
Ito En Ltd.(a)		800		24,705
Kirin Holdings Co. Ltd.		12,300		199,542
Olvi OYJ, Class A		1,452		47,449

See Accompanying Notes to the Financial Statements.

122 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Beverages – (continued)
Pernod Ricard SA		3,198	$	739,306
Primo Water Corp.		8,815		133,756
Remy Cointreau SA		398		68,919
Royal Unibrew A/S(a)		836		74,767
Sapporo Holdings Ltd.		1,900		52,884
Suntory Beverage & Food Ltd.		1,800		67,550
Takara Holdings, Inc.		4,100		32,188
Treasury Wine Estates Ltd.		8,668		79,795
				6,091,383
Biotechnology – 0.6%
Argenx SE*		861		331,455
Bavarian Nordic A/S* (a)		3,823		104,928
BELLUS Health, Inc.*		6,150		88,829
BioGaia AB, Class B		5,670		56,273
Clinuvel Pharmaceuticals Ltd.		1,368		18,280
CSL Ltd.		7,503		1,490,383
Galapagos NV*		924		35,795
Genmab A/S*		1,025		422,067
Genus plc(a)		3,731		126,054
Grifols SA*		6,478		66,654
Grifols SA (Preference), Class B*		5,680		41,951
Imugene Ltd.* (a)		411,693		34,008
Mesoblast Ltd.* (a)		44,748		25,432
Nykode Therapeutics ASA* (a)		11,562		27,793
PeptiDream, Inc.*		2,500		33,599
Pharma Mar SA		824		34,277
Swedish Orphan Biovitrum AB*		3,116		75,764
Takara Bio, Inc.		400		5,026
Telix Pharmaceuticals Ltd.*		14,168		95,034
Valneva SE* (a)		8,105		39,317
Vitrolife AB(a)		880		19,767
				3,172,686
Broadline Retail – 0.7%
Allegro.eu SA* (b)		6,278		49,496
ASKUL Corp.		1,000		13,278
B&M European Value Retail SA		16,926		102,053
Belluna Co. Ltd.		15,600		85,352
Boozt AB* (a) (b)		2,508		29,048
Canadian Tire Corp. Ltd., Class A(a)		1,164		152,428

Investments	Shares		Value
Broadline Retail – (continued)
Dollarama, Inc.		4,141	$	256,221
Europris ASA(b)		12,997		92,696
Harvey Norman Holdings Ltd.(a)		17,952		42,828
Isetan Mitsukoshi Holdings Ltd.		5,000		54,933
Izumi Co. Ltd.		1,300		30,456
J Front Retailing Co. Ltd.		4,100		42,938
Mercari, Inc.*		1,900		32,345
Next plc		2,747		232,712
Pan Pacific International Holdings Corp.		8,200		152,600
Prosus NV*		17,999		1,348,638
Rakuten Group, Inc.(a)		15,800		78,324
Ryohin Keikaku Co. Ltd.		6,000		62,836
Seria Co. Ltd.		1,000		17,780
Takashimaya Co. Ltd.		4,300		63,285
THG plc* (a)		50,904		63,968
Tokmanni Group Corp.(a)		18,368		251,653
Warehouse Group Ltd. (The)(a)		30,712		32,627
Wesfarmers Ltd.		16,646		571,696
				3,860,191
Building Products – 1.2%
AGC, Inc.		5,000		185,437
Arbonia AG		3,837		46,904
Assa Abloy AB, Class B		14,842		352,918
Belimo Holding AG (Registered)		214		103,339
Bunka Shutter Co. Ltd.		22,200		188,308
Carel Industries SpA(b)		840		22,071
Central Glass Co. Ltd.		12,500		268,883
Cie de Saint-Gobain		8,323		481,666
Daikin Industries Ltd.		4,400		795,564
dormakaba Holding AG		126		56,484
Fletcher Building Ltd.		17,649		49,054
Forbo Holding AG (Registered)(a)		41		60,529
Geberit AG (Registered)		533		303,494
Genuit Group plc		15,664		59,163
Inrom Construction Industries Ltd.(a)		8,932		30,728
Inwido AB		20,705		216,997
James Halstead plc		18,023		47,118
Kingspan Group plc		2,461		170,352
Lindab International AB		4,346		69,444

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 123

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Building Products – (continued)
Lixil Corp.		6,000	$	93,945
Munters Group AB(b)		4,428		43,342
Nibe Industrier AB, Class B(a)		23,739		264,995
Nichias Corp.		21,300		427,987
Nichiha Corp.		12,300		257,897
Nitto Boseki Co. Ltd.		1,900		26,372
Noritz Corp.		16,400		221,493
Reliance Worldwide Corp. Ltd.		13,860		37,370
ROCKWOOL A/S, Class A		88		21,194
ROCKWOOL A/S, Class B		174		42,074
Sanwa Holdings Corp.		5,400		58,773
Schweiter Technologies AG		56		44,797
Sekisui Jushi Corp.		12,300		196,562
Systemair AB		4,018		34,824
Takara Standard Co. Ltd.		20,500		247,207
Takasago Thermal Engineering Co. Ltd.		20,500		342,658
TOTO Ltd.		3,000		102,339
Uponor OYJ		20,008		534,108
Volution Group plc		11,378		61,981
				6,568,371
Capital Markets – 3.0%
3i Group plc		20,992		466,220
abrdn plc		43,554		116,438
AJ Bell plc		16,231		66,547
Allfunds Group plc*		4,048		26,792
Alpha Group International plc(b)		1,804		49,204
Altshuler Shaham Penn Ltd.(a)		22,509		45,471
Amundi SA(a) (b)		1,312		85,965
Anima Holding SpA(b)		83,927		348,940
Ashmore Group plc		22,554		68,943
ASX Ltd.		2,624		118,732
Avanza Bank Holding AB(a)		2,704		57,390
Azimut Holding SpA		2,501		55,885
Banca Generali SpA		1,397		46,407
Brederode SA* (a)		285		32,156
Bridgepoint Group plc(b)		33,702		102,088
Brookfield Corp.(a)		21,894		709,606
Bure Equity AB		968		24,669
CI Financial Corp.(a)		59,737		587,548

Investments	Shares		Value
Capital Markets – (continued)
Credit Suisse Group AG (Registered)		66,367	$	59,682
Daiwa Securities Group, Inc.		36,900		170,456
Deutsche Bank AG (Registered)		42,558		467,162
Deutsche Boerse AG		2,952		563,483
EFG International AG		8,241		79,350
EQT AB(a)		4,756		101,915
Euronext NV(b)		1,394		110,960
Fairfax India Holdings Corp.* (b)		4,510		58,630
flatexDEGIRO AG*		4,400		47,362
Flow Traders Ltd.		1,659		41,173
Generation Capital Ltd.(a)		450,221		74,285
Gimv NV(a)		7,462		389,660
GMO Financial Holdings, Inc.(a)		16,600		75,585
Hargreaves Lansdown plc		5,061		51,080
Hong Kong Exchanges & Clearing Ltd.		18,158		749,461
HUB24 Ltd.		4,532		84,728
iFAST Corp. Ltd.		16,400		56,791
IG Group Holdings plc		8,448		77,885
IGM Financial, Inc.(a)		2,200		67,445
Impax Asset Management Group plc		6,315		62,229
Insignia Financial Ltd.(a)		234,438		460,137
IntegraFin Holdings plc(b)		15,498		53,023
Intermediate Capital Group plc		5,280		86,373
Investec plc		16,636		92,693
IP Group plc		386,630		273,593
JAFCO Group Co. Ltd.		5,000		63,526
Japan Exchange Group, Inc.		8,200		132,456
JTC plc(b)		7,558		75,332
Julius Baer Group Ltd.		4,674		334,619
Jupiter Fund Management plc		190,527		311,315
Leonteq AG		3,690		199,829
Liontrust Asset Management plc		2,508		27,110
London Stock Exchange Group plc		5,822		610,733
Macquarie Group Ltd.		5,576		672,863
Magellan Financial Group Ltd.		7,995		42,902
Man Group plc		32,340		92,353
Monex Group, Inc.		12,300		46,250
Ninety One plc(a)		28,555		64,998

See Accompanying Notes to the Financial Statements.

124 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – (continued)
Nomura Holdings, Inc.		69,700	$	248,722
Nordnet AB publ		2,420		37,938
Okasan Securities Group, Inc.(a)		82,000		256,542
Onex Corp.		1,394		64,124
Partners Group Holding AG		369		357,868
Perpetual Ltd.		7,813		126,654
Pinnacle Investment Management Group Ltd.(a)		10,281		55,848
Platinum Asset Management Ltd.		37,488		43,478
Quilter plc(b)		499,503		534,279
Rathbones Group plc		3,608		88,612
Ratos AB, Class B		8,448		29,139
Rothschild & Co.		779		40,292
SBI Holdings, Inc.		4,800		93,310
Schroders plc		18,532		113,133
Singapore Exchange Ltd.		12,300		88,229
Sprott, Inc.		1,056		37,941
St James’s Place plc		8,118		123,105
Swissquote Group Holding SA (Registered)		660		141,113
Tamburi Investment Partners SpA		6,642		63,428
Tel Aviv Stock Exchange Ltd.*		4,141		19,029
Tikehau Capital SCA(a)		1,672		45,963
TMX Group Ltd.		836		84,580
Tokai Tokyo Financial Holdings, Inc.		98,400		253,651
TP ICAP Group plc		279,087		596,684
UBS Group AG (Registered)		77,613		1,575,281
UOB-Kay Hian Holdings Ltd.		118,900		126,551
Van Lanschot Kempen NV, CVA		14,186		431,470
Vontobel Holding AG (Registered)		339		22,738
VZ Holding AG		285		26,577
WealthNavi, Inc.* (a)		2,400		20,922
XTB SA(b)		14,104		135,959
Yangzijiang Financial Holding Ltd.*		926,600		267,392
				16,188,980
Chemicals – 2.8%
ADEKA Corp.		2,300		38,546
Aica Kogyo Co. Ltd.		1,500		33,929

Investments	Shares		Value
Chemicals – (continued)
Air Liquide SA		8,077	$	1,455,077
Air Water, Inc.		6,000		75,438
Akzo Nobel NV		2,870		238,080
Arkema SA		1,599		158,206
Asahi Kasei Corp.		32,800		230,695
BASF SE		20,336		1,051,827
Borregaard ASA		1,692		28,202
C Uyemura & Co. Ltd.		600		28,818
Chr Hansen Holding A/S		1,584		123,364
Clariant AG (Registered)*		2,836		47,349
Corbion NV(a)		3,321		104,492
Covestro AG* (b)		2,870		126,074
Croda International plc(a)		2,378		208,626
Daicel Corp.		8,900		69,806
Denka Co. Ltd.		1,400		27,894
DIC Corp.(a)		2,899		53,268
Elementis plc*		41,976		66,266
Elkem ASA* (b)		5,870		19,766
EMS-Chemie Holding AG (Registered)		126		103,555
Essentra plc		16,940		43,968
Evonik Industries AG		4,160		90,751
FUCHS PETROLUB SE		711		23,117
FUCHS PETROLUB SE (Preference)		1,182		46,716
Fujimi, Inc.		1,000		51,482
Fuso Chemical Co. Ltd.		1,100		30,415
Givaudan SA (Registered)		123		431,443
Grupa Azoty SA*		17,917		138,776
Hexpol AB*		5,784		68,062
ICL Group Ltd.		12,710		77,767
Incitec Pivot Ltd.		36,784		77,545
Israel Corp. Ltd.		104		30,029
JCU Corp.		1,400		32,798
Johnson Matthey plc		4,920		121,422
JSR Corp.		3,100		71,487
K+S AG (Registered)		4,961		99,078
Kaneka Corp.		1,300		34,370
Kansai Paint Co. Ltd.		5,300		74,421
Kemira OYJ		2,992		52,487
KH Neochem Co. Ltd.		12,300		210,473
Kumiai Chemical Industry Co. Ltd.(a)		8,000		52,936

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)
Chemicals – (continued)
Kuraray Co. Ltd.		10,800	$	100,493
Kureha Corp.		800		49,352
LANXESS AG		2,156		87,735
Lenzing AG*		738		48,315
Lintec Corp.		18,200		302,743
Methanex Corp.		1,290		57,685
Mitsubishi Chemical Group Corp.		33,500		195,467
Mitsubishi Gas Chemical Co., Inc.		6,200		89,609
Mitsui Chemicals, Inc.		5,500		137,939
Nihon Parkerizing Co. Ltd.		10,100		78,551
Nippon Kayaku Co. Ltd.		3,800		34,270
Nippon Paint Holdings Co. Ltd.		16,400		147,301
Nippon Pillar Packing Co. Ltd.		8,200		226,431
Nippon Sanso Holdings Corp.		2,800		50,174
Nippon Shokubai Co. Ltd.		1,400		55,829
Nippon Soda Co. Ltd.		9,939		341,239
Nissan Chemical Corp.		2,900		128,212
Nitto Denko Corp.		1,800		115,801
NOF Corp.		1,200		54,551
Novozymes A/S, Class B		3,567		185,660
Nufarm Ltd.		20,418		75,157
Nutrien Ltd.		11,562		801,233
OCI NV(a)		1,933		50,982
Okamoto Industries, Inc.		5,900		175,052
Orica Ltd.		6,731		72,061
Osaka Soda Co. Ltd.		8,800		283,068
Recticel SA		2,200		31,380
Resonac Holdings Corp.		4,200		65,977
Robertet SA		44		42,213
Sanyo Chemical Industries Ltd.		4,100		128,271
Shikoku Kasei Holdings Corp.		3,200		33,207
Shin-Etsu Chemical Co. Ltd.		31,500		893,655
Shin-Etsu Polymer Co. Ltd.		800		7,808
Sika AG (Registered)		2,378		655,650
SOL SpA		3,009		87,035
Solvay SA		1,681		202,006
Sumitomo Chemical Co. Ltd.		35,800		120,416
Symrise AG		2,132		257,616
T Hasegawa Co. Ltd.		900		21,283
Taiyo Holdings Co. Ltd.		1,800		32,334

Investments	Shares		Value
Chemicals – (continued)
Teijin Ltd.		7,100	$	78,892
Tessenderlo Group SA* (a)		9,389		311,482
Toagosei Co. Ltd.		45,100		387,523
Tokai Carbon Co. Ltd.		6,600		59,522
Tokuyama Corp.		24,600		398,724
Tokyo Ohka Kogyo Co. Ltd.		700		36,243
Toray Industries, Inc.		36,900		208,043
Tosoh Corp.		7,800		103,740
Toyo Gosei Co. Ltd.(a)		300		16,965
Toyo Ink SC Holdings Co. Ltd.		13,900		223,560
Toyobo Co. Ltd.		32,800		246,425
Umicore SA		3,034		99,682
Victrex plc		5,289		111,416
Wacker Chemie AG		256		39,553
W-Scope Corp.*		4,100		33,754
Yara International ASA		3,690		147,999
Zeon Corp.(a)		3,600		36,855
				15,212,960
Commercial Services & Supplies – 0.9%
Befesa SA(a) (b)		2,184		98,278
Big Technologies plc*		11,924		40,466
Bilfinger SE		1,640		70,974
Boyd Group Services, Inc.		372		61,973
Brambles Ltd.		23,903		225,097
Bravida Holding AB(b)		4,312		52,338
Caverion OYJ		8,888		84,386
Cleanaway Waste Management Ltd.		35,024		56,012
Coor Service Management Holding AB(b)		6,692		43,516
Dai Nippon Printing Co. Ltd.		5,700		163,258
Daiseki Co. Ltd.		1,499		42,659
Derichebourg SA		31,816		196,524
DO & CO AG*		369		43,263
Downer EDI Ltd.		9,548		22,400
Duskin Co. Ltd.		3,700		90,622
Elis SA		4,661		92,033
GFL Environmental, Inc.		2,416		87,659
Intrum AB(a)		2,464		22,240
ISS A/S		2,508		52,379
Japan Elevator Service Holdings Co. Ltd.		4,200		61,998

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)
Commercial Services & Supplies – (continued)
Kokuyo Co. Ltd.		4,100	$	58,324
Loomis AB		984		31,466
Mitie Group plc(a)		506,145		585,280
Mitsubishi Pencil Co. Ltd.		1,800		23,451
Okamura Corp.		30,500		323,894
Park24 Co. Ltd.*		2,200		33,800
Prestige International, Inc.		4,000		17,361
Prosegur Cash SA(b)		159,861		110,657
Prosegur Cia de Seguridad SA(a)		77,203		148,474
Raksul, Inc.* (a)		3,200		32,361
Rentokil Initial plc		37,064		294,608
Ritchie Bros Auctioneers, Inc.		2,091		119,512
Sdiptech AB, Class B*		1,958		45,126
Secom Co. Ltd.		2,700		172,472
Securitas AB, Class B		11,275		100,909
Serco Group plc		79,745		152,452
SG Fleet Group Ltd.(a)		59,146		78,955
Smart Metering Systems plc		7,215		71,913
Societe BIC SA		328		20,260
Sohgo Security Services Co. Ltd.		1,900		52,954
SPIE SA		2,992		93,414
Takkt AG		2,728		43,730
TOPPAN, Inc.		4,100		86,778
TRE Holdings Corp.		4,200		36,582
Veridis Environment Ltd.* (a)		2,870		15,019
Waste Connections, Inc.(a)		3,936		546,913
				4,904,740
Communications Equipment – 0.2%
AudioCodes Ltd.(a)		1,936		19,294
Gilat Satellite Networks Ltd.* (a)		7,568		35,171
Nokia OYJ(a)		84,009		356,330
Spirent Communications plc		40,672		92,017
Telefonaktiebolaget LM Ericsson, Class A(a)		3,789		23,198
Telefonaktiebolaget LM Ericsson, Class B		66,420		365,019
VTech Holdings Ltd.		53,300		319,465
				1,210,494

Investments	Shares		Value
Construction & Engineering – 1.9%
Ackermans & van Haaren NV		454	$	79,994
ACS Actividades de Construccion y Servicios SA		3,187		109,776
AF Gruppen ASA		704		10,681
Ashtrom Group Ltd.		1,861		29,151
Badger Infrastructure Solutions Ltd.		2,812		61,556
Balfour Beatty plc		217,177		1,045,474
Bouygues SA(a)		3,895		142,763
Burkhalter Holding AG		615		66,195
Chiyoda Corp.*		61,500		180,212
COMSYS Holdings Corp.		4,200		80,135
Eiffage SA		1,640		195,359
Elco Ltd.		231		7,947
Elecnor SA		15,539		204,145
Electra Ltd.		15		6,394
EXEO Group, Inc.		3,900		72,149
Ferrovial SA		7,051		221,308
Fugro NV*		7,040		99,717
Gold Finance Holdings Ltd.* ‡		89,827		—
Hazama Ando Corp.(a)		59,800		393,499
HOCHTIEF AG		442		36,964
INFRONEER Holdings, Inc.		4,100		32,248
Instalco AB(b)		11,606		60,874
JGC Holdings Corp.		5,400		66,982
Johns Lyng Group Ltd.(a)		12,324		55,056
Kajima Corp.		12,400		163,463
Kandenko Co. Ltd.		39,900		299,473
Kinden Corp.		2,300		31,249
Kumagai Gumi Co. Ltd.		13,100		277,653
Kyudenko Corp.		2,100		55,752
Maire Tecnimont SpA		56,580		242,861
Meshulam Levinstein Contracting & Engineering Ltd.(a)		533		36,643
MIRAIT ONE Corp.		36,900		457,168
Monadelphous Group Ltd.(a)		7,216		58,989
Morgan Sindall Group plc		15,662		333,474
NCC AB, Class B(a)		30,709		305,077
Nippon Densetsu Kogyo Co. Ltd.		1,700		21,923
Nippon Road Co. Ltd. (The)(a)		1,400		82,767
Nishimatsu Construction Co. Ltd.		1,700		44,571
NRW Holdings Ltd.(a)		169,986		270,728

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)
Construction & Engineering – (continued)
NYAB OYJ* (a)		33,784	$	25,362
Obayashi Corp.		16,500		137,172
Okumura Corp.		12,300		300,804
Peab AB, Class B		3,999		21,111
Penta-Ocean Construction Co. Ltd.		9,700		46,945
Raito Kogyo Co. Ltd.		3,200		47,072
Sacyr SA(a)		28,456		94,309
Sanki Engineering Co. Ltd.		18,000		198,553
Shapir Engineering and Industry Ltd.(a)		2,525		17,894
Shikun & Binui Ltd.*		3,798		8,097
Shimizu Corp.		17,800		108,370
SHO-BOND Holdings Co. Ltd.		1,200		51,114
Skanska AB, Class B(a)		8,610		140,517
SNC-Lavalin Group, Inc.(a)		2,068		47,572
Stantec, Inc.		1,848		110,964
Sumitomo Densetsu Co. Ltd.		6,400		132,498
Sweco AB, Class B		4,708		62,974
Taihei Dengyo Kaisha Ltd.		5,400		163,787
Taikisha Ltd.		1,000		26,953
Taisei Corp.		4,600		155,906
Takamatsu Construction Group Co. Ltd.(a)		8,200		132,787
Toda Corp.		5,200		30,284
Totetsu Kogyo Co. Ltd.		1,800		35,837
Toyo Construction Co. Ltd.		8,200		58,595
Veidekke ASA		3,088		35,412
Vestum AB*		21,560		27,998
Vinci SA		8,077		1,000,488
Webuild SpA(a)		139,810		300,983
Worley Ltd.		7,728		76,810
WSP Global, Inc.		1,763		232,428
Yokogawa Bridge Holdings Corp.		14,800		241,078
				10,011,044
Construction Materials – 0.8%
Adbri Ltd.(a)		130,216		136,394
Boral Ltd.* (a)		3,476		9,464
Breedon Group plc		510,737		441,017
Brickworks Ltd.		1,435		23,708

Investments	Shares		Value
Construction Materials – (continued)
Buzzi Unicem SpA		3,148	$	78,266
Cementir Holding NV		18,081		151,906
CRH plc		16,728		810,475
CSR Ltd.		24,887		86,345
HeidelbergCement AG		3,075		232,748
Holcim AG* (a)		12,177		804,731
Ibstock plc(b)		27,720		59,126
Imerys SA		1,103		45,348
James Hardie Industries plc, CHDI		6,190		136,996
Maeda Kosen Co. Ltd.(a)		1,200		28,554
Marshalls plc(a)		90,487		341,882
Mitani Sekisan Co. Ltd.		1,200		42,214
RHI Magnesita NV		9,266		263,209
Sumitomo Osaka Cement Co. Ltd.(a)		1,700		47,567
Taiheiyo Cement Corp.		2,200		39,261
Titan Cement International SA* (a)		15,908		257,114
Vicat SA		6,765		197,543
Wienerberger AG		2,596		78,241
				4,312,109
Consumer Finance – 0.3%
AEON Financial Service Co. Ltd.		400		3,543
Cembra Money Bank AG		1,722		138,236
Credit Corp. Group Ltd.(a)		3,350		39,871
Credit Saison Co. Ltd.		2,100		28,979
Direct Finance of Direct Group 2006 Ltd.(a)		574		71,078
goeasy Ltd.(a)		528		36,123
Gruppo MutuiOnline SpA		1,056		32,993
Isracard Ltd.		71,586		289,576
Jaccs Co. Ltd.		9,900		330,448
KRUK SA*		738		66,730
Latitude Group Holdings Ltd.(a)		88,452		75,113
Marui Group Co. Ltd.		3,200		50,762
Premium Group Co. Ltd.		4,100		48,809
Resurs Holding AB(b)		51,086		97,070
Sun Hung Kai & Co. Ltd.		164,000		60,378
				1,369,709

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)
Consumer Staples Distribution & Retail – 1.7%
Aeon Co. Ltd.		13,813	$	280,744
Ain Holdings, Inc.(a)		800		33,136
Alimentation Couche-Tard, Inc.		11,849		590,746
Arcs Co. Ltd.		19,218		348,469
Axfood AB		1,496		37,074
Axial Retailing, Inc.(a)		8,200		211,978
Belc Co. Ltd.		800		36,015
Carrefour SA		12,546		261,226
Casino Guichard Perrachon SA* (a)		20,500		174,493
Coles Group Ltd.		18,450		221,907
Cosmos Pharmaceutical Corp.(a)		200		19,653
Create SD Holdings Co. Ltd.		500		12,081
DFI Retail Group Holdings Ltd.		7,600		22,800
Dino Polska SA* (b)		1,012		103,261
Empire Co. Ltd., Class A		3,212		86,155
Endeavour Group Ltd.		23,616		105,969
Etablissements Franz Colruyt NV		1,044		28,987
Fuji Co. Ltd.		4,200		54,688
George Weston Ltd.		1,148		153,981
GrainCorp Ltd., Class A(a)		78,679		353,566
H2O Retailing Corp.(a)		5,615		66,144
Heiwado Co. Ltd.		13,500		204,436
HelloFresh SE*		3,046		81,480
Inageya Co. Ltd.(a)		2,998		36,307
J Sainsbury plc(a)		38,557		133,950
Jeronimo Martins SGPS SA		5,155		130,327
Kansai Food Market Ltd.(a)		8,200		92,620
Kato Sangyo Co. Ltd.		700		18,533
Kesko OYJ, Class A		2,248		46,707
Kesko OYJ, Class B		4,715		98,407
Kobe Bussan Co. Ltd.		1,900		53,094
Koninklijke Ahold Delhaize NV		22,960		791,359
Kusuri no Aoki Holdings Co. Ltd.		600		28,686
Lawson, Inc.		800		36,250
Life Corp.		12,300		259,794
Loblaw Cos. Ltd.		2,460		231,127
Marks & Spencer Group plc*		48,796		100,799
MARR SpA		10,578		165,829
MatsukiyoCocokara & Co.		2,400		128,139
Maxvalu Tokai Co. Ltd.		500		9,966
Metcash Ltd.(a)		17,514		45,139

Investments	Shares		Value
Consumer Staples Distribution & Retail – (continued)
Metro, Inc.		3,608	$	205,419
Mitsubishi Shokuhin Co. Ltd.		8,200		210,774
North West Co., Inc. (The)		2,419		70,877
Ocado Group plc* (a)		13,642		86,625
Oisix ra daichi, Inc.*		2,000		37,161
Olam Group Ltd.		28,700		34,419
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.(a)		574		32,595
Seven & i Holdings Co. Ltd.		12,600		568,626
Sheng Siong Group Ltd.		17,900		23,748
Shop Apotheke Europe NV* (b)		748		74,718
Shufersal Ltd.*		3,578		18,094
Sonae SGPS SA		333,658		380,883
Sugi Holdings Co. Ltd.		800		33,841
Sundrug Co. Ltd.		1,600		44,005
Tesco plc		166,418		587,979
Tsuruha Holdings, Inc.		900		58,760
United Super Markets Holdings, Inc.		2,000		17,258
Valor Holdings Co. Ltd.		16,400		250,158
Welcia Holdings Co. Ltd.		2,300		48,072
Woolworths Group Ltd.		18,819		482,911
				9,162,945
Containers & Packaging – 0.3%
Billerud AB		5,485		52,597
Cascades, Inc.		28,454		231,610
CCL Industries, Inc., Class B		2,759		129,600
DS Smith plc		26,376		102,804
FP Corp.		1,200		29,699
Fuji Seal International, Inc.(a)		2,000		22,605
Huhtamaki OYJ		2,051		73,907
Mayr Melnhof Karton AG		275		43,901
Orora Ltd.		19,096		43,285
Rengo Co. Ltd.		5,200		33,797
SIG Group AG(a)		6,150		164,728
Smurfit Kappa Group plc		4,018		148,779
Toyo Seikan Group Holdings Ltd.		5,600		78,757
Transcontinental, Inc., Class A(a)		25,379		273,007
Verallia SA(b)		1,364		55,446
Vidrala SA(a)		1,440		151,345
Winpak Ltd.		1,716		57,175
				1,693,042

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)
Distributors – 0.1%
Bapcor Ltd.(a)		17,917	$	77,555
D’ieteren Group		343		64,564
Inchcape plc		6,396		64,996
Inter Cars SA		205		25,492
PALTAC Corp.		800		30,551
Uni-Select, Inc.*		2,169		74,427
				337,585
Diversified Consumer Services – 0.1%
AcadeMedia AB(b)		30,914		156,872
Auction Technology Group plc*		6,939		61,139
Benesse Holdings, Inc.		2,100		30,058
G8 Education Ltd.(a)		51,492		41,515
IDP Education Ltd.(a)		2,501		46,542
InvoCare Ltd.(a)		6,933		50,856
LITALICO, Inc.		1,200		21,398
Pearson plc		13,448		149,928
				558,308
Diversified REITs – 0.4%
Activia Properties, Inc., REIT		15		43,624
Argosy Property Ltd., REIT		68,432		47,339
Artis REIT, REIT(a)		21,279		110,451
British Land Co. plc (The), REIT(a)		10,868		54,667
Centuria Capital Group, REIT(a)		24,500		27,767
Charter Hall Group, REIT		8,140		59,872
Charter Hall Long Wale REIT, REIT(a)		7,926		22,785
Cromwell European REIT, REIT(b)		23,174		39,399
Daiwa House REIT Investment Corp., REIT		42		89,296
GPT Group (The), REIT(a)		29,568		86,171
Growthpoint Properties Australia Ltd., REIT		4,004		8,600
H&R REIT, REIT		2,788		24,153
Hankyu Hanshin REIT, Inc., REIT		26		27,840
Heiwa Real Estate REIT, Inc., REIT		43		50,306
Hulic Reit, Inc., REIT(a)		24		27,619
ICADE, REIT		836		39,244
Land Securities Group plc, REIT		12,222		103,570
LXI REIT plc, REIT(b)		24,805		32,861

Investments	Shares		Value
Diversified REITs – (continued)
Menivim- The New REIT Ltd., REIT		257,398	$	107,944
Merlin Properties Socimi SA, REIT		2,992		26,458
Mirvac Group, REIT		63,924		101,808
NIPPON REIT Investment Corp., REIT		18		42,169
Nomura Real Estate Master Fund, Inc., REIT(a)		52		60,759
NTT UD REIT Investment Corp., REIT		24		23,107
OUE Commercial REIT, REIT		175,177		42,673
Reit 1 Ltd., REIT		68,675		292,720
Sekisui House Reit, Inc., REIT(a)		55		31,142
Sella Capital Real Estate Ltd., REIT		73,127		149,815
Star Asia Investment Corp., REIT		66		26,998
Stockland, REIT(a)		53,956		158,673
Stride Property Group, REIT(a)		32,713		26,065
Sunlight REIT, REIT		55,000		21,300
Suntec REIT, REIT		43,500		44,017
Takara Leben Real Estate Investment Corp., REIT		246		165,307
Tokyu REIT, Inc., REIT		22		29,341
UK Commercial Property REIT Ltd., REIT		63,932		43,071
United Urban Investment Corp., REIT		40		44,358
				2,333,289
Diversified Telecommunication Services – 1.3%
BCE, Inc.		4,797		230,318
Bezeq The Israeli Telecommunication Corp. Ltd.(a)		38,130		51,557
BT Group plc		151,864		303,209
Cellnex Telecom SA(b)		8,938		376,644
Chorus Ltd.		8,733		46,604
Deutsche Telekom AG (Registered)		76,260		1,842,100
Elisa OYJ		2,378		147,858
Gamma Communications plc		4,867		71,083
Helios Towers plc*		26,527		34,775
HKBN Ltd.		51,500		36,280
HKT Trust & HKT Ltd.		53,400		70,067

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)
Diversified Telecommunication Services – (continued)
Infrastrutture Wireless Italiane SpA(b)		5,179	$	72,013
Internet Initiative Japan, Inc.		2,000		41,171
Koninklijke KPN NV		53,546		195,611
NetLink NBN Trust(b)		61,600		40,400
Nippon Telegraph & Telephone Corp.		25,600		780,042
NOS SGPS SA		9,348		41,157
Orange SA		41,984		547,676
PCCW Ltd.		77,035		40,137
Proximus SADP		2,464		21,028
RAI Way SpA(b)		8,120		52,084
Singapore Telecommunications Ltd.		106,600		203,748
Spark New Zealand Ltd.		29,930		96,683
Swisscom AG (Registered)		369		254,140
Telecom Italia SpA*		96,272		27,846
Telecom Italia SpA* (a)		172,942		50,959
Telefonica Deutschland Holding AG		10,209		34,545
Telefonica SA		126,485		576,013
Telekom Austria AG*		4,091		31,977
Telenor ASA		12,054		149,898
Telia Co. AB(a)		38,581		107,424
Telstra Group Ltd.		63,919		184,593
TELUS Corp.		7,585		160,614
United Internet AG (Registered)		1,848		31,745
Vantage Towers AG		1,148		41,216
				6,993,215
Electric Utilities – 1.4%
Acciona SA		369		68,439
BKW AG		440		75,636
Chubu Electric Power Co., Inc.		12,300		137,214
Chugoku Electric Power Co., Inc. (The)*		4,206		22,116
CK Infrastructure Holdings Ltd.		11,000		62,498
CLP Holdings Ltd.		25,500		189,709
Contact Energy Ltd.		11,528		55,752
EDP - Energias de Portugal SA		39,811		219,757
Elia Group SA/NV(a)		640		87,896
Emera, Inc.(a)		4,182		177,757

Investments	Shares		Value
Electric Utilities – (continued)
Endesa SA(a)		5,986	$	134,616
Enea SA*		97,908		158,795
Enel SpA		169,125		1,157,440
EVN AG		748		18,043
Fortis, Inc.(a)		7,298		320,105
Fortum OYJ		10,537		157,392
Genesis Energy Ltd.		15,998		26,778
HK Electric Investments & HK Electric Investments Ltd.(b)		44,500		28,061
Hokkaido Electric Power Co., Inc.*		14,800		55,650
Hokuriku Electric Power Co.*		66,100		308,255
Hydro One Ltd.(b)		4,633		135,543
Iberdrola SA		90,839		1,181,372
Infratil Ltd.		8,272		48,793
Kansai Electric Power Co., Inc. (The)		20,500		221,312
Kyushu Electric Power Co., Inc.*		9,100		52,997
Manawa Energy Ltd.(a)		5,123		15,568
Mercury NZ Ltd.		10,742		42,065
Okinawa Electric Power Co., Inc. (The)*		17,170		139,968
Origin Energy Ltd.		26,363		145,299
Orsted A/S(b)		2,870		257,868
PGE Polska Grupa Energetyczna SA*		25,070		41,555
Power Assets Holdings Ltd.		22,500		128,409
Red Electrica Corp. SA		6,806		124,016
Romande Energie Holding SA		21		30,436
Shikoku Electric Power Co., Inc.*		73,800		435,218
SSE plc		16,389		378,513
Tauron Polska Energia SA*		396,880		197,890
Terna - Rete Elettrica Nazionale		21,416		185,836
Tohoku Electric Power Co., Inc.*		10,900		56,035
Tokyo Electric Power Co. Holdings, Inc.*		22,400		80,115
Verbund AG		656		58,590
				7,419,307
Electrical Equipment – 1.3%
ABB Ltd. (Registered)		25,953		936,588
Alfen N.V.* (a) (b)		1,230		99,454
Ballard Power Systems, Inc.* (a)		13,202		58,306
Ceres Power Holdings plc* (a)		5,412		23,767

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)
Electrical Equipment – (continued)
Daihen Corp.		8,200	$	268,586
DiscoverIE Group plc		4,796		50,937
Energiekontor AG		410		32,816
Fagerhult AB		6,336		40,460
Fuji Electric Co. Ltd.		1,500		60,037
Fujikura Ltd.		8,200		55,403
Furukawa Electric Co. Ltd.(a)		24,600		447,503
GARO AB(b)		1,980		15,703
GS Yuasa Corp.		27,300		476,770
Hexatronic Group AB		2,337		19,708
Huber + Suhner AG (Registered)		867		71,304
Idec Corp.		2,200		53,479
Legrand SA		4,264		403,429
Mabuchi Motor Co. Ltd.		1,600		44,946
Mitsubishi Electric Corp.		47,000		579,540
NEL ASA* (a)		12,688		17,333
Nexans SA		451		38,762
Nidec Corp.		8,310		409,138
NKT A/S* (a)		2,706		141,968
Nordex SE*		7,130		85,642
PNE AG		2,173		35,553
PowerCell Sweden AB* (a)		2,948		24,935
Prysmian SpA		3,936		161,082
Sanyo Denki Co. Ltd.(a)		4,100		203,547
Schneider Electric SE(a)		8,774		1,528,723
Siemens Energy AG*		6,384		156,323
Signify NV(a) (b)		2,730		91,051
TKH Group NV, CVA		2,194		106,140
Varta AG		1,008		26,096
Vestas Wind Systems A/S*		15,621		431,427
				7,196,456
Electronic Equipment, Instruments & Components – 1.8%
Ai Holdings Corp.		3,800		66,085
Alps Alpine Co. Ltd.		5,348		48,506
ALSO Holding AG (Registered)		369		79,103
Amano Corp.		800		16,210
Anritsu Corp.		600		5,473
AT&S Austria Technologie & Systemtechnik AG		8,733		267,062
Azbil Corp.		2,100		58,374
Barco NV		3,731		109,072

Investments	Shares		Value
Electronic Equipment, Instruments & Components – (continued)
Basler AG		792	$	17,068
Canon Marketing Japan, Inc.		1,500		37,344
Celestica, Inc.*		36,695		397,712
Citizen Watch Co. Ltd.(a)		106,600		586,372
Codan Ltd.		7,304		35,188
Comet Holding AG (Registered)		462		111,600
Daiwabo Holdings Co. Ltd.		32,800		615,459
Dustin Group AB* (b)		30,750		105,585
Elematec Corp.		4,100		51,760
FIH Mobile Ltd.* (a)		328,000		34,263
FIT Hon Teng Ltd.* (a) (b)		615,000		121,435
Halma plc		6,519		189,111
Hamamatsu Photonics KK		2,700		142,371
Hexagon AB, Class B(a)		30,791		350,769
Hioki EE Corp.		700		46,319
Hirose Electric Co. Ltd.		582		78,133
Horiba Ltd.		800		43,829
Hosiden Corp.		20,500		261,359
Ibiden Co. Ltd.		2,800		109,397
Inficon Holding AG (Registered)		82		89,182
Iriso Electronics Co. Ltd.		1,200		40,803
Jenoptik AG		2,585		82,419
Kaga Electronics Co. Ltd.		8,300		292,586
Keyence Corp.		3,000		1,346,161
Kitron ASA*		9,471		35,657
Kyocera Corp.		5,700		297,673
Lagercrantz Group AB, Class B		2,640		33,923
Landis+Gyr Group AG* (a)		1,102		91,127
LEM Holding SA (Registered)		27		59,821
Macnica Holdings, Inc.		2,100		57,294
Meiko Electronics Co. Ltd.(a)		8,200		163,681
Murata Manufacturing Co. Ltd.		9,400		543,987
Mycronic AB		924		19,602
NCAB Group AB		9,298		70,841
Nichicon Corp.		3,200		30,105
Nippon Electric Glass Co. Ltd.		2,200		41,830
Nissha Co. Ltd.(a)		16,400		222,095
Nohmi Bosai Ltd.		2,500		32,112
Novonix Ltd.* (a)		27,446		17,866
Oki Electric Industry Co. Ltd.(a)		32,800		177,050
Omron Corp.		2,500		145,816
Oxford Instruments plc		3,036		105,320

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)
Electronic Equipment, Instruments & Components – (continued)
PAX Global Technology Ltd.		246,000	$	202,130
Renishaw plc		880		39,863
Restar Holdings Corp.		8,200		127,608
Riken Keiki Co. Ltd.		1,200		45,827
Ryosan Co. Ltd.		8,200		192,707
Sensirion Holding AG* (a) (b)		733		79,555
Sesa SpA		294		35,995
SES-imagotag SA*		246		39,380
Shimadzu Corp.		4,900		152,220
Softwareone Holding AG* (a)		6,068		91,424
Spectris plc		2,112		99,785
Taiyo Yuden Co. Ltd.		2,500		76,011
Tamura Corp.		8,200		46,611
TDK Corp.		6,700		228,557
Topcon Corp.		6,400		90,337
Vaisala OYJ, Class A		836		35,210
Venture Corp. Ltd.		4,500		57,239
VSTECS Holdings Ltd.		250,000		143,314
Yokogawa Electric Corp.		4,900		79,133
				9,844,816
Energy Equipment & Services – 0.7%
Aker Solutions ASA(a)		7,560		26,814
Borr Drilling Ltd.*		10,894		74,997
BW Offshore Ltd.		41,194		109,274
John Wood Group plc*		247,312		700,648
Lapidoth Capital Ltd.(a)		7,913		120,312
Pason Systems, Inc.		2,898		25,213
Petrofac Ltd.* (a)		20,076		18,029
PGS ASA* (a)		318,652		228,547
Precision Drilling Corp.* (a)		872		43,391
Saipem SpA*		416,109		636,707
SBM Offshore NV		10,291		145,538
Schoeller-Bleckmann Oilfield Equipment AG		615		38,701
Secure Energy Services, Inc.		16,104		74,922
Subsea 7 SA		3,608		41,054
Technip Energies NV		45,920		1,020,504
Tenaris SA		7,474		107,679
TGS ASA		1,927		30,065
Vallourec SA*		5,740		65,494
				3,507,889

Investments	Shares		Value
Entertainment – 0.5%
Bollore SE		12,858	$	86,875
Capcom Co. Ltd.		3,400		127,595
CD Projekt SA		1,193		32,574
CTS Eventim AG & Co. KGaA*		704		46,322
Daiichikosho Co. Ltd.		2,200		39,261
DeNA Co. Ltd.*		1,100		15,389
Embracer Group AB*		13,161		68,530
EVT Ltd.		2,282		18,112
Kahoot! ASA*		22,755		58,999
Kinepolis Group NV* (a)		1,030		52,194
Koei Tecmo Holdings Co. Ltd.		2,492		45,717
Konami Group Corp.		1,000		49,132
MIXI, Inc.		4,200		88,525
Modern Times Group MTG AB, Class B*		7,040		56,520
Nexon Co. Ltd.		8,200		184,879
Nintendo Co. Ltd.		18,000		756,274
Paradox Interactive AB		952		23,389
Shochiku Co. Ltd.		800		71,443
Square Enix Holdings Co. Ltd.		1,800		88,305
Stillfront Group AB*		160,351		340,798
Team17 Group plc*		5,676		25,826
Toei Animation Co. Ltd.(a)		200		20,225
Toho Co. Ltd.		1,200		47,501
Ubisoft Entertainment SA*		1,425		41,674
Universal Music Group NV		11,480		251,070
				2,637,129
Financial Services – 1.6%
Aareal Bank AG*		3,608		130,252
Adyen NV* (b)		451		722,957
AMP Ltd.		65,142		48,861
Banca Mediolanum SpA		4,444		40,201
BFF Bank SpA(b)		10,956		105,472
Burford Capital Ltd.		12,915		169,796
Challenger Ltd.		9,812		39,100
Creades AB, Class A		20,582		170,660
Deutsche Pfandbriefbank AG(b)		48,011		442,585
ECN Capital Corp.(a)		16,720		38,955
Edenred		4,059		264,028
eGuarantee, Inc.		2,800		43,306
Element Fleet Management Corp.(a)		7,708		100,705

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)
Financial Services – (continued)
Eurazeo SE		1,144	$	81,651
Financial Partners Group Co. Ltd.		4,100		33,152
First National Financial Corp.		1,452		40,478
Fuyo General Lease Co. Ltd.		1,000		72,853
GMO Payment Gateway, Inc.		1,000		77,773
GRENKE AG		1,804		64,628
Groupe Bruxelles Lambert NV(a)		1,312		117,759
HAL Trust		1,379		189,693
Helia Group Ltd.(a)		109,347		228,348
Home Capital Group, Inc.(a)		14,309		459,454
Hypoport SE*		252		40,368
Industrivarden AB, Class A		3,388		96,713
Industrivarden AB, Class C(a)		3,828		109,086
Investment AB Oresund		9,198		110,119
Investor AB, Class A		7,798		170,598
Investor AB, Class B		27,506		589,419
Japan Securities Finance Co. Ltd.		4,700		35,276
Kinnevik AB, Class B*		4,578		74,914
L E Lundbergforetagen AB, Class B		1,348		64,514
Liberty Financial Group Ltd.(a) (b)		27,280		69,047
M&G plc		48,380		124,719
Mitsubishi HC Capital, Inc.		15,729		81,322
Mizuho Leasing Co. Ltd.		12,438		347,111
Network International Holdings plc* (b)		14,574		70,927
Nexi SpA* (b)		15,170		125,708
Nuvei Corp.* (b)		1,328		53,872
Omni Bridgeway Ltd.* (a)		16,277		24,633
ORIX Corp.		26,100		440,862
OSB Group plc		128,002		799,280
Paragon Banking Group plc		85,321		538,881
PEUGEOT INVEST		308		37,811
Plus500 Ltd.		3,444		72,074
Pushpay Holdings Ltd.*		37,926		33,263
Ricoh Leasing Co. Ltd.		5,400		155,657
Sofina SA		316		72,494
SRH NV*‡		2,857		—
Svolder AB, Class B		31,980		192,680
Tokyo Century Corp.		600		20,490
Tyro Payments Ltd.*		8,888		9,280

Investments	Shares		Value
Financial Services – (continued)
Wendel SE		497	$	55,747
Wise plc, Class A*		9,328		64,484
Worldline SA* (b)		4,346		188,945
Zenkoku Hosho Co. Ltd.		600		21,988
				8,574,949
Food Products – 2.7%
a2 Milk Co. Ltd. (The)* (a)		12,579		45,839
AAK AB		2,860		57,550
Agrana Beteiligungs AG		5,885		110,774
Ajinomoto Co., Inc.		8,200		294,180
Ariake Japan Co. Ltd.		800		32,314
Aryzta AG*		62,524		111,272
Associated British Foods plc		5,043		123,982
Ausnutria Dairy Corp. Ltd.*		98,000		46,691
AustAsia Group Ltd.*		40,364		16,454
Austevoll Seafood ASA		3,432		32,166
Bakkafrost P/F		820		59,519
Barry Callebaut AG (Registered)		41		87,707
Bega Cheese Ltd.		22,616		56,495
Bell Food Group AG (Registered)		820		260,727
Bumitama Agri Ltd.		282,900		121,926
Calbee, Inc.		600		12,972
Chocoladefabriken Lindt & Spruengli AG		24		297,152
Chocoladefabriken Lindt & Spruengli AG (Registered)		2		246,728
Cloetta AB, Class B		16,456		34,814
Costa Group Holdings Ltd.(a)		28,801		47,392
Cranswick plc		3,006		121,281
Danone SA(a)		9,799		648,978
DyDo Group Holdings, Inc.		500		18,654
Ebro Foods SA		1,618		30,081
Elders Ltd.		12,136		65,043
Emmi AG (Registered)		41		42,794
First Pacific Co. Ltd.		820,000		273,685
First Resources Ltd.		5,100		5,849
Fuji Oil Holdings, Inc.		1,200		18,463
Glanbia plc(a)		3,500		53,130
Golden Agri-Resources Ltd.		213,400		43,987
Grieg Seafood ASA		3,299		27,556
Hilton Food Group plc		27,101		230,949
House Foods Group, Inc.		2,400		52,701

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)
Food Products – (continued)
Inghams Group Ltd.(a)		17,712	$	32,891
Itoham Yonekyu Holdings, Inc.		6,200		33,922
Japfa Ltd.		201,820		31,767
JDE Peet’s NV		1,804		54,969
Kagome Co. Ltd.		900		21,812
Kameda Seika Co. Ltd.		900		29,942
Kerry Group plc, Class A(a)		2,419		254,880
Kewpie Corp.		2,100		35,256
Kikkoman Corp.		3,500		206,404
Kotobuki Spirits Co. Ltd.		500		36,720
KWS Saat SE & Co. KGaA		704		45,700
Leroy Seafood Group ASA		5,456		28,604
Lotus Bakeries NV		6		41,466
Maple Leaf Foods, Inc.(a)		3,772		77,203
Maruha Nichiro Corp.(a)		16,400		304,718
Megmilk Snow Brand Co. Ltd.		18,400		263,639
MEIJI Holdings Co. Ltd.		3,400		82,025
Morinaga & Co. Ltd.		1,100		32,596
Morinaga Milk Industry Co. Ltd.		1,200		45,122
Mowi ASA		6,888		130,852
Nestle SA (Registered)		42,517		5,470,532
Neto Malinda Trading Ltd.* (a)		615		10,766
NH Foods Ltd.		3,200		93,298
Nichirei Corp.		1,600		32,831
Nippn Corp.		5,600		72,753
Nisshin Oillio Group Ltd. (The)		9,300		232,218
Nisshin Seifun Group, Inc.		2,690		32,577
Nissin Foods Holdings Co. Ltd.		1,500		144,530
Nissui Corp.		114,800		500,798
Orkla ASA		12,859		92,133
Premier Foods plc		236,488		372,741
Premium Brands Holdings Corp.(a)		660		49,494
Prima Meat Packers Ltd.(a)		8,200		138,508
Riken Vitamin Co. Ltd.		1,800		26,928
S Foods, Inc.		7,200		159,689
Sakata Seed Corp.		1,400		40,818
Salmar ASA(a)		788		34,826
Saputo, Inc.		4,349		112,485
Savencia SA		1,676		116,569
Schouw & Co. A/S		420		35,771
Societe LDC SA		1,617		203,509

Investments	Shares		Value
Food Products – (continued)
Strauss Group Ltd.*		952	$	21,093
Suedzucker AG		1,979		40,026
Synlait Milk Ltd.*		1,760		1,750
Tate & Lyle plc		5,494		56,279
Toyo Suisan Kaisha Ltd.		1,800		80,241
United Malt Grp Ltd.		25,168		73,182
Vilmorin & Cie SA		1,612		76,614
Viscofan SA		943		64,755
Vitasoy International Holdings Ltd.(a)		60,000		105,938
WH Group Ltd.(b)		150,500		83,591
Wilmar International Ltd.		69,700		205,315
Yakult Honsha Co. Ltd.		2,500		187,824
Yamazaki Baking Co. Ltd.		2,900		38,868
				14,529,543
Gas Utilities – 0.3%
AltaGas Ltd.		3,813		66,628
APA Group		15,936		108,262
Brookfield Infrastructure Corp., Class A(a)		1,506		64,102
Enagas SA(a)		4,223		84,642
Hong Kong & China Gas Co. Ltd.		190,907		169,265
Italgas SpA		6,908		45,225
Keppel Infrastructure Trust		108,947		40,013
Naturgy Energy Group SA(a)		3,034		94,792
Nippon Gas Co. Ltd.		1,900		26,707
Osaka Gas Co. Ltd.		9,500		157,258
Rubis SCA		3,034		89,701
Saibu Gas Holdings Co. Ltd.		1,400		19,463
Shizuoka Gas Co. Ltd.(a)		4,100		34,687
Snam SpA		29,438		163,798
Superior Plus Corp.		10,208		75,640
Toho Gas Co. Ltd.		2,000		37,337
Tokyo Gas Co. Ltd.		8,200		168,077
				1,445,597
Ground Transportation – 1.2%
ALD SA(b)		2,214		26,667
Aurizon Holdings Ltd.		31,840		71,962
Canadian National Railway Co.(a)		9,266		1,103,339

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)
Ground Transportation – (continued)
Canadian Pacific Kansas City Ltd.		14,227	$	1,120,286
Central Japan Railway Co.		2,900		358,760
ComfortDelGro Corp. Ltd.		18,400		16,412
East Japan Railway Co.(a)		5,500		315,221
Firstgroup plc		31,646		44,708
Fukuyama Transporting Co. Ltd.		13,300		353,586
Hankyu Hanshin Holdings, Inc.		4,300		133,738
Keikyu Corp.		5,700		55,257
Keio Corp.(a)		1,800		66,625
Keisei Electric Railway Co. Ltd.		2,900		102,122
Kelsian Group Ltd.(a)		14,850		59,863
Kintetsu Group Holdings Co. Ltd.		2,200		74,160
Kyushu Railway Co.(a)		2,100		47,578
MTR Corp. Ltd.		25,264		126,000
Mullen Group Ltd.		30,709		339,853
Nagoya Railroad Co. Ltd.		4,400		70,767
Nankai Electric Railway Co. Ltd.		3,000		69,842
National Express Group plc		29,395		44,853
Nikkon Holdings Co. Ltd.		23,100		445,154
Nishi-Nippon Railroad Co. Ltd.		1,100		20,099
NTG Nordic Transport Group A/S* (a)		792		42,056
Odakyu Electric Railway Co. Ltd.		4,600		64,119
Redde Northgate plc		85,649		404,772
Seibu Holdings, Inc.		6,700		74,742
Seino Holdings Co. Ltd.		3,100		34,286
Sixt SE		308		38,186
Sixt SE (Preference)		298		23,720
Stef SA		1,230		142,853
TFI International, Inc.		1,271		136,837
Tobu Railway Co. Ltd.		4,000		101,788
Tokyu Corp.		8,300		116,913
West Japan Railway Co.		4,100		177,381
				6,424,505
Health Care Equipment & Supplies – 1.3%
Advanced Medical Solutions Group plc		10,648		32,790
Alcon, Inc.		7,790		567,325
Ambu A/S, Class B* (a)		3,172		50,366
Ansell Ltd.		2,200		38,906

Investments	Shares		Value
Health Care Equipment & Supplies – (continued)
Arjo AB, Class B		11,562	$	51,130
Asahi Intecc Co. Ltd.		3,200		57,436
BioMerieux		825		86,435
Carl Zeiss Meditec AG		715		96,144
Cellavision AB		1,320		22,521
Cochlear Ltd.		990		161,362
Coloplast A/S, Class B		1,845		265,902
ConvaTec Group plc(a) (b)		26,224		72,448
Demant A/S*		1,980		84,874
DiaSorin SpA		293		31,856
Eckert & Ziegler Strahlen- und Medizintechnik AG		820		42,367
Eiken Chemical Co. Ltd.		1,600		18,531
El.En. SpA		2,684		34,669
Elekta AB, Class B		6,069		50,920
EssilorLuxottica SA		2,578		507,006
EssilorLuxottica SA		2,055		407,008
Fisher & Paykel Healthcare Corp. Ltd.		10,109		172,829
Fukuda Denshi Co. Ltd.		8,200		251,724
Getinge AB, Class B		2,980		75,508
Hogy Medical Co. Ltd.		1,200		29,964
Hoya Corp.		5,100		532,229
Japan Lifeline Co. Ltd.		3,000		20,512
Jeol Ltd.		1,100		31,829
Koninklijke Philips NV(a)		19,680		414,676
Medacta Group SA(b)		336		45,225
Medistim ASA		1,188		29,225
Menicon Co. Ltd.		1,900		40,117
Nagaileben Co. Ltd.		1,500		23,233
Nanosonics Ltd.* (a)		16,777		63,196
Nihon Kohden Corp.		2,300		63,511
Nipro Corp.		1,000		7,506
Olympus Corp.		20,500		356,433
Paramount Bed Holdings Co. Ltd.		1,600		28,236
PolyNovo Ltd.* (a)		32,604		35,121
Revenio Group OYJ		1,457		54,851
Riverstone Holdings Ltd.		217,300		98,540
Siemens Healthineers AG(b)		4,715		293,687
Smith & Nephew plc		14,391		237,767
Sonova Holding AG (Registered)		785		248,540
STRATEC SE		308		21,184
Straumann Holding AG (Registered)		1,826		274,192

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)
Health Care Equipment & Supplies – (continued)
Surgical Science Sweden AB*		1,584	$	28,893
Sysmex Corp.		2,700		172,630
Terumo Corp.		12,200		363,406
Xvivo Perfusion AB*		1,892		56,443
Ypsomed Holding AG (Registered)		204		47,559
				6,798,762
Health Care Providers & Services – 0.6%
Alfresa Holdings Corp.		5,500		79,371
Amplifon SpA		2,112		77,597
Arvida Group Ltd.(a)		264,737		170,055
As One Corp.		800		33,724
BML, Inc.(a)		8,200		183,373
Chartwell Retirement Residences(a)		5,472		35,746
China Evergrande New Energy Vehicle Group Ltd.* ‡		40,000		—
CVS Group plc		4,356		116,071
dentalcorp Holdings Ltd.* (a)		6,768		44,262
EBOS Group Ltd.		2,066		56,530
Fagron		3,775		70,266
Fresenius Medical Care AG & Co. KGaA		4,182		203,329
Fresenius SE & Co. KGaA		9,061		262,288
Galenica AG(b)		792		71,142
H.U. Group Holdings, Inc.		20,500		413,568
Healius Ltd.(a)		27,347		54,036
Korian SA(a)		25,420		220,440
Mediclinic International plc		7,011		43,955
Medicover AB, Class B		3,403		56,101
Medipal Holdings Corp.		5,100		77,718
Mediterranean Towers Ltd.		30,668		57,441
NMC Health plc*		2,074		8
Oceania Healthcare Ltd.(a)		256,373		109,261
Raffles Medical Group Ltd.		4,124		4,544
Ramsay Health Care Ltd.		2,952		126,160
Ryman Healthcare Ltd.(a)		11,375		37,237
Ship Healthcare Holdings, Inc.		1,900		33,391
Solasto Corp.		4,400		20,390
Sonic Healthcare Ltd.		7,462		174,764
Spire Healthcare Group plc* (b)		14,036		40,312

Investments	Shares		Value
Health Care Providers & Services – (continued)
Summerset Group Holdings Ltd.		6,801	$	34,193
Suzuken Co. Ltd.		1,880		53,294
Terveystalo OYJ(a) (b)		27,183		237,979
Toho Holdings Co. Ltd.		4,200		83,590
Uniphar plc(a)		15,050		50,344
				3,332,480
Health Care REITs – 0.1%
Aedifica SA, REIT		704		58,874
Assura plc, REIT		171,872		109,957
Cofinimmo SA, REIT		526		50,318
NorthWest Healthcare Properties REIT, REIT		4,268		25,646
Parkway Life REIT, REIT		12,500		36,353
Primary Health Properties plc, REIT		79,089		105,869
Vital Healthcare Property Trust, REIT(a)		29,416		42,333
				429,350
Health Care Technology – 0.1%
CompuGroup Medical SE & Co. KGaA		1,599		87,876
Craneware plc		1,936		32,850
EMIS Group plc		3,630		74,461
M3, Inc.		6,500		158,484
Medley, Inc.*		1,000		25,961
Pro Medicus Ltd.(a)		1,100		44,663
Sectra AB, Class B*		2,948		46,474
				470,769
Hotel & Resort REITs – 0.1%
CapitaLand Ascott Trust, REIT		32,566		26,362
CDL Hospitality Trusts, REIT		38,294		36,166
Far East Hospitality Trust, REIT		53,976		25,084
Frasers Hospitality Trust, REIT		39,200		14,103
Hoshino Resorts REIT, Inc., REIT(a)		16		83,193
Invincible Investment Corp., REIT		121		52,162
Japan Hotel REIT Investment Corp., REIT		77		43,430
				280,500

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)
Hotels, Restaurants & Leisure – 1.6%
Accor SA*		2,133	$	75,637
Amadeus IT Group SA*		6,765		476,046
AmRest Holdings SE*		6,191		27,990
Arcland Service Holdings Co. Ltd.(a)		1,400		29,354
Aristocrat Leisure Ltd.		10,373		259,873
Atom Corp.*		5,800		35,695
Autogrill SpA*		902		6,612
Basic-Fit NV* (a) (b)		2,632		111,638
Betsson AB, Class B*		42,886		462,841
Cafe de Coral Holdings Ltd.		4,000		5,585
Carnival plc* (a)		8,733		71,830
Collins Foods Ltd.(a)		6,204		35,423
Colowide Co. Ltd.		3,500		53,413
Compass Group plc		27,142		715,387
Corporate Travel Management Ltd.		3,366		46,535
Create Restaurants Holdings, Inc.		4,400		31,991
Dalata Hotel Group plc* (a)		8,159		41,029
Deliveroo plc* (b)		60,106		82,649
Delivery Hero SE* (b)		3,485		139,008
Demae-Can Co. Ltd.* (a)		8,800		24,365
Domino’s Pizza Enterprises Ltd.(a)		1,398		46,581
Domino’s Pizza Group plc(a)		24,948		92,253
Entain plc		9,553		173,383
Evolution AB(a) (b)		3,034		403,873
Flight Centre Travel Group Ltd.* (a)		4,576		59,483
Flutter Entertainment plc*		2,333		466,598
Food & Life Cos. Ltd.		2,000		47,957
Fuji Kyuko Co. Ltd.(a)		1,000		38,262
Galaxy Entertainment Group Ltd.*		36,000		254,526
Genting Singapore Ltd.		104,400		88,425
Greggs plc		1,558		55,183
Heiwa Corp.		2,450		48,311
HIS Co. Ltd.* (a)		4,400		66,017
Hongkong & Shanghai Hotels Ltd. (The)*		25,000		24,491
Ichibanya Co. Ltd.		1,000		39,658
Imperial Hotel Ltd.(a)		2,700		39,301

Investments	Shares		Value
Hotels, Restaurants & Leisure – (continued)
InterContinental Hotels Group plc		2,911	$	199,772
J D Wetherspoon plc*		6,583		58,995
Jumbo Interactive Ltd.		3,476		30,023
Just Eat Takeaway.com NV* (a) (b)		3,403		59,582
Kindred Group plc, SDR		5,043		61,850
KOMEDA Holdings Co. Ltd.		1,200		22,587
Kura Sushi, Inc.(a)		1,400		33,415
Kyoritsu Maintenance Co. Ltd.		1,100		44,270
La Francaise des Jeux SAEM(b)		1,897		81,133
Lottery Corp. Ltd. (The)		32,062		106,788
Mandarin Oriental International Ltd.*		8,000		14,560
McDonald’s Holdings Co. Japan Ltd.(a)		1,100		45,805
Melco International Development Ltd.*		62,000		71,558
Melia Hotels International SA*		9,988		64,672
MGM China Holdings Ltd.*		65,200		88,540
Mitchells & Butlers plc*		22,924		50,452
MOS Food Services, Inc.		2,100		48,195
MTY Food Group, Inc.		1,452		62,970
NagaCorp Ltd.* (a)		40,000		32,306
Ohsho Food Service Corp.		704		32,004
Oriental Land Co. Ltd.		18,000		634,392
Playtech plc*		16,601		120,396
Restaurant Brands International, Inc.		4,469		312,959
Restaurant Brands New Zealand Ltd.(a)		1,154		5,296
Round One Corp.		82,000		351,691
Royal Holdings Co. Ltd.		1,600		33,783
Saizeriya Co. Ltd.		1,800		45,078
Sands China Ltd.*		40,400		143,332
Scandic Hotels Group AB* (a) (b)		9,870		35,199
Shangri-La Asia Ltd.*		32,000		29,473
SJM Holdings Ltd.* (a)		76,000		39,308
SkiStar AB		2,828		36,366
Skylark Holdings Co. Ltd.*		3,700		49,563
Societe des Bains de Mer et du Cercle des Etrangers a Monaco		451		48,695

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)
Hotels, Restaurants & Leisure – (continued)
Sodexo SA		1,394	$	149,588
SSP Group plc*		43,337		140,424
Star Entertainment Grp Ltd. (The)* (a)		18,272		15,335
Tabcorp Holdings Ltd.		125,870		87,340
Tokyotokeiba Co. Ltd.		1,200		37,719
Toridoll Holdings Corp.(a)		1,100		23,371
Trainline plc* (a) (b)		33,203		104,082
TUI AG*		10,307		65,733
Webjet Ltd.* (a)		20,377		99,649
Whitbread plc		2,508		102,355
Wynn Macau Ltd.*		12,800		13,746
Yoshinoya Holdings Co. Ltd.(a)		4,900		90,396
Zensho Holdings Co. Ltd.		1,800		57,041
				8,758,990
Household Durables – 1.5%
Ariston Holding NV		5,411		61,768
Azorim-Investment Development & Construction Co. Ltd.* (a)		26,773		63,722
Barratt Developments plc		22,673		142,488
Bellway plc		2,640		80,035
Berkeley Group Holdings plc		2,068		115,589
Breville Group Ltd.(a)		2,420		32,865
Cairn Homes plc(a)		250,715		285,502
Casio Computer Co. Ltd.		3,600		34,053
Chervon Holdings Ltd.		28,700		145,513
Danya Cebus Ltd.		2,870		55,807
De’ Longhi SpA		1,012		23,529
Dom Development SA		2,244		73,547
Duniec Brothers Ltd.* (a)		984		43,566
Electra Consumer Products 1970 Ltd.(a)		656		15,379
Electrolux AB, Class B(a)		3,198		48,186
Fiskars OYJ Abp(a)		574		9,924
Fujitsu General Ltd.		2,100		53,901
Glenveagh Properties plc* (b)		34,100		35,613
GN Store Nord A/S* (a)		2,064		55,029
Haseko Corp.		3,500		42,592
Iida Group Holdings Co. Ltd.		5,400		95,575
JM AB(a)		17,138		274,515

Investments	Shares		Value
Household Durables – (continued)
JS Global Lifestyle Co. Ltd.(b)		22,000	$	19,422
Ki-Star Real Estate Co. Ltd.(a)		3,300		98,759
Man Wah Holdings Ltd.		52,000		43,588
Nagawa Co. Ltd.(a)		500		23,244
Nikon Corp.		5,800		59,463
Open House Group Co. Ltd.		1,800		71,516
Panasonic Holdings Corp.		49,200		460,149
Persimmon plc		6,929		114,437
Pressance Corp.		8,400		120,604
Redrow plc		105,411		685,641
Rinnai Corp.		1,800		43,359
Sangetsu Corp.		2,256		37,494
SEB SA		616		70,591
Sekisui Chemical Co. Ltd.		10,500		148,827
Sekisui House Ltd.		16,000		327,838
Sharp Corp.* (a)		6,200		43,985
Sony Group Corp.		19,200		1,809,099
Sumitomo Forestry Co. Ltd.		3,300		70,888
Tama Home Co. Ltd.(a)		4,400		120,046
Taylor Wimpey plc		81,549		131,404
Token Corp.(a)		2,600		150,655
Victoria plc* (a)		5,192		34,000
Videndum plc		2,376		23,443
Vistry Group plc(a)		127,059		1,249,656
YIT OYJ(a)		63,747		165,244
Zojirushi Corp.(a)		5,400		70,472
				7,982,522
Household Products – 0.4%
Earth Corp.		600		21,922
Essity AB, Class A		616		18,677
Essity AB, Class B		8,938		270,739
Henkel AG & Co. KGaA		1,650		122,047
Henkel AG & Co. KGaA (Preference)		2,870		232,186
Lion Corp.		2,700		29,386
Pigeon Corp.		2,400		37,226
Reckitt Benckiser Group plc		11,234		907,917
Sano-Brunos Enterprises Ltd.(a)		308		16,863
Unicharm Corp.		8,200		329,771
				1,986,734

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)
Independent Power and Renewable Electricity Producers – 0.3%
Boralex, Inc., Class A		2,081	$	60,606
Brookfield Renewable Corp.		2,068		69,025
Capital Power Corp.(a)		1,845		60,072
Corp. ACCIONA Energias Renovables SA* (a)		1,276		45,867
Doral Group Renewable Energy Resources Ltd.* (a)		2,244		4,793
Drax Group plc		9,389		74,299
EDP Renovaveis SA*		3,895		86,690
Electric Power Development Co. Ltd.		3,100		49,472
Encavis AG		2,296		39,733
Enlight Renewable Energy Ltd.*		1,428		23,396
eRex Co. Ltd.		2,700		34,383
ERG SpA		704		21,296
Greenvolt-Energias Renovaveis SA*		4,875		33,180
Grenergy Renovables SA* (a)		861		25,265
Innergex Renewable Energy, Inc.		2,404		24,637
Meridian Energy Ltd.		20,828		70,240
Neoen SA(b)		1,507		45,253
Northland Power, Inc.		3,566		87,448
Orron Energy ab*		67,199		78,223
RENOVA, Inc.*		1,000		14,086
RWE AG*		10,578		496,904
Scatec ASA(b)		988		6,423
Solaria Energia y Medio Ambiente SA*		4,811		76,005
TransAlta Corp.(a)		3,906		34,789
Uniper SE		28,946		122,712
Voltalia SA (Registered)* (a)		2,112		32,130
				1,716,927
Industrial Conglomerates – 1.1%
Aker ASA, Class A(a)		264		16,051
Arad Investment & Industrial Development Ltd.(a)		943		99,838
Bonheur ASA		336		7,480
Brookfield Business Corp., Class A(a)		9,922		182,083
CK Hutchison Holdings Ltd.		61,356		410,348

Investments	Shares		Value
Industrial Conglomerates – (continued)
DCC plc		2,132	$	132,485
Hikari Tsushin, Inc.		400		54,287
Hitachi Ltd.		20,500		1,126,886
Investment AB Latour, Class B		2,024		43,707
Italmobiliare SpA		1,024		28,941
Jardine Cycle & Carriage Ltd.		3,600		91,420
Jardine Matheson Holdings Ltd.		5,800		279,560
Keihan Holdings Co. Ltd.		2,500		68,575
Keppel Corp. Ltd.		20,500		94,806
Lifco AB, Class B		4,576		104,170
Nisshinbo Holdings, Inc.		56,700		433,896
Nolato AB, Class B		11,029		61,074
Noritsu Koki Co. Ltd.		9,100		148,698
NWS Holdings Ltd.		44,000		38,059
Siemens AG (Registered)		11,521		1,893,886
Smiths Group plc		5,370		113,460
Storskogen Group AB, Class B(a)		558,871		507,695
TOKAI Holdings Corp.(a)		6,895		44,712
Toshiba Corp.		5,700		184,188
				6,166,305
Industrial REITs – 0.4%
Advance Logistics Investment Corp., REIT		44		44,561
AIMS APAC REIT, REIT		53,300		54,732
ARGAN SA, REIT		991		77,460
CapitaLand Ascendas REIT, REIT		60,035		128,696
Centuria Industrial REIT, REIT(a)		20,824		42,936
CRE Logistics REIT, Inc., REIT		44		60,524
Dexus Industria REIT, REIT		18,568		34,235
Dream Industrial REIT, REIT(a)		7,093		77,608
Frasers Logistics & Commercial Trust, REIT(b)		43,839		44,360
GLP J-REIT, REIT(a)		74		84,508
Goodman Group, REIT		25,707		328,047
Goodman Property Trust, REIT		19,085		25,757
Granite REIT, REIT		484		30,069
Industrial & Infrastructure Fund Investment Corp., REIT(a)		44		50,345
Japan Logistics Fund, Inc., REIT		19		45,070
LaSalle Logiport REIT, REIT		44		52,219
LondonMetric Property plc, REIT		19,734		47,772

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)
Industrial REITs – (continued)
Mapletree Industrial Trust, REIT		35,086	$	62,590
Mapletree Logistics Trust, REIT		61,515		80,228
Mitsubishi Estate Logistics REIT Investment Corp., REIT(a)		15		45,992
Mitsui Fudosan Logistics Park, Inc., REIT		9		33,775
Montea NV, REIT		651		57,065
Nippon Prologis REIT, Inc., REIT		41		93,192
Property for Industry Ltd., REIT		26,697		37,926
Segro plc, REIT		17,794		186,705
SOSiLA Logistics REIT, Inc., REIT		41		40,709
Tritax Big Box REIT plc, REIT		33,836		65,962
Urban Logistics REIT plc, REIT		29,257		51,997
Warehouses De Pauw CVA, REIT		2,992		89,582
				2,074,622
Insurance – 4.4%
Admiral Group plc		4,387		127,429
Aegon NV		31,078		141,461
Ageas SA/NV		4,346		193,791
AIA Group Ltd.		179,200		1,939,265
Allianz SE (Registered)		8,815		2,213,489
Alm Brand A/S		57,708		106,761
ASR Nederland NV		3,374		148,400
Assicurazioni Generali SpA		26,117		544,370
AUB Group Ltd.(a)		5,876		106,670
Aviva plc		60,639		322,399
AXA SA		43,378		1,416,087
Baloise Holding AG (Registered)		984		164,838
Beazley plc		10,373		77,640
Clal Insurance Enterprises Holdings Ltd.* (a)		1,230		18,769
Coface SA		38,253		585,326
Conduit Holdings Ltd.(a)		58,630		357,038
Dai-ichi Life Holdings, Inc.		24,700		456,124
Definity Financial Corp.		1,025		27,773
Direct Line Insurance Group plc		33,036		71,274
Fairfax Financial Holdings Ltd.		533		372,074
Gjensidige Forsikring ASA		2,860		49,570
Great Eastern Holdings Ltd.		2,400		30,635
Great-West Lifeco, Inc.(a)		5,912		167,906
Grupo Catalana Occidente SA		704		22,772

Investments	Shares		Value
Insurance – (continued)
Hannover Rueck SE		1,312	$	280,420
Harel Insurance Investments & Financial Services Ltd.		3,957		35,180
Helvetia Holding AG (Registered)		880		131,597
Hiscox Ltd.		5,060		75,174
iA Financial Corp., Inc.		2,378		159,392
IDI Insurance Co. Ltd.		3,036		78,228
Insurance Australia Group Ltd.		40,754		134,123
Intact Financial Corp.(a)		2,788		421,273
Japan Post Holdings Co. Ltd.		53,300		437,626
Japan Post Insurance Co. Ltd.		4,400		71,058
Just Group plc		366,950		407,257
Lancashire Holdings Ltd.		89,257		687,146
Legal & General Group plc		128,002		376,633
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		40,084		37,084
Manulife Financial Corp.		40,836		805,399
Mapfre SA		22,440		45,014
Medibank Pvt Ltd.		48,899		115,041
Menora Mivtachim Holdings Ltd.(a)		492		10,262
Migdal Insurance & Financial Holdings Ltd.* (a)		26,952		28,831
MS&AD Insurance Group Holdings, Inc.		9,600		313,385
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)*		3,116		1,171,342
nib holdings Ltd.		11,260		57,446
NN Group NV		7,184		267,834
Phoenix Group Holdings plc		19,311		143,642
Phoenix Holdings Ltd. (The)(a)		5,085		54,046
Poste Italiane SpA(b)		11,425		118,892
Power Corp. of Canada(a)		12,063		322,765
Powszechny Zaklad Ubezpieczen SA		12,439		114,812
Protector Forsikring ASA		4,092		59,326
Prudential plc		59,942		912,757
PSC Insurance Group Ltd.		14,212		43,955
QBE Insurance Group Ltd.(a)		30,996		314,015
Sampo OYJ, Class A		7,708		391,103
SCOR SE		3,124		80,773

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)
Insurance – (continued)
Sompo Holdings, Inc.		8,200	$	340,430
Steadfast Group Ltd.		17,908		70,179
Storebrand ASA		12,259		94,072
Sun Life Financial, Inc.		12,546		614,766
Suncorp Group Ltd.		27,306		225,204
Swiss Life Holding AG (Registered)*		656		432,493
Swiss Re AG		6,273		632,339
T&D Holdings, Inc.		8,200		99,606
Talanx AG		968		48,689
Tokio Marine Holdings, Inc.		45,100		900,907
Topdanmark A/S		880		46,455
Trisura Group Ltd.*		3,061		70,663
Tryg A/S		5,002		118,173
Unipol Gruppo SpA		6,080		34,206
UnipolSai Assicurazioni SpA(a)		11,528		31,028
Wuestenrot & Wuerttembergische AG		8,323		151,612
Zurich Insurance Group AG		3,321		1,611,154
				23,886,668
Interactive Media & Services – 0.2%
Adevinta ASA*		6,732		51,634
Auto Trader Group plc(b)		14,842		118,571
Baltic Classifieds Group plc		16,280		33,231
Better Collective A/S*		2,464		52,128
carsales.com Ltd.		6,842		107,432
Domain Holdings Australia Ltd.(a)		12,956		28,511
Hemnet Group AB		2,993		49,021
Infocom Corp.		1,600		26,462
Kakaku.com, Inc.		1,600		21,891
Karnov Group AB*		5,418		29,316
Moneysupermarket.com Group plc		29,179		100,490
New Work SE		159		28,963
REA Group Ltd.		1,056		98,321
Rightmove plc		13,244		95,583
Scout24 SE(b)		1,232		76,847
SEEK Ltd.		5,397		87,097
Wirtualna Polska Holding SA(b)		1,936		54,121
Z Holdings Corp.		39,500		107,507
				1,167,126

Investments	Shares		Value
IT Services – 1.2%
Addnode Group AB		9,676	$	122,728
Adesso SE		220		32,935
Alten SA		616		104,730
Atea ASA*		2,420		33,139
Atos SE* (a)		40,590		561,710
Bechtle AG		1,364		63,321
BIPROGY, Inc.		1,100		26,416
Bouvet ASA		5,764		36,068
CANCOM SE		1,981		71,209
Capgemini SE		2,378		432,914
CGI, Inc.*		3,239		328,390
Change Holdings, Inc.		3,500		58,888
Computacenter plc		1,092		31,513
Comture Corp.		2,300		33,749
Converge Technology Solutions Corp.*		11,792		28,691
Data#3 Ltd.		12,760		64,002
Digital Garage, Inc.		1,300		45,636
DTS Corp.		2,100		49,583
Econocom Group SA/NV		35,152		120,886
FDM Group Holdings plc		5,818		49,214
Formula Systems 1985 Ltd.		389		24,465
Fujitsu Ltd.		2,600		344,846
Future Corp.		3,400		43,173
GFT Technologies SE		924		36,458
GMO internet group, Inc.		1,200		23,989
Indra Sistemas SA(a)		46,740		619,211
Itochu Techno-Solutions Corp.(a)		2,400		61,954
Kainos Group plc		4,469		69,652
Keywords Studios plc(a)		4,346		147,487
KNOW IT AB		1,144		26,489
Kontron AG		3,168		61,311
Matrix IT Ltd.		924		16,488
Megaport Ltd.* (a)		10,561		39,293
NCC Group plc		23,672		31,955
NEC Corp.		3,300		126,266
NEC Networks & System Integration Corp.		2,400		29,787
NET One Systems Co. Ltd.		2,300		53,968
Netcompany Group A/S* (b)		1,886		72,855
NEXTDC Ltd.* (a)		10,736		81,449
Nomura Research Institute Ltd.		6,445		161,876
NS Solutions Corp.		800		21,680

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)
IT Services – (continued)
NTT Data Corp.		9,800	$	132,356
Obic Co. Ltd.		700		107,495
One Software Technologies Ltd.(a)		3,388		36,196
Otsuka Corp.		2,500		90,607
Reply SpA		484		56,372
SCSK Corp.		2,700		40,610
SHIFT, Inc.*		300		55,411
Shopify, Inc., Class A*		18,532		896,882
Societe pour l’Informatique Industrielle		656		36,646
Softcat plc		2,288		38,449
Sopra Steria Group SACA		396		85,688
SUNeVision Holdings Ltd.		90,000		51,020
TechMatrix Corp.		3,300		39,164
TietoEVRY OYJ		2,254		72,064
TIS, Inc.		4,600		125,671
				6,255,005
Leisure Products – 0.2%
Bandai Namco Holdings, Inc.		8,700		196,663
Beneteau SA		13,817		222,403
BRP, Inc.		926		69,107
Games Workshop Group plc		684		85,284
MIPS AB(a) (b)		1,517		81,727
Sanlorenzo SpA		984		44,159
Sega Sammy Holdings, Inc.		2,600		48,423
Shimano, Inc.		1,100		169,809
Snow Peak, Inc.(a)		1,600		24,124
Spin Master Corp.(b)		1,936		55,027
Technogym SpA(b)		4,905		44,756
Thule Group AB(a) (b)		2,024		58,349
Tomy Co. Ltd.(a)		4,600		51,788
Universal Entertainment Corp.*		300		6,286
Yamaha Corp.		2,800		109,602
Yonex Co. Ltd.		5,600		66,543
				1,334,050
Life Sciences Tools & Services – 0.4%
AddLife AB, Class B		6,847		80,904
Bachem Holding AG, Class B		686		74,839

Investments	Shares		Value
Life Sciences Tools & Services – (continued)
Biotage AB		3,690	$	45,832
Chemometec A/S*		902		52,079
Ergomed plc*		2,420		32,546
Eurofins Scientific SE(a)		2,050		143,170
Evotec SE*		3,042		55,833
Gerresheimer AG		1,506		164,101
Lonza Group AG (Registered)		1,148		714,300
Oxford Nanopore Technologies plc*		14,008		40,460
QIAGEN NV*		3,549		158,722
Sartorius AG (Preference)		410		159,148
Sartorius Stedim Biotech		410		109,765
Siegfried Holding AG (Registered)*		88		67,875
SKAN Group AG		451		43,679
Tecan Group AG (Registered)		220		95,855
Wuxi Biologics Cayman, Inc.* (b)		57,500		340,243
				2,379,351
Machinery – 3.5%
Aalberts NV		1,454		67,066
Alfa Laval AB(a)		4,920		180,113
Alstom SA		6,601		165,718
Amada Co. Ltd.		7,200		66,837
ANDRITZ AG		1,517		98,560
Atlas Copco AB, Class A(a)		36,941		533,375
Atlas Copco AB, Class B		25,871		331,167
ATS Corp.*		1,476		63,206
AutoStore Holdings Ltd.* (a) (b)		15,006		32,044
Beijer Alma AB		2,304		52,337
Bodycote plc		11,283		97,924
Bucher Industries AG (Registered)		82		36,926
Burckhardt Compression Holding AG		132		81,568
Bystronic AG		55		39,857
Cargotec OYJ, Class B		684		37,795
CKD Corp.		23,000		347,960
CNH Industrial NV		21,525		302,867
Concentric AB		2,420		50,843
Construcciones y Auxiliar de Ferrocarriles SA		6,273		194,950

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)
Machinery – (continued)
Daetwyler Holding AG		176	$	44,591
Daifuku Co. Ltd.		6,900		126,178
Daimler Truck Holding AG*		11,726		387,588
Danieli & C Officine Meccaniche SpA(a)		4,305		112,164
Danieli & C Officine Meccaniche SpA (Retirement Savings Plan)		13,899		284,794
DMG Mori Co. Ltd.		2,100		33,467
Duerr AG		3,321		115,124
Ebara Corp.		1,100		47,744
Electrolux Professional AB, Class B		13,038		75,885
Epiroc AB, Class A		9,440		188,667
Epiroc AB, Class B		7,339		125,998
FANUC Corp.		15,500		522,377
Fincantieri SpA* (a)		198,567		121,228
FLSmidth & Co. A/S(a)		2,870		113,247
Fluidra SA		912		15,636
Fuji Corp.		1,000		16,686
Fujitec Co. Ltd.(a)		2,400		63,629
GEA Group AG		3,034		142,489
Georg Fischer AG (Registered)		1,554		113,051
Giken Ltd.		1,200		18,780
Glory Ltd.		4,200		88,957
Harmonic Drive Systems, Inc.		1,500		45,551
Hino Motors Ltd.*		10,300		40,318
Hitachi Construction Machinery Co. Ltd.		2,800		68,476
Hitachi Zosen Corp.		12,400		76,495
Hoshizaki Corp.		2,400		84,251
Husqvarna AB, Class B		7,480		64,392
IHI Corp.		2,500		62,516
IMI plc		3,784		75,860
Indutrade AB		5,016		120,152
Interpump Group SpA		1,584		88,276
Interroll Holding AG (Registered)		41		149,941
Iveco Group NV*		71,832		646,316
Japan Steel Works Ltd. (The)(a)		900		16,240
Jungheinrich AG (Preference)		3,036		117,445
Kardex Holding AG (Registered)		264		60,064
Kawasaki Heavy Industries Ltd.		2,800		60,415

Investments	Shares		Value
Machinery – (continued)
KION Group AG		1,419	$	58,621
Komatsu Ltd.		20,100		493,625
Komax Holding AG (Registered)		258		68,265
Kone OYJ, Class B		6,314		360,383
Konecranes OYJ		1,394		54,587
Krones AG		246		32,264
Kubota Corp.		20,500		308,332
Kurita Water Industries Ltd.(a)		2,500		104,102
Makino Milling Machine Co. Ltd.		8,200		298,094
Makita Corp.		4,600		129,049
Manitou BF SA		4,059		100,377
Max Co. Ltd.		2,800		44,499
Meidensha Corp.(a)		15,800		213,390
Metso Outotec OYJ(a)		12,669		139,866
MINEBEA MITSUMI, Inc.		7,311		134,231
MISUMI Group, Inc.		3,900		97,668
Mitsubishi Heavy Industries Ltd.		8,200		308,753
Mitsubishi Logisnext Co. Ltd.		4,300		31,106
Mitsuboshi Belting Ltd.		1,300		37,091
Miura Co. Ltd.		2,100		55,675
Morgan Advanced Materials plc		100,409		386,815
Nabtesco Corp.		2,900		69,430
Nachi-Fujikoshi Corp.		8,200		230,647
NGK Insulators Ltd.		7,900		98,630
Nitta Corp.		8,200		185,782
Noritake Co. Ltd.		4,100		140,315
NSK Ltd.		9,600		53,864
NTN Corp.		184,500		451,206
OC Oerlikon Corp. AG (Registered)(a)		73,062		408,632
OKUMA Corp.		10,200		450,204
Organo Corp.		8,200		196,923
OSG Corp.		1,600		22,361
Palfinger AG		787		25,935
Pfeiffer Vacuum Technology AG		220		36,675
Rational AG		55		39,772
Rotork plc		13,640		56,061
Sandvik AB(a)		16,810		341,698
Schindler Holding AG		658		146,896
Schindler Holding AG (Registered)		343		73,182
Sembcorp Marine Ltd.*		649,543		60,370

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)
Machinery – (continued)
SFS Group AG		220	$	28,722
Shibaura Machine Co. Ltd.		8,200		189,696
Skellerup Holdings Ltd.(a)		10,736		32,360
SKF AB, Class A(a)		1,408		25,395
SKF AB, Class B		7,626		137,766
SMC Corp.		900		447,802
Spirax-Sarco Engineering plc		1,148		160,020
Stabilus SE		1,516		99,081
Stadler Rail AG		1,056		43,994
Sulzer AG (Registered)		943		78,932
Sumitomo Heavy Industries Ltd.		3,300		79,249
Tadano Ltd.(a)		8,900		69,153
Takeuchi Manufacturing Co. Ltd.(a)		12,300		335,130
Takuma Co. Ltd.		28,900		300,535
Techtronic Industries Co. Ltd.		26,500		284,921
THK Co. Ltd.(a)		1,700		37,829
Tocalo Co. Ltd.		3,800		35,442
TOMRA Systems ASA(a)		3,872		59,034
Toyota Industries Corp.		4,100		236,368
Trelleborg AB, Class B		4,682		117,492
Troax Group AB		1,806		40,884
Tsubakimoto Chain Co.		10,400		256,248
Union Tool Co.		500		11,916
Valmet OYJ(a)		3,228		109,121
VAT Group AG(a) (b)		451		158,753
Vesuvius plc		78,597		400,489
Volvo AB, Class A		3,212		67,952
Volvo AB, Class B		34,850		716,213
Wacker Neuson SE		10,537		257,086
Wartsila OYJ Abp		5,720		66,306
Weir Group plc (The)		3,920		90,658
Yaskawa Electric Corp.		4,100		165,909
				19,001,933
Marine Transportation – 0.8%
AP Moller – Maersk A/S, Class A		65		116,015
AP Moller – Maersk A/S, Class B		123		222,177
Clarkson plc		1,408		54,861
D/S Norden A/S(a)		9,307		585,056

Investments	Shares		Value
Marine Transportation – (continued)
Dfds A/S		11,726	$	471,729
Golden Ocean Group Ltd.(a)		4,796		43,989
Gram Car Carriers ASA(a)		4,879		81,506
Hoegh Autoliners ASA		16,728		108,118
Iino Kaiun Kaisha Ltd.		36,900		275,602
Irish Continental Group plc		7,708		39,825
Kawasaki Kisen Kaisha Ltd.(a)		6,000		142,107
Kuehne + Nagel International AG (Registered)(a)		820		243,130
Mitsui OSK Lines Ltd.(a)		9,300		229,486
MPC Container Ships ASA(a)		117,342		192,074
Nippon Yusen KK(a)		12,300		289,332
NS United Kaiun Kaisha Ltd.(a)		4,100		119,539
Odfjell SE, Class A		12,054		112,297
Pacific Basin Shipping Ltd.(a)		1,845,000		639,295
SITC International Holdings Co. Ltd.		24,000		44,210
Stolt-Nielsen Ltd.		1,435		41,274
Wallenius Wilhelmsen ASA		2,952		21,979
Wilh Wilhelmsen Holding ASA, Class A		4,368		114,194
Wilh Wilhelmsen Holding ASA, Class B		2,747		67,833
				4,255,628
Media – 1.2%
4imprint Group plc		1,517		85,993
Ascential plc*		26,292		84,334
Cogeco Communications, Inc.(a)		6,724		325,516
CyberAgent, Inc.		6,300		54,642
Cyfrowy Polsat SA		8,140		34,212
Dentsu Group, Inc.		3,800		136,048
Eutelsat Communications SA(a)		63,714		423,800
Future plc(a)		40,631		576,060
Hakuhodo DY Holdings, Inc.		4,700		55,055
Informa plc		19,680		178,741
IPSOS		14,268		774,362
ITV plc		82,500		83,764
JCDecaux SE*		968		21,459
Kadokawa Corp.		2,200		46,661
Mediaset Espana Comunicacion SA* (a)		18,450		61,473
Metropole Television SA		24,518		396,274

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)
Media – (continued)
MFE-MediaForEurope NV, Class A		268,550	$	127,130
MFE-MediaForEurope NV, Class B(a)		107,794		79,495
Next 15 Group plc		5,104		54,016
Nine Entertainment Co. Holdings Ltd.(a)		10,556		14,370
Nippon Television Holdings, Inc.		2,400		21,521
oOh!media Ltd.		47,520		51,659
ProSiebenSat.1 Media SE		63,427		568,590
Publicis Groupe SA		5,166		422,726
Quebecor, Inc., Class B(a)		2,728		70,337
RTL Group SA(a)		1,056		49,524
S4 Capital plc*		22,509		41,362
Schibsted ASA, Class A		1,144		20,203
Schibsted ASA, Class B		2,493		40,248
SES SA, ADR		5,964		36,971
Seven West Media Ltd.* (a)		391,386		99,579
SKY Perfect JSAT Holdings, Inc.		48,100		186,515
Stroeer SE & Co. KGaA		620		34,032
Telenet Group Holding NV		17,138		398,084
Television Francaise 1		35,383		285,549
TV Asahi Holdings Corp.		8,400		96,668
TX Group AG		205		23,908
ValueCommerce Co. Ltd.		1,400		13,490
Viaplay Group AB, Class B* (a)		1,188		30,252
Vivendi SE		11,795		129,618
WPP plc		22,796		265,664
YouGov plc		7,040		75,213
				6,575,118
Metals & Mining – 5.4%
Acerinox SA		4,674		50,548
Agnico Eagle Mines Ltd.		7,672		434,764
Alamos Gold, Inc., Class A		3,991		51,524
Algoma Steel Group, Inc.(a)		36,228		266,308
Alleima AB*		77,572		397,644
Allkem Ltd.*		8,316		67,321
Altius Minerals Corp.		1,599		25,052
Alumina Ltd.(a)		42,504		42,695

Investments	Shares		Value
Metals & Mining – (continued)
AMG Advanced Metallurgical Group NV		11,480	$	428,125
Anglo American plc		28,864		887,025
Antofagasta plc		5,371		98,596
Aperam SA		1,594		59,040
ArcelorMittal SA		13,046		370,296
Argosy Minerals Ltd.*		70,684		18,918
Asahi Holdings, Inc.		28,100		412,735
Aurubis AG		738		69,091
AVZ Minerals Ltd.* ‡ (a)		111,012		45,510
B2Gold Corp.		27,675		108,757
Barrick Gold Corp.		26,978		515,600
Bekaert SA		12,423		578,773
Bellevue Gold Ltd.* (a)		49,941		46,700
BHP Group Ltd.		111,397		3,268,582
BlueScope Steel Ltd.		10,209		134,055
Boliden AB(a)		5,863		209,318
Capricorn Metals Ltd.*		19,272		56,420
Capstone Copper Corp.* (a)		139,441		654,899
Centamin plc(a)		422,751		548,890
Centerra Gold, Inc.		17,010		114,880
Chalice Mining Ltd.* (a)		18,163		95,304
Champion Iron Ltd.(a)		6,468		27,655
Daido Steel Co. Ltd.(a)		13,100		501,237
De Grey Mining Ltd.*		86,240		92,042
Deterra Royalties Ltd.(a)		29,807		90,611
Dowa Holdings Co. Ltd.		1,100		35,787
Dundee Precious Metals, Inc.		69,618		510,214
Eldorado Gold Corp.*		7,175		79,193
Endeavour Mining plc		3,344		86,499
Equinox Gold Corp.*		14,247		70,694
Eramet SA(a)		3,813		370,861
ERO Copper Corp.*		4,268		83,957
Evolution Mining Ltd.		35,786		84,191
Falcon Metals Ltd.*		1		—	(d)
Ferrexpo plc		106,641		144,894
Filo Mining Corp.*		4,428		73,588
First Majestic Silver Corp.		3,432		24,216
First Quantum Minerals Ltd.(a)		9,143		221,918
Fortescue Metals Group Ltd.		37,802		523,112
Fortuna Silver Mines, Inc.* (a)		9,512		35,627
Franco-Nevada Corp.		2,958		448,356

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)
Metals & Mining – (continued)
Fresnillo plc		3,872	$	34,622
Glencore plc		263,958		1,555,996
Gold Road Resources Ltd.(a)		59,159		73,304
Grange Resources Ltd.		183,065		74,402
Granges AB(a)		39,073		387,787
Grupa Kety SA		308		42,086
Hill & Smith plc		5,236		90,556
Hudbay Minerals, Inc.		79,417		397,583
IAMGOLD Corp.*		25,911		74,124
IGO Ltd.(a)		10,332		93,884
Iluka Resources Ltd.		9,909		71,836
Imdex Ltd.		25,872		35,563
ioneer Ltd.* (a)		110,528		22,278
Ivanhoe Mines Ltd., Class A*		10,250		88,799
Jastrzebska Spolka Weglowa SA*		1,189		12,293
Jervois Global Ltd.* (a)		58,236		3,387
JFE Holdings, Inc.		12,300		144,711
K92 Mining, Inc.*		16,544		78,554
KGHM Polska Miedz SA		3,026		87,072
Kinross Gold Corp.		22,985		115,747
Kobe Steel Ltd.(a)		11,000		81,350
Labrador Iron Ore Royalty Corp.(a)		23,206		522,704
Lake Resources NL* (a)		76,296		21,176
Liontown Resources Ltd.* (a)		27,470		49,741
Lithium Americas Corp.* (a)		2,508		50,075
Lundin Gold, Inc.		6,342		80,333
Lundin Mining Corp.		12,726		97,113
Lynas Rare Earths Ltd.*		13,899		59,061
MAG Silver Corp.* (a)		4,656		60,487
Maruichi Steel Tube Ltd.		2,000		45,019
Mineral Resources Ltd.		2,952		143,737
Mitsubishi Materials Corp.		3,800		61,954
Mitsui Mining & Smelting Co. Ltd.(a)		20,500		486,285
Newcrest Mining Ltd.		14,350		274,254
Nickel Industries Ltd.(a)		729,800		458,174
Nippon Light Metal Holdings Co. Ltd.		24,600		256,722
Nippon Steel Corp.		20,215		429,494

Investments	Shares		Value
Metals & Mining – (continued)
Norsk Hydro ASA		29,930	$	218,979
Northern Star Resources Ltd.		17,556		156,161
Novagold Resources, Inc.* (a)		16,044		86,827
OceanaGold Corp.(a)		249,854		571,074
Orla Mining Ltd.*		10,780		48,642
OSAKA Titanium Technologies Co. Ltd.(a)		1,300		27,410
Osisko Gold Royalties Ltd.(a)		9,030		146,605
Osisko Mining, Inc.*		17,794		50,641
Outokumpu OYJ(a)		7,392		40,339
OZ Minerals Ltd.		5,248		91,906
Pan American Silver Corp.(a)		6,800		120,929
Perseus Mining Ltd.		37,802		55,709
Pilbara Minerals Ltd.(a)		35,307		98,930
Regis Resources Ltd.(a)		40,098		56,442
Rio Tinto Ltd.		8,159		605,238
Rio Tinto plc		23,370		1,483,081
Salzgitter AG		13,899		549,947
Sandfire Resources Ltd.*		160,146		688,969
Sandstorm Gold Ltd.		13,772		79,100
Sanyo Special Steel Co. Ltd.		8,600		151,139
Sayona Mining Ltd.* (a)		407,175		53,816
Seabridge Gold, Inc.*		5,588		78,239
Silver Lake Resources Ltd.* (a)		70,620		59,270
SilverCrest Metals, Inc.* (a)		9,416		61,579
Sims Ltd.(a)		3,192		33,013
South32 Ltd.		102,254		286,516
SSAB AB, Class A		6,150		43,565
SSAB AB, Class B		12,333		83,108
SSR Mining, Inc.		3,864		55,269
Stelco Holdings, Inc.		12,464		435,041
Straits Trading Co. Ltd.		53,300		86,293
Sumitomo Metal Mining Co. Ltd.		5,900		217,039
Syrah Resources Ltd.* (a)		49,077		37,460
Teck Resources Ltd., Class B(a)		9,922		461,681
thyssenkrupp AG		8,316		59,712
Tietto Minerals Ltd.*		308,443		122,301
Toho Titanium Co. Ltd.(a)		1,700		25,194
Tokyo Steel Manufacturing Co. Ltd.		4,100		40,980
UACJ Corp.		11,100		220,019
voestalpine AG		1,880		65,130

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)
Metals & Mining – (continued)
Vulcan Energy Resources Ltd.* (a)		6,732	$	26,515
Wesdome Gold Mines Ltd.* (a)		8,888		55,505
West African Resources Ltd.* (a)		352,231		226,953
Wheaton Precious Metals Corp.(a)		6,929		341,520
Yamato Kogyo Co. Ltd.		1,300		50,791
Yodogawa Steel Works Ltd.		11,100		231,432
				29,010,294
Multi-Utilities – 0.7%
A2A SpA		29,479		52,072
ACEA SpA		1,552		22,788
AGL Energy Ltd.		12,344		67,708
Algonquin Power & Utilities Corp.(a)		11,661		99,045
Atco Ltd., Class I		1,064		35,121
Canadian Utilities Ltd., Class A(a)		1,628		47,017
Centrica plc		133,045		191,472
E.ON SE		51,127		677,613
Engie SA		40,426		647,853
Hera SpA		19,272		60,084
Iren SpA		221,523		479,096
National Grid plc		59,901		861,689
REN – Redes Energeticas Nacionais SGPS SA		17,917		52,121
Sembcorp Industries Ltd.		16,300		52,291
Telecom Plus plc		4,728		107,324
Veolia Environnement SA(a)		10,824		342,837
				3,796,131
Office REITs – 0.2%
Allied Properties REIT, REIT		1,540		25,865
Centuria Office REIT, REIT		32,185		30,309
Champion REIT, REIT(a)		108,000		44,989
CLS Holdings plc, REIT		14,403		24,548
Covivio SA, REIT		660		37,525
Cromwell Property Group, REIT		24,477		9,220
Derwent London plc, REIT		1,508		45,528
Dexus, REIT		14,476		74,427
Gecina SA, REIT		704		78,421

Investments	Shares		Value
Office REITs – (continued)
Global One Real Estate Investment Corp., REIT(a)		48	$	37,120
Great Portland Estates plc, REIT(a)		14,238		95,474
Ichigo Office REIT Investment Corp., REIT(a)		41		26,527
Inmobiliaria Colonial Socimi SA, REIT		7,185		45,967
Japan Excellent, Inc., REIT(a)		82		70,097
Japan Prime Realty Investment Corp., REIT		13		33,750
Japan Real Estate Investment Corp., REIT		24		95,002
Kenedix Office Investment Corp., REIT(a)		18		39,724
Keppel REIT, REIT		27,933		18,215
Manulife US REIT, REIT(b)		663,790		118,818
Mirai Corp., REIT(a)		88		29,341
Mori Hills REIT Investment Corp., REIT		16		18,061
Nippon Building Fund, Inc., REIT		24		100,466
One REIT, Inc., REIT(a)		14		24,727
Orix JREIT, Inc., REIT		49		63,263
Precinct Properties New Zealand Ltd., REIT		22,735		17,413
Workspace Group plc, REIT		8,954		53,728
				1,258,525
Oil, Gas & Consumable Fuels – 5.9%
Advantage Energy Ltd.*		63,591		357,269
Africa Oil Corp.		148,200		286,282
Aker BP ASA		6,319		150,423
Ampol Ltd.		5,494		108,667
ARC Resources Ltd.		15,047		186,715
Athabasca Oil Corp.* (a)		215,127		529,768
Baytex Energy Corp.*		17,514		65,857
Beach Energy Ltd.		39,336		38,213
Birchcliff Energy Ltd.(a)		93,398		565,360
Bluenord ASA* (a)		9,635		326,691
Boss Energy Ltd.* (a)		21,197		36,841
BP plc		397,659		2,671,025
BRIGHTOIL* ‡		50,147		—

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)
Oil, Gas & Consumable Fuels – (continued)
BW Energy Ltd.*		31,137	$	83,295
BW LPG Ltd.(b)		4,797		38,520
Cameco Corp.(a)		6,765		185,797
Canadian Natural Resources Ltd.		24,354		1,482,464
Capricorn Energy plc*		23,656		65,235
Cardinal Energy Ltd.		6,109		32,880
Cenovus Energy, Inc.(a)		29,725		498,375
Cosmo Energy Holdings Co. Ltd.(a)		1,600		50,762
Crescent Point Energy Corp.		12,474		92,155
Denison Mines Corp.* (a)		53,196		58,440
Diversified Energy Co. plc(a) (b)		301,022		358,302
DNO ASA		22,968		22,815
Enbridge, Inc.		30,873		1,226,225
ENEOS Holdings, Inc.		73,850		261,416
Energean plc		4,182		65,074
Energy Fuels, Inc.* (a)		10,296		58,453
Enerplus Corp.		5,535		82,680
Eni SpA		54,161		821,925
Equinor ASA(a)		23,001		656,182
Etablissements Maurel et Prom SA		20,951		80,215
Euronav NV		2,829		48,410
FLEX LNG Ltd.		1,176		40,677
Freehold Royalties Ltd.(a)		5,060		55,028
Frontera Energy Corp.*		18,573		175,555
Galp Energia SGPS SA, Class B		11,726		142,271
Gaztransport Et Technigaz SA		410		43,883
Gibson Energy, Inc.(a)		1,537		26,053
Hafnia Ltd.		7,872		42,449
Harbour Energy plc		13,992		43,492
Headwater Exploration, Inc.(a)		66,625		305,543
Idemitsu Kosan Co. Ltd.(a)		5,882		124,496
Imperial Oil Ltd.(a)		4,346		221,289
Inpex Corp.		22,500		243,400
International Petroleum Corp.* (a)		34,932		340,743
Itochu Enex Co. Ltd.		20,600		175,796
Iwatani Corp.		1,397		65,969
Japan Petroleum Exploration Co. Ltd.		1,700		56,182

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Karoon Energy Ltd.*		198,604	$	279,557
Kelt Exploration Ltd.* (a)		55,391		202,157
Keyera Corp.(a)		3,108		73,054
Koninklijke Vopak NV		1,558		59,513
MEG Energy Corp.*		4,928		81,970
Naphtha Israel Petroleum Corp. Ltd.		10,742		45,609
Neste OYJ(a)		6,355		308,280
New Hope Corp. Ltd.		17,010		59,690
NexGen Energy Ltd.*		22,550		87,620
NuVista Energy Ltd.*		60,762		526,846
Obsidian Energy Ltd.* (a)		27,429		178,168
Oil Refineries Ltd.		56,047		15,490
OKEA ASA(a)		13,899		40,042
Okeanis Eco Tankers Corp.(b)		4,920		114,129
OMV AG		2,829		133,799
Pantheon Resources plc* (a)		52,080		12,221
Paramount Resources Ltd., Class A		2,772		65,565
Parex Resources, Inc.(a)		39,811		807,491
Parkland Corp.		3,977		93,685
Paz Oil Co. Ltd.* (a)		206		19,292
Pembina Pipeline Corp.		8,364		275,038
Peyto Exploration & Development Corp.(a)		62,853		571,854
Pipestone Energy Corp.(a)		46,289		85,322
Polski Koncern Naftowy ORLEN SA		12,091		184,796
PrairieSky Royalty Ltd.(a)		3,977		62,691
Repsol SA		32,185		474,178
Santos Ltd.		69,495		324,695
Saras SpA* (a)		202,868		262,824
Serica Energy plc		87,043		259,945
Shell plc		156,907		4,835,746
Spartan Delta Corp.		55,104		624,455
Suncor Energy, Inc.		29,848		933,534
Tamarack Valley Energy Ltd.(a)		153,627		423,627
TC Energy Corp.		14,965		621,307
Topaz Energy Corp.		1,763		25,230
TORM plc, Class A		1,517		47,411
TotalEnergies SE(a)		51,701		3,307,094
Tourmaline Oil Corp.		6,658		298,807

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)
Oil, Gas & Consumable Fuels – (continued)
Tullow Oil plc* (a)		513,894	$	180,597
United Energy Group Ltd.*		358,000		53,815
Var Energi ASA		7,339		19,152
Vermilion Energy, Inc.(a)		3,526		44,585
Viva Energy Group Ltd.(a) (b)		17,630		36,117
Washington H Soul Pattinson & Co. Ltd.(a)		2,856		59,358
Whitecap Resources, Inc.(a)		12,558		98,886
Whitehaven Coal Ltd.		16,702		79,470
Woodside Energy Group Ltd.		41,903		932,651
				32,022,920
Paper & Forest Products – 0.5%
Altri SGPS SA(a)		21,115		109,328
Canfor Corp.*		21,279		319,428
Daio Paper Corp.(a)		3,745		30,254
Ence Energia y Celulosa SA		11,726		46,008
Hokuetsu Corp.(a)		61,600		405,344
Holmen AB, Class B		1,540		58,148
Interfor Corp.* (a)		18,286		286,633
Metsa Board OYJ, Class B(a)		3,813		27,509
Mondi plc		10,004		159,061
Navigator Co. SA (The)		5,269		19,371
Nippon Paper Industries Co. Ltd.*		41,000		327,603
Norske Skog ASA* (a) (c)		24,436		108,111
Oji Holdings Corp.		25,400		99,425
Semapa-Sociedade de Investimento e Gestao		4,873		73,811
Stella-Jones, Inc.		2,706		105,782
Stora Enso OYJ, Class R		13,735		174,380
Svenska Cellulosa AB SCA, Class A(a)		2,068		28,226
Svenska Cellulosa AB SCA, Class B		8,692		119,017
UPM-Kymmene OYJ		8,364		266,858
West Fraser Timber Co. Ltd.		1,271		91,837
				2,856,134
Passenger Airlines – 0.2%
Air Canada*		5,192		72,580

Investments	Shares		Value
Passenger Airlines – (continued)
Air France-KLM*		36,777	$	63,684
Air New Zealand Ltd.*		11,968		5,618
ANA Holdings, Inc.*		2,400		52,128
Deutsche Lufthansa AG (Registered)*		11,748		126,196
easyJet plc*		6,806		42,567
Exchange Income Corp.(a)		2,255		86,805
Finnair OYJ*		82,324		48,260
Japan Airlines Co. Ltd.		2,800		53,177
JET2 plc		9,143		140,890
Qantas Airways Ltd.*		22,968		100,177
Singapore Airlines Ltd.		16,799		73,660
Wizz Air Holdings plc* (b)		2,870		108,977
				974,719
Personal Care Products – 1.1%
Beiersdorf AG		1,640		229,217
Blackmores Ltd.		1,320		82,827
euglena Co. Ltd.*		4,400		28,662
Fancl Corp.		400		6,903
Haleon plc		76,506		337,523
Interparfums SA		145		11,526
Jamieson Wellness, Inc.(b)		2,330		57,481
Kao Corp.		7,500		303,217
Kobayashi Pharmaceutical Co. Ltd.		900		56,050
Kose Corp.		700		81,276
L’Occitane International SA		4,500		11,408
L’Oreal SA		3,895		1,860,860
Milbon Co. Ltd.		1,000		42,008
Noevir Holdings Co. Ltd.		1,000		40,686
Pola Orbis Holdings, Inc.		2,000		27,731
PZ Cussons plc		17,220		43,396
Rohto Pharmaceutical Co. Ltd.		4,000		82,635
Shiseido Co. Ltd.		6,400		319,659
Unilever plc		40,303		2,247,406
				5,870,471
Pharmaceuticals – 4.9%
ALK-Abello A/S*		2,640		33,394
Almirall SA		4,471		45,929
Astellas Pharma, Inc.		28,700		431,665

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)
Pharmaceuticals – (continued)
AstraZeneca plc		24,026	$	3,547,090
Bausch Health Cos., Inc.*		7,014		51,559
Bayer AG (Registered)		21,689		1,430,933
Camurus AB*		1,435		32,625
Canopy Growth Corp.*		16,113		20,790
Chugai Pharmaceutical Co. Ltd.		9,300		239,321
COSMO Pharmaceuticals NV		741		44,874
Cronos Group, Inc.*		12,505		23,234
Daiichi Sankyo Co. Ltd.		29,800		1,017,006
Dechra Pharmaceuticals plc		2,142		100,422
DSM-Firmenich AG*		2,756		361,342
Eisai Co. Ltd.		4,500		258,866
Euroapi SA* (a)		3,444		41,425
Faes Farma SA		17,897		63,227
Financiere de Tubize SA		510		43,241
GSK plc		62,238		1,127,250
H Lundbeck A/S, Class A		5,650		28,454
Haw Par Corp. Ltd.		3,200		23,074
Hikma Pharmaceuticals plc		3,884		89,874
Hisamitsu Pharmaceutical Co., Inc.		1,900		52,326
Hutchmed China Ltd.* (a)		27,388		86,576
Indivior plc*		2,993		57,407
Ipsen SA		770		93,509
JCR Pharmaceuticals Co. Ltd.(a)		2,400		25,786
Kaken Pharmaceutical Co. Ltd.		1,500		41,145
Kissei Pharmaceutical Co. Ltd.		1,400		28,254
Kyorin Pharmaceutical Co. Ltd.		4,400		56,452
Kyowa Kirin Co. Ltd.		4,300		95,370
Merck KGaA*		2,091		375,241
Mochida Pharmaceutical Co. Ltd.		900		23,001
Nippon Shinyaku Co. Ltd.		1,400		63,746
Novartis AG (Registered)		37,146		3,803,286
Novo Nordisk A/S, Class B		25,215		4,200,197
Ono Pharmaceutical Co. Ltd.		8,200		165,247
Orion OYJ, Class A		352		16,535
Orion OYJ, Class B		1,855		87,282
Otsuka Holdings Co. Ltd.		8,300		280,456
Recordati Industria Chimica e Farmaceutica SpA		1,628		75,002

Investments	Shares		Value
Pharmaceuticals – (continued)
Roche Holding AG		545	$	185,167
Roche Holding AG – BR		10,824		3,409,368
Sanofi		17,548		1,937,299
Santen Pharmaceutical Co. Ltd.		4,500		37,708
Sawai Group Holdings Co. Ltd.		16,400		472,735
Shionogi & Co. Ltd.		4,400		196,241
Sosei Group Corp.*		5,200		102,003
Sumitomo Pharma Co. Ltd.		3,600		22,499
Taisho Pharmaceutical Holdings Co. Ltd.		600		25,822
Takeda Pharmaceutical Co. Ltd.		24,600		815,152
Teva Pharmaceutical Industries Ltd.* (a)		26,117		217,256
Torii Pharmaceutical Co. Ltd.		800		20,240
Towa Pharmaceutical Co. Ltd.		9,400		133,650
Tsumura & Co.		900		18,190
UCB SA		2,173		202,523
Vetoquinol SA		308		30,229
Virbac SA		132		45,103
ZERIA Pharmaceutical Co. Ltd.		1,800		32,123
				26,585,721
Professional Services – 1.3%
Adecco Group AG (Registered)		3,690		126,572
AFRY AB, Class B		2,640		49,545
ALS Ltd.		8,712		75,478
Applus Services SA		47,396		397,933
Arcadis NV		1,189		49,172
BayCurrent Consulting, Inc.		1,400		48,375
Bell System24 Holdings, Inc.*		13,500		138,207
Benefit One, Inc.		1,000		13,689
BTS Group AB, Class B(a)		1,100		28,955
Bureau Veritas SA		4,005		115,578
Computershare Ltd.		8,897		131,703
Danel Adir Yeoshua Ltd.(a)		533		38,724
dip Corp.(a)		1,400		34,392
DKSH Holding AG		660		52,612
en Japan, Inc.		2,000		35,648
Experian plc		14,883		525,651
Funai Soken Holdings, Inc.		2,700		51,436
GlobalData plc(a)		2,508		39,877
Hays plc		34,264		49,010

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)
Professional Services – (continued)
Hilan Ltd.(a)		287	$	12,651
Infomart Corp.		17,600		37,484
Insource Co. Ltd.		3,800		34,661
Intertek Group plc		2,214		115,652
IPH Ltd.(a)		13,904		74,610
JAC Recruitment Co. Ltd.		1,300		24,107
Link Administration Holdings Ltd.		27,142		38,026
Marlowe plc* (a)		7,700		48,778
McMillan Shakespeare Ltd.(a)		3,198		32,483
Meitec Corp.		2,400		40,380
Nihon M&A Center Holdings, Inc.		4,800		36,415
Nomura Co. Ltd.		6,000		41,244
Open Up Group, Inc.		4,400		64,757
Outsourcing, Inc.		36,900		372,889
Pagegroup plc(a)		22,468		128,153
Pasona Group, Inc.(a)		6,000		81,959
Persol Holdings Co. Ltd.		4,200		85,996
Randstad NV		2,419		131,446
Recruit Holdings Co. Ltd.		24,600		690,856
RELX plc		30,340		1,009,035
RWS Holdings plc		15,666		50,172
SGS SA (Registered)		2,050		185,549
SmartGroup Corp. Ltd.(a)		7,766		34,488
SMS Co. Ltd.		2,000		46,561
S-Pool, Inc.(a)		4,400		20,293
Synergie SE		2,870		104,560
TechnoPro Holdings, Inc.		1,100		29,890
Teleperformance		984		196,410
TELUS International CDA, Inc.* (a)		4,639		92,178
Thomson Reuters Corp.(a)		2,337		306,982
Tinexta Spa		1,056		21,544
Transcosmos, Inc.(a)		8,200		190,600
UT Group Co. Ltd.*		2,000		37,969
Weathernews, Inc.		500		24,970
Wolters Kluwer NV		3,895		516,655
				6,962,960

Investments	Shares		Value
Real Estate Management & Development – 2.2%
Aeon Mall Co. Ltd.		1,990	$	26,745
AFI Properties Ltd.* (a)		165		4,384
Africa Israel Residences Ltd.(a)		2,173		79,237
Airport City Ltd.*		1,928		24,516
Allreal Holding AG (Registered)		366		65,054
Alony Hetz Properties & Investments Ltd.		2,596		20,239
Altus Group Ltd.		2,578		102,261
Amot Investments Ltd.		5,448		28,705
Aroundtown SA(a)		20,160		27,387
Atrium Ljungberg AB, Class B		792		14,709
Aura Investments Ltd.(a)		44,280		63,441
Azrieli Group Ltd.		532		30,722
Big Shopping Centers Ltd.* (a)		287		24,229
Blue Square Real Estate Ltd.(a)		1,927		96,179
CA Immobilien Anlagen AG*		572		16,608
Capitaland India Trust		49,200		40,196
Capitaland Investment Ltd.		42,131		117,474
Castellum AB(a)		4,830		58,531
Catena AB		924		35,366
Cibus Nordic Real Estate AB		3,432		36,638
City Developments Ltd.		9,400		48,968
Citycon OYJ		30,873		233,474
CK Asset Holdings Ltd.		41,000		241,825
Colliers International Group, Inc.		748		79,460
Corem Property Group AB, Class B(a)		193,438		153,132
Daito Trust Construction Co. Ltd.		1,000		94,518
Daiwa House Industry Co. Ltd.		15,300		388,441
Deutsche Wohnen SE		1,012		22,904
Dios Fastigheter AB(a)		7,480		53,307
DREAM Unlimited Corp., Class A(a)		1,584		26,382
Electra Real Estate Ltd.(a)		8,282		85,292
Entra ASA(b)		2,068		20,929
ESR Group Ltd.(a) (b)		32,800		51,060
Fabege AB(a)		5,412		43,318
Far East Consortium International Ltd.		460,554		116,167
Fastighets AB Balder, Class B*		12,348		57,290
FastPartner AB, Class A		3,124		19,096
FirstService Corp.		676		101,577

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)
Real Estate Management & Development – (continued)
G City Ltd.(a)		28,290	$	87,598
Gav-Yam Lands Corp. Ltd.		593		4,255
Goldcrest Co. Ltd.		4,100		54,801
Grainger plc(a)		41,287		134,197
Grand City Properties SA(a)		2,508		20,932
Great Eagle Holdings Ltd.(a)		83,451		170,093
GuocoLand Ltd.		100,000		119,177
Hang Lung Group Ltd.		238,000		417,794
Hang Lung Properties Ltd.		44,000		80,266
Heba Fastighets AB, Class B		5,280		15,957
Heiwa Real Estate Co. Ltd.		1,300		37,043
Henderson Land Development Co. Ltd.		33,239		118,138
Hiag Immobilien Holding AG		355		33,105
Ho Bee Land Ltd.		76,800		124,915
Hufvudstaden AB, Class A(a)		2,610		37,176
Hulic Co. Ltd.		13,400		114,844
Hysan Development Co. Ltd.		19,000		53,612
Ichigo, Inc.		17,800		33,857
IES Holdings Ltd.* (a)		943		65,608
Intershop Holding AG		76		53,624
Israel Canada T.R Ltd.(a)		45,838		83,572
Israel Land Development Co. Ltd. (The)(a)		6,478		47,528
Isras Investment Co. Ltd.		136		23,561
IWG plc*		41,041		87,539
Jeudan A/S(a)		3,403		136,598
K Wah International Holdings Ltd.		546,089		188,525
Katitas Co. Ltd.		1,100		21,392
Kerry Properties Ltd.		16,500		42,459
Kojamo OYJ		3,579		44,530
Kowloon Development Co. Ltd.		123,000		133,970
LEG Immobilien SE		1,681		104,631
Lendlease Corp. Ltd.		14,582		71,792
Levinstein Properties Ltd.(a)		533		11,342
Lifestyle Communities Ltd.(a)		5,148		57,631
Mega Or Holdings Ltd., REIT(a)		1,085		21,220
Melisron Ltd.(a)		460		30,435
Mitsubishi Estate Co. Ltd.		20,500		251,724
Mitsui Fudosan Co. Ltd.		12,300		243,082

Investments	Shares		Value
Real Estate Management & Development – (continued)
Mivne Real Estate KD Ltd.		14,248	$	39,573
Mobimo Holding AG (Registered)		352		94,521
Morguard Corp.		1,640		124,895
New World Development Co. Ltd.		33,590		89,218
Nexity SA(a)		17,999		472,530
Nippon Kanzai Holdings Co. Ltd.		1,300		25,252
Nomura Real Estate Holdings, Inc.		1,400		34,701
NP3 Fastigheter AB		1,462		28,093
Nyfosa AB		2,684		18,330
OUE Ltd.		90,000		78,927
PATRIZIA SE		3,248		34,926
PEXA Group Ltd.*		3,609		31,721
Platzer Fastigheter Holding AB, Class B		3,080		25,914
Prashkovsky Investments and Construction Ltd.(a)		2,706		54,887
Property & Building Corp. Ltd.* (a)		984		44,648
PSP Swiss Property AG (Registered)		736		86,909
Relo Group, Inc.		2,270		35,159
Sagax AB, Class B(a)		2,420		59,219
Samhallsbyggnadsbolaget i Norden AB(a)		22,748		26,666
SAMTY Co. Ltd.		16,700		271,659
Savills plc		51,373		620,848
Sino Land Co. Ltd.		73,785		99,259
Sirius Real Estate Ltd.(a)		417,175		422,362
Starts Corp., Inc.		12,300		231,068
StorageVault Canada, Inc.(a)		12,833		54,784
Sumitomo Realty & Development Co. Ltd.		11,200		259,920
Summit Real Estate Holdings Ltd.		574		6,301
Sun Hung Kai Properties Ltd.		34,500		479,051
Swire Pacific Ltd., Class A		10,500		83,065
Swire Properties Ltd.		24,800		66,503
Swiss Prime Site AG (Registered)		1,227		111,458
TAG Immobilien AG		62,771		537,069
Tokyo Tatemono Co. Ltd.		5,200		65,456

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)
Real Estate Management & Development – (continued)
Tokyu Fudosan Holdings Corp.		11,200	$	56,508
Tosei Corp.		8,200		97,197
Tricon Residential, Inc.		4,830		38,674
UOL Group Ltd.		6,799		35,316
VGP NV		738		77,401
Villar International Ltd.		1,599		62,527
Vitania Ltd.(a)		8,200		44,964
Vonovia SE		17,671		382,860
Wallenstam AB, Class B		8,888		35,198
Wharf Holdings Ltd. (The)		17,000		38,851
Wharf Real Estate Investment Co. Ltd.(a)		25,000		143,632
Wihlborgs Fastigheter AB		7,304		58,889
Wing Tai Holdings Ltd.		24,000		26,624
Yanlord Land Group Ltd.		196,800		125,383
YH Dimri Construction & Development Ltd.(a)		452		24,213
				12,091,413
Residential REITs – 0.1%
Advance Residence Investment Corp., REIT		18		46,664
Altarea SCA, REIT		88		11,542
Boardwalk REIT, REIT(a)		574		24,546
Canadian Apartment Properties REIT, REIT(a)		1,012		37,031
Comforia Residential REIT, Inc., REIT		19		47,512
Daiwa Securities Living Investments Corp., REIT		26		22,092
Ingenia Communities Group, REIT(a)		20,254		57,154
InterRent REIT, REIT(a)		6,380		60,964
Killam Apartment REIT, REIT		1,148		14,245
Nippon Accommodations Fund, Inc., REIT(a)		8		38,835
Samty Residential Investment Corp., REIT		44		37,452
UNITE Group plc (The), REIT		6,093		73,443
Xior Student Housing NV, REIT(b)		1,581		50,268
				521,748

Investments	Shares		Value
Retail REITs – 0.6%
AEON REIT Investment Corp., REIT(a)		29	$	33,203
BWP Trust, REIT		12,444		31,908
CapitaLand China Trust, REIT		73,814		61,413
CapitaLand Integrated Commercial Trust, REIT		75,746		115,253
Carmila SA, REIT* (a)		21,812		369,394
Charter Hall Retail REIT, REIT(a)		6,292		16,050
Choice Properties REIT, REIT		3,957		42,712
Crombie REIT, REIT(a)		3,256		37,018
CT REIT, REIT(a)		3,432		40,714
Eurocommercial Properties NV, REIT(a)		16,031		384,760
First Capital REIT, REIT		1,819		21,338
Fortune REIT, REIT(a)		92,000		76,883
Frasers Centrepoint Trust, REIT		12,749		21,119
Frontier Real Estate Investment Corp., REIT		12		43,315
Fukuoka REIT Corp., REIT(a)		26		31,200
Hammerson plc, REIT(a)		237,021		83,594
HMC Capital Ltd., REIT		9,954		25,786
HomeCo Daily Needs REIT, REIT(b)		38,581		30,596
Japan Metropolitan Fund Invest, REIT		103		75,265
Kenedix Retail REIT Corp., REIT		31		55,710
Kiwi Property Group Ltd., REIT		94,522		53,711
Klepierre SA, REIT		3,960		100,378
Lendlease Global Commercial REIT, REIT		98,400		51,628
Link REIT, REIT		40,123		261,697
Mapletree Pan Asia Commercial Trust, REIT		30,462		40,185
Mercialys SA, REIT		28,085		282,773
Primaris REIT, REIT(a)		2,706		26,655
Region RE Ltd., REIT		19,270		31,327
Retail Estates NV, REIT		984		73,002
RioCan REIT, REIT(a)		2,596		40,156
Sasseur REIT, REIT(b)		186,500		100,648
Scentre Group, REIT		67,117		127,740
Shaftesbury Capital plc, REIT		97,415		144,236
Starhill Global REIT, REIT		80,696		31,755

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)
Retail REITs – (continued)
Unibail-Rodamco-Westfield, REIT* (a)		2,255	$	120,841
Unibail-Rodamco-Westfield, REIT, CHDI*		5		13
Vicinity Ltd., REIT		65,692		91,166
Waypoint REIT Ltd., REIT		43,262		74,619
				3,249,761
Semiconductors & Semiconductor Equipment – 1.9%
Advantest Corp.		3,100		239,959
AEM Holdings Ltd.		13,200		33,442
AIXTRON SE		2,337		66,127
Alphawave IP Group plc*		19,492		24,843
ams-OSRAM AG*		91,840		633,557
ASM International NV		738		267,279
ASML Holding NV		6,273		3,971,712
ASMPT Ltd.		5,000		39,141
BE Semiconductor Industries NV		1,470		132,005
Disco Corp.		1,200		135,806
Elmos Semiconductor SE		410		30,961
Ferrotec Holdings Corp.		16,400		367,348
Infineon Technologies AG		20,131		731,301
Japan Material Co. Ltd.		2,500		37,289
Lasertec Corp.		1,300		175,669
Megachips Corp.*		5,100		120,229
Melexis NV		495		47,189
Meyer Burger Technology AG* (a)		191,827		124,250
Mimasu Semiconductor Industry Co. Ltd.		4,600		88,274
Nordic Semiconductor ASA*		3,828		41,230
Nova Ltd.*		352		32,156
Optorun Co. Ltd.		2,900		43,852
REC Silicon ASA* (a)		22,352		33,430
Renesas Electronics Corp.*		22,900		298,012
Rohm Co. Ltd.		1,600		119,620
Rorze Corp.		400		29,435
Sanken Electric Co. Ltd.		1,600		119,150
SCREEN Holdings Co. Ltd.		1,100		88,863
Shinko Electric Industries Co. Ltd.		1,400		41,178
Siltronic AG		5,699		409,904

Investments	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
SMA Solar Technology AG*		1,100	$	118,768
SOITEC*		369		54,466
STMicroelectronics NV		10,168		432,910
SUMCO Corp.		5,700		78,071
Tokyo Electron Ltd.		7,500		853,468
Tokyo Seimitsu Co. Ltd.		1,600		58,752
Tower Semiconductor Ltd.*		2,139		93,878
Tri Chemical Laboratories, Inc.		1,800		28,871
Ulvac, Inc.		1,000		39,364
X-Fab Silicon Foundries SE* (b)		16,933		144,224
				10,425,983
Software – 1.2%
Altium Ltd.		1,716		43,285
Appier Group, Inc.*		4,100		46,159
Atoss Software AG		176		35,286
BlackBerry Ltd.*		8,682		33,798
BrainChip Holdings Ltd.* (a)		89,100		23,847
Bytes Technology Group plc		15,205		79,464
Constellation Software, Inc.		287		561,139
Crayon Group Holding ASA* (b)		4,100		31,504
Dassault Systemes SE		10,549		427,062
Descartes Systems Group, Inc. (The)*		1,375		108,840
Digital Arts, Inc.		1,000		37,014
Docebo, Inc.*		1,100		42,660
Dye & Durham Ltd.		3,388		36,021
Enghouse Systems Ltd.		2,552		70,164
Fortnox AB		7,995		54,967
Freee KK*		1,200		34,106
Fuji Soft, Inc.		700		41,641
GB Group plc		17,999		73,660
Hansen Technologies Ltd.		15,092		44,981
IRESS Ltd.(a)		10,123		68,905
Kape Technologies plc* (a)		69,249		249,802
Kinaxis, Inc.*		520		71,335
Learning Technologies Group plc		32,868		46,476
Lectra		1,762		57,385
Lightspeed Commerce, Inc.* (a)		2,184		28,679
Magic Software Enterprises Ltd.		2,288		29,899
Money Forward, Inc.*		1,100		45,401

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)
Software – (continued)
Nemetschek SE		884	$	68,881
Nice Ltd.*		985		201,851
Open Text Corp.		4,346		164,413
Oracle Corp. Japan		800		57,283
QT Group OYJ*		308		26,502
Rakus Co. Ltd.		1,600		24,159
Sage Group plc (The)		17,589		180,973
Sansan, Inc.*		4,100		54,741
SAP SE		16,892		2,291,188
SimCorp A/S		660		71,511
Sinch AB* (b)		14,637		38,600
Software AG		2,352		80,235
Systena Corp.		7,600		15,628
TeamViewer SE* (b)		8,274		152,318
Technology One Ltd.(a)		5,166		51,551
Temenos AG (Registered)		1,160		97,330
TomTom NV* (a)		6,776		58,013
Trend Micro, Inc.		2,500		121,544
Truecaller AB, Class B*		3,168		9,426
Vitec Software Group AB, Class B		1,025		53,862
WiseTech Global Ltd.(a)		3,239		146,752
				6,390,241
Specialized REITs – 0.1%
Arena REIT, REIT(a)		14,922		36,782
Big Yellow Group plc, REIT		4,224		64,984
Charter Hall Social Infrastructure REIT, REIT		16,583		33,096
Keppel DC REIT, REIT		21,100		34,003
National Storage REIT, REIT		20,921		34,564
Rural Funds Group, REIT		20,724		26,911
Safestore Holdings plc, REIT		4,488		55,874
				286,214
Specialty Retail – 1.5%
ABC-Mart, Inc.		700		39,636
Accent Group Ltd.(a)		42,845		71,918
Alpen Co. Ltd.		4,600		70,099
Aritzia, Inc.* (a)		1,716		54,480
ASOS plc*		6,300		58,343

Investments	Shares		Value
Specialty Retail – (continued)
Autobacs Seven Co. Ltd.		2,100	$	23,843
Bic Camera, Inc.		4,200		35,071
Bilia AB, Class A(a)		24,026		270,775
Carasso Motors Ltd.		11,193		49,894
CECONOMY AG*		67,937		206,857
Currys plc(a)		383,391		274,674
DCM Holdings Co. Ltd.		45,100		471,651
Delek Automotive Systems Ltd.		2,436		19,494
Dufry AG (Registered)*		1,188		54,819
Dunelm Group plc		6,478		93,310
Eagers Automotive Ltd.(a)		4,180		39,087
EDION Corp.(a)		28,700		282,015
Fast Retailing Co. Ltd.		3,000		705,247
Fenix Outdoor International AG(a)		369		29,607
Fielmann AG		607		31,469
Fnac Darty SA(a)		7,093		267,496
Fox Wizel Ltd.		123		10,245
Frasers Group plc*		4,620		44,626
H & M Hennes & Mauritz AB, Class B		10,660		155,765
Hornbach Holding AG & Co. KGaA		3,239		275,341
Hour Glass Ltd. (The)		98,400		153,410
IDOM, Inc.(a)		19,600		120,480
Industria de Diseno Textil SA(a)		17,220		592,379
JB Hi-Fi Ltd.(a)		1,722		50,583
JD Sports Fashion plc		53,934		109,175
JINS Holdings, Inc.		900		19,307
Joyful Honda Co. Ltd.		2,000		26,541
Kingfisher plc		41,944		135,753
Kohnan Shoji Co. Ltd.(a)		9,700		261,084
Komeri Co. Ltd.		12,300		285,448
K’s Holdings Corp.		6,100		53,982
Leon’s Furniture Ltd.		9,471		135,120
Lovisa Holdings Ltd.(a)		2,583		45,320
Luk Fook Holdings International Ltd.		123,672		395,440
MEKO AB		14,965		183,392
Musti Group OYJ		2,068		42,899
Nick Scali Ltd.(a)		6,996		44,892
Nishimatsuya Chain Co. Ltd.		17,700		209,673

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)
Specialty Retail – (continued)
Nitori Holdings Co. Ltd.		1,600	$	204,047
Nojima Corp.		24,600		262,865
Pet Valu Holdings Ltd.		1,716		45,902
Pets at Home Group plc		25,444		123,317
Premier Investments Ltd.(a)		1,517		26,105
Sanrio Co. Ltd.		1,800		83,017
Shimamura Co. Ltd.		500		45,900
Super Retail Group Ltd.(a)		5,324		47,533
Temple & Webster Group Ltd.*		7,304		19,404
T-Gaia Corp.		5,100		62,474
USS Co. Ltd.		5,600		93,686
Watches of Switzerland Group plc* (c)		3,344		34,949
WH Smith plc(a)		7,134		141,136
Yamada Holdings Co. Ltd.		17,300		60,223
Yellow Hat Ltd.		12,500		177,175
Zalando SE* (b)		938		38,492
Zalando SE* (b)		2,506		102,835
ZOZO, Inc.		2,800		58,729
				8,128,429
Technology Hardware, Storage & Peripherals – 0.4%
Brother Industries Ltd.		7,900		123,230
Canon, Inc.		21,600		513,647
Eizo Corp.		5,600		183,013
Elecom Co. Ltd.		1,600		15,111
FUJIFILM Holdings Corp.		6,400		331,833
Konica Minolta, Inc.		14,200		58,817
Logitech International SA (Registered)		2,899		171,064
MCJ Co. Ltd.		24,600		169,823
Melco Holdings, Inc.(a)		2,900		71,241
Ricoh Co. Ltd.		12,700		104,555
Riso Kagaku Corp.		1,700		30,875
Seiko Epson Corp.		8,200		124,718
Toshiba TEC Corp.		1,100		31,748
Wacom Co. Ltd.		8,800		44,399
				1,974,074
Textiles, Apparel & Luxury Goods – 2.0%
adidas AG		2,706		476,315
Asics Corp.		3,400		94,261

Investments	Shares		Value
Textiles, Apparel & Luxury Goods – (continued)
Brunello Cucinelli SpA		660	$	63,173
Burberry Group plc		6,191		201,618
Canada Goose Holdings, Inc.* (a)		2,464		48,252
Chow Sang Sang Holdings International Ltd.		143,000		187,633
Cie Financiere Richemont SA (Registered)		7,995		1,319,999
Coats Group plc		564,488		554,833
Crystal International Group Ltd.(b)		209,500		80,598
Delta Galil Ltd.		378		15,935
Descente Ltd.		1,200		37,807
Dr. Martens plc		8,536		17,821
Gildan Activewear, Inc.(a)		2,703		87,928
Goldwin, Inc.		1,000		90,552
Hermes International		533		1,157,328
HUGO BOSS AG		1,232		92,788
Japan Wool Textile Co. Ltd. (The)		22,900		169,524
Kering SA		1,107		708,468
LPP SA		24		69,406
LVMH Moet Hennessy Louis Vuitton SE		4,018		3,863,644
Moncler SpA		3,444		255,354
New Wave Group AB, Class B		2,552		51,452
Pandora A/S		2,091		193,326
Puma SE		1,640		95,887
Samsonite International SA* (b)		24,600		77,561
Seiko Group Corp.		1,200		26,148
Stella International Holdings Ltd.		144,000		149,872
Swatch Group AG (The)(a)		451		154,345
Swatch Group AG (The) (Registered)		792		50,009
Tod’s SpA*		778		32,896
Wacoal Holdings Corp.		3,900		75,471
Yue Yuen Industrial Holdings Ltd.		287,000		430,688
				10,930,892
Tobacco – 0.6%
British American Tobacco plc		48,995		1,802,499
Imperial Brands plc		20,459		505,941
Japan Tobacco, Inc.		24,600		528,169

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)
Tobacco – (continued)
Scandinavian Tobacco Group A/S(b)		20,746	$	405,007
				3,241,616
Trading Companies & Distributors – 2.4%
AddTech AB, Class B		4,180		83,541
Ashtead Group plc		6,929		398,614
Azelis Group NV		1,148		27,249
BayWa AG		828		35,468
Beijer Ref AB(a)		6,100		99,553
Bossard Holding AG (Registered), Class A		220		54,008
Brenntag SE		2,342		190,763
Bufab AB		968		32,049
Bunzl plc		5,576		221,748
Diploma plc		1,979		66,812
Ferguson plc		3,157		444,221
Finning International, Inc.		2,562		66,321
Grafton Group plc		75,973		827,711
Hanwa Co. Ltd.		15,100		464,095
Howden Joinery Group plc		11,508		99,023
IMCD NV		984		147,959
Inaba Denki Sangyo Co. Ltd.		3,500		77,755
Inabata & Co. Ltd.		16,400		332,782
ITOCHU Corp.(a)		32,800		1,082,052
Japan Pulp & Paper Co. Ltd.		4,100		157,478
Kanamoto Co. Ltd.(a)		12,300		204,962
Kanematsu Corp.		28,700		371,805
Kloeckner & Co. SE		28,167		312,519
KPP Group Holdings Co. Ltd.		20,500		97,106
Marubeni Corp.		39,900		562,612
Mitsubishi Corp.		32,800		1,208,757
Mitsui & Co. Ltd.		35,500		1,102,556
MonotaRO Co. Ltd.		5,600		84,227
Nagase & Co. Ltd.		2,200		34,446
Nishio Holdings Co. Ltd.		8,500		201,006
OEM International AB, Class B		32,062		311,016
Reece Ltd.(a)		3,403		40,997
Rexel SA*		4,641		107,597
Richelieu Hardware Ltd.		3,422		102,789
RS GROUP plc		7,612		88,155

Investments	Shares		Value
Trading Companies & Distributors – (continued)
Russel Metals, Inc.		22,591	$	574,644
Scope Metals Group Ltd.* (a)		2,583		85,521
Seven Group Holdings Ltd.		3,036		47,570
Sojitz Corp.		3,999		83,760
Sumitomo Corp.(a)		26,800		477,682
Theme International Holdings Ltd.*		1,640,000		190,117
Thermador Groupe(a)		396		41,095
Toromont Industries Ltd.		1,230		99,285
Toyota Tsusho Corp.		5,000		206,000
Travis Perkins plc		74,538		897,520
Trusco Nakayama Corp.		1,800		31,105
Yamazen Corp.		28,700		221,523
Yellow Cake plc* (b)		7,602		35,927
				12,731,501
Transportation Infrastructure – 0.4%
Aena SME SA* (a) (b)		1,025		173,022
Aeroports de Paris*		555		88,293
Atlas Arteria Ltd.		18,448		79,731
Auckland International Airport Ltd.*		22,332		121,933
Dalrymple Bay Infrastructure Ltd.(a)		86,059		145,024
Enav SpA(b)		12,657		59,443
Flughafen Zurich AG (Registered)		320		61,695
Fraport AG Frankfurt Airport Services Worldwide*		890		47,821
Getlink SE		6,888		128,970
Hamburger Hafen und Logistik AG		1,220		16,863
Japan Airport Terminal Co. Ltd.		1,200		58,517
Kamigumi Co. Ltd.		3,100		67,730
Mitsubishi Logistics Corp.		1,700		41,949
Port of Tauranga Ltd.		5,225		20,364
Qube Holdings Ltd.(a)		36,652		74,360
SATS Ltd.*		25,137		47,857
Sumitomo Warehouse Co. Ltd. (The)		24,600		407,215
Transurban Group		46,879		464,390
Westshore Terminals Investment Corp.(a)		1,647		33,540
				2,138,717

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)
Water Utilities – 0.1%
Pennon Group plc		2,970	$	32,104
Severn Trent plc		3,854		142,029
United Utilities Group plc		10,455		142,184
				316,317
Wireless Telecommunication Services – 0.6%
Airtel Africa plc(b)		34,804		52,538
Cellcom Israel Ltd.*		4,961		17,599
Freenet AG		2,198		62,703
KDDI Corp.		24,600		767,457
Millicom International Cellular SA, SDR*		4,102		73,444
Okinawa Cellular Telephone Co.		8,200		183,072
Orange Belgium SA*		1,188		19,306
Rogers Communications, Inc., Class B		4,797		236,755
SoftBank Corp.		45,100		507,257
SoftBank Group Corp.		17,782		665,234
StarHub Ltd.		61,500		46,097
Tele2 AB, Class B(a)		8,052		85,526
Vodafone Group plc		578,920		697,811
				3,414,799
Total Common Stocks (Cost $463,660,631)				527,866,225
CLOSED END FUNDS – 0.0%(e)
Independent Power and Renewable Electricity Producers – 0.0%(e)
Renewables Infrastructure Group Ltd. (The) (Cost $70,852)		47,630		76,150
	Number of Rights
RIGHTS – 0.0%(e)
Gas Utilities – 0.0%(e)
Keppel Infrastructure Trust, expiring 5/2/2023, price 0.47 SGD*		5,447		94

Investments	Number of Rights		Value
Real Estate Management & Development – 0.0%
S IMMO AG, expiring 12/31/2023, price 1.00 EUR* ‡		2,564	$	—
Total Rights (Cost $—)				94
	Number of Warrants
WARRANTS – 0.0%
Construction & Engineering – 0.0%(a)
Webuild SpA, expiring 8/2/2030* ‡ (Cost $—)		10,785		—
	Principal Amount
SECURITIES LENDING REINVESTMENTS – 2.2%(f)
REPURCHASE AGREEMENTS – 2.2%
Citigroup Global Markets, Inc., 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $8,334,724, collateralized by various U.S. Treasury Securities, ranging from 2.50% – 4.25%, maturing 8/15/2023 – 12/31/2024; total market value $8,418,862	$	8,333,619		8,333,619
National Bank of Canada, 4.81%, dated 4/30/2023, due 5/5/2023, repurchase price $3,002,004, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 4.38%, maturing 6/20/2023 – 2/15/2053; total market value $3,063,455		3,000,000		3,000,000

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 159

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

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS – (continued)
REPURCHASE AGREEMENTS – (continued)
TD Prime Services LLC, 4.89%, dated 4/30/2023, due 5/1/2023, repurchase price $379,445, collateralized by various Common Stocks; total market value $421,268	$	379,394	$	379,394
				11,713,013
Total Securities Lending Reinvestments (Cost $11,713,013)				11,713,013
Total Investments – 99.9% (Cost $475,444,496)				539,655,482
Other assets less liabilities – 0.1%				511,424
NET ASSETS – 100.0%			$	540,166,906

* 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, 2023. The total value of securities on loan at April 30, 2023 was $55,181,473, collateralized in the form of cash with a value of $11,713,013 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $29,530,576 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from May 16, 2023 – February 15, 2053 and $18,077,579 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 15, 2023 – September 20, 2117; a total value of $59,321,168.

^(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)  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)  Amount less than one dollar.

^(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, 2023. The total value of securities purchased was $11,713,013.

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

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

CVA – Dutch Certification

OYJ – Public Limited Company

Preference – A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

REIT – Real Estate Investment Trust

SCA – Limited partnership with share capital

SDR – Swedish Depositary Receipt

As of April 30, 2023, 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	$	104,770,435
Aggregate gross unrealized depreciation		(43,473,750	)
Net unrealized appreciation	$	61,296,685
Federal income tax cost	$	478,810,020

See Accompanying Notes to the Financial Statements.

160 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, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
EURO STOXX 50 Index		79		06/16/2023		EUR	$	3,767,731	$	121,296
FTSE 100 Index		25		06/16/2023		GBP		2,470,594		48,186
Nikkei 225 Index		26		06/08/2023		JPY		2,756,766		80,508
S&P/TSX 60 Index		10		06/15/2023		CAD		1,841,038		73,302
SPI 200 Index		9		06/15/2023		AUD		1,088,123		22,860
									$	346,152

* 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, 2023:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	1,383,792	Citibank NA	USD	1,007,213		06/21/2023	$	14,134
EUR	1,146,048	Toronto-Dominion Bank (The)	USD	1,219,477		06/21/2023		49,490
GBP	823,203	Citibank NA	USD	983,028		06/21/2023		52,786
USD	2,072,575	JPMorgan Chase Bank NA	JPY	270,000,000		06/21/2023		74,105
Total unrealized appreciation							$	190,515
JPY	366,108,298	Morgan Stanley	USD	2,727,238		06/21/2023	$	(17,398	)
USD	480,607	JPMorgan Chase Bank NA	CAD	660,000		06/21/2023		(6,525	)
USD	1,177,382	JPMorgan Chase Bank NA	EUR	1,100,000		06/21/2023		(40,599	)
USD	608,214	JPMorgan Chase Bank NA	GBP	500,000		06/21/2023		(20,922	)
Total unrealized depreciation							$	(85,444	)
Net unrealized appreciation							$	105,071

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

EUR – Euro

GBP – British Pound

JPY – Japanese Yen

USD – US Dollar

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 161

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

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2023:

Australia	5.7	%
Austria	0.3
Belgium	1.2
Canada	10.0
Denmark	2.2
Finland	1.0
France	8.0
Germany	6.3
Hong Kong	2.4
Ireland	0.2
Israel	0.9
Italy	2.9
Japan	23.9
Netherlands	2.8
New Zealand	0.3
Norway	1.1
Poland	0.4
Portugal	0.2
Singapore	1.3
Spain	2.0
Sweden	3.5
Switzerland	6.2
United Kingdom	14.8
United States	0.1
Other1	2.3
	100.0	%

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

Security Type	% of Net Assets
Common Stocks		97.7	%
Closed End Funds		0.0	†
Rights		0.0	†
Warrants		—
Securities Lending Reinvestments		2.2
Others(1)		0.1
		100.0	%

^†  Amount represents less than 0.05%.

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

See Accompanying Notes to the Financial Statements.

162 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.1%
Aerospace & Defense – 0.2%
AECC Aviation Power Co. Ltd., Class A		4,700	$	29,686
Aselsan Elektronik Sanayi ve Ticaret A/S		6,972		16,032
AviChina Industry & Technology Co. Ltd., Class H		81,000		43,648
Bharat Dynamics Ltd.(a)		705		8,660
Bharat Electronics Ltd.		61,932		78,175
Data Patterns India Ltd.		588		11,948
Embraer SA*		9,400		36,489
Hanwha Aerospace Co. Ltd.		882		67,679
Hanwha Systems Co. Ltd.		689		7,279
Hindustan Aeronautics Ltd.(a)		1,708		60,947
Korea Aerospace Industries Ltd.		1,176		48,151
Kuang-Chi Technologies Co. Ltd., Class A		5,600		14,202
LIG Nex1 Co. Ltd.		250		14,626
Mazagon Dock Shipbuilders Ltd.		1,175		10,830
United Aircraft Corp. PAO* ‡		25,155,036		—
				448,352
Air Freight & Logistics – 0.2%
Abu Dhabi Aviation Co.*		5,978		12,747
Agility Public Warehousing Co. KSC		27,701		55,701
Allcargo Logistics Ltd.		1,900		6,331
Allcargo Logistics Ltd. (Registered)* ‡		1,900		994
Aramex PJSC		32,940		29,334
Blue Dart Express Ltd.		94		6,824
CJ Logistics Corp.		245		14,114
Delhivery Ltd.*		2,499		11,433
Hyundai Glovis Co. Ltd.		686		83,905
JD Logistics, Inc.* (a)		29,400		45,692
Kerry Express Thailand PCL, NVDR*		8,700		3,159
Kerry TJ Logistics Co. Ltd.		8,000		9,993
SF Holding Co. Ltd., Class A		7,300		59,479
Sinotrans Ltd., Class A		4,700		3,100
Sinotrans Ltd., Class H		47,000		16,226

Investments	Shares		Value
Air Freight & Logistics – (continued)
YTO Express Group Co. Ltd., Class A		4,700	$	11,736
Yunda Holding Co. Ltd., Class A		5,800		10,163
ZTO Express Cayman, Inc.		7,350		201,121
				582,052
Automobile Components – 1.1%
Apollo Tyres Ltd.		4,465		18,927
Asahi India Glass Ltd.		4,900		28,633
Balkrishna Industries Ltd.		1,715		43,679
Bharat Forge Ltd.		3,871		37,905
Bosch Ltd.		204		48,290
Ceat Ltd.		799		15,204
Cheng Shin Rubber Industry Co. Ltd.		49,000		60,249
Depo Auto Parts Ind Co. Ltd.		49,000		155,723
DN Automotive Corp.		1,274		70,630
Endurance Technologies Ltd.(a)		350		5,749
Exide Industries Ltd.*		15,150		36,257
Fuyao Glass Industry Group Co. Ltd., Class A		4,800		23,521
Fuyao Glass Industry Group Co. Ltd., Class H(a)		8,400		34,028
Hankook & Co. Co Ltd.		907		8,546
Hankook Tire & Technology Co. Ltd.		2,492		64,236
Hanon Systems		2,756		18,883
HL Mando Co. Ltd.		1,045		36,111
Hota Industrial Manufacturing Co. Ltd.		12,134		27,826
Huayu Automotive Systems Co. Ltd., Class A		9,400		22,224
Hyundai Mobis Co. Ltd.		1,911		310,552
Hyundai Wia Corp.		583		24,393
Iljin Hysolus Co. Ltd.*		383		8,485
Kenda Rubber Industrial Co. Ltd.		37,000		37,551
Kordsa Teknik Tekstil A/S		2,068		6,837
Kumho Tire Co., Inc.*		41,748		140,366
Mahindra CIE Automotive Ltd.*		1,715		8,357
Minth Group Ltd.		12,000		34,548
Motherson Sumi Wiring India Ltd.		30,126		19,787

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 163

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Automobile Components – (continued)
MRF Ltd.		38	$	41,330
Myoung Shin Industrial Co. Ltd.*		10,584		142,501
Nan Kang Rubber Tire Co. Ltd.*		14,000		17,533
Nexen Tire Corp.		13,049		80,240
Nexteer Automotive Group Ltd.		343,000		191,383
Ningbo Tuopu Group Co. Ltd., Class A		1,200		8,764
Samvardhana Motherson International Ltd.		38,364		34,409
Sebang Global Battery Co. Ltd.		2,303		92,230
SL Corp.		550		12,739
SNT Motiv Co. Ltd.		3,038		108,273
Sona Blw Precision Forgings Ltd.(a)		2,550		14,957
Sri Trang Agro-Industry PCL, NVDR		283,900		163,784
Sundram Fasteners Ltd.		1,504		19,225
Tianneng Power International Ltd.(b)		244,000		282,546
Tong Yang Industry Co. Ltd.		19,000		29,449
Tube Investments of India Ltd.		1,715		54,261
Tung Thih Electronic Co. Ltd.		1,000		4,587
UNO Minda Ltd.		3,740		23,819
Weifu High-Technology Group Co. Ltd., Class A		4,700		11,343
				2,680,870
Automobiles – 2.0%
Astra International Tbk. PT		573,300		263,788
Bajaj Auto Ltd.		1,151		62,334
BYD Co. Ltd., Class A		2,600		96,019
BYD Co. Ltd., Class H		14,000		420,897
China Motor Corp.		98,000		251,834
Chongqing Changan Automobile Co. Ltd., Class A		17,108		29,410
Chongqing Changan Automobile Co. Ltd., Class B		37,590		17,047
Dongfeng Motor Group Co. Ltd., Class H		882,000		420,219
DRB-Hicom Bhd.		23,500		7,429

Investments	Shares		Value
Automobiles – (continued)
Eicher Motors Ltd.		2,470	$	99,635
Ford Otomotiv Sanayi A/S		1,808		49,959
Geely Automobile Holdings Ltd.(b)		147,000		180,709
Great Wall Motor Co. Ltd., Class A		4,700		18,221
Great Wall Motor Co. Ltd., Class H(b)		49,000		58,926
Guangzhou Automobile Group Co. Ltd., Class A		13,500		20,733
Guangzhou Automobile Group Co. Ltd., Class H		64,000		39,705
Hero MotoCorp Ltd.		2,107		65,875
Hyundai Motor Co.		4,116		607,375
Hyundai Motor Co. (2nd Preference)		1,127		93,215
Hyundai Motor Co. (3rd Preference)		54		4,220
Hyundai Motor Co. (Preference)		650		51,479
Karsan Otomotiv Sanayii ve Ticaret A/S*		13,583		5,937
Kia Corp.		7,894		498,388
Li Auto, Inc., Class A* (b)		19,600		228,337
Mahindra & Mahindra Ltd.		15,778		236,546
Maruti Suzuki India Ltd.		2,205		231,437
NIO, Inc., Class A* (b)		23,030		182,189
Oriental Holdings Bhd.		8,500		12,634
SAIC Motor Corp. Ltd., Class A		24,500		49,932
Tata Motors Ltd.*		27,587		163,477
Tata Motors Ltd., Class A*		8,230		24,986
Tofas Turk Otomobil Fabrikasi A/S		3,233		31,917
TVS Motor Co. Ltd.		3,493		48,588
UMW Holdings Bhd.		14,100		12,233
XPeng, Inc., Class A*		19,600		93,881
Yadea Group Holdings Ltd.(a) (b)		16,000		37,341
				4,716,852
Banks – 12.9%
Absa Group Ltd.(b)		23,863		231,846
Abu Dhabi Commercial Bank PJSC		88,302		212,098

See Accompanying Notes to the Financial Statements.

164 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Abu Dhabi Islamic Bank PJSC		23,694	$	73,302
AFFIN Bank Bhd.		6,674		3,037
Agricultural Bank of China Ltd., Class A		393,100		194,048
Agricultural Bank of China Ltd., Class H		833,000		321,531
Ahli United Bank KSCP		8,800		7,899
Akbank TAS, ADR		46,845		84,321
Al Ahli Bank of Kuwait KSCP		10,003		10,612
Al Rajhi Bank		31,311		641,130
Alinma Bank		15,813		133,437
Alliance Bank Malaysia Bhd.		27,600		20,605
Alpha Services and Holdings SA*		63,014		78,959
AMMB Holdings Bhd.		73,500		59,485
AU Small Finance Bank Ltd.(a)		4,998		40,543
Axis Bank Ltd.		37,583		394,952
Banco Bradesco SA		45,600		113,206
Banco Bradesco SA (Preference)		151,900		420,523
Banco de Bogota SA		3,242		23,789
Banco de Chile		1,373,176		147,121
Banco de Credito e Inversiones SA		1,670		50,690
Banco del Bajio SA(a)		19,600		64,269
Banco do Brasil SA		39,200		335,831
Banco do Estado do Rio Grande do Sul SA (Preference), Class B		73,500		156,319
Banco Itau Chile SA		10,585,840		24,016
Banco Pan SA (Preference)		10,600		11,357
Banco Santander Chile		1,891,547		91,014
Bancolombia SA		8,820		68,124
Bancolombia SA (Preference)		13,747		85,828
Bandhan Bank Ltd.* (a)		11,877		33,279
Bangkok Bank PCL, NVDR		15,000		68,966
Bank Aladin Syariah Tbk. PT*		78,400		7,482
Bank AlBilad*		8,364		92,210
Bank Al-Jazira		6,066		31,408
Bank Central Asia Tbk. PT		872,200		538,065
Bank Ina Perdana PT*		14,100		3,816
Bank Jago Tbk. PT*		75,000		10,583

Investments	Shares		Value
Banks – (continued)
Bank Mandiri Persero Tbk. PT		705,600	$	248,908
Bank Negara Indonesia Persero Tbk. PT		112,700		72,406
Bank OCBC Nisp Tbk. PT		1,269,100		71,803
Bank of Ayudhya PCL, NVDR		53,600		45,913
Bank of Baroda		31,698		72,722
Bank of Beijing Co. Ltd., Class A		70,000		47,891
Bank of Changsha Co. Ltd., Class A		9,400		11,112
Bank of Chengdu Co. Ltd., Class A		10,600		21,022
Bank of China Ltd., Class A		200,900		106,421
Bank of China Ltd., Class H		2,205,000		879,202
Bank of Communications Co. Ltd., Class A		102,100		82,084
Bank of Communications Co. Ltd., Class H		588,000		379,021
Bank of Hangzhou Co. Ltd., Class A		18,800		34,082
Bank of India		21,338		21,902
Bank of Jiangsu Co. Ltd., Class A		42,580		47,385
Bank of Nanjing Co. Ltd., Class A		31,200		42,421
Bank of Ningbo Co. Ltd., Class A		16,350		64,615
Bank of Qingdao Co. Ltd., Class H(a)		23,500		7,784
Bank of Shanghai Co. Ltd., Class A		45,000		40,790
Bank of the Philippine Islands		25,835		50,192
Bank of Zhengzhou Co. Ltd., Class A*		17,490		5,857
Bank Pan Indonesia Tbk. PT		71,500		5,386
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT		2,146,200		183,605
Bank Pembangunan Daerah Jawa Timur Tbk. PT		918,000		42,239
Bank Rakyat Indonesia Persero Tbk. PT		1,185,800		412,241
Bank Tabungan Negara Persero Tbk. PT		2,253,024		191,208
Banque Saudi Fransi		10,613		109,223

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 165

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
BDO Unibank, Inc.		28,670	$	74,541
BNK Financial Group, Inc.		10,830		53,729
BOC Hong Kong Holdings Ltd.		98,000		308,361
Boubyan Bank KSCP		21,117		46,459
Burgan Bank SAK		31,504		22,213
Canara Bank		9,541		37,010
Capitec Bank Holdings Ltd.		1,492		129,982
Chang Hwa Commercial Bank Ltd.		114,919		66,538
China Banking Corp.		377,300		229,916
China Bohai Bank Co. Ltd., Class H(a) (b)		1,053,500		174,467
China CITIC Bank Corp. Ltd., Class H		245,000		132,333
China Construction Bank Corp., Class A		28,200		25,684
China Construction Bank Corp., Class H		2,793,000		1,867,954
China Everbright Bank Co. Ltd., Class A		117,600		54,317
China Everbright Bank Co. Ltd., Class H		53,000		16,947
China Merchants Bank Co. Ltd., Class A		44,100		213,874
China Merchants Bank Co. Ltd., Class H		98,000		470,031
China Minsheng Banking Corp. Ltd., Class A		83,300		43,645
China Minsheng Banking Corp. Ltd., Class H(b)		196,000		71,909
China Zheshang Bank Co. Ltd., Class A*		47,000		20,894
China Zheshang Bank Co. Ltd., Class H*		53,000		18,972
Chongqing Rural Commercial Bank Co. Ltd., Class A		18,800		10,501
Chongqing Rural Commercial Bank Co. Ltd., Class H		47,000		18,142
CIMB Group Holdings Bhd.		208,040		236,001
City Union Bank Ltd.		9,675		16,746
Commercial Bank PSQC (The)		59,417		95,687
Commercial International Bank Egypt SAE		68,104		117,694

Investments	Shares		Value
Banks – (continued)
Credicorp Ltd.		2,009	$	272,179
Credit Agricole Egypt SAE*		178,395		58,772
Credit Bank of Moscow PJSC* ‡		229,590		—
CTBC Financial Holding Co. Ltd.		539,000		396,240
DGB Financial Group, Inc.		61,495		314,735
Doha Bank QPSC		858,938		365,521
Dongguan Rural Commercial Bank Co. Ltd., Class H(a) (b)		322,000		280,164
Dubai Islamic Bank PJSC		84,427		127,836
E.Sun Financial Holding Co. Ltd.		255,484		207,346
Emirates NBD Bank PJSC		72,520		278,467
Eurobank Ergasias Services and Holdings SA*		81,242		114,805
Faisal Islamic Bank of Egypt		46,688		50,003
Far Eastern International Bank		65,617		23,905
Federal Bank Ltd.		30,426		50,173
First Abu Dhabi Bank PJSC		69,433		268,126
First Financial Holding Co. Ltd.		147,000		129,583
Grupo Aval Acciones y Valores SA (Preference)		142,166		17,935
Grupo Bolivar SA		1,518		20,486
Grupo Elektra SAB de CV(b)		980		62,607
Grupo Financiero Banorte SAB de CV, Class O		68,600		591,270
Grupo Financiero Inbursa SAB de CV, Class O* (b)		28,946		70,219
Gulf Bank KSCP		47,076		43,181
Habib Bank Ltd.		304,952		77,953
Haci Omer Sabanci Holding A/S		31,455		61,783
Hana Financial Group, Inc.		8,330		261,090
HDFC Bank Ltd.		67,228		1,386,353
Hong Leong Bank Bhd.		14,300		64,567
Hong Leong Financial Group Bhd.		9,800		39,811
Hua Nan Financial Holdings Co. Ltd.		161,065		114,738
Huaxia Bank Co. Ltd., Class A		47,000		39,075
ICICI Bank Ltd.		82,173		921,426
IDFC First Bank Ltd.*		64,593		48,502
Indian Bank		7,425		29,251
IndusInd Bank Ltd.		9,523		134,147

See Accompanying Notes to the Financial Statements.

166 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Industrial & Commercial Bank of China Ltd., Class A		254,800	$	173,589
Industrial & Commercial Bank of China Ltd., Class H		2,009,000		1,080,011
Industrial Bank Co. Ltd., Class A		53,900		133,968
Industrial Bank of Korea		9,751		73,293
Intercorp Financial Services, Inc.(a)		1,040		23,088
Itau Unibanco Holding SA (Preference)		142,100		736,227
Itausa SA		29,065		51,125
Itausa SA (Preference)		158,750		275,433
JB Financial Group Co. Ltd.		3,370		21,050
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		6,700		7,553
KakaoBank Corp.		5,243		86,182
Karur Vysya Bank Ltd. (The)		14,523		17,356
Kasikornbank PCL, NVDR		34,000		124,460
KB Financial Group, Inc.		10,584		391,444
Kiatnakin Phatra Bank PCL, NVDR		9,800		17,219
King’s Town Bank Co. Ltd.		24,000		27,519
Komercni Banka A/S		2,154		69,730
Kotak Mahindra Bank Ltd.		18,369		435,016
Krung Thai Bank PCL, NVDR		112,400		59,249
Kuwait Finance House KSCP		132,540		321,886
Kuwait International Bank KSCP		27,721		16,740
Kuwait Projects Co. Holding KSCP		56,513		23,981
Malayan Banking Bhd.		209,700		407,130
Malaysia Building Society Bhd.		14,100		1,960
Masraf Al Rayan QSC		108,432		75,962
MCB Bank Ltd.		151,508		64,121
Meezan Bank Ltd.		148,421		51,963
Mega Financial Holding Co. Ltd.		186,775		206,870
Metropolitan Bank & Trust Co.		48,620		51,442
Moneta Money Bank A/S(a)		17,993		66,242
National Bank of Greece SA*		13,715		71,770
National Bank of Kuwait SAKP		131,638		430,987
Nedbank Group Ltd.		13,981		161,383
O-Bank Co. Ltd.		47,000		15,670

Investments	Shares		Value
Banks – (continued)
OTP Bank Nyrt.		6,713	$	204,583
Ping An Bank Co. Ltd., Class A		47,100		85,319
Piraeus Financial Holdings SA*		15,980		37,754
Postal Savings Bank of China Co. Ltd., Class A		98,199		78,098
Postal Savings Bank of China Co. Ltd., Class H(a) (b)		196,000		127,339
Public Bank Bhd.		256,600		223,781
Punjab National Bank		60,447		38,594
Qatar International Islamic Bank QSC		14,896		40,473
Qatar Islamic Bank SAQ		26,407		129,859
Qatar National Bank QPSC		68,825		290,426
Qingdao Rural Commercial Bank Corp., Class A		18,800		7,869
RBL Bank Ltd.* (a)		161,847		319,991
RHB Bank Bhd.		103,184		126,768
Riyad Bank		24,217		193,700
Saudi British Bank (The)		6,958		67,063
Saudi Investment Bank (The)		8,484		37,051
Saudi National Bank (The)		34,708		452,508
Sberbank of Russia PJSC* ‡		369,050		—
Sberbank of Russia PJSC (Preference)* ‡		39,708		—
SCB X PCL, NVDR		24,200		73,349
Security Bank Corp.		116,810		194,560
Shanghai Commercial & Savings Bank Ltd. (The)		98,000		148,072
Shanghai Pudong Development Bank Co. Ltd., Class A		73,500		80,627
Sharjah Islamic Bank		14,714		7,734
Shinhan Financial Group Co. Ltd.		14,308		373,629
SinoPac Financial Holdings Co. Ltd.		364,894		198,218
Standard Bank Group Ltd.		37,227		348,758
State Bank of India		27,734		195,984
Taichung Commercial Bank Co. Ltd.		51,967		23,835
Taishin Financial Holding Co. Ltd.		355,315		199,950
Taiwan Business Bank		90,107		40,888
Taiwan Cooperative Financial Holding Co. Ltd.		147,000		127,909

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 167

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Thanachart Capital PCL, NVDR		19,300	$	24,445
Tisco Financial Group PCL, NVDR		9,300		24,579
TMBThanachart Bank PCL, NVDR		1,288,800		54,726
Turkiye Garanti Bankasi A/S		13,849		19,497
Turkiye Halk Bankasi A/S*		15,557		8,407
Turkiye Is Bankasi A/S, Class C		98,441		54,818
Union Bank of India Ltd.		27,150		25,164
Union Bank of Taiwan		50,000		26,185
Union Bank of the Philippines		7,980		11,944
United Bank Ltd.		193,914		83,893
VTB Bank PJSC* ‡		136,511,531		—
Warba Bank KSCP		13,740		10,226
Woori Financial Group, Inc.		17,885		156,748
Yapi ve Kredi Bankasi A/S		79,442		38,683
Yes Bank Ltd.*		237,987		45,657
				30,511,212	��
Beverages – 1.3%
Ambev SA		68,600		194,165
Anadolu Efes Biracilik ve Malt Sanayii A/S		5,350		17,317
Anhui Gujing Distillery Co. Ltd., Class A		700		27,658
Anhui Gujing Distillery Co. Ltd., Class B		2,200		38,984
Arca Continental SAB de CV		9,800		92,953
Becle SAB de CV		4,700		10,813
Carabao Group PCL, NVDR		4,600		9,632
China Foods Ltd.		294,000		107,864
China Resources Beer Holdings Co. Ltd.		27,107		208,398
Chongqing Brewery Co. Ltd., Class A		600		9,020
Coca-Cola Femsa SAB de CV		9,800		80,637
Coca-Cola Icecek A/S		1,269		15,366
Embotelladora Andina SA (Preference), Class B		136,073		343,005
Emperador, Inc.		28,200		10,641
Fomento Economico Mexicano SAB de CV		29,914		290,069

Investments	Shares		Value
Beverages – (continued)
Fraser & Neave Holdings Bhd.		3,700	$	21,998
Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A		2,300		10,700
Heineken Malaysia Bhd.		3,800		23,973
Hite Jinro Co. Ltd.		348		5,785
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2,100		45,375
JiuGui Liquor Co. Ltd., Class A		500		8,068
Kweichow Moutai Co. Ltd., Class A		1,600		406,575
Lotte Chilsung Beverage Co. Ltd.		47		5,464
Luzhou Laojiao Co. Ltd., Class A		2,400		78,372
Nongfu Spring Co. Ltd., Class H(a) (b)		30,000		162,040
Osotspa PCL, NVDR		31,700		27,386
Radico Khaitan Ltd.		3,528		48,596
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		1,960		70,290
Tsingtao Brewery Co. Ltd., Class A		1,100		18,544
Tsingtao Brewery Co. Ltd., Class H		10,000		106,626
United Breweries Ltd.		1,379		24,931
United Spirits Ltd.*		5,586		53,047
Varun Beverages Ltd.		3,724		65,765
Vina Concha y Toro SA		179,427		215,715
Wuliangye Yibin Co. Ltd., Class A		4,900		119,526
				2,975,298
Biotechnology – 0.8%
3SBio, Inc.(a)		294,000		294,004
ABLBio, Inc.*		1,585		24,928
Adimmune Corp.*		19,000		24,598
Akeso, Inc.* (a) (b)		7,000		38,211
Alteogen, Inc.*		858		27,886
BeiGene Ltd.*		14,700		282,768
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A*		1,015		15,373
Biocon Ltd.		6,644		18,880
Bioneer Corp.*		799		34,685
Bloomage Biotechnology Corp. Ltd., Class A		611		8,765

See Accompanying Notes to the Financial Statements.

168 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Biotechnology – (continued)
Celltrion, Inc.		1,772	$	212,629
Daan Gene Co. Ltd., Class A		4,700		10,569
GC Cell Corp.		329		10,496
GeneOne Life Science, Inc.*		3,823		17,138
Genexine, Inc.*		2,302		20,777
Green Cross Corp.		163		15,053
Green Cross Holdings Corp.		15,092		175,908
Helixmith Co. Ltd.*		1,449		9,289
Hugel, Inc.*		126		10,676
InnoCare Pharma Ltd.* (a)		31,000		35,542
Innovent Biologics, Inc.* (a)		24,500		116,884
L&C Bio Co. Ltd.		605		13,877
Medigen Vaccine Biologics Corp.*		4,564		9,783
MedPacto, Inc.*		1,215		20,153
Medytox, Inc.		126		22,218
Naturecell Co. Ltd.*		1,833		14,380
NKMax Co. Ltd.*		1,797		15,414
OBI Pharma, Inc.*		10,354		28,594
PharmaEssentia Corp.*		4,000		48,207
PharmaResearch Co. Ltd.		349		26,337
Pharmicell Co. Ltd.*		2,919		19,781
Seegene, Inc.		1,378		25,019
Shanghai Junshi Biosciences Co. Ltd., Class A*		1,113		8,479
Shanghai Junshi Biosciences Co. Ltd., Class H* (a)		2,200		8,604
Shanghai RAAS Blood Products Co. Ltd., Class A		9,400		8,914
SK Bioscience Co. Ltd.*		468		24,617
Vaxcell-Bio Therapeutics Co. Ltd.*		371		11,088
Zai Lab Ltd.*		24,500		85,049
				1,795,573
Broadline Retail – 3.4%
Alibaba Group Holding Ltd.*		441,000		4,609,492
Bukalapak.com PT Tbk.*		700,000		11,261
Central Retail Corp. PCL, NVDR		53,475		70,079
El Puerto de Liverpool SAB de CV, Class C1		6,185		37,643
Falabella SA		22,688		48,955

Investments	Shares		Value
Broadline Retail – (continued)
Far Eastern Department Stores Ltd.		49,000	$	35,703
GoTo Gojek Tokopedia Tbk. PT*		14,376,600		101,920
Hyundai Department Store Co. Ltd.		224		8,653
Hyundai Home Shopping Network Corp.		2,038		73,395
JD.com, Inc., Class A		38,001		657,886
Lotte Shopping Co. Ltd.		448		26,711
Magazine Luiza SA*		52,300		34,916
MINISO Group Holding Ltd., ADR		42,942		791,850
Mitra Adiperkasa Tbk. PT*		314,900		29,408
momo.com, Inc.		1,560		42,067
Naspers Ltd., Class N		3,565		635,875
PDD Holdings, Inc., ADR*		8,869		604,422
RattanIndia Enterprises Ltd.*		126,616		61,578
Shinsegae, Inc.		212		32,630
Vipshop Holdings Ltd., ADR*		10,045		157,707
V-Mart Retail Ltd.		484		12,832
Woolworths Holdings Ltd.		17,787		63,283
				8,148,266
Building Products – 0.3%
Astral Ltd.		2,308		40,823
Beijing New Building Materials plc, Class A		5,300		20,288
Blue Star Ltd.		2,817		50,952
China Lesso Group Holdings Ltd.		33,000		28,418
Kajaria Ceramics Ltd.		1,150		15,385
KCC Glass Corp.		3,724		127,853
Kyung Dong Navien Co. Ltd.		2,205		65,900
Qua Granite Hayal*		21,217		85,530
Ras Al Khaimah Ceramics		148,568		106,004
Saudi Ceramic Co.		935		7,977
Taiwan Glass Industry Corp.		50,000		33,016
Triumph New Energy Co. Ltd., Class H* (b)		18,000		17,450
Xinyi Glass Holdings Ltd.		80,000		145,734
Zhuzhou Kibing Group Co. Ltd., Class A		5,300		7,856
				753,186

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 169

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – 2.0%
360 ONE WAM Ltd.		8,040	$	41,248
Angel One Ltd.		1,551		23,313
B3 SA - Brasil Bolsa Balcao		93,100		217,358
Banco BTG Pactual SA		19,600		91,754
Bangkok Commercial Asset Management PCL, NVDR*		26,500		10,244
Beyond Securities PCL, NVDR*		37,500		8,127
Bolsa Mexicana de Valores SAB de CV		10,400		22,917
Boursa Kuwait Securities Co. KPSC		1,820		10,640
Bursa Malaysia Bhd.		8,000		11,263
Caitong Securities Co. Ltd., Class A		12,220		13,670
Capital Securities Corp.		833,000		371,216
Changjiang Securities Co. Ltd., Class A		14,100		11,539
China Bills Finance Corp.		53,000		26,032
China Cinda Asset Management Co. Ltd., Class H		3,185,000		377,336
China Everbright Ltd.(b)		294,000		210,484
China Galaxy Securities Co. Ltd., Class A		5,200		8,091
China Galaxy Securities Co. Ltd., Class H		119,500		64,698
China Huarong Asset Management Co. Ltd., Class H* (a) (b)		423,000		22,093
China International Capital Corp. Ltd., Class A		1,600		9,718
China International Capital Corp. Ltd., Class H(a)		19,600		40,998
China Merchants Securities Co. Ltd., Class A		21,220		42,788
China Merchants Securities Co. Ltd., Class H(a)		16,600		16,812
Chinalin Securities Co. Ltd., Class A		4,900		9,725
CITIC Securities Co. Ltd., Class A		34,075		103,383
CITIC Securities Co. Ltd., Class H		29,073		60,961

Investments	Shares		Value
Capital Markets – (continued)
Coronation Fund Managers Ltd.		90,166	$	147,895
CRISIL Ltd.		342		15,041
CSC Financial Co. Ltd., Class A		7,500		27,388
CSC Financial Co. Ltd., Class H(a) (b)		318,500		323,373
Daishin Securities Co. Ltd.		212		2,127
Daishin Securities Co. Ltd. (Preference)		530		5,085
Daou Data Corp.		4,900		63,593
Daou Technology, Inc.		9,485		135,642
Dubai Financial Market PJSC		33,628		13,737
Egypt Kuwait Holding Co. SAE		121,979		140,154
Egyptian Financial Group-Hermes Holding Co.*		327,009		193,136
Everbright Securities Co. Ltd., Class A		4,700		10,284
GF Securities Co. Ltd., Class A		14,100		31,219
GF Securities Co. Ltd., Class H(b)		29,400		42,097
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		11,664		11,600
Guosen Securities Co. Ltd., Class A		14,100		19,151
Guotai Junan Securities Co. Ltd., Class A		19,600		42,775
Guotai Junan Securities Co. Ltd., Class H(a)		21,200		27,277
Haitong Securities Co. Ltd., Class A		18,800		25,155
Haitong Securities Co. Ltd., Class H		56,400		37,361
Hanwha Investment & Securities Co. Ltd.*		42,483		87,289
HDFC Asset Management Co. Ltd.(a)		1,150		24,793
Huatai Securities Co. Ltd., Class A		25,100		50,901
Huatai Securities Co. Ltd., Class H(a)		46,200		59,561
IBF Financial Holdings Co. Ltd.		56,381		22,650
ICICI Securities Ltd.(a)		1,880		10,178
IDFC Ltd.		53,949		57,880
Indian Energy Exchange Ltd.(a)		16,732		32,008

See Accompanying Notes to the Financial Statements.

170 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – (continued)
Industrial Securities Co. Ltd., Class A		34,450	$	33,415
Investec Ltd.		4,353		23,951
Is Yatirim Menkul Degerler A/S		43,855		99,038
JM Financial Ltd.		150,439		111,492
JSE Ltd.		1,224		6,439
KIWOOM Securities Co. Ltd.		666		46,626
Korea Investment Holdings Co. Ltd.		1,225		50,431
Mirae Asset Securities Co. Ltd.		7,325		37,982
Moscow Exchange MICEX-RTS PJSC* ‡		29,911		—
Multi Commodity Exchange of India Ltd.		583		9,969
NH Investment & Securities Co. Ltd.		5,582		38,996
Ninety One Ltd.		6,828		15,449
Nippon Life India Asset Management Ltd.(a)		1,739		5,062
Norte Grande SA		1,265,334		13,065
Orient Securities Co. Ltd., Class A		12,032		18,600
Orient Securities Co. Ltd., Class H(a)		20,400		12,136
Pacific Strategic Financial Tbk. PT*		448,500		38,827
Pihsiang Machinery Manufacturing Co. Ltd.* ‡		5,000		—
President Securities Corp.		343,000		185,767
PSG Konsult Ltd.		24,750		17,733
Reinet Investments SCA		2,450		53,602
Samsung Securities Co. Ltd.		2,009		50,810
Saratoga Investama Sedaya Tbk. PT		27,500		3,552
Saudi Tadawul Group Holding Co.		779		34,727
Shenwan Hongyuan Group Co. Ltd., Class A		47,900		31,250
Shinyoung Securities Co. Ltd.*		1,617		67,053
Sociedad de Inversiones Oro Blanco SA		1,353,420		12,064
SPIC Industry-Finance Holdings Co. Ltd., Class A		10,000		6,207

Investments	Shares		Value
Capital Markets – (continued)
Tata Investment Corp. Ltd.		517	$	13,653
UTI Asset Management Co. Ltd.		3,250		26,141
Western Securities Co. Ltd., Class A		10,000		9,671
Woori Investment Bank Co. Ltd.		131,859		74,383
Yuanta Securities Korea Co. Ltd.		30,806		60,420
Zheshang Securities Co. Ltd., Class A		4,700		6,933
Zhongtai Securities Co. Ltd., Class A		15,900		17,143
				4,718,345
Chemicals – 4.2%
Aarti Industries Ltd.		4,205		28,890
Abou Kir Fertilizers & Chemical Industries		9,849		16,061
Advanced Nano Products Co. Ltd.		355		39,521
Advanced Petrochemical Co.		2,025		25,699
AECI Ltd.		40,122		189,399
Alkyl Amines Chemicals		220		6,355
Alpek SAB de CV(b)		4,700		4,956
Alujain Corp.		12,292		130,762
Asia Polymer Corp.		147,000		131,735
Asian Paints Ltd.		7,423		263,259
Atul Ltd.		259		21,748
Avia Avian Tbk. PT		277,300		11,341
Balaji Amines Ltd.		350		8,983
Barito Pacific Tbk. PT		476,398		27,116
BASF India Ltd.		400		11,599
Batu Kawan Bhd.		6,300		30,762
Bayer CropScience Ltd.		141		7,135
Berger Paints India Ltd.		5,126		38,231
Boubyan Petrochemicals Co. KSCP		7,344		19,562
Braskem SA (Preference), Class A*		5,500		21,757
Carborundum Universal Ltd.		5,096		67,084
Castrol India Ltd.		18,650		27,313
Chambal Fertilisers and Chemicals Ltd.		4,398		15,351
Chandra Asri Petrochemical Tbk. PT*		392,000		63,062
Chemplast Sanmar Ltd.*		2,585		13,546

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 171

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Chemicals – (continued)
China General Plastics Corp.		147,000	$	119,780
China Lumena New Materials Corp.* ‡		22,200		—
China Man-Made Fiber Corp.*		50,000		13,613
China Petrochemical Development Corp.		47,000		15,441
China Risun Group Ltd.(a) (b)		490,000		229,086
China Steel Chemical Corp.		9,000		33,667
Chunbo Co. Ltd.		47		6,802
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		7,975		7,263
Coromandel International Ltd.		1,898		21,858
Cosmochemical Co. Ltd.*		987		42,919
D&L Industries, Inc.		110,800		16,785
DCM Shriram Ltd.		423		4,225
Deepak Fertilisers & Petrochemicals Corp. Ltd.		2,538		18,591
Deepak Nitrite Ltd.		1,105		25,496
DL Holdings Co. Ltd.		397		14,668
Dongjin Semichem Co. Ltd.		725		15,953
Dongyue Group Ltd.		42,000		42,536
Ecopro Co. Ltd.		289		157,628
EID Parry India Ltd.		35,623		218,780
Enchem Co. Ltd.*		235		12,256
Engro Corp. Ltd.		111,181		120,458
Engro Fertilizers Ltd.		239,264		70,836
Eternal Materials Co. Ltd.		27,550		28,991
Fauji Fertilizer Co. Ltd.		280,616		101,766
Fertiglobe plc		33,746		35,290
Fine Organic Industries Ltd.		94		5,082
Finolex Industries Ltd.		9,600		19,649
Foosung Co. Ltd.		1,768		17,794
Formosa Chemicals & Fibre Corp.		68,000		152,401
Formosa Plastics Corp.		76,000		232,135
Fufeng Group Ltd.(b)		392,000		237,200
Galaxy Surfactants Ltd.(a)		250		7,595
Ganfeng Lithium Group Co. Ltd.(a) (b)		7,280		47,715
Ganfeng Lithium Group Co. Ltd., Class A		3,080		28,892
GHCL Ltd.		2,867		16,979

Investments	Shares		Value
Chemicals – (continued)
GHCL Textiles Ltd.* ‡		2,867	$	1,165
Grand Pacific Petrochemical		47,000		30,959
Guangzhou Tinci Materials Technology Co. Ltd., Class A		5,000		30,802
Gubre Fabrikalari TAS*		833		8,656
Gujarat Fluorochemicals Ltd.		715		29,545
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		33,614		241,725
Han Kuk Carbon Co. Ltd.		1,470		12,576
Hangzhou Oxygen Plant Group Co. Ltd.*		2,400		13,926
Hansol Chemical Co. Ltd.		141		23,388
Hanwha Solutions Corp.*		3,227		115,612
Hektas Ticaret TAS*		16,074		22,266
Hengli Petrochemical Co. Ltd., Class A		14,100		32,156
Hengyi Petrochemical Co. Ltd., Class A		14,100		15,610
Hoshine Silicon Industry Co. Ltd., Class A		1,900		20,083
Huabao International Holdings Ltd.(b)		17,000		7,991
Huafon Chemical Co. Ltd., Class A		5,300		5,508
Hubei Xingfa Chemicals Group Co. Ltd., Class A		5,000		17,826
Hyosung Advanced Materials Corp.		55		15,965
Hyosung TNC Corp.		882		248,441
Indorama Ventures PCL, NVDR		66,700		66,412
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		23,500		14,721
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		14,100		14,958
International CSRC Investment Holdings Co.		50,000		32,528
ISU Chemical Co. Ltd. ‡		799		24,775
Jiangsu Eastern Shenghong Co. Ltd., Class A		11,000		20,116
Jubilant Ingrevia Ltd.		2,701		13,910
Kansai Nerolac Paints Ltd.		2,196		10,201
KCC Corp.		106		17,582
Kolon Industries, Inc.		674		21,528

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)
Chemicals – (continued)
Korea Petrochemical Ind Co. Ltd.		141	$	15,276
KuibyshevAzot PJSC‡		9,900		—
Kum Yang Co. Ltd.*		564		28,149
Kumho Petrochemical Co. Ltd.		441		44,943
Laxmi Organic Industries Ltd.(a)		2,107		7,239
LB Group Co. Ltd., Class A		4,700		11,750
LG Chem Ltd.		735		406,381
LG Chem Ltd. (Preference)		170		49,537
Linde India Ltd.		282		13,730
Lotte Chemical Corp.		584		73,349
LOTTE Fine Chemical Co. Ltd.		397		18,183
Luxi Chemical Group Co. Ltd., Class A		6,500		11,249
Mesaieed Petrochemical Holding Co.		68,381		37,196
Miwon Commercial Co. Ltd.		125		15,784
Miwon Specialty Chemical Co. Ltd.		120		12,552
Nan Ya Plastics Corp.		147,000		372,969
Nantex Industry Co. Ltd.		109,000		139,873
National Industrialization Co.*		5,584		20,307
Navin Fluorine International Ltd.		645		38,227
Ningxia Baofeng Energy Group Co. Ltd., Class A		10,600		20,165
Nizhnekamskneftekhim PJSC‡		28,600		—
Nizhnekamskneftekhim PJSC (Preference)‡		26,400		—
OCI Co. Ltd.‡		602		53,885
Omnia Holdings Ltd.		61,002		192,043
Orbia Advance Corp. SAB de CV		29,933		68,730
Organichesky Sintez PJSC‡		11,550		—
Oriental Union Chemical Corp.		38,000		25,834
Petkim Petrokimya Holding A/S*		38,400		25,668
Petronas Chemicals Group Bhd.		44,100		69,998
PhosAgro PJSC‡		1,540		—
PI Advanced Materials Co. Ltd.		520		12,685
PI Industries Ltd.		1,239		51,241
Pidilite Industries Ltd.		2,401		70,979
PTT Global Chemical PCL, NVDR		48,700		59,186

Investments	Shares		Value
Chemicals – (continued)
Qinghai Salt Lake Industry Co. Ltd., Class A*		4,700	$	13,853
Rongsheng Petrochemical Co. Ltd., Class A		24,500		46,750
SABIC Agri-Nutrients Co.		3,907		139,167
Sahara International Petrochemical Co.		10,089		104,099
Sasa Polyester Sanayi A/S*		6,811		34,881
Sasol Ltd.		17,437		226,186
Satellite Chemical Co. Ltd., Class A		4,662		9,548
Saudi Basic Industries Corp.		14,112		347,279
Saudi Industrial Investment Group		6,478		43,956
Saudi Kayan Petrochemical Co.*		12,054		40,687
Scientex Bhd.		14,100		10,779
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		6,110		28,115
Shanghai Putailai New Energy Technology Co. Ltd., Class A		2,800		21,104
Shinkong Synthetic Fibers Corp.		490,000		280,524
Shiny Chemical Industrial Co. Ltd.		3,750		15,736
Sichuan Hebang Biotechnology Co. Ltd., Class A		37,600		14,979
Sichuan Yahua Industrial Group Co. Ltd., Class A		3,600		9,753
Sinofert Holdings Ltd.*		700,000		88,281
Sinoma Science & Technology Co. Ltd., Class A		4,700		14,314
Sinon Corp.		21,000		25,274
SK Chemicals Co. Ltd.		412		21,948
SK IE Technology Co. Ltd.* (a)		349		20,157
SKC Co. Ltd.		424		31,490
Sociedad Quimica y Minera de Chile SA (Preference), Class B		2,254		153,549
Solar Applied Materials Technology Corp.		173,000		204,556
Solar Industries India Ltd.		405		18,924
Soulbrain Co. Ltd.		47		7,691
Soulbrain Holdings Co. Ltd.		1,782		35,416
SRF Ltd.		2,588		80,333

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)
Chemicals – (continued)
Sumitomo Chemical India Ltd.		2,585	$	12,723
Supreme Industries Ltd.		1,204		40,044
Supreme Petrochem Ltd.		3,456		16,157
Surya Esa Perkasa Tbk. PT		280,400		13,380
Taekwang Industrial Co. Ltd.		98		51,109
Taiwan Fertilizer Co. Ltd.		13,000		24,991
Tata Chemicals Ltd.		2,679		31,188
Tianqi Lithium Corp., Class A*		1,500		15,428
Tianqi Lithium Corp., Class H*		1,200		7,491
TKG Huchems Co. Ltd.		6,811		115,773
Tongkun Group Co. Ltd., Class A		9,400		17,502
TSRC Corp.		245,000		221,151
Unid Co. Ltd.		1,666		80,786
UPC Technology Corp.		294,000		142,971
UPL Ltd.		9,408		85,106
USI Corp.		294,000		243,864
Wanhua Chemical Group Co. Ltd., Class A*		4,900		65,195
Xinjiang Zhongtai Chemical Co. Ltd., Class A*		10,600		10,006
Yanbu National Petrochemical Co.		5,439		64,821
Yunnan Energy New Material Co. Ltd.		1,200		18,031
Yunnan Yuntianhua Co. Ltd., Class A*		4,700		12,978
Zangge Mining Co. Ltd., Class A		4,700		15,521
Zhejiang Yongtai Technology Co. Ltd., Class A		2,800		6,895
				9,861,836
Commercial Services & Supplies – 0.2%
China Everbright Environment Group Ltd.(b)		98,000		41,448
Cleanaway Co. Ltd.		5,000		30,577
Dynagreen Environmental Protection Group Co. Ltd., Class H(a) (b)		165,000		59,275
Ecopro HN Co. Ltd.		376		18,766
Frontken Corp. Bhd.		42,300		28,829

Investments	Shares		Value
Commercial Services & Supplies – (continued)
GPS Participacoes e Empreendimentos SA(c)		14,100	$	35,484
Indian Railway Catering & Tourism Corp. Ltd.		6,370		48,088
KEPCO Plant Service & Engineering Co. Ltd.		100		2,667
PNB Holdings Corp.* ‡		46,815		35,287
S-1 Corp.		347		15,141
Saudi Airlines Catering Co.		1,848		46,758
Sungeel Hitech Co. Ltd.*		98		9,987
Sunny Friend Environmental Technology Co. Ltd.		5,000		25,779
Taiwan Secom Co. Ltd.		3,165		11,170
				409,256
Communications Equipment – 0.3%
Accton Technology Corp.		9,000		87,534
Advanced Ceramic X Corp.		2,000		13,532
Arcadyan Technology Corp.		69,000		225,567
BYD Electronic International Co. Ltd.		11,000		33,141
Hengtong Optic-electric Co. Ltd., Class A		4,700		9,877
Intellian Technologies, Inc.		218		11,157
KMW Co. Ltd.*		563		8,093
Seojin System Co. Ltd.*		9,457		113,054
Sercomm Corp.		10,000		26,706
Sterlite Technologies Ltd.		6,627		12,973
Tejas Networks Ltd.*(a)		2,202		17,724
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		900		4,211
Wistron NeWeb Corp.		5,000		15,028
ZTE Corp., Class A		9,800		50,385
ZTE Corp., Class H		20,400		65,489
				694,471
Construction & Engineering – 1.1%
Acter Group Corp. Ltd.		49,000		215,971
BES Engineering Corp.		441,000		149,905
CH Karnchang PCL, NVDR		30,400		18,784
China Conch Venture Holdings Ltd.		49,000		77,902

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)
Construction & Engineering – (continued)
China Energy Engineering Corp. Ltd., Class A		80,000	$	31,292
China Energy Engineering Corp. Ltd., Class H(b)		198,000		29,763
China Railway Group Ltd., Class A		45,200		60,609
China Railway Group Ltd., Class H		119,000		91,260
Continental Holdings Corp.		147,000		149,188
Daewoo Engineering & Construction Co. Ltd.*		3,901		12,285
Dayamitra Telekomunikasi Tbk. PT		202,100		9,643
DL E&C Co. Ltd.		799		21,014
Estithmar Holding QPSC*		30,456		17,838
Gamuda Bhd.		52,008		48,388
Greentown Management Holdings Co. Ltd.(a)		35,000		33,351
GS Engineering & Construction Corp.		2,450		39,540
HDC Hyundai Development Co-Engineering & Construction, Class E		13,573		122,202
Hyundai Engineering & Construction Co. Ltd.		2,280		69,845
IJM Corp. Bhd.		37,600		13,150
IRB Infrastructure Developers Ltd.		48,040		16,085
IS Dongseo Co. Ltd.*		5,390		149,208
Kalpataru Power Transmission Ltd.		3,479		22,954
KEC International Ltd.		6,962		39,044
KEPCO Engineering & Construction Co., Inc.		141		7,406
KNR Constructions Ltd.		6,325		18,565
Kontrolmatik Enerji ve Muhendislik A/S		736		5,007
Larsen & Toubro Ltd.		10,841		313,216
Larsen & Toubro Ltd., GDR(a)		296		8,584
Metallurgical Corp. of China Ltd., Class A		42,300		27,353
Metallurgical Corp. of China Ltd., Class H		106,000		32,273

Investments	Shares		Value
Construction & Engineering – (continued)
NBCC India Ltd.		41,870	$	20,107
PNC Infratech Ltd.(a)		2,700		9,350
Power Construction Corp. of China Ltd., Class A		34,100		37,849
Praj Industries Ltd.		6,061		26,326
PSG Corp. PCL, NVDR*		300,700		9,158
Rail Vikas Nigam Ltd.(a)		168,168		221,008
Ruentex Engineering & Construction Co.		26,000		101,488
Samsung Engineering Co. Ltd.*		2,842		61,792
Shanghai Construction Group Co. Ltd., Class A		23,500		9,667
Shanghai Tunnel Engineering Co. Ltd., Class A		14,100		13,310
Sichuan Road and Bridge Group Co. Ltd., Class A		14,600		33,401
Tekfen Holding A/S		63,210		93,605
Voltas Ltd.		3,969		38,753
Waskita Karya Persero Tbk. PT*		173,900		2,726
Yankey Engineering Co. Ltd.		15,000		139,058
				2,669,223
Construction Materials – 1.4%
ACC Ltd.*		1,376		29,641
Ambuja Cements Ltd.*		11,368		55,078
Anhui Conch Cement Co. Ltd., Class A		9,800		38,022
Anhui Conch Cement Co. Ltd., Class H		35,000		110,129
Arabian Cement Co.		2,310		21,802
Asia Cement Corp.		79,000		112,940
BBMG Corp., Class A		42,300		14,714
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		6,000		25,695
Berkah Beton Sadaya Tbk. PT‡		425,000		17,906
Birla Corp. Ltd.		750		8,400
Bursa Cimento Fabrikasi A/S*		221,480		60,357
Cementos Argos SA		172,970		114,672
Cemex SAB de CV*		428,000		256,245
Chia Hsin Cement Corp.		20,000		13,044
China Jushi Co. Ltd., Class A		5,143		10,823
China National Building Material Co. Ltd., Class H		134,050		100,069

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)
Construction Materials – (continued)
China Resources Cement Holdings Ltd.		68,000	$	30,665
China Tianrui Group Cement Co. Ltd.*		36,000		26,370
City Cement Co.		4,208		24,480
CSG Holding Co. Ltd., Class B		4,700		1,796
Dalmia Bharat Ltd.		1,782		43,468
Eastern Province Cement Co.		1,199		13,586
GCC SAB de CV(b)		4,700		37,240
Goldsun Building Materials Co. Ltd.		343,000		312,401
Grasim Industries Ltd.		5,978		125,665
Grupo Argos SA		122,500		232,600
Grupo Argos SA (Preference)		76,737		93,433
Hanil Cement Co. Ltd.		9,751		90,924
Huaxin Cement Co. Ltd., Class A		3,700		7,877
Huaxin Cement Co. Ltd., Class H		10,400		10,347
India Cements Ltd. (The)		5,000		11,337
Indocement Tunggal Prakarsa Tbk. PT		32,900		24,333
JK Cement Ltd.		530		19,386
Lucky Cement Ltd.*		45,227		63,963
Nuh Cimento Sanayi A/S		2,068		13,728
Nuvoco Vistas Corp. Ltd.*		3,650		14,714
Oyak Cimento Fabrikalari A/S*		12,338		19,159
POSCO Future M Co. Ltd.		499		124,899
Qassim Cement Co. (The)		1,998		36,650
Qatar National Cement Co. QSC		11,041		12,033
Ramco Cements Ltd. (The)		2,289		20,592
Rhi Magnesita India Ltd.		1,850		14,512
Riyadh Cement Co.		1,967		17,018
Saudi Cement Co.		2,022		30,297
Semen Indonesia Persero Tbk. PT*		65,817		26,695
Shree Cement Ltd.		196		58,282
Siam Cement PCL (The), NVDR		9,500		87,356
Southern Province Cement Co.		1,634		22,872
SSANGYONG C&E Co. Ltd.		290		1,268
Taiwan Cement Corp.		98,000		123,367

Investments	Shares		Value
Construction Materials – (continued)
Tangshan Jidong Cement Co. Ltd., Class A		4,700	$	5,536
Tipco Asphalt PCL, NVDR		23,400		13,774
TPI Polene PCL, NVDR		1,950,300		85,671
UltraTech Cement Ltd.		1,813		167,400
Unacem Corp. SAA		326,046		136,279
Universal Cement Corp.		148,000		136,241
Yamama Cement Co.		3,763		33,108
Yanbu Cement Co.		2,888		27,489
				3,388,348
Consumer Finance – 0.9%
AEON Credit Service M Bhd.		5,600		15,015
Bajaj Finance Ltd.		4,263		327,142
BFI Finance Indonesia Tbk. PT		343,100		32,158
Capri Global Capital Ltd.		1,948		15,685
Cholamandalam Investment and Finance Co. Ltd.		7,595		80,844
CreditAccess Grameen Ltd.*		1,166		13,739
Differ Group Auto Ltd.* (b)		94,000		1,593
Gentera SAB de CV		41,641		45,660
JMT Network Services PCL, NVDR		14,200		16,426
Krungthai Card PCL, NVDR		23,400		36,148
Lufax Holding Ltd., ADR		21,272		36,162
Mahindra & Mahindra Financial Services Ltd.		9,024		28,560
Manappuram Finance Ltd.		188,405		298,598
Muangthai Capital PCL, NVDR		9,300		9,260
Muthoot Finance Ltd.		2,226		27,764
Ngern Tid Lor PCL, NVDR		26,654		16,547
Poonawalla Fincorp Ltd.		5,720		22,587
Qifu Technology, Inc., ADR		52,234		921,408
Ratchthani Leasing PCL, NVDR		117,400		12,514
Samsung Card Co. Ltd.		1,140		25,383
SBI Cards & Payment Services Ltd.		4,949		46,701
Shriram Finance Ltd.		6,596		107,408
Srisawad Corp. PCL, NVDR		14,000		22,754
Sundaram Finance Ltd.		1,505		43,316
Transaction Capital Ltd.		7,989		5,313
Yulon Finance Corp.		4,248		25,494
				2,234,179

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)
Consumer Staples Distribution & Retail – 1.1%
Abdullah Al Othaim Markets Co.		363	$	13,840
Aeon Co. M Bhd.		18,800		5,353
Al Meera Consumer Goods Co. QSC		2,049		8,179
Al-Dawaa Medical Services Co.		686		14,138
Alibaba Health Information Technology Ltd.*(b)		98,000		70,037
Almacenes Exito SA		56,252		48,819
Atacadao SA		9,400		20,199
Avenue Supermarts Ltd.* (a)		2,681		115,053
Berli Jucker PCL		500		571
Berli Jucker PCL, NVDR		13,800		15,761
BGF retail Co. Ltd.		141		19,658
Bid Corp. Ltd.		5,670		129,099
BIM Birlesik Magazalar A/S		13,261		106,507
Cencosud SA*		44,247		90,731
Cia Brasileira de Distribuicao*		58,800		176,300
Clicks Group Ltd.		4,165		60,900
CP ALL PCL, NVDR*		83,800		158,900
Dada Nexus Ltd., ADR*		2,805		16,998
DaShenLin Pharmaceutical Group Co. Ltd., Class A		3,600		17,885
Dis-Chem Pharmacies Ltd. (a)		6,949		10,117
Dongsuh Cos., Inc.		859		12,329
E-MART, Inc.		572		41,712
Great Tree Pharmacy Co. Ltd.		1,257		16,519
Grupo Comercial Chedraui SA de CV		4,700		27,691
Grupo Mateus SA*		9,800		10,793
GS Retail Co. Ltd.		1,332		26,473
InRetail Peru Corp.(a)		406		13,215
JD Health International, Inc.* (a) (b)		17,150		122,892
La Comer SAB de CV		18,800		40,833
Magnit PJSC* ‡		2,296		—
Migros Ticaret A/S*		1,410		12,644
Nahdi Medical Co.		611		29,192
Pick n Pay Stores Ltd.		6,784		16,111
Ping An Healthcare and Technology Co. Ltd.*(a)		9,600		23,872
President Chain Store Corp.		11,000		96,788

Investments	Shares		Value
Consumer Staples Distribution & Retail – (continued)
Puregold Price Club, Inc.		26,060	$	15,339
Raia Drogasil SA		19,100		100,332
Sendas Distribuidora SA		14,996		36,839
Shoprite Holdings Ltd.		8,918		108,745
Siam Makro PCL, NVDR		28,900		31,949
SMU SA		797,524		140,174
Sok Marketler Ticaret A/S*		113,288		193,626
SPAR Group Ltd. (The) (b)		2,560		19,658
Sumber Alfaria Trijaya Tbk. PT		344,600		68,121
Sun Art Retail Group Ltd.		70,500		30,535
Wal-Mart de Mexico SAB de CV		83,300		334,742
				2,670,169
Containers & Packaging – 0.2%
Cheng Loong Corp.		16,000		16,290
Klabin SA		24,552		93,882
Polyplex Thailand PCL, NVDR		132,000		63,009
SCG Packaging PCL, NVDR		18,700		24,096
Taiwan Hon Chuan Enterprise Co. Ltd.		9,000		29,246
Ton Yi Industrial Corp.		245,000		165,366
Youlchon Chemical Co. Ltd.		470		13,555
				405,444
Distributors – 0.1%
Wuchan Zhongda Group Co. Ltd., Class A		13,800		10,855
Xinhua Winshare Publishing and Media Co. Ltd., Class H		147,000		132,770
				143,625
Diversified Consumer Services – 0.4%
Advtech Ltd.		24,310		24,372
China Education Group Holdings Ltd.(a) (b)		392,000		347,561
Cogna Educacao SA*		52,400		21,367
East Buy Holding Ltd.*(a) (b)		3,000		10,376
Fu Shou Yuan International Group Ltd.		55,000		44,561
Humansoft Holding Co. KSC*		3,097		39,426
Lung Yen Life Service Corp.		2,000		2,440
MegaStudyEdu Co. Ltd.		2,940		137,510

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)
Diversified Consumer Services – (continued)
New Oriental Education & Technology Group, Inc.*		24,500	$	110,173
Offcn Education Technology Co. Ltd., Class A*		4,700		3,338
TAL Education Group, ADR*		13,867		81,261
YDUQS Participacoes SA*		10,500		17,042
				839,427
Diversified REITs – 0.3%
Axis REIT, REIT		70,600		30,073
Concentradora Fibra Danhos SA de CV, REIT(b)		39,200		51,980
Fibra Uno Administracion SA de CV, REIT(b)		93,100		128,200
Growthpoint Properties Ltd., REIT(b)		106,428		74,100
Investec Property Fund Ltd., REIT		221,074		106,403
Is Gayrimenkul Yatirim Ortakligi A/S, REIT*		169,981		71,932
KLCCP Stapled Group, REIT		6,900		10,875
Ozak Gayrimenkul Yatirim Ortakligi, REIT*		82,173		45,336
Redefine Properties Ltd., REIT		244,978		51,987
Yuexiu REIT, REIT		833,000		218,599
				789,485
Diversified Telecommunication Services – 1.1%
AL Yah Satellite Communications Co. PJSC		43,340		30,333
China Tower Corp. Ltd., Class H(a)		1,274,000		162,295
Chunghwa Telecom Co. Ltd.		49,000		202,423
CITIC Telecom International Holdings Ltd.		588,000		235,952
Converge Information and Communications Technology Solutions, Inc.*		48,000		10,227
Emirates Telecommunications Group Co. PJSC		54,978		359,333
Hellenic Telecommunications Organization SA		2,597		37,989
HFCL Ltd.		22,055		17,464
Indus Towers Ltd.		25,442		48,188

Investments	Shares		Value
Diversified Telecommunication Services – (continued)
KT Corp.		3,590	$	80,469
LG Uplus Corp.		7,465		61,465
Magyar Telekom Telecommunications plc*		131,124		165,275
Ooredoo QPSC		18,114		49,216
Operadora De Sites Mexicanos SAB de CV, Series A-1(b)		9,400		9,093
Rostelecom PJSC‡		33,770		—
Rostelecom PJSC (Preference)‡		15,392		—
Sarana Menara Nusantara Tbk. PT		315,700		22,058
Saudi Telecom Co.		29,562		354,678
Tata Communications Ltd.		1,646		25,534
Tata Teleservices Maharashtra Ltd.*		6,148		4,601
Telefonica Brasil SA		4,900		40,275
Telekom Malaysia Bhd.		36,100		40,143
Telkom Indonesia Persero Tbk. PT		739,900		214,354
Telkom SA SOC Ltd.* (b)		110,021		199,658
TIME dotCom Bhd.		9,000		11,077
Tower Bersama Infrastructure Tbk. PT		42,300		5,940
True Corp. PCL, NVDR		343,808		80,043
Turk Telekomunikasyon A/S*		19,746		16,519
				2,484,602
Electric Utilities – 1.1%
Adani Transmission Ltd.*		4,459		56,092
Alupar Investimento SA		3,640		19,674
Can2 Termik A/S*		1,551		3,876
Centrais Eletricas Brasileiras SA		34,300		232,079
Centrais Eletricas Brasileiras SA (Preference), Class B		8,481		61,723
CESC Ltd.		226,861		189,891
CEZ A/S		4,508		243,118
Cia Energetica de Minas Gerais		4,700		18,977
Cia Energetica de Minas Gerais (Preference)		46,802		115,535
Cia Paranaense de Energia		5,500		42,942
CPFL Energia SA		4,700		31,134
CTEEP-Cia de Transmissao de Energia Eletrica Paulista (Preference)		5,200		23,958

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)
Electric Utilities – (continued)
EDP - Energias do Brasil SA		9,400	$	42,276
Enel Americas SA		529,169		72,559
Enel Chile SA		829,052		47,538
Energisa SA		4,800		40,105
Enerjisa Enerji A/S(a)		7,676		10,988
Equatorial Energia SA		14,700		80,334
Federal Grid Co. - Rosseti PJSC (Registered)* ‡		9,827,068		—
Federal Grid Co. Unified Energy System PJSC* ‡		12,705,298		—
Inter RAO UES PJSC‡		1,596,292		—
Interconexion Electrica SA ESP		12,936		50,513
Korea Electric Power Corp.*		7,595		106,003
Manila Electric Co.		5,840		35,745
Mosenergo PJSC‡		4,455,000		—
Neoenergia SA		4,700		14,515
ODAS Elektrik Uretim ve Sanayi Ticaret A/S*		44,274		13,568
Power Grid Corp. of India Ltd.		93,345		270,615
Public Power Corp. SA*		2,126		18,354
RusHydro PJSC‡		2,361,000		—
Saudi Electricity Co.		23,618		152,386
SGC Energy Co. Ltd.		2,326		50,920
SJVN Ltd.		174,636		75,863
Synergy Grid & Development Phils, Inc.		411,600		77,289
Tata Power Co. Ltd. (The)		26,117		64,179
Tenaga Nasional Bhd.		90,100		179,776
Torrent Power Ltd.		1,927		12,984
Transmissora Alianca de Energia Eletrica SA		5,000		36,449
				2,491,958
Electrical Equipment – 1.1%
ABB India Ltd.		1,044		43,603
Amara Raja Batteries Ltd.		2,700		19,832
Bharat Heavy Electricals Ltd.		21,300		20,406
Bizlink Holding, Inc.		2,000		17,110
CG Power & Industrial Solutions Ltd.		12,844		48,473
Chicony Power Technology Co. Ltd.		57,000		158,526

Investments	Shares		Value
Electrical Equipment – (continued)
Chung-Hsin Electric & Machinery Manufacturing Corp.		21,000	$	69,334
CS Wind Corp.		581		32,731
Dongfang Electric Corp. Ltd., Class A		5,000		12,572
Doosan Enerbility Co. Ltd.*		7,146		89,111
Doosan Fuel Cell Co. Ltd.*		690		15,415
Ecopro BM Co. Ltd.		828		165,179
ElSewedy Electric Co.*		195,813		115,587
Fangda Carbon New Material Co. Ltd., Class A*		5,300		4,934
Finolex Cables Ltd.		3,245		35,485
GoodWe Technologies Co. Ltd., Class A		245		9,181
Gotion High-tech Co. Ltd., Class A		4,600		18,259
Graphite India Ltd.		5		18
Gulf Cables & Electrical Industries Group Co. KSCP		4,140		17,095
Havells India Ltd.		4,450		66,894
HD Hyundai Electric Co. Ltd.		752		28,430
Hitachi Energy India Ltd.		371		14,999
Hyosung Heavy Industries Corp.*		1,813		106,336
Jiangsu Zhongtian Technology Co. Ltd., Class A		4,500		9,476
Jiangxi Special Electric Motor Co. Ltd., Class A*		4,900		8,862
KEI Industries Ltd.		1,595		36,935
Korea Electric Terminal Co. Ltd.		2,597		118,945
LG Energy Solution Ltd.*		686		297,793
LS Corp.		889		59,515
LS Electric Co. Ltd.		235		11,097
Ming Yang Smart Energy Group Ltd., Class A		4,500		13,419
NARI Technology Co. Ltd., Class A		10,000		37,701
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		658		6,314
Phihong Technology Co. Ltd.*		17,000		40,644
Polycab India Ltd.		990		38,776
Pylon Technologies Co. Ltd., Class A		343		11,989

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)
Electrical Equipment – (continued)
Shanghai Electric Group Co. Ltd., Class A*		24,000	$	16,247
Shihlin Electric & Engineering Corp.		13,000		42,498
Suzlon Energy Ltd.*		266,458		27,025
Ta Ya Electric Wire & Cable		245,000		218,362
Taihan Electric Wire Co. Ltd.* ‡		20,586		22,949
Tatung Co. Ltd.*		42,000		44,538
TBEA Co. Ltd., Class A		8,500		27,715
Teco Electric and Machinery Co. Ltd.		22,000		31,595
Triveni Turbine Ltd.		6,484		28,943
V-Guard Industries Ltd.		6,399		19,924
Voltronic Power Technology Corp.		1,000		57,250
Walsin Lihwa Corp.		83,665		135,121
WEG SA		24,500		201,373
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		15,000		12,268
Zhefu Holding Group Co. Ltd., Class A		21,200		11,689
Zhejiang Chint Electrics Co. Ltd., Class A		4,700		17,672
				2,716,145
Electronic Equipment, Instruments & Components – 4.1%
AAC Technologies Holdings, Inc.*		14,000		29,427
Asia Optical Co., Inc.		98,000		204,336
AUO Corp.		196,000		108,384
Aurora Corp.		4,900		12,783
BH Co. Ltd.		9,332		160,716
BOE Technology Group Co. Ltd., Class A		75,700		43,924
BOE Varitronix Ltd.		7,000		11,396
Career Technology MFG. Co. Ltd.*		147,000		110,934
Chang Wah Electromaterials, Inc.		22,000		23,830
Cheng Uei Precision Industry Co. Ltd.		136,000		185,359
China Railway Signal & Communication Corp. Ltd., Class A		31,500		29,644

Investments	Shares		Value
Electronic Equipment, Instruments & Components – (continued)
Chroma ATE, Inc.		8,000	$	49,443
Compeq Manufacturing Co. Ltd.		33,000		46,265
Coretronic Corp.		113,000		274,942
Cowell e Holdings, Inc.*		12,000		23,114
Daeduck Electronics Co. Ltd.		893		14,378
Daejoo Electronic Materials Co. Ltd.		250		18,361
DataTec Ltd.		69,090		137,320
Delta Electronics Thailand PCL, NVDR		76,000		161,915
Delta Electronics, Inc.		32,000		312,271
Dreamtech Co. Ltd.		11,297		81,199
E Ink Holdings, Inc.		15,000		92,950
Elite Material Co. Ltd.		5,000		26,592
EM-Tech Co. Ltd.		4,998		102,507
FLEXium Interconnect, Inc.*		10,000		30,739
Foxconn Industrial Internet Co. Ltd., Class A		34,300		79,807
Foxconn Technology Co. Ltd.		32,000		56,105
General Interface Solution Holding Ltd.		98,000		253,428
Genius Electronic Optical Co. Ltd.		2,237		26,960
Global Brands Manufacture Ltd.		98,800		108,626
GoerTek, Inc., Class A		3,800		9,730
Gold Circuit Electronics Ltd.		9,000		28,866
Hana Microelectronics PCL, NVDR		23,400		28,438
Hannstar Board Corp.		98,000		120,976
HannStar Display Corp.		47,000		18,652
Hollysys Automation Technologies Ltd.*		20,825		332,367
Holy Stone Enterprise Co. Ltd.		56,000		185,801
Hon Hai Precision Industry Co. Ltd.		343,000		1,165,927
Honeywell Automation India Ltd.		32		13,919
Huagong Tech Co. Ltd., Class A		4,700		22,604
Innolux Corp.		294,000		128,148
ITEQ Corp.		98,000		222,825
Jaymart Group Holdings PCL, NVDR		9,300		5,393
KCE Electronics PCL, NVDR		9,300		10,349

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)
Electronic Equipment, Instruments & Components – (continued)
Kingboard Holdings Ltd.		24,500	$	74,749
Kingboard Laminates Holdings Ltd.		27,500		28,271
L&F Co. Ltd.		428		84,743
Largan Precision Co. Ltd.		2,000		130,764
LG Display Co. Ltd.*		6,360		70,519
LG Innotek Co. Ltd.		441		87,152
Lingyi iTech Guangdong Co., Class A*		15,900		13,609
Lotes Co. Ltd.		1,332		38,042
Lotte Energy Materials Corp.		235		10,570
Luxshare Precision Industry Co. Ltd., Class A		9,800		36,919
Mcnex Co. Ltd.		657		15,389
MH Development Ltd.*‡		22,000		—
Nan Ya Printed Circuit Board Corp.		4,000		35,716
Nex Point Parts PCL, NVDR*		47,500		14,467
OFILM Group Co. Ltd., Class A*		4,700		3,236
Pan-International Industrial Corp.		24,000		29,354
Park Systems Corp.		200		21,817
Partron Co. Ltd.		19,277		114,360
Primax Electronics Ltd.		160,000		312,271
Raytron Technology Co. Ltd., Class A		343		2,560
Redington Ltd.		216,286		445,066
Samsung Electro-Mechanics Co. Ltd.		1,666		179,122
Samsung SDI Co. Ltd.		882		455,366
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		376		10,616
Shengyi Technology Co. Ltd., Class A		4,700		10,888
Shenzhen Kaifa Technology Co. Ltd., Class A		4,700		12,082
Simplo Technology Co. Ltd.		5,200		52,097
Sinbon Electronics Co. Ltd.		3,000		33,179
SOLUM Co. Ltd.*		1,802		32,852
Solus Advanced Materials Co. Ltd.		377		11,352

Investments	Shares		Value
Electronic Equipment, Instruments & Components – (continued)
STCUBE*		1,739	$	23,648
Sunny Optical Technology Group Co. Ltd.		12,200		127,985
Supreme Electronics Co. Ltd.		147,331		207,991
Synnex Technology International Corp.		49,000		98,661
Taiwan Union Technology Corp.		99,000		213,828
Tianma Microelectronics Co. Ltd., Class A		9,400		13,378
Tong Hsing Electronic Industries Ltd.		2,719		14,991
Tripod Technology Corp.		14,000		52,371
TXC Corp.		112,000		310,398
Unimicron Technology Corp.		49,000		231,113
Unisplendour Corp. Ltd., Class A		4,900		20,956
Unitech Printed Circuit Board Corp.*		245,000		143,051
Universal Scientific Industrial Shanghai Co. Ltd., Class A		4,700		9,545
VS Industry Bhd.		137,700		25,160
Wah Lee Industrial Corp.		68,640		194,695
Walsin Technology Corp.		9,378		29,102
Weikeng Industrial Co. Ltd.		138,000		134,218
Wingtech Technology Co. Ltd., Class A		3,100		23,522
Wintek Corp.* ‡		64,000		—
WPG Holdings Ltd.		49,440		80,410
WT Microelectronics Co. Ltd.		14,000		30,238
Wuhan Guide Infrared Co. Ltd., Class A		9,212		14,679
WUS Printed Circuit Kunshan Co. Ltd., Class A		5,170		16,365
Yageo Corp.		10,347		166,939
Zhejiang Dahua Technology Co. Ltd., Class A		2,900		9,824
Zhejiang Supcon Technology Co. Ltd., Class A		1,222		17,001
Zhen Ding Technology Holding Ltd.		17,150		62,201
				9,751,048

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)
Energy Equipment & Services – 0.2%
ADNOC Drilling Co. PJSC		38,963	$	45,520
Bumi Armada Bhd.*		1,208,600		181,541
China Oilfield Services Ltd., Class A		5,000		11,648
China Oilfield Services Ltd., Class H		28,000		32,816
Dialog Group Bhd.		51,700		26,542
Gulf International Services QSC		331,283		190,852
Yinson Holdings Bhd.		35,800		21,028
				509,947
Entertainment – 0.8%
37 Interactive Entertainment Network Technology Group Co. Ltd.		4,700		20,820
Alibaba Pictures Group Ltd.*		540,000		34,051
Bilibili, Inc., Class Z* (b)		6,860		137,377
China Ruyi Holdings Ltd.* (b)		142,799		34,563
CJ CGV Co. Ltd.*		8,918		101,880
CJ ENM Co. Ltd.*		140		8,326
Cloud Music, Inc.* (a)		2,350		21,809
Com2uSCorp		133		6,797
Devsisters Co. Ltd.*		235		10,114
Fire Rock Holdings Ltd.* ‡ (b)		106,000		7,609
HYBE Co. Ltd.*		280		56,485
International Games System Co. Ltd.		3,000		52,208
iQIYI, Inc., ADR*		18,051		110,111
JYP Entertainment Corp.		489		32,956
Kakao Games Corp.*		956		28,821
Kingsoft Corp. Ltd.		16,000		70,014
MD Pictures Tbk. PT*		107,800		13,448
MNC Digital Entertainment Tbk. PT*		37,600		10,329
NCSoft Corp.		281		79,152
Neowiz*		470		15,434
NetDragon Websoft Holdings Ltd.		73,500		143,444
NetEase, Inc.		30,000		529,688
Netmarble Corp.*(a)		410		19,851
Nexon Games Co. Ltd.*		1,034		14,354

Investments	Shares		Value
Entertainment – (continued)
NHN Corp.*		630	$	12,780
Pearl Abyss Corp.*		517		16,630
Perfect World Co. Ltd., Class A		4,100		12,972
PVR Ltd.*		1,551		27,730
Saregama India Ltd.		2,498		10,076
SM Entertainment Co. Ltd.		328		26,271
SMI Holdings Group Ltd.* ‡		72,000		—
Studio Dragon Corp.*		188		9,285
Tencent Music Entertainment Group, ADR*		8,233		61,007
Tencent Music Entertainment Group, Class A*(b)		4,700		17,004
Webzen, Inc.		440		5,000
Wemade Co. Ltd.		388		16,118
Wemade Max Co. Ltd.*		784		9,249
Wysiwyg Studios Co. Ltd.*		1,034		13,566
XD, Inc.* (a)		8,000		25,172
XPEC Entertainment, Inc.* ‡		14,800		—
YG Entertainment, Inc.		605		27,574
Zhejiang Century Huatong Group Co. Ltd., Class A*		11,280		11,153
				1,861,228
Financial Services – 1.6%
Aavas Financiers Ltd.*		611		10,357
Al Waha Capital PJSC		350,889		116,581
Alliance International Education Leasing Holdings Ltd.* (a)		21,000		14,767
AVIC Industry-Finance Holdings Co. Ltd., Class A		23,500		12,957
Bajaj Finserv Ltd.		6,488		107,397
Bajaj Holdings & Investment Ltd.		574		48,032
Can Fin Homes Ltd.		4,876		36,744
Chailease Holding Co. Ltd.		27,177		197,137
Cielo SA		32,900		35,906
Corp. Financiera Colombiana SA		39,053		111,355
CSSC Hong Kong Shipping Co. Ltd.(a)		490,000		84,269
E-Finance for Digital & Financial Investments		7,889		4,848
Far East Horizon Ltd.(b)		53,000		47,599
Fawry for Banking & Payment Technology Services SAE*		44,933		8,667

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)
Financial Services – (continued)
FirstRand Ltd.		88,612	$	311,920
Genertec Universal Medical Group Co. Ltd.(a)		294,000		195,129
Grupo de Inversiones Suramericana SA		4,400		39,734
Grupo de Inversiones Suramericana SA (Preference)		3,587		8,927
Housing & Urban Development Corp. Ltd.		131,320		78,869
Housing Development Finance Corp. Ltd.		29,155		988,836
IIFL Finance Ltd.		7,301		42,801
Indiabulls Housing Finance Ltd.*		148,274		195,044
Indian Railway Finance Corp. Ltd.(a)		34,250		13,288
Invictus Investment Co. plc		44,737		37,159
Kakaopay Corp.*		398		16,207
L&T Finance Holdings Ltd.		11,562		13,076
LIC Housing Finance Ltd.		10,094		42,455
Meritz Financial Group, Inc.		2,990		102,541
Metro Pacific Investments Corp.		381,000		30,474
National Investments Co. KSCP		139,775		115,890
NICE Holdings Co. Ltd.		6,432		60,985
One 97 Communications Ltd.*		1,598		12,763
Piramal Enterprises Ltd.		2,112		19,014
PNB Housing Finance Ltd.* (a)		16,298		88,803
Power Finance Corp. Ltd.		35,812		74,349
REC Ltd.		30,647		49,489
Remgro Ltd.		7,469		57,203
Shandong Hi-Speed Holdings Group Ltd.* (b)		49,500		30,142
Shipping Corp. of India Land & Assets Ltd.* ‡		61,005		20,164
Turkiye Sinai Kalkinma Bankasi A/S*		451,976		91,333
Yeahka Ltd.*		13,200		36,069
Yuanta Financial Holding Co. Ltd.		376,580		276,838
				3,886,118

Investments	Shares		Value
Food Products – 2.4%
Adani Wilmar Ltd.*		2,491	$	12,536
Agthia Group PJSC		10,622		13,364
Alicorp SAA		169,792		293,491
Almarai Co. JSC		3,835		60,224
Anjoy Foods Group Co. Ltd., Class A		500		12,260
Astra Agro Lestari Tbk. PT		137,200		72,247
Avanti Feeds Ltd.		507		2,241
AVI Ltd.		14,737		54,938
Baladna*		39,151		14,821
Balrampur Chini Mills Ltd.		3,850		19,547
Beijing Dabeinong Technology Group Co. Ltd., Class A*		5,300		5,408
Bombay Burmah Trading Co.		235		2,978
BRF SA*		14,700		18,629
Britannia Industries Ltd.		1,949		108,447
CCL Products India Ltd.		2,597		19,112
Century Pacific Food, Inc.		17,700		8,261
Charoen Pokphand Enterprise		10,300		30,154
Charoen Pokphand Foods PCL, NVDR		108,500		64,501
Charoen Pokphand Indonesia Tbk. PT		119,900		37,515
Cherkizovo Group PJSC‡		2,594		—
China Feihe Ltd.(a)		101,000		67,935
China Huiyuan Juice Group Ltd.* ‡		24,000		—
China Mengniu Dairy Co. Ltd.*		49,000		196,939
China Modern Dairy Holdings Ltd.		1,043,000		128,882
China Youran Dairy Group Ltd.* (a)		490,000		128,588
Chongqing Fuling Zhacai Group Co. Ltd., Class A		2,400		8,934
CJ CheilJedang Corp.		223		51,568
CJ CheilJedang Corp. (Preference)		104		11,368
COFCO Joycome Foods Ltd.* (a) (b)		980,000		252,182
Daesang Corp.		7,869		114,296
Dali Foods Group Co. Ltd.(a) (b)		23,500		9,759
Dongwon Industries Co. Ltd.		7,497		260,188

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)
Food Products – (continued)
Foshan Haitian Flavouring & Food Co. Ltd., Class A*		4,900	$	49,932
Garudafood Putra Putri Jaya Tbk. PT*		463,100		14,711
Genting Plantations Bhd.		10,400		13,989
Great Wall Enterprise Co. Ltd.*		8,400		14,017
Gruma SAB de CV, Class B		3,765		58,739
Grupo Bimbo SAB de CV, Series A		21,500		114,776
Grupo Nutresa SA		1,692		21,886
Guangdong Haid Group Co. Ltd., Class A		3,400		26,937
Harim Holdings Co. Ltd.		16,170		113,205
Heilongjiang Agriculture Co. Ltd., Class A		5,200		10,185
Henan Shuanghui Investment & Development Co. Ltd., Class A		5,000		18,006
Huishan Dairy* ‡		158,000		—
Indofood CBP Sukses Makmur Tbk. PT		51,800		37,340
Indofood Sukses Makmur Tbk. PT		127,400		56,014
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,200		34,986
IOI Corp. Bhd.		58,800		50,357
Japfa Comfeed Indonesia Tbk. PT		1,886,500		133,740
JBS SA		19,700		70,486
Kuala Lumpur Kepong Bhd.		10,631		51,242
Lien Hwa Industrial Holdings Corp.*		16,170		32,085
Lotte Wellfood Co. Ltd.		1,421		112,436
Marfrig Global Foods SA		112,700		146,652
Marico Ltd.		8,820		53,500
Mayora Indah Tbk. PT		83,900		14,870
Minerva SA		98,000		167,485
Monde Nissin Corp.(a)		107,400		18,131
Muyuan Foods Co. Ltd., Class A		7,120		49,195
Namchow Holdings Co. Ltd.		19,000		29,666
Nestle India Ltd.		637		169,387
Nestle Malaysia Bhd.		900		27,340

Investments	Shares		Value
Food Products – (continued)
New Hope Liuhe Co. Ltd., Class A*		9,000	$	16,900
NongShim Co. Ltd.		56		16,590
Orion Corp.		520		56,297
Orion Holdings Corp.		9,136		113,040
Ottogi Corp.		15		5,178
Patanjali Foods Ltd.		1,030		11,867
PPB Group Bhd.		14,080		51,326
QL Resources Bhd.		25,395		32,167
Samyang Foods Co. Ltd.		141		12,263
Samyang Holdings Corp.		2,508		141,665
San Miguel Food and Beverage, Inc.		19,470		16,557
Sao Martinho SA		3,500		21,967
Sarawak Oil Palms Bhd.		78,400		43,590
Saudia Dairy & Foodstuff Co.		698		51,810
Savola Group (The)		5,311		45,100
Sawit Sumbermas Sarana Tbk. PT		1,190,700		138,793
Shandong Denghai Seeds Co. Ltd., Class A		4,900		11,924
Shree Renuka Sugars Ltd.*		30,100		17,232
Sime Darby Plantation Bhd.		54,403		52,202
Sumber Tani Agung Resources Tbk. PT		1,254,400		85,508
Ta Ann Holdings Bhd.		93,900		65,049
Taiwan TEA Corp.*		8,000		5,959
Tata Consumer Products Ltd.		10,407		97,138
Thai Union Group PCL, NVDR		85,600		34,593
Thaifoods Group PCL, NVDR		1,033,600		155,884
Tiger Brands Ltd.		3,591		38,925
Tingyi Cayman Islands Holding Corp.		30,000		52,281
Toly Bread Co. Ltd., Class A		5,640		9,329
Tres Tentos Agroindustrial SA		44,100		95,642
Triputra Agro Persada PT		916,500		39,984
Ulker Biskuvi Sanayi A/S*		6,392		9,860
Uni-President Enterprises Corp.		80,000		191,526
Universal Robina Corp.		13,530		35,911
Want Want China Holdings Ltd.		98,000		62,421
Yihai International Holding Ltd.* (b)		13,000		34,281
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		5,100		11,211

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)
Food Products – (continued)
Zad Holding Co.		3,286	$	13,316
Zhou Hei Ya International Holdings Co. Ltd.* (a) (b)		47,000		21,435
				5,709,329
Gas Utilities – 0.5%
Adani Total Gas Ltd.		4,361		50,358
Aygaz A/S		4,199		14,034
Beijing Enterprises Holdings Ltd.		16,000		66,243
China Gas Holdings Ltd.		88,200		113,032
China Resources Gas Group Ltd.		24,200		76,300
ENN Energy Holdings Ltd.		20,100		273,978
ENN Natural Gas Co. Ltd., Class A		10,000		29,301
GAIL India Ltd.		67,522		88,532
Grupo Energia Bogota SA ESP		87,796		33,906
Gujarat Gas Ltd.		2,679		15,312
Gujarat State Petronet Ltd.		13,547		47,170
Indraprastha Gas Ltd.		4,564		27,623
Korea Gas Corp.*		999		20,004
Kunlun Energy Co. Ltd.		118,000		109,133
Mahanagar Gas Ltd.(a)		1,456		17,945
National Gas & Industrialization Co.		1,155		18,908
Perusahaan Gas Negara Tbk. PT		311,200		30,335
Petronas Gas Bhd.		14,700		55,696
Samchully Co. Ltd.		96		10,974
Seoul City Gas Co. Ltd.		49		4,683
Towngas Smart Energy Co. Ltd.(b)		408,000		188,150
				1,291,617
Ground Transportation – 0.3%
BTS Group Holdings PCL, NVDR		119,640		26,978
Container Corp. of India Ltd.		4,480		33,487
Daqin Railway Co. Ltd., Class A		40,000		44,456
Full Truck Alliance Co. Ltd., ADR*		10,535		67,424
GMexico Transportes SAB de CV(a)		9,400		21,610

Investments	Shares		Value
Ground Transportation – (continued)
Localiza Rent a Car SA		12,158	$	140,977
Lotte Rental Co. Ltd.		5,194		100,899
Movida Participacoes SA		44,100		75,897
Rumo SA		19,600		77,180
SIMPAR SA		107,800		165,271
Theeb Rent A Car Co.		441		8,995
TransIndia Realty and Logistics Parks Ltd.* ‡		1,900		994
United International Transportation Co.		996		15,774
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		5,500		13,434
				793,376
Health Care Equipment & Supplies – 0.3%
Classys, Inc.		784		13,883
Dentium Co. Ltd.		257		27,632
Eoflow Co. Ltd.*		799		14,805
Hartalega Holdings Bhd.		30,800		12,981
HLB, Inc.*		1,796		47,430
Jeisys Medical, Inc.*		1,942		12,522
Kangji Medical Holdings Ltd.(b)		25,000		31,433
Kossan Rubber Industries Bhd.		504,700		141,436
Lifetech Scientific Corp.*		110,000		38,395
Lutronic Corp.		1,128		21,828
Microport Cardioflow Medtech Corp.* (a)		39,000		11,477
Microport Scientific Corp.* (b)		11,498		25,311
Poly Medicure Ltd.		2,613		31,253
Qingdao Haier Biomedical Co. Ltd., Class A		539		5,371
Sansure Biotech, Inc., Class A		1,764		4,769
SD Biosensor, Inc.		990		15,386
Shandong Weigao Group Medical Polymer Co. Ltd., Class H(b)		36,000		61,178
Shanghai MicroPort Endovascular MedTech Group Co. Ltd., Class A		98		2,450
Sri Trang Gloves Thailand PCL, NVDR		470,100		125,277
St Shine Optical Co. Ltd.		2,000		16,199

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)
Health Care Equipment & Supplies – (continued)
Supermax Corp. Bhd.		79,900	$	15,584
TaiDoc Technology Corp.		3,000		17,956
Top Glove Corp. Bhd.*		120,100		26,387
				720,943
Health Care Providers & Services – 0.8%
Al Hammadi Holding		3,792		56,414
Apollo Hospitals Enterprise Ltd.		1,608		88,690
Aster DM Healthcare Ltd.* (a)		6,324		19,083
Bangkok Chain Hospital PCL, NVDR		20,800		13,218
Bangkok Dusit Medical Services PCL, NVDR		72,000		61,674
Bumrungrad Hospital PCL, NVDR		9,500		66,213
Celltrion Healthcare Co. Ltd.		1,579		81,876
Chabiotech Co. Ltd.*		841		8,144
China Meheco Co. Ltd., Class A		4,700		9,654
Chularat Hospital PCL, NVDR		101,400		10,393
CM Hospitalar SA		5,000		15,871
Dallah Healthcare Co.		585		26,515
Diagnosticos da America SA*		990		1,672
Dr Lal PathLabs Ltd.(a)		822		19,632
Dr Sulaiman Al Habib Medical Services Group Co.		1,411		107,968
Fleury SA		3,600		10,448
Fortis Healthcare Ltd.*		11,593		36,945
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		12,000		39,364
Gushengtang Holdings Ltd.*		3,200		21,340
Hapvida Participacoes e Investimentos SA* (a)		78,400		43,252
HLB Life Science Co. Ltd.*		3,167		25,319
Huadong Medicine Co. Ltd., Class A		3,300		19,743
Hygeia Healthcare Holdings Co. Ltd.* (a) (b)		6,400		46,880
IHH Healthcare Bhd.		58,800		75,535
Jinxin Fertility Group Ltd.(a)		73,500		48,220
KPJ Healthcare Bhd.		97,424		24,463
Krishna Institute of Medical Sciences Ltd.* (a)		1,650		30,456

Investments	Shares		Value
Health Care Providers & Services – (continued)
Life Healthcare Group Holdings Ltd.		29,257	$	33,187
Max Healthcare Institute Ltd.*		11,515		64,733
Medikaloka Hermina Tbk. PT(a)		179,700		17,333
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		9,400		9,511
Metro Healthcare Indonesia Tbk. PT*		286,700		9,459
Metropolis Healthcare Ltd.(a)		940		14,375
Middle East Healthcare Co.*		1,617		16,598
Mitra Keluarga Karyasehat Tbk. PT(a)		100,200		19,740
MLP Saglik Hizmetleri A/S*(a)		3,572		12,131
Mouwasat Medical Services Co.		688		45,271
Narayana Hrudayalaya Ltd.(a)		2,750		25,601
National Medical Care Co.		931		23,556
Netcare Ltd.		70,667		61,647
New Horizon Health Ltd.* (a) (b)		4,000		14,268
Odontoprev SA		5,390		10,774
Rainbow Children’s Medicare Ltd.		1,030		9,960
Ramkhamhaeng Hospital PCL, NVDR		9,300		14,434
Rede D’Or Sao Luiz SA(a)		13,591		62,130
Selcuk Ecza Deposu Ticaret ve Sanayi A/S		41,307		64,568
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		4,700		15,542
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		24,500		49,687
Siloam International Hospitals Tbk. PT		165,000		19,458
Sinopharm Group Co. Ltd., Class H		39,200		138,575
Thonburi Healthcare Group PCL, NVDR		9,300		18,247
Topchoice Medical Corp., Class A*		500		8,603
Universal Vision Biotechnology Co. Ltd.*		2,100		27,392
				1,815,762

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)
Hotels, Restaurants & Leisure – 1.5%
Abu Dhabi National Hotels		39,009	$	47,274
Alsea SAB de CV*		24,500		65,437
Ananti, Inc.*		24,451		114,728
Asset World Corp. PCL, NVDR*		171,900		26,680
Bloomberry Resorts Corp.*		157,800		29,916
Central Plaza Hotel PCL*		1,600		2,565
Central Plaza Hotel PCL, NVDR*		5,700		9,139
China Travel International Investment Hong Kong Ltd.* (b)		122,000		25,955
DoubleUGames Co. Ltd.		3,675		124,385
Easy Trip Planners Ltd.*		16,003		9,386
EIH Ltd.*		8,250		19,028
Genting Bhd.		68,600		72,283
Genting Malaysia Bhd.		61,100		37,122
Grand Korea Leisure Co. Ltd.*		1,323		18,109
H World Group Ltd.*		24,500		112,358
Haichang Ocean Park Holdings Ltd.* (a)		54,000		11,144
Haidilao International Holding Ltd.* (a) (b)		21,164		51,387
Hana Tour Service, Inc.*		450		18,492
Helens International Holdings Co. Ltd.* (b)		6,500		10,086
Herfy Food Services Co.*		436		4,121	��
Indian Hotels Co. Ltd.		13,895		57,576
Jahez International Co.*		94		19,047
Jiumaojiu International Holdings Ltd.(a)		14,000		31,175
Jollibee Foods Corp.		10,180		41,356
Jubilant Foodworks Ltd.		4,950		27,004
Kangwon Land, Inc.		2,240		31,632
Leejam Sports Co. JSC		1,155		36,522
Lemon Tree Hotels Ltd.* (a)		19,505		20,986
Lotte Tour Development Co. Ltd.*		1,961		16,000
Magnum Bhd.		19,594		4,876
Meituan, Class B* (a)		74,770		1,266,820
Minor International PCL, NVDR		50,500		46,585
MK Restaurants Group PCL, NVDR		4,800		6,923

Investments	Shares		Value
Hotels, Restaurants & Leisure – (continued)
Nayuki Holdings Ltd.* (a)		25,000	$	26,115
OPAP SA		3,937		67,196
Paradise Co. Ltd.*		421		4,828
Sapphire Foods India Ltd.*		800		11,690
Seera Group Holding*		6,600		43,570
Shenzhen Overseas Chinese Town Co. Ltd., Class A		22,200		16,054
Smartfit Escola de Ginastica e Danca SA*		4,900		14,937
Sports Toto Bhd.		28,200		8,788
Sun International Ltd.		6,110		13,701
Tongcheng Travel Holdings Ltd.* (a)		19,600		41,448
Travellers International Hotel Group, Inc.* ‡		209,900		—
TravelSky Technology Ltd., Class H		35,000		69,644
Trip.com Group Ltd.*		8,650		302,809
Tsogo Sun Gaming Ltd.		192,196		128,245
Westlife Foodworld Ltd.*		3,000		28,016
Yum China Holdings, Inc.		6,713		410,701
Zomato Ltd.*		81,438		64,584
				3,668,423
Household Durables – 1.0%
Amber Enterprises India Ltd.*		935		21,344
Arcelik A/S*		2,914		14,511
Bajaj Electricals Ltd.		2,173		29,155
Coway Co. Ltd.		1,177		43,135
Crompton Greaves Consumer Electricals Ltd.		7,896		24,594
Cuckoo Holdings Co. Ltd.		2,953		33,978
Cyrela Brazil Realty SA Empreendimentos e Participacoes*		98,000		302,648
Dixon Technologies India Ltd.(a)		663		23,618
Ecovacs Robotics Co. Ltd., Class A		1,500		15,047
Eureka Forbes Ltd.*		1,960		8,969
Ez Tec Empreendimentos e Participacoes SA		4,900		14,231
Gree Electric Appliances, Inc. of Zhuhai, Class A		14,700		83,470

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)
Household Durables – (continued)
Haier Smart Home Co. Ltd., Class A		10,600	$	36,261
Haier Smart Home Co. Ltd., Class H		39,200		127,090
Hanssem Co. Ltd.		303		10,108
Kinpo Electronics		50,000		21,387
Konka Group Co. Ltd., Class B		291,800		60,963
LG Electronics, Inc.		2,989		244,096
LG Electronics, Inc. (Preference)		584		21,424
Merry Electronics Co. Ltd.		75,235		210,709
Midea Group Co. Ltd., Class A		18,800		154,075
MRV Engenharia e Participacoes SA		117,600		169,248
Nien Made Enterprise Co. Ltd.		2,000		21,957
Orient Electric Ltd.		6,985		19,008
PIK Group PJSC* ‡		4,646		—
Skyworth Group Ltd.		490,000		243,443
TCL Electronics Holdings Ltd.*		343,000		159,923
TCL Technology Group Corp., Class A		37,600		21,708
TTK Prestige Ltd.		1,825		16,315
Vestel Beyaz Esya Sanayi ve Ticaret A/S		111,934		60,893
Vestel Elektronik Sanayi ve Ticaret A/S*		46,795		99,373
Whirlpool of India Ltd.		674		10,897
Zinus, Inc.		3,717		79,428
				2,403,006
Household Products – 0.0%(d)
Blue Moon Group Holdings Ltd.(a)		26,500		15,731
Kimberly-Clark de Mexico SAB de CV, Class A		14,100		31,875
Unilever Indonesia Tbk. PT		75,200		22,555
Vinda International Holdings Ltd.		3,000		7,835
				77,996

Investments	Shares		Value
Independent Power and Renewable Electricity Producers – 1.3%
Aboitiz Power Corp.		34,200	$	23,465
ACEN Corp.*		103,400		11,220
ACWA Power Co.		2,058		85,926
Adani Green Energy Ltd.*		5,586		64,914
Adani Power Ltd.*		21,903		60,180
AES Brasil Energia SA		93,100		198,748
Aksa Enerji Uretim A/S		3,760		5,409
Auren Energia SA		5,000		15,771
Banpu Power PCL, NVDR		19,300		7,687
Canvest Environmental Protection Group Co. Ltd.(a) (b)		196,000		103,120
CGN New Energy Holdings Co. Ltd.(b)		392,000		123,844
CGN Power Co. Ltd., Class A		44,000		19,688
CGN Power Co. Ltd., Class H(a)		343,000		90,448
China Longyuan Power Group Corp. Ltd., Class H		98,000		102,371
China National Nuclear Power Co. Ltd., Class A		40,700		40,534
China Power International Development Ltd.		147,000		55,617
China Resources Power Holdings Co. Ltd.(b)		54,000		117,219
China Three Gorges Renewables Group Co. Ltd., Class A		47,000		36,769
China Yangtze Power Co. Ltd., Class A		34,300		108,323
Colbun SA		169,153		23,829
Datang International Power Generation Co. Ltd., Class H*		128,000		23,970
Electricity Generating PCL, NVDR		8,900		40,789
Enel Generacion Peru SAA		10,152		11,498
Energy Absolute PCL, NVDR		29,100		57,736
Eneva SA*		19,600		44,467
Engie Brasil Energia SA		6,350		52,332
First Gen Corp.		142,100		40,589
Fujian Funeng Co. Ltd., Class A		9,800		16,620

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)
Independent Power and Renewable Electricity Producers – (continued)
GD Power Development Co. Ltd., Class A*		42,500	$	23,679
Global Power Synergy PCL, NVDR		13,700		25,677
Gulf Energy Development PCL, NVDR		84,000		124,841
Huadian Power International Corp. Ltd., Class A		26,500		24,174
Huadian Power International Corp. Ltd., Class H		38,000		18,395
Huaneng Lancang River Hydropower, Inc., Class A		15,000		15,047
Huaneng Power International, Inc., Class A*		4,700		6,580
Huaneng Power International, Inc., Class H*		100,000		62,166
Hub Power Co. Ltd. (The)		364,168		92,255
Hubei Energy Group Co. Ltd., Class A		4,700		2,897
JSW Energy Ltd.		5,875		18,716
Malakoff Corp. Bhd.		681,600		103,909
Margun Enerji Uretim Sanayi ve Ticaret A/S		35,819		68,329
Mega First Corp. Bhd.		259,700		199,120
NHPC Ltd.		82,798		44,770
NLC India Ltd.		77,420		77,055
NTPC Ltd.		133,397		280,368
OGK-2 PJSC‡		11,431,280		—
Omega Energia SA*		11,994		22,152
Ratch Group PCL, NVDR		8,900		9,839
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		26,687		15,245
Shanghai Electric Power Co. Ltd., Class A*		10,000		15,098
Shenzhen Energy Group Co. Ltd., Class A		10,600		9,822
Sichuan Chuantou Energy Co. Ltd., Class A		9,400		19,510
Super Energy Corp. PCL, NVDR		4,764,500		83,716
Taiwan Cogeneration Corp.		23,000		36,285
Terna Energy SA		1,276		28,287

Investments	Shares		Value
Independent Power and Renewable Electricity Producers – (continued)
TPI Polene Power PCL, NVDR		1,062,000	$	103,253
Unipro PJSC* ‡		5,337,000		—
Xinyi Energy Holdings Ltd.		94,000		26,224
Zorlu Enerji Elektrik Uretim A/S*		24,628		5,610
				3,146,102
Industrial Conglomerates – 2.2%
3M India Ltd.		69		19,011
Aamal Co.		21,949		4,945
Aboitiz Equity Ventures, Inc.		28,670		28,341
AG Anadolu Grubu Holding A/S		3,478		16,989
Alarko Holding A/S		2,646		8,013
Alfa SAB de CV, Class A(b)		78,400		49,589
Alliance Global Group, Inc.		56,400		14,053
Alpha Dhabi Holding PJSC*		41,111		246,308
AntarChile SA		3,206		27,239
Astra Industrial Group*		1,827		32,685
Ayala Corp.		4,190		48,342
Bera Holding A/S		232,358		121,387
Bidvest Group Ltd. (The)		5,247		71,902
China Baoan Group Co. Ltd., Class A		5,500		8,470
CITIC Ltd.		196,000		245,440
CJ Corp.		564		38,558
DMCI Holdings, Inc.		121,000		21,432
Doosan Co. Ltd.		352		24,512
Dubai Investments PJSC		16,050		10,709
Enka Insaat ve Sanayi A/S		53,350		74,998
Far Eastern New Century Corp.		121,000		125,556
Fosun International Ltd.		61,500		43,011
Godrej Industries Ltd.*		3,377		18,578
Grupo Carso SAB de CV, Series A1(b)		4,700		26,443
GS Holdings Corp.		2,570		76,232
GT Capital Holdings, Inc.		1,610		13,895
Hanwha Corp.		1,692		34,260
HAP Seng Consolidated Bhd.		11,900		13,179
Hong Leong Industries Bhd.		1,200		2,451
Hosken Consolidated Investments Ltd.		21,125		225,187
Hyosung Corp.		201		9,897

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)
Industrial Conglomerates – (continued)
Industries Qatar QSC		31,838	$	111,608
International Holding Co. PJSC*		11,711		1,259,762
JG Summit Holdings, Inc.		58,911		53,928
KAP Ltd.		952,315		158,339
KOC Holding A/S		28,781		111,953
LG Corp.		3,724		243,184
Lotte Corp.		1,392		29,121
LT Group, Inc.		5,700		1,046
LX Holdings Corp.		752		4,787
Mannai Corp. QSC		29,204		42,522
Multiply Group PJSC*		100,827		92,260
Mytilineos SA		2,799		81,269
National Industries Group Holding SAK		63,553		44,810
Quinenco SA		8,136		33,620
Reunert Ltd.		59,192		190,781
Samsung C&T Corp.		2,554		209,144
San Miguel Corp.		13,510		25,905
Shanghai Industrial Holdings Ltd.		152,000		222,291
Siemens Ltd.		1,335		56,274
Sigdo Koppers SA		100,156		142,326
Sime Darby Bhd.		79,800		38,822
SK, Inc.		1,162		141,083
SM Investments Corp.		8,820		142,528
Sunway Bhd.		18,800		6,617
Turkiye Sise ve Cam Fabrikalari A/S		36,113		68,444
				5,214,036
Industrial REITs – 0.5%
Equites Property Fund Ltd., REIT(b)		281,229		239,950
ESR Kendall Square REIT Co. Ltd., REIT		3,896		10,945
FIBRA Macquarie Mexico, REIT(a) (b)		269,500		441,622
Prologis Property Mexico SA de CV, REIT		9,400		32,365
TF Administradora Industrial S de RL de CV, REIT		284,200		530,935
				1,255,817

Investments	Shares		Value
Insurance – 2.8%
Abu Dhabi National Insurance Co. PSC		100,305	$	152,424
Al Rajhi Co. for Co-operative Insurance*		705		19,473
Allianz Malaysia Bhd.		24,500		76,348
BB Seguridade Participacoes SA		9,800		67,209
Bupa Arabia for Cooperative Insurance Co.		327		15,379
Caixa Seguridade Participacoes SA		15,000		28,364
Capital Financial Indonesia Tbk. PT*		481,800		22,169
Cathay Financial Holding Co. Ltd.		281,486		388,683
Central Reinsurance Co. Ltd.		129,927		76,919
China Development Financial Holding Corp.		490,000		208,799
China Life Insurance Co. Ltd., Class H		221,000		422,861
China Pacific Insurance Group Co. Ltd., Class A		19,200		86,492
China Pacific Insurance Group Co. Ltd., Class H		58,800		174,904
China Taiping Insurance Holdings Co. Ltd.		31,800		36,378
Co. for Cooperative Insurance (The)*		974		26,748
DB Insurance Co. Ltd.		1,176		73,808
Discovery Ltd.*		9,230		72,578
Fubon Financial Holding Co. Ltd.		233,575		448,269
General Insurance Corp. of India(a)		39		73
Hanwha Life Insurance Co. Ltd.*		12,318		22,825
HDFC Life Insurance Co. Ltd.(a)		16,290		105,450
Hyundai Marine & Fire Insurance Co. Ltd.		1,262		35,406
ICICI Lombard General Insurance Co. Ltd.(a)		3,611		47,617
ICICI Prudential Life Insurance Co. Ltd.(a)		5,670		30,104
Korean Reinsurance Co.		35,084		198,435

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)
Insurance – (continued)
Max Financial Services Ltd.*		2,721	$	21,271
Mercuries & Associates Holding Ltd.		147,000		72,442
Mirae Asset Life Insurance Co. Ltd.*		27,274		56,957
Momentum Metropolitan Holdings		40,751		41,233
New China Life Insurance Co. Ltd., Class A		4,700		26,355
New China Life Insurance Co. Ltd., Class H		24,500		69,912
Old Mutual Ltd.		139,322		88,544
OUTsurance Group Ltd.		10,487		19,960
Panin Financial Tbk. PT		392,000		7,642
PB Fintech Ltd.*		1,954		14,329
People’s Insurance Co. Group of China Ltd. (The), Class H		225,000		88,281
PICC Property & Casualty Co. Ltd., Class H		196,000		236,451
Ping An Insurance Group Co. of China Ltd., Class A		24,600		183,927
Ping An Insurance Group Co. of China Ltd., Class H(b)		173,500		1,253,194
Porto Seguro SA		5,000		25,116
Qatar Insurance Co. SAQ*		76,097		36,313
Qualitas Controladora SAB de CV(b)		73,500		484,255
Samsung Fire & Marine Insurance Co. Ltd.		995		167,271
Samsung Life Insurance Co. Ltd.		2,548		126,220
Sanlam Ltd.		56,265		173,653
Santam Ltd.		723		11,228
SBI Life Insurance Co. Ltd.(a)		7,378		102,786
Shin Kong Financial Holding Co. Ltd.		441,000		120,211
Shinkong Insurance Co. Ltd.		82,000		137,100
Star Health & Allied Insurance Co. Ltd.*		1,470		10,620
Syarikat Takaful Malaysia Keluarga Bhd.		191,100		140,953
Tongyang Life Insurance Co. Ltd.*		13,123		38,730

Investments	Shares		Value
Insurance – (continued)
ZhongAn Online P&C Insurance Co. Ltd., Class H* (a) (b)		11,000	$	34,051
				6,626,720
Interactive Media & Services – 2.7%
AfreecaTV Co. Ltd.		275		15,924
Autohome, Inc., Class A(b)		5,000		36,625
Baidu, Inc., Class A*		36,750		541,660
Brightcom Group Ltd.		37,130		4,242
Info Edge India Ltd.		1,318		60,817
JOYY, Inc., ADR		1,813		55,169
Kakao Corp.		4,998		216,963
Kanzhun Ltd., ADR*		3,479		64,327
Kuaishou Technology* (a)		34,300		224,154
NAVER Corp.		2,352		337,933
Tencent Holdings Ltd.		98,000		4,299,571
Weibo Corp., Class A* (b)		26,460		483,702
				6,341,087
IT Services – 1.4%
Al Moammar Information Systems Co.		505		16,426
Arabian Internet & Communications Services Co.		573		42,623
Chinasoft International Ltd.*		46,000		30,530
Chindata Group Holdings Ltd., ADR*		4,935		31,140
Coforge Ltd.		517		26,436
Dagang NeXchange Bhd.*		134,400		15,668
DHC Software Co. Ltd., Class A		9,400		10,556
Elm Co.		546		64,489
GDS Holdings Ltd., Class A* (b)		333,200		640,941
Happiest Minds Technologies Ltd.		2,940		29,558
HCL Technologies Ltd.		17,003		221,087
Hyundai Autoever Corp.		94		8,625
Infosys Ltd.		58,898		901,611
Jasmine Technology Solution PCL, NVDR*		4,100		3,392
Locaweb Servicos de Internet SA* (a)		14,100		14,825
LTIMindtree Ltd.(a)		1,466		79,169
Mphasis Ltd.		1,715		38,024
Persistent Systems Ltd.		920		53,256

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)
IT Services – (continued)
Posco DX Co. Ltd.		2,080	$	20,576
Samsung SDS Co. Ltd.		686		60,122
Sonata Software Ltd.		2,854		29,809
Systems Ltd.*		7,399		11,866
Systex Corp.		13,000		34,506
Tata Consultancy Services Ltd.		16,415		645,728
Tech Mahindra Ltd.		10,486		131,171
Wipro Ltd.		25,521		120,064
				3,282,198
Leisure Products – 0.3%
Advanced International Multitech Co. Ltd.		49,000		144,087
Fusheng Precision Co. Ltd.		49,000		344,279
Giant Manufacturing Co. Ltd.		5,181		30,925
GOLFZON Co. Ltd.		1,470		122,463
Johnson Health Tech Co. Ltd.		2,000		4,359
Merida Industry Co. Ltd.		5,350		29,846
				675,959
Life Sciences Tools & Services – 0.2%
Divi’s Laboratories Ltd.		2,340		93,441
EirGenix, Inc.*		9,000		31,325
Genscript Biotech Corp.* (b)		20,000		52,485
Hangzhou Tigermed Consulting Co. Ltd., Class H(a)		5,900		48,929
LegoChem Biosciences, Inc.*		1,250		35,630
Samsung Biologics Co. Ltd.* (a)		294		171,558
ST Pharm Co. Ltd.		141		8,323
Syngene International Ltd.(a)		1,400		11,582
WuXi AppTec Co. Ltd., Class A		4,060		39,573
WuXi AppTec Co. Ltd., Class H(a)		6,818		59,626
				552,472
Machinery – 1.1%
AIA Engineering Ltd.		600		19,933
Airtac International Group		1,913		69,071
Ashok Leyland Ltd.		30,502		54,398
BEML Ltd.		800		11,894
China CSSC Holdings Ltd., Class A		5,900		22,065

Investments	Shares		Value
Machinery – (continued)
China International Marine Containers Group Co. Ltd., Class H		9,400	$	6,059
CIMC Enric Holdings Ltd.(b)		30,000		27,554
CNPC Capital Co. Ltd., Class A		28,800		30,470
Creative & Innovative System*		2,703		25,245
CSBC Corp. Taiwan*		49,000		41,361
Cummins India Ltd.		2,376		45,747
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		705		14,196
Dawonsys Co. Ltd.*		1,081		9,854
Doosan Bobcat, Inc.		1,272		48,660
Elgi Equipments Ltd.		8,864		50,333
Escorts Kubota Ltd.		564		13,654
GMM Pfaudler Ltd.		1,390		25,154
Grindwell Norton Ltd.		771		17,904
Haitian International Holdings Ltd.		16,000		41,376
HD Hyundai Construction Equipment Co. Ltd.		4,263		216,271
HD Hyundai Heavy Industries Co. Ltd.*		282		23,093
HD Hyundai Infracore Co. Ltd.		43,509		320,531
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.*		605		38,332
Hiwin Technologies Corp.		5,535		42,310
Hyundai Elevator Co. Ltd.		9,359		234,255
Hyundai Mipo Dockyard Co. Ltd.*		400		21,937
Hyundai Rotem Co. Ltd.*		1,175		28,883
Kinik Co.		6,000		21,566
Lakshmi Machine Works Ltd.		165		21,521
LK Technology Holdings Ltd.(b)		22,000		22,309
Ningbo Deye Technology Co. Ltd., Class A		500		18,137
Otokar Otomotiv ve Savunma Sanayi A/S*		2,744		118,518
Pentamaster Corp. Bhd.		21,200		23,289
People & Technology, Inc.		705		28,392
Sam Engineering & Equipment M Bhd.		4,700		4,763

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)
Machinery – (continued)
Samsung Heavy Industries Co. Ltd.*		14,188	$	60,212
Sany Heavy Equipment International Holdings Co. Ltd.		12,000		15,898
Sany Heavy Industry Co. Ltd., Class A		14,100		33,560
Schaeffler India Ltd.		846		28,684
SFA Engineering Corp.		704		20,961
Shin Zu Shing Co. Ltd.		62,000		176,264
Sinotruk Hong Kong Ltd.		30,500		46,392
SK oceanplant Co. Ltd.*		1,219		17,842
SKF India Ltd.		385		19,610
Thermax Ltd.		944		26,377
Timken India Ltd.		329		11,994
Turk Traktor ve Ziraat Makineleri A/S		423		12,137
UWC Bhd.		20,400		14,635
Weichai Power Co. Ltd., Class A		7,500		12,471
Weichai Power Co. Ltd., Class H		68,000		100,139
XCMG Construction Machinery Co. Ltd., Class A		18,800		18,615
Yangzijiang Shipbuilding Holdings Ltd.		73,500		68,313
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		10,000		11,134
Zhuzhou CRRC Times Electric Co. Ltd., Class H		11,800		47,501
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		17,700		16,555
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		29,200		15,884
				2,534,213
Marine Transportation – 0.6%
Cia Sud Americana de Vapores SA		402,367		41,374
COSCO SHIPPING Holdings Co. Ltd., Class H		104,450		120,818

Investments	Shares		Value
Marine Transportation – (continued)
Evergreen Marine Corp. Taiwan Ltd.		29,023	$	152,467
Far-Eastern Shipping Co. plc* ‡		302,500		—
HMM Co. Ltd.		10,290		156,841
Korea Line Corp.*		60,123		92,538
MISC Bhd.		22,400		36,660
Orient Overseas International Ltd.		3,500		70,803
Pan Ocean Co. Ltd.		9,229		37,512
Precious Shipping PCL, NVDR		274,100		99,534
Qatar Navigation QSC		19,070		47,151
Regional Container Lines PCL, NVDR		92,800		65,766
Shanghai Zhonggu Logistics Co. Ltd., Class A		4,900		11,748
Shipping Corp. of India Ltd.		61,005		67,985
Sun Kwang Co. Ltd.		98		3,020
Temas Tbk. PT		355,500		69,791
Transcoal Pacific Tbk. PT		14,100		7,377
U-Ming Marine Transport Corp.		14,000		24,774
Wan Hai Lines Ltd.		49,000		103,602
Wisdom Marine Lines Co. Ltd.		11,898		24,808
Yang Ming Marine Transport Corp.		52,000		106,732
				1,341,301
Media – 0.4%
Affle India Ltd.*		1,050		11,954
Astro Malaysia Holdings Bhd.		989,800		154,223
BEC World PCL, NVDR*		42,200		9,639
Cheil Worldwide, Inc.		1,074		14,837
China Literature Ltd.* (a ) (b)		6,200		28,433
Echo Marketing, Inc.		6,419		53,332
Elang Mahkota Teknologi Tbk. PT		686,000		32,967
Focus Media Information Technology Co. Ltd., Class A		23,500		21,844
Grupo Televisa SAB, Series CPO(b)		68,600		69,364
Innocean Worldwide, Inc.		3,399		101,584
Media Nusantara Citra Tbk. PT*		2,781,600		111,871
Megacable Holdings SAB de CV(b)		14,100		38,011

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)
Media – (continued)
Mobvista, Inc.* (a) (b)		20,000	$	9,936
MultiChoice Group		6,125		38,354
Plan B Media PCL, NVDR		97,500		23,270
Saudi Research & Media Group*		605		34,003
Sun TV Network Ltd.		1,889		9,967
Surya Citra Media Tbk. PT		427,000		4,803
TY Holdings Co. Ltd.		8,750		70,607
Zee Entertainment Enterprises Ltd.		17,444		41,939
				880,938
Metals & Mining – 5.4%
Adaro Minerals Indonesia Tbk. PT*		120,400		9,028
African Rainbow Minerals Ltd.		3,822		48,016
Alrosa PJSC* ‡		85,800		—
Aluminum Corp. of China Ltd., Class A		26,500		24,441
Aluminum Corp. of China Ltd., Class H		124,000		73,295
Aneka Tambang Tbk.		201,400		28,830
Angang Steel Co. Ltd., Class H(b)		38,000		12,586
Anglo American Platinum Ltd.		1,470		87,091
AngloGold Ashanti Ltd.		12,544		335,771
APL Apollo Tubes Ltd.		3,361		49,081
Baoshan Iron & Steel Co. Ltd., Class A		58,800		54,657
Beijing Shougang Co. Ltd., Class A		10,600		5,661
Bradespar SA		9,800		44,604
Bradespar SA (Preference)		93,100		441,043
Bumi Resources Minerals Tbk. PT*		1,235,000		13,638
CAP SA		24,059		169,475
Century Iron & Steel Industrial Co. Ltd.		6,000		21,566
China Gold International Resources Corp. Ltd.		88,200		449,432
China Hongqiao Group Ltd.		49,000		48,002

Investments	Shares		Value
Metals & Mining – (continued)
China Metal Recycling Holdings Ltd.* ‡		51,000	$	—
China Nonferrous Mining Corp. Ltd.		392,000		199,748
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		5,300		19,247
China Steel Corp.		196,000		185,528
China Zhongwang Holdings Ltd.* ‡		699,600		—
Chung Hung Steel Corp.		23,000		18,330
Cia Brasileira de Aluminio		4,700		4,960
Cia de Ferro Ligas da Bahia FERBASA (Preference)		14,700		151,324
Cia Siderurgica Nacional SA		19,600		55,671
Citic Pacific Special Steel Group Co. Ltd., Class A		10,600		24,709
CMOC Group Ltd., Class A		22,500		19,356
CMOC Group Ltd., Class H		57,000		34,781
Dongkuk Steel Mill Co. Ltd.		23,667		211,136
DRDGOLD Ltd.		10,054		10,767
Eregli Demir ve Celik Fabrikalari TAS*		40,376		68,801
EVERGREEN Steel Corp.		49,000		94,039
Ezz Steel Co. SAE		64,485		86,690
Feng Hsin Steel Co. Ltd.		11,000		24,331
GEM Co. Ltd., Class A		5,300		5,378
Gerdau SA (Preference)		30,870		155,373
Gold Fields Ltd.		25,255		392,353
Grupo Mexico SAB de CV, Series B		91,113		446,549
Harmony Gold Mining Co. Ltd.		14,733		68,952
Henan Shenhuo Coal & Power Co. Ltd., Class A		5,500		12,940
Hesteel Co. Ltd., Class A		37,600		12,537
Hindalco Industries Ltd.		41,356		220,383
Hindustan Copper Ltd.		16,483		20,423
Huaibei Mining Holdings Co. Ltd., Class A		9,400		18,439
Hunan Valin Steel Co. Ltd., Class A		23,500		17,909
Hyundai Steel Co.		2,109		57,437

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)
Metals & Mining – (continued)
Impala Platinum Holdings Ltd.		24,775	$	240,843
Industrias CH SAB de CV, Series B*		1,147		13,049
Industrias Penoles SAB de CV* (b)		2,585		39,593
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		70,500		18,520
Inner Mongolia ERDOS Resources Co. Ltd., Class A		4,480		9,344
Inner Mongolia ERDOS Resources Co. Ltd., Class B		7,420		13,363
Jiangxi Copper Co. Ltd., Class A		9,400		27,692
Jiangxi Copper Co. Ltd., Class H		31,000		54,971
Jinchuan Group International Resources Co. Ltd.(b)		784,000		55,929
Jindal Stainless Ltd.		68,895		237,322
Jindal Steel & Power Ltd.		12,907		91,926
JSW Steel Ltd.		14,994		132,889
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class A		83,741		62,822
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D		271,803		209,356
KG DONGBUSTEEL		10,241		72,079
Korea Zinc Co. Ltd.		196		75,126
Koza Altin Isletmeleri A/S		14,805		14,372
Koza Anadolu Metal Madencilik Isletmeleri A/S*		68,257		124,242
Kumba Iron Ore Ltd.		1,470		35,675
Lloyds Metals & Energy Ltd.		31,017		122,573
Maanshan Iron & Steel Co. Ltd., Class A		21,200		8,354
Maanshan Iron & Steel Co. Ltd., Class H		22,000		4,680
Magnitogorsk Iron & Steel Works PJSC* ‡		45,174		—
Merdeka Copper Gold Tbk. PT*		230,462		61,896
Metalurgica Gerdau SA (Preference)		22,200		51,741
Minsur SA		11,032		11,275

Investments	Shares		Value
Metals & Mining – (continued)
MMC Norilsk Nickel PJSC‡		2,090	$	—
MMG Ltd.*		980,000		357,049
National Aluminium Co. Ltd.		329,476		333,759
Nickel Asia Corp.		1,690,500		202,060
NMDC Ltd.		32,389		42,942
Northam Platinum Holdings Ltd.*		7,270		71,190
Novolipetsk Steel PJSC* ‡		51,150		—
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		14,100		8,548
PMB Technology Bhd.*		4,700		4,373
Polyus PJSC* ‡		1,155		—
Poongsan Corp.		6,272		198,695
POSCO Holdings, Inc.		2,107		593,499
Press Metal Aluminium Holdings Bhd.		58,800		67,889
Qatar Aluminum Manufacturing Co.		42,858		18,132
Raspadskaya OJSC* ‡		4,240		—
Ratnamani Metals & Tubes Ltd.		1,291		33,912
Royal Bafokeng Platinum Ltd.		1,450		11,384
Saudi Arabian Mining Co.*		13,364		247,277
SeAH Besteel Holdings Corp.		4,900		84,754
SeAH Steel Holdings Corp.		691		77,030
Severstal PAO* ‡		5,995		—
Shandong Gold Mining Co. Ltd., Class A		5,100		18,918
Shandong Gold Mining Co. Ltd., Class H(a)		12,250		26,061
Shandong Nanshan Aluminum Co. Ltd., Class A		18,800		9,199
Shanxi Meijin Energy Co. Ltd., Class A		9,400		10,732
Shanxi Taigang Stainless Steel Co. Ltd., Class A		15,900		9,180
Shougang Fushan Resources Group Ltd.		1,274,000		431,705
Shyam Metalics & Energy Ltd.		10,246		36,847
Sibanye Stillwater Ltd.		79,331		175,161
Steel Authority of India Ltd.		46,172		46,716
TA Chen Stainless Pipe		49,000		70,848
Tata Steel Ltd.		240,100		316,715
Tiangong International Co. Ltd.		490,000		148,562

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)
Metals & Mining – (continued)
Tianshan Aluminum Group Co. Ltd., Class A		10,600	$	11,092
Tongling Nonferrous Metals Group Co. Ltd., Class A		29,400		13,961
Tung Ho Steel Enterprise Corp.		17,050		32,001
United Co. RUSAL International PJSC‡		75,100		—
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A		171,500		246,819
Vale Indonesia Tbk. PT*		28,200		13,408
Vale SA		111,100		1,607,812
Vedanta Ltd.		29,204		99,689
Volcan Cia Minera SAA, Class B*		122,924		14,287
VSMPO-AVISMA Corp. PJSC‡		53		—
Western Superconducting Technologies Co. Ltd., Class A		752		8,459
Xiamen Tungsten Co. Ltd., Class A		3,900		10,999
YC INOX Co. Ltd.		124,000		117,778
Yieh Phui Enterprise Co. Ltd.		52,500		25,958
Young Poong Corp.		294		125,429
Yunnan Aluminium Co. Ltd., Class A		6,300		12,931
Zhaojin Mining Industry Co. Ltd., Class H*		24,500		38,951
Zhejiang Huayou Cobalt Co. Ltd., Class A		2,140		16,062
Zijin Mining Group Co. Ltd., Class A		48,000		88,889
Zijin Mining Group Co. Ltd., Class H		166,000		279,560
				12,761,162
Multi-Utilities – 0.1%
Dubai Electricity & Water Authority PJSC		138,131		93,291
Qatar Electricity & Water Co. QSC		9,126		42,045
YTL Power International Bhd.		1,531		377
				135,713

Investments	Shares		Value
Office REITs – 0.0%(d)
AREIT, Inc., REIT		30,000	$	18,254
Embassy Office Parks REIT, REIT		8,680		34,969
JR Global Reit, REIT		7,119		23,483
Mindspace Business Parks REIT, REIT(a)		4,100		15,907
RL Commercial REIT, Inc., REIT		164,500		17,138
				109,751
Oil, Gas & Consumable Fuels – 4.4%
3R Petroleum Oleo E Gas SA*		63,700		403,246
ABM Investama Tbk. PT		215,600		49,087
Adaro Energy Indonesia Tbk. PT		382,300		81,568
Aegis Logistics Ltd.		4,841		23,180
AKR Corporindo Tbk. PT		140,000		15,460
Aldrees Petroleum and Transport Services Co.*		1,760		47,018
Bangchak Corp. PCL, NVDR		14,000		12,402
Banpu PCL, NVDR		93,200		24,837
Bashneft PJSC‡		1,305		—
Bashneft PJSC (Preference)‡		1,163		—
Bayan Resources Tbk. PT		217,400		318,616
Bharat Petroleum Corp. Ltd.		28,410		124,143
Bukit Asam Tbk. PT		106,000		29,914
Bumi Resources Tbk. PT*		5,042,100		41,588
China Coal Energy Co. Ltd., Class A		16,100		20,938
China Coal Energy Co. Ltd., Class H(b)		49,000		41,947
China Merchants Energy Shipping Co. Ltd., Class A		14,100		13,493
China Petroleum & Chemical Corp., Class A		104,900		101,596
China Petroleum & Chemical Corp., Class H		686,000		448,309
China Shenhua Energy Co. Ltd., Class A		19,600		82,268
China Shenhua Energy Co. Ltd., Class H		98,000		324,590
China Suntien Green Energy Corp. Ltd., Class H(b)		50,000		21,847
Coal India Ltd.		65,072		185,349
Cosan SA		19,600		58,688
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		8,600		16,286

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)
Oil, Gas & Consumable Fuels – (continued)
COSCO SHIPPING Energy Transportation Co. Ltd., Class H*		16,000	$	16,408
Dana Gas PJSC		1,245,580		303,254
Ecopetrol SA		146,461		71,897
Empresas Copec SA		10,437		73,078
Enauta Participacoes SA*		30,201		69,725
Esso Thailand PCL, NVDR		37,500		9,554
Exxaro Resources Ltd.(b)		6,125		64,259
Formosa Petrochemical Corp.		29,000		81,880
Gazprom PJSC‡		412,500		—
Great Eastern Shipping Co. Ltd. (The)		36,652		303,477
Guanghui Energy Co. Ltd., Class A		15,100		20,248
Harum Energy Tbk. PT		89,300		9,192
HD Hyundai Co. Ltd.		1,505		66,569
Helleniq Energy Holdings SA		1,316		10,461
Hibiscus Petroleum Bhd.		617,400		141,183
Hindustan Petroleum Corp. Ltd.		14,504		44,530
Indian Oil Corp. Ltd.		107,751		107,177
Indika Energy Tbk. PT		641,200		113,641
Indo Tambangraya Megah Tbk. PT		9,400		21,337
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		5,300		10,304
Inner Mongolia Yitai Coal Co. Ltd., Class B		31,500		46,620
Ipek Dogal Enerji Kaynaklari Arastirma ve Uretim A/S*		36,309		46,525
IRPC PCL, NVDR		242,000		16,725
Jizhong Energy Resources Co. Ltd., Class A		14,100		15,060
LUKOIL PJSC‡		12,265		—
Mangalore Refinery & Petrochemicals Ltd.*		75,902		59,591
Mari Petroleum Co. Ltd.		611		3,425
Medco Energi Internasional Tbk. PT		178,600		12,296
MOL Hungarian Oil & Gas plc		13,034		105,745
Motor Oil Hellas Corinth Refineries SA		1,645		39,227

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Novatek PJSC‡		20,020	$	—
Oil & Natural Gas Corp. Ltd.		112,504		218,516
Oil India Ltd.		12,376		38,541
Pakistan Oilfields Ltd.		55,027		79,386
Pakistan Petroleum Ltd.		246,176		57,782
Petro Rio SA*		9,800		68,071
PetroChina Co. Ltd., Class H		588,000		406,736
Petroleo Brasileiro SA		102,900		548,556
Petroleo Brasileiro SA (Preference)		132,300		626,745
Petronas Dagangan Bhd.		6,600		33,499
Petronet LNG Ltd.		25,624		74,176
Petroreconcavo SA		44,100		173,479
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		9,800		13,608
Productive Technologies Co. Ltd.*		90,000		9,860
PTT Exploration & Production PCL		469		2,033
PTT Exploration & Production PCL, NVDR		39,131		169,599
PTT PCL, NVDR		260,900		236,852
Qatar Fuel QSC		8,595		39,055
Qatar Gas Transport Co. Ltd.		54,208		58,974
Rabigh Refining & Petrochemical Co.*		5,254		15,633
Reliance Industries Ltd.		55,468		1,640,597
Rosneft Oil Co. PJSC‡		74,042		—
Saudi Arabian Oil Co.(a)		36,317		348,578
Semirara Mining & Power Corp.		42,200		20,572
Shaanxi Coal Industry Co. Ltd., Class A		24,500		69,205
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		4,700		9,497
Shanxi Coking Coal Energy Group Co. Ltd., Class A		9,400		13,934
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		6,200		18,032
Siamgas & Petrochemicals PCL, NVDR		226,500		58,039
SK Discovery Co. Ltd.		4,116		99,179
SK Gas Ltd.		931		83,890

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)
Oil, Gas & Consumable Fuels – (continued)
SK Innovation Co. Ltd.*		1,421	$	183,783
S-Oil Corp.		1,362		75,915
Star Petroleum Refining PCL, NVDR		33,500		9,516
Surgutneftegas PJSC‡		319,000		—
Surgutneftegas PJSC (Preference)‡		225,500		—
Tatneft PJSC‡		26,900		—
Tatneft PJSC (Preference)‡		3,870		—
Thai Oil PCL, NVDR		17,902		24,378
Thungela Resources Ltd.		4,116		38,549
Transneft PJSC (Preference)‡		55		—
Turkiye Petrol Rafinerileri A/S		14,412		49,133
Ultrapar Participacoes SA		21,538		62,166
United Tractors Tbk. PT		39,200		77,224
Yancoal Australia Ltd.(a)		9,400		34,966
Yankuang Energy Group Co. Ltd., Class A		5,300		26,308
Yankuang Energy Group Co. Ltd., Class H(b)		46,000		157,340
				10,341,660
Paper & Forest Products – 0.5%
Alkim Kagit Sanayi ve Ticaret A/S		53,998		68,024
Century Plyboards India Ltd.		3,256		20,729
Century Textiles & Industries Ltd.		2,118		17,608
Dexco SA*		123,910		145,883
Empresas CMPC SA		25,344		39,964
Indah Kiat Pulp & Paper Tbk. PT		85,800		45,473
JK Paper Ltd.		2,867		13,218
Lee & Man Paper Manufacturing Ltd.		784,000		332,580
Longchen Paper & Packaging Co. Ltd.		257,967		144,329
Nine Dragons Paper Holdings Ltd.(b)		55,000		38,045
Pabrik Kertas Tjiwi Kimia Tbk. PT		28,200		13,023
Sappi Ltd.		16,314		37,092
Shandong Sun Paper Industry JSC Ltd., Class A		9,400		15,454
Suzano SA		24,500		194,909
				1,126,331

Investments	Shares		Value
Passenger Airlines – 0.3%
Aeroflot PJSC* ‡		74,029	$	—
Air Arabia PJSC		34,310		20,463
Asiana Airlines, Inc.*		13,573		129,808
Azul SA (Preference)*		11,700		25,398
China Airlines Ltd.		61,000		37,700
China Eastern Airlines Corp. Ltd., Class A*		14,300		10,692
China Eastern Airlines Corp. Ltd., Class H* (b)		46,000		18,049
China Southern Airlines Co. Ltd., Class A*		14,100		15,773
China Southern Airlines Co. Ltd., Class H*		24,000		16,754
Controladora Vuela Cia de Aviacion SAB de CV, Class A*		36,400		42,738
Eva Airways Corp.		52,798		46,113
Hanjin Kal Corp.		273		8,067
InterGlobe Aviation Ltd.* (a)		1,875		46,303
Jazeera Airways Co. KSCP		4,053		23,814
Jeju Air Co. Ltd.*		1,962		20,626
Jin Air Co. Ltd.*		658		7,787
Korean Air Lines Co. Ltd.		5,096		87,002
Pegasus Hava Tasimaciligi A/S*		1,081		24,662
Turk Hava Yollari AO*		19,635		129,027
				710,776
Personal Care Products – 0.5%
Amorepacific Corp.		541		49,840
AMOREPACIFIC Group		611		16,708
Colgate-Palmolive India Ltd.		2,295		44,733
Cosmax, Inc.*		3,087		178,061
Dabur India Ltd.		10,829		70,516
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A/S		5,880		8,955
Emami Ltd.		4,717		21,612
Gillette India Ltd.		103		5,554
Godrej Consumer Products Ltd.*		7,252		80,419
Grape King Bio Ltd.		7,000		41,669
Hengan International Group Co. Ltd.		18,000		80,256

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)
Personal Care Products – (continued)
Hindustan Unilever Ltd.		14,308	$	429,627
Hyundai Bioscience Co. Ltd.*		1,504		22,755
Kolmar Korea Co. Ltd.		142		4,292
LG H&H Co. Ltd.		147		68,426
LG H&H Co. Ltd. (Preference)		43		8,594
Microbio Co. Ltd.		16,461		33,572
Natura & Co. Holding SA*		10,958		24,225
Procter & Gamble Hygiene & Health Care Ltd.		200		34,227
TCI Co. Ltd.		1,000		6,750
				1,230,791
Pharmaceuticals – 1.3%
Adcock Ingram Holdings Ltd.		2,912		7,979
Ajanta Pharma Ltd.		576		9,239
Alembic Pharmaceuticals Ltd.		3,400		23,106
Alkem Laboratories Ltd.		516		22,131
Aspen Pharmacare Holdings Ltd.		6,909		69,076
AstraZeneca Pharma India Ltd.		235		9,156
Asymchem Laboratories Tianjin Co. Ltd., Class A		700		12,776
Aurobindo Pharma Ltd.		5,645		42,560
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		5,000		10,191
Beijing Tongrentang Co. Ltd., Class A		4,700		39,455
Bukwang Pharmaceutical Co. Ltd.*		1,431		8,554
CanSino Biologics, Inc., Class A		318		4,623
CanSino Biologics, Inc., Class H(a)		800		3,781
Caregen Co. Ltd.		141		22,387
Celltrion Pharm, Inc.*		136		8,292
Center Laboratories, Inc.		10,414		17,208
Changchun High & New Technology Industry Group, Inc., Class A		600		14,108
China Medical System Holdings Ltd.		49,000		81,148
China Resources Pharmaceutical Group Ltd.(a) (b)		52,000		51,537

Investments	Shares		Value
Pharmaceuticals – (continued)
China Traditional Chinese Medicine Holdings Co. Ltd.		88,000	$	47,980
Chong Kun Dang Pharmaceutical Corp.		107		6,771
Cipla Ltd.		8,967		99,497
CSPC Pharmaceutical Group Ltd.		146,080		148,501
Daewoong Co. Ltd.		339		3,782
Daewoong Pharmaceutical Co. Ltd.		49		4,042
Dong-A Socio Holdings Co. Ltd.		1,686		104,178
Dong-A ST Co. Ltd.		95		3,883
DongKook Pharmaceutical Co. Ltd.		950		10,683
Dr Reddy’s Laboratories Ltd.		2,141		128,975
Genomma Lab Internacional SAB de CV, Class B(b)		31,531		26,114
Gland Pharma Ltd.* (a)		971		16,122
GlaxoSmithKline Pharmaceuticals Ltd.		376		5,706
Glenmark Pharmaceuticals Ltd.		8,465		58,282
Grand Pharmaceutical Group Ltd.		416,500		270,596
Granules India Ltd.		5,750		21,103
Hanall Biopharma Co. Ltd.*		919		14,076
Hanmi Pharm Co. Ltd.		100		24,133
Hanmi Science Co. Ltd.		671		21,959
Hansoh Pharmaceutical Group Co. Ltd.(a)		16,000		29,106
HK inno N Corp.		644		15,518
Hua Han Health Industry Holdings Ltd.* ‡		3,780,000		—
Hypera SA		7,100		52,865
Il Dong Pharmaceutical Co. Ltd.*		511		7,655
Ipca Laboratories Ltd.		3,080		26,727
JB Chemicals & Pharmaceuticals Ltd.		1,677		43,645
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		8,400		58,985
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		4,700		8,785
Jubilant Pharmova Ltd.		4,141		15,775

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)
Pharmaceuticals – (continued)
Kalbe Farma Tbk. PT		365,800	$	52,863
Komipharm International Co. Ltd.*		1,425		7,953
Laurus Labs Ltd.(a)		7,802		29,326
Livzon Pharmaceutical Group, Inc., Class H(b)		3,930		14,218
Lotus Pharmaceutical Co. Ltd.*		2,000		16,882
Lupin Ltd.		4,816		41,754
Luye Pharma Group Ltd.* (a)		47,000		23,051
Mega Lifesciences PCL, NVDR		9,300		11,166
Natco Pharma Ltd.		4,680		32,880
Oneness Biotech Co. Ltd.*		3,000		23,518
Oscotec, Inc.*		1,034		16,378
Pfizer Ltd.		341		15,633
Pharmally International Holding Co. Ltd.* ‡		2,564		—
Procter & Gamble Health Ltd.		400		22,771
Richter Gedeon Nyrt.		3,528		85,284
Sam Chun Dang Pharm Co. Ltd.*		517		29,048
Sanofi India Ltd.		163		11,094
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		3,800		17,387
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		8,000		22,777
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		4,700		21,349
Shin Poong Pharmaceutical Co. Ltd.*		432		5,826
Sihuan Pharmaceutical Holdings Group Ltd.		125,000		12,739
Sino Biopharmaceutical Ltd.		175,999		97,305
SK Biopharmaceuticals Co. Ltd.*		330		17,013
SSY Group Ltd.		44,000		30,660
Sun Pharmaceutical Industries Ltd.		18,057		217,923
Suven Pharmaceuticals Ltd.		3,735		21,538
Torrent Pharmaceuticals Ltd.		1,434		28,953
TTY Biopharm Co. Ltd.		11,000		27,516

Investments	Shares		Value
Pharmaceuticals – (continued)
United Laboratories International Holdings Ltd. (The)		300,000	$	242,296
Yuhan Corp.		1,078		46,393
Yungjin Pharmaceutical Co. Ltd.*		1,602		3,525
Yunnan Baiyao Group Co. Ltd., Class A		1,540		12,934
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		700		27,475
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		4,700		13,283
Zydus Lifesciences Ltd.		4,844		30,774
				3,064,236
Professional Services – 0.1%
BLS International Services Ltd.		3,626		7,949
Computer Age Management Services Ltd.		1,007		25,364
CTOS Digital Bhd.		84,900		26,838
eClerx Services Ltd.		679		11,247
Firstsource Solutions Ltd.		6,900		9,848
L&T Technology Services Ltd.(a)		376		17,345
My EG Services Bhd.		87,557		15,507
NICE Information Service Co. Ltd.		2,317		19,839
Quess Corp. Ltd.(a)		3,339		14,809
Sporton International, Inc.		3,000		25,811
				174,557
Real Estate Management & Development – 3.7%
Agile Group Holdings Ltd.*		588,000		119,100
Aldar Properties PJSC		67,345		99,037
Aliansce Sonae Shopping Centers sa		17,136		63,847
A-Living Smart City Services Co. Ltd.(a)		232,750		185,906
AP Thailand PCL, NVDR		362,300		133,684
Arabian Centres Co. Ltd.		676		3,911
Arriyadh Development Co.		2,145		11,552
Ayala Land, Inc.		83,300		40,082
Barwa Real Estate Co.		13,319		9,148

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)
Real Estate Management & Development – (continued)
Brigade Enterprises Ltd.		4,730	$	29,009
C&D International Investment Group Ltd.(b)		16,587		50,818
Cencosud Shopping SA		11,750		18,830
Central Pattana PCL, NVDR		24,200		48,191
China Aoyuan Group Ltd.* ‡ (b)		713,000		65,999
China Dili Group* ‡ (b)		100,000		8,722
China Evergrande Group* ‡ (b)		66,000		—
China Jinmao Holdings Group Ltd.(b)		2,058,000		382,767
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		19,600		38,644
China Overseas Grand Oceans Group Ltd.(b)		490,000		282,768
China Overseas Land & Investment Ltd.		111,000		280,544
China Overseas Property Holdings Ltd.(b)		30,000		33,211
China Resources Land Ltd.		98,000		454,426
China Resources Mixc Lifestyle Services Ltd.(a) (b)		10,000		52,803
China Vanke Co. Ltd., Class A		24,500		53,539
China Vanke Co. Ltd., Class H		52,100		81,104
Chong Hong Construction Co. Ltd.		85,000		220,916
Ciputra Development Tbk. PT		179,449		12,171
Commercial Real Estate Co. KSC*		591,035		196,787
Corp. Inmobiliaria Vesta SAB de CV(b)		24,000		75,556
Cosmopolitan International Holdings Ltd.*		94,000		17,483
Country Garden Holdings Co. Ltd.(b)		294,000		75,280
Country Garden Services Holdings Co. Ltd.(b)		49,000		76,404
Dar Al Arkan Real Estate Development Co.*		7,655		32,818
DLF Ltd.		11,270		58,694
Eco World Development Group Bhd.		436,100		73,327

Investments	Shares		Value
Real Estate Management & Development – (continued)
Emaar Development PJSC		15,780	$	23,679
Emaar Economic City*		9,847		25,414
Emaar Properties PJSC		175,175		282,894
Evergrande Property Services Group Ltd.* ‡ (a)		78,500		—
Fortress Real Estate Investments Ltd., Class A* (b)		434,445		308,659
Fortress Real Estate Investments Ltd., Class B*		322,812		88,631
Gemdale Corp., Class A		14,100		16,607
Gemdale Properties & Investment Corp. Ltd.(b)		2,156,000		142,820
Godrej Properties Ltd.*		2,621		42,124
Greentown China Holdings Ltd.		25,000		29,937
Greentown Service Group Co. Ltd.(a) (b)		490,000		300,246
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		4,300		5,722
Hanson International Tbk. PT* ‡		2,409,275		—
Highwealth Construction Corp.		35,755		48,906
Hopson Development Holdings Ltd.		18,800		16,669
Huaku Development Co. Ltd.		81,000		249,514
Huang Hsiang Construction Corp.		49,000		74,036
Iguatemi SA		9,400		38,255
IOI Properties Group Bhd.		52,800		13,731
JHSF Participacoes SA		107,800		83,605
Jinke Smart Services Group Co. Ltd., Class H(a)		63,700		97,215
KE Holdings, Inc., ADR*		11,270		176,826
Kindom Development Co. Ltd.		147,400		142,402
King’s Town Construction Co. Ltd.*		2,000		2,082
LAMDA Development SA*		1,368		8,458
Longfor Group Holdings Ltd.(a)		49,000		133,269
LSR Group PJSC* ‡		21,295		—
Mabanee Co. KPSC		14,439		35,821
Macrotech Developers Ltd.* (a)		825		9,364
MAS P.L.C.		18,975		22,417
Matrix Concepts Holdings Bhd.		318,500		102,108
MBK PCL, NVDR		30,344		12,796
Megaworld Corp.		3,626,000		130,938

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)
Real Estate Management & Development – (continued)
Midea Real Estate Holding Ltd.(a) (b)		107,800	$	128,400
Multiplan Empreendimentos Imobiliarios SA*		5,000		25,885
National Real Estate Co. KPSC*		396,895		108,568
Oberoi Realty Ltd.		1,551		17,343
Origin Property PCL, NVDR		367,200		126,890
OSK Holdings Bhd.		406,700		88,443
Pakuwon Jati Tbk. PT		155,100		5,138
Phoenix Mills Ltd. (The)		1,600		28,265
Poly Developments and Holdings Group Co. Ltd., Class A		29,400		59,027
Prestige Estates Projects Ltd.		3,219		19,301
Prince Housing & Development Corp.		50,000		19,517
Pruksa Holding PCL, NVDR		259,700		94,305
Quality Houses PCL, NVDR		178,500		12,336
Radiance Holdings Group Co. Ltd.(a) (b)		245,000		126,715
Red Star Macalline Group Corp. Ltd., Class A		14,700		11,033
Redco Properties Group Ltd.* ‡ (a)		294,000		49,812
Robinsons Land Corp.*		23,506		6,120
Ruentex Development Co. Ltd.		59,400		69,172
Salhia Real Estate Co. KSCP		16,277		27,044
Sansiri PCL, NVDR		2,165,500		120,491
Saudi Real Estate Co.*		3,478		12,815
Seazen Group Ltd.*		784,000		167,788
Seazen Holdings Co. Ltd., Class A*		4,700		10,088
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		107,800		104,889
Shanghai Lingang Holdings Corp. Ltd., Class A		5,640		10,005
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		8,000		11,651

Investments	Shares		Value
Real Estate Management & Development – (continued)
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		30,940	$	23,422
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		4,700		10,596
Shenzhen Investment Ltd.(b)		784,000		150,810
Shimao Group Holdings Ltd.* ‡		32,000		13,682
Shoucheng Holdings Ltd.(b)		110,000		28,446
Shui On Land Ltd.		1,151,500		139,355
Sichuan Languang Justbon Services Group Co. Ltd., Class H* ‡		26,500		182,802
Sime Darby Property Bhd.		42,300		4,457
Sinic Holdings Group Co. Ltd., Class H* ‡ (a)		318,000		—
Sinyi Realty, Inc.		98,000		92,605
SK D&D Co. Ltd.		3,408		57,674
SM Prime Holdings, Inc.		171,500		105,126
SOHO China Ltd.*		76,000		12,683
SP Setia Bhd. Group		592,900		76,430
Summarecon Agung Tbk. PT		227,900		8,700
Supalai PCL, NVDR		23,800		14,776
Talaat Moustafa Group		356,441		110,047
United Development Co. QSC		67,999		20,885
UOA Development Bhd.		21,800		8,406
WHA Corp. PCL, NVDR		117,490		15,139
Yuexiu Property Co. Ltd.(b)		41,600		59,990
Yungshin Construction & Development Co. Ltd.		28,000		58,473
Zhejiang China Commodities City Group Co. Ltd., Class A		5,500		7,685
				8,715,453
Residential REITs – 0.1%
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT		715,645		221,153
Sinpas Gayrimenkul Yatirim Ortakligi A/S, REIT*		221,659		29,633
				250,786

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)
Retail REITs – 0.1%
CPN Retail Growth Leasehold REIT, REIT		44,100	$	16,531
Hyprop Investments Ltd., REIT		10,974		19,171
IGB REIT, REIT		6,200		2,432
LOTTE Reit Co. Ltd., REIT		1,828		4,924
Pavilion REIT, REIT		15,000		4,607
Resilient REIT Ltd., REIT		11,280		28,021
Vukile Property Fund Ltd., REIT(b)		336,091		231,980
				307,666
Semiconductors & Semiconductor Equipment – 6.4%
3peak, Inc., Class A		245		8,213
ADATA Technology Co. Ltd.		98,000		239,083
Advanced Power Electronics Corp.		26,000		87,956
Advanced Wireless Semiconductor Co.		10,000		26,933
Alchip Technologies Ltd.		1,000		38,546
Andes Technology Corp.		2,379		35,094
Anji Microelectronics Technology Shanghai Co. Ltd., Class A		98		3,815
Ardentec Corp.		147,000		258,209
ASE Technology Holding Co. Ltd.		98,000		321,965
ASMedia Technology, Inc.		1,000		36,920
Borosil Renewables Ltd.*		1,880		11,751
China Resources Microelectronics Ltd., Class A		1,350		11,155
Chipbond Technology Corp.		21,000		45,016
ChipMOS Technologies, Inc.		171,000		205,806
D&O Green Technologies Bhd.		15,300		14,063
Daqo New Energy Corp., ADR*		1,568		72,003
DB HiTek Co. Ltd.		1,396		63,104
Duk San Neolux Co. Ltd.*		423		13,717
Elan Microelectronics Corp.		98,000		300,607
Elite Semiconductor Microelectronics Technology, Inc.		98,000		258,209
eMemory Technology, Inc.		1,000		59,364

Investments	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
Ennostar, Inc.		7,000	$	11,362
Eo Technics Co. Ltd.		134		8,710
Episil Technologies, Inc.		6,292		15,944
Eugene Technology Co. Ltd.		65		1,401
Everlight Electronics Co. Ltd.		151,000		196,225
Faraday Technology Corp.		4,000		21,339
Fitipower Integrated Technology, Inc.		49,000		251,834
Flat Glass Group Co. Ltd., Class A		3,600		15,916
Flat Glass Group Co. Ltd., Class H(b)		7,000		19,574
Formosa Advanced Technologies Co. Ltd.		64,000		90,350
Formosa Sumco Technology Corp.		1,000		4,847
GCL System Integration Technology Co. Ltd., Class A*		9,800		4,328
GCL Technology Holdings Ltd.* (b)		539,000		134,580
GemVax & Kael Co. Ltd.*		920		9,555
GigaDevice Semiconductor, Inc., Class A		1,440		22,545
Global Mixed Mode Technology, Inc.		26,000		153,078
Globalwafers Co. Ltd.		6,000		93,877
Greatek Electronics, Inc.		98,000		171,821
HAESUNG DS Co. Ltd.		4,116		143,463
Hana Materials, Inc.		318		10,110
Hangzhou First Applied Material Co. Ltd., Class A		2,660		18,863
Hangzhou Silan Microelectronics Co. Ltd., Class A		2,900		13,771
HD Hyundai Energy Solutions Co. Ltd.		235		7,401
Holtek Semiconductor, Inc.		6,000		13,408
Hua Hong Semiconductor Ltd.* (a)		18,000		73,491
Inari Amertron Bhd.		18,800		9,694
Innox Advanced Materials Co. Ltd.		5,586		183,640
JA Solar Technology Co. Ltd., Class A		5,292		30,851

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)
Semiconductors & Semiconductor Equipment – (continued)
Jentech Precision Industrial Co. Ltd.		2,199	$	32,546
Jusung Engineering Co. Ltd.		13,181		154,126
King Yuan Electronics Co. Ltd.		49,000		74,913
Kinsus Interconnect Technology Corp.		4,000		14,377
Koh Young Technology, Inc.		1,692		16,700
LEENO Industrial, Inc.		94		9,383
LONGi Green Energy Technology Co. Ltd., Class A		10,448		52,585
LX Semicon Co. Ltd.		235		18,454
Macronix International Co. Ltd.		50,000		52,371
MediaTek, Inc.		49,000		1,059,933
Montage Technology Co. Ltd., Class A		1,692		14,873
NAURA Technology Group Co. Ltd., Class A		900		43,455
NEXTIN, Inc.		265		12,771
Novatek Microelectronics Corp.		16,000		217,809
Nuvoton Technology Corp.		4,000		17,305
Pan Jit International, Inc.		8,000		17,019
Parade Technologies Ltd.		1,400		42,716
Phison Electronics Corp.		6,000		75,921
Pixart Imaging, Inc.		9,000		30,300
Powerchip Semiconductor Manufacturing Corp.		80,000		77,287
Powertech Technology, Inc.		20,000		59,722
Radiant Opto-Electronics Corp.		14,330		52,673
Raydium Semiconductor Corp.		20,000		247,865
Realtek Semiconductor Corp.		14,070		164,304
RFHIC Corp.		282		4,930
S&S Tech Corp.		423		14,112
SDI Corp.		8,000		31,357
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		1,050		8,358
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		4,000		12,051
Shenzhen Xinyichang Technology Co. Ltd., Class A		196		3,536
Sigurd Microelectronics Corp.		147,000		249,124

Investments	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
Silergy Corp.		5,000	$	78,149
Silicon Integrated Systems Corp.		196,000		111,572
SIMMTECH Co. Ltd.		7,791		166,775
Sino-American Silicon Products, Inc.		18,000		86,363
Sitronix Technology Corp.		49,000		362,609
SK Hynix, Inc.		8,624		576,695
SK Square Co. Ltd.*		1,604		50,874
Sunplus Technology Co. Ltd.		196,000		151,100
Taiwan Mask Corp.		7,000		18,216
Taiwan Semiconductor Co. Ltd.		9,000		26,846
Taiwan Semiconductor Manufacturing Co. Ltd.		306,000		4,996,731
Taiwan Surface Mounting Technology Corp.		98,000		313,995
Taiwan-Asia Semiconductor Corp.		13,000		14,843
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		4,700		28,207
Tokai Carbon Korea Co. Ltd.		86		6,400
Tongwei Co. Ltd., Class A		5,500		31,619
Topco Scientific Co. Ltd.		59,000		357,925
TSEC Corp.*		25,241		30,214
Unigroup Guoxin Microelectronics Co. Ltd., Class A		1,679		25,688
Unisem M Bhd.		14,700		9,854
United Microelectronics Corp.*		343,000		547,818
United Renewable Energy Co. Ltd.*		40,574		27,386
Vanguard International Semiconductor Corp.		18,000		50,764
Visual Photonics Epitaxy Co. Ltd.		10,000		31,390
ViTrox Corp. Bhd.		4,700		8,419
Wafer Works Corp.		11,511		16,176
Will Semiconductor Co. Ltd. Shanghai, Class A		2,025		26,671
Win Semiconductors Corp.		6,961		37,021
Winbond Electronics Corp.		98,000		82,723
WONIK IPS Co. Ltd.		329		7,485
Wonik QnC Corp.		5,684		103,199
XinTec, Inc.		3,000		9,563
Xinyi Solar Holdings Ltd.		81,343		86,940
				15,206,613

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)
Software – 0.3%
360 Security Technology, Inc., Class A		5,700	$	13,139
Ahnlab, Inc.		190		8,659
AsiaInfo Technologies Ltd.(a)		21,200		38,728
Beijing Kingsoft Office Software, Inc., Class A		611		38,821
Birlasoft Ltd.		9,308		31,045
Cyient Ltd.		4,410		63,585
Dear U Co. Ltd.*		423		12,989
Douzone Bizon Co. Ltd.		873		19,862
Hundsun Technologies, Inc., Class A		4,550		32,443
Iflytek Co. Ltd., Class A		4,700		41,110
Intellect Design Arena Ltd.		4,762		25,947
Kingdee International Software Group Co. Ltd.*		49,000		74,905
KPIT Technologies Ltd.		2,397		26,853
Linklogis, Inc., Class B* (a)		53,000		19,985
Ming Yuan Cloud Group Holdings Ltd.(b)		60,000		30,956
NavInfo Co. Ltd., Class A		4,700		8,032
Oracle Financial Services Software Ltd.		282		12,274
Route Mobile Ltd.		954		14,814
Shanghai Baosight Software Co. Ltd., Class A		3,510		27,358
Shanghai Baosight Software Co. Ltd., Class B		6,909		23,629
Tanla Platforms Ltd.		1,963		16,221
Tata Elxsi Ltd.		637		51,713
TOTVS SA		4,700		24,107
Weimob, Inc.* (a) (b)		87,000		44,553
Yonyou Network Technology Co. Ltd., Class A		4,700		14,660
				716,388
Specialty Retail – 1.5%
Abu Dhabi National Oil Co. for Distribution PJSC		48,412		57,878
Ace Hardware Indonesia Tbk. PT		206,000		6,319
Bermaz Auto Bhd.		56,000		29,001

Investments	Shares		Value
Specialty Retail – (continued)
China Meidong Auto Holdings Ltd.(b)		236,000	$	364,978
China Tourism Group Duty Free Corp. Ltd., Class A		2,500		58,089
China Tourism Group Duty Free Corp. Ltd., Class H* (a) (b)		200		4,265
China Yongda Automobiles Services Holdings Ltd.		490,000		328,335
Chow Tai Fook Jewellery Group Ltd.(b)		42,600		85,201
Com7 PCL, NVDR		9,300		6,877
Cuckoo Homesys Co. Ltd.		3,038		57,882
Detsky Mir PJSC* ‡ (a)		258,500		—
Dogan Sirketler Grubu Holding A/S		400,183		176,138
Dogus Otomotiv Servis ve Ticaret A/S		893		5,620
EEKA Fashion Holdings Ltd.		73,500		103,370
Foschini Group Ltd. (The)		6,063		31,393
FSN E-Commerce Ventures Ltd.*		5,978		8,956
Grupo SBF SA		5,300		8,136
Home Product Center PCL, NVDR		78,600		32,225
Hotai Motor Co. Ltd.		6,000		129,007
Hotel Shilla Co. Ltd.		470		28,620
Italtile Ltd.		10,931		7,384
Jarir Marketing Co.		839		36,506
JUMBO SA		3,506		80,896
K Car Co. Ltd.		176		1,882
Lojas Renner SA		16,350		51,767
M.Video PJSC* ‡		31,680		—
Metro Brands Ltd.		1,128		11,930
Motus Holdings Ltd.		64,631		335,814
MR DIY Group M Bhd.(a)		63,600		22,528
Mr Price Group Ltd.		5,194		42,731
Pan German Universal Motors Ltd.		9,000		86,948
Pepkor Holdings Ltd.(a)		25,185		23,348
Pet Center Comercio e Participacoes SA		11,807		14,562
Pop Mart International Group Ltd.(a) (b)		29,400		70,935
PTT Oil & Retail Business PCL, NVDR		52,000		33,806

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)
Specialty Retail – (continued)
Shanghai Yuyuan Tourist Mart Group Co. Ltd.		9,400	$	10,854
Shinsegae International, Inc.		6,517		95,340
Siam Global House PCL, NVDR		40,564		20,313
Singer Thailand PCL, NVDR		18,700		7,776
Super Group Ltd.		124,578		217,967
Topsports International Holdings Ltd.(a)		99,000		87,903
Truworths International Ltd.		148,519		441,729
United Electronics Co.		1,619		33,065
Via SA*		519,400		191,030
Vibra Energia SA		29,400		77,572
Zhongsheng Group Holdings Ltd.		12,500		53,185
				3,580,061
Technology Hardware, Storage & Peripherals – 4.8%
Acer, Inc.		71,000		69,863
Advantech Co. Ltd.		7,941		95,832
Asia Vital Components Co. Ltd.		8,509		43,593
ASROCK, Inc.		21,000		92,559
Asustek Computer, Inc.		20,000		183,785
AURAS Technology Co. Ltd.		30,000		242,010
Catcher Technology Co. Ltd.		14,000		82,427
Chicony Electronics Co. Ltd.		15,992		50,459
China Greatwall Technology Group Co. Ltd., Class A		5,500		9,209
Clevo Co.		172,000		170,643
Compal Electronics, Inc.		98,000		76,347
CosmoAM&T Co. Ltd.*		303		39,505
Darfon Electronics Corp.		71,000		101,387
Ennoconn Corp.		2,000		16,297
Getac Holdings Corp.		147,000		281,161
Gigabyte Technology Co. Ltd.		18,000		76,702
HTC Corp.*		18,000		33,198
Innodisk Corp.		4,872		47,385
Inventec Corp.		72,000		77,521
Legend Holdings Corp., Class H(a)		210,700		220,097
Lenovo Group Ltd.		196,000		200,247
Lite-On Technology Corp.		72,000		172,140
Micro-Star International Co. Ltd.		21,000		99,390

Investments	Shares		Value
Technology Hardware, Storage & Peripherals – (continued)
Mitac Holdings Corp.		33,600	$	31,040
Multilaser Industrial SA		61,100		24,304
Ninestar Corp., Class A		2,900		16,567
Pegatron Corp.		61,000		138,896
Qisda Corp.		56,000		63,027
Quanta Computer, Inc.		82,000		229,123
Samsung Electronics Co. Ltd.		146,216		7,155,669
Samsung Electronics Co. Ltd. (Preference)		23,030		958,436
Shenzhen Transsion Holdings Co. Ltd., Class A		1,316		20,704
Wistron Corp.		75,000		113,442
Wiwynn Corp.		3,000		113,686
				11,346,651
Textiles, Apparel & Luxury Goods – 1.3%
361 Degrees International Ltd.* (b)		343,000		193,131
Aditya Birla Fashion and Retail Ltd.*		6,536		17,782
Aksa Akrilik Kimya Sanayii A/S		2,021		6,822
Alok Industries Ltd.*		23,980		3,692
Alpargatas SA (Preference)*		5,500		8,146
ANTA Sports Products Ltd.		19,600		241,695
Arezzo Industria e Comercio SA		1,748		23,193
Bata India Ltd.		848		15,281
Bosideng International Holdings Ltd.(b)		54,000		26,553
Eclat Textile Co. Ltd.		3,698		58,641
F&F Co. Ltd.		490		51,621
Feng TAY Enterprise Co. Ltd.		10,600		65,684
FF Group* ‡		3,536		—
Fila Holdings Corp.		1,167		31,956
Fuguiniao Group Ltd.* ‡		334,800		—
Fulgent Sun International Holding Co. Ltd.		4,000		16,004
Garware Technical Fibres Ltd.		450		16,044
Golden Solar New Energy Technology Holdings Ltd.* (b)		42,000		39,379
Grendene SA		8,264		13,496
Grupo de Moda Soma SA		4,700		7,892
Handsome Co. Ltd.		3,871		72,162

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)
Textiles, Apparel & Luxury Goods – (continued)
Hansae Co. Ltd.		7,546	$	95,509
Hwaseung Enterprise Co. Ltd.		6,125		36,336
KPR Mill Ltd.		1,754		12,880
Lao Feng Xiang Co. Ltd., Class B		7,400		26,270
Li Ning Co. Ltd.		39,500		281,032
Makalot Industrial Co. Ltd.		4,334		31,368
Mavi Giyim Sanayi ve Ticaret A/S, Class B(a)		26,705		144,041
Page Industries Ltd.		118		58,139
Pou Chen Corp.		63,000		65,065
Rajesh Exports Ltd.		2,600		17,727
Raymond Ltd.		1,316		25,605
Relaxo Footwears Ltd.		987		10,170
Ruentex Industries Ltd.		28,819		54,184
Shenzhou International Group Holdings Ltd.		14,700		140,167
Swan Energy Ltd.		2,940		7,936
Tainan Spinning Co. Ltd.		392,000		215,493
Taiwan Paiho Ltd.		98,000		177,878
Titan Co. Ltd.		6,664		215,128
Trident Ltd.		22,165		8,423
Vaibhav Global Ltd.		2,050		7,893
Vardhman Textiles Ltd.*		39,053		151,609
VIP Industries Ltd.		3,025		21,959
Viva China Holdings Ltd.* (b)		1,176,000		199,248
Vivara Participacoes SA		5,300		22,576
Welspun India Ltd.		7,370		7,889
Xtep International Holdings Ltd.(b)		27,500		31,879
Youngone Corp.		890		29,359
Youngone Holdings Co. Ltd.		1,764		85,274
				3,090,211
Tobacco – 0.3%
British American Tobacco Malaysia Bhd.		400		947
Eastern Co. SAE		27,721		15,610
Godfrey Phillips India Ltd.		490		10,600
Gudang Garam Tbk. PT		14,900		28,896
ITC Ltd.		46,599		242,316
KT&G Corp.		3,254		208,602
RLX Technology, Inc., ADR*		30,870		75,940

Investments	Shares		Value
Tobacco – (continued)
Smoore International Holdings Ltd.(a) (b)		33,000	$	38,339
				621,250
Trading Companies & Distributors – 0.4%
Adani Enterprises Ltd.		4,622		108,719
ALAFCO Aviation Lease & Finance Co. KSCP*		3,260		2,022
Armac Locacao Logistica E Servicos SA		5,000		12,123
Barloworld Ltd.		69,237		343,047
BOC Aviation Ltd.(a) (b)		5,100		40,281
Chin Hin Group Bhd.		9,400		9,125
COSCO SHIPPING Development Co. Ltd., Class A		37,600		14,110
COSCO SHIPPING Development Co. Ltd., Class H		62,000		8,293
Hyundai GF Holdings		12,538		39,158
IndiaMart InterMesh Ltd.(a)		517		33,904
LX International Corp.		800		17,483
Posco International Corp.		1,484		29,715
Realord Group Holdings Ltd.* (b)		12,000		8,301
SK Networks Co. Ltd.		46,452		161,735
Xiamen C & D, Inc., Class A		9,400		16,458
				844,474
Transportation Infrastructure – 1.3%
Abu Dhabi Ports Co. PJSC*		13,395		24,988
Adani Ports & Special Economic Zone Ltd.		11,172		93,009
Airports of Thailand PCL*		54,000		115,836
Airports of Thailand PCL, NVDR*		21,700		46,549
Anhui Expressway Co. Ltd., Class H		116,000		118,070
Bangkok Expressway & Metro PCL, NVDR		148,000		38,357
Beijing Capital International Airport Co. Ltd., Class H*		56,000		43,517
CCR SA		19,982		54,200

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)
Transportation Infrastructure – (continued)
China Merchants Port Holdings Co. Ltd.		38,410		$	56,857
COSCO SHIPPING Ports Ltd.		647,348			424,699
EcoRodovias Infraestrutura e Logistica SA		4,700			5,797
Evergreen International Storage & Transport Corp.		16,000			14,078
GMR Airports Infrastructure Ltd.*		48,418			27,009
Grupo Aeroportuario del Centro Norte SAB de CV		4,700			51,494
Grupo Aeroportuario del Pacifico SAB de CV, Class B		5,736			101,718
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,410			97,551
Guangdong Provincial Expressway Development Co. Ltd., Class B		122,500			94,256
International Container Terminal Services, Inc.		16,170	��		63,355
Jasa Marga Persero Tbk. PT*		39,723			8,909
Jiangsu Expressway Co. Ltd., Class H		32,000			32,408
Lingkaran Trans Kota Holdings Bhd.		4,700			532
Malaysia Airports Holdings Bhd.		16,800			26,553
National Marine Dredging Co.*		3,341			19,744
Ningbo Zhoushan Port Co. Ltd., Class A		23,500			12,855
Novorossiysk Commercial Sea Port PJSC ‡		189,696			—
Promotora y Operadora de Infraestructura SAB de CV		2,160			22,393
Salik Co. PJSC		24,346			19,824
Santos Brasil Participacoes SA		28,200			47,687
Saudi Ground Services Co.*		4,431			30,539
Shanghai International Airport Co. Ltd., Class A*		3,600			27,903
Shanghai International Port Group Co. Ltd., Class A		56,700			46,894

Investments	Shares		Value
Transportation Infrastructure – (continued)
Shenzhen International Holdings Ltd.		490,000	$	440,069
Sociedad Matriz SAAM SA		1,426,733		145,906
Taiwan High Speed Rail Corp.		50,000		50,500
TAV Havalimanlari Holding A/S*		2,961		10,726
Westports Holdings Bhd.		17,500		13,849
Wilson Sons Holdings Brasil SA		63,700		127,327
Zhejiang Expressway Co. Ltd., Class H		514,000		425,611
				2,981,569
Water Utilities – 0.6%
Aguas Andinas SA, Class A		994,491		302,478
Athens Water Supply & Sewage Co. SA		94		654
Beijing Enterprises Water Group Ltd.		132,000		33,463
China Water Affairs Group Ltd.(b)		320,000		256,003
Cia de Saneamento Basico do Estado de Sao Paulo SABESP*		4,900		45,182
Cia de Saneamento de Minas Gerais Copasa MG		70,639		240,600
Cia de Saneamento do Parana*		88,200		334,969
Guangdong Investment Ltd.		98,000		93,632
Manila Water Co., Inc.		37,900		13,152
National Central Cooling Co. PJSC		5,029		4,013
				1,324,146
Wireless Telecommunication Services – 1.0%
Advanced Info Service PCL, NVDR		19,300		120,952
America Movil SAB de CV, Series B		558,700		600,543
Axiata Group Bhd.		77,304		51,819
Bharti Airtel Ltd.		38,514		376,169
Celcomdigi Bhd.		63,700		62,836
Empresa Nacional de Telecomunicaciones SA		47,579		199,159
Etihad Etisalat Co.		7,632		93,602

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)
Wireless Telecommunication Services – (continued)
Far EasTone Telecommunications Co. Ltd.		30,000	$	76,994
Globe Telecom, Inc.		470		14,426
Indosat Tbk. PT		31,800		15,174
Intouch Holdings PCL, NVDR		23,300		51,175
Kuwait Telecommunications Co.		3,699		7,136
Maxis Bhd.		32,900		32,454
Mobile Telecommunications Co. KSCP		30,838		57,277
Mobile Telecommunications Co. Saudi Arabia*		8,508		33,935
Mobile TeleSystems PJSC‡		31,356		—
MTN Group Ltd.		24,549		172,291
PLDT, Inc.		2,735		59,455
Sistema PJSFC* ‡		122,643		—
SK Telecom Co. Ltd.		3,127		111,445
Smartfren Telecom Tbk. PT*		620,400		2,495
Taiwan Mobile Co. Ltd.		30,000		101,000
TIM SA		8,600		24,066
Turkcell Iletisim Hizmetleri A/S		37,864		64,443
Vodacom Group Ltd.(b)		12,005		82,225
Vodafone Idea Ltd.*		97,468		8,278
Vodafone Qatar QSC		105,056		49,411
XL Axiata Tbk. PT		102,900		12,275
				2,481,035
Total Common Stocks (Cost $221,169,708)				234,589,090
	Number of Rights
RIGHTS – 0.0%(d)
Electrical Equipment – 0.0%(d)
Bizlink Holding, Inc., expiring 5/2/2023, price 230.00 TWD* ‡		51		55
Ground Transportation – 0.0%(d)
Localiza Rent a Car SA, expiring 5/11/2023, price 41.15 BRL*		54		185

Investments	Number of Rights		Value
Independent Power and Renewable Electricity Producers – 0.0%(d)
Taiwan Cogeneration Corp., expiring 4/28/2023, price 30.31 TWD* ‡		3,123	$	1,848
Xinyi Energy Holdings Ltd., expiring 5/9/2023, price 2.19 HKD* ‡		9,400		—
				1,848
Oil, Gas & Consumable Fuels – 0.0%(d)
3R Petroleum Oleo E Gas SA, expiring 5/19/2023, price 24.45 BRL*		11,545		17,723
Technology Hardware, Storage & Peripherals – 0.0%
Acer, Inc., expiring 6/9/2023, price 13.00 TWD* ‡		31		—
Total Rights (Cost $—)				19,811
	Principal Amount
CORPORATE BONDS – 0.0%(d)
Independent Power and Renewable Electricity Producers – 0.0%(d)
NTPC Ltd.
Series 54, 8.49%, 3/25/2025 (Cost $—)		INR  49,126		6,171
	Number of Warrants
WARRANTS – 0.0%
Banks – 0.0%
Kiatnakin Phatra Bank PCL, expiring 12/31/2024, price 70 THB* ‡ (Cost $—)		1,632		—

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 209

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

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS – 0.4%(e)
REPURCHASE AGREEMENTS – 0.4%
Citigroup Global Markets, Inc., 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $996,352, collateralized by various U.S. Treasury Securities, ranging from 2.50% – 4.25%, maturing 8/15/2023 – 12/31/2024; total market value $1,006,410 (Cost $996,220)	$	996,220	$	996,220
Total Investments – 99.5% (Cost $222,165,928)				235,611,292
Other assets less liabilities – 0.5%				1,182,676
Net Assets – 100.0%			$	236,793,968

* Non-income producing security.

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

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

^(b)  The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $7,865,399, collateralized in the form of cash with a value of $996,220 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $5,899,177 of collateral in the form of U.S. Government Treasury

Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from May 16, 2023 – February 15, 2053 and $1,871,038 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 15, 2023 – September 20, 2117; a total value of $8,766,435.

^(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, 2023. The total value of securities purchased was $996,220.

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

NVDR – Non-Voting Depositary Receipt

OJSC – Open Joint Stock Company

PJSC – Public Joint Stock Company

Preference – A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

REIT – Real Estate Investment Trust

SCA – Limited partnership with share capital

As of April 30, 2023, 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	$	48,090,381
Aggregate gross unrealized depreciation		(38,873,222	)
Net unrealized appreciation	$	9,217,159
Federal income tax cost	$	226,440,478

See Accompanying Notes to the Financial Statements.

210 FLEXSHARES SEMIANNUAL REPORT

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

Futures Contracts

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following open futures contracts as of April 30, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
MSCI Emerging Markets E-Mini Index		61		06/16/2023		USD	$	3,001,810	$	48,602

* 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, 2023:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	643,447	Toronto-Dominion Bank (The)	HKD	5,036,137		06/21/2023	$	504
USD	188,019	JPMorgan Chase Bank NA	KRW*	250,000,000		06/21/2023		667
USD	83,941	Toronto-Dominion Bank (The)	TWD*	2,556,120		06/21/2023		309
Total unrealized appreciation							$	1,480
KRW*	118,183,410	Toronto-Dominion Bank (The)	USD	90,190		06/21/2023	$	(1,622	)
USD	30,566	Goldman Sachs & Co.	BRL*	159,553		06/21/2023		(1,017	)
USD	107,250	Toronto-Dominion Bank (The)	INR*	8,848,500		06/21/2023		(603	)
USD	25,091	Morgan Stanley	ZAR	470,000		06/21/2023		(495	)
Total unrealized depreciation							$	(3,737	)
Net unrealized depreciation							$	(2,257	)

* Non-deliverable forward.

Abbreviations:

BRL – Brazilian Real

HKD – Hong Kong Dollar

INR – Indian Rupee

KRW – Korean Won

TWD – Taiwan Dollar

USD – US Dollar

ZAR – South African Rand

FlexShares^® Morningstar Emerging Markets Factor Tilt Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2023:

Brazil	5.6	%
Chile	1.1
China	26.9
Colombia	0.4
Czech Republic	0.2
Egypt	0.4
Greece	0.3
Hungary	0.2
India	11.9

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 211

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

Indonesia	2.1	%
Kuwait	0.7
Malaysia	2.0
Mexico	2.4
Pakistan	0.4
Peru	0.3
Philippines	0.9
Qatar	0.8
Saudi Arabia	2.3
South Africa	4.0
South Korea	13.9
Taiwan	16.2
Thailand	2.0
Turkey	1.6
United Arab Emirates	1.9
United Kingdom	0.0	†
United States	0.6
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	%
Rights		0.0	†
Corporate Bonds		0.0	†
Warrants		—
Securities Lending Reinvestments		0.4
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.

212 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® US Quality Large Cap Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.1%
Aerospace & Defense – 1.0%
General Dynamics Corp.		1,430	$	312,226
Lockheed Martin Corp.		1,980		919,611
Textron, Inc.		440		29,454
				1,261,291
Air Freight & Logistics – 1.6%
Expeditors International of Washington, Inc.		5,830		663,687
United Parcel Service, Inc., Class B		7,260		1,305,421
				1,969,108
Automobiles – 1.1%
Tesla, Inc.* (a)		8,140		1,337,483
Banks – 3.2%
Bank of America Corp.		24,750		724,680
Citigroup, Inc.		27,940		1,315,136
Citizens Financial Group, Inc.		5,830		180,380
JPMorgan Chase & Co.		770		106,445
Wells Fargo & Co.		43,560		1,731,510
				4,058,151
Biotechnology – 2.4%
AbbVie, Inc.		1,980		299,218
Amgen, Inc.		7,040		1,687,770
Biogen, Inc.*		110		33,465
Gilead Sciences, Inc.		3,190		262,250
Moderna, Inc.*		1,980		263,122
Regeneron Pharmaceuticals, Inc.*		170		136,304
Vertex Pharmaceuticals, Inc.*		880		299,842
				2,981,971
Broadline Retail – 1.9%
Amazon.com, Inc.*		15,840		1,670,328
eBay, Inc.		14,190		658,842
Etsy, Inc.* (a)		880		88,906
MercadoLibre, Inc.*		28		35,770
				2,453,846

Investments	Shares		Value
Building Products – 0.2%
Masco Corp.		5,500	$	294,305
Capital Markets – 1.8%
Ameriprise Financial, Inc.		440		134,253
Bank of New York Mellon Corp. (The)		14,850		632,461
Goldman Sachs Group, Inc. (The)		770		264,449
Morgan Stanley		9,240		831,323
State Street Corp.		4,840		349,738
				2,212,224
Chemicals – 0.9%
CF Industries Holdings, Inc.		3,190		228,340
Dow, Inc.		12,430		676,192
LyondellBasell Industries NV, Class A		2,420		228,956
Mosaic Co. (The)		1,430		61,276
				1,194,764
Communications Equipment – 1.5%
Cisco Systems, Inc.		39,710		1,876,298
Consumer Finance – 1.5%
Ally Financial, Inc.		6,490		171,206
Capital One Financial Corp.		6,710		652,883
Discover Financial Services		6,270		648,757
Synchrony Financial		15,840		467,438
				1,940,284
Consumer Staples Distribution & Retail – 0.6%
Kroger Co. (The)		14,740		716,806
Distributors – 0.1%
Genuine Parts Co.		440		74,056
LKQ Corp.		990		57,153
				131,209
Diversified Telecommunication Services – 1.2%
AT&T, Inc.		68,530		1,210,925
Lumen Technologies, Inc.		102,630		243,233
				1,454,158

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 213

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Electric Utilities – 2.6%
Evergy, Inc.		8,690	$	539,736
Exelon Corp.		17,490		742,276
PPL Corp.		24,530		704,502
Southern Co. (The)		17,270		1,270,208
				3,256,722
Electrical Equipment – 0.3%
Emerson Electric Co.		1,320		109,903
Hubbell, Inc.		990		266,627
				376,530
Entertainment – 0.9%
Activision Blizzard, Inc.*		8,470		658,204
Electronic Arts, Inc.		3,190		406,023
Liberty Media Corp–Liberty Formula One, Class C*		660		47,645
				1,111,872
Financial Services – 5.3%
Berkshire Hathaway, Inc., Class B*		9,130		2,999,661
Equitable Holdings, Inc.		13,200		343,068
Jack Henry & Associates, Inc.(a)		1,320		215,609
Mastercard, Inc., Class A		1,540		585,246
PayPal Holdings, Inc.*		3,630		275,880
Visa, Inc., Class A(a)		9,460		2,201,626
				6,621,090
Food Products – 1.4%
Campbell Soup Co.		6,160		334,488
General Mills, Inc.		10,120		896,936
Hershey Co. (The)		1,430		390,476
Kraft Heinz Co. (The)		2,090		82,074
				1,703,974
Ground Transportation – 0.5%
Old Dominion Freight Line, Inc.		1,870		599,129
Health Care Equipment & Supplies – 0.9%
Abbott Laboratories		2,090		230,882
Hologic, Inc.*		4,620		397,366

Investments	Shares		Value
Health Care Equipment & Supplies – (continued)
IDEXX Laboratories, Inc.*		990	$	487,239
				1,115,487
Health Care Providers & Services – 4.1%
Cardinal Health, Inc.		4,620		379,302
Centene Corp.*		1,320		90,988
Cigna Group (The)		2,530		640,824
CVS Health Corp.		8,030		588,679
Elevance Health, Inc.		550		257,757
HCA Healthcare, Inc.		880		252,850
Laboratory Corp. of America Holdings		2,530		573,576
McKesson Corp.		2,420		881,461
Quest Diagnostics, Inc.		2,200		305,382
UnitedHealth Group, Inc.		2,530		1,244,988
				5,215,807
Health Care REITs – 0.1%
Healthpeak Properties, Inc., REIT		6,270		137,752
Hotel & Resort REITs – 0.5%
Host Hotels & Resorts, Inc., REIT		36,520		590,528
Hotels, Restaurants & Leisure – 1.5%
Airbnb, Inc., Class A* (a)		2,970		355,420
Booking Holdings, Inc.*		246		660,832
Carnival Corp.* (a)		19,910		183,371
DraftKings, Inc., Class A* (a)		8,690		190,398
Expedia Group, Inc.*		660		62,014
Yum! Brands, Inc.		2,860		402,059
				1,854,094
Household Durables – 1.1%
Lennar Corp., Class A		5,390		608,046
NVR, Inc.*		132		770,880
				1,378,926
Household Products – 2.1%
Colgate-Palmolive Co.		6,270		500,346
Procter & Gamble Co. (The)		13,530		2,115,821
				2,616,167

See Accompanying Notes to the Financial Statements.

214 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Independent Power and Renewable Electricity Producers – 0.6%
AES Corp. (The)		24,090	$	569,969
Vistra Corp.		5,940		141,729
				711,698
Industrial Conglomerates – 0.2%
3M Co.		1,760		186,947
General Electric Co.		880		87,094
				274,041
Insurance – 2.6%
Aflac, Inc.		11,220		783,717
Allstate Corp. (The)		5,280		611,213
American International Group, Inc.		13,090		694,294
Arch Capital Group Ltd.*		880		66,061
MetLife, Inc.		11,770		721,854
Prudential Financial, Inc.		3,850		334,950
				3,212,089
Interactive Media & Services – 6.9%
Alphabet, Inc., Class A*		33,000		3,542,220
Alphabet, Inc., Class C*		31,020		3,356,984
Meta Platforms, Inc., Class A*		7,480		1,797,594
Pinterest, Inc., Class A*		2,420		55,660
				8,752,458
IT Services – 1.8%
Accenture plc, Class A		3,850		1,079,117
Amdocs Ltd.		440		40,150
Cognizant Technology Solutions Corp., Class A		8,250		492,607
Gartner, Inc.*		1,980		598,871
				2,210,745
Life Sciences Tools & Services – 1.1%
Bio-Rad Laboratories, Inc., Class A*		110		49,587
Danaher Corp.		440		104,241
Mettler-Toledo International, Inc.*		484		721,886
Waters Corp.*		1,870		561,673
				1,437,387

Investments	Shares		Value
Machinery – 1.3%
Caterpillar, Inc.		1,650	$	361,020
Illinois Tool Works, Inc.(a)		5,170		1,250,830
Snap-on, Inc.		220		57,070
				1,668,920
Media – 1.6%
Comcast Corp., Class A		17,600		728,112
Fox Corp., Class A(a)		1,210		40,245
Interpublic Group of Cos., Inc. (The)		17,820		636,709
Omnicom Group, Inc.		7,150		647,575
				2,052,641
Metals & Mining – 1.2%
Freeport-McMoRan, Inc.		10,560		400,330
Nucor Corp.		3,410		505,294
Steel Dynamics, Inc.		5,610		583,159
				1,488,783
Multi-Utilities – 0.5%
Public Service Enterprise Group, Inc.(a)		10,670		674,344
Oil, Gas & Consumable Fuels – 3.3%
Antero Resources Corp.*		7,370		169,436
Exxon Mobil Corp.		6,490		768,026
Marathon Oil Corp.		24,860		600,618
Marathon Petroleum Corp.		9,130		1,113,860
Occidental Petroleum Corp.(a)		15,840		974,635
Valero Energy Corp.		4,180		479,321
				4,105,896
Pharmaceuticals – 5.8%
Bristol-Myers Squibb Co.		15,950		1,064,982
Eli Lilly & Co.		4,620		1,828,873
Johnson & Johnson		17,490		2,863,113
Merck & Co., Inc.		1,320		152,420
Pfizer, Inc.		36,740		1,428,819
				7,338,207
Professional Services – 0.3%
Automatic Data Processing, Inc.		330		72,600

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 215

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Professional Services – (continued)
Booz Allen Hamilton Holding Corp.		1,100	$	105,292
Leidos Holdings, Inc.		440		41,034
Paychex, Inc.		1,980		217,523
				436,449
Real Estate Management & Development – 0.5%
CBRE Group, Inc., Class A*		8,140		624,012
Residential REITs – 0.0%(b)
Mid–America Apartment Communities, Inc., REIT		220		33,836
Retail REITs – 0.1%
Regency Centers Corp., REIT		550		33,787
Simon Property Group, Inc., REIT		770		87,256
				121,043
Semiconductors & Semiconductor Equipment – 6.7%
Analog Devices, Inc.		2,420		435,310
Applied Materials, Inc.		5,940		671,398
Broadcom, Inc.		1,650		1,033,725
KLA Corp.		1,760		680,310
Lam Research Corp.		1,870		980,030
Microchip Technology, Inc.		9,460		690,485
NVIDIA Corp.		6,050		1,678,815
QUALCOMM, Inc.		3,630		423,984
Texas Instruments, Inc.		11,330		1,894,376
				8,488,433
Software – 9.5%
Adobe, Inc.*		2,970		1,121,353
Autodesk, Inc.*		110		21,427
Cadence Design Systems, Inc.*		330		69,118
Check Point Software Technologies Ltd.*		5,390		686,470
Fair Isaac Corp.*		660		480,447
Fortinet, Inc.*		9,570		603,389
Intuit, Inc.		2,860		1,269,697
Microsoft Corp.		20,460		6,286,540
Oracle Corp.		13,640		1,291,981

Investments	Shares		Value
Software – (continued)
Roper Technologies, Inc.		110	$	50,026
Zoom Video Communications, Inc., Class A* (a)		1,210		74,330
				11,954,778
Specialized REITs – 1.6%
Iron Mountain, Inc., REIT		12,430		686,634
Public Storage, REIT		2,640		778,351
Weyerhaeuser Co., REIT		20,020		598,798
				2,063,783
Specialty Retail – 2.8%
AutoZone, Inc.*		330		878,892
Best Buy Co., Inc.		3,850		286,902
Chewy, Inc., Class A* (a)		1,100		34,111
Home Depot, Inc. (The)		3,520		1,057,901
Lowe’s Cos., Inc.		4,070		845,868
O’Reilly Automotive, Inc.*		330		302,712
Ulta Beauty, Inc.*		330		181,972
				3,588,358
Technology Hardware, Storage & Peripherals – 8.7%
Apple, Inc.		63,800		10,825,584
NetApp, Inc.		990		62,261
Seagate Technology Holdings plc(a)		770		45,253
				10,933,098
Tobacco – 0.8%
Altria Group, Inc.		4,620		219,496
Philip Morris International, Inc.		8,360		835,749
				1,055,245
Trading Companies & Distributors – 0.9%
United Rentals, Inc.		1,100		397,221
WW Grainger, Inc.		1,100		765,127
				1,162,348
Total Common Stocks (Cost $120,638,390)				124,848,568

See Accompanying Notes to the Financial Statements.

216 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS – 0.1%(c)
REPURCHASE AGREEMENTS – 0.1%
Citigroup Global Markets, Inc., 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $70,941, collateralized by various U.S. Treasury Securities, ranging from 2.50% – 4.25%, maturing 8/15/2023 – 12/31/2024; total market value $71,658 (Cost $70,932)	$	70,932	$	70,932
Total Investments – 99.2% (Cost $120,709,322)				124,919,500
Other assets less liabilities – 0.8%				1,053,376
NET ASSETS – 100.0%			$	125,972,876

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $5,096,374, collateralized in the form of cash with a value of $70,932 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $5,076,893 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from May 31, 2023 – November 15, 2052; a total value of $5,147,825.

^(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, 2023. The total value of securities purchased was $70,932.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

As of April 30, 2023, 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	$	11,944,524
Aggregate gross unrealized depreciation		(7,706,575	)
Net unrealized appreciation	$	4,237,949
Federal income tax cost	$	120,749,676

Futures Contracts

FlexShares^® US Quality Large Cap Index Fund had the following open futures contracts as of April 30, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
S&P 500 E-Mini Index		4		06/16/2023		USD	$	837,700	$	59,125
S&P 500 Micro E-Mini Index		14		06/16/2023		USD		293,195		9,000
									$	68,125

* 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		99.1	%
Securities Lending Reinvestments		0.1
Others(1)		0.8
		100.0	%

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

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 217

Schedule of Investments

FlexShares® STOXX® US ESG Select Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.9%
Air Freight & Logistics – 0.2%
FedEx Corp.		1,656	$	377,204
Automobile Components – 0.0%(a)
BorgWarner, Inc.		1,656		79,703
Automobiles – 1.7%
General Motors Co.		15,249		503,827
Tesla, Inc.*		14,904		2,448,876
				2,952,703
Banks – 4.8%
Bank of America Corp.		63,549		1,860,715
Citigroup, Inc.		21,045		990,588
Fifth Third Bancorp		5,796		151,856
Huntington Bancshares, Inc.(b)		12,006		134,467
JPMorgan Chase & Co.		31,809		4,397,276
KeyCorp		9,315		104,887
Regions Financial Corp.		7,866		143,633
US Bancorp		16,836		577,138
				8,360,560
Beverages – 1.2%
Coca–Cola Co. (The)		28,083		1,801,524
Keurig Dr Pepper, Inc.		6,555		214,349
				2,015,873
Biotechnology – 1.1%
Amgen, Inc.		1,932		463,178
Biogen, Inc.*		552		167,935
Gilead Sciences, Inc.		6,762		555,904
Vertex Pharmaceuticals, Inc.*		2,277		775,842
				1,962,859
Broadline Retail – 5.2%
Amazon.com, Inc.*		83,007		8,753,088
eBay, Inc.		5,037		233,868
Etsy, Inc.*		1,380		139,421
				9,126,377
Building Products – 0.3%
Trane Technologies plc		2,484		461,552

Investments	Shares		Value
Capital Markets – 3.4%
Bank of New York Mellon Corp. (The)		5,382	$	229,219
BlackRock, Inc.		1,587		1,065,194
Blackstone, Inc., Class A		2,415		215,732
Goldman Sachs Group, Inc. (The)		3,657		1,255,960
Moody’s Corp.		1,173		367,290
Morgan Stanley		11,799		1,061,556
MSCI, Inc.		621		299,602
Nasdaq, Inc.		3,519		194,847
Northern Trust Corp.(c)		1,035		80,896
S&P Global, Inc.		2,967		1,075,775
State Street Corp.		2,001		144,592
				5,990,663
Chemicals – 0.7%
Corteva, Inc.		2,553		156,039
DuPont de Nemours, Inc.		2,622		182,806
Ecolab, Inc.		2,553		428,496
PPG Industries, Inc.		828		116,135
Sherwin–Williams Co. (The)		1,242		295,025
				1,178,501
Commercial Services & Supplies – 0.3%
Cintas Corp.		966		440,274
Communications Equipment – 1.0%
Cisco Systems, Inc.		36,984		1,747,494
Construction & Engineering – 0.1%
AECOM		1,242		103,148
Consumer Finance – 0.1%
Capital One Financial Corp.		2,691		261,834
Consumer Staples Distribution & Retail – 2.8%
Costco Wholesale Corp.		2,415		1,215,276
Dollar Tree, Inc.*		1,173		180,302
Kroger Co. (The)		5,865		285,215
Target Corp.		4,140		653,085
Walgreens Boots Alliance, Inc.(b)		7,935		279,709
Walmart, Inc.		15,456		2,333,392
				4,946,979

See Accompanying Notes to the Financial Statements.

218 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Containers & Packaging – 0.2%
Amcor plc		15,111	$	165,768
Ball Corp.(b)		3,519		187,140
Westrock Co.		1,449		43,369
				396,277
Distributors – 0.1%
LKQ Corp.		1,518		87,634
Diversified Telecommunication Services – 0.9%
AT&T, Inc.		25,806		455,992
Verizon Communications, Inc.		30,498		1,184,237
				1,640,229
Electric Utilities – 0.0%(a)
Entergy Corp.		759		81,653
Electrical Equipment – 0.2%
Emerson Electric Co.		2,070		172,348
Rockwell Automation, Inc.(b)		621		175,998
				348,346
Electronic Equipment, Instruments & Components – 0.2%
Corning, Inc.		4,209		139,823
Keysight Technologies, Inc.*		1,242		179,643
Trimble, Inc.*		1,104		51,999
Zebra Technologies Corp., Class A*		207		59,622
				431,087
Energy Equipment & Services – 0.5%
Baker Hughes Co.		5,589		163,423
Schlumberger NV		15,249		752,538
				915,961
Entertainment – 1.1%
Activision Blizzard, Inc.*		2,553		198,394
Walt Disney Co. (The)*		16,560		1,697,400
				1,895,794
Financial Services – 5.6%
Apollo Global Management, Inc.		4,899		310,547
Berkshire Hathaway, Inc., Class B*		14,076		4,624,670
Fidelity National Information Services, Inc.		3,036		178,274
Mastercard, Inc., Class A		3,036		1,153,771

Investments		Shares		Value
Financial Services – (continued)
PayPal Holdings, Inc.*	��		10,350	$	786,600
Visa, Inc., Class A(b)			11,730		2,729,923
					9,783,785
Food Products – 0.7%
Darling Ingredients, Inc.*			1,173		69,876
General Mills, Inc.			5,244		464,776
Hershey Co. (The)			1,311		357,982
Hormel Foods Corp.			1,242		50,226
J M Smucker Co. (The)			414		63,926
Kellogg Co.			2,346		163,680
McCormick & Co., Inc. (Non-Voting)			1,380		121,233
					1,291,699
Ground Transportation – 0.7%
Uber Technologies, Inc.*			18,009		559,179
Union Pacific Corp.			3,381		661,662
					1,220,841
Health Care Equipment & Supplies – 3.2%
Baxter International, Inc.			3,726		177,656
Becton Dickinson & Co.			2,001		528,884
Boston Scientific Corp.*			7,935		413,572
Cooper Cos., Inc. (The)			276		105,280
Dexcom, Inc.*			2,070		251,174
Edwards Lifesciences Corp.*			5,589		491,720
Hologic, Inc.*			2,346		201,780
IDEXX Laboratories, Inc.*			414		203,754
Intuitive Surgical, Inc.*			3,174		956,072
Medtronic plc			9,591		872,301
Stryker Corp.(b)			3,864		1,157,848
Zimmer Biomet Holdings, Inc.			1,518		210,152
					5,570,193
Health Care Providers & Services – 3.1%
Cardinal Health, Inc.			2,415		198,272
Centene Corp.*			2,070		142,685
Cigna Group (The)			2,208		559,264
CVS Health Corp.			6,969		510,897
Elevance Health, Inc.			2,553		1,196,464
Humana, Inc.			483		256,227
Quest Diagnostics, Inc.			552		76,623
UnitedHealth Group, Inc.			5,037		2,478,657
					5,419,089

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 219

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Health Care REITs – 0.4%
Healthpeak Properties, Inc., REIT		6,279	$	137,950
Ventas, Inc., REIT		3,795		182,350
Welltower, Inc., REIT(b)		5,175		409,963
				730,263
Hotels, Restaurants & Leisure – 2.9%
Booking Holdings, Inc.*		345		926,777
Caesars Entertainment, Inc.*		1,587		71,875
Carnival Corp.* (b)		6,348		58,465
Chipotle Mexican Grill, Inc.*		138		285,332
Domino’s Pizza, Inc.		276		87,622
Hilton Worldwide Holdings, Inc.		2,484		357,746
Las Vegas Sands Corp.*		1,380		88,113
Marriott International, Inc., Class A		1,518		257,058
McDonald’s Corp.		3,933		1,163,185
MGM Resorts International		2,484		111,581
Royal Caribbean Cruises Ltd.*		690		45,147
Starbucks Corp.		8,280		946,321
Yum China Holdings, Inc.		3,036		185,742
Yum! Brands, Inc.		3,036		426,801
				5,011,765
Household Products – 2.1%
Clorox Co. (The)		1,104		182,845
Colgate-Palmolive Co.		5,934		473,533
Kimberly-Clark Corp.		2,415		349,909
Procter & Gamble Co. (The)		17,043		2,665,184
				3,671,471
Independent Power and Renewable Electricity Producers – 0.1%
AES Corp. (The)		4,899		115,910
Industrial Conglomerates – 0.3%
3M Co.		5,037		535,030
Industrial REITs – 0.2%
Prologis, Inc., REIT		3,243		406,186
Insurance – 2.2%
Aflac, Inc.		6,072		424,129
Allstate Corp. (The)		1,380		159,749
American International Group, Inc.		2,484		131,751

Investments	Shares		Value
Insurance – (continued)
Aon plc, Class A		1,035	$	336,561
Arch Capital Group Ltd.*		1,449		108,776
Chubb Ltd.		2,277		458,952
Hartford Financial Services Group, Inc. (The)		2,967		210,627
Marsh & McLennan Cos., Inc.		2,691		484,891
MetLife, Inc.		5,865		359,701
Principal Financial Group, Inc.		2,553		190,684
Progressive Corp. (The)		3,243		442,345
Travelers Cos., Inc. (The)		1,725		312,467
Willis Towers Watson plc		966		223,726
				3,844,359
Interactive Media & Services – 4.8%
Alphabet, Inc., Class C*		22,011		2,382,031
Meta Platforms, Inc., Class A*		24,426		5,870,056
Snap, Inc., Class A* (b)		11,454		99,764
				8,351,851
IT Services – 2.2%
Accenture plc, Class A		7,107		1,992,021
Akamai Technologies, Inc.*		1,518		124,431
Cognizant Technology Solutions Corp., Class A		5,727		341,959
Gartner, Inc.*		690		208,697
International Business Machines Corp.		9,798		1,238,565
				3,905,673
Life Sciences Tools & Services – 1.0%
Agilent Technologies, Inc.		1,587		214,927
Avantor, Inc.*		2,484		48,388
Bio-Rad Laboratories, Inc., Class A*		138		62,209
Charles River Laboratories International, Inc.*		276		52,473
Danaher Corp.		3,726		882,727
Illumina, Inc.*		1,104		226,938
Mettler-Toledo International, Inc.*		69		102,914
PerkinElmer, Inc.		483		63,027
West Pharmaceutical Services, Inc.		414		149,553
				1,803,156

See Accompanying Notes to the Financial Statements.

220 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Machinery – 1.5%
Caterpillar, Inc.		2,829	$	618,985
Cummins, Inc.		1,242		291,920
Deere & Co.		1,587		599,918
Dover Corp.		1,035		151,276
Fortive Corp.		3,864		243,780
Ingersoll Rand, Inc.		1,656		94,425
Nordson Corp.		483		104,478
Otis Worldwide Corp.		2,898		247,199
Stanley Black & Decker, Inc.		1,449		125,107
Toro Co. (The)		759		79,133
Xylem, Inc.(b)		897		93,144
				2,649,365
Media – 0.7%
Comcast Corp., Class A		22,977		950,558
Interpublic Group of Cos., Inc. (The)		3,174		113,407
Omnicom Group, Inc.		1,794		162,483
Paramount Global, Class B(b)		2,898		67,610
				1,294,058
Metals & Mining – 0.6%
Alcoa Corp.		414		15,376
Freeport-McMoRan, Inc.		10,419		394,985
Newmont Corp.		7,245		343,413
Nucor Corp.(b)		2,346		347,630
				1,101,404
Mortgage Real Estate Investment Trusts (REITs) – 0.0%(a)
Annaly Capital Management, Inc.(b)		2,070		41,359
Multi-Utilities – 0.1%
CMS Energy Corp.		1,173		73,031
Public Service Enterprise Group, Inc.(b)		1,656		104,659
				177,690
Office REITs – 0.0%(a)
Boston Properties, Inc., REIT		828		44,182
Oil, Gas & Consumable Fuels – 5.7%
APA Corp.(b)		1,449		53,396
Chevron Corp.		19,251		3,245,334
ConocoPhillips		4,554		468,561
Devon Energy Corp.		2,415		129,033

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Exxon Mobil Corp.(b)		44,505	$	5,266,722
Marathon Oil Corp.		5,865		141,698
Phillips 66		5,037		498,663
Valero Energy Corp.		1,449		166,157
				9,969,564
Passenger Airlines – 0.1%
American Airlines Group, Inc.* (b)		2,760		37,647
Southwest Airlines Co.		1,794		54,340
				91,987
Personal Care Products – 0.3%
Estee Lauder Cos., Inc. (The), Class A		2,070		510,710
Pharmaceuticals – 8.3%
Bristol-Myers Squibb Co.		23,046		1,538,781
Eli Lilly & Co.		6,141		2,430,976
Johnson & Johnson		28,221		4,619,778
Merck & Co., Inc.		27,393		3,163,070
Pfizer, Inc.		50,646		1,969,623
Zoetis, Inc.		4,209		739,858
				14,462,086
Professional Services – 0.7%
Automatic Data Processing, Inc.		3,726		819,720
Broadridge Financial Solutions, Inc.		621		90,299
Verisk Analytics, Inc.		1,380		267,872
				1,177,891
Real Estate Management & Development – 0.2%
CBRE Group, Inc., Class A*		3,450		264,477
Residential REITs – 0.2%
Camden Property Trust, REIT		483		53,154
Equity Residential, REIT		2,001		126,563
Essex Property Trust, Inc., REIT		345		75,807
Sun Communities, Inc., REIT		828		115,034
				370,558
Retail REITs – 0.3%
Realty Income Corp., REIT		6,624		416,252
Simon Property Group, Inc., REIT		1,104		125,105
				541,357

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 221

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Semiconductors & Semiconductor Equipment – 5.0%
Advanced Micro Devices, Inc.*		5,727	$	511,822
Applied Materials, Inc.		7,659		865,697
Intel Corp.		37,674		1,170,155
KLA Corp.		759		293,384
Lam Research Corp.		966		506,261
Microchip Technology, Inc.		2,070		151,089
Micron Technology, Inc.		11,937		768,265
NVIDIA Corp.		8,832		2,450,792
Qorvo, Inc.*		414		38,121
QUALCOMM, Inc.		6,003		701,150
Skyworks Solutions, Inc.		621		65,764
SolarEdge Technologies, Inc.* (b)		207		59,125
Teradyne, Inc.(b)		483		44,137
Texas Instruments, Inc.		6,555		1,095,996
Wolfspeed, Inc.* (b)		276		12,848
				8,734,606
Software – 9.5%
Adobe, Inc.*		4,968		1,875,718
Autodesk, Inc.*		2,346		456,977
Cadence Design Systems, Inc.*		966		202,329
Check Point Software Technologies Ltd.*		345		43,939
Crowdstrike Holdings, Inc., Class A*		759		91,118
DocuSign, Inc.*		1,311		64,816
Fortinet, Inc.*		4,692		295,830
Gen Digital, Inc.		5,727		101,196
Intuit, Inc.		2,001		888,344
Microsoft Corp.		32,016		9,837,236
Oracle Corp.		5,658		535,926
Palo Alto Networks, Inc.*		2,208		402,872
Salesforce, Inc.*		5,451		1,081,315
ServiceNow, Inc.*		690		317,000
Splunk, Inc.*		1,104		95,209
Synopsys, Inc.*		1,104		409,937
				16,699,762
Specialized REITs – 0.5%
American Tower Corp., REIT		2,484		507,705
Digital Realty Trust, Inc., REIT		1,104		109,462
Iron Mountain, Inc., REIT		1,656		91,477
Weyerhaeuser Co., REIT		7,590		227,017
				935,661

Investments	Shares		Value
Specialty Retail – 2.5%
AutoZone, Inc.*		138	$	367,537
Best Buy Co., Inc.		2,208		164,540
Burlington Stores, Inc.*		483		93,127
Home Depot, Inc. (The)		3,657		1,099,075
Lowe’s Cos., Inc.		4,347		903,437
Ross Stores, Inc.		3,726		397,676
TJX Cos., Inc. (The)		10,281		810,349
Tractor Supply Co.(b)		1,173		279,643
Ulta Beauty, Inc.*		207		114,146
Williams–Sonoma, Inc.(b)		759		91,869
				4,321,399
Technology Hardware, Storage & Peripherals – 5.6%
Apple, Inc.		53,682		9,108,762
Hewlett Packard Enterprise Co.		10,764		154,140
HP, Inc.		9,867		293,149
NetApp, Inc.(b)		1,380		86,788
Western Digital Corp.*		3,174		109,313
				9,752,152
Textiles, Apparel & Luxury Goods – 1.0%
Lululemon Athletica, Inc.*		1,311		498,088
NIKE, Inc., Class B		9,039		1,145,422
VF Corp.		2,829		66,510
				1,710,020
Trading Companies & Distributors – 0.4%
Ferguson plc		2,277		320,647
United Rentals, Inc.		276		99,666
WW Grainger, Inc.		345		239,972
				660,285
Water Utilities – 0.1%
American Water Works Co., Inc.		1,242		184,126
Essential Utilities, Inc.		1,035		44,195
				228,321
Total Common Stocks (Cost $161,545,532)				173,202,870

See Accompanying Notes to the Financial Statements.

222 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS – 0.1%(d)
REPURCHASE AGREEMENTS – 0.1%
Citigroup Global Markets, Inc., 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $99,761, collateralized by various U.S. Treasury Securities, ranging from 2.50% – 4.25%, maturing 8/15/2023 – 12/31/2024; total market value $100,768 (Cost $99,747)	$	99,747	$	99,747
Total Investments – 99.0% (Cost $161,645,279)				173,302,617
Other assets less liabilities – 1.0%				1,695,501
NET ASSETS – 100.0%			$	174,998,118

* Non-income producing security.

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

^(b)  The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $10,968,837, collateralized in the form of cash with a value of

$99,747 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $10,971,408 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 16, 2023 – February 15, 2053 and $102,136 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from May 25, 2023 – October 22, 2071; a total value of $11,173,291.

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

^(d)  The security was purchased with cash collateral held from securities on loan at April 30, 2023. The total value of securities purchased was $99,747.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

As of April 30, 2023, 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	$	21,381,604
Aggregate gross unrealized depreciation		(9,618,127	)
Net unrealized appreciation	$	11,763,477
Federal income tax cost	$	161,640,887

Investment in a company which was affiliated for the period ended April 30, 2023, was as follows:

Security	Value October 31, 2022		Purchases at Cost		Sales Proceeds		Shares April 30, 2023		Value April 30, 2023		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized Loss
Northern Trust Corp.	$	—	$	145,507	$	52,797		1,035	$	80,896	$	(9,050	)	$	1,208	$	(2,764	)

Futures Contracts

FlexShares^® STOXX^® US ESG Select Index Fund had the following open futures contracts as of April 30, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
S&P 500 E-Mini Index		8		06/16/2023		USD	$	1,675,400	$	101,747

* 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 223

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

Abbreviations:

USD – US Dollar

Security Type	% of Net Assets
Common Stocks		98.9	%
Securities Lending Reinvestments		0.1
Others(1)		1.0
		100.0	%

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

See Accompanying Notes to the Financial Statements.

224 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® STOXX^® Global ESG Select Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.9%
Air Freight & Logistics – 0.3%
Deutsche Post AG (Registered)		2,599	$	124,872
DSV A/S		943		177,459
FedEx Corp.		736		167,646
International Distributions Services plc		2,300		7,320
				477,297
Automobile Components – 0.4%
Aisin Corp.		2,300		67,143
BorgWarner, Inc.		690		33,210
Bridgestone Corp.		4,600		183,709
Cie Generale des Etablissements Michelin SCA		4,002		127,377
Continental AG		552		38,649
Denso Corp.		2,300		137,681
Faurecia SE*		989		20,472
Sumitomo Electric Industries Ltd.		2,300		29,120
Valeo		575		11,214
				648,575
Automobiles – 1.8%
Bayerische Motoren Werke AG		2,116		236,970
Ferrari NV		506		140,941
General Motors Co.		9,384		310,047
Honda Motor Co. Ltd.		9,200		242,424
Mazda Motor Corp.		2,300		20,506
Mercedes-Benz Group AG		5,083		396,069
Mitsubishi Motors Corp.*		4,600		17,398
Nissan Motor Co. Ltd.		13,800		49,883
Renault SA*		1,058		39,281
Stellantis NV		12,673		209,865
Subaru Corp.		2,300		37,076
Suzuki Motor Corp.		2,300		79,372
Toyota Motor Corp.		55,200		752,810
Volkswagen AG (Preference)		1,058		144,462
Yamaha Motor Co. Ltd.		2,300		59,120
				2,736,224
Banks – 8.5%
AIB Group plc		8,786		37,810

Investments	Shares		Value
Banks – (continued)
ANZ Group Holdings Ltd.		14,973	$	240,941
Banco Bilbao Vizcaya Argentaria SA		32,775		240,621
Banco BPM SpA		9,729		39,580
Banco de Sabadell SA		21,781		22,719
Banco Santander SA(a)		106,950		376,239
Bank of America Corp.		21,413		626,973
Bank of Ireland Group plc		7,222		74,708
Bank of Montreal		2,553		229,889
Bank of Nova Scotia (The)		4,232		211,023
Bank of Queensland Ltd.(a)		3,772		14,458
Bank Polska Kasa Opieki SA		1,196		27,664
Barclays plc		69,828		140,322
BAWAG Group AG(b)		506		24,669
BNP Paribas SA		6,302		407,634
BPER Banca		2,944		8,272
Canadian Imperial Bank of Commerce		3,726		156,040
Citigroup, Inc.		14,582		686,375
Close Brothers Group plc(a)		391		4,462
Commerzbank AG*		3,289		36,547
Commonwealth Bank of Australia(a)		11,086		727,929
Danske Bank A/S*		3,887		82,072
DBS Group Holdings Ltd.		6,900		169,739
Fifth Third Bancorp		575		15,065
Hang Seng Bank Ltd.(a)		4,600		68,034
HSBC Holdings plc		106,145		765,527
Huntington Bancshares, Inc.		1,794		20,093
ING Groep NV(a)		8,878		109,775
Intesa Sanpaolo SpA		89,194		234,802
Japan Post Bank Co. Ltd.		2,300		18,327
JPMorgan Chase & Co.		26,174		3,618,294
KBC Group NV		1,426		101,983
Lloyds Banking Group plc		363,768		220,380
Mediobanca Banca di Credito Finanziario SpA(a)		2,254		24,212
Mitsubishi UFJ Financial Group, Inc.		73,600		461,010
National Australia Bank Ltd.		7,222		137,643
National Bank of Canada		874		65,104
NatWest Group plc		24,357		80,209

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 225

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Banks – (continued)
Nordea Bank Abp		22,310	$	247,534
Oversea-Chinese Banking Corp. Ltd.		16,100		151,810
Royal Bank of Canada		6,141		609,029
Skandinaviska Enskilda Banken AB, Class A		10,902		123,823
Societe Generale SA		4,807		116,885
Standard Chartered plc		10,488		82,838
Svenska Handelsbanken AB, Class A		9,959		87,985
Swedbank AB, Class A		5,842		101,380
Toronto-Dominion Bank (The)		6,256		378,552
UniCredit SpA		8,142		161,258
US Bancorp		9,683		331,933
Virgin Money UK plc		6,946		13,611
Westpac Banking Corp.		19,412		288,255
				13,222,037
Beverages – 1.8%
Anheuser–Busch InBev SA/NV		4,002		261,116
Asahi Group Holdings Ltd.		2,300		88,561
Britvic plc		2,231		25,616
Budweiser Brewing Co. APAC Ltd.(b)		6,900		19,865
Carlsberg A/S, Class B		575		95,176
Coca-Cola Co. (The)		17,687		1,134,621
Coca-Cola HBC AG*		736		22,424
Davide Campari-Milano NV		3,036		39,148
Diageo plc		8,786		399,982
Heineken Holding NV		598		57,404
Heineken NV		1,173		134,744
Keurig Dr Pepper, Inc.		4,370		142,899
Kirin Holdings Co. Ltd.		2,300		37,313
Pernod Ricard SA		1,173		271,171
Remy Cointreau SA		92		15,931
Treasury Wine Estates Ltd.		3,565		32,818
				2,778,789
Biotechnology – 0.7%
CSL Ltd.		2,576		511,692
Grifols SA*		120		1,235
Swedish Orphan Biovitrum AB*		1,587		38,587
Vertex Pharmaceuticals, Inc.*		1,541		525,065
				1,076,579

Investments	Shares		Value
Broadline Retail – 4.1%
Amazon.com, Inc.*		54,602	$	5,757,781
Dollarama, Inc.		598		37,001
eBay, Inc.		1,725		80,092
Etsy, Inc.*		782		79,005
Isetan Mitsukoshi Holdings Ltd.		2,300		25,269
J Front Retailing Co. Ltd.		2,300		24,087
Next plc		644		54,556
Prosus NV*		2,300		172,335
Rakuten Group, Inc.(a)		2,300		11,402
Wesfarmers Ltd.		6,762		232,237
				6,473,765
Building Products – 0.5%
Assa Abloy AB, Class B		5,083		120,865
Belimo Holding AG (Registered)		46		22,213
Cie de Saint-Gobain		2,806		162,388
Daikin Industries Ltd.		1,100		198,891
Fletcher Building Ltd.		3,151		8,758
Lixil Corp.		2,300		36,012
Nibe Industrier AB, Class B		2,507		27,985
Reliance Worldwide Corp. Ltd.		2,553		6,884
ROCKWOOL A/S, Class B		46		11,123
Trane Technologies plc		966		179,493
				774,612
Capital Markets – 2.2%
3i Group plc		1,242		27,584
abrdn plc		10,810		28,900
Allfunds Group plc*		437		2,892
ASX Ltd.		1,242		56,199
BlackRock, Inc.		1,357		910,818
Credit Suisse Group AG (Registered)		12,903		11,603
Daiwa Securities Group, Inc.		9,200		42,498
Deutsche Boerse AG		368		70,244
Euronext NV(b)		161		12,815
Goldman Sachs Group, Inc. (The)		2,024		695,123
Hargreaves Lansdown plc		1,357		13,696
Hong Kong Exchanges & Clearing Ltd.		6,900		284,793
IG Group Holdings plc		368		3,393
Intermediate Capital Group plc		1,288		21,070
Julius Baer Group Ltd.		1,104		79,037
London Stock Exchange Group plc		2,024		212,319

See Accompanying Notes to the Financial Statements.

226 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – (continued)
Macquarie Group Ltd.		2,461	$	296,972
Man Group plc		3,243		9,261
Morgan Stanley		3,680		331,090
Nasdaq, Inc.		1,265		70,043
Schroders plc		5,727		34,962
St James’s Place plc		2,277		34,530
UBS Group AG (Registered)		6,532		132,578
				3,382,420
Chemicals – 0.8%
Air Liquide SA		1,909		343,908
Akzo Nobel NV		1,012		83,950
BASF SE		4,830		249,819
Chr Hansen Holding A/S		621		48,364
Covestro AG* (b)		736		32,331
Croda International plc(a)		828		72,642
Ecolab, Inc.		851		142,832
Hexpol AB*		2,024		23,817
Incitec Pivot Ltd.		10,810		22,789
LANXESS AG		276		11,231
Mitsubishi Chemical Group Corp.		4,600		26,840
Novozymes A/S, Class B		989		51,477
OCI NV(a)		391		10,312
Orica Ltd.		1,357		14,528
Solvay SA		391		46,987
Wacker Chemie AG		92		14,214
Yara International ASA		667		26,752
				1,222,793
Commercial Services & Supplies – 0.3%
Brambles Ltd.		6,440		60,646
Cintas Corp.		552		251,585
Elis SA		943		18,739
ISS A/S		575		12,009
Rentokil Initial plc		11,914		94,700
SPIE SA		759		23,697
TOPPAN, Inc.		2,300		48,681
				510,057

Investments	Shares		Value
Communications Equipment – 0.4%
Cisco Systems, Inc.		12,167	$	574,891
Nokia OYJ(a)		19,711		83,605
				658,496
Construction & Engineering – 0.6%
AECOM		437		36,293
Balfour Beatty plc		2,231		10,740
Bouygues SA		943		34,564
Eiffage SA		483		57,536
Ferrovial SA		2,668		83,740
JGC Holdings Corp.		2,300		28,529
Obayashi Corp.		6,900		57,363
Shimizu Corp.		6,900		42,009
Skanska AB, Class B(a)		2,530		41,290
Sweco AB, Class B		1,288		17,228
Vinci SA		3,220		398,857
Worley Ltd.		2,024		20,117
WSP Global, Inc.		414		54,580
				882,846
Construction Materials – 0.2%
CRH plc		2,024		97,826
HeidelbergCement AG		368		27,854
Holcim AG* (a)		2,530		167,198
Wienerberger AG		437		13,171
				306,049
Consumer Finance – 0.0%(c)
Cembra Money Bank AG		138		11,078
Marui Group Co. Ltd.		2,300		36,485
				47,563
Consumer Staples Distribution & Retail – 2.1%
Aeon Co. Ltd.		4,600		93,493
Axfood AB		161		3,990
Carrefour SA		2,944		61,298
Coles Group Ltd.		3,979		47,857
Dollar Tree, Inc.*		552		84,848
Endeavour Group Ltd.		4,485		20,125
HelloFresh SE*		161		4,307
J Sainsbury plc		10,005		34,758
Jeronimo Martins SGPS SA		1,334		33,726
Kesko OYJ, Class B		1,311		27,362

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 227

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Consumer Staples Distribution & Retail – (continued)
Koninklijke Ahold Delhaize NV		5,382	$	185,501
Kroger Co. (The)		2,760		134,219
Loblaw Cos. Ltd.		483		45,380
Marks & Spencer Group plc*		12,650		26,131
Ocado Group plc*		3,634		23,075
Seven & i Holdings Co. Ltd.		3,500		157,952
Target Corp.		2,070		326,542
Walgreens Boots Alliance, Inc.		4,462		157,285
Walmart, Inc.		10,672		1,611,152
Woolworths Group Ltd.		7,360		188,864
				3,267,865
Containers & Packaging – 0.2%
Amcor plc		10,304		113,035
Ball Corp.		1,196		63,603
Billerud AB		1,771		16,983
DS Smith plc		5,865		22,860
Huhtamaki OYJ		874		31,494
Orora Ltd.		5,658		12,825
Smurfit Kappa Group plc		1,679		62,170
Westrock Co.		966		28,912
				351,882
Distributors – 0.0%(c)
D’ieteren Group		92		17,317
Inchcape plc		1,725		17,530
				34,847
Diversified Consumer Services – 0.0%(c)
Pearson plc		2,990		33,335
Diversified REITs – 0.1%
British Land Co. plc (The), REIT(a)		6,509		32,741
Charter Hall Group, REIT		2,806		20,639
Charter Hall Long Wale REIT, REIT(a)		5,083		14,612
GPT Group (The), REIT		10,488		30,566
Land Securities Group plc, REIT		1,150		9,745
Mirvac Group, REIT		35,121		55,935
Stockland, REIT(a)		15,134		44,506
				208,744

Investments	Shares		Value
Diversified Telecommunication Services – 1.4%
BCE, Inc.		1,725	$	82,822
BT Group plc		25,484		50,881
Chorus Ltd.		3,013		16,079
Deutsche Telekom AG (Registered)		22,172		535,576
Infrastrutture Wireless Italiane SpA(b)		1,403		19,509
Koninklijke KPN NV		18,722		68,394
NetLink NBN Trust(b)		9,200		6,034
Orange SA		5,543		72,308
Singapore Telecommunications Ltd.		34,500		65,941
Spark New Zealand Ltd.		13,179		42,572
Swisscom AG (Registered)		138		95,044
Telecom Italia SpA* (a)		35,765		10,538
Telefonica SA		30,889		140,669
Telenor ASA		4,370		54,344
Telia Co. AB(a)		15,571		43,355
Telstra Group Ltd.		67,482		194,882
TELUS Corp.		5,451		115,426
Vantage Towers AG		483		17,341
Verizon Communications, Inc.		12,857		499,237
				2,130,952
Electric Utilities – 0.8%
Acciona SA		138		25,595
Chugoku Electric Power Co., Inc. (The)*		4,600		24,188
Contact Energy Ltd.		2,576		12,458
EDP – Energias de Portugal SA		12,903		71,225
Elia Group SA/NV		92		12,635
Endesa SA(a)		920		20,689
Enel SpA		20,125		137,729
Entergy Corp.		552		59,384
Fortum OYJ		1,725		25,767
Iberdrola SA		32,706		425,346
Kansai Electric Power Co., Inc. (The)		4,600		49,660
Kyushu Electric Power Co., Inc.*		4,600		26,790
Origin Energy Ltd.		8,878		48,931
Orsted A/S(b)		851		76,462
Red Electrica Corp. SA		1,265		23,050
SSE plc		5,911		136,518
Terna – Rete Elettrica Nazionale		3,335		28,939
Verbund AG		414		36,976
				1,242,342

See Accompanying Notes to the Financial Statements.

228 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Electrical Equipment – 0.6%
Fujikura Ltd.		2,300	$	15,540
Hexatronic Group AB		598		5,043
Legrand SA		1,495		141,446
NEL ASA*		10,787		14,736
Nexans SA		184		15,814
Nidec Corp.(a)		4,600		226,478
Prysmian SpA		1,541		63,066
Schneider Electric SE(a)		1,748		304,560
Siemens Energy AG*		2,461		60,262
Signify NV(a) (b)		48		1,601
Vestas Wind Systems A/S*		4,416		121,963
				970,509
Electronic Equipment, Instruments & Components – 0.7%
Alps Alpine Co. Ltd.		2,300		20,861
Corning, Inc.		2,323		77,170
Halma plc		1,242		36,029
Hexagon AB, Class B(a)		7,797		88,823
Ibiden Co. Ltd.		2,300		89,862
Keyence Corp.		600		269,232
Kyocera Corp.		2,300		120,114
Murata Manufacturing Co. Ltd.		4,600		266,206
Omron Corp.		1,200		69,992
				1,038,289
Energy Equipment & Services – 0.3%
Baker Hughes Co.		3,082		90,117
Schlumberger NV		8,625		425,644
				515,761
Entertainment – 0.7%
Bollore SE		4,117		27,816
Walt Disney Co. (The)*		10,925		1,119,813
				1,147,629
Financial Services – 2.2%
Apollo Global Management, Inc.		2,254		142,881
Berkshire Hathaway, Inc., Class B*		7,705		2,531,478
Edenred		1,403		91,262
Eurazeo SE		161		11,491
EXOR NV*		598		49,171
Groupe Bruxelles Lambert NV(a)		276		24,772

Investments	Shares		Value
Financial Services – (continued)
Kinnevik AB, Class B*		1,173	$	19,195
M&G plc		15,272		39,370
Mitsubishi HC Capital, Inc.		4,600		23,783
Nexi SpA* (b)		2,208		18,297
ORIX Corp.		4,600		77,700
OSB Group plc		2,783		17,378
PayPal Holdings, Inc.*		3,450		262,200
Wendel SE		161		18,059
Worldline SA* (b)		1,219		52,996
				3,380,033
Food Products – 0.7%
AAK AB		1,610		32,397
Ajinomoto Co., Inc.		2,300		82,514
Associated British Foods plc		1,863		45,802
Barry Callebaut AG (Registered)		23		49,202
Danone SA(a)		1,541		102,059
Darling Ingredients, Inc.*		276		16,441
General Mills, Inc.		2,645		234,426
Hershey Co. (The)		736		200,972
JDE Peet’s NV		230		7,008
Kellogg Co.		1,587		110,725
Kerry Group plc, Class A(a)		828		87,243
McCormick & Co., Inc. (Non-Voting)		437		38,390
Mowi ASA		3,243		61,608
Orkla ASA		2,369		16,974
Salmar ASA(a)		138		6,099
Viscofan SA		184		12,635
				1,104,495
Gas Utilities – 0.1%
Enagas SA		72		1,443
Naturgy Energy Group SA(a)		805		25,151
Rubis SCA		690		20,400
Snam SpA		11,385		63,348
Tokyo Gas Co. Ltd.		2,300		47,143
				157,485
Ground Transportation – 0.6%
Aurizon Holdings Ltd.		2,461		5,562
Canadian National Railway Co.		2,231		265,654
Canadian Pacific Kansas City Ltd.		3,795		298,832

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 229

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Ground Transportation – (continued)
ComfortDelGro Corp. Ltd.		11,500	$	10,258
MTR Corp. Ltd.		11,500		57,354
Uber Technologies, Inc.*		8,855		274,948
				912,608
Health Care Equipment & Supplies – 2.3%
Alcon, Inc.		2,622		190,953
Ansell Ltd.		529		9,355
Baxter International, Inc.		874		41,672
Becton Dickinson & Co.		1,196		316,115
BioMerieux		161		16,868
Boston Scientific Corp.*		4,301		224,168
Carl Zeiss Meditec AG		138		18,556
Cochlear Ltd.		414		67,479
Coloplast A/S, Class B		322		46,407
ConvaTec Group plc(b)		10,051		27,768
Demant A/S*		552		23,662
Edwards Lifesciences Corp.*		2,668		234,731
Elekta AB, Class B		2,116		17,754
Fisher & Paykel Healthcare Corp. Ltd.		4,071		69,600
Getinge AB, Class B		1,610		40,794
Hologic, Inc.*		1,265		108,803
Hoya Corp.		2,300		240,025
IDEXX Laboratories, Inc.*		253		124,517
Intuitive Surgical, Inc.*		1,472		443,396
Medtronic plc		4,048		368,166
Olympus Corp.		6,900		119,970
Straumann Holding AG (Registered)		690		103,610
Stryker Corp.		2,139		640,951
Terumo Corp.		2,300		68,511
Zimmer Biomet Holdings, Inc.		667		92,339
				3,656,170
Health Care Providers & Services – 1.7%
Cardinal Health, Inc.		1,081		88,750
Cigna Group (The)		851		215,550
CVS Health Corp.		3,565		261,350
Elevance Health, Inc.		1,426		668,295
Fresenius Medical Care AG & Co. KGaA		874		42,494
Fresenius SE & Co. KGaA		1,173		33,955

Investments	Shares		Value
Health Care Providers & Services – (continued)
Galenica AG(b)		184	$	16,528
Sonic Healthcare Ltd.		1,311		30,704
UnitedHealth Group, Inc.		2,737		1,346,850
				2,704,476
Health Care REITs – 0.2%
Aedifica SA, REIT		92		7,694
Healthpeak Properties, Inc., REIT		2,783		61,143
Ventas, Inc., REIT		1,656		79,571
Welltower, Inc., REIT		2,875		227,757
				376,165
Hotels, Restaurants & Leisure – 1.8%
Accor SA*		1,150		40,780
Amadeus IT Group SA*		989		69,595
Aristocrat Leisure Ltd.		1,587		39,759
Booking Holdings, Inc.*		184		494,281
Caesars Entertainment, Inc.*		736		33,333
Chipotle Mexican Grill, Inc.*		92		190,221
Compass Group plc		8,694		229,149
Domino’s Pizza Enterprises Ltd.(a)		207		6,897
Domino’s Pizza, Inc.		161		51,113
Entain plc		3,404		61,781
Greggs plc		460		16,293
Hilton Worldwide Holdings, Inc.		1,242		178,873
InterContinental Hotels Group plc		1,081		74,186
Just Eat Takeaway.com NV* (a) (b)		1,288		22,581
La Francaise des Jeux SAEM(b)		276		11,804
Marriott International, Inc., Class A		920		155,793
MGM Resorts International		1,564		70,255
Oriental Land Co. Ltd.		6,800		239,659
Sodexo SA		529		56,766
Star Entertainment Grp Ltd. (The)*		15,272		12,818
Starbucks Corp.		3,404		389,043
Whitbread plc		345		14,080
Yum China Holdings, Inc.		1,173		71,764
Yum! Brands, Inc.		1,702		239,267
				2,770,091
Household Durables – 1.0%
Barratt Developments plc		5,934		37,292
Breville Group Ltd.		1,173		15,930
Casio Computer Co. Ltd.		2,300		21,756

See Accompanying Notes to the Financial Statements.

230 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Household Durables – (continued)
Electrolux AB, Class B(a)		1,035	$	15,595
GN Store Nord A/S*		529		14,104
Nikon Corp.		2,300		23,580
Panasonic Holdings Corp.		13,800		129,066
Persimmon plc		1,081		17,854
SEB SA		115		13,179
Sekisui Chemical Co. Ltd.		2,300		32,600
Sekisui House Ltd.		4,600		94,253
Sony Group Corp.		11,500		1,083,575
Taylor Wimpey plc		26,519		42,731
Vistry Group plc		920		9,048
				1,550,563
Household Products – 1.3%
Clorox Co. (The)		598		99,041
Colgate-Palmolive Co.		2,714		216,577
Essity AB, Class B		3,404		103,110
Henkel AG & Co. KGaA (Preference)		1,058		85,593
Kimberly-Clark Corp.		1,127		163,291
Procter & Gamble Co. (The)		7,084		1,107,796
Reckitt Benckiser Group plc		3,358		271,389
Unicharm Corp.		1,200		48,259
				2,095,056
Independent Power and Renewable Electricity Producers – 0.1%
AES Corp. (The)		3,036		71,832
Drax Group plc		1,794		14,196
Meridian Energy Ltd.		9,085		30,638
				116,666
Industrial Conglomerates – 0.5%
3M Co.		1,219		129,482
CK Hutchison Holdings Ltd.		11,500		76,912
DCC plc		299		18,580
Hitachi Ltd.		4,600		252,862
Investment AB Latour, Class B		299		6,457
Keppel Corp. Ltd.		4,600		21,273
Siemens AG (Registered)		1,656		272,223
Toshiba Corp.		2,300		74,322
				852,111

Investments	Shares		Value
Industrial REITs – 0.4%
CapitaLand Ascendas REIT, REIT		18,400	$	39,444
Goodman Group, REIT		7,452		95,095
Prologis, Inc., REIT		2,852		357,213
Segro plc, REIT		4,876		51,162
Warehouses De Pauw CVA, REIT		1,242		37,186
				580,100
Insurance – 2.0%
Admiral Group plc		690		20,042
Aegon NV		3,818		17,379
Aflac, Inc.		2,668		186,360
AIA Group Ltd.		27,600		298,682
Assicurazioni Generali SpA		6,854		142,862
Aviva plc		13,087		69,579
AXA SA		11,017		359,653
Beazley plc		3,772		28,233
Direct Line Insurance Group plc		10,304		22,231
Gjensidige Forsikring ASA		230		3,986
Hannover Rueck SE		230		49,159
Hartford Financial Services Group, Inc. (The)		736		52,249
Insurance Australia Group Ltd.		18,216		59,949
Japan Post Holdings Co. Ltd.		9,200		75,538
Medibank Pvt Ltd.		8,579		20,183
MetLife, Inc.		1,955		119,900
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)*		874		328,547
nib holdings Ltd.		2,116		10,795
NN Group NV		1,564		58,309
Phoenix Group Holdings plc		3,312		24,636
Poste Italiane SpA(b)		2,944		30,636
Power Corp. of Canada		2,875		76,925
Principal Financial Group, Inc.		1,265		94,483
Prudential plc		7,015		106,820
Storebrand ASA(a)		3,588		27,533
Sun Life Financial, Inc.		1,058		51,843
Suncorp Group Ltd.		5,267		43,439
Swiss Life Holding AG (Registered)*		138		90,982
Swiss Re AG		1,196		120,561
Tokio Marine Holdings, Inc.		6,900		137,833
Topdanmark A/S		24		1,267
Tryg A/S		1,495		35,319

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 231

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
Willis Towers Watson plc		368	$	85,229
Zurich Insurance Group AG		598		290,114
				3,141,256
Interactive Media & Services – 3.5%
Alphabet, Inc., Class C*		18,170		1,966,357
Auto Trader Group plc(b)		5,129		40,975
carsales.com Ltd.		2,795		43,887
Meta Platforms, Inc., Class A*		13,317		3,200,341
REA Group Ltd.(a)		207		19,273
Rightmove plc		2,070		14,940
Snap, Inc., Class A*		7,590		66,109
Z Holdings Corp.		13,800		37,559
				5,389,441
IT Services – 2.2%
Accenture plc, Class A		5,911		1,656,794
Akamai Technologies, Inc.*		1,104		90,495
Alten SA		92		15,641
Bechtle AG		207		9,610
Capgemini SE		805		146,550
CGI, Inc.*		1,495		151,572
Cognizant Technology Solutions Corp., Class A		3,059		182,653
Computacenter plc		575		16,594
Fujitsu Ltd.		1,600		212,213
Gartner, Inc.*		391		118,262
International Business Machines Corp.		5,405		683,246
NEC Corp.		2,300		88,004
Nomura Research Institute Ltd.		2,300		57,768
NTT Data Corp.		2,300		31,063
Reply SpA		138		16,073
Softcat plc		216		3,630
Sopra Steria Group SACA		69		14,930
				3,495,098
Leisure Products – 0.1%
Bandai Namco Holdings, Inc.		2,900		65,554
Thule Group AB(a) (b)		828		23,870
Yamaha Corp.		900		35,230
				124,654

Investments	Shares		Value
Life Sciences Tools & Services – 0.7%
Bio-Rad Laboratories, Inc., Class A*		69	$	31,105
Danaher Corp.		2,070		490,404
Eurofins Scientific SE		736		51,402
Illumina, Inc.*		690		141,836
Lonza Group AG (Registered)		322		200,352
QIAGEN NV*		345		15,429
Sartorius AG (Preference)		138		53,567
Siegfried Holding AG (Registered)*		23		17,740
Tecan Group AG (Registered)		46		20,042
Wuxi Biologics Cayman, Inc.* (b)		11,500		68,049
				1,089,926
Machinery – 1.2%
Aalberts NV		368		16,974
Alfa Laval AB(a)		1,357		49,677
Alstom SA		1,150		28,871
ANDRITZ AG		299		19,426
Atlas Copco AB, Class A(a)		9,844		142,133
Bucher Industries AG (Registered)		46		20,714
CNH Industrial NV		3,634		51,132
Cummins, Inc.		437		102,712
Ebara Corp.		300		13,021
Epiroc AB, Class A		3,289		65,734
FANUC Corp.		4,400		148,288
Fortive Corp.		1,633		103,026
GEA Group AG		690		32,405
Georg Fischer AG (Registered)		621		45,177
Husqvarna AB, Class B		3,243		27,918
IMI plc		667		13,372
Indutrade AB		690		16,528
KION Group AG		115		4,751
Knorr-Bremse AG		253		17,720
Komatsu Ltd.		2,300		56,484
Kone OYJ, Class B		1,840		105,021
Kubota Corp.		2,300		34,593
Metso Outotec OYJ		3,588		39,612
MINEBEA MITSUMI, Inc.		2,300		42,228
Nordson Corp.		253		54,726
NSK Ltd.		2,300		12,905
Otis Worldwide Corp.		1,104		94,171
Rotork plc		7,199		29,588
Sandvik AB(a)		4,094		83,219
Schindler Holding AG		253		56,481

See Accompanying Notes to the Financial Statements.

232 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Machinery – (continued)
Sembcorp Marine Ltd.*		103,500	$	9,620
SKF AB, Class B		1,012		18,282
Spirax-Sarco Engineering plc		230		32,060
Stanley Black & Decker, Inc.		483		41,702
Trelleborg AB, Class B		1,978		49,637
Valmet OYJ		759		25,658
Volvo AB, Class B		8,303		170,638
Wartsila OYJ Abp(a)		3,427		39,726
Weir Group plc (The)		1,035		23,936
				1,939,866
Marine Transportation – 0.1%
AP Moller – Maersk A/S, Class B		23		41,545
Nippon Yusen KK(a)		2,300		54,103
				95,648
Media – 0.3%
Dentsu Group, Inc.		1,200		42,963
Informa plc		7,015		63,713
Interpublic Group of Cos., Inc. (The)		2,162		77,248
ITV plc		27,416		27,836
Publicis Groupe SA		1,311		107,277
Vivendi SE		3,036		33,363
WPP plc		4,508		52,536
				404,936
Metals & Mining – 1.6%
Anglo American plc		4,370		134,295
Antofagasta plc		1,679		30,821
ArcelorMittal SA		2,599		73,770
Aurubis AG		184		17,226
BHP Group Ltd.		27,255		799,709
BlueScope Steel Ltd.		1,863		24,463
Boliden AB		805		28,740
Fortescue Metals Group Ltd.		10,603		146,726
Freeport-McMoRan, Inc.		4,370		165,667
IGO Ltd.(a)		1,311		11,913
Iluka Resources Ltd.		2,438		17,674
Lynas Rare Earths Ltd.*		7,544		32,056
Mineral Resources Ltd.		966		47,036
Newcrest Mining Ltd.		5,037		96,266
Newmont Corp.		2,139		101,376

Investments	Shares		Value
Metals & Mining – (continued)
Norsk Hydro ASA		6,969	$	50,988
Northern Star Resources Ltd.		7,291		64,854
Nucor Corp.		782		115,877
OZ Minerals Ltd.		1,081		18,931
Rio Tinto Ltd.		2,024		150,141
Rio Tinto plc		4,715		299,218
Sims Ltd.		690		7,136
South32 Ltd.		18,055		50,590
SSAB AB, Class B		2,737		18,444
thyssenkrupp AG		1,403		10,074
voestalpine AG		621		21,514
				2,535,505
Multi-Utilities – 0.5%
A2A SpA		10,971		19,379
Centrica plc		14,122		20,324
CMS Energy Corp.		644		40,095
Engie SA		8,717		139,696
Hera SpA		8,119		25,313
National Grid plc		20,079		288,841
Public Service Enterprise Group, Inc.		2,415		152,628
Veolia Environnement SA(a)		1,771		56,094
				742,370
Office REITs – 0.1%
Alexandria Real Estate Equities, Inc., REIT		598		74,260
Boston Properties, Inc., REIT		138		7,364
Covivio SA, REIT		161		9,154
Dexus, REIT		3,427		17,619
Gecina SA, REIT		207		23,058
				131,455
Oil, Gas & Consumable Fuels – 6.9%
Aker BP ASA		805		19,163
Ampol Ltd.		621		12,283
BP plc		52,118		350,070
Cameco Corp.		966		26,531
Canadian Natural Resources Ltd.		2,323		141,404
Chevron Corp.		15,824		2,667,610
Enbridge, Inc.		6,670		264,921
Eni SpA		16,353		248,166
Equinor ASA(a)		6,923		197,502

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)
Oil, Gas & Consumable Fuels – (continued)
Exxon Mobil Corp.		36,662	$	4,338,581
Galp Energia SGPS SA, Class B		2,047		24,836
Gaztransport Et Technigaz SA		184		19,694
Marathon Oil Corp.		2,599		62,792
OMV AG		828		39,161
Phillips 66		2,829		280,071
Repsol SA		2,438		35,919
Shell plc(a)		36,363		1,127,666
Suncor Energy, Inc.		4,324		135,239
TotalEnergies SE		9,499		607,611
Woodside Energy Group Ltd.		6,072		135,147
				10,734,367
Paper & Forest Products – 0.1%
Mondi plc		1,403		22,307
Oji Holdings Corp.		11,500		45,015
Stora Enso OYJ, Class R		4,071		51,686
Svenska Cellulosa AB SCA, Class B		1,288		17,636
				136,644
Passenger Airlines – 0.1%
Air France-KLM*		8,004		13,860
ANA Holdings, Inc.*		2,300		49,956
Deutsche Lufthansa AG (Registered)*		1,794		19,271
International Consolidated Airlines Group SA* (a)		11,960		22,872
Qantas Airways Ltd.*		11,891		51,864
Singapore Airlines Ltd.		6,900		30,255
				188,078
Personal Care Products – 1.3%
Beiersdorf AG		437		61,078
Estee Lauder Cos., Inc. (The), Class A		1,403		346,148
Kao Corp.		1,200		48,515
L’Oreal SA		1,357		648,315
Shiseido Co. Ltd.		3,400		169,819
Unilever plc		14,007		781,067
				2,054,942
Pharmaceuticals – 10.0%
ALK-Abello A/S*		874		11,056
Astellas Pharma, Inc.		11,500		172,967

Investments	Shares		Value
Pharmaceuticals – (continued)
AstraZeneca plc		8,119	$	1,198,652
Bristol-Myers Squibb Co.		12,719		849,248
Chugai Pharmaceutical Co. Ltd.		2,300		59,187
Daiichi Sankyo Co. Ltd.		6,900		235,481
Dechra Pharmaceuticals plc		276		12,939
DSM-Firmenich AG*		1,008		132,160
Eisai Co. Ltd.		1,300		74,783
Eli Lilly & Co.		2,553		1,010,631
GSK plc		19,136		346,590
Hikma Pharmaceuticals plc		828		19,159
Ipsen SA		115		13,966
Johnson & Johnson		23,460		3,840,402
Kyowa Kirin Co. Ltd.		2,300		51,012
Merck & Co., Inc.		15,249		1,760,802
Merck KGaA*		713		127,951
Novartis AG (Registered)		13,202		1,351,720
Novo Nordisk A/S, Class B		5,267		877,352
Ono Pharmaceutical Co. Ltd.		2,300		46,350
Orion OYJ, Class B		667		31,384
Pfizer, Inc.		24,633		957,977
Roche Holding AG		3,772		1,188,113
Sanofi		6,164		680,506
Santen Pharmaceutical Co. Ltd.		2,300		19,273
Shionogi & Co. Ltd.		2,300		102,581
Takeda Pharmaceutical Co. Ltd.		4,600		152,427
UCB SA		69		6,431
Zoetis, Inc.		2,093		367,907
				15,699,007
Professional Services – 0.7%
Adecco Group AG (Registered)		1,288		44,180
ALS Ltd.		2,990		25,904
Arcadis NV(a)		506		20,926
Automatic Data Processing, Inc.		1,242		273,240
Bureau Veritas SA		1,357		39,161
Computershare Ltd.		3,358		49,709
DKSH Holding AG		161		12,834
Experian plc		1,012		35,743
Intertek Group plc		1,012		52,864
Randstad NV		483		26,246
RELX plc		10,396		345,746
SGS SA (Registered)		1,150		104,088
Verisk Analytics, Inc.		483		93,755
				1,124,396

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)
Real Estate Management & Development – 0.5%
Aroundtown SA(a)		4,899	$	6,655
Castellum AB(a)		1,610		19,510
CBRE Group, Inc., Class A*		2,116		162,213
City Developments Ltd.		2,300		11,982
CK Asset Holdings Ltd.		11,500		67,829
Daiwa House Industry Co. Ltd.		2,300		58,393
Fabege AB		3,289		26,326
Mitsubishi Estate Co. Ltd.		2,300		28,242
Mitsui Fudosan Co. Ltd.		4,600		90,909
Nomura Real Estate Holdings, Inc.		2,300		57,008
Sagax AB, Class B		529		12,945
Samhallsbyggnadsbolaget i Norden AB(a)		5,221		6,120
Sun Hung Kai Properties Ltd.		6,000		83,313
Swire Properties Ltd.		13,800		37,006
Swiss Prime Site AG (Registered)		24		2,180
Tokyu Fudosan Holdings Corp.		2,300		11,604
Vonovia SE		5,083		110,128
Wihlborgs Fastigheter AB		2,369		19,100
				811,463
Residential REITs – 0.2%
Camden Property Trust, REIT		138		15,187
Equity Residential, REIT		1,196		75,647
Essex Property Trust, Inc., REIT		368		80,861
Sun Communities, Inc., REIT		483		67,103
				238,798
Retail REITs – 0.4%
CapitaLand Integrated Commercial Trust, REIT		41,400		62,993
Klepierre SA, REIT		1,058		26,818
Link REIT, REIT		9,200		60,006
Realty Income Corp., REIT		3,542		222,579
Region RE Ltd., REIT		12,558		20,415
Simon Property Group, Inc., REIT		1,012		114,680
Unibail-Rodamco-Westfield, REIT* (a)		276		14,790
Vicinity Ltd., REIT		24,863		34,505
				556,786

Investments	Shares		Value
Semiconductors & Semiconductor Equipment – 3.8%
Advanced Micro Devices, Inc.*		4,784	$	427,546
ams-OSRAM AG*		2,346		16,184
Applied Materials, Inc.		5,060		571,932
ASM International NV		276		99,958
ASML Holding NV		1,725		1,092,174
BE Semiconductor Industries NV		529		47,504
Infineon Technologies AG		5,543		201,361
Intel Corp.		22,770		707,236
KLA Corp.		391		151,137
Lam Research Corp.		621		325,454
Microchip Technology, Inc.		1,633		119,193
Micron Technology, Inc.		8,142		524,019
QUALCOMM, Inc.		3,358		392,215
Renesas Electronics Corp.*		9,200		119,725
Skyworks Solutions, Inc.		529		56,021
SOITEC*		23		3,395
STMicroelectronics NV		3,565		151,743
SUMCO Corp.		2,300		31,502
Texas Instruments, Inc.		4,071		680,671
Tokyo Electron Ltd.		2,100		238,971
				5,957,941
Software – 9.1%
Adobe, Inc.*		2,737		1,033,382
Autodesk, Inc.*		1,633		318,092
Crowdstrike Holdings, Inc., Class A*		1,012		121,491
Dassault Systemes SE		2,967		120,115
DocuSign, Inc.*		874		43,211
Fortinet, Inc.*		2,875		181,269
Gen Digital, Inc.		4,968		87,785
Intuit, Inc.		1,173		520,753
Microsoft Corp.		28,543		8,770,122
Oracle Corp.		4,577		433,534
Palo Alto Networks, Inc.*		1,357		247,598
Sage Group plc (The)		6,026		62,001
Salesforce, Inc.*		4,462		885,127
SAP SE		5,474		742,479
ServiceNow, Inc.*		529		243,033
SimCorp A/S		230		24,920
Splunk, Inc.*		736		63,473
Synopsys, Inc.*		690		256,211
WiseTech Global Ltd.(a)		943		42,725
				14,197,321

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)
Specialized REITs – 0.5%
American Tower Corp., REIT		2,093	$	427,788
Big Yellow Group plc, REIT		621		9,554
Digital Realty Trust, Inc., REIT		943		93,498
Iron Mountain, Inc., REIT		828		45,739
Keppel DC REIT, REIT		13,800		22,239
Safestore Holdings plc, REIT		1,265		15,749
Weyerhaeuser Co., REIT		4,715		141,025
				755,592
Specialty Retail – 1.4%
AutoZone, Inc.*		46		122,512
Best Buy Co., Inc.		1,035		77,128
Burlington Stores, Inc.*		184		35,477
Fast Retailing Co. Ltd.		900		211,574
H & M Hennes & Mauritz AB, Class B		4,715		68,896
Industria de Diseno Textil SA(a)		2,944		101,276
JB Hi-Fi Ltd.(a)		874		25,674
Kingfisher plc		10,212		33,051
Lowe’s Cos., Inc.		1,886		391,967
Nitori Holdings Co. Ltd.		600		76,518
Ross Stores, Inc.		2,093		223,386
TJX Cos., Inc. (The)		6,348		500,349
Tractor Supply Co.		690		164,496
Watches of Switzerland Group plc* (d)		989		10,336
Williams-Sonoma, Inc.		621		75,166
Zalando SE* (b)		1,078		44,237
Zalando SE* (b)		233		9,561
				2,171,604
Technology Hardware, Storage & Peripherals – 5.6%
Apple, Inc.		48,139		8,168,225
FUJIFILM Holdings Corp.		2,300		119,252
Hewlett Packard Enterprise Co.		8,004		114,617
HP, Inc.		5,796		172,199
Konica Minolta, Inc.		2,300		9,527
Logitech International SA (Registered)		828		48,859
NetApp, Inc.		851		53,519
Ricoh Co. Ltd.		2,300		18,935
Seiko Epson Corp.		2,300		34,982
Western Digital Corp.*		2,024		69,707
				8,809,822

Investments	Shares		Value
Textiles, Apparel & Luxury Goods – 2.1%
adidas AG		437	$	76,922
Asics Corp.		2,300		63,765
Brunello Cucinelli SpA		207		19,813
Burberry Group plc		2,024		65,914
Christian Dior SE		46		42,252
Hermes International		138		299,646
HUGO BOSS AG		391		29,448
Kering SA		391		250,236
Lululemon Athletica, Inc.*		851		323,320
LVMH Moet Hennessy Louis Vuitton SE		1,449		1,393,335
Moncler SpA		1,242		92,088
NIKE, Inc., Class B		3,496		443,013
Pandora A/S		506		46,783
Puma SE		506		29,585
Shenzhou International Group Holdings Ltd.		2,300		21,931
Swatch Group AG (The)		207		70,841
VF Corp.		1,932		45,421
				3,314,313
Trading Companies & Distributors – 0.9%
AddTech AB, Class B		989		19,766
Ashtead Group plc		2,185		125,700
Bunzl plc		736		29,270
Diploma plc		805		27,177
Ferguson plc		1,863		262,348
Grafton Group plc		1,150		12,529
IMCD NV		138		20,750
ITOCHU Corp.(a)		6,900		227,627
Mitsubishi Corp.		4,600		169,521
Mitsui & Co. Ltd.		9,200		285,733
Rexel SA*		1,219		28,261
RS GROUP plc		1,403		16,248
Sojitz Corp.		1,599		33,491
Sumitomo Corp.(a)		4,600		81,990
Toyota Tsusho Corp.		2,300		94,760
Travis Perkins plc		2,438		29,356
				1,464,527
Transportation Infrastructure – 0.2%
Aena SME SA* (a) (b)		345		58,237
Aeroports de Paris*		138		21,954

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)
Transportation Infrastructure – (continued)
Auckland International Airport Ltd.*		6,808	$	37,172
Getlink SE		1,541		28,853
Qube Holdings Ltd.(a)		5,060		10,266
Transurban Group		15,916		157,666
				314,148
Water Utilities – 0.2%
American Water Works Co., Inc.		943		139,800
Pennon Group plc		644		6,961
Severn Trent plc		1,380		50,856
United Utilities Group plc		3,565		48,483
				246,100
Wireless Telecommunication Services – 0.2%
Millicom International Cellular SA, SDR*		897		16,060
SoftBank Group Corp.		2,300		86,044
Tele2 AB, Class B(a)		3,864		41,043
Vodafone Group plc		134,987		162,709
				305,856
Total Common Stocks (Cost $125,917,934)				154,568,136
	Principal Amount
SECURITIES LENDING REINVESTMENTS – 0.7%(e)
REPURCHASE AGREEMENTS – 0.7%
Citigroup Global Markets, Inc., 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $1,160,737, collateralized by various U.S. Treasury Securities, ranging from 2.50% – 4.25%, maturing 8/15/2023 – 12/31/2024; total market value $1,172,454 (Cost $1,160,583)	$	1,160,583		1,160,583
Total Investments – 99.6% (Cost $127,078,517)				155,728,719
Other assets less liabilities – 0.4%				679,321
NET ASSETS – 100.0%			$	156,408,040

* Non–income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $4,480,424, collateralized in the form of cash with a value of $1,160,583 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $8,671,297 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from May 16, 2023 – February 15, 2053 and $894,302 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 15, 2023 – September 20, 2117; a total value of $10,726,182.

^(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 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.

^(e)  The security was purchased with cash collateral held from securities on loan at April 30, 2023. The total value of securities purchased was $1,160,583.

Percentages shown are based on Net Assets.

Abbreviations

CVA – Dutch Certification

OYJ – Public Limited Company

Preference – A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

REIT – Real Estate Investment Trust

SCA –Limited partnership with share capital

SDR – Swedish Depositary Receipt

As of April 30, 2023, 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	$	32,590,758
Aggregate gross unrealized depreciation		(3,941,520	)
Net unrealized appreciation	$	28,649,238
Federal income tax cost	$	127,161,321

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 237

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, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
MSCI EAFE E-Mini Index		7		06/16/2023		USD	$	752,360	$	32,985
S&P 500 E-Mini Index		5		06/16/2023		USD		1,047,125		60,346
									$	93,331

* 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, 2023:

Contracts to Receive		Counterparty	In Exchange For			Maturity Date		Unrealized Appreciation/ (Depreciation)
GBP	100,000	Toronto-Dominion Bank (The)		USD	125,274		06/21/2023	$	553
USD	123,211	Morgan Stanley		JPY	16,540,000		06/21/2023		786
Total unrealized appreciation								$	1,339
USD	137,603	Morgan Stanley		CHF	127,546		06/21/2023	$	(6,553	)
USD	182,464	JPMorgan Chase Bank NA		GBP	150,000		06/21/2023		(6,277	)
Total unrealized depreciation								$	(12,830	)
Net unrealized depreciation								$	(11,491	)

Abbreviations:

CHF – Swiss Franc

GBP – British Pound

JPY – Japanese Yen

USD – US Dollar

FlexShares^® STOXX^® Global ESG Select Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2023:

Australia	3.8	%
Austria	0.1
Belgium	0.3
Canada	2.2
Denmark	1.2
Finland	0.5
France	5.3
Germany	2.8
Hong Kong	0.7
Ireland	0.2
Italy	1.3
Japan	7.3
Luxembourg	0.1
Netherlands	2.3
New Zealand	0.1
Norway	0.3

See Accompanying Notes to the Financial Statements.

238 FLEXSHARES SEMIANNUAL REPORT

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

Poland	0.0	†%
Portugal	0.1
Singapore	0.4
Spain	1.1
Sweden	1.3
Switzerland	2.9
United Kingdom	5.8
United States	58.8
Other1	1.1
	100.0	%

^†  Amount represents less than 0.05%.

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

Security Type	% of Net Assets
Common Stocks		98.9	%
Securities Lending Reinvestments		0.7
Others(1)		0.4
		100.0	%

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

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 239

Schedule of Investments

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

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.0%
Air Freight & Logistics – 0.2%
Expeditors International of Washington, Inc.		232	$	26,411
United Parcel Service, Inc., Class B		319		57,359
				83,770
Automobiles – 1.4%
Tesla, Inc.*		2,929		481,264
Banks – 3.5%
Bank of America Corp.		13,311		389,746
Citigroup, Inc.		6,525		307,132
Fifth Third Bancorp		812		21,274
JPMorgan Chase & Co.		3,480		481,075
PNC Financial Services Group, Inc. (The)		174		22,664
				1,221,891
Beverages – 1.7%
Coca-Cola Co. (The)		1,131		72,554
PepsiCo, Inc.		2,668		509,294
				581,848
Biotechnology – 3.1%
AbbVie, Inc.		2,349		354,981
Amgen, Inc.		1,363		326,766
Biogen, Inc.*		667		202,921
Regeneron Pharmaceuticals, Inc.*		145		116,259
Vertex Pharmaceuticals, Inc.*		174		59,287
				1,060,214
Broadline Retail – 3.2%
Amazon.com, Inc.*		8,932		941,879
eBay, Inc.		2,523		117,143
Etsy, Inc.*		580		58,598
				1,117,620
Building Products – 1.1%
Johnson Controls International plc		2,958		177,007
Trane Technologies plc		1,073		199,374
				376,381

Investments	Shares		Value
Capital Markets – 3.8%
BlackRock, Inc.		29	$	19,465
Goldman Sachs Group, Inc. (The)		580		199,195
Moody’s Corp.		754		236,092
Morgan Stanley		3,364		302,659
MSCI, Inc.		203		97,937
Nasdaq, Inc.		145		8,029
S&P Global, Inc.		1,015		368,019
State Street Corp.		1,131		81,726
				1,313,122
Chemicals – 1.5%
Ecolab, Inc.		1,189		199,562
International Flavors & Fragrances, Inc.		1,189		115,285
PPG Industries, Inc.		1,102		154,567
Sherwin-Williams Co. (The)		145		34,443
				503,857
Commercial Services & Supplies – 0.9%
Waste Management, Inc.		1,914		317,820
Communications Equipment – 0.9%
Cisco Systems, Inc.		6,206		293,234
Construction & Engineering – 0.3%
Quanta Services, Inc.		551		93,472
Consumer Finance – 0.1%
American Express Co.		261		42,110
Consumer Staples Distribution & Retail – 1.7%
Kroger Co. (The)		3,074		149,489
Target Corp.		1,044		164,691
Walgreens Boots Alliance, Inc.		3,306		116,536
Walmart, Inc.		1,044		157,613
				588,329
Containers & Packaging – 0.3%
Amcor plc		1,740		19,088
Avery Dennison Corp.		203		35,419
International Paper Co.		638		21,124
Packaging Corp. of America		145		19,613
				95,244

See Accompanying Notes to the Financial Statements.

240 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Diversified Telecommunication Services – 1.4%
AT&T, Inc.		18,444	$	325,906
Verizon Communications, Inc.		4,321		167,784
				493,690
Electric Utilities – 1.3%
Edison International		1,160		85,376
Eversource Energy		1,595		123,788
Exelon Corp.		4,437		188,306
NextEra Energy, Inc.		522		40,001
				437,471
Electrical Equipment – 0.3%
Plug Power, Inc.*		2,407		21,735
Rockwell Automation, Inc.		232		65,751
				87,486
Energy Equipment & Services – 0.7%
Baker Hughes Co.		2,784		81,404
Schlumberger NV		3,277		161,720
				243,124
Entertainment – 1.0%
Spotify Technology SA*		377		50,367
Walt Disney Co. (The)*		2,900		297,250
				347,617
Financial Services – 3.0%
Apollo Global Management, Inc.		1,334		84,562
Berkshire Hathaway, Inc., Class B*		580		190,559
Equitable Holdings, Inc.		1,450		37,686
Mastercard, Inc., Class A		1,479		562,064
Visa, Inc., Class A		667		155,231
				1,030,102
Food Products – 0.6%
General Mills, Inc.		783		69,397
Kellogg Co.		203		14,163
Mondelez International, Inc., Class A		1,595		122,369
				205,929
Ground Transportation – 1.5%
CSX Corp.		9,744		298,556

Investments	Shares		Value
Ground Transportation – (continued)
Norfolk Southern Corp.		986	$	200,188
Union Pacific Corp.		116		22,701
				521,445
Health Care Equipment & Supplies – 2.0%
Abbott Laboratories		2,349		259,494
Boston Scientific Corp.*		2,436		126,964
Edwards Lifesciences Corp.*		435		38,271
Insulet Corp.*		29		9,223
Medtronic plc		2,929		266,393
				700,345
Health Care Providers & Services – 3.1%
AmerisourceBergen Corp.		464		77,419
Cigna Group (The)		1,131		286,471
CVS Health Corp.		2,378		174,331
Elevance Health, Inc.		754		353,362
Humana, Inc.		145		76,921
UnitedHealth Group, Inc.		232		114,165
				1,082,669
Health Care REITs – 0.4%
Healthpeak Properties, Inc., REIT		2,349		51,607
Ventas, Inc., REIT		1,653		79,427
				131,034
Hotel & Resort REITs – 0.0%(a)
Host Hotels & Resorts, Inc., REIT		551		8,910
Hotels, Restaurants & Leisure – 1.5%
Caesars Entertainment, Inc.*		928		42,029
Las Vegas Sands Corp.*		1,624		103,692
Marriott International, Inc., Class A		232		39,287
McDonald’s Corp.		493		145,805
MGM Resorts International		1,566		70,345
Starbucks Corp.		870		99,432
				500,590
Household Products – 2.2%
Church & Dwight Co., Inc.		290		28,165
Clorox Co. (The)		319		52,833
Colgate-Palmolive Co.		2,581		205,964
Kimberly-Clark Corp.		1,131		163,870

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 241

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Household Products – (continued)
Procter & Gamble Co. (The)		1,914	$	299,311
				750,143
Industrial Conglomerates – 0.2%
3M Co.		667		70,849
Industrial REITs – 1.0%
Prologis, Inc., REIT		2,813		352,328
Insurance – 2.5%
American International Group, Inc.		1,160		61,526
Chubb Ltd.		928		187,048
Hartford Financial Services Group, Inc. (The)		1,537		109,112
Marsh & McLennan Cos., Inc.		754		135,863
MetLife, Inc.		3,132		192,086
Principal Financial Group, Inc.		116		8,664
Prudential Financial, Inc.		1,189		103,443
Travelers Cos., Inc. (The)		261		47,277
				845,019
Interactive Media & Services – 5.7%
Alphabet, Inc., Class A*		7,250		778,215
Alphabet, Inc., Class C*		6,960		753,211
Meta Platforms, Inc., Class A*		1,740		418,157
				1,949,583
IT Services – 1.5%
Accenture plc, Class A		464		130,055
Akamai Technologies, Inc.*		696		57,051
International Business Machines Corp.		2,697		340,928
Okta, Inc.*		87		5,962
				533,996
Leisure Products – 0.1%
Hasbro, Inc.		609		36,065
Life Sciences Tools & Services – 1.2%
Agilent Technologies, Inc.		174		23,565
Illumina, Inc.*		725		149,031
Mettler-Toledo International, Inc.*		29		43,253
Repligen Corp.*		232		35,178
Thermo Fisher Scientific, Inc.		58		32,184

Investments	Shares		Value
Life Sciences Tools & Services – (continued)
West Pharmaceutical Services, Inc.		348	$	125,712
				408,923
Machinery – 2.0%
Caterpillar, Inc.		551		120,559
Cummins, Inc.		638		149,956
Deere & Co.		522		197,326
Stanley Black & Decker, Inc.		667		57,589
Westinghouse Air Brake Technologies Corp.		812		79,308
Xylem, Inc.		812		84,318
				689,056
Media – 0.6%
Comcast Corp., Class A		3,074		127,171
Interpublic Group of Cos., Inc. (The)		1,856		66,315
				193,486
Metals & Mining – 0.7%
Newmont Corp.		3,596		170,451
Steel Dynamics, Inc.		638		66,320
				236,771
Multi-Utilities – 1.1%
Consolidated Edison, Inc.		1,653		162,771
Sempra Energy		1,450		225,460
				388,231
Office REITs – 0.1%
Boston Properties, Inc., REIT		725		38,686
Oil, Gas & Consumable Fuels – 3.6%
Antero Resources Corp.*		145		3,334
Cheniere Energy, Inc.		928		141,984
ConocoPhillips		522		53,709
Devon Energy Corp.		609		32,539
EQT Corp.		986		34,352
Exxon Mobil Corp.		1,044		123,547
Hess Corp.		1,189		172,476
Marathon Petroleum Corp.		2,030		247,660
Occidental Petroleum Corp.		319		19,628
Pioneer Natural Resources Co.		464		100,943
Valero Energy Corp.		1,537		176,248

See Accompanying Notes to the Financial Statements.

242 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Williams Cos., Inc. (The)		4,843	$	146,549
				1,252,969
Personal Care Products – 0.8%
Estee Lauder Cos., Inc. (The), Class A		1,073		264,731
Pharmaceuticals – 4.6%
Bristol-Myers Squibb Co.		2,726		182,015
Eli Lilly & Co.		145		57,399
Johnson & Johnson		3,973		650,380
Merck & Co., Inc.		3,306		381,744
Pfizer, Inc.		8,120		315,787
				1,587,325
Professional Services – 1.6%
Automatic Data Processing, Inc.		1,363		299,860
Equifax, Inc.		522		108,774
Verisk Analytics, Inc.		696		135,101
				543,735
Semiconductors & Semiconductor Equipment – 5.4%
Advanced Micro Devices, Inc.*		87		7,775
Applied Materials, Inc.		1,102		124,559
Enphase Energy, Inc.*		609		99,998
First Solar, Inc.*		435		79,422
Intel Corp.		12,702		394,524
Micron Technology, Inc.		1,508		97,055
NVIDIA Corp.		3,016		836,910
QUALCOMM, Inc.		609		71,131
SolarEdge Technologies, Inc.*		261		74,549
Texas Instruments, Inc.		493		82,430
				1,868,353
Software – 10.4%
Adobe, Inc.*		1,015		383,223
Autodesk, Inc.*		522		101,680
Cadence Design Systems, Inc.*		87		18,222
Microsoft Corp.		7,250		2,227,635
Oracle Corp.		1,740		164,813
Salesforce, Inc.*		2,291		454,466
ServiceNow, Inc.*		145		66,616
Workday, Inc., Class A*		870		161,942
				3,578,597

Investments	Shares		Value
Specialized REITs – 1.2%
Equinix, Inc., REIT		435	$	314,975
Weyerhaeuser Co., REIT		3,335		99,750
				414,725
Specialty Retail – 2.5%
Best Buy Co., Inc.		232		17,289
Home Depot, Inc. (The)		841		252,754
Lowe’s Cos., Inc.		638		132,595
TJX Cos., Inc. (The)		4,234		333,724
Tractor Supply Co.		522		124,445
				860,807
Technology Hardware, Storage & Peripherals – 8.2%
Apple, Inc.		14,848		2,519,409
Dell Technologies, Inc., Class C		1,160		50,448
Hewlett Packard Enterprise Co.		5,771		82,641
HP, Inc.		4,814		143,024
NetApp, Inc.		435		27,357
				2,822,879
Textiles, Apparel & Luxury Goods – 0.9%
Lululemon Athletica, Inc.*		87		33,054
NIKE, Inc., Class B		1,885		238,867
VF Corp.		928		21,817
				293,738
Trading Companies & Distributors – 0.4%
WW Grainger, Inc.		203		141,201
Total Common Stocks (Cost $33,974,924)				34,082,784
	Principal Amount
SHORT-TERM INVESTMENTS – 0.1%(b) (c)
U.S. TREASURY OBLIGATIONS – 0.1%
U.S. Treasury Bills 4.55%, 5/11/2023 (Cost $29,963)	$	30,000		29,965
Total Investments – 99.1% (Cost $34,004,887)				34,112,749
Other assets less liabilities – 0.9%				301,181
NET ASSETS – 100.0%			$	34,413,930

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 243

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

* Non-income producing security.

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

^(b)  The rate shown was the current yield as of April 30, 2023.

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

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

As of April 30, 2023, 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	$	1,768,237
Aggregate gross unrealized depreciation		(1,645,133	)
Net unrealized appreciation	$	123,104
Federal income tax cost	$	34,005,251

Futures Contracts

FlexShares^® ESG & Climate US Large Cap Core Index Fund had the following open futures contracts as of April 30, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
S&P 500 Micro E-Mini Index		16		06/16/2023		USD	$	335,080	$	15,606

Abbreviations:

USD – US Dollar

Security Type	% of Net Assets
Common Stocks		99.0	%
Short-Term Investments		0.1
Others(1)		0.9
		100.0	%

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

See Accompanying Notes to the Financial Statements.

244 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

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

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.3%
Air Freight & Logistics – 1.0%
Deutsche Post AG (Registered)		8,602	$	413,292
Automobile Components – 0.8%
Bridgestone Corp.		3,400		135,785
Cie Generale des Etablissements Michelin SCA		2,193		69,800
Sumitomo Electric Industries Ltd.		8,500		107,619
				313,204
Automobiles – 2.1%
Bayerische Motoren Werke AG		850		95,191
Honda Motor Co. Ltd.		500		13,175
Mercedes-Benz Group AG		2,737		213,268
Porsche Automobil Holding SE (Preference)		1,428		79,582
Toyota Motor Corp.		30,600		417,319
				818,535
Banks – 10.7%
ABN AMRO Bank NV, CVA(a)		5,593		89,625
ANZ Group Holdings Ltd.		9,129		146,901
Banco Bilbao Vizcaya Argentaria SA		9,622		70,641
Banco Santander SA		44,948		158,122
Bank of Montreal		1,320		118,861
Bank of Nova Scotia (The)		4,692		233,960
Barclays plc		38,760		77,889
BNP Paribas SA		6,426		415,655
Commonwealth Bank of Australia		5,933		389,573
Credit Agricole SA		3,791		46,389
DBS Group Holdings Ltd.		1,700		41,820
HSBC Holdings plc		53,176		383,510
ING Groep NV		13,532		167,321
Mitsubishi UFJ Financial Group, Inc.		42,500		266,208
Mizuho Financial Group, Inc.		3,400		49,066
National Australia Bank Ltd.		9,452		180,145
NatWest Group plc		19,263		63,435
Nordea Bank Abp		5,372		59,611
Resona Holdings, Inc.		6,800		33,694
Royal Bank of Canada		5,186		514,318
Societe Generale SA		3,485		84,740

Investments	Shares		Value
Banks – (continued)
Sumitomo Mitsui Trust Holdings, Inc.		200	$	7,181
Toronto-Dominion Bank (The)		6,647		402,211
UniCredit SpA		3,893		77,104
Westpac Banking Corp.		11,628		172,668
				4,250,648
Beverages – 2.8%
Anheuser-Busch InBev SA/NV		2,907		189,671
Asahi Group Holdings Ltd.		1,900		73,159
Budweiser Brewing Co. APAC Ltd.(a)		8,500		24,472
Carlsberg A/S, Class B		187		30,953
Coca-Cola HBC AG*		2,856		87,014
Diageo plc		8,874		403,988
Kirin Holdings Co. Ltd.		5,100		82,737
Pernod Ricard SA		612		141,481
Suntory Beverage & Food Ltd.		1,700		63,798
				1,097,273
Biotechnology – 0.7%
CSL Ltd.		1,258		249,887
Grifols SA*		3,357		34,541
				284,428
Broadline Retail – 0.6%
Canadian Tire Corp. Ltd., Class A		476		62,333
Next plc		1,445		122,413
Rakuten Group, Inc.		10,200		50,564
				235,310
Building Products – 1.0%
Cie de Saint-Gobain		1,700		98,382
Daikin Industries Ltd.		200		36,162
Geberit AG (Registered)		272		154,878
Kingspan Group plc		1,479		102,378
				391,800
Capital Markets – 2.3%
Credit Suisse Group AG (Registered)		459		413
Daiwa Securities Group, Inc.		11,900		54,971
Deutsche Bank AG (Registered)		3,077		33,776
Deutsche Boerse AG		425		81,125

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 245

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – (continued)
EQT AB		969	$	20,764
Hong Kong Exchanges & Clearing Ltd.		2,500		103,186
London Stock Exchange Group plc		85		8,917
Macquarie Group Ltd.		1,054		127,187
Nomura Holdings, Inc.		28,900		103,129
Schroders plc		11,237		68,599
St James’s Place plc		4,760		72,183
UBS Group AG (Registered)		12,325		250,156
				924,406
Chemicals – 3.1%
Akzo Nobel NV		1,734		143,843
Arkema SA		374		37,004
Chr Hansen Holding A/S		969		75,467
Clariant AG (Registered)*		3,434		57,333
Covestro AG* (a)		918		40,326
Croda International plc		1,377		120,807
Givaudan SA (Registered)		43		150,830
Johnson Matthey plc		697		17,202
Mitsui Chemicals, Inc.		1,700		42,636
Nissan Chemical Corp.		600		26,527
Nitto Denko Corp.		1,700		109,367
Novozymes A/S, Class B		748		38,933
Nutrien Ltd.		476		32,986
Sika AG (Registered)		935		257,793
Sumitomo Chemical Co. Ltd.		10,200		34,308
Umicore SA		68		2,234
Wacker Chemie AG		153		23,639
				1,211,235
Commercial Services & Supplies – 0.2%
Brambles Ltd.		2,975		28,016
Dai Nippon Printing Co. Ltd.		2,400		68,740
				96,756
Communications Equipment – 0.2%
Nokia OYJ		17,287		73,324
Construction & Engineering – 0.4%
Taisei Corp.		1,700		57,618
WSP Global, Inc.		782		103,096
				160,714

Investments	Shares		Value
Consumer Staples Distribution & Retail – 2.0%
Aeon Co. Ltd.		3,400	$	69,104
Carrefour SA		3,451		71,855
Jeronimo Martins SGPS SA		1,020		25,787
Loblaw Cos. Ltd.		476		44,722
Metro, Inc.		646		36,779
Tesco plc		76,942		271,847
Woolworths Group Ltd.		10,812		277,445
				797,539
Containers & Packaging – 0.3%
DS Smith plc		12,138		47,309
SIG Group AG		2,839		76,043
				123,352
Diversified Consumer Services – 0.2%
Pearson plc		6,443		71,831
Diversified REITs – 0.4%
British Land Co. plc (The), REIT		7,812		39,295
GPT Group (The), REIT		27,319		79,617
Land Securities Group plc, REIT		4,284		36,303
				155,215
Diversified Telecommunication Services – 2.5%
BCE, Inc.		1,955		93,977
Deutsche Telekom AG (Registered)		14,467		349,458
Nippon Telegraph & Telephone Corp.		3,400		103,599
Singapore Telecommunications Ltd.		20,400		38,991
Swisscom AG (Registered)		306		210,750
Telefonica Deutschland Holding AG		15,368		52,002
Telefonica SA		3,927		17,883
Telia Co. AB		12,512		34,838
TELUS Corp.		4,403		93,235
				994,733
Electric Utilities – 1.9%
Acciona SA		221		40,989
EDP – Energias de Portugal SA		28,373		156,619
Hydro One Ltd.(a)		561		16,413
Iberdrola SA		15,453		200,968
Orsted A/S(a)		1,938		174,128
Terna – Rete Elettrica Nazionale		13,481		116,981
Verbund AG		578		51,623
				757,721

See Accompanying Notes to the Financial Statements.

246 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Electrical Equipment – 2.3%
Mitsubishi Electric Corp.		6,800	$	83,848
Schneider Electric SE		2,924		509,458
Vestas Wind Systems A/S*		12,053		332,885
				926,191
Electronic Equipment, Instruments & Components – 0.5%
Murata Manufacturing Co. Ltd.		1,700		98,381
Omron Corp.		1,900		110,820
				209,201
Energy Equipment & Services – 0.1%
Tenaris SA		1,938		27,921
Entertainment – 0.0%(b)
Nintendo Co. Ltd.		400		16,806
Financial Services – 0.4%
M&G plc		26,517		68,358
Worldline SA* (a)		1,887		82,039
				150,397
Food Products – 2.4%
Nestle SA (Registered)		6,834		879,310
Orkla ASA		9,741		69,793
				949,103
Gas Utilities – 0.5%
AltaGas Ltd.		2,176		38,024
Enagas SA		2,074		41,569
Hong Kong & China Gas Co. Ltd.		136,000		120,582
				200,175
Ground Transportation – 1.8%
Canadian National Railway Co.		2,278		271,250
Canadian Pacific Kansas City Ltd.		1,700		133,864
Central Japan Railway Co.		400		49,484
East Japan Railway Co.		3,400		194,864
MTR Corp. Ltd.		10,500		52,367
West Japan Railway Co.		300		12,979
				714,808
Health Care Equipment & Supplies – 2.5%
BioMerieux		476		49,870
Coloplast A/S, Class B		306		44,101

Investments	Shares		Value
Health Care Equipment & Supplies – (continued)
Fisher & Paykel Healthcare Corp. Ltd.		3,315	$	56,675
Koninklijke Philips NV		11,101		233,908
Olympus Corp.		6,800		118,232
Siemens Healthineers AG(a)		2,261		140,832
Sonova Holding AG (Registered)		544		172,237
Sysmex Corp.		1,700		108,693
Terumo Corp.		1,700		50,639
				975,187
Hotels, Restaurants & Leisure – 0.9%
Genting Singapore Ltd.		90,100		76,313
La Francaise des Jeux SAEM(a)		1,360		58,166
Oriental Land Co. Ltd.		1,000		35,244
Sands China Ltd.*		27,200		96,500
Whitbread plc		2,261		92,275
				358,498
Household Durables – 1.4%
Barratt Developments plc		4,896		30,769
Berkeley Group Holdings plc		476		26,606
Sekisui House Ltd.		5,100		104,498
Sony Group Corp.		4,100		386,318
				548,191
Household Products – 0.5%
Henkel AG & Co. KGaA (Preference)		1,768		143,033
Reckitt Benckiser Group plc		612		49,461
				192,494
Independent Power and Renewable Electricity Producers – 0.1%
EDP Renovaveis SA*		2,380		52,971
Industrial Conglomerates – 1.9%
Hitachi Ltd.		7,100		390,288
Siemens AG (Registered)		2,091		343,730
				734,018
Industrial REITs – 0.4%
Nippon Prologis REIT, Inc., REIT		17		38,641
Segro plc, REIT		12,308		129,143
				167,784

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 247

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Insurance – 6.2%
AIA Group Ltd.		27,200	$	294,353
Allianz SE (Registered)		1,751		439,684
ASR Nederland NV		544		23,927
Aviva plc		23,647		125,724
AXA SA		10,914		356,291
Dai-ichi Life Holdings, Inc.		100		1,847
Insurance Australia Group Ltd.		15,878		52,255
Japan Post Insurance Co. Ltd.		1,700		27,454
Legal & General Group plc		73,032		214,890
MS&AD Insurance Group Holdings, Inc.		4,100		133,841
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)*		289		108,639
NN Group NV		1,887		70,351
QBE Insurance Group Ltd.		7,004		70,956
Sun Life Financial, Inc.		3,366		164,937
Swiss Re AG		816		82,255
Zurich Insurance Group AG		595		288,659
				2,456,063
Interactive Media & Services – 0.2%
Z Holdings Corp.		35,700		97,165
IT Services – 2.0%
Capgemini SE		1,904		346,623
CGI, Inc.*		731		74,113
Fujitsu Ltd.		2,100		278,530
Nomura Research Institute Ltd.		3,400		85,396
				784,662
Leisure Products – 0.2%
Yamaha Corp.		1,700		66,544
Machinery – 2.1%
Alstom SA		4,233		106,269
Atlas Copco AB, Class A		6,171		89,100
Epiroc AB, Class A		1,989		39,752
GEA Group AG		1,564		73,452
Hitachi Construction Machinery Co. Ltd.		1,700		41,575
Husqvarna AB, Class B		4,182		36,001
KION Group AG		1,275		52,672

Investments	Shares		Value
Machinery – (continued)
Knorr-Bremse AG		391	$	27,385
Komatsu Ltd.		5,100		125,248
Kone OYJ, Class B		561		32,020
Kubota Corp.		1,700		25,569
SKF AB, Class B		4,675		84,455
Volvo AB, Class B		1,666		34,238
Yaskawa Electric Corp.		1,700		68,792
				836,528
Media – 1.1%
Dentsu Group, Inc.		2,000		71,604
Informa plc		4,420		40,144
Publicis Groupe SA		2,261		185,014
WPP plc		12,495		145,617
				442,379
Metals & Mining – 3.2%
Anglo American plc		1,292		39,705
Barrick Gold Corp.		1,904		36,162
BlueScope Steel Ltd.		3,538		46,458
Fortescue Metals Group Ltd.		11,441		158,323
Fresnillo plc		612		5,472
Kinross Gold Corp.		14,091		70,959
Newcrest Mining Ltd.		7,412		141,656
Norsk Hydro ASA		10,914		79,851
Northern Star Resources Ltd.		6,052		53,833
Rio Tinto Ltd.		1,938		143,762
Rio Tinto plc		2,108		133,776
Sumitomo Metal Mining Co. Ltd.		200		7,357
Teck Resources Ltd., Class B		5,559		258,666
Wheaton Precious Metals Corp.		1,717		84,628
				1,260,608
Multi-Utilities – 0.2%
National Grid plc		5,236		75,321
Office REITs – 0.5%
Dexus, REIT		7,799		40,098
Gecina SA, REIT		663		73,854
Japan Real Estate Investment Corp., REIT		17		67,293
				181,245

See Accompanying Notes to the Financial Statements.

248 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – 5.5%
Ampol Ltd.		1,870	$	36,987
BP plc		4,488		30,145
Cameco Corp.		4,233		116,257
Enbridge, Inc.		11,424		453,743
ENEOS Holdings, Inc.		23,800		84,248
Eni SpA		6,392		97,002
Neste OYJ		4,386		212,764
Pembina Pipeline Corp.		2,601		85,530
Repsol SA		7,004		103,189
Shell plc		21,131		651,240
TotalEnergies SE		5,168		330,575
Woodside Energy Group Ltd.		1		21
				2,201,701
Paper & Forest Products – 0.4%
Mondi plc		4,488		71,358
UPM-Kymmene OYJ		1,207		38,510
West Fraser Timber Co. Ltd.		884		63,874
				173,742
Personal Care Products – 2.3%
Kao Corp.		5,100		206,187
L’Oreal SA		986		471,067
Unilever plc		4,522		252,158
				929,412
Pharmaceuticals – 9.6%
AstraZeneca plc		4,267		629,961
Daiichi Sankyo Co. Ltd.		6,800		232,068
DSM-Firmenich AG*		1,190		156,022
GSK plc		12,274		222,306
Merck KGaA*		255		45,761
Novartis AG (Registered)		3,978		407,298
Novo Nordisk A/S, Class B		4,981		829,712
Ono Pharmaceutical Co. Ltd.		3,500		70,532
Roche Holding AG		1,819		572,953
Sanofi		3,604		397,882
Takeda Pharmaceutical Co. Ltd.		6,900		228,640
UCB SA		323		30,103
				3,823,238

Investments	Shares		Value
Professional Services – 2.0%
Adecco Group AG (Registered)		731	$	25,074
Experian plc		714		25,218
Randstad NV		1,054		57,273
Recruit Holdings Co. Ltd.		3,700		103,909
RELX plc		13,481		448,345
Wolters Kluwer NV		1,037		137,554
				797,373
Real Estate Management & Development – 0.5%
City Developments Ltd.		3,400		17,712
Daiwa House Industry Co. Ltd.		6,800		172,640
Hongkong Land Holdings Ltd.		5,100		22,593
				212,945
Retail REITs – 0.5%
CapitaLand Integrated Commercial Trust, REIT		66,300		100,880
Unibail-Rodamco-Westfield, REIT*		493		26,419
Vicinity Ltd., REIT		56,508		78,421
				205,720
Semiconductors & Semiconductor Equipment – 2.0%
Advantest Corp.		1,100		85,146
ASML Holding NV		1,037		656,571
Renesas Electronics Corp.*		1,700		22,123
Tokyo Electron Ltd.		300		34,139
				797,979
Software – 2.3%
Open Text Corp.		3,553		134,413
SAP SE		4,774		647,533
Xero Ltd.*		1,853		114,300
				896,246
Specialty Retail – 1.6%
Fast Retailing Co. Ltd.		200		47,017
H & M Hennes & Mauritz AB, Class B		3,179		46,452
Industria de Diseno Textil SA		12,495		429,836
Kingfisher plc		13,039		42,201
Zalando SE* (a)		2,108		86,503
				652,009

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 249

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Technology Hardware, Storage & Peripherals – 0.9%
Canon, Inc.		10,300	$	244,934
Ricoh Co. Ltd.		5,100		41,987
Seiko Epson Corp.		3,400		51,712
				338,633
Textiles, Apparel & Luxury Goods – 2.9%
adidas AG		340		59,847
Burberry Group plc		4,624		150,587
Cie Financiere Richemont SA (Registered)		697		115,077
Kering SA		629		402,553
LVMH Moet Hennessy Louis Vuitton SE		425		408,673
				1,136,737
Trading Companies & Distributors – 1.1%
Bunzl plc		2,023		80,451
ITOCHU Corp.		8,500		280,410
Rexel SA*		3,468		80,402
				441,263
Transportation Infrastructure – 1.1%
Getlink SE		3,927		73,529
Transurban Group		35,156		348,260
				421,789
Water Utilities – 0.1%
Severn Trent plc		646		23,807
Wireless Telecommunication Services – 0.9%
Rogers Communications, Inc., Class B		221		10,907
SoftBank Corp.		18,700		210,326
Vodafone Group plc		115,923		139,730
				360,963
Total Common Stocks (Cost $37,240,980)				39,009,133
Total Investments – 98.3% (Cost $37,240,980)				39,009,133
Other assets less liabilities – 1.7%				683,970
NET ASSETS – 100.0%			$	39,693,103

* 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)  Represents less than 0.05% of net assets.

Percentages shown are based on Net Assets.

Abbreviations

CVA – Dutch Certification

OYJ – Public Limited Company

Preference – A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

REIT – Real Estate Investment Trust

SCA – Limited partnership with share capital

As of April 30, 2023, 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	$	2,795,990
Aggregate gross unrealized depreciation		(1,057,621	)
Net unrealized appreciation	$	1,738,369
Federal income tax cost	$	37,289,670

See Accompanying Notes to the Financial Statements.

250 FLEXSHARES SEMIANNUAL REPORT

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

Futures Contracts

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund had the following open futures contracts as of April 30, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
MSCI EAFE E-Mini Index		5		06/16/2023		USD	$	537,400	$	22,678
TOPIX Mini Index		3		06/08/2023		JPY		45,342		1,469
									$	24,147

* 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, 2023:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	47,124	Citibank NA	USD	34,300		06/21/2023	$	482
CAD	14,185	JPMorgan Chase Bank NA	USD	10,329		06/21/2023		140
CHF	10,010	JPMorgan Chase Bank NA	USD	10,893		06/21/2023		421
DKK	122,500	JPMorgan Chase Bank NA	USD	17,629		06/21/2023		579
EUR	36,994	JPMorgan Chase Bank NA	USD	39,596		06/21/2023		1,365
GBP	12,141	JPMorgan Chase Bank NA	USD	14,769		06/21/2023		508
SEK	167,174	JPMorgan Chase Bank NA	USD	15,999		06/21/2023		343
USD	20,241	UBS AG	AUD	30,448		06/21/2023		75
USD	7,039	Toronto-Dominion Bank (The)	HKD	55,077		06/21/2023		8
USD	2,404	Citibank NA	ILS	8,590		06/21/2023		37
USD	53,487	JPMorgan Chase Bank NA	JPY	6,967,850		06/21/2023		1,912
USD	43,870	Morgan Stanley	NOK	464,147		06/21/2023		347
USD	13,955	JPMorgan Chase Bank NA	NZD	22,347		06/21/2023		155
Total unrealized appreciation							$	6,372
JPY	18,580,604	Morgan Stanley	USD	138,412		06/21/2023	$	(883	)
USD	59,803	Morgan Stanley	CHF	55,432		06/21/2023		(2,848	)
USD	8,059	Morgan Stanley	DKK	56,285		06/21/2023		(307	)
USD	22,037	JPMorgan Chase Bank NA	EUR	20,023		06/21/2023		(133	)
USD	72,290	Toronto-Dominion Bank (The)	EUR	67,937		06/21/2023		(2,934	)
USD	41,977	Citibank NA	GBP	35,152		06/21/2023		(2,254	)
USD	8,434	Morgan Stanley	NZD	13,752		06/21/2023		(58	)
USD	52,373	Morgan Stanley	SEK	557,374		06/21/2023		(2,113	)
USD	7,858	UBS AG	SGD	10,575		06/21/2023		(83	)
Total unrealized depreciation							$	(11,613	)
Net unrealized depreciation							$	(5,241	)

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 251

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		98.3	%
Others(1)		1.7
		100.0	%

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

See Accompanying Notes to the Financial Statements.

252 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® ESG & Climate Emerging Markets Core Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.8%
Air Freight & Logistics – 0.2%
Hyundai Glovis Co. Ltd.		62	$	7,583
JD Logistics, Inc.* (a)		1,000		1,554
				9,137
Automobile Components – 0.8%
Hyundai Mobis Co. Ltd.		210		34,127
Automobiles – 1.3%
Li Auto, Inc., ADR*		1,924		45,214
XPeng, Inc., Class A*		3,000		14,370
				59,584
Banks – 16.0%
Agricultural Bank of China Ltd., Class H		50,000		19,300
Akbank TAS		11,480		9,474
Alinma Bank		1,608		13,569
Banco Bradesco SA		5,600		13,902
Banco Bradesco SA (Preference)		10,000		27,684
Banco do Brasil SA		3,000		25,701
Bancolombia SA		918		7,090
Bancolombia SA (Preference)		1,470		9,178
Bank AlBilad*		538		5,931
Bank Rakyat Indonesia Persero Tbk. PT		89,400		31,080
China Construction Bank Corp., Class H		80,000		53,504
CIMB Group Holdings Bhd.		16,800		19,058
Commercial International Bank Egypt SAE		8,800		15,208
E.Sun Financial Holding Co. Ltd.		45,849		37,210
Eurobank Ergasias Services and Holdings SA*		8,970		12,676
First Abu Dhabi Bank PJSC		9,284		35,852
First Financial Holding Co. Ltd.		36,000		31,735
Grupo Financiero Banorte SAB de CV, Class O		1,200		10,343
Hana Financial Group, Inc.		1,024		32,096
Industrial & Commercial Bank of China Ltd., Class H		70,000		37,631
ING Bank Slaski SA*		114		4,352
Itau Unibanco Holding SA (Preference)		1,600		8,290
KB Financial Group, Inc.		1,098		40,609
Mega Financial Holding Co. Ltd.		36,000		39,873

Investments	Shares		Value
Banks – (continued)
Nedbank Group Ltd.		1,532	$	17,684
OTP Bank Nyrt.		790		24,076
Powszechna Kasa Oszczednosci Bank Polski SA		1,488		11,500
Santander Bank Polska SA		118		9,617
Shinhan Financial Group Co. Ltd.		1,430		37,342
SinoPac Financial Holdings Co. Ltd.		4,210		2,287
Standard Bank Group Ltd.		3,690		34,569
Taishin Financial Holding Co. Ltd.		12,000		6,753
Turkiye Garanti Bankasi A/S		2,034		2,863
Turkiye Is Bankasi A/S, Class C		12,320		6,861
Yapi ve Kredi Bankasi A/S		10,982		5,347
Yes Bank Ltd.*		39,544		7,586
				707,831
Beverages – 0.9%
Ambev SA		5,200		14,718
Arca Continental SAB de CV		200		1,897
Coca-Cola Femsa SAB de CV		1,800		14,811
United Spirits Ltd.*		1,056		10,028
				41,454
Broadline Retail – 6.2%
Alibaba Group Holding Ltd., ADR*		2,138		181,067
JD.com, Inc., ADR		46		1,643
Naspers Ltd., Class N		96		17,123
PDD Holdings, Inc., ADR*		142		9,678
Prosus NV*		434		32,519
Vipshop Holdings Ltd., ADR*		1,376		21,603
Woolworths Holdings Ltd.		3,332		11,855
				275,488
Capital Markets – 0.4%
B3 SA – Brasil Bolsa Balcao		2,400		5,603
Mirae Asset Securities Co. Ltd.		944		4,895
NH Investment & Securities Co. Ltd.		516		3,605
Saudi Tadawul Group Holding Co.		128		5,706
				19,809
Chemicals – 3.1%
Asian Paints Ltd.		1,046		37,097
Indorama Ventures PCL, NVDR		5,800		5,775

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 253

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Chemicals – (continued)
LG Chem Ltd.		40	$	22,116
Orbia Advance Corp. SAB de CV		3,450		7,922
PI Industries Ltd.		56		2,316
PTT Global Chemical PCL, NVDR		4,600		5,590
Sahara International Petrochemical Co.		400		4,127
SK IE Technology Co. Ltd.* (a)		88		5,083
Sociedad Quimica y Minera de Chile SA (Preference), Class B		304		20,709
UPL Ltd.		1,686		15,252
Yanbu National Petrochemical Co.		778		9,272
				135,259
Commercial Services & Supplies – 0.1%
China Everbright Environment Group Ltd.		12,000		5,075
Construction & Engineering – 0.4%
Hyundai Engineering & Construction Co. Ltd.		276		8,455
Samsung Engineering Co. Ltd.*		422		9,175
				17,630
Construction Materials – 0.6%
Siam Cement PCL (The), NVDR		2,600		23,908
UltraTech Cement Ltd.		30		2,770
				26,678
Consumer Staples Distribution & Retail – 2.4%
Alibaba Health Information Technology Ltd.*		16,000		11,434
CP ALL PCL, NVDR*		15,600		29,580
Nahdi Medical Co.		20		956
Raia Drogasil SA		200		1,051
Shoprite Holdings Ltd.		1,138		13,877
Wal-Mart de Mexico SAB de CV		12,600		50,633
				107,531
Containers & Packaging – 0.3%
Klabin SA		2,400		9,177
SCG Packaging PCL, NVDR		4,200		5,412
				14,589

Investments	Shares		Value
Diversified REITs – 0.2%
Growthpoint Properties Ltd., REIT		10,054	$	7,000
Diversified Telecommunication Services – 2.2%
Chunghwa Telecom Co. Ltd.		12,000		49,573
Emirates Telecommunications Group Co. PJSC		518		3,386
Hellenic Telecommunications Organization SA		712		10,415
Indus Towers Ltd.		2,388		4,523
LG Uplus Corp.		764		6,290
Saudi Telecom Co.		630		7,559
Telefonica Brasil SA		1,800		14,795
Tower Bersama Infrastructure Tbk. PT		19,000		2,668
				99,209
Electric Utilities – 1.2%
Centrais Eletricas Brasileiras SA		2,200		14,886
Centrais Eletricas Brasileiras SA (Preference), Class B		1,200		8,733
CEZ A/S		76		4,099
Cia Energetica de Minas Gerais		800		3,230
Cia Energetica de Minas Gerais (Preference)		5,000		12,343
Cia Paranaense de Energia (Preference)		5,200		8,336
				51,627
Electrical Equipment – 0.6%
CG Power & Industrial Solutions Ltd.		2,020		7,624
Doosan Enerbility Co. Ltd.*		120		1,496
Havells India Ltd.		884		13,289
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,800		2,290
				24,699
Electronic Equipment, Instruments & Components – 1.8%
AUO Corp.		20,000		11,059
Delta Electronics Thailand PCL, NVDR		4,000		8,522
Delta Electronics, Inc.		2,000		19,517
Hon Hai Precision Industry Co. Ltd.		3,000		10,198
Samsung Electro-Mechanics Co. Ltd.		192		20,643
Samsung SDI Co. Ltd.		16		8,261
				78,200

See Accompanying Notes to the Financial Statements.

254 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Energy Equipment & Services – 0.2%
Dialog Group Bhd.		13,000	$	6,674
Entertainment – 2.2%
Kingsoft Corp. Ltd.		3,200		14,003
NCSoft Corp.		56		15,774
NetEase, Inc., ADR		756		67,382
				97,159
Financial Services – 1.8%
FirstRand Ltd.		7,192		25,316
Grupo de Inversiones Suramericana SA		1,202		10,855
Housing Development Finance Corp. Ltd.		558		18,925
Yuanta Financial Holding Co. Ltd.		34,000		24,995
				80,091
Food Products – 0.6%
Charoen Pokphand Foods PCL, NVDR		6,200		3,686
CJ CheilJedang Corp.		28		6,475
Marico Ltd.		1,836		11,137
Nestle Malaysia Bhd.		200		6,075
				27,373
Gas Utilities – 0.9%
ENN Energy Holdings Ltd.		2,800		38,166
Korea Gas Corp.*		100		2,002
				40,168
Ground Transportation – 0.7%
BTS Group Holdings PCL, NVDR		30,800		6,945
Full Truck Alliance Co. Ltd., ADR*		1,042		6,669
Rumo SA		4,600		18,114
				31,728
Health Care Equipment & Supplies – 0.0%(b)
Microport Scientific Corp.*		600		1,321
Health Care Providers & Services – 0.1%
Sinopharm Group Co. Ltd., Class H		800		2,828
Hotels, Restaurants & Leisure – 3.9%
Kangwon Land, Inc.		336		4,745
Meituan, Class B* (a)		4,800		81,326
OPAP SA		690		11,777

Investments	Shares		Value
Hotels, Restaurants & Leisure – (continued)
Trip.com Group Ltd.*		600	$	21,004
Yum China Holdings, Inc.		854		52,247
				171,099
Household Durables – 0.9%
Arcelik A/S*		422		2,101
Coway Co. Ltd.		202		7,403
LG Electronics, Inc.		364		29,726
				39,230
Household Products – 0.3%
Blue Moon Group Holdings Ltd.(a)		3,000		1,781
Unilever Indonesia Tbk. PT		26,800		8,038
Vinda International Holdings Ltd.		2,000		5,223
				15,042
Independent Power and Renewable Electricity Producers – 0.8%
Adani Green Energy Ltd.*		1,098		12,760
China Longyuan Power Group Corp. Ltd., Class H		12,000		12,535
Energy Absolute PCL, NVDR		6,000		11,904
				37,199
Industrial Conglomerates – 2.4%
Alpha Dhabi Holding PJSC*		1,600		9,586
Far Eastern New Century Corp.		10,000		10,377
International Holding Co. PJSC*		350		37,650
Multiply Group PJSC*		10,216		9,348
Samsung C&T Corp.		222		18,179
Siemens Ltd.		250		10,538
Turkiye Sise ve Cam Fabrikalari A/S		4,658		8,828
				104,506
Insurance – 3.5%
Cathay Financial Holding Co. Ltd.		27,958		38,605
Fubon Financial Holding Co. Ltd.		22,000		42,222
ICICI Prudential Life Insurance Co. Ltd.(a)		500		2,655
Ping An Insurance Group Co. of China Ltd., Class H		9,000		65,007
Powszechny Zaklad Ubezpieczen SA		502		4,633
Samsung Life Insurance Co. Ltd.		42		2,081
				155,203

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 255

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Interactive Media & Services – 2.4%
Autohome, Inc., ADR		220	$	6,523
Info Edge India Ltd.		248		11,443
Kanzhun Ltd., ADR*		624		11,538
Kuaishou Technology* (a)		5,600		36,597
NAVER Corp.		286		41,092
				107,193
IT Services – 3.7%
Arabian Internet & Communications Services Co.		80		5,951
Elm Co.		14		1,654
GDS Holdings Ltd., ADR*		616		9,566
HCL Technologies Ltd.		2,250		29,256
Infosys Ltd.		4,094		62,671
Samsung SDS Co. Ltd.		124		10,868
Tech Mahindra Ltd.		1,954		24,443
Wipro Ltd.		4,562		21,462
				165,871
Life Sciences Tools & Services – 1.6%
Divi’s Laboratories Ltd.		456		18,209
WuXi AppTec Co. Ltd., Class H(a)		1,200		10,494
Wuxi Biologics Cayman, Inc.* (a)		7,000		41,421
				70,124
Machinery – 0.5%
Cummins India Ltd.		328		6,315
Haitian International Holdings Ltd.		2,000		5,172
Weichai Power Co. Ltd., Class H		2,000		2,945
Zhuzhou CRRC Times Electric Co. Ltd., Class H		1,800		7,246
				21,678
Marine Transportation – 0.2%
MISC Bhd.		4,600		7,528
Media – 0.3%
Elang Mahkota Teknologi Tbk. PT		88,400		4,248
Grupo Televisa SAB, Series CPO		9,400		9,505
				13,753
Metals & Mining – 3.6%
Anglo American Platinum Ltd.		184		10,901
AngloGold Ashanti Ltd.		572		15,311
Gold Fields Ltd.		3,148		48,906

Investments	Shares		Value
Metals & Mining – (continued)
Grupo Mexico SAB de CV, Series B		4,000	$	19,604
Hindalco Industries Ltd.		4,734		25,227
JSW Steel Ltd.		1,218		10,795
Kumba Iron Ore Ltd.		214		5,194
Sibanye Stillwater Ltd.		9,790		21,616
				157,554
Oil, Gas & Consumable Fuels – 3.8%
Bharat Petroleum Corp. Ltd.		2,348		10,260
Cosan SA		4,000		11,977
COSCO SHIPPING Energy Transportation Co. Ltd., Class H*		4,000		4,102
Empresas Copec SA		1,170		8,192
MOL Hungarian Oil & Gas plc		482		3,910
Petroleo Brasileiro SA (Preference)		400		1,895
Petronas Dagangan Bhd.		1,000		5,076
Polski Koncern Naftowy ORLEN SA		1,936		29,589
PTT Exploration & Production PCL, NVDR		5,000		21,671
PTT PCL, NVDR		23,000		20,880
Reliance Industries Ltd.		514		15,203
SK Innovation Co. Ltd.*		188		24,315
Thai Oil PCL, NVDR		3,600		4,902
Ultrapar Participacoes SA		2,600		7,505
				169,477
Paper & Forest Products – 0.3%
Empresas CMPC SA		3,974		6,267
Suzano SA		800		6,364
				12,631
Passenger Airlines – 0.2%
Korean Air Lines Co. Ltd.		400		6,829
Personal Care Products – 1.5%
AMOREPACIFIC Group		52		1,422
Colgate-Palmolive India Ltd.		124		2,417
Godrej Consumer Products Ltd.*		588		6,520
Hindustan Unilever Ltd.		1,666		50,025
LG H&H Co. Ltd.		14		6,517
				66,901
Pharmaceuticals – 2.0%
Aspen Pharmacare Holdings Ltd.		1,284		12,838
China Medical System Holdings Ltd.		4,000		6,624
Cipla Ltd.		502		5,570

See Accompanying Notes to the Financial Statements.

256 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Pharmaceuticals – (continued)
CSPC Pharmaceutical Group Ltd.		32,000	$	32,530
Dr Reddy’s Laboratories Ltd.		392		23,614
Richter Gedeon Nyrt.		288		6,962
Sun Pharmaceutical Industries Ltd.		230		2,776
				90,914
Real Estate Management & Development – 1.2%
DLF Ltd.		1,852		9,645
KE Holdings, Inc., ADR*		1,672		26,234
Longfor Group Holdings Ltd.(a)		4,000		10,879
NEPI Rockcastle NV		1,398		8,452
				55,210
Semiconductors & Semiconductor Equipment – 9.4%
Daqo New Energy Corp., ADR*		200		9,184
Flat Glass Group Co. Ltd., Class H		2,000		5,592
GCL Technology Holdings Ltd.*		72,000		17,977
SK Hynix, Inc.		398		26,615
Taiwan Semiconductor Manufacturing Co. Ltd.		19,000		310,255
United Microelectronics Corp.*		18,000		28,748
Xinyi Solar Holdings Ltd.		16,000		17,101
				415,472
Specialty Retail – 0.5%
Chow Tai Fook Jewellery Group Ltd.		6,800		13,600
Lojas Renner SA		3,400		10,765
				24,365
Technology Hardware, Storage & Peripherals – 3.9%
Asustek Computer, Inc.		2,000		18,378
Compal Electronics, Inc.		16,000		12,465
Lenovo Group Ltd.		24,000		24,520
Micro-Star International Co. Ltd.		1,000		4,733
Samsung Electronics Co. Ltd.		2,350		115,007
				175,103
Textiles, Apparel & Luxury Goods – 1.2%
Feng TAY Enterprise Co. Ltd.		2,000		12,393
Li Ning Co. Ltd.		3,500		24,902
LPP SA		4		11,568
Page Industries Ltd.		10		4,927
				53,790

Investments	Shares		Value
Transportation Infrastructure – 1.7%
Abu Dhabi Ports Co. PJSC*		3,814	$	7,115
Adani Ports & Special Economic Zone Ltd.		1,866		15,535
CCR SA		4,000		10,850
Grupo Aeroportuario del Pacifico SAB de CV, Class B		630		11,172
International Container Terminal Services, Inc.		3,560		13,948
Jiangsu Expressway Co. Ltd., Class H		4,000		4,051
Salik Co. PJSC		6,460		5,260
Taiwan High Speed Rail Corp.		6,000		6,060
Westports Holdings Bhd.		2,800		2,216
				76,207
Wireless Telecommunication Services – 3.8%
Advanced Info Service PCL, NVDR		4,000		25,068
Bharti Airtel Ltd.		5,180		50,593
Etihad Etisalat Co.		1,296		15,894
Far EasTone Telecommunications Co. Ltd.		6,000		15,399
Mobile Telecommunications Co. KSCP		7,538		14,001
Taiwan Mobile Co. Ltd.		6,000		20,200
TIM SA		3,000		8,395
Vodacom Group Ltd.		2,476		16,959
				166,509
Total Common Stocks (Cost $4,803,487)				4,381,657
Total Investments – 98.8% (Cost $4,803,487)				4,381,657
Other assets less liabilities – 1.2%				52,047
NET ASSETS – 100.0%			$	4,433,704

* 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)  Represents less than 0.05% of net assets.

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 257

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

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

NVDR – Non-Voting Depositary Receipt

PJSC – Public Joint Stock Company

Preference – A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

REIT – Real Estate Investment Trust

As of April 30, 2023, 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	$	192,284
Aggregate gross unrealized depreciation		(628,171	)
Net unrealized depreciation	$	(435,887	)
Federal income tax cost	$	4,818,512

Futures Contracts

FlexShares^® ESG & Climate Emerging Markets Core Index Fund had the following open futures contract as of April 30, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
MSCI Emerging Markets E-Mini Index		1		06/16/2023		USD	$	49,210	$	968

* 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 invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2023:

Brazil	5.5	%
Chile	0.8
China	24.9
Colombia	0.6
Czech Republic	0.1
Egypt	0.3
Greece	0.8
Hungary	0.8
India	12.7
Indonesia	1.0
Kuwait	0.3
Malaysia	1.1
Mexico	2.8
Philippines	0.3
Poland	1.6
Saudi Arabia	1.6
South Africa	6.8
South Korea	12.7
Taiwan	17.0
Thailand	3.9
Turkey	0.8
United Arab Emirates	2.4
Other1	1.2
	100.0	%

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

See Accompanying Notes to the Financial Statements.

258 FLEXSHARES SEMIANNUAL REPORT

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

Security Type	% of Net Assets
Common Stocks		98.8	%
Others(1)		1.2
		100.0	%

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

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 259

Schedule of Investments

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.4%
Building Products – 0.5%
Simpson Manufacturing Co., Inc.		148,218	$	18,642,860
UFP Industries, Inc.		218,798		17,180,019
				35,822,879
Chemicals – 16.4%
CF Industries Holdings, Inc.		1,291,614		92,453,730
Chengxin Lithium Group Co. Ltd., Class A		352,900		1,617,751
Corteva, Inc.		4,608,874		281,694,379
FMC Corp.		822,257		101,614,520
ICL Group Ltd.		7,100,348		43,444,223
K+S AG (Registered)		2,029,175		40,525,385
Mosaic Co. (The)		2,156,219		92,393,984
Nutrien Ltd.		4,640,635		321,590,565
PhosAgro PJSC‡		308,581		—
PI Industries Ltd.		797,554		32,984,423
Qinghai Salt Lake Industry Co. Ltd., Class A*		4,587,700		13,521,670
SABIC Agri-Nutrients Co.		2,424,423		86,357,990
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,764,500		8,119,318
UPL Ltd.		5,169,985		46,768,271
Yara International ASA		1,700,978		68,223,042
				1,231,309,251
Food Products – 11.8%
a2 Milk Co. Ltd. (The)* (a)		7,485,009		27,276,383
Adani Wilmar Ltd.*		1,224,563		6,162,749
Archer-Daniels-Midland Co.		3,525,471		275,268,776
Bakkafrost P/F		522,292		37,909,906
Bunge Ltd.		956,359		89,515,202
Cal-Maine Foods, Inc.		247,030		11,733,925
Charoen Pokphand Foods PCL, NVDR		34,937,100		20,769,401
Charoen Pokphand Indonesia Tbk. PT		75,873,500		23,739,561
Kuala Lumpur Kepong Bhd.		5,646,400		27,216,142
Mowi ASA		4,919,426		93,454,876
Muyuan Foods Co. Ltd., Class A		4,587,708		31,698,505

Investments	Shares		Value
Food Products – (continued)
New Hope Liuhe Co. Ltd., Class A*		3,881,900	$	7,289,559
PPB Group Bhd.		7,763,800		28,301,623
Tyson Foods, Inc., Class A		1,888,015		117,982,057
Wilmar International Ltd.		31,408,100		92,518,707
				890,837,372
Metals & Mining – 29.8%
Agnico Eagle Mines Ltd.		1,401,013		79,393,835
Alcoa Corp.		398,777		14,810,578
Anglo American plc		4,104,227		126,127,842
Barrick Gold Corp.		5,469,950		103,889,930
BHP Group Ltd.		11,988,013		351,749,161
Boliden AB(a)		836,373		29,859,835
First Quantum Minerals Ltd.(a)		1,683,333		40,857,718
Fortescue Metals Group Ltd.		4,979,419		68,906,191
Franco-Nevada Corp.		554,053		83,980,104
Freeport-McMoRan, Inc.		3,419,601		129,637,074
Glencore plc		37,721,481		222,362,888
Gold Fields Ltd.		2,643,221		41,064,165
Grupo Mexico SAB de CV, Series B		9,175,400		44,969,073
Hindalco Industries Ltd.		4,199,510		22,378,913
Impala Platinum Holdings Ltd.		2,579,699		25,077,771
Mineral Resources Ltd.		479,944		23,369,159
MMC Norilsk Nickel PJSC‡		1,277,631		—
Newcrest Mining Ltd.		2,636,163		50,381,773
Newmont Corp.		1,944,479		92,168,305
Norsk Hydro ASA		3,966,596		29,021,068
Pilbara Minerals Ltd.(b)		8,106,113		22,713,361
Rio Tinto plc		3,112,578		197,526,943
Saudi Arabian Mining Co.*		2,378,546		44,010,743
Sibanye Stillwater Ltd.		8,451,955		18,661,676
South32 Ltd.		13,336,091		37,367,780
Sumitomo Metal Mining Co. Ltd.		793,500		29,189,891
Teck Resources Ltd., Class B(a)		1,365,723		63,548,462
Vale SA		11,292,800		163,426,591
Wheaton Precious Metals Corp.(a)		1,453,948		71,662,924

See Accompanying Notes to the Financial Statements.

260 FLEXSHARES SEMIANNUAL REPORT

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Metals & Mining – (continued)
Zijin Mining Group Co. Ltd., Class A		4,940,600	$	9,149,259
				2,237,263,013
Oil, Gas & Consumable Fuels – 31.2%
APA Corp.		289,378		10,663,579
BP plc		26,188,709		175,906,249
Cameco Corp.(a)		1,348,078		37,024,188
Canadian Natural Resources Ltd.(a)		1,542,173		93,874,366
Cenovus Energy, Inc.(a)		1,955,066		32,779,032
Chevron Corp.		1,598,637		269,498,225
ConocoPhillips		1,093,990		112,560,631
Coterra Energy, Inc.		705,800		18,068,480
Devon Energy Corp.		585,814		31,300,042
Diamondback Energy, Inc.		158,805		22,582,071
Eni SpA(a)		3,546,645		53,822,409
Enviva, Inc.(a)		134,102		2,883,193
EOG Resources, Inc.		515,234		61,555,006
EQT Corp.		342,313		11,926,185
Equinor ASA(a)		1,524,528		43,492,348
Exxon Mobil Corp.		3,430,188		405,928,448
Gazprom PJSC‡		15,937,700		—
Hess Corp.		250,559		36,346,089
Inpex Corp.		1,411,600		15,270,347
LUKOIL PJSC‡		483,340		—
Marathon Oil Corp.		568,169		13,726,963
Novatek PJSC‡		1,237,715		—
Occidental Petroleum Corp.		624,633		38,433,668
Ovintiv, Inc.		229,385		8,276,211
Petroleo Brasileiro SA (Preference)		6,352,200		30,092,275
Pioneer Natural Resources Co.		211,740		46,064,037
Repsol SA		2,022,117		29,791,607
Rosneft Oil Co. PJSC‡		2,926,433		—
Santos Ltd.		4,573,584		21,368,743
Saudi Arabian Oil Co.(b)		3,049,056		29,265,475
Shell plc		10,107,056		311,491,260
Suncor Energy, Inc.(a)		1,888,015		59,050,060
Tatneft PJSC‡		2,021,036		—
Texas Pacific Land Corp.		6,228		9,202,804

Investments	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
TotalEnergies SE(a)		3,500,768	$	223,929,286
Tourmaline Oil Corp.(a)		465,828		20,906,105
Woodside Energy Group Ltd.		2,837,317		63,151,371
				2,340,230,753
Paper & Forest Products – 3.1%
Canfor Corp.* (a)		278,791		4,185,051
Dexco SA*		1,411,600		1,661,918
Dongwha Enterprise Co. Ltd.*		38,819		1,432,799
Interfor Corp.* (a)		229,385		3,595,609
Mondi plc		2,396,191		38,098,922
Stella-Jones, Inc.		229,385		8,967,037
Suzano SA		3,881,900		30,882,321
Svenska Cellulosa AB SCA, Class B(a)		2,929,070		40,107,035
UPM-Kymmene OYJ(a)		2,576,170		82,194,250
West Fraser Timber Co. Ltd.(a)		292,907		21,164,113
				232,289,055
Semiconductors & Semiconductor Equipment – 0.3%
Tongwei Co. Ltd., Class A		3,881,806		22,316,378
Specialized REITs – 1.0%
Weyerhaeuser Co., REIT		2,629,105		78,636,530
Water Utilities – 5.3%
American States Water Co.		158,805		14,093,944
American Water Works Co., Inc.		772,851		114,575,161
Beijing Enterprises Water Group Ltd.(a)		28,232,000		7,156,993
California Water Service Group		229,385		12,863,911
China Water Affairs Group Ltd.(a)		7,058,000		5,646,472
Chongqing Water Group Co. Ltd., Class A		1,058,780		840,520
Cia de Saneamento Basico do Estado de Sao Paulo SABESP*		2,117,400		19,524,004
Cia de Saneamento de Minas Gerais Copasa MG		1,058,700		3,605,994
Cia de Saneamento do Parana*		1,411,600		5,361,024

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 261

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

Investments	Shares		Value
COMMON STOCKS – (continued)
Water Utilities – (continued)
Essential Utilities, Inc.		1,002,236	$	42,795,477
Guangdong Investment Ltd.		19,935,941		19,047,320
Pennon Group plc		1,697,449		18,348,303
Severn Trent plc		1,708,036		62,945,069
SJW Group		109,399		8,305,572
United Utilities Group plc		4,559,468		62,007,206
				397,116,970
Total Common Stocks (Cost $6,573,376,166)				7,465,822,201
	Principal Amount
SECURITIES LENDING REINVESTMENTS – 2.0%(c)
CERTIFICATES OF DEPOSIT – 0.0%(d) (e)
Bank of America NA (US Federal Funds Effective Rate (continuous series) + 0.40%), 5.23%, 10/19/2023 (Cost $2,000,000)	$	2,000,000		1,999,316
INVESTMENT COMPANIES – 0.4%
BlackRock Liquidity FedFund, Institutional Shares
4.86%		10,000,000		10,000,000
Goldman Sachs Financial Square Government Fund, Institutional Class
4.87%		10,000,000		10,000,000
Invesco Government & Agency Portfolio, Institutional Shares
4.88%		10,000,000		10,000,000
Total Investment Companies (Cost $30,000,000)				30,000,000

Investments	Principal Amount		Value
REPURCHASE AGREEMENTS – 1.6%
BofA Securities, Inc., 5.26%, dated 4/30/2023, due 7/31/2023, repurchase price $8,107,538, collateralized by various Common Stocks; total market value $8,933,297	$	8,000,000	$	8,000,000
Citigroup Global Markets, Inc., 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $89,605,301, collateralized by various U.S. Treasury Securities, ranging from 2.50% – 4.25%, maturing 8/15/2023 – 12/31/2024; total market value $90,509,857		89,593,429		89,593,429
Societe Generale, 4.92%, dated 4/30/2023, due 5/1/2023, repurchase price $20,002,733, collateralized by various Common Stocks; total market value $22,400,220		20,000,000		20,000,000
TD Prime Services LLC, 4.89%, dated 4/30/2023, due 5/1/2023, repurchase price $2,000,272, collateralized by various Common Stocks; total market value $2,220,742		2,000,000		2,000,000
Total Repurchase Agreements (Cost $119,593,429)				119,593,429
Total Securities Lending Reinvestments (Cost $151,593,429)				151,592,745
Total Investments – 101.4% (Cost $6,724,969,595)				7,617,414,946
Liabilities in excess of other assets – (1.4%)				(108,684,249	)
NET ASSETS – 100.0%			$	7,508,730,697

See Accompanying Notes to the Financial Statements.

262 FLEXSHARES SEMIANNUAL REPORT

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

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $307,220,482, collateralized in the form of cash with a value of $151,593,429 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $261,264,434 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from May 16, 2023 – February 15, 2053 and $20,814,555 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from May 15, 2023 – May 25, 2072; a total value of $433,672,418.

^(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, 2023. The total value of securities purchased was $151,592,745.

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

^(e)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2023.

^‡  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.

REIT – Real Estate Investment Trust

SCA – Limited partnership with share capital

As of April 30, 2023, 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	$	1,239,888,860
Aggregate gross unrealized depreciation		(389,969,903	)
Net unrealized appreciation	$	849,918,957
Federal income tax cost	$	6,768,799,462

Futures Contracts

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following open futures contracts as of April 30, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
FTSE 100 Index		67		06/16/2023		GBP	$	6,621,192	$	152,007
FTSE/JSE Top 40 Index		26		06/15/2023		ZAR		1,041,522		30,452
Hang Seng Index		18		05/30/2023		HKD		2,270,093		(21,018	)
Russell 2000 E-Mini Index		87		06/16/2023		USD		7,720,380		50,892
S&P/TSX 60 Index		120		06/15/2023		CAD		22,092,457		888,821
SPI 200 Index		26		06/15/2023		AUD		3,143,465		80,992
									$	1,182,146

* 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 263

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

Forward Foreign Currency Contracts

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following outstanding contracts as of April 30, 2023:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
BRL*	14,910,000	BNP Paribas SA	USD	2,836,295		06/21/2023	$	115,114
CAD	5,855,539	Citibank NA	USD	4,262,040		06/21/2023		59,809
CAD	4,780,000	JPMorgan Chase Bank NA	USD	3,479,808		06/21/2023		48,209
EUR	1,000,000	Bank of New York Mellon (The)	USD	1,076,830		06/21/2023		30,425
EUR	1,480,000	JPMorgan Chase Bank NA	USD	1,573,708		06/21/2023		65,030
GBP	3,199,860	Citibank NA	USD	3,834,848		06/21/2023		191,449
GBP	340,000	Toronto-Dominion Bank (The)	USD	426,247		06/21/2023		1,565
INR*	110,000,000	Citibank NA	USD	1,337,212		06/21/2023		3,564
MXN	2,080,000	Bank of Montreal	USD	113,618		06/21/2023		475
MXN	12,300,000	Morgan Stanley	USD	636,390		06/21/2023		38,296
NZD	126,346	Morgan Stanley	USD	77,486		06/21/2023		536
SEK	9,000,000	JPMorgan Chase Bank NA	USD	867,568		06/21/2023		12,223
SGD	900,000	JPMorgan Chase Bank NA	USD	673,654		06/21/2023		2,211
SGD	900,000	Toronto-Dominion Bank (The)	USD	673,604		06/21/2023		2,262
SGD	79,915	UBS AG	USD	59,382		06/21/2023		631
USD	866,893	Bank of New York Mellon (The)	AUD	1,290,000		06/21/2023		12,504
USD	2,784,550	Bank of Montreal	CAD	3,720,000		06/21/2023		38,897
USD	3,061,540	JPMorgan Chase Bank NA	EUR	2,760,000		06/21/2023		5,516
USD	2,479,542	JPMorgan Chase Bank NA	HKD	19,390,000		06/21/2023		4,101
USD	1,084,330	Morgan Stanley	JPY	142,130,000		06/21/2023		32,320
USD	267,138	Toronto-Dominion Bank (The)	KRW*	350,052,156		06/21/2023		4,805
USD	962,917	JPMorgan Chase Bank NA	SGD	1,270,000		06/21/2023		9,196
USD	204,588	Toronto-Dominion Bank (The)	TWD*	6,230,000		06/21/2023		754
ZAR	5,390,000	Morgan Stanley	USD	287,742		06/21/2023		5,672
Total unrealized appreciation							$	685,564
AUD	5,410,000	JPMorgan Chase Bank NA	USD	3,643,606		06/21/2023	$	(60,472	)
AUD	31,480	UBS AG	USD	20,927		06/21/2023		(77	)
HKD	565,655	Toronto-Dominion Bank (The)	USD	72,293		06/21/2023		(79	)
JPY	90,000,000	JPMorgan Chase Bank NA	USD	693,020		06/21/2023		(26,863	)
JPY	61,889,416	Morgan Stanley	USD	461,031		06/21/2023		(2,941	)
NOK	8,140,000	JPMorgan Chase Bank NA	USD	769,278		06/21/2023		(5,988	)
NOK	8,411,048	Morgan Stanley	USD	809,684		06/21/2023		(20,977	)
USD	2,856,506	Goldman Sachs & Co.	BRL*	14,910,760		06/21/2023		(95,053	)
USD	581,350	Morgan Stanley	CAD	800,000		06/21/2023		(9,113	)
USD	174,271	Morgan Stanley	CHF	161,534		06/21/2023		(8,300	)
USD	1,426,606	Bank of New York Mellon (The)	EUR	1,330,000		06/21/2023		(46,044	)
USD	1,569,930	Toronto-Dominion Bank (The)	EUR	1,475,398		06/21/2023		(63,712	)
USD	5,655,031	Bank of New York Mellon (The)	GBP	4,630,000		06/21/2023		(170,773	)
USD	908,337	Citibank NA	GBP	750,000		06/21/2023		(35,368	)
USD	205,134	Toronto-Dominion Bank (The)	INR*	16,924,290		06/21/2023		(1,154	)
USD	1,551,283	Morgan Stanley	MXN	28,350,000		06/21/2023		(3,785	)
USD	335,527	Morgan Stanley	SEK	3,570,827		06/21/2023		(13,538	)
Total unrealized depreciation							$	(564,237	)
Net unrealized appreciation							$	121,327

* Non-deliverable forward.

See Accompanying Notes to the Financial Statements.

264 FLEXSHARES SEMIANNUAL REPORT

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

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

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – Taiwan Dollar

USD – US Dollar

ZAR – South African Rand

FlexShares^® Morningstar Global Upstream Natural Resources Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2023:

Australia	8.5	%
Brazil	3.4
Canada	13.9
China	1.7
Finland	1.1
France	3.0
Germany	0.6
India	1.5
Indonesia	0.3
Israel	0.6
Italy	0.7
Japan	0.6
Malaysia	0.7
Mexico	0.6
New Zealand	0.4
Norway	3.6
Saudi Arabia	2.1
Singapore	1.2
South Africa	1.1
South Korea	0.0	†
Spain	0.4
Sweden	0.9
Thailand	0.3
United Kingdom	16.2
United States	36.0
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).

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 265

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

Security Type	% of Net Assets
Common Stocks		99.4	%
Securities Lending Reinvestments		2.0
Others(1)		(1.4	)
		100.0	%

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

See Accompanying Notes to the Financial Statements.

266 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.2%
Air Freight & Logistics – 2.9%
bpost SA(a)		101,346	$	498,788
CTT-Correios de Portugal SA		149,352		617,493
Deutsche Post AG (Registered)		1,287,272		61,848,373
International Distributions Services plc		995,680		3,168,722
Oesterreichische Post AG		42,672		1,648,846
PostNL NV(a)		432,943		778,612
				68,560,834
Commercial Services & Supplies – 4.5%
Ambipar Participacoes e Empreendimentos SA		88,900		364,282
Befesa SA(a) (b)		44,450		2,000,207
Better World Green PCL, NVDR*		5,778,500		133,685
Casella Waste Systems, Inc., Class A*		21,336		1,898,904
China Everbright Environment Group Ltd.(a)		4,445,000		1,879,948
Clean Harbors, Inc.*		20,447		2,968,087
Cleanaway Co. Ltd.		112,000		684,915
Cleanaway Waste Management Ltd.		2,876,804		4,600,749
CoreCivic, Inc., REIT*		44,450		390,715
Daiseki Co. Ltd.		63,460		1,805,952
GEO Group, Inc. (The)*		56,896		428,427
Insun ENT Co. Ltd.*		40,894		250,546
Midac Holdings Co. Ltd.(a)		21,400		299,080
Renewi plc*		97,790		737,474
Republic Services, Inc.		86,233		12,471,016
Shanghai Youngsun Investment Co. Ltd., Class B* ‡ (c)		57,800		–
Stericycle, Inc.*		33,782		1,542,148
Sunny Friend Environmental Technology Co. Ltd.		107,000		551,663
TRE Holdings Corp.		88,900		774,321
Waste Connections, Inc.(a)		336,042		46,693,560
Waste Management, Inc.		155,575		25,833,229
				106,308,908

Investments	Shares		Value
Diversified Telecommunication Services – 14.8%
AT&T, Inc.		2,963,037	$	52,356,864
BCE, Inc.		683,641		32,823,639
BT Group plc		5,224,653		10,431,467
Cellnex Telecom SA(b)		412,496		17,382,450
China Tower Corp. Ltd., Class H(b)		33,782,000		4,303,494
Deutsche Telekom AG (Registered)		2,599,436		62,790,729
Frontier Communications Parent, Inc.*		104,902		2,364,491
HKT Trust & HKT Ltd.		2,667,000		3,499,420
Infrastrutture Wireless Italiane SpA(b)		262,255		3,646,624
Iridium Communications, Inc.		46,228		2,934,091
KINX, Inc.		889		36,200
Koninklijke KPN NV		2,474,976		9,041,424
Liberty Global plc, Class C*		112,903		2,296,447
Nippon Telegraph & Telephone Corp.		1,832,700		55,843,075
Sarana Menara Nusantara Tbk. PT		17,780,000		1,242,297
Spark New Zealand Ltd.		1,404,620		4,537,357
Swisscom AG (Registered)		19,558		13,470,091
Telecom Italia SpA* (a)		7,695,184		2,267,445
Vantage Towers AG		39,116		1,404,346
Verizon Communications, Inc.		1,745,107		67,762,505
				350,434,456
Electric Utilities – 14.3%
American Electric Power Co., Inc.		213,360		19,718,731
Constellation Energy Corp.		136,017		10,527,716
Duke Energy Corp.		320,040		31,645,555
Edison International		159,131		11,712,042
Enel SpA		6,509,258		44,547,383
Eversource Energy		144,018		11,177,237
Exelon Corp.		412,496		17,506,330
Iberdrola SA		4,945,507		64,316,912
NextEra Energy, Inc.		825,881		63,287,261
PG&E Corp.*		940,562		16,093,016
Southern Co. (The)		452,501		33,281,449
Xcel Energy, Inc.		227,584		15,910,397
				339,724,029

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 267

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Energy Equipment & Services – 0.1%
Secure Energy Services, Inc.		253,365	$	1,178,746
Financial Services – 0.1%
Metro Pacific Investments Corp.		14,224,000		1,137,715
Gas Utilities – 1.1%
AltaGas Ltd.(a)		238,252		4,163,218
APA Group		874,776		5,942,824
Enagas SA(a)		200,025		4,009,125
Keppel Infrastructure Trust		4,000,200		1,469,174
Petronas Gas Bhd.		444,500		1,684,127
Snam SpA		1,709,547		9,512,193
				26,780,661
Ground Transportation – 17.5%
Aurizon Holdings Ltd.		2,491,867		5,631,886
Canadian National Railway Co.		811,657		96,647,206
Canadian Pacific Kansas City Ltd.(a)		1,215,263		95,704,258
Central Japan Railway Co.		266,700		32,993,512
CSX Corp.		874,776		26,803,137
East Japan Railway Co.(a)		488,400		27,991,581
GMexico Transportes SAB de CV(b)		533,400		1,226,237
Keio Corp.(a)		177,800		6,581,074
Keisei Electric Railway Co. Ltd.		225,300		7,933,856
MTR Corp. Ltd.		2,074,500		10,346,205
Norfolk Southern Corp.		95,123		19,312,823
Odakyu Electric Railway Co. Ltd.		533,400		7,435,047
Rumo SA		1,689,100		6,651,263
Tobu Railway Co. Ltd.		266,700		6,786,733
Union Pacific Corp.		255,143		49,931,485
West Japan Railway Co.		314,100		13,589,124
				415,565,427
Health Care Providers & Services – 3.9%
Acadia Healthcare Co., Inc.*		37,338		2,699,164
Apollo Hospitals Enterprise Ltd.		152,019		8,384,648

Investments	Shares		Value
Health Care Providers & Services – (continued)
Bangkok Dusit Medical Services PCL, NVDR		15,913,100	$	13,630,813
Bumrungrad Hospital PCL, NVDR		889,000		6,196,120
Encompass Health Corp.		41,783		2,680,379
HCA Healthcare, Inc.		88,900		25,543,637
IHH Healthcare Bhd.		3,556,000		4,568,071
Life Healthcare Group Holdings Ltd.		1,406,398		1,595,334
Mediclinic International plc		431,165		2,703,153
Ramsay Health Care Ltd.		241,808		10,334,190
Rede D’Or Sao Luiz SA(b)		1,066,800		4,876,763
Select Medical Holdings Corp.		47,117		1,437,069
Tenet Healthcare Corp.*		45,339		3,324,255
Universal Health Services, Inc., Class B		24,003		3,608,851
				91,582,447
Independent Power and Renewable Electricity Producers – 1.1%
RWE AG*		567,182		26,643,488
IT Services – 0.1%
Fastly, Inc., Class A*		50,673		748,947
NEXTDC Ltd.* (a)		336,931		2,556,147
				3,305,094
Media – 4.1%
Charter Communications, Inc., Class A*		43,561		16,060,941
Comcast Corp., Class A		1,747,774		72,305,410
Liberty Broadband Corp., Class C*		52,451		4,446,796
Quebecor, Inc., Class B(a)		119,126		3,071,471
Sirius XM Holdings, Inc.		405,384		1,540,459
				97,425,077
Multi-Utilities – 7.5%
Consolidated Edison, Inc.		147,574		14,531,612
Dominion Energy, Inc.		345,821		19,760,212
Engie SA		1,561,084		25,017,408
National Grid plc		3,084,830		44,375,960
Public Service Enterprise Group, Inc.		206,248		13,034,873

See Accompanying Notes to the Financial Statements.

268 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Multi-Utilities – (continued)
Sempra Energy		130,683	$	20,319,900
Veolia Environnement SA(a)		880,999		27,904,551
WEC Energy Group, Inc.		132,461		12,738,774
				177,683,290
Oil, Gas & Consumable Fuels – 7.6%
Antero Midstream Corp.		136,906		1,473,109
DT Midstream, Inc.		39,116		1,927,245
Enbridge, Inc.(a)		1,699,768		67,511,983
Equitrans Midstream Corp.		150,241		773,741
Keyera Corp.(a)		192,024		4,513,548
Kinder Morgan, Inc.		833,882		14,301,076
Koninklijke Vopak NV		54,229		2,071,461
New Fortress Energy, Inc.		46,228		1,400,246
ONEOK, Inc.		185,801		12,153,243
Pembina Pipeline Corp.(a)		462,280		15,201,422
Plains GP Holdings LP, Class A		88,900		1,191,260
Targa Resources Corp.		94,234		7,117,494
TC Energy Corp.(a)		848,106		35,211,125
Transneft PJSC (Preference)‡ (c)		1,473		—
Williams Cos., Inc. (The)		504,952		15,279,848
				180,126,801
Specialized REITs – 4.8%
American Tower Corp., REIT		192,913		39,429,488
Crown Castle, Inc., REIT		179,578		22,104,256
Digital Realty Trust, Inc., REIT		119,126		11,811,343
Equinix, Inc., REIT		38,227		27,679,406
Keppel DC REIT, REIT		1,066,800		1,719,162
SBA Communications Corp., REIT		45,339		11,828,492
				114,572,147
Transportation Infrastructure – 7.0%
Adani Ports & Special Economic Zone Ltd.		925,449		7,704,512
Aena SME SA* (a) (b)		96,012		16,206,979
Aeroports de Paris*		30,226		4,808,545
Airports of Thailand PCL, NVDR*		5,600,700		12,014,094
Atlas Arteria Ltd.		1,896,237		8,195,459

Investments	Shares		Value
Transportation Infrastructure – (continued)
Auckland International Airport Ltd.*		1,558,417	$	8,508,997
Bangkok Expressway & Metro PCL, NVDR		10,668,000		2,764,823
CCR SA		1,511,300		4,099,332
China Merchants Port Holdings Co. Ltd.		1,778,000		2,631,926
COSCO SHIPPING Ports Ltd.		1,778,000		1,166,473
Flughafen Zurich AG (Registered)		24,892		4,799,132
Gemadept Corp.		355,600		797,262
Getlink SE		422,275		7,906,610
Grupo Aeroportuario del Pacifico SAB de CV, Class B		520,065		9,222,440
Grupo Aeroportuario del Sureste SAB de CV, Class B		248,920		7,120,969
International Container Terminal Services, Inc.		2,302,510		9,021,299
Japan Airport Terminal Co. Ltd.		123,000		5,998,017
Jiangsu Expressway Co. Ltd., Class H		1,778,000		1,800,673
Promotora y Operadora de Infraestructura SAB de CV(a)		257,810		2,672,712
Qube Holdings Ltd.(a)		2,306,066		4,678,569
Santos Brasil Participacoes SA		711,200		1,202,665
Shenzhen International Holdings Ltd.		1,778,679		1,597,433
Transurban Group		4,011,168		39,735,198
Westshore Terminals Investment Corp.(a)		48,006		977,605
				165,631,724
Water Utilities – 2.5%
Aguas Andinas SA, Class A		3,584,448		1,090,224
American States Water Co.		16,002		1,420,178
American Water Works Co., Inc.		74,676		11,070,717
Beijing Enterprises Water Group Ltd.		5,334,000		1,352,203
California Water Service Group		24,003		1,346,088

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 269

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Water Utilities – (continued)
Cia de Saneamento Basico do Estado de Sao Paulo SABESP*		444,500	$	4,098,621
Cia de Saneamento de Minas Gerais Copasa MG		266,700		908,396
Cia de Saneamento do Parana (Preference)*		1,066,800		814,571
Essential Utilities, Inc.		104,013		4,441,355
Guangdong Investment Ltd.		3,556,000		3,397,496
Middlesex Water Co.		8,890		648,792
Pennon Group plc		356,489		3,853,411
Severn Trent plc		331,597		12,220,115
SJW Group		12,446		944,900
United Utilities Group plc		888,111		12,078,006
				59,685,073
Wireless Telecommunication Services – 5.3%
KDDI Corp.		1,125,300		35,106,484
SoftBank Corp.		2,133,600		23,997,418
SoftBank Group Corp.		769,600		28,791,116
T-Mobile US, Inc.*		256,032		36,843,005
				124,738,023
Total Common Stocks (Cost $2,227,782,088)				2,351,083,940
	Number of Rights
RIGHTS – 0.0%(c)
Gas Utilities – 0.0%(c)
Keppel Infrastructure Trust, expiring 5/2/2023, price 0.47 SGD* (Cost $—)		200,010		3,448
	Principal Amount
SECURITIES LENDING REINVESTMENTS – 1.3%(d)
INVESTMENT COMPANIES – 0.1%
Invesco Government & Agency Portfolio, Institutional Shares
4.88% (Cost $2,000,000)	$	2,000,000		2,000,000

Investments	Principal Amount		Value
REPURCHASE AGREEMENTS – 1.2%
BofA Securities, Inc., 5.26%, dated 4/30/2023, due 7/31/2023, repurchase price $2,026,884, collateralized by various Common Stocks; total market value $2,233,324	$	2,000,000	$	2,000,000
Citigroup Global Markets, Inc., 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $25,571,362, collateralized by various U.S. Treasury Securities, ranging from 2.50% – 4.25%, maturing 8/15/2023 – 12/31/2024; total market value $25,829,502		25,567,974		25,567,974
National Bank of Canada, 4.81%, dated 4/30/2023, due 5/5/2023, repurchase price $2,001,336, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 4.38%, maturing 6/20/2023 – 2/15/2053; total market value $2,042,303		2,000,000		2,000,000
Total Repurchase Agreements (Cost $29,567,974)				29,567,974
Total Securities Lending Reinvestments (Cost $31,567,974)				31,567,974
Total Investments – 100.5% (Cost $2,259,350,062)				2,382,655,362
Liabilities in excess of other assets – (0.5%)				(12,064,639	)
NET ASSETS – 100.0%			$	2,370,590,723

See Accompanying Notes to the Financial Statements.

270 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund (cont.)

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $133,108,721, collateralized in the form of cash with a value of $31,567,974 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $107,533,557 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from May 16, 2023 – February 15, 2053 and $38,816,611 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 24, 2023 – September 20, 2117; a total value of $177,918,142.

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

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

^(d)  The security was purchased with cash collateral held from securities on loan at April 30, 2023. The total value of securities purchased was $31,567,974.

^‡  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.

REIT – Real Estate Investment Trust

As of April 30, 2023, 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	$	255,629,701
Aggregate gross unrealized depreciation		(145,742,144	)
Net unrealized appreciation	$	109,887,557
Federal income tax cost	$	2,273,574,828

Futures Contracts

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund had the following open futures contracts as of April 30, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
FTSE 100 Index		31		06/16/2023		GBP	$	3,063,537	$	72,224
S&P 500 E-Mini Index		29		06/16/2023		USD		6,073,325		311,996
S&P/TSX 60 Index		31		06/15/2023		CAD		5,707,218		228,267
SPI 200 Index		16		06/15/2023		AUD		1,934,440		44,446
TOPIX Index		19		06/08/2023		JPY		2,871,663		105,725
									$	762,658

* 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 271

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, 2023:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
USD	8,919,509	JPMorgan Chase Bank NA	CAD	12,000,000		06/21/2023	$	62,563
Total unrealized appreciation							$	62,563
CAD	12,000,000	JPMorgan Chase Bank NA	USD	8,875,144		06/21/2023	$	(18,198	)
Total unrealized depreciation							$	(18,198	)
Net unrealized appreciation							$	44,365

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

GBP – British Pound

JPY – Japanese Yen

USD – US Dollar

FlexShares^® STOXX^® Global Broad Infrastructure Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2023:

Australia	3.4	%
Austria	0.1
Belgium	0.0	†
Brazil	1.0
Canada	17.0
Chile	0.0	†
China	0.7
France	2.8
Germany	6.5
Hong Kong	0.7
India	0.7
Indonesia	0.1
Italy	2.5
Japan	10.8
Malaysia	0.3
Mexico	0.9
Netherlands	0.5
New Zealand	0.5
Philippines	0.4
Portugal	0.0	†
Singapore	0.1
South Africa	0.1
South Korea	0.0	†
Spain	4.3
Switzerland	0.8
Taiwan	0.0	†
Thailand	1.5
United Kingdom	3.8
United States	39.7
Vietnam	0.0	†
Other1	0.8
	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.

272 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund (cont.)

Security Type	% of Net Assets
Common Stocks		99.2	%
Rights		0.0	†
Securities Lending Reinvestments		1.3
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.

FLEXSHARES SEMIANNUAL REPORT 273

Schedule of Investments

FlexShares^® Global Quality Real Estate Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 98.8%
Diversified REITs – 7.2%
Abacus Property Group, REIT(a)		377,956	$	664,394
Argosy Property Ltd., REIT(a)		168,116		116,297
British Land Co. plc (The), REIT(a)		439,078		2,208,612
Charter Hall Group, REIT		57,706		424,443
Charter Hall Long Wale REIT, REIT(a)		305,976		879,589
Empire State Realty Trust, Inc., Class A, REIT		103,700		633,607
Global Net Lease, Inc., REIT		65,026		732,193
GPT Group (The), REIT		956,114		2,786,449
Growthpoint Properties Australia Ltd., REIT		333,304		715,858
H&R REIT, REIT(a)		91,744		794,804
Merlin Properties Socimi SA, REIT		163,846		1,448,897
NIPPON REIT Investment Corp., REIT		22		51,540
Stockland, REIT(a)		1,187,914		3,493,397
Tokyu REIT, Inc., REIT		610		813,542
UK Commercial Property REIT Ltd., REIT		1,086,166		731,748
WP Carey, Inc., REIT		98,210		7,287,182
				23,782,552
Health Care REITs – 4.5%
Healthpeak Properties, Inc., REIT		268,644		5,902,109
LTC Properties, Inc., REIT		24,156		808,018
National Health Investors, Inc., REIT		21,228		1,056,518
NorthWest Healthcare Properties REIT, REIT(a)		97,234		584,279
Omega Healthcare Investors, Inc., REIT		116,998		3,130,866
Parkway Life REIT, REIT		292,800		851,526
Physicians Realty Trust, REIT		114,070		1,644,889
Universal Health Realty Income Trust, REIT		14,640		636,840
				14,615,045
Hotel & Resort REITs – 3.6%
Apple Hospitality REIT, Inc., REIT		108,458		1,614,940
DiamondRock Hospitality Co., REIT		110,410		895,425

Investments	Shares		Value
Hotel & Resort REITs – (continued)
Far East Hospitality Trust, REIT		158,600	$	73,704
Host Hotels & Resorts, Inc., REIT		357,338		5,778,156
Pebblebrook Hotel Trust, REIT		66,002		939,208
RLJ Lodging Trust, REIT		86,010		868,701
Service Properties Trust, REIT		93,452		819,574
Sunstone Hotel Investors, Inc., REIT		105,042		1,001,050
				11,990,758
Household Durables – 0.4%
Iida Group Holdings Co. Ltd.(a)		73,200		1,295,575
Industrial REITs – 8.5%
ARGAN SA, REIT		2,684		209,790
Dream Industrial REIT, REIT(a)		84,668		926,398
First Industrial Realty Trust, Inc., REIT		66,124		3,469,526
Frasers Logistics & Commercial Trust, REIT(b)		1,476,200		1,493,738
Goodman Property Trust, REIT		664,412		896,667
Granite REIT, REIT(a)		15,982		992,880
LondonMetric Property plc, REIT		465,186		1,126,117
LXP Industrial Trust, REIT		137,860		1,295,884
Prologis, Inc., REIT		99,308		12,438,327
Segro plc, REIT		302,804		3,177,202
Tritax Big Box REIT plc, REIT		931,104		1,815,143
				27,841,672
Office REITs – 3.4%
Corporate Office Properties Trust, REIT		56,120		1,284,587
Covivio SA, REIT		23,302		1,324,858
Dexus, REIT		448,838		2,307,662
Equity Commonwealth, REIT		54,656		1,132,472
Gecina SA, REIT		22,936		2,554,924
Inmobiliaria Colonial Socimi SA, REIT		149,450		956,133
Mori Trust Reit, Inc., REIT(a)		1,586		833,971
NSI NV, REIT		4,148		95,480
Piedmont Office Realty Trust, Inc., Class A, REIT		80,520		524,185
SL Green Realty Corp., REIT		1		23
				11,014,295

See Accompanying Notes to the Financial Statements.

274 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Global Quality Real Estate Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Real Estate Management & Development – 18.0%
Airport City Ltd.*		48,678	$	618,975
Atrium Ljungberg AB, Class B(a)		46,848		870,072
Bukit Sembawang Estates Ltd.		36,600		111,104
CA Immobilien Anlagen AG*		30,866		896,201
Capitaland India Trust		927,200		757,522
CK Asset Holdings Ltd.		981,500		5,789,048
CTP NV(b)		66,368		871,916
Daito Trust Construction Co. Ltd.		30,900		2,920,596
Dios Fastigheter AB(a)		109,922		783,377
Fabege AB(a)		131,150		1,049,737
Grand City Properties SA(a)		58,438		487,738
Heiwa Real Estate Co. Ltd.		28,500		812,103
Howard Hughes Corp. (The)*		18,666		1,444,188
Hufvudstaden AB, Class A(a)		67,222		957,482
Intershop Holding AG		244		172,161
Isras Investment Co. Ltd.(a)		4,270		739,760
Kerry Properties Ltd.(a)		366,000		941,821
LEG Immobilien SE		36,966		2,300,894
Mitsubishi Estate Co. Ltd.		109,800		1,348,258
Mitsui Fudosan Co. Ltd.		158,600		3,134,378
Nexity SA(a)		30,744		807,126
Nomura Real Estate Holdings, Inc.		59,200		1,467,337
Platzer Fastigheter Holding AB, Class B		89,182		750,338
PSP Swiss Property AG (Registered)		22,692		2,679,545
Relo Group, Inc.		61,000		944,802
Shurgard Self Storage Ltd., REIT		17,568		910,114
Sino Land Co. Ltd.		1,776,934		2,390,403
Sumitomo Realty & Development Co. Ltd.(a)		153,100		3,553,013
Sun Hung Kai Properties Ltd.		719,000		9,983,694
Swire Properties Ltd.		585,600		1,570,323
TAG Immobilien AG		93,086		796,444
Tokyo Tatemono Co. Ltd.		97,600		1,228,557
Tokyu Fudosan Holdings Corp.		305,000		1,538,832
Tricon Residential, Inc.(a)		113,826		911,414
UOL Group Ltd.		231,800		1,204,043
Wihlborgs Fastigheter AB(a)		136,884		1,103,640
				58,846,956

Investments	Shares		Value
Residential REITs – 11.6%
Apartment Income REIT Corp., REIT		21,106	$	780,500
Apartment Investment and Management Co., Class A, REIT		116,388		911,318
AvalonBay Communities, Inc., REIT		69,906		12,608,945
Boardwalk REIT, REIT(a)		19,764		845,176
Canadian Apartment Properties REIT, REIT(a)		43,066		1,575,880
Equity Residential, REIT		179,462		11,350,971
InterRent REIT, REIT(a)		52,704		503,608
Killam Apartment REIT, REIT(a)		60,268		747,851
Mid-America Apartment Communities, Inc., REIT		57,706		8,875,183
				38,199,432
Retail REITs – 18.2%
Brixmor Property Group, Inc., REIT		149,084		3,179,962
BWP Trust, REIT		334,890		858,691
Charter Hall Retail REIT, REIT(a)		331,962		846,796
CT REIT, REIT(a)		66,124		784,439
Federal Realty Investment Trust, REIT		14,030		1,387,427
First Capital REIT, REIT		68,442		802,855
Fortune REIT, REIT(a)		244,000		203,906
Fukuoka REIT Corp., REIT(a)		610		732,009
Getty Realty Corp., REIT		26,596		886,445
HomeCo Daily Needs REIT, REIT(b)		1,007,720		799,142
InvenTrust Properties Corp., REIT		37,820		852,841
Kimco Realty Corp., REIT		308,904		5,927,868
National Retail Properties, Inc., REIT		89,304		3,884,724
Phillips Edison & Co., Inc., REIT		57,706		1,820,047
Primaris REIT, REIT(a)		59,536		586,449
Realty Income Corp., REIT		62,342		3,917,571
Regency Centers Corp., REIT		76,982		4,729,004
Region RE Ltd., REIT		567,300		922,254
RioCan REIT, REIT(a)		72,468		1,120,975
RPT Realty, REIT		73,810		686,433
Simon Property Group, Inc., REIT		137,006		15,525,519
SITE Centers Corp., REIT		95,526		1,178,791

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 275

FlexShares^® Global Quality Real Estate Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Retail REITs – (continued)
SmartCentres REIT, REIT(a)		36,356	$	701,762
Spirit Realty Capital, Inc., REIT		69,418		2,669,816
Tanger Factory Outlet Centers, Inc., REIT		54,778		1,074,197
Vicinity Ltd., REIT		1,941,874		2,694,904
Waypoint REIT Ltd., REIT		479,704		827,402
				59,602,229
Specialized REITs – 23.4%
American Tower Corp., REIT		61,610		12,592,468
Big Yellow Group plc, REIT		87,352		1,343,863
Crown Castle, Inc., REIT		23,180		2,853,226
EPR Properties, REIT		37,454		1,571,570
Equinix, Inc., REIT		5,978		4,328,550
Gaming and Leisure Properties, Inc., REIT		128,588		6,686,576
Iron Mountain, Inc., REIT		145,302		8,026,483
Lamar Advertising Co., Class A, REIT		42,212		4,460,964
National Storage REIT, REIT		598,410		988,648
PotlatchDeltic Corp., REIT		40,382		1,866,860
Public Storage, REIT		60,634		17,876,722
Rayonier, Inc., REIT		54,168		1,698,709
Safestore Holdings plc, REIT		107,726		1,341,145
Weyerhaeuser Co., REIT		367,708		10,998,146
				76,633,930
Total Common Stocks (Cost $351,286,859)				323,822,444

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS – 1.2%(c)
REPURCHASE AGREEMENTS – 1.2%
Citigroup Global Markets, Inc., 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $3,921,590, collateralized by various U.S. Treasury Securities, ranging from 2.50% – 4.25%, maturing 8/15/2023 – 12/31/2024; total market value $3,961,178 (Cost $3,921,071)	$	3,921,071	$	3,921,071
Total Investments – 100.0% (Cost $355,207,930)				327,743,515
Liabilities in excess of other assets – 0.0%				(123,917	)
NET ASSETS – 100.0%			$	327,619,598

* Non-income producing security.

^(a)  The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $15,352,597, collateralized in the form of cash with a value of $3,921,071 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $18,502,256 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from May 16, 2023 – February 15, 2053 and $3,753,640 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 15, 2023 – September 20, 2117; a total value of $26,176,967.

^(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, 2023. The total value of securities purchased was $3,921,071.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

See Accompanying Notes to the Financial Statements.

276 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Global Quality Real Estate Index Fund (cont.)

As of April 30, 2023, 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	$	13,369,727
Aggregate gross unrealized depreciation		(42,442,491	)
Net unrealized depreciation	$	(29,072,764	)
Federal income tax cost	$	356,917,183

Futures Contracts

FlexShares^® Global Quality Real Estate Index Fund had the following open futures contracts as of April 30, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
EURO STOXX 50 Index		9		06/16/2023		EUR	$	429,235	$	21,845
S&P Midcap 400 E-Mini Index		9		06/16/2023		USD		2,250,540		49,473
SPI 200 Index		7		06/15/2023		AUD		846,318		30,325
TOPIX Mini Index		13		06/08/2023		JPY		196,482		4,793
									$	106,436

* 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^® Global Quality Real Estate Index Fund had the following outstanding contracts as of April 30, 2023:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
CHF	10,699	Morgan Stanley	USD	11,542		06/21/2023	$	550
GBP	192,955	Citibank NA	USD	230,417		06/21/2023		12,373
NZD	63,030	Morgan Stanley	USD	38,655		06/21/2023		267
SEK	795,966	Morgan Stanley	USD	74,792		06/21/2023		3,018
USD	22,841	UBS AG	AUD	34,359		06/21/2023		83
USD	31,297	Citibank NA	ILS	111,846		06/21/2023		486
USD	29,751	Morgan Stanley	NOK	314,773		06/21/2023		235
Total unrealized appreciation							$	17,012
HKD	1,265,868	Toronto-Dominion Bank (The)	USD	161,784		06/21/2023	$	(175	)
JPY	2,348,201	Morgan Stanley	USD	17,492		06/21/2023		(112	)
USD	508,974	Citibank NA	CAD	699,270		06/21/2023		(7,143	)
USD	214,257	Toronto-Dominion Bank (The)	EUR	201,355		06/21/2023		(8,695	)
USD	224,487	Toronto-Dominion Bank (The)	GBP	183,116		06/21/2023		(5,923	)
USD	46,735	UBS AG	SGD	62,894		06/21/2023		(496	)
Total unrealized depreciation							$	(22,544	)
Net unrealized depreciation							$	(5,532	)

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 277

FlexShares^® Global Quality Real Estate Index Fund (cont.)

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

FlexShares^® Global Quality Real Estate Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2023:

Australia	5.8	%
Austria	0.3
Belgium	0.3
Canada	3.6
France	1.5
Germany	1.1
Hong Kong	6.4
Israel	0.4
Japan	6.3
Netherlands	0.3
New Zealand	0.3
Singapore	1.4
Spain	0.7
Sweden	1.7
Switzerland	0.9
United Kingdom	3.6
United States	64.2
Other1	1.2
	100.0	%

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

Security Type	% of Net Assets
Common Stocks		98.8	%
Securities Lending Reinvestments		1.2
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.

278 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Real Assets Allocation Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS – 100.0%(a)
FlexShares® Global Quality Real Estate Index Fund		71,079	$	3,814,127
FlexShares® Morningstar Global Upstream Natural Resources Index Fund		169,911		7,260,297
FlexShares® STOXX® Global Broad Infrastructure Index Fund		211,526		11,282,797
Total Exchange Traded Funds (Cost $24,575,826)				22,357,221
Total Investments – 100.0% (Cost $24,575,826)				22,357,221
Other assets less liabilities – 0.0%				1,141
NET ASSETS – 100.0%			$	22,358,362

^(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, 2023, 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		(2,259,976	)
Net unrealized depreciation	$	(2,259,976	)
Federal income tax cost	$	24,617,197

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, 2023, was as follows:

Security	Value October 31, 2022		Purchases at Cost		Sales Proceeds		Shares April 30, 2023		Value April 30, 2023		Change in Unrealized Appreciation (Depreciation)		Dividend Income		Realized Loss
FlexShares® Global Quality Real Estate Index Fund	$	6,766,701	$	210,672	$	3,404,012		71,079	$	3,814,127	$	1,121,584	$	50,997	$	(880,818	)
FlexShares® Morningstar Global Upstream Natural Resources Index Fund		7,230,364		2,084,248		2,344,335		169,911		7,260,297		93,350		51,778		196,670
FlexShares® STOXX® Global Broad Infrastructure Index Fund		14,861,299		480,675		5,416,338		211,526		11,282,797		1,909,421		81,907		(552,260	)
	$	28,858,364	$	2,775,595	$	11,164,685		452,516	$	22,357,221	$	3,124,355	$	184,682	$	(1,236,408	)

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 279

Schedule of Investments

FlexShares^® Quality Dividend Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.3%
Aerospace & Defense – 0.7%
Lockheed Martin Corp.		23,520	$	10,923,864
Air Freight & Logistics – 1.7%
United Parcel Service, Inc., Class B		143,360		25,777,562
Banks – 2.3%
Bank of America Corp.		81,760		2,393,933
Cullen/Frost Bankers, Inc.		53,760		5,927,040
JPMorgan Chase & Co.		60,480		8,360,755
Prosperity Bancshares, Inc.		105,280		6,592,634
United Community Banks, Inc.(a)		124,320		3,095,568
US Bancorp		268,800		9,214,464
				35,584,394
Beverages – 0.3%
Coca-Cola Co. (The)		39,200		2,514,680
PepsiCo, Inc.		12,320		2,351,765
				4,866,445
Biotechnology – 5.2%
AbbVie, Inc.		237,440		35,881,933
Amgen, Inc.		101,920		24,434,301
Gilead Sciences, Inc.		240,800		19,796,168
				80,112,402
Broadline Retail – 0.8%
Dillard’s, Inc., Class A(a)		6,720		2,005,181
eBay, Inc.		117,600		5,460,168
Macy’s, Inc.(a)		341,600		5,581,744
				13,047,093
Building Products – 1.1%
A O Smith Corp.(a)		118,720		8,107,389
Carrier Global Corp.(a)		203,840		8,524,589
				16,631,978
Capital Markets – 3.2%
Ameriprise Financial, Inc.		26,880		8,201,626
Bank of New York Mellon Corp. (The)		180,320		7,679,829

Investments	Shares		Value
Capital Markets – (continued)
BlackRock, Inc.		29,459	$	19,772,881
Janus Henderson Group plc(a)		277,760		7,207,872
Jefferies Financial Group, Inc.		208,320		6,672,489
				49,534,697
Chemicals – 1.8%
CF Industries Holdings, Inc.		20,160		1,443,053
Dow, Inc.(a)		160,160		8,712,704
Huntsman Corp.(a)		78,400		2,100,336
LyondellBasell Industries NV, Class A		88,480		8,371,092
Mosaic Co. (The)		12,320		527,912
Olin Corp.		126,560		7,011,424
				28,166,521
Commercial Services & Supplies – 0.7%
Cintas Corp.		5,600		2,552,312
Rollins, Inc.(a)		188,160		7,949,760
				10,502,072
Communications Equipment – 2.5%
Cisco Systems, Inc.		810,880		38,314,080
Consumer Finance – 0.7%
Ally Financial, Inc.(a)		209,440		5,525,027
OneMain Holdings, Inc.(a)		150,080		5,758,570
				11,283,597
Consumer Staples Distribution & Retail – 0.1%
Costco Wholesale Corp.		2,240		1,127,213
Walmart, Inc.		5,600		845,432
				1,972,645
Electric Utilities – 1.1%
Evergy, Inc.(a)		136,640		8,486,711
OGE Energy Corp.(a)		210,560		7,904,422
				16,391,133
Entertainment – 0.5%
Warner Music Group Corp., Class A		235,200		7,166,544

See Accompanying Notes to the Financial Statements.

280 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Financial Services – 4.4%
Mastercard, Inc., Class A		54,880	$	20,856,046
Radian Group, Inc.(a)		350,560		8,508,091
Visa, Inc., Class A(a)		136,640		31,800,227
Western Union Co. (The)		553,280		6,047,351
				67,211,715
Gas Utilities – 0.5%
UGI Corp.		209,440		7,095,827
Ground Transportation – 1.9%
Old Dominion Freight Line, Inc.		25,760		8,253,246
Union Pacific Corp.		107,520		21,041,664
				29,294,910
Health Care Equipment & Supplies – 1.6%
Abbott Laboratories		229,600		25,363,912
Health Care Providers & Services – 1.3%
McKesson Corp.		26,880		9,790,771
UnitedHealth Group, Inc.		21,280		10,471,675
				20,262,446
Hotel & Resort REITs – 0.9%
Apple Hospitality REIT, Inc., REIT(a)		458,080		6,820,811
Host Hotels & Resorts, Inc., REIT		474,880		7,678,810
				14,499,621
Hotels, Restaurants & Leisure – 2.6%
Boyd Gaming Corp.(a)		119,840		8,316,896
Domino’s Pizza, Inc.		4,480		1,422,266
International Game Technology plc		292,320		8,225,885
Marriott International, Inc., Class A		3,360		568,982
McDonald’s Corp.		2,240		662,480
Red Rock Resorts, Inc., Class A(a)		21,280		1,038,464
Starbucks Corp.		151,200		17,280,648
Wyndham Hotels & Resorts, Inc.		44,800		3,056,256
				40,571,877

Investments	Shares		Value
Household Products – 3.7%
Colgate-Palmolive Co.		33,600	$	2,681,280
Procter & Gamble Co. (The)		352,800		55,170,864
				57,852,144
Industrial Conglomerates – 1.1%
3M Co.		108,640		11,539,741
Honeywell International, Inc.		28,000		5,595,520
				17,135,261
Insurance – 3.3%
Aflac, Inc.		129,920		9,074,912
Allstate Corp. (The)		67,200		7,779,072
First American Financial Corp.(a)		15,680		903,325
Lincoln National Corp.		231,840		5,037,883
MetLife, Inc.		134,400		8,242,752
Principal Financial Group, Inc.(a)		92,960		6,943,182
Prudential Financial, Inc.		89,600		7,795,200
Travelers Cos., Inc. (The)		8,960		1,623,015
Unum Group		76,160		3,213,952
				50,613,293
IT Services – 1.3%
Accenture plc, Class A		40,320		11,301,293
Cognizant Technology Solutions Corp., Class A		135,520		8,091,899
				19,393,192
Machinery – 1.4%
Illinois Tool Works, Inc.(a)		57,120		13,819,613
Snap-on, Inc.		32,480		8,425,637
				22,245,250
Marine Transportation – 0.4%
ZIM Integrated Shipping Services Ltd.(a)		369,600		6,309,072
Media – 3.8%
Comcast Corp., Class A		864,640		35,770,157
Interpublic Group of Cos., Inc. (The)(a)		54,880		1,960,862
Nexstar Media Group, Inc., Class A(a)		40,320		6,993,504

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 281

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Media – (continued)
Omnicom Group, Inc.(a)		3,360	$	304,315
Sirius XM Holdings, Inc.(a)		1,712,480		6,507,424
TEGNA, Inc.		386,400		6,607,440
				58,143,702
Metals & Mining – 1.1%
Nucor Corp.		56,000		8,298,080
Southern Copper Corp.(a)		105,280		8,088,662
				16,386,742
Multi-Utilities – 1.1%
Public Service Enterprise Group, Inc.		143,360		9,060,352
WEC Energy Group, Inc.(a)		79,520		7,647,438
				16,707,790
Office REITs – 0.4%
Boston Properties, Inc., REIT		114,240		6,095,846
Oil, Gas & Consumable Fuels – 3.7%
APA Corp.(a)		136,640		5,035,184
Chevron Corp.		36,960		6,230,717
CVR Energy, Inc.(a)		235,200		6,195,168
Exxon Mobil Corp.		99,680		11,796,131
Marathon Oil Corp.		266,560		6,440,090
Marathon Petroleum Corp.		77,280		9,428,160
Occidental Petroleum Corp.(a)		30,240		1,860,667
Pioneer Natural Resources Co.		11,200		2,436,560
Range Resources Corp.		86,240		2,281,048
SM Energy Co.(a)		170,240		4,780,339
				56,484,064
Paper & Forest Products – 0.4%
Louisiana-Pacific Corp.(a)		116,480		6,958,515
Pharmaceuticals – 6.8%
Bristol-Myers Squibb Co.		21,280		1,420,865
Eli Lilly & Co.		94,080		37,242,509
Johnson & Johnson		294,560		48,219,472
Merck & Co., Inc.		25,760		2,974,507
Pfizer, Inc.		393,120		15,288,437
				105,145,790

Investments	Shares		Value
Professional Services – 1.0%
Paychex, Inc.		75,040	$	8,243,894
Robert Half International, Inc.(a)		97,440		7,113,120
				15,357,014
Residential REITs – 2.2%
Apartment Income REIT Corp., REIT		179,200		6,626,816
AvalonBay Communities, Inc., REIT(a)		48,160		8,686,619
Camden Property Trust, REIT		68,320		7,518,616
Equity Residential, REIT(a)		131,040		8,288,280
Mid-America Apartment Communities, Inc., REIT		15,680		2,411,584
				33,531,915
Retail REITs – 0.5%
Brixmor Property Group, Inc., REIT(a)		342,720		7,310,218
Semiconductors & Semiconductor Equipment – 7.0%
Applied Materials, Inc.		165,760		18,735,853
Broadcom, Inc.		78,763		49,345,019
Microchip Technology, Inc.(a)		112,000		8,174,880
NVIDIA Corp.		62,720		17,404,173
Power Integrations, Inc.(a)		96,320		7,010,170
Teradyne, Inc.		78,400		7,164,192
				107,834,287
Software – 6.4%
Bentley Systems, Inc., Class B		5,600		238,336
Dolby Laboratories, Inc., Class A		20,160		1,687,190
Microsoft Corp.		282,240		86,721,063
Roper Technologies, Inc.		22,400		10,187,072
				98,833,661
Specialized REITs – 1.6%
Lamar Advertising Co., Class A, REIT(a)		75,040		7,930,227
Public Storage, REIT		32,480		9,576,079
Weyerhaeuser Co., REIT		226,240		6,766,838
				24,273,144

See Accompanying Notes to the Financial Statements.

282 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Specialty Retail – 4.4%
Bath & Body Works, Inc.(a)		190,400	$	6,683,040
Best Buy Co., Inc.		96,320		7,177,766
Home Depot, Inc. (The)		87,360		26,255,175
Lowe’s Cos., Inc.		95,200		19,785,416
Williams-Sonoma, Inc.(a)		61,600		7,456,064
				67,357,461
Technology Hardware, Storage & Peripherals – 9.7%
Apple, Inc.		842,240		142,911,283
Seagate Technology Holdings plc(a)		117,600		6,911,352
				149,822,635
Textiles, Apparel & Luxury Goods – 0.5%
Tapestry, Inc.		181,440		7,404,566
Tobacco – 1.1%
Altria Group, Inc.		356,160		16,921,162
Trading Companies & Distributors – 0.5%
Fastenal Co.		156,800		8,442,112
Total Common Stocks (Cost $1,342,371,406)				1,531,134,171
	Principal Amount
SECURITIES LENDING REINVESTMENTS – 6.8%(b)
CERTIFICATES OF DEPOSIT – 0.2%
Bank of America NA (US Federal Funds Effective Rate (continuous series) + 0.40%), 5.23%, 10/19/2023(c) (Cost $2,000,000)	$	2,000,000		1,999,316
INVESTMENT COMPANIES – 1.3%
Goldman Sachs Financial Square Government Fund, Institutional Class 4.87%		10,000,000		10,000,000

Investments	Principal Amount		Value
INVESTMENT COMPANIES – (continued)
Invesco Government & Agency Portfolio, Institutional Shares 4.88%	$	10,000,000	$	10,000,000
Total Investment Companies (Cost $20,000,000)				20,000,000
REPURCHASE AGREEMENTS – 5.3%
BofA Securities, Inc., 5.26%, dated 4/30/2023, due 7/31/2023, repurchase price $8,107,538, collateralized by various Common Stocks; total market value $8,933,297		8,000,000		8,000,000
Citigroup Global Markets, Inc., 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $23,802,898, collateralized by various U.S. Treasury Securities, ranging from 2.50% – 4.25%, maturing 8/15/2023 – 12/31/2024; total market value $24,043,185		23,799,744		23,799,744
National Bank of Canada, 4.81%, dated 4/30/2023, due 5/5/2023, repurchase price $20,013,361, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 4.38%, maturing 6/20/2023 – 2/15/2053; total market value $20,423,034		20,000,000		20,000,000
Societe Generale, 4.92%, dated 4/30/2023, due 5/1/2023, repurchase price $20,002,733, collateralized by various Common Stocks; total market value $22,400,220		20,000,000		20,000,000

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 283

FlexShares^® Quality Dividend Index Fund (cont.)

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS – (continued)
REPURCHASE AGREEMENTS – (continued)
Societe Generale, New York Branch, 4.81%, dated 4/30/2023, due 5/5/2023, repurchase price $10,006,681, collateralized by various U.S. Treasury Securities, 3.75%, 4/15/2026; ; total market value $10,211,134	$	10,000,000	$	10,000,000
Total Repurchase Agreements (Cost $81,799,744)				81,799,744
Total Securities Lending Reinvestments (Cost $103,799,744)				103,799,060
Total Investments – 106.1% (Cost $1,446,171,150)				1,634,933,231
Liabilities in excess of other assets – (6.1%)				(93,528,338	)
NET ASSETS – 100.0%			$	1,541,404,893

^(a)  The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $150,690,028, collateralized in the form of cash with a value of $103,799,744 that was reinvested in the securities shown in the

Securities Lending Reinvestment section of the Schedule of Investments; $47,221,028 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 16, 2023 – February 15, 2053 and $1,686,339 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from May 25, 2023 – October 22, 2071; a total value of $152,707,111.

^(b)  The security was purchased with cash collateral held from securities on loan at April 30, 2023. The total value of securities purchased was $103,799,060.

^(c)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2023.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

As of April 30, 2023, 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	$	272,436,845
Aggregate gross unrealized depreciation		(83,372,253	)
Net unrealized appreciation	$	189,064,592
Federal income tax cost	$	1,446,269,802

Futures Contracts

FlexShares^® Quality Dividend Index Fund had the following open futures contracts as of April 30, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
S&P 500 E-Mini Index		40		06/16/2023		USD	$	8,377,000	$	379,625
S&P Midcap 400 E-Mini Index		6		06/16/2023		USD		1,500,360		21,538
									$	401,163

* 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		99.3	%
Securities Lending Reinvestments		6.7
Others(1)		(6.0	)
		100.0	%

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

See Accompanying Notes to the Financial Statements.

284 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® Quality Dividend Defensive Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 99.1%
Aerospace & Defense – 1.3%
Lockheed Martin Corp.		9,633	$	4,474,047
Air Freight & Logistics – 2.6%
CH Robinson Worldwide, Inc.(a)		16,796		1,694,213
Expeditors International of Washington, Inc.		15,561		1,771,464
United Parcel Service, Inc., Class B		29,887		5,373,981
				8,839,658
Banks – 2.1%
Bank of America Corp.		17,537		513,483
JPMorgan Chase & Co.		12,844		1,775,554
Popular, Inc.		23,465		1,408,135
Prosperity Bancshares, Inc.		22,477		1,407,510
US Bancorp		57,304		1,964,381
				7,069,063
Beverages – 2.8%
Coca-Cola Co. (The)		137,085		8,794,003
PepsiCo, Inc.		2,717		518,648
				9,312,651
Biotechnology – 5.3%
AbbVie, Inc.		55,328		8,361,167
Amgen, Inc.		21,736		5,210,989
Gilead Sciences, Inc.		51,623		4,243,927
				17,816,083
Broadline Retail – 0.6%
Dillard’s, Inc., Class A(a)		2,717		810,726
eBay, Inc.(a)		25,441		1,181,225
				1,991,951
Building Products – 0.8%
A O Smith Corp.		22,971		1,568,689
Masco Corp.		19,760		1,057,358
				2,626,047
Capital Markets – 1.4%
Bank of New York Mellon Corp. (The)		38,285		1,630,558

Investments	Shares		Value
Capital Markets – (continued)
Janus Henderson Group plc(a)		58,045	$	1,506,268
Virtu Financial, Inc., Class A		73,606		1,475,800
				4,612,626
Chemicals – 1.6%
Dow, Inc.		31,616		1,719,910
Huntsman Corp.(a)		26,429		708,033
LyondellBasell Industries NV, Class A		16,796		1,589,070
Olin Corp.		26,923		1,491,534
				5,508,547
Commercial Services & Supplies – 0.6%
Rollins, Inc.		47,424		2,003,664
Communications Equipment – 2.4%
Cisco Systems, Inc.		171,418		8,099,501
Consumer Staples Distribution & Retail – 0.6%
Albertsons Cos., Inc., Class A		79,040		1,651,936
Costco Wholesale Corp.		494		248,591
Walmart, Inc.		1,235		186,448
				2,086,975
Containers & Packaging – 0.1%
International Paper Co.		9,386		310,770
Diversified Consumer Services – 0.4%
H&R Block, Inc.		42,978		1,457,384
Electric Utilities – 2.8%
Constellation Energy Corp.		21,736		1,682,367
Entergy Corp.		16,302		1,753,769
Evergy, Inc.		28,652		1,779,576
Exelon Corp.		46,189		1,960,261
OGE Energy Corp.		42,484		1,594,849
PPL Corp.		18,031		517,850
				9,288,672
Entertainment – 0.5%
Warner Music Group Corp., Class A		49,647		1,512,744

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 285

FlexShares^® Quality Dividend Defensive Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Financial Services – 4.9%
Jack Henry & Associates, Inc.(a)		10,621	$	1,734,834
Mastercard, Inc., Class A		2,805		1,065,984
Radian Group, Inc.(a)		74,100		1,798,407
Visa, Inc., Class A(a)		44,460		10,347,176
Western Union Co. (The)		118,066		1,290,462
				16,236,863
Food Products – 0.7%
General Mills, Inc.		26,676		2,364,294
Gas Utilities – 0.5%
ONE Gas, Inc.(a)		19,513		1,501,525
Ground Transportation – 0.5%
Old Dominion Freight Line, Inc.		5,434		1,740,999
Health Care Equipment & Supplies – 2.4%
Abbott Laboratories(a)		72,371		7,994,824
Health Care Providers & Services – 1.8%
Chemed Corp.		3,315		1,827,394
McKesson Corp.		5,434		1,979,280
UnitedHealth Group, Inc.		4,446		2,187,832
				5,994,506
Hotels, Restaurants & Leisure – 4.8%
Domino’s Pizza, Inc.		4,940		1,568,302
McDonald’s Corp.		30,628		9,058,231
Starbucks Corp.		47,424		5,420,089
				16,046,622
Household Products – 4.6%
Clorox Co. (The)		11,609		1,922,683
Kimberly-Clark Corp.		12,597		1,825,179
Procter & Gamble Co. (The)		75,088		11,742,261
				15,490,123
Industrial Conglomerates – 0.7%
3M Co.		23,218		2,466,216
Industrial REITs – 0.5%
Terreno Realty Corp., REIT		26,429		1,627,762

Investments	Shares		Value
Insurance – 3.9%
Aflac, Inc.		27,664	$	1,932,330
Allstate Corp. (The)		14,326		1,658,378
Assurant, Inc.		10,127		1,246,937
Globe Life, Inc.		14,326		1,554,658
Loews Corp.		21,736		1,251,342
MetLife, Inc.		28,652		1,757,227
Travelers Cos., Inc. (The)		10,621		1,923,888
Willis Towers Watson plc		7,657		1,773,361
				13,098,121
IT Services – 0.5%
Cognizant Technology Solutions Corp., Class A		29,146		1,740,308
Machinery – 1.5%
Illinois Tool Works, Inc.		12,103		2,928,200
Otis Worldwide Corp.		23,218		1,980,495
				4,908,695
Marine Transportation – 0.4%
ZIM Integrated Shipping Services Ltd.(a)		76,570		1,307,050
Media – 3.7%
Comcast Corp., Class A		157,586		6,519,333
Fox Corp., Class A(a)		11,856		394,331
Interpublic Group of Cos., Inc. (The)(a)		12,350		441,265
Nexstar Media Group, Inc., Class A(a)		8,645		1,499,475
Omnicom Group, Inc.		6,669		604,011
Sirius XM Holdings, Inc.(a)		364,325		1,384,435
TEGNA, Inc.		80,769		1,381,150
				12,224,000
Metals & Mining – 0.5%
Southern Copper Corp.(a)		22,230		1,707,931
Multi-Utilities – 1.4%
Dominion Energy, Inc.		14,820		846,815
Public Service Enterprise Group, Inc.		30,875		1,951,300
WEC Energy Group, Inc.		18,031		1,734,041
				4,532,156

See Accompanying Notes to the Financial Statements.

286 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Defensive Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Office REITs – 0.3%
Boston Properties, Inc., REIT		19,266	$	1,028,034
Oil, Gas & Consumable Fuels – 1.9%
Chesapeake Energy Corp.(a)		14,820		1,225,318
Chevron Corp.		7,657		1,290,817
CVR Energy, Inc.(a)		8,151		214,697
Exxon Mobil Corp.		23,959		2,835,308
Pioneer Natural Resources Co.		4,199		913,493
				6,479,633
Pharmaceuticals – 7.2%
Bristol-Myers Squibb Co.		22,971		1,533,774
Eli Lilly & Co.		27,417		10,853,294
Johnson & Johnson		56,069		9,178,495
Merck & Co., Inc.		5,681		655,985
Pfizer, Inc.		49,647		1,930,772
				24,152,320
Professional Services – 1.4%
Booz Allen Hamilton Holding Corp.		10,127		969,357
Paychex, Inc.		14,820		1,628,125
Verisk Analytics, Inc.		10,374		2,013,697
				4,611,179
Residential REITs – 1.8%
Apartment Income REIT Corp., REIT		28,652		1,059,551
Camden Property Trust, REIT		14,573		1,603,759
Equity Residential, REIT(a)		27,417		1,734,125
Mid-America Apartment Communities, Inc., REIT		10,127		1,557,533
				5,954,968
Semiconductors & Semiconductor Equipment – 4.7%
Broadcom, Inc.		16,549		10,367,948
NVIDIA Corp.		13,338		3,701,162
Power Integrations, Inc.(a)		20,254		1,474,086
				15,543,196
Software – 6.3%
Bentley Systems, Inc., Class B		1,482		63,074
Dolby Laboratories, Inc., Class A		4,446		372,086

Investments	Shares		Value
Software – (continued)
Microsoft Corp.		59,774	$	18,366,159
Roper Technologies, Inc.		4,693		2,134,282
				20,935,601
Specialized REITs – 2.3%
American Tower Corp., REIT		19,019		3,887,294
Digital Realty Trust, Inc., REIT(a)		16,796		1,665,323
Public Storage, REIT(a)		6,669		1,966,221
				7,518,838
Specialty Retail – 4.3%
Best Buy Co., Inc.		20,254		1,509,328
Home Depot, Inc. (The)		33,839		10,169,973
Lowe’s Cos., Inc.		7,904		1,642,688
Williams-Sonoma, Inc.(a)		9,139		1,106,185
				14,428,174
Technology Hardware, Storage & Peripherals – 8.1%
Apple, Inc.		150,670		25,565,685
Seagate Technology Holdings plc(a)		24,947		1,466,135
				27,031,820
Tobacco – 1.1%
Altria Group, Inc.		74,594		3,543,961
Water Utilities – 0.5%
American Water Works Co., Inc.		11,856		1,757,652
Total Common Stocks (Cost $298,681,200)				330,977,754
	Principal Amount
SECURITIES LENDING REINVESTMENTS – 4.6%(b)
REPURCHASE AGREEMENTS – 4.6%
BofA Securities, Inc., 5.26%, dated 4/30/2023, due 7/31/2023, repurchase price $1,013,442, collateralized by various Common Stocks; total market value $1,116,662	$	1,000,000	$	1,000,000

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 287

FlexShares^® Quality Dividend Defensive Index Fund (cont.)

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS – (continued)
REPURCHASE AGREEMENTS – (continued)
Citigroup Global Markets, Inc., 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $9,245,387, collateralized by various U.S. Treasury Securities, ranging from 2.50% - 4.25%, maturing 8/15/2023 – 12/31/2024; total market value $9,338,718	$	9,244,162	$	9,244,162
National Bank of Canada, 4.81%, dated 4/30/2023, due 5/5/2023, repurchase price $5,003,340, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 4.38%, maturing 6/20/2023 – 2/15/2053; total market value $5,105,758		5,000,000		5,000,000
				15,244,162
Total Securities Lending Reinvestments (Cost $15,244,162)				15,244,162
Total Investments – 103.7% (Cost $313,925,362)				346,221,916
Liabilities in excess of other assets – (3.7%)				(12,289,197	)
NET ASSETS – 100.0%			$	333,932,719

^(a)  The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $32,229,319, collateralized in the form of cash with a value of $15,244,162 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $17,075,310 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 16, 2023 – February 15, 2053 and $280,708 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from May 25, 2023 – October 22, 2071; a total value of $32,600,180.

^(b)  The security was purchased with cash collateral held from securities on loan at April 30, 2023. The total value of securities purchased was $15,244,162.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

As of April 30, 2023, 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	$	49,164,171
Aggregate gross unrealized depreciation		(16,711,510	)
Net unrealized appreciation	$	32,452,661
Federal income tax cost	$	313,919,575

Futures Contracts

FlexShares^® Quality Dividend Defensive Index Fund had the following open futures contracts as of April 30, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
S&P 500 E-Mini Index		14		06/16/2023		USD	$	2,931,950	$	150,320

* This amount represents the cumulative appreciation/depreciation on futures contracts. Current day’s variation margin is reported within the Statement of Assets and Liabilities for futures contracts.

Abbreviations:

USD – US Dollar

See Accompanying Notes to the Financial Statements.

288 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Defensive Index Fund (cont.)

Security Type	% of Net Assets
Common Stocks		99.1	%
Securities Lending Reinvestments		4.6
Others(1)		(3.7	)
		100.0	%

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

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 289

Schedule of Investments

FlexShares^® Quality Dividend Dynamic Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 97.2%
Air Freight & Logistics – 1.6%
United Parcel Service, Inc., Class B		1,608	$	289,134
Banks – 2.2%
Bank of America Corp.		912		26,704
Citigroup, Inc.		4,128		194,305
Cullen/Frost Bankers, Inc.		600		66,150
JPMorgan Chase & Co.		684		94,556
US Bancorp		154		5,279
				386,994
Beverages – 1.4%
Coca-Cola Co. (The)		3,360		215,544
PepsiCo, Inc.		144		27,488
				243,032
Biotechnology – 3.5%
AbbVie, Inc.		2,256		340,927
Amgen, Inc.		1,140		273,303
				614,230
Broadline Retail – 0.7%
eBay, Inc.		1,344		62,402
Macy’s, Inc.		3,768		61,569
				123,971
Building Products – 1.5%
A O Smith Corp.		1,344		91,782
Masco Corp.		1,260		67,422
Owens Corning		900		96,129
				255,333
Capital Markets – 3.2%
Ameriprise Financial, Inc.		300		91,536
Bank of New York Mellon Corp. (The)		2,052		87,395
BlackRock, Inc.		336		225,523
Janus Henderson Group plc		3,060		79,407
Jefferies Financial Group, Inc.		2,316		74,181
				558,042

Investments	Shares		Value
Chemicals – 2.3%
Chemours Co. (The)		2,580	$	75,001
Dow, Inc.		1,776		96,614
LyondellBasell Industries NV, Class A		996		94,232
Mosaic Co. (The)		1,872		80,215
Olin Corp.		888		49,195
				395,257
Commercial Services & Supplies – 0.6%
Cintas Corp.		228		103,916
Communications Equipment – 2.4%
Cisco Systems, Inc.		9,084		429,219
Consumer Finance – 1.1%
Ally Financial, Inc.		708		18,677
Capital One Financial Corp.		912		88,738
OneMain Holdings, Inc.		2,016		77,354
				184,769
Consumer Staples Distribution & Retail – 0.1%
Costco Wholesale Corp.		24		12,077
Walmart, Inc.		60		9,058
				21,135
Electric Utilities – 0.4%
PPL Corp.		2,304		66,171
Entertainment – 0.5%
Warner Music Group Corp., Class A		2,616		79,710
Financial Services – 4.8%
Equitable Holdings, Inc.		2,772		72,044
Mastercard, Inc., Class A		864		328,346
MGIC Investment Corp.		5,688		84,581
Radian Group, Inc.		3,948		95,818
Visa, Inc., Class A(a)		456		106,125
Voya Financial, Inc.(a)		1,164		89,023
Western Union Co. (The)		6,108		66,760
				842,697
Ground Transportation – 2.0%
Old Dominion Freight Line, Inc.		288		92,272
Union Pacific Corp.		1,332		260,673
				352,945

See Accompanying Notes to the Financial Statements.

290 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Dynamic Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Health Care Equipment & Supplies – 2.4%
Abbott Laboratories		3,744	$	413,600
Health Care Providers & Services – 0.6%
UnitedHealth Group, Inc.		228		112,197
Hotel & Resort REITs – 1.1%
Apple Hospitality REIT, Inc., REIT		5,208		77,547
Host Hotels & Resorts, Inc., REIT		5,376		86,930
Ryman Hospitality Properties, Inc., REIT		240		21,518
				185,995
Hotels, Restaurants & Leisure – 2.6%
Boyd Gaming Corp.		1,368		94,939
International Game Technology plc		3,228		90,836
Marriott International, Inc., Class A		624		105,668
McDonald’s Corp.		13		3,845
Red Rock Resorts, Inc., Class A(a)		1,920		93,696
Wyndham Hotels & Resorts, Inc.		972		66,310
				455,294
Household Products – 0.7%
Procter & Gamble Co. (The)		804		125,730
Industrial Conglomerates – 1.4%
3M Co.		1,200		127,464
Honeywell International, Inc.		612		122,302
				249,766
Insurance – 3.6%
Aflac, Inc.		1,464		102,260
American International Group, Inc.		480		25,459
First American Financial Corp.		1,500		86,415
Lincoln National Corp.		2,587		56,216
MetLife, Inc.		1,536		94,203
Principal Financial Group, Inc.		1,068		79,769
Prudential Financial, Inc.		1,008		87,696
Unum Group		2,136		90,139
				622,157
IT Services – 1.8%
Accenture plc, Class A		960		269,078
Cognizant Technology Solutions Corp., Class A		708		42,275
				311,353

Investments	Shares		Value
Machinery – 1.5%
Illinois Tool Works, Inc.		684	$	165,487
Snap-on, Inc.		372		96,500
				261,987
Marine Transportation – 0.4%
ZIM Integrated Shipping Services Ltd.(a)		4,116		70,260
Media – 3.7%
Comcast Corp., Class A		9,756		403,605
Interpublic Group of Cos., Inc. (The)		660		23,582
Nexstar Media Group, Inc., Class A(a)		444		77,012
Sirius XM Holdings, Inc.(a)		19,176		72,869
TEGNA, Inc.		4,368		74,693
				651,761
Metals & Mining – 1.0%
Nucor Corp.		624		92,464
Southern Copper Corp.(a)		1,164		89,430
				181,894
Mortgage Real Estate Investment Trusts (REITs) – 0.1%
AGNC Investment Corp.(a)		1,644		16,292
Office REITs – 0.4%
Boston Properties, Inc., REIT		1,272		67,874
Oil, Gas & Consumable Fuels – 7.0%
APA Corp.		2,316		85,345
Chesapeake Energy Corp.(a)		108		8,929
Chevron Corp.		408		68,781
CVR Energy, Inc.(a)		2,604		68,589
Devon Energy Corp.		564		30,134
Diamondback Energy, Inc.		588		83,614
Exxon Mobil Corp.		1,272		150,528
Magnolia Oil & Gas Corp., Class A(a)		3,984		84,142
Marathon Oil Corp.		3,516		84,947
Marathon Petroleum Corp.		1,188		144,936
Occidental Petroleum Corp.(a)		2,016		124,044
PBF Energy, Inc., Class A		1,296		45,179
Pioneer Natural Resources Co.		312		67,876
Range Resources Corp.		3,540		93,633
SM Energy Co.		2,832		79,523
				1,220,200

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 291

FlexShares^® Quality Dividend Dynamic Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Paper & Forest Products – 0.5%
Louisiana-Pacific Corp.		1,368	$	81,724
Pharmaceuticals – 6.0%
Eli Lilly & Co.		120		47,503
Johnson & Johnson		3,492		571,641
Merck & Co., Inc.		300		34,641
Pfizer, Inc.		10,416		405,078
				1,058,863
Professional Services – 1.2%
Genpact Ltd.		253		11,271
Korn Ferry(a)		576		27,660
Paychex, Inc.		840		92,282
Robert Half International, Inc.		1,092		79,716
				210,929
Residential REITs – 0.4%
Equity Residential, REIT		1,212		76,659
Retail REITs – 0.9%
Brixmor Property Group, Inc., REIT		3,840		81,907
Federal Realty Investment Trust, REIT		816		80,694
				162,601
Semiconductors & Semiconductor Equipment – 6.8%
Applied Materials, Inc.		1,848		208,880
Broadcom, Inc.		888		556,332
Microchip Technology, Inc.		1,284		93,719
NVIDIA Corp.		696		193,133
Power Integrations, Inc.		828		60,262
Teradyne, Inc.(a)		900		82,242
				1,194,568
Software – 6.3%
Bentley Systems, Inc., Class B		60		2,553
Dolby Laboratories, Inc., Class A		240		20,086
Microsoft Corp.		3,168		973,400
Roper Technologies, Inc.		252		114,604
				1,110,643
Specialized REITs – 1.0%
Lamar Advertising Co., Class A, REIT		840		88,771
Weyerhaeuser Co., REIT		2,988		89,371
				178,142

Investments	Shares		Value
Specialty Retail – 4.7%
Bath & Body Works, Inc.		2,100	$	73,710
Best Buy Co., Inc.		1,056		78,693
Home Depot, Inc. (The)		1,044		313,764
Lowe’s Cos., Inc.		1,356		281,818
Williams-Sonoma, Inc.(a)		684		82,791
				830,776
Technology Hardware, Storage & Peripherals – 10.0%
Apple, Inc.		9,888		1,677,796
Seagate Technology Holdings plc(a)		1,332		78,281
				1,756,077
Textiles, Apparel & Luxury Goods – 0.5%
Tapestry, Inc.		2,064		84,232
Tobacco – 1.1%
Altria Group, Inc.		3,996		189,850
Trading Companies & Distributors – 1.2%
Fastenal Co.		1,896		102,081
WW Grainger, Inc.		144		100,162
				202,243
Total Common Stocks (Cost $15,293,540)				17,030,222
	Principal Amount
SECURITIES LENDING REINVESTMENTS – 0.9%(b)
REPURCHASE AGREEMENTS – 0.9%
Citigroup Global Markets, Inc., 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $153,798, collateralized by various U.S. Treasury Securities, ranging from 2.50% – 4.25%, maturing 8/15/2023 – 12/31/2024; total market value $155,351 (Cost $153,778)	$	153,778		153,778
Total Investments – 98.1% (Cost $15,447,318)				17,184,000
Other assets less liabilities – 1.9%				324,235
NET ASSETS – 100.0%			$	17,508,235

See Accompanying Notes to the Financial Statements.

292 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Quality Dividend Dynamic Index Fund (cont.)

^(a)  The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $1,120,559, collateralized in the form of cash with a value of $153,778 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $758,068 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 16, 2023 – February 15, 2053 and $234,148 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from May 25, 2023 – October 22, 2071; a total value of $1,145,994.

^(b)  The security was purchased with cash collateral held from securities on loan at April 30, 2023. The total value of securities purchased was $153,778.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

As of April 30, 2023, 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	$	2,575,596
Aggregate gross unrealized depreciation		(822,372	)
Net unrealized appreciation	$	1,753,224
Federal income tax cost	$	15,455,181

Futures Contracts     

FlexShares^® Quality Dividend Dynamic Index Fund had the following open futures contracts as of April 30, 2023:    

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
S&P 500 Micro E-Mini Index		23		06/16/2023		USD	$	481,678	$	24,405

* 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		97.2	%
Securities Lending Reinvestments		0.9
Others(1)		1.9
		100.0	%

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

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 293

Schedule of Investments

FlexShares^® International Quality Dividend Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 97.2%
Automobile Components – 0.9%
Bridgestone Corp.		106,000	$	4,233,305
Fuyao Glass Industry Group Co. Ltd., Class H(a)		249,200		1,009,511
				5,242,816
Automobiles – 2.1%
Bajaj Auto Ltd.		71,920		3,894,923
Mercedes-Benz Group AG		90,272		7,034,023
Toyota Motor Corp.		49,600		676,438
				11,605,384
Banks – 12.2%
Agricultural Bank of China Ltd., Class H		11,656,000		4,499,125
Banco del Bajio SA(a)		868,000		2,846,178
Bank of Communications Co. Ltd., Class H		3,472,000		2,238,031
Bank of Montreal(b)		28,585		2,573,978
Barclays plc		1,378,632		2,770,405
BOC Hong Kong Holdings Ltd.		992,000		3,121,365
China Construction Bank Corp., Class H		4,960,000		3,317,240
China Merchants Bank Co. Ltd., Class H		124,000		594,734
Commonwealth Bank of Australia(b)		3,224		211,694
FinecoBank Banca Fineco SpA		235,848		3,574,965
First Abu Dhabi Bank PJSC		588,256		2,271,642
HSBC Holdings plc		106,888		770,886
Industrial & Commercial Bank of China Ltd., Class H		4,216,000		2,266,465
Japan Post Bank Co. Ltd.		173,600		1,383,292
KBC Group NV		59,520		4,256,699
Komercni Banka A/S		114,576		3,709,094
Mizuho Financial Group, Inc.		116,800		1,685,543
Royal Bank of Canada		158,448		15,713,957
Sberbank of Russia PJSC* ‡		1,227,390		—
Skandinaviska Enskilda Banken AB, Class A		356,376		4,047,654

Investments	Shares		Value
Banks – (continued)
Sumitomo Mitsui Financial Group, Inc.		59,500	$	2,424,746
Swedbank AB, Class A		225,928		3,920,659
Toronto-Dominion Bank (The)		5,456		330,144
				68,528,496
Beverages – 0.8%
Arca Continental SAB de CV		446,400		4,234,106
Nongfu Spring Co. Ltd., Class H(a) (b)		78,000		421,305
				4,655,411
Broadline Retail – 0.6%
momo.com, Inc.		91,920		2,478,708
Next plc		8,928		756,336
				3,235,044
Building Products – 1.0%
Geberit AG (Registered)		4,464		2,541,829
Lixil Corp.		198,400		3,106,443
				5,648,272
Capital Markets – 5.1%
3i Group plc		152,272		3,381,873
ASX Ltd.		36,704		1,660,797
China Galaxy Securities Co. Ltd., Class H		7,440,000		4,028,077
EQT AB(b)		75,888		1,626,184
Hargreaves Lansdown plc		248,000		2,503,041
Japan Exchange Group, Inc.		109,700		1,772,006
Julius Baer Group Ltd.		43,896		3,142,580
Korea Investment Holdings Co. Ltd.		64,232		2,644,339
Macquarie Korea Infrastructure Fund		58,776		545,865
Moscow Exchange MICEX-RTS PJSC* ‡		775,590		—
Partners Group Holding AG		3,472		3,367,261
Samsung Securities Co. Ltd.		144,832		3,663,003
				28,335,026
Chemicals – 2.2%
Fertiglobe plc		2,800,416		2,928,540
Kumho Petrochemical Co. Ltd.		13,144		1,339,541

See Accompanying Notes to the Financial Statements.

294 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Chemicals – (continued)
Nissan Chemical Corp.		8,500	$	375,794
Nitto Denko Corp.		17,300		1,112,973
Wacker Chemie AG		18,600		2,873,789
Yara International ASA		86,800		3,481,386
				12,112,023
Construction Materials – 0.7%
Ambuja Cements Ltd.*		294,872		1,428,667
Anhui Conch Cement Co. Ltd., Class H		779,000		2,451,152
				3,879,819
Consumer Staples Distribution & Retail – 0.8%
Cencosud SA*		2,195,296		4,501,557
Kesko OYJ, Class B		10,168		212,218
				4,713,775
Diversified REITs – 0.6%
Stockland, REIT(b)		1,080,040		3,176,163
Diversified Telecommunication Services – 2.2%
Elisa OYJ		8,432		524,279
Koninklijke KPN NV		742,264		2,711,591
Spark New Zealand Ltd.		43,648		140,997
Swisscom AG (Registered)		3,968		2,732,862
Telenor ASA		367,784		4,573,606
Telstra Group Ltd.		556,512		1,607,159
				12,290,494
Electric Utilities – 1.6%
Endesa SA(b)		69,192		1,556,023
Fortum OYJ		243,288		3,634,022
Origin Energy Ltd.		573,376		3,160,156
Red Electrica Corp. SA		46,624		849,560
				9,199,761
Electronic Equipment, Instruments & Components – 0.4%
AUO Corp.		2,574,400		1,423,593
Largan Precision Co. Ltd.		4,000		261,527
Shimadzu Corp.		10,200		316,866
				2,001,986

Investments	Shares		Value
Entertainment – 1.0%
Capcom Co. Ltd.		10,400	$	390,291
Nintendo Co. Ltd.		125,000		5,251,900
				5,642,191
Financial Services – 1.5%
ORIX Corp.		105,700		1,785,407
Power Finance Corp. Ltd.		948,352		1,968,871
REC Ltd.		2,825,960		4,563,389
				8,317,667
Food Products – 3.6%
China Feihe Ltd.(a)		3,472,000		2,335,337
Nestle SA (Registered)		92,504		11,902,206
Uni-President China Holdings Ltd.		4,464,000		4,452,683
Want Want China Holdings Ltd.		1,984,000		1,263,710
				19,953,936
Gas Utilities – 1.7%
Enagas SA		234,608		4,702,276
Kunlun Energy Co. Ltd.		696,000		643,697
Naturgy Energy Group SA(b)		130,944		4,091,110
				9,437,083
Ground Transportation – 0.7%
Aurizon Holdings Ltd.		1,546,280		3,494,758
Canadian National Railway Co.		2,232		265,773
				3,760,531
Health Care Equipment & Supplies – 0.2%
Hoya Corp.		13,400		1,398,406
Hotels, Restaurants & Leisure – 1.1%
InterContinental Hotels Group plc		25,792		1,770,021
OPAP SA		260,152		4,440,233
				6,210,254
Household Durables – 1.1%
Nien Made Enterprise Co. Ltd.		330,000		3,622,835
Persimmon plc		154,256		2,547,640
				6,170,475

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 295

FlexShares^® International Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Household Products – 0.5%
Unilever Indonesia Tbk. PT		10,292,000	$	3,086,898
Independent Power and Renewable Electricity Producers – 0.0%
Unipro PJSC* ‡		125,500,000		—
Industrial Conglomerates – 0.3%
Industries Qatar QSC		463,016		1,623,100
Siemens AG (Registered)		992		163,071
				1,786,171
Insurance – 1.8%
Admiral Group plc		59,272		1,721,671
AIA Group Ltd.		19,000		205,614
BB Seguridade Participacoes SA		620,000		4,252,016
Caixa Seguridade Participacoes SA		74,400		140,685
Manulife Financial Corp.		162,688		3,208,659
Sampo OYJ, Class A		12,648		641,758
				10,170,403
Interactive Media & Services – 1.1%
Rightmove plc		290,160		2,094,119
Tencent Holdings Ltd.		86,700		3,803,804
				5,897,923
IT Services – 1.5%
HCL Technologies Ltd.		178,560		2,321,779
Infosys Ltd.		67,208		1,028,820
Nomura Research Institute Ltd.		74,400		1,868,674
Obic Co. Ltd.		4,800		737,106
Otsuka Corp.		67,300		2,439,140
				8,395,519
Leisure Products – 0.0%(c)
Shimano, Inc.		600		92,623
Machinery – 3.3%
Atlas Copco AB, Class A(b)		187,984		2,714,220
Atlas Copco AB, Class B(b)		34,720		444,440
Daifuku Co. Ltd.		61,800		1,130,114
Epiroc AB, Class A		126,232		2,522,856

Investments	Shares		Value
Machinery – (continued)
Epiroc AB, Class B		14,384	$	246,949
FANUC Corp.		47,800		1,610,944
GEA Group AG		16,864		792,004
Haitian International Holdings Ltd.		796,000		2,058,472
Kone OYJ, Class B		65,224		3,722,777
MISUMI Group, Inc.		18,800		470,811
Schindler Holding AG		1,736		387,555
VAT Group AG(a) (b)		2,976		1,047,560
Yaskawa Electric Corp.		33,700		1,363,691
				18,512,393
Marine Transportation – 3.1%
AP Moller – Maersk A/S, Class A		1,488		2,655,844
AP Moller – Maersk A/S, Class B		1,488		2,687,802
Evergreen Marine Corp. Taiwan Ltd.		176,000		924,583
Nippon Yusen KK(b)		148,800		3,500,212
Orient Overseas International Ltd.(b)		226,000		4,571,880
SITC International Holdings Co. Ltd.(b)		638,000		1,175,236
Yang Ming Marine Transport Corp.		992,000		2,036,113
				17,551,670
Metals & Mining – 6.0%
BHP Group Ltd.		411,928		12,086,684
China Hongqiao Group Ltd.(b)		3,596,000		3,522,750
Cia Siderurgica Nacional SA		99,200		281,766
Grupo Mexico SAB de CV, Series B		595,200		2,917,104
Kumba Iron Ore Ltd.		136,152		3,304,211
MMC Norilsk Nickel PJSC‡		16,315		—
Rio Tinto plc		125,984		7,995,056
Severstal PAO* ‡		58,985		—
Vedanta Ltd.		985,304		3,363,359
				33,470,930
Office REITs – 0.4%
Dexus, REIT		469,960		2,416,258

See Accompanying Notes to the Financial Statements.

296 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – 6.3%
Adaro Energy Indonesia Tbk. PT		16,293,600	$	3,476,412
BP plc		32,488		218,218
Canadian Natural Resources Ltd.		125,488		7,638,641
China Shenhua Energy Co. Ltd., Class H		1,322,000		4,378,655
Coal India Ltd.		1,612,744		4,593,693
Equinor ASA		117,552		3,353,571
Exxaro Resources Ltd.(b)		324,880		3,408,408
Ovintiv, Inc.		4,712		170,009
Petroleo Brasileiro SA		148,800		793,247
Petroleo Brasileiro SA (Preference)		892,800		4,229,461
Shell plc		69,440		2,140,084
TotalEnergies SE		13,392		856,630
				35,257,029
Personal Care Products – 2.6%
Hengan International Group Co. Ltd.		124,000		552,873
L’Oreal SA		27,528		13,151,667
Shiseido Co. Ltd.		5,700		284,697
Unilever plc		6,200		345,727
				14,334,964
Pharmaceuticals – 9.3%
Astellas Pharma, Inc.		24,800		373,006
China Medical System Holdings Ltd.		744,000		1,232,118
Chugai Pharmaceutical Co. Ltd.		116,400		2,995,378
GSK plc		409,696		7,420,385
Ipsen SA		2,728		331,288
Novartis AG (Registered)		111,600		11,426,446
Novo Nordisk A/S, Class B		79,608		13,260,728
Orion OYJ, Class B		78,368		3,687,409
Roche Holding AG		496		168,519
Roche Holding AG – BR		35,960		11,326,764
				52,222,041
Professional Services – 1.4%
Bureau Veritas SA		24,800		715,693
Randstad NV		22,568		1,226,320

Investments	Shares		Value
Professional Services – (continued)
Recruit Holdings Co. Ltd.		43,400	$	1,218,827
RELX plc		66,960		2,226,927
SGS SA (Registered)		28,998		2,624,660
				8,012,427
Real Estate Management & Development – 2.2%
China Overseas Land & Investment Ltd.		744,000		1,880,401
China Resources Land Ltd.		44,000		204,028
CK Asset Holdings Ltd.		124,000		731,373
Daito Trust Construction Co. Ltd.		35,000		3,308,119
Land & Houses PCL, NVDR		6,026,400		1,729,518
Sun Hung Kai Properties Ltd.		316,500		4,394,769
				12,248,208
Semiconductors & Semiconductor Equipment – 4.8%
Advantest Corp.		23,000		1,780,340
ASML Holding NV		12,648		8,008,005
Nanya Technology Corp.		1,415,000		3,120,663
Novatek Microelectronics Corp.		313,000		4,260,893
Parade Technologies Ltd.		32,000		976,368
Realtek Semiconductor Corp.		80,000		934,212
Silergy Corp.		24,000		375,116
Taiwan Semiconductor Manufacturing Co. Ltd.		406,222		6,633,275
Vanguard International Semiconductor Corp.		309,000		871,442
				26,960,314
Software – 1.4%
Nemetschek SE		54,560		4,251,333
SAP SE		1,488		201,829
Temenos AG (Registered)		18,600		1,560,640
Trend Micro, Inc.		32,200		1,565,483
				7,579,285
Specialty Retail – 1.9%
H & M Hennes & Mauritz AB, Class B		122,760		1,793,782
Industria de Diseno Textil SA(b)		157,728		5,425,944

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 297

FlexShares^® International Quality Dividend Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Specialty Retail – (continued)
Topsports International Holdings Ltd.(a)		992,000	$	880,806
ZOZO, Inc.		134,500		2,821,077
				10,921,609
Technology Hardware, Storage & Peripherals – 0.7%
Catcher Technology Co. Ltd.		214,000		1,259,950
Samsung Electronics Co. Ltd.		57,288		2,803,619
				4,063,569
Textiles, Apparel & Luxury Goods – 3.2%
ANTA Sports Products Ltd.		148,800		1,834,908
Bosideng International Holdings Ltd.(b)		2,692,000		1,323,726
Hermes International		2,728		5,923,435
Kering SA		8,432		5,396,386
LVMH Moet Hennessy Louis Vuitton SE		3,224		3,100,147
Pandora A/S		3,720		343,937
				17,922,539
Tobacco – 1.7%
Imperial Brands plc		188,232		4,654,885
Japan Tobacco, Inc.		223,200		4,792,165
				9,447,050
Trading Companies & Distributors – 0.6%
Howden Joinery Group plc		188,728		1,623,955
ITOCHU Corp.(b)		49,600		1,636,274
				3,260,229
Transportation Infrastructure – 0.1%
Grupo Aeroportuario del Pacifico SAB de CV, Class B		31,000		549,731
Wireless Telecommunication Services – 0.9%
Intouch Holdings PCL, NVDR		248,000		544,696
KDDI Corp.		24,800		773,696
Tele2 AB, Class B		346,208		3,677,337
				4,995,729
Total Common Stocks (Cost $535,211,055)				544,670,525

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS – 1.3%(d)
REPURCHASE AGREEMENTS – 1.3%
Citigroup Global Markets, Inc., 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $7,140,963, collateralized by various U.S. Treasury Securities, ranging from 2.50% – 4.25%, maturing 8/15/2023 – 12/31/2024; total market value $7,213,051 (Cost $7,140,017)	$	7,140,017	$	7,140,017
Total Investments – 98.5% (Cost $542,351,072)				551,810,542
Other assets less liabilities - 1.5%				8,657,365
NET ASSETS – 100.0%			$	560,467,907

* 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, 2023. The total value of securities on loan at April 30, 2023 was $26,429,875, collateralized in the form of cash with a value of $7,140,017 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $13,362,212 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 16, 2023 – February 15, 2053 and $7,308,575 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from May 15, 2023 – May 25, 2072; a total value of $27,810,804.

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

^(d)  The security was purchased with cash collateral held from securities on loan at April 30, 2023. The total value of securities purchased was $7,140,017.

^‡  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.

See Accompanying Notes to the Financial Statements.

298 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Index Fund (cont.)

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.

REIT – Real Estate Investment Trust

As of April 30, 2023, 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	$	68,746,448
Aggregate gross unrealized depreciation		(60,164,301	)
Net unrealized appreciation	$	8,582,147
Federal income tax cost	$	543,622,656

Futures Contracts

FlexShares^® International Quality Dividend Index Fund had the following open futures contracts as of April 30, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)*
Long Contracts
EURO STOXX 50 Index		66		06/16/2023		EUR	$	3,147,725	$	100,721
FTSE 100 Index		31		06/16/2023		GBP		3,063,537		60,862
Hang Seng Index		2		05/30/2023		HKD		252,232		(2,670	)
MSCI Emerging Markets E-Mini Index		93		06/16/2023		USD		4,576,530		56,757
S&P/TSX 60 Index		7		06/15/2023		CAD		1,288,727		51,366
SPI 200 Index		12		06/15/2023		AUD		1,450,830		28,402
TOPIX Index		10		06/08/2023		JPY		1,511,401		36,166
									$	331,604

* 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, 2023:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
BRL*	1,851,302	Citibank NA	USD	346,065		06/21/2023	$	20,397
CAD	546,600	Citibank NA	USD	397,806		06/21/2023		5,628
CHF	525,246	Citibank NA	USD	566,831		06/21/2023		26,820
DKK	1,417,078	Citibank NA	USD	202,914		06/21/2023		7,708
EUR	876,068	Toronto-Dominion Bank (The)	USD	932,200		06/21/2023		37,831
EUR	242,110	UBS AG	USD	265,132		06/21/2023		2,945
GBP	151,198	Citibank NA	USD	180,530		06/21/2023		9,718
MXN	2,128,115	JPMorgan Chase Bank NA	USD	110,133		06/21/2023		6,600
SEK	3,786,434	Citibank NA	USD	355,703		06/21/2023		14,438
USD	184,995	JPMorgan Chase Bank NA	AUD	275,863		06/21/2023		2,286
USD	257,780	Citibank NA	KRW*	334,590,858		06/21/2023		7,034
USD	671,756	Toronto-Dominion Bank (The)	KRW*	880,255,885		06/21/2023		12,084
Total unrealized appreciation							$	153,489

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 299

FlexShares^® International Quality Dividend Index Fund (cont.)

Forward Foreign Currency Contracts (cont.)

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
AUD	304,161	UBS AG	USD	202,034		06/21/2023	$	(583	)
HKD	2,307,310	JPMorgan Chase Bank NA	USD	295,260		06/21/2023		(695	)
HKD	267,640	Toronto-Dominion Bank (The)	USD	34,206		06/21/2023		(37	)
JPY	160,288,112	JPMorgan Chase Bank NA	USD	1,194,695		06/21/2023		(8,283	)
JPY	43,701,366	Toronto-Dominion Bank (The)	USD	328,514		06/21/2023		(5,047	)
TWD*	4,758,650	Toronto-Dominion Bank (The)	USD	156,270		06/21/2023		(576	)
USD	380,329	Goldman Sachs & Co.	BRL*	1,985,293		06/21/2023		(12,656	)
USD	137,497	JPMorgan Chase Bank NA	CAD	188,819		06/21/2023		(1,867	)
USD	338,428	JPMorgan Chase Bank NA	CHF	311,018		06/21/2023		(13,095	)
USD	112,803	JPMorgan Chase Bank NA	DKK	783,857		06/21/2023		(3,702	)
USD	780,107	JPMorgan Chase Bank NA	EUR	728,836		06/21/2023		(26,900	)
USD	346,176	JPMorgan Chase Bank NA	GBP	284,584		06/21/2023		(11,908	)
USD	247,127	Bank of Montreal	MXN	4,524,150		06/21/2023		(1,034	)
USD	130,412	JPMorgan Chase Bank NA	SEK	1,362,689		06/21/2023		(2,798	)
USD	147,463	JPMorgan Chase Bank NA	ZAR	2,739,232		06/21/2023		(1,651	)
Total unrealized depreciation							$	(90,832	)
Net unrealized appreciation							$	62,657

* Non-deliverable forward.

Abbreviations:

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

JPY — Japanese Yen

KRW — Korean Won

MXN — Mexican Peso

SEK — Swedish Krona

TWD — Taiwan Dollar

USD — US Dollar

ZAR — South African Rand

See Accompanying Notes to the Financial Statements.

300 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Index Fund (cont.)

FlexShares^® International Quality Dividend Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2023:

Australia	5.0	%
Belgium	0.8
Brazil	1.7
Canada	5.3
Chile	0.8
China	10.0
Czech Republic	0.7
Denmark	3.4
Finland	2.2
France	5.3
Germany	2.7
Greece	0.8
Hong Kong	1.7
India	4.1
Indonesia	1.2
Italy	0.6
Japan	10.8
Mexico	1.9
Netherlands	2.1
New Zealand	0.0	†
Norway	2.0
Qatar	0.3
South Africa	1.2
South Korea	2.0
Spain	3.0
Sweden	3.8
Switzerland	9.3
Taiwan	5.2
Thailand	0.4
United Arab Emirates	0.9
United Kingdom	8.0
Other1	2.8
	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		97.2	%
Securities Lending Reinvestments		1.3
Others(1)		1.5
		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 Defensive Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 97.0%
Aerospace & Defense – 0.9%
Thales SA		1,800	$	275,028
Air Freight & Logistics – 0.4%
Deutsche Post AG (Registered)		1,425		68,465
SG Holdings Co. Ltd.		3,000		43,051
				111,516
Automobile Components – 1.6%
Bridgestone Corp.		6,100		243,615
Tube Investments of India Ltd.		7,695		243,460
				487,075
Automobiles – 1.6%
Hero MotoCorp Ltd.		6,105		190,872
Toyota Motor Corp.		4,500		61,371
Yadea Group Holdings Ltd.(a)		98,000		228,711
				480,954
Banks – 11.9%
ABN AMRO Bank NV, CVA(a) (b)		4,215		67,544
Banco de Chile		658,005		70,498
Bank of China Ltd., Class H		255,000		101,676
Bank of Communications Co. Ltd., Class H		90,000		58,013
Bankinter SA(b)		10,050		59,492
Barclays plc		126,090		253,382
BOC Hong Kong Holdings Ltd.		22,500		70,797
China CITIC Bank Corp. Ltd., Class H		30,000		16,204
China Everbright Bank Co. Ltd., Class H		165,000		52,759
Commercial International Bank Egypt SAE		130,665		225,809
Commonwealth Bank of Australia(b)		10,725		704,226
Credit Agricole SA(b)		6,960		85,168
Hana Financial Group, Inc.		2,085		65,351
Hang Seng Bank Ltd.		4,500		66,555
HSBC Holdings plc		4,575		32,995
Japan Post Bank Co. Ltd.		25,500		203,191

Investments	Shares		Value
Banks – (continued)
KBC Group NV		2,415	$	172,714
National Bank of Canada(b)		1,305		97,209
Nordea Bank Abp		10,560		117,180
Royal Bank of Canada		5,621		557,458
Sberbank of Russia PJSC* ‡		79,800		—
Sumitomo Mitsui Financial Group, Inc.		8,600		350,467
Swedbank AB, Class A		12,135		210,586
Toronto-Dominion Bank (The)		267		16,156
				3,655,430
Broadline Retail – 0.5%
B&M European Value Retail SA		10,365		62,494
Dollarama, Inc.		1,380		85,387
				147,881
Building Products – 0.3%
Xinyi Glass Holdings Ltd.		45,000		81,976
Capital Markets – 3.8%
Deutsche Boerse AG		870		166,067
GF Securities Co. Ltd., Class H(b)		144,000		206,189
Korea Investment Holdings Co. Ltd.		4,260		175,378
Macquarie Korea Infrastructure Fund		22,125		205,479
Moscow Exchange MICEX-RTS PJSC* ‡		227,100		—
NH Investment & Securities Co. Ltd.		7,380		51,556
Samsung Securities Co. Ltd.		7,785		196,894
Saudi Tadawul Group Holding Co.		750		33,434
Singapore Exchange Ltd.		21,000		150,635
				1,185,632
Chemicals – 2.7%
Braskem SA (Preference), Class A*		58,500		231,411
Evonik Industries AG		2,010		43,848
Fertiglobe plc		204,540		213,898
Nutrien Ltd.(b)		2,205		152,804
Yara International ASA		4,980		199,739
				841,700

See Accompanying Notes to the Financial Statements.

302 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Defensive Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Commercial Services & Supplies – 0.1%
Brambles Ltd.		3,390	$	31,924
Construction & Engineering – 0.6%
Bouygues SA(b)		570		20,892
Taisei Corp.		2,400		81,342
WSP Global, Inc.		615		81,080
				183,314
Construction Materials – 0.1%
LafargeHolcim Maroc SA		300		44,488
Consumer Staples Distribution & Retail – 0.2%
Loblaw Cos. Ltd.		210		19,730
Metro, Inc.		600		34,161
				53,891
Diversified REITs – 0.2%
Growthpoint Properties Ltd., REIT		83,625		58,224
Diversified Telecommunication Services – 3.2%
Elisa OYJ		4,080		253,683
Itissalat Al-Maghrib		21,090		170,125
Koninklijke KPN NV		15,705		57,373
Nippon Telegraph & Telephone Corp.		4,100		124,929
Spark New Zealand Ltd.		2,250		7,268
Telefonica Deutschland Holding AG		22,155		74,967
Telenor ASA		20,115		250,142
Telia Co. AB(b)		18,720		52,123
				990,610
Electric Utilities – 2.7%
EDP – Energias de Portugal SA		14,670		80,978
Enel SpA		26,205		179,339
Fortum OYJ		5,790		86,486
Hydro One Ltd.(a)		2,760		80,747
Iberdrola SA		4,230		55,012
Power Grid Corp. of India Ltd.		58,350		169,161
Red Electrica Corp. SA		3,855		70,244
SSE plc		4,197		96,932
				818,899

Investments	Shares		Value
Electrical Equipment – 0.1%
Mitsubishi Electric Corp.		2,400	$	29,593
Electronic Equipment, Instruments & Components – 0.8%
Kingboard Laminates Holdings Ltd.		47,000		48,318
Largan Precision Co. Ltd.		3,000		196,145
				244,463
Entertainment – 0.1%
Capcom Co. Ltd.		1,100		41,281
Financial Services – 0.4%
Power Finance Corp. Ltd.		53,385		110,832
Food Products – 3.6%
Nestle SA (Registered)		8,655		1,113,612
Gas Utilities – 2.1%
Adani Total Gas Ltd.		5,070		58,546
China Resources Gas Group Ltd.		15,000		47,294
Enagas SA(b)		975		19,542
Naturgy Energy Group SA(b)		7,590		237,136
Petronas Gas Bhd.		55,500		210,279
Snam SpA		14,775		82,210
				655,007
Ground Transportation – 1.2%
Aurizon Holdings Ltd.		97,980		221,445
Canadian National Railway Co.		1,185		141,103
				362,548
Health Care Providers & Services – 0.7%
Mitra Keluarga Karyasehat Tbk. PT(a)		1,165,500		229,604
Hotels, Restaurants & Leisure – 1.1%
La Francaise des Jeux SAEM(a)		435		18,605
McDonald’s Holdings Co. Japan Ltd.(b)		1,700		70,789
OPAP SA		14,535		248,081
				337,475
Household Durables – 1.4%
Persimmon plc		13,620		224,944
Sekisui Chemical Co. Ltd.		9,000		127,566
Sekisui House Ltd.		4,400		90,155
				442,665

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 303

FlexShares^® International Quality Dividend Defensive Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Independent Power and Renewable Electricity Producers – 0.3%
Huadian Power International Corp. Ltd., Class H(b)		180,000	$	87,135
Industrial Conglomerates – 1.5%
Alfa SAB de CV, Class A(b)		34,500		21,822
Jardine Matheson Holdings Ltd.		1,300		62,660
Quinenco SA		28,935		119,567
Siemens AG (Registered)		105		17,260
Toshiba Corp.		7,500		242,353
				463,662
Insurance – 2.7%
AIA Group Ltd.		2,000		21,644
Allianz SE (Registered)		975		244,827
Medibank Pvt Ltd.		26,820		63,097
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)*		450		169,160
Sampo OYJ, Class A		2,085		105,793
Zurich Insurance Group AG		480		232,868
				837,389
Interactive Media & Services – 0.7%
Tencent Holdings Ltd.		5,000		219,366
IT Services – 2.2%
Arabian Internet & Communications Services Co.		885		65,832
Elm Co.		570		67,323
HCL Technologies Ltd.		17,265		224,493
Itochu Techno-Solutions Corp.(b)		2,600		67,117
Tata Consultancy Services Ltd.		6,315		248,418
				673,183
Leisure Products – 0.7%
Shimano, Inc.		1,500		231,557
Machinery – 0.7%
Kone OYJ, Class B		3,735		213,182
Marine Transportation – 3.3%
AP Moller – Maersk A/S, Class A		52		92,812
AP Moller – Maersk A/S, Class B		69		124,636

Investments	Shares		Value
Marine Transportation – (continued)
Evergreen Marine Corp. Taiwan Ltd.		44,000	$	231,146
Orient Overseas International Ltd.(b)		14,500		293,329
SITC International Holdings Co. Ltd.(b)		105,000		193,416
Yang Ming Marine Transport Corp.		38,000		77,996
				1,013,335
Metals & Mining – 5.9%
BHP Group Ltd.		31,170		914,582
China Hongqiao Group Ltd.(b)		217,500		213,069
Fortescue Metals Group Ltd.		5,310		73,481
Kumba Iron Ore Ltd.		6,840		165,997
Magnitogorsk Iron & Steel Works PJSC* ‡		172,884		—
Novolipetsk Steel PJSC* ‡		47,108		—
Rio Tinto Ltd.		120		8,902
Rio Tinto plc		7,035		446,447
Severstal PAO* ‡		6,900		—
				1,822,478
Multi-Utilities – 0.1%
Engie SA		2,250		36,058
Oil, Gas & Consumable Fuels – 7.2%
Adaro Energy Indonesia Tbk. PT		943,500		201,306
Aker BP ASA		8,400		199,961
BP plc		35,400		237,777
Cenovus Energy, Inc.		13,200		221,314
China Petroleum & Chemical Corp., Class H		150,000		98,027
Equinor ASA		8,130		231,936
Exxaro Resources Ltd.(b)		16,590		174,050
LUKOIL PJSC‡		240		—
Pembina Pipeline Corp.		2,085		68,562
Petroleo Brasileiro SA		37,500		199,911
Petroleo Brasileiro SA (Preference)		40,500		191,861
Shell plc		4,230		130,365
Surgutneftegas PJSC (Preference)‡		276,000		—
TotalEnergies SE		4,140		264,818
				2,219,888

See Accompanying Notes to the Financial Statements.

304 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Defensive Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Personal Care Products – 3.3%
Hengan International Group Co. Ltd.		45,000	$	200,639
Kobayashi Pharmaceutical Co. Ltd.		3,600		224,199
L’Oreal SA		1,185		566,141
Unilever plc		660		36,803
				1,027,782
Pharmaceuticals – 8.4%
China Medical System Holdings Ltd.		135,000		223,570
GSK plc		25,635		464,299
Novartis AG (Registered)		3,855		394,704
Novo Nordisk A/S, Class B		1,005		167,408
Orion OYJ, Class B		4,515		212,442
Roche Holding AG		30		10,193
Roche Holding AG – BR		3,465		1,091,413
Sanofi		315		34,776
				2,598,805
Professional Services – 1.2%
Computershare Ltd.		2,595		38,414
Recruit Holdings Co. Ltd.		9,100		255,561
RELX plc		405		13,469
Teleperformance		300		59,881
				367,325
Real Estate Management & Development – 1.2%
China Overseas Land & Investment Ltd.		15,000		37,911
Daito Trust Construction Co. Ltd.		2,100		198,487
Greentown Service Group Co. Ltd.(a) (b)		76,000		46,569
Land & Houses PCL, NVDR		328,500		94,276
				377,243
Semiconductors & Semiconductor Equipment – 3.6%
ASML Holding NV		285		180,446
Novatek Microelectronics Corp.		11,000		149,744
Powerchip Semiconductor Manufacturing Corp.		30,000		28,983
SUMCO Corp.		4,500		61,635

Investments	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
Taiwan Semiconductor Manufacturing Co. Ltd.		30,000	$	489,875
Vanguard International Semiconductor Corp.		75,000		211,515
				1,122,198
Software – 0.1%
SAP SE		210		28,484
Specialty Retail – 2.3%
Industria de Diseno Textil SA(b)		8,550		294,125
Jarir Marketing Co.		5,880		255,850
Topsports International Holdings Ltd.(a)		15,000		13,319
ZOZO, Inc.		6,600		138,432
				701,726
Technology Hardware, Storage & Peripherals – 1.8%
Asustek Computer, Inc.		9,000		82,703
Catcher Technology Co. Ltd.		30,000		176,628
Lite-On Technology Corp.		30,000		71,725
Ricoh Co. Ltd.		8,500		69,978
Samsung Electronics Co. Ltd.		3,195		156,360
				557,394
Textiles, Apparel & Luxury Goods – 0.9%
F&F Co. Ltd.		405		42,667
Kering SA		105		67,199
LVMH Moet Hennessy Louis Vuitton SE		180		173,085
				282,951
Tobacco – 2.4%
British American Tobacco plc		6,840		251,640
Imperial Brands plc		9,450		233,694
Japan Tobacco, Inc.		12,000		257,643
				742,977
Trading Companies & Distributors – 1.7%
Ferguson plc		630		88,647
ITOCHU Corp.(b)		5,200		171,545
Mitsubishi Corp.		4,300		158,465
Sumitomo Corp.(b)		5,200		92,685
				511,342

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 305

FlexShares^® International Quality Dividend Defensive Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Wireless Telecommunication Services – 2.5%
Intouch Holdings PCL, NVDR		103,500	$	227,323
KDDI Corp.		6,000		187,185
SoftBank Corp.		7,600		85,480
Tele2 AB, Class B		24,150		256,515
				756,503
Total Common Stocks (Cost $30,147,321)				29,907,585
Investments	Principal Amount
SECURITIES LENDING REINVESTMENTS – 1.5%(c)
REPURCHASE AGREEMENTS – 1.5%
Citigroup Global Markets, Inc., 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $456,446, collateralized by various U.S. Treasury Securities, ranging from 2.50% – 4.25%, maturing 8/15/2023 – 12/31/2024; total market value $461,053 (Cost $456,385)	$	456,385		456,385
Total Investments – 98.5% (Cost $30,603,706)				30,363,970
Other assets less liabilities – 1.5%				454,263
NET ASSETS – 100.0%			$	30,818,233

* 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, 2023. The total value of securities on loan at April 30, 2023 was $2,541,656, collateralized in the form of cash with a value of $456,385 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $1,842,290 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from May 16, 2023 – February 15, 2053 and $382,396 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 15, 2023 – September 20, 2117; a total value of $2,681,071.

^(c)  The security was purchased with cash collateral held from securities on loan at April 30, 2023. The total value of securities purchased was $456,385.

^‡  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

CVA – Dutch Certification

NVDR – Non-Voting Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company

Preference – A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

REIT – Real Estate Investment Trust

As of April 30, 2023, 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	$	3,228,057
Aggregate gross unrealized depreciation		(3,627,660	)
Net unrealized depreciation	$	(399,603	)
Federal income tax cost	$	30,786,401

Futures Contracts

FlexShares^® International Quality Dividend Defensive Index Fund had the following open futures contracts as of April 30, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
MSCI EAFE E-Mini Index		5		06/16/2023		USD	$	537,400	$	32,865
MSCI Emerging Markets E-Mini Index		7		06/16/2023		USD		344,470		4,831
									$	37,696

* 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.

306 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Defensive Index Fund (cont.)

Forward Foreign Currency Contracts

FlexShares^® International Quality Dividend Defensive Index Fund had the following outstanding contracts as of April 30, 2023:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	76,000	Citibank NA	USD	55,318		06/21/2023	$	776
USD	70,172	Morgan Stanley	JPY	9,420,000		06/21/2023		448
Total unrealized appreciation							$	1,224
AUD	14,636	UBS AG	USD	9,730		06/21/2023	$	(36	)
NOK	59,477	Morgan Stanley	USD	5,622		06/21/2023		(44	)
USD	19,157	Goldman Sachs & Co.	BRL*	100,000		06/21/2023		(638	)
USD	78,756	Morgan Stanley	CHF	73,000		06/21/2023		(3,751	)
USD	213,240	Toronto-Dominion Bank (The)	EUR	200,400		06/21/2023		(8,654	)
USD	40,601	Citibank NA	GBP	34,000		06/21/2023		(2,180	)
USD	40,038	Morgan Stanley	ZAR	750,000		06/21/2023		(789	)
Total unrealized depreciation							$	(16,092	)
Net unrealized depreciation							$	(14,868	)

* Non-deliverable forward.

Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

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 307

FlexShares^® International Quality Dividend Defensive Index Fund (cont.)

FlexShares^® International Quality Dividend Defensive Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2023:

Australia	6.7	%
Belgium	0.6
Brazil	2.0
Canada	5.0
Chile	0.6
China	7.1
Denmark	1.2
Egypt	0.7
Finland	2.8
France	5.2
Germany	2.6
Greece	0.8
Hong Kong	1.4
India	4.0
Indonesia	1.4
Italy	0.8
Japan	12.7
Malaysia	0.7
Mexico	0.1
Morocco	0.7
Netherlands	1.0
New Zealand	0.0	†
Norway	2.9
Portugal	0.3
Saudi Arabia	1.4
Singapore	0.7
South Africa	1.3
South Korea	2.9
Spain	2.4
Sweden	2.1
Switzerland	9.2
Taiwan	5.6
Thailand	1.0
United Arab Emirates	0.7
United Kingdom	8.4
Other1	3.0
	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		97.1	%
Securities Lending Reinvestments		1.5
Others(1)		1.4
		100.0	%

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

See Accompanying Notes to the Financial Statements.

308 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® International Quality Dividend Dynamic Index Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
COMMON STOCKS – 97.9%
Air Freight & Logistics – 0.9%
DSV A/S		5,207	$	979,884
Automobile Components – 0.5%
Fuyao Glass Industry Group Co. Ltd., Class H(a)		49,200		199,309
Koito Manufacturing Co. Ltd.		8,200		157,478
Magna International, Inc.		4,510		234,894
				591,681
Automobiles – 2.6%
Ford Otomotiv Sanayi A/S		7,872		217,522
Geely Automobile Holdings Ltd.(b)		347,000		426,572
Mercedes-Benz Group AG		17,876		1,392,904
Yadea Group Holdings Ltd.(a) (b)		356,000		830,828
				2,867,826
Banks – 12.9%
Agricultural Bank of China Ltd., Class H		697,000		269,036
ANZ Group Holdings Ltd.		62,443		1,004,814
Banco Bilbao Vizcaya Argentaria SA		71,627		525,857
Banco del Bajio SA(a) (b)		213,200		699,084
Bank of Communications Co. Ltd., Class H		1,148,000		739,994
Bank of Montreal(b)		15,498		1,395,540
Barclays plc		232,675		467,568
BNP Paribas SA		12,218		790,301
China Construction Bank Corp., Class H		1,230,000		822,622
China Merchants Bank Co. Ltd., Class H		159,500		765,000
Credit Agricole SA(b)		25,707		314,570
FinecoBank Banca Fineco SpA		21,894		331,867
Industrial & Commercial Bank of China Ltd., Class H		1,804,000		969,806
KBC Group NV		11,685		835,678
Komercni Banka A/S		24,846		804,323
Nordea Bank Abp		35,670		395,814

Investments	Shares		Value
Banks – (continued)
Powszechna Kasa Oszczednosci Bank Polski SA		34,686	$	268,076
Royal Bank of Canada		17,507		1,736,243
Sberbank of Russia PJSC (Preference)* ‡		31,920		—
Skandinaviska Enskilda Banken AB, Class A		71,176		808,404
Standard Bank Group Ltd.		18,614		174,384
				14,118,981
Beverages – 0.8%
Diageo plc		19,270		877,265
Broadline Retail – 0.8%
momo.com, Inc.		32,000		862,910
Building Products – 0.9%
Geberit AG (Registered)		1,271		723,715
Lixil Corp.		20,000		313,150
				1,036,865
Capital Markets – 4.4%
3i Group plc		45,387		1,008,019
Amundi SA(a) (b)		4,100		268,642
EQT AB(b)		35,424		759,092
Korea Investment Holdings Co. Ltd.		17,261		710,610
Partners Group Holding AG		902		874,790
Samsung Securities Co. Ltd.		12,382		313,158
UBS Group AG (Registered)		45,100		915,377
				4,849,688
Chemicals – 2.9%
BASF SE		10,742		555,602
Fertiglobe plc		581,954		608,579
Nissan Chemical Corp.		14,400		636,639
Shin-Etsu Chemical Co. Ltd.		24,500		695,065
Wacker Chemie AG		4,633		715,821
				3,211,706
Construction Materials – 0.1%
CRH plc		1,353		65,395

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 309

FlexShares^® International Quality Dividend Dynamic Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Consumer Staples Distribution & Retail – 0.2%
Cencosud SA*		43,624	$	89,453
Jeronimo Martins SGPS SA		5,781		146,153
Kesko OYJ, Class B		1,517		31,661
				267,267
Diversified REITs – 1.0%
Growthpoint Properties Ltd., REIT(b)		240,957		167,765
Stockland, REIT(b)		304,712		896,092
				1,063,857
Diversified Telecommunication Services – 0.4%
Hellenic Telecommunications Organization SA		7,011		102,557
Telefonica SA		69,126		314,800
Telenor ASA		2,460		30,591
				447,948
Electric Utilities – 1.3%
Endesa SA(b)		14,022		315,334
Enel SpA		53,259		364,488
Fortum OYJ		25,625		382,764
SSE plc		13,653		315,323
				1,377,909
Electronic Equipment, Instruments & Components – 0.3%
Kingboard Holdings Ltd.		61,500		187,636
Kingboard Laminates Holdings Ltd.		164,000		168,599
				356,235
Financial Services – 2.5%
FirstRand Ltd.		137,350		483,481
Meritz Financial Group, Inc.		19,131		656,092
Power Finance Corp. Ltd.		344,195		714,582
REC Ltd.		560,101		904,457
				2,758,612
Food Products – 1.8%
JBS SA		61,500		220,045
Nestle SA (Registered)		6,642		854,606
Uni-President China Holdings Ltd.		861,000		858,817
				1,933,468

Investments	Shares		Value
Gas Utilities – 0.5%
AltaGas Ltd.		13,407	$	234,274
Kunlun Energy Co. Ltd.		270,000		249,710
Naturgy Energy Group SA(b)		2,993		93,511
				577,495
Ground Transportation – 0.6%
Aurizon Holdings Ltd.		271,051		612,604
Health Care Equipment & Supplies – 3.0%
Hoya Corp.		9,700		1,012,279
Sonova Holding AG (Registered)		3,321		1,051,467
Straumann Holding AG (Registered)		6,150		923,485
Sysmex Corp.		4,100		262,142
				3,249,373
Health Care Providers & Services – 0.2%
Amplifon SpA		7,298		268,137
Hotels, Restaurants & Leisure – 1.1%
Evolution AB(a)		2,542		338,380
OPAP SA		50,840		867,729
				1,206,109
Household Durables – 1.2%
Haier Smart Home Co. Ltd., Class H		82,000		265,850
Persimmon plc		46,699		771,265
Taylor Wimpey plc		161,581		260,363
				1,297,478
Industrial Conglomerates – 0.7%
Industries Qatar QSC		219,022		767,780
Industrial REITs – 0.2%
Goodman Group, REIT		19,270		245,905
Insurance – 2.2%
AXA SA		20,254		661,197
BB Seguridade Participacoes SA		45,100		309,300
Legal & General Group plc		88,068		259,132
Manulife Financial Corp.		48,790		962,274
Powszechny Zaklad Ubezpieczen SA		28,577		263,767
				2,455,670

See Accompanying Notes to the Financial Statements.

310 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Dynamic Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Interactive Media & Services – 2.4%
Autohome, Inc., ADR		6,068	$	179,916
REA Group Ltd.(b)		8,446		786,383
Rightmove plc		116,440		840,362
SEEK Ltd.		14,268		230,256
Tencent Holdings Ltd.		12,500		548,415
				2,585,332
IT Services – 0.2%
Infosys Ltd.		11,562		176,991
Leisure Products – 0.7%
Shimano, Inc.		4,800		740,983
Life Sciences Tools & Services – 0.2%
Sartorius AG (Preference)		533		206,893
Machinery – 5.3%
Atlas Copco AB, Class A(b)		70,274		1,014,656
Atlas Copco AB, Class B		9,594		122,810
Daifuku Co. Ltd.		19,000		347,446
FANUC Corp.		24,500		825,693
MISUMI Group, Inc.		32,800		821,415
VAT Group AG(a) (b)		2,747		966,951
Volvo AB, Class B(b)		15,170		311,764
Wartsila OYJ Abp		61,910		717,661
Yaskawa Electric Corp.		17,700		716,241
				5,844,637
Marine Transportation – 3.4%
AP Moller – Maersk A/S, Class A		369		658,606
Evergreen Marine Corp. Taiwan Ltd.		143,000		751,224
Hapag-Lloyd AG(a)		123		38,185
Mitsui OSK Lines Ltd.(b)		4,100		101,171
Nippon Yusen KK(b)		12,300		289,332
Orient Overseas International Ltd.(b)		52,000		1,051,937
Yang Ming Marine Transport Corp.		410,000		841,539
				3,731,994

Investments	Shares		Value
Media – 0.6%
Publicis Groupe SA		4,100	$	335,497
WPP plc		24,149		281,432
				616,929
Metals & Mining – 6.1%
BHP Group Ltd.		106,600		3,127,829
China Hongqiao Group Ltd.(b)		697,000		682,802
Fortescue Metals Group Ltd.		22,468		310,917
Gerdau SA (Preference)		47,465		238,898
Kumba Iron Ore Ltd.		26,445		641,782
MMC Norilsk Nickel PJSC‡		2,128		—
Rio Tinto plc		14,022		889,848
Severstal PAO* ‡		7,952		—
Vedanta Ltd.		215,373		735,181
				6,627,257
Oil, Gas & Consumable Fuels – 7.4%
Adaro Energy Indonesia Tbk. PT		2,033,600		433,890
Canadian Natural Resources Ltd.		25,379		1,544,857
China Petroleum & Chemical Corp., Class H		492,000		321,528
Coal India Ltd.		317,750		905,070
Equinor ASA		21,402		610,565
Exxaro Resources Ltd.		72,365		759,202
OMV AG		17,056		806,669
Ovintiv, Inc.		14,227		513,310
Petroleo Brasileiro SA		155,800		830,564
Petroleo Brasileiro SA (Preference)		180,400		854,609
Shell plc		5,822		179,429
Woodside Energy Group Ltd.		14,802		329,453
				8,089,146
Personal Care Products – 3.0%
L’Oreal SA		5,371		2,566,027
Shiseido Co. Ltd.		14,600		729,223
				3,295,250
Pharmaceuticals – 4.1%
Astellas Pharma, Inc.		24,600		369,998
China Medical System Holdings Ltd.		384,000		635,932
Chugai Pharmaceutical Co. Ltd.		30,300		779,725

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 311

FlexShares^® International Quality Dividend Dynamic Index Fund (cont.)

Investments	Shares		Value
COMMON STOCKS – (continued)
Pharmaceuticals – (continued)
CSPC Pharmaceutical Group Ltd.		604,000	$	614,010
GSK plc		42,804		775,263
Novartis AG (Registered)		1,271		130,135
Novo Nordisk A/S, Class B		1,763		293,672
Orion OYJ, Class B		11,890		559,454
Roche Holding AG		902		284,114
				4,442,303
Professional Services – 1.0%
Adecco Group AG (Registered)		4,305		147,668
Recruit Holdings Co. Ltd.		34,100		957,650
				1,105,318
Real Estate Management & Development – 0.8%
China Evergrande Group* ‡ (b)		928,000		—
China Resources Land Ltd.		88,000		408,056
Daiwa House Industry Co. Ltd.		5,100		129,480
Land & Houses PCL, NVDR		1,172,600		336,525
				874,061
Retail REITs – 0.2%
RioCan REIT, REIT(b)		12,054		186,458
Semiconductors & Semiconductor Equipment – 7.1%
ASM International NV		1,312		475,163
ASML Holding NV		6,847		4,335,137
Globalwafers Co. Ltd.		11,000		172,107
Novatek Microelectronics Corp.		64,000		871,237
Silergy Corp.		16,000		250,077
Taiwan Semiconductor Manufacturing Co. Ltd.		67,000		1,094,056
Tokyo Electron Ltd.		5,200		591,738
				7,789,515
Software – 1.3%
Nemetschek SE		14,883		1,159,688
SAP SE		2,173		294,740
				1,454,428
Specialty Retail – 1.8%
Fast Retailing Co. Ltd.		1,500		352,624
Industria de Diseno Textil SA(b)		31,160		1,071,924

Investments	Shares		Value
Specialty Retail – (continued)
ZOZO, Inc.		27,000	$	566,313
				1,990,861
Technology Hardware, Storage & Peripherals – 1.0%
Asustek Computer, Inc.		24,000		220,542
Samsung Electronics Co. Ltd.		8,569		419,358
Samsung Electronics Co. Ltd. (Preference)		9,676		402,685
				1,042,585
Textiles, Apparel & Luxury Goods – 4.2%
Burberry Group plc		11,685		380,537
Cie Financiere Richemont SA (Registered)		10,168		1,678,768
Hermes International		98		212,792
Kering SA		1,558		997,103
LVMH Moet Hennessy Louis Vuitton SE		369		354,824
Moncler SpA		1,968		145,917
Pandora A/S		8,856		818,793
				4,588,734
Tobacco – 1.6%
Imperial Brands plc		33,046		817,211
Japan Tobacco, Inc.		42,000		901,752
				1,718,963
Trading Companies & Distributors – 0.7%
Howden Joinery Group plc		95,366		820,599
Wireless Telecommunication Services – 0.8%
Celcomdigi Bhd.		762,600		752,256
Vodafone Group plc		80,114		96,567
				848,823
Total Common Stocks (Cost $106,219,171)				107,126,108

See Accompanying Notes to the Financial Statements.

312 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Dynamic Index Fund (cont.)

Investments	Principal Amount		Value
SECURITIES LENDING REINVESTMENTS – 1.4%(c)
REPURCHASE AGREEMENTS – 1.4%
Citigroup Global Markets, Inc., 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $1,585,556, collateralized by various U.S. Treasury Securities, ranging from 2.50% – 4.25%, maturing 8/15/2023 – 12/31/2024; total market value $1,601,562 (Cost $1,585,346)	$	1,585,346	$	1,585,346
Total Investments – 99.3% (Cost $107,804,517)				108,711,454
Other assets less liabilities – 0.7%				761,587
NET ASSETS – 100.0%			$	109,473,041

* 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, 2023. The total value of securities on loan at April 30, 2023 was $9,573,890, collateralized in the form of cash with a value of $1,585,346 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $6,452,932 of collateral in the form of U.S. Government

Treasury Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 16, 2023 – February 15, 2053 and $2,040,660 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 15, 2023 – September 20, 2117; a total value of $10,078,938.

^(c)  The security was purchased with cash collateral held from securities on loan at April 30, 2023. The total value of securities purchased was $1,585,346.

^‡  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.

REIT – Real Estate Investment Trust

As of April 30, 2023, 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	$	8,231,987
Aggregate gross unrealized depreciation		(7,827,748	)
Net unrealized appreciation	$	404,239
Federal income tax cost	$	108,379,982

Futures Contracts

FlexShares^® International Quality Dividend Dynamic Index Fund had the following open futures contracts as of April 30, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
MSCI EAFE E-Mini Index		14		06/16/2023		USD	$	1,504,720	$	74,185
MSCI Emerging Markets E-Mini Index		16		06/16/2023		USD		787,360		11,035
									$	85,220

* 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 313

FlexShares^® International Quality Dividend Dynamic Index Fund (cont.)

Forward Foreign Currency Contracts

FlexShares^® International Quality Dividend Dynamic Index Fund had the following outstanding contracts as of April 30, 2023:

Contracts to Receive		Counterparty	In Exchange For		Maturity Date		Unrealized Appreciation/ (Depreciation)
CAD	85,542	Citibank NA	USD	62,263		06/21/2023	$	874
USD	70,202	Morgan Stanley	JPY	9,424,060		06/21/2023		448
Total unrealized appreciation							$	1,322
USD	125,440	Morgan Stanley	CHF	116,272		06/21/2023	$	(5,975	)
USD	135,440	Toronto-Dominion Bank (The)	EUR	127,284		06/21/2023		(5,497	)
USD	42,892	Citibank NA	GBP	35,918		06/21/2023		(2,303	)
Total unrealized depreciation							$	(13,775	)
Net unrealized depreciation							$	(12,453	)

Abbreviations:

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – British Pound

JPY – Japanese Yen

USD – US Dollar

See Accompanying Notes to the Financial Statements.

314 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® International Quality Dividend Dynamic Index Fund (cont.)

FlexShares^® International Quality Dividend Dynamic Index invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2023:

Australia	6.9	%
Austria	0.7
Belgium	0.8
Brazil	2.3
Canada	6.2
Chile	0.1
China	10.2
Czech Republic	0.7
Denmark	2.5
Finland	1.6
France	5.9
Germany	4.0
Greece	0.9
India	3.2
Indonesia	0.4
Italy	1.0
Japan	11.2
Malaysia	0.7
Mexico	0.7
Netherlands	4.4
Norway	0.6
Poland	0.5
Portugal	0.1
Qatar	0.7
South Africa	2.0
South Korea	2.3
Spain	2.1
Sweden	3.4
Switzerland	7.8
Taiwan	4.6
Thailand	0.3
Turkey	0.2
United Arab Emirates	0.6
United Kingdom	8.3
Other1	2.1
	100.0	%

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

Security Type	% of Net Assets
Common Stocks		97.9	%
Securities Lending Reinvestments		1.4
Others(1)		0.7
		100.0	%

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

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 315

Schedule of Investments

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund

April 30, 2023 (Unaudited)

Investments	Principal Amount		Value
U.S. TREASURY OBLIGATIONS – 99.4%
U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2025	$	63,634,116	$	64,012,772
2.00%, 1/15/2026		43,169,791		43,610,342
2.38%, 1/15/2027		94,792,177		97,968,270
1.75%, 1/15/2028		31,975,635		32,619,519
3.63%, 4/15/2028		45,096,185		50,102,126
2.50%, 1/15/2029		28,238,585		30,081,815
3.88%, 4/15/2029		52,052,520		59,645,546
U.S. Treasury Inflation Linked Notes
0.13%, 7/15/2024		74,003,035		72,153,682
0.13%, 10/15/2024		58,809,076		57,178,043
0.25%, 1/15/2025		74,174,220		71,996,318
0.13%, 4/15/2025		59,021,830		56,962,406
0.38%, 7/15/2025		74,084,971		72,105,514
0.13%, 10/15/2025		56,653,717		54,735,015
0.63%, 1/15/2026		76,510,423		74,580,477
0.13%, 4/15/2026		176,315,808		168,903,311
0.13%, 7/15/2026		178,266,212		171,375,806
0.13%, 10/15/2026		162,604,434		155,722,328
0.38%, 1/15/2027		184,757,819		177,778,881
0.13%, 4/15/2027		59,796,926		56,832,189
0.38%, 7/15/2027		64,669,381		62,354,166
1.63%, 10/15/2027		58,311,998		59,249,318
0.50%, 1/15/2028		67,440,660		64,973,983
1.25%, 4/15/2028		30,555,481		30,526,835
0.75%, 7/15/2028		62,600,728		61,206,273
0.88%, 1/15/2029		61,352,688		60,024,978
0.25%, 7/15/2029		67,525,782		63,743,283
Total U.S. Treasury Obligations (Cost $2,016,942,023)				1,970,443,196
Total Investments – 99.4% (Cost $2,016,942,023)				1,970,443,196
Other assets less liabilities – 0.6%				11,947,116
NET ASSETS – 100.0%			$	1,982,390,312

Percentages shown are based on Net Assets.

As of April 30, 2023, 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	$	3,065,081
Aggregate gross unrealized depreciation		(69,391,475	)
Net unrealized depreciation	$	(66,326,394	)
Federal income tax cost	$	2,036,769,590

Security Type	% of Net Assets
U.S. Treasury Obligations		99.4	%
Others(1)		0.6
		100.0	%

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

See Accompanying Notes to the Financial Statements.

316 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund

April 30, 2023 (Unaudited)

Investments	Principal Amount		Value
U.S. TREASURY OBLIGATIONS – 99.4%
U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2027	$	16,694,510	$	17,253,874
1.75%, 1/15/2028		15,241,810		15,548,730
3.63%, 4/15/2028		21,561,352		23,954,788
2.50%, 1/15/2029		21,197,505		22,581,139
3.88%, 4/15/2029		38,581,890		44,209,923
3.38%, 4/15/2032		5,887,978		6,923,895
2.13%, 2/15/2040		14,339,148		15,734,834
U.S. Treasury Inflation Linked Notes
0.13%, 7/15/2026(a)		31,402,856		30,189,062
0.13%, 10/15/2026		28,662,973		27,449,835
0.38%, 1/15/2027		32,545,054		31,315,715
0.13%, 4/15/2027		28,510,649		27,097,089
0.38%, 7/15/2027		30,834,298		29,730,406
1.63%, 10/15/2027		27,800,213		28,247,080
0.50%, 1/15/2028		32,153,106		30,977,089
1.25%, 4/15/2028		14,713,570		14,699,776
0.75%, 7/15/2028		46,985,602		45,938,979
0.88%, 1/15/2029		46,053,535		45,056,908
0.25%, 7/15/2029		50,046,583		47,243,193
0.13%, 1/15/2030		32,604,482		30,259,337
0.13%, 7/15/2030(a)		34,181,150		31,649,164
0.13%, 1/15/2031		34,011,368		31,262,116
0.13%, 7/15/2031		35,702,890		32,685,345
0.13%, 1/15/2032		37,664,295		34,237,237
0.63%, 7/15/2032		34,192,675		32,459,667
1.13%, 1/15/2033		22,437,049		22,218,814
Total U.S. Treasury Obligations (Cost $742,369,381)				718,923,995
Total Investments – 99.4% (Cost $742,369,381)				718,923,995
Other assets less liabilities – 0.6%				4,670,578
NET ASSETS – 100.0%			$	723,594,573

^(a)  The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 was $37,226,221, collateralized in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.00%, and maturity dates ranging from May 4, 2023 – June 23, 2071; a total value of $38,804,975.

Percentages shown are based on Net Assets.

As of April 30, 2023, 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	$	940,215
Aggregate gross unrealized depreciation		(42,407,223	)
Net unrealized depreciation	$	(41,467,008	)
Federal income tax cost	$	760,391,003

Security Type	% of Net Assets
U.S. Treasury Obligations		99.4	%
Others(1)		0.6
		100.0	%

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

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 317

Schedule of Investments

FlexShares^® Disciplined Duration MBS Index Fund

April 30, 2023 (Unaudited)

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – 99.5%
FHLMC
2.50%, 1/1/2028	$	137,105	$	131,990
2.50%, 4/1/2028		421,700		405,913
2.50%, 7/1/2028		216,008		207,448
2.50%, 1/1/2029		30,818		29,637
2.50%, 1/1/2030		350,760		337,688
5.00%, 5/1/2034		43,016		43,851
5.00%, 7/1/2035		102,099		104,084
5.00%, 8/1/2035		84,294		85,933
5.00%, 10/1/2035		15,180		15,475
5.00%, 11/1/2035		140,707		143,441
5.00%, 12/1/2035		87,499		89,266
6.00%, 1/1/2037		56,030		58,505
6.00%, 4/1/2037		29,384		30,718
6.00%, 5/1/2037		50,860		53,106
5.00%, 2/1/2038		43,559		44,405
5.00%, 7/1/2038		42,440		43,266
5.00%, 10/1/2038		39,811		40,586
5.00%, 2/1/2039		103,254		105,261
5.00%, 5/1/2039		55,858		56,946
5.00%, 6/1/2039		20,627		21,029
5.00%, 7/1/2039		43,260		43,999
5.00%, 9/1/2039		4,622		4,712
6.00%, 11/1/2039		31,275		32,656
5.00%, 1/1/2040		14,081		14,356
5.00%, 3/1/2040		36,629		37,343
5.00%, 4/1/2040		16,378		16,698
6.00%, 4/1/2040		34,592		35,885
5.00%, 5/1/2040		14,774		15,027
6.00%, 5/1/2040		85,313		88,667
5.00%, 7/1/2040		81,388		82,883
6.00%, 7/1/2040		134,799		140,665
4.00%, 1/1/2041		13,025		12,755
5.00%, 5/1/2041		118,077		119,533
3.50%, 11/1/2041		56,476		53,941
3.00%, 3/1/2042		9,767		9,003
3.00%, 4/1/2042		74,652		68,816
3.00%, 6/1/2042		62,566		57,674
3.00%, 8/1/2042		35,112		32,367
3.00%, 11/1/2042		249,863		230,327
3.00%, 12/1/2042		76,448		70,472
3.00%, 1/1/2043		39,365		36,287
3.00%, 2/1/2043		20,606		18,995
3.00%, 3/1/2043		107,590		99,182

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
3.00%, 4/1/2043	$	25,639	$	23,634
3.00%, 6/1/2043		16,170		14,906
3.00%, 10/1/2043		49,754		45,864
4.00%, 8/1/2044		11,270		10,876
5.00%, 8/1/2044		32,614		33,248
4.00%, 1/1/2045		34,538		33,693
4.00%, 2/1/2045		76,754		75,257
4.50%, 2/1/2045		384,573		380,619
4.00%, 8/1/2045		85,977		83,919
4.00%, 9/1/2045		14,480		14,126
4.00%, 10/1/2045		147,136		143,427
4.00%, 11/1/2045		29,363		28,660
4.00%, 12/1/2045		12,134		11,837
4.00%, 1/1/2046		37,495		36,578
2.50%, 9/1/2046		22,343		19,708
3.00%, 11/1/2046		25,792		23,710
FHLMC UMBS
3.00%, 8/1/2026		49,037		47,738
3.00%, 1/1/2027		79,853		77,635
3.00%, 2/1/2027		44,740		43,474
3.00%, 4/1/2027		283,227		275,209
2.50%, 6/1/2027		26,770		25,788
2.50%, 3/1/2028		919,402		883,955
3.00%, 8/1/2029		122,272		117,738
2.50%, 8/1/2030		952,164		901,336
2.50%, 11/1/2030		40,132		38,486
3.00%, 5/1/2031		78,691		76,388
2.00%, 8/1/2031		29,932		27,609
4.00%, 8/1/2031		74,947		73,141
4.00%, 9/1/2031		66,902		65,289
2.00%, 11/1/2031		48,239		44,446
2.50%, 12/1/2031		647,652		611,820
2.00%, 1/1/2032		96,216		88,749
3.00%, 1/1/2032		4,169		3,997
4.00%, 1/1/2032		90,223		88,046
2.00%, 2/1/2032		102,729		94,752
3.50%, 2/1/2032		164,314		161,660
4.00%, 2/1/2032		136,623		133,327
3.50%, 3/1/2032		141,227		138,946
3.50%, 7/1/2032		107,209		104,430
2.00%, 12/1/2032		788,679		727,467
3.00%, 4/1/2033		1,537,304		1,487,648
3.50%, 5/1/2033		32,745		31,893
3.00%, 10/1/2033		2,446,877		2,349,786

See Accompanying Notes to the Financial Statements.

318 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Disciplined Duration MBS Index Fund (cont.)

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
5.00%, 8/1/2035	$	367,325	$	374,063
2.00%, 10/1/2035		1,155,963		1,045,999
1.50%, 2/1/2036		1,214,908		1,068,862
2.00%, 3/1/2036		454,213		410,940
1.50%, 4/1/2036		803,336		706,728
4.00%, 5/1/2036		25,850		25,228
5.00%, 3/1/2038		49,672		50,584
5.00%, 7/1/2039		67,980		69,067
3.00%, 9/1/2039		106,098		98,751
3.00%, 10/1/2039		30,414		28,307
5.00%, 10/1/2039		25,324		25,809
3.00%, 11/1/2039		119,964		111,657
3.00%, 1/1/2040		100,600		93,633
5.00%, 1/1/2040		25,869		26,436
5.00%, 3/1/2040		39,222		40,132
5.00%, 5/1/2040		53,405		54,386
2.00%, 7/1/2040		109,064		94,051
1.50%, 10/1/2040		556,158		458,196
3.50%, 12/1/2040		42,304		40,362
2.00%, 1/1/2041		171,873		147,788
2.00%, 2/1/2041		1,234,018		1,064,046
1.50%, 3/1/2041		724,113		596,527
2.00%, 3/1/2041		621,027		535,488
4.50%, 3/1/2041		73,090		73,286
1.50%, 4/1/2041		1,279		1,054
2.00%, 4/1/2041		989		853
4.50%, 4/1/2041		15,782		15,838
1.50%, 5/1/2041		639,092		526,482
2.50%, 6/1/2041		807,129		720,713
4.00%, 1/1/2042		57,781		56,774
5.00%, 2/1/2042		46,936		47,799
3.00%, 3/1/2042		525		483
3.50%, 11/1/2042		73,334		69,948
3.50%, 1/1/2043		37,885		36,146
3.50%, 2/1/2043		25,858		24,671
2.50%, 6/1/2043		390,954		344,484
4.00%, 12/1/2043		11,237		10,985
4.50%, 3/1/2044		53,606		53,690
4.00%, 6/1/2044		4,086		3,942
4.50%, 7/1/2044		20,218		20,165
4.00%, 8/1/2044		12,178		11,740
4.00%, 12/1/2044		735,935		709,332
4.50%, 12/1/2044		12,838		12,805
5.00%, 12/1/2044		121,914		124,154
4.00%, 2/1/2045		15,351		15,035

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
4.50%, 9/1/2045	$	14,740	$	14,672
4.00%, 10/1/2045		39,409		38,420
4.00%, 12/1/2045		19,228		18,774
4.50%, 12/1/2045		633,958		632,302
3.00%, 1/1/2046		43,149		39,730
4.00%, 1/1/2046		33,715		32,855
4.00%, 2/1/2046		1,055,511		1,032,562
4.50%, 4/1/2046		32,384		32,382
4.00%, 11/1/2046		978,144		944,334
4.50%, 3/1/2047		454,927		454,389
4.50%, 8/1/2048		429,712		427,360
FNMA UMBS
3.50%, 12/1/2025		575,433		564,461
4.00%, 5/1/2026		331,350		328,470
3.00%, 11/1/2026		693,981		674,812
3.00%, 12/1/2026		205,902		200,162
3.50%, 12/1/2026		317,394		311,123
3.00%, 1/1/2027		69,904		67,964
3.00%, 2/1/2027		79,910		77,660
3.00%, 6/1/2027		273,650		265,784
3.00%, 8/1/2027		271,924		263,968
3.00%, 10/1/2027		80,758		78,369
2.50%, 11/1/2027		8,029		7,712
3.00%, 11/1/2027		99,595		96,713
2.50%, 12/1/2027		195,036		187,596
2.50%, 1/1/2028		1,565,969		1,505,082
2.50%, 4/1/2028		64,769		62,272
2.50%, 9/1/2028		51,194		49,252
3.50%, 12/1/2028		96,098		93,750
3.00%, 2/1/2029		130,997		126,863
2.50%, 3/1/2029		241,863		232,504
2.50%, 6/1/2029		91,124		87,650
3.50%, 12/1/2029		768,389		753,354
2.50%, 7/1/2030		225,952		217,220
3.00%, 7/1/2030		863,467		836,843
2.50%, 8/1/2030		962,434		911,038
3.00%, 9/1/2030		1,233,161		1,195,225
3.50%, 10/1/2030		52,256		51,414
3.50%, 11/1/2030		9,209		9,060
3.50%, 2/1/2031		828,075		807,899
2.50%, 3/1/2031		465,094		446,245
4.00%, 8/1/2031		181,117		176,750
2.00%, 9/1/2031		24,336		22,449
2.00%, 11/1/2031		59,029		54,448
4.00%, 12/1/2031		63,131		61,608

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 319

FlexShares^® Disciplined Duration MBS Index Fund (cont.)

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
2.00%, 2/1/2032	$	624	$	571
4.00%, 3/1/2032		44,377		43,306
3.50%, 7/1/2032		236,784		231,136
3.50%, 10/1/2032		310,838		304,449
6.00%, 12/1/2032		10,483		10,881
6.00%, 4/1/2033		6,709		6,952
3.00%, 6/1/2033		932		879
4.00%, 10/1/2033		36,946		36,056
4.00%, 3/1/2034		605,047		599,770
6.00%, 3/1/2034		2,958		3,071
6.00%, 8/1/2034		36,775		38,262
6.50%, 9/1/2034		101,637		107,119
6.00%, 12/1/2034		160,829		166,957
3.00%, 2/1/2035		804,739		774,829
3.00%, 7/1/2035		1,110,586		1,062,842
5.00%, 8/1/2035		21,104		21,492
6.00%, 11/1/2035		30,510		31,673
5.00%, 12/1/2035		46,581		47,436
2.00%, 1/1/2036		6,596		5,968
5.00%, 2/1/2036		2,268		2,310
4.50%, 6/1/2036		467,083		468,644
6.00%, 6/1/2036		42,023		43,746
2.00%, 7/1/2036		967,877		873,655
2.50%, 7/1/2036		757,871		705,700
5.00%, 7/1/2036		20,560		20,938
6.50%, 8/1/2036		16,076		17,005
2.50%, 11/1/2036		576,406		529,411
6.00%, 11/1/2036		40,260		41,960
1.50%, 2/1/2037		896,087		788,232
6.00%, 8/1/2037		141,296		146,681
6.00%, 9/1/2037		20,879		21,811
6.50%, 10/1/2037		30,880		31,955
5.00%, 3/1/2038		49,702		50,615
5.00%, 5/1/2038		39,789		40,519
6.00%, 5/1/2038		13,881		14,473
6.00%, 9/1/2038		26,023		27,059
5.00%, 6/1/2039		48,207		49,093
3.50%, 8/1/2039		715,224		691,307
5.00%, 10/1/2039		45,632		46,472
3.00%, 1/1/2040		38,428		35,769
5.00%, 2/1/2040		38,964		40,228
5.00%, 6/1/2040		14,823		15,061
6.00%, 6/1/2040		106,095		110,107
3.50%, 1/1/2041		36,767		35,191
1.50%, 2/1/2041		802,024		660,711

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
3.50%, 2/1/2041	$	23,160	$	22,102
4.50%, 2/1/2041		2,763		2,766
1.50%, 4/1/2041		434,123		357,631
2.00%, 5/1/2041		830,993		712,483
4.50%, 5/1/2041		38,338		38,430
5.00%, 5/1/2041		32,970		33,576
6.00%, 5/1/2041		23,910		24,911
4.50%, 6/1/2041		18,625		18,643
2.50%, 7/1/2041		611,265		545,817
5.00%, 7/1/2041		422,041		429,803
6.00%, 7/1/2041		27,276		28,450
4.50%, 8/1/2041		112,538		112,944
5.00%, 8/1/2041		63,386		64,683
4.00%, 9/1/2041		196,287		192,754
4.50%, 9/1/2041		72,739		72,810
3.50%, 10/1/2041		129,781		123,822
4.00%, 10/1/2041		50,017		49,145
5.00%, 10/1/2041		63,174		64,339
4.00%, 11/1/2041		72,330		70,756
4.00%, 12/1/2041		17,616		17,233
4.00%, 1/1/2042		159,007		153,810
4.50%, 1/1/2042		17,972		18,036
6.00%, 1/1/2042		69,311		72,759
3.00%, 3/1/2042		27,894		25,685
4.00%, 3/1/2042		82,063		80,717
3.00%, 4/1/2042		48,159		44,347
4.50%, 4/1/2042		98,080		98,430
3.50%, 5/1/2042		24,312		23,196
4.50%, 5/1/2042		68,123		68,366
3.50%, 6/1/2042		43,051		41,075
3.50%, 7/1/2042		131,828		125,776
4.00%, 7/1/2042		110,872		109,729
3.50%, 8/1/2042		40,315		38,614
3.00%, 9/1/2042		70,959		65,339
3.50%, 9/1/2042		13,758		13,126
4.00%, 9/1/2042		68,964		67,762
3.00%, 10/1/2042		145,046		133,561
3.50%, 10/1/2042		25,157		24,003
2.50%, 12/1/2042		235,258		207,296
3.00%, 12/1/2042		139,514		128,467
2.50%, 1/1/2043		7,903		6,964
3.00%, 1/1/2043		132,416		121,930
3.50%, 1/1/2043		37,757		36,016
4.00%, 1/1/2043		73,082		71,516
4.50%, 1/1/2043		183,361		184,014

See Accompanying Notes to the Financial Statements.

320 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Disciplined Duration MBS Index Fund (cont.)

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
2.50%, 2/1/2043	$	731,923	$	644,603
3.00%, 2/1/2043		183,388		168,864
3.50%, 2/1/2043		71,874		68,573
3.50%, 3/1/2043		85,145		81,236
2.50%, 5/1/2043		12,273		10,693
2.50%, 6/1/2043		6,508		5,713
4.00%, 8/1/2043		38,859		38,012
4.00%, 9/1/2043		92,540		90,524
4.50%, 9/1/2043		25,962		25,930
4.00%, 10/1/2043		115,249		112,739
4.00%, 11/1/2043		239,979		235,000
4.50%, 11/1/2043		91,547		91,308
4.50%, 12/1/2043		63,015		63,021
4.00%, 1/1/2044		92,487		90,435
4.50%, 2/1/2044		18,102		18,055
4.50%, 3/1/2044		106,713		108,161
5.00%, 3/1/2044		17,998		18,343
4.00%, 4/1/2044		888,064		864,712
4.50%, 4/1/2044		190,955		190,579
5.00%, 6/1/2044		31,127		31,693
4.00%, 10/1/2044		36,123		35,337
4.50%, 10/1/2044		8,157		8,136
4.50%, 12/1/2044		33,484		33,414
4.00%, 2/1/2045		26,439		25,765
4.50%, 2/1/2045		113,468		113,172
4.00%, 4/1/2045		23,917		23,343
4.00%, 8/1/2045		11,146		10,862
4.00%, 11/1/2045		62,964		61,514
4.50%, 11/1/2045		75,980		75,877
4.00%, 12/1/2045		151,734		148,286
4.00%, 2/1/2046		7,855		7,712
4.50%, 3/1/2046		122,066		121,860
4.00%, 4/1/2046		11,062		10,792
2.50%, 6/1/2046		74,491		65,643
4.50%, 6/1/2046		84,038		83,818
4.50%, 7/1/2046		16,600		16,537
4.50%, 8/1/2046		14,378		14,340
2.50%, 10/1/2046		59,953		52,825
4.50%, 10/1/2046		28,672		28,537
2.50%, 12/1/2046		20,402		17,977
4.50%, 1/1/2047		25,949		25,852
4.00%, 2/1/2047		29,484		28,777
4.50%, 2/1/2047		32,558		32,607
4.50%, 3/1/2047		1,381		1,387
4.50%, 5/1/2047		526,190		520,030

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
4.50%, 7/1/2047	$	77,984	$	77,781
5.00%, 7/1/2047		29,911		30,461
4.50%, 4/1/2048		574,412		576,458
5.50%, 2/1/2049		1,843,593		1,910,309
6.00%, 2/1/2049		84,799		89,535
4.50%, 7/1/2049		494,945		490,745
4.50%, 11/1/2049		895,408		892,654
4.50%, 5/1/2050		786,144		778,496
3.50%, 7/1/2050		492,563		466,152
4.00%, 7/1/2050		1,345,453		1,294,874
GNMA
5.50%, 8/20/2033		27,253		27,976
5.50%, 11/20/2033		25,803		26,552
5.50%, 3/20/2034		31,474		32,541
5.50%, 7/20/2034		19,809		20,526
5.50%, 9/20/2034		8,645		8,765
5.50%, 3/20/2036		63,486		66,091
5.50%, 9/20/2038		38,423		40,015
5.50%, 2/20/2039		63,238		65,852
4.50%, 5/15/2039		1,616,203		1,637,372
5.00%, 11/15/2039		1,695,826		1,742,142
4.00%, 6/15/2040		308,310		303,986
4.00%, 8/15/2040		306,960		302,645
4.00%, 11/15/2040		242,515		239,005
5.50%, 12/20/2040		18,414		19,159
5.50%, 1/20/2041		19,263		20,061
4.00%, 9/15/2041		926,561		906,518
5.50%, 12/20/2041		47,974		49,106
5.50%, 2/20/2042		12,825		13,356
3.50%, 6/15/2042		448,139		435,231
2.50%, 3/20/2043		40,600		36,478
2.50%, 5/20/2043		59,508		53,461
5.50%, 3/20/2044		55,881		58,193
4.50%, 10/20/2044		118,057		118,884
2.50%, 11/20/2044		35,773		32,138
5.00%, 6/20/2045		149,816		153,400
4.00%, 8/15/2045		1,135,257		1,118,714
4.50%, 12/20/2045		247,958		249,691
4.50%, 4/20/2046		293,542		295,591
5.00%, 5/20/2046		353,558		363,114
3.50%, 6/15/2046		2,101,222		2,035,737
4.00%, 2/20/2048		952,132		928,897
5.00%, 5/20/2048		134,096		135,464
5.50%, 1/20/2049		315,609		321,323

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 321

FlexShares^® Disciplined Duration MBS Index Fund (cont.)

Investments	Principal Amount		Value
MORTGAGE-BACKED SECURITIES – (continued)
5.50%, 7/20/2049	$	9,166	$	9,392
4.00%, 12/20/2051		433,917		417,143
5.50%, 11/20/2052		989,012		995,916
Total Mortgage-Backed Securities (Cost $81,645,528)				75,968,953
Total Investments – 99.5% (Cost $81,645,528)				75,968,953
Other assets less liabilities – 0.5%				418,070
NET ASSETS – 100.0%			$	76,387,023

Percentages shown are based on Net Assets.

Abbreviations

FHLMC – Federal Home Loan Mortgage Corp.

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

UMBS – Uniform Mortgage-Backed Securities

As of April 30, 2023, 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	$	45,342
Aggregate gross unrealized depreciation		(5,722,137	)
Net unrealized depreciation	$	(5,676,795	)
Federal income tax cost	$	81,645,748

Security Type	% of Net Assets
Mortgage-Backed Securities		99.5	%
Others(1)		0.5
		100.0	%

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

See Accompanying Notes to the Financial Statements.

322 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares® Credit-Scored US Corporate Bond Index Fund

April 30, 2023 (Unaudited)

Investments	Principal Amount		Value
CORPORATE BONDS – 98.2%
Aerospace & Defense – 1.3%
Boeing Co. (The)
5.15%, 5/1/2030	$	100,000	$	100,770
General Dynamics Corp.
3.50%, 5/15/2025		375,000		367,983
3.75%, 5/15/2028		600,000		588,583
L3Harris Technologies, Inc.
4.40%, 6/15/2028		750,000		743,520
Leidos, Inc.
4.38%, 5/15/2030		250,000		236,015
Lockheed Martin Corp.
3.55%, 1/15/2026		151,000		148,864
5.25%, 1/15/2033		250,000		267,139
Northrop Grumman Corp.
4.40%, 5/1/2030		250,000		249,628
Textron, Inc.
3.90%, 9/17/2029		250,000		236,341
3.00%, 6/1/2030		250,000		223,604
				3,162,447
Air Freight & Logistics – 0.3%
CH Robinson Worldwide, Inc.
4.20%, 4/15/2028		210,000		204,069
United Parcel Service, Inc.
2.50%, 9/1/2029		600,000		546,923
4.45%, 4/1/2030		50,000		50,662
				801,654
Automobile Components – 0.1%
BorgWarner, Inc.
2.65%, 7/1/2027		200,000		185,463
Banks – 27.2%
Banco Bilbao Vizcaya Argentaria SA
6.14%, 9/14/2028(a)		200,000		204,381
Banco Santander SA
3.89%, 5/24/2024		200,000		196,393
5.18%, 11/19/2025		150,000		147,992
1.72%, 9/14/2027(a)		200,000		175,946
Bank of America Corp.
4.45%, 3/3/2026		450,000		443,330
3.38%, 4/2/2026(a)		650,000		626,791

Investments	Principal Amount		Value
Banks – (continued)
1.73%, 7/22/2027(a)	$	360,000	$	322,524
Series L, 4.18%, 11/25/2027		675,000		651,062
3.82%, 1/20/2028(a)		500,000		477,316
3.71%, 4/24/2028(a)		5,000		4,741
4.95%, 7/22/2028(a)		575,000		573,024
3.42%, 12/20/2028(a)		700,000		649,801
3.97%, 3/5/2029(a)		500,000		474,253
4.27%, 7/23/2029(a)		750,000		718,823
3.97%, 2/7/2030(a)		300,000		280,690
3.19%, 7/23/2030(a)		250,000		222,790
2.50%, 2/13/2031(a)		600,000		506,524
2.59%, 4/29/2031(a)		188,000		159,254
1.90%, 7/23/2031(a)		250,000		200,766
Series N, 2.65%, 3/11/2032(a)		500,000		416,705
2.69%, 4/22/2032(a)		162,000		135,372
2.30%, 7/21/2032(a)		500,000		403,371
2.57%, 10/20/2032(a)		250,000		205,289
3.85%, 3/8/2037(a)		200,000		173,029
Bank of Montreal
Series H, 4.25%, 9/14/2024		250,000		246,740
1.50%, 1/10/2025		250,000		235,467
2.65%, 3/8/2027		300,000		278,560
Series H, 4.70%, 9/14/2027		250,000		249,640
3.80%, 12/15/2032(a)		500,000		452,280
3.09%, 1/10/2037(a)		25,000		20,098
Bank of Nova Scotia (The)
4.50%, 12/16/2025		350,000		344,984
Series 2, 3.62%, 10/27/2081(a)		250,000		178,987
8.62%, 10/27/2082(a)		300,000		307,665
Bank OZK
2.75%, 10/1/2031(a)		100,000		77,736
BankUnited, Inc.
5.13%, 6/11/2030		250,000		213,036
Barclays plc
3.65%, 3/16/2025		150,000		143,554
5.20%, 5/12/2026		250,000		244,030
5.30%, 8/9/2026(a)		450,000		446,112
4.84%, 5/9/2028		300,000		284,628

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 323

FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Banks – (continued)
Canadian Imperial Bank of Commerce
2.25%, 1/28/2025	$	300,000	$	286,212
Citigroup, Inc.
4.60%, 3/9/2026		380,000		375,568
3.11%, 4/8/2026(a)		500,000		481,008
3.20%, 10/21/2026		300,000		284,872
4.45%, 9/29/2027		1,000,000		977,137
3.89%, 1/10/2028(a)		500,000		480,945
3.67%, 7/24/2028(a)		500,000		473,298
3.98%, 3/20/2030(a)		1,000,000		938,183
2.67%, 1/29/2031(a)		500,000		428,586
4.41%, 3/31/2031(a)		1,286,000		1,227,785
2.57%, 6/3/2031(a)		250,000		211,549
2.56%, 5/1/2032(a)		50,000		41,508
3.06%, 1/25/2033(a)		200,000		170,514
6.27%, 11/17/2033(a)		500,000		540,524
Citizens Bank NA
2.25%, 4/28/2025		500,000		456,937
4.57%, 8/9/2028(a)		500,000		463,566
Citizens Financial Group, Inc.
3.25%, 4/30/2030		200,000		170,668
Comerica Bank
2.50%, 7/23/2024		250,000		230,443
Comerica, Inc.
4.00%, 2/1/2029		300,000		256,567
Cooperatieve Rabobank UA
4.38%, 8/4/2025		250,000		241,557
3.75%, 7/21/2026		250,000		235,304
Discover Bank
2.45%, 9/12/2024		500,000		475,288
4.65%, 9/13/2028		250,000		239,041
2.70%, 2/6/2030		300,000		246,214
Fifth Third Bancorp
2.55%, 5/5/2027		200,000		177,813
4.06%, 4/25/2028(a)		250,000		236,579
6.36%, 10/27/2028(a)		500,000		516,014
4.77%, 7/28/2030(a)		275,000		261,708
Fifth Third Bank NA
3.95%, 7/28/2025		500,000		480,795
3.85%, 3/15/2026		350,000		329,657
First Horizon Bank
5.75%, 5/1/2030		260,000		245,747

Investments	Principal Amount		Value
Banks – (continued)
HSBC Holdings plc
2.10%, 6/4/2026(a)	$	250,000	$	232,785
4.29%, 9/12/2026(a)		650,000		630,674
4.04%, 3/13/2028(a)		490,000		466,922
7.39%, 11/3/2028(a)		500,000		538,226
4.58%, 6/19/2029(a)		670,000		643,436
3.97%, 5/22/2030(a)		790,000		726,826
2.36%, 8/18/2031(a)		50,000		40,315
2.80%, 5/24/2032(a)		200,000		163,759
4.76%, 3/29/2033(a)		200,000		183,944
5.40%, 8/11/2033(a)		200,000		198,233
Huntington Bancshares, Inc.
4.00%, 5/15/2025		150,000		143,151
2.55%, 2/4/2030		200,000		163,194
Huntington National Bank (The)
5.65%, 1/10/2030		500,000		498,181
ING Groep NV
1.73%, 4/1/2027(a)		200,000		180,161
4.55%, 10/2/2028		300,000		293,872
4.05%, 4/9/2029		200,000		191,158
JPMorgan Chase & Co.
2.30%, 10/15/2025(a)		120,000		114,618
2.00%, 3/13/2026(a)		115,000		108,448
2.08%, 4/22/2026(a)		800,000		753,754
3.96%, 1/29/2027(a)		650,000		632,345
1.58%, 4/22/2027(a)		250,000		226,512
3.63%, 12/1/2027		200,000		190,602
3.78%, 2/1/2028(a)		400,000		383,952
4.32%, 4/26/2028(a)		250,000		245,289
4.85%, 7/25/2028(a)		600,000		601,632
3.51%, 1/23/2029(a)		800,000		752,415
4.01%, 4/23/2029(a)		130,000		124,426
4.20%, 7/23/2029(a)		400,000		385,276
4.45%, 12/5/2029(a)		500,000		486,725
3.70%, 5/6/2030(a)		250,000		233,192
4.57%, 6/14/2030(a)		500,000		488,182
2.74%, 10/15/2030(a)		200,000		175,441
4.49%, 3/24/2031(a)		150,000		146,138
2.96%, 5/13/2031(a)		350,000		303,328
1.95%, 2/4/2032(a)		175,000		141,060
2.96%, 1/25/2033(a)		50,000		42,758
4.59%, 4/26/2033(a)		300,000		291,905
4.91%, 7/25/2033(a)		500,000		497,233

See Accompanying Notes to the Financial Statements.

324 FLEXSHARES SEMIANNUAL REPORT

FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Banks – (continued)
KeyCorp
2.25%, 4/6/2027	$	300,000	$	261,597
4.10%, 4/30/2028		200,000		184,920
2.55%, 10/1/2029		150,000		122,160
Lloyds Banking Group plc
3.87%, 7/9/2025(a)		250,000		243,996
4.58%, 12/10/2025		500,000		478,628
3.51%, 3/18/2026(a)		400,000		384,794
4.65%, 3/24/2026		500,000		481,400
M&T Bank Corp.
4.55%, 8/16/2028(a)		120,000		113,532
Manufacturers & Traders Trust Co.
2.90%, 2/6/2025		300,000		283,635
4.65%, 1/27/2026		500,000		484,277
3.40%, 8/17/2027		300,000		267,396
4.70%, 1/27/2028		250,000		237,147
Mitsubishi UFJ Financial Group, Inc.
2.19%, 2/25/2025		500,000		472,943
3.85%, 3/1/2026		250,000		242,132
3.29%, 7/25/2027		600,000		566,667
2.34%, 1/19/2028(a)		300,000		271,774
5.35%, 9/13/2028(a)		200,000		202,252
3.20%, 7/18/2029		500,000		450,044
2.05%, 7/17/2030		100,000		82,181
Mizuho Financial Group, Inc.
2.23%, 5/25/2026(a)		300,000		280,982
1.23%, 5/22/2027(a)		200,000		176,695
3.17%, 9/11/2027		200,000		186,729
4.02%, 3/5/2028		340,000		324,957
4.25%, 9/11/2029(a)		250,000		239,033
3.15%, 7/16/2030(a)		150,000		132,967
2.59%, 5/25/2031(a)		250,000		209,447
2.56%, 9/13/2031		50,000		39,898
National Australia Bank Ltd.
5.13%, 11/22/2024		250,000		251,475
NatWest Group plc
4.80%, 4/5/2026		250,000		248,946
5.08%, 1/27/2030(a)		450,000		443,495
4.44%, 5/8/2030(a)		500,000		474,625
PNC Bank NA
3.88%, 4/10/2025		450,000		435,397

Investments	Principal Amount		Value
Banks – (continued)
4.05%, 7/26/2028	$	250,000	$	237,763
2.70%, 10/22/2029		500,000		432,712
PNC Financial Services Group, Inc. (The)
2.55%, 1/22/2030		250,000		214,221
Regions Financial Corp.
2.25%, 5/18/2025		250,000		232,945
Royal Bank of Canada
3.97%, 7/26/2024		250,000		246,598
2.25%, 11/1/2024		250,000		239,842
4.65%, 1/27/2026		550,000		544,445
6.00%, 11/1/2027		250,000		262,731
Santander Holdings USA, Inc.
3.45%, 6/2/2025		250,000		236,996
4.50%, 7/17/2025		190,000		185,063
Santander UK Group Holdings plc
3.82%, 11/3/2028(a)		200,000		184,237
Sumitomo Mitsui Financial Group, Inc.
2.70%, 7/16/2024		250,000		242,232
1.47%, 7/8/2025		250,000		230,909
2.63%, 7/14/2026		550,000		513,944
1.40%, 9/17/2026		450,000		399,584
3.45%, 1/11/2027		110,000		104,486
3.36%, 7/12/2027		400,000		380,463
1.90%, 9/17/2028		240,000		204,978
4.31%, 10/16/2028		450,000		435,349
2.47%, 1/14/2029		450,000		392,980
3.04%, 7/16/2029		300,000		268,407
2.72%, 9/27/2029		250,000		217,897
2.75%, 1/15/2030		200,000		174,417
2.13%, 7/8/2030		250,000		206,605
2.14%, 9/23/2030		250,000		200,728
Synovus Bank
5.63%, 2/15/2028		300,000		282,124
Toronto-Dominion Bank (The)
4.29%, 9/13/2024		250,000		247,184
1.45%, 1/10/2025		200,000		188,799
4.11%, 6/8/2027		300,000		291,947
3.62%, 9/15/2031(a)		500,000		472,540
4.46%, 6/8/2032		120,000		115,764
8.12%, 10/31/2082(a)		500,000		509,265
Truist Bank
3.63%, 9/16/2025		250,000		236,520

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 325

FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Banks – (continued)
Truist Financial Corp.
2.85%, 10/26/2024	$	50,000	$	48,118
4.00%, 5/1/2025		110,000		106,616
3.88%, 3/19/2029		270,000		244,288
US Bancorp
3.95%, 11/17/2025		200,000		193,955
3.90%, 4/26/2028		300,000		288,747
4.55%, 7/22/2028(a)		300,000		291,656
3.00%, 7/30/2029		200,000		175,775
4.97%, 7/22/2033(a)		100,000		93,569
US Bank NA
2.05%, 1/21/2025		250,000		236,746
Wells Fargo & Co.
3.00%, 2/19/2025		250,000		241,880
3.55%, 9/29/2025		430,000		418,156
2.41%, 10/30/2025(a)		200,000		191,352
3.00%, 4/22/2026		450,000		428,524
4.10%, 6/3/2026		240,000		233,901
3.20%, 6/17/2027(a)		200,000		188,806
4.30%, 7/22/2027		500,000		489,210
3.53%, 3/24/2028(a)		700,000		661,458
3.58%, 5/22/2028(a)		610,000		577,240
2.39%, 6/2/2028(a)		850,000		766,339
4.81%, 7/25/2028(a)		700,000		693,726
4.15%, 1/24/2029		500,000		481,301
2.88%, 10/30/2030(a)		1,050,000		918,991
2.57%, 2/11/2031(a)		250,000		213,512
4.48%, 4/4/2031(a)		500,000		481,324
4.90%, 7/25/2033(a)		300,000		293,586
Western Alliance Bancorp
3.00%, 6/15/2031(a)		200,000		152,786
Westpac Banking Corp.
2.89%, 2/4/2030(a)		250,000		234,470
4.32%, 11/23/2031(a)		450,000		426,118
4.11%, 7/24/2034(a)		400,000		359,247
2.67%, 11/15/2035(a)		300,000		235,398
Zions Bancorp NA
3.25%, 10/29/2029		250,000		184,562
				66,057,492
Beverages – 1.4%
Coca-Cola Co. (The)
1.00%, 3/15/2028		400,000		349,369

Investments	Principal Amount		Value
Beverages – (continued)
3.45%, 3/25/2030	$	150,000	$	144,321
2.25%, 1/5/2032		300,000		262,004
Coca-Cola Femsa SAB de CV
2.75%, 1/22/2030		300,000		269,118
Constellation Brands, Inc.
4.65%, 11/15/2028		300,000		300,891
Diageo Capital plc
2.38%, 10/24/2029		400,000		355,294
Keurig Dr Pepper, Inc.
3.95%, 4/15/2029		800,000		772,628
4.05%, 4/15/2032		150,000		142,491
PepsiCo, Inc.
7.00%, 3/1/2029		360,000		420,721
2.75%, 3/19/2030		250,000		229,408
3.90%, 7/18/2032		200,000		196,926
				3,443,171
Biotechnology – 3.4%
AbbVie, Inc.
2.60%, 11/21/2024		500,000		482,701
3.80%, 3/15/2025		700,000		688,155
3.60%, 5/14/2025		500,000		488,485
3.20%, 5/14/2026		500,000		481,648
2.95%, 11/21/2026		1,100,000		1,044,191
4.25%, 11/14/2028		500,000		496,189
3.20%, 11/21/2029		1,500,000		1,386,116
Amgen, Inc.
5.15%, 3/2/2028		250,000		255,878
3.00%, 2/22/2029		500,000		464,146
4.05%, 8/18/2029		450,000		437,099
2.45%, 2/21/2030		250,000		218,696
5.25%, 3/2/2030		500,000		513,523
5.25%, 3/2/2033		250,000		257,224
Biogen, Inc.
4.05%, 9/15/2025		250,000		245,127
Gilead Sciences, Inc.
3.50%, 2/1/2025		250,000		245,467
3.65%, 3/1/2026		280,000		273,823
2.95%, 3/1/2027		250,000		239,183
				8,217,651
Building Products – 0.9%
Allegion plc
3.50%, 10/1/2029		250,000		228,614

See Accompanying Notes to the Financial Statements.

326 FLEXSHARES SEMIANNUAL REPORT

FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Building Products – (continued)
Carlisle Cos., Inc.
3.75%, 12/1/2027	$	150,000	$	143,849
2.75%, 3/1/2030		300,000		258,558
Carrier Global Corp.
2.49%, 2/15/2027		300,000		277,813
2.72%, 2/15/2030		250,000		218,895
Lennox International, Inc.
1.35%, 8/1/2025		150,000		137,746
Masco Corp.
3.50%, 11/15/2027		50,000		47,717
1.50%, 2/15/2028		100,000		86,585
Owens Corning
3.95%, 8/15/2029		320,000		304,263
Trane Technologies Global Holding Co. Ltd.
3.75%, 8/21/2028		150,000		145,877
Trane Technologies Luxembourg Finance SA
3.50%, 3/21/2026		200,000		193,457
3.80%, 3/21/2029		200,000		191,473
				2,234,847
Capital Markets – 6.5%
Ameriprise Financial, Inc.
2.88%, 9/15/2026		100,000		94,863
Ares Capital Corp.
2.15%, 7/15/2026		50,000		43,661
Bain Capital Specialty Finance, Inc.
2.55%, 10/13/2026		175,000		150,854
Bank of New York Mellon Corp. (The)
2.10%, 10/24/2024		250,000		239,969
3.35%, 4/25/2025		250,000		242,430
2.45%, 8/17/2026		300,000		280,710
BlackRock, Inc.
3.20%, 3/15/2027		100,000		97,264
3.25%, 4/30/2029		100,000		95,818
Blackstone Private Credit Fund
3.25%, 3/15/2027		620,000		534,271
Blackstone Secured Lending Fund
3.63%, 1/15/2026		500,000		459,577
2.75%, 9/16/2026		250,000		218,757

Investments	Principal Amount		Value
Capital Markets – (continued)
2.13%, 2/15/2027	$	250,000	$	211,579
Cboe Global Markets, Inc.
3.65%, 1/12/2027		150,000		145,977
1.63%, 12/15/2030		150,000		121,260
Charles Schwab Corp. (The)
4.20%, 3/24/2025		300,000		294,885
2.45%, 3/3/2027		700,000		634,466
3.20%, 1/25/2028		100,000		92,622
4.00%, 2/1/2029		400,000		380,604
CME Group, Inc.
3.00%, 3/15/2025		225,000		217,423
3.75%, 6/15/2028		100,000		98,023
Credit Suisse AG
3.70%, 2/21/2025		300,000		284,160
1.25%, 8/7/2026		400,000		341,881
Credit Suisse Group AG
3.75%, 3/26/2025		100,000		93,239
Deutsche Bank AG
3.70%, 5/30/2024		505,000		489,621
4.50%, 4/1/2025		300,000		281,335
3.96%, 11/26/2025(a)		100,000		95,582
2.13%, 11/24/2026(a)		250,000		222,453
5.88%, 7/8/2031(a)		250,000		219,615
3.55%, 9/18/2031(a)		250,000		210,151
4.88%, 12/1/2032(a)		300,000		249,800
Goldman Sachs BDC, Inc.
3.75%, 2/10/2025		150,000		143,968
Goldman Sachs Group, Inc. (The)
3.85%, 7/8/2024		150,000		147,522
3.50%, 1/23/2025		315,000		306,100
3.50%, 4/1/2025		350,000		340,026
3.27%, 9/29/2025(a)		200,000		193,508
1.43%, 3/9/2027(a)		150,000		134,666
1.95%, 10/21/2027(a)		300,000		268,647
2.64%, 2/24/2028(a)		250,000		228,878
3.62%, 3/15/2028(a)		250,000		238,028
4.48%, 8/23/2028(a)		500,000		490,569
2.62%, 4/22/2032(a)		300,000		250,365
3.10%, 2/24/2033(a)		300,000		258,140
Lazard Group LLC
4.50%, 9/19/2028		250,000		240,734
Moody’s Corp.
3.75%, 3/24/2025		250,000		244,405
4.25%, 2/1/2029		250,000		245,143

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 327

FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Capital Markets – (continued)
Morgan Stanley
0.79%, 5/30/2025(a)	$	500,000	$	473,352
2.72%, 7/22/2025(a)		500,000		482,317
2.19%, 4/28/2026(a)		250,000		235,353
3.13%, 7/27/2026		150,000		142,612
4.35%, 9/8/2026		200,000		195,621
1.59%, 5/4/2027(a)		200,000		179,881
1.51%, 7/20/2027(a)		300,000		266,559
2.48%, 1/21/2028(a)		300,000		273,941
4.21%, 4/20/2028(a)		200,000		193,895
4.43%, 1/23/2030(a)		300,000		289,849
3.62%, 4/1/2031(a)		300,000		274,400
6.34%, 10/18/2033(a)		400,000		434,902
5.30%, 4/20/2037(a)		300,000		285,792
5.95%, 1/19/2038(a)		50,000		50,265
Nasdaq, Inc.
3.85%, 6/30/2026		165,000		161,875
1.65%, 1/15/2031		100,000		79,630
Nomura Holdings, Inc.
1.85%, 7/16/2025		300,000		275,550
S&P Global, Inc.
2.70%, 3/1/2029		250,000		228,769
State Street Corp.
3.55%, 8/18/2025		300,000		291,111
Stifel Financial Corp.
4.00%, 5/15/2030		100,000		88,509
				15,777,732
Chemicals – 0.8%
Air Products and Chemicals, Inc.
1.85%, 5/15/2027		200,000		183,709
Cabot Corp.
4.00%, 7/1/2029		250,000		234,490
Celanese US Holdings LLC
6.17%, 7/15/2027		300,000		303,675
6.38%, 7/15/2032		100,000		101,411
Dow Chemical Co. (The)
7.38%, 11/1/2029		200,000		228,994
FMC Corp.
3.20%, 10/1/2026		150,000		142,351
Huntsman International LLC
4.50%, 5/1/2029		250,000		234,955

Investments	Principal Amount		Value
Chemicals – (continued)
Linde, Inc.
4.70%, 12/5/2025	$	200,000	$	201,646
Nutrien Ltd.
4.20%, 4/1/2029		100,000		97,267
RPM International, Inc.
4.55%, 3/1/2029		250,000		241,197
				1,969,695
Commercial Services & Supplies – 0.6%
Cintas Corp. No. 2
3.70%, 4/1/2027		350,000		342,648
RELX Capital, Inc.
4.00%, 3/18/2029		250,000		244,850
3.00%, 5/22/2030		200,000		179,831
Republic Services, Inc.
3.95%, 5/15/2028		150,000		147,044
Waste Connections, Inc.
4.25%, 12/1/2028		200,000		197,113
Waste Management, Inc.
0.75%, 11/15/2025		200,000		181,670
1.15%, 3/15/2028		250,000		215,929
				1,509,085
Communications Equipment – 0.4%
Cisco Systems, Inc.
2.95%, 2/28/2026		300,000		291,248
Juniper Networks, Inc.
3.75%, 8/15/2029		150,000		141,109
Motorola Solutions, Inc.
4.60%, 2/23/2028		100,000		99,208
4.60%, 5/23/2029		300,000		295,130
2.30%, 11/15/2030		250,000		204,959
				1,031,654
Consumer Finance – 2.1%
AerCap Ireland Capital DAC
1.65%, 10/29/2024		200,000		187,010
1.75%, 1/30/2026		300,000		269,149
Ally Financial, Inc.
8.00%, 11/1/2031		200,000		210,963
American Express Co.
3.38%, 5/3/2024		200,000		196,273
2.25%, 3/4/2025		250,000		238,053
2.55%, 3/4/2027		300,000		277,851
4.99%, 5/26/2033(a)		75,000		74,144

See Accompanying Notes to the Financial Statements.

328 FLEXSHARES SEMIANNUAL REPORT

FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Consumer Finance – (continued)
American Honda Finance Corp.
1.00%, 9/10/2025	$	200,000	$	184,175
Capital One Financial Corp.
3.30%, 10/30/2024		200,000		194,430
4.98%, 7/24/2026(a)		300,000		292,818
3.75%, 3/9/2027		250,000		234,210
5.82%, 2/1/2034(a)		120,000		116,924
Caterpillar Financial Services Corp.
3.60%, 8/12/2027		300,000		293,988
Synchrony Financial
4.25%, 8/15/2024		500,000		477,148
4.50%, 7/23/2025		600,000		559,079
3.95%, 12/1/2027		450,000		398,446
5.15%, 3/19/2029		200,000		185,745
Toyota Motor Credit Corp.
3.00%, 4/1/2025		200,000		194,299
4.55%, 9/20/2027		200,000		202,188
4.63%, 1/12/2028		200,000		203,498
				4,990,391
Consumer Staples Distribution & Retail – 0.2%
Dollar General Corp.
3.88%, 4/15/2027		100,000		97,561
4.63%, 11/1/2027		380,000		381,743
				479,304
Containers & Packaging – 0.3%
Amcor Finance USA, Inc.
4.50%, 5/15/2028		300,000		296,467
Avery Dennison Corp.
4.88%, 12/6/2028		150,000		150,424
Packaging Corp. of America
3.00%, 12/15/2029		275,000		249,363
				696,254
Diversified REITs – 1.0%
GLP Capital LP
REIT, 5.25%, 6/1/2025		300,000		294,394
REIT, 5.38%, 4/15/2026		350,000		346,446
REIT, 5.75%, 6/1/2028		500,000		492,138

Investments	Principal Amount		Value
Diversified REITs – (continued)
Simon Property Group LP
REIT, 3.38%, 10/1/2024	$	200,000	$	195,250
STORE Capital Corp.
REIT, 4.63%, 3/15/2029		140,000		124,353
VICI Properties LP
REIT, 4.75%, 2/15/2028		500,000		482,195
REIT, 4.95%, 2/15/2030		300,000		286,767
WP Carey, Inc.
REIT, 4.00%, 2/1/2025		100,000		97,739
				2,319,282
Diversified Telecommunication Services – 1.2%
AT&T, Inc.
4.30%, 2/15/2030		250,000		242,626
2.25%, 2/1/2032		300,000		245,105
British Telecommunications plc
9.62%, 12/15/2030(b)		200,000		251,768
Deutsche Telekom International Finance BV
8.75%, 6/15/2030(b)		100,000		122,120
Orange SA
9.00%, 3/1/2031(b)		500,000		631,334
Sprint Capital Corp.
8.75%, 3/15/2032		200,000		244,463
Verizon Communications, Inc.
4.33%, 9/21/2028		450,000		445,232
4.02%, 12/3/2029		250,000		240,062
1.75%, 1/20/2031		250,000		201,304
2.55%, 3/21/2031		250,000		212,847
				2,836,861
Electric Utilities – 1.9%
American Electric Power Co., Inc.
3.88%, 2/15/2062(a)		100,000		80,033
Arizona Public Service Co.
2.60%, 8/15/2029		250,000		219,606
Avangrid, Inc.
3.80%, 6/1/2029		300,000		282,762
Duke Energy Carolinas LLC
2.45%, 8/15/2029		50,000		44,339
Duke Energy Corp.
3.40%, 6/15/2029		100,000		93,005
2.45%, 6/1/2030		300,000		257,793
3.25%, 1/15/2082(a)		100,000		75,500

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 329

FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Electric Utilities – (continued)
Duke Energy Florida LLC
2.50%, 12/1/2029	$	100,000	$	88,744
Evergy, Inc.
2.90%, 9/15/2029		175,000		157,484
Fortis, Inc.
3.06%, 10/4/2026		150,000		141,591
MidAmerican Energy Co.
3.65%, 4/15/2029		300,000		289,056
Nevada Power Co.
Series CC, 3.70%, 5/1/2029		250,000		240,632
NextEra Energy Capital Holdings, Inc.
4.80%, 12/1/2077(a)		100,000		85,500
5.65%, 5/1/2079(a)		175,000		158,026
3.80%, 3/15/2082(a)		200,000		165,937
Oklahoma Gas and Electric Co.
3.25%, 4/1/2030		300,000		273,548
Pacific Gas and Electric Co.
4.55%, 7/1/2030		1,000,000		929,318
Sierra Pacific Power Co.
2.60%, 5/1/2026		20,000		18,950
Southern Co. (The)
Series 21-B, 1.75%, 3/15/2028		450,000		391,482
Series B, 4.00%, 1/15/2051(a)		200,000		187,920
Series 21-A, 3.75%, 9/15/2051(a)		250,000		212,744
Southwestern Electric Power Co.
Series M, 4.10%, 9/15/2028		50,000		48,674
Xcel Energy, Inc.
1.75%, 3/15/2027		50,000		45,053
2.60%, 12/1/2029		100,000		88,661
				4,576,358
Electrical Equipment – 0.3%
ABB Finance USA, Inc.
3.80%, 4/3/2028		250,000		248,099

Investments	Principal Amount		Value
Electrical Equipment – (continued)
Emerson Electric Co.
0.88%, 10/15/2026	$	150,000	$	134,417
2.00%, 12/21/2028		100,000		88,702
Hubbell, Inc.
3.35%, 3/1/2026		150,000		145,019
3.50%, 2/15/2028		200,000		189,578
				805,815
Electronic Equipment, Instruments & Components – 1.2%
Amphenol Corp.
4.35%, 6/1/2029		500,000		497,779
Avnet, Inc.
4.63%, 4/15/2026		125,000		123,078
CDW LLC
2.67%, 12/1/2026		150,000		136,244
4.25%, 4/1/2028		200,000		186,024
3.28%, 12/1/2028		250,000		216,755
Flex Ltd.
4.88%, 6/15/2029		200,000		194,005
4.88%, 5/12/2030		200,000		194,888
Jabil, Inc.
4.25%, 5/15/2027		250,000		243,773
Keysight Technologies, Inc.
4.60%, 4/6/2027		400,000		399,830
Teledyne Technologies, Inc.
2.25%, 4/1/2028		225,000		200,614
Trimble, Inc.
4.90%, 6/15/2028		250,000		250,436
Tyco Electronics Group SA
3.70%, 2/15/2026		150,000		147,240
Vontier Corp.
2.40%, 4/1/2028		250,000		209,243
				2,999,909
Energy Equipment & Services – 0.1%
Baker Hughes Holdings LLC
3.14%, 11/7/2029		250,000		227,091
Entertainment – 0.4%
Activision Blizzard, Inc.
3.40%, 6/15/2027		200,000		192,472
Electronic Arts, Inc.
4.80%, 3/1/2026		50,000		50,362

See Accompanying Notes to the Financial Statements.

330 FLEXSHARES SEMIANNUAL REPORT

FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Entertainment – (continued)
Netflix, Inc.
5.88%, 11/15/2028	$	700,000	$	735,415
Warnermedia Holdings, Inc.
4.28%, 3/15/2032(c)		100,000		88,816
				1,067,065
Financial Services – 2.9%
Block Financial LLC
2.50%, 7/15/2028		350,000		302,454
Corebridge Financial, Inc.
3.85%, 4/5/2029(c)		600,000		547,059
6.87%, 12/15/2052(a) (c)		400,000		362,190
Fiserv, Inc.
3.50%, 7/1/2029		1,350,000		1,257,433
Global Payments, Inc.
1.50%, 11/15/2024		300,000		283,186
4.80%, 4/1/2026		250,000		247,193
4.45%, 6/1/2028		110,000		105,662
3.20%, 8/15/2029		300,000		265,334
5.30%, 8/15/2029		220,000		218,779
2.90%, 5/15/2030		200,000		171,406
Mastercard, Inc.
2.00%, 3/3/2025		100,000		95,792
2.95%, 11/21/2026		50,000		48,043
3.30%, 3/26/2027		800,000		775,257
2.95%, 6/1/2029		150,000		141,115
National Rural Utilities Cooperative Finance Corp.
5.25%, 4/20/2046(a)		150,000		143,664
PayPal Holdings, Inc.
1.65%, 6/1/2025		300,000		282,664
Radian Group, Inc.
6.63%, 3/15/2025		250,000		248,841
4.88%, 3/15/2027		300,000		285,297
Synchrony Bank
5.63%, 8/23/2027		400,000		380,374
Visa, Inc.
3.15%, 12/14/2025		250,000		242,646
1.90%, 4/15/2027		225,000		208,644
Voya Financial, Inc.
4.70%, 1/23/2048(a)		100,000		84,258

Investments	Principal Amount		Value
Financial Services – (continued)
Western Union Co. (The)
2.85%, 1/10/2025	$	350,000	$	335,160
				7,032,451
Food Products – 1.2%
Campbell Soup Co.
4.15%, 3/15/2028		100,000		98,464
Conagra Brands, Inc.
4.85%, 11/1/2028		250,000		249,811
Flowers Foods, Inc.
3.50%, 10/1/2026		250,000		239,956
General Mills, Inc.
4.20%, 4/17/2028		200,000		198,923
2.88%, 4/15/2030		250,000		227,320
Hershey Co. (The)
0.90%, 6/1/2025		150,000		139,510
Hormel Foods Corp.
1.70%, 6/3/2028		100,000		89,129
Kellogg Co.
Series B, 7.45%, 4/1/2031		250,000		289,343
Mondelez International, Inc.
2.75%, 4/13/2030		92,000		81,701
Tyson Foods, Inc.
4.35%, 3/1/2029		300,000		293,314
Unilever Capital Corp.
2.60%, 5/5/2024		300,000		293,061
2.90%, 5/5/2027		150,000		143,598
3.50%, 3/22/2028		240,000		234,988
2.13%, 9/6/2029		500,000		441,494
				3,020,612
Gas Utilities – 0.2%
Eastern Energy Gas Holdings LLC
3.60%, 12/15/2024		4,000		3,906
National Fuel Gas Co.
5.20%, 7/15/2025		150,000		149,273
5.50%, 1/15/2026		275,000		276,419
4.75%, 9/1/2028		100,000		96,891
				526,489

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)
Ground Transportation – 0.3%
Canadian National Railway Co.
2.75%, 3/1/2026	$	150,000	$	144,039
CSX Corp.
3.80%, 3/1/2028		100,000		98,114
4.25%, 3/15/2029		200,000		198,369
Norfolk Southern Corp.
3.15%, 6/1/2027		200,000		189,837
Union Pacific Corp.
2.38%, 5/20/2031		250,000		216,724
				847,083
Health Care Equipment & Supplies – 0.9%
DH Europe Finance II Sarl
2.20%, 11/15/2024		250,000		240,370
2.60%, 11/15/2029		250,000		225,638
Edwards Lifesciences Corp.
4.30%, 6/15/2028		150,000		150,044
GE HealthCare Technologies, Inc.
5.55%, 11/15/2024(c)		250,000		251,064
5.60%, 11/15/2025(c)		250,000		253,218
5.86%, 3/15/2030(c)		600,000		631,395
Stryker Corp.
1.15%, 6/15/2025		250,000		231,943
1.95%, 6/15/2030		50,000		42,361
Zimmer Biomet Holdings, Inc.
1.45%, 11/22/2024		250,000		236,712
				2,262,745
Health Care Providers & Services – 2.2%
AmerisourceBergen Corp.
3.45%, 12/15/2027		60,000		57,541
2.80%, 5/15/2030		400,000		352,159
Cardinal Health, Inc.
3.41%, 6/15/2027		400,000		382,738
Centene Corp.
4.63%, 12/15/2029		250,000		235,625
2.50%, 3/1/2031		220,000		179,278
Cigna Group (The)
2.38%, 3/15/2031		75,000		63,562
CVS Health Corp.
4.30%, 3/25/2028		229,000		226,196

Investments	Principal Amount		Value
Health Care Providers & Services – (continued)
3.25%, 8/15/2029	$	300,000	$	276,395
5.25%, 2/21/2033		200,000		204,281
Elevance Health, Inc.
3.65%, 12/1/2027		250,000		242,695
4.10%, 3/1/2028		250,000		246,303
HCA, Inc.
3.63%, 3/15/2032(c)		200,000		177,173
Humana, Inc.
1.35%, 2/3/2027		500,000		443,522
3.70%, 3/23/2029		200,000		189,306
Laboratory Corp. of America Holdings
2.30%, 12/1/2024		250,000		239,356
1.55%, 6/1/2026		250,000		226,033
McKesson Corp.
1.30%, 8/15/2026		250,000		224,491
Quest Diagnostics, Inc.
2.95%, 6/30/2030		200,000		179,462
UnitedHealth Group, Inc.
2.95%, 10/15/2027		250,000		237,497
3.85%, 6/15/2028		100,000		98,361
3.88%, 12/15/2028		115,000		112,822
4.00%, 5/15/2029		300,000		295,073
2.88%, 8/15/2029		200,000		184,978
5.30%, 2/15/2030		100,000		105,558
5.35%, 2/15/2033		250,000		266,610
				5,447,015
Health Care REITs – 0.6%
Healthpeak OP LLC
REIT, 3.00%, 1/15/2030		250,000		220,746
Omega Healthcare Investors, Inc.
REIT, 5.25%, 1/15/2026		250,000		244,383
REIT, 4.75%, 1/15/2028		100,000		92,670
REIT, 3.63%, 10/1/2029		150,000		125,960
Physicians Realty LP
REIT, 4.30%, 3/15/2027		150,000		144,080
Sabra Health Care LP
REIT, 5.13%, 8/15/2026		200,000		189,730
REIT, 3.90%, 10/15/2029		150,000		125,021
Ventas Realty LP
REIT, 3.50%, 2/1/2025		50,000		48,312

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)
Health Care REITs – (continued)
Welltower OP LLC
REIT, 4.00%, 6/1/2025	$	200,000	$	194,957
				1,385,859
Hotel & Resort REITs – 0.2%
Host Hotels & Resorts LP
Series E, REIT, 4.00%, 6/15/2025		200,000		192,690
Series H, REIT, 3.38%, 12/15/2029		300,000		257,549
				450,239
Hotels, Restaurants & Leisure – 1.3%
Booking Holdings, Inc.
3.55%, 3/15/2028		300,000		289,458
4.63%, 4/13/2030		500,000		502,697
Choice Hotels International, Inc.
3.70%, 12/1/2029		250,000		226,801
Marriott International, Inc.
Series EE, 5.75%, 5/1/2025		12,000		12,154
5.00%, 10/15/2027		300,000		302,951
Series X, 4.00%, 4/15/2028		250,000		241,889
4.90%, 4/15/2029		250,000		248,539
Series FF, 4.63%, 6/15/2030		100,000		97,116
Series HH, 2.85%, 4/15/2031		250,000		213,161
McDonald’s Corp.
3.50%, 7/1/2027		600,000		583,408
3.80%, 4/1/2028		90,000		88,637
3.60%, 7/1/2030		250,000		238,124
				3,044,935
Household Durables – 0.9%
DR Horton, Inc.
2.50%, 10/15/2024		200,000		192,771
1.30%, 10/15/2026		450,000		402,976
Lennar Corp.
4.50%, 4/30/2024		300,000		297,178
4.75%, 11/29/2027		410,000		406,158

Investments	Principal Amount		Value
Household Durables – (continued)
NVR, Inc.
3.00%, 5/15/2030	$	250,000	$	224,467
PulteGroup, Inc.
5.50%, 3/1/2026		140,000		141,371
Toll Brothers Finance Corp.
4.88%, 3/15/2027		500,000		490,154
				2,155,075
Household Products – 0.5%
Kimberly-Clark Corp.
3.10%, 3/26/2030		250,000		233,195
Procter & Gamble Co. (The)
2.70%, 2/2/2026		250,000		241,928
2.45%, 11/3/2026		250,000		237,639
2.80%, 3/25/2027		95,000		91,308
3.00%, 3/25/2030		400,000		376,343
				1,180,413
Industrial Conglomerates – 0.7%
3M Co.
3.38%, 3/1/2029		200,000		191,568
2.38%, 8/26/2029		300,000		268,520
Honeywell International, Inc.
1.35%, 6/1/2025		400,000		376,271
2.50%, 11/1/2026		250,000		237,971
2.70%, 8/15/2029		500,000		461,457
Pentair Finance Sarl
4.50%, 7/1/2029		200,000		192,033
				1,727,820
Industrial REITs – 0.1%
Prologis LP
REIT, 2.25%, 4/15/2030		200,000		172,278
Insurance – 3.6%
Aflac, Inc.
3.60%, 4/1/2030		200,000		188,547
Allied World Assurance Co. Holdings Ltd.
4.35%, 10/29/2025		200,000		193,524
Allstate Corp. (The)
0.75%, 12/15/2025		150,000		135,130

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)
Insurance – (continued)
American Equity Investment Life Holding Co.
5.00%, 6/15/2027	$	150,000	$	148,742
American International Group, Inc.
2.50%, 6/30/2025		300,000		284,893
Series A-9, 5.75%, 4/1/2048(a)		200,000		192,500
Aon Corp.
2.85%, 5/28/2027		300,000		279,154
3.75%, 5/2/2029		250,000		239,643
2.80%, 5/15/2030		200,000		176,046
2.05%, 8/23/2031		50,000		40,642
Aon Global Ltd.
3.88%, 12/15/2025		100,000		97,731
Assurant, Inc.
3.70%, 2/22/2030		100,000		88,149
Athene Holding Ltd.
4.13%, 1/12/2028		500,000		454,870
AXIS Specialty Finance LLC
4.90%, 1/15/2040(a)		200,000		160,751
AXIS Specialty Finance plc
4.00%, 12/6/2027		200,000		193,639
Brown & Brown, Inc.
4.20%, 9/15/2024		150,000		148,222
2.38%, 3/15/2031		250,000		204,766
Chubb INA Holdings, Inc.
3.15%, 3/15/2025		270,000		262,920
CNA Financial Corp.
3.90%, 5/1/2029		250,000		237,532
Enstar Group Ltd.
4.95%, 6/1/2029		200,000		189,685
Fairfax Financial Holdings Ltd.
4.85%, 4/17/2028		250,000		245,923
4.63%, 4/29/2030		250,000		238,975
Fidelity National Financial, Inc.
3.40%, 6/15/2030		250,000		221,232
First American Financial Corp.
4.60%, 11/15/2024		200,000		196,814
Globe Life, Inc.
4.55%, 9/15/2028		100,000		98,252

Investments	Principal Amount		Value
Insurance – (continued)
Hanover Insurance Group, Inc. (The)
2.50%, 9/1/2030	$	250,000	$	202,016
Hartford Financial Services Group, Inc. (The)
2.80%, 8/19/2029		200,000		176,190
Manulife Financial Corp.
4.15%, 3/4/2026		200,000		197,049
2.48%, 5/19/2027		200,000		186,147
4.06%, 2/24/2032(a)		50,000		47,251
Markel Corp.
3.35%, 9/17/2029		300,000		275,479
Marsh & McLennan Cos., Inc.
3.50%, 3/10/2025		75,000		73,456
4.38%, 3/15/2029		500,000		496,905
2.25%, 11/15/2030		115,000		98,186
Principal Financial Group, Inc.
3.70%, 5/15/2029		300,000		284,741
Progressive Corp. (The)
3.20%, 3/26/2030		100,000		92,241
Prudential Financial, Inc.
5.38%, 5/15/2045(a)		250,000		237,434
5.70%, 9/15/2048(a)		300,000		291,375
3.70%, 10/1/2050(a)		100,000		85,696
Reinsurance Group of America, Inc.
3.90%, 5/15/2029		200,000		188,092
Trinity Acquisition plc
4.40%, 3/15/2026		150,000		147,618
Willis North America, Inc.
3.60%, 5/15/2024		250,000		245,062
2.95%, 9/15/2029		500,000		442,641
				8,685,861
Interactive Media & Services – 0.4%
Alphabet, Inc.
0.80%, 8/15/2027		335,000		295,581
Meta Platforms, Inc.
3.50%, 8/15/2027		350,000		339,641
3.85%, 8/15/2032		150,000		141,597
Weibo Corp.
3.38%, 7/8/2030		250,000		201,168
				977,987

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)
IT Services – 0.8%
Genpact Luxembourg Sarl
3.38%, 12/1/2024	$	250,000	$	243,251
International Business Machines Corp.
4.00%, 7/27/2025		250,000		247,307
3.30%, 5/15/2026		500,000		484,764
4.15%, 7/27/2027		250,000		248,087
3.50%, 5/15/2029		500,000		469,159
1.95%, 5/15/2030		100,000		84,333
VeriSign, Inc.
4.75%, 7/15/2027		100,000		98,349
				1,875,250
Life Sciences Tools & Services – 0.1%
Agilent Technologies, Inc.
2.75%, 9/15/2029		250,000		224,564
2.30%, 3/12/2031		150,000		126,197
				350,761
Machinery – 0.9%
Cummins, Inc.
1.50%, 9/1/2030		150,000		124,182
Dover Corp.
3.15%, 11/15/2025		150,000		144,824
Fortive Corp.
3.15%, 6/15/2026		100,000		95,618
Illinois Tool Works, Inc.
2.65%, 11/15/2026		200,000		191,128
nVent Finance Sarl
4.55%, 4/15/2028		250,000		241,115
Otis Worldwide Corp.
2.06%, 4/5/2025		250,000		236,866
2.29%, 4/5/2027		600,000		551,536
2.57%, 2/15/2030		50,000		44,012
Westinghouse Air Brake Technologies Corp.
4.95%, 9/15/2028(b)		450,000		446,704
				2,075,985
Media – 0.4%
Comcast Corp.
1.50%, 2/15/2031		250,000		202,134

Investments	Principal Amount		Value
Media – (continued)
Fox Corp.
4.71%, 1/25/2029	$	500,000	$	491,138
3.50%, 4/8/2030		200,000		181,590
Interpublic Group of Cos., Inc. (The)
4.75%, 3/30/2030		200,000		196,370
				1,071,232
Metals & Mining – 1.2%
AngloGold Ashanti Holdings plc
3.38%, 11/1/2028		250,000		225,724
ArcelorMittal SA
6.55%, 11/29/2027		200,000		208,892
4.25%, 7/16/2029		200,000		190,776
BHP Billiton Finance USA Ltd.
4.75%, 2/28/2028		500,000		508,167
Freeport-McMoRan, Inc.
4.13%, 3/1/2028		100,000		94,418
4.63%, 8/1/2030		300,000		285,832
Nucor Corp.
4.30%, 5/23/2027		250,000		248,703
Reliance Steel & Aluminum Co.
1.30%, 8/15/2025		250,000		229,626
Rio Tinto Finance USA Ltd.
7.13%, 7/15/2028		170,000		192,127
Steel Dynamics, Inc.
2.80%, 12/15/2024		100,000		95,893
3.45%, 4/15/2030		250,000		227,724
Vale Overseas Ltd.
3.75%, 7/8/2030		500,000		445,984
				2,953,866
Multi-Utilities – 1.9%
Ameren Corp.
1.75%, 3/15/2028		250,000		218,384
Berkshire Hathaway Energy Co.
4.05%, 4/15/2025		1,100,000		1,088,020
3.70%, 7/15/2030		300,000		287,589
Black Hills Corp.
5.95%, 3/15/2028		250,000		259,096
CMS Energy Corp.
4.75%, 6/1/2050(a)		300,000		262,500

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)
Multi-Utilities – (continued)
Dominion Energy, Inc.
5.75%, 10/1/2054(a)	$	200,000	$	189,500
NiSource, Inc.
3.60%, 5/1/2030		500,000		464,648
Public Service Enterprise Group, Inc.
5.85%, 11/15/2027		200,000		209,595
Sempra Energy
3.40%, 2/1/2028		500,000		471,551
3.70%, 4/1/2029		500,000		471,708
4.12%, 4/1/2052(a)		300,000		242,953
WEC Energy Group, Inc.
2.20%, 12/15/2028		500,000		442,114
				4,607,658
Office REITs – 0.5%
Boston Properties LP
REIT, 3.25%, 1/30/2031		190,000		155,607
Brandywine Operating Partnership LP
REIT, 4.10%, 10/1/2024		50,000		47,030
REIT, 7.55%, 3/15/2028		100,000		89,938
Corporate Office Properties LP
REIT, 2.00%, 1/15/2029		300,000		231,784
Highwoods Realty LP
REIT, 4.13%, 3/15/2028		200,000		177,521
REIT, 4.20%, 4/15/2029		100,000		85,174
Hudson Pacific Properties LP
REIT, 5.95%, 2/15/2028		170,000		132,656
Kilroy Realty LP
REIT, 4.38%, 10/1/2025		100,000		93,855
REIT, 4.25%, 8/15/2029		50,000		42,510
REIT, 3.05%, 2/15/2030		310,000		237,477
				1,293,552
Oil, Gas & Consumable Fuels – 8.7%
Boardwalk Pipelines LP
4.45%, 7/15/2027		250,000		245,358
4.80%, 5/3/2029		200,000		197,894
Canadian Natural Resources Ltd.
3.85%, 6/1/2027		550,000		528,057

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/2029	$	300,000	$	280,748
Cheniere Energy Partners LP
4.50%, 10/1/2029		500,000		470,418
4.00%, 3/1/2031		500,000		447,213
Cheniere Energy, Inc.
4.63%, 10/15/2028		250,000		238,300
Chevron Corp.
1.55%, 5/11/2025		300,000		283,609
2.00%, 5/11/2027		350,000		324,801
Chevron USA, Inc.
0.69%, 8/12/2025		250,000		230,074
3.85%, 1/15/2028		150,000		149,755
Continental Resources, Inc.
4.38%, 1/15/2028		290,000		275,753
Coterra Energy, Inc.
3.90%, 5/15/2027		200,000		192,478
DCP Midstream Operating LP
5.63%, 7/15/2027		250,000		253,570
8.13%, 8/16/2030		250,000		283,353
Devon Energy Corp.
4.50%, 1/15/2030		100,000		95,831
Diamondback Energy, Inc.
3.50%, 12/1/2029		300,000		277,382
3.13%, 3/24/2031		100,000		87,468
Eastern Gas Transmission & Storage, Inc.
3.00%, 11/15/2029		200,000		182,011
Enbridge, Inc.
3.13%, 11/15/2029		300,000		272,635
5.70%, 3/8/2033		100,000		103,849
Series 16-A, 6.00%, 1/15/2077(a)		300,000		280,371
5.50%, 7/15/2077(a)		350,000		309,732
6.25%, 3/1/2078(a)		350,000		316,120
Series 20-A, 5.75%, 7/15/2080(a)		200,000		183,083
Energy Transfer LP
4.20%, 4/15/2027		250,000		241,541
5.50%, 6/1/2027		250,000		253,633
4.95%, 5/15/2028		250,000		247,809
5.25%, 4/15/2029		500,000		501,720
4.15%, 9/15/2029		250,000		238,536
3.75%, 5/15/2030		425,000		390,741

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)
Oil, Gas & Consumable Fuels – (continued)
Enterprise Products Operating LLC
3.75%, 2/15/2025	$	300,000	$	296,178
3.95%, 2/15/2027		300,000		296,258
4.15%, 10/16/2028		90,000		88,599
3.13%, 7/31/2029		250,000		230,149
2.80%, 1/31/2030		225,000		201,153
5.35%, 1/31/2033		250,000		260,311
Series E, 5.25%, 8/16/2077(a)		200,000		173,200
5.38%, 2/15/2078(a)		350,000		285,263
EOG Resources, Inc.
4.38%, 4/15/2030		200,000		200,593
EQT Corp.
6.13%, 2/1/2025(b)		250,000		250,668
3.90%, 10/1/2027		300,000		283,815
7.00%, 2/1/2030(b)		250,000		263,762
Exxon Mobil Corp.
2.99%, 3/19/2025		550,000		535,624
2.44%, 8/16/2029		250,000		228,942
3.48%, 3/19/2030		500,000		480,031
2.61%, 10/15/2030		100,000		90,362
Hess Corp.
7.88%, 10/1/2029		275,000		312,121
HF Sinclair Corp.
4.50%, 10/1/2030		150,000		136,302
Kinder Morgan, Inc.
7.80%, 8/1/2031		250,000		285,836
Magellan Midstream Partners LP
5.00%, 3/1/2026		200,000		201,976
Marathon Oil Corp.
4.40%, 7/15/2027		150,000		146,476
Marathon Petroleum Corp.
4.70%, 5/1/2025		250,000		248,449
3.80%, 4/1/2028		200,000		191,972
MPLX LP
4.88%, 6/1/2025		450,000		448,412
1.75%, 3/1/2026		250,000		229,966
4.13%, 3/1/2027		250,000		244,073
4.00%, 3/15/2028		100,000		96,615
4.95%, 9/1/2032		100,000		98,161

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
ONEOK, Inc.
4.35%, 3/15/2029	$	250,000	$	239,129
3.10%, 3/15/2030		425,000		376,171
Phillips 66 Co.
3.15%, 12/15/2029(c)		275,000		248,079
Pioneer Natural Resources Co.
1.13%, 1/15/2026		450,000		410,491
Plains All American Pipeline LP
3.55%, 12/15/2029		250,000		225,772
3.80%, 9/15/2030		100,000		90,486
Sabine Pass Liquefaction LLC
5.00%, 3/15/2027		250,000		250,023
4.50%, 5/15/2030		500,000		484,153
Targa Resources Partners LP
4.88%, 2/1/2031		50,000		47,121
4.00%, 1/15/2032		200,000		175,754
Tennessee Gas Pipeline Co. LLC
7.00%, 10/15/2028		250,000		272,213
Tosco Corp.
8.13%, 2/15/2030		250,000		298,410
TotalEnergies Capital International SA
2.83%, 1/10/2030		250,000		228,570
Transcanada Trust
5.30%, 3/15/2077(a)		200,000		172,002
5.50%, 9/15/2079(a)		300,000		254,189
Transcontinental Gas Pipe Line Co. LLC
4.00%, 3/15/2028		250,000		241,065
3.25%, 5/15/2030		300,000		273,634
Valero Energy Partners LP
4.50%, 3/15/2028		200,000		197,744
Western Midstream Operating LP
4.65%, 7/1/2026		250,000		243,050
4.30%, 2/1/2030(b)		500,000		456,405
Williams Cos., Inc. (The)
3.90%, 1/15/2025		250,000		245,524
3.75%, 6/15/2027		200,000		193,062
2.60%, 3/15/2031		200,000		169,913
				20,982,070

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)
Paper & Forest Products – 0.1%
Suzano Austria GmbH
6.00%, 1/15/2029	$	250,000	$	248,275
Personal Care Products – 0.4%
Estee Lauder Cos., Inc. (The)
2.38%, 12/1/2029		200,000		178,044
Haleon US Capital LLC
3.38%, 3/24/2027		250,000		238,662
Kenvue, Inc.
5.05%, 3/22/2028(c)		250,000		258,922
5.00%, 3/22/2030(c)		200,000		207,402
				883,030
Pharmaceuticals – 1.2%
Bristol-Myers Squibb Co.
2.95%, 3/15/2032		200,000		180,606
Eli Lilly & Co.
3.38%, 3/15/2029		350,000		336,289
Johnson & Johnson
2.90%, 1/15/2028		410,000		395,073
Merck & Co., Inc.
1.70%, 6/10/2027		150,000		136,946
1.90%, 12/10/2028		400,000		356,835
3.40%, 3/7/2029		300,000		289,806
Novartis Capital Corp.
2.00%, 2/14/2027		250,000		232,256
2.20%, 8/14/2030		200,000		176,853
Pfizer, Inc.
3.45%, 3/15/2029		200,000		193,577
2.63%, 4/1/2030		125,000		113,196
Royalty Pharma plc
1.20%, 9/2/2025		250,000		227,955
Zoetis, Inc.
3.00%, 9/12/2027		95,000		90,382
3.90%, 8/20/2028		250,000		244,909
				2,974,683
Professional Services – 0.6%
Automatic Data Processing, Inc.
1.70%, 5/15/2028		330,000		295,293
1.25%, 9/1/2030		150,000		123,684

Investments	Principal Amount		Value
Professional Services – (continued)
Broadridge Financial Solutions, Inc.
2.90%, 12/1/2029	$	250,000	$	219,911
Equifax, Inc.
2.60%, 12/1/2024		100,000		96,034
3.10%, 5/15/2030		200,000		175,435
Verisk Analytics, Inc.
4.00%, 6/15/2025		250,000		244,836
4.13%, 3/15/2029		250,000		241,776
				1,396,969
Real Estate Management & Development – 0.1%
CBRE Services, Inc.
4.88%, 3/1/2026		150,000		150,110
2.50%, 4/1/2031		100,000		80,086
				230,196
Residential REITs – 1.2%
American Homes 4 Rent LP
REIT, 4.90%, 2/15/2029		160,000		156,048
AvalonBay Communities, Inc.
REIT, 3.45%, 6/1/2025		150,000		145,584
REIT, 3.50%, 11/15/2025		50,000		48,384
REIT, 2.30%, 3/1/2030		500,000		428,463
ERP Operating LP
REIT, 3.25%, 8/1/2027		45,000		42,451
REIT, 3.00%, 7/1/2029		300,000		273,191
Essex Portfolio LP
REIT, 3.88%, 5/1/2024		200,000		197,174
REIT, 4.00%, 3/1/2029		150,000		142,397
REIT, 3.00%, 1/15/2030		250,000		218,552
Invitation Homes Operating Partnership LP
REIT, 2.30%, 11/15/2028		300,000		255,140
Mid-America Apartments LP
REIT, 3.95%, 3/15/2029		300,000		289,889
REIT, 2.75%, 3/15/2030		150,000		131,418
Spirit Realty LP
REIT, 2.10%, 3/15/2028		250,000		211,142
REIT, 4.00%, 7/15/2029		250,000		226,720
REIT, 3.40%, 1/15/2030		200,000		173,131
				2,939,684

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)
Retail REITs – 0.7%
Agree LP
REIT, 2.00%, 6/15/2028	$	200,000	$	170,636
Brixmor Operating Partnership LP
REIT, 4.13%, 6/15/2026		250,000		237,310
REIT, 4.13%, 5/15/2029		250,000		228,973
REIT, 4.05%, 7/1/2030		150,000		135,575
National Retail Properties, Inc.
REIT, 3.90%, 6/15/2024		200,000		196,695
REIT, 3.50%, 10/15/2027		150,000		140,502
REIT, 4.30%, 10/15/2028		90,000		85,186
Realty Income Corp.
REIT, 4.63%, 11/1/2025		200,000		197,852
Regency Centers LP
REIT, 3.70%, 6/15/2030		250,000		229,035
SITE Centers Corp.
REIT, 3.63%, 2/1/2025		129,000		121,893
				1,743,657
Semiconductors & Semiconductor Equipment – 2.1%
Broadcom Corp.
3.88%, 1/15/2027		390,000		378,930
3.50%, 1/15/2028		300,000		281,740
Broadcom, Inc.
3.15%, 11/15/2025		250,000		239,891
3.46%, 9/15/2026		150,000		143,720
4.11%, 9/15/2028		500,000		481,109
4.00%, 4/15/2029(c)		400,000		376,703
4.75%, 4/15/2029		500,000		495,286
4.15%, 11/15/2030		149,000		138,583
2.45%, 2/15/2031(c)		300,000		245,919
Micron Technology, Inc.
4.66%, 2/15/2030		400,000		383,309
NXP BV
3.15%, 5/1/2027		300,000		281,103
4.30%, 6/18/2029		250,000		239,947
3.40%, 5/1/2030		250,000		224,737
Qorvo, Inc.
4.38%, 10/15/2029		200,000		181,914
Texas Instruments, Inc.
1.38%, 3/12/2025		200,000		189,534
2.90%, 11/3/2027		250,000		238,283

Investments	Principal Amount		Value
Semiconductors & Semiconductor Equipment – (continued)
TSMC Arizona Corp.
3.88%, 4/22/2027	$	500,000	$	492,093
				5,012,801
Software – 1.8%
Adobe, Inc.
2.15%, 2/1/2027		250,000		232,754
2.30%, 2/1/2030		350,000		310,973
Autodesk, Inc.
2.40%, 12/15/2031		200,000		167,740
Microsoft Corp.
2.70%, 2/12/2025		390,000		380,110
3.13%, 11/3/2025		276,000		270,063
3.30%, 2/6/2027		89,000		87,433
Oracle Corp.
2.80%, 4/1/2027		500,000		465,856
2.30%, 3/25/2028		300,000		268,367
2.95%, 4/1/2030		200,000		177,175
2.88%, 3/25/2031		300,000		258,544
Roper Technologies, Inc.
1.40%, 9/15/2027		475,000		416,559
4.20%, 9/15/2028		150,000		149,063
1.75%, 2/15/2031		250,000		199,801
VMware, Inc.
1.40%, 8/15/2026		100,000		89,295
1.80%, 8/15/2028		750,000		638,883
4.70%, 5/15/2030		250,000		240,912
				4,353,528
Specialized REITs – 1.5%
American Tower Corp.
REIT, 2.40%, 3/15/2025		300,000		285,568
Crown Castle, Inc.
REIT, 1.35%, 7/15/2025		200,000		185,078
REIT, 3.80%, 2/15/2028		200,000		191,548
REIT, 3.10%, 11/15/2029		200,000		179,733
REIT, 2.10%, 4/1/2031		300,000		244,989
CubeSmart LP
REIT, 4.00%, 11/15/2025		100,000		97,701
REIT, 3.00%, 2/15/2030		200,000		174,482
EPR Properties
REIT, 4.50%, 6/1/2027		300,000		267,050
REIT, 4.95%, 4/15/2028		350,000		312,314

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)
Specialized REITs – (continued)
Equinix, Inc.
REIT, 1.45%, 5/15/2026	$	160,000	$	144,542
REIT, 3.20%, 11/18/2029		250,000		224,544
Life Storage LP
REIT, 2.20%, 10/15/2030		150,000		123,082
LifeStorage LP
REIT, 3.50%, 7/1/2026		200,000		191,186
Public Storage
REIT, 3.09%, 9/15/2027		200,000		189,712
REIT, 1.85%, 5/1/2028		300,000		266,635
REIT, 1.95%, 11/9/2028		150,000		131,741
Weyerhaeuser Co.
REIT, 4.00%, 4/15/2030		500,000		472,621
				3,682,526
Specialty Retail – 1.8%
Advance Auto Parts, Inc.
1.75%, 10/1/2027		310,000		269,972
AutoNation, Inc.
1.95%, 8/1/2028		220,000		183,116
4.75%, 6/1/2030		200,000		188,028
AutoZone, Inc.
3.25%, 4/15/2025		240,000		232,586
3.13%, 4/21/2026		25,000		23,955
3.75%, 6/1/2027		200,000		194,074
4.00%, 4/15/2030		250,000		238,070
Best Buy Co., Inc.
4.45%, 10/1/2028		150,000		149,191
Home Depot, Inc. (The)
2.80%, 9/14/2027		400,000		379,917
3.25%, 4/15/2032		325,000		299,958
Lowe’s Cos., Inc.
3.65%, 4/5/2029		250,000		238,437
4.50%, 4/15/2030		500,000		494,875
3.75%, 4/1/2032		350,000		324,728
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		250,000		244,226
3.60%, 9/1/2027		150,000		145,458
4.35%, 6/1/2028		550,000		547,045
TJX Cos., Inc. (The)
3.88%, 4/15/2030		150,000		146,185
				4,299,821

Investments	Principal Amount		Value
Technology Hardware, Storage & Peripherals – 2.3%
Apple, Inc.
3.45%, 5/6/2024	$	500,000	$	492,915
2.85%, 5/11/2024		250,000		245,478
1.13%, 5/11/2025		450,000		423,170
3.20%, 5/13/2025		250,000		245,314
3.25%, 2/23/2026		468,000		458,077
2.45%, 8/4/2026		200,000		190,833
2.05%, 9/11/2026		200,000		187,673
3.35%, 2/9/2027		230,000		224,753
3.20%, 5/11/2027		365,000		356,124
2.90%, 9/12/2027		200,000		192,141
3.00%, 11/13/2027		240,000		231,516
1.20%, 2/8/2028		450,000		397,921
1.40%, 8/5/2028		440,000		387,066
3.25%, 8/8/2029		200,000		191,747
2.20%, 9/11/2029		200,000		179,942
1.65%, 2/8/2031		250,000		211,189
HP, Inc.
3.00%, 6/17/2027		350,000		326,199
4.00%, 4/15/2029		200,000		189,888
3.40%, 6/17/2030		250,000		221,558
NetApp, Inc.
1.88%, 6/22/2025		150,000		140,613
				5,494,117
Textiles, Apparel & Luxury Goods – 0.0%(d)
Tapestry, Inc.
4.13%, 7/15/2027		8,000		7,721
Tobacco – 1.9%
Altria Group, Inc.
2.35%, 5/6/2025		210,000		200,156
4.40%, 2/14/2026		100,000		99,268
2.63%, 9/16/2026		150,000		140,461
4.80%, 2/14/2029		400,000		397,191
3.40%, 5/6/2030		300,000		267,439
BAT Capital Corp.
4.70%, 4/2/2027		500,000		493,819
3.56%, 8/15/2027		290,000		271,394
4.91%, 4/2/2030		250,000		241,342
2.73%, 3/25/2031		225,000		182,364
Philip Morris International, Inc.
1.50%, 5/1/2025		223,000		209,789
2.75%, 2/25/2026		250,000		238,542
0.88%, 5/1/2026		150,000		135,233

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)
Tobacco – (continued)
5.13%, 11/17/2027	$	300,000	$	307,199
4.88%, 2/15/2028		300,000		302,642
3.38%, 8/15/2029		300,000		278,322
5.63%, 11/17/2029		400,000		417,797
5.13%, 2/15/2030		400,000		404,165
				4,587,123
Trading Companies & Distributors – 0.1%
Aircastle Ltd.
4.25%, 6/15/2026		250,000		237,617
Wireless Telecommunication Services – 0.3%
America Movil SAB de CV
2.88%, 5/7/2030		250,000		223,170
T-Mobile USA, Inc.
3.88%, 4/15/2030		150,000		141,233
5.20%, 1/15/2033		250,000		254,549
				618,952
Total Corporate Bonds (Cost $250,183,522)				238,227,157
Total Investments – 98.2% (Cost $250,183,522)				238,227,157
Other assets less liabilities – 1.8%				4,296,723
NET ASSETS – 100.0%			$	242,523,880

^(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, 2023.

^(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.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

As of April 30, 2023, 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	$	869,364
Aggregate gross unrealized depreciation		(13,024,512	)
Net unrealized depreciation	$	(12,155,148	)
Federal income tax cost	$	250,382,305

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 341

Schedule of Investments

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund

April 30, 2023 (Unaudited)

Investments	Principal Amount		Value
CORPORATE BONDS – 98.0%
Aerospace & Defense – 1.8%
Boeing Co. (The)
5.81%, 5/1/2050	$	80,000	$	79,571
L3Harris Technologies, Inc.
5.05%, 4/27/2045		50,000		47,470
Lockheed Martin Corp.
4.09%, 9/15/2052		125,000		112,623
4.15%, 6/15/2053		150,000		135,612
5.90%, 11/15/2063		140,000		163,423
Northrop Grumman Corp.
4.95%, 3/15/2053		100,000		98,827
				637,526
Air Freight & Logistics – 0.4%
FedEx Corp.
5.25%, 5/15/2050		50,000		48,825
United Parcel Service, Inc.
5.05%, 3/3/2053		100,000		103,034
				151,859
Automobile Components – 0.3%
Aptiv plc
4.15%, 5/1/2052		50,000		38,708
Lear Corp.
5.25%, 5/15/2049		75,000		66,122
				104,830
Automobiles – 0.1%
General Motors Co.
5.95%, 4/1/2049		50,000		46,309
Banks – 7.0%
Bank of America Corp.
6.11%, 1/29/2037		150,000		160,793
7.75%, 5/14/2038		100,000		121,329
3.31%, 4/22/2042(a)		25,000		19,249
4.08%, 3/20/2051(a)		50,000		41,938
Citigroup, Inc.
6.13%, 8/25/2036		100,000		103,443
2.90%, 11/3/2042(a)		25,000		18,024
6.68%, 9/13/2043		75,000		83,846
5.30%, 5/6/2044		100,000		95,059

Investments	Principal Amount		Value
Banks – (continued)
4.75%, 5/18/2046	$	135,000	$	118,240
4.28%, 4/24/2048(a)		25,000		21,707
Cooperatieve Rabobank UA
5.25%, 5/24/2041		100,000		106,705
Fifth Third Bancorp
8.25%, 3/1/2038		75,000		86,534
HSBC Holdings plc
6.50%, 5/2/2036		100,000		102,852
6.10%, 1/14/2042		50,000		53,599
JPMorgan Chase & Co.
6.40%, 5/15/2038		35,000		39,593
4.95%, 6/1/2045		230,000		219,298
Lloyds Banking Group plc
4.34%, 1/9/2048		200,000		154,105
Regions Financial Corp.
7.38%, 12/10/2037		50,000		53,701
Wells Fargo & Co.
5.95%, 12/15/2036		25,000		25,463
3.07%, 4/30/2041(a)		250,000		187,532
5.38%, 11/2/2043		265,000		253,901
5.61%, 1/15/2044		100,000		98,325
4.90%, 11/17/2045		150,000		134,991
4.75%, 12/7/2046		5,000		4,372
5.01%, 4/4/2051(a)		10,000		9,463
Westpac Banking Corp.
3.13%, 11/18/2041		250,000		173,799
				2,487,861
Beverages – 1.3%
Anheuser-Busch InBev Worldwide, Inc.
5.80%, 1/23/2059		50,000		56,000
Brown-Forman Corp.
4.00%, 4/15/2038		50,000		45,910
Constellation Brands, Inc.
5.25%, 11/15/2048		50,000		48,580
3.75%, 5/1/2050		50,000		39,612
Keurig Dr Pepper, Inc.
4.50%, 11/15/2045		100,000		89,872
3.80%, 5/1/2050		100,000		79,573
4.50%, 4/15/2052		100,000		89,299
				448,846

See Accompanying Notes to the Financial Statements.

342 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Biotechnology – 4.6%
AbbVie, Inc.
4.55%, 3/15/2035	$	350,000	$	342,827
4.85%, 6/15/2044		200,000		190,438
4.88%, 11/14/2048		200,000		191,947
Amgen, Inc.
5.15%, 11/15/2041		228,000		222,016
4.40%, 5/1/2045		200,000		176,491
4.56%, 6/15/2048		100,000		90,765
4.66%, 6/15/2051		250,000		227,395
Biogen, Inc.
3.25%, 2/15/2051		50,000		35,506
Gilead Sciences, Inc.
4.15%, 3/1/2047		50,000		44,340
2.80%, 10/1/2050		45,000		30,843
Regeneron Pharmaceuticals, Inc.
2.80%, 9/15/2050		100,000		66,011
				1,618,579
Broadline Retail – 0.5%
Alibaba Group Holding Ltd.
4.20%, 12/6/2047		25,000		19,952
4.40%, 12/6/2057		200,000		160,147
				180,099
Building Products – 1.0%
Carrier Global Corp.
3.58%, 4/5/2050		50,000		37,347
Johnson Controls International plc
4.50%, 2/15/2047		50,000		44,076
Masco Corp.
4.50%, 5/15/2047		50,000		41,404
Owens Corning
4.30%, 7/15/2047		50,000		41,164
4.40%, 1/30/2048		50,000		41,689
Trane Technologies Luxembourg Finance SA
4.50%, 3/21/2049		150,000		134,871
				340,551
Capital Markets – 1.5%
CI Financial Corp.
4.10%, 6/15/2051		100,000		58,211

Investments	Principal Amount		Value
Capital Markets – (continued)
Goldman Sachs Group, Inc. (The)
4.02%, 10/31/2038(a)	$	65,000	$	56,137
2.91%, 7/21/2042(a)		65,000		46,682
4.75%, 10/21/2045		85,000		78,832
Moody’s Corp.
3.10%, 11/29/2061		50,000		33,297
Morgan Stanley
6.38%, 7/24/2042		75,000		84,904
4.30%, 1/27/2045		60,000		53,882
Nasdaq, Inc.
3.25%, 4/28/2050		100,000		69,548
S&P Global, Inc.
2.30%, 8/15/2060		100,000		58,725
				540,218
Chemicals – 2.5%
Albemarle Corp.
5.45%, 12/1/2044		50,000		46,978
CF Industries, Inc.
5.15%, 3/15/2034		40,000		38,890
5.38%, 3/15/2044		150,000		137,974
Dow Chemical Co. (The)
9.40%, 5/15/2039		58,000		78,517
5.55%, 11/30/2048		50,000		49,592
FMC Corp.
4.50%, 10/1/2049		50,000		41,358
LYB International Finance BV
5.25%, 7/15/2043		50,000		45,803
4.88%, 3/15/2044		100,000		88,790
LYB International Finance III LLC
4.20%, 10/15/2049		50,000		38,699
4.20%, 5/1/2050		120,000		93,048
3.63%, 4/1/2051		100,000		70,922
LyondellBasell Industries NV
4.63%, 2/26/2055		100,000		81,603
Mosaic Co. (The)
5.63%, 11/15/2043		50,000		48,477
RPM International, Inc.
4.25%, 1/15/2048		50,000		38,786
				899,437
Communications Equipment – 1.2%
Cisco Systems, Inc.
5.90%, 2/15/2039		200,000		226,094
5.50%, 1/15/2040		100,000		108,643

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 343

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Communications Equipment – (continued)
Juniper Networks, Inc.
5.95%, 3/15/2041	$	50,000	$	50,609
Motorola Solutions, Inc.
5.50%, 9/1/2044		50,000		48,343
				433,689
Construction & Engineering – 0.2%
Quanta Services, Inc.
3.05%, 10/1/2041		60,000		42,218
Valmont Industries, Inc.
5.00%, 10/1/2044		50,000		45,021
				87,239
Consumer Staples Distribution & Retail – 0.3%
Dollar General Corp.
5.50%, 11/1/2052		50,000		50,748
Sysco Corp.
6.60%, 4/1/2050		50,000		57,299
				108,047
Containers & Packaging – 0.3%
International Paper Co.
6.00%, 11/15/2041		50,000		52,416
Packaging Corp. of America
3.05%, 10/1/2051		100,000		67,529
				119,945
Diversified REITs – 0.3%
Simon Property Group LP
REIT, 5.85%, 3/8/2053		50,000		50,756
VICI Properties LP
REIT, 5.63%, 5/15/2052		50,000		45,237
				95,993
Diversified Telecommunication Services – 4.2%
AT&T, Inc.
3.55%, 9/15/2055		100,000		70,970
3.80%, 12/1/2057		557,000		409,147
3.65%, 9/15/2059		155,000		109,673
Bell Canada (The)
4.46%, 4/1/2048		100,000		88,520
4.30%, 7/29/2049		25,000		21,602
3.65%, 8/15/2052		100,000		78,170

Investments	Principal Amount		Value
Diversified Telecommunication Services – (continued)
Telefonica Emisiones SA
5.21%, 3/8/2047	$	150,000	$	130,293
5.52%, 3/1/2049		150,000		135,279
TELUS Corp.
4.30%, 6/15/2049		50,000		41,841
Verizon Communications, Inc.
2.88%, 11/20/2050		100,000		66,333
3.55%, 3/22/2051		100,000		75,854
3.88%, 3/1/2052		100,000		80,245
2.99%, 10/30/2056		100,000		64,658
3.70%, 3/22/2061		150,000		111,421
				1,484,006
Electric Utilities – 3.4%
AEP Texas, Inc.
5.25%, 5/15/2052		35,000		34,458
Arizona Public Service Co.
3.35%, 5/15/2050		50,000		35,285
Cleco Corporate Holdings LLC
4.97%, 5/1/2046(b)		50,000		43,973
Duke Energy Corp.
4.80%, 12/15/2045		125,000		115,949
3.75%, 9/1/2046		50,000		39,266
3.95%, 8/15/2047		100,000		79,561
Emera US Finance LP
4.75%, 6/15/2046		50,000		41,549
Georgia Power Co.
Series B, 3.70%, 1/30/2050		16,000		12,530
5.13%, 5/15/2052		25,000		24,744
ITC Holdings Corp.
5.30%, 7/1/2043		50,000		48,191
Kentucky Utilities Co.
3.30%, 6/1/2050		100,000		72,618
MidAmerican Energy Co.
4.25%, 7/15/2049		100,000		90,082
Oklahoma Gas and Electric Co.
3.85%, 8/15/2047		100,000		79,666
Pacific Gas and Electric Co.
4.50%, 7/1/2040		50,000		40,631
4.95%, 7/1/2050		50,000		40,682
6.75%, 1/15/2053		50,000		51,184
6.70%, 4/1/2053		50,000		50,962
PacifiCorp
6.25%, 10/15/2037		100,000		112,975

See Accompanying Notes to the Financial Statements.

344 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Electric Utilities – (continued)
Tucson Electric Power Co.
4.00%, 6/15/2050	$	100,000	$	81,166
Union Electric Co.
3.90%, 4/1/2052		50,000		42,086
Wisconsin Power and Light Co.
3.65%, 4/1/2050		70,000		54,492
				1,192,050
Electrical Equipment – 0.3%
Eaton Corp.
4.70%, 8/23/2052		80,000		77,021
Rockwell Automation, Inc.
2.80%, 8/15/2061		25,000		16,501
				93,522
Electronic Equipment, Instruments & Components – 0.5%
Corning, Inc.
4.38%, 11/15/2057		25,000		21,169
5.45%, 11/15/2079		100,000		93,834
Tyco Electronics Group SA
7.13%, 10/1/2037		50,000		59,279
				174,282
Energy Equipment & Services – 0.2%
Halliburton Co.
4.75%, 8/1/2043		50,000		44,590
NOV, Inc.
3.95%, 12/1/2042		50,000		37,241
				81,831
Entertainment – 0.3%
Activision Blizzard, Inc.
2.50%, 9/15/2050		100,000		65,287
Electronic Arts, Inc.
2.95%, 2/15/2051		50,000		34,138
				99,425
Financial Services – 1.2%
Corebridge Financial, Inc.
4.40%, 4/5/2052(c)		50,000		39,135
Fidelity National Information Services, Inc.
5.63%, 7/15/2052		50,000		48,026

Investments	Principal Amount		Value
Financial Services – (continued)
Fiserv, Inc.
4.40%, 7/1/2049	$	30,000	$	25,533
Global Payments, Inc.
4.15%, 8/15/2049		100,000		74,863
5.95%, 8/15/2052		50,000		48,531
PayPal Holdings, Inc.
5.05%, 6/1/2052		50,000		48,043
Shell International Finance BV
6.38%, 12/15/2038		50,000		58,219
Voya Financial, Inc.
4.80%, 6/15/2046		25,000		21,185
Western Union Co. (The)
6.20%, 6/21/2040		50,000		49,840
				413,375
Food Products – 1.1%
Campbell Soup Co.
3.13%, 4/24/2050		100,000		71,120
Conagra Brands, Inc.
5.40%, 11/1/2048		50,000		48,686
General Mills, Inc.
5.40%, 6/15/2040		50,000		51,293
J M Smucker Co. (The)
2.75%, 9/15/2041		50,000		36,164
Kraft Heinz Foods Co.
5.50%, 6/1/2050		130,000		131,273
Tyson Foods, Inc.
5.10%, 9/28/2048		50,000		47,395
				385,931
Gas Utilities – 0.6%
Atmos Energy Corp.
4.13%, 10/15/2044		75,000		65,603
Piedmont Natural Gas Co., Inc.
3.64%, 11/1/2046		20,000		14,883
Southern California Gas Co.
6.35%, 11/15/2052		100,000		116,511
				196,997
Ground Transportation – 2.2%
Burlington Northern Santa Fe LLC
2.88%, 6/15/2052		50,000		35,123
4.45%, 1/15/2053		50,000		47,026

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 345

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Ground Transportation – (continued)
Canadian National Railway Co.
4.40%, 8/5/2052	$	100,000	$	94,574
Canadian Pacific Railway Co.
6.13%, 9/15/2115		50,000		53,205
CSX Corp.
4.50%, 11/15/2052		100,000		92,007
4.50%, 8/1/2054		50,000		45,040
Norfolk Southern Corp.
4.05%, 8/15/2052		50,000		41,941
4.55%, 6/1/2053		100,000		90,670
3.16%, 5/15/2055		50,000		34,231
5.10%, 8/1/2118		50,000		43,804
4.10%, 5/15/2121		25,000		17,912
Union Pacific Corp.
3.84%, 3/20/2060		130,000		105,763
3.75%, 2/5/2070		100,000		77,257
				778,553
Health Care Equipment & Supplies – 0.6%
GE HealthCare Technologies, Inc.
6.38%, 11/22/2052(c)		100,000		112,308
Zimmer Biomet Holdings, Inc.
4.25%, 8/15/2035		100,000		87,819
				200,127
Health Care Providers & Services – 3.4%
AmerisourceBergen Corp.
4.30%, 12/15/2047		75,000		64,661
Cardinal Health, Inc.
4.37%, 6/15/2047		150,000		125,626
CVS Health Corp.
5.13%, 7/20/2045		240,000		227,062
5.05%, 3/25/2048		210,000		196,040
Elevance Health, Inc.
4.55%, 5/15/2052		100,000		90,738
HCA, Inc.
4.63%, 3/15/2052(c)		100,000		82,947
Humana, Inc.
8.15%, 6/15/2038		25,000		31,236
3.95%, 8/15/2049		30,000		24,698
Laboratory Corp. of America Holdings
4.70%, 2/1/2045		50,000		45,396

Investments	Principal Amount		Value
Health Care Providers & Services – (continued)
UnitedHealth Group, Inc.
4.75%, 5/15/2052	$	30,000	$	29,160
3.88%, 8/15/2059		100,000		81,064
3.13%, 5/15/2060		125,000		88,939
4.95%, 5/15/2062		100,000		98,339
				1,185,906
Hotels, Restaurants & Leisure – 1.5%
McDonald’s Corp.
4.88%, 12/9/2045		125,000		120,976
4.45%, 3/1/2047		100,000		91,442
4.45%, 9/1/2048		100,000		91,490
3.63%, 9/1/2049		100,000		79,340
4.20%, 4/1/2050		100,000		87,372
5.15%, 9/9/2052		65,000		66,024
				536,644
Household Durables – 0.3%
MDC Holdings, Inc.
3.97%, 8/6/2061		100,000		60,744
PulteGroup, Inc.
6.38%, 5/15/2033		50,000		53,317
				114,061
Insurance – 5.2%
Aflac, Inc.
6.45%, 8/15/2040		50,000		53,370
Alleghany Corp.
4.90%, 9/15/2044		50,000		47,852
American Financial Group, Inc.
4.50%, 6/15/2047		60,000		50,258
Aon Corp.
3.90%, 2/28/2052		100,000		80,519
Aon Global Ltd.
4.60%, 6/14/2044		55,000		49,133
4.75%, 5/15/2045		100,000		91,441
Arch Capital Group Ltd.
7.35%, 5/1/2034		150,000		175,191
3.64%, 6/30/2050		25,000		18,940
Arthur J Gallagher & Co.
3.50%, 5/20/2051		50,000		36,592
3.05%, 3/9/2052		65,000		42,599
Athene Holding Ltd.
3.95%, 5/25/2051		50,000		33,819
3.45%, 5/15/2052		10,000		6,071

See Accompanying Notes to the Financial Statements.

346 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Insurance – (continued)
Berkshire Hathaway Finance Corp.
3.85%, 3/15/2052	$	100,000	$	85,249
Brown & Brown, Inc.
4.95%, 3/17/2052		50,000		43,105
Chubb INA Holdings, Inc.
3.05%, 12/15/2061		50,000		34,468
Everest Reinsurance Holdings, Inc.
3.50%, 10/15/2050		50,000		36,130
3.13%, 10/15/2052		50,000		33,517
Fidelity National Financial, Inc.
3.20%, 9/17/2051		45,000		27,723
Hartford Financial Services Group, Inc. (The)
2.90%, 9/15/2051		165,000		109,090
Markel Corp.
4.15%, 9/17/2050		125,000		100,068
Marsh & McLennan Cos., Inc.
4.75%, 3/15/2039		100,000		94,735
4.90%, 3/15/2049		80,000		77,185
MetLife, Inc.
6.40%, 12/15/2036		50,000		50,150
10.75%, 8/1/2039		100,000		129,943
Old Republic International Corp.
3.85%, 6/11/2051		50,000		36,594
Principal Financial Group, Inc.
5.50%, 3/15/2053		50,000		48,529
Selective Insurance Group, Inc.
5.38%, 3/1/2049		25,000		23,731
Travelers Cos., Inc. (The)
6.25%, 6/15/2037		50,000		56,661
Trinity Acquisition plc
6.13%, 8/15/2043		25,000		24,028
Unum Group
4.13%, 6/15/2051		95,000		68,954
Willis North America, Inc.
5.05%, 9/15/2048		75,000		64,789
				1,830,434
Interactive Media & Services – 0.8%
Alphabet, Inc.
2.25%, 8/15/2060		75,000		46,539

Investments	Principal Amount		Value
Interactive Media & Services – (continued)
Meta Platforms, Inc.
4.45%, 8/15/2052	$	110,000	$	96,943
4.65%, 8/15/2062		165,000		146,147
				289,629
IT Services – 1.9%
International Business Machines Corp.
4.15%, 5/15/2039		100,000		88,738
4.25%, 5/15/2049		300,000		259,059
3.43%, 2/9/2052		100,000		73,357
4.90%, 7/27/2052		273,000		254,789
				675,943
Leisure Products – 0.1%
Hasbro, Inc.
6.35%, 3/15/2040		25,000		25,308
Machinery – 0.6%
Dover Corp.
5.38%, 3/1/2041		50,000		50,789
Fortive Corp.
4.30%, 6/15/2046		50,000		40,517
Otis Worldwide Corp.
3.11%, 2/15/2040		50,000		39,240
3.36%, 2/15/2050		100,000		74,508
				205,054
Media – 3.7%
Charter Communications Operating LLC
6.48%, 10/23/2045		250,000		231,635
5.38%, 5/1/2047		150,000		122,769
5.75%, 4/1/2048		199,000		169,139
4.80%, 3/1/2050		100,000		75,729
3.70%, 4/1/2051		100,000		63,421
Comcast Corp.
2.94%, 11/1/2056		120,000		79,777
2.99%, 11/1/2063		100,000		64,750
Fox Corp.
5.48%, 1/25/2039		100,000		94,771
5.58%, 1/25/2049		150,000		139,328

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)
Media – (continued)
Interpublic Group of Cos., Inc. (The)
5.40%, 10/1/2048	$	50,000	$	47,827
Time Warner Cable LLC
7.30%, 7/1/2038		50,000		51,815
6.75%, 6/15/2039		100,000		97,225
5.88%, 11/15/2040		75,000		66,716
				1,304,902
Metals & Mining – 1.8%
ArcelorMittal SA
6.75%, 3/1/2041(b)		100,000		101,198
Freeport-McMoRan, Inc.
5.45%, 3/15/2043		50,000		46,933
Nucor Corp.
3.85%, 4/1/2052		50,000		40,859
Rio Tinto Finance USA Ltd.
2.75%, 11/2/2051		20,000		13,997
Rio Tinto Finance USA plc
5.13%, 3/9/2053		100,000		103,034
Vale Overseas Ltd.
6.88%, 11/21/2036		300,000		313,918
				619,939
Multi-Utilities – 2.9%
Berkshire Hathaway Energy Co.
6.13%, 4/1/2036		200,000		224,135
4.45%, 1/15/2049		100,000		90,739
4.25%, 10/15/2050		150,000		130,916
2.85%, 5/15/2051		50,000		34,534
Black Hills Corp.
4.20%, 9/15/2046		25,000		20,035
Consolidated Edison Co. of New York, Inc.
6.15%, 11/15/2052		100,000		112,625
4.50%, 5/15/2058		50,000		43,712
NiSource, Inc.
5.00%, 6/15/2052		50,000		47,403
San Diego Gas & Electric Co.
4.30%, 4/1/2042		50,000		43,179
5.35%, 4/1/2053		50,000		51,806

Investments	Principal Amount		Value
Multi-Utilities – (continued)
Sempra Energy
6.00%, 10/15/2039	$	50,000	$	52,788
4.00%, 2/1/2048		100,000		81,451
Southern Co. Gas Capital Corp.
4.40%, 5/30/2047		100,000		85,099
				1,018,422
Office REITs – 0.1%
Alexandria Real Estate Equities, Inc.
REIT, 4.75%, 4/15/2035		50,000		47,595
Oil, Gas & Consumable Fuels – 17.7%
Canadian Natural Resources Ltd.
6.50%, 2/15/2037		100,000		105,290
6.25%, 3/15/2038		100,000		106,637
6.75%, 2/1/2039		75,000		80,467
Cenovus Energy, Inc.
6.80%, 9/15/2037		50,000		53,819
6.75%, 11/15/2039		45,000		48,863
5.40%, 6/15/2047		100,000		93,172
3.75%, 2/15/2052		50,000		36,324
ConocoPhillips Co.
4.03%, 3/15/2062		50,000		42,512
Continental Resources, Inc.
4.90%, 6/1/2044		50,000		38,927
Devon Energy Corp.
5.60%, 7/15/2041		150,000		146,208
5.00%, 6/15/2045		70,000		62,676
Diamondback Energy, Inc.
4.25%, 3/15/2052		85,000		67,091
6.25%, 3/15/2053		100,000		104,509
Eastern Gas Transmission & Storage, Inc.
4.60%, 12/15/2044		50,000		43,492
Enbridge Energy Partners LP
7.38%, 10/15/2045		35,000		41,549
Enbridge, Inc.
5.50%, 12/1/2046		25,000		24,336
4.00%, 11/15/2049		50,000		38,989
3.40%, 8/1/2051		10,000		7,062
Energy Transfer LP
5.80%, 6/15/2038		50,000		49,502
6.50%, 2/1/2042		200,000		207,970
5.00%, 5/15/2044(b)		50,000		43,237

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)
Oil, Gas & Consumable Fuels – (continued)
6.13%, 12/15/2045	$	100,000	$	97,696
5.40%, 10/1/2047		50,000		44,523
6.25%, 4/15/2049		100,000		99,201
5.00%, 5/15/2050		160,000		135,813
Enterprise Products Operating LLC
5.95%, 2/1/2041		180,000		190,899
4.45%, 2/15/2043		100,000		89,061
4.85%, 3/15/2044		230,000		214,583
4.25%, 2/15/2048		85,000		72,361
3.70%, 1/31/2051		85,000		65,321
3.95%, 1/31/2060		100,000		77,945
Exxon Mobil Corp.
3.45%, 4/15/2051		100,000		80,117
Hess Corp.
6.00%, 1/15/2040		50,000		50,889
5.80%, 4/1/2047		100,000		99,002
Kinder Morgan Energy Partners LP
6.95%, 1/15/2038		100,000		113,074
6.50%, 9/1/2039		50,000		53,029
6.38%, 3/1/2041		100,000		103,343
5.50%, 3/1/2044		150,000		140,421
Kinder Morgan, Inc.
5.55%, 6/1/2045		125,000		117,890
5.05%, 2/15/2046		50,000		43,941
5.20%, 3/1/2048		100,000		89,283
5.45%, 8/1/2052		50,000		46,138
Magellan Midstream Partners LP
5.15%, 10/15/2043		15,000		13,571
4.20%, 10/3/2047		145,000		115,987
4.85%, 2/1/2049		100,000		87,313
3.95%, 3/1/2050		40,000		30,827
Marathon Oil Corp.
5.20%, 6/1/2045		100,000		86,549
Marathon Petroleum Corp.
6.50%, 3/1/2041		100,000		105,639
4.50%, 4/1/2048		155,000		126,117
MPLX LP
4.70%, 4/15/2048		200,000		167,160
5.50%, 2/15/2049		100,000		92,536
4.95%, 3/14/2052		200,000		173,129
4.90%, 4/15/2058		150,000		124,082
ONEOK Partners LP
6.85%, 10/15/2037		100,000		107,117
6.13%, 2/1/2041		40,000		39,872

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
ONEOK, Inc.
4.95%, 7/13/2047	$	100,000	$	84,944
Ovintiv, Inc.
6.50%, 2/1/2038		50,000		50,001
Plains All American Pipeline LP
5.15%, 6/1/2042		100,000		84,548
Spectra Energy Partners LP
5.95%, 9/25/2043		100,000		101,084
4.50%, 3/15/2045		100,000		85,113
Suncor Energy, Inc.
6.50%, 6/15/2038		100,000		107,724
6.85%, 6/1/2039		50,000		54,649
3.75%, 3/4/2051		50,000		38,046
Targa Resources Corp.
6.25%, 7/1/2052		100,000		98,929
TransCanada PipeLines Ltd.
5.10%, 3/15/2049		50,000		47,063
Transcontinental Gas Pipe Line Co. LLC
4.60%, 3/15/2048		50,000		44,069
Valero Energy Corp.
3.65%, 12/1/2051		100,000		71,273
4.00%, 6/1/2052		100,000		76,842
Western Midstream Operating LP
5.30%, 3/1/2048		50,000		42,195
5.50%, 2/1/2050(b) (d)		100,000		84,837
Williams Cos., Inc. (The)
6.30%, 4/15/2040		80,000		84,403
5.10%, 9/15/2045		200,000		182,852
4.85%, 3/1/2048		35,000		31,088
3.50%, 10/15/2051		100,000		71,281
5.30%, 8/15/2052		100,000		94,212
				6,272,214
Personal Care Products – 0.4%
Kenvue, Inc.
5.10%, 3/22/2043(c)		100,000		103,632
5.20%, 3/22/2063(c)		50,000		51,994
				155,626
Pharmaceuticals – 1.7%
Bristol-Myers Squibb Co.
3.90%, 3/15/2062		100,000		82,932

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)
Pharmaceuticals – (continued)
Eli Lilly & Co.
4.15%, 3/15/2059	$	50,000	$	45,654
2.50%, 9/15/2060		40,000		26,096
4.95%, 2/27/2063		50,000		52,194
Merck & Co., Inc.
2.75%, 12/10/2051		75,000		53,147
2.90%, 12/10/2061		75,000		51,126
Pfizer, Inc.
5.60%, 9/15/2040		100,000		108,907
Royalty Pharma plc
3.55%, 9/2/2050		50,000		34,357
3.35%, 9/2/2051		50,000		32,886
Viatris, Inc.
3.85%, 6/22/2040		50,000		34,529
Zoetis, Inc.
4.70%, 2/1/2043		50,000		46,968
4.45%, 8/20/2048		50,000		45,155
				613,951
Professional Services – 0.2%
Equifax, Inc.
7.00%, 7/1/2037		25,000		27,406
Verisk Analytics, Inc.
3.63%, 5/15/2050		50,000		36,786
				64,192
Residential REITs – 0.1%
American Homes 4 Rent LP
REIT, 4.30%, 4/15/2052		50,000		38,838
Retail REITs – 0.4%
National Retail Properties, Inc.
REIT, 3.50%, 4/15/2051		150,000		103,383
Regency Centers LP
REIT, 4.40%, 2/1/2047		60,000		49,694
				153,077
Semiconductors & Semiconductor Equipment – 3.0%
Analog Devices, Inc.
2.95%, 10/1/2051		50,000		36,319
Broadcom, Inc.
3.47%, 4/15/2034(c)		150,000		123,925
3.14%, 11/15/2035(c)		200,000		154,832

Investments	Principal Amount		Value
Semiconductors & Semiconductor Equipment – (continued)
3.19%, 11/15/2036(c)	$	110,000	$	83,710
3.50%, 2/15/2041(c)		275,000		206,296
3.75%, 2/15/2051(c)		150,000		110,481
KLA Corp.
5.25%, 7/15/2062		100,000		101,666
Micron Technology, Inc.
3.37%, 11/1/2041		50,000		35,370
NXP BV
3.25%, 11/30/2051		100,000		66,687
QUALCOMM, Inc.
6.00%, 5/20/2053		50,000		56,855
Texas Instruments, Inc.
4.15%, 5/15/2048		35,000		32,317
5.00%, 3/14/2053		50,000		51,766
				1,060,224
Software – 2.8%
Microsoft Corp.
2.92%, 3/17/2052		100,000		76,632
3.04%, 3/17/2062		269,000		202,661
Oracle Corp.
6.13%, 7/8/2039		105,000		110,780
3.65%, 3/25/2041		140,000		108,573
4.13%, 5/15/2045		225,000		177,287
3.60%, 4/1/2050		200,000		142,202
4.38%, 5/15/2055		115,000		91,810
3.85%, 4/1/2060		125,000		87,693
				997,638
Specialized REITs – 0.1%
Weyerhaeuser Co.
REIT, 4.00%, 3/9/2052		50,000		41,019
Specialty Retail – 2.4%
Dick’s Sporting Goods, Inc.
4.10%, 1/15/2052		100,000		70,127
Home Depot, Inc. (The)
4.95%, 9/15/2052		150,000		151,022
Lowe’s Cos., Inc.
4.55%, 4/5/2049		150,000		129,381
5.13%, 4/15/2050		100,000		95,775
3.00%, 10/15/2050		100,000		66,828
4.25%, 4/1/2052		50,000		41,253
5.63%, 4/15/2053		100,000		100,583
4.45%, 4/1/2062		100,000		82,142

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)
Specialty Retail – (continued)
5.80%, 9/15/2062	$	50,000	$	50,312
5.85%, 4/1/2063		50,000		50,275
				837,698
Technology Hardware, Storage & Peripherals – 2.3%
Apple, Inc.
4.38%, 5/13/2045		50,000		48,426
4.65%, 2/23/2046		190,000		191,197
2.70%, 8/5/2051		200,000		141,499
2.55%, 8/20/2060		100,000		66,264
2.80%, 2/8/2061		100,000		67,887
4.10%, 8/8/2062		70,000		62,056
Dell International LLC
8.35%, 7/15/2046		70,000		86,232
3.45%, 12/15/2051(c)		100,000		65,733
Hewlett Packard Enterprise Co.
6.35%, 10/15/2045(b)		50,000		51,769
HP, Inc.
6.00%, 9/15/2041		50,000		50,707
				831,770
Tobacco – 5.3%
Altria Group, Inc.
5.80%, 2/14/2039		100,000		98,734
4.25%, 8/9/2042		140,000		110,278
4.50%, 5/2/2043		75,000		60,860
5.38%, 1/31/2044		225,000		206,079
5.95%, 2/14/2049		250,000		235,954
BAT Capital Corp.
4.39%, 8/15/2037		200,000		163,172
3.73%, 9/25/2040		670,000		480,972
4.54%, 8/15/2047		50,000		37,333
Philip Morris International, Inc.
6.38%, 5/16/2038		50,000		55,310
4.13%, 3/4/2043		330,000		272,332
4.25%, 11/10/2044		200,000		167,075
				1,888,099
Water Utilities – 0.1%
Essential Utilities, Inc.
5.30%, 5/1/2052		50,000		48,863

Investments	Principal Amount		Value
Wireless Telecommunication Services – 1.3%
America Movil SAB de CV
6.13%, 3/30/2040	$	100,000	$	108,243
Rogers Communications, Inc.
4.50%, 3/15/2042(c)		50,000		42,408
4.35%, 5/1/2049		150,000		120,474
4.55%, 3/15/2052(c)		50,000		40,999
T-Mobile USA, Inc.
3.40%, 10/15/2052		50,000		36,177
5.65%, 1/15/2053		50,000		51,574
5.80%, 9/15/2062		50,000		51,758
				451,633
Total Corporate Bonds (Cost $40,329,670)				34,709,806
Total Investments – 98.0% (Cost $40,329,670)				34,709,806
Other assets less liabilities – 2.0%				693,153
NET ASSETS – 100.0%			$	35,402,959

^(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, 2023.

^(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)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2023.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 351

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (cont.)

As of April 30, 2023, 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	$	174,702
Aggregate gross unrealized depreciation		(5,887,876	)
Net unrealized depreciation	$	(5,713,174	)
Federal income tax cost	$	40,422,980

Security Type	% of Net Assets
Corporate Bonds		98.0	%
Others(1)		2.0
		100.0	%

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

See Accompanying Notes to the Financial Statements.

352 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® High Yield Value-Scored Bond Index Fund

April 30, 2023 (Unaudited)

Investments	Principal Amount		Value
CORPORATE BONDS – 97.5%
Aerospace & Defense – 2.0%
Bombardier, Inc.
7.45%, 5/1/2034(a)	$	245,000	$	270,480
BWX Technologies, Inc.
4.13%, 6/30/2028(a)		790,000		723,093
4.13%, 4/15/2029(a)		630,000		570,150
F-Brasile SpA
Series NR, 7.38%, 8/15/2026(a)		1,650,000		1,381,875
Howmet Aerospace, Inc.
5.95%, 2/1/2037		335,000		340,883
Moog, Inc.
4.25%, 12/15/2027(a)		665,000		625,226
Spirit AeroSystems, Inc.
3.85%, 6/15/2026		545,000		510,492
TransDigm, Inc.
5.50%, 11/15/2027		4,575,000		4,390,540
6.75%, 8/15/2028(a)		3,540,000		3,595,015
4.63%, 1/15/2029		3,585,000		3,244,425
4.88%, 5/1/2029		1,311,000		1,191,376
Triumph Group, Inc.
7.75%, 8/15/2025		1,245,000		1,158,012
9.00%, 3/15/2028(a)		3,100,000		3,142,532
Wesco Aircraft Holdings, Inc.
8.50%, 11/15/2024(a)		2,579,000		116,055
				21,260,154
Air Freight & Logistics – 0.2%
Rand Parent LLC
8.50%, 2/15/2030(a)		2,180,000		1,975,001
Western Global Airlines LLC
10.38%, 8/15/2025(a)		995,000		129,350
				2,104,351
Automobile Components – 1.3%
Allison Transmission, Inc.
4.75%, 10/1/2027(a)		715,000		681,216
5.88%, 6/1/2029(a)		883,000		869,587
3.75%, 1/30/2031(a)		610,000		520,692
American Axle & Manufacturing, Inc.
6.25%, 3/15/2026		300,000		286,627

Investments	Principal Amount		Value
Automobile Components – (continued)
6.50%, 4/1/2027	$	890,000	$	824,852
6.88%, 7/1/2028		750,000		674,970
5.00%, 10/1/2029		300,000		249,108
Dealer Tire LLC
8.00%, 2/1/2028(a)		885,000		820,837
Dornoch Debt Merger Sub, Inc.
6.63%, 10/15/2029(a)		1,645,000		1,218,666
Goodyear Tire & Rubber Co. (The)
5.00%, 7/15/2029		505,000		446,399
Icahn Enterprises LP
5.25%, 5/15/2027		1,000,000		942,366
4.38%, 2/1/2029		425,000		373,239
IHO Verwaltungs GmbH
4.75%, 9/15/2026(a) (b)		655,000		589,548
6.00%, 5/15/2027(a) (b)		565,000		521,707
6.37%, 5/15/2029(a) (b)		655,000		587,181
JB Poindexter & Co., Inc.
7.13%, 4/15/2026(a)		1,010,000		974,640
Patrick Industries, Inc.
7.50%, 10/15/2027(a)		535,000		525,729
4.75%, 5/1/2029(a)		920,000		800,400
Real Hero Merger Sub 2, Inc.
6.25%, 2/1/2029(a)		1,535,000		1,155,087
Wheel Pros, Inc.
6.50%, 5/15/2029(a)		615,000		289,050
ZF North America Capital, Inc.
6.88%, 4/14/2028(a)		335,000		344,777
7.13%, 4/14/2030(a)		315,000		325,141
				14,021,819
Automobiles – 2.2%
Ford Motor Co.
6.63%, 10/1/2028		775,000		788,911
6.38%, 2/1/2029		305,000		303,878
9.63%, 4/22/2030		130,000		151,172
3.25%, 2/12/2032		1,750,000		1,357,154
6.10%, 8/19/2032		1,295,000		1,235,017
4.75%, 1/15/2043		1,461,000		1,097,647
7.40%, 11/1/2046		115,000		117,068
5.29%, 12/8/2046		835,000		675,320

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 353

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
Automobiles – (continued)
Jaguar Land Rover Automotive plc
4.50%, 10/1/2027(a)	$	1,285,000		$	1,076,022
5.88%, 1/15/2028(a)		1,716,000			1,483,667
5.50%, 7/15/2029(a)		2,057,000			1,702,886
Mclaren Finance plc
7.50%, 8/1/2026(a)		1,690,000			1,379,040
Nissan Motor Acceptance Co. LLC
2.00%, 3/9/2026(a)		1,390,000			1,224,945
1.85%, 9/16/2026(a)		1,740,000			1,484,778
Nissan Motor Co. Ltd.
3.52%, 9/17/2025(a)		2,610,000			2,441,818
4.35%, 9/17/2027(a)		1,045,000			957,643
4.81%, 9/17/2030(a)		1,940,000			1,706,349
PM General Purchaser LLC
9.50%, 10/1/2028(a)		1,510,000			1,430,725
Thor Industries, Inc.
4.00%, 10/15/2029(a)		2,130,000			1,746,595
Winnebago Industries, Inc.
6.25%, 7/15/2028(a)		505,000			488,335
					22,848,970
Banks – 0.7%
Intesa Sanpaolo SpA
5.71%, 1/15/2026(a)		1,655,000			1,593,711
4.20%, 6/1/2032(a) (c)		390,000			295,581
4.95%, 6/1/2042(a) (c)		500,000			330,633
Pacific Western Bank
3.25%, 5/1/2031(c)		750,000			536,585
Texas Capital Bancshares, Inc.
4.00%, 5/6/2031(c)		630,000			509,262
UniCredit SpA
5.86%, 6/19/2032(a) (c)		1,690,000			1,539,455
7.30%, 4/2/2034(a) (c)		2,140,000			2,047,509
5.46%, 6/30/2035(a) (c)		1,035,000	��		881,856
					7,734,592
Beverages – 0.1%
Primo Water Holdings, Inc.
4.38%, 4/30/2029(a)		425,000			374,819

Investments	Principal Amount		Value
Beverages – (continued)
Triton Water Holdings, Inc.
6.25%, 4/1/2029(a)	$	1,325,000	$	1,113,000
				1,487,819
Biotechnology – 0.0%(d)
Grifols Escrow Issuer SA
4.75%, 10/15/2028(a)		440,000		352,848
Broadline Retail – 1.0%
ANGI Group LLC
3.88%, 8/15/2028(a)		1,215,000		950,932
Macy’s Retail Holdings LLC
6.13%, 3/15/2032(a)		140,000		122,547
4.50%, 12/15/2034		66,000		47,327
Millennium Escrow Corp.
6.63%, 8/1/2026(a)		1,955,000		1,322,319
NMG Holding Co., Inc.
7.13%, 4/1/2026(a)		1,445,000		1,342,788
Nordstrom, Inc.
4.25%, 8/1/2031		90,000		66,834
5.00%, 1/15/2044		555,000		347,055
Photo Holdings Merger Sub, Inc.
8.50%, 10/1/2026(a)		2,070,000		885,070
QVC, Inc.
4.45%, 2/15/2025		1,535,000		1,128,225
4.75%, 2/15/2027		2,620,000		1,323,100
4.38%, 9/1/2028		1,325,000		652,403
Rakuten Group, Inc.
10.25%, 11/30/2024(a)		2,505,000		2,433,608
				10,622,208
Building Products – 2.0%
Builders FirstSource, Inc.
4.25%, 2/1/2032(a)		1,105,000		968,179
6.38%, 6/15/2032(a)		215,000		213,863
Camelot Return Merger Sub, Inc.
8.75%, 8/1/2028(a)		1,245,000		1,179,637
Cornerstone Building Brands, Inc.
6.13%, 1/15/2029(a)		1,500,000		1,128,750
CP Atlas Buyer, Inc.
7.00%, 12/1/2028(a)		1,379,000		1,036,294
Eco Material Technologies, Inc.
7.88%, 1/31/2027(a)		705,000		676,800

See Accompanying Notes to the Financial Statements.

354 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Building Products – (continued)
Griffon Corp.
5.75%, 3/1/2028	$	2,540,000	$	2,343,314
James Hardie International Finance DAC
5.00%, 1/15/2028(a)		670,000		631,302
JELD-WEN, Inc.
4.88%, 12/15/2027(a)		1,125,000		984,375
Masonite International Corp.
5.38%, 2/1/2028(a)		930,000		895,125
MIWD Holdco II LLC
5.50%, 2/1/2030(a)		1,290,000		1,083,600
New Enterprise Stone & Lime Co., Inc.
5.25%, 7/15/2028(a)		965,000		863,675
9.75%, 7/15/2028(a)		640,000		611,200
Oscar Acquisition Co. LLC
9.50%, 4/15/2030(a)		1,585,000		1,386,875
PGT Innovations, Inc.
4.38%, 10/1/2029(a)		1,000,000		906,600
Smyrna Ready Mix Concrete LLC
6.00%, 11/1/2028(a)		1,440,000		1,347,734
Standard Industries, Inc.
5.00%, 2/15/2027(a)		1,125,000		1,075,718
4.75%, 1/15/2028(a)		620,000		579,478
4.38%, 7/15/2030(a)		1,250,000		1,078,936
3.38%, 1/15/2031(a)		720,000		569,805
Victors Merger Corp.
6.38%, 5/15/2029(a)		2,340,000		1,422,369
				20,983,629
Capital Markets – 0.5%
Advisor Group Holdings, Inc.
10.75%, 8/1/2027(a)		565,000		560,508
AG Issuer LLC
6.25%, 3/1/2028(a)		300,000		278,799
AG TTMT Escrow Issuer LLC
8.63%, 9/30/2027(a)		665,000		683,653
Aretec Escrow Issuer, Inc.
7.50%, 4/1/2029(a)		970,000		812,430
Brightsphere Investment Group, Inc.
4.80%, 7/27/2026		185,000		172,136

Investments	Principal Amount		Value
Capital Markets – (continued)
Compass Group Diversified Holdings LLC
5.25%, 4/15/2029(a)	$	630,000	$	567,061
Hightower Holding LLC
6.75%, 4/15/2029(a)		655,000		568,409
Jane Street Group
4.50%, 11/15/2029(a)		290,000		259,515
Nomura Holdings, Inc.
2.65%, 1/16/2025		1,140,000		1,081,426
				4,983,937
Chemicals – 4.2%
Ashland LLC
3.38%, 9/1/2031(a)		55,000		45,504
ASP Unifrax Holdings, Inc.
5.25%, 9/30/2028(a)		2,151,000		1,772,467
7.50%, 9/30/2029(a)		1,006,000		718,890
Axalta Coating Systems LLC
4.75%, 6/15/2027(a)		890,000		859,566
Cerdia Finanz GmbH
10.50%, 2/15/2027(a)		945,000		897,750
Chemours Co. (The)
5.38%, 5/15/2027		825,000		766,725
5.75%, 11/15/2028(a)		2,000,000		1,777,562
4.63%, 11/15/2029(a)		2,645,000		2,178,404
CVR Partners LP
6.13%, 6/15/2028(a)		2,335,000		2,108,356
Element Solutions, Inc.
3.88%, 9/1/2028(a)		404,000		356,478
FXI Holdings, Inc.
7.88%, 11/1/2024(a)		695,000		631,286
12.25%, 11/15/2026(a)		1,905,000		1,699,827
Gates Global LLC
6.25%, 1/15/2026(a)		1,025,000		1,014,750
GPD Cos., Inc.
10.13%, 4/1/2026(a)		1,245,000		1,138,595
HB Fuller Co.
4.00%, 2/15/2027		555,000		524,428
4.25%, 10/15/2028		535,000		491,237
Herens Holdco Sarl
4.75%, 5/15/2028(a)		625,000		518,216
Illuminate Buyer LLC
9.00%, 7/1/2028(a)		1,210,000		1,073,441

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 355

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Chemicals – (continued)
INEOS Finance plc
6.75%, 5/15/2028(a)	$	210,000	$	207,493
INEOS Quattro Finance 2 plc
3.38%, 1/15/2026(a)		675,000		619,380
Ingevity Corp.
3.88%, 11/1/2028(a)		255,000		223,777
Iris Holding, Inc.
10.00%, 12/15/2028(a)		1,050,000		828,003
LSB Industries, Inc.
6.25%, 10/15/2028(a)		1,740,000		1,531,330
LSF11 A5 HoldCo LLC
6.63%, 10/15/2029(a)		860,000		740,675
Mativ Holdings, Inc.
6.88%, 10/1/2026(a)		330,000		300,721
Methanex Corp.
5.25%, 12/15/2029		400,000		375,355
Minerals Technologies, Inc.
5.00%, 7/1/2028(a)		805,000		734,562
NOVA Chemicals Corp.
5.25%, 6/1/2027(a)		1,775,000		1,606,359
4.25%, 5/15/2029(a)		1,485,000		1,200,869
Olin Corp.
5.13%, 9/15/2027		870,000		841,725
Olympus Water US Holding Corp.
7.13%, 10/1/2027(a)		410,000		390,819
4.25%, 10/1/2028(a)		1,350,000		1,151,651
6.25%, 10/1/2029(a)		940,000		755,372
Polar US Borrower LLC
6.75%, 5/15/2026(a)		695,000		422,212
Rain CII Carbon LLC
7.25%, 4/1/2025(a)		705,000		683,244
SCIH Salt Holdings, Inc.
4.88%, 5/1/2028(a)		1,443,000		1,299,314
6.63%, 5/1/2029(a)		1,765,000		1,471,496
SCIL IV LLC
5.38%, 11/1/2026(a)		970,000		893,028
SK Invictus Intermediate II Sarl
5.00%, 10/30/2029(a)		2,837,000		2,415,479
Trinseo Materials Operating SCA
5.38%, 9/1/2025(a)		2,189,000		1,834,645
Tronox, Inc.
4.63%, 3/15/2029(a)		690,000		572,775

Investments	Principal Amount		Value
Chemicals – (continued)
Vibrantz Technologies, Inc.
9.00%, 2/15/2030(a)	$	1,895,000	$	1,449,083
WR Grace Holdings LLC
4.88%, 6/15/2027(a)		450,000		427,365
5.63%, 8/15/2029(a)		2,925,000		2,523,066
7.38%, 3/1/2031(a)		210,000		210,324
				44,283,604
Commercial Services & Supplies – 4.3%
ACCO Brands Corp.
4.25%, 3/15/2029(a)		260,000		219,121
ADT Security Corp. (The)
4.13%, 8/1/2029(a)		520,000		451,750
4.88%, 7/15/2032(a)		401,000		346,865
Allied Universal Holdco LLC
6.63%, 7/15/2026(a)		2,415,000		2,327,943
9.75%, 7/15/2027(a)		2,715,000		2,525,583
4.63%, 6/1/2028(a)		3,235,000		2,811,174
6.00%, 6/1/2029(a)		2,470,000		1,936,433
Aptim Corp.
7.75%, 6/15/2025(a)		1,300,000		1,026,865
APX Group, Inc.
5.75%, 7/15/2029(a)		2,045,000		1,826,781
Aramark Services, Inc.
5.00%, 2/1/2028(a)		2,000,000		1,904,800
CoreCivic, Inc.
4.75%, 10/15/2027		435,000		376,271
Covanta Holding Corp.
4.88%, 12/1/2029(a)		400,000		356,000
5.00%, 9/1/2030		660,000		583,704
Deluxe Corp.
8.00%, 6/1/2029(a)		2,075,000		1,602,769
Garda World Security Corp.
4.63%, 2/15/2027(a)		710,000		652,193
9.50%, 11/1/2027(a)		1,185,000		1,135,574
7.75%, 2/15/2028(a)		590,000		592,950
6.00%, 6/1/2029(a)		1,090,000		896,525
GFL Environmental, Inc.
4.00%, 8/1/2028(a)		1,310,000		1,195,612
4.75%, 6/15/2029(a)		425,000		395,552
4.38%, 8/15/2029(a)		250,000		226,260
Harsco Corp.
5.75%, 7/31/2027(a)		2,075,000		1,752,068

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)
Commercial Services & Supplies – (continued)
Interface, Inc.
5.50%, 12/1/2028(a)	$	1,405,000	$	1,126,100
Legends Hospitality Holding Co. LLC
5.00%, 2/1/2026(a)		545,000		493,225
Madison IAQ LLC
4.13%, 6/30/2028(a)		415,000		365,097
5.88%, 6/30/2029(a)		2,595,000		2,031,393
Neptune Bidco US, Inc.
9.29%, 4/15/2029(a)		6,685,000		6,292,256
Pitney Bowes, Inc.
6.88%, 3/15/2027(a)		1,715,000		1,319,255
7.25%, 3/15/2029(a)		1,435,000		1,054,754
Prime Security Services Borrower LLC
5.75%, 4/15/2026(a)		2,445,000		2,426,573
6.25%, 1/15/2028(a)		2,260,000		2,116,572
Steelcase, Inc.
5.13%, 1/18/2029		1,055,000		938,982
Stericycle, Inc.
3.88%, 1/15/2029(a)		235,000		211,430
Vericast Corp.
12.50%, 12/15/2027(a)		605,000		681,666
WASH Multifamily Acquisition, Inc.
5.75%, 4/15/2026(a)		1,055,000		989,080
Waste Pro USA, Inc.
5.50%, 2/15/2026(a)		785,000		729,683
				45,918,859
Communications Equipment – 0.4%
CommScope Technologies LLC
5.00%, 3/15/2027(a)		2,000,000		1,381,719
CommScope, Inc.
8.25%, 3/1/2027(a)		3,000,000		2,319,351
				3,701,070
Construction & Engineering – 1.2%
AECOM
5.13%, 3/15/2027		1,740,000		1,704,452
Arcosa, Inc.
4.38%, 4/15/2029(a)		710,000		646,751

Investments	Principal Amount		Value
Construction & Engineering – (continued)
Artera Services LLC
9.03%, 12/4/2025(a)	$	2,654,000	$	2,279,427
Brand Industrial Services, Inc.
8.50%, 7/15/2025(a)		1,252,000		1,171,547
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00%, 2/1/2026(a)		995,000		935,300
Dycom Industries, Inc.
4.50%, 4/15/2029(a)		230,000		209,942
Global Infrastructure Solutions, Inc.
5.63%, 6/1/2029(a)		1,053,000		877,375
7.50%, 4/15/2032(a)		790,000		678,847
Pike Corp.
5.50%, 9/1/2028(a)		1,850,000		1,678,607
Promontoria Holding 264 BV
7.88%, 3/1/2027(a)		455,000		460,119
Railworks Holdings LP
8.25%, 11/15/2028(a)		485,000		460,429
VM Consolidated, Inc.
5.50%, 4/15/2029(a)		595,000		556,325
Weekley Homes LLC
4.88%, 9/15/2028(a)		815,000		707,517
				12,366,638
Consumer Finance – 2.6%
Cobra Acquisition Co. LLC
6.38%, 11/1/2029(a)		1,180,000		678,500
Enova International, Inc.
8.50%, 9/15/2025(a)		670,000		642,712
FirstCash, Inc.
5.63%, 1/1/2030(a)		300,000		278,677
Ford Holdings LLC
9.30%, 3/1/2030		430,000		489,125
Ford Motor Credit Co. LLC
6.95%, 3/6/2026		110,000		111,009
2.70%, 8/10/2026		235,000		208,446
4.27%, 1/9/2027		1,535,000		1,421,064
4.95%, 5/28/2027		2,555,000		2,416,244
4.13%, 8/17/2027		2,085,000		1,913,110
3.82%, 11/2/2027		1,240,000		1,111,778
7.35%, 11/4/2027		2,490,000		2,560,472
2.90%, 2/16/2028		1,405,000		1,216,211
6.80%, 5/12/2028		265,000		265,159

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)
Consumer Finance – (continued)
5.11%, 5/3/2029	$	2,467,000	$	2,298,679
7.35%, 3/6/2030		1,870,000		1,920,790
4.00%, 11/13/2030		195,000		167,206
goeasy Ltd.
5.38%, 12/1/2024(a)		975,000		925,718
4.38%, 5/1/2026(a)		525,000		460,639
LFS Topco LLC
5.88%, 10/15/2026(a)		390,000		342,225
Macquarie Airfinance Holdings Ltd.
8.38%, 5/1/2028(a)		885,000		885,584
OneMain Finance Corp.
7.13%, 3/15/2026		1,155,000		1,125,595
3.88%, 9/15/2028		240,000		192,604
5.38%, 11/15/2029		200,000		168,250
4.00%, 9/15/2030		450,000		339,833
PRA Group, Inc.
7.38%, 9/1/2025(a)		605,000		601,153
8.38%, 2/1/2028(a)		1,040,000		1,037,476
5.00%, 10/1/2029(a)		1,459,000		1,236,518
PROG Holdings, Inc.
6.00%, 11/15/2029(a)		250,000		225,000
SLM Corp.
4.20%, 10/29/2025		920,000		849,850
Synchrony Financial
7.25%, 2/2/2033		450,000		413,998
World Acceptance Corp.
7.00%, 11/1/2026(a)		1,280,000		1,041,600
				27,545,225
Consumer Staples Distribution & Retail – 0.3%
C&S Group Enterprises LLC
5.00%, 12/15/2028(a)		620,000		489,459
Ingles Markets, Inc.
4.00%, 6/15/2031(a)		10,000		8,636
Rite Aid Corp.
7.50%, 7/1/2025(a)		1,350,000		928,125
8.00%, 11/15/2026(a)		3,635,000		1,966,626
United Natural Foods, Inc.
6.75%, 10/15/2028(a)		250,000		237,300
				3,630,146

Investments	Principal Amount		Value
Containers & Packaging – 2.0%
Ardagh Metal Packaging Finance USA LLC
4.00%, 9/1/2029(a)	$	655,000	$	533,540
Cascades, Inc.
5.13%, 1/15/2026(a)		190,000		180,539
5.38%, 1/15/2028(a)		745,000		706,841
Clydesdale Acquisition Holdings, Inc.
6.63%, 4/15/2029(a)		1,310,000		1,285,761
8.75%, 4/15/2030(a)		4,724,000		4,347,561
Graham Packaging Co., Inc.
7.13%, 8/15/2028(a)		235,000		204,503
Intelligent Packaging Ltd. Finco, Inc.
6.00%, 9/15/2028(a)		1,825,000		1,516,963
LABL, Inc.
10.50%, 7/15/2027(a)		1,305,000		1,239,856
8.25%, 11/1/2029(a)		1,250,000		1,085,156
Mauser Packaging Solutions Holding Co.
7.88%, 8/15/2026(a)		3,570,000		3,621,141
9.25%, 4/15/2027(a)		3,562,000		3,380,334
Pactiv Evergreen Group Issuer LLC
4.38%, 10/15/2028(a)		240,000		211,346
Pactiv Evergreen Group Issuer, Inc.
4.00%, 10/15/2027(a)		470,000		423,005
Pactiv LLC
7.95%, 12/15/2025		275,000		274,392
Sealed Air Corp.
6.88%, 7/15/2033(a)		150,000		159,344
Trident TPI Holdings, Inc.
6.63%, 11/1/2025(a)		310,000		310,000
TriMas Corp.
4.13%, 4/15/2029(a)		235,000		209,150
Trivium Packaging Finance BV
8.50%, 8/15/2027(a) (e)		1,230,000		1,187,476
				20,876,908
Distributors – 0.2%
American Builders & Contractors Supply Co., Inc.
4.00%, 1/15/2028(a)		400,000		366,200
3.88%, 11/15/2029(a)		110,000		94,800

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)
Distributors – (continued)
BCPE Empire Holdings, Inc.
7.63%, 5/1/2027(a)	$	1,125,000	$	1,032,188
Resideo Funding, Inc.
4.00%, 9/1/2029(a)		750,000		635,228
				2,128,416
Diversified Consumer Services – 0.9%
Adtalem Global Education, Inc.
5.50%, 3/1/2028(a)		775,000		736,250
Graham Holdings Co.
5.75%, 6/1/2026(a)		745,000		735,688
Grand Canyon University
4.13%, 10/1/2024		895,000		850,608
5.13%, 10/1/2028		860,000		775,918
Metis Merger Sub LLC
6.50%, 5/15/2029(a)		1,340,000		1,135,829
Service Corp. International
4.63%, 12/15/2027		975,000		946,199
3.38%, 8/15/2030		480,000		406,670
4.00%, 5/15/2031		450,000		396,571
Signal Parent, Inc.
6.13%, 4/1/2029(a)		655,000		271,266
Sotheby’s
7.38%, 10/15/2027(a)		1,995,000		1,870,378
StoneMor, Inc.
8.50%, 5/15/2029(a)		1,050,000		866,566
				8,991,943
Diversified REITs – 1.3%
Global Net Lease, Inc.
REIT, 3.75%, 12/15/2027(a)		1,210,000		926,074
Iron Mountain Information Management Services, Inc.
REIT, 5.00%, 7/15/2032(a)		395,000		346,018
Uniti Group LP
REIT, 10.50%, 2/15/2028(a)		6,645,000		6,358,579
REIT, 4.75%, 4/15/2028(a)		1,505,000		1,196,747
REIT, 6.50%, 2/15/2029(a)		4,730,000		2,855,422
REIT, 6.00%, 1/15/2030(a)		2,980,000		1,757,932
				13,440,772

Investments	Principal Amount		Value
Diversified Telecommunication Services – 5.5%
Altice France Holding SA
10.50%, 5/15/2027(a)	$	3,880,000	$	2,865,298
6.00%, 2/15/2028(a)		2,765,000		1,702,606
Altice France SA
8.13%, 2/1/2027(a)		2,195,000		1,959,945
5.50%, 1/15/2028(a)		2,850,000		2,243,658
5.13%, 1/15/2029(a)		985,000		727,943
5.13%, 7/15/2029(a)		4,170,000		3,083,072
5.50%, 10/15/2029(a)		2,300,000		1,721,736
CCO Holdings LLC
5.38%, 6/1/2029(a)		980,000		898,775
6.38%, 9/1/2029(a)		2,500,000		2,375,899
4.75%, 3/1/2030(a)		1,545,000		1,329,312
4.50%, 8/15/2030(a)		1,135,000		953,059
4.25%, 2/1/2031(a)		700,000		573,308
4.75%, 2/1/2032(a)		1,270,000		1,050,901
4.50%, 5/1/2032		1,252,000		1,002,319
4.50%, 6/1/2033(a)		1,195,000		951,235
4.25%, 1/15/2034(a)		1,505,000		1,146,419
Embarq Corp.
8.00%, 6/1/2036		5,995,000		2,577,850
Frontier California, Inc.
Series F, 6.75%, 5/15/2027		215,000		193,500
Frontier Communications Holdings LLC
5.00%, 5/1/2028(a)		170,000		149,279
6.75%, 5/1/2029(a)		4,270,000		3,436,677
8.75%, 5/15/2030(a)		30,000		29,673
8.63%, 3/15/2031(a)		450,000		438,474
Frontier Florida LLC
Series E, 6.86%, 2/1/2028		625,000		565,337
Iliad Holding SASU
7.00%, 10/15/2028(a)		1,525,000		1,442,903
Intelsat Jackson Holdings SA
6.50%, 3/15/2030(a)		2,295,000		2,117,838
Level 3 Financing, Inc.
3.40%, 3/1/2027(a)		265,000		207,331
4.63%, 9/15/2027(a)		4,085,000		2,523,017
4.25%, 7/1/2028(a)		2,870,000		1,673,055
3.63%, 1/15/2029(a)		395,000		220,913
3.75%, 7/15/2029(a)		575,000		323,598
10.50%, 5/15/2030(a)		599,000		573,425
Lumen Technologies, Inc.
5.63%, 4/1/2025		490,000		404,953
5.13%, 12/15/2026(a)		1,810,000		1,194,039

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)
Diversified Telecommunication Services – (continued)
4.00%, 2/15/2027(a)	$	5,490,000	$	3,666,222
4.50%, 1/15/2029(a)		1,855,000		789,321
Series U, 7.65%, 3/15/2042		190,000		78,850
Telecom Italia Capital SA
6.38%, 11/15/2033		960,000		858,216
6.00%, 9/30/2034		540,000		460,341
7.20%, 7/18/2036		652,000		589,193
7.72%, 6/4/2038		445,000		416,017
Telesat Canada
5.63%, 12/6/2026(a)		1,035,000		578,133
4.88%, 6/1/2027(a)		1,260,000		674,348
6.50%, 10/15/2027(a)		1,080,000		378,483
Virgin Media Finance plc
5.00%, 7/15/2030(a)		560,000		471,900
Virgin Media Secured Finance plc
5.50%, 5/15/2029(a)		285,000		261,690
4.50%, 8/15/2030(a)		505,000		432,458
Windstream Escrow LLC
7.75%, 8/15/2028(a)		2,441,000		2,010,478
Zayo Group Holdings, Inc.
4.00%, 3/1/2027(a)		3,810,000		2,884,768
6.13%, 3/1/2028(a)		1,485,000		949,318
				58,157,083
Electric Utilities – 1.4%
DPL, Inc.
4.35%, 4/15/2029		235,000		211,793
Edison International
8.12%, 6/15/2053(c)		1,315,000		1,352,806
Emera, Inc.
Series 16-A, 6.75%, 6/15/2076(c)		2,090,000		1,990,543
FirstEnergy Corp.
Series B, 4.15%, 7/15/2027(e) (f)		235,000		228,537
Series C, 5.10%, 7/15/2047(e) (f)		225,000		207,626
Series C, 3.40%, 3/1/2050		415,000		290,778
Leeward Renewable Energy Operations LLC
4.25%, 7/1/2029(a)		445,000		400,541

Investments	Principal Amount		Value
Electric Utilities – (continued)
NextEra Energy Operating Partners LP
3.88%, 10/15/2026(a)	$	800,000	$	749,000
4.50%, 9/15/2027(a)		970,000		911,800
NRG Energy, Inc.
5.75%, 1/15/2028		1,400,000		1,365,073
3.38%, 2/15/2029(a)		1,280,000		1,083,897
5.25%, 6/15/2029(a)		1,855,000		1,711,068
3.63%, 2/15/2031(a)		605,000		489,738
3.88%, 2/15/2032(a)		690,000		557,140
Pattern Energy Operations LP
4.50%, 8/15/2028(a)		440,000		409,343
PG&E Corp.
5.25%, 7/1/2030		635,000		585,245
Vistra Operations Co. LLC
5.00%, 7/31/2027(a)		2,280,000		2,166,710
				14,711,638
Electrical Equipment – 0.1%
EnerSys
4.38%, 12/15/2027(a)		535,000		500,225
Electronic Equipment, Instruments & Components – 0.1%
Likewize Corp.
9.75%, 10/15/2025(a)		745,000		666,045
Energy Equipment & Services – 1.7%
Archrock Partners LP
6.88%, 4/1/2027(a)		810,000		795,875
6.25%, 4/1/2028(a)		1,400,000		1,343,916
Bristow Group, Inc.
6.88%, 3/1/2028(a)		695,000		663,112
CGG SA
8.75%, 4/1/2027(a)		2,180,000		1,875,331
Noble Finance II LLC
8.00%, 4/15/2030(a)		1,560,000		1,597,471
Oceaneering International, Inc.
6.00%, 2/1/2028		500,000		474,987
Patterson-UTI Energy, Inc.
5.15%, 11/15/2029		75,000		66,977
Precision Drilling Corp.
6.88%, 1/15/2029(a)		1,710,000		1,568,925
USA Compression Partners LP
6.88%, 4/1/2026		1,275,000		1,261,229
6.88%, 9/1/2027		1,863,000		1,813,053

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)
Energy Equipment & Services – (continued)
Valaris Ltd.
8.25%, 4/30/2028(a) (b)	$	415,000	$	431,392
8.38%, 4/30/2030(a)		3,020,000		3,021,299
Weatherford International Ltd.
8.63%, 4/30/2030(a)		2,765,000		2,816,485
Welltec International ApS
8.25%, 10/15/2026(a)		375,000		377,134
				18,107,186
Entertainment – 0.8%
Allen Media LLC
10.50%, 2/15/2028(a)		1,655,000		886,062
Cinemark USA, Inc.
5.88%, 3/15/2026(a)		725,000		692,716
5.25%, 7/15/2028(a)		2,000,000		1,783,534
Lions Gate Capital Holdings LLC
5.50%, 4/15/2029(a)		590,000		429,809
Live Nation Entertainment, Inc.
5.63%, 3/15/2026(a)		550,000		535,137
6.50%, 5/15/2027(a)		2,090,000		2,113,567
4.75%, 10/15/2027(a)		1,675,000		1,551,301
WMG Acquisition Corp.
3.88%, 7/15/2030(a)		240,000		211,800
3.00%, 2/15/2031(a)		430,000		351,919
				8,555,845
Financial Services – 2.1%
Armor Holdco, Inc.
8.50%, 11/15/2029(a)		960,000		795,715
Enact Holdings, Inc.
6.50%, 8/15/2025(a)		1,270,000		1,257,681
Freedom Mortgage Corp.
8.25%, 4/15/2025(a)		765,000		711,198
7.63%, 5/1/2026(a)		900,000		769,608
6.63%, 1/15/2027(a)		1,435,000		1,162,350
Home Point Capital, Inc.
5.00%, 2/1/2026(a)		740,000		625,300
Jefferies Finance LLC
5.00%, 8/15/2028(a)		1,640,000		1,378,993
Jefferson Capital Holdings LLC
6.00%, 8/15/2026(a)		550,000		469,359
MGIC Investment Corp.
5.25%, 8/15/2028		1,175,000		1,122,877

Investments	Principal Amount		Value
Financial Services – (continued)
Midcap Financial Issuer Trust
6.50%, 5/1/2028(a)	$	1,725,000	$	1,558,274
5.63%, 1/15/2030(a)		1,030,000		844,600
Nationstar Mortgage Holdings, Inc.
6.00%, 1/15/2027(a)		980,000		928,550
5.50%, 8/15/2028(a)		1,920,000		1,713,600
5.13%, 12/15/2030(a)		300,000		245,730
5.75%, 11/15/2031(a)		470,000		390,919
NMI Holdings, Inc.
7.38%, 6/1/2025(a)		405,000		410,654
Oxford Finance LLC
6.38%, 2/1/2027(a)		585,000		543,498
PennyMac Financial Services, Inc.
5.38%, 10/15/2025(a)		1,160,000		1,095,017
4.25%, 2/15/2029(a)		300,000		246,531
5.75%, 9/15/2031(a)		255,000		212,951
PHH Mortgage Corp.
7.88%, 3/15/2026(a)		1,025,000		921,208
Rocket Mortgage LLC
3.63%, 3/1/2029(a)		360,000		304,387
3.88%, 3/1/2031(a)		820,000		662,234
4.00%, 10/15/2033(a)		380,000		297,350
Sabre GLBL, Inc.
9.25%, 4/15/2025(a)		2,065,000		1,904,963
United Wholesale Mortgage LLC
5.75%, 6/15/2027(a)		565,000		514,796
5.50%, 4/15/2029(a)		1,210,000		1,043,625
				22,131,968
Food Products – 0.7%
B&G Foods, Inc.
5.25%, 4/1/2025		1,490,000		1,407,827
5.25%, 9/15/2027		895,000		783,866
Chobani LLC
4.63%, 11/15/2028(a)		225,000		206,449
Lamb Weston Holdings, Inc.
4.38%, 1/31/2032(a)		375,000		342,082
Post Holdings, Inc.
5.63%, 1/15/2028(a)		1,360,000		1,328,851
5.50%, 12/15/2029(a)		1,250,000		1,188,927
4.63%, 4/15/2030(a)		913,000		824,635
4.50%, 9/15/2031(a)		965,000		844,449

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)
Food Products – (continued)
Sigma Holdco BV
7.88%, 5/15/2026(a)	$	345,000	$	276,706
Simmons Foods, Inc.
4.63%, 3/1/2029(a)		625,000		516,406
				7,720,198
Gas Utilities – 1.0%
AmeriGas Partners LP
5.50%, 5/20/2025		1,000,000		971,054
5.88%, 8/20/2026		1,810,000		1,745,462
5.75%, 5/20/2027		1,432,000		1,352,075
Ferrellgas LP
5.38%, 4/1/2026(a)		1,145,000		1,067,529
5.88%, 4/1/2029(a)		485,000		409,801
Suburban Propane Partners LP
5.88%, 3/1/2027		585,000		570,260
5.00%, 6/1/2031(a)		2,600,000		2,276,690
Superior Plus LP
4.50%, 3/15/2029(a)		2,565,000		2,271,795
				10,664,666
Ground Transportation – 0.9%
Albion Financing 1 Sarl
6.13%, 10/15/2026(a)		945,000		861,372
Albion Financing 2SARL
8.75%, 4/15/2027(a)		1,255,000		1,090,472
Avis Budget Car Rental LLC
5.75%, 7/15/2027(a)		630,000		590,312
Carriage Purchaser, Inc.
7.88%, 10/15/2029(a)		805,000		591,102
First Student Bidco, Inc.
4.00%, 7/31/2029(a)		505,000		437,649
Hertz Corp. (The)
4.63%, 12/1/2026(a)		675,000		607,945
5.00%, 12/1/2029(a)		2,545,000		2,082,115
NESCO Holdings II, Inc.
5.50%, 4/15/2029(a)		1,530,000		1,382,439
PECF USS Intermediate Holding III Corp.
8.00%, 11/15/2029(a)		1,495,000		975,741
Uber Technologies, Inc.
4.50%, 8/15/2029(a)		130,000		119,546

Investments	Principal Amount		Value
Ground Transportation – (continued)
Watco Cos. LLC
6.50%, 6/15/2027(a)	$	780,000	$	756,354
				9,495,047
Health Care Equipment & Supplies – 0.7%
Avantor Funding, Inc.
4.63%, 7/15/2028(a)		245,000		229,167
Garden Spinco Corp.
8.63%, 7/20/2030(a)		105,000		112,875
Hologic, Inc.
4.63%, 2/1/2028(a)		608,000		591,146
Medline Borrower LP
3.88%, 4/1/2029(a)		3,615,000		3,162,956
5.25%, 10/1/2029(a)		1,915,000		1,656,404
Teleflex, Inc.
4.63%, 11/15/2027		890,000		856,625
Varex Imaging Corp.
7.88%, 10/15/2027(a)		709,000		701,910
				7,311,083
Health Care Providers & Services – 1.9%
180 Medical, Inc.
3.88%, 10/15/2029(a)		200,000		178,111
Acadia Healthcare Co., Inc.
5.50%, 7/1/2028(a)		830,000		801,200
AHP Health Partners, Inc.
5.75%, 7/15/2029(a)		1,295,000		1,100,750
DaVita, Inc.
4.63%, 6/1/2030(a)		2,073,000		1,805,726
3.75%, 2/15/2031(a)		1,115,000		897,881
Encompass Health Corp.
4.75%, 2/1/2030		485,000		447,256
4.63%, 4/1/2031		115,000		103,122
Global Medical Response, Inc.
6.50%, 10/1/2025(a)		970,000		596,550
Hadrian Merger Sub, Inc.
8.50%, 5/1/2026(a)		155,000		132,913
HealthEquity, Inc.
4.50%, 10/1/2029(a)		300,000		268,260
Legacy LifePoint Health LLC
6.75%, 4/15/2025(a)		800,000		769,666
4.38%, 2/15/2027(a)		275,000		233,973
LifePoint Health, Inc.
5.38%, 1/15/2029(a)		1,325,000		830,584

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)
Health Care Providers & Services – (continued)
ModivCare, Inc.
5.88%, 11/15/2025(a)	$	974,000	$	930,676
Molina Healthcare, Inc.
4.38%, 6/15/2028(a)		1,480,000		1,387,076
3.88%, 11/15/2030(a)		310,000		273,461
3.88%, 5/15/2032(a)		400,000		342,793
Option Care Health, Inc.
4.38%, 10/31/2029(a)		300,000		269,742
Pediatrix Medical Group, Inc.
5.38%, 2/15/2030(a)		25,000		22,833
Prime Healthcare Services, Inc.
7.25%, 11/1/2025(a)		1,200,000		1,083,306
Radiology Partners, Inc.
9.25%, 2/1/2028(a)		1,685,000		745,613
RegionalCare Hospital Partners Holdings, Inc.
9.75%, 12/1/2026(a)		3,260,000		2,711,064
RP Escrow Issuer LLC
5.25%, 12/15/2025(a)		2,055,000		1,441,395
Team Health Holdings, Inc.
6.38%, 2/1/2025(a)		455,000		234,578
Tenet Healthcare Corp.
6.88%, 11/15/2031		735,000		720,300
Toledo Hospital (The)
Series B, 5.33%, 11/15/2028		495,000		433,125
US Acute Care Solutions LLC
6.38%, 3/1/2026(a)		1,025,000		914,812
US Renal Care, Inc.
10.63%, 7/15/2027(a)		1,715,000		304,412
				19,981,178
Health Care REITs – 0.7%
CTR Partnership LP
REIT, 3.88%, 6/30/2028(a)		1,045,000		909,150
MPT Operating Partnership LP
REIT, 5.25%, 8/1/2026		830,000		739,152
REIT, 5.00%, 10/15/2027		3,640,000		3,049,081
REIT, 4.63%, 8/1/2029		2,300,000		1,741,151
REIT, 3.50%, 3/15/2031		845,000		577,585
				7,016,119

Investments	Principal Amount		Value
Hotel & Resort REITs – 0.5%
Park Intermediate Holdings LLC
REIT, 5.88%, 10/1/2028(a)	$	1,270,000	$	1,171,575
REIT, 4.88%, 5/15/2029(a)		1,845,000		1,595,925
Service Properties Trust
REIT, 5.25%, 2/15/2026		630,000		559,409
REIT, 4.75%, 10/1/2026		770,000		665,501
REIT, 4.95%, 2/15/2027		665,000		563,438
REIT, 3.95%, 1/15/2028		685,000		536,271
XHR LP
REIT, 4.88%, 6/1/2029(a)		240,000		208,298
				5,300,417
Hotels, Restaurants & Leisure – 5.5%
1011778 BC ULC
4.00%, 10/15/2030(a)		1,880,000		1,641,205
Affinity Interactive
6.88%, 12/15/2027(a)		1,045,000		939,965
Boyd Gaming Corp.
4.75%, 6/15/2031(a)		540,000		494,411
Boyne USA, Inc.
4.75%, 5/15/2029(a)		350,000		317,031
Caesars Entertainment, Inc.
7.00%, 2/15/2030(a)		710,000		716,337
CDI Escrow Issuer, Inc.
5.75%, 4/1/2030(a)		880,000		848,519
CEC Entertainment LLC
6.75%, 5/1/2026(a)		864,000		821,316
Cedar Fair LP
5.38%, 4/15/2027		890,000		852,415
6.50%, 10/1/2028		445,000		439,680
5.25%, 7/15/2029		866,000		805,595
Churchill Downs, Inc.
4.75%, 1/15/2028(a)		1,230,000		1,164,805
Everi Holdings, Inc.
5.00%, 7/15/2029(a)		800,000		713,000
Fertitta Entertainment LLC
4.63%, 1/15/2029(a)		625,000		547,231
6.75%, 1/15/2030(a)		3,120,000		2,527,484
Genting New York LLC
3.30%, 2/15/2026(a)		1,385,000		1,259,308
GPS Hospitality Holding Co. LLC
7.00%, 8/15/2028(a)		870,000		515,475
Hilton Domestic Operating Co., Inc.
4.00%, 5/1/2031(a)		790,000		698,735

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)
Hotels, Restaurants & Leisure – (continued)
3.63%, 2/15/2032(a)	$	955,000	$	815,006
Hilton Grand Vacations Borrower Escrow LLC
5.00%, 6/1/2029(a)		1,445,000		1,307,827
4.88%, 7/1/2031(a)		90,000		78,734
Jacobs Entertainment, Inc.
6.75%, 2/15/2029(a)		1,305,000		1,135,350
Las Vegas Sands Corp.
3.90%, 8/8/2029		505,000		460,990
Life Time, Inc.
8.00%, 4/15/2026(a)		1,315,000		1,307,577
MajorDrive Holdings IV LLC
6.38%, 6/1/2029(a)		1,365,000		1,078,350
Marriott Ownership Resorts, Inc.
4.75%, 1/15/2028		735,000		656,260
4.50%, 6/15/2029(a)		1,305,000		1,139,526
Merlin Entertainments Ltd.
5.75%, 6/15/2026(a)		625,000		593,750
Midwest Gaming Borrower LLC
4.88%, 5/1/2029(a)		1,900,000		1,700,500
Mohegan Tribal Gaming Authority
8.00%, 2/1/2026(a)		1,970,000		1,763,150
Motion Bondco DAC
6.63%, 11/15/2027(a)		680,000		615,516
NCL Corp. Ltd.
3.63%, 12/15/2024(a)		990,000		928,182
Penn Entertainment, Inc.
5.63%, 1/15/2027(a)		660,000		627,403
Raptor Acquisition Corp.
4.88%, 11/1/2026(a)		400,000		374,000
Resorts World Las Vegas LLC
4.63%, 4/16/2029(a)		4,170,000		3,346,382
4.63%, 4/6/2031(a)		1,560,000		1,220,683
Royal Caribbean Cruises Ltd.
4.25%, 7/1/2026(a)		1,180,000		1,056,204
5.50%, 8/31/2026(a)		1,855,000		1,700,514
11.63%, 8/15/2027(a)		2,170,000		2,308,413
9.25%, 1/15/2029(a)		1,500,000		1,600,162
Scientific Games Holdings LP
6.63%, 3/1/2030(a)		3,310,000		2,936,731
SeaWorld Parks & Entertainment, Inc.
5.25%, 8/15/2029(a)		1,205,000		1,084,536

Investments	Principal Amount		Value
Hotels, Restaurants & Leisure – (continued)
Sizzling Platter LLC
8.50%, 11/28/2025(a)	$	330,000	$	305,250
Speedway Motorsports LLC
4.88%, 11/1/2027(a)		475,000		440,562
Station Casinos LLC
4.50%, 2/15/2028(a)		405,000		372,369
4.63%, 12/1/2031(a)		300,000		256,886
TKC Holdings, Inc.
6.88%, 5/15/2028(a)		1,170,000		1,039,837
10.50%, 5/15/2029(a)		1,625,000		1,100,938
Travel + Leisure Co.
6.63%, 7/31/2026(a)		1,175,000		1,172,626
6.00%, 4/1/2027(e)		605,000		595,169
4.50%, 12/1/2029(a)		400,000		349,024
4.63%, 3/1/2030(a)		35,000		30,188
Viking Cruises Ltd.
6.25%, 5/15/2025(a)		270,000		256,355
5.88%, 9/15/2027(a)		2,115,000		1,814,522
7.00%, 2/15/2029(a)		1,340,000		1,132,300
Viking Ocean Cruises Ship VII Ltd.
5.63%, 2/15/2029(a)		600,000		507,107
VOC Escrow Ltd.
5.00%, 2/15/2028(a)		905,000		804,780
Yum! Brands, Inc.
4.75%, 1/15/2030(a)		460,000		444,968
3.63%, 3/15/2031		580,000		512,315
4.63%, 1/31/2032		720,000		671,379
5.38%, 4/1/2032		655,000		638,912
6.88%, 11/15/2037		65,000		69,146
				57,652,891
Household Durables – 1.8%
Adams Homes, Inc.
7.50%, 2/15/2025(a)		240,000		226,297
Ashton Woods USA LLC
6.63%, 1/15/2028(a)		265,000		251,087
4.63%, 8/1/2029(a)		875,000		730,625
4.63%, 4/1/2030(a)		995,000		824,487
Beazer Homes USA, Inc.
5.88%, 10/15/2027		965,000		892,625
7.25%, 10/15/2029		835,000		796,171
Brookfield Residential Properties, Inc.
6.25%, 9/15/2027(a)		1,600,000		1,466,000

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)
Household Durables – (continued)
5.00%, 6/15/2029(a)	$	1,450,000	$	1,142,727
4.88%, 2/15/2030(a)		2,140,000		1,669,200
CD&R Smokey Buyer, Inc.
6.75%, 7/15/2025(a)		900,000		789,750
Century Communities, Inc.
3.88%, 8/15/2029(a)		250,000		218,626
Empire Communities Corp.
7.00%, 12/15/2025(a)		805,000		736,342
Installed Building Products, Inc.
5.75%, 2/1/2028(a)		495,000		467,269
KB Home
6.88%, 6/15/2027		530,000		543,883
7.25%, 7/15/2030		630,000		647,542
4.00%, 6/15/2031		120,000		103,827
LGI Homes, Inc.
4.00%, 7/15/2029(a)		1,235,000		1,008,418
M/I Homes, Inc.
4.95%, 2/1/2028		780,000		730,400
3.95%, 2/15/2030		5,000		4,425
Mattamy Group Corp.
5.25%, 12/15/2027(a)		680,000		632,601
4.63%, 3/1/2030(a)		995,000		871,843
New Home Co., Inc. (The)
7.25%, 10/15/2025(a)		245,000		228,487
Newell Brands, Inc.
6.00%, 4/1/2046(e)		391,000		304,499
Shea Homes LP
4.75%, 2/15/2028		870,000		791,700
4.75%, 4/1/2029		245,000		218,141
SWF Escrow Issuer Corp.
6.50%, 10/1/2029(a)		1,595,000		972,950
Taylor Morrison Communities, Inc.
5.75%, 1/15/2028(a)		760,000		753,016
5.13%, 8/1/2030(a)		210,000		196,918
TopBuild Corp.
4.13%, 2/15/2032(a)		175,000		150,381
Tri Pointe Homes, Inc.
5.25%, 6/1/2027		550,000		528,000
5.70%, 6/15/2028		580,000		569,125
				19,467,362

Investments	Principal Amount		Value
Household Products – 0.3%
Central Garden & Pet Co.
5.13%, 2/1/2028	$	545,000	$	516,072
4.13%, 10/15/2030		250,000		214,275
4.13%, 4/30/2031(a)		100,000		84,214
Energizer Holdings, Inc.
6.50%, 12/31/2027(a)		490,000		477,988
4.75%, 6/15/2028(a)		1,000,000		899,292
4.38%, 3/31/2029(a)		545,000		476,559
Kronos Acquisition Holdings, Inc.
5.00%, 12/31/2026(a)		195,000		180,461
7.00%, 12/31/2027(a)		855,000		751,483
				3,600,344
Independent Power and Renewable Electricity Producers – 0.6%
Atlantica Sustainable Infrastructure plc
4.13%, 6/15/2028(a)		665,000		606,812
Calpine Corp.
5.13%, 3/15/2028(a)		2,320,000		2,143,005
4.63%, 2/1/2029(a)		1,378,000		1,197,740
5.00%, 2/1/2031(a)		1,005,000		846,685
3.75%, 3/1/2031(a)		500,000		426,440
Clearway Energy Operating LLC
3.75%, 2/15/2031(a)		545,000		466,279
3.75%, 1/15/2032(a)		95,000		79,684
TransAlta Corp.
7.75%, 11/15/2029		735,000		771,809
				6,538,454
Insurance – 1.8%
Acrisure LLC
7.00%, 11/15/2025(a)		1,325,000		1,265,309
10.13%, 8/1/2026(a)		500,000		507,862
4.25%, 2/15/2029(a)		340,000		284,605
6.00%, 8/1/2029(a)		1,295,000		1,071,198
Alliant Holdings Intermediate LLC
4.25%, 10/15/2027(a)		405,000		370,796
6.75%, 10/15/2027(a)		1,750,000		1,633,614
5.88%, 11/1/2029(a)		825,000		711,681
AmWINS Group, Inc.
4.88%, 6/30/2029(a)		445,000		403,801
Assurant, Inc.
7.00%, 3/27/2048(c)		665,000		634,378

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)
AssuredPartners, Inc.
5.63%, 1/15/2029(a)	$	1,145,000	$	991,270
BroadStreet Partners, Inc.
5.88%, 4/15/2029(a)		1,200,000		1,041,033
Enstar Finance LLC
5.75%, 9/1/2040(c)		865,000		722,145
5.50%, 1/15/2042(c)		1,250,000		899,871
Global Atlantic Fin Co.
4.70%, 10/15/2051(a) (c)		720,000		575,358
GTCR AP Finance, Inc.
8.00%, 5/15/2027(a)		460,000		449,659
HUB International Ltd.
5.63%, 12/1/2029(a)		230,000		204,700
Jones Deslauriers Insurance Management, Inc.
10.50%, 12/15/2030(a)		500,000		507,500
Liberty Mutual Group, Inc.
7.80%, 3/15/2037(a)		275,000		288,260
4.30%, 2/1/2061(a)		475,000		282,442
NFP Corp.
4.88%, 8/15/2028(a)		290,000		263,967
6.88%, 8/15/2028(a)		5,405,000		4,715,196
7.50%, 10/1/2030(a)		215,000		210,732
Ohio National Financial Services, Inc.
6.80%, 1/24/2030(a) (e)		220,000		208,896
Ryan Specialty Group LLC
4.38%, 2/1/2030(a)		235,000		210,619
				18,454,892
Interactive Media & Services – 0.3%
Cars.com, Inc.
6.38%, 11/1/2028(a)		665,000		626,644
Rackspace Technology Global, Inc.
3.50%, 2/15/2028(a)		2,295,000		952,425
5.38%, 12/1/2028(a)		2,310,000		548,163
Ziff Davis, Inc.
4.63%, 10/15/2030(a)		200,000		175,726
ZipRecruiter, Inc.
5.00%, 1/15/2030(a)		1,495,000		1,305,688
				3,608,646

Investments	Principal Amount		Value
IT Services – 1.3%
Acuris Finance US, Inc.
5.00%, 5/1/2028(a)	$	589,000	$	467,254
Ahead DB Holdings LLC
6.63%, 5/1/2028(a)		715,000		597,025
Arches Buyer, Inc.
4.25%, 6/1/2028(a)		550,000		473,396
6.13%, 12/1/2028(a)		921,000		798,967
Cogent Communications Group, Inc.
3.50%, 5/1/2026(a)		890,000		827,437
7.00%, 6/15/2027(a)		755,000		747,475
Conduent Business Services LLC
6.00%, 11/1/2029(a)		2,290,000		1,882,105
Gartner, Inc.
4.50%, 7/1/2028(a)		1,420,000		1,334,479
3.75%, 10/1/2030(a)		445,000		388,605
ION Trading Technologies Sarl
5.75%, 5/15/2028(a)		900,000		753,111
Newfold Digital Holdings Group, Inc.
6.00%, 2/15/2029(a)		1,740,000		1,194,854
Northwest Fiber LLC
4.75%, 4/30/2027(a)		55,000		47,713
6.00%, 2/15/2028(a)		580,000		432,100
10.75%, 6/1/2028(a)		354,000		320,529
Presidio Holdings, Inc.
8.25%, 2/1/2028(a)		955,000		899,003
Unisys Corp.
6.88%, 11/1/2027(a)		2,015,000		1,341,550
Virtusa Corp.
7.13%, 12/15/2028(a)		870,000		700,338
				13,205,941
Leisure Products – 0.3%
Universal Entertainment Corp.
8.50%, 12/11/2024(a)		1,984,000		1,869,920
Vista Outdoor, Inc.
4.50%, 3/15/2029(a)		2,045,000		1,609,231
				3,479,151
Life Sciences Tools & Services – 0.1%
PRA Health Sciences, Inc.
2.88%, 7/15/2026(a)		890,000		812,311

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)
Machinery – 1.7%
Amsted Industries, Inc.
4.63%, 5/15/2030(a)	$	200,000	$	181,297
Chart Industries, Inc.
7.50%, 1/1/2030(a)		2,770,000		2,853,100
9.50%, 1/1/2031(a)		700,000		741,125
GrafTech Finance, Inc.
4.63%, 12/15/2028(a)		2,145,000		1,802,894
Hillenbrand, Inc.
5.00%, 9/15/2026(e)		540,000		525,199
Husky III Holding Ltd.
13.00%, 2/15/2025(a) (b)		1,310,000		1,192,100
Interpipe Holdings plc
8.38%, 5/13/2026(a)		500,000		245,500
JPW Industries Holding Corp.
9.00%, 10/1/2024(a)		360,000		322,200
Manitowoc Co., Inc. (The)
9.00%, 4/1/2026(a)		200,000		198,433
Mueller Water Products, Inc.
4.00%, 6/15/2029(a)		230,000		207,710
OT Merger Corp.
7.88%, 10/15/2029(a)		855,000		504,450
Roller Bearing Co. of America, Inc.
4.38%, 10/15/2029(a)		100,000		90,707
SPX FLOW, Inc.
8.75%, 4/1/2030(a)		2,145,000		1,796,636
Terex Corp.
5.00%, 5/15/2029(a)		925,000		860,352
Titan Acquisition Ltd.
7.75%, 4/15/2026(a)		1,700,000		1,513,000
Titan International, Inc.
7.00%, 4/30/2028		1,745,000		1,560,012
TK Elevator Holdco GmbH
7.63%, 7/15/2028(a)		1,030,000		921,350
TK Elevator US Newco, Inc.
5.25%, 7/15/2027(a)		2,035,000		1,902,453
Wabash National Corp.
4.50%, 10/15/2028(a)		1,045,000		909,249
				18,327,767

Investments	Principal Amount		Value
Media – 5.9%
Advantage Sales & Marketing, Inc.
6.50%, 11/15/2028(a)	$	1,275,000	$	992,027
Altice Financing SA
5.00%, 1/15/2028(a)		1,495,000		1,210,504
5.75%, 8/15/2029(a)		3,500,000		2,791,787
AMC Networks, Inc.
4.25%, 2/15/2029		2,500,000		1,732,008
Belo Corp.
7.75%, 6/1/2027		625,000		598,156
7.25%, 9/15/2027		645,000		610,308
Cable One, Inc.
4.00%, 11/15/2030(a)		250,000		203,300
CMG Media Corp.
8.88%, 12/15/2027(a)		2,640,000		2,046,792
CSC Holdings LLC
6.50%, 2/1/2029(a)		395,000		329,799
Directv Financing LLC
5.88%, 8/15/2027(a)		2,975,000		2,610,770
DISH DBS Corp.
5.88%, 11/15/2024		1,675,000		1,385,860
7.75%, 7/1/2026		8,315,000		4,803,491
5.25%, 12/1/2026(a)		2,090,000		1,596,409
7.38%, 7/1/2028		4,704,000		2,356,816
5.75%, 12/1/2028(a)		1,805,000		1,283,187
5.13%, 6/1/2029		6,219,000		2,868,105
DISH Network Corp.
11.75%, 11/15/2027(a)		4,265,000		4,028,909
Gannett Holdings LLC
6.00%, 11/1/2026(a)		605,000		511,225
GCI LLC
4.75%, 10/15/2028(a)		1,625,000		1,389,375
Gray Escrow II, Inc.
5.38%, 11/15/2031(a)		790,000		506,406
Gray Television, Inc.
7.00%, 5/15/2027(a)		1,300,000		1,052,624
4.75%, 10/15/2030(a)		295,000		190,566
Nexstar Media, Inc.
5.63%, 7/15/2027(a)		3,030,000		2,845,715
Paramount Global
6.25%, 2/28/2057(c)		1,160,000		901,319
6.37%, 3/30/2062(c)		1,740,000		1,492,502
Radiate Holdco LLC
4.50%, 9/15/2026(a)		1,700,000		1,323,039
6.50%, 9/15/2028(a)		2,520,000		1,175,832

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)
Media – (continued)
Scripps Escrow, Inc.
5.88%, 7/15/2027(a)	$	1,847,000	$	1,324,539
Sinclair Television Group, Inc.
5.13%, 2/15/2027(a)		490,000		420,637
5.50%, 3/1/2030(a)		1,285,000		992,663
Sirius XM Radio, Inc.
3.13%, 9/1/2026(a)		1,810,000		1,619,914
5.00%, 8/1/2027(a)		2,570,000		2,363,897
4.00%, 7/15/2028(a)		1,605,000		1,355,182
5.50%, 7/1/2029(a)		755,000		672,502
4.13%, 7/1/2030(a)		995,000		798,087
3.88%, 9/1/2031(a)		1,045,000		789,676
Summer BC Bidco B LLC
5.50%, 10/31/2026(a)		755,000		633,697
TEGNA, Inc.
4.75%, 3/15/2026(a)		985,000		940,486
4.63%, 3/15/2028		1,797,000		1,599,869
5.00%, 9/15/2029		490,000		429,034
Townsquare Media, Inc.
6.88%, 2/1/2026(a)		1,020,000		950,915
Univision Communications, Inc.
4.50%, 5/1/2029(a)		800,000		689,491
7.38%, 6/30/2030(a)		545,000		522,941
UPC Broadband Finco BV
4.88%, 7/15/2031(a)		780,000		673,093
UPC Holding BV
5.50%, 1/15/2028(a)		1,184,000		1,059,680
Virgin Media Vendor Financing Notes IV DAC
5.00%, 7/15/2028(a)		685,000		614,094
VZ Secured Financing BV
5.00%, 1/15/2032(a)		710,000		592,508
Ziggo Bond Co. BV
5.13%, 2/28/2030(a)		178,000		144,634
Ziggo BV
4.88%, 1/15/2030(a)		920,000		792,056
				62,816,426
Metals & Mining – 1.7%
Allegheny Ludlum LLC
6.95%, 12/15/2025		195,000		196,950
Baffinland Iron Mines Corp.
8.75%, 7/15/2026(a)		835,000		805,313

Investments	Principal Amount		Value
Metals & Mining – (continued)
Compass Minerals International, Inc.
4.88%, 7/15/2024(a)	$	320,000	$	316,800
6.75%, 12/1/2027(a)		885,000		848,651
Constellium SE
3.75%, 4/15/2029(a)		250,000		215,179
Eldorado Gold Corp.
6.25%, 9/1/2029(a)		1,325,000		1,232,250
FMG Resources August 2006 Pty. Ltd.
5.88%, 4/15/2030(a)		315,000		305,485
4.38%, 4/1/2031(a)		1,070,000		929,433
6.13%, 4/15/2032(a)		550,000		532,145
Hecla Mining Co.
7.25%, 2/15/2028		900,000		900,083
Hudbay Minerals, Inc.
4.50%, 4/1/2026(a)		1,155,000		1,075,563
6.13%, 4/1/2029(a)		210,000		196,412
IAMGOLD Corp.
5.75%, 10/15/2028(a)		1,945,000		1,536,589
Kaiser Aluminum Corp.
4.63%, 3/1/2028(a)		1,270,000		1,121,461
Mineral Resources Ltd.
8.13%, 5/1/2027(a)		1,230,000		1,240,430
8.00%, 11/1/2027(a)		1,100,000		1,120,224
8.50%, 5/1/2030(a)		1,033,000		1,051,077
Novelis Corp.
3.88%, 8/15/2031(a)		500,000		418,700
SunCoke Energy, Inc.
4.88%, 6/30/2029(a)		1,200,000		1,044,780
Tacora Resources, Inc.
8.25%, 5/15/2026(a)		761,000		580,262
Taseko Mines Ltd.
7.00%, 2/15/2026(a)		1,060,000		977,944
TMS International Corp.
6.25%, 4/15/2029(a)		1,475,000		1,139,848
Warrior Met Coal, Inc.
7.88%, 12/1/2028(a)		545,000		550,702
				18,336,281
Mortgage Real Estate Investment Trusts (REITs) – 0.9%
Apollo Commercial Real Estate Finance, Inc.
4.63%, 6/15/2029(a)		160,000		121,154

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)
Mortgage Real Estate Investment Trusts (REITs) – (continued)
Blackstone Mortgage Trust, Inc.
3.75%, 1/15/2027(a)	$	1,045,000	$	873,198
Ladder Capital Finance Holdings LLLP
5.25%, 10/1/2025(a)		654,000		614,760
4.25%, 2/1/2027(a)		1,630,000		1,389,575
4.75%, 6/15/2029(a)		2,745,000		2,171,981
Rithm Capital Corp.
6.25%, 10/15/2025(a)		1,445,000		1,323,953
Starwood Property Trust, Inc.
4.75%, 3/15/2025		890,000		841,050
3.63%, 7/15/2026(a)		760,000		654,391
4.38%, 1/15/2027(a)		1,340,000		1,155,388
				9,145,450
Multi-Utilities – 0.1%
Algonquin Power & Utilities Corp.
4.75%, 1/18/2082(c)		1,280,000		1,035,204
Office REITs – 0.2%
Office Properties Income Trust
REIT, 4.25%, 5/15/2024		475,000		448,472
REIT, 4.50%, 2/1/2025		1,745,000		1,484,443
				1,932,915
Oil, Gas & Consumable Fuels – 13.4%
Aethon United BR LP
8.25%, 2/15/2026(a)		1,050,000		1,019,620
Alliance Resource Operating Partners LP
7.50%, 5/1/2025(a)		155,000		154,031
Antero Midstream Partners LP
7.88%, 5/15/2026(a)		1,005,000		1,031,906
5.75%, 3/1/2027(a)		1,145,000		1,107,579
5.75%, 1/15/2028(a)		1,145,000		1,109,093
5.38%, 6/15/2029(a)		1,265,000		1,184,525
Apache Corp.
5.10%, 9/1/2040		915,000		784,192
5.25%, 2/1/2042		175,000		147,801
4.75%, 4/15/2043		140,000		109,150
Ascent Resources Utica Holdings LLC
7.00%, 11/1/2026(a)		875,000		846,712

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
8.25%, 12/31/2028(a)	$	470,000	$	455,257
5.88%, 6/30/2029(a)		1,040,000		934,062
Athabasca Oil Corp.
9.75%, 11/1/2026(a)		180,000		188,549
Baytex Energy Corp.
8.75%, 4/1/2027(a)		735,000		756,113
8.50%, 4/30/2030(a)		2,540,000		2,553,516
Berry Petroleum Co. LLC
7.00%, 2/15/2026(a)		420,000		399,452
Blue Racer Midstream LLC
6.63%, 7/15/2026(a)		420,000		412,823
Buckeye Partners LP
3.95%, 12/1/2026		800,000		728,000
4.13%, 12/1/2027		650,000		583,901
4.50%, 3/1/2028(a)		585,000		531,619
Callon Petroleum Co.
6.38%, 7/1/2026		535,000		516,888
8.00%, 8/1/2028(a)		1,140,000		1,124,750
7.50%, 6/15/2030(a)		1,550,000		1,472,215
Calumet Specialty Products Partners LP
11.00%, 4/15/2025(a)		375,000		385,145
Chesapeake Energy Corp.
5.88%, 2/1/2029(a)		710,000		679,013
6.75%, 4/15/2029(a)		1,655,000		1,638,325
Chord Energy Corp.
6.38%, 6/1/2026(a)		690,000		686,436
CITGO Petroleum Corp.
6.38%, 6/15/2026(a)		860,000		837,623
Civitas Resources, Inc.
5.00%, 10/15/2026(a)		720,000		676,800
CNX Midstream Partners LP
4.75%, 4/15/2030(a)		1,660,000		1,389,813
CNX Resources Corp.
6.00%, 1/15/2029(a)		1,395,000		1,290,450
7.38%, 1/15/2031(a)		1,290,000		1,244,613
Comstock Resources, Inc.
6.75%, 3/1/2029(a)		5,215,000		4,721,542
5.88%, 1/15/2030(a)		507,000		435,246
Coronado Finance Pty. Ltd.
10.75%, 5/15/2026(a)		320,000		329,472
CQP Holdco LP
5.50%, 6/15/2031(a)		965,000		898,125

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)
Crescent Energy Finance LLC
7.25%, 5/1/2026(a)	$	1,230,000	$	1,178,365
9.25%, 2/15/2028(a)		1,455,000		1,451,013
Crestwood Midstream Partners LP
5.63%, 5/1/2027(a)		1,060,000		1,017,208
6.00%, 2/1/2029(a)		1,825,000		1,720,062
8.00%, 4/1/2029(a)		790,000		803,825
7.38%, 2/1/2031(a)		1,560,000		1,560,000
CrownRock LP
5.00%, 5/1/2029(a)		200,000		188,947
CVR Energy, Inc.
5.75%, 2/15/2028(a)		680,000		607,648
DT Midstream, Inc.
4.13%, 6/15/2029(a)		725,000		642,533
4.38%, 6/15/2031(a)		625,000		543,447
Earthstone Energy Holdings LLC
8.00%, 4/15/2027(a)		1,445,000		1,410,233
Encino Acquisition Partners Holdings LLC
8.50%, 5/1/2028(a)		1,780,000		1,578,273
EnLink Midstream Partners LP
5.05%, 4/1/2045		60,000		47,615
5.45%, 6/1/2047		135,000		112,725
EnQuest plc
11.63%, 11/1/2027(a)		550,000		518,544
EQM Midstream Partners LP
6.00%, 7/1/2025(a)		720,000		707,352
4.13%, 12/1/2026		890,000		807,629
7.50%, 6/1/2027(a)		885,000		881,831
6.50%, 7/1/2027(a)		1,515,000		1,477,138
FTAI Infra Escrow Holdings LLC
10.50%, 6/1/2027(a)		1,410,000		1,424,100
Genesis Energy LP
6.50%, 10/1/2025		920,000		900,622
6.25%, 5/15/2026		585,000		563,638
8.00%, 1/15/2027		1,660,000		1,656,546
7.75%, 2/1/2028		1,210,000		1,190,922
8.88%, 4/15/2030		245,000		245,329
Global Partners LP
7.00%, 8/1/2027		1,060,000		1,024,532
6.88%, 1/15/2029		1,525,000		1,425,875
Gran Tierra Energy International Holdings Ltd.
6.25%, 2/15/2025(a)		355,000		303,525

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
Gran Tierra Energy, Inc.
7.75%, 5/23/2027(a)	$	1,360,000	$	1,028,063
Gulfport Energy Corp.
8.00%, 5/17/2026(a)		754,000		755,885
Harbour Energy plc
5.50%, 10/15/2026(a)		890,000		815,178
Harvest Midstream I LP
7.50%, 9/1/2028(a)		1,010,000		988,235
Hess Midstream Operations LP
5.13%, 6/15/2028(a)		670,000		636,440
4.25%, 2/15/2030(a)		405,000		360,081
Hilcorp Energy I LP
6.25%, 11/1/2028(a)		825,000		790,145
5.75%, 2/1/2029(a)		1,040,000		971,628
6.00%, 4/15/2030(a)		1,350,000		1,258,176
6.00%, 2/1/2031(a)		1,025,000		944,664
6.25%, 4/15/2032(a)		200,000		186,976
Holly Energy Partners LP
6.38%, 4/15/2027(a)		810,000		797,819
5.00%, 2/1/2028(a)		1,315,000		1,225,961
Howard Midstream Energy Partners LLC
6.75%, 1/15/2027(a)		665,000		620,607
Ithaca Energy North Sea plc
9.00%, 7/15/2026(a)		2,708,000		2,606,802
ITT Holdings LLC
6.50%, 8/1/2029(a)		3,052,000		2,533,984
Magnolia Oil & Gas Operating LLC
6.00%, 8/1/2026(a)		330,000		320,100
Martin Midstream Partners LP
11.50%, 2/15/2028(a)		1,745,000		1,699,709
Matador Resources Co.
5.88%, 9/15/2026		1,260,000		1,235,591
6.88%, 4/15/2028(a)		885,000		890,549
Moss Creek Resources Holdings, Inc.
7.50%, 1/15/2026(a)		2,955,000		2,762,314
10.50%, 5/15/2027(a)		1,955,000		1,887,213
Murphy Oil Corp.
7.05%, 5/1/2029		420,000		427,849
6.13%, 12/1/2042(e) (f)		35,000		29,973
New Fortress Energy, Inc.
6.75%, 9/15/2025(a)		3,235,000		3,080,810

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)
Oil, Gas & Consumable Fuels – (continued)
6.50%, 9/30/2026(a)	$	6,460,000	$	5,948,564
NGL Energy Operating LLC
7.50%, 2/1/2026(a)		3,450,000		3,307,896
NGL Energy Partners LP
6.13%, 3/1/2025		700,000		646,576
7.50%, 4/15/2026		1,379,000		1,238,454
Northern Oil and Gas, Inc.
8.13%, 3/1/2028(a)		1,240,000		1,224,500
Northriver Midstream Finance LP
5.63%, 2/15/2026(a)		681,000		639,418
NuStar Logistics LP
5.75%, 10/1/2025		1,130,000		1,108,228
6.00%, 6/1/2026		805,000		792,176
5.63%, 4/28/2027		972,000		927,489
6.38%, 10/1/2030		290,000		279,273
Occidental Petroleum Corp.
7.15%, 5/15/2028		195,000		205,629
8.88%, 7/15/2030		1,630,000		1,915,250
6.63%, 9/1/2030		270,000		288,225
6.45%, 9/15/2036		485,000		514,706
Zero Coupon, 10/10/2036		1,185,000		617,668
7.95%, 6/15/2039		105,000		119,823
6.20%, 3/15/2040		420,000		431,143
6.60%, 3/15/2046		760,000		811,019
Parkland Corp.
5.88%, 7/15/2027(a)		875,000		852,047
4.50%, 10/1/2029(a)		2,010,000		1,761,262
4.63%, 5/1/2030(a)		440,000		382,835
PBF Holding Co. LLC
6.00%, 2/15/2028		1,470,000		1,352,180
Permian Resources Operating LLC
5.38%, 1/15/2026(a)		470,000		447,347
5.88%, 7/1/2029(a)		435,000		411,631
Rockcliff Energy II LLC
5.50%, 10/15/2029(a)		1,795,000		1,623,254
Rockies Express Pipeline LLC
4.95%, 7/15/2029(a)		245,000		226,245
4.80%, 5/15/2030(a)		70,000		62,283
6.88%, 4/15/2040(a)		90,000		78,331
SM Energy Co.
6.75%, 9/15/2026		755,000		743,675
6.63%, 1/15/2027		720,000		694,800
6.50%, 7/15/2028		700,000		663,250

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
Strathcona Resources Ltd.
6.88%, 8/1/2026(a)	$	1,275,000	$	1,078,225
Summit Midstream Holdings LLC
8.50%, 10/15/2026(a)		2,071,000		1,988,160
Sunoco LP
5.88%, 3/15/2028		655,000		640,263
4.50%, 5/15/2029		2,055,000		1,851,359
4.50%, 4/30/2030		2,095,000		1,869,723
Tallgrass Energy Partners LP
6.00%, 3/1/2027(a)		855,000		824,927
5.50%, 1/15/2028(a)		1,000,000		925,168
6.00%, 12/31/2030(a)		475,000		421,871
Tap Rock Resources LLC
7.00%, 10/1/2026(a)		675,000		648,547
Teine Energy Ltd.
6.88%, 4/15/2029(a)		905,000		826,588
TerraForm Power Operating LLC
5.00%, 1/31/2028(a)		1,215,000		1,163,362
4.75%, 1/15/2030(a)		375,000		347,809
Topaz Solar Farms LLC
5.75%, 9/30/2039(a)		2,364,852		2,332,211
Venture Global Calcasieu Pass LLC
3.88%, 8/15/2029(a)		825,000		741,014
6.25%, 1/15/2030(a)		645,000		654,034
4.13%, 8/15/2031(a)		855,000		757,404
3.88%, 11/1/2033(a)		820,000		691,439
Vermilion Energy, Inc.
6.88%, 5/1/2030(a)		1,685,000		1,563,545
Viper Energy Partners LP
5.38%, 11/1/2027(a)		315,000		304,495
Vital Energy, Inc.
10.13%, 1/15/2028		800,000		804,256
7.75%, 7/31/2029(a)		1,245,000		1,099,086
W&T Offshore, Inc.
11.75%, 2/1/2026(a)		1,235,000		1,236,691
				141,293,940
Paper & Forest Products – 0.5%
Clearwater Paper Corp.
4.75%, 8/15/2028(a)		495,000		443,915
Domtar Corp.
6.75%, 10/1/2028(a)		1,099,000		951,839
Louisiana-Pacific Corp.
3.63%, 3/15/2029(a)		910,000		798,525

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)
Paper & Forest Products – (continued)
Mercer International, Inc.
5.50%, 1/15/2026	$	452,000	$	433,984
5.13%, 2/1/2029		3,700,000		3,089,746
				5,718,009
Passenger Airlines – 1.5%
Air Canada
3.88%, 8/15/2026(a)		2,090,000		1,934,678
Allegiant Travel Co.
7.25%, 8/15/2027(a)		975,000		962,935
American Airlines Group, Inc.
3.75%, 3/1/2025(a)		952,000		896,713
American Airlines, Inc.
11.75%, 7/15/2025(a)		4,050,000		4,455,240
7.25%, 2/15/2028(a)		1,315,000		1,279,013
5.75%, 4/20/2029(a)		1,425,000		1,354,156
Avianca Midco 2 plc
9.00%, 12/1/2028(a)		1,570,000		1,303,901
Hawaiian Brand Intellectual Property Ltd.
5.75%, 1/20/2026(a)		2,020,000		1,881,870
Spirit Loyalty Cayman Ltd.
8.00%, 9/20/2025(a)		2,030,000		2,049,765
				16,118,271
Personal Care Products – 0.4%
Coty, Inc.
4.75%, 1/15/2029(a)		230,000		215,913
Edgewell Personal Care Co.
5.50%, 6/1/2028(a)		1,315,000		1,258,485
4.13%, 4/1/2029(a)		240,000		212,599
Herbalife Nutrition Ltd.
7.88%, 9/1/2025(a)		997,000		954,114
Oriflame Investment Holding plc
5.13%, 5/4/2026(a)		1,195,000		703,855
Prestige Brands, Inc.
5.13%, 1/15/2028(a)		770,000		746,800
3.75%, 4/1/2031(a)		270,000		228,841
				4,320,607
Pharmaceuticals – 2.2%
Bausch Health Americas, Inc.
9.25%, 4/1/2026(a)		3,090,000		2,487,450

Investments	Principal Amount		Value
Pharmaceuticals – (continued)
Bausch Health Cos., Inc.
5.50%, 11/1/2025(a)	$	1,705,000	$	1,486,070
9.00%, 12/15/2025(a)		2,488,000		2,081,834
6.13%, 2/1/2027(a)		4,165,000		3,001,156
5.75%, 8/15/2027(a)		2,265,000		1,565,636
4.88%, 6/1/2028(a)		1,195,000		787,206
11.00%, 9/30/2028(a)		6,995,000		5,639,719
5.25%, 1/30/2030(a)		460,000		216,200
Cheplapharm Arzneimittel GmbH
5.50%, 1/15/2028(a)		640,000		584,087
HLF Financing Sarl LLC
4.88%, 6/1/2029(a)		1,435,000		1,098,521
Jazz Securities DAC
4.38%, 1/15/2029(a)		185,000		170,027
Organon & Co.
4.13%, 4/30/2028(a)		715,000		657,803
5.13%, 4/30/2031(a)		1,457,000		1,298,251
P&L Development LLC
7.75%, 11/15/2025(a)		945,000		756,000
Perrigo Finance Unlimited Co.
4.38%, 3/15/2026		1,235,000		1,187,313
4.40%, 6/15/2030(e)		390,000		351,974
				23,369,247
Professional Services – 0.7%
AMN Healthcare, Inc.
4.63%, 10/1/2027(a)		890,000		829,816
ASGN, Inc.
4.63%, 5/15/2028(a)		1,080,000		998,049
CoreLogic, Inc.
4.50%, 5/1/2028(a)		3,215,000		2,628,262
Dun & Bradstreet Corp. (The)
5.00%, 12/15/2029(a)		235,000		206,346
KBR, Inc.
4.75%, 9/30/2028(a)		670,000		619,509
Korn Ferry
4.63%, 12/15/2027(a)		800,000		759,800
Science Applications International Corp.
4.88%, 4/1/2028(a)		665,000		627,381
TriNet Group, Inc.
3.50%, 3/1/2029(a)		1,290,000		1,128,105
				7,797,268

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)
Real Estate Management & Development – 1.1%
Cushman & Wakefield US Borrower LLC
6.75%, 5/15/2028(a)	$	1,145,000	$	1,068,594
Five Point Operating Co. LP
7.88%, 11/15/2025(a)		1,705,000		1,538,762
Forestar Group, Inc.
3.85%, 5/15/2026(a)		731,000		676,007
5.00%, 3/1/2028(a)		815,000		740,945
Howard Hughes Corp. (The)
4.38%, 2/1/2031(a)		310,000		251,144
Hunt Cos., Inc.
5.25%, 4/15/2029(a)		1,715,000		1,322,241
Kennedy-Wilson, Inc.
4.75%, 3/1/2029		1,490,000		1,190,450
4.75%, 2/1/2030		2,495,000		1,931,305
5.00%, 3/1/2031		275,000		208,469
Realogy Group LLC
5.75%, 1/15/2029(a)		530,000		393,525
WeWork Cos. LLC
5.00%, 7/10/2025(a)		1,415,000		740,000
WeWork Cos., Inc.
7.88%, 5/1/2025(a)		2,870,000		1,526,783
				11,588,225
Retail REITs – 0.4%
Brookfield Property REIT, Inc.
REIT, 5.75%, 5/15/2026(a)		1,690,000		1,533,764
REIT, 4.50%, 4/1/2027(a)		3,250,000		2,687,750
				4,221,514
Software – 3.3%
Alteryx, Inc.
8.75%, 3/15/2028(a)		745,000		724,259
AthenaHealth Group, Inc.
6.50%, 2/15/2030(a)		10,000,000		8,213,385
Central Parent, Inc.
7.25%, 6/15/2029(a)		550,000		544,576
Clarivate Science Holdings Corp.
4.88%, 7/1/2029(a)		575,000		517,840
Cloud Software Group, Inc.
6.50%, 3/31/2029(a)		6,840,000		6,160,227
9.00%, 9/30/2029(a)		3,090,000		2,655,237

Investments	Principal Amount		Value
Software – (continued)
Consensus Cloud Solutions, Inc.
6.00%, 10/15/2026(a)	$	555,000	$	510,298
6.50%, 10/15/2028(a)		1,000,000		875,000
CWT Travel Group, Inc.
8.50%, 11/19/2026(a)		1,581,000		1,114,770
Gen Digital, Inc.
7.13%, 9/30/2030(a)		285,000		286,285
GoTo Group, Inc.
5.50%, 9/1/2027(a)		2,639,000		1,485,783
Helios Software Holdings, Inc.
4.63%, 5/1/2028(a)		480,000		403,200
McAfee Corp.
7.38%, 2/15/2030(a)		8,585,000		7,126,403
Open Text Corp.
3.88%, 12/1/2029(a)		540,000		453,837
Open Text Holdings, Inc.
4.13%, 2/15/2030(a)		565,000		482,443
4.13%, 12/1/2031(a)		400,000		331,067
Rocket Software, Inc.
6.50%, 2/15/2029(a)		955,000		792,707
Veritas US, Inc.
7.50%, 9/1/2025(a)		3,000,000		2,276,444
				34,953,761
Specialized REITs – 0.2%
Iron Mountain, Inc.
REIT, 5.25%, 7/15/2030(a)		895,000		824,319
REIT, 4.50%, 2/15/2031(a)		800,000		695,589
REIT, 5.63%, 7/15/2032(a)		224,000		203,441
				1,723,349
Specialty Retail – 3.7%
99 Escrow Issuer, Inc.
7.50%, 1/15/2026(a)		240,000		93,000
Arko Corp.
5.13%, 11/15/2029(a)		1,100,000		891,330
At Home Group, Inc.
4.88%, 7/15/2028(a)		1,260,000		817,750
7.13%, 7/15/2029(a)		2,140,000		1,198,400
Bath & Body Works, Inc.
6.95%, 3/1/2033		230,000		202,920
6.88%, 11/1/2035		515,000		466,106
6.75%, 7/1/2036		395,000		351,544
BCPE Ulysses Intermediate, Inc.
7.75%, 4/1/2027(a) (b)		965,000		772,000

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 373

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Specialty Retail – (continued)
eG Global Finance plc
6.75%, 2/7/2025(a)	$	1,255,000	$	1,189,113
8.50%, 10/30/2025(a)		600,000		571,638
Evergreen Acqco 1 LP
9.75%, 4/26/2028(a)		960,000		961,200
Gap, Inc. (The)
3.63%, 10/1/2029(a)		200,000		141,611
Guitar Center, Inc.
8.50%, 1/15/2026(a)		1,385,000		1,225,492
GYP Holdings III Corp.
4.63%, 5/1/2029(a)		870,000		767,775
Ken Garff Automotive LLC
4.88%, 9/15/2028(a)		125,000		109,172
LBM Acquisition LLC
6.25%, 1/15/2029(a)		2,005,000		1,596,742
LCM Investments Holdings II LLC
4.88%, 5/1/2029(a)		600,000		511,502
LSF9 Atlantis Holdings LLC
7.75%, 2/15/2026(a)		1,085,000		1,017,243
Michaels Cos., Inc. (The)
5.25%, 5/1/2028(a)		3,535,000		2,912,168
7.88%, 5/1/2029(a)		5,390,000		3,613,241
Murphy Oil USA, Inc.
3.75%, 2/15/2031(a)		300,000		256,632
Park River Holdings, Inc.
5.63%, 2/1/2029(a)		895,000		655,328
6.75%, 8/1/2029(a)		740,000		540,194
Sonic Automotive, Inc.
4.63%, 11/15/2029(a)		255,000		213,910
4.88%, 11/15/2031(a)		250,000		201,875
Specialty Building Products Holdings LLC
6.38%, 9/30/2026(a)		1,275,000		1,157,062
SRS Distribution, Inc.
4.63%, 7/1/2028(a)		270,000		237,782
6.13%, 7/1/2029(a)		1,125,000		928,046
6.00%, 12/1/2029(a)		2,065,000		1,681,943
Staples, Inc.
7.50%, 4/15/2026(a)		8,355,000		7,046,079
10.75%, 4/15/2027(a)		4,108,000		2,780,855
Upbound Group, Inc.
6.38%, 2/15/2029(a)		1,290,000		1,132,723

Investments	Principal Amount		Value
Specialty Retail – (continued)
Valvoline, Inc.
3.63%, 6/15/2031(a)	$	150,000	$	124,553
Victoria’s Secret & Co.
4.63%, 7/15/2029(a)		275,000		222,417
White Cap Buyer LLC
6.88%, 10/15/2028(a)		1,670,000		1,448,160
White Cap Parent LLC
8.25%, 3/15/2026(a) (b)		625,000		573,045
				38,610,551
Technology Hardware, Storage & Peripherals – 0.3%
Seagate HDD Cayman
5.75%, 12/1/2034		325,000		288,460
Xerox Holdings Corp.
5.00%, 8/15/2025(a)		1,320,000		1,257,780
5.50%, 8/15/2028(a)		1,865,000		1,607,591
				3,153,831
Textiles, Apparel & Luxury Goods – 0.1%
Eagle Intermediate Global Holding BV
7.50%, 5/1/2025(a)		1,316,000		852,110
Tobacco – 0.3%
Turning Point Brands, Inc.
5.63%, 2/15/2026(a)		155,000		141,825
Vector Group Ltd.
10.50%, 11/1/2026(a)		1,025,000		1,031,888
5.75%, 2/1/2029(a)		2,275,000		2,035,285
				3,208,998
Trading Companies & Distributors – 0.7%
Alta Equipment Group, Inc.
5.63%, 4/15/2026(a)		840,000		774,621
Beacon Roofing Supply, Inc.
4.50%, 11/15/2026(a)		420,000		397,737
4.13%, 5/15/2029(a)		895,000		782,952
BlueLinx Holdings, Inc.
6.00%, 11/15/2029(a)		1,290,000		1,077,150
Boise Cascade Co.
4.88%, 7/1/2030(a)		230,000		207,597
Foundation Building Materials, Inc.
6.00%, 3/1/2029(a)		935,000		746,985

See Accompanying Notes to the Financial Statements.

374 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® High Yield Value-Scored Bond Index Fund (cont.)

Investments	Principal Amount		Value
Trading Companies & Distributors – (continued)
Herc Holdings, Inc.
5.50%, 7/15/2027(a)	$	2,110,000	$	2,015,017
Imola Merger Corp.
4.75%, 5/15/2029(a)		1,500,000		1,298,927
				7,300,986
Wireless Telecommunication Services – 0.7%
C&W Senior Financing DAC
6.88%, 9/15/2027(a)		840,000		735,000
Connect Finco Sarl
6.75%, 10/1/2026(a)		1,495,000		1,424,814
Hughes Satellite Systems Corp.
5.25%, 8/1/2026		1,320,000		1,262,039
6.63%, 8/1/2026		1,200,000		1,133,388
Rogers Communications, Inc.
5.25%, 3/15/2082(a) (c)		1,335,000		1,206,173
Vmed O2 UK Financing I plc
4.25%, 1/31/2031(a)		565,000		468,337
4.75%, 7/15/2031(a)		1,260,000		1,073,693
Vodafone Group plc
5.12%, 6/4/2081(c)		465,000		352,414
			7,655,858
Total Corporate Bonds (Cost $1,070,701,497)				1,029,903,166
Total Investments – 97.5% (Cost $1,070,701,497)				1,029,903,166
Other assets less liabilities – 2.5%				26,450,576
NET ASSETS – 100.0%			$	1,056,353,742

^(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.

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

^(e)  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, 2023.

^(f)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2023.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

SCA – Limited partnership with share capital

As of April 30, 2023, 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	$	6,157,936
Aggregate gross unrealized depreciation		(73,543,535	)
Net unrealized depreciation	$	(67,385,599	)
Federal income tax cost	$	1,097,288,765

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.

FLEXSHARES SEMIANNUAL REPORT 375

Schedule of Investments

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund

April 30, 2023 (Unaudited)

Investments	Principal Amount		Value
CORPORATE BONDS – 97.1%
Automobile Components – 1.4%
Dealer Tire LLC
8.00%, 2/1/2028(a)	$	11,000	$	10,202
Goodyear Tire & Rubber Co. (The)
9.50%, 5/31/2025		45,000		46,068
5.00%, 5/31/2026		35,000		34,006
5.00%, 7/15/2029		23,000		20,331
5.25%, 4/30/2031		33,000		28,626
5.25%, 7/15/2031		39,000		33,638
5.63%, 4/30/2033		17,000		14,715
Icahn Enterprises LP
6.38%, 12/15/2025		12,000		11,898
6.25%, 5/15/2026		20,000		19,679
5.25%, 5/15/2027		32,000		30,156
Real Hero Merger Sub 2, Inc.
6.25%, 2/1/2029(a)		15,000		11,287
Wheel Pros, Inc.
6.50%, 5/15/2029(a)		11,000		5,170
				265,776
Automobiles – 0.9%
Ford Motor Co.
7.13%, 11/15/2025		5,000		5,099
4.35%, 12/8/2026		23,000		22,343
6.63%, 10/1/2028		5,000		5,090
6.38%, 2/1/2029		5,000		4,982
9.63%, 4/22/2030		10,000		11,629
7.45%, 7/16/2031		12,000		12,630
3.25%, 2/12/2032		28,000		21,714
6.10%, 8/19/2032		25,000		23,842
4.75%, 1/15/2043		25,000		18,782
5.29%, 12/8/2046		12,000		9,705
Nissan Motor Co. Ltd.
4.35%, 9/17/2027(a)		25,000		22,910
4.81%, 9/17/2030(a)		15,000		13,193
				171,919
Banks – 0.8%
Intesa Sanpaolo SpA
5.02%, 6/26/2024(a)		9,000		8,744
5.71%, 1/15/2026(a)		23,000		22,148
4.20%, 6/1/2032(a) (b)		20,000		15,158

Investments	Principal Amount		Value
Banks – (continued)
Provident Financing Trust I
7.41%, 3/15/2038	$	5,000	$	5,025
UniCredit SpA
5.86%, 6/19/2032(a) (b)		29,000		26,417
7.30%, 4/2/2034(a) (b)		78,000		74,629
				152,121
Beverages – 0.1%
Primo Water Holdings, Inc.
4.38%, 4/30/2029(a)		30,000		26,458
Biotechnology – 0.2%
Emergent BioSolutions, Inc.
3.88%, 8/15/2028(a)		11,000		5,836
Grifols Escrow Issuer SA
4.75%, 10/15/2028(a)		32,000		25,662
				31,498
Broadline Retail – 2.0%
Go Daddy Operating Co. LLC
3.50%, 3/1/2029(a)		40,000		34,651
Kohl’s Corp.
4.25%, 7/17/2025		15,000		14,017
3.62%, 5/1/2031(c)		25,000		17,049
5.55%, 7/17/2045		20,000		11,651
Macy’s Retail Holdings LLC
5.88%, 4/1/2029(a)		11,000		10,076
5.88%, 3/15/2030(a)		32,000		28,414
6.13%, 3/15/2032(a)		11,000		9,629
Marks & Spencer plc
7.13%, 12/1/2037(a)		13,000		12,040
Match Group Holdings II LLC
4.63%, 6/1/2028(a)		22,000		20,295
4.13%, 8/1/2030(a)		44,000		37,608
3.63%, 10/1/2031(a)		14,000		11,437
Nordstrom, Inc.
4.38%, 4/1/2030		32,000		25,026
4.25%, 8/1/2031		49,000		36,387
5.00%, 1/15/2044		28,000		17,509
Photo Holdings Merger Sub, Inc.
8.50%, 10/1/2026(a)		21,000		8,979

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)
Broadline Retail – (continued)
QVC, Inc.
4.45%, 2/15/2025	$	44,000	$	32,340
4.75%, 2/15/2027		14,000		7,070
Rakuten Group, Inc.
10.25%, 11/30/2024(a)		50,000		48,575
				382,753
Building Products – 0.8%
Advanced Drainage Systems, Inc.
5.00%, 9/30/2027(a)		11,000		10,519
6.38%, 6/15/2030(a)		23,000		22,754
Builders FirstSource, Inc.
5.00%, 3/1/2030(a)		5,000		4,668
4.25%, 2/1/2032(a)		17,000		14,895
6.38%, 6/15/2032(a)		12,000		11,937
Cornerstone Building Brands, Inc.
6.13%, 1/15/2029(a)		9,000		6,773
CP Atlas Buyer, Inc.
7.00%, 12/1/2028(a)		14,000		10,521
New Enterprise Stone & Lime Co., Inc.
5.25%, 7/15/2028(a)		12,000		10,740
9.75%, 7/15/2028(a)		5,000		4,775
Oscar Acquisition Co. LLC
9.50%, 4/15/2030(a)		10,000		8,750
Smyrna Ready Mix Concrete LLC
6.00%, 11/1/2028(a)		28,000		26,206
Summit Materials LLC
5.25%, 1/15/2029(a)		12,000		11,402
				143,940
Capital Markets – 0.7%
Advisor Group Holdings, Inc.
10.75%, 8/1/2027(a)		15,000		14,881
AG TTMT Escrow Issuer LLC
8.63%, 9/30/2027(a)		16,000		16,449
Aretec Escrow Issuer, Inc.
7.50%, 4/1/2029(a)		11,000		9,213
Coinbase Global, Inc.
3.38%, 10/1/2028(a)		28,000		16,915
3.63%, 10/1/2031(a)		33,000		18,441

Investments	Principal Amount		Value
Capital Markets – (continued)
Compass Group Diversified Holdings LLC
5.25%, 4/15/2029(a)	$	20,000	$	18,002
Dresdner Funding Trust I
8.15%, 6/30/2031(a)		25,000		26,444
Nomura Holdings, Inc.
2.65%, 1/16/2025		5,000		4,743
				125,088
Chemicals – 1.7%
Ashland LLC
3.38%, 9/1/2031(a)		30,000		24,820
ASP Unifrax Holdings, Inc.
7.50%, 9/30/2029(a)		11,000		7,861
Avient Corp.
5.75%, 5/15/2025(a)		30,000		29,978
7.13%, 8/1/2030(a)		23,000		23,506
Axalta Coating Systems LLC
3.38%, 2/15/2029(a)		33,000		28,537
Chemours Co. (The)
5.75%, 11/15/2028(a)		28,000		24,886
Element Solutions, Inc.
3.88%, 9/1/2028(a)		39,000		34,412
Gates Global LLC
6.25%, 1/15/2026(a)		11,000		10,890
GPD Cos., Inc.
10.13%, 4/1/2026(a)		11,000		10,060
Illuminate Buyer LLC
9.00%, 7/1/2028(a)		11,000		9,759
LSF11 A5 HoldCo LLC
6.63%, 10/15/2029(a)		11,000		9,474
Methanex Corp.
5.25%, 12/15/2029		16,000		15,014
Minerals Technologies, Inc.
5.00%, 7/1/2028(a)		10,000		9,125
Nufarm Australia Ltd.
5.00%, 1/27/2030(a)		11,000		9,776
Olympus Water US Holding Corp.
6.25%, 10/1/2029(a)		5,000		4,018
SCIH Salt Holdings, Inc.
4.88%, 5/1/2028(a)		23,000		20,710
6.63%, 5/1/2029(a)		33,000		27,512
Vibrantz Technologies, Inc.
9.00%, 2/15/2030(a)		23,000		17,588
				317,926

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)
Commercial Services & Supplies – 1.9%
Allied Universal Holdco LLC
6.63%, 7/15/2026(a)	$	72,000	$	69,404
9.75%, 7/15/2027(a)		71,000		66,047
4.63%, 6/1/2028(a)		50,000		43,432
6.00%, 6/1/2029(a)		19,000		14,896
Aptim Corp.
7.75%, 6/15/2025(a)		15,000		11,849
Garda World Security Corp.
4.63%, 2/15/2027(a)		14,000		12,860
9.50%, 11/1/2027(a)		17,000		16,291
6.00%, 6/1/2029(a)		11,000		9,048
GFL Environmental, Inc.
3.50%, 9/1/2028(a)		23,000		20,904
4.75%, 6/15/2029(a)		17,000		15,822
Neptune Bidco US, Inc.
9.29%, 4/15/2029(a)		20,000		18,825
Prime Security Services Borrower LLC
5.25%, 4/15/2024(a)		6,000		5,971
Steelcase, Inc.
5.13%, 1/18/2029		14,000		12,460
Vericast Corp.
11.00%, 9/15/2026(a)		5,000		5,300
WASH Multifamily Acquisition, Inc.
5.75%, 4/15/2026(a)		20,000		18,750
Waste Pro USA, Inc.
5.50%, 2/15/2026(a)		11,000		10,225
				352,084
Communications Equipment – 0.1%
Ciena Corp.
4.00%, 1/31/2030(a)		10,000		8,784
CommScope, Inc.
6.00%, 3/1/2026(a)		3,000		2,865
				11,649
Construction & Engineering – 0.7%
AECOM
5.13%, 3/15/2027		35,000		34,285
Arcosa, Inc.
4.38%, 4/15/2029(a)		10,000		9,109
Artera Services LLC
9.03%, 12/4/2025(a)		28,000		24,048

Investments	Principal Amount		Value
Construction & Engineering – (continued)
Brand Industrial Services, Inc.
8.50%, 7/15/2025(a)	$	27,000	$	25,265
Cellnex Finance Co. SA
3.88%, 7/7/2041(a)		5,000		3,720
Global Infrastructure Solutions, Inc.
5.63%, 6/1/2029(a)		11,000		9,166
Great Lakes Dredge & Dock Corp.
5.25%, 6/1/2029(a)		10,000		7,866
Pike Corp.
5.50%, 9/1/2028(a)		11,000		9,981
Tutor Perini Corp.
6.88%, 5/1/2025(a)		11,000		7,965
				131,405
Consumer Finance – 4.0%
Cobra Acquisition Co. LLC
6.38%, 11/1/2029(a)		11,000		6,325
Ford Motor Credit Co. LLC
5.13%, 6/16/2025		70,000		68,141
3.38%, 11/13/2025		25,000		23,216
4.39%, 1/8/2026		40,000		38,004
4.54%, 8/1/2026		70,000		66,005
2.70%, 8/10/2026		50,000		44,350
4.95%, 5/28/2027		60,000		56,742
6.80%, 5/12/2028		50,000		50,030
5.11%, 5/3/2029		40,000		37,271
7.35%, 3/6/2030		40,000		41,086
4.00%, 11/13/2030		24,000		20,579
goeasy Ltd.
5.38%, 12/1/2024(a)		17,000		16,141
4.38%, 5/1/2026(a)		11,000		9,651
LFS Topco LLC
5.88%, 10/15/2026(a)		12,000		10,530
OneMain Finance Corp.
6.88%, 3/15/2025		33,000		32,283
7.13%, 3/15/2026		42,000		40,931
3.50%, 1/15/2027		39,000		33,311
6.63%, 1/15/2028		33,000		30,607
3.88%, 9/15/2028		23,000		18,458
5.38%, 11/15/2029		39,000		32,809
4.00%, 9/15/2030		33,000		24,921
SLM Corp.
4.20%, 10/29/2025		12,000		11,085
3.13%, 11/2/2026		12,000		10,500

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)
Consumer Finance – (continued)
Synchrony Financial
7.25%, 2/2/2033	$	23,000	$	21,160
				744,136
Consumer Staples Distribution & Retail – 1.6%
Albertsons Cos., Inc.
3.25%, 3/15/2026(a)		20,000		18,809
4.63%, 1/15/2027(a)		38,000		36,734
5.88%, 2/15/2028(a)		51,000		50,487
3.50%, 3/15/2029(a)		38,000		33,668
4.88%, 2/15/2030(a)		25,000		23,313
Rite Aid Corp.
8.00%, 11/15/2026(a)		40,000		21,641
Safeway, Inc.
7.25%, 2/1/2031		11,000		11,110
US Foods, Inc.
6.25%, 4/15/2025(a)		55,000		55,286
4.75%, 2/15/2029(a)		32,000		29,766
4.63%, 6/1/2030(a)		17,000		15,546
				296,360
Containers & Packaging – 2.2%
Ball Corp.
5.25%, 7/1/2025		30,000		29,976
4.88%, 3/15/2026		25,000		24,756
6.88%, 3/15/2028		28,000		29,116
2.88%, 8/15/2030		40,000		33,511
3.13%, 9/15/2031		28,000		23,320
Cascades, Inc.
5.13%, 1/15/2026(a)		40,000		38,008
Clydesdale Acquisition Holdings, Inc.
6.63%, 4/15/2029(a)		15,000		14,723
8.75%, 4/15/2030(a)		30,000		27,609
Crown Americas LLC
4.75%, 2/1/2026		32,000		31,370
4.25%, 9/30/2026		33,000		31,591
5.25%, 4/1/2030		28,000		27,236
Graphic Packaging International LLC
4.13%, 8/15/2024		12,000		11,818
3.50%, 3/15/2028(a)		12,000		10,876
3.50%, 3/1/2029(a)		12,000		10,627
3.75%, 2/1/2030(a)		12,000		10,727

Investments	Principal Amount		Value
Containers & Packaging – (continued)
Mauser Packaging Solutions Holding Co.
7.88%, 8/15/2026(a)	$	25,000	$	25,358
Sealed Air Corp.
6.13%, 2/1/2028(a)		25,000		25,368
5.00%, 4/15/2029(a)		15,000		14,377
				420,367
Distributors – 0.4%
American Builders & Contractors Supply Co., Inc.
4.00%, 1/15/2028(a)		16,000		14,648
BCPE Empire Holdings, Inc.
7.63%, 5/1/2027(a)		11,000		10,092
Ritchie Bros Holdings, Inc.
6.75%, 3/15/2028(a)		15,000		15,525
7.75%, 3/15/2031(a)		25,000		26,563
Univar Solutions USA, Inc.
5.13%, 12/1/2027(a)		16,000		16,024
				82,852
Diversified Consumer Services – 0.7%
Adtalem Global Education, Inc.
5.50%, 3/1/2028(a)		12,000		11,400
Grand Canyon University
5.13%, 10/1/2028		18,000		16,240
Service Corp. International
4.63%, 12/15/2027		23,000		22,321
5.13%, 6/1/2029		25,000		24,062
3.38%, 8/15/2030		26,000		22,028
4.00%, 5/15/2031		23,000		20,269
Signal Parent, Inc.
6.13%, 4/1/2029(a)		5,000		2,071
Sotheby’s
7.38%, 10/15/2027(a)		5,000		4,688
				123,079
Diversified REITs – 0.4%
HAT Holdings I LLC
REIT, 6.00%, 4/15/2025(a)		10,000		9,719
REIT, 3.38%, 6/15/2026(a)		40,000		35,504
REIT, 3.75%, 9/15/2030(a)		23,000		18,078
Uniti Group LP
REIT, 10.50%, 2/15/2028(a)		20,000		19,138
				82,439

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)
Diversified Telecommunication Services – 7.3%
Altice France Holding SA
10.50%, 5/15/2027(a)	$	50,000	$	36,924
6.00%, 2/15/2028(a)		45,000		27,709
Altice France SA
8.13%, 2/1/2027(a)		50,000		44,646
5.50%, 1/15/2028(a)		40,000		31,490
5.13%, 7/15/2029(a)		9,000		6,654
5.50%, 10/15/2029(a)		30,000		22,457
British Telecommunications plc
4.25%, 11/23/2081(a) (b)		32,000		28,217
CCO Holdings LLC
5.50%, 5/1/2026(a)		25,000		24,542
5.13%, 5/1/2027(a)		111,000		104,736
5.00%, 2/1/2028(a)		73,000		67,495
5.38%, 6/1/2029(a)		45,000		41,270
4.75%, 3/1/2030(a)		90,000		77,436
4.50%, 8/15/2030(a)		59,000		49,542
4.25%, 2/1/2031(a)		84,000		68,797
4.75%, 2/1/2032(a)		20,000		16,550
4.50%, 5/1/2032		103,000		82,459
4.50%, 6/1/2033(a)		20,000		15,920
4.25%, 1/15/2034(a)		25,000		19,044
Embarq Corp.
8.00%, 6/1/2036		40,000		17,200
Iliad Holding SASU
6.50%, 10/15/2026(a)		45,000		43,300
7.00%, 10/15/2028(a)		14,000		13,246
Intelsat Jackson Holdings SA
6.50%, 3/15/2030(a)		83,000		76,593
Level 3 Financing, Inc.
3.40%, 3/1/2027(a)		32,000		25,036
4.63%, 9/15/2027(a)		28,000		17,294
4.25%, 7/1/2028(a)		61,000		35,560
3.75%, 7/15/2029(a)		45,000		25,325
10.50%, 5/15/2030(a)		47,000		44,993
Lumen Technologies, Inc.
4.00%, 2/15/2027(a)		42,000		28,048
Series P, 7.60%, 9/15/2039		14,000		5,372
Series U, 7.65%, 3/15/2042		23,000		9,545
Telecom Italia Capital SA
6.38%, 11/15/2033		40,000		35,759
6.00%, 9/30/2034		15,000		12,787
7.20%, 7/18/2036		39,000		35,243
7.72%, 6/4/2038		21,000		19,633

Investments	Principal Amount		Value
Diversified Telecommunication Services – (continued)
Telecom Italia SpA
5.30%, 5/30/2024(a)	$	54,000	$	52,744
Telesat Canada
5.63%, 12/6/2026(a)		14,000		7,820
4.88%, 6/1/2027(a)		9,000		4,817
6.50%, 10/15/2027(a)		23,000		8,060
Windstream Escrow LLC
7.75%, 8/15/2028(a)		45,000		37,063
Zayo Group Holdings, Inc.
4.00%, 3/1/2027(a)		41,000		31,043
6.13%, 3/1/2028(a)		32,000		20,457
				1,372,826
Electric Utilities – 0.5%
Edison International
8.12%, 6/15/2053(b)		20,000		20,575
FirstEnergy Corp.
Series B, 4.15%, 7/15/2027(c)		23,000		22,368
2.65%, 3/1/2030		10,000		8,637
Series C, 7.38%, 11/15/2031		11,000		12,513
Series C, 3.40%, 3/1/2050		11,000		7,707
Pattern Energy Operations LP
4.50%, 8/15/2028(a)		17,000		15,815
				87,615
Electrical Equipment – 0.4%
Atkore, Inc.
4.25%, 6/1/2031(a)		11,000		9,685
EnerSys
4.38%, 12/15/2027(a)		11,000		10,285
Sensata Technologies BV
5.00%, 10/1/2025(a)		32,000		31,507
4.00%, 4/15/2029(a)		32,000		28,918
				80,395
Electronic Equipment, Instruments & Components – 0.1%
Likewize Corp.
9.75%, 10/15/2025(a)		11,000		9,834
Sensata Technologies, Inc.
3.75%, 2/15/2031(a)		9,000		7,819
				17,653

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)
Energy Equipment & Services – 1.8%
Archrock Partners LP
6.88%, 4/1/2027(a)	$	17,000	$	16,703
6.25%, 4/1/2028(a)		38,000		36,478
CGG SA
8.75%, 4/1/2027(a)		5,000		4,301
Petrofac Ltd.
9.75%, 11/15/2026(a)		23,000		16,089
Solaris Midstream Holdings LLC
7.63%, 4/1/2026(a)		11,000		10,560
Transocean Poseidon Ltd.
6.88%, 2/1/2027(a)		14,625		14,266
Transocean, Inc.
7.25%, 11/1/2025(a)		14,000		13,335
7.50%, 1/15/2026(a)		17,000		15,681
11.50%, 1/30/2027(a)		28,000		28,657
8.00%, 2/1/2027(a)		17,000		15,089
8.75%, 2/15/2030(a)		35,000		35,315
7.50%, 4/15/2031		11,000		8,470
6.80%, 3/15/2038		29,000		19,742
USA Compression Partners LP
6.88%, 4/1/2026		50,000		49,460
Weatherford International Ltd.
6.50%, 9/15/2028(a)		12,000		12,000
8.63%, 4/30/2030(a)		44,000		44,819
				340,965
Entertainment – 0.7%
Allen Media LLC
10.50%, 2/15/2028(a)		20,000		10,708
AMC Entertainment Holdings, Inc.
10.00%, 6/15/2026(a)		39,000		26,336
Live Nation Entertainment, Inc.
4.88%, 11/1/2024(a)		15,000		14,812
6.50%, 5/15/2027(a)		31,000		31,349
4.75%, 10/15/2027(a)		45,000		41,677
Warner Media LLC
7.63%, 4/15/2031		10,000		10,995
				135,877
Financial Services – 2.5%
Armor Holdco, Inc.
8.50%, 11/15/2029(a)		9,000		7,460

Investments	Principal Amount		Value
Financial Services – (continued)
Block, Inc.
2.75%, 6/1/2026	$	44,000	$	39,821
3.50%, 6/1/2031		23,000		18,738
CPI CG, Inc.
8.63%, 3/15/2026(a)		11,000		10,862
Enact Holdings, Inc.
6.50%, 8/15/2025(a)		25,000		24,757
Freedom Mortgage Corp.
8.13%, 11/15/2024(a)		35,000		33,705
7.63%, 5/1/2026(a)		23,000		19,668
Jefferies Finance LLC
5.00%, 8/15/2028(a)		27,000		22,703
Jefferson Capital Holdings LLC
6.00%, 8/15/2026(a)		10,000		8,534
LD Holdings Group LLC
6.50%, 11/1/2025(a)		14,000		9,905
6.13%, 4/1/2028(a)		18,000		9,902
MGIC Investment Corp.
5.25%, 8/15/2028		28,000		26,758
Midcap Financial Issuer Trust
6.50%, 5/1/2028(a)		23,000		20,777
NMI Holdings, Inc.
7.38%, 6/1/2025(a)		19,000		19,265
PHH Mortgage Corp.
7.88%, 3/15/2026(a)		11,000		9,886
Provident Funding Associates LP
6.38%, 6/15/2025(a)		12,000		10,500
Rocket Mortgage LLC
2.88%, 10/15/2026(a)		33,000		29,373
Sabre GLBL, Inc.
9.25%, 4/15/2025(a)		21,000		19,373
7.38%, 9/1/2025(a)		23,000		20,441
11.25%, 12/15/2027(a)		15,000		13,181
Shift4 Payments LLC
4.63%, 11/1/2026(a)		12,000		11,284
United Wholesale Mortgage LLC
5.50%, 11/15/2025(a)		33,000		31,439
5.75%, 6/15/2027(a)		17,000		15,489
5.50%, 4/15/2029(a)		17,000		14,663
Verscend Escrow Corp.
9.75%, 8/15/2026(a)		17,000		17,157
				465,641

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)
Food Products – 1.0%
Darling Ingredients, Inc.
5.25%, 4/15/2027(a)	$	11,000	$	10,779
6.00%, 6/15/2030(a)		33,000		32,646
Lamb Weston Holdings, Inc.
4.88%, 5/15/2028(a)		19,000		18,638
4.13%, 1/31/2030(a)		40,000		36,633
4.38%, 1/31/2032(a)		29,000		26,455
Pilgrim’s Pride Corp.
5.88%, 9/30/2027(a)		30,000		29,843
4.25%, 4/15/2031		11,000		9,568
3.50%, 3/1/2032		7,000		5,635
6.25%, 7/1/2033		12,000		11,870
Post Holdings, Inc.
4.63%, 4/15/2030(a)		4,000		3,613
				185,680
Gas Utilities – 0.8%
AmeriGas Partners LP
5.63%, 5/20/2024		32,000		31,767
5.88%, 8/20/2026		28,000		27,002
5.75%, 5/20/2027		17,000		16,051
Ferrellgas LP
5.38%, 4/1/2026(a)		11,000		10,256
5.88%, 4/1/2029(a)		38,000		32,108
Suburban Propane Partners LP
5.00%, 6/1/2031(a)		30,000		26,269
				143,453
Ground Transportation – 1.4%
Albion Financing 1 Sarl
6.13%, 10/15/2026(a)		23,000		20,965
Albion Financing 2SARL
8.75%, 4/15/2027(a)		5,000		4,344
Avis Budget Car Rental LLC
5.75%, 7/15/2027(a)		20,000		18,950
4.75%, 4/1/2028(a)		12,000		10,770
5.38%, 3/1/2029(a)		20,000		18,142
PECF USS Intermediate Holding III Corp.
8.00%, 11/15/2029(a)		12,000		7,832
Uber Technologies, Inc.
7.50%, 5/15/2025(a)		32,000		32,480
7.50%, 9/15/2027(a)		67,000		69,110

Investments	Principal Amount		Value
Ground Transportation – (continued)
6.25%, 1/15/2028(a)	$	11,000	$	11,100
4.50%, 8/15/2029(a)		55,000		50,577
XPO CNW, Inc.
6.70%, 5/1/2034		11,000		10,079
XPO Escrow Sub LLC
7.50%, 11/15/2027(a)		14,000		14,350
				268,699
Health Care Equipment & Supplies – 0.7%
Avantor Funding, Inc.
4.63%, 7/15/2028(a)		10,000		9,354
Embecta Corp.
6.75%, 2/15/2030(a)		9,000		8,154
Hologic, Inc.
4.63%, 2/1/2028(a)		12,000		11,667
3.25%, 2/15/2029(a)		38,000		34,156
Medline Borrower LP
3.88%, 4/1/2029(a)		47,000		41,123
5.25%, 10/1/2029(a)		15,000		12,974
Teleflex, Inc.
4.63%, 11/15/2027		12,000		11,550
4.25%, 6/1/2028(a)		12,000		11,249
				140,227
Health Care Providers & Services – 5.7%
180 Medical, Inc.
3.88%, 10/15/2029(a)		5,000		4,453
Acadia Healthcare Co., Inc.
5.00%, 4/15/2029(a)		39,000		36,908
AHP Health Partners, Inc.
5.75%, 7/15/2029(a)		11,000		9,350
Akumin Escrow, Inc.
7.50%, 8/1/2028(a)		8,000		5,617
Akumin, Inc.
7.00%, 11/1/2025(a)		11,000		8,738
Community Health Systems, Inc.
8.00%, 3/15/2026(a)		14,000		13,873
5.63%, 3/15/2027(a)		12,000		11,073
DaVita, Inc.
4.63%, 6/1/2030(a)		110,000		95,818
3.75%, 2/15/2031(a)		67,000		53,953
Encompass Health Corp.
4.50%, 2/1/2028		39,000		36,771
4.75%, 2/1/2030		31,000		28,587

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)
Health Care Providers & Services – (continued)
4.63%, 4/1/2031	$	23,000	$	20,625
Envision Healthcare Corp.
8.75%, 10/15/2026(a)		17,000		425
Global Medical Response, Inc.
6.50%, 10/1/2025(a)		11,000		6,765
Legacy LifePoint Health LLC
6.75%, 4/15/2025(a)		12,000		11,545
4.38%, 2/15/2027(a)		27,000		22,972
LifePoint Health, Inc.
5.38%, 1/15/2029(a)		11,000		6,895
Molina Healthcare, Inc.
4.38%, 6/15/2028(a)		25,000		23,430
3.88%, 11/15/2030(a)		20,000		17,643
3.88%, 5/15/2032(a)		25,000		21,425
Owens & Minor, Inc.
4.38%, 12/15/2024		10,000		9,650
4.50%, 3/31/2029(a)		25,000		20,051
6.63%, 4/1/2030(a)		17,000		14,790
Prime Healthcare Services, Inc.
7.25%, 11/1/2025(a)		23,000		20,763
Radiology Partners, Inc.
9.25%, 2/1/2028(a)		18,000		7,965
RegionalCare Hospital Partners Holdings, Inc.
9.75%, 12/1/2026(a)		38,000		31,601
RP Escrow Issuer LLC
5.25%, 12/15/2025(a)		18,000		12,625
Select Medical Corp.
6.25%, 8/15/2026(a)		38,000		37,218
Team Health Holdings, Inc.
6.38%, 2/1/2025(a)		21,000		10,827
Tenet Healthcare Corp.
4.63%, 7/15/2024		25,000		24,785
4.63%, 9/1/2024		20,000		19,875
4.88%, 1/1/2026		67,000		65,985
6.25%, 2/1/2027		25,000		24,876
5.13%, 11/1/2027		89,000		86,355
6.13%, 10/1/2028		89,000		86,349
4.25%, 6/1/2029		45,000		41,285
4.38%, 1/15/2030		20,000		18,377
6.13%, 6/15/2030(a)		61,000		60,336
6.88%, 11/15/2031		20,000		19,600

Investments	Principal Amount		Value
Health Care Providers & Services – (continued)
US Acute Care Solutions LLC
6.38%, 3/1/2026(a)	$	21,000	$	18,743
US Renal Care, Inc.
10.63%, 7/15/2027(a)		15,000		2,663
				1,071,585
Health Care REITs – 0.8%
Diversified Healthcare Trust
REIT, 4.75%, 2/15/2028		16,000		9,870
REIT, 4.38%, 3/1/2031		25,000		15,749
MPT Operating Partnership LP
REIT, 5.25%, 8/1/2026		17,000		15,139
REIT, 5.00%, 10/15/2027		41,000		34,344
REIT, 4.63%, 8/1/2029		55,000		41,636
REIT, 3.50%, 3/15/2031		41,000		28,025
				144,763
Health Care Technology – 0.3%
IQVIA, Inc.
5.00%, 5/15/2027(a)		53,000		51,711
Hotel & Resort REITs – 0.9%
Park Intermediate Holdings LLC
REIT, 7.50%, 6/1/2025(a)		25,000		25,125
REIT, 5.88%, 10/1/2028(a)		26,000		23,985
REIT, 4.88%, 5/15/2029(a)		31,000		26,815
Service Properties Trust
REIT, 7.50%, 9/15/2025		8,000		7,835
REIT, 5.25%, 2/15/2026		20,000		17,759
REIT, 5.50%, 12/15/2027		80,000		69,947
				171,466
Hotels, Restaurants & Leisure – 10.1%
1011778 BC ULC
4.38%, 1/15/2028(a)		23,000		21,501
4.00%, 10/15/2030(a)		32,000		27,936
Affinity Interactive
6.88%, 12/15/2027(a)		16,000		14,392
Boyd Gaming Corp.
4.75%, 12/1/2027		27,000		26,057
4.75%, 6/15/2031(a)		25,000		22,890
Boyne USA, Inc.
4.75%, 5/15/2029(a)		20,000		18,116

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)
Hotels, Restaurants & Leisure – (continued)
Caesars Entertainment, Inc.
6.25%, 7/1/2025(a)	$	65,000	$	65,079
8.13%, 7/1/2027(a)		35,000		35,709
4.63%, 10/15/2029(a)		35,000		30,705
7.00%, 2/15/2030(a)		53,000		53,473
Caesars Resort Collection LLC
5.75%, 7/1/2025(a)		25,000		25,206
Carnival Corp.
5.75%, 3/1/2027(a)		33,000		27,159
4.00%, 8/1/2028(a)		17,000		14,736
Carnival Holdings Bermuda Ltd.
10.38%, 5/1/2028(a)		14,000		15,051
CEC Entertainment LLC
6.75%, 5/1/2026(a)		11,000		10,457
Cedar Fair LP
5.50%, 5/1/2025(a)		11,000		10,967
6.50%, 10/1/2028		58,000		57,307
Constellation Merger Sub, Inc.
8.50%, 9/15/2025(a)		11,000		8,690
Fertitta Entertainment LLC
4.63%, 1/15/2029(a)		30,000		26,267
6.75%, 1/15/2030(a)		32,000		25,923
GPS Hospitality Holding Co. LLC
7.00%, 8/15/2028(a)		9,000		5,332
Hilton Domestic Operating Co., Inc.
5.75%, 5/1/2028(a)		28,000		27,932
3.75%, 5/1/2029(a)		5,000		4,507
4.88%, 1/15/2030		55,000		52,217
4.00%, 5/1/2031(a)		44,000		38,917
3.63%, 2/15/2032(a)		77,000		65,713
Hilton Worldwide Finance LLC
4.88%, 4/1/2027		28,000		27,620
International Game Technology plc
6.50%, 2/15/2025(a)		25,000		25,310
4.13%, 4/15/2026(a)		90,000		86,405
IRB Holding Corp.
7.00%, 6/15/2025(a)		17,000		17,209
Jacobs Entertainment, Inc.
6.75%, 2/15/2029(a)		12,000		10,440
KFC Holding Co.
4.75%, 6/1/2027(a)		17,000		16,725

Investments	Principal Amount		Value
Hotels, Restaurants & Leisure – (continued)
Las Vegas Sands Corp.
3.20%, 8/8/2024	$	71,000	$	68,764
2.90%, 6/25/2025		19,000		18,003
3.50%, 8/18/2026		38,000		35,714
3.90%, 8/8/2029		29,000		26,473
MGM Resorts International
6.75%, 5/1/2025		25,000		25,243
5.75%, 6/15/2025		35,000		34,909
4.63%, 9/1/2026		12,000		11,478
4.75%, 10/15/2028		35,000		32,723
Mohegan Tribal Gaming Authority
8.00%, 2/1/2026(a)		33,000		29,535
Raptor Acquisition Corp.
4.88%, 11/1/2026(a)		11,000		10,285
Royal Caribbean Cruises Ltd.
11.50%, 6/1/2025(a)		12,000		12,735
4.25%, 7/1/2026(a)		33,000		29,538
5.50%, 8/31/2026(a)		11,000		10,084
5.38%, 7/15/2027(a)		12,000		10,654
11.63%, 8/15/2027(a)		14,000		14,893
5.50%, 4/1/2028(a)		17,000		14,990
9.25%, 1/15/2029(a)		14,000		14,935
Six Flags Entertainment Corp.
4.88%, 7/31/2024(a)		36,000		36,000
5.50%, 4/15/2027(a)		40,000		38,228
Sizzling Platter LLC
8.50%, 11/28/2025(a)		10,000		9,250
Speedway Motorsports LLC
4.88%, 11/1/2027(a)		11,000		10,202
Station Casinos LLC
4.50%, 2/15/2028(a)		17,000		15,630
TKC Holdings, Inc.
6.88%, 5/15/2028(a)		11,000		9,776
10.50%, 5/15/2029(a)		17,000		11,518
Travel + Leisure Co.
6.60%, 10/1/2025(c)		11,000		11,026
6.63%, 7/31/2026(a)		32,000		31,935
4.50%, 12/1/2029(a)		17,000		14,834
4.63%, 3/1/2030(a)		11,000		9,488
Vail Resorts, Inc.
6.25%, 5/15/2025(a)		23,000		23,172
Viking Cruises Ltd.
6.25%, 5/15/2025(a)		11,000		10,444
13.00%, 5/15/2025(a)		10,000		10,525

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)
Hotels, Restaurants & Leisure – (continued)
5.88%, 9/15/2027(a)	$	23,000	$	19,732
7.00%, 2/15/2029(a)		23,000		19,435
VOC Escrow Ltd.
5.00%, 2/15/2028(a)		17,000		15,117
Wyndham Hotels & Resorts, Inc.
4.38%, 8/15/2028(a)		11,000		10,228
Wynn Las Vegas LLC
5.50%, 3/1/2025(a)		48,000		47,334
5.25%, 5/15/2027(a)		25,000		24,050
Wynn Resorts Finance LLC
5.13%, 10/1/2029(a)		32,000		29,464
Yum! Brands, Inc.
4.75%, 1/15/2030(a)		30,000		29,020
3.63%, 3/15/2031		69,000		60,948
4.63%, 1/31/2032		72,000		67,138
5.38%, 4/1/2032		5,000		4,877
6.88%, 11/15/2037		12,000		12,765
				1,899,040
Household Durables – 2.1%
Beazer Homes USA, Inc.
5.88%, 10/15/2027		17,000		15,725
7.25%, 10/15/2029		11,000		10,488
Century Communities, Inc.
6.75%, 6/1/2027		23,000		23,092
3.88%, 8/15/2029(a)		12,000		10,494
Installed Building Products, Inc.
5.75%, 2/1/2028(a)		5,000		4,720
KB Home
6.88%, 6/15/2027		38,000		38,995
7.25%, 7/15/2030		23,000		23,641
Newell Brands, Inc.
4.88%, 6/1/2025		11,000		10,704
4.70%, 4/1/2026(c)		110,000		105,050
5.87%, 4/1/2036(c)		11,000		9,336
6.00%, 4/1/2046(c)		21,000		16,354
Tempur Sealy International, Inc.
4.00%, 4/15/2029(a)		44,000		38,489
3.88%, 10/15/2031(a)		32,000		26,530
TopBuild Corp.
3.63%, 3/15/2029(a)		11,000		9,484
4.13%, 2/15/2032(a)		17,000		14,609

Investments	Principal Amount		Value
Household Durables – (continued)
TRI Pointe Group, Inc.
5.88%, 6/15/2024	$	23,000	$	22,942
Tri Pointe Homes, Inc.
5.70%, 6/15/2028		23,000		22,569
				403,222
Household Products – 0.3%
Spectrum Brands, Inc.
5.00%, 10/1/2029(a)		32,000		28,960
3.88%, 3/15/2031(a)		23,000		18,860
				47,820
Independent Power and Renewable Electricity Producers – 1.1%
Atlantica Sustainable Infrastructure plc
4.13%, 6/15/2028(a)		15,000		13,688
Calpine Corp.
5.25%, 6/1/2026(a)		23,000		22,367
4.50%, 2/15/2028(a)		32,000		29,802
5.13%, 3/15/2028(a)		38,000		35,101
4.63%, 2/1/2029(a)		32,000		27,814
5.00%, 2/1/2031(a)		39,000		32,856
Clearway Energy Operating LLC
4.75%, 3/15/2028(a)		23,000		21,796
3.75%, 2/15/2031(a)		39,000		33,367
				216,791
Insurance – 2.6%
Acrisure LLC
7.00%, 11/15/2025(a)		39,000		37,243
4.25%, 2/15/2029(a)		11,000		9,208
6.00%, 8/1/2029(a)		23,000		19,025
Alliant Holdings Intermediate LLC
4.25%, 10/15/2027(a)		21,000		19,226
6.75%, 10/15/2027(a)		52,000		48,542
6.75%, 4/15/2028(a)		34,000		33,957
5.88%, 11/1/2029(a)		2,000		1,725
AmWINS Group, Inc.
4.88%, 6/30/2029(a)		23,000		20,871
Assurant, Inc.
7.00%, 3/27/2048(b)		12,000		11,447
AssuredPartners, Inc.
7.00%, 8/15/2025(a)		15,000		14,850
5.63%, 1/15/2029(a)		14,000		12,120

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)
Insurance – (continued)
BroadStreet Partners, Inc.
5.88%, 4/15/2029(a)	$	20,000	$	17,351
Global Atlantic Fin Co.
4.70%, 10/15/2051(a) (b)		28,000		22,375
GTCR AP Finance, Inc.
8.00%, 5/15/2027(a)		12,000		11,730
HUB International Ltd.
7.00%, 5/1/2026(a)		56,000		55,751
5.63%, 12/1/2029(a)		11,000		9,790
Liberty Mutual Group, Inc.
7.80%, 3/15/2037(a)		17,000		17,820
4.12%, 12/15/2051(a) (b)		18,000		14,512
4.30%, 2/1/2061(a)		39,000		23,190
NFP Corp.
4.88%, 8/15/2028(a)		39,000		35,499
6.88%, 8/15/2028(a)		45,000		39,257
Ryan Specialty Group LLC
4.38%, 2/1/2030(a)		11,000		9,859
USI, Inc.
6.88%, 5/1/2025(a)		11,000		10,889
				496,237
Interactive Media & Services – 0.1%
Ziff Davis, Inc.
4.63%, 10/15/2030(a)		17,000		14,937
IT Services – 0.9%
Ahead DB Holdings LLC
6.63%, 5/1/2028(a)		10,000		8,350
Gartner, Inc.
4.50%, 7/1/2028(a)		30,000		28,193
3.63%, 6/15/2029(a)		23,000		20,362
3.75%, 10/1/2030(a)		30,000		26,198
Newfold Digital Holdings Group, Inc.
6.00%, 2/15/2029(a)		15,000		10,300
Northwest Fiber LLC
6.00%, 2/15/2028(a)		9,000		6,705
10.75%, 6/1/2028(a)		5,000		4,527
Presidio Holdings, Inc.
8.25%, 2/1/2028(a)		24,000		22,593
Twilio, Inc.
3.63%, 3/15/2029		23,000		19,636
3.88%, 3/15/2031		17,000		14,207

Investments	Principal Amount		Value
IT Services – (continued)
Virtusa Corp.
7.13%, 12/15/2028(a)	$	11,000	$	8,855
				169,926
Machinery – 0.6%
ATS Corp.
4.13%, 12/15/2028(a)		20,000		17,907
Hillenbrand, Inc.
3.75%, 3/1/2031		40,000		34,201
JPW Industries Holding Corp.
9.00%, 10/1/2024(a)		11,000		9,845
Manitowoc Co., Inc. (The)
9.00%, 4/1/2026(a)		9,000		8,930
Mueller Water Products, Inc.
4.00%, 6/15/2029(a)		15,000		13,546
Terex Corp.
5.00%, 5/15/2029(a)		11,000		10,231
Trinity Industries, Inc.
4.55%, 10/1/2024		11,000		10,724
				105,384
Media – 5.0%
Altice Financing SA
5.00%, 1/15/2028(a)		45,000		36,437
5.75%, 8/15/2029(a)		25,000		19,941
Beasley Mezzanine Holdings LLC
8.63%, 2/1/2026(a)		11,000		7,123
Cengage Learning, Inc.
9.50%, 6/15/2024(a)		11,000		11,000
Clear Channel Outdoor Holdings, Inc.
5.13%, 8/15/2027(a)		61,000		55,099
7.75%, 4/15/2028(a)		33,000		25,040
7.50%, 6/1/2029(a)		33,000		24,420
CMG Media Corp.
8.88%, 12/15/2027(a)		26,000		20,158
Directv Financing LLC
5.88%, 8/15/2027(a)		40,000		35,103
DISH DBS Corp.
5.88%, 11/15/2024		12,000		9,929
7.75%, 7/1/2026		10,000		5,777
5.25%, 12/1/2026(a)		33,000		25,206
5.75%, 12/1/2028(a)		15,000		10,664

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)
Media – (continued)
DISH Network Corp.
11.75%, 11/15/2027(a)	$	25,000	$	23,616
iHeartCommunications, Inc.
6.38%, 5/1/2026		23,000		19,730
8.38%, 5/1/2027		28,000		18,477
5.25%, 8/15/2027(a)		30,000		23,695
4.75%, 1/15/2028(a)		23,000		17,902
Liberty Interactive LLC
8.25%, 2/1/2030		17,000		5,127
McGraw–Hill Education, Inc.
8.00%, 8/1/2029(a)		21,000		18,060
News Corp.
3.88%, 5/15/2029(a)		51,000		45,279
Nexstar Media, Inc.
5.63%, 7/15/2027(a)		11,000		10,331
4.75%, 11/1/2028(a)		60,000		52,734
Paramount Global
6.25%, 2/28/2057(b)		21,000		16,317
6.37%, 3/30/2062(b)		28,000		24,017
Radiate Holdco LLC
6.50%, 9/15/2028(a)		27,000		12,598
Sirius XM Radio, Inc.
4.00%, 7/15/2028(a)		17,000		14,354
Summer BC Bidco B LLC
5.50%, 10/31/2026(a)		5,000		4,197
TEGNA, Inc.
4.75%, 3/15/2026(a)		23,000		21,960
4.63%, 3/15/2028		47,000		41,844
5.00%, 9/15/2029		34,000		29,770
Univision Communications, Inc.
5.13%, 2/15/2025(a)		7,000		6,893
6.63%, 6/1/2027(a)		6,000		5,777
UPC Broadband Finco BV
4.88%, 7/15/2031(a)		32,000		27,614
UPC Holding BV
5.50%, 1/15/2028(a)		14,000		12,530
Videotron Ltd.
5.13%, 4/15/2027(a)		15,000		14,475
3.63%, 6/15/2029(a)		20,000		17,294
Virgin Media Vendor Financing Notes IV DAC
5.00%, 7/15/2028(a)		179,000		160,470

Investments	Principal Amount		Value
Media – (continued)
Ziggo Bond Co. BV
5.13%, 2/28/2030(a)	$	23,000	$	18,689
				949,647
Metals & Mining – 1.8%
Baffinland Iron Mines Corp.
8.75%, 7/15/2026(a)		12,000		11,573
Commercial Metals Co.
4.13%, 1/15/2030		23,000		20,590
3.88%, 2/15/2031		5,000		4,381
Eldorado Gold Corp.
6.25%, 9/1/2029(a)		12,000		11,160
FMG Resources August 2006 Pty. Ltd.
5.13%, 5/15/2024(a)		23,000		22,857
4.50%, 9/15/2027(a)		25,000		23,756
5.88%, 4/15/2030(a)		28,000		27,154
4.38%, 4/1/2031(a)		20,000		17,373
6.13%, 4/15/2032(a)		30,000		29,026
Hudbay Minerals, Inc.
4.50%, 4/1/2026(a)		21,000		19,556
6.13%, 4/1/2029(a)		23,000		21,512
IAMGOLD Corp.
5.75%, 10/15/2028(a)		11,000		8,690
Mineral Resources Ltd.
8.13%, 5/1/2027(a)		17,000		17,144
8.00%, 11/1/2027(a)		40,000		40,735
8.50%, 5/1/2030(a)		25,000		25,438
New Gold, Inc.
7.50%, 7/15/2027(a)		11,000		10,603
Novelis Corp.
3.88%, 8/15/2031(a)		14,000		11,724
TMS International Corp.
6.25%, 4/15/2029(a)		5,000		3,864
United States Steel Corp.
6.88%, 3/1/2029		10,000		9,826
				336,962	��
Mortgage Real Estate Investment Trusts (REITs) – 0.4%
Apollo Commercial Real Estate Finance, Inc.
4.63%, 6/15/2029(a)		20,000		15,144

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)
Mortgage Real Estate Investment Trusts (REITs) – (continued)
Ladder Capital Finance Holdings LLLP
5.25%, 10/1/2025(a)	$	12,000	$	11,280
4.25%, 2/1/2027(a)		28,000		23,870
4.75%, 6/15/2029(a)		27,000		21,364
Rithm Capital Corp.
6.25%, 10/15/2025(a)		11,000		10,079
				81,737
Multi–Utilities – 0.1%
Algonquin Power & Utilities Corp.
4.75%, 1/18/2082(b)		28,000		22,645
Office REITs – 0.3%
Office Properties Income Trust
REIT, 4.50%, 2/1/2025		41,000		34,878
REIT, 2.40%, 2/1/2027		27,000		17,319
REIT, 3.45%, 10/15/2031		14,000		7,217
				59,414
Oil, Gas & Consumable Fuels – 8.6%
Aethon United BR LP
8.25%, 2/15/2026(a)		20,000		19,421
Antero Midstream Partners LP
5.75%, 1/15/2028(a)		14,000		13,561
5.38%, 6/15/2029(a)		12,000		11,237
Blue Racer Midstream LLC
6.63%, 7/15/2026(a)		11,000		10,812
Buckeye Partners LP
4.35%, 10/15/2024		8,000		7,775
4.13%, 3/1/2025(a)		14,000		13,369
3.95%, 12/1/2026		11,000		10,010
4.13%, 12/1/2027		11,000		9,881
4.50%, 3/1/2028(a)		28,000		25,445
5.60%, 10/15/2044		15,000		10,808
Callon Petroleum Co.
8.00%, 8/1/2028(a)		18,000		17,759
7.50%, 6/15/2030(a)		16,000		15,197
Citgo Holding, Inc.
9.25%, 8/1/2024(a)		35,000		35,253
CITGO Petroleum Corp.
7.00%, 6/15/2025(a)		32,000		31,840
6.38%, 6/15/2026(a)		18,000		17,532

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
CQP Holdco LP
5.50%, 6/15/2031(a)	$	53,000	$	49,327
Crestwood Midstream Partners LP
5.63%, 5/1/2027(a)		28,000		26,870
8.00%, 4/1/2029(a)		14,000		14,245
Delek Logistics Partners LP
7.13%, 6/1/2028(a)		11,000		10,019
DT Midstream, Inc.
4.13%, 6/15/2029(a)		13,000		11,521
4.38%, 6/15/2031(a)		10,000		8,695
Energean plc
6.50%, 4/30/2027(a)		5,000		4,527
Energy Ventures Gom LLC
11.75%, 4/15/2026(a)		11,000		11,330
Enviva Partners LP
6.50%, 1/15/2026(a)		32,000		27,280
Genesis Energy LP
7.75%, 2/1/2028		19,000		18,700
8.88%, 4/15/2030		29,000		29,039
Global Partners LP
7.00%, 8/1/2027		10,000		9,665
6.88%, 1/15/2029		10,000		9,350
Harvest Midstream I LP
7.50%, 9/1/2028(a)		21,000		20,548
Hess Midstream Operations LP
5.63%, 2/15/2026(a)		23,000		22,640
5.13%, 6/15/2028(a)		23,000		21,848
4.25%, 2/15/2030(a)		15,000		13,336
5.50%, 10/15/2030(a)		20,000		18,614
Hilcorp Energy I LP
6.25%, 11/1/2028(a)		33,000		31,606
5.75%, 2/1/2029(a)		17,000		15,883
6.00%, 2/1/2031(a)		15,000		13,824
Howard Midstream Energy Partners LLC
6.75%, 1/15/2027(a)		9,000		8,399
ITT Holdings LLC
6.50%, 8/1/2029(a)		45,000		37,362
Kinetik Holdings LP
5.88%, 6/15/2030(a)		32,000		30,655
MEG Energy Corp.
7.13%, 2/1/2027(a)		51,000		52,272
New Fortress Energy, Inc.
6.75%, 9/15/2025(a)		17,000		16,190
6.50%, 9/30/2026(a)		17,000		15,654

See Accompanying Notes to the Financial Statements.

388 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)
NGL Energy Operating LLC
7.50%, 2/1/2026(a)	$	55,000	$	52,735
NGL Energy Partners LP
6.13%, 3/1/2025		12,000		11,084
7.50%, 4/15/2026		9,000		8,083
Northriver Midstream Finance LP
5.63%, 2/15/2026(a)		11,000		10,328
Occidental Petroleum Corp.
2.90%, 8/15/2024		9,000		8,724
5.88%, 9/1/2025		84,000		84,893
8.88%, 7/15/2030		18,000		21,150
6.63%, 9/1/2030		38,000		40,565
6.13%, 1/1/2031		14,000		14,635
7.88%, 9/15/2031		50,000		56,661
6.45%, 9/15/2036		40,000		42,450
Zero Coupon, 10/10/2036		50,000		26,062
4.50%, 7/15/2044		5,000		4,045
6.60%, 3/15/2046		14,000		14,940
Parkland Corp.
4.50%, 10/1/2029(a)		37,000		32,421
4.63%, 5/1/2030(a)		49,000		42,634
Range Resources Corp.
4.88%, 5/15/2025		25,000		24,662
8.25%, 1/15/2029		15,000		15,656
4.75%, 2/15/2030(a)		20,000		18,400
Rockies Express Pipeline LLC
4.80%, 5/15/2030(a)		20,000		17,795
6.88%, 4/15/2040(a)		14,000		12,185
Summit Midstream Holdings LLC
5.75%, 4/15/2025		11,000		9,158
8.50%, 10/15/2026(a)		17,000		16,320
Sunnova Energy Corp.
5.88%, 9/1/2026(a)		21,000		19,031
Tallgrass Energy Partners LP
6.00%, 3/1/2027(a)		12,000		11,578
5.50%, 1/15/2028(a)		21,000		19,428
Tap Rock Resources LLC
7.00%, 10/1/2026(a)		11,000		10,569
TerraForm Power Operating LLC
5.00%, 1/31/2028(a)		23,000		22,023
4.75%, 1/15/2030(a)		17,000		15,767
Venture Global Calcasieu Pass LLC
4.13%, 8/15/2031(a)		130,000		115,161

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
Vermilion Energy, Inc.
6.88%, 5/1/2030(a)	$	15,000	$	13,919
				1,612,361
Paper & Forest Products – 0.3%
Domtar Corp.
6.75%, 10/1/2028(a)		12,000		10,393
Louisiana-Pacific Corp.
3.63%, 3/15/2029(a)		11,000		9,653
Mercer International, Inc.
5.50%, 1/15/2026		12,000		11,522
5.13%, 2/1/2029		39,000		32,567
				64,135
Passenger Airlines – 1.3%
American Airlines Group, Inc.
3.75%, 3/1/2025(a)		11,000		10,361
American Airlines, Inc.
11.75%, 7/15/2025(a)		34,000		37,402
5.50%, 4/20/2026(a)		49,000		48,117
5.75%, 4/20/2029(a)		45,000		42,763
United Airlines Holdings, Inc.
4.88%, 1/15/2025		2,000		1,966
United Airlines, Inc.
4.38%, 4/15/2026(a)		29,000		27,696
4.63%, 4/15/2029(a)		79,000		71,497
				239,802
Personal Care Products – 0.4%
Avon Products, Inc.
8.45%, 3/15/2043(c)		6,000		6,075
Coty, Inc.
5.00%, 4/15/2026(a)		39,000		38,079
6.50%, 4/15/2026(a)		38,000		37,900
				82,054
Pharmaceuticals – 1.7%
Bausch Health Americas, Inc.
9.25%, 4/1/2026(a)		24,000		19,320
8.50%, 1/31/2027(a)		20,000		10,109
Bausch Health Cos., Inc.
5.50%, 11/1/2025(a)		61,000		53,167
9.00%, 12/15/2025(a)		55,000		46,021
6.13%, 2/1/2027(a)		38,000		27,381

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 389

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Pharmaceuticals – (continued)
5.75%, 8/15/2027(a)	$	9,000	$	6,221
5.00%, 1/30/2028(a)		17,000		7,907
4.88%, 6/1/2028(a)		60,000		39,525
6.25%, 2/15/2029(a)		39,000		17,874
7.25%, 5/30/2029(a)		28,000		13,476
5.25%, 1/30/2030(a)		39,000		18,330
5.25%, 2/15/2031(a)		13,000		6,208
Catalent Pharma Solutions, Inc.
3.13%, 2/15/2029(a)		20,000		17,020
Lannett Co., Inc.
7.75%, 4/15/2026(a)		3,000		165
Organon & Co.
5.13%, 4/30/2031(a)		23,000		20,494
P&L Development LLC
7.75%, 11/15/2025(a)		11,000		8,800
				312,018
Professional Services – 0.3%
AMN Healthcare, Inc.
4.63%, 10/1/2027(a)		14,000		13,053
4.00%, 4/15/2029(a)		10,000		8,800
CoreLogic, Inc.
4.50%, 5/1/2028(a)		20,000		16,350
Dun & Bradstreet Corp. (The)
5.00%, 12/15/2029(a)		20,000		17,562
				55,765
Real Estate Management & Development – 1.0%
Cushman & Wakefield US Borrower LLC
6.75%, 5/15/2028(a)		30,000		27,998
Howard Hughes Corp. (The)
5.38%, 8/1/2028(a)		42,000		37,914
4.13%, 2/1/2029(a)		5,000		4,203
4.38%, 2/1/2031(a)		33,000		26,735
Realogy Group LLC
5.75%, 1/15/2029(a)		32,000		23,760
5.25%, 4/15/2030(a)		49,000		34,935
WeWork Cos. LLC
5.00%, 7/10/2025(a)		39,000		20,396
WeWork Cos., Inc.
7.88%, 5/1/2025(a)		17,000		9,044
				184,985

Investments	Principal Amount		Value
Semiconductors & Semiconductor Equipment – 0.6%
Entegris Escrow Corp.
4.75%, 4/15/2029(a)	$	48,000	$	44,646
5.95%, 6/15/2030(a)		40,000		38,017
Entegris, Inc.
3.63%, 5/1/2029(a)		12,000		10,276
ON Semiconductor Corp.
3.88%, 9/1/2028(a)		25,000		22,502
				115,441
Software – 4.2%
AthenaHealth Group, Inc.
6.50%, 2/15/2030(a)		11,000		9,035
Boxer Parent Co., Inc.
7.13%, 10/2/2025(a)		15,000		14,955
9.13%, 3/1/2026(a)		9,000		8,774
Camelot Finance SA
4.50%, 11/1/2026(a)		20,000		18,942
Castle US Holding Corp.
9.50%, 2/15/2028(a)		5,000		3,187
Clarivate Science Holdings Corp.
3.88%, 7/1/2028(a)		17,000		15,297
4.88%, 7/1/2029(a)		39,000		35,123
Cloud Software Group, Inc.
6.50%, 3/31/2029(a)		40,000		36,025
9.00%, 9/30/2029(a)		110,000		94,523
Crowdstrike Holdings, Inc.
3.00%, 2/15/2029		30,000		26,095
Elastic NV
4.13%, 7/15/2029(a)		23,000		19,900
Fair Isaac Corp.
4.00%, 6/15/2028(a)		40,000		37,261
Gen Digital, Inc.
5.00%, 4/15/2025(a)		9,000		8,896
6.75%, 9/30/2027(a)		44,000		44,340
7.13%, 9/30/2030(a)		44,000		44,198
GoTo Group, Inc.
5.50%, 9/1/2027(a)		23,000		12,949
McAfee Corp.
7.38%, 2/15/2030(a)		10,000		8,301
NCR Corp.
5.75%, 9/1/2027(a)		12,000		11,776
5.00%, 10/1/2028(a)		12,000		10,466
5.13%, 4/15/2029(a)		49,000		42,385
6.13%, 9/1/2029(a)		11,000		10,782
5.25%, 10/1/2030(a)		12,000		10,089

See Accompanying Notes to the Financial Statements.

390 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Software – (continued)
Open Text Corp.
3.88%, 2/15/2028(a)	$	44,000	$	38,989
Open Text Holdings, Inc.
4.13%, 2/15/2030(a)		55,000		46,963
4.13%, 12/1/2031(a)		39,000		32,279
PTC, Inc.
3.63%, 2/15/2025(a)		18,000		17,359
4.00%, 2/15/2028(a)		21,000		19,526
Rocket Software, Inc.
6.50%, 2/15/2029(a)		15,000		12,451
SS&C Technologies, Inc.
5.50%, 9/30/2027(a)		60,000		58,075
Veritas US, Inc.
7.50%, 9/1/2025(a)		49,000		37,182
				786,123
Specialized REITs – 0.6%
SBA Communications Corp.
REIT, 3.88%, 2/15/2027		61,000		56,895
REIT, 3.13%, 2/1/2029		61,000		52,185
				109,080
Specialty Retail – 3.1%
99 Escrow Issuer, Inc.
7.50%, 1/15/2026(a)		11,000		4,262
At Home Group, Inc.
4.88%, 7/15/2028(a)		11,000		7,139
7.13%, 7/15/2029(a)		11,000		6,160
Bath & Body Works, Inc.
9.38%, 7/1/2025(a)		23,000		24,611
5.25%, 2/1/2028		12,000		11,472
6.63%, 10/1/2030(a)		55,000		52,798
6.88%, 11/1/2035		39,000		35,297
6.75%, 7/1/2036		23,000		20,470
BCPE Ulysses Intermediate, Inc.
7.75%, 4/1/2027(a) (d)		11,000		8,800
Carvana Co.
10.25%, 5/1/2030(a)		10,000		5,483
Gap, Inc. (The)
3.63%, 10/1/2029(a)		17,000		12,037
3.88%, 10/1/2031(a)		39,000		27,245

Investments	Principal Amount		Value
Specialty Retail – (continued)
LBM Acquisition LLC
6.25%, 1/15/2029(a)	$	33,000	$	26,281
Lithia Motors, Inc.
3.88%, 6/1/2029(a)		10,000		8,656
LSF9 Atlantis Holdings LLC
7.75%, 2/15/2026(a)		21,000		19,689
Michaels Cos., Inc. (The)
5.25%, 5/1/2028(a)		23,000		18,947
7.88%, 5/1/2029(a)		27,000		18,100
Park River Holdings, Inc.
5.63%, 2/1/2029(a)		33,000		24,163
Penske Automotive Group, Inc.
3.75%, 6/15/2029		44,000		38,258
Specialty Building Products Holdings LLC
6.38%, 9/30/2026(a)		20,000		18,150
SRS Distribution, Inc.
4.63%, 7/1/2028(a)		18,000		15,852
6.13%, 7/1/2029(a)		34,000		28,048
Staples, Inc.
7.50%, 4/15/2026(a)		55,000		46,384
10.75%, 4/15/2027(a)		28,000		18,954
Valvoline, Inc.
4.25%, 2/15/2030(a)		23,000		22,538
3.63%, 6/15/2031(a)		23,000		19,098
Victoria’s Secret & Co.
4.63%, 7/15/2029(a)		23,000		18,602
White Cap Buyer LLC
6.88%, 10/15/2028(a)		33,000		28,616
				586,110
Technology Hardware, Storage & Peripherals – 1.5%
Seagate HDD Cayman
4.75%, 1/1/2025		20,000		19,444
4.88%, 6/1/2027		67,000		64,113
3.13%, 7/15/2029		30,000		23,255
4.13%, 1/15/2031		14,000		11,620
9.63%, 12/1/2032(a)		25,000		27,415
Western Digital Corp.
4.75%, 2/15/2026		62,000		58,920
3.10%, 2/1/2032		27,000		19,594
Xerox Corp.
6.75%, 12/15/2039		15,000		11,407

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 391

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Technology Hardware, Storage & Peripherals – (continued)
Xerox Holdings Corp.
5.00%, 8/15/2025(a)	$	23,000	$	21,916
5.50%, 8/15/2028(a)		32,000		27,583
				285,267
Textiles, Apparel & Luxury Goods – 0.6%
Eagle Intermediate Global Holding BV
7.50%, 5/1/2025(a)		5,000		3,237
Hanesbrands, Inc.
4.88%, 5/15/2026(a)		32,000		30,157
9.00%, 2/15/2031(a)		20,000		20,473
Levi Strauss & Co.
3.50%, 3/1/2031(a)		20,000		16,909
Under Armour, Inc.
3.25%, 6/15/2026		21,000		19,275
William Carter Co. (The)
5.63%, 3/15/2027(a)		17,000		16,788
				106,839
Trading Companies & Distributors – 0.9%
Foundation Building Materials, Inc.
6.00%, 3/1/2029(a)		11,000		8,788
Imola Merger Corp.
4.75%, 5/15/2029(a)		60,000		51,957
United Rentals North America, Inc.
4.88%, 1/15/2028		30,000		28,824
3.88%, 2/15/2031		30,000		26,405
3.75%, 1/15/2032		50,000		42,873
WESCO Distribution, Inc.
7.13%, 6/15/2025(a)		5,000		5,084
				163,931
Wireless Telecommunication Services – 1.1%
Ligado Networks LLC
17.50%, 5/1/2024(a) (d)		30,980		217
Rogers Communications, Inc.
5.25%, 3/15/2082(a) (b)		30,000		27,105
Vmed O2 UK Financing I plc
4.75%, 7/15/2031(a)		32,000		27,269
Vodafone Group plc
7.00%, 4/4/2079(b)		115,000		117,875

Investments	Principal Amount		Value
Wireless Telecommunication Services – (continued)
5.12%, 6/4/2081(b)	$	50,000	$	37,894
				210,360
Total Corporate Bonds (Cost $18,140,547)				18,258,439
Total Investments – 97.1% (Cost $18,140,547)				18,258,439
Other assets less liabilities – 2.9%				551,216
NET ASSETS – 100.0%			$	18,809,655

^(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)  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.

^(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, 2023.

^(d)  Payment in–kind security.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

As of April 30, 2023, 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	$	447,359
Aggregate gross unrealized depreciation		(374,721	)
Net unrealized appreciation	$	72,638
Federal income tax cost	$	18,185,801

Security Type	% of Net Assets
Corporate Bonds		97.1	%
Others(1)		2.9
		100.0	%

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

See Accompanying Notes to the Financial Statements.

392 FLEXSHARES SEMIANNUAL REPORT

Schedule of Investments

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund

April 30, 2023 (Unaudited)

Investments	Principal Amount		Value
CORPORATE BONDS – 97.0%
Air Freight & Logistics – 0.5%
FedEx Corp.
3.25%, 5/15/2041	$	35,000	$	26,717
4.05%, 2/15/2048		150,000		122,208
GXO Logistics, Inc.
1.65%, 7/15/2026		40,000		34,686
				183,611
Automobiles – 0.7%
General Motors Co.
6.80%, 10/1/2027		150,000		158,542
5.15%, 4/1/2038		60,000		53,735
5.95%, 4/1/2049		45,000		41,678
				253,955
Banks – 16.5%
Banco Santander SA
5.15%, 8/18/2025		200,000		198,597
4.17%, 3/24/2028(a)		200,000		190,148
Bank of America Corp.
3.38%, 4/2/2026(a)		300,000		289,288
5.08%, 1/20/2027(a)		100,000		99,809
1.73%, 7/22/2027(a)		150,000		134,385
3.42%, 12/20/2028(a)		200,000		185,657
2.09%, 6/14/2029(a)		190,000		164,189
4.27%, 7/23/2029(a)		150,000		143,765
4.57%, 4/27/2033(a)		100,000		95,381
2.68%, 6/19/2041(a)		65,000		46,116
2.97%, 7/21/2052(a)		35,000		23,883
Citigroup, Inc.
3.29%, 3/17/2026(a)		50,000		48,243
3.11%, 4/8/2026(a)		150,000		144,303
3.20%, 10/21/2026		100,000		94,957
4.45%, 9/29/2027		100,000		97,714
3.98%, 3/20/2030(a)		100,000		93,818
2.67%, 1/29/2031(a)		160,000		137,147
4.41%, 3/31/2031(a)		150,000		143,210
2.57%, 6/3/2031(a)		110,000		93,081
3.06%, 1/25/2033(a)		115,000		98,046
8.13%, 7/15/2039		45,000		58,160
6.68%, 9/13/2043		25,000		27,949

Investments	Principal Amount		Value
Banks – (continued)
HSBC Holdings plc
0.98%, 5/24/2025(a)	$	150,000	$	141,903
1.59%, 5/24/2027(a)		200,000		178,198
7.39%, 11/3/2028(a)		210,000		226,055
4.76%, 3/29/2033(a)		200,000		183,944
5.40%, 8/11/2033(a)		250,000		247,791
6.50%, 9/15/2037		100,000		101,651
ING Groep NV
4.02%, 3/28/2028(a)		200,000		191,018
JPMorgan Chase & Co.
3.88%, 9/10/2024		150,000		147,427
1.58%, 4/22/2027(a)		150,000		135,907
3.78%, 2/1/2028(a)		150,000		143,982
4.45%, 12/5/2029(a)		150,000		146,017
4.57%, 6/14/2030(a)		150,000		146,455
2.74%, 10/15/2030(a)		60,000		52,632
2.58%, 4/22/2032(a)		20,000		16,800
4.91%, 7/25/2033(a)		50,000		49,723
5.60%, 7/15/2041		75,000		78,217
5.63%, 8/16/2043		25,000		26,054
4.95%, 6/1/2045		50,000		47,673
Mitsubishi UFJ Financial Group, Inc.
5.13%, 7/20/2033(a)		200,000		200,089
PNC Financial Services Group, Inc. (The)
5.35%, 12/2/2028(a)		80,000		80,520
4.63%, 6/6/2033(a)		75,000		69,410
Royal Bank of Canada
2.55%, 7/16/2024		75,000		72,784
1.15%, 6/10/2025		150,000		139,189
4.88%, 1/12/2026		75,000		75,406
5.00%, 2/1/2033		15,000		15,102
Santander Holdings USA, Inc.
3.45%, 6/2/2025		80,000		75,839
Santander UK Group Holdings plc
6.53%, 1/10/2029(a)		200,000		205,516
Toronto–Dominion Bank(The)
4.29%, 9/13/2024		150,000		148,311
4.11%, 6/8/2027		25,000		24,329
4.46%, 6/8/2032		115,000		110,940
Westpac Banking Corp.
4.42%, 7/24/2039		60,000		50,895
				6,137,623

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)
Beverages – 1.7%
Anheuser–Busch Cos. LLC
4.70%, 2/1/2036	$	87,000	$	87,529
Anheuser–Busch InBev Worldwide, Inc.
5.45%, 1/23/2039		17,000		18,066
5.80%, 1/23/2059		17,000		19,040
Diageo Capital plc
5.88%, 9/30/2036		25,000		27,832
Molson Coors Beverage Co.
4.20%, 7/15/2046		20,000		16,842
PepsiCo, Inc.
2.25%, 3/19/2025		15,000		14,462
4.45%, 5/15/2028		100,000		102,462
2.63%, 7/29/2029		75,000		68,915
1.95%, 10/21/2031		120,000		102,017
3.50%, 3/19/2040		200,000		171,785
				628,950
Biotechnology – 1.4%
Amgen, Inc.
1.90%, 2/21/2025		25,000		23,758
4.05%, 8/18/2029		40,000		38,853
2.80%, 8/15/2041		40,000		29,149
5.60%, 3/2/2043		110,000		113,190
4.66%, 6/15/2051		170,000		154,629
4.88%, 3/1/2053		40,000		37,583
2.77%, 9/1/2053		20,000		12,808
Biogen, Inc.
3.15%, 5/1/2050		50,000		34,756
Regeneron Pharmaceuticals, Inc.
1.75%, 9/15/2030		80,000		65,353
				510,079
Broadline Retail – 0.7%
Alibaba Group Holding Ltd.
4.50%, 11/28/2034		200,000		189,327
eBay, Inc.
2.70%, 3/11/2030		75,000		65,810
				255,137
Building Products – 0.6%
Carrier Global Corp.
3.38%, 4/5/2040		75,000		58,398

Investments	Principal Amount		Value
Building Products – (continued)
Johnson Controls International plc
4.63%, 7/2/2044(b)	$	50,000	$	45,631
Owens Corning
4.30%, 7/15/2047		40,000		32,931
Trane Technologies Luxembourg Finance SA
3.80%, 3/21/2029		75,000		71,802
				208,762
Capital Markets – 7.3%
Bank of New York Mellon Corp. (The)
3.40%, 1/29/2028		100,000		95,374
3.99%, 6/13/2028(a)		70,000		68,175
4.60%, 7/26/2030(a)		50,000		49,515
4.29%, 6/13/2033(a)		30,000		28,746
Blackstone Private Credit Fund
2.63%, 12/15/2026		50,000		42,578
Deutsche Bank AG
3.74%, 1/7/2033(a)		200,000		145,741
Goldman Sachs Group, Inc. (The)
3.50%, 4/1/2025		200,000		194,301
4.48%, 8/23/2028(a)		325,000		318,870
2.38%, 7/21/2032(a)		25,000		20,423
6.13%, 2/15/2033		100,000		108,653
3.10%, 2/24/2033(a)		105,000		90,349
6.75%, 10/1/2037		130,000		142,271
6.25%, 2/1/2041		40,000		44,153
5.15%, 5/22/2045		75,000		70,825
Moody’s Corp.
3.75%, 2/25/2052		50,000		40,016
Morgan Stanley
2.63%, 2/18/2026(a)		30,000		28,554
3.13%, 7/27/2026		150,000		142,612
0.98%, 12/10/2026(a)		40,000		35,774
5.12%, 2/1/2029(a)		200,000		200,979
2.70%, 1/22/2031(a)		200,000		172,610
2.24%, 7/21/2032(a)		45,000		36,324
5.30%, 4/20/2037(a)		50,000		47,632
5.60%, 3/24/2051(a)		95,000		100,489
Morgan Stanley Domestic Holdings, Inc.
4.50%, 6/20/2028		10,000		9,966

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)
Capital Markets – (continued)
Nasdaq, Inc.
3.85%, 6/30/2026	$	75,000	$	73,579
3.95%, 3/7/2052		10,000		7,893
Owl Rock Capital Corp.
2.63%, 1/15/2027		50,000		42,621
OWL Rock Core Income Corp.
5.50%, 3/21/2025		50,000		48,623
Prospect Capital Corp.
3.71%, 1/22/2026		50,000		44,383
S&P Global, Inc.
1.25%, 8/15/2030		75,000		60,516
2.90%, 3/1/2032		75,000		66,600
State Street Corp.
2.90%, 3/30/2026(a)		75,000		72,184
2.40%, 1/24/2030		95,000		82,687
				2,734,016
Chemicals – 1.4%
DuPont de Nemours, Inc.
5.32%, 11/15/2038		10,000		10,110
Ecolab, Inc.
4.80%, 3/24/2030		50,000		51,146
1.30%, 1/30/2031		95,000		76,102
International Flavors & Fragrances, Inc.
5.00%, 9/26/2048		45,000		38,976
Nutrien Ltd.
5.25%, 1/15/2045		40,000		38,306
Sherwin-Williams Co. (The)
4.05%, 8/8/2024		150,000		148,083
4.25%, 8/8/2025		100,000		99,142
2.95%, 8/15/2029		50,000		45,224
2.20%, 3/15/2032		10,000		8,197
				515,286
Commercial Services & Supplies – 0.3%
Waste Management, Inc.
4.63%, 2/15/2030		70,000		70,877
2.95%, 6/1/2041		50,000		38,373
				109,250
Consumer Finance – 1.7%
American Express Co.
3.13%, 5/20/2026		75,000		71,916
3.30%, 5/3/2027		75,000		71,425

Investments	Principal Amount		Value
Consumer Finance – (continued)
4.42%, 8/3/2033(a)	$	60,000	$	57,677
4.05%, 12/3/2042		20,000		18,128
Capital One Financial Corp.
4.93%, 5/10/2028(a)		35,000		33,968
3.27%, 3/1/2030(a)		45,000		39,024
5.27%, 5/10/2033(a)		85,000		81,079
General Motors Financial Co., Inc.
6.00%, 1/9/2028		50,000		51,035
3.10%, 1/12/2032		100,000		81,685
John Deere Capital Corp.
4.35%, 9/15/2032		100,000		100,487
Synchrony Financial
2.88%, 10/28/2031		35,000		25,776
				632,200
Consumer Staples Distribution & Retail – 2.0%
Kroger Co. (The)
5.40%, 1/15/2049		12,000		11,876
3.95%, 1/15/2050		80,000		65,519
Target Corp.
2.25%, 4/15/2025		75,000		72,183
2.65%, 9/15/2030		220,000		196,877
Walgreens Boots Alliance, Inc.
3.45%, 6/1/2026		75,000		72,097
4.10%, 4/15/2050		25,000		18,935
Walmart, Inc.
1.50%, 9/22/2028		100,000		88,451
1.80%, 9/22/2031		150,000		127,294
2.50%, 9/22/2041		30,000		22,919
4.05%, 6/29/2048		40,000		37,458
4.50%, 9/9/2052		25,000		24,751
				738,360
Containers & Packaging – 0.6%
Avery Dennison Corp.
0.85%, 8/15/2024		150,000		142,023
International Paper Co.
6.00%, 11/15/2041		50,000		52,416
Packaging Corp. of America
3.05%, 10/1/2051		20,000		13,506
				207,945

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)
Diversified Consumer Services – 0.0%(c)
Howard University
Series 22A, 5.21%, 10/1/2052	$	5,000	$	4,158
Diversified REITs – 0.5%
Digital Realty Trust LP
REIT, 4.45%, 7/15/2028		50,000		47,616
Simon Property Group LP
REIT, 2.00%, 9/13/2024		40,000		38,243
REIT, 1.75%, 2/1/2028		30,000		26,112
REIT, 2.65%, 2/1/2032		75,000		62,237
REIT, 6.75%, 2/1/2040		25,000		28,012
				202,220
Diversified Telecommunication Services – 3.6%
Deutsche Telekom International Finance BV
8.75%, 6/15/2030(b)		60,000		73,272
Orange SA
9.00%, 3/1/2031(b)		85,000		107,327
Telefonica Emisiones SA
4.90%, 3/6/2048		150,000		124,525
Verizon Communications, Inc.
4.13%, 3/16/2027		150,000		148,595
4.33%, 9/21/2028		150,000		148,411
2.55%, 3/21/2031		150,000		127,708
2.36%, 3/15/2032		100,000		82,094
2.65%, 11/20/2040		240,000		170,326
3.40%, 3/22/2041		125,000		98,387
4.86%, 8/21/2046		75,000		70,953
3.88%, 3/1/2052		230,000		184,565
				1,336,163
Electric Utilities – 2.7%
Commonwealth Edison Co.
3.00%, 3/1/2050		50,000		35,767
Connecticut Light and Power Co. (The)
Series A, 2.05%, 7/1/2031		175,000		147,241
Edison International
4.13%, 3/15/2028		225,000		214,807
Eversource Energy
4.20%, 6/27/2024		20,000		19,754
4.60%, 7/1/2027		25,000		25,007
3.45%, 1/15/2050		45,000		34,293

Investments	Principal Amount		Value
Electric Utilities – (continued)
Exelon Corp.
2.75%, 3/15/2027	$	250,000	$	234,518
4.95%, 6/15/2035		75,000		74,998
4.45%, 4/15/2046		50,000		43,593
5.60%, 3/15/2053		35,000		36,029
Public Service Electric and Gas Co.
3.60%, 12/1/2047		85,000		68,721
Southern California Edison Co.
Series C, 4.13%, 3/1/2048		50,000		42,430
Series E, 5.45%, 6/1/2052		30,000		30,352
				1,007,510
Electrical Equipment – 0.1%
ABB Finance USA, Inc.
3.80%, 4/3/2028		50,000		49,620
Energy Equipment & Services – 0.4%
Baker Hughes Holdings LLC
4.08%, 12/15/2047		60,000		49,224
Halliburton Co.
2.92%, 3/1/2030		15,000		13,437
4.85%, 11/15/2035		75,000		73,278
				135,939
Entertainment – 0.1%
Walt Disney Co. (The)
7.75%, 12/1/2045		20,000		26,288
Financial Services – 1.9%
Corebridge Financial, Inc.
3.85%, 4/5/2029(d)		50,000		45,588
Mastercard, Inc.
3.30%, 3/26/2027		50,000		48,454
2.95%, 6/1/2029		140,000		131,707
2.00%, 11/18/2031		50,000		42,466
PayPal Holdings, Inc.
5.05%, 6/1/2052		65,000		62,455
Shell International Finance BV
3.88%, 11/13/2028		75,000		74,178
6.38%, 12/15/2038		95,000		110,616
4.38%, 5/11/2045		100,000		92,975
4.00%, 5/10/2046		50,000		43,768
3.25%, 4/6/2050		5,000		3,830
Visa, Inc.
2.70%, 4/15/2040		50,000		39,820
				695,857

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)
Food Products – 0.9%
Bunge Ltd. Finance Corp.
1.63%, 8/17/2025	$	75,000	$	69,332
Campbell Soup Co.
4.15%, 3/15/2028		75,000		73,848
2.38%, 4/24/2030		25,000		21,523
General Mills, Inc.
2.88%, 4/15/2030		75,000		68,196
3.00%, 2/1/2051		10,000		7,251
Ingredion, Inc.
2.90%, 6/1/2030		50,000		44,050
Mondelez International, Inc.
2.63%, 9/4/2050		75,000		50,111
				334,311
Gas Utilities – 0.7%
Atmos Energy Corp.
3.00%, 6/15/2027		50,000		47,374
5.75%, 10/15/2052		25,000		27,412
CenterPoint Energy Resources Corp.
5.40%, 3/1/2033		20,000		20,808
ONE Gas, Inc.
4.50%, 11/1/2048		70,000		62,214
Southern California Gas Co.
2.95%, 4/15/2027		100,000		94,619
				252,427
Ground Transportation – 2.4%
Canadian National Railway Co.
4.45%, 1/20/2049		55,000		52,024
4.40%, 8/5/2052		10,000		9,458
Canadian Pacific Railway Co.
1.35%, 12/2/2024		75,000		70,868
5.75%, 3/15/2033		50,000		52,450
4.80%, 8/1/2045		65,000		63,427
CSX Corp.
3.40%, 8/1/2024		75,000		73,424
2.40%, 2/15/2030		50,000		43,961
4.30%, 3/1/2048		75,000		66,536
3.80%, 4/15/2050		50,000		40,586
4.65%, 3/1/2068		5,000		4,469
JB Hunt Transport Services, Inc.
3.88%, 3/1/2026		45,000		44,064

Investments	Principal Amount		Value
Ground Transportation – (continued)
Norfolk Southern Corp.
3.00%, 3/15/2032	$	80,000	$	70,744
4.80%, 8/15/2043		50,000		44,869
3.70%, 3/15/2053		20,000		15,602
Union Pacific Corp.
4.50%, 1/20/2033		120,000		120,834
3.80%, 4/6/2071		160,000		125,040
				898,356
Health Care Equipment & Supplies – 1.4%
Abbott Laboratories
1.40%, 6/30/2030		50,000		41,733
4.90%, 11/30/2046		95,000		97,729
Baxter International, Inc.
1.73%, 4/1/2031		75,000		59,043
3.13%, 12/1/2051		50,000		33,043
Boston Scientific Corp.
2.65%, 6/1/2030		75,000		66,341
GE HealthCare Technologies, Inc.
6.38%, 11/22/2052(d)		100,000		112,308
Medtronic, Inc.
4.00%, 4/1/2043		20,000		18,273
4.63%, 3/15/2045		30,000		30,323
Zimmer Biomet Holdings, Inc.
2.60%, 11/24/2031		75,000		63,442
				522,235
Health Care Providers & Services – 6.1%
Aetna, Inc.
3.88%, 8/15/2047		50,000		39,530
AmerisourceBergen Corp.
2.70%, 3/15/2031		75,000		64,745
Cardinal Health, Inc.
3.08%, 6/15/2024		75,000		73,251
4.90%, 9/15/2045		50,000		44,775
Cigna Group (The)
4.38%, 10/15/2028		60,000		59,591
3.88%, 10/15/2047		20,000		16,162
4.90%, 12/15/2048		100,000		94,059
3.40%, 3/15/2051		20,000		14,743
CVS Health Corp.
3.88%, 7/20/2025		75,000		73,793
3.63%, 4/1/2027		50,000		48,397
4.30%, 3/25/2028		150,000		148,163

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)
Health Care Providers & Services – (continued)
5.25%, 2/21/2033	$	100,000	$	102,141
4.78%, 3/25/2038		40,000		38,196
5.05%, 3/25/2048		150,000		140,029
Elevance Health, Inc.
2.38%, 1/15/2025		150,000		144,255
2.25%, 5/15/2030		75,000		64,487
4.10%, 5/15/2032		80,000		76,816
3.60%, 3/15/2051		78,000		60,830
6.10%, 10/15/2052		21,000		23,423
5.13%, 2/15/2053		31,000		30,806
HCA, Inc.
3.63%, 3/15/2032(d)		200,000		177,173
7.50%, 11/6/2033		70,000		78,518
4.63%, 3/15/2052(d)		115,000		95,389
Laboratory Corp. of America Holdings
1.55%, 6/1/2026		75,000		67,810
2.70%, 6/1/2031		75,000		64,733
Novant Health, Inc.
3.32%, 11/1/2061		35,000		24,603
Quest Diagnostics, Inc.
2.95%, 6/30/2030		50,000		44,866
UnitedHealth Group, Inc.
5.30%, 2/15/2030		200,000		211,115
2.75%, 5/15/2040		65,000		49,904
5.88%, 2/15/2053		80,000		90,347
				2,262,650
Health Care REITs – 0.3%
Ventas Realty LP
REIT, 4.00%, 3/1/2028		80,000		75,665
REIT, 3.00%, 1/15/2030		50,000		43,381
				119,046
Hotel & Resort REITs – 0.2%
Host Hotels & Resorts LP
Series F, REIT, 4.50%, 2/1/2026		75,000		73,253
Hotels, Restaurants & Leisure – 0.7%
Marriott International, Inc.
Series HH, 2.85%, 4/15/2031		50,000		42,632
Series II, 2.75%, 10/15/2033		5,000		4,058

Investments	Principal Amount		Value
Hotels, Restaurants & Leisure – (continued)
McDonald’s Corp.
3.50%, 7/1/2027	$	75,000	$	72,926
4.70%, 12/9/2035		50,000		49,973
4.88%, 12/9/2045		50,000		48,390
3.63%, 9/1/2049		65,000		51,571
5.15%, 9/9/2052		10,000		10,158
				279,708
Household Durables – 0.2%
Lennar Corp.
5.00%, 6/15/2027		40,000		39,911
NVR, Inc.
3.00%, 5/15/2030		20,000		17,958
Whirlpool Corp.
4.50%, 6/1/2046		20,000		16,484
				74,353
Household Products – 0.3%
Clorox Co. (The)
4.60%, 5/1/2032		20,000		20,038
Kimberly–Clark Corp.
3.10%, 3/26/2030		75,000		69,959
2.88%, 2/7/2050		50,000		36,981
				126,978
Independent Power and Renewable Electricity Producers – 0.2%
Constellation Energy Generation LLC
3.25%, 6/1/2025		75,000		72,117
Industrial REITs – 0.2%
Prologis LP
REIT, 4.63%, 1/15/2033		70,000		69,741
REIT, 3.00%, 4/15/2050		35,000		24,295
				94,036
Insurance – 3.2%
Aflac, Inc.
3.60%, 4/1/2030		50,000		47,137
Allstate Corp. (The)
3.85%, 8/10/2049		40,000		31,904
American International Group, Inc.
4.75%, 4/1/2048		75,000		68,136

See Accompanying Notes to the Financial Statements.

398 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Insurance – (continued)
Chubb INA Holdings, Inc.
3.35%, 5/3/2026	$	150,000	$	146,755
1.38%, 9/15/2030		20,000		16,237
4.35%, 11/3/2045		20,000		18,476
3.05%, 12/15/2061		10,000		6,894
Everest Reinsurance Holdings, Inc.
3.13%, 10/15/2052		50,000		33,517
Fidelity National Financial, Inc.
3.20%, 9/17/2051		20,000		12,321
Hartford Financial Services Group, Inc. (The)
3.60%, 8/19/2049		35,000		26,490
Lincoln National Corp.
3.05%, 1/15/2030		30,000		24,499
4.38%, 6/15/2050		15,000		10,655
Manulife Financial Corp.
4.06%, 2/24/2032(a)		75,000		70,876
MetLife, Inc.
10.75%, 8/1/2039		50,000		64,972
4.60%, 5/13/2046		40,000		36,025
5.00%, 7/15/2052		35,000		33,337
5.25%, 1/15/2054		20,000		19,774
Principal Financial Group, Inc.
3.70%, 5/15/2029		50,000		47,457
2.13%, 6/15/2030		50,000		41,718
Prudential Financial, Inc.
1.50%, 3/10/2026		150,000		138,037
4.50%, 9/15/2047(a)		75,000		69,270
4.35%, 2/25/2050		50,000		42,947
3.70%, 3/13/2051		20,000		15,437
6.00%, 9/1/2052(a)		80,000		76,834
Travelers Cos., Inc. (The)
4.00%, 5/30/2047		60,000		51,719
3.05%, 6/8/2051		25,000		18,044
Unum Group
4.13%, 6/15/2051		50,000		36,292
				1,205,760
Interactive Media & Services – 0.5%
Alphabet, Inc.
0.80%, 8/15/2027		100,000		88,233
1.10%, 8/15/2030		15,000		12,412
2.05%, 8/15/2050		75,000		47,764

Investments	Principal Amount		Value
Interactive Media & Services – (continued)
Meta Platforms, Inc.
4.65%, 8/15/2062	$	60,000	$	53,144
				201,553
IT Services – 1.6%
International Business Machines Corp.
4.00%, 7/27/2025		465,000		459,991
2.85%, 5/15/2040		175,000		129,755
				589,746
Leisure Products – 0.2%
Hasbro, Inc.
3.90%, 11/19/2029		50,000		45,932
6.35%, 3/15/2040		15,000		15,184
				61,116
Machinery – 0.9%
Cummins, Inc.
1.50%, 9/1/2030		75,000		62,091
Otis Worldwide Corp.
3.11%, 2/15/2040		75,000		58,860
Stanley Black & Decker, Inc.
3.40%, 3/1/2026		100,000		96,427
4.00%, 3/15/2060(a)		145,000		109,004
				326,382
Marine Transportation – 0.1%
Kirby Corp.
4.20%, 3/1/2028		30,000		28,400
Media – 2.9%
Charter Communications Operating LLC
5.38%, 5/1/2047		90,000		73,661
3.90%, 6/1/2052		10,000		6,515
5.25%, 4/1/2053		10,000		8,004
5.50%, 4/1/2063		320,000		255,641
Comcast Corp.
2.65%, 2/1/2030		100,000		89,526
2.89%, 11/1/2051		490,000		334,861
2.99%, 11/1/2063		90,000		58,275
Fox Corp.
4.71%, 1/25/2029		75,000		73,671

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 399

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Media – (continued)
Interpublic Group of Cos., Inc. (The)
3.38%, 3/1/2041	$	50,000	$	37,784
Paramount Global
4.38%, 3/15/2043		75,000		53,546
Time Warner Cable LLC
4.50%, 9/15/2042		120,000		91,398
				1,082,882
Metals & Mining – 0.4%
ArcelorMittal SA
6.55%, 11/29/2027		50,000		52,223
Newmont Corp.
5.88%, 4/1/2035		85,000		89,631
				141,854
Multi-Utilities – 1.9%
Consolidated Edison Co. of New York, Inc.
2.40%, 6/15/2031		75,000		64,196
4.50%, 5/15/2058		100,000		87,424
3.60%, 6/15/2061		35,000		26,818
NiSource, Inc.
0.95%, 8/15/2025		250,000		229,560
Public Service Enterprise Group, Inc.
5.85%, 11/15/2027		175,000		183,395
San Diego Gas & Electric Co.
2.95%, 8/15/2051		125,000		88,181
Sempra Energy
4.00%, 2/1/2048		50,000		40,726
				720,300
Office REITs – 0.4%
Boston Properties LP
REIT, 3.25%, 1/30/2031		75,000		61,424
REIT, 2.45%, 10/1/2033		50,000		35,961
Kilroy Realty LP
REIT, 4.38%, 10/1/2025		75,000		70,391
				167,776
Oil, Gas & Consumable Fuels – 7.7%
BP Capital Markets America, Inc.
3.38%, 2/8/2061		75,000		55,664

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels – (continued)
Canadian Natural Resources Ltd.
2.95%, 7/15/2030	$	130,000	$	114,263
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/2029		25,000		23,396
ConocoPhillips Co.
5.95%, 3/15/2046		35,000		39,135
Devon Energy Corp.
5.00%, 6/15/2045		35,000		31,338
Enbridge, Inc.
2.50%, 8/1/2033		175,000		141,489
5.50%, 12/1/2046		20,000		19,469
5.50%, 7/15/2077(a)		75,000		66,371
Hess Corp.
3.50%, 7/15/2024		375,000		367,977
6.00%, 1/15/2040		25,000		25,444
Kinder Morgan Energy Partners LP
6.95%, 1/15/2038		75,000		84,806
5.40%, 9/1/2044		30,000		27,677
Kinder Morgan, Inc.
4.30%, 6/1/2025		475,000		469,199
2.00%, 2/15/2031		20,000		16,265
5.55%, 6/1/2045		50,000		47,156
3.60%, 2/15/2051		15,000		10,539
Magellan Midstream Partners LP
3.95%, 3/1/2050		50,000		38,533
Marathon Petroleum Corp.
4.50%, 4/1/2048		70,000		56,956
MPLX LP
1.75%, 3/1/2026		75,000		68,990
2.65%, 8/15/2030		25,000		21,360
4.50%, 4/15/2038		100,000		89,776
5.50%, 2/15/2049		55,000		50,895
ONEOK, Inc.
4.50%, 3/15/2050		100,000		78,572
Plains All American Pipeline LP
4.50%, 12/15/2026		120,000		117,828
Sabine Pass Liquefaction LLC
4.50%, 5/15/2030		25,000		24,208
Suncor Energy, Inc.
3.75%, 3/4/2051		80,000		60,872
Targa Resources Corp.
6.13%, 3/15/2033		90,000		93,961

See Accompanying Notes to the Financial Statements.

400 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Oil, Gas & Consumable Fuels – (continued)
TotalEnergies Capital International SA
2.83%, 1/10/2030	$	75,000	$	68,571
3.13%, 5/29/2050		55,000		41,121
Transcanada Trust
5.60%, 3/7/2082(a)		265,000		224,068
Transcontinental Gas Pipe Line Co. LLC
3.25%, 5/15/2030		50,000		45,606
Valero Energy Corp.
2.80%, 12/1/2031		75,000		63,354
4.00%, 6/1/2052		30,000		23,053
Western Midstream Operating LP
5.30%, 3/1/2048		35,000		29,537
Williams Cos., Inc. (The)
5.75%, 6/24/2044		50,000		49,545
5.10%, 9/15/2045		55,000		50,284
5.30%, 8/15/2052		20,000		18,842
				2,856,120
Paper & Forest Products – 0.2%
Suzano Austria GmbH
Series DM3N, 3.13%, 1/15/2032		75,000		59,631
Personal Care Products – 0.6%
Estee Lauder Cos., Inc. (The)
3.15%, 3/15/2027		75,000		72,869
1.95%, 3/15/2031		50,000		42,479
Kenvue, Inc.
5.00%, 3/22/2030(d)		50,000		51,851
5.10%, 3/22/2043(d)		60,000		62,179
				229,378
Pharmaceuticals – 5.2%
AstraZeneca plc
4.00%, 9/18/2042		30,000		27,425
4.38%, 11/16/2045		75,000		71,940
3.00%, 5/28/2051		20,000		15,164
Bristol-Myers Squibb Co.
3.90%, 2/20/2028		210,000		208,616
3.90%, 3/15/2062		135,000		111,959
GlaxoSmithKline Capital plc
3.00%, 6/1/2024		220,000		216,140
3.38%, 6/1/2029		50,000		47,754

Investments	Principal Amount		��	Value
Pharmaceuticals – (continued)
GlaxoSmithKline Capital, Inc.
6.38%, 5/15/2038	$	25,000		$	29,688
Johnson & Johnson
3.63%, 3/3/2037		270,000			252,669
2.10%, 9/1/2040		15,000			10,906
3.70%, 3/1/2046		75,000			67,144
2.25%, 9/1/2050		30,000			20,291
2.45%, 9/1/2060		10,000			6,676
Merck & Co., Inc.
3.40%, 3/7/2029		75,000			72,452
2.35%, 6/24/2040		150,000			110,678
2.75%, 12/10/2051		50,000			35,431
Mylan, Inc.
5.20%, 4/15/2048		55,000			42,306
Novartis Capital Corp.
3.40%, 5/6/2024		75,000			73,882
2.00%, 2/14/2027		75,000			69,677
2.75%, 8/14/2050		75,000			55,212
Pfizer, Inc.
0.80%, 5/28/2025		75,000			69,920
3.45%, 3/15/2029		75,000			72,591
1.75%, 8/18/2031		50,000			41,710
7.20%, 3/15/2039		85,000			107,367
2.55%, 5/28/2040		50,000			37,841
2.70%, 5/28/2050		50,000			36,065
Viatris, Inc.
3.85%, 6/22/2040		14,000			9,668
4.00%, 6/22/2050		35,000			22,705
					1,943,877
Professional Services – 0.4%
Automatic Data Processing, Inc.
1.70%, 5/15/2028		80,000			71,586
Verisk Analytics, Inc.
4.13%, 3/15/2029		90,000			87,039
					158,625
Real Estate Management & Development – 0.0%(c)
CBRE Services, Inc.
2.50%, 4/1/2031		20,000			16,017
Residential REITs – 0.8%
AvalonBay Communities, Inc.
REIT, 2.95%, 5/11/2026		150,000			142,051
REIT, 5.00%, 2/15/2033		50,000			51,160

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 401

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Residential REITs – (continued)
ERP Operating LP
REIT, 3.00%, 7/1/2029	$	100,000	$	91,064
				284,275
Retail REITs – 0.4%
Brixmor Operating Partnership LP
REIT, 3.90%, 3/15/2027		50,000		46,691
REIT, 2.50%, 8/16/2031		10,000		7,865
Federal Realty Investment Trust
REIT, 1.25%, 2/15/2026		70,000		63,350
Regency Centers LP
REIT, 3.70%, 6/15/2030		40,000		36,646
				154,552
Semiconductors & Semiconductor Equipment – 1.9%
Intel Corp.
3.75%, 3/25/2027		150,000		147,005
2.00%, 8/12/2031		70,000		57,856
5.63%, 2/10/2043		80,000		82,102
3.73%, 12/8/2047		70,000		55,270
4.75%, 3/25/2050		200,000		181,846
4.95%, 3/25/2060		50,000		46,274
Micron Technology, Inc.
5.88%, 9/15/2033		80,000		79,947
QUALCOMM, Inc.
3.45%, 5/20/2025		75,000		73,585
				723,885
Software – 2.9%
Adobe, Inc.
2.30%, 2/1/2030		50,000		44,425
Autodesk, Inc.
2.85%, 1/15/2030		100,000		89,260
Microsoft Corp.
2.40%, 8/8/2026		90,000		85,801
3.30%, 2/6/2027		200,000		196,479
3.45%, 8/8/2036		50,000		46,446
2.53%, 6/1/2050		280,000		198,661
2.92%, 3/17/2052		60,000		45,979
2.68%, 6/1/2060		50,000		34,638
3.04%, 3/17/2062		20,000		15,068
Salesforce, Inc.
1.50%, 7/15/2028		75,000		66,258
2.90%, 7/15/2051		75,000		53,250

Investments	Principal Amount		Value
Software – (continued)
VMware, Inc.
1.40%, 8/15/2026	$	150,000	$	133,942
Workday, Inc.
3.70%, 4/1/2029		75,000		70,698
				1,080,905
Specialized REITs – 0.5%
Equinix, Inc.
REIT, 3.20%, 11/18/2029		75,000		67,363
REIT, 3.40%, 2/15/2052		50,000		35,507
Weyerhaeuser Co.
REIT, 3.38%, 3/9/2033		75,000		66,502
				169,372
Specialty Retail – 1.3%
Dick’s Sporting Goods, Inc.
4.10%, 1/15/2052		15,000		10,519
Lowe’s Cos., Inc.
2.50%, 4/15/2026		50,000		47,504
3.65%, 4/5/2029		75,000		71,531
2.63%, 4/1/2031		75,000		64,558
5.00%, 4/15/2033		115,000		116,253
5.50%, 10/15/2035		50,000		51,518
2.80%, 9/15/2041		50,000		35,428
3.00%, 10/15/2050		50,000		33,414
4.45%, 4/1/2062		40,000		32,857
5.85%, 4/1/2063		20,000		20,110
Tractor Supply Co.
1.75%, 11/1/2030		10,000		8,024
				491,716
Technology Hardware, Storage & Peripherals – 3.3%
Apple, Inc.
0.55%, 8/20/2025		420,000		387,648
3.25%, 2/23/2026		125,000		122,350
2.38%, 2/8/2041		130,000		97,522
3.85%, 5/4/2043		150,000		136,928
4.45%, 5/6/2044		170,000		170,300
4.65%, 2/23/2046		50,000		50,315
4.10%, 8/8/2062		30,000		26,595
Dell International LLC
8.10%, 7/15/2036		74,000		86,865
3.38%, 12/15/2041(d)		50,000		35,493

See Accompanying Notes to the Financial Statements.

402 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Technology Hardware, Storage & Peripherals – (continued)
HP, Inc.
2.65%, 6/17/2031	$	58,000	$	47,232
6.00%, 9/15/2041		50,000		50,707
				1,211,955
Textiles, Apparel & Luxury Goods – 0.2%
PVH Corp.
4.63%, 7/10/2025		30,000		29,604
Ralph Lauren Corp.
2.95%, 6/15/2030		10,000		9,020
Tapestry, Inc.
3.05%, 3/15/2032		10,000		8,281
VF Corp.
2.95%, 4/23/2030		40,000		33,902
				80,807
Water Utilities – 0.7%
American Water Capital Corp.
3.40%, 3/1/2025		100,000		97,625
2.30%, 6/1/2031		150,000		127,902
Essential Utilities, Inc.
2.70%, 4/15/2030		50,000		43,503
				269,030
Wireless Telecommunication Services – 0.5%
Vodafone Group plc
4.88%, 6/19/2049		25,000		22,431
5.63%, 2/10/2053		160,000		157,952
				180,383
Total Corporate Bonds (Cost $38,787,121)				36,118,696
Total Investments – 97.0% (Cost $38,787,121)				36,118,696
Other assets less liabilities – 3.0%				1,113,775
Net Assets – 100.0%			$	37,232,471

^(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, 2023.

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

^(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.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

As of April 30, 2023, 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	$	237,061
Aggregate gross unrealized depreciation		(3,019,993	)
Net unrealized depreciation	$	(2,782,932	)
Federal income tax cost	$	38,901,628

Security Type	% of Net Assets
Corporate Bonds		97.0	%
Others(1)		3.0
		100.0	%

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

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 403

Schedule of Investments

FlexShares^® Ultra-Short Income Fund

April 30, 2023 (Unaudited)

Investments	Principal Amount		Value
CORPORATE BONDS – 74.3%
Aerospace & Defense – 1.1%
Boeing Co. (The)
4.51%, 5/1/2023	$	1,425,000	$	1,425,000
1.95%, 2/1/2024		900,000		874,900
General Dynamics Corp.
3.38%, 5/15/2023		2,650,000		2,648,568
L3Harris Technologies, Inc.
3.85%, 6/15/2023		5,800,000		5,789,412
				10,737,880
Automobiles – 2.0%
BMW US Capital LLC
(United States SOFR Compounded Index + 0.53%), 5.35%, 4/1/2024(a) (b)		900,000		897,511
Hyundai Capital America
1.25%, 9/18/2023(b)		910,000		894,176
0.80%, 1/8/2024(b)		1,700,000		1,647,626
0.88%, 6/14/2024(b)		1,000,000		952,069
Kia Corp.
2.38%, 2/14/2025(b)		730,000		694,230
Mercedes-Benz Finance North America LLC
0.75%, 3/1/2024(b)		2,350,000		2,265,609
(SOFR + 0.93%), 5.75%, 3/30/2025(a) (b)		5,000,000		5,012,220
Nissan Motor Acceptance Co. LLC
1.13%, 9/16/2024(b)		900,000		836,785
Volkswagen Group of America Finance LLC
3.13%, 5/12/2023(b)		1,410,000		1,409,035
0.88%, 11/22/2023(b)		2,000,000		1,951,742
(SOFR + 0.95%), 5.78%, 6/7/2024(a) (b)		2,690,000		2,695,291
				19,256,294
Banks – 23.5%
ANZ New Zealand Int’l Ltd.
(SOFR + 0.60%), 5.44%, 2/18/2025(a) (b)		1,450,000		1,440,763

Investments	Principal Amount		Value
Banks – (continued)
Australia & New Zealand Banking Group Ltd.
5.09%, 12/8/2025	$	1,505,000	$	1,518,110
Banco Santander SA
(SOFR + 1.24%), 6.08%, 5/24/2024(a)		4,800,000		4,804,419
5.15%, 8/18/2025		1,400,000		1,390,177
Bank of America Corp.
4.10%, 7/24/2023		1,930,000		1,924,971
(BSBY3M + 0.43%), 5.27%, 5/28/2024(a)		3,700,000		3,690,639
(SOFR + 0.73%), 5.54%, 10/24/2024(a)		2,200,000		2,194,419
Series 2025, (SOFR + 0.66%), 5.52%, 2/4/2025(a)		2,000,000		1,986,268
Bank of Montreal
0.40%, 9/15/2023		6,000,000		5,890,013
(United States SOFR Compounded Index + 0.62%), 5.46%, 9/15/2026(a)		3,300,000		3,237,175
Bank of New Zealand
(SOFR + 0.81%), 5.62%, 1/27/2027(a) (b)		4,000,000		3,961,156
Bank of Nova Scotia (The)
0.40%, 9/15/2023		2,881,000		2,828,844
0.55%, 9/15/2023		3,000,000		2,946,604
(United States SOFR Compounded Index + 0.55%), 5.39%, 3/2/2026(a)		5,000,000		4,902,290
Banque Federative du Credit Mutuel SA
(ICE LIBOR USD 3 Month + 0.96%), 6.21%, 7/20/2023(a) (b)		1,000,000		1,000,869
BNP Paribas SA
4.25%, 10/15/2024		1,000,000		980,598
Canadian Imperial Bank of Commerce
0.45%, 6/22/2023		5,000,000		4,964,984
(SOFR + 0.94%), 5.75%, 4/7/2025(a)		4,424,000		4,433,091

See Accompanying Notes to the Financial Statements.

404 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ultra-Short Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Banks – (continued)
Citigroup, Inc.
0.78%, 10/30/2024(c)	$	3,500,000	$	3,414,022
(SOFR + 0.67%), 5.52%, 5/1/2025(a)		900,000		892,534
(SOFR + 1.37%), 6.22%, 5/24/2025(a)		1,300,000		1,301,458
(SOFR + 0.69%), 5.50%, 1/25/2026(a)		2,400,000		2,364,437
Commonwealth Bank of Australia
(SOFR + 0.74%), 5.57%, 3/14/2025(a) (b)		5,000,000		4,994,100
(SOFR + 0.40%), 5.21%, 7/7/2025(a) (b)		1,800,000		1,783,890
(SOFR + 0.52%), 5.36%, 6/15/2026(a) (b)		1,900,000		1,874,791
Cooperatieve Rabobank UA
(United States SOFR Compounded Index + 0.30%), 5.12%, 1/12/2024(a)		2,000,000		1,993,637
(United States SOFR Compounded Index + 0.38%), 5.19%, 1/10/2025(a)		1,600,000		1,585,016
Danske Bank A/S
6.47%, 1/9/2026(b) (c)		1,280,000		1,289,123
Fifth Third Bank NA
5.85%, 10/27/2025(c)		8,500,000		8,445,648
HSBC Holdings plc
0.73%, 8/17/2024(c)		2,240,000		2,203,943
ING Groep NV
4.10%, 10/2/2023		3,300,000		3,279,688
(United States SOFR Compounded Index + 1.01%), 5.83%, 4/1/2027(a)		3,800,000		3,711,146
JPMorgan Chase & Co.
0.77%, 8/9/2025(c)		1,000,000		940,170
(SOFR + 0.92%), 5.77%, 2/24/2026(a)		6,000,000		5,967,192
(SOFR + 0.77%), 5.60%, 9/22/2027(a)		2,500,000		2,456,840

Investments	Principal Amount		Value
Banks – (continued)
KeyBank NA
(United States SOFR Compounded Index + 0.34%), 5.16%, 1/3/2024(a)	$	4,800,000	$	4,750,422
(United States SOFR Compounded Index + 0.32%), 5.15%, 6/14/2024(a)		2,000,000		1,958,224
Lloyds Banking Group plc
4.05%, 8/16/2023		4,729,000		4,703,973
3.90%, 3/12/2024		1,000,000		983,126
4.72%, 8/11/2026(c)		2,300,000		2,269,124
Mitsubishi UFJ Financial Group, Inc.
4.79%, 7/18/2025(c)		2,000,000		1,981,969
(SOFR + 0.94%), 5.78%, 2/20/2026(a)		5,000,000		4,943,526
(SOFR + 1.44%), 6.25%, 4/17/2026(a)		2,500,000		2,506,942
Mizuho Financial Group, Inc.
(ICE LIBOR USD 3 Month + 0.61%), 5.62%, 9/8/2024(a)		2,900,000		2,889,227
National Australia Bank Ltd.
(SOFR + 0.86%), 5.70%, 6/9/2025(a) (b)		5,200,000		5,197,659
(SOFR + 0.65%), 5.47%, 1/12/2027(a) (b)		4,000,000		3,959,708
National Bank of Canada
0.75%, 8/6/2024		900,000		849,230
NatWest Markets plc
(SOFR + 0.53%), 5.38%, 8/12/2024(a) (b)		600,000		594,820
Nordea Bank Abp
1.00%, 6/9/2023(b)		640,000		636,941
(SOFR + 0.96%), 5.79%, 6/6/2025(a) (b)		2,000,000		2,000,024
PNC Financial Services Group, Inc. (The)
3.50%, 1/23/2024		6,500,000		6,403,657
Royal Bank of Canada
3.97%, 7/26/2024		3,000,000		2,959,173

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 405

FlexShares^® Ultra-Short Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Banks – (continued)
(United States SOFR Compounded Index + 0.44%), 5.26%, 1/21/2025(a)	$	3,000,000	$	2,969,822
4.95%, 4/25/2025		3,000,000		3,001,907
(United States SOFR Compounded Index + 0.53%), 5.34%, 1/20/2026(a)		2,750,000		2,704,557
(United States SOFR Compounded Index + 0.57%), 5.38%, 4/27/2026(a)		2,000,000		1,966,691
Skandinaviska Enskilda Banken AB
0.55%, 9/1/2023(b)		5,000,000		4,915,650
(ICE LIBOR USD 3 Month + 0.32%), 5.28%, 9/1/2023(a) (b)		2,800,000		2,800,327
0.65%, 9/9/2024(b)		500,000		470,638
(SOFR + 0.96%), 5.80%, 6/9/2025(a) (b)		1,000,000		1,000,202
Societe Generale SA
2.63%, 10/16/2024(b)		1,000,000		950,881
Standard Chartered plc
6.17%, 1/9/2027(b) (c)		2,100,000		2,130,008
Sumitomo Mitsui Financial Group, Inc.
0.51%, 1/12/2024		300,000		290,194
(SOFR + 0.88%), 5.69%, 1/14/2027(a)		1,480,000		1,447,882
Sumitomo Mitsui Trust Bank Ltd.
0.80%, 9/12/2023(b)		900,000		885,172
0.85%, 3/25/2024(b)		400,000		384,074
Svenska Handelsbanken AB
3.90%, 11/20/2023		1,500,000		1,488,023
(United States SOFR Compounded Index + 0.91%), 5.75%, 6/10/2025(a) (b)		7,000,000		6,998,638
Swedbank AB
1.30%, 6/2/2023(b)		400,000		398,348

Investments	Principal Amount		Value
Banks – (continued)
Toronto-Dominion Bank (The)
0.75%, 6/12/2023	$	2,000,000	$	1,989,470
0.45%, 9/11/2023		2,606,000		2,554,863
(SOFR + 0.41%), 5.22%, 1/10/2025(a)		2,777,000		2,747,679
(SOFR + 0.59%), 5.43%, 9/10/2026(a)		2,000,000		1,962,632
Truist Financial Corp.
(SOFR + 0.40%), 5.24%, 6/9/2025(a)		3,750,000		3,608,737
US Bancorp
3.70%, 1/30/2024		3,000,000		2,964,886
US Bank NA
3.40%, 7/24/2023		4,010,000		3,991,897
Wells Fargo & Co.
(SOFR + 1.32%), 6.12%, 4/25/2026(a)		5,600,000		5,618,200
Westpac Banking Corp.
3.30%, 2/26/2024		2,200,000		2,173,315
(SOFR + 1.00%), 5.84%, 8/26/2025(a)		5,000,000		5,024,301
(SOFR + 0.52%), 5.37%, 6/3/2026(a)		2,568,000		2,528,545
				222,148,309
Beverages – 1.3%
Constellation Brands, Inc.
3.60%, 5/9/2024		1,590,000		1,563,872
Diageo Capital plc
3.50%, 9/18/2023		2,775,000		2,758,244
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023		4,000,000		3,959,959
0.75%, 3/15/2024		3,500,000		3,369,679
PepsiCo, Inc.
0.75%, 5/1/2023		735,000		735,000
				12,386,754
Biotechnology – 0.8%
Gilead Sciences, Inc.
0.75%, 9/29/2023		6,624,000		6,504,914
3.70%, 4/1/2024		1,100,000		1,084,520
				7,589,434

See Accompanying Notes to the Financial Statements.

406 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ultra-Short Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Capital Markets – 5.3%
Bank of New York Mellon Corp. (The)
0.35%, 12/7/2023	$	4,312,000	$	4,186,585
Series J, (SOFR + 0.20%), 5.00%, 10/25/2024(a)		2,800,000		2,770,432
Blackstone Private Credit Fund
2.70%, 1/15/2025		800,000		746,405
Charles Schwab Corp. (The)
(United States SOFR Compounded Index + 0.50%), 5.33%, 3/18/2024(a)		1,390,000		1,375,392
(United States SOFR Compounded Index + 0.52%), 5.37%, 5/13/2026(a)		1,000,000		959,699
(United States SOFR Compounded Index + 1.05%), 5.90%, 3/3/2027(a)		7,000,000		6,733,719
Credit Suisse Group AG
3.80%, 6/9/2023		1,000,000		990,850
6.37%, 7/15/2026(b) (c)		1,900,000		1,847,143
Deutsche Bank AG
0.90%, 5/28/2024		1,100,000		1,038,317
FS KKR Capital Corp.
1.65%, 10/12/2024		980,000		907,291
Goldman Sachs Group, Inc. (The)
3.00%, 3/15/2024		2,500,000		2,447,067
0.66%, 9/10/2024(c)		2,600,000		2,551,626
5.70%, 11/1/2024		3,000,000		3,026,673
Moody’s Corp.
4.88%, 2/15/2024		4,000,000		3,978,080
Morgan Stanley
1.16%, 10/21/2025(c)		500,000		468,061
(SOFR + 0.95%), 5.54%, 2/18/2026(a)		7,000,000		6,953,023
UBS AG
(SOFR + 0.32%), 5.17%, 6/1/2023(a) (b)		2,500,000		2,499,970
0.70%, 8/9/2024(b)		200,000		187,720

Investments	Principal Amount		Value
Capital Markets – (continued)
UBS Group AG
(SOFR + 1.58%), 6.43%, 5/12/2026(a) (b)	$	6,000,000	$	6,009,193
				49,677,246
Chemicals – 0.9%
Ecolab, Inc.
0.90%, 12/15/2023		2,525,000		2,460,498
International Flavors & Fragrances, Inc.
3.20%, 5/1/2023		750,000		750,000
Nutrien Ltd.
1.90%, 5/13/2023		4,000,000		3,994,707
Sherwin-Williams Co. (The)
4.05%, 8/8/2024		700,000		691,053
Westlake Corp.
0.88%, 8/15/2024		300,000		284,283
				8,180,541
Commercial Services & Supplies – 1.1%
Republic Services, Inc.
4.75%, 5/15/2023		6,500,000		6,497,250
Waste Management, Inc.
2.40%, 5/15/2023		3,500,000		3,496,422
				9,993,672
Construction Materials – 0.1%
Martin Marietta Materials, Inc.
0.65%, 7/15/2023		980,000		969,938
Consumer Finance – 4.1%
AerCap Ireland Capital DAC
(SOFR + 0.68%), 5.51%, 9/29/2023(a)		900,000		896,612
1.65%, 10/29/2024		750,000		701,287
Ally Financial, Inc.
3.05%, 6/5/2023		3,470,000		3,455,073
American Express Co.
3.40%, 2/22/2024		2,500,000		2,465,741
(United States SOFR Compounded Index + 0.72%), 5.58%, 5/3/2024(a)		3,000,000		3,000,900
(SOFR + 0.93%), 5.76%, 3/4/2025(a)		1,914,000		1,913,713

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 407

FlexShares^® Ultra-Short Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Consumer Finance – (continued)
American Honda Finance Corp.
(ICE LIBOR USD 3 Month + 0.37%), 5.23%, 5/10/2023(a)	$	2,500,000	$	2,499,653
0.88%, 7/7/2023		4,420,000		4,385,977
(ICE LIBOR USD 3 Month + 0.42%), 5.43%, 9/8/2023(a)		600,000		599,168
Capital One Financial Corp.
3.50%, 6/15/2023		1,000,000		997,439
(SOFR + 1.35%), 6.21%, 5/9/2025(a)		2,000,000		1,982,156
General Motors Financial Co., Inc.
4.15%, 6/19/2023		465,000		463,913
1.70%, 8/18/2023		380,000		375,767
(SOFR + 0.76%), 5.60%, 3/8/2024(a)		800,000		796,406
3.50%, 11/7/2024		600,000		584,772
John Deere Capital Corp.
(SOFR + 0.12%), 4.93%, 7/10/2023(a)		1,500,000		1,499,546
(SOFR + 0.20%), 5.01%, 10/11/2024(a)		2,500,000		2,482,819
(SOFR + 0.56%), 5.39%, 3/7/2025(a)		1,720,000		1,709,074
Synchrony Financial
4.88%, 6/13/2025		1,493,000		1,410,747
Toyota Motor Credit Corp.
(SOFR + 0.32%), 5.14%, 1/13/2025(a)		7,000,000		6,938,917
				39,159,680
Consumer Staples Distribution & Retail – 1.0%
Dollar General Corp.
4.25%, 9/20/2024		840,000		832,031
Kroger Co. (The)
3.85%, 8/1/2023		945,000		940,633
4.00%, 2/1/2024		6,200,000		6,138,246
Walgreens Boots Alliance, Inc.
0.95%, 11/17/2023		1,770,000		1,727,576
				9,638,486

Investments	Principal Amount		Value
Containers & Packaging – 0.1%
Avery Dennison Corp. 0.85%, 8/15/2024	$	1,040,000	$	984,693
Diversified REITs – 0.6%
Simon Property Group LP REIT, 2.75%, 6/1/2023		5,805,000		5,791,659
Diversified Telecommunication Services – 2.5%
AT&T, Inc.
(United States SOFR Compounded Index + 0.64%), 5.46%, 3/25/2024(a)		4,160,000		4,152,315
(ICE LIBOR USD 3 Month + 1.18%), 6.33%, 6/12/2024(a)		3,550,000		3,571,704
Bell Canada (The)
Series US-3, 0.75%, 3/17/2024		5,050,000		4,838,385
British Telecommunications plc
4.50%, 12/4/2023		5,500,000		5,473,395
Verizon Communications, Inc.
0.75%, 3/22/2024		2,000,000		1,925,538
(ICE LIBOR USD 3 Month + 1.10%), 5.96%, 5/15/2025(a)		1,000,000		1,006,522
(United States SOFR Compounded Index + 0.79%), 5.62%, 3/20/2026(a)		2,600,000		2,581,822
				23,549,681
Electric Utilities – 2.6%
American Electric Power Co., Inc.
Series A, (ICE LIBOR USD 3 Month + 0.48%), 5.29%, 11/1/2023(a)		1,400,000		1,397,770
Entergy Louisiana LLC
0.62%, 11/17/2023		846,000		824,491
Eversource Energy
Series T, (United States SOFR Compounded Index + 0.25%), 5.11%, 8/15/2023(a)		1,500,000		1,498,605

See Accompanying Notes to the Financial Statements.

408 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ultra-Short Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Electric Utilities – (continued)
Series N, 3.80%, 12/1/2023	$	3,000,000	$	2,967,867
Florida Power & Light Co.
(United States SOFR Compounded Index + 0.38%), 5.20%, 1/12/2024(a)		4,400,000		4,382,355
Georgia Power Co.
Series A, 2.10%, 7/30/2023		2,500,000		2,479,245
Mississippi Power Co.
Series A, (SOFR + 0.30%), 5.12%, 6/28/2024(a)		950,000		940,936
NextEra Energy Capital Holdings, Inc.
2.94%, 3/21/2024		2,000,000		1,958,090
OGE Energy Corp.
0.70%, 5/26/2023		1,490,000		1,485,304
Southern Co. (The)
Series 2021, (United States SOFR Compounded Index + 0.37%), 5.23%, 5/10/2023(a)		820,000		819,906
Series 21-A, 0.60%, 2/26/2024		1,840,000		1,772,673
Xcel Energy, Inc.
0.50%, 10/15/2023		4,000,000		3,909,530
				24,436,772
Energy Equipment & Services – 0.8%
Baker Hughes Holdings LLC
1.23%, 12/15/2023		3,000,000		2,925,877
Schlumberger Investment SA
3.65%, 12/1/2023		4,546,000		4,501,394
				7,427,271
Entertainment – 0.8%
Take-Two Interactive Software, Inc.
3.30%, 3/28/2024		7,310,000		7,171,327
3.55%, 4/14/2025		240,000		233,408
				7,404,735

Investments	Principal Amount		Value
Financial Services – 3.0%
Corebridge Financial, Inc.
3.50%, 4/4/2025(b)	$	2,300,000	$	2,209,868
Element Fleet Management Corp.
1.60%, 4/6/2024(b)		5,500,000		5,275,962
Fidelity National Information Services, Inc.
0.60%, 3/1/2024		910,000		872,530
Fiserv, Inc.
3.80%, 10/1/2023		5,200,000		5,164,898
Global Payments, Inc.
4.00%, 6/1/2023		3,000,000		2,995,589
1.50%, 11/15/2024		240,000		226,549
Jackson Financial, Inc.
1.13%, 11/22/2023		950,000		927,112
NTT Finance Corp.
0.58%, 3/1/2024(b)		2,650,000		2,552,235
PayPal Holdings, Inc.
1.35%, 6/1/2023		4,775,000		4,755,646
Western Union Co. (The)
4.25%, 6/9/2023		3,603,000		3,592,182
				28,572,571
Food Products – 1.9%
Conagra Brands, Inc.
0.50%, 8/11/2023		560,000		552,363
Danone SA
2.59%, 11/2/2023(b)		3,025,000		2,984,218
General Mills, Inc.
(ICE LIBOR USD 3 Month + 1.01%), 6.27%, 10/17/2023(a)		650,000		651,909
3.65%, 2/15/2024		6,000,000		5,926,764
Hormel Foods Corp.
0.65%, 6/3/2024		280,000		267,639
Kellogg Co.
2.65%, 12/1/2023		2,000,000		1,971,342
McCormick & Co., Inc.
0.90%, 2/15/2026		620,000		558,865
Mondelez International, Inc.
2.13%, 3/17/2024		3,500,000		3,408,860
Tyson Foods, Inc.
3.95%, 8/15/2024		1,250,000		1,233,144
				17,555,104

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 409

FlexShares^® Ultra-Short Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Ground Transportation – 0.3%
Canadian Pacific Railway Co.
1.35%, 12/2/2024	$	910,000	$	859,866
SMBC Aviation Capital Finance DAC
4.13%, 7/15/2023(b)		700,000		697,024
Union Pacific Corp.
3.50%, 6/8/2023		950,000		948,309
				2,505,199
Health Care Equipment & Supplies – 2.1%
Baxter International, Inc.
0.87%, 12/1/2023		1,800,000		1,750,022
(United States SOFR Compounded Index + 0.44%), 5.28%, 11/29/2024(a)		1,435,000		1,407,645
Boston Scientific Corp.
3.45%, 3/1/2024		6,127,000		6,035,693
GE HealthCare Technologies, Inc.
5.55%, 11/15/2024(b)		3,000,000		3,012,766
Stryker Corp.
0.60%, 12/1/2023		6,910,000		6,725,141
Zimmer Biomet Holdings, Inc.
1.45%, 11/22/2024		650,000		615,452
				19,546,719
Health Care Providers & Services – 2.2%
Cigna Group (The)
3.00%, 7/15/2023		1,500,000		1,491,859
(ICE LIBOR USD 3 Month + 0.89%), 6.15%, 7/15/2023(a)		2,500,000		2,500,969
0.61%, 3/15/2024		2,400,000		2,305,968
HCA, Inc.
5.00%, 3/15/2024		400,000		398,120
Humana, Inc.
0.65%, 8/3/2023		1,760,000		1,738,905
McKesson Corp.
3.80%, 3/15/2024		5,000,000		4,933,663
UnitedHealth Group, Inc.
3.50%, 6/15/2023		6,000,000		5,987,741
0.55%, 5/15/2024		1,580,000		1,512,051
				20,869,276

Investments	Principal Amount		Value
Hotels, Restaurants & Leisure – 0.5%
Hyatt Hotels Corp.
1.30%, 10/1/2023	$	500,000	$	492,612
Starbucks Corp.
3.85%, 10/1/2023		2,000,000		1,990,263
(United States SOFR Compounded Index + 0.42%), 5.27%, 2/14/2024(a)		2,370,000		2,368,608
				4,851,483
Household Durables – 0.4%
Lennar Corp.
4.88%, 12/15/2023		3,940,000		3,932,061
Household Products – 0.2%
Colgate-Palmolive Co.
3.10%, 8/15/2025		1,480,000		1,443,991
Industrial Conglomerates – 0.6%
3M Co.
3.25%, 2/14/2024		3,062,000		3,023,208
General Electric Co.
Series A, (ICE LIBOR USD 3 Month + 0.30%), 5.56%, 5/13/2024(a)		3,000,000		2,960,200
				5,983,408
Insurance – 1.0%
Athene Global Funding
1.20%, 10/13/2023(b)		1,900,000		1,855,077
(ICE LIBOR USD 3 Month + 0.73%), 5.94%, 1/8/2024(a) (b)		1,000,000		991,196
Brighthouse Financial Global Funding
0.60%, 6/28/2023(b)		630,000		624,857
Loews Corp.
2.63%, 5/15/2023		2,198,000		2,195,423
New York Life Global Funding
(United States SOFR Compounded Index + 0.33%), 5.15%, 1/14/2025(a) (b)		2,000,000		1,980,180
Protective Life Global Funding
0.63%, 10/13/2023(b)		900,000		879,373

See Accompanying Notes to the Financial Statements.

410 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ultra-Short Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Insurance – (continued)
Security Benefit Global Funding
1.25%, 5/17/2024(b)	$	650,000	$	619,085
				9,145,191
IT Services – 0.9%
International Business Machines Corp.
3.38%, 8/1/2023		7,000,000		6,966,122
3.63%, 2/12/2024		1,500,000		1,483,377
				8,449,499
Life Sciences Tools & Services – 0.3%
Thermo Fisher Scientific, Inc.
0.80%, 10/18/2023		1,000,000		980,146
1.22%, 10/18/2024		390,000		371,395
(United States SOFR Compounded Index + 0.53%), 5.34%, 10/18/2024(a)		1,018,000		1,017,754
				2,369,295
Machinery – 1.9%
CNH Industrial Capital LLC
1.95%, 7/2/2023		2,381,000		2,367,731
3.95%, 5/23/2025		1,290,000		1,259,536
Daimler Truck Finance North America LLC
(SOFR + 0.60%), 5.44%, 12/14/2023(a) (b)		2,000,000		1,998,778
Illinois Tool Works, Inc.
3.50%, 3/1/2024		4,330,000		4,274,965
Parker-Hannifin Corp.
3.65%, 6/15/2024		6,000,000		5,910,550
Stanley Black & Decker, Inc.
6.27%, 3/6/2026		2,020,000		2,042,852
				17,854,412
Media – 0.5%
Comcast Corp.
(ICE LIBOR USD 3 Month + 0.63%), 5.89%, 4/15/2024(a)		1,000,000		1,001,872

Investments	Principal Amount		Value
Media – (continued)
Fox Corp.
4.03%, 1/25/2024	$	4,000,000	$	3,963,840
				4,965,712
Multi-Utilities – 1.0%
Ameren Illinois Co.
0.38%, 6/15/2023		670,000		665,832
Black Hills Corp.
1.04%, 8/23/2024		960,000		905,950
CenterPoint Energy, Inc.
(United States SOFR Compounded Index + 0.65%), 5.50%, 5/13/2024(a)		760,000		756,534
Consolidated Edison, Inc.
Series A, 0.65%, 12/1/2023		3,600,000		3,502,505
Dominion Energy, Inc.
Series D, (ICE LIBOR USD 3 Month + 0.53%), 5.40%, 9/15/2023(a)		2,000,000		1,998,294
DTE Energy Co.
4.22%, 11/1/2024(d)		1,700,000		1,675,024
				9,504,139
Office REITs – 0.6%
Boston Properties LP
REIT, 3.13%, 9/1/2023		5,000,000		4,929,075
REIT, 3.80%, 2/1/2024		1,000,000		978,112
				5,907,187
Oil, Gas & Consumable Fuels – 2.4%
ConocoPhillips Co.
2.13%, 3/8/2024		4,500,000		4,395,674
Enbridge, Inc.
(United States SOFR Compounded Index + 0.63%), 5.49%, 2/16/2024(a)		4,700,000		4,687,112
Enterprise Products Operating LLC
5.05%, 1/10/2026		720,000		731,740
Kinder Morgan Energy Partners LP
3.50%, 9/1/2023		4,410,000		4,386,565

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 411

FlexShares^® Ultra-Short Income Fund (cont.)

Investments	Principal Amount		Value
CORPORATE BONDS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Kinder Morgan, Inc.
5.63%, 11/15/2023(b)	$	1,150,000	$	1,149,668
Phillips 66
0.90%, 2/15/2024		5,000,000		4,833,317
Saudi Arabian Oil Co.
1.25%, 11/24/2023(b)		200,000		195,396
TransCanada PipeLines Ltd.
3.75%, 10/16/2023		2,000,000		1,983,516
1.00%, 10/12/2024		520,000		488,263
				22,851,251
Paper & Forest Products – 0.6%
Georgia-Pacific LLC
3.73%, 7/15/2023(b)		4,000,000		3,984,424
0.63%, 5/15/2024(b)		2,200,000		2,099,537
				6,083,961
Personal Care Products – 0.2%
Kenvue, Inc.
5.50%, 3/22/2025(b)		2,305,000		2,343,930
Pharmaceuticals – 1.4%
AstraZeneca plc
0.30%, 5/26/2023		6,425,000		6,404,716
(ICE LIBOR USD 3 Month + 0.67%), 5.54%, 8/17/2023(a)		480,000		480,320
Bristol-Myers Squibb Co.
0.54%, 11/13/2023		700,000		683,003
Merck & Co., Inc.
2.80%, 5/18/2023		695,000		694,288
Pfizer, Inc.
3.00%, 6/15/2023		2,490,000		2,482,981
Shire Acquisitions Investments Ireland DAC
2.88%, 9/23/2023		2,925,000		2,894,692
				13,640,000
Semiconductors & Semiconductor Equipment – 0.7%
Analog Devices, Inc.
(SOFR + 0.25%), 5.07%, 10/1/2024(a)		610,000		605,789
Microchip Technology, Inc.
0.98%, 9/1/2024		870,000		818,817

Investments	Principal Amount		Value
Semiconductors & Semiconductor Equipment – (continued)
NVIDIA Corp.
0.31%, 6/15/2023	$	5,320,000	$	5,291,398
				6,716,004
Software – 1.1%
Intuit, Inc.
0.65%, 7/15/2023		1,890,000		1,870,714
Roper Technologies, Inc.
3.65%, 9/15/2023		4,727,000		4,698,619
VMware, Inc.
0.60%, 8/15/2023		3,590,000		3,540,484
				10,109,817
Specialized REITs – 0.6%
Crown Castle, Inc.
REIT, 3.15%, 7/15/2023		1,700,000		1,692,195
Public Storage
REIT, (SOFR + 0.47%), 5.27%, 4/23/2024(a)		4,000,000		3,987,552
				5,679,747
Specialty Retail – 0.6%
AutoZone, Inc.
3.13%, 4/18/2024		3,993,000		3,909,250
O’Reilly Automotive, Inc.
3.85%, 6/15/2023		1,616,000		1,611,131
				5,520,381
Technology Hardware, Storage & Peripherals – 0.3%
Hewlett Packard Enterprise Co.
5.90%, 10/1/2024		3,200,000		3,234,060
Trading Companies & Distributors – 0.2%
Air Lease Corp.
4.25%, 2/1/2024		1,000,000		988,727
0.80%, 8/18/2024		980,000		920,210
				1,908,937
Wireless Telecommunication Services – 0.2%
Rogers Communications, Inc.
4.10%, 10/1/2023		2,000,000		1,985,791
Total Corporate Bonds (Cost $707,623,558)				702,862,171

See Accompanying Notes to the Financial Statements.

412 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ultra-Short Income Fund (cont.)

Investments	Principal Amount		Value
ASSET-BACKED SECURITIES – 5.3%
BMW Vehicle Lease Trust
Series 2021-1, Class A4, 0.37%, 7/25/2024	$	2,550,000	$	2,520,016
Series 2021-2, Class A3, 0.33%, 12/26/2024		1,868,122		1,834,853
Series 2023-1, Class A2, 5.27%, 2/25/2025		500,000		499,074
Series 2022-1, Class A3, 1.10%, 3/25/2025		329,971		322,804
Capital One Multi-Asset Execution Trust
Series 2021-A3, Class A3, 1.04%, 11/15/2026		2,900,000		2,737,624
Carmax Auto Owner Trust
Series 2022-3, Class A2A, 3.81%, 9/15/2025		1,173,599		1,163,361
Dell Equipment Finance Trust
Series 2021-2, Class A2, 0.33%, 12/22/2026(b)		303,833		302,545
Series 2023-1, Class A2, 5.65%, 9/22/2028(b)		2,000,000		2,001,914
Ford Credit Auto Lease Trust
Series 2022-A, Class A2A, 2.78%, 10/15/2024		415,017		412,358
Series 2022-A, Class A3, 3.23%, 5/15/2025		1,000,000		983,329
Ford Credit Auto Owner Trust
Series 2020-A, Class A3, 1.04%, 8/15/2024		45,873		45,668
Series 2022-C, Class A2A, 4.52%, 4/15/2025		3,128,337		3,116,124
Series 2022-D, Class A2A, 5.37%, 8/15/2025		1,100,000		1,098,726
Series 2023-A, Class A2A, 5.14%, 3/15/2026		580,000		578,972
GM Financial Automobile Leasing Trust
Series 2022-3, Class A2A, 4.01%, 10/21/2024		2,246,090		2,232,386
Series 2021-1, Class A4, 0.33%, 2/20/2025		1,330,716		1,323,745
Series 2022-2, Class A3, 3.42%, 6/20/2025		1,000,000		981,776

Investments	Principal Amount		Value
ASSET-BACKED SECURITIES – (continued)
GM Financial Consumer Automobile Receivables Trust
Series 2020-1, Class A4, 1.90%, 3/17/2025	$	500,000	$	493,631
Series 2022-3, Class A2A, 3.50%, 9/16/2025		1,490,523		1,475,222
Series 2023-1, Class A2A, 5.19%, 3/16/2026		770,000		769,091
Series 2021-2, Class A3, 0.51%, 4/16/2026		1,140,151		1,098,908
Series 2021-3, Class A3, 0.48%, 6/16/2026		1,408,813		1,352,208
Honda Auto Receivables Owner Trust
Series 2022-2, Class A2, 3.81%, 3/18/2025		1,333,894		1,323,043
Hyundai Auto Receivables Trust
Series 2021-C, Class A2A, 0.36%, 10/15/2024		102,654		102,129
Series 2022-A, Class A2A, 1.81%, 2/18/2025		596,397		589,373
Series 2022-B, Class A2A, 3.64%, 5/15/2025		810,395		802,580
Series 2021-A, Class A3, 0.38%, 9/15/2025		1,245,143		1,211,046
Series 2020-B, Class A4, 0.62%, 12/15/2025		1,439,000		1,393,664
Mercedes-Benz Auto Receivables Trust
Series 2022-1, Class A2, 5.26%, 10/15/2025		1,500,000		1,498,393
Series 2023-1, Class A2, 5.09%, 1/15/2026		600,000		598,571
Nissan Auto Lease Trust
Series 2021-A, Class A3, 0.52%, 8/15/2024		1,534,491		1,513,634
Nissan Auto Receivables Owner Trust
Series 2022-B, Class A2, 4.50%, 8/15/2025		3,000,000		2,981,636
Santander Drive Auto Receivables Trust
Series 2022-7, Class A2, 5.81%, 1/15/2026		1,214,179		1,214,067

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 413

FlexShares^® Ultra-Short Income Fund (cont.)

Investments	Principal Amount		Value
ASSET-BACKED SECURITIES – (continued)
Series 2023-1, Class A2, 5.36%, 5/15/2026	$	2,000,000	$	1,995,975
Toyota Auto Receivables Owner Trust
Series 2020-B, Class A3, 1.36%, 8/15/2024		137,366		136,582
Series 2022-D, Class A2A, 5.27%, 1/15/2026		1,200,000		1,198,993
Verizon Master Trust
Series 2021-1, Class A, 0.50%, 5/20/2027		3,000,000		2,853,244
World Omni Auto Receivables Trust
Series 2022-C, Class A2, 3.73%, 3/16/2026		1,823,450		1,802,988
Series 2021-B, Class A3, 0.42%, 6/15/2026		1,656,293		1,591,397
Total Asset-Backed Securities (Cost $50,142,337)				50,151,650
MUNICIPAL BONDS – 0.5%
University of Missouri, System Facilities Revenue Bonds
Series 2020-A, 1.47%, 11/1/2023		1,000,000		981,627
City of New York
Series 2021-D, 0.59%, 8/1/2023		1,800,000		1,780,289
Anaheim Public Financing Authority
Series 2021-A, 0.63%, 7/1/2024		500,000		476,163
New York City Transitional Finance Authority, Building Aid
Series 2022 Subseries S-1B, 0.64%, 7/15/2024		1,000,000		948,523
Port Authority of New York & New Jersey
Series AAA, 1.09%, 7/1/2023		1,000,000		992,915
Total Municipal Bonds (Cost $5,300,000)				5,179,517

Investments	Principal Amount		Value
U.S. GOVERNMENT AGENCY SECURITIES – 0.2%(a)
FFCB
(SOFR + 0.04%), 4.85%, 2/5/2024 (Cost $1,800,000)	$	1,800,000	$	1,799,608
SHORT-TERM INVESTMENTS – 18.3%(e)
U.S. TREASURY OBLIGATIONS – 18.3%
U.S. Treasury Bills
4.47%, 5/2/2023		25,000,000		24,997,115
4.69%, 5/30/2023		20,000,000		19,933,743
4.58%, 6/22/2023		30,000,000		29,790,808
5.05%, 8/22/2023		20,000,000		19,687,602
5.22%, 9/7/2023		20,000,000		19,653,539
4.79%, 9/28/2023		20,000,000		19,602,431
4.95%, 10/19/2023		20,000,000		19,541,308
0.00%, 10/26/2023		20,000,000		19,521,609
Total U.S. Treasury Obligations (Cost $172,721,418)				172,728,155
Total Investments – 98.6% (Cost $937,587,313)				932,721,101
Other assets less liabilities – 1.4%				13,080,556
NET ASSETS – 100.0%			$	945,801,657

^(a)  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2023.

^(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)  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, 2023.

^(e)  The rate shown was the current yield as of April 30, 2023.

Percentages shown are based on Net Assets.

Abbreviations

ICE – Intercontinental Exchange

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

USD – US Dollar

See Accompanying Notes to the Financial Statements.

414 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Ultra-Short Income Fund (cont.)

As of April 30, 2023, 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	$	665,358
Aggregate gross unrealized depreciation		(5,531,570	)
Net unrealized depreciation	$	(4,866,212	)
Federal income tax cost	$	937,587,313

FlexShares^® Ultra-Short Income Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2023:

Australia	3.1	%
Canada	8.1
Denmark	0.1
Finland	0.3
France	0.6
Germany	1.8
Ireland	0.2
Japan	1.9
Netherlands	1.1
New Zealand	0.6
Saudi Arabia	0.0	†
South Korea	0.1
Spain	0.7
Sweden	1.9
Switzerland	1.2
United Kingdom	3.0
United States	73.9
Other1	1.4
	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		74.3	%
Asset-Backed Securities		5.3
Municipal Bonds		0.5
U.S. Government Agency Securities		0.2
Short-Term Investments		18.3
Others(1)		1.4
		100.0	%

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

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 415

Schedule of Investments

FlexShares^® Core Select Bond Fund

April 30, 2023 (Unaudited)

Investments	Shares		Value
EXCHANGE TRADED FUNDS – 97.8%
FlexShares® Credit-Scored US Corporate Bond Index Fund(a)		285,764	$	13,609,768
FlexShares® Credit-Scored US Long Corporate Bond Index Fund(a)		21,696		963,723
FlexShares® Disciplined Duration MBS Index Fund(a)		473,785		9,774,232
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund(a)		162,581		3,919,828
FlexShares® Ultra-Short Income Fund(a)		131,437		9,843,843
iShares 10+ Year Investment Grade Corporate Bond ETF(b)		339,838		17,872,080
iShares 20+ Year Treasury Bond ETF		127,520		13,575,779
iShares 3-7 Year Treasury Bond ETF(b)		311,546		36,818,506
iShares 5-10 Year Investment Grade Corporate Bond ETF(b)		132,613		6,829,570
iShares 7-10 Year Treasury Bond ETF(b)		133,702		13,334,100
iShares MBS ETF		497,336		47,187,240
iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF		306,504		15,542,818
Total Exchange Traded Funds (Cost $191,872,804)				189,271,487
	Principal Amount
SECURITIES LENDING REINVESTMENTS – 7.5%(c)
REPURCHASE AGREEMENTS – 7.5%
CF Secured LLC, 4.77%, dated 4/30/2023, due 5/1/2023, repurchase price $14,516,623, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 7.63%, maturing 5/15/2023 - 2/15/2053; total market value $14,722,305 (Cost $14,514,700)	$	14,514,700		14,514,700

	Principal Amount		Value
SHORT-TERM INVESTMENTS – 0.1%(d) (e)
U.S. TREASURY OBLIGATIONS – 0.1%
U.S. Treasury Bills 4.36%, 5/11/2023 (Cost $79,904)	$	80,000	$	79,907
Total Investments – 105.4% (Cost $206,467,408)				203,866,094
Liabilities in excess of other assets – (5.4%)				(10,381,038	)
NET ASSETS – 100.0%			$	193,485,056

^(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, 2023. The total value of securities on loan at April 30, 2023 was $21,110,480, collateralized in the form of cash with a value of $14,514,700 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $7,894,413 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 2.00% – 3.00%, and maturity dates ranging from November 15, 2041 – May 15, 2051; a total value of $22,409,113.

^(c)  The security was purchased with cash collateral held from securities on loan at April 30, 2023. The total value of securities purchased was $14,514,700.

^(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, 2023.

Percentages shown are based on Net Assets.

As of April 30, 2023, 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		(3,344,440	)
Net unrealized depreciation	$	(3,344,440	)
Federal income tax cost	$	207,302,983

See Accompanying Notes to the Financial Statements.

416 FLEXSHARES SEMIANNUAL REPORT

FlexShares^® Core Select Bond Fund (cont.)

For the period ended April 30, 2023, 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, 2023, was as follows:

Security	Value October 31, 2022		Purchases at Cost		Sales Proceeds		Shares April 30, 2023		Value April 30, 2023		Change in Unrealized Appreciation (Depreciation)		Dividend Income		Realized Gain/(Loss)
FlexShares® Credit-Scored US Corporate Bond Index Fund	$	11,170,323	$	2,156,442	$	320,420		285,764	$	13,609,768	$	596,099	$	188,729	$	7,324
FlexShares® Credit-Scored US Long Corporate Bond Index Fund		797,284		150,437		86,359		21,696		963,723		104,039		21,106		(1,678	)
FlexShares® Disciplined Duration MBS Index Fund		21,492,612		3,254,245		15,739,082		473,785		9,774,232		1,682,594		321,379		(916,137	)
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund		6,398,688		1,381,411		4,029,346		162,581		3,919,828		400,808		74,246		(231,733	)
FlexShares® Ultra-Short Income Fund		16,002,325		2,814,969	��	9,088,930		131,437		9,843,843		100,585		289,415		14,894
	$	55,861,232	$	9,757,504	$	29,264,137		1,075,263	$	38,111,394	$	2,884,125	$	894,875	$	(1,127,330	)

Futures Contracts

FlexShares^® Core Select Bond Fund had the following open futures contracts as of April 30, 2023:

	Number of Contracts		Expiration Date		Trading Currency		Notional Amount		Value and Unrealized Appreciation*
Long Contracts
U.S. Treasury 2 Year Note		51		06/30/2023		USD	$	10,514,367	$	92,449

* 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
Exchange Traded Funds		97.8	%
Securities Lending Reinvestments		7.5
Short-Term Investments		0.1
Others(1)		(5.4	)
		100.0	%

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

See Accompanying Notes to the Financial Statements.

FLEXSHARES SEMIANNUAL REPORT 417

Notes to the Financial Statements April 30, 2023 (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, 2023 (each a “Fund” and collectively, the “Funds”).

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^® Ultra-Short Income Fund (formerly known as the 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 Ultra-Short Income Fund and the FlexShares Core Select Bond Fund, seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of a specified benchmark index (each an “Underlying Index”). The FlexShares US Quality Low Volatility Index Fund, FlexShares 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 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.

418 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

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 funds in which it invests (“Underlying Fund”).

The FlexShares Ultra-Short 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 Ultra-Short Income Fund seeks maximum current income consistent with the preservation of capital and liquidity. The FlexShares Core Select Bond Fund seeks total return and preservation of capital. Each Fund, except the FlexShares Ultra-Short 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.

On March 23, 2023, the Trust’s Board of Trustees (“Board”) unanimously approved a reorganization whereby the FlexShares Quality Dividend Index Fund will acquire all of the assets and liabilities of the FlexShares Quality Dividend Dynamic Index Fund and costs related to the reorganization will be paid by NTI.

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. The Board has designated NTI as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determinations relating to any or all Fund investments. Accordingly, when market quotations are not readily available, are deemed unreliable, or do not reflect material events occurring between the close of local markets and the time of valuation, NTI values Fund securities at fair value as determined in good faith in accordance with the Funds’ fair value pricing 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. The Board oversees NTI in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act. Additionally, NTI, in its discretion, may make adjustments to the prices of securities

FLEXSHARES SEMIANNUAL REPORT 419

Notes to the Financial Statements (cont.)

held by a Fund if an event occurs after the publication of market values normally used by NTI on behalf of a Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance and the Trust’s fair value procedures. Other events that can trigger fair valuing of foreign securities include, for example, significant fluctuations in general market indicators, government actions, or natural disasters.

The use of fair valuation involves the risk that the values used by NTI to price a Fund’s investments may be 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

420 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

on which they are traded. Over-the-counter options are valued at broker-provided bid prices, as are swaps. The foregoing prices may be obtained from one or more independent pricing services or, as needed or applicable, independent broker-dealers. If there was no sale on that day, and for other non-exchange traded 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, 2023 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*	$	168,034,951	$	—	$	—	$	168,034,951
Short-Term Investments		—		79,907		—		79,907
Total Investments	$	168,034,951	$	79,907	$	—	$	168,114,858
Other Financial Instruments
Assets
Futures Contracts	$	88,687	$	—	$	—	$	88,687
Total Other Financial Instruments	$	88,687	$	—	$	—	$	88,687

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 Developed Markets ex-US Quality Low Volatility Index Fund
Investments
Common Stocks*	$	79,771,050	$	—		$	—	$	79,771,050
Securities Lending Reinvestments
Repurchase Agreements		—		1,000,797			—		1,000,797
Total Investments	$	79,771,050	$	1,000,797		$	—	$	80,771,847
Other Financial Instruments
Assets
Futures Contracts	$	75,652	$	—		$	—		75,652
Forward Foreign Currency Contracts		—		11,468			—		11,468
Liabilities
Forward Foreign Currency Contracts		—		(25,887	)		—	$	(25,887	)
Total Other Financial Instruments	$	75,652	$	(14,419	)	$	—	$	61,233
	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*	$	18,044,013	$	—		$	—	$	18,044,013
Total Investments	$	18,044,013	$	—		$	—	$	18,044,013
Other Financial Instruments
Assets
Futures Contracts	$	4,747	$	—		$	—	$	4,747
Total Other Financial Instruments	$	4,747	$	—		$	—	$	4,747

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 Morningstar US Market Factor Tilt Index Fund
Investments
Common Stocks
Food Products	$	16,484,895	$	—		$	149	$	16,485,044
Life Sciences Tools & Services		19,243,471		—			90		19,243,561
Other*		1,368,259,013		—			—		1,368,259,013
Rights		—		—			62,082		62,082
Warrants		171,493		—			—		171,493
Securities Lending Reinvestments
Certificates of Deposit		—		4,998,290			—		4,998,290
Investment Companies		—		40,000,000			—		40,000,000
Repurchase Agreements		—		125,457,015			—		125,457,015
Total Investments	$	1,404,158,872	$	170,455,305		$	62,321	$	1,574,676,498
Other Financial Instruments
Assets
Futures Contracts	$	282,657	$	—		$	—	$	282,657
Total Other Financial Instruments	$	282,657	$	—		$	—	$	282,657
	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	$	76,150	$	—		$	—	$	76,150
Common Stocks
Banks		54,808,096		1,033			—		54,809,129
Food Products		14,452,929		76,614			—		14,529,543
Health Care Providers & Services		3,332,472		8			—		3,332,480
Metals & Mining		28,872,878		91,906			45,510		29,010,294
Specialty Retail		8,089,937		38,492			—		8,128,429
Other*		418,056,350		—			—		418,056,350
Rights		—		94			—		94
Warrants		—		—			—		—
Securities Lending Reinvestments
Repurchase Agreements		—		11,713,013			—		11,713,013
Total Investments	$	527,688,812	$	11,921,160		$	45,510	$	539,655,482
Other Financial Instruments
Assets
Futures Contracts	$	346,152	$	—		$	—	$	346,152
Forward Foreign Currency Contracts		—		190,515			—		190,515
Liabilities
Forward Foreign Currency Contracts		—		(85,444	)		—		(85,444	)
Total Other Financial Instruments	$	346,152	$	105,071		$	—	$	451,223

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 Morningstar Emerging Markets Factor Tilt Index Fund
Investments
Common Stocks
Air Freight & Logistics	$	581,058	$	994		$	—	$	582,052
Chemicals		9,782,011		79,825			—		9,861,836
Commercial Services & Supplies		373,969		35,287			—		409,256
Construction Materials		3,370,442		—			17,906		3,388,348
Consumer Staples Distribution & Retail		2,669,598		571			—		2,670,169
Electrical Equipment		2,693,196		22,949			—		2,716,145
Entertainment		1,853,619		—			7,609		1,861,228
Financial Services		3,865,954		20,164			—		3,886,118
Ground Transportation		792,382		994			—		793,376
Hotels, Restaurants & Leisure		3,665,858		2,565			—		3,668,423
Real Estate Management & Development		8,394,436		232,614			88,403		8,715,453
Retail REITs		291,135		16,531			—		307,666
Transportation Infrastructure		2,865,733		115,836			—		2,981,569
Other*		192,747,451		—			—		192,747,451
Corporate Bonds*		—		6,171			—		6,171
Rights		17,908		1,903			—		19,811
Warrants		—		—			—		—
Securities Lending Reinvestments
Repurchase Agreements		—		996,220			—		996,220
Total Investments	$	233,964,750	$	1,532,624		$	113,918	$	235,611,292
Other Financial Instruments
Assets
Futures Contracts	$	48,602	$	—		$	—	$	48,602
Forward Foreign Currency Contracts		—		1,480			—		1,480
Liabilities
Forward Foreign Currency Contracts		—		(3,737	)		—		(3,737	)
Total Other Financial Instruments	$	48,602	$	(2,257	)	$	—	$	46,345
	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*	$	124,848,568	$	—		$	—	$	124,848,568
Securities Lending Reinvestments
Repurchase Agreements		—		70,932			—		70,932
Total Investments	$	124,848,568	$	70,932		$	—	$	124,919,500
Other Financial Instruments
Assets
Futures Contracts	$	68,125	$	—		$	—	$	68,125
Total Other Financial Instruments	$	68,125	$	—		$	—	$	68,125

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 STOXX® US ESG Select Index Fund
Investments
Common Stocks*	$	173,202,870	$	—		$	—	$	173,202,870
Securities Lending Reinvestments
Repurchase Agreements		—		99,747			—		99,747
Total Investments	$	173,202,870	$	99,747		$	—	$	173,302,617
Other Financial Instruments
Assets
Futures Contracts	$	101,747	$	—		$	—	$	101,747
Total Other Financial Instruments	$	101,747	$	—		$	—	$	101,747
	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
Metals & Mining	$	2,516,574	$	18,931		$	—	$	2,535,505
Specialty Retail		2,162,043		9,561			—		2,171,604
Other*		149,861,027		—			—		149,861,027
Securities Lending Reinvestments
Repurchase Agreements		—		1,160,583			—		1,160,583
Total Investments	$	154,539,644	$	1,189,075		$	—	$	155,728,719
Other Financial Instruments
Assets
Futures Contracts	$	93,331	$	—		$	—	$	93,331
Forward Foreign Currency Contracts		—		1,339			—		1,339
Liabilities
Forward Foreign Currency Contracts		—		(12,830	)		—		(12,830	)
Total Other Financial Instruments	$	93,331	$	(11,491	)	$	—	$	81,840

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 ESG & Climate US Large Cap Core Index Fund
Investments
Common Stocks*	$	34,082,784	$	—		$	—	$	34,082,784
Short-Term Investments		—		29,965			—		29,965
Total Investments	$	34,082,784	$	29,965		$	—	$	34,112,749
Other Financial Instruments
Assets
Futures Contracts	$	15,606	$	—		$	—	$	15,606
Total Other Financial Instruments	$	15,606	$	—		$	—	$	15,606
	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*	$	39,009,133	$	—		$	—	$	39,009,133
Total Investments	$	39,009,133	$	—		$	—	$	39,009,133
Other Financial Instruments
Assets
Futures Contracts	$	24,147	$	—		$	—	$	24,147
Forward Foreign Currency Contracts		—		6,372			—		6,372
Liabilities
Forward Foreign Currency Contracts		—		(11,613	)		—		(11,613	)
Total Other Financial Instruments	$	24,147	$	(5,241	)	$	—	$	18,906
	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*	$	4,381,657	$	—		$	—	$	4,381,657
Total Investments	$	4,381,657	$	—		$	—	$	4,381,657
Other Financial Instruments
Assets
Futures Contracts	$	968	$	—		$	—	$	968
Total Other Financial Instruments	$	968	$	—		$	—	$	968

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 Morningstar Global Upstream Natural Resources Index Fund
Investments
Common Stocks*	$	7,465,822,201		$	—		$	—	$	7,465,822,201
Securities Lending Reinvestments
Certificates of Deposit		—			1,999,316			—		1,999,316
Investment Companies		—			30,000,000			—		30,000,000
Repurchase Agreements		—			119,593,429			—		119,593,429
Total Investments	$	7,465,822,201		$	151,592,745		$	—	$	7,617,414,946
Other Financial Instruments
Assets
Futures Contracts	$	1,203,164		$	—		$	—	$	1,203,164
Forward Foreign Currency Contracts		—			685,564			—		685,564
Liabilities
Futures Contracts		(21,018	)		—			—		(21,018	)
Forward Foreign Currency Contracts		—			(564,237	)		—		(564,237	)
Total Other Financial Instruments	$	1,182,146		$	121,327		$	—	$	1,303,473
	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*	$	2,351,083,940		$	—		$	—	$	2,351,083,940
Rights		—			3,448			—		3,448
Securities Lending Reinvestments
Investment Companies		—			2,000,000			—		2,000,000
Repurchase Agreements		—			29,567,974			—		29,567,974
Total Investments	$	2,351,083,940		$	31,571,422		$	—	$	2,382,655,362
Other Financial Instruments
Assets
Futures Contracts	$	762,658		$	—		$	—	$	762,658
Forward Foreign Currency Contracts		—			62,563			—		62,563
Liabilities
Forward Foreign Currency Contracts		—			(18,198	)		—		(18,198	)
Total Other Financial Instruments	$	762,658		$	44,365		$	—	$	807,023

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 Global Quality Real Estate Index Fund
Investments
Common Stocks*	$	323,822,444	$	—		$	—	$	323,822,444
Securities Lending Reinvestments
Repurchase Agreements		—		3,921,071			—		3,921,071
Total Investments	$	323,822,444	$	3,921,071		$	—	$	327,743,515
Other Financial Instruments
Assets
Futures Contracts	$	106,436	$	—		$	—	$	106,436
Forward Foreign Currency Contracts		—		17,012			—		17,012
Liabilities
Forward Foreign Currency Contracts		—		(22,544	)		—		(22,544	)
Total Other Financial Instruments	$	106,436	$	(5,532	)	$	—	$	100,904
	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	$	22,357,221	$	—		$	—	$	22,357,221
Total Investments	$	22,357,221	$	—		$	—	$	22,357,221
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares Quality Dividend Index Fund
Investments
Common Stocks*	$	1,531,134,171	$	—		$	—	$	1,531,134,171
Securities Lending Reinvestments
Certificates of Deposit		—		1,999,316			—		1,999,316
Investment Companies		—		20,000,000			—		20,000,000
Repurchase Agreements		—		81,799,744			—		81,799,744
Total Investments	$	1,531,134,171	$	103,799,060		$	—	$	1,634,933,231
Other Financial Instruments
Assets
Futures Contracts	$	401,163	$	—		$	—	$	401,163
Total Other Financial Instruments	$	401,163	$	—		$	—	$	401,163

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 Quality Dividend Defensive Index Fund
Investments
Common Stocks*	$	330,977,754	$	—	$	—	$	330,977,754
Securities Lending Reinvestments
Repurchase Agreements		—		15,244,162		—		15,244,162
Total Investments	$	330,977,754	$	15,244,162	$	—	$	346,221,916
Other Financial Instruments
Assets
Futures Contracts	$	150,320	$	—	$	—	$	150,320
Total Other Financial Instruments	$	150,320	$	—	$	—	$	150,320
	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*	$	17,030,222	$	—	$	—	$	17,030,222
Securities Lending Reinvestments
Repurchase Agreements		—		153,778		—		153,778
Total Investments	$	17,030,222	$	153,778	$	—	$	17,184,000
Other Financial Instruments
Assets
Futures Contracts	$	24,405	$	—	$	—	$	24,405
Total Other Financial Instruments	$	24,405	$	—	$	—	$	24,405

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 International Quality Dividend Index Fund
Investments
Common Stocks*	$	544,670,525		$	—		$	—	$	544,670,525
Securities Lending Reinvestments
Repurchase Agreements		—			7,140,017			—		7,140,017
Total Investments	$	544,670,525		$	7,140,017		$	—	$	551,810,542
Other Financial Instruments
Assets
Futures Contracts	$	334,274		$	—		$	—	$	334,274
Forward Foreign Currency Contracts		—			153,489			—		153,489
Liabilities
Futures Contracts		(2,670	)		—			—		(2,670	)
Forward Foreign Currency Contracts		—			(90,832	)		—		(90,832	)
Total Other Financial Instruments	$	331,604		$	62,657		$	—	$	394,261
	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*	$	29,907,585		$	—		$	—	$	29,907,585
Securities Lending Reinvestments
Repurchase Agreements		—			456,385			—		456,385
Total Investments	$	29,907,585		$	456,385		$	—	$	30,363,970
Other Financial Instruments
Assets
Futures Contracts	$	37,696		$	—		$	—	$	37,696
Forward Foreign Currency Contracts		—			1,224			—		1,224
Liabilities
Forward Foreign Currency Contracts		—			(16,092	)		—		(16,092	)
Total Other Financial Instruments	$	37,696		$	(14,868	)	$	—	$	22,828

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 International Quality Dividend Dynamic Index Fund
Investments
Common Stocks*	$	107,126,108	$	—		$	—	$	107,126,108
Securities Lending Reinvestments
Repurchase Agreements		—		1,585,346			—		1,585,346
Total Investments	$	107,126,108	$	1,585,346		$	—	$	108,711,454
Other Financial Instruments
Assets
Futures Contracts	$	85,220	$	—		$	—	$	85,220
Forward Foreign Currency Contracts		—		1,322			—		1,322
Liabilities
Forward Foreign Currency Contracts		—		(13,775	)		—		(13,775	)
Total Other Financial Instruments	$	85,220	$	(12,453	)	$	—	$	72,767
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares iBoxx 3-Year Target Duration TIPS Index Fund
Investments
U.S. Treasury Obligations	$	—	$	1,970,443,196		$	—	$	1,970,443,196
Total Investments	$	—	$	1,970,443,196		$	—	$	1,970,443,196
	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	$	—	$	718,923,995		$	—	$	718,923,995
Total Investments	$	—	$	718,923,995		$	—	$	718,923,995
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
FlexShares Disciplined Duration MBS Index Fund
Investments
Mortgage-Backed Securities	$	—	$	75,968,953		$	—	$	75,968,953
Total Investments	$	—	$	75,968,953		$	—	$	75,968,953

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 Credit-Scored US Corporate Bond Index Fund
Investments
Corporate Bonds*	$	—	$	238,227,157	$	—	$	238,227,157
Total Investments	$	—	$	238,227,157	$	—	$	238,227,157
	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*	$	—	$	34,709,806	$	—	$	34,709,806
Total Investments	$	—	$	34,709,806	$	—	$	34,709,806
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
FlexShares High Yield Value-Scored Bond Index Fund
Investments
Corporate Bonds*	$	—	$	1,029,903,166	$	—	$	1,029,903,166
Total Investments	$	—	$	1,029,903,166	$	—	$	1,029,903,166
	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*	$	—	$	18,258,440	$	—	$	18,258,440
Total Investments	$	—	$	18,258,440	$	—	$	18,258,440
	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*	$	—	$	36,118,696	$	—	$	36,118,696
Total Investments	$	—	$	36,118,696	$	—	$	36,118,696

432 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 Ultra-Short Income Fund
Investments
Asset-Backed Securities	$	—	$	50,151,650	$	—	$	50,151,650
Corporate Bonds*		—		702,862,171		—		702,862,171
Municipal Bonds		—		5,179,517		—		5,179,517
U.S. Government Agency Securities		—		1,799,608		—		1,799,608
Short-Term Investments		—		172,728,155		—		172,728,155
Total Investments	$	—	$	932,721,101	$	—	$	932,721,101
	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	$	189,271,487	$	—	$	—	$	189,271,487
Securities Lending Reinvestments
Repurchase Agreements		—		14,514,700		—		14,514,700
Short-Term Investments		—		79,907		—		79,907
Total Investments	$	189,271,487	$	14,594,607	$	—	$	203,866,094
Other Financial Instruments
Assets
Futures Contracts	$	92,449	$	—	$	—	$	92,449
Total Other Financial Instruments	$	92,449	$	—	$	—	$	92,449

* 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 evidencing ownership of the

FLEXSHARES SEMIANNUAL REPORT 433

Notes to the Financial Statements (cont.)

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.

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 Ultra-Short 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 Ultra-Short 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

434 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

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 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 Ultra-Short 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

FLEXSHARES SEMIANNUAL REPORT 435

Notes to the Financial Statements (cont.)

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.

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, 2023, none of the Funds presented in these financial statements had repurchase agreements outstanding except as discussed below.

As of April 30, 2023, 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 US Quality Large Cap 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.

436 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

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 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, 2023, which were comprised of cash, were as follows:

Fund
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund	$	1,000,797
FlexShares® Morningstar US Market Factor Tilt Index Fund	$	170,457,015
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund	$	11,713,013
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund	$	996,220
FlexShares® US Quality Large Cap Index Fund	$	70,932
FlexShares® STOXX® US ESG Select Index Fund	$	99,747
FlexShares® STOXX® Global ESG Select Index Fund	$	1,160,583
FlexShares® Morningstar Global Upstream Natural Resources Index Fund	$	151,593,429
FlexShares® STOXX® Global Broad Infrastructure Index Fund	$	31,567,974
FlexShares® Global Quality Real Estate Index Fund	$	3,921,071
FlexShares® Quality Dividend Index Fund	$	103,799,744
FlexShares® Quality Dividend Defensive Index Fund	$	15,244,162
FlexShares® Quality Dividend Dynamic Index Fund	$	153,778

FLEXSHARES SEMIANNUAL REPORT 437

Notes to the Financial Statements (cont.)

Fund
FlexShares® International Quality Dividend Index Fund	$	7,140,017
FlexShares® International Quality Dividend Defensive Index Fund	$	456,385
FlexShares® International Quality Dividend Dynamic Index Fund	$	1,585,346
FlexShares® Core Select Bond Fund	$	14,514,700

At April 30, 2023, 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.

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. 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, 2023, the FlexShares Core Select Bond Fund did not hold swaps.

As of April 30, 2023, 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,

438 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

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 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, 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, and the FlexShares Ultra-Short 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 Ultra-Short 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

FLEXSHARES SEMIANNUAL REPORT 439

Notes to the Financial Statements (cont.)

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 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, 2023, the FlexShares Developed Markets ex-US 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

440 FLEXSHARES SEMIANNUAL REPORT

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 – BNP Paribas SA	$	53	$	—		$	—	$	53
	Foreign Currency Contracts – Citibank NA		970		(970	)		—		—
	Foreign Currency Contracts – JPMorgan Chase Bank NA		4,599		(553	)		—		4,046
	Foreign Currency Contracts – Morgan Stanley		231		(231	)		—		—
	Foreign Currency Contracts – Toronto-Dominion Bank (The)		5,615		(2,091	)		—		3,524
	Total	$	11,468	$	(3,845	)	$	—	$	7,623
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund	Foreign Currency Contracts – Citibank NA	$	66,920	$	—		$	—	$	66,920
	Foreign Currency Contracts – JPMorgan Chase Bank NA		74,105		(68,046	)		—		6,059
	Foreign Currency Contracts – Toronto-Dominion Bank (The)		49,490		—			—		49,490
	Total	$	190,515	$	(68,046	)	$	—	$	122,469
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund	Foreign Currency Contracts – JPMorgan Chase Bank NA	$	667	$	—		$	—	$	667
	Foreign Currency Contracts – Toronto-Dominion Bank (The)		813		(813	)		—		—
	Total	$	1,480	$	(813	)	$	—	$	667
FlexShares® STOXX® Global ESG Select Index Fund	Foreign Currency Contracts – Morgan Stanley	$	786	$	(786	)	$	—	$	—
	Foreign Currency Contracts – Toronto-Dominion Bank (The)		553		—			—		553
	Total	$	1,339	$	(786	)	$	—	$	553
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund	Foreign Currency Contracts – Citibank NA	$	519	$	(519	)	$	—	$	—
	Foreign Currency Contracts – JPMorgan Chase Bank NA		5,423		(133	)		—		5,290
	Foreign Currency Contracts – Morgan Stanley		347		(347	)		—		—
	Foreign Currency Contracts – Toronto-Dominion Bank (The)		8		(8	)		—		—
	Foreign Currency Contracts – UBS AG		75		(75	)		—		—
	Total	$	6,372	$	(1,082	)	$	—	$	5,290
FlexShares® Morningstar Global Upstream Natural Resources Index Fund	Foreign Currency Contracts – Bank of Montreal	$	39,372	$	—		$	—	$	39,372
	Foreign Currency Contracts – Bank of New York Mellon (The)		42,929		(42,929	)		—		—
	Foreign Currency Contracts – BNP Paribas SA		115,114		—			—		115,114
	Foreign Currency Contracts – Citibank NA		254,822		(35,368	)		—		219,454
	Foreign Currency Contracts – JPMorgan Chase Bank NA		146,486		(93,323	)		—		53,163
	Foreign Currency Contracts – Morgan Stanley		76,824		(58,654	)		—		18,170
	Foreign Currency Contracts – Toronto-Dominion Bank (The)		9,386		(9,386	)		—		—
	Foreign Currency Contracts – UBS AG		631		(77	)		—		554
	Total	$	685,564	$	(239,737	)	$	—	$	445,827

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® STOXX® Global Broad Infrastructure Index Fund	Foreign Currency Contracts – JPMorgan Chase Bank NA	$	62,563		$	(18,198	)	$	—	$	44,365
	Total	$	62,563		$	(18,198	)	$	—	$	44,365
FlexShares® Global Quality Real Estate Index Fund	Foreign Currency Contracts – Citibank NA	$	12,859		$	(7,143	)	$	—	$	5,716
	Foreign Currency Contracts – Morgan Stanley		4,070			(112	)		—		3,958
	Foreign Currency Contracts – UBS AG		83			(83	)		—		—
	Total	$	17,012		$	(7,338	)	$	—	$	9,674
FlexShares® International Quality Dividend Index Fund	Foreign Currency Contracts – Citibank NA	$	91,743		$	—		$	—	$	91,743
	Foreign Currency Contracts – JPMorgan Chase Bank NA		8,886			(8,886	)		—		—
	Foreign Currency Contracts – Toronto-Dominion Bank (The)		49,915			(5,660	)		—		44,255
	Foreign Currency Contracts – UBS AG		2,945			(583	)		—		2,362
	Total	$	153,489		$	(15,129	)	$	—	$	138,360
FlexShares® International Quality Dividend Defensive Index Fund	Foreign Currency Contracts – Citibank NA	$	776		$	(776	)	$	—	$	—
	Foreign Currency Contracts – Morgan Stanley		448			(448	)		—		—
	Total	$	1,224		$	(1,224	)	$	—	$	—
FlexShares® International Quality Dividend Dynamic Index Fund	Foreign Currency Contracts – Citibank NA	$	874		$	(874	)	$	—	$	—
	Foreign Currency Contracts – Morgan Stanley		448			(448	)		—		—
	Total	$	1,322		$	(1,322	)	$	—	$	—
					Gross Amounts Not Offset in the Statement of Assets and Liabilities
		Gross Amounts of Liabilities presented in Statements of Assets and Liabilities			Financial Instruments			Cash Collateral Pledged		Net Amount
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund	Foreign Currency Contracts – Citibank NA	$	(6,199	)	$	970		$	—	$	(5,229	)
	Foreign Currency Contracts – JPMorgan Chase Bank NA		(553	)		553			—		—
	Foreign Currency Contracts – Morgan Stanley		(17,044	)		231			—		(16,813	)
	Foreign Currency Contracts – Toronto-Dominion Bank (The)		(2,091	)		2,091			—		—
	Total	$	(25,887	)	$	3,845		$	—	$	(22,042	)
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund	Foreign Currency Contracts – Morgan Stanley	$	(17,398	)	$	—		$	—	$	(17,398	)
	Foreign Currency Contracts – JPMorgan Chase Bank NA		(68,046	)		68,046			—		—
	Total	$	(85,444	)	$	68,046		$	—	$	(17,398	)

442 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

					Gross Amounts Not Offset in the Statement of Assets and Liabilities
		Gross Amounts of Liabilities presented in Statements of Assets and Liabilities			Financial Instruments		Cash Collateral Pledged		Net Amount
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund	Foreign Currency Contracts – Goldman Sachs & Co.	$	(1,017	)	$	—	$	—	$	(1,017	)
	Foreign Currency Contracts – Morgan Stanley		(495	)		—		—		(495	)
	Foreign Currency Contracts – Toronto-Dominion Bank (The)		(2,225	)		813		—		(1,412	)
	Total	$	(3,737	)	$	813	$	—	$	(2,924	)
FlexShares® STOXX® Global ESG Select Index Fund	Foreign Currency Contracts – JPMorgan Chase Bank NA	$	(6,277	)	$	—	$	—	$	(6,277	)
	Foreign Currency Contracts – Morgan Stanley		(6,553	)		786		—		(5,767	)
	Total	$	(12,830	)	$	786	$	—	$	(12,044	)
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund	Foreign Currency Contracts – Citibank NA	$	(2,254	)	$	519	$	—	$	(1,735	)
	Foreign Currency Contracts – JPMorgan Chase Bank NA		(133	)		133		—		—
	Foreign Currency Contracts – Morgan Stanley		(6,209	)		347		—		(5,862	)
	Foreign Currency Contracts – Toronto-Dominion Bank (The)		(2,934	)		8		—		(2,926	)
	Foreign Currency Contracts – UBS AG		(83	)		75		—		(8	)
	Total	$	(11,613	)	$	1,082	$	—	$	(10,531	)
FlexShares® Morningstar Global Upstream Natural Resources Index Fund	Foreign Currency Contracts – Bank of New York Mellon (The)	$	(216,817	)	$	42,929	$	—	$	(173,888	)
	Foreign Currency Contracts – Citibank NA		(35,368	)		35,368		—		—
	Foreign Currency Contracts – Goldman Sachs & Co.		(95,053	)		—		—		(95,053	)
	Foreign Currency Contracts – JPMorgan Chase Bank NA		(93,323	)		93,323		—		—
	Foreign Currency Contracts – Morgan Stanley		(58,654	)		58,654		—		—
	Foreign Currency Contracts – Toronto-Dominion Bank (The)		(64,945	)		9,386		—		(55,559	)
	Foreign Currency Contracts – UBS AG		(77	)		77		—		—
	Total	$	(564,237	)	$	239,737	$	—	$	(324,500	)
FlexShares® STOXX® Global Broad Infrastructure Index Fund	Foreign Currency Contracts – JPMorgan Chase Bank NA	$	(18,198	)	$	18,198	$	—	$	—
	Total	$	(18,198	)	$	18,198	$	—	$	—
FlexShares® Global Quality Real Estate Index Fund	Foreign Currency Contracts – Citibank NA	$	(7,143	)	$	7,143	$	—	$	—
	Foreign Currency Contracts – Morgan Stanley		(112	)		112		—		—
	Foreign Currency Contracts – Toronto-Dominion Bank (The)		(14,793	)		—		—		(14,793	)
	Foreign Currency Contracts – UBS AG		(496	)		83		—		(413	)
	Total	$	(22,544	)	$	7,338	$	—	$	(15,206	)
FlexShares® International Quality Dividend Index Fund	Foreign Currency Contracts – Bank of Montreal	$	(1,034	)	$	—	$	—	$	(1,034	)
	Foreign Currency Contracts – Goldman Sachs & Co.		(12,656	)		—		—		(12,656	)
	Foreign Currency Contracts – JPMorgan Chase Bank NA		(70,899	)		8,886		—		(62,013	)
	Foreign Currency Contracts – Toronto-Dominion Bank (The)		(5,660	)		5,660		—		—
	Foreign Currency Contracts – UBS AG		(583	)		583		—		—
	Total	$	(90,832	)	$	15,129	$	—	$	(75,703	)

FLEXSHARES SEMIANNUAL REPORT 443

Notes to the Financial Statements (cont.)

					Gross Amounts Not Offset in the Statement of Assets and Liabilities
		Gross Amounts of Liabilities presented in Statements of Assets and Liabilities			Financial Instruments		Cash Collateral Pledged		Net Amount
FlexShares® International Quality Dividend Defensive Index Fund	Foreign Currency Contracts – Citibank NA	$	(2,180	)	$	776	$	—	$	(1,404	)
	Foreign Currency Contracts – Goldman Sachs & Co.		(638	)		—		—		(638	)
	Foreign Currency Contracts – Morgan Stanley		(4,584	)		448		—		(4,136	)
	Foreign Currency Contracts – Toronto-Dominion Bank (The)		(8,654	)		—		—		(8,654	)
	Foreign Currency Contracts – UBS AG		(36	)		—		—		(36	)
	Total	$	(16,092	)	$	1,224	$	—	$	(14,868	)
FlexShares® International Quality Dividend Dynamic Index Fund	Foreign Currency Contracts – Citibank NA	$	(2,303	)	$	874	$	—	$	(1,429	)
	Foreign Currency Contracts – Morgan Stanley		(5,975	)		448		—		(5,527	)
	Foreign Currency Contracts – Toronto-Dominion Bank (The)		(5,497	)		—		—		(5,497	)
	Total	$	(13,775	)	$	1,322	$	—	$	(12,453	)

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, 2023

Derivatives by risk type	Statements of Assets and Liabilities Location	Fund	Value
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® US Quality Low Volatility Index Fund	$	88,687
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund		75,652
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund		11,468
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund		(25,887	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® Emerging Markets Quality Low Volatility Index Fund		4,747
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® Morningstar US Market Factor Tilt Index Fund		282,657
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund		346,152
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund		190,515
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund		(85,444	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund		48,602

444 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

Derivatives by risk type	Statements of Assets and Liabilities Location	Fund	Value
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund	$	1,480
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund		(3,737	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® US Quality Large Cap Index Fund		68,125
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® STOXX® US ESG Select Index Fund		101,747
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® STOXX® Global ESG Select Index Fund		93,331
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares® STOXX® Global ESG Select Index Fund		1,339
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares® STOXX® Global ESG Select Index Fund		(12,830	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® ESG & Climate US Large Cap Core Index Fund		15,606
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund		24,147
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund		6,372
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund		(11,613	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® ESG & Climate Emerging Markets Core Index Fund		968
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® Morningstar Global Upstream Natural Resources Index Fund		1,203,164
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares® Morningstar Global Upstream Natural Resources Index Fund		(21,018	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares® Morningstar Global Upstream Natural Resources Index Fund		685,564
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares® Morningstar Global Upstream Natural Resources Index Fund		(564,237	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® STOXX® Global Broad Infrastructure Index Fund		762,658
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares® STOXX® Global Broad Infrastructure Index Fund		62,563
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares® STOXX® Global Broad Infrastructure Index Fund		(18,198	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® Global Quality Real Estate Index Fund		106,436

FLEXSHARES SEMIANNUAL REPORT 445

Notes to the Financial Statements (cont.)

Derivatives by risk type	Statements of Assets and Liabilities Location	Fund	Value
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares® Global Quality Real Estate Index Fund	$	17,012
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares® Global Quality Real Estate Index Fund		(22,544	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® Quality Dividend Index Fund		401,163
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® Quality Dividend Defensive Index Fund		150,320
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® Quality Dividend Dynamic Index Fund		24,405
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® International Quality Dividend Index Fund		334,274
Equity Index Futures Contracts	Liabilities — Unrealized depreciation on futures contracts*	FlexShares® International Quality Dividend Index Fund		(2,670	)
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares® International Quality Dividend Index Fund		153,489
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares® International Quality Dividend Index Fund		(90,832	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® International Quality Dividend Defensive Index Fund		37,696
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares® International Quality Dividend Defensive Index Fund		1,224
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares® International Quality Dividend Defensive Index Fund		(16,092	)
Equity Index Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® International Quality Dividend Dynamic Index Fund		85,220
Foreign Currency Contracts	Assets — Unrealized appreciation on forward foreign currency contracts	FlexShares® International Quality Dividend Dynamic Index Fund		1,322
Foreign Currency Contracts	Liabilities — Unrealized depreciation on forward foreign currency contracts	FlexShares® International Quality Dividend Dynamic Index Fund		(13,775	)
Interest Rate Futures Contracts	Assets — Unrealized appreciation on futures contracts*	FlexShares® Core Select Bond Fund		92,449

* 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.

446 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

The Effect of Derivative Instruments on the Statements of Operations for the Period Ended April 30, 2023

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	$	(52,266	)	$	81,890
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		135,473			118,175
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		(23,967	)		(29,365	)
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		(11,117	)		12,416
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		(372,462	)		(2,773	)
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		610,815			283,934
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		(136,634	)		156,561
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		(35,025	)		225,723

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
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	$	1,288		$	(6,769	)
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		(83,316	)		116,381
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		(83,946	)		137,815
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		(14,009	)		129,218
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		(3,904	)		(16,087	)
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		(10,854	)		21,224
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		6,976			28,923
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		(897	)		(8,031	)

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
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	$	(1,878	)	$	7,780
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		(1,200,343	)		1,225,733
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		(591,956	)		409,837
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		22,015			760,687
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		11,381			93,338
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		262,079			158,238
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		93,183			(19,221	)
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		(501,648	)		354,733
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		(90,567	)		189,074

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
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	$	(14,199	)	$	34,554
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		295,104			656,143
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		(15,334	)		78,773
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		67,043			71,138
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		(27,809	)		(33,138	)
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		72,424			123,734
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		(12,168	)		(22,474	)
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		22,749			96,409

450 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

At April 30, 2023, 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		—	$	—		31	$	211,115		—	$	—		—	$	—		—	$	—
FlexShares® Developed Markets Ex-US Quality Low Volatility Index Fund		73		64,726		24		200,459		—		—		—		—		—		—
FlexShares® Emerging Markets Quality Low Volatility Index Fund		—		—		14		56,206		—		—		—		—		—		—
FlexShares® Morningstar US Market Factor Tilt Index Fund		—		—		63		714,274		—		—		—		—		—		—
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund		52		621,301		86		477,934		—		—		—		—		—		—
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund		27		137,979		33		212,409		—		—		—		—		—		—
FlexShares® US Quality Large Cap Index Fund		—		—		18		271,358		—		—		—		—		—		—
FlexShares® STOXX US ESG Select Index Fund		—		—		12		396,894		—		—		—		—		—		—
FlexShares® STOXX Global ESG Select Index Fund		11		134,407		28		193,122		—		—		—		—		—		—
FlexShares® ESG & Climate US Large Cap Core Index Fund		—		—		14		62,689		—		—		—		—		—		—
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund		87		36,256		20		87,845		—		—		—		—		—		—
FlexShares® ESG & Climate Emerging Markets Core Index Fund		—		—		2		48,330		—		—		—		—		—		—
FlexShares® Morningstar Global Upstream Natural Resources Index Fund		123		1,138,786		238		969,338		—		—		—		—		—		—
FlexShares® STOXX Global Broad Infrastructure Index Fund		4		5,068,208		120		756,301		—		—		—		—		—		—
FlexShares® Global Quality Real Estate Index Fund		57		230,921		67		382,486		—		—		—		—		—		—
FlexShares® Quality Dividend Index Fund		—		—		62		742,755		—		—		—		—		—		—
FlexShares® Quality Dividend Defensive Index Fund		—		—		25		557,745		—		—		—		—		—		—
FlexShares® Quality Dividend Dynamic Index Fund		—		—		15		80,967		—		—		—		—		—		—
FlexShares® International Quality Dividend Index Fund		90		419,450		131		330,264		—		—		—		—		—		—
FlexShares® International Quality Dividend Defensive Index Fund		43		62,742		30		119,598		—		—		—		—		—		—
FlexShares® International Quality Dividend Dynamic Index Fund		24		78,913		36		167,416		—		—		—		—		—		—
FlexShares® Core Select Bond Fund		—		—		—		—		—		—		5		5,567,368		—		—

FLEXSHARES SEMIANNUAL REPORT 451

Notes to the Financial Statements (cont.)

Taxes and Distributions

Each Fund has qualified and intends to continue to qualify as a regulated investment company by 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.

As of October 31, 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

452 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

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 (i) dividend expenses on short sales; (ii) non-routine items, including litigation expenses and proxy expenses; and (iii) expenses that the Fund has incurred by did not actually pay due to an expense offset agreement, if applicable.

The Management Fee rate payable by each Fund is set forth in the following table:

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		0.25	%
FlexShares® STOXX® US ESG Select Index Fund		0.32	%
FlexShares® STOXX® Global ESG Select Index Fund		0.42	%
FlexShares® ESG & Climate US Large Cap Core Index Fund		0.09	%
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund		0.12	%
FlexShares® 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	%

Fund	Unitary Management Fee
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	%
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® Ultra-Short Income Fund		0.25	%
FlexShares® Core Select Bond Fund		0.35	%

The Investment Adviser has contractually agreed until March 1, 2024 to reimburse a portion of the operating expenses of each Fund (other than 12b-1 fees, tax expenses, extraordinary expenses, and 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

FLEXSHARES SEMIANNUAL REPORT 453

Notes to the Financial Statements (cont.)

Investment Adviser has contractually agreed until March 1, 2024 to waive Management Fees or reimburse certain expenses in an amount equal to the AFFE attributable to the Fund’s investments in its Underlying Funds. 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 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, 2024 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 Acquired 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, 2023, 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

454 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

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 Ultra-Short Income Fund. Expenses related to the DC Plan are stated on the Statements of Operations.

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, 2023		As of October 31, 2022
FlexShares® US Quality Low Volatility Index Fund	$	2,800		—
FlexShares® Emerging Markets Quality Low Volatility Index Fund		4,000	$	4,000
FlexShares® Morningstar US Market Factor Tilt Index Fund		4,500		6,000
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund		—		13,500
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund		—		50,000
FlexShares® US Quality Large Cap Index Fund		4,500		3,000
FlexShares® STOXX® US ESG Select Index Fund		1,400		1,050
FlexShares® STOXX® Global ESG Select Index Fund		6,500		—
FlexShares® ESG & Climate US Large Cap Core Index Fund		500		500
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund		18,000		—
FlexShares® Morningstar Global Upstream Natural Resources Index Fund		27,000		28,500
FlexShares® STOXX® Global Broad Infrastructure Index Fund		30,000		26,000
FlexShares® Global Quality Real Estate Index Fund		4,000		2,000
FlexShares® Quality Dividend Index Fund		3,900		5,650
FlexShares® Quality Dividend Defensive Index Fund		4,600		2,150

FLEXSHARES SEMIANNUAL REPORT 455

Notes to the Financial Statements (cont.)

Fund	As of April 30, 2023		As of October 31, 2022
FlexShares® Quality Dividend Dynamic Index Fund	$	400	$	400
FlexShares® International Quality Dividend Index Fund		15,500		12,000
FlexShares® International Quality Dividend Defensive Index Fund		7,000		7,000
FlexShares® International Quality Dividend Dynamic Index Fund		3,500		3,500
FlexShares® Disciplined Duration MBS Index Fund		2,000		1,600
FlexShares® Credit-Scored US Corporate Bond Index Fund		1,000		2,500
FlexShares® Credit-Scored US Long Corporate Bond Index Fund		—		1,000
FlexShares® High Yield Value-Scored Bond Index Fund		15,500		4,000
FlexShares® ESG & Climate High Yield Corporate Core Index Fund		—		500
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund		2,000		1,500
FlexShares® Ultra-Short Income Fund Fund		2,625		4,025

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, 2023, 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, 2023, were as follows:

Fund	Purchases		Sales
FlexShares® US Quality Low Volatility Index Fund	$	42,750,740	$	43,639,111
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund		19,504,171		18,418,555
FlexShares® Emerging Markets Quality Low Volatility Index Fund		11,156,030		3,243,280
FlexShares® Morningstar US Market Factor Tilt Index Fund		102,394,640		98,657,490
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund		60,180,333		54,284,600
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund		42,671,366		43,292,610
FlexShares® US Quality Large Cap Index Fund		9,948,996		9,255,249
FlexShares® STOXX® US ESG Select Index Fund		25,149,953		25,816,444
FlexShares® STOXX® Global ESG Select Index Fund		22,425,359		23,082,042
FlexShares® ESG & Climate US Large Cap Core Index Fund		1,366,697		1,383,062
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund		5,093,903		4,273,151
FlexShares® ESG & Climate Emerging Markets Core Index Fund		1,038,290		1,043,788
FlexShares® Morningstar Global Upstream Natural Resources Index Fund		1,307,368,494		1,221,222,386
FlexShares® STOXX® Global Broad Infrastructure Index Fund		217,870,799		223,612,489
FlexShares® Global Quality Real Estate Index Fund		85,563,038		77,864,031
FlexShares® Real Assets Allocation Index Fund		2,031,323		2,030,913
FlexShares® Quality Dividend Index Fund		316,849,673		316,478,885

456 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

Fund	Purchases		Sales
FlexShares® Quality Dividend Defensive Index Fund	$	77,839,558	$	75,066,326
FlexShares® Quality Dividend Dynamic Index Fund		3,569,787		3,781,504
FlexShares® International Quality Dividend Index Fund		109,033,939		97,850,565
FlexShares® International Quality Dividend Defensive Index Fund		11,601,716		16,597,857
FlexShares® International Quality Dividend Dynamic Index Fund		38,862,496		29,827,109
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund		763,282,077		788,058,717
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund		236,231,235		245,134,132
FlexShares® Disciplined Duration MBS Index Fund		17,973,514		41,032,699
FlexShares® Credit-Scored US Corporate Bond Index Fund		106,681,710		114,840,884
FlexShares® Credit-Scored US Long Corporate Bond Index Fund		12,909,551		17,118,657
FlexShares® High Yield Value-Scored Bond Index Fund		941,009,957		785,975,268
FlexShares® ESG & Climate High Yield Corporate Core Index Fund		5,731,231		5,876,206
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund		19,473,796		7,101,194
FlexShares® Ultra-Short Income Fund Fund		125,268,342		59,444,937
FlexShares® Core Select Bond Fund		32,594,305		33,382,177

11. In-Kind Transactions

During the period ended April 30, 2023, certain Funds received securities in exchange for subscriptions of shares (subscriptions-in-kind). For the period ended April 30, 2023, 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	$	29,244,786
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund		6,600,137
FlexShares® Emerging Markets Quality Low Volatility Index Fund		1,371,110
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund		1,383,093
FlexShares® US Quality Large Cap Index Fund		4,436,904
FlexShares® STOXX® US ESG Select Index Fund		7,125,056
FlexShares® ESG & Climate US Large Cap Core Index Fund		10,146,293
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund		16,439,098
FlexShares® Morningstar Global Upstream Natural Resources Index Fund		465,487,499
FlexShares® Global Quality Real Estate Index Fund		12,194,596
FlexShares® Real Assets Allocation Index Fund		744,272
FlexShares® Quality Dividend Index Fund		195,471,706
FlexShares® Quality Dividend Defensive Index Fund		35,751,126
FlexShares® Quality Dividend Dynamic Index Fund		2,775,549
FlexShares® International Quality Dividend Index Fund		25,948,271
FlexShares® International Quality Dividend Dynamic Index Fund		29,863,178
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund		174,535,092
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund		138,017,370
FlexShares® Core Select Bond Fund		29,224,091

During the period ended April 30, 2023, 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

FLEXSHARES SEMIANNUAL REPORT 457

Notes to the Financial Statements (cont.)

April 30, 2023, 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	$	30,576,916	$	7,142,050
FlexShares® Morningstar US Market Factor Tilt Index Fund		47,168,498		26,611,776
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund		1,196,355		131,085
FlexShares® US Quality Large Cap Index Fund		13,149,459		2,914,204
FlexShares® STOXX® US ESG Select Index Fund		18,601,101		4,512,837
FlexShares® STOXX® Global ESG Select Index Fund		12,040,546		3,774,231
FlexShares® Morningstar Global Upstream Natural Resources Index Fund		35,366,352		13,171,091
FlexShares® STOXX® Global Broad Infrastructure Index Fund		357,741,592		95,539,433
FlexShares® Global Quality Real Estate Index Fund		22,379,217		6,083,141
FlexShares® Real Assets Allocation Index Fund		9,133,772		(731,302	)
FlexShares® Quality Dividend Index Fund		259,874,539		61,900,757
FlexShares® Quality Dividend Defensive Index Fund		69,084,266		13,943,241
FlexShares® Quality Dividend Dynamic Index Fund		4,093,090		875,675
FlexShares® International Quality Dividend Index Fund		4,187,088		450,028
FlexShares® International Quality Dividend Defensive Index Fund		10,552,477		1,009,103
FlexShares® International Quality Dividend Dynamic Index Fund		7,360,582		1,122,716

Fund	Fair Value		Net Realized Gains(Losses)
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund	$	391,304,727	$	(3,482,505	)
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund		81,056,784		715,840
FlexShares® ESG & Climate High Yield Corporate Core Index Fund		2,045,257		63,674
FlexShares® Core Select Bond Fund		4,350,131		138,895

12. Guarantees and Indemnifications

In the normal course of business each Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds.

13. New Accounting Pronouncements

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 and hedging transactions as a result of the global markets anticipated transition away from the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021.

Preceding the issuance of ASU 2020-04, which established ASC 848, the United Kingdom’s Financial Conduct Authority (FCA) announced that it would no longer need to persuade or compel banks to submit to LIBOR after December 31, 2021. In response, the FASB established a December 31, 2022, expiration date for ASC 848.

458 FLEXSHARES SEMIANNUAL REPORT

Notes to the Financial Statements (cont.)

In March 2021, the FCA announced that the intended cessation date of LIBOR in the United States would be June 30, 2023. Accordingly, ASU 2022-06 defers the expiration date of ASC 848 to December 31, 2024. Management does not believe this update has a material impact on the Funds’ 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 stem 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 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

FLEXSHARES SEMIANNUAL REPORT 459

Notes to the Financial Statements (cont.)

Second Circuit. The Fund intends to continue to vigorously defend itself against this action.

16. Coronavirus (COVID-19) Pandemic

The global outbreak of the coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Funds, their ability to buy and sell fund investments at appropriate valuations, and their ability to achieve their investment objective(s).

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 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 except for the items noted below:

As discussed in Note 1, the reorganization whereby the FlexShares Quality Dividend Index Fund will acquire all of the assets and liabilities of the FlexShares Quality Dividend Dynamic Index Fund is expected to be completed on or about June 30, 2023.

At a Board meeting held on June 2, 2023, the Board approved the liquidation and termination of the ESG & Climate High Yield Corporate Core Index Fund on or about July 11, 2023. The liquidation date may be changed at the discretion of the Trust’s officers.

460 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 and held through the period ended April 30, 2023.

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, 2023.

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 Value04/30/23		Expenses Paid During the Period*		Annualized Expense Ratio During Period
FlexShares® US Quality Low Volatility Index Fund
Actual	$	1,000.00	$	1,059.80	$	1.12		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	$	1,197.20	$	1.74		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	$	1,120.60	$	2.10		0.40	%
Hypothetical	$	1,000.00	$	1,022.81	$	2.01		0.40	%

FLEXSHARES SEMIANNUAL REPORT 461

Fund Expenses (cont.)

	Beginning Account Value		Ending Account Value04/30/23		Expenses Paid During the Period*		Annualized Expense Ratio During Period
FlexShares® Morningstar US Market Factor Tilt Index Fund
Actual	$	1,000.00	$	1,053.30	$	1.27		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	$	1,215.00	$	2.14		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	$	1,160.10	$	3.16		0.59	%
Hypothetical	$	1,000.00	$	1,021.87	$	2.96		0.59	%
FlexShares® US Quality Large Cap Index Fund
Actual	$	1,000.00	$	1,069.50	$	1.28		0.25	%
Hypothetical	$	1,000.00	$	1,023.55	$	1.25		0.25	%
FlexShares® STOXX® US ESG Select Index Fund
Actual	$	1,000.00	$	1,098.70	$	1.67		0.32	%
Hypothetical	$	1,000.00	$	1,023.21	$	1.61		0.32	%
FlexShares® STOXX® Global ESG Select Index Fund
Actual	$	1,000.00	$	1,163.70	$	2.25		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	$	1,082.40	$	0.46		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	$	1,232.70	$	0.66		0.12	%
Hypothetical	$	1,000.00	$	1,024.20	$	0.60		0.12	%
FlexShares® ESG & Climate Emerging Markets Core Index Fund
Actual	$	1,000.00	$	1,156.00	$	0.96		0.18	%
Hypothetical	$	1,000.00	$	1,023.90	$	0.90		0.18	%
FlexShares® Morningstar Global Upstream Natural Resources Index Fund
Actual	$	1,000.00	$	1,039.40	$	2.33		0.46	%
Hypothetical	$	1,000.00	$	1,022.51	$	2.31		0.46	%
FlexShares® STOXX® Global Broad Infrastructure Index Fund
Actual	$	1,000.00	$	1,111.80	$	2.46		0.47	%
Hypothetical	$	1,000.00	$	1,022.46	$	2.36		0.47	%

462 FLEXSHARES SEMIANNUAL REPORT

Fund Expenses (cont.)

	Beginning Account Value		Ending Account Value04/30/23			Expenses Paid During the Period*		Annualized Expense Ratio During Period
FlexShares® Global Quality Real Estate Index Fund
Actual	$	1,000.00	$	1,041.20		$	2.28		0.45	%
Hypothetical	$	1,000.00	$	1,022.56		$	2.26		0.45	%
FlexShares® Real Assets Allocation Index Fund(a)
Actual	$	1,000.00	$	1,077.20		$	0.62		0.12	%
Hypothetical	$	1,000.00	$	1,024.20		$	0.60		0.12	%
FlexShares® Quality Dividend Index Fund
Actual	$	1,000.00	$	1,065.10		$	1.89		0.37	%
Hypothetical	$	1,000.00	$	1,022.96		$	1.86		0.37	%
FlexShares® Quality Dividend Defensive Index Fund
Actual	$	1,000.00	$	1,080.90	��	$	1.91		0.37	%
Hypothetical	$	1,000.00	$	1,022.96		$	1.86		0.37	%
FlexShares® Quality Dividend Dynamic Index Fund
Actual	$	1,000.00	$	1,062.60		$	1.89		0.37	%
Hypothetical	$	1,000.00	$	1,022.96		$	1.86		0.37	%
FlexShares® International Quality Dividend Index Fund
Actual	$	1,000.00	$	1,237.90		$	2.61		0.47	%
Hypothetical	$	1,000.00	$	1,022.46		$	2.36		0.47	%
FlexShares® International Quality Dividend Defensive Index Fund
Actual	$	1,000.00	$	1,178.70		$	2.54		0.47	%
Hypothetical	$	1,000.00	$	1,022.46		$	2.36		0.47	%
FlexShares® International Quality Dividend Dynamic Index Fund
Actual	$	1,000.00	$	1,265.20		$	2.64		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	$	1,032.00		$	0.91		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	$	1,044.10		$	0.91		0.18	%
Hypothetical	$	1,000.00	$	1,023.90		$	0.90		0.18	%
FlexShares® Disciplined Duration MBS Index Fund
Actual	$	1,000.00	$	1,046.50		$	1.01		0.20	%
Hypothetical	$	1,000.00	$	1,023.80		$	1.00		0.20	%

FLEXSHARES SEMIANNUAL REPORT 463

Fund Expenses (cont.)

	Beginning Account Value		Ending Account Value04/30/23		Expenses Paid During the Period*		Annualized Expense Ratio During Period
FlexShares® Credit-Scored US Corporate Bond Index Fund
Actual	$	1,000.00	$	1,067.40	$	1.13		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	$	1,149.50	$	1.17		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	$	1,053.50	$	1.88		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	$	1,059.50	$	1.17		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	$	1,090.30	$	0.62		0.12	%
Hypothetical	$	1,000.00	$	1,024.20	$	0.60		0.12	%
FlexShares® Ultra-Short Income Fund
Actual	$	1,000.00	$	1,025.70	$	1.26		0.25	%
Hypothetical	$	1,000.00	$	1,023.55	$	1.25		0.25	%
FlexShares® Core Select Bond Fund(a)
Actual	$	1,000.00	$	1,066.30	$	1.23		0.24	%
Hypothetical	$	1,000.00	$	1,023.60	$	1.20		0.24	%

* 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) 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.

464 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 December 9, 2022, 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, 2021 through September 30, 2022. 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 Fund. 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 reliability of the classification system used to classify the liquidity of each Fund’s portfolio investments; (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 methodology for that determination; and (v) confirmation 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) and the procedures for monitoring compliance with the limit. The Report also summarized the changes made to the Program over the course of the year.

The Committee confirmed, and reported to the Board, the adequacy and effectiveness of the Program and that each Fund’s liquidity strategy was appropriate for an exchange-traded fund. The Committee also concluded that the Program, as adopted and implemented, remains 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.

FLEXSHARES SEMIANNUAL REPORT 465

For More Information (Unaudited)

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

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.

466 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^® BofA^® 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.

FS00238-0623

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 1940 Act.

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 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 3, 2023

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 3, 2023

By:     

/s/Randal Rein

Randal E. Rein

Treasurer and Principal Financial Officer

July 3, 2023